PepsiCo Chases Poppi For $1.5B 🫧

Author

CPG WIRE
March 15, 2025

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

  • Winglore Spirits scores funding 🥃

  • Shaq backs BeatBox Beverages 🍹

  • Bandit opens LA pop-up 🎽

  • J.M. Smucker partners with REDCON1 🍩

  • RIND launches at Costco 🍍

PepsiCo Chases Poppi For $1.5B 🫧

According to Bloomberg, PepsiCo is in advanced talks to acquire better-for-you soda brand Poppi for more than $1.5B. If the deal goes through, the price tag would represent a 3x sales multiple for Poppi, in line with recent exit multiples for Alani Nu (2.8x) and GHOST (3x).

PepsiCo’s acquisition strategy has been focused entirely on better-for-you, functional assets lately. Late last year, PepsiCo acquired Siete Foods for $1.2B, and a month later they bought the remainder of Sabra for over $240M. Two years before that, PepsiCo invested $550M into Celsius Holdings for an 8.5% stake.

Poppi would be the apex of PepsiCo’s focus on better-for-you assets. The company’s healthier take on soda — each can contains prebiotics, apple cider vinegar, 5g of sugar, and only 35 calories — has resonated with consumers, particularly younger ones. This resonance has resulted in Poppi’s revenue surging from $100M in 2023 to a reported $500M today.

An acquisition of Poppi for $1.5B would be PepsiCo’s largest beverage deal since they shelled out $3.85B for Rockstar Energy in 2020.

More from Bloomberg here.

Deals 💰

Mergers & Acquisitions 

  • French food & beverage group SILL Entreprises has acquired Lyon-based skyr maker Puffy’s for an undisclosed sum. Founded in 2019, Puffy’s was an early mover in the skyr category in France. SILL’s other dairy brands include Malo, Le Petit Basque, and Le Gall. Just Food

Fundraising

  • Virginia-based American whiskey brand Winglore Spirits raised just over $600K in equity funding from undisclosed investors. The aviation-themed whiskey brand was founded by four fighter pilots. SEC

  • Shaquille O’Neal invested in BeatBox Beverages, one of the fastest-growing RTD bev alc brands in the U.S. The two parties also collaborated on a new flavor, BeatBox Blueberry Lemonade. PR Newswire

  • InvestBev has entered into a partnership with a global asset manager to invest up to $100M into Kentucky bourbon barrels. The partnership will seek to acquire bourbon barrels under five years of age, holding them until maturity. InvestBev is also an investor in JuneShine, Ten To One Rum, Cann, and Siempre Tequila. PR Newswire

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What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Coach extended its fragrance license with Interparfums SA until 2031. Coach fragrance sales jumped from €10M in 2015 to €190M in 2024. WWD

  • Bask Suncare released a great-looking mineral sunscreen spray. Gorgeous SKU. Instagram

  • Running apparel brand Bandit opened a pop-up and community hub for runners in Los Angeles. To celebrate the opening, Bandit is releasing an exclusive capsule collection. Athletech News

  • Popular fragrance brand DedCool is launching a new scent called Mochi Milk on March 18th. Instagram

  • Tracksmith is releasing a new running shoe on March 18th. The sleek new silhouette will retail for $280. Hypebeast

Food, Beverage, and Alcohol

  • Viral food brand The Pizza Cupcake is launching a sister brand called Incredifulls. The new brand will launch with a line of Breakfast Cups featuring eggs, cheese, and everything seasoning. NOSH 

  • Fast-growing performance nutrition brand Bucked Up is launching a women-focused energy drink line called Babe. Two flavors are available — Cherry Blossom and Raspberry Twist — and each can contains 150mg of caffeine. Instagram

  • HY.Q is a new player in the better-for-you canned hydration space. Each can contains 385mg of electrolytes, 5g of sugar, and nothing artificial. Love the branding. Great work from Fred Hart, an independent design strategist. Instagram

  • B.T.R. NATION launched a new protein bar range that features 15g of plant-based protein and an impressive 10g of fiber. Instagram

  • Blue Bottle Coffee is opening a new cafe in Singapore, its first in Southeast Asia. Inside Retail

  • J.M. Smucker partnered with REDCON1 to bring a line of licensed protein shakes to market. The collaboration will bring the flavors of Twinkies, Donettes, and Ding Dongs to the beverage aisle. Baking Business

Data 🖥️

  • Mid-Day Squares sold 2.1 million bars in February. It’s a particularly impressive feat given that Mid-Day Squares manufacturers their own products. Instagram

Distribution News 🚚