CW Q2 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

4/10/2023 Colavita acquired the O Olive Oil & Vinegar brand and business assets from Curation Foods. The terms of the transaction were not disclosed. O is a leading brand of 100% clean label artisanal wine vinegar and California organic extra virgin olive oil and is based in Petaluma, CA. Colavita produces, imports, and distributes premium quality specialty food products with global headquarters in Pomezia, Italy and U.S. operations in Edison, NJ and Dixon, CA.

4/11/2023 The Bel Group acquired an unknown equity stake in Climax Foods Inc. The terms of the transaction were not disclosed. Bel and Climax will co-create plant-based portions of Laughing Cow®, Kiri®, Boursin®, Babybel® and Nurishh® brand foods. Climax is a biotechnology company that uses AI to create alternative dairy products and ingredients that are made from plants yet indistinguishable from their animal predecessors. Bel produces and distributes portions of dairy, fruit, and plant-based products and branded cheeses and is based in Suresnes, France.

4/20/2023 Redcon1, LLC acquired Run Everything. The terms of the transaction were not disclosed. Redcon1 operates as a sports supplement company and is based in Boca Raton, FL. Run Everything is a sports nutrition company based in Kalispell, MT.

4/20/2023 Rastelli Foods Group, Inc. acquired Greensbury Market, Corp. The terms of the transaction were not disclosed. Greensbury offers organic, grass-fed meat products online and is based in New York, NY. Rastelli is a supplier of organic, grass-fed beef and is based in Swedesboro, NJ.

5/3/2023 Lauren Roberts, Hannah Kuehl and Jennifer Byers acquired Colorado Sun Tofu Company Ltd. The terms of the transaction were not disclosed. Colorado Sun Tofu produces fresh tofu and soy milk in small batches using organic non-GMO soybeans and is based in Trinidad, CO.

5/23/2023 Wicked Foods, Inc. acquired Current Foods, Inc. The terms of the transaction were not disclosed. Current provides plant-based seafood and is based in San Francisco, CA. Wicked is a 100% plant-based global food brand and is based in Edina, MN.

5/24/2023 Penguin Natural Foods Inc. acquired Eat Howl Inc. The terms of the transaction were not disclosed. Eat Howl is a chef-driven, plant-based food company that introduced the first shelf stable cashew-based mac and cheese and is based in Los Angeles, CA. Penguin is a family-run, private label manufacturer and is based in Vernon, CA.

6/5/2023 Caviar & Caviar LLC acquired Northern Divine Aquafarms Ltd. The terms of the transaction were not disclosed. Based in Sechelt, BC, Northern Divine produces eco-friendly certified organic farmed Fraser River white sturgeon which is labeled as sustainable seafood by Ocean Wise and recommended by Sea Choice and the Monterey Bay Aquarium - Seafood Watch program. Caviar & Caviar distributes fine imported caviar, domestic caviar and roes, and caviar gift sets and is based in Fort Lauderdale, FL. Stikeman Elliott served as legal advisor to Northern Divine.

6/23/2023 Columbia Grain International, Inc. acquired Great River Milling and formed Enrich FoodsTM, LLC to expand into the organic grain, dry beans, and pulses consumer products market. The terms of the transaction were not disclosed. Great River specializes in organic and specialty baking flour, grains, and breakfast products and is based in Fountain City, WI. Columbia Grain processes and distributes bulk grain, pulses, edible beans, and conventional and organic oilseeds and is based in Portland, OR.

M&A - Financial

5/30/2023 Arable Capital Partners, LLC announced its strategic investment in organicgirl, LLC. The terms of the transaction were not disclosed. Based in Salinas, CA, organicgirl produces branded organic packaged salads and ships to retailers nationwide. Arable is a private equity firm that invests in companies in the food and agribusiness sector and is based in Bellevue, WA.

6/21/2023 Teamshares Inc. acquired Mother Nature's Goodies Inc. The terms of the transaction were not disclosed. Mother manufactures and produces natural granola and is based in Yucaipa, CA. Teamshares invests in and develops small companies and is based in Brooklyn, NY.

