- This Week in CPG
- Posts
- Nona Lim Acquired 🍜
Nona Lim Acquired 🍜
CPG WIRE
August 05, 2023
GM and welcome back to This Week in CPG. To celebrate it being the weekend, we’re opening up the premium newsletter to everyone 😁
If you’d like to receive the premium newsletter moving forward, you can join here for only $10/month.
Here’s what we’re getting into this morning:
DDC scoops up Nona Lim 🍜
More craft spirits M&A 🍸
Vitable scores funding 💊
Sundream unveils rebrand 😍
PRIME heads to Wawa ⚡️
The Big Story 📰
Nona Lim, an Oakland-based producer of better-for-you noodles, broths, and stir fry kits, has been acquired by DayDayCook (DDC), a Hong Kong-based media and food company that’s expected to go public on the NYSE in the near future.
One of the first movers in the better-for-you Asian food category, Nona Lim sells its products at Whole Foods, Wegmans, Target, Natural Grocers, and many other retailers. Despite being a first mover when it launched in 2014, Nona Lim is now facing increased pressure from competitors like immi, Omsom, Fly By Jing, and Momofuku Goods.
Partnering with a larger organization like DDC provides Nona Lim with access to deeper pockets and a sturdier innovation pipeline, which in turn will enable them to better compete in a now-crowded field.
For DDC, which was founded in 2012 and is known for taking a content-driven approach to selling its ready-to-heat and ready-to-eat food products throughout Asia, Nona Lim offers a brand platform to build upon in the United States. Up until this point DDC hasn’t had much exposure to the U.S. market, and Nona Lim is a tried-and-tested brand with considerable retail scale, providing DDC with a firm foundation on which to build.
Deals 💰
Mergers & Acquisitions
UK-based Serious Sweet Company (SSC) has acquired Lexi’s, a maker of protein bars and marshmallow crisp bars. Earlier this year SSC acquired Mallow & Marsh, a maker of craft marshmallow products. Just Food
Marussia Beverages, a Swiss spirits firm that owns Mamont Vodka and 135 East Gin, acquired Ohio-based Watershed Distillery, a craft spirits producer focused on gin, vodka, and bourbon. Terms weren’t disclosed. The Spirits Business
Fundraising
DTC fine jewelry brand Aurate announced that it raised an undisclosed amount of funding earlier this year. To date they’ve raised a total of $25m. Aurate last raised funding in 2019 when they secured $13m. WWD
Australian personalized vitamin brand Vitable landed $7.5m in fresh funding. Thus far they’ve raised a total of $15m from the likes of Artesian, Brenteca, Commencer Capital, Global Founders Capital, and Rocket Internet. Business News Australia
What’s New 🤩
Apparel, Cosmetics, and Wellness
Influencer talent management firm Shine Talent Group has launched Shine Ventures, a new angel fund that will back women-owned health & wellness brands. FinSMEs
Supplements brand SEEQ unveiled a slick brand refresh. Love the new look. Instagram
Moon Oral Care, the oral care brand founded by Kendall Jenner and Beach House Group, introduced a new teeth whitening serum — Luminous Shine Tooth Serum. The hydrating and brightening serum is clinically proven to whiten teeth in under 10 days. Instagram
Ayurvedic skin & haircare brand inde wild launched Moonlight Scalp Serum which accelerates hair growth and visibly increases hair density. Inde Wild
Popular skincare brand Glow Hub launched a new product — Supercharged AHA Toning Pads. Good-looking product. Glow Hub
Food, Beverage, and Alcohol
Dallas-based designer Jonathan Schubert completed a brand refresh for California-based coffee brand Sundream. Find before & after shots at the link. Schubert knocked it out of the park IMO. Twitter
Fast-growing coffee & tea brand Chamberlain Coffee launched a new product — Pistachio Latte with Oat Milk. Chamberlain Coffee
Partake Foods partnered with DoubleTree by Hilton to offer hotel guests a vegan, allergen-friendly version of the cookie they hand out at check-in. I imagine Partake is breaking even or perhaps losing money on this partnership, but it’s an effective way to introduce the brand to a captive audience. Food Business News
Bob’s Red Mill launched a new line of Protein Oats. 60% more protein than regular oats. Bob’s Red Mill
Data 🖥️
For H1 of 2023 German cosmetics giant Beiersdorf posted revenue growth of 12.3%, reaching a total of €4.9B. The growth was largely driven by Nivea and their suncare division. Cosmetics Business
Healthcare apparel firm FIGS had a solid quarter with sales increasing 13% to $138.1m. They also delivered $4.6m of net income. Business Wire