Lucky Energy Raises, Big Picture Foods Acquired ♻️

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CPG WIRE
October 01, 2024

Welcome back to This Week in CPG, folks. Here’s what we’re getting into today:

  • LVMH sells Off-White 👀

  • PepsiCo chases Siete Foods 🌮

  • Palm Tree Crew backs Cove Soda 🫧

  • Birkenstock expands into foot care 🦶

  • Torani surpasses $500M 📈

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Deals 💰

Mergers & Acquisitions 

  • Atalanta Corporation, a New Jersey-based importer of specialty foods, has acquired Big Picture Foods, a purveyor of naturally fermented olives, peppers, and capers. Big Picture Foods is Regenerative Organic Certified and retails at Sprouts, Whole Foods Market, and Target. NOSH

  • Kaho Partners announced that it has formed Global Flavors Group, a platform to acquire and scale a leading collection of high-quality food manufacturers focused on authentic international cuisine. Kaho recently exited Kenny’s Great Pies after tripling revenue and quadrupling EBITDA. PR Newswire

  • LVMH has sold streetwear brand Off-White to Bluestar Alliance for an undisclosed sum. Bluestar Alliance is a brand management firm that owns apparel brands like Hurley and Scotch & Soda. Virgil Abloh founded Off-White in 2013 and sold a majority stake to Farfetch in 2019. LVMH acquired a majority stake in the brand in 2021. Financial Times

  • PepsiCo is reportedly near a deal to acquire Siete Foods for north of $1B. Siete launched in 2014 and expected to surpass $500M in sales this year. Reuters

  • Natra, one of Europe’s largest contract manufacturers of chocolate products, has acquired Gudrun, a Belgian producer of pralines and truffles. Down 2 Earth Capital invested in Gudrun in 2015 and is selling 100% of its stake. Natra is backed by CapVest, a global private equity firm. Business Wire

Fundraising

  • Lucky Energy, a better-for-you energy drink brand that launched late last year, secured $11.75M in Series A funding. The round was led by Brand Foundry Ventures. Other investors include Imaginary Ventures, Sapphire Sport, and Sugar Capital. Lucky Energy was founded by Richard Laver who also co-founded Kate Farms. Thus far the company has raised a total of $26.5M. PR Newswire

  • Cove Soda, a Canadian purveyor of gut-friendly beverages, raised an undisclosed amount of funding from Palm Tree Crew and a number of other celebrities. Cove Soda launched in 2016 and their products hit shelves in the U.S. earlier this year. BevNET

  • The Raging Pig Co., a German startup that produces plant-based pork alternatives, secured an undisclosed amount of funding from Sprout & About Ventures, Solvable Syndicate, and Livian. The company was founded in 2022 and is based in Hamburg. Vegconomist

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What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Iconic footwear brand Birkenstock is expanding into foot care with a collection of six products. The new foot care line features an Exfoliating Foot Scrub, a Nourishing Foot Balm, and a handful of other products. It’s always bizarre when manufacturers of hard goods like Birkenstock or Dyson launch beauty products, but both lines at least make theoretical sense. The Industry

  • Hume Supernatural, a purveyor of microbiome-friendly deodorants, unveiled their newest scent — Vanilla Daze. Hypebae 

  • OVERTONE, a haircare brand known for its damage-free color treatments, refreshed its packaging ahead of its launch at Target. The color depositing treatment masks are available in six shades. PR Newswire

Food, Beverage, and Alcohol

  • Sweetgreen made its debut in North Carolina by opening a store at One Independence Center in Uptown Charlotte. The 2,479-square-foot Charlotte location marks a significant milestone amidst the brand's continued nationwide expansion. Business Wire

  • Hint is releasing a variety of holiday-inspired flavors like Spiced Pear, Citrus Berry, Apple Cinnamon, and Peppermint Bark. The new flavors are available via their website, Amazon, and at select retailers. Instagram

  • Cambio Roasters, a coffee startup founded by former Keurig exec Kevin Hartley, released the first-ever aluminum pod for Keurig coffee makers. They look fantastic. The Dieline

  • Branding agency Opposite designed some neat packaging for ZigZag, an Indian vodka brand. Instagram

  • St Austell Brewery, a UK-based brewer that was founded in 1851, released a non-alc beer brand called Proper Job. The Grocer

  • Daniela Merkel Design put together a stunning label for Don Pepe Rum. Terrific work. Instagram

Data 🖥️

  • William Grant & Sons — the Scottish spirts firm that owns Glenfiddich, Hendrick’s Gin, and Tullamore Dew — had a pretty strong 2023. Turnover increased 14% to over $2.6B while profit after tax surged 34% to $595M. Last week, William Grant & Sons acquired two blended Scotch whisky brands from Edrington. The Spirits Business

  • Torani, a Bay Area-based producer of beverage syrups, surpassed $500M in annual revenue. Business Wire

Distribution News 🚚

  • Sauz is now available nationwide at Target.

  • Cove Soda launched storewide at Erewhon.

  • Wellness brand Apothékary launched at Sprouts Farmers Market.

  • Ami Ami launched at Mollie Stone’s in the SF Bay Area.

  • Haircare brand California Naturals is launching at CVS.