CW Q1 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

1/3/2023 Neil Hershman, the owner and CEO of the 16 Handles self-serve frozen yogurt franchise, acquired DŌ, Cookie Dough Confections. The terms of the transaction were not disclosed. DŌ manufactures and sells edible and bakeable cookie dough products, including various gluten-free and vegan options, and is based in New York, NY.

1/3/2023 Earthly Treats, Inc., dba Real Food From The Ground Up, acquired FoodShouldTasteGood, Inc. (FSTG). The terms of the transaction were not disclosed. FSTG produces assorted gluten-free, kosher, flavored chips and is based in Needham Heights, MA. Real Food engages in the retail sale of vegan snacks and is based in Fairfield, NJ.

1/12/2023 Azure Standard acquired Sweet Creek Foods LLC. The terms of the transaction were not disclosed. Sweet Creek produces organic pickles, jams, salsas, and sauces and is based in Elmira, OR. Azure distributes organic and non-GMO health, household, and garden products and is based in Dufur, OR.

1/20/2023 Legacy Farms, LLC acquired the assets of Frieda's, Inc. The terms of the transaction were not disclosed. Frieda's markets and distributes various fruits, vegetables, gourmet items, and organic products and is based in Los Alamitos, CA. Legacy grows, packs, and ships fresh produce and is based in Buena Park, CA. Locke Lord LLP served as legal advisor to Legacy.

1/23/2023 Wooden Nickel Bar Company acquired Greenheart Wellness, LLC. The terms of the transaction were not disclosed. Greenheart manufacturers healthy juice products and is based in Sterling, VA. Wooden Nickel operates a chain of restaurants and is based in Arlington, VA.

1/31/2023 Thorne HealthTech, Inc. (NasdaqGS:THRN) acquired PreCon Health, Inc. for $5.0 million. PreCon develops and manufacturers dietary supplements that support pre- and post-impact brain health and is based in Scottsdale, AZ. Thorne is a science-driven wellness company that provides personalized offerings such as testing that provides individualized data, educational resources, and products that support specific health goals and needs and is based in New York, NY. Meister Seelig & Fein LLP served as legal advisor to PreCon.

2/10/2023 Morinaga Nutritional Foods, Inc. acquired Turtle Island Foods, Inc., dba The Tofurky Company, Inc., and Tofurky's sister brand Moocho Inc. for $12.4 million. The terms of the transaction were not disclosed. Tofurky manufactures plant-based meats and is based in Hood River, OR. Moocho produces dairy-free, soy-free cheeses that are non-GMO, vegan, and gluten-free and is based in Hood River, OR. Morinaga produces soy products, probiotics, and postbiotic ingredients and is based in Torrance, CA. Morrison & Foerster LLP served as legal advisor to Morinaga.

2/15/2023 Starco Brands, Inc. (OTCPK:STCB) acquired Soylent Nutrition, Inc. for $29.4 million. Soylent produces plant-based protein drinks, powders, and bars and is based in Los Angeles, CA. Starco is a consumer goods company based in Santa Monica, CA. Proskauer Rose LLP and Sheppard, Mullin, Richter & Hampton LLP served as legal advisors to Starco.

2/21/2023 OC Flavors, LLC acquired Novotaste Corporation Inc. The terms of the transaction were not disclosed. Novotaste produces organic flavors and essential oils and is based in Montreal, QC. OC manufactures custom formulated liquid and powdered flavors for the beverage, dairy, and nutraceutical industries and is based in Chino, CA.

2/23/2023 Sweet Harvest Foods Inc. acquired Sweet River Honey. The terms of the transaction were not disclosed. Sweet River produces 100% pure, raw & unfiltered honey and is based in Driftwood, TX. Sweet Harvest produces and sells natural sweeteners such as honey, agave, and molasses and is based in Cannon Falls, MN. Koley Jessen served as legal advisor to Sweet Harvest.

