CW Q4 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

10/1/2024 PepsiCo, Inc. (NasdaqGS:PEP) agreed to acquire Garza Food Ventures, LLC, dba Siete Foods, for $1.2 billion. The transaction closed on 1/17/2025. Siete produces grain-free tortillas and tortilla chips and is based in Austin, TX. Weil, Gotshal & Manges LLP and Armbrust & Brown served as legal advisors to Siete. Gibson Dunn & Crutcher LLP served as legal advisor to PepsiCo.

10/1/2024 Once Again Nut Butter Collective, Inc. acquired Big Tree Organic Farms. The terms of the transaction were not disclosed. Big Tree is an organic almond manufacturer based in Turlock, CA. Once Again manufactures organic and natural nut butter and seed products and is based in Nunda, NY.

10/1/2024 MAV Beauty Brands Inc. acquired Sky Organics, LLC. The terms of the transaction were not disclosed. Sky manufactures and distributes personal care, beauty, and household products and is based in Boca Raton, FL. MAV is a personal care company that markets hair care, body care, and beauty products and is based in Vaughan, ON.

10/2/2024 Perelel Inc. acquired LOOM. The terms of the transaction were not disclosed. LOOM operates an online platform providing information about women’s reproductive and sexual health and is based in San Francisco, CA. Perelel manufactures vitamin products and is based in Los Angeles, CA.

10/4/2024 Ahimsa Companies acquired SIMULATE, Inc. The terms of the transaction were not disclosed. SIMULATE produces and distributes chicken nuggets made using texturized pea protein technology and is based in New York, NY. Ahimsa, through its subsidiary, produces plant-based food products and is based in the USA.

10/7/2024 Tri Harbor Holdings Corp., dba Actylis, acquired Pharm-Rx. The terms of the transaction were not disclosed. Pharm-Rx provides specialty ingredients for the vitamin, mineral, supplement (VMS) and pharmaceutical industries and is based in Budd Lake, NJ. Actylis is a manufacturer and supplier of critical raw materials and performance ingredients and is based in Port Washington, NY. Adams and Reese, L.L.P. served as legal advisor to Pharm-Rx. UB Greensfelder LLP served as legal advisor to Actylis.

10/17/2024 Scope Health Inc. acquired Eyetamins, Inc. The terms of the transaction were not disclosed. Eyetamins produces and sells eye care supplements and is based in New York, NY. Scope operates as a healthcare company offering products for the management of Ocular Surface Disease and Age-Related Macular Degeneration and is based in New York, NY.

10/18/2024 Lyons Magnus, Inc., a Paine Schwartz Partners portfolio company, acquired Hormel Health Labs LLC from Hormel Foods Corporation (NYSE:HRL) for $25.0 million. Hormel Health Labs produces specialized foods and beverages for the healthcare community, including nutritional shakes, thickened beverages, protein supplements, and condition-specific products and is based in Austin, MN. Lyons Magnus produces and markets a wide array of products for the global foodservice and food ingredient channels and is based in Fresno, CA. A new business unit named Lyons Health Labs has been established as a result of the acquisition.

10/29/2024 Happy Egg acquired Egg Innovations, LLC. The terms of the transaction were not disclosed. Happy Egg engages in organic and outdoor access egg farming and is based in Rogers, AR. Egg Innovations is a producer of 100% pasture-raised, regenerative and free-range eggs and is based in Port Washington, WI.

10/30/2024 UpSnack Brands acquired the assets of Pipsnacks LLC and Spudsy, Inc. The terms of the transaction were not disclosed. Pipsnacks produces and retails gluten-free and non-GMO snacks, including popcorn, cheese balls, and snack crackers, and is based in Bethlehem, PA. Spudsy, based in Newport Beach, CA, produces and distributes sweet potato snacks that are certified gluten free, vegan, kosher, non-GMO, upcycled, and top allergen free. UpSnack provides better-for-you, sustainably-focused snacks and is based in New York, NY.

10/31/2024 Molson Coors Beverage Company (NYSE:TAP) acquired an additional 11% stake in ZOA Energy, LLC for $53.0 million. ZOA manufactures energy drinks and is based in Washington, D.C.

11/1/2024 Worldwide Sport Nutritional Supplements Inc., dba 1440 Foods Company, acquired Pervine Foods, LLC. On the same day, 1440 Foods acquired Bakery Barn. The terms of the transactions were not disclosed. Pervine is the parent company of Chef Robert Irvine's FITCRUNCH, a line of high protein bars, powders, and snacks, and is based in Bohemia, NY. Bakery Barn produces confectionery and bakery products such as protein cookies, brownies, granola bars, and multi-layer baked bars and is based in Pittsburgh, PA. 1440 Foods manufactures protein bars, protein powders, ready-to-drink protein shakes, and protein salty snacks and is based in New York, NY. Finn Dixon & Herling, L.L.P. served as legal advisor to Pervine and Bakery Barn. Ropes & Gray LLP served as legal advisor to 1440 Foods.

