CW Q3 2023 Health and Wellness M&A and Financing Report

This report is prepared as a courtesy to the Health and Wellness business community by Columbia West based on our research and information collected by our firm. Despite our dedicated efforts, occasionally a deal might be missed or appropriate credit not given to legal or financial advisors. Please feel free to contact us if you have information on a transaction that you want to ensure is included and credit attributed to appropriate advisors.

M&A - Strategic

7/5/2023 Wellful, Inc. acquired Jenny Craig, Inc. The terms of the transaction were not disclosed. Jenny Craig provides nutritionally-balanced diet plans and is based in Fort Washington, PA. Wellful, a portfolio company of Kainos Capital, is a direct-to-consumer health and wellness platform offering clinically backed solutions in categories including weight management, men’s health, heart health, joint pain, gut health, and sleep, and is based in Philadelphia, PA and Charlotte, NC.

7/12/2023 Bobbie Baby, Inc. acquired Nature's One, LLC. The terms of the transaction were not disclosed. On the same date, Bobbie closed its $70.0 million Series C funding round led by PowerPlant Partners, with participation from several of Bobbie’s existing investors. Nature's One is a pediatric nutrition company based in Lewis Center, OH. Bobbie produces organic infant nutrition products and is based in San Francisco, CA. PowerPlant, which recently rebranded to GroundForce Capital, is a venture capital firm based in Venice, CA.

7/25/2023 Beliv LLC acquired 78% stake in High Brew Coffee, Inc. The terms of the transaction were not disclosed. High Brew produces all-natural cold-brewed coffee and is based in Austin, TX. Beliv produces and sells natural energy beverages, functional and carbonated waters, as well as juices and nectars, and is based in San Juan, PR.

7/31/2023 Blast Asset Acquisition LLC acquired substantially all of the assets of Vital Pharmaceuticals, Inc., dba Bang Energy, for $362.0 million. Bang manufactures and supplies sports nutrition supplements and performance beverages and is based in Weston, FL. Blast operates as a subsidiary of Corona, CA-based Monster Beverage Corporation (NasdaqGS:MNST). Latham & Watkins LLP and Berger Singerman LLP served as legal advisor to Bang. Pachulski Stang Ziehl & Jones LLP and Akerman LLP served as legal advisors to Monster.

7/31/2023 Veyl Ventures announced that it recently acquired certain assets of Fine Living Pharmanaturals LLC. As a result, the existing manufacturing facility will now be operating under a new entity called Veyl Wellness Works LLC, dba Nutritio Labs, a wholly owned subsidiary of Veyl Ventures. The terms of the transaction were not disclosed. Fine Living manufactures vitamin and supplement products and is based in Tempe, AZ. Veyl develops health solutions and wellness brands and solutions for the health, beauty, and wellness industries and is based in New York, NY.

8/1/2023 Mars, Incorporated acquired CalChef Foods, LLC, dba Kevin's Natural Foods. The terms of the transaction were not disclosed. Mars engages in the production and sale of confectionery, pet food, and other food products and is based in McLean, VA. Kevin's produces and sells nutritious meals using clean whole food ingredients and is based in Modesto, CA. Sheppard Mullin served as legal advisor to Kevin's. Simpson Thacher & Bartlett, Covington & Burling and ArentFox Schiff served as legal advisors to Mars.

8/1/2023 The Livekindly Company, Inc. acquired The Miso Brothers, Inc., dba Alpha Foods. The terms of the transaction were not disclosed. Alpha produces and sells plant-based foods and is based in Glendale, CA. Livekindly owns and operates plant-based food supply chain through its brands and is based in New York, NY.

8/2/2023 ND2A Group LLC acquired Physio Flex Pro from SRS Nutra Ltd. The terms of the transaction were not disclosed. SRS produces Physio Flex Pro, a dietary supplement for individuals seeking joint health solutions, and is based in London, UK. ND2A engages in the development and publishing of websites and web content for advertisers and is based in Clayton, MO.

8/2/2023 DDC Enterprise Limited, dba DayDayCook, acquired Nona Lim, LLC. The terms of the transaction were not disclosed. Nona produces fresh, better-for-you noodles, broths and stir-fry kits and is based in Oakland, CA. DayDayCook is a leading food content consumer brand based in Hong Kong.

8/16/2023 Corbion N.V. (ENXTAM:CRBN) acquired a vinegar production facility in Montgomery, AL. The terms of the transaction were not disclosed. Corbion provides lactic acid and lactic acid derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients and is based in Amsterdam, The Netherlands.

