Shares of Neptune Wellness Solutions (NASDAQ: NEPT) climbed 20.7% on Wednesday after the health-focused company announced that it purchased a controlling interest in Sprout Foods.
Sprout Foods is a leading provider of organic plant-based baby food and toddler snacks, with $28 million in annual sales. It’s also a top-selling brand on Amazon‘s online marketplace.
Sprout CEO Capp Culver said in a press release: “Sprout was an early innovator in the organic baby food market, driving category expansion and creating optionality for parents who wanted to feed their children tasty, organic foods. Combining with Neptune’s health and wellness platform will greatly elevate Sprout’s efforts to make innovative, organic products accessible for today’s healthy families.”