New Beverage VC Launches with $50M 🍹

GM and Happy Saturday, folks. Thursday and Friday were rather sluggish news days so today’s newsletter is a shorter one:

• Better Booch makes first acquisition 🚨

• Cipriani needs $500M for global push 🍰

• Olaplex scores new CEO 💯

• L’Oreal alum launches Public Spirit 🧼

• McGregor brings Forged Irish Stout to U.S. 🍺

Shout-out to Numeral for making e-commerce sales tax so easy.

The Big Story 📰

Alethia Venture Partners, a new venture firm focused on the next generation of beverage brands, officially launched their $50M debut fund. The firm plans to make 15-20 beverage investments with checks ranging from $250K to $5M.

Thus far Alethia VP has invested in the following beverage brands:

Maker Wine - a premium canned wine brand from the S.F. Bay Area that partners with best-in-class independent wineries.

Madre Mezcal - a craft mezcal distiller and one the fastest-growing mezcal brands in the U.S.

Pa’lante Rum - an artisanal rum brand that’s produced in Mexico but inspired by the Cuban rum-making tradition.

Kove - a San Diego-based producer of craft RTD cocktails like the Dragon Fruit Margarita and Desert Rose Paloma.

Alethia VP has also backed tech and media startups like NBTV Channels and Authvia.

Behind Alethia is an experienced team of startup operators and investors that includes Mike Warren, Taylor Foxman, Logan Zinser, Bob Frady, and Brian Stolz.

You can visit Alethia’s website here.

Deals 💰

Mergers & Acquisitions 

• UK-based retail giant Next purchased British apparel brand FatFace for $140M. FatFace was founded in 1988 and currently operates more than 180 stores in the UK and 20 in the U.S. The founders of FatFace — Tim Slade and Jules Leaver — originally exited the business in 2007 for £360M. Next has been fairly acquisitive this year. They saved Cath Kidston from bankruptcy then upped their stake in luxury fashion label Reiss. Financial Times

• LA-based craft kombucha brand Better Booch has made its first-ever acquisition with Live Beverages, the Austin-based prebiotic beverage brand founded by Trevor Ross in 2013. Better Booch has been movin’ and shakin’ lately. In July they launched sparkling prebiotic tea brand CHA ⬇️ BevNET

Fundraising

• Luxury hospitality group Cipriani is seeking to raise $500M to take its restaurants, hotels, and members clubs global. Cipriani’s flagship restaurant in NYC generated over $60M in sales last year 🤯 Bloomberg

A Message From Numeral

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• Haircare brand Olaplex (Nasdaq: OLPX) has named a new CEO after JuE Wong decided to step down after a tumultuous three years on the job. Replacing Wong will be former Supergoop CEO Amanda Baldwin. A major coup for Olaplex and its majority shareholder, Advent International. Business of Fashion

• L’Oreal alum Allie Mann launched a new personal care brand called Public Spirit which donates 10% of its profits to charitable causes. Public Spirit launched with three products: hand soap, body wash, body lotion. Good-looking products ⬇️ Beauty Independent

• Foo & Foo, the fashion label founded by Elizabeth Hilfiger, plans on opening 50 stores in China over the next three years. WWD

Food, Beverage, and Alcohol

• Irish MMA superstar Conor McGregor has launched his new beer brand, Forged Irish Stout, in the United States. Forged will begin rolling out across the northeast this month. McGregor’s last booze venture, Proper No. Twelve Irish Whiskey, was acquired by Proximo Spirits for around $600M in 2021. The minimalist branding works for me ⬇️ PR Newswire 

• Lance Collins, the serial beverage entrepreneur behind BODY ARMOR, Core Water, and many other brands, is launching a new beverage brand called Recover Organic Hydration 180. Travis Kelce, Rob Gronkowski, and John Elway will endorse the brand. BevInsights

• It appears that Olipop is launching mini cans. Very cute. Twitter

• A former Pernod Ricard exec, Guillaume Thomas, and Master Blender Amaury Thomas have launched Martingale Cognac which is “Cognac for a new generation.” Good-looking bottle ⬇️ PR Newswire