CW Q4 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

10/2/2023 Piccola Cucina Inc. acquired assets of Judy G Foods Inc. The terms of the transaction were not disclosed. Based in Calgary, AB, Judy G Foods produces gluten-free pizza and vegan desserts. Piccola is a woman-owned manufacturer of superfood almond-based products and is based in Winnipeg, MB.

10/4/2023 Aliya's Foods Limited acquired certain assets of Tattooed Chef, Inc. (OTCPK:TTCF.Q). The terms of the transaction were not disclosed. Based in Paramount, CA, Tattooed Chef is a plant-based food company that produces and sells a portfolio of frozen foods. Aliya's produces frozen food products and is based in Nisku, AB.

10/10/2023 EMPWR BV acquired B.V. Vurense Snack Industrie. The terms of the transaction were not disclosed. Vurense produces specialty nutrition bars and is based in Leerdam, the Netherlands. EMPWR is a co-manufacturer of nutritional bars, including protein bars, granola, keto, nut and fruit bars and is based in Ghent, Belgium.

10/12/2023 Nature's Touch Frozen Foods, LLC acquired certain frozen fruit assets of Sunrise Growers, Inc., a subsidiary of SunOpta (Nasdaq:STKL)(TSX:SOY) for $141.0 million. Sunrise processes and supplies frozen fruits and products to customers in the United States and is based in Placentia, CA. SunOpta manufactures natural, organic, non-GMO and specialty products for leading natural and private label brands, and also produces its own brands, including SOWN®, Dream®, and West Life™, and is based in Eden Prairie, MN. Nature's Touch packages and supplies organic and conventional frozen goods and is based in Saint-Laurent, QC. Sidley Austin LLP and Wilson Abogados, SC served as legal advisors to SunOpta. Lowndes, Drosdick, Doster, Kantor & Reed, P.A.; Cuesta Campos y Asociados, S.C; and Miller Thomson LLP served as legal advisors to Nature's Touch.

10/18/2023 All-In Nutritionals (USA), LLC acquired assets of Agape Herbals LLC. The terms of the transaction were not disclosed. Agape manufactures herbal medicines for gut health, anti-inflammatory diseases, and resistance and is based in Salt Lake City, UT. All-In manufactures all-natural, pure, clinically studied and ingredient-tested supplements using organic, wild-harvested, non-GMO ingredients and is based in Springfield, OH.

10/24/2023 Lallemand Health Solutions acquired Dietary Pros Inc. The terms of the transaction were not disclosed. Dietary Pros is a full-service contract manufacturer based in Wausau, WI. Lallemand manufactures and sells probiotic yeast and bacteria-based formulas and is based in Mirabel, QC.

10/31/2023 Hive Brands, Inc. acquired Love Grown Foods, LLC. The terms of the transaction were not disclosed. Love produces vegan, gluten-free & non-GMO cereals and granola and is based in Denver, CO. Hive operates an online sustainable marketplace offering a curated selection of Hive Five™ Certified products with guaranteed quality, sustainability, and social impact and is based in Freehold, NJ.

11/6/2023 Arizona Nutritional Supplements, LLC (ANS) announced that its founders, Aaron Blunck and Jonathan Pinkus, have re-acquired the business. The terms of the transaction were not disclosed. ANS is a manufacturer of dietary supplements and nutritional products and is based in Chandler, AZ.

11/17/2023 Lunovus LLC acquired Diamond Studios. The terms of the transaction were not disclosed. Based in Gardendale, AL, Lunovus manufactures ophthalmic supplements and has a proprietary system, Doc2Home, for monthly subscriptions of OTC eye care products. Diamond is a software development and media firm based in Birmingham, AL.

11/24/2023 Prinova Group LLC acquired Flavor Tec - Aromas De Frutas Ltda. The terms of the transaction were not disclosed. Flavor Tec is a citrus oil processor based in Brazil. Prinova distributes functional ingredients and provides integrated solutions such as nutrient premixes and particle management services and is based in Itasca, IL.

11/30/2023 Pharmavite LLC acquired Bonafide Health, LLC for $425.0 million. Based in Harrison, NY, Bonafide manufactures women's healthcare products to provide women with innovative, safe, and effective options for relief throughout their menopause journey. Pharmavite manufactures and distributes dietary supplements and is based in West Hills, CA.

