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  • Collab Fund Backs One Trick Pony, Celsius Takes a Hit in Q3 📉

Collab Fund Backs One Trick Pony, Celsius Takes a Hit in Q3 📉

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CPG WIRE
November 07, 2024

GM and Happy Thursday, folks. Since the election has been top of mind for just about everyone, it’s been a quiet few days in CPG. Fortunately we still have some interesting stuff to sink our teeth into:

  • Belle Meade secures funding 🥃

  • Puratos backs California Cultured ☕️

  • Trinny London opens NYC pop-up 💄

  • Bowery Farming shutters 🥗

  • MDS goes nationwide at WFM 🍫

Deals 💰

Mergers & Acquisitions 

  • A number of private equity firms — namely Advent International, Apollo, CD&R, and PAI Partners — are reportedly interested in Reckitt’s homecare division for around £6B. Bloomberg

  • Iowa-based Backpocket Brewing has acquired the intellectual property of Peace Tree Brewing, a fellow Iowa-based brewer that closed its doors after nearly 15 years in business. Brewbound

Fundraising

  • Collab Fund invested in One Trick Pony, a Washington, DC-based food brand that makes premium nut butters out of Argentinean peanuts and Patagonian sea salt. One Trick Pony launched in late 2022 and retails at The Fresh Market and hundreds of premium independent retailers across the U.S. NOSH

  • Belle Meade Spirits, a Nashville-based producer of bourbon, secured $3.6M in equity funding from undisclosed investors. SEC 

  • California Cultured, a startup that uses cellular agriculture to sustainably produce chocolate and coffee, secured an investment from Sparkalis, the corporate venture arm of Puratos. Earlier this year, California Cultured announced a key partnership with Meiji, the largest chocolate company in Japan. Food Business News

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Trinny London, the British beauty brand founded by Trinny Woodall, is opening a pop-up in New York City on November 11th. The four-month long activation will be located at 124 Prince St. Woodall hopes to turn the pop-up into a permanent store. WWD

  • Aesop is heading to Northern England and will open a store in Leeds in early 2025. The 753-square-foot store will be located at Victoria Leeds, a luxury shopping center. The Industry

  • Topicals launched its popular lip balm in a new Acai flavor. Hypebae

Food, Beverage, and Alcohol

  • After raising more than $700M and hitting a valuation of $2B, vertical farming startup Bowery Farming is shutting down. It’s been a rough few years for the vertical farming category with both AppHarvest and AeroFarms filing for bankruptcy protection in 2023. TechCrunch

  • Cincinnati-based Beeyond Snacks has entered the snack bar category with a line of Greek-inspired nutrition bars. The bars are formulated with Greek honey and sesame seeds. Two flavors are available: Original Honey & Sesame and Peanut Chocolate Sea Salt. Food Business News

  • Target refreshed their private label whey protein powder line. IMO it’s a considerable improvement. Twitter

  • Canned cocktail brand YOJU won Best of Show RTD at the 2024 San Francisco World Spirits Competition. YOJU’s branding is fantastic. It’s going to be a big few years for soju in the United States. BevNET

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Data 🖥️

  • Celsius Holdings had a rough Q3 with revenue down 31% YoY to $265.7M. Net income also dropped from $83.9M in Q3 of 2023 to $6.4M in Q3 of 2024. The revenue dip is largely attributable to PepsiCo who implemented a sizable supply chain optimization program in Q3. PepsiCo's revenue contribution fell by nearly $124M. Despite the rough quarter, still bullish on Celsius 👇 Business Wire

Distribution News 🚚

  • Mid-Day Squares is now available storewide at Whole Foods.

  • NEOM Wellbeing officially debuted at Ulta Beauty.

  • BFY dessert brand Sweetkiwi launched at select Target stores in CA.

  • Nixie launched their BFY soda range at Meijer.