THE DEETER DIGEST 🥣
Your weekly bowl of CPG news, served with a side of spice
Issue #28 | May 11, 2026
🥄 FIRST BITE
The appetizer before we dive in
Welcome back. Celsius just reported record Q1 revenue of $783 million. Up from $329 million a year ago. That’s not growth. That’s a doubling. They now command 20.9% of the U.S. energy drink category. Net income rose 148% to $110 million. The Alani Nu acquisition didn’t just work. It worked at a speed that’s rewriting what’s possible in CPG platform building.
Meanwhile, Suja Life officially went public on the Nasdaq, raising $186.7M. OLIPOP is raising $200M from Morgan Stanley after M&A talks with Coca-Cola ended without a deal. The former CMO of Glossier and the former VP of Product at Vita Coco launched a sparkling drink for kids. Jesse & Ben’s closed $10M from Greycroft for seed-oil-free french fries that grew 1,100% last year. And Cadence hit 6,000 doors in under six months — Target, Walmart, CVS, GNC, and The Vitamin Shoppe — with 8,000 doors coming by year end.
The theme this week is proof. Celsius proved the platform thesis works at scale. Suja proved a consumer brand can go public in 2026. Cadence proved that distribution velocity compounds when you execute across every channel simultaneously. And Jesse & Ben’s proved that seed-oil-free positioning isn’t a niche — it’s a movement. Let’s dig in.
🍊 THE MAIN COURSE
This week’s biggest CPG moves
Celsius Reports Record Q1: $783M Revenue, 20.9% Market Share
Celsius Holdings delivered record Q1 revenue of $783 million, up from $329 million in Q1 2025. Celsius now commands 20.9% dollar share of the U.S. energy drink category. Net income rose 148% to $110 million.
Let me put that in context. Two years ago, Celsius was a single-brand energy drink company doing roughly $1.3 billion annually. Today it’s a multi-brand platform doing $783M in a single quarter — a $3.1B annual run rate. The Alani Nu acquisition transformed everything. Volume up 26.3% with Alani specifically surging 94% as we covered two weeks ago. And now the quarterly financials confirm it: this is no longer an energy drink brand. This is a platform.
The 20.9% market share number is the one that should terrify Monster and Red Bull. Celsius went from niche fitness brand to controlling one-fifth of the entire U.S. energy drink market. When you add Alani’s demographic — the female energy drink consumer that neither Monster nor Red Bull could reach — the strategic logic of the $1.8B acquisition gets clearer every quarter. This is looking like one of the three or four best acquisitions in CPG history alongside Unilever buying Liquid I.V. and PepsiCo buying Poppi.
Suja Life Goes Public — $186.7M Raised on Nasdaq
Suja Life officially debuted on the Nasdaq after pricing at the low end of its range and raising $186.7 million. CEO Maria Stipp rang the opening bell. Revenue hit $327M in 2025, up 26%.
The consumer brand IPO is back. After Allbirds ($4.1B to $39M), Once Upon a Farm (30% growth, 20% stock drop), and a graveyard of cautionary tales, Suja proved a consumer brand can still go public in 2026. The key difference: vertical integration. Suja controls its supply chain, which gives it margin control most CPG brands don’t have. The multi-brand portfolio — Suja Organic, Vive Organic, Slice Soda — diversifies risk beyond a single product line. Whether Wall Street rewards the stock over the next twelve months will determine if other consumer brands follow Suja’s lead or stay private.
OLIPOP Raising $200M — Coca-Cola Talks Ended Without a Deal
According to Axios, OLIPOP is working with Morgan Stanley to raise $200M after M&A talks with Coca-Cola and others ended without a deal. Previous backers include Monogram Capital, Barrel Ventures, BFG Partners, and J.P. Morgan.
