US private equity firm WM Partners has agreed to acquire Vega, a Burnaby, British Columbia-based maker of plant-based protein powders and other nutritional products. The seller was Danone. No financial terms were disclosed. WM invested from HPH II Investments, which invests in mid-market health and wellness companies.
WM Partners Announces Agreement to Acquire Vega
AVENTURA, Fla., June 17, 2021 /PRNewswire/ — WM Partners, a certified diverse-owned private equity firm focused on investing in middle market companies and driving value creation in the health and wellness sector, today announced that HPH II Investments Master Fund, LP, together with its parallel and feeder funds (“HPH II”), through its wholly owned entity, has entered into a definitive agreement to acquire Vega (Sequel Naturals, ULC and Vega US, LLC, together “Vega”). Terms of the transaction were not disclosed, and the closing of the transaction is subject to customary conditions.
Founded in Burnaby, BC, Canada in 2001, Vega is a pioneer of the plant-based nutrition industry and a leading brand in plant-based protein powder in both the U.S. and Canada. Vega’s primary focus is on high quality plant-based protein powders across several categories, including Daily Nutrition, Sports Nutrition, and Functional Wellness. Its innovative products contain unique combinations of real, plant-based food ingredients. The brand has successfully expanded beyond its natural channel origins to become a leading brand in the conventional and e-commerce channels.
HPH II is focused on acquiring middle market companies with leading brands in the health and wellness sector and growing the companies through an operational buy and build value creation strategy. HPH II is focused on the following subsectors: functional foods, natural personal care, and natural over-the-counter remedies – fast-growing, defensive, and highly fragmented subsectors. The potential acquisition of Vega is expected to complement HPH II’s existing portfolio of brands in the functional foods subsector: Ultima Replenisher, a hydration brand acquired in 2019; Great Lakes, a collagen brand acquired in 2020; Jade Leaf, a matcha brand acquired in 2020; and FGO, a superfoods brand, acquired in 2020.
“We are excited to work with Vega, the pioneers and leaders of the plant-based nutrition industry and look forward to implementing our operational playbook to create additional value” said Jose Minski, co-founder of WM Partners.
“We are looking forward to partnering with the WM Partners team to build on Vega’s existing strengths. Their extensive experience in the health and wellness sector and significant operational capabilities will help accelerate our long-term strategic plans and solidify the Vega brand as a key player in plant-based nutrition,” said Patrick Brown, President of Vega.
King & Spalding served as legal advisor to WM Partners.
About WM Partners, LP
WM Partners is a middle-market private equity firm specializing in buyout investments in the health and wellness sector. WM Partners seeks to acquire small and medium size businesses with attractive growth prospects and generate sustainable, long-term value through its operational expertise in the health and wellness sector, and strategic business approach working in collaboration with experienced management teams. WM Partners is certified as a diverse-owned firm by the National Association of Investment Companies. WM Partners is based in Aventura, FL. More information about WM Partners is available at www.wmplp.com.
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