Laird Superfood, Inc. (NYSE: LSF) announced that it will acquire all outstanding equity of Navitas LLC for $38.5 million in cash. The transaction will be financed by a $50 million convertible preferred equity investment from Nexus Capital, which will give the investor a 53.5% diluted equity stake and board representation.
Navitas is a leading premium food brand that specializes in high‑quality, organic superfoods sold through grocery, club, and e‑commerce channels. Adding Navitas’s portfolio expands Laird’s product line beyond its core functional nutrition drinks and supplements, and gives the company access to Navitas’s established wholesale distribution network and retail relationships.
Laird’s Q3 2025 financials show net sales of $12.9 million, a 10% year‑over‑year increase, but a gross margin of 36.5% that fell from 43% in the prior year. The margin compression was driven by the loss of a non‑recurring supplier settlement benefit, higher commodity cost inflation, and tariff costs. The company posted a net loss of $1 million and an adjusted EBITDA of $0.2 million, while earnings per share of $0.01 beat the consensus estimate of –$0.04 by $0.01.
Wholesale sales accounted for 53% of Q3 2025 revenue, up 39% year‑over‑year, underscoring Laird’s shift from an e‑commerce‑led model to a wholesale‑driven growth strategy. The Navitas acquisition accelerates that transition by adding a robust wholesale channel. Laird also plans to discontinue its Picky Bars brand in Q2 2026, launch a new protein‑coffee product, and pursue additional acquisitions to broaden its functional‑nutrition platform.
The $50 million convertible preferred equity investment from Nexus Capital will provide the liquidity needed for the acquisition and future growth initiatives. Nexus will hold a 53.5% diluted equity stake and a seat on Laird’s board, giving the investor significant influence over the company’s strategic direction.
Management said the deal represents a meaningful step forward in building a scaled, diversified platform in functional nutrition. CEO Jason Vieth noted that Navitas’s complementary product portfolio and shared focus on health‑conscious consumers will help Laird accelerate market penetration and achieve greater scale. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.
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