CW Q1 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

1/3/2024 Dr. Reddy's Laboratories Limited (BSE:500124) acquired MenoLabs, LLC. The terms of the transaction were not disclosed. Based in Tucson, AZ, MenoLabs offers natural menopause symptom relief supplements and a community platform for women in midlife. Dr. Reddy's, together with its subsidiaries, operates as an integrated pharmaceutical company worldwide and is based in Hyderabad, India.

1/3/2024 Systm Foods Inc. acquired Humm Kombucha, LLC. The terms of the transaction were not disclosed. Based in Bend, OR, Humm produces and brews probiotic-packed kombuchas, sodas, and seltzers. Systm owns and operates an impact-focused food and beverage brand platform for acquiring plant-based companies and is based in Newport Beach, CA.

1/30/2024 FreshRealm, Inc. acquired the operational assets of Marley Spoon Inc. for $24.0 million. Concurrently, Marley Spoon acquired bistroMD, a food as medicine subscription service that provides convenient, ready to eat, gourmet meals for health-conscious consumers, which will also join the FreshRealm platform. Marley Spoon Inc, a subsidiary of Marley Spoon SE, is a subscription-based meal kit provider based in New York, NY. FreshRealm is a fresh food manufacturing and fulfillment platform that partners with meal kit companies, retailers, and food service providers and is based in Lancaster, TX.

2/1/2024 310 Nutrition, LLC acquired Kashmere Kollections. The terms of the transaction were not disclosed. Kashmere operates as a beauty and lifestyle brand that provides skin and body care products and is based in Las Vegas, NV. 310 manufactures supplements and weight management products and is based in Las Vegas, NV.

2/6/2024 Somafina acquired UST Corp. The terms of the transaction were not disclosed. UST manufactures and markets over-the-counter vitamins and dietary supplements for small and large companies and is based in Layton, UT. Somafina manufactures dietary supplements and is based in Alpharetta, GA.

2/7/2024 Creations Foods US Inc. acquired assets of Summit Naturals, Inc., dba HighKey Snacks. The terms of the transaction were not disclosed. HighKey produces and distributes gluten-free, low- and no-sugar snack products and is based in Orlando, FL. Creation develops, manufactures, and sells gluten-free, plant-based, better-for-you snacks and is based in Ferndale, WA.

2/13/2024 RIND Snacks, Inc. acquired Small Batch Organics, LLC. The terms of the transaction were not disclosed. Based in Manchester Center, VT, Small Batch produces and sells sustainable granola products and uses 100% solar energy and renewable packaging solutions. Based in New York, NY, RIND produces and sells fruit-forward snacks and products that are upcycled certified, non-GMO verified, kosher, and naturally vegan and gluten free.

2/16/2024 Flavorchem Corporation acquired Dr. W. Huber AG. The terms of the transaction were not disclosed. Huber develops and delivers flavors and fragrance oils and is based in Zumikon, Switzerland. Flavorchem produces liquid, powdered, and spray-dried products for use in baking, beverage, confectionery, and nutraceutical industries and is based in Downers Grove, IL. Pestalozzi Lachenal Patry served as legal advisor to Flavorchem.

2/23/2024 An unknown buyer acquired all of the 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 offering a broad portfolio of innovative frozen foods to leading retailers in the U.S.

3/8/2024 Sambazon, Inc. acquired the açaí and smoothie bowl business of SunOpta Inc. (NasdaqGS:STKL) for $6.0 million. Based in Eden Prairie, MN, SunOpta manufactures and sells plant-based and fruit-based food and beverage products. Sambazon produces and sells organic açaí products and is based in San Clemente, CA.

3/13/2024 Umami Meats Pte. Ltd. acquired Shiok Meats Pte. Ltd. from Agronomics Limited (AIM:ANIC) and others. Shiok operates as a cell-based clean meat company producing cell-based crustacean meats and seafood and is based in Singapore. Umami engages in the cultivation of cell-based seafood and is based in Singapore. Agronomics is a private equity and venture capital firm based in Ramsey, Isle of Man.

