Lil Bucks Bags $3M, One Rock Acquires Europe Snacks 🥨

Author

CPG WIRE
September 12, 2024

GM and Happy Thursday, folks. We have lots to cover this morning so let’s dive right in:

  • SAR Liquors bets on Sir Edmond Gin 🍸

  • Formo secures $61M 🧀

  • New from Hero Cosmetics 👀

  • Cointreau launches RTDs 🍊

  • LesserEvil on pace for $165M 🍿

Lil Bucks Bags $3M 🌱

Lil Bucks, a Chicago-based purveyor of sprouted buckwheat snacks, secured $3M in Series A funding. Proterra Investment Partners, a private equity firm focused on agriculture and food businesses, led the round.

Lil Bucks is best known for Clusterbucks, its line of gluten-free and gut-friendly granola clusters. Instead of using cereal grains like rolled oats, however, Lil Bucks uses sprouted buckwheat, a popular superfood in Australia that’s high in protein, fiber, and antioxidants. Lil Bucks also sells seasonings and crunchy buckwheat toppings that are intended for smoothies, yogurts, oatmeal, etc.

Emily Griffith launched Lil Bucks in 2018 after discovering sprouted buckwheat while living in Australia. More impressive than getting Lil Bucks into Kroger, Target, Sprouts, and Whole Foods Market is the awareness that Griffith has brought to buckwheat in the U.S. Prior to Lil Bucks finding mainstream success, there wasn’t really a market for buckwheat in the U.S., and most of it was exported to markets like Japan. 

Thanks to Griffith’s evangelizing, though, more U.S. consumers are aware of buckwheat now than ever before, and they’re keen on its nutritional properties and health benefits. In addition to raising awareness for buckwheat, Griffith has also helped domestic producers like Minnesota’s A Frame Farm who wish to grow buckwheat for its impressive soil benefits. 

More on the fundraise from Axios.

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Deals 💰

Mergers & Acquisitions 

  • One Rock Capital Partners is acquiring Europe Snacks, a leading contract manufacturer of salty snacks in Europe. Europe Snacks operates seven manufacturing facilities in the UK, France, and Spain. One Rock owns a wide variety of manufacturers in the food, beverage, and nutrition spaces. FoodBev

  • Oura, the Finnish hardware company behind the Oura Ring, is acquiring Veri, a Finnish personalized metabolic health company. Veri utilizes continuous glucose monitors (CGM) to guide users to the right foods and habits. Metabolic health is a key area of interest for Oura users, with 97% expressing interest in understanding how the food they eat impacts their health. Fitt Insider

  • SAR Liquors, a Dutch wine & spirits distributor, has acquired a 50% stake in Sir Edmond Gin, a Dutch gin brand that launched in 2016. Gin continues to be one of the hottest spirits categories from an M&A perspective in 2024. Just Drinks

Fundraising

  • Formo, a German producer of animal-free dairy products, raised $61M in Series B funding. Existing investors Foodlabs, EQT Ventures, Lowercarbon Capital, Happiness Capital, and a number of others participated in the round. Formo was founded in 2019 and just launched at 2,000 stores in Austria & Germany. Formo uses fermented koji proteins to produce its cheese alternatives. TechCrunch

  • Sperri, a Canadian purveyor of plant-based meal replacement beverages, secured an undisclosed amount of funding from Nadarra Ventures and Invest Nova Scotia. Sperri will use the funding to expand its product lineup and launch in the U.S. Vegconomist

  • According to a recent SEC filing, Cumulus Coffee Co. raised $10M in equity funding from undisclosed investors. Prior investors include Valor Siren Ventures, Howard Schultz, and Maveron. Cumulus sells an at-home cold brew coffee machine. SEC

  • Dubai-based Huda Beauty is considering a sale of its fragrance division, KAYALI, which retails at Boots, Sephora, and many other chains. The sale of KAYALI would enable Huda Beauty to buy out TSG Consumer Partners, a minority shareholder. Bloomberg

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • EADEM, a beauty brand that’s focused on skincare solutions for women of color, launched its first body care product — Smooth Slate Ingrown Relief Serum. Beautiful product. EADEM

  • Hero Cosmetics just launched Rescue Patch, a cream patch that helps repair the skin’s moisture barrier. The new product is available exclusively via their website. POPSUGAR

  • Kosas also dropped a new product line — Cloud Set Brightening Powder. The line available online and at Sephora. Happi 

Food, Beverage, and Alcohol

  • Fords Gin, the premium craft gin brand that Brown-Forman acquired in 2019, is opening a brand home and cocktail bar in South London later this year. The Spirits Business

  • Iconic orange liqueur brand Cointreau unveiled a new range of RTD cocktails called Cocktail Twists. The aluminum bottle with the copper finish is a very nice touch. Trend Hunter

  • How Kencko revamped its products and packaging after launching at Walmart in 2023. The updated packaging is a vast improvement. Bravo. Modern Retail

  • Legion, a purveyor of quality, science-backed supplements, launched creatine monohydrate gummies. Instagram

  • Bloom Nutrition launched their Greens & Superfoods product in a new flavor — Apple Cider. Stack3d

  • Molson Coors is bringing Naked Life, the top-selling non-alc cocktail brand in Australia, to the United States early next year. Molson Coors is eager to participate in the fast-growing non-alc RTD cocktail category. PR Newswire

  • BFY donut brand DEUX launched two fall flavors: Maple Glaze and Pumpkin Spice. Instagram

  • Noma Projects also found its fall spirit and launched an Aged Pumpkin Vinegar. Instagram

  • Amazon launched a new private label food brand called Amazon Saver. It’s not the worst private label brand I’ve seen but it’s certainly spartan. Food Business News

Data 🖥️

  • More news on LesserEvil…the BFY snack brand expects revenue to hit $165M this year, up from $103M in 2023. Modern Retail

  • Functional beverage brand BREZ continues to grow fast. The company posted revenue of $2.8M in August. Twitter

Distribution News 🚚

  • Fruit Riot launched at Costco in the Northeast and Texas.

  • Harken Sweets launched in the checkout lane at Safeway.

  • Frozen pizza brand Porta landed at Whole Foods and Sprouts.

  • CVT Soft Serve launched at Aldi in Southern California.

  • Verb Energy launched at select GNC stores.

  • De La Calle launched at Costco in Southern California.