Issue #25 | April 20, 2026
🥄 FIRST BITE
The appetizer before we dive in
Welcome back. The RTD cocktail consolidation wave just claimed its biggest victim yet — White Claw’s parent company acquired The Finnish Long Drink for $325 million. That’s five major RTD exits in five months: BeatBox, Monaco, Dirty Shirley, HOPWTR, and now Finnish Long Drink. If you’re building an RTD brand with velocity, the acquirer pool is shrinking, but the checks keep getting bigger.
Meanwhile, Sazerac offered $15 billion to buy Brown-Forman outright, while Pernod Ricard still has its own merger talks open. Collaborative Fund raised $250M for a PE vehicle designed to be a permanent home for brands that aren’t on the exit-or-IPO track. Suja Life filed to go public at $327M in revenue. Grüns is about to overtake AG1 in DTC sales — a brand founded in 2023 catching a brand founded in 2016. And Allbirds sold itself for $39M, then pivoted to AI, then raised $50M to buy GPUs. The simulation broke.
The theme this week is acceleration. The RTD exits are happening monthly now. The spirits mega deals are competing with each other. The velocity brands keep getting faster. And one of the smartest funds in consumer just built a permanent home for brands that don’t want to sell. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
White Claw’s Parent Acquires Finnish Long Drink for $325M — RTD Exit #5 in Five Months
The Mark Anthony Group of Companies, parent of White Claw, acquired The Finnish Long Drink for $325 million. Founded in 2018 by several Finnish friends and American entrepreneur Evan Burns, Finnish Long Drink sold 3.3 million cases in 2025 and ranks as the ninth largest spirits RTD brand per NIQ. Investors included Palm Tree Crew, Miles Teller, Rickie Fowler, Ben Kaplan, Marcy Venture Partners, and Neuberger Berman.
Five RTD cocktail exits in five months. Let me list them: BeatBox to AB InBev ($490M). Monaco to Molson Coors. Dirty Shirley to Sazerac. HOPWTR to Constellation. And now Finnish Long Drink to Mark Anthony for $325M. The RTD consolidation wave isn’t a trend — it’s a land grab. Every major alcohol company is racing to own the RTD brands with real velocity before someone else does.
Mark Anthony buying Finnish Long Drink makes strategic sense. White Claw dominated hard seltzer but the category peaked. RTD spirits-based cocktails are where the growth is. Finnish Long Drink gives Mark Anthony a premium, differentiated RTD brand with strong velocity and cultural positioning that White Claw can’t replicate organically.
For every RTD founder watching: the exit window is wide open but it won’t stay open forever. Five deals in five months means the shelf is getting crowded with acquired brands backed by Big Alcohol distribution. The independent window is narrowing fast. If you’ve got velocity, the time to have conversations is now.
Sazerac Offers $15B for Brown-Forman — Competing with Pernod’s Mega Merger
According to the Wall Street Journal, Sazerac has offered to buy Brown-Forman for approximately $15 billion. This while Pernod Ricard’s merger talks with the Jack Daniel’s maker are still ongoing.
The spirits mega deal just got a bidding war. Sazerac — the family-owned company that’s been on a quiet acquisition spree (SVEDKA, BuzzBallz, Western Son, Dirty Shirley) — is now going after the biggest prize in American spirits. Jack Daniel’s, Woodford Reserve, Old Forester — all under Sazerac’s roof would create a spirits empire to rival Diageo and Pernod Ricard.
But here’s the complication: Brown-Forman is family-controlled. The Brown family has maintained control for over 150 years. It’s difficult to imagine them selling outright when a merger with Pernod — where they’d retain significant ownership in a combined $16.5B revenue entity — is still on the table. Selling to Sazerac means giving up control entirely. Merging with Pernod means sharing it.
The fact that two separate suitors are now publicly competing for Brown-Forman tells you exactly how important the company’s brand portfolio is to the future of spirits. Jack Daniel’s alone is one of the most valuable spirits brands on the planet. Whoever wins Brown-Forman wins the spirits consolidation race.