The biggest functional soda brand in America chose to stay independent. Coca-Cola was at the table and OLIPOP walked away. That tells you the founders believe the brand is worth more than what Coca-Cola offered — and they’re probably right. Poppi sold to PepsiCo for $2B. OLIPOP doing $400M+ in revenue with the strongest brand in functional soda could command a premium to that in the right exit environment. Raising $200M from Morgan Stanley keeps them independent with institutional capital to scale further while they wait for the number that makes sense. This is the most significant “brand chose to stay independent” story in CPG this year.
💰 THE FUNDING FRENZY
Big checks being written
MOSH — $13M Series A Led by Main Street Advisors
Maria Shriver and Patrick Schwarzenegger’s brain health nutrition brand closed $13M from Main Street Advisors, Morrison Seger, Great Circle Ventures, Tonic Ventures, and PCG. Over 2,000 doors with retail on track to triple in 2026. Recently launched MOSH High Protein with 20g protein, creatine, and their Signature Brain Blend. Retails at Sprouts, Albertsons, Kroger, H-E-B, and launching at Target later this month.
MOSH tripling retail in 2026 while adding Target to a roster that already includes Sprouts, Albertsons, Kroger, and H-E-B signals the brand has earned velocity at every retailer it’s entered. The protein-plus-creatine-plus-brain-health positioning differentiates MOSH from the hundreds of protein bars competing on macros alone. When your functional stack goes beyond protein into cognitive health, you’re selling something the consumer can’t get from a Clif Bar.
Jesse & Ben’s — $10M Led by Greycroft
The seed-oil-free french fry brand closed $10M led by Greycroft with Rich Products Ventures, existing investors, and strategic angels including the Poppi founders (Allison & Stephen Ellsworth), Andrew Abraham, and Carter Comstock. Jesse & Ben’s grew 1,100% in 2025. Eric Ryan — co-founder of Method and OLLY — joins the board. Audrey Burger, formerly of Primal Kitchen, appointed Founding President.
Eleven hundred percent growth. The Poppi founders investing. The Method and OLLY co-founder on the board. A former Primal Kitchen executive as president. This is an all-star roster assembling around a seed-oil-free frozen french fry brand. Eric Ryan co-founded Method (sold to S.C. Johnson) and co-founded OLLY (sold to Unilever). He knows how to build consumer brands from insurgent positioning to massive scale. Audrey Burger scaling Primal Kitchen through its acquisition by Kraft Heinz means she’s operated at the exact growth stage Jesse & Ben’s is entering. The seed-oil-free movement is no longer a niche internet obsession — it’s producing 1,100% growth rates and $10M funding rounds from top-tier investors.
Waterdrop — €100M+ Raise
Vienna-based functional water enhancer brand Waterdrop raised over €100M from Atlantic Grupa, Aspeya (Philip Morris International subsidiary), and skier Aleksander Aamodt Kilde. Founded in 2016, Waterdrop has €150M in revenue with distribution across Europe, Australia, Japan, and the U.S. at Target, CVS, H-E-B, and Amazon. Previously backed by Temasek and Novak Djokovic.
A hundred million euros for a water enhancer brand. That’s a category most people don’t think about, which is exactly why Waterdrop owns it. The product replaces single-use plastic bottles with dissolvable cubes — hydration meets sustainability meets convenience. €150M in revenue across multiple continents is rare for a European consumer brand and the kind of scale that attracts institutional capital at this level. Temasek and Djokovic were early. Atlantic Grupa and Philip Morris’s subsidiary are scaling it further.
Bel Group — Acquires Brainiac
Bel Group acquired Brainiac and Little Brainiac from Ingenuity Foods. Founded in 2019 by Jonathan Wolfson and Mark Brooks, Brainiac offers food and beverage products supporting brain, gut, and immune health for children aged 4-18. Backed by Lerer Hippeau, Bloom8, Good Friends, and Lux Capital.
