CW Q4 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

10/6/2025 Cement Factory LLC acquired Biolete LLC from Adia Nutrition, Inc. (OTCPK:ADIA). As part of the transaction, Adia will hold an 18% stake in Cement Factory. Biolete produces and sells organic protein and mushroom-infused coffee products and is based in Oviedo, FL. Adia offers stem cell treatments and nutritional supplements and is based in Winter Park, FL. Cement produces and retails nutrition and health supplements and is based in Winter Park, FL.

10/9/2025 Martin Bauer GmbH & Co. KG acquired American Botanicals LLC. The terms of the transaction were not disclosed. American Botanicals produces, sells, and exports roots and herbs for the herbal industry and is based in Virginia Beach, VA. Martin Bauer manufactures botanical products for tea, beverage, food, animal nutrition, and pharmaceutical industries and is based in Vestenbergsgreuth, Germany.

10/20/2025 Supreme PLC (AIM:SUP) acquired SlimFast UK & Europe, a producer of meal replacement products, from Glanbia PLC for $27.0 million. Supreme owns, manufactures, and distributes fast-moving branded and discounted consumer goods and is based in Manchester, England. Glanbia is a global nutrition and food company based in Kilkenny, Ireland.

11/3/2025 Synergy Flavors, Inc. acquired SoluTaste Aromas e Ingredientes. The terms of the transaction were not disclosed. Based in Wauconda, IL, Synergy produces and supplies flavorings, extracts, and essences. Based in São Paulo, Brazil, SoluTaste is a flavors and ingredients manufacturer and distribution company.

11/3/2025 UrbanFarmer LLC acquired Caulipower, LLC. The terms of the transaction were not disclosed. Caulipower produces and sells better-for-you, gluten-free, cauliflower crust frozen pizza and other food products and is based in Encino, CA. UrbanFarmer, a portfolio company of Paine Schwartz Partners, produces specialty dough products for leading brands and major retailers across North America, and is based in Manteno, IL. Morrison & Foerster LLP served as legal advisor to Caulipower.

11/4/2025 Cerealto acquired majority stake in Fresca Foods, Inc. The terms of the transaction were not disclosed. Fresca is a co-manufacturer of natural and organic snacks and is based in Louisville, CO. Based in Madrid, Spain, Cerealto is a third-party manufacturer of biscuits, cereals, pasta, and snacking bars in Europe, the UK and Mexico.

11/17/2025 Prosperity Organic Foods, Inc. acquired Miyoko's Creamery. The terms of the transaction were not disclosed. Miyoko's produces and sells organic, artisanal vegan cheeses and vegan butter products and is based in Petaluma, CA. Prosperity produces organic, allergen-free vegan butter and is based in Boise, ID.

11/26/2025 Alfred Ritter GmbH & Co. KG acquired Creative Natural Products, Inc., dba Chocolove. The terms of the transaction were not disclosed. Based in Boulder, CO, Chocolove produces premium, all-natural chocolate products using non-GMO verified ingredients and sustainably and ethically sourced cocoa beans. Alfred is a climate-neutral manufacturer of chocolates made from 100% certified sustainable cocoa and is based in Waldenbuch, Germany.

12/1/2025 Horizon Organic Dairy, LLC acquired Maple Hill Creamery, LLC. The terms of the transaction were not disclosed. Maple produces, markets, distributes, and sells grass-fed whole milk dairy products and is based in Kinderhook, NY. Horizon produces organic dairy products and is based in Broomfield, CO.

12/1/2025 Prodalim B.V. acquired René Laurent SAS from International Flavors & Fragrances Inc. (NYSE:IFF). The terms of the transaction were not disclosed. René produces and sells essences and flavorings for beverage, bakery, and confectionery industries and is based in Le Cannet, France. IFF, together with its subsidiaries, manufactures and markets food, beverage, health and biosciences, scent, pharma solutions, and complementary adjacent products, and is based in New York, NY. Prodalim offers a wide range of juice and specialty ingredients solutions for the food and beverage sector and is based in Rotterdam, Netherlands.

12/10/2025 FBC Holding, Inc. (OTCPK:FBCD) acquired Mushroom Madness. The terms of the transaction were not disclosed. Mushroom produces and retails vegan adaptogenic mushroom products and is based in Portland, OR. FBC is a diversified holding company focused on developing consumer brands, wellness products, and high-growth retail concepts and is based in Chandler, AZ.

12/31/2025 Java Holdings LLC acquired +Peptide. The terms of the transaction were not disclosed. +Peptide operates a functional coffee company that provides high-quality protein supplements that blend smoothly into daily coffee. Based in Libertyville, IL, Java is a coffee-focused holding company with a portfolio of brands that collectively address coffee craftsmanship, distribution, scientific testing, and emerging functional nutrition categories.

