Prima Acquires Prospect Farms to Create the Next Generation Wellness Platform
Uplifter Brands will lead beauty and skincare, supplements, spa and hospitality and petcare
Dec 13, 2022, 08:08 ET
SANTA MONICA, Calif., Dec. 13, 2022 /PRNewswire/ -- Prima, the award-winning, science-driven, plant therapeutic wellness brand and certified B Corp™, today announced the acquisition of Prospect Farms. Together, they form Uplifter Brands, PBC, a next-gen CPG house of clean and conscious brands across personal care, supplements, spa and hospitality, private label, and pet wellness.
The acquisition gives Prima ownership of Prospect Farms, one of the nation's largest USDA Certified Organic hemp farms and manufacturing complexes. With over 250-acres of regenerative cultivation, the farm holds a state-of-the-art greenhouse, pharmaceutical-grade filing system, and on-site lab formulation and fulfillment to fuel profitable, accelerated growth for Uplifter Brands, as well as uphold and expand the portfolio's highest standards for sourcing and sustainability.
"At a time when many of our competitors are shutting down, consolidating, or moving away from cannabinoids all-together, we're doubling down on the ingredient and its vast therapeutic benefits," says Laurel Angelica Myers, Uplifter Brands' Co-CEO. "With the acquisition of a USDA Certified Organic hemp farm and an even bigger plan to lead the wellness category with the cleanest, science-backed botanical therapeutic products, we can't wait to share what's coming next."
This merger establishes Uplifter Brands as the first-ever purposeful collective of brands and people that stands "UP" for the healthiest future of people, pets, and the planet. Uplifter Brands unifies Prima's clinically-backed, award-winning products, and national distribution at Sephora and The Vitamin Shoppe, with Prospect Farms' raw material cultivation and manufacturing capabilities, as well as their established Spa and Hospitality partnerships at Equinox, Exhale Spa, Castle Hot Springs and Cowshed at Soho House. The collective is uniquely positioned to take market share across multiple verticals, and lead the slow-to-evolve wellness categories of U.S. beauty and personal care market ($80 billion), global pain management therapeutics market ($72 billion), U.S. stress market ($70 billion), and U.S. pet care market ($103.6 billion).
"We're thrilled to join Prima and partner closely with their team of proven consumer products experts to build Uplifter Brands, which is uniquely positioned to be the next generation wellness platform with a portfolio of truly trusted products for the whole family. Our house of purpose-driven brands, underpinned by an unwavering commitment to sourcing, science and standards, will lead the wellness category with formulation science, operational excellence, and vertical integration from seed-to-store," says Brad Tipper, Uplifter Brands' Co-CEO.
Uplifter Brands is led by a seasoned team of proven operators, brand builders and creators. Executive Chairman, Christopher Gavigan, previous Founder and Chief Product Officer of The Honest Company®, holds a proven track record of partnering with celebrity and notable advocates to transform underserved industries and ignite consumer consciousness. With Co-CEOs Laurel Angelica Myers of Prima (and formerly Honest) and Brad Tipper of Prospect Farms at the helm, Uplifter Brands' next innovative company, launching early 2023, will strategically target the underserved pet health category, alongside actress, model and advocate Brooke Shields as the Chief Brand Officer.
"This is a moment to lead with uncompromising conviction and vision––to architect brands that are boldly conscious, rigorously clean, standards-led, socially just, and environmentally accountable––to ensure consumers can access new and better innovations for healthier, more sustainable lives. Together with our incredibly talented team and partners, the Uplifter Brands platform will further expand our healthcare and climate commitments, as well as our public benefit business leadership," says Christopher Gavigan, Uplifter Brands' Executive Chairman.
Strategic investors advising the transaction include Spencer Potts, Managing Partner of Maximalist, who will serve on the Uplifter Brands Board of Directors. Notable investors in Uplifter Brands include Maximalist, Greycroft, Lerer Hippeau, Global Founders Capital, Ropart Asset Management and Platform Ventures. BraunHagey & Borden LLP acted as legal advisor to Prima. Latham & Watkins LLP acted as legal advisor to Prospect Farms.
Prima is a science-backed whole body wellness brand that makes potent plant therapeutic skincare, body care and supplements with organic hemp CBD and functional botanicals to help combat stress and target issues at their source. Prima was founded by Christopher Gavigan, The Honest Company® co-founder, bestselling author and purpose-driven entrepreneur, Laurel Angelica Myers, mission-oriented operator and former Honest alum, and Jessica Assaf, women's health and cannabis activist. Prima's products are made with uncompromisingly highest standards of purity, potency and transparency, using clinically validated plant ingredients. Built on a core foundation of sustainability, transparency, accountability, and social leadership, Prima is Climate Neutral Certified, Certified Plastic Neutral, and a Certified B Corp. Prima is a privately held Public Benefit Corporation (PBC) based in Santa Monica, CA. www.prima.co
About Prospect Farms
Prospect Farms is a leading CPG wellness platform, fueling leading wellness brands with all-natural ingredients and botanical blends all from their farm in Prospect, Maine. Operating from a state-of-the-art, fully vertically integrated manufacturing and farming complex in coastal Maine, Prospect Farms supports a comprehensive wellness portfolio of over 50 benefit-focused botanical products. The brand's wellness portfolio includes premium tinctures and topical products, while their veterinarian recommended pet line includes products designed to improve mood and mobility, specially formulated for size and diet. Prospect Farms is a privately held LLC based in Prospect, Maine. www.prospectfarms.com
About Uplifter Brands
Uplifter Brands aims to be the leading purpose-driven, science-backed house of CPG wellness brands rooted in clean therapeutics for people and pets. Uplifter Brands is a collective of brands and businesses built from passion, purpose and commitment to ingredients and products that are thoughtfully sourced, responsibly made, and crafted with the highest standards for people, pets and the planet. Uplifter Brands is a privately held Public Benefit Corporation (PBC). www.uplifterbrands.com
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