Issue #36 | July 6, 2026
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 back. Nutrabolt tapped J.P. Morgan, Goldman Sachs, and Bank of America to lead a U.S. IPO that could raise $1 billion. The company behind C4 Energy and Bloom Sparkling Energy reportedly surpassed $1B in revenue last year. Bloom’s dollar sales are up 646.5% year-over-year to $423M. KDP acquired a 30% stake at a $2.8B valuation in 2022. And now Nutrabolt wants to go public.
Meanwhile, Saltair hired Raymond James to explore an exit — $150M in projected sales and what would be The Center incubator’s third beauty exit after Naturium ($355M to e.l.f.) and Phlur (to TSG). ACON Investments acquired YumEarth, the organic candy brand at 30,000 doors. Vitamin Well, the owner of Barebells, is merging with its own bar manufacturer EMPWR — buying the supply chain so nobody else can rent it. Apothékary raised $16M from Shiseido’s venture arm. And Frozen One closed $5.75M with Ryan Tedder.
The theme this week is graduation. Nutrabolt is graduating from private to public. Saltair is graduating from incubation to exit. Vitamin Well is graduating from outsourcing to owning its supply chain. And YumEarth is graduating from founder-led to PE-backed platform. The brands that prove velocity long enough eventually graduate to the next level. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
Nutrabolt Eyes $1B IPO — Bloom at $423M, Up 646.5%
Nutrabolt tapped J.P. Morgan, Goldman Sachs, and Bank of America to lead its U.S. IPO. The company could raise as much as $1 billion. Founded in 2002 in Austin. Reportedly surpassed $1B in revenue last year. KDP acquired a 30% stake at an approximately $2.8B valuation in 2022. Bloom Sparkling Energy dollar sales hit $423M for the 52-week period ending April 19th, up 646.5% year-over-year.
Six hundred and forty-six percent growth. From Bloom alone. The energy drink brand that started as a TikTok-viral greens powder is now doing $423M in tracked dollar sales in its sparkling energy format, growing nearly 7x year over year. Nutrabolt, at $1B+ in revenue with that kind of growth trajectory, makes the IPO math compelling.
For context: Monster delivered $8.3B in 2025 net sales with a $94B market cap — roughly 11x revenue. Celsius did $2.5B with a $7.4B market cap — roughly 3x revenue. If Nutrabolt prices at even 5-6x on $1B+ in revenue, that’s a $5-6B public company. KDP’s 30% stake at $2.8B in 2022 already looks like one of the best corporate venture investments in beverage history.
The three leading banks — J.P. Morgan, Goldman, and Bank of America — are the A-list underwriting syndicate. This isn’t a test-the-waters filing. This is a company preparing for a major public debut. After Suja raised $186.7M on the Nasdaq and posted $107M in Q1 with 50% gross margins, the IPO window for consumer brands is demonstrably open. Nutrabolt would be the largest consumer brand IPO since the correction.
Saltair Explores Exit — The Center’s Third Beauty Blockbuster
Saltair tapped Raymond James to explore a potential exit. Projected 2026 sales of approximately $150M. Co-created by British model Iskra Lawrence and brand incubator The Center. Available at Target, Ulta, and Amazon. If completed, this would be The Center’s third major exit: Naturium ($355M to e.l.f. in 2023), Phlur (to TSG in 2025), and now Saltair.
The Center is quietly becoming the most successful beauty incubator in America. Three exits in four years. Naturium at $355M. Phlur to TSG. Now, Saltair is at $150M in projected sales, heading for its own process. Backed by Prelude Growth Partners, The Center’s portfolio also includes Cyklar, Make Beauty, and Prequel (launching at Space NK UK on July 14th from the same incubator that produced the Naturium and Phlur exits).
The incubator model works when the operator knows exactly what acquirers want: clean formulations, strong retail distribution (Target, Ulta, Amazon), a credible founder or celebrity face, and $100M+ in revenue growing rapidly. Naturium had it. Phlur had it. Saltair has it. And the Center keeps building brands to that exact specification.
At $150M in projected sales, Saltair is at the same scale as when TSG acquired Phlur. If the multiple is similar to Naturium’s ($355M on what was likely $100-150M in revenue), Saltair could command $300-500M. Raymond James running the process with initial bids due soon means this deal moves fast.
ACON Acquires YumEarth — Organic Candy at Scale Gets PE Backing
PE firm ACON Investments acquired YumEarth, an organic and allergy-friendly candy brand. Founded in 2007 in Stamford, CT. Available at 30,000 doors, including Target, Walmart, Kroger, Whole Foods, and Sprouts. ACON tapped Spanish confectionery giant Fini as a strategic industry partner with an ownership stake.
