CW Q1 2026 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

1/13/2026 Explorer Cold Brew, Inc. acquired Savorista. The terms of the transaction were not disclosed. Savorista produces decaffeinated specialty coffee and other caffeine-conscious blends and is based in Newark, DE. Explorer produces cold brew concentrates with various caffeine levels and is based in Brooklyn, NY.

1/20/2026 Real Mushrooms Inc. acquired JHS Natural Products, Inc. The terms of the transaction were not disclosed. JHS produces medicinal mushroom extracts and supplements and is based in Eugene, OR. Real produces organic medicinal mushroom supplements and is based in Calgary, AB.

1/20/2026 TopGum Industries Ltd. (TASE:TPGM) agreed to acquire the U.S. gummy manufacturing operations of P&L Developments LLC for $37.6 million. The transaction closed on 5/5/2026. P&L is a family-owned U.S. pharmaceutical and consumer healthcare contract development and manufacturing organization headquartered in Westbury, NY and Miami, FL. TopGum manufactures dietary supplements in gummy dosage form and is based in Sderot, Israel.

1/21/2026 Creations Foods US Inc. and Get Real Foods LLC., dba REAL Cookies, announced the completion of their strategic merger. The terms of the transaction were not disclosed. REAL Cookies is a women-owned brand that produces clean-label, plant-based snack cookies and is based in Greenwich, CT. Creations develops, manufactures, and sells better-for-you snack foods and is based in Ferndale, WA.

1/22/2026 Metagenics LLC acquired Symprove Limited. Concurrently with this transaction, Metagenics and its sponsor, Gryphon Investors, announced it completed a strategic debt recapitalization to provide Metagenics with capital to continue investing in organic and M&A growth opportunities. The terms of the transactions were not disclosed. Symprove develops a water-based probiotic supplement drink and is based in Farnham, United Kingdom. Metagenics engages in the research and development, manufacture, and marketing of medical foods and nutritional formulas for chronic health conditions and is based in Aliso Viejo, CA.

2/6/2026 Refresco B.V. agreed to acquire SunOpta Inc. (NasdaqGS:STKL) for approximately $790.0 million, or $6.50 per common share in cash. The transaction closed 5/1/2026. SunOpta engages in the manufacture and sale of plant-based and fruit-based food and beverage products and is based in Eden Prairie, MN. Refresco is an independent beverage solutions provider for global and local beverage brands and is based in Rotterdam, The Netherlands. Faegre Drinker Biddle & Reath LLP and Davies Ward Phillips & Vineberg LLP served as legal advisors to SunOpta. Simpson Thacher & Bartlett LLP and Bennett Jones LLP served as legal advisors to Refresco.

2/13/2026 Hindustan Unilever Limited (NSEI:HINDUNILVR) acquired the remaining 49% stake in Zywie Ventures Pvt Ltd for approximately $91.0 million. Zywie produces fitness and nutrition supplements under the OZiva brand and is based in Mumbai, India. Hindustan produces branded consumer goods across foods, beauty, personal care and home care and is based in Mumbai, India.

2/19/2026 FabFitFun, Inc. acquired Paya Health LLC. The terms of the transaction were not disclosed. Paya develops ingestible skincare supplements in gummy format and is based in Los Angeles, CA. FabFitFun operates a subscription lifestyle and wellness commerce platform and is based in Los Angeles, CA.

2/19/2026 Epicured Meal Delivery, LLC acquired Chiyo, Inc. The terms of the transaction were not disclosed. Chiyo provides nutrition-focused meal plans and related services tailored to women's health and is based in Millbrook, NY. Epicured produces low-FODMAP medically-tailored meals for digestive health and is based in New York, NY.

2/28/2026 Icelandirect, LLC acquired SOMA LABS. The terms of the transaction were not disclosed. SOMA is a contract manufacturer of nutritional supplements specializing in solid dosage form production and is based in Middlesex, NJ. Icelandirect, based in Clifton, NJ, manufactures and supplies private label dietary supplements, focusing on omega-3 fish oils and other nutrient products, and provides contract manufacturing, packaging, and fulfillment services.

