Athletic Brewing Doubles Capacity, Some H2O M&A 💦

Welcome back to This Week in CPG, folks. Hope y’all had a relaxing weekend and a very productive Monday. If you enjoy this newsletter, please forward it to others who might enjoy it too.

Let’s dive into the news:

• Gronk backs Casa Azul 🍹

• 1686 Partners raises $110M 💰

• The Nue Co. refreshes packaging 😍

• Van Leeuwen x Sabrina Carpenter 🍦

• Introducing Medly Wine Co. 🍷

Deals 💰

Mergers & Acquisitions 

• Athletic Brewing, already a top 10 craft brewer in the United States, acquired a production facility from Ballast Point Brewing for an undisclosed sum. The 107,000 square-foot facility is the largest production brewery in San Diego and effectively doubles Athletic Brewing’s capacity. Washington Beer Blog

• BlueTriton Brands, the owner of a variety of bottled water brands like Arrowhead, Poland Spring, Ozarka, and others, is merging with Primo Water, a publicly traded purveyor of bulk water. The combined entity will have net revenue of $6.5B and adjusted EBITDA of $1.5B. This appears to be another major win for Dean Metropoulos who acquired Nestle’s bottled water division in 2021. WSJ 

• Circumspect Capital purchased Venus Wafers, a specialty cracker maker that’s based in Hingham, Massachusetts. The company produces organic crackers and flatbreads. Food Business News

Fundraising

• Athletic Brewing secured a $2M follow-on investment from Connecticut Innovations, the state’s quasi-public venture capital firm. CT Innovations first invested in Athletic Brewing in Q3 of 2023. Hartford Business Journal

• David Wertheimer, an heir to the Chanel fortune, launched a private equity firm called 1686 Partners. The firm has raised $110M and will invest in fashion, cosmetics, and lifestyle products. Global Cosmetics News

• Organic tequila brand Casa Azul has added Rob Gronkowski to its roster of celebrity investors. Other celebrities on the cap table include Travis Kelce, Brooks Koepka, Michelle Wie West, and others. PR Newswire

• Australian hard seltzer brand Hard Fizz raised $2.5M AUD to support its national retail rollout. The round was co-led by Conargo Capital and Lance East Office. The Shout

• THIS, a London-based purveyor of “realistic” plant-based meats, scored £20M in Series C funding from Planet First Partners. Vegconomist

What’s New 🤩

Apparel, Cosmetics, and Wellness

• Science-backed supplements brand The Nue Co. just refreshed their packaging. I love the engraved green cap — it screams “clean” and “luxury” — but I’ll miss the old logotype and iconography 👇 Twitter

• Rhode is expanding its super popular Peptide Lip Treatment line with four new shades: Shortcake, Peach Pit, Guava Spritz, and Salty Tan. Instagram

• Australian beauty startup Wildhood launched a beautiful collection of hydrating body mists. Inside FMCG

Food, Beverage, and Alcohol

• B.T.R. Nation partnered with Blue Bottle Coffee on a co-branded superfood protein bar. The bar is available exclusively at Blue Bottle Coffee stores. B.T.R. Nation has been on a heater lately. Instagram

• Heyday Canning is expanding beyond beans with a gorgeous new line of soups. The packaging is terrific and I imagine elevated flavors like Lemon Parmesan Noodle Soup will resonate with consumers. Very bullish. Heyday Canning

• Van Leeuwen Ice Cream collaborated with Sabrina Carpenter on an espresso ice cream. The limited edition flavor will be available on June 28th and half of the proceeds will go towards the Ali Forney Center in New York City. Instagram

• Medly Wine Co. officially debuted and The Young Jerks did a spectacular job on the packaging. Medly sells organic, zero-sugar wines from the Mediterranean in eye-catching pouches. Bullish 👇 Medly

• Karma Nuts has expanded into a new category with their line of cashew cookie bites. Snack and Bakery

• Spicy tequila brand Ghost released a spicy reposado product. Ghost raised $9M from Raptor Group early last year. Instagram

Data 🖥️

• Q2 was a mixed bag for Flow Beverage Corp. Net revenue dipped but gross margins and operating expenses improved. It’s tough out there. BevNET 

Distribution News 🚚

• KiZE Concepts launched nationwide at Sprouts Farmers Market.

• BFY iced tea brand Kirra launched at all Chopt Salad locations in NYC.

• Jackson’s Chips scored nationwide distribution at Walmart.