12/1/2023 Hi-Tech Pharmaceuticals, Inc. acquired BPI Sports Holdings, LLC. The terms of the transaction were not disclosed. BPI is a manufacturer and marketer of dietary supplement products and is based in Hollywood, FL. Based in Norcross, GA, Hi-Tech is a provider of sports nutrition, weight loss products, healthcare supplements, and contract manufacturing services.

12/15/2023 Chobani Inc. acquired La Colombe Torrefaction, Inc. from Keurig Dr Pepper Inc. (NasdaqGS:KDP) and others for $900.0 million. Based in Philadelphia, PA, La Colombe produces packaged coffee, operates coffee shops, and is known for its ethical, long-term trade practices and single-origin coffees. Based in New Berlin, NY, Chobani manufactures, markets, distributes, and sells yogurt, oat milk, and dairy and non-dairy creamers. Gibson, Dunn & Crutcher LLP served as legal advisor to Chobani.

M&A - Financial

10/5/2023 Impact Capital acquired an unknown majority stake in Junkless Foods Inc. The terms of the transaction were not disclosed. Based in Portage, MI, Junkless manufactures and sells breakfast and snack food products made with wholesome, non-GMO, simple ingredients with no artificial preservatives, no artificial flavors, no artificial colors, no hydrogenated oils, no high fructose corn syrup, and with zero grams of trans fats. Impact is a private equity firm based in Seattle, WA.

10/11/2023 Citation Capital Management, LLC agreed to acquire a majority stake in Cibo Vita Inc. The transaction closed on 12/31/2023. The terms of the transaction were not disclosed. Based in Totowa, NJ, Cibo produces and supplies organic nuts, seeds, trail mixes, dried fruits, snacks, and confectionery items. Citation is a private equity firm based in Dallas, TX. Nelson Mullins served as legal advisor to Cibo. Gibson Dunn served as legal advisor to Citation.

11/17/2023 Tilia Holdings, LLC completed its majority recapitalization of Ever Fresh Fruit Company, LLC. The terms of the transaction were not disclosed. Ever Fresh is a premier provider of custom formulated fruit and flavor ingredient solutions including certified organic varieties and is based in Boring, OR. Tilia is a private equity firm based in Chicago, IL. Davis Wright Tremaine LLP served as legal advisor to Ever Fresh. Mayer Brown LLP served as legal advisor to Tilia.

11/20/2023 SK Capital Partners, LP acquired J&K Ingredients, Inc. The terms of the transaction were not disclosed. Based in Paterson, NJ, J&K manufactures baked goods ingredients and specializes in natural mold inhibitors that offer a clean label alternative to artificial chemical preservatives. SK is a private equity firm based in New York, NY.

12/28/2023 Roynat Equity Partners, Caisse de dépôt et placement du Québec, and SPC Management Co. Inc. acquired an unknown majority stake in Boulangerie St-Methode Inc. (BSM). The terms of the transaction were not disclosed. BSM offers a variety of fat-free, sugar-free, healthy and gluten-free bread and is based in Magog, QC. Roynat is a private equity firm based in Calgary, AB. Caisse is a privately owned investment manager based in Quebec City, QC. SPC is a private equity firm based in San Francisco, CA. Norton Rose served as legal advisor to BSM. Stikeman Elliott LLP served as legal advisor to SPC. Blakes, Cassels & Graydon LLP served as legal advisor to CDPQ and Roynat.

Private Placements

10/3/2023 Umiami SAS announced that it has raised $34.0 million in a round of funding that included participation from Astanor Ventures, Redalpine Venture Partners AG, Newfund Management S.A., and other investors. Umiami is a pioneer foodtech in the plant-based fillet sector that offers alternatives to meat and fish products and is based in Paris, France. Astanor is a venture capital firm based in Belgium. Redalpine is a venture capital firm based in Zürich, Switzerland. Newfund is a venture capital firm based in Paris, France.

10/3/2023 Eden Brew Pty Ltd announced that it has received $15.4 million in its Series A round of funding from CSIRO Financial Services Pty. Ltd. and other investors. Eden produces and sells animal-free dairy products and is based in Sydney, Australia. CSIRO is a venture capital arm of Australian government agency Commonwealth Scientific and Industrial Research Organisation and is based in Eveleigh, Australia.

