Banagua Bags $5.5M, David Doubles Down on Cod 🐟

Author

CPG WIRE
May 22, 2026

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

  • E.L.F. exits Keys Soulcare 💄

  • Aria backs Good Molecules 🧪

  • Hiya expands offering 📈

  • Jams partners with the NLFPA 🏈

  • BuzzBallz is up 65% 🍸

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Deals 💰

Mergers & Acquisitions 

  • Strongwater, a Colorado-based manufacturer of cocktail syrups and bitters, has been acquired by The Perfect Purée of Napa Valley. The Perfect Purée has been producing premium fruit products for beverage and culinary professionals for nearly 40 years. The company will use its extensive foodservice & hospitality network to accelerate Strongwater’s growth. PR Newswire

  • E.L.F. Beauty is handing off control of Keys Soulcare to its co-creator, Alicia Keys. The move will allow E.L.F. Beauty to focus on its core brands like Rhode, Naturium, and its namesake. Glossy

  • Merger talks between Puig and The Estee Lauder Companies have ended without a deal. WSJ

Fundraising

  • Masstige skincare brand Good Molecules scored an investment from Aria Growth Partners. Founded in 2019, Good Molecules has built a loyal following through its efficacious products and accessible prices. The company is reportedly profitable and doing north of $100M in annual sales. Aria’s other investments include Hero (exited), LesserEvil Snacks (exited), Ultra Violette, Joyride, and The Inkey List. Beauty Independent

  • Organic banana water brand Banagua secured $5.5M in funding from Hingham Growth Partners. Ben Kaplan, Elliot Tebele, Kieran Mathew, Caleb Pressley, James Hunt, Dr. Anthony Gustin, and several other strategic angel investors also participated in the round. Banagua is currently available in 3,500+ doors across the country. Instagram

  • Upcycled snack startup B-SIDES closed a $500K seed round led by Cap Ventures 8182. Founded in 2025 by Yousuf Ahmed, B-SIDES turns upcycled oat flour and corn grits into protein snack puffs. The company is in the midst of launching in 1,500 stores across the northeast. Food Business News

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What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Hiya expanded its kids’ nutrition line with Daily Growth + Protein. The product is formulated with grass-fed whey protein isolate and targeted amino acids to support growing bodies. Hiya also made its retail debut at Target in April. USANA Health Sciences buying the biz for $205M in 2024 will go down as one of the savviest VMS acquisitions. Business Wire

  • Clean beauty brand Costa Brazil opened its flagship store at Hudson Yards. The impressive space offers Costa’s full range of products across skincare, fragrance, hair, and home. Francisco Costa relaunched Costa Brazil in 2024 after buying the brand back from Amyris. Happi

  • FELR is a new men’s supplement brand designed around recovery. The company launched yesterday with one product: Sleep Support + Recovery. The melatonin-free product is formulated with magnesium, apigenin, zinc, boron, and L-Theanine to support hormonal health and sleep. FELR

  • Grüns launched a limited-edition Popsicle Firecracker flavor just in time for summer. The Cherry, Lemon Lime, and Blue Raspberry gummies are available in both adult & kids versions. The packaging is excellent. Instagram

Food, Beverage, and Alcohol

  • Jams is now the official PB&J of the NFL Players Association. According to a report from the NYT in 2024, NFL franchises go through anywhere from 3,600 to 4,300 PB&Js per week. Jams and the NLFPA will work together to create the “Perfect PB&J” which will hit retail later this year. Instagram

  • David launched version 2.0 of its wild-caught Atlantic cod. Instead of frozen filets, the cod is now packaged in sleek golden tins. Each tin delivers 18g of protein, zero carbs, and only 70 calories. A 4-pack retails for $39.99. David

  • Mas+ by Messi, the RTD hydration brand co-created by Mark Anthony Brands and Lionel Messi, is shuttering after nearly two years in the marketplace. Breaking into the sports drink category, even with one of the world’s most recognizable athletes, has proven to be a difficult task. Steph Curry is currently attempting to do it with PLEZi…BevNET

  • PerfectTed is bringing even more functionality to matcha. The UK-based company just released a canned matcha line with 18g of protein and 40mg of caffeine. The beverage is currently available at Tesco and WH Smith in one flavor: White Chocolate. It’s a good-looking can. LinkedIn

  • OSULLOC, a leading premium tea brand in Korea, introduced a functional matcha line called Matcha Plus. Three varieties are available: Matcha Plus Glow, Matcha Plus Gut Ease, and Matcha Plus Awareness. A 10-pack of Matcha Plus will retail for $14.99. PR Newswire

  • Sierra Nevada is rolling out a new beverage concept called Shred Beer Soda in June. The products will initially be available in Sierra Nevada’s brewery gift shops before a broader launch in California and North Carolina. Instagram

  • Pabst is sadly discontinuing Schlitz after 177 years. One last batch of Schlitz will be produced using the recipe from 1948. CNBC

  • Protein biscuit brand Pon Pon is now accepting pre-orders. Pon Pon is basically a protein-infused version of Pocky, the iconic Japanese snack brand. Each serving contains 10g of protein and 5g of fiber. Two flavors are available: Strawberry Milk and Matcha Latte. Pon Pon 

Data 🖥️

  • RTD cocktail brand BuzzBallz grew more than 65% in off-premise channels during the 52-week period ending on April 19th. Owned by Sazerac since 2024, BuzzBallz delivered just under $570M in dollar sales. LinkedIn

  • OLIPOP’s retail volume increased 17.5% for the 4-week period ending on May 2nd. This follows a 22.3% volume bump in March. OLIPOP has been progressively reducing its retail price as well. Twitter

Distribution News 🚚