Issue #22 | March 30, 2026
🥄 FIRST BITE
The appetizer before we dive in
Welcome back. This week might be the most consequential M&A week in CPG history. Henkel acquired Olaplex for $1.4B — the same company that went public at a $13B valuation four years ago. Pernod Ricard and Brown-Forman are in talks for a spirits mega-merger that would create a $16.5B revenue giant, just below Diageo. Estée Lauder is exploring a merger with Puig because a 75% stock decline apparently gets your attention. Molson Coors bought Monaco Cocktails. Constellation acquired the rest of HOPWTR. Advent picked up Salt & Stone at $165M in revenue. And Bansk acquired So Good So You after the functional-shot brand surpassed $100M.
Meanwhile, Forward Consumer Partners closed Fund II at $500M. The guy who founded Huel launched a luxury sambuca brand because apparently that’s what you do after a billion-dollar exit. PRIME added creatine to protein shakes. And Costco launched its own energy drink at $16.99 for a 24-pack, which should terrify every brand in the aisle.
The theme this week is velocity. Deals are closing faster, valuations are compressing and expanding simultaneously, and the biggest companies in beauty, spirits, and food are all reshuffling their portfolios at the same time. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
Henkel Acquires Olaplex for $1.4B — From $13B to $1.4B in Four Years
Advent International is exiting its investment in Olaplex after selling the biotech haircare brand to Henkel for $1.4 billion. Advent acquired nearly 75% of Olaplex in 2019 and took the company public in 2021 at a valuation north of $13 billion. Henkel also acquired fast-growing haircare brand Not Your Mother’s earlier this month and owns Schwarzkopf and Kenra Professional.
Let that valuation collapse sink in. $13 billion to $1.4 billion. In four years. Olaplex was the DTC haircare darling — beloved by stylists, viral on social media, premium positioning that commanded loyalty. Then growth slowed, competition caught up, and the public market did what it does to growth stories that stop growing.
For Henkel, this is a brilliant buy. They’re getting a brand with genuine consumer love and professional credibility at roughly a 90% discount to its peak valuation. Combined with Not Your Mother’s ($220M in revenue at the mass end) and Schwarzkopf (the professional channel), Henkel is assembling a haircare portfolio that spans every price point and every channel. Two acquisitions in a single month that give them premium, mass, and professional haircare. That’s not opportunistic shopping — that’s a strategy.
For founders: Olaplex is both a cautionary tale and an opportunity story depending on which side of the deal you’re looking at. The cautionary tale is obvious — taking a company public during peak hype and watching 90% of the value evaporate. The opportunity story is Henkel buying a beloved brand at a massive discount because the public market overreacted. The brand isn’t broken. The valuation was.
Pernod Ricard and Brown-Forman Explore Mega Merger — A $16.5B Spirits Giant
Pernod Ricard is exploring a potential mega merger with Brown-Forman. If consummated, the combined company would be a global spirits giant with more than $16.5 billion in revenue — not far from Diageo’s $20.2 billion. Significant operational synergies would exist across distribution, manufacturing, and marketing.
This would be the most transformative deal in the spirits industry in decades. Pernod brings Absolut, Jameson, The Glenlivet, Malibu, and Beefeater. Brown-Forman brings Jack Daniel’s, Woodford Reserve, and Old Forester. The combined portfolio would own dominant positions in vodka, whiskey, gin, and rum simultaneously.
The timing makes sense. The spirits industry is under pressure — premiumization has plateaued in key markets, ready-to-drink is cannibalizing traditional bottles, and the moderation movement is shifting consumption patterns. Scale creates efficiency. Efficiency creates margins. Margins create the ability to invest in innovation and RTD formats that are actually growing. A $16.5B combined entity would have the muscle to compete with Diageo head-to-head across every category and every market.
