THE DEETER DIGEST 🥣
Your weekly bowl of CPG news, served with a side of spice
Issue #27 | May 4, 2026
🥄 FIRST BITE
The appetizer before we dive in
Welcome back. Sazerac just backed 818 Tequila with a minority investment AND an exclusive U.S. distribution deal. The New Orleans spirits empire that’s been on the most aggressive acquisition spree in the industry — SVEDKA, BuzzBallz, Western Son, Dirty Shirley, and a $15B bid for Brown-Forman — just added Kendall Jenner’s tequila brand to the portfolio. Meanwhile Crazy Mountain, the non-alc beer from the Casamigos trio, raised $15M from CAVU with Coatue following. The Casamigos alumni effect keeps compounding.
Conor McGregor announced MAC Energy at The Beverage Forum — because the energy drink aisle apparently needed another MMA fighter. L Catterton and Patricof formed CHAMP, a platform connecting athletes like Kevin Durant, Cooper Flagg, and Livvy Dunne with consumer brand investments. Maesa sold Priyanka Chopra Jonas’s Anomaly haircare to Reliance Retail, India’s largest retailer. And Jams — the better-for-you PB&J brand — surpassed Uncrustables in same-item sales at Target just six months after launching.
The theme this week is infrastructure. Sazerac isn’t just investing in 818 — they’re plugging it into the distribution machine that already moves Buffalo Trace, Fireball, and BuzzBallz. CAVU isn’t just funding Crazy Mountain — they’re backing it with the same operational playbook that scaled Cholula, EPIC, and Health-Ade. The money matters. But the infrastructure behind the money matters more. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
Sazerac Backs 818 Tequila — Investment Plus Exclusive U.S. Distribution
Sazerac made a minority investment in 818 Tequila and signed an exclusive U.S. sales and distribution agreement with the brand. Founded in 2021 by Kendall Jenner, 818 Tequila has consistently delivered double-digit volume growth and is available in 30+ countries.
This is the deal that changes 818’s trajectory. A celebrity tequila brand with real velocity just got plugged into the distribution infrastructure behind Buffalo Trace, Fireball, BuzzBallz, Southern Comfort, and SVEDKA. Sazerac doesn’t just write checks — they move bottles. Their distribution machine is one of the most powerful in American spirits.
Sazerac’s M&A activity over the past year has been staggering: SVEDKA for $400M, BuzzBallz, Western Son, Dirty Shirley, a $15B bid for Brown-Forman, and now 818. The pattern is unmistakable — Sazerac is building the most diversified spirits portfolio in America across every price point, every format, and every consumption occasion. Vodka, bourbon, RTD cocktails, and now celebrity tequila.
For 818, Sazerac’s distribution replaces whatever patchwork of wholesalers the brand was using with a unified, national infrastructure that knows how to get a bottle into every bar, restaurant, and retail shelf in the country. A celebrity gets you a trial. Distribution gets you scale. 818 just got both from the same partner.
Crazy Mountain Raises $15M From CAVU — The Casamigos Trio Gets Institutional Backing
Crazy Mountain, the non-alcoholic beer brand founded by George Clooney, Rande Gerber, and Mike Meldman, raised a $15M seed round led by CAVU Consumer Partners. Coatue and Discovery Land Company also participated. The brand is led by CEO Steve Fechheimer, formerly CEO of New Belgium and previously in executive roles at Beam Suntory.
CAVU — the firm behind Health-Ade, Once Upon a Farm, OSEA, and Thrive Market, founded by the operators behind Vitaminwater and Deep Eddy Vodka — led the round. When CAVU writes a check, the operational playbook and retail relationships that come with it have a track record of producing exits.
Coatue co-investing brings tech-crossover capital and a network that most beverage brands can’t access. Discovery Land Company brings the luxury hospitality channel — their portfolio of private communities and resorts is exactly where premium non-alc beer consumption happens.
The Casamigos alumni effect continues compounding. Clooney, Gerber, and Meldman launched Crazy Mountain. The former CEO launched Por Qué No canned cocktails. Lauren Stubblefield joined BERO as VP of National Accounts. Diageo is extending Casamigos into RTD formats. One billion-dollar exit seeded an entire generation of beverage brands.
