CW Q2 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

4/18/2024 Berje Inc. acquired Global Citrus International SAC (GCI) and Acelim del Peru. The terms of the transaction were not disclosed. GCI and Acelim are Peruvian growers and producers of lime-based products, including fresh limes, lime essential oils, lime juice, and lime peel. Berje produces and distributes organic essential oils, aromatic chemicals, flavor ingredients, and functional ingredients and is based in Carteret, New Jersey.

4/22/2024 Pasture Brands Holdings, LLC acquired Pillars Yogurt, LLC. The terms of the transaction were not disclosed. Pillars produces clean label drinkable yogurt products that have lower sugar and higher protein than other options and contain pre and probiotics and is based in Framingham, MA. Pasture Brands is a portfolio platform company of Chicago, IL-based Benford Capital Partners that was formed in December 2021 to recapitalize Farmers Hen House, LLC and pursue other add-on acquisitions of natural food and beverage products.

4/26/2024 Glanbia plc (ISE:GLB) acquired Flavor Producers, LLC for $355.0 million. Flavor Producers provides flavors and extracts to the food and beverage industries, with a focus on natural and organic ingredients, and is based in Valencia, CA. Glanbia offers sports nutrition and lifestyle nutrition products is based in Kilkenny, Ireland.

4/30/2024 Carlin Consumer Health acquired Penetrex® from Wellbeam Consumer Health. The terms of the transaction were not disclosed. Penetrex is a joint and muscle care brand and is based in San Diego, CA. Carlin is a consumer health business that specializes in acquiring leading over-the-counter brands and is based in New York, NY. Carlin was formed by leading sponsors Hildred Capital, Bourne Partners Strategic Capital, and The Emerson Group. Backed by San Francisco, CA-based private equity firm American Pacific Group, Wellbeam is a diversified portfolio of differentiated wellness brands, including TruSkin, Eu Natural, and BioTRUST. Sidley Austin LLP served as legal advisor to Carlin. Jones Day served as legal adviser to Wellbeam.

5/1/2024 Danone S.A. (ENXTPA:BN) acquired Functional Formularies. The terms of the transaction were not disclosed. Functional Formularies produces shelf stable real, whole foods feeding tube formula made from certified organic, plant-based ingredients and is based in West Chester, OH. Danone is a global food and beverage company operating in the health-focused categories of Essential Dairy & Plant-Based products, Waters, and Specialized Nutrition, and is based in Paris, France. Jones Day served as legal advisor to Functional Formularies.

5/6/2024 NamelessCPG acquired WILE, Inc. The terms of the transaction were not disclosed. WILE specializes in women’s health supplements targeting perimenopause and midlife hormonal shifts and is based in Portland, OR. Nameless CPG is an Austin, TX-based company co-founded by Albert Swantner that acquires consumer brands in women’s health and wellness, better for you foods, and supplements and nutraceuticals.

5/7/2024 Next in Natural acquired Sound Brands LLC. The terms of the transaction were not disclosed. Sound Brands produces unsweetened beverages made with a combination of sparkling water, organic tea, botanicals, and fruit extracts and is based in Poughkeepsie, NY. Next in Natural operates as a boutique strategic business development and marketing organization and is based in New York, NY.

5/15/2024 PANOS Brands, LLC acquired The Santa Barbara Smokehouse. The terms of the transaction were not disclosed. PANOS is a provider of specialty, better-for-you consumer foods including natural, organic, gluten-free, non-GMO brands and is based in Rochelle Park, NJ. The Santa Barbara Smokehouse produces two critically acclaimed brands of smoked salmon utilizing traditional, artisanal methods and is based in Santa Barbara, CA.

5/27/2024 CoreFX Ingredients LLC acquired Connoils LLC. The terms of the transaction were not disclosed. Connoils is a boutique nutritional technology company specializing in powder delivery systems and specialty oil distribution and is based in Big Bend, WI. CoreFX is a supplier of dry nutritional ingredients driven by science-based innovative technologies and is based in Evanston, IL.

5/28/2024 Suja Life, LLC acquired New Slice Ventures LLC. The terms of the transaction were not disclosed. New Slice produces sparkling water flavored with organic fruit juices, organic flavors, and carbonated water and is based in Newtown, PA. Suja produces and sells cold-pressed and organic juices, smoothies, probiotic water, probiotic vinegar juices, kombuchas, and energy juices, and is based in Oceanside, CA.

6/4/2024 Society Brands, Inc. acquired Vitality Now. The terms of the transaction were not disclosed. Vitality produces and sells mental performance and body restoration supplements and is based in the U.S. Society is a tech-enabled consumer products company based in Canton, OH.

6/11/2024 Neutral Foods, Inc. acquired Zeal Creamery. The terms of the transaction were not disclosed. Zeal produces grass-fed, regenerative, and organic dairy products and is based in in Chicago, IL. Neutral is a certified carbon neutral foods company based in Portland, OR.

6/13/2024 The Simply Good Foods Company (NasdaqCM:SMPL) acquired Only What You Need, Inc. (OWYN) for $280.0 million. OWYN is a plant-based ready-to-drink protein shake brand and is based in New York, NY. Simply is a developer, marketer and seller of branded nutritional foods and snacking products and is based in Denver, CO. Greenberg Traurig, LLP served as legal advisor to OWYN. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Simply.

6/13/2024 Sprecher Brewing Company, Inc. acquired an unknown minority stake in O2, Inc. O2 manufactures and sells non-carbonated post-workout beverages with electrolytes, natural caffeine, and added oxygen for faster recovery and is based in Columbus, OH. Sprecher produces hand-crafted beers and sodas and is based in Glendale, WI.