3/2/2026 Snackruptors Inc. acquired the North American snacks business of The Hain Celestial Group, Inc. (NasdaqGS:HAIN) for $115.0 million. Hain manufactures, markets, and sells organic and natural products and is based in Hoboken, NJ. Its North American Snacks business includes Garden Veggie Snacks™, Terra® chips and Garden of Eatin'® snacks. Snackruptors is a family‑owned snacks manufacturer based in Cambridge, ON. Greenberg Traurig, LLP and Stikeman Elliott LLP served as legal advisors to Snackruptors. Cravath, Swaine & Moore LLP served as legal advisor to Hain.

3/3/2026 Blue Monkey Beverage LLC acquired Local Weather. The terms of the transaction were not disclosed. Local is a coconut water-based sports drink formulated with electrolytes, adaptogens, and nootropics and is based in New York, NY. Blue produces sparkling juice, fresh juice and coconut water beverages from real fruit with non-GMO ingredients and no added sugar, and is based in Charlestown, MA.

3/4/2026 Monterey Bay Herb Company, Inc. acquired NP Nutra. The terms of the transaction were not disclosed. NP is a supplier of specialty nutraceutical ingredients and botanical extracts and is based in Carson, CA. Monterey, a portfolio company of Frontenac Company LLC, is a supplier of herbs, botanicals, teas, and specialty plant-based ingredients and is based in Watsonville, CA. Frontenac is a private equity firm based in Chicago, IL.

3/26/2026 Herbalife Ltd. (NYSE:HLF) agreed to acquire certain assets of Bioniq Health-Tech Solutions Limited. The $55.0 million purchase price will be paid over five years with an initial payment of $10.0 million at closing, plus up to $95.0 million of contingent payments based on future performance. The transaction closed on 4/30/2026. Bioniq offers personalized healthcare supplements and health support solutions and is based in London, United Kingdom. Herbalife is a health and wellness company, community, and platform based in Los Angeles, CA.

3/31/2026 The Neighborhood Beverage Company, LLC, dba Once Upon a Coconut, acquired Punch'd Energy Inc. The terms of the transaction were not disclosed. Based in Melbourne, FL, Punch'd produces patented natural caffeine gummies made from green coffee bean caffeine, superfruit, and all-natural organic ingredients. Once Upon produces coconut water beverages and is based in Orlando, FL.

M&A - Financial

1/13/2026 USK Capital Partners acquired a majority stake in Freeland Foods, LLC. The terms of the transaction were not disclosed. Freeland produces and sells sprouted-seed snacks under the Go Raw brand and is based in Northbrook, IL. USK is the family office of Uday Kotak and is based in Mumbai, India.

1/13/2026 MPearlRock LP acquired The Good Crisp Company, Inc. The terms of the transaction were not disclosed. Based in Boulder, CO, Crisp produces gluten-free, non-GMO chips and savory snacks that are free from common allergens, artificial colorants, and artificial flavorings. MPearlRock is a private equity firm based in Palm Beach Gardens, FL. Morrison & Foerster LLP served as legal advisor to Good Crisp. Gibson, Dunn & Crutcher LLP served as legal advisor to MPearlRock.

1/21/2026 Grant Avenue Capital, LLC acquired 21st Century Healthcare, Inc. The terms of the transaction were not disclosed. 21st Century manufactures and distributes vitamins, minerals, and nutritional supplements for humans and pets and is based in Tempe, AZ. Grant is a healthcare-focused private equity firm based in New York, NY. McGuireWoods LLP served as legal advisor to Grant.

1/22/2026 Power Sustainable Lios, BMO Capital Partners, and Farm Credit Canada (FCC) acquired Crofters Ltd. The terms of the transaction were not disclosed. Crofters, based in Parry Sound, ON, produces organic private label preserves, jellies, and fruit spreads made from premium ingredients, and offers custom fruit bases and co-packing services for store brand programs. Power is the specialist food-focused private equity platform of Power Sustainable based in Montreal, QC. BMO Capital is a private equity arm of Bank of Montreal and is based in Toronto, ON. FCC provides financing and other services to producers, agribusinesses, and agri-food operators in Canada and is based in Regina, SK. DLA Piper LLP (US) and Osler, Hoskin & Harcourt LLP served as legal advisors to Crofters.

