CW Q3 2025 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

7/7/2025 ZEGO announced the acquisition of key assets from Montana Gluten Free Processors (MGFP) and the launch of a new venture, CIVC LLC (Collaborative Integrated Value Chain), which has acquired MGFP's plant, land, and equipment. The terms of the transaction were not disclosed. MGFP operates as a producer of organic gluten-free oats and specialty grains and is based in Belgrade, MT. ZEGO offers clean, allergen-friendly breakfast foods focused on health and transparency, using third-party purity testing to ensure safe, high-quality ingredients, and is based in San Francisco, CA. CIVC is a Montana-based certified gluten-free grain processing and co-packing company.

7/19/2025 Healthy Extracts Inc. (OTCPK:HYEX) acquired Gummy USA, LLC for $21.6 million. Gummy is a leading developer and manufacturer of precision-dosed nutraceutical and pharmaceutical-grade gummies and is based in Sarasota, FL. Healthy Extracts engages in the acquiring, developing, patenting, marketing, and distribution of plant-based nutraceuticals and is based in Henderson, NV. Clyde Snow & Sessions, PC served as legal advisor to Healthy Extracts.

7/22/2025 Yasir Abdul acquired Emergy Inc., dba Meati Foods. Meati produces plant-based cutlets and steaks from mycelium using a natural fermentation process and is based in Boulder, CO. Yasir Abdul is the founder and CEO of InvenTel, a DRTV company that handles product development from concept to global retail placement.

7/24/2025 Keurig Dr Pepper Inc. (NasdaqGS:KDP) acquired an unknown majority stake in Dyla LLC for $98.0 million. Based in New York, NY, Dyla produces organic and natural beverages including FORTO, a coffee energy shot made with organic, fair-trade Colombian coffee, and Stur, a water enhancer without artificial flavors or sweeteners.

7/25/2025 Vibrant Health Products, Inc., dba Silver Hills, acquired a former Kellogg manufacturing facility in Rossville, TN from Kellanova (NYSE:K). The terms of the transaction were not disclosed. The project is said to represent a $58.5 million capital investment and create 394 new jobs. Silver Hills produces and distributes sprouted whole grain baked goods made with clean ingredients without artificial preservatives or additives and is based in Abbotsford, BC.

7/29/2025 Chocxo Chocolatier LLC acquired Endangered Species Chocolate, LLC. The terms of the transaction were not disclosed. Endangered manufactures all-natural, shade-grown, ethically-traded, organic and kosher chocolate products and is based in Indianapolis, IN. Chocxo offers a line of organic, low sugar, low calorie, and low fat chocolates and is based in Delta, BC.

7/31/2025 Jessie Lotrecchiano and Sandro Niessen acquired Larry's Beans, Inc. The terms of the transaction were not disclosed. Larry’s produces roasted coffee from organic, shade-grown, fair-trade beans and is based in Raleigh, NC.

8/5/2025 Organicgirl, acquired the Fresh Vegetables Division of Dole Fresh Vegetables, Inc. for $150.0 million. Organicgirl offers pre-washed, organic packaged salads and is based in Salinas, CA.

8/5/2025 Generous Brands announced that it has completed its acquisition of Health-Ade from First Beverage Ventures and Manna Tree Partners, who will also continue on as minority shareholders in Generous Brands. Based in Torrance, CA, Health-Ade produces kombucha, a fermented tea that contains probiotics and healthy acids. Based in Bakersfield, CA. Generous Brands is a portfolio company of Los Angeles, CA-based private equity firm Butterfly and offers premium refrigerated beverage brands Bolthouse Farms, Evolution Fresh, and SAMBAZON. First Beverage is a venture capital and private equity arm of First Beverage Group and is based in Los Angeles, CA. Manna is a private equity firm based in Wayzata, MN. Baker & McKenzie LLP served as legal advisor to Health-Ade. Kirkland & Ellis served as legal advisor to Generous Brands.

8/7/2025 V2 Food Pty Ltd acquired Daring Foods Inc. The terms of the transaction were not disclosed. Daring produces plant-based chicken and is based in Los Angeles, CA. V2 produces and distributes plant-based meat and is based in Sydney, Australia.

