L Catterton Backs Ex Nihilo, FoodNerd Secures $7.5M 🍏

Author

CPG WIRE
January 22, 2026

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

  • Highlander acquires Tapatio 🌮

  • Paine Schwartz invests in BERO 🍺

  • The Absorption Company expands 💊

  • Graza launches mayo line 🥪

  • Uncle Arnie’s lands in TX 📈

Deals 💰

Mergers & Acquisitions 

  • L Catterton took a significant minority stake in Ex Nihilo, a French luxury fragrance house. Eurazeo, which invested in Ex Nihilo in early 2024, is exiting its position as part of the transaction. Ex Nihilo recently surpassed €100M in annual sales. LinkedIn

  • Dallas-based Highlander Partners has acquired Tapatio, the #5 hot sauce brand in the U.S. The Arnold Companies also took a minority position while Tapatio’s founding family, the Saavedra family, will retain a stake. Founded in California in 1971 by Jose-Luis Saavedra Sr., Tapatio is hugely popular in the Western U.S. We’re likely to see more condiments deals in 2026. Bachan’s hired bankers in August and other brands like Yellowbird and Melinda’s have considerable scale. PR Newswire

  • Smithfield Foods, a pork processing giant with more than $14B in annual sales, is acquiring iconic hotdog brand Nathan’s Famous for $450M. Smithfield has held an exclusive license for Nathan’s Famous in the U.S. and Canada since 2014, and now the company will own the brand outright. The price tag represents a 12.4x LTM adjusted EBITDA multiple. Reuters

  • Consumer PE firm Yellow Wood Partners has merged two of its personal care businesses — Suave Brands and Elida Beauty — and named the entity Evermark. Their brand portfolio includes Suave, ChapStick, Q-tips, and several others. PR Newswire

Fundraising

  • Premium non-alc beer brand BERO secured an undisclosed amount of funding from Paine Schwartz Partners at a valuation north of $100M. BERO’s earliest investor, Imaginary Ventures, also participated in this round. Paine Schwartz made the investment via BetterCo Holdings, a new investment platform that backs high-growth food & beverage brands. WSJ

  • Another non-alc beer brand, Edinburgh-based BRULO, raised over £1M in funding from a number of strategic angel investors. BRULO will use the capital to expand its retail and on-premise footprint. Just Drinks

  • Ultra, a purveyor of nootropic, nicotine-free oral pouches, closed an $11M funding round led by Left Lane Capital. Several entrepreneurs and professional athletes also participated in the round. Ultra debuted in May 2025 and sold over 1M cans within six months of launching. Business Wire

  • FoodNerd, a Buffalo-based manufacturer of nutrient-dense toddler snacks, secured $7.5M in funding. Selva Ventures led the round while Spacestation Investments, Cistern Capital, and S2 Venture Partners followed on. FoodNerd uses whole food ingredients along with a proprietary process — Nutrient Lock Cold Processing — which preserves key phytonutrients and macronutrients. LinkedIn

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What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Loving Tan, an Australian self-tanning brand, just unveiled a refreshed brand identity. The updated look is cleaner and considerably more refined. Great work. The Industry

  • Divi, the fast-growing, creator-led scalp care brand, just launched a Hair Growth Vitamin SKU. The daily growth supplement is designed to support an active hair growth cycle in as little as three weeks. Business Wire

  • The Absorption Company expanded beyond drink mixes with its daily Foundational Supplements range. The new lineup includes Magnesium Glycinate, Berberine, Vitamin D3+K2, CoQ10, and Curcumin. The packaging is excellent. Instagram

  • Promix released a new product, Grass-Fed Beef Protein Isolate, which sold out in 24 hours. The protein powder is made with beef bones so its dairy and lactose free, packed with protein, and rich in collagen peptides. Instagram

Food, Beverage, and Alcohol

  • Joe Scalzo has returned to Simply Good Foods as President & CEO effective immediately. Simply Good Foods — the owner of Quest Nutrition, OWYN, and Atkins — has struggled as of late and their share price is at a 5-year low. Scalzo is well-suited for the turnaround as he took the company public in 2017 and spearheaded its transition into a multi-brand platform. They ought to divest Atkins ASAP and focus on Quest & OWYN. Food Processing

  • BUFFS is a new snack brand that produces grass-fed beef puffs. The company launched with three flavors: Original, Cheesy, and Sriracha. Each serving delivers 12g of protein and the branding is very solid (some product imagery would be nice, though). The ingredient list and positioning are both on-trend. NOSH

  • Graza is a expanding into condiments with a new mayonnaise and aioli line. Graza has the brand equity to thrive in an adjacent category — especially one dominated by sclerotic incumbents like Hellmann’s — but I don’t see anything groundbreaking or differentiated here. Perhaps brand equity is enough, though. The Dieline

  • Kodiak just introduced an Overnight Oats line with three flavors: Maple Pecan, Dark Chocolate Sea Salt, and Cookie Butter. The product is formulated with whole grain oats, chia, flax, and quinoa. Each serving packs a very solid 20g of protein. PR Newswire

  • Grillo’s Pickles and Heluva Good! Dip collaborated on a limited-edition Dill Pickle Dip. This one will go quickly. PR Newswire 

  • Better-for-you candy brand Joyride expanded its portfolio with two new products: Blue Raspberry Sour Smacks and Frosted Gummy Bears. Both SKUs are available exclusively at Target. Instagram

Data 🖥️

  • Good Culture was on a tear prior to being acquired by L Catterton. Co-founder & CEO Jesse Merrill planned for 35% revenue growth in 2023 and 2024, but sales surged 80% and 70%, respectively. WSJ 

Distribution News 🚚

  • Uncle Arnie’s launched at Spec’s in Texas.

  • Ayoh! launched at Target and Sprouts Farmers Market.

  • Bare Bones launched at Aldi, Sam’s Club, and Target.

  • OHME! launched at Whole Foods Market in Canada.