The first mover in better-for-you candy gets PE backing after nearly two decades of building. 30,000 doors. Organic, non-GMO, no artificial dyes, gluten-free, free from the top nine allergens. YumEarth built the better-for-you candy category before Harken, SmartSweets, Better Sour, or any of the insurgent candy brands we cover weekly. ACON bringing Fini — a global confectionery firm distributing to 100+ countries — as a strategic partner alongside the acquisition signals the thesis is international expansion. Take a brand that owns organic candy in the U.S. and scale it globally through Fini’s distribution network.
Vitamin Well Merges with EMPWR — Buying the Supply Chain
Vitamin Well Group, owner of Barebells, is merging with Belgian nutrition bar manufacturer EMPWR. EMPWR has been Barebells’ key manufacturing partner for several years and operates four facilities across Europe and North America. Waterland Private Equity backed EMPWR. Cinven acquired a majority stake in Vitamin Well at a reported valuation of $3B+ in 2024. Bridgepoint also owns a significant minority.
Buying your own manufacturer. The vertical integration trend we’ve tracked all year just produced its most significant deal. Vitamin Well isn’t building a new factory — it’s acquiring the company that already makes its products. Four manufacturing facilities across two continents. Every bar Barebells sells was already being made in these facilities. Now Vitamin Well owns them outright.
This is what happens when a protein bar brand hits $3B+ in valuation: you can no longer afford to have someone else control your production. Co-packing at scale means your manufacturer also serves your competitors. Owning the manufacturer means your competitors need to find a new factory. David purchased one of its key suppliers, Epogee, last year. Stars + Honey is building 60K sq ft. WILDE built 130K sq ft. Vitamin Well just bought four facilities. The vertical integration arms race in protein is accelerating at every level.
💰 THE FUNDING FRENZY
Big checks being written
Apothékary — $16M from Shiseido’s LIFT Ventures
Japanese-inspired herbal wellness brand raised $10M in equity from Shiseido’s LIFT Ventures, NextLevel Management, and angels, plus $6M in debt from RSF Social Finance. Founded by Wall Street veteran Shizu Okusa in 2019. Expects $40M in revenue this year. Available at Ulta, Whole Foods, Vitamin Shoppe, and Sprouts. Anne Mahlum (Solidcore founder) is a previous investor.
Shiseido’s venture arm leading an herbal wellness brand is the strategic signal. Shiseido already owns NARS, Laura Mercier, and Drunk Elephant ($845M acquisition). LIFT Ventures' investment in Apothékary suggests the Japanese beauty conglomerate views ingestible wellness as adjacent to its skincare portfolio. $40M expected this year with Ulta, Whole Foods, Vitamin Shoppe, and Sprouts distribution is a multi-channel brand that’s proven it works beyond DTC. The $6M in debt alongside $10M in equity is a smart capital structure — use equity for brand building, use debt for working capital and inventory.
Frozen One — $5.75M from Brand Foundry Ventures
High-protein ice cream brand closed $5.75M led by Brand Foundry Ventures. Supernatural Ventures also participated alongside Abe Burns and Ryan Tedder (OneRepublic lead singer). Added David Valenza-Frost (ex-Van Leeuwen VP Supply Chain) as COO and Ashley Montgomery Ross (ex-Onnit VP Revenue) as SVP Sales. Launched last year with distribution at Target, Wegmans, Raley’s, Central Market, and others.
Brand Foundry, the firm that also led Bawi’s $6M, keeps backing emerging brands with proven retail velocity. Ryan Tedder's investment expands cultural reach beyond the functional-food consumer. The operational hires are the real story: a Van Leeuwen supply chain exec and an Onnit revenue exec joining a protein ice cream brand in its first year. When you hire Van Leeuwen’s supply chain leadership to run your operations, you’re building for the kind of retail scale that Van Leeuwen operates at. The protein ice cream category keeps attracting capital and talent simultaneously — Frozen One, ‘ndulge, Smearcase, David’s $90 pints.
InvestEco — Fund IV at $106M CAD
Toronto-based consumer fund closed $106M CAD. Since 2002, portfolio includes LesserEvil Snacks (exited to Hershey $750M), Mid-Day Squares, Algae Cooking Club, Little Sesame, Om Mushroom Superfood. Expects 6-10 investments from Fund IV.
