Issue #23 | April 6, 2026
🥄 FIRST BITE
The appetizer before we dive in
Welcome back. It happened. Unilever and McCormick made it official — merging Unilever’s food division with McCormick to create a $20 billion revenue food giant worth roughly $60 billion. Hellmann’s, Knorr, Cholula, Frank’s Red Hot, Old Bay, and Stubb’s all under one roof. Unilever gets 65% ownership and a $15.7 billion cash payment. The biggest food deal in years is no longer speculation. It’s done.
Meanwhile, Keurig Dr Pepper closed its $18 billion acquisition of JDE Peet’s and will split into two publicly traded companies. Chomps is on track to hit $900 million in revenue this year. A testosterone supplement brand hit a $100M run rate in 18 months. Create closed $20M for creatine gummies. And the former CEO of Casamigos launched a canned cocktail brand because apparently, everyone who’s ever touched that company goes on to launch something.
The theme this week is confirmation. The mega deals we’ve been tracking are closing. The brands with real velocity are getting funded. And Chomps is quietly approaching a billion dollars in meat snacks while everyone else chases trends. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
Unilever x McCormick Is Official — $20B Revenue, $60B Combined Value
It’s done. Unilever is merging its food division with McCormick. The combined company will unite Hellmann’s, Knorr, Cholula, French’s, Frank’s Red Hot, Old Bay, Stubb’s, and McCormick’s core spice and seasoning portfolio under one roof. The combined entity will have approximately $20 billion in revenue. Under the terms, Unilever will own roughly 65% of the combined company and receive a one-time $15.7 billion cash payment.
We’ve been tracking this deal since it first surfaced a few weeks ago. Now that the details are public, the strategic logic is even cleaner than expected. Unilever gets to shed its food division — the anchor that’s been dragging down its multiple for years — while retaining majority ownership of the combined entity and pocketing $15.7 billion in cash to redeploy into beauty, personal care, and wellness. McCormick transforms overnight from a spice specialist into one of the largest food companies in the world.
The $15.7 billion cash payment is the detail that changes everything. Unilever isn’t just divesting food — it’s getting paid a massive premium to do it. That capital goes straight into the higher-margin, faster-growing categories that drive premium valuations. Expect Unilever to go on an acquisition spree in beauty and wellness with that war chest.
For the broader industry, this deal confirms what we said last month: the era of the diversified conglomerate doing everything adequately is over. Unilever chose beauty. McCormick chose food. Focus wins. The companies still trying to be everything to everyone should be studying this deal very carefully.
Keurig Dr Pepper Closes $18B JDE Peet’s Acquisition — Then Splits in Two
Keurig Dr Pepper officially closed its $18 billion acquisition of European coffee giant JDE Peet’s. After an interim operating period, KDP will split into two independent, U.S.-listed companies: Beverage Co. and Global Coffee Co. JDE Peet’s generated €9.9 billion in total sales in 2025 while KDP’s revenue is north of $16 billion.
This creates two focused companies from one diversified one — the same thesis driving the Unilever-McCormick merger. Beverage Co. gets Dr Pepper, Snapple, Core, and the beverage portfolio. Global Coffee Co. gets Keurig, Peet’s, JDE’s European coffee brands, and the K-Cup ecosystem. Each company can pursue its own M&A strategy, allocate capital independently, and tell a cleaner growth story to investors.
The coffee side is particularly interesting. Global Coffee Co. will be one of the largest pure-play coffee companies in the world — at a time when coffee consumption continues growing globally while the at-home brewing market (K-Cups) is mature in the U.S. but still underpenetrated internationally. JDE Peet’s European infrastructure gives them the international footprint that Keurig alone never had.
Chomps Is on Track for $900M — The Meat Snack Empire Keeps Building
According to Forbes, Chomps is on track to top $900 million in annual revenue this year, up from $660 million in 2025. That’s roughly 36% growth at massive scale.
Let that number sit for a moment. Nine hundred million dollars. In meat sticks. Clean label, grass-fed, no sugar, no artificial anything. The brand that Bain just put on its Insurgent Brands list for driving outsized category growth is now approaching a billion dollars in revenue.
Two weeks ago we covered PepsiCo launching Good Warrior meat sticks. We said it was validation and competition arriving on the same truck. Chomps is the reason PepsiCo entered the category — and Chomps’ response is to grow 36% year-over-year while PepsiCo is still figuring out distribution. When your insurgent brand is doing $900M and the incumbent just launched, the moat is already built.
