Unilever Buys Dr. Squatch, TSG Bets on DUDE Wipes 🧻

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

• KKR closes in on Dayao 💰

• Once Upon a Farm files for IPO 🍓

• Natty officially debuts 💪

• Goodles expands lineup 🧀

• Huel hits major milestone 📈

Deals 💰

Mergers & Acquisitions 

• Unilever is acquiring men’s personal care brand Dr. Squatch for an undisclosed sum. Founded in 2013 by Jack Haldrup, Dr. Squatch is best known for its natural formulations, distinctive branding, and viral marketing efforts. Summit Partners acquired a majority stake in Dr. Squatch in 2021. In 2024, Dr. Squatch’s revenue was reportedly around $400M while EBITDA was in the $90M range. Unilever has been busy building its beauty & personal care portfolio of tomorrow. Their recent acquisitions include Dr. Squatch, Wild, and K18. Marketing Dive

• TSG Consumer Partners acquired a minority stake in DUDE Wipes, the viral and fast-growing flushable wipes brand. Sean Riley, Jeff Klimkowski, and Ryan Meegan launched the brand in 2011 and will retain significant ownership stakes. The company did $220M in retail sales in 2024. Business Wire

• KKR is reportedly close to acquiring a majority stake in Dayao, a Chinese soda maker. As of last year Dayao was planning a Hong Kong IPO however it appears they’re going the private equity route. Dayao was founded by Wang Qingdong in Inner Mongolia in 1983. Bloomberg

• Jones Soda Co. is getting out of the cannabis beverage biz and will sell its cannabis-specific assets to MJ Reg, a privately held company, for $3M. MJ Reg will also license the Mary Jones brand from Jones Soda Co. PR Newswire

Fundraising

• According to a report from Reuters, Once Upon a Farm confidentially filed to go public. Cassandra Curtis and Ari Raz launched the organic baby food brand in 2015 and Jennifer Garner and former Annie’s CEO John Foraker joined the company in 2017. Since then, Once Upon a Farm has grown from a baby food brand into an expansive children’s nutrition platform. Once Upon a Farm could make a viable public company, but this seems like a move to pique the interest of strategics and PE firms. Reuters

• According to an SEC filing, fragrance brand Henry Rose raised nearly $3M in fresh equity funding. Michelle Pfeiffer launched the clean fragrance brand in 2019. Sandbridge Capital backed Henry Rose in 2023 and it appears they’re doubling down with this latest round of financing. SEC

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What’s New 🤩

Apparel, Cosmetics, and Wellness

• Late to this one but Paige DeSorbo of Bravo fame launched a DTC loungewear brand called Daphne. DeSorbo collaborated with Concept Brands on the apparel label and their debut line was designed by Katie Serva, an alum of Proenza Schouler and Club Monaco. Glossy

• Tatcha, the luxury skincare brand that Unilever acquired in 2019, unveiled its newest product: Dewy Milk Moisturizer. The new SKU retails for $64 and is available at Sephora and Ulta Beauty. Refinery29

• Popular K-Beauty brand COSRX is entering the haircare category with three products: a shampoo, a hair bonding treatment, and an oil serum. Beauty News Daily

Food, Beverage, and Alcohol

• High-protein ice cream brand Natty is officially live. Each tub contains 35g of protein, 13g of fat, and 430 calories. The ice cream is formulated with super clean ingredients like organic skim milk and organic A2 milk protein concentrate. According to Cadence co-founder Ross Mackay, Natty is a great product (no, he’s not an investor). Natty

• Goodles is launching a line of microwaveable mac & cheese cups later today. Looks like two flavors will be available: Cheddy Mac and Shella Good. Instagram

• Im’peccable Chicken is a newish protein snack brand. Their product is really straightforward: ready-to-eat chicken that you don’t need to heat up. You just eat it straight from the package. The branding is great and their tagline — Nature’s Protein Bar — is also fantastic. Bullish. Stack3d

• Aimee Yang, the founder of low-carb, high-protein bagel brand BetterBrand, is MIA and owes lenders a lot of money. NOSH

• KRAVE Jerky launched a new line of meat sticks with two flavors: Original and Chimichurri. NOSH

• Spindrift dropped an online-exclusive flavor to celebrate summer — Yuzu Mandarin. PR Newswire

• Nantucket Crisps launched a new and very on-trend flavor in Polpis Pickle. Love the branding. Instagram

Data 🖥️

• UK-based meal replacement brand Huel announced an impressive milestone last week: £1B in lifetime revenue since launching a decade ago. LinkedIn

Distribution News 🚚

• La Pulga Tequila is now available in Colorado.

• Sakara is launching storewide at Credo Beauty.

• Manuka Health launched at Violet Grey and The Detox Market.