3/14/2024 Mumm's Sprouting Seeds acquired Sproutman. The terms of the transaction were not disclosed. Sproutman is a direct-to-consumer source for organic sprouting seeds, home sprouting kits, and superfood sprout products and is based in Great Barrington, MA. Based in Parkside, SK, Mumm's engages in organic farming that produces and sells organic sprouting and microgreen seeds.

3/18/2024 80 Acres Urban Agriculture, Inc. acquired Reunion Foods Inc., dba MotherRaw. The terms of the transaction were not disclosed. MotherRaw produces organic and plant-based products and is based in North York, ON. 80 Acres operates indoor fresh produce farms and is based in Hamilton, OH.

M&A - Financial

1/16/2024 MPearlRock LP acquired Green Grass Foods Inc., dba nutpods. The terms of the transaction were not disclosed. Nutpods produces dairy-free coffee creamers intended to offer a healthy alternative to milk and is based in Newport Bellevue, WA. MPearlRock is a private equity firm based in Palm Beach Gardens, FL.

1/17/2024 Trek One Capital acquired Alter Eco Americas Inc. The terms of the transaction were not disclosed. Alter Eco is a San Francisco, CA-based manufacturer of dark chocolate bars, truffles and granola with product ingredients sourced from organic regenerative farming, and the company is B Certified, fair for life certified and carbon neutral. Trek One is a private equity firm based in the U.S.

3/21/2024 KAC Investments LLC acquired Herbal Brands, Inc. for $8.0 million. Herbal Brands is a GMP-certified manufacturer and distributor of health and wellness products and is based in Tempe, AZ. KAC is an investment firm based in Phoenix, Arizona.

Private Placements

1/16/2024 M2 Ingredients and Om Mushroom Superfood announced the initial closing of a strategic growth investment from Meaningful Partners LLC and other investors. Based in Carlsbad, CA, M2 produces 100% organic, whole food mushroom powders used in the Om in-house superfood supplement brand. Meaningful is a private equity and venture capital firm based in El Segundo, CA. Brownstein Hyatt Farber Schreck, LLP served as legal advisor to M2. Buchalter served as legal advisor to Meaningful.

1/17/2024 The Mediterranean Food Lab Ltd announced that it has received $17.0 million in a round of funding led by Gullspång Re:Food II Invest AB with participation from PeakBridge Partners, Ltd, Axel Johnson Inc., and other investors. Mediterranean develops natural solutions that improve the taste of plant-based food and meat alternatives and is based in Tel Aviv, Israel. Gullspång is a venture capital firm based in Stockholm, Sweden. PeakBridge is a venture capital firm based in Valletta, Malta. Axel is a private equity firm based in New York, NY.

2/1/2024 Planet A Foods completed a $15.4 million round of funding led by returning investor WF World Fund Management GmbH with participation from new investors Feast Ventures, TriplePoint Capital, LLC, and others. Planet A Foods uses fermentation technology to produce ChoViva, the world’s first cocoa-free chocolate brand. World Fund is a climate venture capital fund based in Berlin, Germany. Feast is a principal investment firm based in Munich, Germany. TriplePoint provides financing services for venture capital-backed companies and is based in Menlo Park, CA.

2/6/2024 Foods For Tomorrow S.L. announced that it has received $43.0 million in a round of funding that included participation from new investors European Circular Bioeconomy Fund, a fund co-managed by Hauck & Aufhäuser Fund Services S.A., and ECBF Management GmbH, and other investors. Foods For Tomorrow produces high-protein and nutritious plant-based food products and is based in Barcelona, Spain. Hauck & Aufhäuser is a fund management and administration company based in Luxembourg. ECBF is a private equity and venture capital firm based in Bonn, Germany.

2/9/2024 California Cultured Inc. announced that it has received a round of funding in a transaction that included participation from new investor Meiji Holdings Co., Ltd. California Cultured is a cellular agriculture company that develops the newest plant cell culturing technologies to create a new supply of cocoa and coffee and is based in Davis, CA. Meiji, through its subsidiaries, engages in the manufacture and sale of dairy products, confectioneries, nutritional products, and pharmaceuticals in Japan and internationally and is based in Tokyo. The partnership is headlined by a 10-year-long deal for the supply of California Cultured’s Flavanol Cocoa Powder to Meiji as part of a co-branded collaboration.

