Issue #5 | December 1, 2025
Proudly seasoned by Trophy Wife - The Official Finishing Salt of The Deeter Digest. Because you are the prize, and so is this salt.
🥄 FIRST BITE
The appetizer before we dive in
Welcome to The Deeter Digest. This week, Once Upon a Farm delayed its IPO, Ritter Sport bought Boulder chocolate, and TRUBAR sold for $201 million to Turkish snackers.
Plus: Liquid Death enters energy, Uncrustables approaches $1 billion, and everyone’s making protein couscous now. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
Once Upon a Farm Pumps the IPO Brakes
The organic baby food brand announced via LinkedIn that it’s delaying its IPO until 2026, blaming the government shutdown and SEC filing backlogs. The secondary reason? Nobody wants to IPO during turkey season. Translation: The market conditions aren’t ideal and they’d rather wait for calmer waters.
This marks another CPG company testing then retreating from public markets. While Suja Life filed confidentially last week, Once Upon a Farm’s delay suggests the IPO window might be more cracked than wide open. For a company backed by John Legend and Jennifer Garner, the optics of waiting matter as much as the economics. Smart money says they’re hoping for better comps and multiples in 2026.
Ritter Sport’s American Chocolate Play
German chocolate giant Ritter Sport acquired Boulder-based Chocolove, marking its first major U.S. acquisition. Founded by Timothy Moley in 1995, Chocolove built a premium chocolate business that Ritter will fold into its new U.S. division. Terms weren’t disclosed, but this continues the chocolate consolidation trend.
For Ritter, known for its square bars in Germany, Chocolove provides instant American distribution and local manufacturing expertise. The Boulder brand’s positioning – premium but accessible – fits Ritter’s expansion strategy perfectly. Expect to see German efficiency meet Colorado craft in the coming integration.
TRUBAR’s $201M Exit to Turkey
Turkish food conglomerate ETİ Gıda acquired Vancouver-based TRUBAR for $201 million CAD, delivering a solid exit for the clean nutrition bar brand. Founded by Erica Groussman in 2019, TRUBAR grew to 15,000 doors and $50 million revenue in just five years. They’re projecting $100 million by 2026.
The protein bar M&A continues: Ferrero bought Power Crunch, 1440 Foods grabbed FitCrunch, and BUILT hired bankers. At 4x revenue, TRUBAR’s valuation suggests discipline is holding in the category. For ETİ Gıda, this marks their entry into North American better-for-you snacking. Turkish delight meets protein bars – globalization at its finest.
💰 THE FUNDING FRENZY
Big checks being written
Fund Raises Continue
Monogram Capital closed $350 million for Fund III, bringing AUM to $1.75 billion. The LA firm’s portfolio includes OLIPOP, Archer, Koia, 4th & Heart, and D.S. & Durga. Founded by Jared Stein and Oliver Nordlinger in 2014, Monogram’s Fund III signals continued LP confidence in consumer brands.
Perelel raised $27 million from Prelude Growth Partners, with participation from Selva Ventures, Unilever Ventures, and Willow Growth. The prenatal vitamin brand’s evolution into comprehensive women’s health attracted growth capital. For Prelude, 2025 continues their banner year of exits and new investments.
Mezcal Money Flows
Dos Hombres, the Aaron Paul and Bryan Cranston mezcal brand, secured $15 million in growth equity. The Breaking Bad duo’s artisanal mezcal will use funds for distribution expansion and new products in 2026.
The mezcal category remains hot: Madre raised $3M, Pronghorn backed Doce, Gallo invested in Derrumbes, and Bacardi bought Ilegal for $130M. When celebrity mezcal meets institutional capital, agave prices spike accordingly.
French Bloom’s Vertical Integration
The LVMH-backed non-alcoholic sparkling wine brand acquired a 25-hectare estate in Limoux, France. After becoming Formula 1’s official NA wine partner, French Bloom is betting vertical integration drives quality and margins. Owning vineyards for non-alcoholic wine might seem excessive, but in luxury, provenance matters even without alcohol.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
Energy Enters New Channels
Liquid Death launched its energy line early on Amazon with four flavors – 100mg caffeine, 5 calories, zero sugar. The brand that made water metal now makes energy drinks marginally healthier. BUM Energy added key hires from Congo Brands, RYSE Fuel, and Liquid Death while preparing for Target, Walmart, and Costco launches. The 800% growth story continues.
Odyssey Functional Energy hit CIBO Express locations, bringing mushroom energy to airports. When adaptogenic beverages land in travel retail, mainstream acceptance is complete.
Walmart Embraces Wellness
NOON WORLD added 100+ Walmart doors, bringing luxury water to mass market. The molecular hydrogen brand’s Walmart expansion proves even the most premium positioning can work at scale with the right price architecture.