M&A - Financial

4/15/2024 Forward Consumer Partners acquired Firehook Bakery. The terms of the transaction were not disclosed. Firehook is an artisan baking business based in Chantilly, VA that uses certified organic, non-GMO, and kosher ingredients. Forward is a private equity firm based in Greenwich, CT. Stein Sperling served as legal advisor to Firehook. Kirkland & Ellis served as legal advisor to Forward.

5/21/2024 Forward Consumer Partners acquired a 50% ownership stake in Xochitl, LLC. Based in Irving, TX, Xochitl is a craft, heritage brand of tortilla chips and salsas made with 100% non-GMO ingredients, organic and non-hydrogenated oils, and sea salt from ancient seabeds. Forward is a private equity firm based in Greenwich, CT. Norton Rose Fulbright served as legal advisor to Xochitl. Kirkland & Ellis served as legal advisor to Forward.

6/4/2024 Ahimsa Companies acquired Wicked Kitchen, along with Wicked's plant-based seafood brands Good Catch and Current Foods. The terms of the transaction were not disclosed. Wicked produces a wide variety of plant-based meals, desserts, and other food products and is based in Minneapolis, MN. Ahimsa is a private equity firm acquiring and operating best-in-class plant-based food and manufacturing companies.

Private Placements

4/16/2024 Mosa Meat B.V. announced that it has received $42.5 million in an oversubscribed round of funding co-led by M Ventures and Lowercarbon Capital LLC with participation from Invest-NL, Industriebank Liof NV, and other investors. Mosa is a food technology company that created the world's first cultivated beef burger and is based in Maastricht, Netherlands. M Ventures is the strategic, corporate venture capital fund of Merck KGaA and is based in Amsterdam. Lowercarbon is a venture capital firm based in the U.S. Invest-NL is a venture capital firm based in Amsterdam. Industriebank Liof is a private equity and venture capital firm based in Maastricht.

4/30/2024 Roar Beverages, Inc. announced that it has received $10.0 million in funding from six investors. Roar Beverages produces coconut water-infused beverages and is based in Huntington, NY.

4/30/2024 KOATJI Inc. announced that it has received funding from Future Food Fund Inc. KOATJI produces plant-based milk using koji and is based in Montecito, CA. Future Food is a corporate venture capital arm of Oisix Ra Daichi Co., Ltd. and is based in Tokyo, Japan.

5/2/2024 Maia Farms Inc. announced that it has received investment in a round of funding co-led by Joyful Ventures Management Company, LLC, PIC Investment Group Inc., and Koan Capital Corp with support by angel investors within the Creative Destruction Lab (CDL). Maia produces CanPro, a textured protein ingredient made with mycelium, and other mushroom-based protein products and is based in North Vancouver, BC. Joyful is a U.S.-based social-impact venture fund investing in the future of sustainable protein. PIC is a private equity and venture capital firm based in Saskatoon, SK. Koan is a principal investment firm based in Calgary, AB. CDL is a global startup program at Rotman School of Management at the University of Toronto that employs an objectives-based mentoring process by a selected group of accomplished entrepreneurs, angel investors, economists, and scientists.

5/3/2024 TruFood Manufacturing announced that it has received a round of funding from new investor Manna Tree Partners and returning investor Mubadala Capital. On the same day, TruFood announced the successful completion of its combination with Bar Bakers, LLC. TruFood operates as a contract manufacturer of private-label nutrition and protein bars, chocolate, and granola and is based in Pittsburgh, PA. Bar Bakers is a contract manufacturer of branded nutrition and protein bars, baked bars, and other products and is based in Los Alamitos, CA. Manna is a private equity firm based in Vail, CO. Mubadala is a sovereign wealth fund of United Arab Emirates and is based in Abu Dhabi, UAE. Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Mubadala. Winston & Strawn LLP served as legal advisor to Bar Bakers.

5/8/2024 Meati Foods announced that it has raised $100.0 million in its Series C-1 round of funding led by Grosvenor Food & AgTech with participation from Prelude Ventures, LLC, Revolution Growth, Congruent Ventures, and BOND Capital Management LP. Meati produces animal-free meats crafted from the company’s unique, whole-food MushroomRoot™ and is based in Boulder, CO. Grosvenor is a principal investment firm based in Chester, U.K. Revolution is a private equity and venture capital firm based in Washington, D.C. Prelude, Congruent, and BOND are venture capital firms based in San Francisco, CA. Wilson Sonsini Goodrich & Rosati served as legal advisor to Meati.

5/15/2024 Circe Biosciences Inc. announced that it has raised funding. The company has raised over $8.0 million of funding to date from investors including ReGen Ventures, Undeterred Capital, Ponderosa Ventures, and others. 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 that invests in regenerative technology companies and is based in Byron Bay, NSW. Undeterred is a venture capital firm investing in the areas of biological platforms and applied robotics and is based in Los Angeles, CA. Ponderosa is a pre-seed and seed stage investment fund that invests in companies working to transform our food, agriculture, and ocean sectors and is based in New York City.

6/9/2024 Bluegrass Ingredients, Inc. announced that it has received a round of funding from new investor TA Associates Management, L.P. Bluegrass develops and manufactures customized natural flavors and clean-label formulations for a diverse customer base across the food and beverage industry and is based in based in Bowling Green, KY. TA is a private equity and venture capital firm based in Boston, MA.

6/28/2024 Make Each Day Delicious LLC, dba Eat Evergreen, announced that it has received $5.5 million in funding from 32 investors. Evergreen offers frozen waffles and waffle sammies made with whole foods such as fruits, veggies, fiber, and protein and is based in Glencoe, IL.