CW Q4 2022 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

10/3/2022 Sensient Technologies Corporation (NYSE:SXT) acquired Endemix Dogal Maddeler AS. The terms of the transaction were not disclosed. Endemix produces and sells regional natural colors and extracts and is based in Sisli, Turkey. Sensient develops, manufactures, and markets colors, flavors, and other specialty ingredients and is based in Milwaukee, WI.

10/7/2022 Kerry Inc. acquired an additional 20% stake in Proparent B.V. for $19.6 million. Proparent is the 100% owner of Ojah B.V., a Dutch manufacturer of texturized plant-based proteins. Kerry produces and distributes packaged food, food ingredients, beverage ingredients, and flavor products, and is based in Beloit, WI.

10/11/2022 Suja Life, LLC acquired Vive Organic, Inc. The terms of the transaction were not disclosed. Vive engages in manufacturing cold-pressed organic juices and is based in Venice, CA. Suja produces and sells cold-pressed and organic juices and is based in Oceanside, CA.

10/13/2022 The Healing Company Inc. (OTCPK:HLCO) agreed to acquire Your Super, Inc. for $15.6 million. Your Super produces and sells plant-based organic superfood and protein mixes and is based in Venice, CA. The Healing Company operates as a health and wellness company 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.

10/18/2022 Darling Ingredients Inc. (NYSE:DAR) agreed to acquire Gelnex Indústria E Comércio Ltda. for $1.2 billion. Gelnex manufactures non-GMO, gluten-free gelatin and collagen peptides for the food and pharmaceutical industries and is based in Itá, Brazil. Darling develops, produces, and sells natural ingredients from edible and inedible bio-nutrients and is based in Irving, TX. Clifford Chance LLP is serving as legal advisor to Darling.

11/1/2022 Perrigo Company plc (NYSE:PRGO) acquired Nestlé’s Gateway Infant Formula Plant in Eau Claire, WI, along with U.S. and Canadian rights to the Good Start® Infant Formula Brand. The terms of the transaction were not disclosed. Perrigo provides over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to prevent or treat self-manageable conditions and is based in Dublin, Ireland.

11/9/2022 Irwin Naturals Inc. (CNSX:IWIN) has reached a binding, arm’s length agreement to acquire the assets of Tri-Cities Infusion & Wellness Clinic, PLLC. The terms of the transaction were not disclosed. This will be the first facility in Washington for Irwin Naturals Emergence, a wholly owned subsidiary of Irwin Naturals and fast-growing national chain of psychedelic mental-health clinics. Tri-Cities operates as a medical clinic providing ketamine infusion therapy and is based in Kennewick, WA. Irwin Naturals is an herbal supplement formulator based in Los Angeles, CA.

11/10/2022 GOOD Worldwide Inc. acquired This Saves Lives for $5.0 million. Based in Culver City, CA and co-founded by Kristen Bell with fellow actors Ryan Devlin, Todd Grinnell, and Ravi Patel, the This Saves Lives brand works to combat hunger across the globe by producing nutritional bars, snacks, granola, and oatmeal for purchase online and at major retailers including Whole Foods, Kroger, Nordstrom and Caribou Coffee. Since its inception, This Saves Lives has donated more than 30 million packets of nutrient-dense Plumpy’Nut to children in need. GOOD owns media brand Upworthy and is a nonprofit thought leader and social action think tank, empowering socially responsible organizations and individuals, and is based in Los Angeles, CA.

11/14/2022 Westrock Beverage Solutions, LLC acquired Kohana Coffee, LLC for approximately $15.5 million. Kohana produces specialty coffee and cold brew concentrates, including organic varieties, and is based in Austin, TX. Westrock is an integrated coffee, tea, flavors, extracts, and ingredients solutions provider and is based in Little Rock, AR.

11/14/2022 American Beverage Corporation acquired Poppilu Inc. The terms of the transaction were not disclosed. Poppilu produces and sells fruit beverages, including organic lemonade pouches, and is based in Chicago, IL. American Beverage produces and markets ready-to-drink cocktails, non-alcoholic cocktail mixers, and fruit drinks, and is based in Verona, PA.