9/27/2023 FitLife Brands, Inc. (NasdaqCM:FTLF) acquired substantially all of the assets of MusclePharm Corporation (OTCPK:MSLP.Q) for $18.5 million. On 9/21/2023, the U.S. Bankruptcy Court for the District of Nevada approved the transaction and the transaction closed on 10/10/2023. MusclePharm develops, manufactures, markets, and distributes sports nutrition products and nutritional supplements and is based in Las Vegas, NV. FitLife provides nutritional supplements and is based in Omaha, NE. Schwartz Law, PLLC served as legal advisor to MusclePharm. Troutman Pepper Hamilton Sanders LLP served as legal advisor to FitLife.

9/29/2023 Sanofi (ENXTPA:SAN) acquired Quten Research Institute LLC for $1.4 billion. Quten produces edible health and wellness supplements and is based in Pine Brook, NJ. Sanofi engages in the research, development, manufacture, and marketing of therapeutic solutions and is based in Paris, France.

M&A - Financial

7/6/2023 WM Partners acquired Allergy Research Group LLC (ARG), a subsidiary of KI NutriCare, Inc., from Kikkoman Corporation. The terms of the transaction were not disclosed. ARG manufactures, packages, and ships nutritional supplements and is based in Alameda, CA. KI NutriCare, based in Hauppauge, NY, is a holding company operating through its subsidiaries ARG and Country Life, LLC, also a nutritional supplement manufacturer. Kikkoman is a Japan-based manufacturer of soy sauce and other foods. WM is a private equity firm based in Aventura, FL. King & Spalding served as legal advisor to WM.

8/2/2023 Lion Equity Partners acquired Country Life, LLC from KI NutriCare Inc., a wholly owned subsidiary of Kikkoman Corporation. The terms of the transaction were not disclosed. Country Life, based in Hauppauge, NY, is a supplement manufacturer whose three leading brands are Country Life Vitamins, Desert Essence Personal Care, and Biochem Protein. Lion is a private equity firm based in Denver, CO.

8/28/2023 L Catterton Partners agreed to acquire Thorne HealthTech, Inc. (NasdaqGS:THRN) for $747.0 million. The transaction closed on 10/16/2023. Thorne, based in New York, NY, develops personalized health and wellness solutions offering various health tests, such as sleep, stress, weight management, gut health, heavy metals, biological age, and other health tests that generate molecular portraits for its customers, as well as develops nutritional supplements, and offers wellness education solutions. L Catterton is a private equity and venture capital firm based in Greenwich, CT.

9/20/2023 A111 Capital and Peninsula Capital Partners, L.L.C. acquired MacroCap Labs Inc. The terms of the transaction were not disclosed. MacroCap manufactures health supplements, sport beverages, and wellness food for wellness brands and is based in Longwood, FL. A111 is a private equity firm based in Tampa, FL. Peninsula is a private equity firm based in Southfield, MI.

9/26/2023 Heartwood Partners acquired Somafina. The terms of the transaction were not disclosed. Somafina is a full-service nutraceutical manufacturer and brand builder dedicated to science-based production of the latest natural supplements and is based in Alpharetta, GA. Heartwood is a private equity firm based in Norwalk, CT.

Private Placements

7/4/2023 Compound Foods Inc., dba Minus Coffee, announced that it has received a round of funding that included participation from new investor Amplifica Capital. Minus engages in the manufacturing of beanless coffee using synthetic biology and upcycled ingredients in a process that produces 91% less greenhouse gas emissions and uses 94% less water and is based in San Francisco, CA. Amplifica is a venture capital firm based in Mexico City, MX.

7/6/2023 The Healing Company Inc. (OTCPK:HLCO) announced that it has received up to $7.0 million in funds in its private placement that included participation from strategic partners including the investment office of the Burman family and German family office of Stephan and Ingvild Goetz (Munich). The Healing Company is involved in the direct-to-consumer sale of joint, memory, and digestive complexes derived from mushrooms offered in the form of capsules and is based in Brooklyn, NY.

7/7/2023 Zero Proof UK Limited announced that it has received $23.1 million in a round of funding from D Squared Capital Limited, Morgan Creek Capital Management, LLC, and other investors. Zero produces and sells non-alcoholic spirits and is based in Rickmansworth, UK. D Squared is a global investment firm based in London, UK. Morgan Creek is a registered investment adviser based in Chapel Hill, NC.

7/13/2023 Drink Barcode, Inc. announced that it has received $23.4 million in a round of funding that included participation from Victor Wembanyama, Kyle Kuzma, Carmelo Anthony, and other investors. Barcode is a plant-based, all natural performance drink line with added benefits and ingredients including Vitamin D, B6, B12, magnesium, ashwagandha, and no added sugar, and is based in Santa Monica, CA.