For the emerging spirits brands we cover every week — the craft whiskeys, the RTD startups, the non-alc innovators — a Pernod-Brown-Forman merger means fewer potential acquirers but larger ones. The consolidation at the top of spirits mirrors exactly what we’re seeing in food and beauty. The era of the independent mid-size spirits company is ending.
Estée Lauder Explores Puig Merger — A 75% Stock Decline Changes Everything
Estée Lauder is in talks to potentially merge with Puig, the Spanish beauty firm that owns Byredo, Charlotte Tilbury, Dr. Barbara Sturm, Rabanne, and several other brands. Estée Lauder’s share price is down nearly 75% over the past five years.
When your stock drops 75%, options that seemed unthinkable become inevitable. Estée Lauder was once the undisputed king of prestige beauty. Now it’s exploring a merger with a company that has been consistently outmaneuvering it on brand acquisition, cultural positioning, and growth.
Puig has built arguably the best portfolio of contemporary prestige beauty brands in the world — Charlotte Tilbury alone is a powerhouse. Dr. Barbara Sturm owns the luxury skincare conversation. Byredo owns niche fragrance. Puig’s nose for deals and cultural relevance is exactly what Estée Lauder has been missing. Estée’s distribution infrastructure and global retail relationships plus Puig’s brand portfolio and deal-making instincts would create a beauty company that rivals L’Oréal.
This is also the second major Estée Lauder deal we’ve tracked in recent weeks — they completed the 18-year acquisition of Forest Essentials in India. The company is clearly in active portfolio reshaping mode. A Puig merger would be the most dramatic move yet.
Molson Coors Acquires Monaco Cocktails — RTD Consolidation Continues
Molson Coors is acquiring Atomic Brands, the parent company of Monaco Cocktails. Founded by Don Deubler in 2006, Atomic Brands was an early mover in RTD cocktails when it launched Monaco in 2012. Today, Monaco is sold in over 70,000 retail doors and has grown to become a top-5 RTD cocktail brand in the U.S.
Seventy thousand doors and a top-5 position in RTD cocktails. When Molson Coors — a company that built its empire on traditional beer — acquires one of the largest RTD cocktail brands in America, it confirms what we’ve been tracking for months: Big Beer is becoming Big Beverage. Molson already has the Fever-Tree distribution partnership. Now they have Monaco. The portfolio is evolving from a beer company to a total alcohol beverage company.
This follows Sazerac's acquisition of Dirty Shirley last week and Anheuser-Busch's acquisition of BeatBox last year. The RTD cocktail category is consolidating around the brands with real scale and real velocity. The independent RTD window is narrowing fast.
Advent Acquires Salt & Stone — $165M Revenue, Double-Digit Growth
Advent International is acquiring a majority stake in premium personal care brand Salt & Stone. Founded in 2017 by former professional skater Nima Jalali, Salt & Stone finished 2025 with $165M in revenue and grew double-digits across all channels. The exit is a big win for Humble Growth, which backed Salt & Stone in August 2024.
A hundred and sixty-five million in revenue with double-digit growth across every channel. That’s the kind of profile that makes Advent — one of the largest PE firms on the planet — write a check. Salt & Stone built something real: premium personal care that works for active consumers, clean ingredients, excellent design, and a brand aesthetic that transcends the category.
Humble Growth backing Salt & Stone in August 2024 and Advent acquiring a majority stake roughly a year and a half later is the dream timeline for growth equity. Find the brand with momentum, add operational fuel, and hand it off to a PE firm with global scaling infrastructure. Textbook.
Constellation Acquires Remainder of HOPWTR
Constellation Brands is acquiring the remainder of HOPWTR, the sparkling beverage brand infused with hops, adaptogens, and nootropics. Founded in 2020 by Jordan Bass and Nick Taranto, HOPWTR retails at Walmart, Target, and Whole Foods. Constellation originally acquired a minority stake in 2021. The deal closes in April.
