Houlihan Lokey Advises Care/of

Houlihan Lokey is pleased to announce that Care/of, a leader in the personalized healthcare and nutritionals space, has sold a majority stake to Bayer. The transaction closed on November 17, 2020.

Care/of is a wellness startup that takes the guesswork out of feeling better. The company makes high-quality vitamins, supplements, and powders from well-researched ingredients and does the legwork to help people make smart choices. Care/of’s personalized questionnaire taps knowledge from scientists, nutritionists, and millions of quiz-takers to create nuanced recommendations for people based on their lifestyles and health goals. By delivering vitamins and supplements in convenient daily packs, Care/of makes it easy for customers to establish consistent routines and live healthier. Care/of was founded by Craig Elbert and Akash Shah in New York City in 2016, with funds managed by Goldman Sachs Asset Management. Other investors include Goodwater Capital, Tusk Venture Partners, Bullish, and RRE Ventures.

Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, Bayer aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability, and quality throughout the world. In fiscal 2019, Bayer employed around 104,000 people and had sales of €43.5 billion.

The acquisition furthers Bayer’s strategic business objectives by strengthening the company’s presence in the high-growth area of personalized nutritionals. The partnership supports Bayer’s commitment to self-care and accelerates its understanding of personalized nutrition and advanced digital capabilities.

Houlihan Lokey served as the exclusive financial advisor to Care/of. This transaction underscores Houlihan Lokey’s deep expertise in the vitamin, mineral, and supplement sector, following the recent sale of Foodspring to Mars and Zarbee’s to Johnson & Johnson. The transaction also strengthens the firm's track record of working with the most innovative and disruptive direct-to-consumer brands in the health and wellness industry.