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Kettle & Fire
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Drew F.
HEALTH-ADE KOMBUCHA NEARS SALE TO GENEROUS BRANDS (BUTTERFLY EQUITY) FOR $500M Health-ade was bought out in 2021 by First Bev (the PE fund that owns Essentia water & Drizly) & Manna Tree. Butteryfly equity just acquired the wine brand Duckhorn Portfolio for nearly $2B late last year.
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Adam Spriggs
🍺 Beer is down, Garage is up. We’ve all seen the headlines overstating Bev Alc's demise, but on the heels of the Wall Street Journal’s article on Garage Beer’s capital infusion and $200M valuation, it feels timely to share why we leaned into the opportunity to gain a position in the brand earlier this year: 💪 OHIO Roots: Travis and Jason Kelce are from Cleveland and played college ball at Cincinnati. Andy lives in Columbus, his wife is from Toledo. In a tale as old as time, the midwest continues to export resilient winners. 🏦 Beer is here to stay: The “sober curious” movement is real and growing, but actual consumption of non-alcoholic positioned beverages remains small and fragmented. By contrast, more than 100 million Americans still drink beer every week. That kind of entrenched, habitual demand is what we consider bankable behavior — and it’s where Garage Beer has the chance to win. 🏆 Leadership: Founder Andy Sauer has built Garage Beer into a breakout light beer brand — now joined by Travis and Jason Kelce, whose reach can’t be overstated. ✏️ Simplicity wins: A premium yet approachable light beer with broad, everyman appeal (“beer-flavored beer”). 🚚 Scalable footprint: Garage Beer is leveraging national distributor and retail networks to scale efficiently. 🏌♂️ Exit potential: Light beer is the largest dollar segment in beverage alcohol. Even as Big Beer contracts, breakout brands that reinvigorate category growth tend to command a premium. Here's to The Angel Group leaning into opportunities that others tend to overlook. And an extra clink to Barry Herbst for a timely intro. 🍻
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Tyler Mayoras
Good article on the how and why emerging natural food and beverage companies are taking share from big CPG. Those of us in the industry have known this for 10-15 years, but it is nice to see the broad media picking up on it. Just look at the acquisitions made by Big Food during the last year and it is clear some upstarts put a Big Dent in their business. Pepsi acquired both Siete and Poppi, Flowers Industries acquired Simple Mills, KDP acquired Ghost and Hershey acquired LesserEvil. All of these companies had grown to $200mm to $500mm in revenue, largely taking share from the big guys. #foodandbeverage #cpg #brands
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