11/17/2022 Teton Waters Ranch and SunFed Ranch have merged to form Grass Fed Foods. The terms of the transaction were not disclosed. SunFed raises and sells organic and natural beef and is based in Woodland, CA. Teton Waters produces and supplies grass-fed beef products and is based in Denver, CO. Giannuzzi Lewendon LLP served as legal advisor to SunFed. Bryan Cave Leighton Paisner LLP and Faegre Drinker Biddle & Reath LLP served as legal advisors to Teton Waters.

11/17/2022 Caldic B.V. acquired CAIF. The terms of the transaction were not disclosed. CAIF is a supplier of naturally sourced ingredients, such as botanical extracts, fibers, fruits, vegetables, plant-based solutions, sweeteners, flavors, vitamins, and minerals, and is based in West Columbia, SC. Caldic develops, manufactures, and distributes customer-specific formulations and solutions for chemical and food markets and is based in Rotterdam, the Netherlands. Tauil & Chequer Advogados and Mayer Brown LLP served as legal advisors to CAIF.

11/28/2022 USANA Health Sciences, Inc. (NYSE:USNA) acquired Rise Bar and Oola Global, LLC. The terms of the transaction were not disclosed. Rise Bar manufactures and sells protein bars that are formulated to help customers achieve their health goals through clean and simple ingredients and is based in Irvine, CA. Oola is a direct selling company that offers a personal development framework that helps individuals create a life of balance, growth, and purpose and is based in Virginia Beach, VA. USANA develops and manufactures nutritional supplements, functional foods and personal care products and is based in Salt Lake City, UT.

11/30/2022 Irwin Naturals Inc. (CNSX:IWIN) agreed to acquire Serenity Health. The terms of the transaction were not disclosed. Serenity provides anesthesia infusion therapy for PSTD, treatment resistant depression, severe anxiety, OCD, and suicidal ideations and is based in Louisville, KY. Irwin Naturals is an herbal supplement formulator based in Los Angeles, CA.

12/5/2022 Vantage Nutrition LLP acquired AquaCap, Inc. from Atrium Innovations Inc. The terms of the transaction were not disclosed. AquaCap is a contract manufacturer of liquid-filled capsules within the nutritional supplement industry and is based in Chadds Ford, PA. Vantage manufactures nutraceutical products in liquid-filled hard capsules and is based in Mumbai, India. Atrium develops, manufactures, and commercializes science-based and professionally endorsed products for the health and nutrition industry and is based in Westmount, QC.

12/6/2022 Gulf Pacific Rice Company, Inc. acquired Southwest Spice, LLC. The terms of the transaction were not disclosed. Southwest Spice operates as a value-added packager and processor of dry edible beans and spice blends and is based in Denver City, TX. Gulf is a value-added packager and processor of specialty foods and ingredients, including imported fragrant and organic rice varieties, rice flours, stabilized rice bran, and ancient grains, and is based in Houston, TX.

12/8/2022 Intelligent Foods acquired Gobble Inc. The terms of the transaction were not disclosed. Gobble operates as an online marketplace for meals from local chefs and is based in San Francisco, CA. Intelligent Foods is a manufacturer of healthy meal and supplement solutions and is based in the U.S.

12/13/2022 Peterson Farms, Inc. acquired Fresh Innovations California, LLC. The terms of the transaction were not disclosed. Fresh Innovations specializes in organic and conventional fresh-cut apple slices and is based in Stockton, CA. Peterson produces, processes, and sells fruits in the U.S. and is based in Shelby, MI.

12/13/2022 Flowers Foods, Inc. (NYSE:FLO) agreed to acquire Papa Pita Bakery. The terms of the transaction were not disclosed. Papa Pita is a manufacturer and distributor of high-quality bagels, tortillas, breads, buns, English muffins, and flat breads, including the Papa's Organic non-GMO, vegan brand, and is based in West Jordan, UT. Flowers Foods produces and markets packaged bakery products such as Dave's Killer Bread and is based in Thomasville, GA. Kirton & McConkie, PC is serving as legal advisor to Papa Pita. Jones Day is serving as legal advisor to Flowers Foods.