6/27/2023 Village Family Capital acquired The No-Bake Cookie Co. The terms of the transaction were not disclosed. No Bake produces and sells non-GMO, gluten-free, no-bake cookies and is based in Bend, OR. Village Family is a private investment firm based in Portland, OR.

Private Placements

4/6/2023 Functionalab Inc. announced that it has received a round of funding from new investor L Catterton Partners. Functionalab develops and markets professional skin care that combines nutricosmetics with cosmeceuticals and is based in Montreal, QC. L Catterton is a private equity and venture capital firm based in Greenwich, CT.

4/13/2023 Sabatino North America, LLC, dba Sabatino Truffles, announced that it has received a round of funding that included participation from new investors Traub Capital Partners and Three Hills Capital Partners. Sabatino manufactures and markets non-GMO, kosher, organic truffles and related products and is based in West Haven, CT. Traub is a private equity firm based in New York, NY. Three Hills is a private equity firm based in London, U.K.

4/26/2023 Kemin Industries, Inc. announced that it has received $65.0 million in funding from 6 investors. Kemin is a global ingredient manufacturer based in Des Moines, IA.

5/2/2023 Outliers Inc., dba Thesis, announced that it has raised $8.4 million in a round of funding from Break Trail Ventures, Redo Ventures, Unilever Ventures Limited, and other investors. Thesis provides brain supplements personalized according to the user's needs and is based in New York, NY. Break Trail is a venture capital firm based in Columbus, OH. Redo is a venture capital firm based in New York, NY. Unilever Ventures is an investment arm of Unilever plc and is based in London, U.K.

5/8/2023 PLEZi Nutrition LLC announced that it has received a round of funding that included participation from new investor Juggernaut Management, LLC. PLEZi is a kids' nutrition brand whose strategic partner and co-founder is former First Lady Michelle Obama. The Washington, D.C.-based public benefit company's first product is a kids' drink called PLEZi, with 75% less sugar than the leading 100% fruit juices, no added sugar, plus fiber and nutrients like potassium, magnesium, and zinc. Juggernaut is a private equity firm based in Washington, D.C.

5/22/2023 Hangzhou Foodlab Moodles Technology Co., Ltd announced that it has received a round of funding from GGV Capital, LLC, Galileo Venture, and Finewill Capital. Moodles is a food technology company that uses 3D printing to manufacture enriched food products integrating multiple nutritional elements and precise, customized ratios of macronutrients and is based in Hangzhou, China. GGV is a private equity and venture capital firm based in Menlo Park, CA. Galileo is a principal investment firm based in Beijing, China. Finewill is a principal investment firm based in Shanghai, China.

5/24/2023 DouxMatok Inc. announced that it has raised $30.0 million in a Series C funding round led by dsm-firmenich Venturing and Sienna Venture Capital with participation from strategic commercial partners such as Ferrero and other new and existing investors. DouxMatok, which has rebranded to Incredo LTD, is a global food tech company pioneering the development of efficient nutrition and flavor technologies and enabling tastier and healthier consumption of foods and is based in Petach-Tikva, Israel. Its flagship product, Incredo® Sugar, is a first-of-its-kind, clean-label sugar reduction solution that reduces the amount of sugar in sweet foods by 30-50%, with no change in taste, mouthfeel, or texture, and no additions to the ingredients label. dsm-firmenich Venturing is the corporate venturing arm of Heerlen, Netherlands-based dsm-firmenich, a new company created upon the successful merger of DSM and Firmenich announced 5/9/2023 that brings together one of the largest innovation and creation communities in nutrition, health, and beauty. Sienna is a principal investment firm based in Strasse, Luxembourg. Ferrero is a confectionery company with its global headquarters in Senningerberg, Luxembourg.

6/6/2023 MEND Nutrition Inc. announced that it has received $15.0 million in a round of Series A funding led by S2G Ventures. MEND engages in manufacturing and online retailing of clinical nutrition products and is based in New York, NY. S2G is a venture capital firm based in Chicago, IL.

6/6/2023 MyForest Foods Co. announced that it has raised $15.0 million in Series A-2 funding led by MyForest Foods’ parent company, Ecovative Design LLC. MyForest Foods, maker of MyBacon, is a food technology company whose proprietary platform uses mycelium to grow nutrient-rich fibers that replicate the textures and mouthfeel of meat and is based in Green Island, NY. Ecovative is a biomaterials company that envisions, develops, produces, and markets earth-friendly sustainable materials and is based in Green Island, NY.

