Shelley Sullivan Sells MCoBeauty 💰

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CPG WIRE
February 11, 2025

Welcome back to This Week in CPG, folks. Here’s what we’re getting into this morning:

  • Ball Corp buys manufacturer 🥫

  • YES Cacao secures funding 🍫

  • HOKA opens Hong Kong pop-up 🔥

  • Pop Up Grocer heads to ATX 👀

  • Grüns launches at Target 🎯

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Shelley Sullivan Sells MCoBeauty 💰

Shelley Sullivan, the serial entrepreneur behind MCoBeauty, is selling her remaining 50% stake in the company for more than $500M AUD. The buyer, DBG Health, is a diversified health & wellness firm controlled by Aussie billionaire Dennis Bastas.

Founded in 2020 and based in Sydney, Australia, MCoBeauty became a juggernaut in the masstige beauty category by knocking off or “duping” popular beauty products from pricier brands like Charlotte Tilbury, Glossier, and Sol de Janeiro. You might notice a passing resemblance between MCoBeauty’s No.2 range (above), and Sol de Janeiro’s super-popular body care range. 

It’s a pretty clever model and one that obviously resonated with consumers. MCoBeauty quickly became a top performer at retailers like Woolworths and Big W, and revenue surged from $10M AUD in 2020 to $262M AUD in 2024. 

In 2025, MCoBeauty is forecasting nearly $330M in sales, and their retail rollout in the U.S. is off to a strong start. In addition to launching at 1,800 Kroger stores last year, MCoBeauty just hit shelves at over 1,200 Target stores. 

Dennis Bastas, the CEO & Executive Chairman of DBG Health, first became involved with MCoBeauty when he acquired 50% of the company in 2022. Now that he owns MCoBeauty in its entirety, he’s eager to make it a sensation in the U.S. and Europe.

More on the transaction here.

Deals 💰

Mergers & Acquisitions 

  • Ball Corp (NYSE: BALL) has acquired Florida Can Manufacturing for $160M. The company also announced plans to open a new manufacturing facility in Oregon. Food Dive

  • Graffeo Coffee, the oldest independent coffee roaster in San Francisco, is under new ownership after Walter A. Haas III acquired a majority stake in the business. Longtime owner Luciano Repetto will stay on as a partner and co-owner. Haas III is a scion of the Levi Strauss fortune. Eater SF

Fundraising

  • YES Cacao, a Santa Cruz-based purveyor of botanical-infused chocolate products, secured $200K in equity funding from undisclosed investors on February 6th. SEC

  • Lever VC raised $50M for its second food tech fund. The firm’s previous investments include Oobli, Flox AI, Mush Foods (not that one), and others. AgFunder News

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • DayBreak is a newish skincare brand whose hero ingredient is hypochlorous acid. According to medical professionals, hypochlorous acid can reduce inflammation and help speed up the skin’s natural healing processes. DayBreak’s debut SKU is called Mighty Mist. Love the branding. DayBreak

  • Rolex is shutting down Bucherer two years after acquiring the brand. Founded in 1888, Bucherer is one of the oldest luxury Swiss watchmakers but apparently an absolute money pit for Rolex. Hypebeast

  • Nancy Twine is stepping down as the CEO of Briogeo after selling the company to Wella Company in 2022. Twine, a former VP at Goldman Sachs, launched Briogeo in 2013 and built it into a 9-figure brand. WWD

  • Popular footwear brand Sabah is opening a new store in Brooklyn soon. Instagram

  • HOKA opened a neat pop-up at Fashion Walk in Causeway Bay to celebrate the launch of its new ultra-cushioned road-running shoe. Retail & Leisure International

  • In a bid to grow its men’s fragrance business, Jo Malone London has partnered with future MVP and champion Jayden Daniels, Juju Smith-Schuster, and star fullback Kyle Juszczyk. Love it. Vogue Business

Food, Beverage, and Alcohol

  • Jack Daniels unveiled an ever-so-slight packaging refresh. The differences are tiny but the end result is a more refined bottle. The Dieline

  • Pop Up Grocer is opening up in Austin, TX for the month of March. The beloved NYC retailer will be located on East Sixth Street and will officially open on March 7th. Excited to check it out. Instagram

  • Premium coconut water brand 100 Coconuts is leveraging partnerships with Disney and Inter Miami to drive trial and awareness with consumers. The co-branded Moana 2 cans look pretty slick. BevNET

  • Better-for-you soda brand Perfy launched a very limited edition Pepperoni Pizza flavored soda. Instagram

  • Alternative protein startup Juicy Marbles launched the first-ever plant-based lamb alternative in the U.S. For now, the product is only available for purchase online in Canada and the U.S. Vegconomist

  • Illustrator Frank Norton designed a stellar label for Chingu Soju, a new soju brand from Chef Keeyoung Kim in Kansas City. It’s a beauty. Instagram

  • Final Boss Sour and Chocbox LA collaborated on a Sour Strawberry Chocolate Bar Kit. Candy Industry

  • Quest Nutrition (acquired for $1B in 2019) just launched a new protein bar range called Quest Overload. Each bar contains 20g of protein, 3-4g of net carbs, and only 1g of sugar. Three flavors are currently available. Stack3d

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Data 🖥️

  • Fairlife has quietly become Coca-Cola’s fastest-growing beverage brand in the U.S. Due to the rapid sales growth as well as performance-based payments, the price tag for Fairlife has ballooned to around $7.4B, making it the largest acquisition in Coca-Cola history. Wild. Bloomberg

Distribution News 🚚

  • Grüns launched at over 600 Target stores.

  • LEXINGTON BAKES is now available on DoorDash & Uber Eats in LA.

  • Lentiful is launching at Whole Foods Market in the near future.

  • Hair accessories brand Emi Jay launched at Sephora.

  • Haircare brand eva+avo is launching at 1,000+ Target stores.