2/9/2024 Odyssey Wellness LLC announced that it will receive $6.0 million in funding in a transaction that included participation from Richard Laver from Rocket Beverage Group and a group of existing stakeholders. Odyssey engages in the manufacturing of a functional beverage line that contains its signature blend of Lion’s Mane and Cordyceps alongside other adaptogenic botanicals to promote physical and mental wellbeing and is based in Fort Lauderdale, FL.

2/29/2024 Project One Nutrition, Inc., dba Momentous, announced that it has received investment in a round of funding that included participation from new investor Humble Growth. Momentous manufactures and sells nutritional supplements and is based in Park City, UT. Humble is a venture capital firm based in New York, NY. Foley & Lardner LLP served as legal advisor to Momentous.

3/1/2024 New Culture Inc. announced that it has received its Series B round of funding. Based in San Leandro, CA, New Culture combines traditional cheesemaking methods with modern fermentation technology to make cheese that is animal-free, lactose-free, and planet-friendly.

3/6/2024 MALK Organics LLC completed a $7.0 million round of funding led by returning investors Rotor Capital Management, LLC and Benvolio Group LLC with participation from 18 investors. MALK produces and sells plant-based milks and is based in Austin, TX. Rotor is a principal investment firm based in the U.S. Benvolio is the investment arm of the Frankfort family and is based in New York City, NY.

3/6/2024 Cultivated Biosciences completed a $5.0 million round of funding from Navus Ventures B.V. and other investors. Cultivated makes yeast-based ingredients to make plant-based dairy products creamier and is based in Wadenswil, Switzerland. Navus is a venture capital firm based in Maassluis, the Netherlands.

3/7/2024 Roar Beverages, Inc. announced that it has received $10.0 million in a round of funding from returning investor Factory LLC. Roar produces coconut water-infused beverages and is based in Huntington, NY. Factory is a venture capital firm based in Bethlehem, PA.

3/11/2024 Serenity Kids announced the closing of its $52.0 million Series B investment round led by Stride Consumer Partners. Based in Austin, TX, Serenity makes premium baby and toddler food products with high nutritional, ethical, and taste standards and ingredients without any antibiotics, added hormones, pesticides, fillers, GMOs, or major allergens. Stride is a private equity firm based in Boston, MA. Haynes and Boone, LLP served as legal advisor to Serenity. Latham & Watkins LLP served as legal advisor to Stride.

3/12/2024 Amara raised $20.0 million in its Series B funding round from HumanCo, Melitas Ventures LLC, and other investors. Amara is an organic baby food brand based in San Francisco, CA. HumanCo and Melitas are venture capital firms based in New York, NY.

3/14/2024 Shake Smart, Inc. announced that it has received a round of funding from NewSpring, Tecum Capital Management, Inc., and NorthCoast Mezzanine. Shake Smart is a healthy fast-casual concept focused on better-for-you blended drinks, acai bowls, and other healthy on-the-go food options and is based in San Luis Obispo, CA. NewSpring is a private equity firm based in Radnor, PA. Tecum is a private investment firm based in Pittsburgh, PA. NorthCoast is an investment firm based in Minneapolis, MN. Davis Wright Tremaine LLP served as legal advisor to Shake Smart. Miller & Martin, PLLC served as legal advisor to NewSpring.

3/14/2024 Orbillion Bio, Inc. announced that it has received a round of funding co-led by new investor The Venture Collective LLC and returning investor At One Ventures with participation from returning investors Y Combinator Management, LLC, Metaplanet Holdings OÜ, and global food investors including university endowments and strategic investors. Orbillion is a B2B cultivated meat technology company based in San Francisco, CA. Venture Collective is a venture capital firm based in New York, NY. At One is a venture capital and private equity firm based in San Francisco, CA. Y Combinator is an accelerator based in Mountain View, CA. Metaplanet is a venture capital firm based in Tallinn, Estonia.