Constellation’s playbook: take a minority stake, watch the brand perform, then acquire the rest. This is the patient capital model applied to functional beverages — and it works because the strategic buyer can de-risk before fully committing. For HOPWTR, having Constellation’s distribution machine behind the brand full-time changes the velocity trajectory entirely.
Bansk Acquires So Good So You — $100M+ Functional Shot Brand
Consumer PE firm Bansk Group is acquiring a majority stake in So Good So You, a Minnesota-based functional wellness shot brand. Founded in 2014 by Eric Hall and Rita Katona, the brand has grown more than 5x over the past four years and pulled in more than $100M in 2025. Prelude Growth Partners backed the brand in 2020 and will exit its position.
Five X growth over four years to cross $100M. The functional shot category is massive and growing — and So Good So You proved that a cold-pressed wellness brand can scale beyond the natural channel. Prelude’s exit after backing the brand in 2020 represents a strong return timeline. Bansk — which also recently invested in Righteous Felon — continues to build a portfolio of scaled, better-for-you brands with real revenue.
Herbalife Acquires Bioniq for Up to $150M
Herbalife is acquiring London-based personalized supplement company Bioniq for up to $150M, including $55M paid over five years plus a $95M earnout. Launched in 2019 by Vadim Fedotov, a former professional basketball player in Germany, Bioniq offers personalized nutritional supplements based on blood biomarker data. Investors included Rocket Internet, HV Capital, Porsche Ventures, Cristiano Ronaldo, and Diogo Dalot.
Personalized nutrition based on blood biomarkers is the premium end of the supplement market — and Herbalife's acquisition signals that the direct-selling giant sees the future of supplements as data-driven and individualized. The $95M earnout structure indicates that the real price depends on Bioniq meeting aggressive growth targets under Herbalife’s distribution umbrella. The Ronaldo connection doesn’t hurt either.
💰 THE FUNDING FRENZY
Big checks being written
Forward Consumer Partners — $500M Fund II
Forward Consumer Partners officially closed Fund II with $500M. Since launching in 2023, Forward has invested in Firehook, Justin’s, Xochitl, Kodiak, Bar Keepers Friend, and several other brands. The firm focuses on majority equity investments of $25M to $250M in well-positioned consumer brands.
Last week, Coefficient raised $530M. This week, Forward closes at $500M. Over a billion dollars in consumer-focused fund capital raised in two weeks. The institutional money flowing back into consumer brands right now is unprecedented — driven by exit data from Poppi, BeatBox, Siete, and LesserEvil, as well as the valuations we’re seeing on Thorne and Huel. When the math works, the capital follows.
KilgourMD — Series A from Prelude Growth
Fast-growing scalp care brand KilgourMD secured Series A funding from Prelude Growth Partners. Founded in 2024 by James Kilgour, MD, the company sells a scalp serum every 20 seconds and generated more than $40M in gross sales over the past 12 months. Previously raised seed from Willow Growth Partners, Joyance Partners, and Able Partners.
A scalp serum selling every 20 seconds. Forty million in gross sales. Founded in 2024. The velocity here is staggering — this is a brand that went from launch to $40M in roughly a year. Prelude has an excellent track record picking high-velocity personal care brands (they also backed So Good So You before Bansk acquired it this week). When a brand is doing $40M from essentially one hero SKU, the expansion potential into adjacent products is enormous.
Stellar Snacks — Main Post Partners Minority Investment
Stellar Snacks, a Nevada-based manufacturer of better-for-you pretzels, secured a minority growth investment from Main Post Partners. Founded by mother-daughter duo Elisabeth and Gina Galvin, Stellar operates two manufacturing facilities and employs over 300 people. Retail partners include Costco, Target, Kroger, and Albertsons.
Two manufacturing facilities, 300+ employees, and a retail roster that includes Costco, Target, Kroger, and Albertsons. This isn’t an emerging brand — this is a scaled manufacturer. Main Post Partners (which also backed Not Your Mother’s before Henkel acquired it) has a pattern: invest in brands with real operational infrastructure and proven retail velocity. Stellar Snacks fits that thesis perfectly.
