CW Q3 2024 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

7/10/2024 Cascade Fruit Marketing, Inc., dba foodguys, acquired 75% stake in Dallas Flavors LLC. The terms of the transaction were not disclosed. Dallas produces natural sweeteners and flavors, including the all-natural sweetener/flavor modifier Titan Sweet, and is based in Henderson, TX. Foodguys is a bulk ingredient importer and supplier and is based in Covington, WA.

7/23/2024 Adia Nutrition, Inc. (OTCPK:ADIA) acquired Biolete LLC. The terms of the transaction were not disclosed. Biolete produces and sells protein coffee and mushroom extracts and is based in Oviedo, FL. Adia produces probiotic chews and drink mixes and is based in Kurtistown, HI.

7/24/2024 Califia Farms, LLC acquired Uproot Inc. The terms of the transaction were not disclosed. Uproot processes and sells plant-based milk for use in cafeterias in schools, hospitals, cafes, and offices and is based in New York, NY. Califia manufactures and sells plant-based milk products and is based in Los Angeles, CA.

8/6/2024 An undisclosed buyer acquired Superfit Foods, LLC. The terms of the transaction were not disclosed. Superfit is a meal prep company that provides customizable, clean and convenient food and is based in Jacksonville Beach, FL.

8/19/2024 Prenetics Global Limited (NasdaqGM:PRE) acquired Europa Sports Partners, LLC and subsidiary, Hubmatrix. The terms of the transaction were not disclosed. Based in Charlotte, NC, Europa specializes in distributing nutritional and sports supplements, sports drinks, and accessories to thousands of gyms, studios, and fitness centers across the U.S. Hubmatrix is a third-party logistics direct-to-consumer fulfillment provider of health and wellness brands. Prenetics is a health sciences company based in Quarry Bay, Hong Kong whose consumer initiative is led by IM8, a new health and wellness brand co-founded by David Beckham. Its clinical division specializes in multi-cancer early detection technologies, genomic profiling of solid tumors, and CircleDNA, which uses NGS to offer comprehensive DNA tests.

8/21/2024 SACO Foods, Inc. acquired Quinoa Corporation and its brands Ancient Harvest and Pamela's. The terms of the transaction were not disclosed. Based in Golden, CO, Quinoa and its brands provide a wide range of organic, non-GMO, plant-based foods including multiple varieties of quinoa, pasta and polenta, as well as gluten-free pancake mix, sweet and savory baking mixes, cookies, snack bars, and more. SACO manufactures and sells cooking and baking ingredients and is based in Middleton, WI.

8/26/2024 Our Home acquired the Pop Secret popcorn business of Campbell Soup Company (NasdaqGS:CPB). The terms of the transaction were not disclosed. Our Home is a better-for-you snack brand platform that includes organic, non-GMO, kosher, and vegan varieties and is based in Boonton, NJ. Blank Rome LLP served as legal advisor to Campbell.

9/1/2024 FaZe Media acquired G FUEL, LLC. The terms of the transaction were not disclosed. G FUEL produces and sells natural powdered drink mixes and other energy supplements and is based in Hauppauge, NY. FaZe is a lifestyle and media platform rooted in gaming and youth culture and is based in Los Angeles, CA.

9/3/2024 Our Home acquired ParmCrisps from The Hain Celestial Group, Inc. (NasdaqGS:HAIN). The terms of the transaction were not disclosed. ParmCrisps produces and distributes all natural, oven-baked gluten-free parmesan cheese crisps including a plant-based vegan variety and is based in Montclair, NJ. Our Home is a better-for-you snack brand platform that includes organic, non-gmo, kosher, and vegan varieties and is based in Boonton, NJ.

9/10/2024 Piping Rock Health Products, LLC acquired the Better Health VMS Business of The Clorox Company (NYSE:CLX). The terms of the transactions were not disclosed. The divested business includes the Natural Vitality, NeoCell, Rainbow Light and RenewLife brands, relevant trademarks and licenses, and associated manufacturing and distribution facilities in Sunrise, FL. Piping Rock manufactures vitamin and supplements and distributes wellness products and is based in Bohemia, NY.

9/13/2024 Impetus Wellness Group acquired Reliance Vitamin Company, Inc. The terms of the transaction were not disclosed. Reliance provides private label nutritional supplements for independent retailers and practitioners and is based in Edison, NJ. Impetus develops and offers a premier wellness-focused platform of contract manufacturers in the vitamins, minerals and supplements sector and is based in Los Angeles, CA. McGuireWoods LLP served as legal advisor to Reliance.

