CW Q2 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

4/1/2025 The Quality Group GmbH acquired an unknown majority stake in Raw Sports Supplement Company LLC. The terms of the transaction were not disclosed. Raw manufactures sports nutrition supplements, fitness apparel, and accessories and is based in Port St. Lucie, FL. Quality is a sports nutrition company that provides low-sugar nutrition products and weight-loss supplements and is based in Elmshorn, Germany. Willkie Farr & Gallagher LLP served as legal advisor to Quality. Fredrikson & Byron P.A. served as legal advisor to Raw.

4/2/2025 FairWave Holdings, LLC acquired Black & White Coffee Roasters. The terms of the transaction were not disclosed. Black & White operates roastery and café locations offering specialty coffee, brewing tools, and educational classes with a focus on craftsmanship and wellness, and is based in Raleigh, NC. FairWave, based in Kansas City, MO, is a specialty coffee collective that produces and sells coffee through its portfolio of brands that follow principles of transparent sourcing, highest quality products, local impact, curated café experiences, and innovative practices.

4/5/2025 Wellkasa Inc. acquired Peak and Valley. The terms of the transaction were not disclosed. Peak produces herbal wellness powders and capsules that support brain, stress, sleep, and skin health and is based in Phoenix, AZ. Wellkasa develops and operates an AI platform that designs, deploys and maintains trained, multi-lingual, voice, chat, and transactional AI healthcare assistants that extend practitioner care and empower patients and is based in Phoenix, AZ.

4/30/2025 Rosseau Incorporated acquired Mary’s Gone Crackers, Inc. from KAMEDA SEIKA CO., LTD. (TSE:2220). The terms of the transaction were not disclosed. Mary’s manufactures and distributes organic, vegan, gluten-free snacks and is based in Reno, NV. Rosseau is the U.S. subsidiary of Canadian food manufacturer Dare Foods Limited. KAMEDA manufactures and sells rice crackers and snacks and is based in Niigata, Japan. Miller Thomson LLP served as legal advisor to Dare.

5/5/2025 Everwell Health Holdings LLC acquired American River Nutrition, Inc. (ARN) from Designs for Health, Inc. The terms of the transaction were not disclosed. ARN develops and manufactures annatto-derived ingredients and is based in Hadley, MA. The Everwell Health platform is focused on business development partnerships across the functional ingredients market and is based in Saddle Brook, NJ. Designs for Health produces and sells nutritional supplements, clinical education, and practice development programs to health care professionals and is based in Palm Coast, FL.

5/12/2025 Danone S.A. (ENXTPA:BN) acquired an unknown majority stake in Kate Farms, Inc. The terms of the transaction were not disclosed. Kate Farms provides plant-based nutritional formulas and shakes for children and adults, intended for both oral and tube feeding, whether as sole-source or supplemental nutrition, and is based in Goleta, CA. Based in Paris, France, Danone is a global food and beverage company offering products in the essential dairy and plant-based products, waters, and specialized nutrition categories. Latham & Watkins LLP served as legal advisor to Kate Farms.

5/16/2025 Chobani Inc. acquired Daily Harvest, Inc. The terms of the transaction were not disclosed. Daily produces and sells plant-based snacks, smoothies, meals, and other products and is based in New York, NY. Chobani manufactures and markets Greek yogurt and other products and is based in New Berlin, NY. K&L Gates LLP served as legal advisor to Daily.

5/20/2025 SaltWise acquired Green Salt. The terms of the transaction were not disclosed. Green Salt is a sea asparagus salt alternative brand and is based in Arcadia, CA. SaltWise is an eco-friendly salt brand made from the Salicornia plant and is based in Newark, DE.

5/21/2025 Birmingham Chocolate acquired The Macalat Company. The terms of the transaction were not disclosed. Macalat manufactures and distributes organic, sugar-free, sweet dark chocolate that supports clean-label, health-conscious indulgence and is based in Ferndale, MI. Birmingham produces artisan chocolates and is based in Ferndale, MI.