Bel Group owns GoGo squeeZ — one of the largest kids’ snack brands in the world. Adding Brainiac gives them a functional, brain-health-focused kids’ nutrition platform that complements the on-the-go format GoGo squeeZ already dominates. The strategic fit is obvious: same consumer (parents buying for kids), same format (portable, convenient), different functional positioning (brain health). Bel is building a kids’ functional food portfolio through M&A the same way Unilever built its wellness portfolio.
True Beauty Ventures — Fund III Fundraising
True Beauty Ventures kicked off fundraising for Fund III. Since launching in 2020, the firm has assembled one of the strongest portfolios in beauty: Vacation, K18, Jupiter, Crown Affair, Biologica, and others.
True Beauty Ventures’ track record speaks for itself. K18 became one of the fastest-growing haircare brands in the world. Vacation became a cultural phenomenon. Crown Affair built a loyal following in premium haircare. Fund III will bring more capital to the beauty and wellness space at a time when L’Oréal, Estée Lauder, and Puig are all actively acquiring. The brands in True Beauty’s portfolio today are the acquisition targets of tomorrow.
NoBiggie — Launch from Glossier CMO and Vita Coco VP
New sparkling beverage brand for kids co-founded by Ali Weiss (former CMO of Glossier) and Aytunc Atabek (former VP of Product at Vita Coco). Real fruit juice, no added sugar, no dyes, no artificial sweeteners, 75% less sugar than average juice boxes. Interactive packaging with gameboard inserts and fun dares.
Glossier’s former CMO knows brand building at the highest level. Vita Coco’s former VP of Product knows beverage formulation and distribution. Together they’re attacking the kids’ beverage market — one of the most underinnovated categories in CPG. The interactive packaging angles the brand as an experience, not just a drink. Every parent who’s looked at a juice box ingredient label and cringed is the target consumer.
Forti — Pre-Seed Led by Ollie Marchon
UK-based high-protein gelato brand closed pre-seed funding from Ollie Marchon, who also participated in Neutonic’s $6M round. 40g protein per 480ml tub. Founded by Milan Nandha and Nikhil Chikhliwala. The protein ice cream category keeps attracting capital globally — Frozen One, Smearcase, and now Forti in the UK.
Quinn — Debt Financing from SG Credit
Colorado-based better-for-you snack brand Quinn secured debt financing from SG Credit. Founded in 2010 by Kristy Lewis, available at 20,000 doors. Debt financing for a brand at 20,000 doors signals the business generates enough consistent revenue to service debt — a sign of maturity and stability rather than growth-stage risk.
Squirrel Sisters — Controlling Interest Sold to Altura
London-based nutrition bar brand sold a controlling interest to growth agency Altura. Founded in 2015 by Gracie and Sophie Tyrrell, available at Boots, Tesco, Co-op, and Amazon. A growth agency taking a controlling stake is an unusual deal structure — Altura brings marketing and scaling expertise as an operator, not just an investor.
🆕 PRODUCT LAUNCHES & INNOVATION
This week’s innovation circus
BERO Moves to Glass Bottles
Tom Holland’s non-alc beer brand is moving into glass bottles — becoming the only craft non-alcoholic beer in the U.S. available in glass. After launching at Kroger, Publix, and Walmart last week, BERO is now differentiating on format. Glass signals premium positioning and separates BERO from the aluminum can sea that every other non-alc brand competes in. Smart brand move.
Carrie Underwood Launches HiNote
Country star Carrie Underwood launched wellness brand HiNote — Daily Nutrition Drink Mix with 20g protein, 5g fiber, and 13 fruits and vegetables. Led by Kerrigan Behrens who previously founded Sagely Naturals (25,000+ doors). When the operational lead has already built an omnichannel wellness brand to 25,000 doors, the scaling playbook exists from day one.
Nurri Kids at Sam’s Club
The 9-figure ultra-filtered protein shake brand expanded into children’s nutrition with Nurri Kids. 10g protein, 2g sugar, 9 essential vitamins. Exclusive at Sam’s Club. Nurri moving into kids’ nutrition follows the same pattern as Bel Group acquiring Brainiac — established protein brands expanding into children’s functional nutrition.