LesserEvil's exit to Hershey for $750M is the headline return that raised Fund IV. InvestEco’s two-decade track record in Canadian and North American consumer brands gives it pattern recognition that most emerging managers lack. Mid-Day Squares and Algae Cooking Club are brands we cover regularly in the portfolio. $106M CAD gives InvestEco meaningful check-writing capacity at the growth stage.
Supply6 — $5M+ Series A from Unilever Ventures
Indian VMS brand secured Series A led by Unilever Ventures with actress Kriti Sanon and Zeropearl VC. Offers daily drink mixes and nutrition bars. Unilever Ventures’ India portfolio also includes SkinInspired, What’s Up Wellness, and Secret Alchemist.
Unilever Ventures is building an Indian wellness portfolio through multiple investments. After L’Oréal acquired Innovist (Bare Anatomy, Chemist at Play, SunScoop) two weeks ago, Unilever is making its own India play through the venture arm. The battle for India’s wellness consumer is now mirroring the beauty battle — L’Oréal and Unilever competing for the same market through different strategies.
Mila — $2.5M Pre-Seed from Mensch Capital
Design-forward intimate wellness brand closed $2.5M from Mensch Capital Partners with Sticker Ventures and angels. Co-founded by Ada Trujillo and Kim Aviv in Miami.
The intimate wellness category continues to attract capital as consumer stigma fades and design-forward brands make it feel approachable. Mensch Capital is leading the addition of a firm focused on consumer brands at the earliest stages.
Oat Cult — £220K from Anotherway Ventures
UK overnight oats brand with gut-focused formulation containing 1B+ live cultures. Small round from Anotherway Ventures and angels.
The UK functional breakfast category at the pre-seed stage. Gut-focused overnight oats with live cultures are a format that bridges the convenience of overnight oats with the functional positioning of probiotic supplements.
Bethenny Frankel Acquires Minority in dpHUE
Bethenny Frankel acquired a minority stake in dpHUE, an at-home hair color brand. Will serve as Chief Brand Officer, working with founder Donna Pohlad. Frankel continues building a CPG portfolio — MUSH collab at Target, now dpHUE equity.
Avenir Collective Acquires Wrinkles Schminkles
Former Amazon aggregator (formerly Olsam Group) acquired the Australian wrinkle-patch brand. Bootstrapped. Approximately $14M in annual sales. Amazon aggregators are pivoting to beauty brand acquisition. Whether a tech-first acquirer can operate a beauty brand is the experiment.
Edrington Sells Wyoming Whiskey Back to Co-Founder
Premium spirits company (Macallan, Highland Park) sold its majority stake back to co-founder David DeFazio via WW Partners. Edrington went from a minority (2018) to 80% (2023) and now exists entirely. Another founder buying back their brand — same pattern as Tilray/Atwater.
Sazerac Acquires Garrard County Distilling for $20M
Sazerac picked up a 50,000-square-foot distillery south of Lexington at a court-ordered auction. The distribution machine adds production capacity. At $20M, it’s small for Sazerac but adds Kentucky distilling infrastructure.
Hormel Exits Brazil
Hormel sold its Brazilian operations to Zanchetta Alimentos. Streamlining the portfolio to focus on markets with stronger growth opportunities. Previously sold a 51% stake in Justin’s to make it a standalone. Conglomerates keep shedding non-core international assets.
🆕 PRODUCT LAUNCHES & INNOVATION
This week’s innovation circus
Bloom Sparkling Energy: $423M, Up 646.5%
Not a launch, but the most important product data point of the week. Bloom’s sparkling energy line did $423M in dollar sales for the 52-week period ending April 19th. Up 646.5% year-over-year. The growth rate that’s powering Nutrabolt’s $1B IPO. From green powder to $423M in energy drinks in under three years.
Plainspeak Launches — Creatine + Protein + Collagen for Women
New science-backed supplement brand from Goldilocks incubator. Co-founded by Sara Brooks and Rachel Pollard (former CMO of Clio Snacks). Debut product Strength Water: 15g protein, 5g creatine, 5g collagen, calcium, and vitamin D. The creatine-for-women positioning is the next frontier of the creatine industrial complex — everything we’ve tracked (AG1 Pro, Create, Lemme, JiMMYBAR!) has been gender-neutral or male-skewing. Plainspeak explicitly targeting women with creatine changes the addressable market.