5/23/2025 Shaklee Corporation acquired substantially all of Modere’s business through a subsidiary. The acquisition includes Modere’s rights to all the trademarks, patents, and formulas for all Modere products including Liquid BioCell® Collagen and Trim. The terms of the transaction were not disclosed. Modere is an omnichannel, consumer products company that develops and markets clean health & wellness products through ecommerce and direct-to-consumer channels and is based in Provo, UT. Shaklee produces a broad range of health, beauty, and environmentally friendly household products designed to promote healthy living and is based in Miami, FL.

5/29/2025 David acquired Epogee and closed a $75.0 million Series A funding round led by Greenoaks with the participation of Valor Equity Partners. The terms of the transaction were not disclosed. Epogee is a food technology firm behind EPG, a plant-based fat alternative that reduces calories and fat without compromising taste or texture, and is based in Indianapolis, IN. Based in New York, NY, David is a platform that designs tools to increase muscle and decrease fat, and its first product is a protein bar that delivers more protein per calorie than other bars. Greenoaks is a private equity and venture capital firm based in San Francisco, CA. Valor is a private equity and venture capital firm based in Chicago, IL. Morrison & Foerster LLP served as legal advisor to David.

6/2/2025 Sartori Company acquired Rumiano Cheese Co. The terms of the transaction were not disclosed. Based in Willows, CA, Rumiano produces organic cheese, butter, and dairy products made with milk from pasture-raised and grazed cows. Sartori produces artisanal cheeses and spreads and is based in Plymouth, WI.

6/3/2025 Post Holdings, Inc. (NYSE:POST) acquired 8th Avenue Food & Provisions, Inc. for $880.0 million. 8th Avenue produces customized private label and branded conventional and organic products, including nut butters, snack nuts, trail mix, granola, and other products and is based in Fenton, MO. Ropes & Gray LLP served as legal advisor to 8th Avenue.

6/4/2025 DirectMeds acquired Autumn DNA. The terms of the transaction were not disclosed. Autumn DNA delivers personalized nutrition solutions based on an individual’s genetic profile and lifestyle factors and is based in San Diego, CA. DirectMeds provides telehealth consultations and prescription delivery services focusing on GLP-1-based weight loss and metabolic treatments and is based in Salt Lake City, UT.

6/16/2025 Dislog Group acquired Avon Beauty Products SARLU, the Moroccan subsidiary of beauty and skincare company Avon Cosmetics. The terms of the transaction were not disclosed. Dislog distributes fast-moving consumer goods across health, hygiene, and food categories and is based in Morocco.

6/26/2025 KAMEDA SEIKA CO., LTD. (TSE:2220) acquired the remaining 50% stake in TH Foods, Inc. for $221.0 million. TH produces a variety of low-calorie, low-fat, and hypoallergenic rice-based and baked snack products for global consumers and is based in Loves Park, IL. KAMEDA manufactures rice crackers and snacks with a focus on traditional Japanese and health-oriented products and is based in Niigata, Japan.

6/26/2025 Eternum LLC acquired Jet Renewal Kit LLC. The terms of the transaction were not disclosed. Jet Renewal produces, distributes, and retails food-based nutritional supplements for travelers and is based in Scottsdale. Eternum is a performance wellness company focused on building clarity and resilience and is based in Scottsdale, AZ.

M&A - Financial

5/20/2025 Kingswood Capital Management, LP and Performance Investment Partners, LLC acquired Vitamin Shoppe, LLC. The terms of the transaction were not disclosed. Vitamin Shoppe manufactures and retails vitamins, supplements, and nutritional products and is based in Secaucus, NJ. Kingswood is a private equity firm based in Los Angeles, CA. Performance invests in consumer-facing businesses and is based in Los Angeles, CA.

Private Placements

4/3/2025 Smash Kitchen announced that it has raised a round of funding that included participation from new investor Collaborative Fund. Smash manufactures and markets all organic, non-GMO ketchup, mustard, mayonnaise, BBQ sauce, and other condiments and is based in Los Angeles, CA. Collaborative Fund is a venture capital firm based in New York, NY.