M&A - Financial

10/31/2025 Avista Capital Holdings, L.P. acquired PK Benelux B.V. The terms of the transaction were not disclosed. Based in Uden, Netherlands, PK develops and markets vitamins, minerals, supplements, and other health products for distribution across drugstores, pharmacies, and online in the Netherlands, and supplies white label and private label medical devices to more than 30 countries. Avista is a private equity firm based in New York, NY. Ropes & Gray LLP served as legal advisor to Avista.

12/16/2025 Snapdragon Capital Partners LLC acquired an unknown majority stake in Nutraceutical International Corporation, dba The Better Being Co. The terms of the transaction were not disclosed. Better Being manufactures, markets, distributes, and retails branded nutritional supplements and other natural products and is based in Salt Lake City, UT. Snapdragon is a private equity firm based in New York, NY. Kirkland & Ellis LLP served as legal advisor to Better Being.

12/15/2025 Forward Consumer Partners, LLC acquired 51% stake in Justin's, LLC. Justin's manufactures a variety of nut-based butters using high-quality, sustainable ingredients and is based in Boulder, CO. Forward is a private equity firm based in Greenwich, CT.

Private Placements

10/3/2025 The Plug Drink, Inc. announced that it has received $5.0 million in a round of funding. Based in Los Angeles, CA, Plug produces beverages and capsule supplements that support liver health, hydration, and daily detox.

10/10/2025 DDC Enterprise Limited announced that it has raised $124.0 million in an equity financing round that included participation from PAG Pegasus Fund LP and other investors. DDC, together with its subsidiaries, provides ready-to-cook, ready-to-heat, and ready-to-eat plant-based meal products under the DayDayCook brand and is based in New York, New York. PAG is an asset management company based in Hong Kong.

10/14/2025 Tender Food, Inc. announced that it has received $6.5 million in a round of funding led by Rhapsody Venture Partners LLC with participation from Safar Partners LLC and other investors. Tender produces and sells plant-based meat products and is based in Somerville, MA. Rhapsody and Safar are venture capital firms based in Cambridge, MA.

10/16/2025 Chobani, LLC announced that it has received $650.0 million in an equity funding round to support plant expansions and strategic growth. Chobani, LLC produces coffee creamer, ready-to-drink cold-brew coffee, and plant-based milks, and is based in New Berlin, NY.

10/21/2025 Designs for Health, Inc. announced that it has received a round of funding from new investor BDT & MSD Partners, LLC. Designs for Health develops and supplies nutritional supplements and is based in Palm Coast, FL. BDT is an investment firm based in Chicago, IL. Sterlington, PLLC served as legal advisor to Designs for Health.

10/23/2025 Nutropy announced it has raised $8.1 million in a round of funding co-led by new investors Big Pi Ventures Sarl and Zero Carbon Capital Limited with participation from Big Idea Ventures, LLC, Desai Ventures, Beta Lab, and other investors. Based in Évry-Courcouronnes, France, Nutropy manufactures and reinvents French cheeses by creating milk proteins that minimize environmental impact and eliminate animal input. Big Pi is a venture capital firm based in Athens, Greece. Zero is a venture capital firm based in Havant, UK. Big Idea is a venture capital firm based in New York, NY. Desai is a venture capital firm based in Ahmedabad, India. Beta is a venture capital firm based in Riyadh, Saudi Arabia.

10/29/2025 Continuance LLC, dba Blueprint, announced that it has received $60.0 million in a round of funding that included participation from Naval Ravikant, Balaji Srinivasan, Kim Kardashian, Logan Paul, Paris Hilton, Alex Hormozi, Ari Emanuel, and other investors. Blueprint develops, manufactures, and retails health and self-care products and is based in Los Angeles, CA.

10/29/2025 Drink Recess Inc. announced that it has received $30.0 million in its Series B round of funding led by new investor CAVU Consumer Partners, LLC with participation from Torch Capital, and other investors. Based in New York, NY, Recess produces relaxation beverages including Recess Mood magnesium-based beverages, Recess Zero-Proof Craft Mocktails, and Recess Mood Powders formulated with functional ingredients that support stress relief and emotional balance throughout the day. CAVU is a venture capital and private equity firm based in New York, NY. Torch is a venture capital firm based in New York, NY.

11/1/2025 Cob Foods announced that it has received $5.0 million in a round of funding led by co-founder and professional tennis player Novak Djokovic with participation from Venrex Investment Management LLP, Bullish, Furthermore, and other investors. Cob manufactures and retails popped sorghum, which is a supergrain that pops just like popcorn, and is based in New York, NY. Venrex is a private equity and venture capital firm based in London, England. Bullish and Furthermore are venture capital firms based in New York, NY.