And Fechheimer as CEO is the operational signal that matters most. New Belgium’s former CEO running a non-alcoholic beer brand brings decades of brewery operations, distribution relationships, and retail execution at scale. BERO has Tom Holland and distribution velocity. Crazy Mountain has the Casamigos trio, CAVU’s playbook, and a New Belgium CEO. The non-alc beer race just got more interesting.
Maesa Sells Anomaly to Reliance Retail — Priyanka Chopra Jonas Haircare Goes to India
Maesa announced the sale of Anomaly to Reliance Retail, India’s largest retailer. Founded in 2021 with Priyanka Chopra Jonas, Anomaly built a global presence with clean, vegan, high-performance haircare. Maesa is the beauty incubator behind Being Frenshe, Kristin Ess Hair, and Hairitage by Mindy McKnight.
The most logical exit possible. India’s largest retailer is acquiring a haircare brand co-founded by India’s biggest global celebrity. Chopra Jonas brings cultural credibility in India that no other celebrity haircare brand can match. Reliance Retail has over 18,000 stores across India and the infrastructure to put Anomaly on every shelf nationwide.
For Maesa, this validates the incubator model — build creator-led brands, scale them through retail, and exit to strategics. Being Frenshe just crossed $250M in lifetime sales at Target. Anomaly exits to Reliance. The portfolio keeps producing outcomes.
L Catterton and Patricof Form CHAMP — Athletes Meet Consumer Investing at Scale
L Catterton and Patricof Co announced the formation of CHAMP, a strategic partnership connecting top athletes with consumer investment opportunities. Athletes include Kevin Durant, Cooper Flagg, Livvy Dunne, Cade Cunningham, and several others who will invest alongside L Catterton in emerging and scaled brands.
This formalizes what’s been happening informally for years. Athletes have been investing in consumer brands — Mahomes in Throne, Beckham in IM8, Giannis in IM8, Miles Teller in Finnish Long Drink. CHAMP creates a structured platform where athletes get deal flow from L Catterton — one of the most prolific consumer investors on the planet — and L Catterton gains athlete distribution and cultural credibility for its investments.
The inclusion of Kevin Durant is notable — through Thirty Five Ventures, he’s already one of the most active athlete-investors in consumer. Cooper Flagg being involved before he’s even drafted signals CHAMP is thinking long-term about building athlete-brand relationships early in careers.
L Catterton backed Thorne (shopping at $4B), Mars Men ($100M in 18 months), and dozens of other consumer brands. Plugging athlete capital and distribution into that pipeline creates a flywheel that’s very difficult for any other investor to replicate.
Jams Surpasses Uncrustables at Target — Six Months In
Jams, the better-for-you PB&J brand that Dropout Companies launched in 2025, surpassed Uncrustables in same-item sales at Target just six months after launching. Per Target sales data.
Beating Uncrustables at Target. Let that land. Uncrustables is a J.M. Smucker brand that has been the undisputed king of frozen PB&J for decades. And a brand that launched six months ago is now outselling it in same-item sales at the largest general merchandise retailer in America.
This validates what we’ve been tracking all year: consumers are willing to switch from legacy products to better-for-you alternatives when the format is right, and the positioning is clear. Mid-Day Squares’ No Bread PB&J became their top-selling SKU in weeks. Now, Jams is outselling Uncrustables at Target. The frozen sandwich and snack aisle is getting disrupted by brands that deliver cleaner ingredients without sacrificing the convenience that made Uncrustables dominant.
💰 THE FUNDING FRENZY
Big checks are being written
Gymkhana Fine Foods — $8.5M Series A Led by CAVU
Gymkhana Fine Foods, the consumer goods arm of iconic London restaurant Gymkhana, secured $8.5M in Series A funding led by CAVU. Co-founded by Gulrez Arora and JKS Restaurants, the brand retails at Whole Foods, Waitrose, Sainsbury’s, and other leading retailers. Indian food is one of the fastest-growing global cuisines with more than $5B in at-home consumption in the U.S. and UK, yet the category lacks a premium, chef-crafted player.