3/3/2023 The Healing Company Inc. (OTCPK:HLCO) acquired Chopra Global's wellbeing experiences businesses, including Chopra's physical product line, the Chopra meditation & wellbeing app, and licensed experiences including The Chopra Health Retreat at CIVANA Wellness Resort & Spa and the Chopra Mind-Body Zone and Spa at the Lake Nona Performance Club, for $14.2 million. Chopra Global is an integrative health company offering articles, self-care practices and meditations, mobile app, masterclasses, teacher certifications, immersive live events, and personalized retreats anchored by the life's practice and research of Dr. Deepak Chopra, M.D. The Healing Company operates as a health and wellness company that aims to build a community of healing brands through the acquisition of companies in the wellness, supplement, and nutraceutical spaces and is based in Brooklyn, NY. GrayRobinson PA served as legal advisor to Chopra Global. Bevilacqua PLLC served as legal advisor to The Healing Company.

3/7/2023 Patagonia Provisions, Inc. acquired Moonshot, a Planet Forward, Inc. brand. The terms of the transaction were not disclosed. Moonshot produces climate-friendly crackers with organic wheat grown by regenerative farmers and is based in San Francisco, CA. Patagonia Provisions, a division of outdoor clothing and gear company Patagonia, provides regenerative, organic food and beverage products and is based in Sausalito, CA. Lowenstein Sandler LLP served as legal advisor to Planet Forward.

3/8/2023 Langer Juice Company, Inc. acquired Deer Lake Springs, LLC, dba Gen Z Brands. The terms of the transaction were not disclosed. Gen Z Brands produces and sells plain and flavorless transparent liquid, aka water, in a reusable, resealable, and recyclable bottle and is based in Tulsa, OK. Langer produces juices and other beverages and products, including organic varieties, and is based in City of Industry, CA.

3/8/2023 College Circle Creamery, LLC, recently formed by Boston, MA-based private equity firm College Hill Capital Partners, LLC and its investors, acquired Luke’s Ice Cream. The terms of the transaction were not disclosed. Luke's is a manufacturer and wholesaler of gourmet and sugar-free ice creams, sorbets, yogurts, and plant-based dessert products and is based in Riviera Beach, FL.

3/10/2023 And-Y-Not, LLC acquired Kick Foods, LLC, dba Good Day Chocolate. The terms of the transaction were not disclosed. Good Day produces chocolate-based supplements, offering multivitamin, probiotic, and turmeric-based products for adults and kids, and is based in Boulder, CO. And-Y-Not is a newly formed division of Kimmie Candy Co., which manufactures kosher-certified, gluten-free, peanut-free, and non-GMO candy and is based in Reno, NV.

3/23/2023 Baldwin Richardson Foods Co. acquired the assets of Aseptic Solutions USA LLC. The terms of the transaction were not disclosed. Aseptic is a manufacturer and co-packer of nutritional and dietary supplements and is based in Corona, CA. Baldwin produces food and beverage ingredient systems for consumer goods, foodservice, and retail companies and is based in Oakbrook Terrace, IL.

3/28/2023 Main Squeeze Juice Company, LLC acquired I Love Juice Bar International, LLC. The terms of the transaction were not disclosed. Based in Nashville, TN, I Love Juice Bar operates and franchises juice bars and has 23 units primarily in Tennessee and Texas. Main Squeeze, a portfolio brand of Scottsdale, AZ-based Conscious Capital Growth, LLC, is a cold-pressed juice bar and smoothie chain with 28 locations open and 61 more in development, and is based in New Orleans, LA.

M&A - Financial

1/31/2023 Trivest Partners, L.P. acquired Beaumont Juice, Inc., dba Perricone Juices Company. The terms of the transaction were not disclosed. Perricone produces and supplies juices in both conventional and organic varieties as well as essential citrus oils and is based in Beaumont, CA. Trivest is a private equity and venture capital firm based in Coral Gables, FL.

