Coefficient Capital Raises $500M, Prima Reformulates 🍫

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

• Tilray buys more BrewDog assets 🍺

• Aesop execs back Perfumer H 👀

• Snif collabs with Mikayla Nogueira 🌴

• Jarritos bets on modern soda 🥤

• Bizzy expands at Target 🎯

Deals 💰

Mergers & Acquisitions 

• Tilray continues to scoop up distressed BrewDog assets. After acquiring select UK BrewDog assets for £33M last week, Tilray just purchased a brewing facility and multiple pubs in Australia. Terms of the transaction weren’t disclosed. Tilray

• Les Secrets de Loly, a French textured haircare brand, has sold a majority stake to Quadrivio Group, a private equity firm with €2B under management. Les Secrets is a leader in the textured haircare category in France and Quadrivio aims to take the brand abroad. WWD

Fundraising

• Perfumer H, a London-based specialty fragrance brand, secured $4.5M in funding from Elixir 1 Investments and ILYOS Capital. Elixir 1 is led by former Aesop CEO Michael O'Keeffe, while ILYOS is led by former Aesop GM Thomas Buisson. Perfumer H was founded by Lyn Harris in 2015 and specializes in “unconventional” fragrances. The company has retail stores in London, Paris, Seoul, Hong Kong, and several other markets. Business of Fashion

• Leading growth equity firm Coefficient Capital secured more than $500M across two funds. The New York-based firm raised $290M for Fund II and $240M for its Apex Fund (growth stage). Their recent investments include Sincerely Yours, Lemme, Gorgie, Trip, and Sauz. Coefficient also invested in several exited brands like Kate Farms, Nom Nom, Oatly, and Just Spices. Instagram

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• PHLUR is going abroad after being acquired by TSG Consumer last summer. The modern fine fragrance brand is launching at Sephora in Europe and Mexico in the coming months. PHLUR recently rolled out at Sephora in the Middle East and Mecca in Australia as international becomes more of a strategic priority. PR Newswire

• New York-based fragrance brand Snif has partnered with Mikayla Nogueira, a hugely popular makeup influencer and brand owner, to launch Only Sunshine, a new floral scent and arguably the brand’s best-looking fragrance yet. Snif

• Luxury bodycare brand Brunel officially launched its latest innovation: Awakening Vital Radiance Body Lotion. The New York-based brand was co-founded by Jasmine Tookes and Sabrina Castenfelt. Instagram

• Lemme just released a relaxation soft chew called Lemme Relax. The product is formulated with magnesium, KSM-66, Tart Cherry, and L-Theanine. The chews are Blackberry Lemonade flavored and available exclusively on their site. Stack3d

Food, Beverage, and Alcohol

• PepsiCo is entering the crowded meat sticks category with Good Warrior, its newest snack brand. Good Warrior is launching with two flavors, Original and Jalapeno Pepper, and each stick contains 10g of protein, 100 calories, and zero sugar. The macros are great, the branding is fairly solid, and PepsiCo obviously has a massive distribution edge over emerging brands. It’ll be interesting to see how Good Warrior performs. Meat + Poultry

• Iconic Mexican beverage brand Jarritos is moving upmarket with the launch of Sana Sana, a new prebiotic soda line. Sana Sana currently offers three flavors: Guava, Strawberry, and Mandarin. The beverage brand is competing with De La Calle and Xochi to become the modern Mexican soda brand. Sana Sana

• Fast-growing protein bar brand Prima reformulated its product and refreshed its packaging. The bars now feature 21g of protein and the texture has been improved. They’re also not as greasy as previous iterations. Instagram

• Smash Kitchen announced a partnership with American Airlines. Moving forward Smash Kitchen’s portfolio of condiments will be available on all American Airlines flights in the U.S. This is a clever way to drive trial and increase brand awareness. Smash Kitchen is on a roll. LinkedIn

• PATH Water is expanding into sports drinks with a zero-sugar electrolyte line. PATH Sports Hydration is launching with four flavors and will debut at CVS in June. Instagram

• Fishwife expanded its range with a new product: Albacore Tuna with Soy Ginger. The new SKU is available exclusively at Whole Foods Market. LinkedIn

• Joey, an organic, fruit-powered hydration brand, officially launched yesterday with three flavors: All-Star Apple, Tropical Wave, and Boxin’ Berry. Joey was created by Casey Steidle who was on the founding team at Doughy. Joey

Data 🖥️

• U.S. beer shipments were down 5.9% in 2025, representing a decline of over 8 million barrels. A handful of players like Busch Light, Garage Beer, and Athletic Brewing managed to deliver growth, however. Brewbound

Distribution News 🚚

• Bizzy Cold Brew expanded to 1,300 Target stores.

• Poppi is now available at Starbucks.

• Grüns is now available chainwide at Costco in the U.S.

• Brinkley’s launched at select H-E-B stores in Texas.

• MUD\WTR launched at 81 Costco clubs in the Southeast.