Regional Retail Relationships
Cymbiotika launched at Raley’s, adding Northern California distribution. Ketone-IQ hit Jewel-Osco, Ripi rolled out at Shaw’s, and Perfy launched at select H-E-B stores. Regional retailers continue serving as launching pads for next-generation wellness brands.
De Soi went nationwide at Kroger, graduating from test markets to full chain authorization. Katy Perry’s adaptogenic sodas joining America’s largest grocer signals functional beverages’ complete mainstream arrival.
🆕 PRODUCT LAUNCHES
This week’s innovation (or lack thereof)
Protein Everything Continues
Boostcous launched protein-packed couscous with 46g protein and 13g fiber per box. Because apparently every carb needs supplementation now. FOULPLAY from Singapore debuted with High-Strength Creatine Bites delivering 1.8g per piece. Even your snacks need creatine.
PerfectTed UK is riding the pistachio wave with Pistachio Matcha Powder at 685 Tesco stores. When matcha meets pistachio, TikTok trends collide at retail.
Category Expansions
Elle Sera entered collagen with liposomal tripeptide technology for better bioavailability. British supplements go premium with science-backed beauty-from-within.
Duck Club Bourbon launched via country singer Riley Green in partnership with The Silent Group. Celebrity spirits expand beyond tequila into America’s native spirit.
Clebby’s hemp-derived baking mixes and Smood Sweets also launched, proving there’s always room for more cannabis-adjacent CPG.
📊 THE DATA DIGEST
Numbers that matter
Athletic Brewing’s Milestone
The non-alcoholic beer leader is on pace to exceed 500,000 barrels in 2025, up from 400,000 in 2024. This makes them officially a top-10 U.S. craft brewer in just seven years. The growth is particularly impressive given increased competition from both craft NA brands and Big Beer’s zero-proof extensions.
Uncrustables’ Billion-Dollar March
J.M. Smucker’s frozen sandwich phenomenon delivered again:
Q2 net sales up 4% (accelerating to double-digits)
Sales nearly tripled in convenience channel
On track for $1 billion this fiscal year
Cafe Bustelo also surged 41% for Smucker’s, while legacy brands Folgers, Jif, and fruit spreads dragged results. The lesson: Innovation beats heritage.
Little Spoon Dominates Target
Within four weeks of launching at Target, Little Spoon secured multiple top-selling SKUs across categories. The DTC-to-retail playbook works when you’ve built the brand first. Beating incumbents at America’s favorite mass retailer proves premium baby food has legs beyond Whole Foods.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
Once Upon a Farm delaying their IPO is the smartest move they’ve made. Going public during a government shutdown with questionable multiples would’ve been a fairy tale with an unhappy ending. Wait for stability. Wait for comps. Wait for a market that understands baby food margins.
But the real story? Look at the valuations. TRUBAR at 4x revenue. Rational. Dos Hombres raising $15 million at reasonable terms. Disciplined. Even Ritter Sport’s Chocolove acquisition (terms undisclosed means “not insane”) shows restraint.
We’re in the boring middle phase of CPG – not the frothy peaks of 2021 or the dark valleys of 2023. Just solid brands doing solid business at solid multiples. TRUBAR built to $50 million and sold for $201 million. That’s a real business with a real exit that made real money.
Meanwhile, Liquid Death launches energy drinks (because of course they do), everyone makes protein couscous (why not?), and Athletic Brewing quietly builds toward half a million barrels. The performers perform. The memers meme.
Uncrustables marching toward $1 billion proves the best innovation is often the simplest. Frozen PB&J. No Instagram required. No celebrity endorsement needed. Just convenience at scale.
Build real businesses. Sell at real multiples. Save the IPO dreams for better days.
📺 COMING MONDAY
The Deeter Digest: Week in Review
Breaking down why Turkish snack companies are buying Canadian protein bars and whether protein couscous is peak optimization or just the beginning.
🥫 ONE MORE THING...
Before you close this tab
Haeckels rebranded as Dulcie. Loewe Perfumes opened a garden pop-up. Quince added gourmet foods. Goodwipes got new packaging. Everyone’s pivoting, expanding, or redesigning.
But Athletic Brewing producing 500,000 barrels? That’s not a pivot. That’s persistence. In a week of quick flips and brand refreshes, sometimes the biggest news is just doing what you said you’d do, but bigger.
Until next Tuesday (we’re off Thursday for turkey), Jonathan Deeter Your CPG-Obsessed Friend
P.S.
Campari is selling Averna, Braulio, and Zedda Piras. Big Spirits continues its portfolio pruning. If you’ve got $50 million lying around, Italian digestifs await.
TikTok | Podcast | Instagram | Pickle Advisors | YouTube
This newsletter is finished with Trophy Wife Finishing Salts - elevating every bite since 2025