Breakthrough Ventures Acquires Penguin Wellness in All-Cash Deal

NEW YORK, Nov. 16, 2023 (GLOBE NEWSWIRE) -- FE International, Inc., the global market leader in mid-market technology mergers and acquisitions (M&A), is pleased to announce the acquisition of Penguin Wellness, an ultra-luxury supplement brand, by Breakthrough Ventures, a health and wellness holding company.

Purchased by Verma Brands in 2021, Penguin’s flagship product includes its robust CBD product line, as well as its protein powder, pre-workout, and collagen SKUs. With a focus on high-end products, the company has established itself as one of the most recognized names within the CBD space.

For the owner of Verma Brands, AJ Agrawal, this marks the second acquisition in the past four years. Agrawal sold Verma Farms for eight figures in 2021.

The owner of Penguin Wellness, AJ Agrawal, will sell his entire interest in the business upon the close of the transaction. Breakthrough Ventures will acquire 100% of Penguin Wellness in exchange for an undisclosed all-cash deal.

FE International served as the sole sell-side M&A advisor on the acquisition of Penguin Wellness. FE International also served as the sole sell-side M&A advisor on the acquisition of Verma Farms.

“AJ has proven his ability to build multimillion-dollar, highly profitable brands, again and again. It’s been amazing to be the M&A Advisor for both of his acquisitions. We’re excited to see how Breakthrough Ventures grows from here, and we’re equally excited to see what AJ builds next,” said Thomas Smale, CEO of FE International.

To discuss other businesses FE may be representing or to begin a complimentary business valuation, reach out to their team via their website, FE International.

About Penguin Wellness

Penguin Wellness is an ultra-high-end supplement and wellness brand. The company offers a full collection of CBD products, as well as a full suite of pet and supplement products. The company prides itself on using pesticide-free, cruelty-free, and socially conscious products.

About Breakthrough Ventures

Breakthrough Ventures is a health and wellness holding company aimed at acquiring consumer and B2B brands focused on improving the lives of others. The company is led by CEO Michael Herbas, COO Mohamed Amer, and CMO Helaine Amer.

About FE International, Inc.

Founded in 2010, FE is known for its extensive network of pre-qualified international investors. Its team includes experts in exit planning, valuation, accounting, legal and more.

FE serves clients worldwide with headquarters in New York and regional offices in Miami, San Francisco, London, Mumbai, and Warsaw. It was named one of The Americas' Fastest Growing Companies in 2023, 2022, 2021 and 2020 by The Financial Times and is also a five-time Inc. 5000 company.

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Kaitlin Cothran / Michael Ganci