CW Q1 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

1/7/2025 Wellful Inc. acquired Ancient Brands, LLC. The terms of the transaction were not disclosed. Ancient Brands produces whole food nutritional supplements including bone broth and collagen powders and is based in Summertown, TN. Wellful manufactures health and wellness food products and supplements under various brands and is based in Fort Washington, PA. Greenberg Traurig, LLP served as legal advisor to Ancient Brands. Winston & Strawn LLP served as legal advisor to Wellful.

1/7/2025 Third Wave Water, LLC acquired Perfect Coffee Water. The terms of the transaction were not disclosed. Perfect Coffee manufactures optimized brewing water products for coffee preparation and is based in Kirkland, WA. Third Wave produces mineral supplement packets designed to optimize water for brewing coffee and is based in Cedarville, OH.

1/14/2025 Allergy Research Group LLC acquired Metabolic Maintenance Products, Inc. The terms of the transaction were not disclosed. Metabolic provides science-based supplements designed to support optimal health and wellness and is based in Sisters, OR. Allergy Research produces nutritional supplements across a wide range of health categories and is based in Alameda, CA.

1/15/2025 Misha’s acquired Vertage Foods LLC. The terms of the transaction were not disclosed. Vertage manufactures plant-based cheeses using biodesign technologies and is based in New York, NY. Misha’s manufactures dairy-free, plant-based cheeses and spreads made from cashew and almond milk blended with locally sourced, herbs, vegetables, and spices and is based in Los Angeles, CA.

1/19/2025 Nexture Bio Inc. acquired Matrix Food Technologies, Inc. The terms of the transaction were not disclosed. Based in Dublin, OH, Matrix designs and manufactures plant-based, edible nanofiber scaffolds and microbeads that enable the production of clean, healthy, and environmentally friendly cultivated protein. Nexture, a Generation Food Rural Partners (GFRP) portfolio company, develops animal-component-free microcarriers, scaffolds, and cell-attachment factors for use in food ingredients and is based in Xenia, OH. GFRP is the venture-building impact fund of New York City-based Big Idea Ventures and is focused on commercializing intellectual property in food, protein, and agriculture technologies.

1/20/2025 Fast Fresh Brands acquired Nature’s Table Inc. The terms of the transaction were not disclosed. Nature’s Table operates a healthy fast-casual restaurant chain offering smoothies, salads, and protein bowls and is based in Orlando, FL. Fast Fresh Brands is a portfolio company of Delaware investment firm DIA Equity Partners and operates quick-service food concepts in locations such as office buildings, gyms, hospitals, and airports.

1/28/2025 Pete and Gerry’s Organics, LLC acquired Farmers Hen House Group, Inc. The terms of the transaction were not disclosed. Farmers is a privately-held Kalona, IA-based company that provides organic, free-range, and pasture-raised shell eggs with a focus on humane treatment of animals, sustainability, and commitment to family farming. Based in Monroe, NH, Pete and Gerry’s is a Certified Humane egg producer with products including Pete & Gerry's Organic® Free Range, Pete & Gerry's Pasture-Raised™, and Nellie's Free Range®. Kirkland & Ellis LLP served as legal advisor to Pete & Gerry’s.

2/3/2025 Sabinsa Corporation acquired Nature’s Formulary, LLC. The terms of the transaction were not disclosed. Nature’s Formulary manufactures and retails ayurvedic wellness and body care products and is based in Malta, NY. Sabinsa manufactures, supplies, and markets herbal extracts, cosmeceuticals, minerals, dietary supplements, and specialty fine chemicals for nutritional, cosmetic, pharmaceutical, and food industries worldwide and is based in East Windsor, NJ.

2/4/2025 Jay & Joy SAS acquired Les Nouveaux Affineurs S.A.S. The terms of the transaction were not disclosed. Les Nouveaux produces and sells plant-based cheeses and is based in Massy, France. Jay & Joy produces and sells cheese alternatives made from organic almond milk and organic cashew nuts and is based in Paris, France.

2/12/2025 Deliciously Ella Ltd. acquired Allplants Limited. The terms of the transaction were not disclosed. Allplants prepares and delivers ready-to-eat plant-based frozen meals and is based in Leeds, United Kingdom. Deliciously Ella is a plant-based food and wellness platform and is based in London, United Kingdom.