11/4/2025 The EVERY Company announced that it has received $55.0 million in its Series D round of funding led by McWin Capital Partners with participation from Main Sequence, Bloom8, and other investors. EVERY™ is a San-Francisco-based food technology company on a mission to build a more secure and accessible global food system by supplying food and beverage companies with egg protein ingredients made using precision fermentation. McWin is a private equity and venture capital based in London, England. Main Sequence is a venture capital firm based in Sydney, Australia. Bloom8 is a venture capital firm based in London, England.

11/5/2025 Doughlicious Limited announced that it has received a round of funding that included participation from new investor Future Back Ventures. Doughlicious operates as a producer of gluten-free cookie dough products with options that are dairy-free, organic, and vegan, and is based in London, England. Future is a corporate investment arm of Bain & Company, Inc. and is based in San Francisco, CA.

11/10/2025 Trip Drink Ltd announced that it has received $40.1 million in a round of funding led by new investor Coefficient Capital with participation from individual investors Joe Jonas, Alessandra Ambrosio, Paul Wesley, and others. Trip produces a range of calming beverages and supplements and is based in London, England. Coefficient Capital is a venture capital firm based in New York, NY.

11/12/2025 Plant People, Inc. announced that it has received a round of funding that included participation from new investor Manna Tree Partners, LLC and returning investor Unilever Ventures Limited. Plant People manufactures and sells mushroom, herbal, and cannabidiol solutions for stress, inflammation, cognition, immunity, and skin care, and is based in New York, NY. Manna is a private equity firm based in Denver, CO. Unilever Ventures is the venture capital arm of Unilever plc, a multinational consumer goods company based in London, England.

11/20/2025 Perelel Inc. announced a $27.0 million investment from Prelude Growth Partners with participation from existing investors Unilever Ventures, Willow Growth Partners, and Selva Ventures. Perelel is a doctor-founded, research-backed supplement company for women and is based in Los Angeles, CA. Prelude is a private equity firm based in New York, NY. Willow is a venture capital firm based in Jackson, WY. Selva is a venture capital firm based in San Francisco, CA.

12/1/2025 Kemin Industries, Inc. announced that it has received $50.0 million in a round of funding from two investors. Kemin engages in the research and development, manufacture, and sale of nutritional ingredients for humans and animals and is based in Des Moines, IA.

12/2/2025 NewTree Fruit Co., LP announced that it has received a strategic minority investment from Finlays. Based in Traverse City, MI, NewTree produces fruit products and beverages using patented technology that removes natural sugars from whole fruit while preserving and concentrating its nutrient density, including heart-healthy antioxidants, and natural electrolytes. Finlays is a global manufacturer and supplier of tea, coffee, and botanical extract ingredients and solutions with U.S. headquarters in Lincoln, Rhode Island.

12/9/2025 Biologica LLC announced that it has received $7.0 million in a round of funding led by Addition, L.P. with participation from Hawktail, LLC, Greycroft LP, and other investors. Biologica produces and offers vitamins, electrolytes, probiotics, and botanicals, and is based in San Francisco, CA. Addition and Greycroft are venture capital firms based in New York, NY. Hawktail is a principal investment firm based in Palo Alto, CA.

12/16/2025 Maxes Company SAS announced that it has received $8.5 million in a round of funding led by new investor General Catalyst Group Management, LLC with participation from Y Combinator Management, LLC, Kima Ventures SAS, and other investors. Maxes provides nutrition and wellness products for longevity and is based in Paris, France. General Catalyst is a private equity and venture capital firm based in Cambridge, MA. Y Combinator is an accelerator based in Mountain View, CA. Kima is a venture capital firm based in Paris, France.

12/30/2025 BlueNalu, Inc. announced that it has received $8.0 million in a round of funding led by Lewis & Clark Venture Capital, LLC and Siddhi Capital, LLC with participation from New Agrarian Co Ltd. and Agronomics Limited. BlueNalu develops premium, sustainable cell-cultured seafood products using cellular aquaculture technology and is based in San Diego, CA. Lewis & Clark is a venture capital firm based in St. Louis, MO. Siddhi is a food-focused private equity and venture capital firm based in Cherry Hill, NJ. Agronomics is a private equity and venture capital firm based in Ramsey, Isle of Man.

12/31/2025 Eat Evergreen Inc. announced that it has received $15.2 million in funding from 11 investors. Eat Evergreen produces frozen waffles made with protein, fiber, hidden veggies, and avocado oil, and is based in Chicago, IL.