12/15/2022 Bush Brothers & Company acquired the Westbrae Natural® brand of The Hain Celestial Group, Inc. (NasdaqGS:HAIN). Hain manufactures, markets, and sells organic and natural products and is based in Lake Success, NY. Westbrae’s products include organic non-dairy beverages, canned beans and soups. Bush produces, processes, and markets canned beans and is based in Knoxville, TN. Hunton Andrews Kurth LLP served as legal advisor to Hain.

12/15/2022 Barilla America, Inc. agreed to acquire Back to Nature Foods Company, LLC from B&G Foods, Inc. (NYSE:BGS). Back to Nature produces plant-based, non-GMO products that compete in the cookies, crackers, granola and nuts & trail mix categories and is based in Madison, WI. B&G manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods and household products and is based in Parsippany, NJ. Barilla is an international food company, leading in pasta and bakery products, and is based in Northbrook, IL.

12/16/2022 John B. Sanfilippo & Son, Inc. (NasdaqGS:JBSS) acquired substantially all of the assets of the Just the Cheese brand business from Specialty Cheese Company, Inc. The terms of the transaction were not disclosed. Just The Cheese produces and sells 100% real baked cheese snacks and is based in Reeseville, WI. John B. Sanfilippo is a processor, packager, marketer and distributor of nut and dried fruit-based products that are sold under its Fisher® and Orchard Valley Harvest® brand names, among others, and is based in Elgin, IL.

12/19/2022 Mars, Incorporated agreed to acquire Tru Fru, LLC. The terms of the transaction were not disclosed. Tru Fru produces and sells snacks, including non-GMO, gluten-free fruit-based chocolates, and is based in West Valley City, UT. Mars engages in the production and sale of confectionery, pet food, and other food products and is based in McLean, VA. Parr Brown Gee & Loveless PC is serving as legal advisor to Tru Fru. Simpson Thacher & Bartlett LLP is serving as legal advisor to Mars.

M&A - Financial

10/11/2022 Pacific Avenue Capital Partners, LLC acquired the Sunflower Business of SunOpta Inc. for $16.0 million. SunOpta manufactures and sells plant-based and fruit-based food and beverage products and is based in Eden Prairie, MN. Its sunflower business produces sunflower and roasted snacks. Pacific is a private equity firm based in Hermosa Beach, CA. Faegre Drinker Biddle & Reath LLP served as legal advisor to SunOpta. Honigman LLP served as legal advisor to Pacific.

10/18/2022 Mubadala Capital and the management of TruFood Manufacturing acquired TruFood Manufacturing. The terms of the transaction were not disclosed. TruFood is a contract manufacturer of private-label nutrition bars, protein bars, chocolate molded products, and baked goods and is based in Pittsburgh, PA. Mubadala is an investment firm based in Abu Dhabi, UAE. McDermott Will & Emery LLP served as legal advisor to TruFood. Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Mubadala.

11/16/2022 The Riverside Company agreed to acquire a controlling stake in BioDue SpA. The terms of the transaction were not disclosed. BioDue manufactures cosmetics, dietary supplements, and medical devices and is based in Tavarnelle Val Di Pesa, Italy. Riverside is a private equity and venture capital firm based in New York, NY. Gatti Pavesi Bianchi Ludovici is serving as legal advisor to BioDue. Allen & Overy LLP is serving as legal advisor to Riverside.

12/15/2022 Bansk Group LLC agreed to acquire Red's All Natural, LLC. The terms of the transaction were not disclosed. Red's produces clean-label burritos and quesadillas made with natural ingredients, without preservatives and antibiotics, and is based in Franklin, TN. Bansk is a private equity firm based in New York, NY. Giannuzzi Lewendon, LLP served as legal advisor to Red's. Kirkland & Ellis LLP served as legal advisor to Bansk.