2/14/2025 Everton SpA acquired Eastern Tea Corporation. The terms of the transaction were not disclosed. Eastern Tea sources, blends, packages, and distributes Bromley brand teas across a range of traditional and specialty varieties and is based in Monroe Township, NJ. Everton manufactures and distributes a variety of teas, herbal infusions, and natural sweeteners and is based in Genoa, Italy. Pellegrini & Mendoza LLP served as legal advisor to Everton.

2/20/2025 Everwell Health Holdings and its subsidiary Nutrition21 acquired all ingredient assets from Things of That Nature, Inc., including a novel cetylated fatty acid technology, esterified fatty acid compounds, as well as the Celadrin brand. The terms of the transaction were not disclosed. Things of That Nature provides, manufactures, and sells fatty acids and is based in Newport Beach, CA. The Everwell Health platform is focused on business development partnerships across the functional ingredients market and is based in Saddle Brook, NJ. Nutrition 21 manufactures and markets nutritional supplement and minerals and is based in Saddle Brook, NJ.

2/20/2025 Celsius Holdings Inc. (NasdaqCM:CELH) agreed to acquire Alani Nutrition, LLC for $1.8 billion including $150.0 million in tax assets for a net purchase price of $1.65 billion, comprised of a mix of cash and stock. The transaction closed on 4/1/2025. Alani produces nutritional supplements, energy drinks, snacks, fitness and essential products, and merchandise and is based in Louisville, KY. Celsius is a functional beverage company based in Boca Raton, FL. Greenberg Traurig, P.A. served as legal advisor to Alani. Freshfields US LLP served as legal advisor to Celsius.

2/21/2025 Flowers Foods Inc. (NYSE:FLO) acquired Simple Mills, Inc. for $795.0 million. Simple Mills produces and sells almond flour baking mixes and is based in Chicago, IL. Flowers Foods produces and markets packaged bakery food products under Nature’s Own, Dave’s Killer Bread, and other brands and is based in Thomasville, GA.

2/24/2025 Core Home Inc. acquired BUBLUV Inc. The terms of the transaction were not disclosed. Based in New York, NY, BUBLUV produces a ready-to-drink, healthier alternative to bubble tea (also known as boba) with no added sugar, no artificial ingredients, and less than 50 calories. Core Home is the parent company to over 20 houseware brands and is based in New York, NY.

2/26/2025 IntegraNet Health Inc. acquired a significant equity stake in A1C Drink, Inc. The terms of the transaction were not disclosed. A1C develops science-backed, nutrition-based solutions for individuals managing diabetes, prediabetes, and metabolic disorders and is based in Overland Park, KS. IntegraNet is a Population Health and Managed Services Organization (MSO) specializing in value-based care models that improve physician autonomy, optimize patient health, and drive down healthcare costs and is based in Houston, TX.

3/5/2025 Woodland Gourmet acquired Sevillo Fine Foods, Inc. The terms of the transaction were not disclosed. Sevillo manufactures all-natural, clean-label fire roasted vegetables and fruits, pickled vegetables, and specialty sauces and is based in Salt Lake City, UT. Woodland, based in Waukegan, IL, provides custom culinary solutions, ingredients, and products to foodservice, industrial, retail, and direct-to-consumer sectors, and provides organic, gluten-free, and allergen-free options.

3/11/2025 Grove Collaborative Holdings, Inc. (NYSE:GROV) acquired substantially all of the assets of Tasty Greens, LLC, dba 8Greens. The terms of the transaction were not disclosed. 8Greens produces dietary supplements and is based in Edison, NJ. Grove operates as a plastic-neutral consumer products retailer and is based in San Francisco, CA.

M&A - Financial

1/22/2025 An undisclosed Houston-based private equity firm acquired Pharmaloz Manufacturing Inc. and Pharmaloz Real Estate Holdings, Inc. from ProPhase Labs, Inc. (NasdaqCM:PRPH) for $23.6 million. Pharmaloz is a contract development and manufacturing organization for pharmaceutical, OTC, and dietary supplement products and is based in Lebanon, PA. ProPhase is a next-generation biotech, genomics and diagnostics company based in Garden City, NY.