Nopalera — $4M Series A
Nopalera closed a $4M Series A led by Morgan Stanley’s Next Level Fund. Siddhi Capital, L’ATTITUDE Ventures, Sixty8 Capital, and others participated. Sandra Velasquez launched the modern Mexican beauty and lifestyle brand in 2020 in San Antonio. Retails at Ulta Beauty, Credo Beauty, Mecca, and Amazon.
Morgan Stanley’s Next Level Fund leading the round brings institutional credibility and a network that goes far beyond the check size. Nopalera has been building cultural authenticity and brand equity for six years — the kind of patient brand building that creates lasting consumer relationships rather than flash-in-the-pan viral moments.
Iota — Era VC Investment
Era VC announced an investment in nutritional bodycare brand Iota. Founded by Monique Meneses in 2023 in New York, Iota’s bodycare range is formulated with superfood nutrients, vitamins, and minerals. The brand will debut at 860 Ulta Beauty doors on March 30th.
Raising capital concurrent with an 860-door Ulta launch is smart timing. When your investor announcement and your retail launch hit the same week, the PR compounds. Nutritional bodycare — products that deliver functional benefits through skin application — continues blurring the line between supplements and personal care.
ALTR — Branca International Strategic Investment
Italian spirits firm Branca International announced a strategic investment in ALTR, a Phoenix-based beverage tech startup. ALTR’s Velvet Blade technology removes alcohol at a molecular level while preserving taste. Branca will leverage ALTR’s technology for next-generation beverages.
When legacy spirits companies invest in de-alcoholization technology, they’re betting that the future of their business includes non-alc versions of their existing brands. Branca sees what the moderation movement is doing to consumption patterns and is investing in the technology to stay relevant rather than fighting the trend.
Beer Girl — $125K from Shark Tank
Beer Girl, a purveyor of low-ABV and gluten-reduced beers, secured a $125K investment from Fawn Weaver on Shark Tank. Founded in 2023, first beers entered distribution in 2024. Not to be confused with Hurray’s Girl Beer which raised $5M a few weeks ago. The low-ABV space for women is getting crowded fast.
🆕 PRODUCT LAUNCHES & INNOVATION
This week’s innovation circus
Alix Earle Launches Reale Actives
After weeks of teasing @wtfisalixdoing, Alix Earle is launching her skincare brand Reale Actives on March 31st. The line is designed for acne-prone skin with four products: Get Bare, Pore Power, Go Deep, and Dew More. Backed by Imaginary Ventures, which helped create BERO and POV Beauty.
Imaginary Ventures backing a skincare brand from one of the most influential Gen Z creators in America is a calculated bet on audience-to-product conversion. Earle has already backed Poppi, SipMARGS, and GORGIE — she understands consumer brands. The acne positioning is personal (she’s been open about her skin journey), which gives it authenticity that most celebrity beauty brands lack.
PRIME Adds Creatine to Protein Shakes
PRIME expanded its RTD protein shake range with Protein + Creatine — 32g of protein, 3g of creatine monohydrate, and only 3g of sugar. Three flavors: Cookies & Cream, Chocolate, and Vanilla.
Say what you will about PRIME’s trajectory in energy drinks — this is a smart product move. The protein-plus-creatine stack is exactly what the fitness-focused consumer wants in a single format. Thirty-two grams of protein and 3g of creatine in one shake eliminates a step in most people’s supplement routine. The functional stacking trend keeps accelerating.
Costco Launches Kirkland Energy Drinks at $16.99/24-Pack
Costco entered the energy drink category via Kirkland Signature. Three flavors, 200mg of caffeine, zero sugar. A 24-pack retails for $16.99.
This should terrify every energy drink brand on the market. Sixteen ninety-nine for twenty-four cans is roughly 71 cents per can. Celsius charges around $2 per can. Monster is around $1.75. Costco just told every member that energy drinks don’t need to cost $2. When the most powerful private label in American retail enters your category at a fraction of the price, the margin pressure hits everyone.