10/5/2023 Phytolon Ltd announced that it has received a round of funding that included participation from new investor Next Gen Nutrition Investment Partners. Phytolon develops a technology for the production of natural food colorants and is based in Misgav, Israel. Next Gen is a venture capital firm based in Greenwich, CT.

10/9/2023 BlueNalu, Inc. raised $33.5 million in its Series B round from new and existing investors. On 11/1/2023, BlueNalu closed the transaction. The company amended the terms of the transaction and received $2.0 million in a second tranche closing led by new investor Neom Investment Fund bringing total gross proceeds raised to $35.5 million. Based in San Diego, CA, BlueNalu produces cell-cultured seafood. Neom Investment Fund is a venture capital arm of NEOM Company based in Saudi Arabia.

10/9/2023 Wanda Fish Technologies LTD announced that it has raised $7.0 million in a round of funding led by A-Spark Good Ventures with participation from The Kitchen, PICO Partners, Peregrine Ventures, and other investors. Based in Ness Ziona, Israel, Wanda is a food-tech company with a platform that produces a wide variety of fish fillets using sustainable cell-cultivation practices. A-Spark is a venture capital and private equity firm based in Utrecht, Netherlands. The Kitchen is an accelerator and venture capital arm of international food and beverage company Strauss Group and is based in Ashdod, Israel. PICO is a venture capital firm based in New York, NY. Peregrine is a private equity and venture capital firm based in Or Yehuda, Israel.

10/26/2023 Oh my gosh…Yum! LLC, dba NoBull Burger, announced that it has received a round of funding that included participation from new investor Virginia Venture Partners. NoBull operates as a packaged food and meat company that produces plant and protein-based burgers and is based in Charlottesville, VA. Virginia Venture Partners is a venture capital arm of The Centre for Innovative Technology, a nonprofit corporation that accelerates the next generation of technology and technology companies, and is based in Richmond, VA.

10/28/2023 mybacs GmbH raised $5.9 million in a round of funding that included participation from naturalX Health Ventures, SevenVentures GmbH, WENVEST Capital GmbH, and other investors. mybacs manufactures microbiome travel health supplements for digestion and is based in Baar, Switzerland. naturalX is the investment company of Schwabe Group, a developer of plant-based pharmaceuticals and health products, and is based in Berlin, Germany. SevenVentures is the venture capital and private equity arm of ProSiebenSat.1 Group, a broadcast media production and distribution company, and is based in Unterföhring, Germany. WENVEST Capital GmbH is a venture capital firm based in Munich, Germany. Osborne Clarke served as legal advisor to mybacs.

10/31/2023 Huel GmbH announced that it has received a round of funding from new investor 1GT Fund, a fund managed by Morgan Stanley, Investment Arm. Huel produces and sells nutritionally powdered food and nutrition bars and is based in Aylesbury, UK.

11/1/2023 Pacifico Aquaculture S.A.P.I.De C.V announced that it has received investment in an equity round of funding that included participation from returning investor Butterfly Equity LP. Pacifico engages in sustainable aquaculture that produces premium ocean-raised striped bass and is based in Baja California, Mexico.

11/8/2023 The Better Brand Inc. announced that it has raised a round of funding from individual investor Anton Zaslavski. BetterBrand is a Los Angeles, CA-based consumer food tech company that uses proprietary technology and non-GMO, clean label ingredients to create a suite of better-for-you baked goods with more protein, fewer carbs, and no added sugar. Anton Zaslavski is a DJ, record producer, composer, and songwriter publicly known as Zedd.

11/13/2023 Duywashman LLC, dba 4Ever Young, announced that it has raised funding that included participation from new investor Highmount Madison. 4Ever Young engages in manufacturing supplement products for energy, immune support, hormone support, and digestive balance and is based in Boca Raton, FL. Highmount is a private equity firm based in Boca Raton, FL. Moore & Van Allen PLLC served as legal advisor to 4Ever Young.

