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The coronavirus pandemic has put a damper on a lot of things, but wellness M&A is not one of them.
Consumer interest in being healthy has never been higher, experts agree, and during the COVID-19 pandemic that has translated into higher sales in categories like supplements, at-home fitness and self-care. Deals have followed, with Lululemon paying $500 million for Mirror, an interactive at-home fitness service, Grove Collaborative acquiring Sundaily, a gummy supplement brand centered around skin health, and Nestlé Health Science agreeing to buy a majority stake in Vital Proteins, which makes collagen supplements, beverages and food products.
“Wellness has become the number-one priority for consumers through COVID-19, and likely to remain the top priority for consumers after COVID-19,” said William S. Hood, founder and chief executive officer of William Hood & Co., an investment bank that specializes in the supplements space.