Collaborative Fund Raises $250M for Collab Holdings — A Permanent Home for Brands
Collaborative Fund raised $250M for Collab Holdings, a private equity vehicle designed to be a long-term home for consumer brands. The thesis: acquire significant minority stakes in profitable, growing brands that aren’t on a path to a big exit or IPO. Since launching in 2010, Collaborative Fund has backed OLIPOP, Magic Spoon, Blue Bottle Coffee, Immi, Zack’s Mighty, and many others.
This is one of the most interesting fund structures we’ve covered. Every other PE fund we track is built on the buy-scale-exit model — acquire a brand, grow it, flip it in three to seven years. Collab Holdings is explicitly NOT that. It’s designed to be a permanent home for brands that are profitable and growing but don’t want to be acquired by Unilever or go public.
Think about what that solves. There are hundreds of consumer brands doing $10-50M in revenue with healthy margins and loyal customers that have no interest in selling to a conglomerate and no path to IPO. The traditional PE model doesn’t work for them because the fund needs to exit. Collab Holdings says: we’ll buy a meaningful stake, support the growth, and hold forever. That’s a fundamentally different value proposition for founders who built something they want to keep running.
Collaborative Fund backing this with $250M and their track record — OLIPOP, Magic Spoon, Blue Bottle — gives Collab Holdings instant credibility with exactly the type of founders they’re targeting.
Suja Life Files for IPO — $327M Revenue, NYSE Listing
Suja Life, the vertically integrated manufacturer of branded wellness shots and cold-pressed juices, plans to raise up to $100M by listing on the NYSE under ticker SUJA. Suja is the parent company of Suja Organic, Vive Organic, and Slice Soda. Revenue jumped 26% to $327M in 2025.
The IPO market for consumer brands has been brutal — Once Upon a Farm posted 30% growth and got punished with a 20% stock drop. Allbirds went from a $4.1B IPO to a $39M brand sale. The public market has been merciless to consumer brands that can’t deliver growth plus margin expansion simultaneously.
But Suja is a different profile. Vertically integrated. $327M in revenue. Multi-brand portfolio spanning wellness shots, cold-pressed juice, and soda. 26% growth. Vertical integration gives them margin control that most CPG brands lack. If there’s a consumer brand that can survive the public market scrutiny, Suja’s profile makes sense. Whether Wall Street agrees is the $100M question.
Grüns About to Overtake AG1 in DTC Sales
According to The New Consumer, Grüns is about to overtake AG1 in direct-to-consumer sales. AG1 was founded in 2016. Grüns launched in 2023. A brand that’s three years old is about to pass a brand that’s ten years old in the channel AG1 built its entire business around.
Two weeks ago, Unilever acquired Grüns for $1.2 billion. Now, the data show Grüns is on the verge of surpassing AG1 in the channel that matters most for supplement brands. The velocity keeps validating the valuation. When a brand founded in 2023 outpaces a brand founded in 2016 in DTC sales, it tells you everything about what the gummy format and the "enjoyable daily habit" thesis are worth versus the powder-and-shaker-bottle model AG1 popularized.
💰 THE FUNDING FRENZY
Big checks are being written
Ripi — $2.4M Seed Round
New York-based frozen pasta brand Ripi secured $2.4M in funding, led by Cutting Horse, with Great Circle Ventures, SuperAngel Fund, and Paperboy Ventures following. Founded by Ian Tecklin and celebrity chef Joe Sasto, Ripi is launching at 1,100+ Target stores and is already nationwide at Whole Foods. Cutting Horse leading — the Freshly founder’s $75M fund — continues building its emerging CPG portfolio. Frozen pasta with a celebrity-chef founder at 1,100 Target doors before the seed closes is exceptional early traction.