Ben Weiss Returns — Crooked Pop Hard Soda
After selling Bai to Keurig Dr. Pepper for $1.7B in 2016, Ben Weiss is back with Crooked Pop, a clean hard soda brand. Three flavors, 80 calories, less than 1g of carbs, no artificial colors or sweeteners. Powered by Organic Super Dry Alcohol (OSA) made from ancient grains.
When the founder of a $1.7B exit comes back, pay attention. Weiss understands beverage distribution, retail execution, and brand building at scale. Crooked Pop enters a hard soda category that’s heating up — and the clean positioning (80 cal, no artificial anything) gives it differentiation in a space where most competitors are loaded with sugar.
Tilray x Popsicle — Licensed RTD Cocktails
Tilray partnered with The Magnum Ice Cream Company to license the Popsicle brand for malt-based RTD cocktails. Hard Cherry, Hard Orange, and Hard Grape at 5% ABV. Nostalgia licensing meets alcohol, similar to Dirty Shirley’s thesis on childhood nostalgia. Tilray continues building its beverage portfolio after completing the BrewDog acquisitions.
Tarte Founder Returns — FINNSUL Wellness Brand
After selling Tarte Cosmetics to Kose Corp in 2014, Maureen Kelly is back with FINNSUL, a wellness brand co-founded with her two sons. Drink mixes delivering nootropics for focus and electrolytes for hydration. Three flavors in caffeinated and non-caffeinated versions. Another successful founder is coming back for round two in a different category.
More Launches Worth Watching
Mid-Day Squares is expanding the No Bread PB&J line with Grape flavor in May — the SKU that’s already outselling their entire portfolio gets a line extension.
Perfect Snacks launched Protein + Prebiotics bars — 20g protein, 6g fiber, no artificial sweeteners. Amazon and TikTok Shop now, Whole Foods later this year.
Little Sesame x Yellowbird with Yellowbird heading to Sprouts — the Little Sesame co-branding machine keeps rolling.
Whey Water launching sparkling protein water in May — 18g whey isolate, 90 calories per can.
RYSE Supplements is entering protein ice cream — Peanut Butter Chip and Cookies & Cream.
Smash Kitchen officially launched popcorn — the condiment-to-snack brand now has kettle chips and popcorn at Walmart after expanding into salty snacks earlier this month. The category expansion keeps rolling.
Floura unveiled Brownie Batter flavor with 15g of fiber per bar.
Harry’s Famous Sauce expanded pasta sauce with Rustic Tomato Basil and Original Tarragon Vodka.
Salt & Stone x 818 Tequila limited-edition Amber & Agave body care at Sephora, April 10th, with Coachella activation.
Bubble launched SUN RISE mineral sunscreen stick, SPF 40, $15 at Ulta, with Target and Boots coming.
Trenchies — functional productivity candy from influencer Brez with caffeine, B12, L-Theanine, and L-Tyrosine.
Lucille — new brand disrupting senior nutrition with cleaner formulations, backed by New Fare Partners.
Snooz — UK brand bringing sleep-promoting ice cream with chamomile, magnesium, L-Theanine, and fiber.
Chobani investing $567M into West Michigan to expand La Colombe production — 200,000+ square feet, 340 new jobs.
📊 THE DATA DIGEST
Numbers that matter
The Soylent Founder’s Post-Mortem on Huel’s $1.15B Exit
In the wake of Danone’s billion-dollar Huel acquisition, Soylent co-founder Matthew Cauble shared a candid post on why Soylent missed the mark while Huel and YFood experienced major exits. It’s a rare moment of founder honesty about what went wrong — and required reading for anyone building in functional nutrition. Respect the candor and self-awareness.
