US-based food company Laird Superfood has completed the acquisition of food brand Navitas for $38.5m.
Founded in 2003, Navitas is a food brand specialising in “organic superfoods” sold through grocery, club and e-commerce channels.
The transaction involved the acquisition of all outstanding equity of Navitas.
Funding for the deal came through the private placement of $50m in series A convertible preferred stock issued to affiliates of Nexus Capital Management.
Laird Superfood said the investment has received approval from the company’s stockholders.
Laird Superfood CEO Jason Vieth said: “By bringing Navitas into the Laird Superfood family, we are combining two pioneering brands united by a shared commitment to clean-ingredient, high-quality nutrition.
“Together, we believe that we have the product breadth, supply chain capabilities and consumer reach to accelerate growth and deliver on our vision of building a leading positive nutrition platform.”
Following the completion of the transactions, the company said it moves into a new phase as a scaled platform in functional nutrition.
Navitas CEO Ira Haber added: “As part of this combined platform, we are well positioned to reach new audiences, drive innovation across our product portfolios and continue delivering on the quality and integrity that Navitas customers have come to expect.”
Haynes and Boone acted as legal counsel to Laird Superfood in the deal.
Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Nexus, while William Hood & Company was the exclusive financial adviser to Navitas.
Brownstein Hyatt Farber Schreck acted as legal counsel to Navitas.
Separately, in December last year, Laird Superfood updated its liquid creamer range by switching to US Department of Agriculture (USDA) certified organic ingredients and introducing a caramel flavour.
The revised line included Laird Superfood Creamer with Lion’s Mane Mushroom, which is available in grocery stores across the US.
According to the company, the new formulation uses ingredients such as coconut milk and vanilla extract while excluding additives including “natural” flavours, seed oils and artificial sweeteners.
