Week of November 2 to November 9, 2026 | by Afif Ghannoum

It was a quiet week for health and wellness dealmaking. A CPG Radar analysis detected three confirmed supplement transactions and no confirmed functional food and beverage deals.

Findings at a glance:

  • Activity clustered around consolidation rather than new capital.
  • A distressed brand portfolio found a new home
  • A European ingredient group bought into a US botanicals supplier
  • A brand licensor took equity in a fast-growing supplement company.
  • Venture funding for functional brands was notably absent after an active third quarter.

Explore these findings in more detail below.

Dietary Supplements

M&A

Solabia Group Takes Majority Stake in Ethical Naturals

French natural actives maker Solabia Group has bought a majority stake in Ethical Naturals Inc. (ENI), a US supplier of standardized and branded botanical ingredients such as AlphaWave L-Theanine, PureLeaf Ginkgo and Cranberex cranberry extract. Terms were not disclosed, and ENI’s founders keep a shareholding.

Reported November 5 (Nutraceuticals World)

CPG Radar take: European ingredient groups keep buying US branded-ingredient specialists to gain clinically backed IP and direct access to North American brand customers.

cbdMD Closes Acquisition of Twinlab Assets

cbdMD (NYSE American: YCBD), through its To Be Brands subsidiary, completed its purchase of Twinlab’s assets out of a Florida assignment for the benefit of creditors, picking up the Twinlab, Reserveage, ResVitale, Metabolife and Alvita brands. Consideration included the assumption of senior secured debt owed to creditor Akretive Holdings, evidenced by a $1.75M note, and about 2.23M cbdMD shares (19.9% of outstanding), plus assumed liabilities; no total value was stated.

Closed October 30, announced November 2 and filed on Form 8-K November 4 (SEC Form 8-K)

CPG Radar take: A legacy sports nutrition and vitamin portfolio changing hands for mostly stock and assumed debt shows how little value distressed heritage brands now command against newer DTC players.

Financings

Authentic Brands Group Becomes Strategic Shareholder in Prenetics (IM8)

Authentic Brands Group will take an equity position in Prenetics (Nasdaq: PRE), parent of the IM8 daily nutrition brand, alongside a 10-year exclusive global license to launch Care Bears by IM8 gummy multivitamins for kids and adults in the first half of 2027. Neither party disclosed the size of the stake or the deal value.

Announced November 5 (GlobeNewswire)

CPG Radar take: Licensed character IP is moving into premium supplements, a bet that family gummies can be built with entertainment-style brand equity rather than ingredient claims alone.

Functional Food & Beverage

M&A

No in-scope transactions were confirmed for November 2 to 9. The nearest item, Mondelez’s majority stake in better-for-you snack maker Undercover Snacks, was announced October 30 and sits outside both the window and the functional scope. (Just Food)

Trends to Watch

  • The lull follows a heavy third quarter led by P&G’s $3.8B Thorne deal, and comes as the industry returns from SupplySide Global heading into year end.
  • Watch for continued ingredient-level consolidation, with strategics paying for branded, clinically substantiated actives, and for more distressed brand portfolios trading at low multiples.
  • Licensing and celebrity-backed models, such as the IM8 and Authentic tie-up, are emerging as an alternative route to scale for supplement brands while venture capital stays selective.