9/17/2024 Bay State Milling acquired Montana Gluten Free Processors, LLC (MGFP). The terms of the transaction were not disclosed. Based in Belgrade, MT, MGFP operates as a producer and processor of gluten-free oats and related products, including SowNaked® Mindfully Farmed Oats, a variety of non-GMO hulless oats with 40% more protein than traditional oats. Based in Quincy, MA, Bay is the largest privately held, family-owned miller in the U.S. operating 13 locations in the U.S. and Canada with a portfolio that includes traditional and gluten-free flours, grains, seeds, mixes and blends.

9/18/2024 Mosaic Flavors acquired First Coast Flavors. The terms of the transaction were not disclosed. First Coast develops and manufactures natural and organic flavorings for food and beverage applications and is based in Ponte Vedra Beach, FL. Mosaic is a manufacturer of liquid and powdered flavors for the beverage, dairy, plant-based, nutraceutical, confection, and bakery industries, and is based in Chino, CA.

9/25/2024 Diageo North America, Inc. acquired unknown majority stake in Ritual Beverage Company LLC. The terms of the transaction were not disclosed. Ritual produces non-alcoholic gin and whiskey spirits made with natural and distilled botanicals and is based in Chicago, IL. Diageo produces, distributes, and sells alcoholic beverages including whisky, rum, vodka, and beer and is based in New York, NY.

9/26/2024 Grain Craft, Inc. acquired Central Milling Company. The terms of the transaction were not disclosed. Central Milling is an organic flour supplier based in Logan, UT that carries a wide range of organic artisan baking flours, organic specialty flours, and organic whole grains. Grain Craft, a flour milling company based in Chattanooga, TN, produces and sells various bulk and bagged flours and other products for baking, foodservice, and pizza industries, including custom proprietary blends.

M&A - Financial

7/23/2024 H.I.G. Capital, LLC acquired an unknown majority stake in Naturalia Tantum Spa. The terms of the transaction were not disclosed. Naturalia engages in the production and commercialization of natural, ecological, and organic products in cosmetics and natural supplements and is based in Milan, Italy. H.I.G is a private equity and venture capital firm based in Miami, FL. PedersoliGattai served as legal advisor to Naturalia. Eversheds Sutherland LLP served as legal advisor to H.I.G.

Private Placements

7/17/2024 GrowUp Farms Limited announced that it has received $49.4 million in a round of funding that included participation from returning investor Generate Capital, PBC. GrowUp is a vertical farming company that grows organic leafy greens in the UK that are available in stores through its Unbeleafable and fresh leaf co. brands. Generate Capital operates as a sustainable infrastructure company and is based in San Francisco, CA.

7/29/2024 Oats Overnight, Inc. announced that it has received $35.0 million in its Series B round of funding led by Enlightened Hospitality Investments Management LLC with participation from Sonoma Brands Partners II, LLC, Impatient Ventures, and other investors. Oats is a spoon-free, high-protein oatmeal that is prepped at night and ready when you wake up and is based in Tempe. Enlightened is a venture capital firm based in New York, NY. Sonoma is a private equity and venture capital firm based in Sonoma, CA. Impatient is a venture capital firm based in Los Angeles, CA.

7/30/2024 Cella Farms, Inc., dba Equii, announced that is has received a round of funding from new investor Westech Investment Advisors, LLC. Based in San Leandro, CA. Equii creates low-carb, high protein gram flour using a fermentation-based natural process to ferment grain starch or sugars, and offers complete protein breads and complete protein baking blends. Westech is a private equity, venture capital and venture debt firm and is based in Portola Valley, CA.

8/2/2024 Gyulmedal Agricultural Corporation announced that it has received a round of funding led by new investor Strong Ventures, LLC. Based in Jeju-si, South Korea, Gyulmedal is a startup that markets and sells zero-sugar squeezed juices using unique varieties such as Winter Prince, Blood Orange, and Kara. Strong Ventures is a venture capital firm based in Los Angeles, CA.

8/6/2024 Sichuan Viee Beverage & Foodstuff Co., Ltd. announced that it has received a round of funding from new investor L Catterton Partners. Sichuan manufactures nut milk drinks and is based in Shifang, China. L Catterton is a private equity and venture capital firm based in Greenwich, CT.