CAVU leading both Gymkhana and Crazy Mountain in the same week tells you exactly how active the firm is right now. The Indian food opportunity at home is massive and underserved at the premium end. Gymkhana brings the culinary credibility of one of London’s most celebrated restaurants into the retail aisle. Restaurant-to-packaged-goods keeps producing brands with built-in product quality and cultural authenticity — Laoban, Little Sesame, Ripi, and now Gymkhana.
Wet Hydration — $10M With Paul George
Functional hydration brand Wet Hydration raised $10M and added NBA player Paul George to the cap table. Founded by Spencer Altschul in 2020, the Las Vegas-based brand retails at Walgreens, The Vitamin Shoppe, and Amazon.
Another athlete-backed hydration brand in a crowded category. The $10M gives Wet Hydration capital to compete for shelf space against Liquid I.V. ($1B+ under Unilever), DryWater (approaching $100M), and a dozen other well-funded hydration brands. Paul George brings audience and credibility in the performance space. Whether $10M is enough to break through in hydration — one of the most competitive functional beverage categories — depends entirely on retail velocity and differentiation.
Neutonic — $6M at $60M Valuation
Productivity-focused beverage brand Neutonic closed $6M at a $60M valuation. Sold more than 7.5 million cans since launching in 2023. On track to exceed $25M in revenue this year. Investors include Zach Ranen, the co-founder of David Protein, who left in February.
Ranen investing in Neutonic is the interesting angle here. The former David co-founder, who quietly left during the brand’s most turbulent period, is now backing a functional beverage brand. We said we’d be watching what Ranen did next — this is the first signal. 7.5 million cans sold and $25M revenue trajectory at a $60M valuation is roughly a 2.5x revenue multiple, which is reasonable for a beverage brand at this growth stage.
Smearcase — First Institutional Round Led by Listen Ventures
High-protein cottage cheese ice cream brand Smearcase closed its first institutional round from Listen Ventures. Founded in 2023 by Joe Rotondo and Drew DiSpirito, Smearcase will be in over 1,000 doors by the end of Q2.
We’ve been tracking Smearcase since they won the Albertsons Innovation Launchpad ($198K), launched at Sprouts, landed at New Seasons, and went chainwide at Fresh Thyme. Now institutional capital arrives as the brand approaches 1,000 doors. The protein ice cream category continues to attract capital and retail interest — Frozen One just closed a $2M round and is launching nationwide at Target. The protein ice cream race features multiple horses.
111Skin — Estée Lauder Investment
London-based luxury skincare brand 111Skin scored an investment from The Estée Lauder Companies. Founded by Eva and Dr. Yannis Alexandrides in 2012. SKKY Partners (Kim Kardashian and Jay Sammons) acquired a significant minority stake in early 2025.
Estée Lauder’s corporate venture activity continues to intensify as the company explores a $40B merger with Puig. 111Skin joining the Estée Lauder investment portfolio — alongside the full acquisition of Forest Essentials — signals that the company is actively building optionality in prestige skincare. SKKY Partners being on the cap table adds another layer of celebrity-adjacent strategic positioning.
TIES — $1.5M Seed From HumanCo
Austin-based men’s fertility and performance supplement brand TIES launched with $1.5M in seed funding from HumanCo, the health and wellness holding company founded by Jason Karp. Co-founded by Luke and Camryn Novak. Global sperm counts have declined more than 52% since 1973.
HumanCo leading tells you the thesis is serious. Karp’s holding company focuses on health and wellness brands with genuine functional differentiation. Men’s fertility is one of the most underserved categories in all of supplements — the 52% sperm count decline since 1973 is a public health crisis that the wellness industry is only now beginning to address. Mars Men proved men’s health supplements can hit $100M in 18 months. TIES is targeting a different but adjacent segment of the same consumer: men who care about their health, performance, and future.
Rogue — Science Inc Launch at 2,800 Walmart Doors
Los Angeles-based high-protein chip brand Rogue officially launched, co-founded by Tommy Riggs and developed by Science Inc, the team behind Dollar Shave Club and Liquid Death. No seed oils, no artificial ingredients. Launching at 2,800 Walmart doors in July.
