ByHeart Secures $95M, Kraft Heinz Explores Oscar Mayer Sale 🌭

CPG WIRE
May 14, 2024

Welcome back to This Week in CPG, folks. Hope y’all had a great weekend and a productive Monday. Let’s dive in:

Shout-out to Numeral for making e-commerce sales tax as easy as pie.

Deals 💰

Mergers & Acquisitions

Kraft Heinz has hired bankers to explore a possible sale of Oscar Mayer. The brand, known for its bacon, ham, and hot dog products, has been the subject of sale or spinoff rumors since 2007. The unit could fetch anywhere from $3-5B. Reuters
Constellation Brands acquired California-based pinot noir producer Sea Smoke for an undisclosed sum. The deal includes 1,100 acres of land, inventory, and the brand. Total annual production for Sea Smoke is around 20,000 cases. Wine Spectator

Fundraising

ByHeart, a producer of clean, science-backed infant formula, secured $95M in additional financing. Thus far ByHeart has raised a total of $395M from the likes of D1 Capital Partners, Bellco Capital, Polaris Partners, and others. The company also announced the completion of its end-to-end manufacturing chain with two new facilities in Oregon and Iowa. PR Newswire
CVC Capital Partners is seeking a valuation of $2-3B in an IPO of Japanese personal care firm FineToday. FineToday owns a variety of skin, hair, and body care brands like Aquair, Senka, Tsubaki, and others. Shiseido sold these brands to CVC in 2021 and still owns about 20% of the company. Bloomberg
Nameless CPG, an acquirer and operator of brands, raised $1M in equity funding from undisclosed investors. Nameless CPG currently owns Ladybird Provisions, Wile, and Nakey. SEC
Voyage Foods — a food tech startup that creates allergy-friendly coffee, chocolate, and nut butter alternatives — raised $52M in fresh funding. The round was co-led by Level One Fund and Horizons Ventures. SOSV, Collaborative Fund, and Nimble Partners also participated in the round. AgFunder

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Apparel, Cosmetics, and Wellness

Wellness device maker HigherDOSE released a new product — The Red Light Hat — that can increase blood flow to the scalp and rejuvenate hair follicles. Instagram
Tower 28 collaborated with OUAI on a limited-edition lip jelly. The collab is available exclusively on the Sephora app. Instagram
LoveShackFancy and Sally Hansen partnered on a pastel nail polish collection. The packaging is very on-brand for LoveShackFancy. Beauty Packaging
Caliray launched a new product called Sundrip which is a skin-boosting peptide serum bronzer. Instagram

Food, Beverage, and Alcohol

Olive oil brand Graza released two nitrogen-sealed refill cans and they look fantastic. The refill cans have already hit shelves at Whole Foods Market. Eater
Better-for-you dessert brand Sweetkiwi collaborated with Riser Design on a colorful brand refresh. They did a great job. Riser is the same branding agency who did Bloom Nutrition, B.T.R. Bar, and Maxine’s Heavenly. Instagram
Eggo, the waffle brand owned by Kellanova, just launched a new line of protein-packed waffles called Eggo Fully Loaded Waffles. The packaging looks good too 👇 PR Newswire

Another Kellanova brand, Pringles, launched its first-ever puffed product. Dubbed Pringles Mingles, the new line will be available nationwide in October. Food & Wine
Fever-Tree partnered with French wine producer Maison Mirabeau on a RTD Rosé Spritz. Just Drinks
5 Hour Energy finally refreshed their 16 oz. energy drink line. It’s not perfect but it’s a massive improvement. PR Newswire

Black Rifle Coffee had a pretty strong first quarter with revenue increasing 18% to $98.4M. Gross margin also widened to 42.9% from 33%. Twitter
FIGS on the other hand had a rough Q1. Net revenues were down 0.8% to $119.3M while their net income margin shrunk to 1.2%. Business Wire