7/19/2023 Zuma Valley, LLC announced that it has received an equity round of funding in a transaction that included participation from new investor Erewhon Market. Zuma produces organic coconut-based products and is based in Malibu, CA. Erewhon operates as a supermarket chain intended to sell sustainably produced products to consumers and is based in Los Angeles, CA.

8/14/2023 True Essence Foods Inc. has raised $27.6 million in growth funding, with a lead investment from Indianapolis-based AFM Capital Partners and participation from 44 other investors. True Essence, a food-tech firm based in Indianapolis, IN, produces the artisanal dairy-free chocolate brand SoChatti and creates food and beverage products with more flavor and less waste for a more sustainable planet and without the use of additives or preservatives.

8/14/2023 MOSH, PBC received $6.5 million from MSA Advisors, Entrepreneur Invest, Lab Capital Advisors, and other investors. Mosh produces and sells protein bars and cookies for brain health and is based in Los Angeles, CA. MSA is a private equity and venture capital firm based in Santa Monica, CA. Entrepreneur Invest is a principal investment firm based in Paris, France. Lab Capital is a venture capital firm based in New York, NY.

8/24/2023 Holy Energy GmbH announced that it has raised a $11.5 million Series A round of funding led by Left Lane Capital, LLC with participation from FoodLabs, Simon Capital, V3 Ventures, and other investors to scale its offering across Europe. Holy produces energy and iced tea products with low sugar, low calories, functional ingredients like vitamins, nootropics, antioxidants and fiber, as well as natural flavors and colors, and is based in Berlin, Germany. Left Lane is a venture capital firm based in New York, NY. FoodLabs is a venture capital investor based in Berlin, Germany. Simon is a venture capital firm based in Düsseldorf, Germany. V3 is a venture capital firm based in London, UK.

9/11/2023 ZOA Energy, LLC announced that it has received an equity round of funding in a transaction that included participation from returning investor Molson Coors Beverage Company for a minority stake. ZOA, co-founded by Dwayne "The Rock" Johnson, manufactures energy drinks that contain natural ingredients like turmeric, vitamins C, D, and B, added electrolytes and amino acids, and caffeine derived from green tea leaves and green coffee beans, and is based in Tampa, FL. Molson Coors manufactures, markets, and sells beer and other malt beverage products under various brands and is based in Golden, CO.

9/12/2023 Hoplark, LLC has announced that it has received a Series A round of funding led by new investor The Brooklyn Brewery Corporation. Hoplark manufactures non-alcoholic craft brewed beer, HopTeas, Hoplark Sparkling Water, and limited edition beverages with simple, clean ingredients and is based in Boulder, CO. Brooklyn Brewery is a global independent craft brewer based in Williamsburg, Brooklyn.

9/15/2023 Needed PBC received $14.6 million in funding from 22 investors. Needed produces nutrition supplements for women for before, during, and after pregnancy and is based in Los Angeles, CA.

9/20/2023 Rev Gum, LLC announced that it has received $6.0 million in its Series A round of funding from YETI Capital, Walter Robb, and Lance Armstrong. Rev manufactures sugar-free energy gum and is based in Austin, TX. YETI is an investment firm based in Austin, TX.

9/20/2023 LesserEvil LLC announced that it has received a round of funding that included participation from new investor Aria Growth Partners LP and returning investors Valor Management LLC, InvestEco Capital Corp., and Touch Capital. LesserEvil produces a portfolio of better-for-you snack options including Organic Popcorn, Grain-Free Organic Puffs, Sun Poppers, Space Balls, Cosmic Rings, Lil’ Puffs and Grain-Free Egg White Curls, and is based in Danbury, CT. Aria is a private equity firm based in New York, NY. Valor is a private equity and venture capital firm based in Chicago, IL. InvestEco is a private equity and venture capital firm based in Toronto, ON. Touch is a principal investment firm based in the U.S.

9/27/2023 Finger Lakes Fish Inc., dba LocalCoho, announced that it has received a multimillion-dollar strategic investment in a transaction that included participation from new investor Cuna del Mar Impact Fund. Based in Auburn, NY, LocalCoho produces sushi-grade coho salmon in a recirculating aquaculture system and is BAP (Best Aquaculture Practices) certified and a Monterey Bay Aquarium Seafood Watch "Best Choice." Cuna del Mar is a private equity and venture capital firm based in the U.S.

9/29/2023 Eat the Change, Inc. announced that it will receive $14.0 million in funding. The transaction closed on 10/13/2023 with 40 investors participating. Eat the Change produces and sells planet friendly plant-based snacks including organic mushroom jerky and cosmic carrot chews and is based in Bethesda, Maryland.