Laird completes acquisition of organic health-food company Navitas

BOULDER — Boulder-based natural-foods company Laird Superfood Inc. (NYSE American: LSF) has completed its acquisition of Navitas LLC.

The companies first announced the pending agreement in December.

Laird paid $38.5 million for Navitas, an organic health-food company based in Nonato, California. The acquisition was funded through a concurrent private placement of $50 million in Series A convertible preferred stock to affiliates of Nexus Capital Management LP.

Both transactions were approved by Laird’s stockholders on March 11.

“Today marks a pivotal milestone for our Company,” Laird CEO Jason Vieth said in a written statement. “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.”

Navitas CEO Ira Haber said the combination will help the company reach new customers.

“We are thrilled to officially join forces with Laird Superfood,” Haber said in a written statement. “Our brands share a deep-rooted mission of making nutrient-dense, minimally processed foods accessible to consumers everywhere. 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.”

The Nexus investment will support Laird’s growth and fund future acquisitions, according to a press release.The companies previously said the combination would broaden Laird’s product lineup and strengthen its position in the rapidly growing superfoods and wellness market, with integration of supply chains, sourcing networks and distribution channels. 

Laird also cited potential for new product development to address consumer demand for wellness and sustainability.

“Laird Superfood and Navitas are two brands built on authenticity and a commitment to real, nutrient-dense food,” Nexus principal Kayla Dean Obia said. “These transactions create a powerful platform for innovation, expanded distribution and long-term growth — all while staying true to the values that resonate with today’s health-conscious consumers. With the Nexus Investment structured to provide additional growth capital, we are well positioned to pursue complementary food and beverage brands as the Company continues to scale as a positive nutrition platform.”

Haynes and Boone LLP served as legal counsel to Laird. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Nexus. William Hood & Co. LLC served as financial adviser to Navitas. Brownstein Hyatt Farber Schreck LLP served as legal counsel to Navitas.

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