4/14/2025 The Ryl Company LLC announced that it has received $15.0 million in its Series B round of funding from the board of directors of the company and other investors. Ryl is a functional, better-for-you iced tea brand redefining the ready-to-drink tea category with clean ingredients and purposeful wellness benefits and is based in Cedar Knolls, NJ.

4/18/2025 Gamer Supps Inc. announced that it has received a round of funding that included participation from individual investor SMii7Y. Gamer Supps manufactures nutritional supplements and is based in Brick, NJ.

4/29/2025 Nomolotus LLC, dba Truvani, announced that it has received a round of funding led by RX3 Growth Partners. Truvani is a health and wellness company that produces clean, organic, and toxin-free health food products and is based in Las Vegas, NV. RX3 is a venture capital firm based in Newport Beach, CA.

5/7/2025 Cerebelly Inc. received a multi-million dollar financing package from BizCap®. Cerebelly produces organic, nutrient-rich baby and toddler food formulated to support brain development and is based in Los Gatos, CA. BizCap® is a commercial finance and advisory firm based in San Francisco, CA.

5/7/2025 Beyond Meat, Inc. (NasdaqGS:BYND) announced it has closed on a financing facility providing up to $100.0 million in new senior secured debt from Unprocessed Foods, LLC. Based in El Segundo, CA, Beyond offers a portfolio of plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0 mg of cholesterol per serving. Unprocessed Foods is an affiliate of Ahimsa Foundation, a Niwot, CO-based non-profit organization focused on advocating for plant-based diets.

5/12/2025 Farmley announced that it has received $42.0 million in its Series C round of funding led by L Catterton Partners with participation from DSG Consumer Partners and other investors. Farmley is a healthy snack brand of dried fruits, nuts, trail mixes, and seeds operated by Connedit Business Solutions Private Ltd based in Noida, India. L Catterton is a private equity and venture capital firm based in Greenwich, CT. DSG is a venture capital and private equity firm based in Singapore. AZB & Partners served as legal advisor to Connedit. Talwar Thakore & Associates served as legal advisor to L Catterton. Lexygen served as legal advisor to DSG.

5/28/2025 NuTrail announced that it has received a round of funding that included participation from EagleTree Capital, L.P. NuTrail is a no-sugar-added, nut-based granola brand made with simple ingredients and is based in Miami, FL. EagleTree is a private equity firm based in New York, NY. Winston & Strawn LLP served as legal advisor to NuTrail. Jones Day served as legal advisor to EagleTree.

5/30/2025 The Pickle Juice Company, LLC announced that it has received a round of funding that included participation from Azalea Management Company, LLC. The Pickle Juice Company engages in the production of organic and natural muscle cramp relief beverages and is based in Mesquite, TX. Azalea is a private equity firm based in Greenville, SC.

6/11/2025 PureWOD LLC, dba Equip Foods, announced that it has received a round of funding from HighPost Capital, LLC. Based in Miami, FL, Equip manufactures nutritional supplements and foods that support health and performance goals and are tested for purity. HighPost is a private equity and venture capital firm based in West Palm Beach, FL. Lippes Mathias Wexler Friedman LLP served as legal advisor to PureWOD. Morrison Cohen LLP served as legal advisor to HighPost.

6/25/2025 Chiyo, Inc. announced that it has received a round of funding that included participation from Flare Capital Partners. Chiyo operates as a maternal nutrition company and is based in Millbrook, NY. Flare is a venture capital firm based in Boston, MA.

6/30/2025 Electrolyte Boost Inc. announced that it has received a round of funding that included participation from Sterling Equities Associates, LLC. Electrolyte produces and sells doctor-formulated and water-free electrolyte support supplement products and is based in Casper, WY. Sterling is a diversified, family-run group of companies based in Great Neck, NY.