2/17/2025 Ahimsa Companies acquired Blackbird Foods Inc. The terms of the transaction were not disclosed. Blackbird manufactures plant-based pizzas, seitan, and wings and is based in Long Island City, NY. Ahimsa acquires and operates best-in-class food companies to catalyze the transition to a plant-based food system and is based in the USA.

3/3/2025 New Water Capital acquired Dutch Gold Honey, Inc. and related businesses McLure’s Honey & Maple Products, Gamber Container Company, The Bacon Jug Company, and DGH Logistics. Dutch Gold Honey produces and packages honey products from various types of floral sources, wild and organic honey, and maple syrup and is based in Lancaster, PA. New Water Capital is a private equity firm based in Boca Raton, FL.

Private Placements

2/4/2025 PlantBaby, Inc. announced that it has received a round of funding led by B2 Partners, LLC with participation from Everywhere Ventures, Women's Equity Lab - Silicon Valley, LLC (WEL), Baby List, Inc., and other investors. PlantBaby creates clean-label, organic, plant-based foods, beverages, and supplements to support children from infancy to adulthood and is based in Kauai, HI. B2 is a private equity sponsor based in Scottsdale, AZ.

2/12/2025 Kemin Industries, Inc. announced that it has received $20.0 million in funding from three investors. Kemin engages in the research and development, manufacture, and sale of nutritional ingredients for humans and animals in the feed and food industries, as well as in the health, nutrition, textile, and commercial horticulture markets and is based in Des Moines, IA.

2/12/2025 Sol Nutrition, Inc. announced that it has raised equity funding from You Capital. Sol is an herbal supplement company based in Scottsdale, AZ. You Capital specializes in strategic partnerships and equity investments and is based in Scottsdale, AZ.

2/13/2025 Oobli, Inc. announced that it has received $18.0 million in a round of funding that included participation from Ingredion Ventures, Lever VC, Sucden Ventures, and other investors. Oobli is a sweet protein technology platform company focused on replacing sugar in food and beverages and is based in Davis, CA. Ingredion Ventures is the corporate venturing group of Ingredion Incorporated (NYSE:INGR), a global ingredient solutions provider based in Westchester, IL. Lever VC is a venture capital firm based in Brooklyn, NY. Sucden is a venture capital firm based in Paris, France.

2/18/2025 Uplifting Results Labs, Inc., dba Supergut, announced that it has received $22.0 million in a round of funding led by Full Frame Growth Partners with participation from LivWell Ventures, Rocana Venture Partners, and other investors. Supergut is an evidence-based nutrition brand specializing in optimizing health through the gut microbiome with functional superfoods and supplements that deliver science-backed results and is based in Culver City, CA. Full Frame is an Austin, TX-based growth equity firm. LivWell is a family office based in Austin, TX. Rocana is a venture capital firm based in Los Angeles, CA.

2/25/2025 Actual Veggies Inc. announced that it has received $7.0 million in a round of funding led by Relentless Consumer Partners with participation from New Fare Partners and other investors. Actual Veggies produces veggie burgers and vegetable-forward products and is based in New York, NY. Relentless acquires and invests in high potential consumer brands and is based in Boston, MA. New Fare is a venture capital firm is based in New York, NY.

2/27/2025 Blue Monkey Beverage LLC announced that it has raised a round of funding that included participation from Boyne Capital Management, LLC and Fifth Ocean Capital Management. Blue Monkey manufactures and retails sparkling and still tropical juices and is based in Long Beach, CA. Boyne is a private equity firm based in Miami, FL. Fifth Ocean is a private equity firm based in Boca Raton, FL.

3/5/2025 GoodSAM Foods announced that it has received $9.0 million in its Series A round of funding from Acumen Latam Impact Ventures (ALIVE), Desert Bloom, and other investors. GoodSAM is a mission-driven B-Corp Certified snack and food brand dedicated to regenerative agriculture, transparency, and farmer empowerment and is based in Biddeford, ME. ALIVE is a Latin American fund manager based in Bogotá, Colombia. Desert Bloom is a next-generation food vehicle that invests in and helps build dynamic companies that are re-shaping our food environment and is based in the U.S.

3/7/2025 Tractor Beverage Co. announced that it has received $5.5 million in a round of funding that included participation from 32 investors. Tractor offers a certified organic, non-GMO beverage solution for foodservice and is based in Hayden, ID.