3/6/2023 Vestar Capital Partners, LLC, Windhover Capital LLC, and management and existing shareholders completed the recapitalization of Titan Frozen Fruit, LLC. The terms of the transaction were not disclosed. Titan produces and supplies conventional and organic frozen fruits and related products and is based in Santa Maria, CA. Vestar is a private equity and venture capital firm based in New York, NY. Windhover is a principal investment firm based in Seattle, WA. Dorsey & Whitney LLP served as legal advisor to Titan. Kirkland & Ellis LLP served as legal advisor to Vestar. Karr Tuttle Campbell served as legal advisor to Windhover.

Private Placements

1/10/2023 The Ryl Company announced that it has received $6.7 million in a round of funding. Ryl is a healthy beverage company that manufactures ready-to-drink teas without sugar or artificial ingredients and is based in Cedar Knolls, NJ.

1/10/2023 HTeaO Franchising LLP announced that it has received a round of funding that included participation from new investors Crux Capital and Trive Capital Management LLC. HTeaO is an iced tea franchise that serves ultra-premium tea, water, coffee, and related products to customers in-store and drive-thru and is based in Amarillo, Texas. Crux is a venture capital based in Dallas, TX. Trive is a private equity firm based in Dallas, TX.

1/12/2023 No Meat Factory announced that it has raised $42.0 million in its Series B round of funding led by new investor Tengelmann Growth Partners with participation from returning investor Emil Capital Partners. No Meat manufactures vegan plant-based food products and is based in Coldstream, BC. Tengelmann is a family equity investor based in Munich, Germany. Emil is a private investment firm based in Greenwich, CT.

1/12/2023 Gluteboost announced that it has received a round of funding from new investor The Hut.com Ltd., trading as THG Ingenuity. Gluteboost produces natural, side-effect-free, herbal products that helps people achieve their fitness goals and is based in Miami Beach, FL. THG operates as an online retailer of apparel, homeware, beauty, and lifestyle products and is based in Northwich, UK.

1/17/2023 Hella Cocktail Co. announced that it has received funding from new investor Pronghorn with participation from other angel investors. Hella is a brand of botanically inspired mixers and beverages and is based in New York, NY. Pronghorn is a standalone business dedicated to cultivating the next generation of Black founders, executive leaders, and entrepreneurs in the Spirits industry and is based in New York, NY.

1/18/2023 Savor Street Foods Inc. announced that it has raised $7.4 million in a round of funding from new investor Frontwell Capital Partners Inc. Savor Street manufactures and produces kosher, certified gluten-free, artisan snacks in a peanut and tree nut-free environment, including its Savor by Suzie grain free pretzel brand made with cassava flour, milled flax and faba bean protein, and is based in Wyomissing, PA. Frontwell provides strategic funding solutions to companies and is based in Toronto, ON.

1/20/2023 BelliWelli announced that it has raised $15.4 million in its Series A round of funding that included participation from 33 investors. Belli produces gluten-free, dairy-free, low-sugar, and low-fodmap bars and is based in Marina Del Rey, CA.

1/23/2023 Eat Just, Inc. announced that it has raised a round of funding that included participation from new investor Legend Venture Partners. Eat Just produces and markets plant-based food products and is based in Alameda, CA. Legend is a private equity and venture capital firm based in New York, NY.

2/1/2023 The EVERY Company announced that it has received an investment from Anne Hathaway. EVERY uses precision fermentation to brew nature-equivalent animal proteins that taste and function like the originals and is based in South San Francisco, CA.

2/1/2023 Michroma Corporation announced that it has received $6.4 million in a round of funding led by new investor Supply Change Capital with participation from FenVentures, Groundswell Ventures, LLC, and other investors. Michroma is a precision fermentation food ingredient company based in San Francisco, CA. Supply Change is a venture capital firm based in Los Angeles, CA. FenVentures is a venture capital firm based in Santiago, Chile. Groundswell is a principal investment firm based in Denver, CO.