8/8/2025 FitLife Brands, Inc. (NasdaqCM:FTLF) acquired substantially all of the assets of Irwin Naturals and its related affiliates for $42.5 million. FitLife provides nutritional supplements and wellness products for health-conscious consumers and is based in Omaha, NE. Irwin engages in the development and distribution of vitamins and other health supplements and is based in Los Angeles, CA. BG Law LLP served as legal advisor to Irwin. ArentFox Schiff LLP served as legal advisor to FitLife.

9/1/2025 Capol GmbH acquired Blue Pacific Flavors, Inc. The terms of the transaction were not disclosed. Blue Pacific develops and supplies natural, clean-label, and organic-compliant fruit and sweet flavors for global food and beverage brands and is based in City of Industry, CA. Capol, a subsidiary of Freudenberg Chemical Specialities SE & Co. KG, is a manufacturer of added-value food ingredient solutions and confectionery coatings and is based in Elmshorn, Germany.

9/5/2025 Kaitlyn Talamante acquired LadyBoss from Russell Brunson. The terms of the transaction were not disclosed. LadyBoss produces and retails nutritional products designed for women and is based in Seguin, TX.

9/11/2025 Calbee, Inc. (TSE:2229) and Sagamiya Foods Co., Ltd. acquired a 68% stake in Hodo, Inc. Calbee acquired a 58% stake while Sagamiya acquired a 10% stake. The terms of the transaction were not disclosed. Hodo produces and distributes high-quality tofu and plant-powered proteins made with organic, non-GMO soybeans and is based in Oakland, CA. Calbee engages in the production and sale of snacks and other food products and is based in Tokyo, Japan. Sagamiya is a leading tofu manufacturer and is based in Maebashi, Japan.

9/16/2025 Two Good Sons, Inc., dba American Farmers Network, acquired Open Range Beef, LLC. The terms of the transaction were not disclosed. Open Range is a USDA-certified beef processor in Gordon, NE, specializing in grass-fed, organic, and natural beef programs for premium retailers, foodservice distributors, and export markets. Based in Seattle, WA, American Farmers operates meat processing and packing facilities and is the nation's leading supplier of grass-fed and organic beef.

9/17/2025 Louisville Brands acquired Louisville Vegan Jerky Company (LVJC). The terms of the transaction were not disclosed. LVJC produces and supplies hand-bagged vegan jerky and is based in Louisville, KY. Louisville Brands is a consumer holding company focused on acquiring and scaling innovative beverage, food, and lifestyle brands and is based in Louisville, KY.

9/18/2025 Heartland Food Products Group, LLC acquired the SLIMFAST® US brand from Glanbia PLC (ISE:GL9), an Irish-headquartered multinational nutrition company. The terms of the transaction were not disclosed. SLIMFAST is a leading provider of weight management nutritional solutions. Heartland manufactures SPLENDA® BRAND low calorie sweeteners, drink mixes, coffee, and nutritional beverages and is based in Carmel, IN.

9/23/2025 Kemin Industries, Inc. acquired CJ Youtell Biotech from CJ Cheiljedang Corporation (KOSE:A097950). The terms of the transaction were not disclosed. CJ produces food, nutrition, and biotechnology products, including plant-based and cultured proteins, amino acids, and meal solutions, and is based in Seoul, South Korea. Kemin researches, develops, and manufactures nutritional and functional ingredients used in food, feed, and health products, including antioxidants and lutein, and is based in Des Moines, IA.

9/24/2025 Shaklee Australia Pty Ltd acquired assets of Modere, Inc. The terms of the transaction were not disclosed. Modere manufactures and distributes nutritional, personal care, health and wellness, and household care products and is based in Springville, UT. Shaklee is a wellness company founded by Dr. Shaklee, who is credited with developing what is considered the first multivitamin in the United States over 100 years ago and is based in Miami, FL.

Private Placements

7/8/2025 Fresh Prep Foods Inc. announced that it has received a round of funding that included participation from Seminal Food And Nutrition Investments, LLC and Renewal2 Management Company. Fresh produces and sells meal kits for people and is based in Vancouver, BC. Renewal2 is a private equity and venture capital firm based in Vancouver, BC. Seminal is a private equity firm based in Wayne, PA.