2/12/2026 The Riverside Company acquired Western Botanicals, Inc. The terms of the transaction were not disclosed. Western Botanicals is a contract development and manufacturing organization for vitamins, minerals and supplements in capsule, powder and liquid formats and is based in Spanish Fork, UT. Riverside is a private equity firm based in New York, NY. Jones Day served as legal advisor to Riverside.

2/3/2026 L Catterton acquired a majority stake in Good Culture LLC. The terms of the transaction were not disclosed. Good Culture is a clean-label cultured dairy brand that makes cottage cheese, sour cream, and cream cheese with no artificial ingredients, gums, stabilizers, or additives and is based in Austin, TX. L Catterton is a private equity and venture capital firm based in Greenwich, CT. Winston & Strawn LLP served as legal advisor to Good Culture. Kirkland & Ellis LLP served as legal advisor to L Catterton.

Private Placements

1/13/2026 Big Tree Farms, Inc. announced that it has received $10.0 million in a round of funding from Mirova Environment and Infrastructure. Big Tree produces and distributes organic coconut sugar, coco aminos and other coconut-based sweeteners and sauces and is based in Burlington, VT. Mirova, an affiliate of Natixis Investment Managers, is dedicated to sustainable investing and is based in Paris, France.

1/19/2026 Coco5 announced that it has received $10.0 million in a round of funding led by new investor Loop Capital Holdings, LLC. Coco5 is an athlete-owned coconut water and hydration brand and is based in Phoenix, AZ. Loop is a financial services firm based in Chicago, IL.

1/20/2026 Ultra, Inc. announced that it has received $11.0 million in its Series A round of funding led by Left Lane Capital, LLC with participation from CPG founders such as Harry's, Grüns and Rockstar Energy, and other investors. Ultra produces nicotine- and tobacco-free functional focus pouches formulated with paraxanthine, L-theanine, Alpha GPC, B vitamins, and ginseng extract and is based in Brooklyn, NY. Left Lane is a New York and London-based venture capital and growth equity firm.

1/22/2026 simplyFUEL announced that it has received an investment from Humble Growth. simplyFUEL is a protein snack brand known for its clean-ingredient protein balls and is based in Leawood, KS. Humble is a consumer-focused growth equity firm based in New York, NY.

1/29/2026 Oats Overnight, Inc. announced that it has received $45.0 million in a round of funding from Astō Consumer Partners. Oats produces high-protein, spoon-free oatmeal shakes and is based in Phoenix, AZ. Astō is a principal investment firm based in Austin, TX.

2/3/2026 ILS Gummies, LLC announced that it has received a round of funding led by new investor Edgehill Management with participation from ECP Growth, Patriot Capital, L.P., and Providence Investment Partners. ILS manufactures nutraceutical gummy supplements and is based in McKinney, TX. Edgehill is a private investment firm based in New York, NY. ECP is a growth-stage investment firm based in Greenwich, CT. Patriot is a private equity and venture capital firm based in Baltimore, MD. Providence is a private investment firm based in Dallas, TX. Foley & Lardner LLP served as legal advisor to ILS.

2/4/2026 The Whole Truth announced that it has raised approximately $51.0 million in its Series D funding round led by Sofina Société Anonyme (ENXTBR:SOF) and Sauce.vc with participation from Sequoia Capital Operations LLC and other investors. The Whole Truth produces clean-label protein bars, protein powders, nut butters, and other products and is based in Mumbai, India. Sofina is a private equity and venture capital firm based in Brussels, Belgium. Sauce.vc is a venture capital firm based in New Delhi, India. Sequoia is a private equity and venture capital firm based in Menlo Park, CA. CMS INDUSLAW served as legal advisor to Sofina.