Science Inc behind it is the credibility signal. The team that built Dollar Shave Club (sold to Unilever for $1B) and helped build Liquid Death knows how to create brands that break through cultural noise. Launching at 2,800 Walmart doors — not a test, not a regional pilot — signals institutional retail commitment from day one. The seed-oil-free protein chip positioning hits every current consumer trend simultaneously.
Zesty Snackz — $1.1M Equity Funding
Creator-led candy brand Zesty Snackz, co-founded by Paul Cuffaro and Brenten Szekely (YouTube creator behind Finatic), secured $1.1M per SEC filing. Creator-led candy keeps getting funded — Shades did £15M in under a year in the UK. The creator-to-candy pipeline is real.
🆕 PRODUCT LAUNCHES & INNOVATION
This week’s innovation circus
Conor McGregor Launches MAC Energy
MMA star Conor McGregor unveiled MAC Energy at The Beverage Forum. Six flavors launching July 12th. Each can delivers 200mg of natural caffeine, 250mg of Cognizin, and 2g of GoBHB active ketones for cellular energy.
McGregor previously founded Proper No. Twelve Whiskey, which Proximo Spirits acquired. He knows how to build and exit a beverage brand. The functional formulation — Cognizin and ketones alongside caffeine — positions MAC beyond the standard energy drink. The energy aisle is the most crowded category in CPG, with Costco’s Kirkland at 71 cents a can, Celsius at 20% market share, and a new entrant every week. Whether MAC can carve a lane depends on the same thing it always depends on: does the product earn repeat purchase beyond the celebrity trial?
ARMRA Launches RTD Colostrum Soda
ARMRA dropped the first colostrum RTD on the market — four flavors of colostrum soda: Spicy Lime, Huckleberry, Pear Ginger, and Pomelo Basil. DTC now, Sprouts in the summer.
The colostrum brand that just hired Liquid Death’s former marketing lead (Hamid Saify as CMO) is making its biggest format bet yet. Colostrum in a soda format is a bold play — it takes a premium supplement ingredient and puts it in a consumption occasion that’s completely different from the powder format that built the brand. If ARMRA can make colostrum soda taste good enough to prompt repeat purchases, they’ve created an entirely new subcategory. The Sprouts summer launch will be the real test.
Siete Expands Tortilla Range
PepsiCo’s Siete launched Maíz Organic Yellow Corn Tortillas and Sourdough Style Tortillas at Whole Foods, Target, and Sprouts. The brand that PepsiCo acquired continues to expand its product portfolio with formats that go beyond gluten-free positioning into broader tortilla occasions.
More Launches Worth Watching
GOODLES launched Wild Wild Pesto exclusively at Walmart in May and Twist My Parm exclusively at Target in June. Retailer-exclusive launches continue to provide emerging brands with controlled environments to demonstrate velocity.
KA-EX launched Creatine EAA+ Booster — an RTD creatine drink using push-cap technology to keep creatine separated from liquid until consumption. 3g creatine, 3.5g EAAs, 1g L-Citrulline, 105mg caffeine. Solving the creatine-degrades-in-liquid problem with packaging innovation.
Rogue high-protein chips from the Science Inc team (Dollar Shave Club, Liquid Death). No seed oils. Four SKUs. 2,800 Walmart doors in July.
Joyride expanded with Fruit Chews, Fruity Zips, and Sour Zips exclusively at Target for $4.99.
Clean Simple Eats dropped Creatine + Glutamine in three varieties after securing nationwide Walmart distribution.
Tranquila — a new canned decaf coffee brand with Classic Latte and Oat Milk Latte. The decaf movement gets its own DTC brand.
Tuff Pops — high-protein ice cream bars from Utah with 12g protein made from real ingredients. Available at Pop Up Grocer.
Bragg put apple cider vinegar in on-the-go pouches for travel wellness routines.
String Theory by Maesa — functional fragrance using Phero-Mimetic Technology that “enhances desire.” Two SKUs: Feral Haze for Him and Feral Haze for Her.
Perelel launched the Daily Resilience Complex drink mix with lactoferrin and collagen peptides.
Dewsy — bodycare brand from former Kenvue CMO and Church & Dwight President using face-grade actives and Mini-Molecule Technology.