Archer secured a $100M JPMorgan credit line approaching $500M. Chomps is approaching $900M. Jack Link’s went clean-label. PepsiCo launched Good Warrior. The meat snack category is one of the most dynamic in all of CPG right now — and Chomps is winning by doing the same thing it’s always done: clean ingredients, strong brand, relentless execution.
IM8 Hits $100M ARR in 11 Months — The Fastest Ramp in Supplements
NBA legend Giannis Antetokounmpo took a minority equity stake in IM8, one of the fastest-growing supplement brands in the world. Founded in late 2024 by Prenetics (NASDAQ: PRE) and David Beckham, IM8 reached $100M in annual recurring revenue in just 11 months. The company anticipates over $180M in revenue in 2026. Other athlete investors include Aryna Sabalenka and Ollie Bearman.
A hundred million in ARR in 11 months. That might be the fastest ramp to $100M we’ve ever covered in CPG. For context, KilgourMD hit $40M in its first year and we called that staggering. IM8 did $100M. The Beckham association provides global credibility, but the Prenetics backing provides the infrastructure — they’re a NASDAQ-listed health sciences company with clinical capabilities that most supplement brands can’t access.
The athlete investor roster — Beckham, Giannis, Sabalenka — isn’t just celebrity endorsement. It’s a distribution channel. Each athlete brings their audience, their credibility in performance and longevity, and their ability to drive trial through authentic use. When your supplement brand has Giannis and Beckham on the cap table and you’re at $100M in under a year, the traditional playbook doesn’t apply anymore.
💰 THE FUNDING FRENZY
Big checks being written
Mars Men — $27.5M Series A Led by L Catterton
Mars Men, a natural testosterone supplement brand, secured $27.5M in Series A funding led by L Catterton. Founded by Benjamin Smith and Zach Stuck, Mars Men hit a $100M+ revenue run rate in less than 18 months. The product delivers Fenugreek, Tongkat Ali, Zinc, and Boron for long-term testosterone support.
L Catterton leading at the Series A tells you everything. This is the same firm shopping Thorne for $4 billion. When L Catterton sees a VMS brand hit $100M in 18 months and decides to lead the round, they’re not making a speculative bet — they’re running the Thorne playbook again. Mars Men’s velocity is in the same league as KilgourMD ($40M in year one) and IM8 ($100M in 11 months). The men’s health supplement category is exploding, and L Catterton is positioning to own the winner.
Create — $20M Series B
Modern creatine brand Create closed a $20M Series B led by Alliance Consumer Growth. Impact Capital (Mike Repole’s family office) and Unilever Ventures also participated. Create has sold more than 20 million gummies and is the top-selling creatine gummy brand at Target. The company also launched Creatine + Electrolytes this week.
Mike Repole — the man behind Vitaminwater ($4.2B exit to Coca-Cola) and BODYARMOR ($5.6B exit to Coca-Cola) — investing in Create through his family office is the single most credible signal a functional nutrition brand can receive. Repole doesn’t invest in trends. He invests in categories he believes will produce billion-dollar outcomes. Unilever Ventures’ continued involvement (they were early backers) adds corporate strategic validation on top of that. Twenty million gummies sold and the number one creatine gummy at Target — Create has proven the category and is now scaling it.
Standing Ovation — $34.2M Series B
French precision fermentation startup Standing Ovation secured $34.2M in Series B funding co-led by Crédit Mutuel Innovation and Ecotechnologies 2 fund. Danone Ventures joined the cap table alongside existing investors Astanor, Bel Group, Seventure Partners, and Big Idea Ventures. Founded in 2020 by agricultural engineer Romain Chayot, Standing Ovation produces high-quality casein through precision fermentation.
Danone Ventures joining the cap table is the strategic signal worth noting. Danone just acquired Huel for $1.15B. Now they’re investing in precision fermentation technology for dairy proteins. The world’s largest dairy company is simultaneously acquiring complete nutrition brands and investing in the technology that could redefine dairy itself. Standing Ovation represents the science bet — if precision fermentation can produce casein at scale and at a competitive cost, it would disrupt the entire dairy supply chain.
Beiersdorf — €100M Skin Care Innovation Fund
German personal care company Beiersdorf announced a €100M Skin Care Innovation Fund. Since 2020, Beiersdorf has built a portfolio of more than 15 companies across life science, sustainability, and digital health. Previous investments include Vincere Biosciences, Melt & Marble, and S-Biomedic.
A hundred million euros dedicated to skincare innovation from the company behind Nivea and Eucerin. Corporate venture arms of legacy beauty companies keep getting larger and more sophisticated. Beiersdorf isn’t just writing checks — they’re building a pipeline of technologies and ingredients that feed their core product development. This is how legacy personal care companies stay relevant: invest in the science before it shows up in a competitor’s product.