7/10/2025 Spindrift Beverage Co., Inc. announced that it has received a round of funding that included participation from athlete investors Kevin Durant, DK Metcalf, Azzi Fudd, Derrick White, Maarten Paes, Sophie Cunningham, and Livvy Dunne. Spindrift produces sparkling water and soda made with real squeezed fruit, emphasizing natural ingredients and sustainability, and is based in Newton, MA.

7/22/2025 Provectus Algae Pty Ltd announced that it has received $10.1 million in a round of funding led by At One Ventures, L.P. with participation from Hitachi Ventures GmbH, Mort & Co Holdings Ltd, and other investors. Provectus is a synthetic biology company that develops algae-based biosynthetic solutions for medicines, vaccines, plant-based foods and flavors, and natural biopesticides, and is based in Noosaville, Australia. At One is a venture capital and private equity firm based in San Francisco, CA. Hitachi is a venture capital arm of Hitachi, Ltd. and is based in Munich, Germany. Mort engages in beef cattle lot feeding, management, and marketing and is based in Toowoomba, Australia.

7/22/2025 Functional Brands Inc. announced that it has received $8.0 million in a private placement transaction. Functional Brands manufactures and distributes nutraceutical supplements and is based in Lake Oswego, OR.

8/4/2025 Doughlicious Limited announced that it has received $6.6 million in a round of funding led by Rich Products Ventures with participation from The Angel Group and other existing investors. Doughlicious is a female-founded and operated business that produces gluten-free, dairy-free, organic, and vegan cookie dough and gelato bites and is based in London, UK. Rich Products is the corporate venture capital fund of global, family-owned food company Rich Products and is based in Emeryville, CA. Angel is a private investor collective.

8/7/2025 Amylu Foods, LLC announced that it has raised a round of funding that included participation from TowerBrook Capital Partners L.P. and Prelude Growth Partners Management Company, LLC. Based in Chicago, IL, Amylu produces chicken sausages that are all-natural, antibiotic-free, and nitrate and nitrite-free. TowerBrook is a private equity firm based in New York, NY. Prelude is a private equity firm based in New York, NY. Winston & Strawn LLP served as legal advisor to Amylu. Sidley Austin LLP served as legal advisor to Towerbrook.

8/19/2025 The Better Meat Co. announced that it received $31.0 million in its Series A round of funding co-led by Future Ventures and Resilience Reserve with participation from EPIC Ventures, Sigma Ventures, and individual investor Glenn Hickman, CEO of Hickmans Family Farms. Better Meat produces plant-based proteins for foodservice providers and meat processors and is based in West Sacramento, CA. EPIC is a private equity and venture capital firm based in Salt Lake City, UT. Future is a venture capital firm based in Los Altos, CA. Resilience is a principal investment firm based in the U.S. Sigma is a venture capital firm based in Luxembourg.

8/26/2025 Painterland Sisters LLC announced that it has received a seed round of funding led by angel investment groups The Angel Group, its partner fund Supernatural Ventures, and Spacestation Investments. Private investment firm Scoop Ventures also joined the round, as well as independent angel investors such as Olympic medalists, professional athletes, lifestyle entrepreneurs, and industry leaders. Painterland is a woman-owned, family-owned and farmer-owned organic lactose-free skyr yogurt brand based in Westfield, PA. Angel is a private investor collective. Spacestation is a principal investment firm based in Layton, UT.

8/28/2025 Celsius Holdings, Inc. (NasdaqCM:CELH) announced the closing of a $585.0 million transaction in which PepsiCo, Inc. (NasdaqGS:PEP) acquired convertible preferred stock and increased its ownership stake to 11%. Celsius develops, markets, and distributes functional energy drinks and hydration products and is based in Boca Raton, FL. Freshfields US LLP served as legal advisor to Celsius. Cravath, Swaine & Moore LLP served as legal advisor to Pepsi.

9/29/2025 Kapiva Ayurveda announced that it has received $27.1 million in a round of funding from 360 ONE Asset Management Limited, 3one4Capital Advisors LLP, and other investors. Kapiva produces and sells ayurvedic products and is based in Mumbai, India. 360 ONE is a privately owned investment manager based in Mumbai, India. 3one4Capital is a venture capital firm based in Bengaluru, India.