Jams Debuts at Walmart, Another Candy Deal 🍭

Welcome back to This Week in CPG, folks. Here’s what we’re covering this morning:

• ELOREA grabs funding 💰

• Lemme launches daily greens 🥕

• David does the unexpected 🐟

• Functional shot category stays hot 🔥

• Cadence launches at GNC 💧

Jams Debuts at Walmart 👀

Jams, a brand aiming to disrupt the frozen PB&J category, officially launched and announced its nationwide rollout at 3,000 Walmart stores. 

Unlike the 800-pound gorilla in the category — J.M. Smucker’s nearly $1B Uncrustables brand — Jams sets itself apart via its clean label ingredients, functionality, and a variety of athlete and creator partnerships. Their launch video with NFL stars CJ Stroud and Micah Parsons is fun and very well-done. 

With 10g of protein per sandwich and no seed oils, dyes, or high-fructose corn syrup, Jams is likely the most clean label and functional PB&J currently on the market. The brand also has two other edges: a slick brand identity that will resonate with younger consumers (very much like Poppi), and a host of athletes and creators to help spread the word. 

Jams will have their work cut out for them, though. Uncrustables is a beloved brand with 30 years of brand equity, entrenched distribution, lower prices, better margins, and vastly more resources. What’s most impressive about Uncrustables is that they’re still a fast-growing brand despite decades in the marketplace. Last fiscal year, Uncrustables net sales jumped $125M to approximately $920M. 

One of the last brands to take on Uncrustables, Chubby Snacks, found itself in the unenviable position of running out of cash while fighting a legal battle with J.M. Smucker. Chubby Snacks shuttered in January. 

Having said all that, there’s room for a premium, functional player in this category, and Jams is well-positioned to become it. 

Investors in Jams include CJ Stroud, Micah Parsons, Alex Morgan, The LaBrant Fam of YouTube fame, and the co-founders of Poppi, Allison & Stephen Ellsworth. 

More info on Jams here. 

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Deals 💰

Mergers & Acquisitions 

• Ferrara Candy Company, an American confectionery firm owned by Ferrero, is set to acquire CPK Group, a French manufacturer and distributor of candy products. CPK Group was formed in 2017 after Eurazeo combined 14 brands from Mondelez with Lamy Lutti, another French confectionery brand. Food Business News

• According to Reuters, Dean Metropoulos and Cerberus Capital Management were also chasing WK Kellogg which ended up being acquired by Ferrero last week for $3.1B. Metropoulos has made a fortune buying and turning around consumer businesses like Pabst, Hostess Brands, and Bumble Bee Tuna. The fact that Metropoulos was in pursuit of WK Kellogg is a good omen for Ferrero. Reuters

• Dessert Holdings, a premium dessert company that Bain Capital Private Equity purchased in 2021, has acquired Oregon’s Willamette Valley Pie Company for an undisclosed sum. Business Wire

Fundraising

• Korean fragrance brand ELOREA secured an undisclosed amount of funding from Era VC, Willow Growth Partners, and Listen Ventures. Founded by husband-and-wife duo Wonny Lee and Su Min Park, ELOREA previously raised $2M in seed funding in 2022. Korean skincare products are obviously super popular across the world and we’ll see if that popularity extends to the fragrance category too. LinkedIn

What’s New 🤩

Apparel, Cosmetics, and Wellness

• Lemme, the fast-growing VMS brand founded by Kourtney Kardashian Barker, just launched a new daily greens supplement. Lemme Greens retails for $30 and is formulated with 20+ superfruits and greens, essential vitamins, and clinically-studied probiotics to support daily wellness, promote gut health, and combat bloating. PR Newswire

• MCoBeauty, the Australian company best known for creating affordable dupes of pricier beauty products, is expanding its global presence and launching in the UK. Founded in 2020 by Shelley Sullivan, MCoBeauty was acquired by DBG Group at a $1B valuation earlier this year. The brand is also active in Belgium and the Netherlands. WWD

• Fragrance brand DedCool collaborated with FP Movement, a women’s activewear brand, on a laundry detergent specifically designed to tackle sweat and odor in your activewear. Instagram

• Mane, the fast-growing hair tools brand founded by serial entrepreneur Jen Atkin, is expanding into two new categories: styling products as well as hair and body mists. The new lines will launch at Sephora at the end of the month. Cosmetics Business

Food, Beverage, and Alcohol

• When protein bar brand David cleared their socials a week or so ago, I thought they might be unveiling a refreshed brand identity or expanding into a new category. David launched something new but it’s not a shake or a shot, it’s Wild Caught Pacific Cod which contains 23g of protein and only 100 calories. Each carton contains 4 filets and retails for $55. David always planned on becoming a protein platform and not only is frozen cod a great delivery system for protein, it’s a great marketing gimmick. David

• PHX Energy, a hydrating energy drink brand, officially launched yesterday. The beverage is formulated with 700mg of electrolytes, 200mg of natural caffeine from green tea, and 100% daily value of 8 key vitamins. Six flavors are available at launch and Barstool founder Dave Portnoy is involved with the brand. BevNET

• Pernod Ricard just launched a non-alcoholic gin in the UK under its Beefeater brand. Dubbed Beefeater 0.0, the new product is launching in the UK after a reportedly successful launch in Spain. FoodBev

• Cheez-It, the iconic salty snack brand owned by Kellanova, is finally launching a gluten-free version. Gluten-free Cheez-Its will make their nationwide retail debut sometime next year. USA Today

• C&S Wholesale Grocers hired Pearlfisher to refresh their private label Best Yet brand. The end result is a big improvement and IMO one of the better looking private label brands out there. This must’ve been a massive undertaking as Best Yet offers 1,800 SKUs across 10 categories. The Dieline

• Fishwife is launching two tinned mussel products later today. Excited to see the branding. Instagram

Data 🖥️

• The functional shot category is on an absolute tear. Thanks to brands like Magic Mind, Sol-ti, and Vive Organic, functional shot sales in the natural channel are growing +22% year-over-year. Sales at Walmart are up +27% while sales at Wawa are up an even more impressive +33%. LinkedIn

Distribution News 🚚

• Cadence launched online and in-store at GNC.

• Cybele’s Free to Eat launched their cookie range at Target.

• Men’s personal care brand Huron launched at H-E-B.

• Lucky Energy launched at Albertsons in 11 states.

• HOP WTR launched two more SKUs nationwide at Sprouts.

• Fruit snack brand Dally launched at Coborn’s.