Neptune Wellness Solutions, a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, recently announced the acquisition of a controlling interest in Sprout Foods.
Neptune is taking a controlling and management interest in Sprout Foods, organic plant-based baby food and toddler snack company with USD$28 million in annual net revenues. Sprout was founded in 2008 and is one of the fastest-growing organic brands on Amazon. Through the acquisition of Sprout, Neptune accelerates its ongoing transformation into a disruptive consumer packaged goods company, providing customers with innovative health and wellness brands that harness the power of plant-based super ingredients. Sprout has been a portfolio company of investment funds managed by MSEC since 2018.
"We are thrilled to welcome Sprout into the Neptune Wellness family and to be working alongside MSEC to continue Sprout's growth. We value the team's confidence in Neptune and look forward to working together as we grow Neptune's CPG brand portfolio," said Michael Cammarata, Chief Executive Officer and President of Neptune. "Sprout fits perfectly into Neptune's existing portfolio of innovative and disruptive health and wellness brands, including Neptune Wellness, MaxSimil, MoodRing, Forest Remedies and Ocean Remedies."
"Morgan Stanley Expansion Capital has enjoyed a long-standing relationship with Neptune Chief Executive Michael Cammarata. Michael is one of the most talented, energetic and innovative leaders with whom we have partnered, and has a compelling track record building brands," said Lincoln Isetta, Managing Director, Morgan Stanley Expansion Capital. "We believe Michael's success in this space — coupled with the expertise of Neptune's Chief Financial and Global Operating Officer Dr. Toni Rinow — positions Sprout for success, and we are excited to continue building out Sprout's growth through Neptune's compelling brand platform."