APG Invests in Dossier
American Pacific Group, a Bay Area PE firm, announced a strategic investment in Dossier, the New York-based fragrance brand best known for duping luxury scents. Founder and CEO Sergio Tache continues leading the brand. APG’s consumer portfolio includes Coterie and Alete Active Nutrition.
The dupe economy in fragrance is massive and growing — Dossier proved that consumers will happily pay $29 for a scent that smells nearly identical to a $300 luxury fragrance. PE interest in the dupe model validates that it’s not a gimmick — it’s a business model with real margins and real repeat purchase. APG’s involvement brings operational and scaling expertise that most DTC fragrance brands lack.
Stories & Ink — Investment at $11.4M Valuation
UK-based tattoo care brand Stories & Ink secured funding at an $11.4M valuation. Founded in late 2019 by Stu Jolley, the brand launched nationwide at Target in the U.S. in 2024. Products span body care and tattoo aftercare.
Tattoo care is a niche within personal care that most brands ignore — which is exactly why it’s interesting. The tattooed consumer is massive (roughly 30% of U.S. adults have at least one tattoo) and underserved by mainstream personal care. Landing Target nationwide gives Stories & Ink access to the mass market consumer who’s currently using generic lotion on fresh ink.
Hard Cut Vodka — $630K Crowdfunding
Spirits brand Hard Cut Vodka, co-founded by actor Dolph Lundgren, raised over $630K on StartEngine. Focused on California for now. Celebrity spirits plus crowdfunding is a combination we’re seeing more of as traditional VC stays cautious on alcohol brands.
🆕 PRODUCT LAUNCHES & INNOVATION
This week’s innovation circus
The Former CEO of Casamigos Launched a Canned Cocktail
Lee Einsidler, the former CEO of Casamigos, launched Por Qué No — a canned cocktail brand combining tequila, vodka, and fruit flavors. Currently available in Massachusetts and Rhode Island, with New York, New Jersey, and Connecticut next.
The Casamigos executive alumni tree keeps producing. George Clooney launched Crazy Mountain non-alcoholic beer. Now the former CEO launches canned cocktails. When you’ve run a brand that sold for $1 billion to Diageo, you understand premiumization, distribution, and what consumers actually reach for. The RTD cocktail category continues to attract proven operators because consolidation dynamics (Monaco to Molson Coors, Dirty Shirley to Sazerac, BeatBox to AB InBev) are creating clear exit paths.
Khloud Protein Chips Debut at Target
Khloé Kardashian’s fast-growing snack brand, Khloud, unveiled Protein Chips — 7g of protein per serving, non-GMO masa, avocado oil, gluten- and seed oil-free. Three flavors: Sweet Heat, Nacho, Buffalo. Debuting exclusively at Target on April 8th.
Another Kardashian is entering functional snacking at Target. The macro positioning (seed oil-free, protein-forward) and the Target exclusivity window are smart moves. Whether Khloud has repeat purchases to justify shelf space beyond the initial celebrity trial period is the question every buyer is asking.
Liquid I.V. x Grillo’s Pickles — The Best April Fools Product That’s Actually Real
Liquid I.V. partnered with Grillo’s Pickles to launch a limited-edition Dill Pickle Hydration Multiplier. April Fools’ done right — they actually launched the product. The pickle trend in CPG has officially jumped the shark and become self-aware.
More Launches Worth Watching
Lemme launched its first Women’s Daily Multivitamin with 25+ vitamins, minerals, and superfruits. Also launching Lemme Metabolism on April 7th, powered by Akkermansia for weight maintenance and gut barrier support. Kourtney Kardashian’s brand continues to expand its supplement range.
PRODA officially launched at Sprouts — protein soda from Peaky Blinders actor Matthew Postlethwaite and former Suja CEO Jeff Church. 10g protein, 3g fiber, zero sugar, 45 calories.
Bloom Sparkling Energy is launching in Canada via Keurig Dr. Pepper at 7-Eleven and Couche-Tard. Sold over 100 million cans since July 2024 launch.
Protein2o launching P2X advanced hydration at Target — 20g protein plus electrolytes, partnering with Orangetheory.
BrüChew — mushroom coffee gummies from an anonymous exited founder. 50mg caffeine, 1g functional mushrooms per serving. The anonymous founder angle is a great marketing play.
Cardi B’s Grow-Good Beauty is launching April 15th with six haircare products ($14.99-$17.99). Developed with Revolve Group. Pre-sale already sold out.
