Manna Tree Bets on BFY Beef, Califia Buys Uproot 🥛

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

• L Catterton chases Mattel 🧸

• Diageo backed two Indian brands 🥃

• Kat Cole takes over at AG1 🥦

• OLAPLEX secures patent 🧪

• Celeb chef launches Tantos 🍝

• LVMH growth slows 👜

Deals 💰

Mergers & Acquisitions 

• Manna Tree acquired a controlling interest in Verde Farms, a leading purveyor of organic, 100% grass-fed beef. Manna Tree first invested in Verde Farms in early 2020. The BFY beef market is currently valued at $4.4B with a 15% growth rate over the last five years. Zeal Creamery, a producer of grass-fed dairy products, merged with Neutral Foods in June. PR Newswire

• L Catterton reportedly submitted an acquisition offer to Mattel, the toymaker behind Barbie, Hot Wheels, and American Girl. Mattel posted revenue of $5.4B in 2023 and currently has a market cap of $6.8B. The acquisition offer from L Catterton could goad other private equity firms and competitors like Hasbro to submit offers. Reuters

• Califia Farms has acquired Uproot, a maker of plant-based milk dispensers for the food service channel. Uproot is established in over 150 college and university campuses across the U.S. This is a smart acquisition since Califia Farms can now market their plant-based milk products to a captive audience at more than 150 campuses. PR Newswire

• UK-based consumer goods giant Reckitt is looking to sell a number of infant nutrition and homecare brands. Reckitt owns infant nutrition brands Enfamil and Nutramigen while their homecare portfolio generated revenue of $2.5B in 2023. A likely buyer for these assets is Yellow Wood Partners which specializes in buying unloved brands and turning them around. Reuters

• Manitoba Harvest, one of the largest producers of hemp food, acquired the IP, brand, and formulations of grain-free cracker brand The Humble Seed. Manitoba Harvest plans to expand The Humble Seed into their robust distribution network. NOSH

Fundraising

• Diageo invested in two Indian beverage brands via United Spirits, its majority-owned India division. First, they invested in Indie Brew & Spirits, a producer of cold brew liqueurs. Second, they backed V9 Beverages, a producer of non-alcoholic spirits. In April, Diageo acquired a minority interest in Inspired Hospitality, the India-based parent company of premium agave spirits brand Pistola. Just Drinks

What’s New 🤩

Apparel, Cosmetics, and Wellness

• Women’s wellness brand Ritual refreshed their Essential Protein packaging. IMO they did a terrific job 👇 Twitter

• Kat Cole is taking over as the CEO of AG1, the well-known green drinks brand that divides customers. Some people love it while others like Bryan Johnson think it’s a load of crap. Either way, AG1 expects to exceed $600M in revenue this year and will be profitable. Business of Fashion

• OLAPLEX secured a patent for its technology that strengths and repairs curly hair. Per WWD, this is their biggest innovation in over a decade. OLAPLEX had a market cap of $6.6B before a slew of problems slashed their market cap to $1.3B. Perhaps they’re back. WWD

• Struggling reusable container brand Tupperware dropped a sleek brand refresh. Not sure if it’s enough to revive sales in the face of cheaper private label options but it does look good. The Dieline

• Uncommon James, the jewelry and skincare brand founded by Kristin Cavallari, released its first-ever fragrance. The fragrance is called Hard Feelings and they expect it to generate around $2M in sales. WWD

Food, Beverage, and Alcohol

• Fishwife collaborated with Jacobsen Salt Co. on a fun new product — Lemon Zest Salt. The travel-ready slide tin is gorgeous. Both brands are killing the collab game. Instagram

• Celebrity chef Joe Sasto launched a new snack brand called Tantos. Tantos sells puffed pasta chip snacks in four flavors: Classico, Pesto, Cacio e Pepe, and Marinara. Pasta snacks are really having a moment (again). Tantos

• Chobani and La Colombe released their Pumpkin Spice portfolio. The Pumpkin Spice Draft Latte from La Colombe looks particularly good. PR Newswire

• BFY cookie dough brand Sweet Loren’s launched a collection of rolled doughs which includes a puff pastry and thin crust pizza. Food Business News

• Blue Bottle Coffee launched a stunning new product called NOLA Craft Instant Coffee. The packaging is brilliant. It’s pretty miraculous that Blue Bottle Coffee is owned by Nestlé yet they still manage to do a lot of interesting stuff. PR Newswire

Data 🖥️

• Q2 revenue at LVMH only increased 1% as consumers in China reined in spending. LVMH still managed to post total sales of $22.8B, however. Their stock dipped 6% due to the news. Reuters

Distribution News 🚚

• Haircare brand LolaVie launched at Ulta Beauty at Target.

• Spanish skincare brand ISDIN launched at Sephora in the U.S.

• Serenity Kids scored nationwide distribution at Albertsons.

• Afia launched at select Costco stores in Texas, Louisiana, and Oklahoma.