Prima Acquires Prospect Farms
Prima, a plant therapeutic wellness brand and certified B Corp™, has acquired Prospect Farms, a leading CPG wellness platform whose product portfolio features a pet line with solutions for mood and stability tailored for various animal sizes and diets.
Together, Prima and Prospect Farms now 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 more than 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,” said 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.”
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 US beauty and personal care market ($80 billion), global pain management therapeutics market ($72 billion), US 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,” said 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,” said 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.