Generous Brands Buys Health-Ade, More Beauty M&A 💉

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

• Quarter Proof closes round 🥃

• Personal Day launches patches 🩹

• Tecovas collabs with Chili’s 🤠

• Vuum unveils new look 💪

• Goodles grabs more market share 🧀

Generous Brands Buys Health-Ade 🍍

The beverage M&A spree continues with another 9-figure deal. 

Health-Ade, a leading brand in the refrigerated kombucha category, has been acquired by Generous Brands for approximately $500 million. It’s the largest acquisition in the history of the kombucha category by a good margin, and the largest since PepsiCo acquired KeVita for around $250M in 2016.

Health-Ade traces its roots back to the Brentwood Farmers Market in 2012. Despite their humble beginnings, co-founders Daina Trout, Justin Trout, and Vanessa Dew built Health-Ade into a beloved beverage brand throughout Southern California, then quickly scaled it into a nationwide category leader.

In the summer of 2021, First Bev and Manna Tree Partners acquired a controlling interest in Health-Ade. Jack Belsito, Managing Director of First Bev, took the helm as CEO after the transaction closed. Soon thereafter, in 2022, former PepsiCo exec and Nature’s Bakery CEO Chris Lansing became Health-Ade’s Chief Executive Officer. 

Today, Health-Ade retails at 65,000 stores across the U.S. and annual sales are approaching $250 million. According to Circana, Health-Ade currently commands 24% of the refrigerated kombucha category.

The acquirer, Generous Brands, is a portfolio company of Butterfly Equity and a specialist in cold chain beverages. Their brand portfolio includes Bolthouse Farms, Evolution Fresh, and Sambazon. With the acquisition of Health-Ade, Generous Brands is staying in its lane as a cold chain beverage specialist, but diversifying away from its core smoothie and cold-pressed juice offerings. 

Once the deal closes, Generous Brands will have nearly $1 billion in retail sales.  

More from the WSJ here.

Deals 💰

Mergers & Acquisitions 

• TSG Consumer Partners is acquiring PHLUR, a modern fine fragrance brand that expects to generate more than $150M in sales this year. Chriselle Lim, the co-founder and Creative Director of PHLUR, will retain a meaningful equity stake alongside The Center, the beauty incubator that partnered with PHLUR in 2021. Prelude Growth Partners is exiting its position in PHLUR as part of the transaction. Business Wire

• Waldencast, the publicly traded owner of Milk Makeup and Obagi Medical, has acquired injectables specialist Novaestiq along with the U.S. rights to Saypha, a hyaluronic acid injectables line. The transaction includes $3M of cash at close along with a number of milestone-based earnouts that you can find summarized here. Business of Fashion

• English gin producer Warner’s has been acquired by La Martiniquaise-Bardinet, a French spirits firm. Tom Warner and his wife Tina Warner-Keogh launched the gin business in 2012. La Martiniquaise-Bardinet’s spirits portfolio includes Saint James Rum, Cutty Sark, Glen Moray, and Bardinet Brandy. Terms of the deal were not disclosed. The Spirits Business

Fundraising

• Quarter Proof, a UK-based purveyor of mid-strength spirits, secured £1.3M in funding from angel investors and various CPG executives. The funding will be used to support expansion in the UK, US, and other international markets. Quarter Proof currently sells two 15% ABV spirits. The Grocer

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• It looks like Outdoor Voices is up to something. The once-thriving activewear brand completely wiped their Instagram and is now only following one other account, ousted Outdoor Voices founder Ty Haney. Instagram

• Creator-led skincare brand Personal Day launched an ultra-thin line of blemish patches called All Covered. The patches are brushed with salicylic acid after they’re produced so the active ingredients remain potent and effective. Instagram

• Tecovas and restaurant chain Chili’s are releasing a killer collab on July 29th at 10am CST. The collab includes a women’s boot, a men’s boot, and a badass belt. Tecovas 

• Luxury luggage brand Rimowa remodeled its flagship store on Madison Ave in New York City. The expanded store is now the brand’s largest in North America. Porto Architecture facilitated the refresh. WWD

Food, Beverage, and Alcohol

• The Coconut Cult teamed up with Mid-Day Squares on a co-branded Cookie Dough Probiotic Yogurt. The new SKU will officially drop in September. Instagram

• Non-alcoholic social tonic brand Hiyo released a new flavor: Pineapple Coconut. It’s a great-looking can IMO. The brand also announced its nationwide availability at Whole Foods Market. BevNET

• A number of better-for-you food brands like GoodPop, LesserEvil, Quinn Snacks, and Evergreen have joined forces to launch The Good Food Collective. The goal of the collective is to promote greater transparency and higher standards in the food industry. PR Newswire

• IQBAR released its IQMIX Hydration Stick in a new flavor, Arnold Palmer. The product is formulated with real tea, real lemon extract, electrolytes, and nootropics. Twitter

• GORGIE and Alfred collaborated on a Citrus Energy Seltzer. The branding is stellar. You can find the collab at all Alfred coffee shops across Los Angeles. Instagram

• Sparkling protein beverage brand Vuum revealed their new brand identity. The ultramodern look is more eye-catching and better communicates the product’s value. The Dieline

• Oatly launched a new Matcha Latte Oat Drink at Sainsbury’s in the UK. The new beverage will also launch at Morrisons and Ocado in August. Plant Based News

Data 🖥️

• Goodles continues to rack up wins. According to Numerator, Goodles won 4% of U.S. spending on shelf-stable macaroni and cheese last year, up from 0.6% in 2023. The only other mainstream brand to post growth in the period was Annie’s which went from 9.4% to 10.4%. WSJ

Distribution News 🚚

• De La Calle launched at select Walmart stores.

• Realsy is now available on Gopuff.

• Ripi launched at Market of Choice in Oregon.

• BRĒZ launched at ABC Fine Wine & Spirits in Florida.

• Su Casa Mezcal is launching at Total Wine & More in CA & FL.