6/9/2023 Higher Steaks announced the closing of its Series A funding round and its rebranding to Uncommon. The company received $11.8 million in the round's first tranche led by new investor Balderton Capital (UK) LLP and a final tranche of $23.2 million led by new investor Lowercarbon Capital LLC with participation from East Alpha Ltd, Redalpine Venture Partners AG, Max and Sam Altman, Miray Zaki, and Sebastiano Castiglioni. Uncommon produces cultivated meat products and is based in Cambridge, U.K. Balderton is a venture capital firm based in London, U.K. Lowercarbon is a principal investment firm based in New York, NY. East Alpha provides quantitative commodity technology and research solutions and is based in London, U.K. Redalpine is a venture capital firm based in Zürich, Switzerland.

6/15/2023 Beekeeper's Naturals Inc. announced that it has raised $14.0 million in a round of funding co-led by CAVU Venture Partners, LLC and Devonshire Investors with participation from Vibrant Ventures and Muse Capital. Beekeeper's manufactures and retails health products created from beehives and is based in Toronto, ON. CAVU is a venture capital and private equity firm based in New York, NY. Devonshire is a private equity firm based in Boston, MA. Vibrant is a U.S.-based venture capital firm. Muse is a venture capital firm based in Beverly Hills, CA.

6/21/2023 BetterBrand announced the closing of $6.0 million in Series A funding, at a pre-money valuation of $170 million. The round was led by VERSO Capital with participation from Gaingels Fund, Alexis Ohanian’s venture capital firm Seven Seven Six, and other investors. BetterBrand is a consumer food tech company that combines non-GMO, clean label ingredients to produce baked goods with less carbs and more protein and is based in Los Angeles, CA. Gaingels is a venture capital firm based in Burlington, VT.

6/22/2023 Hyfé Foods, Inc. announced that it has raised $9.0 million in an oversubscribed funding round led by new investor Synthesis Ventures with participation from Refactor Capital, L.P., Alumni Ventures Group, LLC, and other investors. Hyfé operates as an ingredients company that produces low-carb, protein-rich, and allergen-free mycelium flour by using fermentation to upcycle wasted sugar water from food and beverage manufacturing and is based in Chicago, IL. Synthesis is a venture capital firm based in Boston, MA. Refactor is a venture capital firm based in Burlingame, CA. Alumni is a venture capital firm based in Manchester, NH.

6/23/2023 Seven Sundays, LLC announced that it has received $6.0 million in funding from 25 investors. Seven Sundays is a certified B corporation based in Minneapolis, MN that produces better-for-you breakfast cereal, granola, and muesli without artificial flavors and refined sugars with a focus on regenerative agriculture and upcycled ingredients.

6/26/2023 Terramino, Inc., dba Prime Roots, announced that it has received a round of funding from new investor Mitsubishi Chemical Group Corporation (TSE:4188). Prime Roots offers plant and protein-based food products such as vegetarian-based fungi super protein food products, including salmon burgers, that replicate the taste, texture, and nutrition of meat and seafood products, and is based in Berkeley, CA. Mitsubishi is a specialty materials provider in core market segments such as mobility, health & life sciences, and electronics and is based in Tokyo, Japan.

6/28/2023 BLUU GmbH announced that it has received $17.0 million in its Series A round of funding from Sparkfood, LBBW Venture Capital GmbH, and other investors. BLUU researches, cultivates, develops, and produces fish and seafood products from fish cells and is based in Berlin, Germany. Sparkfood is an investor that funds and fuels next-generation companies towards a sustainable, healthier future and is a subsidiary of Sonae, a multinational company based in Maia, Portugal that manages a diversified portfolio of businesses in retail, financial services, technology, real estate and telecommunications. LBBW is an investment arm of Landesbank Baden-Württemberg and is based in Stuttgart, Germany.

6/28/2023 Stur Drinks announced that it has received funds in a round that included participation from new individual investor Kat Stickler. Stur manufactures all natural, sugar-free, zero calorie liquid and powder water enhancers and is based in New York, NY.