8/15/2024 King Street Capital Management, L.P. acquired an unknown stake in MaryRuth Organics, LLC from Butterfly Equity LP who exited the majority of its stake while remaining an active investor and retaining representation on the Board of Directors. Under the new capital structure, Founder and CEO MaryRuth Ghiyam and her family will retain a significant majority ownership and King Street will provide financing to the Company to support its growth strategy and will also serve on the Board. MaryRuth manufactures and sells vegan, non-GMO, and gluten free vitamins and supplements for children and adults and is based in Los Angeles, CA. King Street is a global alternative investment firm based in New York, NY. Butterfly is a Los Angeles-based private equity firm. Jonathan Klein and Latham & Watkins LLP served as legal advisor to MaryRuth. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to King Street. Kirkland & Ellis LLP served as legal advisor to Butterfly.

8/16/2024 Snak King announced that it has raised a round of funding that included participation from Falfurrias Management Partners LP, Rice's Honey LLC, Sauer Brands, Inc., and other investors. Based in City of Industry, CA, Snak King produces and retails snack food brands including The Whole Earth, Jensen's Orchard, and others, in addition to its co-manufactured and private label business. Falfurrias is a private equity firm based in Charlotte, NC. Rice's produces raw and unfiltered honey and is based in Greeley, CO. Sauer produces, distributes, and markets spices, flavorings, extracts, and other products and is based in Richmond, VA.

8/20/2024 David announced that it has received $10.0 million in its seed funding round. The investment was led by David CEO and Co-Founder Peter Rahal (founder of RXBAR), with additional participation from Valor Siren Ventures, Peter Attia, M.D., and Andrew Huberman, Ph.D. David is a platform that designs tools to increase muscle and decrease fat, and is developing a protein bar that will have the most protein per calorie of any currently available protein bar and will be sugar-free, gluten-free, and free of artificial sweetener and artificial flavors. Valor is a venture capital firm based in Chicago, IL.

9/2/2024 Nosh.bio GmbH announced that it has received a round of funding that included participation from new investors CHECK24 Ventures GmbH, Apollo Capital Partners GmbH, Zur Mühlen ApS & Co. KG, and returning investors Good Seed Ventures GmbH, Earlybird Venture Capital GmbH & Co. KG, and others. Based in Berlin, Germany, Nosh.bio creates nutritional and highly functional proteins from non-GMO fungi using a proprietary fermentation process that is minimal, scalable, and sustainable. CHECK24 is the venture capital arm of CHECK24 Vergleichsportal GmbH based in Frankfurt am Main, Germany. Apollo is a private equity firm based in Munich Germany. Zur Mühlen produces and supplies sliced and canned sausage meats and is based in Böklund, Germany. Good Seed is a venture capital firm based in Rheine, Germany. Earlybird is a venture capital firm based in Berlin, Germany.

9/9/2024 Crepini Foods LLC announced that it has raised $6.75 million in a round of funding led by new investor Cal-Maine Foods, Inc. (NasdaqGS:CALM). Crepini produces and supplies low-carb, gluten-free food products such as egg wraps with cauliflower and protein-rich pancakes and is based in Hopewell Junction, NY. Cal-Maine engages in the production, grading, packaging, marketing, and distribution of shell eggs and egg products and is based in Ridgeland, MS.

9/12/2024 Circe Biosciences Inc. announced that it has received $5.0 million in a round of funding that included participation from ReGen Ventures Management Pty. Ltd., Undeterred Capital GP LLC, Climate Capital, and other investors. Based in Boston, MA, Circe uses its carbon negative fermentation-based platform to make products such as fats that can be used in dairy-free milk products, carbon-free confectionary products, and animal-free meat products. ReGen is a venture capital firm based in Byron Bay, Australia. Undeterred is a venture capital firm based in Los Angeles, CA. Climate is a venture capital and private equity firm based in San Francisco, CA.

9/12/2024 Novameat announced that it has received $19.2 million in an oversubscribed round of funding co-led by new investors Sofinnova Partners SAS and BioEconomy Fund, a fund managed by Forbion Capital Partners B.V., with participation from returning investors Unovis Asset Management, LLC, Praesidium S.A., and Rubio Impact Ventures. Novameat creates sustainable plant-based meats using its 3D texture-building proprietary technology and is based in Barcelona, Spain. Sofinnova is a private equity and venture capital firm based in Paris, France. Forbion is a private equity and venture capital firm based in Naarden, the Netherlands. Unovis is a venture capital firm based in New York, NY. Praesidium is a venture capital firm based in Luxembourg. Rubio is a venture capital firm based in Amsterdam, the Netherlands.