All Things — Multimillion-Pound Investment
UK-based All Things secured a multimillion-pound investment led by The Equity Studio. Access Industries and Active Partners also participated. Founded in 2023 by chef Thomas Straker and entrepreneur Toby Hopkinson, All Things has become the fastest-growing dairy brand in the UK, with 11,000+ distribution points across the UK, the U.S., and the UAE. Started with viral craft butter, expanded into cottage cheese. Anna Sweeting of The Equity Studio previously invested in Trip, Gisou, and Little Spoon. The fastest-growing dairy brand in the UK, with 11,000 doors in three years, is the kind of velocity that earns institutional capital.
Lucille — 7-Figure Round Led by IRIS Ventures
Senior nutrition startup Lucille closed a multimillion-dollar round led by IRIS Ventures. New Fare Partners and Able Partners also participated. Founded by HBS and KKR alum Jess Haghani, Lucille delivers 20g protein, 5g fiber, and 23 vitamins per shake. Adults 65+ make up nearly 20% of the U.S. population, yet only 1% of food innovation targets seniors. The white space is massive and underserved. Available on DTC, Amazon, and at senior living facilities. In 2025, Danone acquired Kate Farms — the number one doctor-recommended nutrition shake. Lucille is building in the same lane.
Amulet — Maria Sharapova Joins Cap Table
Amulet, the science-backed hormonal health company from Squared Circles, added Maria Sharapova and Gabriela Hearst as investors. Sharapova, married to Squared Circle’s co-founder Alexander Gilkes, will also serve as Strategic Advisor. Women’s hormonal health continues attracting serious capital and high-profile backers.
NUR — Capital Q Ventures Investment
Female-founded drink mix brand NUR secured a strategic investment from Capital Q Ventures just three months after launching. Founded by Lucy Geppert and Carolin Springborn, NUR combines 10g of protein with hydrating electrolytes in a stick format. Capital Q has backed Bruno Wines, Dayglow, Revival Tea, and Wavers. Raising institutional capital three months post-launch shows strong early traction.
Chlorophyll Water — Blue Scorpion Investment
Chlorophyll Water secured its first institutional funding from Blue Scorpion Investments. Capital will fund launches at Walmart, Harris Teeter, and other retailers. Going from no institutional backing to Walmart distribution in a single funding round is an aggressive expansion plan.
Rip Van — Growth Funding
Sixteen-year-old Dutch sweet-treat brand Rip Van secured funding to support its grocery-channel expansion. The company has a strong DTC and club business but is now shifting focus to Target, Kroger, and H-E-B. Sixteen years is a long build — but the pivot from DTC and club to conventional grocery signals the brand sees a growth opportunity it hasn’t tapped yet.
Clean Food Group — £4.5M
UK-based sustainable oils producer Clean Food Group secured £4.5M, co-led by Clean Growth Fund and New Agrarian. The company uses yeast fermentation to produce alternatives to agricultural oils and fats. The food tech infrastructure play continues in the UK.
L’Oréal Backs Hanni
L’Oréal invested in sophisticated bodycare brand Hanni via its corporate venture arm. Founded in 2021 by Leslie Tessler, Hanni is distributed at Sephora. Prior investors include Melitas Ventures, Cult Capital, and Rodeo Growth Partners. When L’Oréal’s venture arm invests, the brand goes on the corporate development watchlist for potential future acquisition.
Eka Ventures — $107M Fund II
London-based Eka Ventures raised $107M for Fund II. The early-stage firm makes pre-seed and seed investments of £1-3M. Consumer portfolio includes Jude, Ditto, and Hylo. Another European consumer-focused fund raising at scale — the institutional capital returning to consumer brands is a global phenomenon.
AAVRANI — Acquired by Nivora Group
New York-based Ayurvedic haircare brand AAVRANI acquired by Nivora Group. Founded in 2017 by Rooshy Roy and Justin Silver. The brand translated ancient Indian rituals into clinically validated haircare. Nivora is a consumer-focused PE firm that likely sees the same Ayurvedic beauty opportunity that Estée Lauder validated with its Forest Essentials acquisition.