Nowadays, Extra-Light THC beverages — 0.4mg THC and 5mg CBD, are getting ahead of stricter regulations.
Experiment launching Continuum serum on May 8th with dermatologist Angelo Landriscina.
H&M x BUBS — Swedish candy-scented beauty essentials collab.
Nick Jonas is seemingly launching a skincare brand. The Jonas Brothers already backed TRIP, OLIPOP, Sesh, and co-founded Rob’s Backstage Popcorn.
📊 THE DATA DIGEST
Numbers that matter
Jams Surpasses Uncrustables at Target in 6 Months
The better-for-you PB&J brand from Dropout Companies is now outselling Uncrustables in same-item sales at Target. Launched just six months ago. When a brand that’s been on shelf for six months beats a Smucker’s icon, the consumer is telling you something.
Being Frenshe Crosses $250M Lifetime Sales
Ashley Tisdale and Maesa’s beauty and wellness brand surpassed $250M in lifetime sales since launching in 2022. Target exclusive. Proof that the incubator-plus-creator model produces real, scaled revenue when the retail partnership is right.
Oatly Q1 Revenue Up 15.6%
Oatly reported Q1 revenue of $228M, up 15.6%. Europe and International led growth while North America also rose 3.8%. The plant-based milk brand that went through its own hype-to-reality cycle is quietly stabilizing and growing again.
KDP U.S. Beverage Q1 Up 11.9%
Keurig Dr Pepper’s U.S. Beverage division posted Q1 net sales of $2.6B, up 11.9% — driven primarily by volume, not price. International surged 19.5% to $520M. U.S. Coffee dipped 2.3%. The beverage side is carrying the company while coffee adjusts post-JDE Peet’s integration.
Recess — #1 Velocity in Sparkling Water Singles
Recess is now the number one velocity brand in sparkling flavored water singles, per the company. Two weeks ago they were the number one mocktail brand in total U.S. MULO. Recess is quietly becoming one of the most important functional beverage brands in America.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
Target’s Monster Week
Ripi launched at 1,100+ Target stores — the frozen pasta brand from Cutting Horse’s portfolio, and celebrity chef Joe Sasto, earning a massive Target rollout. Realm launched nationwide at Target. Lottie’s launched at Target. Make Time Wellness launched at select Target stores. House of Party launched on endcaps across Target. Joyride expanded with three new SKUs exclusively at Target. Six brands launching or expanding at Target in a single week.
Walmart Keeps Growing
Ritual expanded to 1,900 Walmart stores — the prenatal and supplement brand earning a massive Walmart footprint. Rogue is launching at 2,800 Walmart doors in July. FREE BIRD Southern Spring Water launched at Walmart in the Southeast. GOODLES Wild Wild Pesto arriving in May. Walmart continues to be the launch pad for brands with national ambitions.
H-E-B
Roxberry launched across Texas at H-E-B. H-E-B continues being one of the most important regional chains for emerging brands looking to prove velocity in the Texas market.
Specialty and Regional
Frozen One launched at Fresh Thyme. Neutonic launched at GNC. UPDATE landed at The Vitamin Shoppe. Milliways Gum debuted at Haggen. Maïzly launched at Central Market and Winn-Dixie. Twisted Alchemy launched on Sysco Marketplace — the foodservice distribution channel that opens up every bar and restaurant in the Sysco network.
👋 PEOPLE MOVES
Steve Fechheimer is running Crazy Mountain as CEO — former CEO of New Belgium and ex-Beam Suntory executive. When the Casamigos trio hires New Belgium’s former CEO to run their non-alc beer brand, they’re building for operational scale, not just celebrity buzz.
Dr. Dhaval Bhanusali appointed Chief Dermatologist at Therabody. Previously a Founding Partner at Rhode and launched Elm Biosciences with Martha Stewart in 2025. One of the most connected dermatologists in the beauty-wellness space.
Jon Bon Jovi backed GORGIE energy drink. Another celebrity entering the energy aisle.
Nick Jonas appears to be launching a skincare brand. The Jonas Brothers have already backed TRIP, OLIPOP, Sesh, and co-founded Rob’s Backstage Popcorn.
