ByHeart Raises Big Money, Casamigos Get Spicy 🌶️

Welcome back to This Week in CPG, folks. Here’s what we’re covering this morning:

• Sula buys ND Wines 🍷

• Partake raises over $20M 🍪

• Wonderbelly expands portfolio 🆕

• Bachan’s launches something sweet 🍯

• Juvee officially debuts at 1,000+ Targets 🎯

Deals 💰

Mergers & Acquisitions 

• Sula Vineyards, an India-based wine producer that was backed by Verlinvest, acquired domestic competitor ND Wines. They’re paying around $1.7M for the company. Just Drinks 

Fundraising

• ByHeart, a producer of organic, grass-fed baby formula, secured just over $80M in equity funding from undisclosed investors. The capital injection is part of a larger $150M round. ByHeart’s previous investors include D1 Capital Partners, Polaris Partners, Red Sea Ventures, and others. SEC

• Partake Foods, the allergy-friendly snack company founded by Denise Woodard, raised $20.7M in equity funding from undisclosed investors. SEC

• Spanish beauty firm Puig is aiming to raise over $2B in its long-awaited IPO. The company owns Byredo, Charlotte Tilbury, Dr. Barbara Sturm, Rabanne, and a number of other beauty brands. Revenue for 2023 came in at €4.3B which was a year-over-year increase of 19%. Business of Fashion

What’s New 🤩

Apparel, Cosmetics, and Wellness

• Wonderbelly, the digestive health brand known for its antacids, launched a new product line — Bloat + Gas Relief. The new line is available at Target and Amazon 👇 PR Newswire

• British haircare brand Flora & Curl revealed a sleek brand refresh ahead of its U.S. launch. Compared to the older packaging, this is a considerable upgrade. Beauty Independent 

• The Skinny Confidential, a lifestyle media and beauty company, expanded into the suncare category with a caffeinated sunscreen. The Skinny Confidential

Food, Beverage, and Alcohol

• Casamigos, the popular tequila brand that Diageo acquired in 2017, launched a spicy tequila called Casamigas Jalapeño Tequila. Supermodel Cindy Crawford is the face of the new product. The flavored/spicy spirits category has been on a hot streak. Campari acquired a 15% stake in Howler Head in 2022, Pernod acquired Skrewball Whiskey in 2023, and Ole Smoky Distillery merged with spicy tequila brand Tanteo last year. Another spicy tequila brand, Ghost Tequila, raised $9M last April. The Spirits Business

• We finally have a better look at the updated packaging for Ruby Hibiscus Water. They did a terrific job on the refresh and I reckon this iteration will reach a larger audience. The product is also very good 👇 Instagram

• Bachan’s launched a new product — Sweet Honey Japanese Barbecue Sauce. It looks killer. Bachan’s

• Scottish spirits firm William Grant & Sons unveiled a premium Scotch whisky brand called Wildmoor. The whiskies are blended from William Grant & Sons’ reserve of Scotch whiskies from across the country. Just Drinks

• Balcones Distilling, the Texas-based whiskey producer that Diageo acquired in late 2022, launched a single malt whiskey to celebrate the solar eclipse. PR Newswire

Data 🖥️

• In Q4, there was a 5% year-over-year increase in cocktail value velocity, and a 6% increase in the average number of cocktails sold at venues. The Drinks Business

Distribution News 🚚

• Energy drink brand Juvee officially launched at over 1,000 Target stores.

• Whipshots expanded distribution to Alabama, North Carolina, and Pennsylvania.

• DEUX is now available nationwide at Whole Foods Market.