2/2/2023 New School Foods Inc. announced that it has raised $12.0 million in its seed round of funding in a transaction that included participation from Good Startup, Blue Horizon Corporation AG, Hatch Blue Limited, and other investors. New School develops and produces plant-based seafood and is based in Toronto, ON. Good is a venture capital firm based in Singapore. Blue is a venture capital firm based in Zurich, Switzerland. Hatch is an accelerator based in Cork, Ireland.

2/3/2023 Seattle Food Tech, Inc., dba Rebellyous Foods, announced that it has received $20.3 million from Agronomics Limited, Liquid 2 Venture LLC, Fifty Years Industries, LLC, and other investors. Rebellyous produces plant-based meat products and is based in Seattle, WA. Agronomics is a principal investment firm based in Ramsey, Isle of Man. Liquid 2 and Fifty Years are venture capital firms based in San Francisco, CA.

2/8/2023 Fable Food Pty Ltd announced that it has received $8.5 million in a round of funding led by new investor K3 Ventures Pte Ltd with participation from Blackbird Ventures Pty. Ltd., Aera VC, and other investors. Fable produces and sells plant-based meat alternatives and is based in Sunshine Coast, Australia. K3 is a venture capital arm of multinational conglomerate The Kuok Group and is based in Singapore. Blackbird is a venture capital firm based in Sydney, Australia. Aera is a venture capital firm and accelerator based in Auckland, New Zealand.

2/8/2023 NeuroGum, Inc. announced that it has received $8.3 million in a round of funding that included participation from 2 investors. NeuroGum manufactures caffeine and vitamin-infused gums and mints for energy and focusing, and GABA-infused gums and mints to relax the mind and body and is based in Los Angeles, CA.

2/15/2023 Elo Life Systems, Inc. announced that it has raised $24.5 million in its Series A round of funding from Novo Holdings A/S, DCVC Bio Management Co, LLC, and other investors. Elo produces food and nutrition products through collaboration agreements with consumer-facing companies and is based in Durham, NC. Novo is a private equity and venture capital arm of The Novo Nordisk Foundation based in Hellerup, Denmark. DCVC is a principal investment firm based in San Francisco, CA.

2/16/2023 Diaspora Tea & Herb Company, LLC, dba Rishi Tea & Botanicals, announced that it has received a round of funding that included participation from new investor SBJ Capital. Rishi produces and sells organic teas and botanicals and is based in Milwaukee, WI. SBJ is a private equity firm based in Walnut Creek, CA. LaFollette Godfrey & Kahn served as legal advisor to Rishi. O'Melveny & Myers LLP served as legal advisor to SBJ.

2/20/2023 Tru Inc. announced that it has received $6.5 million in a Series A funding round led by Btomorrow Ventures Limited. TRU produces energy shots infused with vitamins, electrolytes, and antioxidants and is based in Natick, MA. Btomorrow is a venture capital arm of British American Tobacco p.l.c. and is based in London, UK.

2/21/2023 Paleo B.V. announced that it has raised $12.8 million in a round of funding led by DSM Venturing B.V. and Planet A GmbH. Paleo produces meat and fish proteins through precision fermentation and is based in Leuven, Belgium. DSM is a venture capital and private equity investment arm of DSM Innovation Center B.V. and is based in Limburg, Netherlands. Planet A is a venture capital firm based in Hamburg, Germany.

2/21/2023 Suminter India Organics Pvt. Ltd. announced that it has received $53.0 million in a round of funding that included participation from new investors IFU and Morgan Stanley India Infrastructure GP LP. Suminter procures, processes, and sells organic ingredients and materials and is based in Mumbai, India. IFU is a venture capital and private equity firm based in Copenhagen, Denmark.