$12B in Snack Sales at Risk from Weight Loss Drugs
According to The Economist, up to $12 billion in snack sales could be erased in the U.S. by weight-loss drugs. The GLP-1 impact on snacking keeps getting quantified — and $12B is a number that gets every snack company’s attention. The brands repositioning around protein, fiber, and portion control right now are the ones that will survive this shift.
NuTrail — Second Fastest-Growing Granola at Sprouts
NuTrail is the second fastest-growing granola brand in the natural channel. The Utah-based protein granola maker secured backing from EagleTree Capital last year and named Sheila Stanziale as CEO. Protein granola continues to be a hot subcategory in the better-for-you aisle.
Fever-Tree FY 2025 — Mixed Results
Fever-Tree reported revenue up 4% year-over-year. UK revenue dipped 2% while U.S. and Europe grew 3% and 2% respectively. The rest of the world up 17%. Adjusted EBITDA contracted 16%. The premium mixer category is maturing in developed markets while international expansion drives growth. The Molson Coors distribution partnership remains the bull case for U.S. acceleration.
Whitebox Cocktails — 100% Revenue Growth
Edinburgh-based canned cocktail brand Whitebox saw revenue increase 100% year-over-year to over $5.4M in 2025. The UK RTD market continues to produce high-growth brands. Double revenue in a single year with room to scale.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
Target Keeps Winning
Happy Dad added 1,400 Target doors — the hard seltzer cult brand that dominated Dry January now has access to Target’s massive footprint. PopSips expanded to 800+ Target doors. Hiyo expanded to over 2,000 Target doors. Target continues to be the most important retailer for emerging brands across every beverage category.
Sprouts Stays Busy
Yough! launched nationwide at Sprouts Farmers Market after its Target debut. Drizzle Honey launched storewide at Sprouts. SideDish is launching at Sprouts soon. Sprouts continues to be the incubator retailer that validates brands for larger chains.
Costco and Club Stores
SpikedAde launched at Costco in the Northeast. Better Sour launched at Costco in the Southeast. The club store channel keeps opening up for emerging beverage brands, with a margin structure and pack sizes that support it. NuTrail launched at BJ's — the protein granola brand that's the second-fastest-growing in the natural channel now has club-store validation.
Specialty and Regional
Hormbles Chormbles launched at Gelson’s in SoCal. Iota is debuting at 860 Ulta Beauty doors. Real Coco launched nationwide at Aldi. VACA launched at Lazy Acres Natural Market. Klar at Erewhon.
👋 PEOPLE MOVES
Blair Owens officially started as Caliwater’s first CEO after departing Hint Water. Previously at Coca-Cola, Monster, and E&J Gallo. The most operationally significant executive hire in emerging beverages this quarter.
Alexandra O’Brien joined Little Sesame as CMO from Harmless Harvest. Jesse Merrill, Good Culture co-founder and CEO, joined Little Sesame’s Board of Directors. Little Sesame is assembling serious operational and strategic talent.
Lauren Stubblefield, a Casamigos and LALO veteran, joined BERO as VP of National Accounts and Strategic Markets, On-Premise. BERO continues prioritizing the on-premise channel.
Anna Teal stepped down as CEO of Grown Alchemist to focus on launching AFIMA, a new wellness brand coming later this year.
Maureen Kelly, the founder of Tarte Cosmetics, returned to the founder’s chair with FINNSUL wellness brand.
Ben Weiss, who sold Bai for $1.7B, is back with Crooked Pop hard soda.
Julian Hearn, the founder of Huel, co-founded luxury sambuca brand Cimbroni. Because when you sell your company for $1.15B, you launch a $60 sambuca. As one does.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
I’ve been doing this newsletter since the fall now, and this might be the most significant M&A week I’ve covered. Not because of any single deal — but because of what they all say together.
Henkel is acquiring Olaplex for $1.4B, after the company was valued at $13B at its IPO. Pernod Ricard is exploring a merger with Brown-Forman to create a $16.5B spirits giant. Estée Lauder — down 75% — exploring a merger with Puig. Molson Coors is buying Monaco Cocktails. Constellation acquiring HOPWTR. Advent taking Salt & Stone. Banks are buying So Good So You.
