Unilever Bails on Food, Johnny Depp Launches Rum 🍹

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

• Kindred acquires Kinship 🧴

• Pernod sells another wine asset 🍷

• Standing Ovation raises over $34M 🧀

• Lemme launches multivitamin 💊

• Neutonic lands at Gelson’s 🧠

Deals 💰

Mergers & Acquisitions 

• Unilever is merging its food division with McCormick. The merger will unite category-leading brands like Hellmann’s, Knorr, Cholula, French’s, Frank’s Red Hot, Old Bay, Stubb’s, and several others under one roof. The combined company will have approximately $20B of revenue. Under the terms of the deal, Unilever will own roughly 65% of the combined company and receive a one-time $15.7B cash payment. The divestment will enable Unilever to focus on its higher growth personal care and wellness portfolio. WSJ

• The parent company of Once Upon a Coconut has acquired Punch’d Energy, a caffeinated gummies brand. Founded in 2015 by John Pinelli, Punch’d Energy created a patented gummy line that’s powered by green coffee bean caffeine and real superfruit. Once Upon a Coconut plans to scale Punch’d Energy in the retail channel. PR Newswire

• Kindred Brands, a newly formed holding company focused on underdeveloped beauty brands, has acquired Kinship for an undisclosed sum. Founded in 2019 by industry veterans, Kinship offers natural skincare solutions for sensitive skin. The company raised a $2.8M seed round in 2021 from heavy hitters like True Beauty Ventures, Sugar Capital, Harbinger Ventures, and others. Beauty Independent

• Pernod Ricard completed the sale of Mumm Napa and also divested Kenwood Vineyards, a Sonoma-based wine producer. The buyer of Kenwood Vineyards is F. Korbel & Bros, the leading California sparkling wine producer. Pernod Ricard

Fundraising

• Standing Ovation, a French startup that uses precision fermentation to produce high-quality casein, secured $34.2M in Series B funding. The round was co-led by Crédit Mutuel Innovation and Ecotechnologies 2 fund. Existing investors Astanor, Bel Group, Seventure Partners, GoodStartUp, and Big Idea Ventures also participated in the round. Several newcomers like Danone Ventures also jumped on the cap table. Standing Ovation was founded in 2020 by Romain Chayot, an agricultural engineer. GlobeNewswire

• German personal care company Beiersdorf announced its €100M Skin Care Innovation Fund. Since 2020, Beiersdorf has built a portfolio of more than 15 leading companies across life science, sustainability, and digital health. Previous investments include Vincere Biosciences, Melt & Marble, and S-Biomedic. Beiersdorf

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• WNBA star Lexie Hull and her Stanford roommate Sarah Guller co-founded a performance cosmetics brand called FORTA. The company’s products are designed for athletes and can withstand intense activity. Their debut product, Lock & Go Setting Spray, helps keep makeup in place during workouts or games. FORTA

• Lemme launched its first-ever Women’s Daily Multivitamin. The gummies are formulated with 25+ essential vitamins, minerals, and superfruits. The new SKU is available exclusively via their website. PR Newswire

• Bovita Health is a new colostrum-based wellness brand. The company launched with three products: Colostrum, Colostrum + Postbiotic, and Colostrum + Creatine. Bovita Health

• Iris Ventures announced the fourth edition of its Glow Up beauty & wellness accelerator. The online program will begin on April 23rd and offer guidance to female founders on brand development, retail strategy, growth, etc. WWD

• Caraway launched an elegant Trash & Recycling Collection, bringing a design-forward approach to one of the most overlooked areas of the home. PR Newswire

• To celebrate the launch of its swimwear collection, SKIMS collaborated with FUNBOY on a playful collection of pool floats and inflatables. Instagram

Food, Beverage, and Alcohol

• SkinnyDipped announced the finalists for its $25K Female Founder Fund pitch competition. Geem, ChiChi, Tend, Lottie’s Meats, Date Better, and Hummus Goodness all made the cut. Instagram

• Once Upon a Farm expanded its product portfolio with fourteen new SKUs. The children’s nutrition company launched a variety of pouch products including Meat & Bone Broth Blends, Meat & Legume Blends, and Smoothies with Protein & Probiotics. They also launched Power Wheels, a shelf-stable snack line. PR Newswire

• Johnny Depp and longtime production partner Bobby DeLeon launched a luxury spirits brand called Three Hearts Rum. The super-premium rum is produced in the Dominican Republic and aged for seven years. Instagram

• Functional beverage brand Tru trimmed its SKU count and revealed a full rebrand. Their new look is brighter, bolder, and more focused on flavor and functionality. Moving forward Tru will focus on two beverage categories: energy and relaxation. LinkedIn 

• Toto also unveiled a new look after more than doubling sales last year. The updated branding is more focused on warmth and indulgence than functionality. The company also reformulated its product by removing adaptogens and improving the texture. Nosh

• Lucky Energy launched two slushy-inspired flavors: Cherry Slush and Blue Razz Slush. The new 12 oz sleek cans look great. Instagram

Data 🖥️

• Lifeway Foods (Nasdaq: LWAY) expects Q1 net sales to jump more than 30%, reflecting increased demand for probiotic foods. PR Newswire

• All Things Dairy is the top-selling cottage cheese brand at one of the largest retailers in the UK after just three months. LinkedIn

Distribution News 🚚

• Clean Simple Eats launched at 2,000+ Walmart stores.

• Neutonic is now available at Gelson’s in SoCal.

• Boka expanded to 4,500 Walmart stores.

• ChiChi is now available on Thrive Market.

• Lazy Food launched at The Fresh Market.