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Nestle Bets on Meal Replacement, Smash Kitchen Nears $100M 🌭

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CPG WIRE
June 05, 2026

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

  • Salt & Straw hires bankers 🍦

  • California Naturals closes round 📈

  • IM8 expands board 💊

  • TRUFF collabs with PopUp Bagels 🥯

  • Ketone-IQ launches at Casey’s ⚡️

Deals 💰

Mergers & Acquisitions 

  • Nestle agreed to acquire the remainder of yfood, a German meal replacement specialist with distribution in 30 countries across Europe, at a reported valuation of 450M EUR. It’s the first acquisition under Philipp Navratil, Nestle’s new CEO. yfood was founded in Munich in 2017 and the company generated nearly 150M EUR in revenue last year. Reuters

  • Bridgepoint acquired Obagi Medical, a dermatological skincare and aesthetics business, from Waldencast for $460M. Obagi boasts a broad portfolio of professional solutions that address premature aging, photodamage, skin discoloration, acne, and sun damage. In early 2024, Bridgepoint acquired another legacy skincare brand, RoC, from Gryphon Investors for around $500M. Cosmetics Business

  • Trek One Capital expanded its plant-based portfolio with two acquisitions: Good Karma Foods and No Cow. Good Karma is the leading producer of non-dairy flaxmilk while No Cow is a plant-based protein bar brand. Trek One Capital is based in Houston and acquired Alter Eco, an ethical chocolate brand, in 2024. EIN Presswire

  • Salt & Straw tapped Piper Sandler to explore a potential $200M exit. Founded in 2011 and based in Portland, Salt & Straw operates 50 scoop shops and annual sales are north of $100M. Investors in the company include KarpReilly, Enlightened Hospitality Investments, and Dwayne Johnson. Axios

Fundraising

  • California Naturals closed an 8-figure Series B round led by Align Ventures. Several existing investors like Elizabeth Street Ventures also participated. Notably, COO Hayden Hiatt is stepping into the CEO role at California Naturals, replacing founder Shelby Wild. The company has been on a roll since launching in 2023 and secured distribution at Target, Ulta Beauty, and CVS. Previous backers include L Catterton, Midnight Venture Partners, and Sandbridge Capital. WWD

  • Smash Foods secured $5M in fresh equity funding. Founded by Anna Peck and Steve Ford in 2020, Smash Foods more than tripled sales last year. Previous investors include Label Capital, Family Fund, and Eclair Partners. Nosh

  • Filament, a science-backed haircare brand that’s focused on the professional hairstylist channel, closed a $2M seed round led by Wittington Ventures. Willow Growth Partners also participated. L’Oreal veteran Nathan Puksta launched Filament earlier this year and serves as CEO. Beauty Independent

  • Patina secured $2M in funding from Betaworks and True Ventures. The fragrance tech company uses machine learning and molecular design to produce novel scent molecules. Patina aims to sell its scent molecules to fragrance houses and cosmetics companies. TechCrunch

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What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Longevity brand IM8 has added Hudson Leogrande, the founder & CEO of billion-dollar apparel brand Comfrt, to its Board of Directors. Leogrande launched Comfrt four years ago and the company expects to hit $1B in revenue this year. LinkedIn

  • Karen Behnke, the founder of Juice Beauty, launched a new skincare venture called BeautyCrush Skincare. The regenerative biotech skincare brand combines plant exosomes and biomimetic peptides with antioxidants from grapes. The grapes are grown on Behnke’s organic Sonoma farm. WWD 

  • Teen skincare brand Sincerely Yours launched its Sugarcoat Gloss Balm line. The dermatologist-developed line is formulated with hyaluronic acid, ceramides, vitamin E, and monk fruit instead of artificial sweeteners. Two flavors are available: Sheer Vanilla and Bubbleberry. Beauty Packaging

  • Two-time Olympian Suni Lee is the first-ever celebrity partner of PHLUR, the fragrance brand TSG Consumer Partners acquired in 2025. Hypebae

Food, Beverage, and Alcohol

  • Huel is launching a functional lite ramen line with three flavors: Spicy Thai Noodles, Sweet Chili Noodles, and Classic Chicken Noodles. Each serving of Huel Lite Ramen contains 25g of protein, fiber, and 26 vitamins and minerals. Instagram

  • TRUFF collaborated with PopUp Bagels on a limited-edition Hot Sauce Schmear. The item is available nationwide at PopUp Bagels until June 17th. TRUFF also released a collab with KITH in early May. PR Newswire

  • Magic Spoon is launching a protein oatmeal range with two flavors: Apple Cinnamon and Maple Brown Sugar. The gluten free oatmeal line delivers 15g of protein, 6g of fiber, and only 1g of sugar per serving. The new line will be available at Walmart and via Instacart. Stack3d

  • La Pulga is releasing a limited-edition Double Barrel Reposado. The 100% Blue Weber agave spirit is aged for 7 months then finished in Still Austin bourbon barrels. Instagram

  • Minnesota-based beverage brand Huxley is moving away from its pure-play energy messaging and positioning itself as an “Energy Refresher.” The reasoning behind the pivot makes a lot of sense. Energy Refreshers are wildly popular thanks to Starbucks, Dunkin, and other QSR outlets, but there isn’t really an RTD player in the space yet. LinkedIn

  • Coca-Cola is expanding its BodyArmor brand with a Sparkling Sports Drink line. Dubbed BodyAmor Fit, each 12 oz can contains 290mg of electrloytes, 60mg of caffeine, and green tea extract to support metabolism. Five flavors are available and the branding is solid. Food Dive

  • Neuro is celebrating summer by launching a limited-edition Watermelon flavor. Watermelon Energy & Focus Gum is available via DTC channels and will launch at select retailers like Walmart throughout the summer. Nosh

Data 🖥️

  • Glen Powell’s Smash Kitchen is set to surpass $100M in annual retail sales by the end of 2026. Smash Kitchen's clean condiments line debuted at Walmart last April so it’s a particularly quick rise for the company. Inc. Magazine

  • Brown-Forman shares climbed 3% after the spirits giant reported a 2% increase in Q4 net sales. SG&A spiked 34% in the period but the company still generated $54M of net income. Brown-Forman

  • OLIPOP continue to roll in 2026 as volume jumped another 18% in the 4-week period ending on May 16th. Twitter

Distribution News 🚚