Susan Yara Returns with Playa
After co-founding Naturium and selling it for $350M+, Susan Yara launched Playa — fragrance-forward hair and body care. Single SKU launch: Nuevasol Fragrance-Depositing Gloss Rinse. DTC only for now. When a founder with a $350M exit returns, the industry pays attention.
More Launches Worth Watching
Slice Soda launched Dirty Soda RTDs at Target — Dirty Orange and Dirty Strawberry. The dirty soda trend gets its own branded line from a Suja portfolio brand.
Bloom expanded with 7.5oz mini cans — 100mg caffeine, 5 calories. At Walmart and Target. The mini can format for moderate caffeine consumers.
Vital Proteins dropped Advanced Collagen Peptides + Creatine — 10g collagen, 5g creatine. The functional stacking trend hits mainstream collagen.
GoNanas released ready-to-eat Mini Banana Bread Muffins in three flavors at Target.
Mooski expanded beyond bars with Overnight Oat Bites at Target in 25 states.
Equip x MASA — limited-edition Chocolate Churro Prime Protein powder collab.
Fruit Riot x SunnyD — Crunchy Candy Mango collab spotted at Target.
TRUFF x Kith — co-branded sauce collection at Ronnie’s Pronto in West Hollywood. Lemon Pepper Aioli, White Truffle Hot Sauce, Mild Truffle Hot Sauce.
Kettle & Fire x Force of Nature — Bison Bone Broth collab coming. This one’s going to do numbers.
Honey Moo — honey-sweetened ice cream bars at Whole Foods. Pistachio, Coffee, Vanilla.
Easy Does It dropped Mexican Style Lager — the skater-founded non-alc beer’s second brew.
NAD4Me — caffeine-free cellular energy drink powered by NAD+. Bringing NAD+ from IV drips to daily beverage format.
PLAYR — youth-focused performance nutrition for athletes aged 8-18. Clean formulations with third-party testing. Two products: CORE drink mix and CLUTCH caffeine-free gummy.
Nonfiction opened its first North American store on Orchard Street in NYC. South Korean fragrance brand with $35M in 2024 sales.
Huda Beauty returned to fragrance with Easy Bake Intense launching May 28th for $79.
Dr. Squatch entered sun care with SPF 30 Sunscreen Spray.
Freaks of Nature launched Solar Shield Spray mineral sunscreen after expanding into electrolyte drink mixes in March.
Ayoh reformulated its mayo with avocado oil, replacing high-oleic sunflower oil. The seed-oil-free movement keeps pulling brands toward reformulation.
Pretty Tasty unveiled a packaging refresh for its collagen iced tea line.
Clase Azul unveiled La Hacienda — a 50-acre distillery and visitor center in Jalisco.
📊 THE DATA DIGEST
Numbers that matter
Celsius: $783M Q1, 20.9% Market Share
Record quarter. Revenue more than doubled from $329M to $783M. Net income up 148% to $110M. 20.9% dollar share of U.S. energy drinks. The Alani acquisition transformed Celsius from a brand into a platform.
Cadence: 6,000 Doors in Under Six Months
Cadence is now in CVS fridges nationwide, bringing total store count to 6,000. This year alone: Target, Walmart, CVS, GNC, and The Vitamin Shoppe. On track for 8,000 doors by year end. The distribution velocity across every channel simultaneously is one of the most impressive execution stories in emerging CPG.
Plant People: #1 Mushroom Supplement at Target
Plant People became the number one mushroom supplement brand at Target less than six months after launching at the retailer. Backed by Manna Tree. Mushroom supplements keep proving velocity at mass retail.
Jesse & Ben’s: 1,100% Growth in 2025
The seed-oil-free french fry brand grew 1,100% last year. That kind of growth rate at the intersection of frozen food and the seed-oil-free movement validates both the category and the consumer trend.
