Advent International Exits Olaplex, Forward Closes Fund II 🫰

GM and Happy Saturday, folks. Here’s what we’re covering this morning:

• Herbalife buys Bioniq 💊

• Pernod explores mega merger 🥃 

• Prelude backs KilgourMD 🧪

• Bubble launches Sun Rise ⛱️

• Caliwater hires CEO 🌵

Deals 💰

Mergers & Acquisitions 

• Herbalife (NYSE: HLF) is acquiring London-based personalized supplement company Bioniq for up to $150M. The purchase price includes $55M to be paid over a five year period along with 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. Bioniq was backed by Rocket Internet, HV Capital, Porsche Ventures, and several athletes like Cristiano Ronaldo and Diogo Dalot. Athletech News

• Advent International is exiting its investment in Olaplex after selling the biotech haircare brand to Henkel for $1.4B. Henkel acquired fast-growing haircare brand Not Your Mother’s (NYM) earlier this month and also owns Schwarzkopf and Kenra Professional. Advent acquired nearly 75% of Olaplex in 2019 and took the company public in 2021 at a valuation north of $13B. CNBC

• Pernod Ricard is exploring a potential mega merger with Brown-Forman. If a deal were to be consummated, the combined company would be a global spirits giant with more than $16.5B in revenue, not far from Diageo’s $20.2B. There would be significant operational synergies as well. Global Drinks Intel

• Constellation Brands (NYSE: STZ) is acquiring the remainder of HOPWTR, a fast-growing purveyor of sparkling beverages infused with hops, adaptogens, and nootropics. Founded in 2020 by Jordan Bass and Nick Taranto, HOPWTR retails at Walmart, Target, Whole Foods Market, and several other chains. Constellation originally acquired a minority stake in HOPWTR in 2021. The deal is expected to close in April. Constellation Brands

Fundraising

• Forward Consumer Partners officially closed Fund II with $500M. Since launching in 2023, Forward has made investments 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. Business Wire

• Fast-growing scalp care brand KilgourMD secured an undisclosed amount of 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. KilgourMD previously raised seed funding from Willow Growth Partners, Joyance Partners, and Able Partners last year. WWD

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• Popular skincare brand Bubble launched a great-looking mineral sunscreen stick called SUN RISE. The SPF 40 product retails for $15 via their website and at Ulta Beauty. The new SKU will roll out at Target and Boots in the near future too. Instagram

• YSE Beauty, the premium skincare brand founded by Molly Sims, just unveiled a new serum: Xtreme Glow Dewy Peptide Plumping Serum. The new SKU will launch in-store at Sephora on April 3rd. YSE Beauty

• Fruit-powered skincare brand Glow Recipe teased their upcoming launch with beauty influencer Glamzilla. The company will launch Watermelon Milk Peptide Glow Cushion Cream on April 28th. Instagram

Food, Beverage, and Alcohol

• Tilray partnered with The Magnum Ice Cream Company to license its Popsicle brand in the bev alc space. The cannabis and craft beer specialist is launching a malt-based RTD cocktail range under the Popsicle brand. The 5% ABV beverage comes in three flavors: Hard Cherry, Hard Orange, and Hard Grape. GlobeNewswire

• In light of Danone’s billion-dollar acquisition of Huel earlier this week, Soylent co-founder Matthew Cauble shared some thoughts on why Soylent missed the mark while Huel and YFood experienced major exits. It’s an interesting read and you have to respect the candor and self-awareness. LinkedIn

• Caliwater recently appointed Blair Owens as CEO. Prior to joining Caliwater, Owens was the CEO of 9-figure beverage brand Hint. He also spent several years at Coca-Cola, Monster Beverage, and E&J Gallo Winery. Strong hire for the emerging beverage brand. Instagram

• Julian Hearn, the founder of Huel, has co-founded a luxury spirits brand called Cimbroni. The luxury sambuca brand retails for $60 and offers two varieties: Cimbroni 33 Classic and Cimbroni 33 Coffee. Hearn co-founded the brand with Kennet Newall-Hearn, a former professional rugby player. The Spirits Business

• Harry’s Famous Sauce expanded its pasta sauce range with two new flavors: Rustic Tomato Basil and Original Tarragon Vodka. Instagram

• RYSE Supplements is entering the protein ice cream category. Details are scarce but it sounds like RYSE will offer high-protein ice cream in indulgent flavors like Peanut Butter Chip and Cookies & Cream. Stack3d

Data 🖥️

• 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 in addition to naming Sheila Stanziale as CEO. LinkedIn

• According to a report from The Economist, up to $12B of snack sales could be erased in the U.S. due to various weight loss drugs. The Economist 

Distribution News 🚚

• Yough! launched nationwide at Sprouts Farmers Market.

• Hormbles Chormbles launched at Gelson’s in SoCal.

• Hiyo expanded to over 2,000 Target doors.

• VACA launched at Lazy Acres Natural Market.

• SideDish is launching at Sprouts Farmers Market soon.