Liquid I.V. Expands Across Europe
Unilever is expanding Liquid I.V. to Spain, Germany, France, Sweden, and Iceland. The #1 hydration brand in the U.S. with $1B+ in annual sales is going international through Unilever’s distribution infrastructure. Already thriving in Italy and the UK. This is what Unilever’s distribution machine does — it takes an American brand and puts it in every European market simultaneously.
So Good So You Hires General Mills Veteran as CEO
Jennifer Jorgensen takes the helm after 26 years at General Mills and leading Back to Nature’s post-acquisition turnaround. Bansk Group acquired a majority stake earlier this year. SGSY is the #1 wellness shot brand in total U.S. multi-outlet channels, growing 5x over four years. Hiring a General Mills veteran for a wellness shot brand signals preparation for the next phase of scale.
More Launches Worth Watching
Juni two new summer flavors — 8,000+ doors, 15M cans sold, 10 consecutive quarters of 100%+ growth. Jay Shetty and Radhi Devlukia’s adaptogenic sparkling tea keeps compounding.
Capri-Sun Game On — the juice brand re-entering energy drinks with novel packaging and cross-functional ingredients.
Rhinegeist x Kroger Super Lager — co-branded affordable lager debuting in three Kroger regions in August. A brewery and a grocery chain co-creating a beer.
Coconut Cult x SunLife Organics — Banana Cream Pie Froyo at SunLife’s Hamptons outpost.
Oat Haus x Kylie Kelce — Salted Caramel Granola Butter benefiting Eagles Autism Foundation.
HOPWTR x Good Girl Snacks — Pickle Lemonade Sparkling Hop Water. The pickle industrial complex extends to non-alc.
Ciggy’s — premium vodka seltzer launching exclusively on Nantucket from athletes, entrepreneurs, and creators.
Dutch Barn Vodka — Ricky Gervais’ British spirits brand launching RTD cocktails.
Refresh packaging refresh and expansion into mints and Energy + Focus gum.
Little Twists — allergy-friendly baking mixes debuting at Summer Fancy Food Show.
Gisou honey-infused hair and body mists — sold out at Sephora on launch.
Annual Leave — new fragrance brand from two Le Labo veterans.
📊 THE DATA DIGEST
Numbers that matter
Bloom Sparkling Energy: $423M, Up 646.5%
The single most impressive growth number in CPG this year. $423M in dollar sales growing nearly 7x year-over-year. The engine behind Nutrabolt’s $1B IPO.
ZBiotics: 15 Million “Pre-Alcohol” Shots Sold
At $7-9 per shot retail, that’s over $100M in cumulative revenue for a product that requires significant consumer education. Proving that even complex science-backed products can scale when the value proposition is clear enough.
Premier Protein #1 on Amazon Prime Day
The top-selling item on Amazon Prime Day was a 12-pack of Premier Protein shakes. Liquid I.V. came in at #3. Functional nutrition and hydration are dominating the biggest shopping event on Amazon.
Lotus Bakeries Stock Up ~600% Over 10 Years
The parent company of Biscoff. One of the strongest performing CPG stocks of the decade. Proof that a single-brand platform with global distribution and cultural ubiquity produces extraordinary shareholder returns.
Juni: 8,000 Doors, 15M Cans, 10 Quarters of 100%+ Growth
The adaptogenic sparkling tea brand is hitting every milestone simultaneously. When you post 100%+ growth for ten straight quarters, the compounding becomes its own story.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
SPROUTS
Be LOVE launched nationwide — 15g protein, 5g collagen from the Vital Proteins founder. B.T.R. Nation launched nationwide. Natty Ice Cream at 30+ locations. Bebe Got Back launched nationwide. Four brands are going chainwide at Sprouts simultaneously.
H-E-B
Mission MightyMe launched at 240+ stores. Meaningful door count for a brand entering the most important regional grocer for emerging food brands.
TARGET
New Primal launched nationwide with a Snack Mates refresh. The meat snack brand is entering mass retail at a national scale.
WAWA
Bloom Sparkling Energy launched. The $423M brand is entering the convenience channel through one of the East Coast’s most important c-store chains. Convenience is where energy drinks win in the impulse-purchase moment.
EREWHON
PRIMA launched. The LA credibility stamp continues.
VITAMIN SHOPPE
DryWater storewide confirmed from last week.
👋 PEOPLE MOVES
Jennifer Jorgensen, a 26-year General Mills veteran, was named CEO of So Good So You. Led Back to Nature’s post-acquisition turnaround into one of the fastest-growing cookie and cracker brands. When the #1 wellness shot brand hires a General Mills lifer, they’re building for institutional scale.
