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Butterfly Splits Bolthouse Biz, Fix & Fogg Heads to Space 🚀

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CPG WIRE
May 07, 2024

Welcome back to This Week in CPG, folks. If you’re interested in seeing more of us, check us out on Twitter and Instagram.

We have lots of interesting stuff to cover this morning so let’s get into it:

  • L2 Capital buys Kosmos Q 🍖

  • TruFood x Bar Bakers merger 🍫

  • Ritual expands into stress relief 💊

  • High Noon bets on hard tea 🍵

  • CVT Soft Serve heads to Wegmans 🍦

Deals 💰

Mergers & Acquisitions 

  • Private equity firm Butterfly is splitting Bolthouse Farms into two separate businesses. One entity, Bolthouse Fresh Foods, will continue supplying fresh carrots to retailers across the U.S. The other entity, Generous Brands, will focus on fresh beverages and salad dressings. FoodBev

  • Private equity firm L2 Capital acquired fast-growing BBQ brand Kosmos Q for an undisclosed sum. Kosmos Q was founded in Oklahoma City in 2009 by renowned pitmaster Darian ‘Kosmo’ Khosrav. The company sells a variety of BBQ rubs, sauces, and accessories. Business Wire

  • TruFood Manufacturing, a subsidiary of Mubadala Capital and a leading contract manufacturer of nutrition bars, is merging with fellow nutrition bar manufacturer Bar Bakers. The combined entity will be a scaled industry player with a significant footprint across categories and geographies. Manna Tree is also backing the deal. PE Hub

Fundraising

  • Pure Madness Brewery Group, the owner of Wyoming-based Melvin Brewing and Roadhouse Brewing Co., raised $8.7M in equity funding from undisclosed investors. SEC

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Rosie Huntington-Whiteley, the founder of beauty brand Rose Inc, is no longer affiliated with the company. Rose Inc was founded in 2018 as a joint venture with Amyris, the now-bankrupt biotech firm and beauty brand incubator. After filing for bankruptcy last year, Amyris was forced to sell the brand to Hong Kong-based asset manager AA Investments for $2.5M. Losing the face of the brand is obviously a major setback for AA Investments. Glossy

  • Women’s wellness brand Ritual launched a stress relief supplement. Hero ingredients include Shoden Ashwagandha, L-Theanine, and saffron. Ritual 

  • Soft Services released a new microcrystal exfoliator — Green Banana Buffing Bar. Soft Services

Food, Beverage, and Alcohol

  • Nut butters brand Fix & Fogg is officially in space. The brand, which was founded in Wellington, New Zealand but quickly launched in the U.S., was selected by NASA as one of the snacks aboard a six-month expedition to the International Space Station. Fix & Fogg released a limited edition product to commemorate the occasion 👇 Scoop

  • High Noon, the #1 spirits brand by volume in the US, is entering the lucrative hard tea category with High Noon Vodka Iced Tea. They’re launching with four flavors: Original, Peach, Lemon, and Raspberry. PR Newswire 

  • Jeni’s launched a new ice cream sandwich — Chocolate Silk Pie — and the packaging is fantastic. Instagram

  • Watermelon water brand MELA unveiled their newest flavor, Chili Mango. Great-looking can. MELA

  • Mondelez is giving us a gluten-free version of Chips Ahoy. The new product will begin hitting shelves later this month. PR Newswire

Data 🖥️

  • The suncare category is booming in China and is expected to be worth $3.1B by 2028. Jing Daily

  • CELSIUS shares tumbled after they posted a rare revenue miss in Q1. Despite missing their forecast, CELSIUS sales still jumped 37% to $356M in Q1. Bloomberg

Distribution News 🚚