11/1/2024 Celsius Holdings, Inc. (NasdaqCM:CELH) acquired Big Beverages Contract Manufacturing for $75.0 million. Big is a food distributor based in Huntersville, NC. Celsius develops, processes, markets, distributes, and sells functional energy drinks and liquid supplements and is based in Boca Raton, FL. Holland & Knight LLP served as legal advisor to Celsius.

11/4/2024 SweetLeaf acquired Drizzle Honey. The terms of the transaction were not disclosed. Drizzle manufactures and retails raw honey products and is based in Calgary, AB. SweetLeaf is a company specializing in natural sweeteners and is based in Gilbert, AZ.

11/18/2024 Natural Healthy Concepts (NHC) acquired Phat Fudge, LLC. The terms of the transaction were not disclosed. Phat Fudge is a versatile, spreadable snack made with all-natural ingredients and only 2 grams of sugar per serving, and is based in Marina del Rey, CA. NHC, a subsidiary of Renew Wellness Brands, is a provider of vitamins, supplements, and natural foods and is based in Appleton, WI.

12/2/2024 Second Nature Brands LLC acquired the Voortman® cookie brand for $305.0 million. Second Nature has a portfolio of premium and better-for-you snacks and treats brands and is based in Madison Heights, MI. Voortman manufactures and markets zero sugar and less sugar cookies and wafers and is based in Burlington, ON.

12/23/2024 USANA Health Sciences, Inc. (NYSE:USNA) acquired a 78.85% stake in Hiya Health Products LLC for $205.0 million. Hiya manufactures vitamin supplements for kids, including daily multivitamins and probiotics, and is based in West Palm Beach, FL. USANA develops, manufactures, and sells science-based nutritional supplements, functional foods, and personal care products and is based in Salt Lake City, UT. Bodman PLC served as legal advisor to Hiya. Wilson Sonsini Goodrich & Rosati, P.C. served as legal advisor to USANA.

12/31/2024 The American Bottling Company acquired a 60% stake in Ghost, LLC for $990.0 million. Ghost, a lifestyle sports nutrition brand, manufactures and retails supplements and apparel and is based in Henderson, NV. American Bottling manufactures, markets, and distributes beverages and is based in Plano, TX. Cleary Gottlieb Steen & Hamilton LLP served as legal advisor to American Bottling. Winston & Strawn LLP served as legal advisor to Ghost.

M&A - Financial

10/1/2024 LaSalle Capital announced that it recently acquired Cascade Coffee, Inc. The terms of the transaction were not disclosed. Cascade, based in Everett, WA, is a full-service roaster, grinder, flavorer, and packager of retail and private label coffee products and offers its customers capabilities across packaging types, flavor profiles, and flavor and nutraceutical enhancements. LaSalle is a private equity firm based in Chicago, IL.

10/8/2024 Cannae Holdings, Inc. (NYSE:CNNE) and KDSA Investment Partners acquired a 52.8% stake in The Watkins Company for $80.0 million. Watkins is a 156-year-old American heritage brand known for crafting flavoring products from natural ingredients without the use of artificial flavors and colors, GMOs, corn syrup, or gluten, and is based in Winona, MN. Cannae is a principal investment firm based in Las Vegas, NV. KDSA is an investment partnership based in New York, NY.

10/8/2024 2B Associates, LLC acquired PreMark Health Science, Inc. The terms of the transaction were not disclosed. Based in Irving, TX, PreMark provides end-to-end product solutions for nutrition and personal care products, from product development and formulation to blending, manufacturing, packaging, and order fulfillment. 2B supports entrepreneurial ventures that create value and wellness for end customers and is based in Round Rock, TX

11/19/2024 Morgan Stanley Private Equity acquired FoodScience Corporation. The terms of the transaction were not disclosed. FoodScience provides custom formulations and private labeling services in the nutritional supplement industry and is based in Williston, VT.

11/26/2024 Paine Schwartz Partners, LLC acquired Promix Nutrition, Inc. The terms of the transaction were not disclosed. Promix produces and retails vitamins and nutritional products and is based in Gainesville, FL. Paine Schwartz is a private equity firm based in New York, NY. Giannuzzi Lewendon, LLP served as legal advisor to Promix. Morrison & Foerster LLP served as legal advisor to Paine Schwartz.

11/26/2024 An undisclosed buyer acquired a majority stake in Duywashman LLC, dba 4Ever Young. 4Ever manufactures supplement products for energy, immune support, hormone support, and digestive balance and is based in Boca Raton, FL.