No Sleep Beverage — Acquires Three Spirits Brands
Founded by former Pernod Ricard executive Nick Papanicolaou, No Sleep Beverage acquired Whiskey Del Bac, Nine Banded Whiskey, and Ume Plum Liqueur. The firm previously invested in emerging spirits brands — now it’s acquiring them outright. The transition from minority investor to outright acquirer signals confidence in operational capabilities and category conviction.
🆕 PRODUCT LAUNCHES & INNOVATION
This week’s innovation circus
AG1 Launches at Target — The DTC Giant Goes Mass Retail
AG1 launched two lines storewide at Target. The brand that built its entire business through DTC and podcast sponsorships is now on Target’s shelves. This is defensive positioning — Grüns is about to overtake AG1 in DTC sales and is already in 7,000+ retail doors with Unilever’s distribution machine behind it. AG1 going to Target is an acknowledgment that DTC-only isn’t enough when your competitor just got acquired for $1.2 billion and has the world’s largest consumer goods company scaling it.
Pabst Blue Ribbon x Grillo’s Pickles — Pickle Beer Is Coming
PBR and Grillo’s are releasing a limited-edition pickle-infused lager debuting May 4th at Albertsons, Walmart, Safeway, Publix, and others. The pickle trend in CPG has officially reached full saturation — Liquid I.V. did a pickle hydration pack, e.l.f. made pickle lip balm, and now PBR is making pickle beer. At some point, we’ll look back and wonder when we collectively decided pickles needed to be in everything. But for now, the collab economy keeps producing headlines.
MOSH Launches High-Protein Bars with Creatine
Patrick Schwarzenegger and Maria Shriver’s MOSH is releasing high-protein bars at Sprouts with 20g of protein, 3g of creatine, and brain-boosting ingredients. The protein-plus-creatine stack in bar format keeps expanding — No Sugar Company, PRIME Bites, and now MOSH are all adding creatine to their protein bars. The functional stacking trend shows no signs of slowing.
Smash Kitchen Launches Salad Dressings at Walmart
Smash Kitchen launched organic salad dressings with four varieties at Walmart: Ranch, Italian, Caesar, and Balsamic Vinaigrette. The condiment-to-everything brand now has hot sauce, kettle chips, popcorn, and dressings all at Walmart. The category expansion velocity is impressive — each new product leverages existing Walmart relationships and shelf presence.
Little Sesame Expands at Target
Little Sesame launched grab-and-go Hummus Snacker (with Pretzelized pretzel chips) and Protein Hummus exclusively at Target alongside their Hummus for Kids line. The hummus brand continues to build its relationship with Target through format innovation that drives incremental consumption occasions.
More Launches Worth Watching
Three Wishes teased a packaging refresh — bolder logo, cleaner design, better product imagery, and flavor cues.
Le Lick — electrolyte lollipops with 180mg sodium, 170mg potassium, 30mg magnesium. Also, a caffeinated version with 50mg caffeine. Novel format in hydration.
Arrae expanded Tone Creatine Gummies with Sour Watermelon flavor — 5g creatine plus postbiotics and ginger root.
Create launched single-serve daily pouches for on-the-go creatine — innovating fast since the $20M raise.
Oath Nutrition launching Sparkling Energy + Protein at Target — 100mg caffeine, 10g protein, zero sugar.
Drink Hippie unveiled Hippie Brew functional coffee concentrate — 500mg mushrooms, 125mg caffeine, 2g prebiotic fiber. Launching at 250 Target stores in May.
Olyra launched clean fig bars — USDA organic, 50% less sugar, 3g fiber.
Slate added Cinnamon Swirl Latte to its high-protein iced coffee range.
Happy expanded cold brew with 48oz ready-to-serve bottles at Kroger nationwide.
Dad Grass launched two 10mg THC beverages — Yuzu Grapefruit and Margarita.
Garage Beer released stubby-glass bottles — a nostalgia packaging play.
O Positiv launched Women’s Probiotic + Collagen, Women’s Creatine + Electrolytes, and a Vaginal Moisture Suppository. Women’s wellness gets more specific with every launch.