2/21/2023 Remedy Drinks announced that it has received its Series B round of funding co-led by returning investors Kin Group Pty Ltd and L Catterton Partners. Remedy produces organic, no sugar, live-cultured drinks, including six fruit-inspired Kombucha flavors, mixers, sparkling ACV, and clean energy drinks, and is based in Melbourne, Australia. Kin is an investment office based in Melbourne, Australia. L Catterton is a private equity and venture capital firm based in Greenwich, CT.

3/2/2023 immi announced that it has raised $10.0 million in its Series A round of funding led by new investor Touch Capital with participation from Siddhi Capital, Gold House Ventures, and other investors. immi produces high protein, low net carb, plant-based instant ramen and is based in San Francisco, CA. Touch is a venture capital firm based in Miami, FL. Siddhi is an operationally-focused food and beverage growth equity firm based in New York, NY. Gold House is an Asian and Pacific Islander-focused venture fund based in Los Angeles, CA.

3/2/2023 The Plant Based Seafood Company announced that it has received funding from S2G Ventures. The Plant Based Seafood Co. is an all-female, family-owned company that provides the Mind Blown™ brand of plant-based seafood products and is based in Gwynn's Island, VA. S2G is a venture capital firm based in Chicago, IL.

3/3/2023 Oats Overnight, Inc. announced that it has raised $21.0 million in an oversubscribed Series A round of funding that included participation from BFG Partners, Watchfire Ventures, and other investors. Oats Overnight is a spoon free, high protein oatmeal that is prepped at night and ready when you wake up and is based in Tempe, AZ. BFG is a venture capital firm based in Boulder, CO. Watchfire is a principal investment firm based in Santa Barbara, CA.

3/6/2023 Odyssey Wellness LLC announced that it has received $6.3 million in an equity round of funding. Odyssey produces mushroom blend drinks that include flavored sparkling water and flavored coffee and tea and is based in Fort Lauderdale, FL.

3/9/2023 Cerebelly Inc. announced that it has raised $7.1 million in a round of funding from Knudsen Capital, H Venture Partners, and other investors. Cerebelly is a science-backed, cognitive development-focused baby food brand and is based in Los Gatos, CA. Knudsen is a principal investment firm based in Los Gatos, CA. H Venture Partners is a private equity and venture capital firm based in Cincinnati, OH.

3/14/2023 Cocoon Bioscience SL announced that it has received $16.1 million in a round of funding led by Columbus Venture Partners and Cleon Capital with participation from Viscofan, North South Ventures, and other investors. Cocoon develops and produces proteins and enzymes in a sustainable and low-cost way for use in healthcare and the alternative protein industry, including cultivated meat, and is based in Madrid, Spain. Columbus is a venture capital management company based in Madrid, Spain. Cleon is a private equity firm based in Madrid, Spain. Viscofan, together with its subsidiaries, manufactures, produces, and distributes casings for meat products and is based in Tajonar, Spain. North South Ventures is a cross-border venture capital fund based in San Francisco, CA.

3/15/2023 Kitt Bio, Inc., dba Fount, announced that it has received $12.0 million in its Series A round of funding led by Amity Ventures, LLC with participation from Elysian Park Ventures, Not Boring Capital, LP, and other investors. Fount offers supplements for mental and physical performance and is based in Culver City, CA. Amity is a venture capital firm based in San Francisco, CA. Elysian is a venture capital arm of the Los Angeles Dodgers, Inc. and is based in Los Angeles, CA. Not Boring is a principal investment firm based in Seattle, WA.

3/23/2023 Zero Acre Farms Inc. announced that it has received a round of funding in a transaction that included participation from Cultivate Next. Based in San Mateo, CA, Zero produces healthy cultured oils and fats through fermentation with a fraction of the environmental footprint compared to agricultural oil crops like soy, canola, olive, and sunflower. Cultivate Next is a venture capital arm of Chipotle Mexican Grill, Inc. (NYSE:CMG).

3/28/2023 LesserEvil LLC announced that it has received $19.1 million in funding from 5 investors. LesserEvil produces organic, plant-based snacks and is based in Danbury, CT.