Every single one of these deals has the same underlying thesis: the best time to buy is when others are scared, distracted, or overextended. Henkel is buying Olaplex at a 90% discount. Pernod is merging because standalone growth is harder than combined efficiency. Estée Lauder is exploring Puig because a 75% stock decline forces you to consider options you never would have entertained at the top.
The Olaplex story deserves special attention because it’s the clearest illustration of the hype-to-reality cycle in consumer brands. $13B at IPO. $1.4B to Henkel four years later. The brand isn’t fundamentally broken — consumers still love the product. What broke was the growth narrative that justified a $13B valuation. When that narrative cracked, the public market punished it mercilessly. Henkel is buying the brand, not the narrative. And that’s why they’re getting a bargain.
Meanwhile, Forward closed at $500M. Last week, Coefficient closed at $530M. Over a billion dollars in consumer-focused fund capital in two weeks. The capital is flowing because the exit math is working. Huel at $1.15B. Thorne potentially at $4B. Salt & Stone to Advent. So Good So You to Bansk. The flywheel between exits and new fund formation has never spun faster.
And then there’s Costco launching energy drinks at 71 cents a can. When Kirkland Signature enters your category, the price floor just dropped. Every energy drink brand in America needs to answer a new question: why should a consumer pay $2 for your can when Costco sells one for 71 cents? If your answer is “our branding,” that’s not enough. If your answer is “our formula delivers a genuinely different experience, and our community values what we stand for,” you might survive.
The consolidation wave we’ve been tracking isn’t slowing down. It’s accelerating. And the deals are getting bigger, faster, and more strategic. The companies buying right now are the ones that will dominate the next decade. The companies selling right now are the ones that built something real. The companies watching from the sidelines are the ones that will wish they’d moved.
Build accordingly. And fast.
🎙️ COMING TUESDAY
Unpackaged Goods Episode
Breaking down the Olaplex collapse from $13B to $1.4B and what it means for every DTC brand considering an IPO. Why the Pernod-Brown-Forman merger would reshape the entire spirits industry. The Estée Lauder-Puig talks and what a 75% stock decline does to your strategic options. Plus: Costco’s 71-cent energy drink and why it should terrify every brand in the aisle.
🥫 ONE MORE THING...
Before you close this tab
Julian Hearn sold Huel for $1.15 billion and immediately co-founded a luxury sambuca brand. A sixty-dollar sambuca. That’s the most “just sold my company for a billion” move I’ve ever seen. Respect.
The Soylent founder posting a candid analysis of why Huel won, and Soylent didn’t, is the kind of founder honesty this industry needs more of. The meal replacement category has just proven it can deliver billion-dollar outcomes. The brand that pioneered the category wasn’t the one that captured the value. That’s a lesson worth sitting with.
Henkel buying Olaplex and Not Your Mother’s in the same month might look like a shopping spree. It’s actually a masterclass in portfolio construction — premium plus mass plus professional haircare, assembled in 30 days at valuations that would’ve been impossible two years ago.
The window is open. The deals are happening. The capital is flowing. But windows close.
Until next Sunday, Jonathan Deeter Your CPG-Obsessed Friend
P.S. — Costco launched energy drinks at $16.99 for a 24-pack. Seventy-one cents a can. Celsius charges two dollars. The Kirkland Signature effect is the most deflationary force in CPG and it just arrived in the energy aisle. Sleep tight, Monster.
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This newsletter is finished with Trophy Wife Finishing Salts - elevating every bite since 2025
Excellent newsletter! Wow, Olaplex, a cautionary tale! Did you know that Sandra Velasquez, the founder of Nopalera, had a great band called Pistolera years ago? I interviewed her back then, and have known about Nopalera for a while, but only somewhat recently realized it was the same person! She's very talented.