Soft Services x Vacation — exfoliating Buffing Bar collab at Sephora for $36.
Phlur releasing Island Swim and Paradise Nectar hair and body fragrance mists.
Stripes Beauty x Canyon Ranch — menopausal wellness treatments at resort locations. L Catterton-backed Naomi Watts brand entering the experiential wellness space.
📊 THE DATA DIGEST
Numbers that matter
Recess Is Now the #1 Mocktail Brand in the U.S.
Recess Zero Proof is the number one mocktail brand in Total U.S. MULO for the 52-week period ending March 22nd. Available at Sprouts, Trader Joe’s, H-E-B, and several other chains. Recess closed a $30M Series B from CAVU in October and added beverage vet Kyle Thomas as President and Co-CEO. The mocktail category keeps growing as moderation becomes mainstream — and Recess owns it.
Simply Good Foods — Rough Q2
Simply Good Foods had a tough quarter — net sales down 9.4%. Atkins retail takeaway dropped 23.4%. Quest Bar consumption down 5% while Quest Salty Snacks rose 14%. The protein bar category is getting reshaped — consumers are migrating from traditional bars to salty snack formats. The brands winning in protein snacking are meeting consumers where they actually want protein, not where legacy brands assume they do.
Mother Root — #1 No/Low Spirit in UK Grocery
Mother Root is now the number one no and low spirit SKU in the grocery channel across Great Britain. The non-alcoholic spirits category continues to mature in the UK faster than in the U.S.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
Target Stacks the Shelves
AG1 launched two lines storewide at Target — the DTC giant is going mass retail as Grüns approaches in DTC sales. Hiya launched nationwide at Target. Bio.Me launched nationwide at Target. Waay launched nationwide at Target. Smood Sweets expanded to 1,900 Target doors. Oath Nutrition is launching Sparkling Energy + Protein at Target. Little Sesame expanded with grab-and-go formats exclusively at Target. Six brands launching or expanding at Target in a single week.
Walmart Keeps Growing
KiZE launched at 1,700+ Walmart doors. Mission MightyMe debuted at 1,200 Walmart stores. Smash Kitchen salad dressings are exclusively available at Walmart. Three brands are hitting Walmart with over a thousand doors each.
Wegmans, Kroger, and Regional
Elavi rolled out at 114 Wegmans stores. Happy cold brew launching nationwide at Kroger. Sauz added more Kroger doors. Joyburst rolled out at Aldi in the U.S., Coaqua launched at Hannaford. Zucker’s Bagels at Milam’s Markets.
Sprouts
MOSH high-protein bars with creatine are launching at Sprouts. Sprouts continues to be the natural channel home for functional protein innovation.
The RTD Consolidation Scoreboard
Five exits in five months. BeatBox to AB InBev. Monaco to Molson Coors. Dirty Shirley to Sazerac. HOPWTR to Constellation. Finnish Long Drink to Mark Anthony ($325M). The independent RTD window keeps narrowing. The checks keep getting bigger.
👋 PEOPLE MOVES
Aaron Nosbisch is stepping down as CEO of BRĒZ. Travis Duncan, who served as Formulator and Chief Product Officer for three years, takes over. Nosbisch remains as Chairman. Leadership transitions at high-growth THC/functional beverage brands are becoming more common as founders bring in operational executives to scale.
Hamid Saify appointed CMO at colostrum brand ARMRA. Previously spent four years at Liquid Death in marketing before serving as CMO at Lucky Energy. When a Liquid Death marketing alum joins your brand, expect the content strategy to get significantly louder.
Julia Perez joined Throne Sport Coffee as CMO. Previously CMO at OWYN (before Simply Good Foods acquisition) and spent years scaling CORE Water (acquired by KDP in 2018). Two exited brand CMO experiences on the resume — Throne is getting serious about marketing firepower.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
Five RTD exits in five months. Five. BeatBox. Monaco. Dirty Shirley. HOPWTR. Finnish Long Drink. Every major alcohol company — AB InBev, Molson Coors, Sazerac, Constellation, and now Mark Anthony — has acquired an RTD brand since November. The RTD cocktail category is the most active M&A market in all of CPG right now.