12/20/2022 PAI Partners agreed to acquire the Savory Solutions Group of International Flavors & Fragrances Inc. (NYSE:IFF) for enterprise value of approximately $900.0 million. IFF’s Savory Solutions Group focuses primarily on ingredients for prepared foods and foodservice, including products for butchers, and plant-based solutions for the vegan and vegetarian markets. IFF, together with its subsidiaries, manufactures and sells cosmetic active and natural health ingredients for use in various consumer products and is based in New York, NY. PAI is a private equity firm based in Paris, France. Cleary Gottlieb Steen & Hamilton LLP and DLA Piper LLP are serving as legal advisors to IFF. Allen & Overy LLP and Willkie Farr & Gallagher LLP are serving as legal advisors to PAI.

12/23/2022 Butterfly Equity LP agreed to acquire Milk Specialties Company. The terms of the transaction were not disclosed. Milk Specialties manufactures science-based milk and whey protein ingredients for sports nutrition and functional food industries and is based in Eden Prairie, MN. Butterfly is a private equity firm based in Beverly Hills, CA. Arnold & Porter Kaye Scholer LLP served as legal advisor to Milk Specialties. Kirkland & Ellis LLP served as legal advisor to Butterfly Equity.

Private Placements

10/5/2022 GOURMEY announced that it has received $47.3 million in a round of funding led by new investor Earlybird Venture Capital GmbH & Co. with participation from Keen Venture Partners LLP, Omnes Capital S.A.S., Thia Ventures, and other investors. GOURMEY is a cultivated meat company that develops and produces ethical foie gras from duck cells and is based in Paris, France. Earlybird is a venture capital firm based in Berlin, Germany. Keen is a venture capital firm based in London, United Kingdom. Omnes is a venture capital and private equity firm based in Paris, France. Thia is a venture capital firm based in Belgium.

10/10/2022 Traditional Medicinals, Inc. announced that it has raised $50.0 million in its equity round of funding that included participation from Grounded Capital LLC. Traditional produces natural, organic herbal and medicinal tea products and is based in Sebastopol, CA. Grounded is a private equity and venture capital firm based in San Francisco, CA.

10/12/2022 Good Health Company (GHC) announced that it has raised $10.0 million in Series A funding led by new investor Left Lane Capital, LLC with participation from Khosla Ventures, LLC, Quiet Capital Management LLC, and Weekend Fund. GHC provides solutions for hair fall, sexual health, weight loss, and skincare for male and female consumers and is based in Hyderabad, India. Left Lane is a venture capital firm based in New York, NY. Khosla is a private equity and venture capital firm based in Menlo Park, CA. Quiet is a private equity firm based in Seattle, WA. Weekend Fund is a venture capital firm based in San Francisco, CA.

10/20/2022 Hoxton Farms announced that it has received $22.0 million in a round of funding from Collaborative Fund, Fine Structure Ventures, and other investors. Hoxton combines cell biology and mathematical modeling to make real animal fat without the animals and is based in London, United Kingdom. Collaborative Fund is a private equity and venture capital firm based in New York, NY. Fine Structure is a principal investment firm based in Boston, MA.

10/20/2022 NANKA announced that it has received a round of funding in a transaction that included participation from new investor Lever VC. NANKA produces plant-based meat products based on jackfruit and plant protein and is based in Subang Jaya, Malaysia. Based in New York, NY, Lever is a U.S.-Asian venture capital fund making early stage investments in the global alternative protein space focused on plant-based and clean (cell-based) meat, egg and dairy products, plant proteins, and related companies, services, and technologies.

11/1/2022 Finger Lakes Fish Inc., dba LocalCoho, announced that it has received a round of funding. Based in Auburn, NY, LocalCoho produces local, sustainable seafood through innovative land-based farming using Recirculating Aquaculture Systems technology and is BAP (Best Aquaculture Practices) certified and a Monterey Bay Aquarium Seafood Watch Best Choice.

11/1/2022 Smith Teamaker, LLC announced that it has received a senior debt investment from SG Stonegate Capital. The terms of the transaction were not disclosed. Smith produces specialty and artisan tea products and is based in Portland, OR. SG Stonegate Capital is a division of SG Credit Partners, a family-office backed lender based in Santa Monica, CA.

