PepsiCo Doubles Down on Dips, Clean Skin Club Grabs $32M 💰

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

• HELE buys Olive & June 💅

• Josh Hart joins Mela 🍉

• Birkenstock opens another store 🩴

• Chia Smash rebrands 🍓

• Pretzelized lands at H-E-B 🥨

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Deals 💰

Mergers & Acquisitions 

• PepsiCo has acquired the remaining 50% interest in Sabra and Obela, two leading hummus brands. Sabra and Obela were established as 50/50 joint ventures between PepsiCo and Strauss Group in 2008 and 2012, respectively. PepsiCo is now the sole owner of Sabra which operates in the U.S. and Canada, as well as Obela which operates in Australia, New Zealand, and Mexico. Sabra has become a leading hummus brand with nearly $400M in retail sales in the U.S. PR Newswire

• Helen of Troy (NASDAQ: HELE) is acquiring Olive & June, an omnichannel nail care brand, for $225M in cash plus a possible $15M earnout. The deal represents an adjusted EBITDA multiple of roughly 11x. Sarah Gibson Tuttle founded Olive & June as a luxury nail salon in 2013 then expanded into CPG in 2019. Cosmetics Business

• Two New Zealand-based oat milk brands — Otis and All Good — are merging under a new entity called Good & Humble. Joining forces will enable Otis and All Good to better compete in the marketplace. Vegconomist

• Colorado-based craft brewer New Belgium is selling Upper Hand Brewing for an undisclosed sum. The buyer is Seven Beverages and the deal is expected to close in 2025. Just Drinks

• Foria, a natural sexual wellness brand, has acquired Ned, a purveyor of holistic remedies for sleep and stress. The deal brings together two brands focused on ingredient transparency and natural remedies. Beauty Independent

Fundraising

• Clean Skin Club, a leading purveyor of facial hygiene products, secured $32M in funding from Amberstone and Astō Consumer Partners. Founded in Weston, Florida in 2019, Clean Skin Club is best known for their single-use face towels. The brand is a top seller on Amazon and recently launched at Target. Business Wire

• Josh Hart, a shooting guard for the New York Knicks, joined Mela Watermelon Water as an investor and brand ambassador. Mela was founded in 2019 and retails at 7-Eleven, Target, Wegmans, and other chains. The company surpassed the $10M in annual revenue milestone. Business Wire

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• Luxury fragrance brand Parfums de Marly is betting on home fragrances with the launch of their diffuser. It’s one of the slicker diffusers I’ve encountered. The cartridges are killer too. WWD

• Birkenstock opened their seventh store in the United States. The new store is located on Newbury Street in Boston. PR Newswire

• There’s a new skincare brand from Switzerland that combats the side effects of urban living e.g. various pollutants and stressors. MOUSSSE was founded by Helene Guttmann Chammas and the packaging is pretty neat. Hypebae

Food, Beverage, and Alcohol

• Hims & Hers just launched a range of meal replacement bars and shakes. The fast-growing telehealth company began selling generic weight loss drugs earlier this year, and now they’re selling nutrition products to help their customers hit their goals. This is a smart move since a) they have a huge subscriber base and b) a good portion of their subscribers are likely already purchasing these nutrition products from a separate vendor. Business Wire

• Chia Smash has rebranded as Smash Foods. The updated packaging looks good. I’m assuming they rebranded since they started off selling superfood jams, but recently began focusing more on snacks. Instagram

• Salad dressing brand SideDish just unveiled their newest product — Apple Cider Vinaigrette. Instagram

• California-based hard kombucha brand Mate Maker is preparing to launch a range of spirits-based RTD cocktails. They look pretty clean. Brewbound

Data 🖥️

• According to IWSR, the spirits-based RTD cocktail market in the U.S. is expected to grow at a CAGR of 6% thru 2028. Vodka and tequila RTDs are expected to lead the way in terms of growth, while gin is also on the up-and-up due to Gen Z. The Spirits Business

Distribution News 🚚

• Pretzelized is now available at select H-E-B stores.

• Energy drink brand Huxley launched at select Target stores.

• Maude launched storewide at Erewhon.

• JuneShine launched their non-alc kombucha range at Costco in SoCal.

• Bloom Nutrition launched their Greens range at Walgreens.