Issue #6 | December 8, 2025
Proudly seasoned by Trophy Wife - The Official Finishing Salt of The Deeter Digest. Because you are the prize, and so is this salt.
🥄 FIRST BITE
The appetizer before we dive in
Welcome to The Deeter Digest. This week, Anheuser-Busch dropped $490 million on BeatBox (yes, they adjusted the terms), L’Oreal wants to own what it already licenses, and everyone’s launching sparkling protein water.
Plus: Fragrance money keeps flowing, pasta sauce approaches $15M, and REI decides sunscreen is worth venture capital. Let’s feast.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
BeatBox: The Real Numbers Are In
Reuters revised its reporting on the BeatBox deal: Anheuser-Busch is acquiring 85% of BeatBox for $490 million with a path to 100% in five years. The party punch brand did $340 million in retail sales over the last 52 weeks, per Circana data.
At 1.4x retail sales for 85%, this valuation reflects true market discipline. AB InBev gets immediate scale in RTD cocktails while BeatBox founders keep skin in the game. The five-year earnout structure suggests both sides see upside – BeatBox thinks they can grow further, AB thinks RTD is the future. With Cutwater, NÜTRL, and now BeatBox, Anheuser-Busch’s Beyond Beer portfolio starts looking like an actual strategy, not panic.
L’Oreal’s Armani Ambition
L’Oreal is reportedly exploring the acquisition of Armani’s beauty division – a business they already operate under license until 2050. The division generated €1.5 billion in 2023 revenue under L’Oreal’s management. Why buy what you already run?
Control and certainty. Licensed businesses create perpetual renewal risk. Armani could theoretically take the business in-house or switch partners in 2050. By converting the license to ownership, L’Oreal locks down a premium revenue stream forever. Plus, full ownership means keeping 100% of profits instead of paying royalties. When you’re already doing the work, might as well own the equity.
Borough Broth’s Bone-afide Success
London-based bone broth maker Borough Broth secured £7.5 million from consumer investor Piper. Founded by Ros Heathcote in 2015 with just £6K, the company now tops £10 million in revenue, growing 90% year-over-year. They’re projecting £20 million by 2026.
This is bootstrap beauty. Nine years of building with minimal capital, profitable growth, then raising smart money for acceleration. Bone broth isn’t sexy, but 90% growth rates are. While everyone chases the next superfood, Borough Broth proves boring proteins and fats can build real businesses. Sometimes the best trend is no trend at all.
💰 THE FUNDING FRENZY
Big checks being written
Plant-Based Gets Patient Capital
Ripple Foods raised $17 million from Material Impact and Rich Products Ventures, with S2G Ventures, Prelude Ventures, and Fall Line Capital participating. The plant-based milk pioneer continues its steady march while others flame out. High-protein positioning + patient capital = survival in plant-based.
REI invested in Dune Suncare via Path Ahead Ventures, marking the outdoor retailer’s venture arm’s continued push into beauty. Founded in 2020, Dune now sells at Ulta, Nordstrom, and Anthropologie. When REI backs sunscreen, outdoor credibility meets beauty velocity.
Fragrance Frenzy Continues
LVMH Luxury Ventures took a minority stake in BDK Parfums, the French brand growing 45% year-over-year. Founded by David Benedek in 2016, BDK joins LVMH’s venture portfolio alongside other niche fragrance plays.
2025’s fragrance gold rush continues: Estée Lauder→XINÚ, VMG→Snif, TSG→PHLUR, L’Oreal→Amouage and Creed. When every luxury giant needs niche fragrance exposure, multiples expand accordingly.
The Week’s Other Deals
Unilever sells Graze to Katjes International (bought for £150M in 2019, sold for undisclosed)
Stockeld Dreamery assets sold to Bettani Farms (plant-based consolidation)
Live Nation backed adaptogenic drink Hiyo (concerts meet wellness)
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
National Retail Embrace
Sauz went nationwide at Albertsons, capping a massive year. The modern pasta sauce brand launched summer 2023 and approaches $15 million revenue after securing Kroger, Wegmans, Sprouts, and others. CAVU’s $12 million bet looking smart.
Joyburst launches hydration and protein soda lines at CVS. When functional sodas hit pharmacy chains, the wellness-ification of every channel continues. CVS transforming from cigarettes-and-candy to supplements-and-sodas.
Specialty Retail Picks Winners
Harken Sweets at Whole Foods. Prés at Sprouts. Koala Eco at Whole Foods Market. Arrae at Happier Grocery. The premium retailers continue curating next-generation brands before mainstream adoption.
TÖST partnered with Southern Glazer’s and Union Beer for distribution. The non-alcoholic celebration drink accessing real alcohol infrastructure shows category maturation.
Regional Momentum
Joyride coffee launched at Costco Northwest. Huxley Energy on Thrive Market. Cult Corn at Mother’s Market and Happier Grocery. Regional wins building toward national stories – the classic CPG playbook still works.
🆕 PRODUCT LAUNCHES
This week’s innovation (or lack thereof)
Everyone Makes Protein Water
AMASS Brands Group launched HpO sparkling protein water with 5g protein, 0g sugar, 28 calories. Because apparently regular water needs supplementation. AMASS, known for incubating Afterdream and Gem & Bolt Mezcal, enters functional hydration.
