HexClad Scores $100M Investment, Diageo Sells Pampero Rum 🍹

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

• Pernod sells wine division 🍷

• VF Corp bails on Supreme 😎

• Botivo closes funding round 💰

• Bobbie opens Ohio plant 🍼

• Bravo star launches RTD cocktail 🍸

Deals 💰

Mergers & Acquisitions

• Diageo has offloaded Pampero Rum, a Venezuelan rum brand. The buyer is Italian food & spirits producer Gruppo Montenegro. Earlier this month, Diageo sold Safari Liqueur to Casa Redondo. They’re still looking for a buyer for Pimm’s, however, which is arguably the strongest of the three brands. Diageo

• Pernod Ricard sold the vast majority of its wine division to Australia’s Accolade Wines. Pernod made the move in order to focus on its bread and butter — spirits. All the major spirits players are currently decluttering their portfolios, perhaps readying for a buying spree. Reuters

• Eyewear giant Essilor Luxottica purchased streetwear brand Supreme for $1.5B in cash. The seller is VF Corp who originally acquired Supreme for $2.1B in 2020 but failed to meaningfully grow the brand. The divestment enables VF Corp to pay down debt and invest in other brands like Vans and The North Face. Business of Fashion

Fundraising

• Premium kitchenware brand HexClad secured a $100M investment from Studio Ramsay Global, a joint venture between Gordon Ramsay and FOX Entertainment. HexClad launched in 2016 and hit unicorn status in mid-2023. Gordon Ramsay first invested in the brand in 2021. Business Wire

• Independent record label EMPIRE took an equity position in León Y Sol, a luxury tequila brand that was founded in San Francisco. Alexandra Moore, Chief Business Officer at EMPIRE, will be joining the board. BevNET

• Tattoo care brand Stories & Ink landed $1.6M in fresh funding from new and existing investors. One of these investors is The Emerson Group, a retail distributor that works with the likes of L’Oreal and Yellow Wood Partners. Stories & Ink retails at Target and expects revenue to hit $2.5M this year. Beauty Independent

• PLEZi Nutrition, a leading children’s nutrition brand, added Steph and Ayesha Curry as investors and brand ambassadors. In May, Kristen Bell also joined PLEZi as an investor. PR Newswire

• Straus Family Creamery announced a significant equity investment from Grounded Capital, a San Francisco-based investment firm. Based in Petaluma, CA, Straus Family Creamery is a leader in sustainable organic farming and produces premium dairy products. Last week, Grounded Capital invested $22.M in Lotus Foods, a leader in regenerative rice cultivation and rice-based noodles. Business Wire

• Botivo, a non-alcoholic aperitivo brand from the UK, raised £900K in funding as it looks to scale in the UK and beyond. The Grocer

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• Fragrance brand DedCool reformulated and refreshed their hand & body care collection. This is version 3.0 since launching the collection in 2020 and they really crushed it. You can see the packaging evolution at the link. Instagram

• Method launched a limited edition body wash range called Good Karma which is available exclusively at Target. The packaging is brilliant IMO 👇 PR Newswire

• Popular skincare brand Bubble is launching three new cleansers later today. Shai Eisenman, the founder and CEO of Bubble, believes that consumers should have different cleansers with different active ingredients based on their needs. WWD

• Salon-quality haircare brand Verb launched two new products: Hydrate Oil and Hydrate Styling Cream. The new products will be available at Sephora, Target, Ulta, and other retailers. PR Newswire

Food, Beverage, and Alcohol

• Once Upon a Farm launched a new line of organic, soft-baked bars for kids. The new line is available in four flavors and retails at Kroger. PR Newswire

• Infant formula brand Bobbie opened a state-of-the-art manufacturing facility in Heath, Ohio. The 90,000-square-foot facility significantly increases their production capacity. Bobbie also decamped from San Francisco and moved their HQ to Ohio as well. Business Wire

• Voyage Foods launched a bean-free cold brew for the foodservice and food manufacturing channels. Voyage's bean-free coffee is 40% cheaper than traditional coffee, providing coffee manufacturers with better price stability and higher margins. Daily Coffee News

• Mocktail Club released their newest non-alcoholic cocktail — Bali Breeze. Pronghorn backed Mocktail Club in June (their first investment in a non-alc brand). BevNET

• Reality star Aesha Scott launched a spiked coconut water brand called Drop. The packaging is fantastic. It’s available exclusively in Australia for the time being. Twitter

• Hydration brand Buoy launched a new product that supports cognitive health. Good-looking packaging. Instagram

Data 🖥️

• Happy Coffee has launched at a whopping 30,000 retail doors in five short months. Would love to see units-per-store-per-week but regardless, impressive execution. Twitter

Distribution News 🚚

• Sienna Naturals, the haircare brand co-founded by Issa Rae, launched online at Sephora.

• Scalp care brand Divi entered Ulta Beauty at Target.

• Organic chocolate bark brand Seedly is launching at Whole Foods Market in New York, New Jersey, and Connecticut.

• Real American Beer, the lager brand from Hulk Hogan and AB InBev alum Terri Francis, launched in Colorado.