11/3/2022 New Culture Inc. announced that it has received a round of funding that included participation from CJ CheilJedang Corporation (KOSE:A097950). New Culture is an animal-free dairy company based in San Leandro, CA. CJ CheilJedang is a food and biotechnology company based in Seoul, South Korea.

11/7/2022 Mill It, Inc. announced that it has raised a round of funding in a transaction that included participation from new investor Aaron Allen Capital Partners and returning investor Kern Venture Group. Mill It operates as a plant-based company that makes dairy products by using ancient grains and hypoallergenic seed butters and is based in Bakersfield, CA. Aaron Allen Capital is an investment group based in Chicago, IL. Kern is a venture capital firm based in Bakersfield, CA.

11/7/2022 Celleste Bio announced that it has raised a round of funding in a transaction that included participation from The Trendlines Group Ltd., Mondelez International, Inc. (NasdaqGS:MDLZ), Barrel Ventures, and Regba Group. Celleste produces cocoa ingredients using cell culture methods and is based in Misgav, Israel. Trendlines is an innovation commercialization company and private equity and venture capital firm based in Misgav, Israel. Mondelez, through its subsidiaries, manufactures, markets, and sells snack food and beverage products and is based in Chicago, IL. Barrel is a venture capital firm based in Chicago, IL. Regba Group is an Israeli agricultural cooperative based in Regba, Israel.

11/9/2022 Athletic Brewing Holding Co LLC announced that it has received $75.5 million in its Series D equity round of funding that included participation from new investor and equity stakeholder Keurig Dr Pepper Inc. for $50.0 million, and more than 25 existing investors, including TRB Advisors LP, Alliance Consumer Growth, LLC, and several celebrities, such as J.J. Watt, David Chang, Naomi Osaka, and Karlie Kloss. Athletic Brewing produces nonalcoholic craft beer and is based in Stratford, CT. TRB is a hedge fund sponsor based in New York, NY. Alliance is a private equity and venture capital firm based in New York, NY.

11/14/2022 Vow Group PTY Ltd announced that it has received $49.2 million in its Series A round of funding from Prosperity7 Ventures Fund, Blackbird Ventures, and other investors. Vow is a cultured meat company based in Sydney, Australia. Prosperity7 is a fund managed by Saudi Aramco Energy Ventures LLC and is based in Dhahran, Saudi Arabia. Blackbird is a venture capital firm based in Sydney, Australia.

11/15/2022 Clio, LLC announced a strategic capital raise led by long-term partner Alliance Consumer Growth and other key partners, including professional tennis player Maria Sharapova and NBA player Jayson Tatum. Clio produces chocolate and yogurt bars and is based in Roselle, NJ. Alliance is a private equity and venture capital firm based in Los Angeles, CA.

11/18/2022 Kapiva Ayurveda announced that it will receive $28.0 million in an equity round of funding. On the same day, Kapiva raised $6.0 million in its first tranche from OrbiMed Advisors LLC, Vertex Ventures, and 3one4Capital Advisors LLP. Kapiva produces and sells ayurvedic products and is based in Mumbai, India. OrbiMed is a private equity and venture capital firm based in New York, NY. Vertex is a venture capital firm based in Bengaluru, India.

11/21/2022 Torr Bar Ltd. announced that it has received $12.0 million in its Series A round of funding led by new investor Harel Insurance Investments & Financial Services Ltd. (TASE:HARL) with participation from Strauss Group Ltd., The Kitchen, and Mondelez Global LLC. Torr develops and produces healthy snacks including its PRESTEEZ bars and is based in Rishpon, Israel. Harel offers insurance and financial services and is based in Ramat Gan, Israel. Strauss Group, together with its subsidiaries, develops, manufactures, markets, and sells various food and beverage products and is based in Petah Tikva, Israel. The Kitchen is an accelerator and venture capital arm of Strauss Group and is based in Ashdod, Israel. Mondelez Global produces and markets snack food and is based in East Hanover, NJ.

11/30/2022 Snack It Forward, LLC, dba PeaTos, announced that it has received a Series A-3 round of funding led by returning investor Post Holdings, Inc. (NYSE:POST). PeaTos offers crunchy, puffed pea-based snacks made with all natural ingredients in a variety of flavors and is based in Los Angeles, CA. Post operates as a consumer packaged goods holding company and is based in Saint Louis, MO.