Snif launching a cereal-inspired fragrance collection at Ulta Beauty on April 10th — Crunch Time, Streak, and Frooty Call. The nostalgia play in fragrance keeps working.
Santa Cruz Paleo launched grass-fed protein bars — 20g protein, no seed oils, no artificial flavors.
Moka Energy — caffeinated nutrition bars from the Jack & Friends founder. 90mg caffeine per bar.
Chiarella — luxury Italian mineral water from the founders who sold Mela. Sourced from Lake Como. Family-owned since 1964.
Johnny Depp launched Three Hearts Rum — super-premium Dominican rum aged seven years.
Coconut Cult releasing Probiotic Coconut Froyo.
Prime Bites released high-protein rice crispies with 19g protein, 13g fiber, 5g collagen via TikTok Shop.
FORTA — performance cosmetics for athletes from WNBA star Lexie Hull and her Stanford roommate.
Kaizen unveiled a bold brand refresh for its high-protein pasta and rice line. Massive improvement.
Once Upon a Farm expanded with 14 new SKUs including Meat & Bone Broth Blends and shelf-stable Power Wheels snacks.
Tru trimmed SKUs and rebranded to focus on energy and relaxation. Toto also rebranded after doubling sales, leaning into warmth and indulgence over functionality.
Bobo’s refreshed packaging for Oat Bites & PB&J — bolder colors, better product photography.
Drizzilicious launched Drizzled Kettle Corn in four flavors.
All Things Dairy expanded cottage cheese with two low-fat varieties.
📊 THE DATA DIGEST
Numbers that matter
Chomps Approaching $900M
According to Forbes, Chomps is on track to top $900M in revenue this year, up from $660M. The meat snack insurgent keeps compounding while PepsiCo tries to enter the category from scratch. When your clean-label brand is approaching a billion and the incumbent just launched, the moat is built.
IM8 — $100M ARR in 11 Months
IM8 reached $100M in annual recurring revenue in just 11 months and anticipates $180M+ in 2026. Founded by Prenetics and David Beckham. The fastest ramp to $100M we’ve ever tracked in CPG supplements.
Mars Men — $100M Run Rate in 18 Months
Mars Men hit a $100M+ revenue run rate in less than 18 months, attracting a $27.5M Series A from L Catterton. Natural testosterone supplements are clearly not niche anymore.
Lifeway Expects 30%+ Q1 Growth
Lifeway Foods expects Q1 net sales to jump more than 30%, reflecting increased demand for probiotic foods. The kefir and fermented dairy category keeps compounding on the gut health trend.
Functional Shots Growing 54% in the UK
Functional wellness shots grew 54% year-over-year in the UK to £63M. NIQ expects the category to reach £115M by 2027. MOJU leads with 35% market share and revenue of £22.8M.
All Things Dairy — #1 Cottage Cheese in UK Retailer
All Things Dairy became the top-selling cottage cheese brand at one of the UK’s largest retailers after just three months. The cottage cheese renaissance is going international.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
Walmart Goes Big
Cadence launched at 2,000+ Walmart doors — a massive expansion for the hydration brand. Clean Simple Eats launched at 2,000+ Walmart stores. Boka expanded to 4,500 Walmart stores — the oral care brand earning one of the largest Walmart footprints we’ve tracked for an emerging brand. Opopop launched nationwide at Walmart. Four brands hitting Walmart with thousands of doors each in the same week.
Target Keeps Stacking
Khloud Protein Chips debuting exclusively at Target on April 8th. Protein2o P2X launching at Target. Target’s continued willingness to give emerging brands exclusive launch windows makes it the most important retailer for new product debuts in CPG.
Sprouts Stays Busy
PRODA officially launched at Sprouts — the protein soda from the former Suja CEO. Noot launched its functional beverage line at Sprouts. Sprouts continues to be the natural channel incubator that validates brands for larger chains.
Whole Foods and Specialty
Something Sweet launched nationwide at Whole Foods Market. Neutonic is now available at Gelson’s in SoCal. Nightingale Ice Cream launched at Wegmans. ChiChi is now available on Thrive Market.
Regional and Emerging
Kindling Snacks launched at Kroger. Cleanlogic launching at 6,000+ CVS stores — one of the largest single-retailer launches we’ve tracked for an emerging personal care brand. Dally is now available at Big Y in the Northeast. oHy hydrogen water launched at Meijer. Lazy Food launched at The Fresh Market. Legally Addictive is now available on JetBlue flights — the in-flight distribution play for snack brands keeps growing.