2/9/2026 Mooji Meats Inc. announced that it has received a round of funding from Global Brain Corporation. Mooji produces plant-based and cultured meat and is based in Baltimore, MD. Global Brain is a venture capital firm based in Tokyo, Japan.

2/18/2026 Eat the Change, Inc. announced that it has received $9.0 million in a round of funding led by individual investor and co-founder of Total Wine & More Robert Trone with participation from new investors Taste Tomorrow Ventures, Polar Strategic Ventures, and others. Eat the Change produces plant-based snacks and Just Ice Tea organic ready-to-drink teas and is based in Bethesda, MD. Taste is a venture capital firm based in El Segundo, CA. Polar is a beverage-industry investment and distribution venture of Polar Beverages, based in Worcester, MA.

2/19/2026 Stamford Sport Brands, LLC, dba Throne SPORT COFFEE, announced that it has received $10.0 million in a round of funding led by a group of individual investors, professional athletes, CPG veterans and beverage executives with participation from individual investor Patrick Mahomes. Throne produces ready-to-drink coffee beverages formulated with natural caffeine, B vitamins, electrolytes and branched-chain amino acids and is based in Stamford, CT.

2/26/2026 Aqua Theon Inc. announced that it has received $13.0 million in a round of funding led by SPARX Asset Management Co., Ltd. with participation from Wil, LLC, Beyond Next Ventures Inc., SMBC Venture Capital Co., Ltd., and Shizuoka Shimbun. Based in Torrance, CA, Aqua operates as a seaweed technology company developing alternative plastic containers, medical capsules, and food and beverage products such as its OoMee functional beverage line. SPARX is a privately owned investment manager based in Tokyo, Japan. Wil is a venture capital firm based in Palo Alto, CA. Beyond is a venture capital firm based in Tokyo, Japan. SMBC is a private equity and venture capital arm of Sumitomo Mitsui Banking Corporation based in Tokyo. Shizuoka Shimbun is a Japanese-language regional daily newspaper publisher based in Shizuoka City, Japan.

3/4/2026 Eat Mezcla, LLC announced that it has received $9.5 million in its Series B round of funding led by Bluestein Ventures with participation from Lever VC, Habitat Partners, and other investors. Eat Mezcla produces plant-based protein bars and is based in New York, NY. Bluestein is a venture capital firm based in Chicago, IL. Lever and Habitat are venture capital firms based in Brooklyn, NY. Polsinelli PC served as legal advisor to Eat Mezcla.

3/31/2026 Standing Ovation SAS announced that it has raised $28.8 million in a round of funding co-led by Bpifrance’s Ecotechnologies 2 fund under the French government’s France 2030 initiative, and Crédit Mutuel Innovation, with participation from returning and new investors including Danone Ventures. Standing Ovation operates as a biotechnology company producing non-animal proteins, such as casein, through precision fermentation and is based in Paris, France. Crédit Mutuel is a venture capital firm based in Paris.

3/17/2026 The Yogurt Dough Company Inc., dba yough!, announced that it has received a round of funding from Founders Row LLC. yough! produces and sells clean-label frozen pizzas using pizza dough made from Greek yogurt and organic flour and is based in New York, NY. Founders is an investment platform based in Atlanta, GA.

3/24/2026 GoNanas, Inc. announced that it has received $5.8 million in its seed round of funding from 28 investors. GoNanas is a women-owned company that produces gluten-free, vegan, and allergen-friendly banana bread and muffin baking mixes and is based in Chicago, IL.

3/24/2026 Stellar Snacks LLC announced that it has received a strategic growth investment from Main Post Partners, L.P. Stellar manufactures and sells better-for-you non-GMO, vegan, and kosher pretzel snacks and is based in Carson City, NV. Main Post is a private equity firm based in San Francisco, CA.

3/30/2026 Mars Men announced that it has received $27.5 million in its Series A round of funding led by new investor L Catterton. Mars produces men's wellness supplement stacks supporting energy, vitality, strength, recovery and long-term performance and is based in Austin, TX. L Catterton is a private equity and venture capital firm based in Greenwich, CT.