12/5/2022 SweeGen, Inc. (OTCPK:SWEE) announced that it has received a round of funding in a transaction that included participation from Sumitomo Chemical Company, Limited (TSE:4005) and Pasaca Capital, Inc. SweeGen develops, produces, and distributes next generation stevia sweeteners and other nature-based and non-caloric sweeteners for the food, flavor, and beverage industries and is based in Rancho Santa Margarita, CA. Sumitomo engages in chemicals and plastics, energy and functional materials, IT-related chemicals, health and crop sciences, pharmaceuticals, and other businesses worldwide and is based in Tokyo, Japan. Pasaca is a venture capital firm based in Pasadena, CA.

12/5/2022 Devansoy Inc. announced that it has received an investment from Akoya Capital, LLC. Devansoy is a manufacturer of soy, oat, and pea protein ingredients and is based in Rock City, IL. Akoya is a private equity firm based in Chicago, IL.

12/5/2022 Akokono Farm House announced that it has raised funding from new investor Baylis Emerging Markets LLC. Akokono engages in the production of insect-based food products intended to provide nutritious, resource-efficient, and protein-rich food and is based in Kumasi, Ghana. Baylis is a private equity firm based in New York, NY.

12/6/2022 MALK Organics LLC announced that it has raised over $9.0 million in a round of funding led by new investor Benvolio Group LLC with participation from returning investor Rotor Capital Management, LLC. MALK produces and distributes cold-pressed homemade milk alternatives and is based in Houston, TX. Benvolio is a venture capital firm based in New York, NY. Rotor is a U.S.-based principal investment firm.

12/8/2022 Black Sheep Foods Inc. announced that it has raised $12.3 million in a round of funding led by Unovis Asset Management, LLC with participation from KBW Ventures, Inc., Deer Management Company, LLC, and AgFunder Inc. Black Sheep produces plant-based lamb alternative food products and is based in San Francisco, CA. Unovis is a venture capital firm based in New York, NY. KBW is a venture capital firm based in San Mateo, CA. Deer and AgFunder are venture capitals firm based in San Francisco, CA.

12/8/2022 Nutrabolt, LLC announced that it will receive $863.0 million in a round of funding that will include participation from new investor Keurig Dr Pepper Inc. (NasdaqGS:KDP). Nutrabolt is a global active health and wellness company with a portfolio of brands, including the C4® Energy performance energy drink brand, C4® Pre-Workout, and XTEND®, a post-workout recovery brand, and is based in Austin, TX. Goodwin Procter LLP, Giannuzzi Lewendon, LLP, and Kirkland & Ellis LLP are serving as legal advisors to Nutrabolt.

12/12/2022 NotCo Ltd announced that it has received $70.0 million in its Series D-1 round of funding led by Princeville Capital with participation from Bezos Expeditions, LLC, L Catterton Partners, and other investors. NotCo produces plant-based food alternatives to mayonnaise, meat, milk, yogurt, dressings, and desserts and is based in Santiago, Chile. Princeville is a venture capital firm based in San Francisco, CA. Bezos Expeditions is a venture capital firm based in Seattle, WA. L Catterton is a private equity and venture capital firm based in Greenwich, CT.

12/19/2022 Prime Roots announced that it has received $28.8 million in funding from 13 investors. Prime Roots is an alternative seafood and meat company creating products made from Koji, a Japanese superfood, and is based in San Francisco, CA.

12/23/2022 BIOHM Health Inc. announced that it has received $7.9 million in funding. As of January 13, 2023, the company received $5.5 million in its first tranche with participation from 26 investors. BIOHM develops probiotic supplements and is based in Cleveland, OH.

12/29/2022 IQ Bar, Inc. announced that it has received an investment from FF2032 Fund. The terms of the transaction were not disclosed. IQ Bar produces and sells plant-based nutrition bars and is based in Boston, MA. FF2032 Fund is a principal investment arm of Lotus Bakeries NV based in Lembeke, Belgium.