International
Bloom Sparkling Energy launching in Canada via KDP at 7-Eleven and Couche-Tard after selling 100 million cans domestically.
👋 PEOPLE MOVES
Alex Bregman joined Throne Sport Coffee as brand partner and investor alongside Patrick Mahomes, Breanna Stewart, and Alex Toussaint. Throne’s athlete roster is getting deep.
Jose Manuel Albesa officially took the CEO chair at Puig as Marc Puig shifted to Executive Chairman. This leadership transition is happening as Puig explores a potential Estée Lauder merger.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
The Unilever-McCormick deal is the exclamation point on the thesis we’ve been building for months. Focus wins. Conglomerates that try to be everything are being outperformed by companies that pick a lane and dominate it.
Unilever chose beauty and wellness over food. McCormick chose food and condiments over everything else. General Mills chose pets over international food. Glossier chose three flagship stores over twelve. The pattern is universal — and the Unilever-McCormick merger is the largest, most consequential example of it yet.
But here’s what excites me even more than the mega deals: the velocity at the emerging brand level is accelerating in ways I haven’t seen before. Chomps approaching $900M. IM8 hitting $100M in 11 months. Mars Men hitting $100M in 18 months. KilgourMD at $40M in year one. Create selling 20 million gummies. These aren’t slow-burn success stories — they’re rockets.
The common thread? Every one of these brands solved a specific functional need for a specific consumer. Chomps: clean meat snacks. IM8: longevity supplements with athlete credibility. Mars Men: natural testosterone support. KilgourMD: scalp health. Create: creatine in a gummy format. Not one of them tried to be everything to everyone. They picked a problem, solved it better than anyone else, and let velocity do the rest.
L Catterton leading Mars Men’s Series A while simultaneously shopping Thorne for $4B tells you exactly where the smart money sees the opportunity. Men’s health, longevity, and science-backed supplementation are the categories producing the fastest growth and the biggest exits. L Catterton isn’t guessing — they’re running the same playbook across multiple companies in the same thesis.
And then there’s the Casamigos effect. George Clooney launched non-alc beer. The former CEO launched canned cocktails. Diageo is extending the brand into RTD formats. The people and the brand that created a billion-dollar tequila exit are now seeding the next generation of beverage brands across multiple categories. The Casamigos alumni network might become the most prolific founder factory in spirits.
Over a billion dollars in consumer fund capital closed in the last three weeks. The exit math is working. The velocity math is working. The consolidation is accelerating. And the brands that built something real — not something trendy, not something viral, something real — are the ones getting funded, getting acquired, and getting valued at prices that would’ve been laughable three years ago.
Build real. Build fast. Focus wins.
🎙️ COMING TUESDAY
Unpackaged Goods Episode
Breaking down the Unilever-McCormick merger details and what the $15.7B cash payment means for Unilever’s next acquisition spree. Why Chomps approaching $900M should terrify every other snack brand and validate every insurgent founder. The velocity phenomenon — IM8 at $100M in 11 months, Mars Men at $100M in 18 months, and what’s driving these unprecedented ramp rates. Plus: the Casamigos alumni effect and why that single brand might produce more CPG founders than any accelerator program.
🥫 ONE MORE THING...
Before you close this tab
Liquid I.V. partnered with Grillo’s Pickles for a Dill Pickle Hydration Multiplier. As an April Fools’ product. That they actually made. And actually sell.
When Unilever’s hydration brand (Liquid I.V. does over $1B in revenue) partners with a pickle brand for a limited-edition SKU, it tells you two things. One: the pickle trend in CPG has reached full self-awareness. Two: even billion-dollar brands need cultural moments to stay relevant.
Meanwhile, an anonymous founder launched mushroom coffee gummies because the founder behind it is intentionally staying hidden. The marketing gimmick is that there is no marketing gimmick. In an era where every founder is building a personal brand before building a product, launching anonymously is either the boldest or the dumbest move of the year. I respect it either way.
Chomps is approaching $900M. IM8 hit $100M in 11 months. The Unilever-McCormick merger just created a $20B food company. The numbers keep getting bigger. The timelines keep getting shorter. The brands winning are the ones that solved one problem better than anyone else and refused to get distracted.
Focus wins. It always does.
Until next Sunday, Jonathan Deeter Your CPG-Obsessed Friend
P.S. — Unilever is getting a $15.7 billion cash payment as part of the McCormick merger. Fifteen point seven billion. In cash. If even 10% of that goes into beauty and wellness acquisitions, every founder in those categories should have their deal room ready. The war chest is loaded.
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