12/19/2024 An undisclosed European food company acquired Sundial Foods' intellectual property portfolio. The terms of the transaction were not disclosed and Sundial filed for dissolution with the CA Secretary of State on the same day. Based in Albany, CA, Sundial used a unique macro and microstructural engineering approach to create environmentally friendly chickpea-based meat alternative products.

Private Placements

10/1/2024 Believe in Science Ltd. announced that it has received a round of funding that included participation from new investor SnackFutures Ventures. Believe's Urban Legend brand produces and sells healthier air-fried donuts that uses ingredients from roots, pears, and melons to add sweetness without the sugar and is based in London, United Kingdom. SnackFutures is a corporate investment arm of Mondelez International, Inc. and is based in the U.S.

10/12/2024 Cymbiotika, LLC announced that it has received $30.0 million in a round of funding led by new lender RevTek Capital. Cymbiotika manufactures and sells anti-aging supplements, such as vitamins, probiotics, glutathione, and molecular hydrogen and is based in San Diego, CA.

10/15/2024 Blue Stripes, Inc. announced that it has received $20.0 million in a round of funding co-led by new investors Zintinus GmbH, The Hershey Company, and Whole Foods Market, Inc. with participation from DMG Ventures Limited and other investors. Based in New York, NY, Blue Stripes is a whole cacao brand that produces a line of cacao snacks and other products using upcycling to reduce cacao fruit waste. Zintinus is a venture capital firm based in Berlin, Germany. DMG is a venture capital firm based in London, United Kingdom.

10/16/2024 NeuroGum, Inc. announced that it has received a round of funding that included participation from electronic dance music artist and record producer Steve Aoki. NeuroGum manufactures mints and chewing gums that provide energy and relax the body and is based in Las Vegas, NV.

10/21/2024 Belli Welli Inc. announced that it has received $10.0 million in a round of funding that included participation from returning investor The Invus Group, LLC. Belli produces gluten-free, dairy-free, low-sugar, and low-FODMAP bars and is based in West Hollywood, CA. Invus is a private equity and venture capital firm based in New York, NY.

11/6/2024 One Trick Pony announced that it has received a round of seed funding that included participation from new investor Collaborative Fund. One Trick offers pure-ingredient peanut butter made only with Argentinian peanuts and Patagonian sea salt and is based in Wilmington, DE. Collaborative Fund, based in New York, NY, is a network of fund managers investing across asset classes, identifying and supporting companies that live at the intersection of for-profit & for-good.

11/6/2024 Dalton Investments, Inc. acquired a 5.02% stake in Kolmar Holdings Co., Ltd. (KOSE:A024720). Kolmar manufactures and sells cosmetics, supplements, pharmaceuticals, and functional foods and is based in Sejong City, South Korea. Dalton is a privately owned hedge fund sponsor based in Las Vegas, NV.

11/11/2024 Phytolon Ltd. announced that it has received a round of funding that included participation from Rich Products Ventures, EIT Food, Arkin Holdings, and individual investor Yossi Ackerman. Phytolon develops a technology for the production of natural food colorants using fermentation-based technology and is based in Misgav, Israel. Rich Products is a venture capital firm based in Emeryville, CA. EIT Food is a pan-European food innovation community that makes investments to build a future-fit, sustainable and healthy food system and is based in Leuven, Belgium. Arkin is a private equity and venture capital firm based in Herzliya Pituach, Israel.

11/25/2024 Uncommon Bio Limited announced that it has received a round of funding co-led by Lowercarbon Capital LLC and Balderton Capital (UK) LLP with participation from Global Brain Corporation, Redalpine Venture Partners AG, and Sam Altman. Uncommon produces meat products using cell culture techniques without harming health, the planet, or animals and is based in Cambridge, United Kingdom. Lowercarbon is a venture capital firm based in the U.S. Balderton is a venture capital firm based in London. Global Brain is a venture capital firm based in Tokyo, Japan. Redalpine is a venture capital firm based in Zürich, Switzerland.

11/26/2024 Tosi Snacks SPC announced that it will receive $15.8 million in funding. On 1/23/2025, Tosi closed the transaction after amending the terms and bringing the total capital raised to $19.4 million from 42 investors. The transaction included participation from returning investor Cambridge Companies SPG. Tosi develops, produces, and sells nutritional supplements, health products, and weight management products and is based in Anaheim, CA. Cambridge is a private equity, venture capital, and real estate investment firm based in Newport Beach, CA.

12/24/2024 Atomo Coffee, Inc. announced that it will receive $15.0 million in its Series B round of funding. On 1/10/2025 Atomo closed the transaction having raised $7.8 million in funding from 3 investors. Atomo specializes in the sustainable production of beanless coffee using farm grown upcycled and superfood ingredients and is based in Seattle, WA.