11/16/2023 G Fuel, LLC announced that it has received an equity round of funding that included participation from new investors Kingswood Capital Management, L.P. and First Beverage Ventures. G Fuel produces and sells natural powdered drink mixes and other energy supplements and is based in Hauppauge, NY. Kingswood is a private equity firm based in Los Angeles. First Beverage is a venture capital and private equity firm based in Los Angeles. Kirkland & Ellis LLP served as a legal advisor to G Fuel.

11/17/2023 Perfect Day, Inc. announced that it will receive $90.0 million in its pre-series E round of funding led by internal investors, a transaction which closed on 1/5/2024. Perfect Day operates a dairy that produces animal-free milk, proteins, and related dairy products and is based in Berkeley, CA.

11/30/2023 Atomo Coffee, Inc. announced it received an investment from Suntory Holdings Limited. Atomo specializes in producing molecular coffee made from upcycled date seeds and other plant-based ingredients and is based in Seattle, WA. Suntory is a multinational consumer products company based in Tokyo, Japan that produces and distributes a diverse portfolio of beverages, premium spirits, beer and wine, and health and wellness products.

12/1/2023 Roar Beverages, Inc. announced that it has received $6.0 million in funding in a transaction that included participation from 6 investors. Roar produces coconut water-infused beverages and is based in Huntington, NY.

12/4/2023 Perelel Inc. announced that it will receive a Series A round of funding. On 2/1/2024, Perelel closed the transaction having raised $6.0 million from Unilever Ventures Limited, Selva Ventures LLC, and Willow Growth Partners Management, LLC. Perelel offers subscription-based vitamin products and specializes in prenatal and postnatal vitamins and is based in Los Angeles, CA. Unilever Ventures operates as an investment arm of consumer goods company Unilever plc and is based in London, UK. Selva is a venture capital firm based in San Francisco, CA. Willow is a venture capital firm based in Los Angeles, CA.

12/6/2023 Koa Switzerland GmbH announced that it has raised $15.0 million in its Series B round of funding. The round was led by the Land Degradation Neutrality Fund for $9.0 million and was initiated by the United Nations Convention to Combat Desertification and the Geneva-based asset manager Mirova, a subsidiary of Natixis Investment Managers. The Regenerative Growth Fund 1, which is managed by Zebra Impact Ventures and Mirabaud, and the Luxembourg-based Haltra Group, also participated. Koa produces natural cocoa fruit products by upcycling the entire cocoa fruit and is based in Zurich, Switzerland with an additional office in Achimota, Ghana.

12/20/2023 Eat Mezcla, LLC announced that it will receive $7.6 million in funding. On 1/4/2024, Eat Mezcla closed the transaction having received $5.6 million total gross proceeds in the transaction led by Dream Ventures and Santatera Capital, with participation from Fed Muyshondt, CEO of Bodyarmor, and Jake Kassan, founder of MVMT, among others. Eat Mezcla manufactures and sells plant-based protein bars that are vegan, gluten free, and non-GMO verified and is based in New York, NY. Dream is a venture capital firm based in the U.S. Santatera is a venture capital firm based in Guadalajara, Jalisco. Polsinelli served as legal advisor to Eat Mezcla.

12/27/2023 Better Foods Inc., a U.S. subsidiary of Korean food company Shinsegae Food, announced that it has secured an investment from Cleveland Avenue. The transaction closed on 1/11/2024. Better Foods develops plant-based products, including milk, cheese, and meat substitutes. Cleveland Avenue is a Chicago-based venture capital firm established in 2015 by Don Thompson, the former president and CEO of McDonald's.

12/29/2023 M2 Ingredients, Inc. announced that it will receive $25.8 million in funding. The transaction closed 1/16/2024 with participation from 26 investors. M2 produces and sells organic mushroom powders and is based in Carlsbad, CA.

12/31/2023 Berri Organics announced that it has raised funds in a transaction that included participation from new investor SUM Ventures Fund I, a fund managed by Startup Mavericks. Berri produces plant-based organic electrolyte drinks and is based in El Segundo, CA. Startup Mavericks is a venture capital firm based in Santa Monica, CA.

12/31/2023 Kencko Foods, Inc. announced that it has raised a round of funding that included participation from new investor Lince Capital. Kencko produces and sells organic fruit and vegetable instant smoothies and other products and is based in Lewes, DE. Lince is a venture capital firm based in Lisboa, Portugal.