Alexandre Ruberti was confirmed as Zevia's CEO, replacing Amy Taylor. 16 years at Red Bull. A Red Bull lifer running a zero-sugar soda company brings beverage distribution expertise from the most successful energy drink in history.
Paulina Char is leaving Tower 28 after eight years (employee #1, developed SOS Spray and ShineOn Lip Oil Jelly) to join MPH Beauty, founded by makeup artist Mary Phillips. When employee #1 at a beloved indie beauty brand leaves for a creator-founded brand, the talent migration toward creator-led companies is real.
David Valenza-Frost (ex-Van Leeuwen VP Supply Chain) as COO and Ashley Montgomery Ross (ex-Onnit VP Revenue) as SVP Sales at Frozen One. Van Leeuwen operations plus Onnit revenue expertise at a protein ice cream startup.
Lori Harvey named Chief Creative Advisor at Kevin Hart’s Gran Coramino tequila. Connecting with female consumers through Harvey’s cultural reach.
Rachel Shelowitz (ex-Lawless Beauty CEO) is running Saltair as CEO. Erin Sale (ex-Murad CMO) as CMO. The Center is loading Saltair with experienced operators ahead of the exit process.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
Bloom Sparkling Energy grew 646.5% to $423 million in dollar sales. In one year. For a brand that didn’t exist in its current form three years ago.
Let me put that in the context of every energy drink brand we’ve tracked this year: Celsius at $783M in Q1 (20.9% market share). Monster at $2.35B in Q1. Alani is surging 94% under Celsius. And now Bloom at $423M growing nearly 7x.
Nutrabolt going public at a potential $5-6B valuation isn’t just an IPO. It’s a referendum on whether the market believes the energy drink category can support a third major platform alongside Monster and Celsius. The answer, based on the Bloom data, appears to be yes.
But the story I keep coming back to is The Center. The beauty incubator that produced Naturium ($355M to e.l.f.), Phlur (to TSG), and now has Saltair at $150M heading for an exit. Three exits in four years from the same incubator. Same playbook every time: partner with a credible founder or celebrity, build clean formulations with skincare-grade ingredients, launch at Target and Ulta, scale to $100-150M, exit to a strategic or PE firm.
The incubator model in beauty is working because it’s repeatable. The Center isn’t building one brand — it’s building a factory that produces exitworthy brands. Prequel is already launching at Space NK. That’s likely exit number four in development.
Meanwhile, Vitamin Well is buying its own manufacturer. YumEarth is getting PE backing after 18 years. Frozen One is hiring Van Leeuwen operators. Apothékary is taking Shiseido money. The common thread across every story is maturity. These aren’t launch announcements and seed rounds. These are IPO filings, exit processes, manufacturing acquisitions, and operational hires from scaled companies.
The CPG landscape in 2026 is graduating from startup energy to institutional infrastructure. The brands that survive this transition — from founder-led to operator-run, from co-packed to vertically integrated, from venture-backed to publicly traded or PE-owned — are the ones that will define the next decade.
Graduate or get left behind.
🎙️ COMING TUESDAY
Unpackaged Goods Episode
Breaking down Nutrabolt’s $1B IPO and whether Bloom’s 646.5% growth justifies a $5-6B public company. Saltair exploring an exit — The Center’s third beauty blockbuster in four years. ACON is acquiring YumEarth after 18 years of building organic candy. Vitamin Well is buying EMPWR to own the bar supply chain. Apothékary’s $16M from Shiseido. And why the CPG landscape is graduating from startup energy to institutional infrastructure.
🥫 ONE MORE THING...
Before you close this tab
The Center built Naturium. Sold it for $355M. Built Phlur. Sold it to TSG. Built Saltair. It’s heading for an exit at $150M in projected sales. Built Prequel. It’s launching at Space NK next week.
Four brands. Same incubator. Same playbook. Three exits completed or in process. One more in development.
At some point, The Center isn’t an incubator. It’s a beauty brand assembly line with a proven output: $100M+ brands that strategics want to buy. The model is the product.
Until next Sunday,
Jonathan Deeter
Your CPG-Obsessed Friend
P.S. — The top-selling item on Amazon Prime Day was Premier Protein shakes. Not electronics. Not home goods. Not fashion. Protein shakes. Liquid I.V. was #3. The two biggest shopping moments on the biggest shopping day on the world’s biggest e-commerce platform were both functional nutrition products. The consumer has spoken. Loudly. In bulk. With free shipping.
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