Kathy Widmer (former Kenvue CMO and Elizabeth Arden CMO) and Barry Bruno (former Church & Dwight President and CMO) launched bodycare brand Dewsy. When two C-suite beauty veterans team up, the operational expertise is baked in from day one.
Aaron Nosbisch officially transitioned from CEO to Chairman at BRĒZ with Travis Duncan taking over as CEO — confirmed from last week.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
This week’s story is about infrastructure. Not capital. Not celebrity. Infrastructure.
Sazerac investing in 818 Tequila isn’t just a check. It’s an exclusive U.S. distribution agreement. That means every bar, restaurant, and retail shelf that Sazerac’s sales force touches — and they touch almost all of them — is now a potential 818 placement. The same infrastructure that moves Buffalo Trace and Fireball is now moving Kendall Jenner’s tequila. Celebrity got 818 to double-digit volume growth. Sazerac’s infrastructure will get it to whatever comes next.
CAVU backing Crazy Mountain isn’t just a $15M seed round. It’s the operational playbook that scaled Cholula to a McCormick acquisition, EPIC to a General Mills acquisition, and Health-Ade through explosive growth. Crazy Mountain already had the Casamigos trio and a New Belgium CEO. Now it has CAVU’s retail relationships and growth infrastructure. The non-alc beer race between BERO (national grocery in under two years), Athletic Brewing (first mover), and Crazy Mountain (CAVU plus Casamigos plus New Belgium CEO) is the most interesting competitive dynamic in beverages right now.
L Catterton and Patricof forming CHAMP formalizes the athlete-investor pipeline that’s been building informally for years. Kevin Durant, Cooper Flagg, Livvy Dunne investing alongside L Catterton — the firm shopping Thorne at $4B — creates a deal flow and distribution flywheel that no other investor can match. Athletes bring audiences. L Catterton brings operational expertise and exit playbooks. The brands that get CHAMP capital get both simultaneously.
And then there’s Jams beating Uncrustables at Target in six months. That’s not a funding story or a celebrity story. That’s a product story. A better-for-you PB&J outselling the category incumbent at America’s most important emerging brand retailer. No amount of infrastructure can replicate what happens when consumers genuinely prefer your product.
The brands winning right now have capital, celebrity, AND infrastructure. 818 has all three. Crazy Mountain has all three. BERO has all three. The brands that have one or two but not all three are the ones that plateau.
Build the product first. Then add the infrastructure. The capital follows both.
🎙️ COMING TUESDAY
Unpackaged Goods Episode
Breaking down Sazerac’s 818 Tequila deal and why exclusive distribution matters more than the investment check. CAVU backing Crazy Mountain and what it means for the non-alc beer race. The CHAMP platform and whether athlete-investor vehicles produce better returns than traditional venture. Jams beating Uncrustables at Target in six months. Conor McGregor is entering the energy drinks. And why Maesa selling Anomaly to Reliance Retail validates the entire creator-brand incubator model.
🥫 ONE MORE THING...
Before you close this tab
Jams launched at Target six months ago. This week, it surpassed Uncrustables in same-item sales. Uncrustables. The frozen PB&J that J.M. Smucker built into a billion-dollar franchise. And a brand from Dropout Companies is outselling it at Target after half a year.
Last week I wrote about Purely Elizabeth — $5K to $600M in seventeen years. The quiet compounder. The anti-velocity story. This week, Jams is the velocity story. Six months to outsell a category icon.
Both work. One took seventeen years. One took six months. The common thread isn’t speed or patience. It’s that both made a product that consumers genuinely prefer over what already existed. Everything else — the capital, the celebrity, the infrastructure — accelerates what the product started. But the product has to start it.
Uncrustables have been on the shelf for decades. Jams have been on the shelf for six months. The consumer chose Jams. That’s the only data point that matters.
Until next Sunday, Jonathan Deeter Your CPG-Obsessed Friend
P.S. — Conor McGregor launched an energy drink. The man who sold Proper No. Twelve Whiskey is now selling cellular energy with active ketones. Logan Paul has PRIME. McGregor has MAC. Jake Paul has... whatever Jake Paul has. The combat sports-to-energy drink pipeline is now officially its own CPG subcategory. Somebody should make a bracket.
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