And it makes sense. Traditional alcohol is contracting. Beer shipments down 5.9% in 2025. Premiumization plateauing. The moderation movement is shifting consumption patterns. But RTD cocktails keep growing because they meet consumers where they actually drink — at home, at picnics, at concerts, on boats. Convenience wins. Every time.
Meanwhile, Sazerac is offering $15 billion for Brown-Forman, while Pernod still has merger talks open. The spirits industry hasn’t seen a bidding war like this in decades. Jack Daniel’s is the prize. Whoever wins it wins the spirits consolidation race.
But the most interesting story this week might be the quietest. Collaborative Fund raising $250M for Collab Holdings — a permanent home for consumer brands. Not a fund with a seven-year exit timeline. Not a vehicle designed to flip brands to Unilever. A place where profitable, growing brands can take institutional capital and keep building without the pressure to sell.
That’s a fundamentally different thesis than everything else we cover. The entire CPG landscape is oriented around exits — build velocity, get acquired, move on. Collab Holdings says: What if you just keep building? What if the best outcome isn’t an exit but a sustainable, profitable, growing business that you run for decades?
In a week where Finnish Long Drink sold for $325M and Suja filed for an IPO, Collab Holdings is the contrarian bet. Not every great consumer brand needs a billion-dollar exit. Some just need a great partner and a long time horizon.
And one more thing. Grüns is about to overtake AG1 in DTC sales. A brand founded in 2023 is passing a brand founded in 2016. Three years versus ten. The gummy format versus the powder format. Enjoyable daily habit versus disciplined daily routine. When format innovation makes the habit easier, consumers switch. AG1's launch at Target this week isn’t a growth play — it’s a defensive one. When Unilever’s $1.2B acquisition is eating your lunch in DTC, you go to retail. The velocity phenomenon keeps proving the same thesis: make it enjoyable and easy, and the consumer will choose you over the incumbent. Every time.
Build accordingly.
🎙️ COMING TUESDAY
Unpackaged Goods Episode
Breaking down the RTD consolidation wave — five exits in five months and what it means for every independent cocktail brand. Why Sazerac’s $15B bid for Brown-Forman creates a spirits bidding war. Collaborative Fund’s $250M permanent home thesis and whether it changes how founders think about exits. AG1 going to Target as Grüns catches them in DTC. And the Suja IPO filing — can a consumer brand survive Wall Street in 2026?
🥫 ONE MORE THING...
Before you close this tab
Allbirds IPO’d at $4.1 billion. Sold the brand for $39 million. Then raised $50 million to pivot into AI cloud infrastructure and buy GPUs. They’re renaming themselves NewBird AI. A shoe company. Buying GPUs. To compete with AWS and CoreWeave.
I covered this earlier this week, and I still can’t believe it’s real. The DTC cautionary tale reached its most absurd conclusion and then kept going. Four point one billion to thirty-nine million to “actually we’re an AI company now.” The stock jumped 100%.
Meanwhile, Finnish Long Drink just sold for $325M by doing one thing really well — making a great RTD cocktail. No pivots. No name changes. No GPU purchases. Just product, velocity, and distribution.
The contrast writes itself. The brands that win are the ones that pick one thing, do it better than anyone, and refuse to get distracted. The brands that lose are the ones that pivot when the market gets hard.
Pick your thing. Do it well. The exits find you.
Until next Sunday, Jonathan Deeter Your CPG-Obsessed Friend
P.S. — PBR and Grillo’s Pickles are making a pickle beer. Liquid I.V. made pickle hydration packs. e.l.f. made pickle lip balm. Rally makes pickle shots. When does the pickle industrial complex get its own Bain Insurgent Report? Asking for a friend who’s probably developing pickle protein powder as I type this.
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