Mike’s Hot Honey launched beverage syrup for baristas and bartenders. The honey that conquered pizza now wants your latte. Smart brand extension into high-frequency occasions.
Fragrance & Beauty Expansion
Snif launched Notewrks cologne sub-brand with three scents. Already at 1,500 Ulta doors with $40 million revenue expected in 2025, Snif extends into men’s. Making cologne “fun and modern” – aka not your dad’s Drakkar Noir.
The Skinny Confidential dropped new products. Dr. Idriss hired Sol de Janeiro’s former CMO. Lemme launches Burn Body Composition Gummies on December 9th. Everyone needs metabolic support gummies now.
Food Innovation
Lovebird cereal added protein SKUs with 11g grass-fed whey. Grüns launched preworkout gummies. Cobblestone created canned Irish coffee. Tiny Wins debuted invisible nutrition powder for kids. Holiday Vodka launched with après-ski vibes.
When kids’ nutrition goes stealth mode and cereal needs protein, we’ve reached peak supplementation anxiety.
📊 THE DATA DIGEST
Numbers that matter
Growth Leaders
UK Fast Growth Index included:
Ancient + Brave
Zoe
Fussy
Freja Foods
Exhale Coffee
IMPOSSIBREW
Performance Metrics:
BeatBox: $340M retail sales LTM
Armani Beauty: €1.5B under L’Oreal (2023)
Sauz: Approaching $15M (launched 2023)
Borough Broth: £10M→£20M projected
Snif: $40M expected 2025
BDK Parfums: 45% YoY growth
🎙️ FROM THE PODCAST
Unpackaged Goods with Jonathan Deeter
Last Week - Episode 9: We broke down the BeatBox acquisition (turns out those numbers needed revising), Suja Life’s IPO filing, and why every fund suddenly has hundreds of millions to deploy. Plus insights from our interview on the great fundraising bonanza of 2025.
Coming Tuesday - Episode 10: The corrected BeatBox numbers tell an even better story about CPG discipline. Plus: L’Oreal’s Armani ambitions, Borough Broth’s bootstrap beauty, and why everyone’s launching sparkling protein water. We’ll also dive into whether REI's backing of sunscreen signals outdoor brands’ new beauty playbook.
Listen on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.
📍 EVENTS THIS WEEK
Where to find your CPG community
Los Angeles
Tuesday, December 9, Bar CPG at Meymuni Cafe. A pop-up experience where the people powering the consumer world connect. Expect delicious bites and flowing drinks. This event is exclusive to food and beverage founders and operators, press, and influencers. Perfect for end-of-year networking and celebrating 2025 wins.
New York
Tuesday, December 9, byte’m Launch Party. Celebrate the latest brand launch in NYC. Details TBA, but expect good vibes and great product samples.
Wednesday, December 10, Double header for CPG folks:
Consumer Brews - December 2025: A monthly coffee event to bring together the consumer brand and investment community in NYC.
Naturally New York presents THE HOLIDAY BAZAAR: Shop incredible emerging brands while supporting founders directly. Great for unique holiday gifts and discovering what’s next
Pro tip: The Holiday Bazaar is perfect for last-minute gift shopping while supporting small brands. Consumer Brews is where you’ll find your people for real conversations about the industry.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
Reuters revised the BeatBox numbers: $490 million for 85%, not $700 million outright. The correction makes the deal even smarter. AB InBev pays 1.4x retail sales while founders keep upside. That’s discipline meeting opportunity.
But the real story is L’Oreal wanting to own Armani beauty. They already run it. Already profit from it. Already control it until 2050. But “until 2050” isn’t forever. When you’re printing €1.5 billion annually, you buy certainty. This is big beauty’s new playbook: Why rent when you can own?
Borough Broth raising £7.5 million after nine years of bootstrap building shows patience pays. Started with £6K, built to £10 million, now raising for acceleration. No unicorn dreams. No blitzscaling. Just bone broth and discipline.
Meanwhile, everyone launches sparkling protein water (AMASS), invisible kids’ nutrition (Tiny Wins), and protein cereal (Lovebird). We’ve reached peak supplementation where every food must be functional and every beverage needs benefits.
Watch Mike’s Hot Honey expand into beverages. The brand that conquered condiments sees drinks as the next frontier. When hot honey hits coffee shops, brand extension logic reaches its inevitable conclusion: everything becomes everything else.
REI backing sunscreen. Live Nation investing in adaptogenic drinks. The venture arms of real companies making real bets. That’s more interesting than any celebrity tequila.
📺 COMING MONDAY
The Deeter Digest: Week in Review
Breaking down why everyone needs sparkling protein water and whether L’Oreal buying what it already operates makes sense.
🥫 ONE MORE THING...
Before you close this tab
Cadence unveiled new packaging ahead of Target launch. Cotto cottage cheese updated its design. Everyone’s refreshing for retail reality. But Borough Broth built to £10 million with the same packaging they started with.
Sometimes the best rebrand is no rebrand. Sometimes the best fundraise takes nine years. Sometimes bone broth beats beauty.
Until next Sunday, Jonathan Deeter Your CPG-Obsessed Friend
P.S.
SNAX-Sational licensed Chiquita for plantain chips. When Oreo popcorn makers pivot to plantains, even the licensing players need healthier options. Peak 2025 continues.
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