🏪 DISTRIBUTION DOMINATION
Everyone’s everywhere
Target
Frozen One launched nationwide. PRETZELIZED at 200+ stores. Leisure Hydration launched nationwide. Long Weekend launched nationwide. Mooski Overnight Oat Bites in 25 states. GoNanas Mini Banana Bread Muffins. Slice Dirty Sodas exclusive. Fruit Riot x SunnyD spotted at select stores. MOSH launching later this month. Target’s pipeline never stops.
Walmart
Sanzo expanded to 1,300+ doors. PopSips launched at 300 stores. Winx Health landed at 1,200 stores. Rogue coming to 2,800 doors in July. Walmart keeps absorbing emerging brands at massive scale.
CVS
Cadence launched nationwide — bringing total to 6,000 doors across Target, Walmart, CVS, GNC, and Vitamin Shoppe in under six months. 8,000 by year end.
Nationwide and Specialty
UPDATE launched nationwide at The Vitamin Shoppe. Rhode launched at Sephora Europe. Honey Moo exclusive at Whole Foods. Nurri Kids exclusive at Sam’s Club. Mid-Day Squares partnered with Martel Foods in Quebec.
👋 PEOPLE MOVES
Eric Ryan — co-founder of Method (sold to S.C. Johnson) and OLLY (sold to Unilever) — joins the Jesse & Ben’s board via Greycroft. When the man who built two of the most iconic consumer brands of the last two decades joins your board, the operational playbook upgrades immediately.
Audrey Burger appointed Founding President at Jesse & Ben’s. Former Primal Kitchen executive who helped scale the brand through its acquisition by Kraft Heinz. Exactly the growth-stage operator Jesse & Ben’s needs.
Susan Yara returned to beauty with Playa after selling Naturium for $350M+. Serial founders keep coming back.
Ali Weiss (former Glossier CMO) and Aytunc Atabek (former Vita Coco VP of Product) launched NoBiggie for kids’ sparkling beverages. Two operator-founders from iconic consumer brands teaming up.
Kerrigan Behrens leading Carrie Underwood’s HiNote — previously founded Sagely Naturals to 25,000+ doors.
David Stever confirmed as CEO of Jeni’s — former Ben & Jerry’s CEO and CMO bringing two decades of premium ice cream operations.
🔥 THE HOT TAKE
My unfiltered opinion on this week’s madness
Celsius reported $783 million in Q1 revenue. Up from $329 million. In one year. The brand now commands 20.9% of the U.S. energy drink market. Net income up 148%.
Two years ago, the bears said the Alani Nu acquisition was too expensive at $1.8 billion. This week, the math said otherwise. When your combined platform doubles revenue in a year, commands a fifth of the category, and posts $110M in quarterly net income, the $1.8B looks like one of the best deals in CPG history. Celsius didn’t just acquire a brand. It acquired a demographic — the female energy drink consumer — and plugged it into distribution infrastructure that was already working. The result is a platform that’s growing faster than either brand could have grown independently.
But the story I can’t stop thinking about is OLIPOP walking away from Coca-Cola. The biggest beverage company on earth was at the table. OLIPOP said no. They’re raising $200M from Morgan Stanley instead. That takes extraordinary conviction. Poppi sold to PepsiCo for $2B. OLIPOP is betting they’re worth more. At $400M+ in revenue with category leadership in functional soda, they might be right. The decision to stay independent when Coca-Cola is buying signals that OLIPOP’s founders see a path to a valuation that makes $2B look small.
Meanwhile, Suja went public. The first major consumer brand IPO of 2026. Priced at the low end but raised $186.7M. After Allbirds, after Once Upon a Farm, after every cautionary tale — Suja proved a consumer brand can still access the public markets if the fundamentals are right. Vertical integration and $327M in revenue gave them the credibility that brand stories alone couldn’t.
And then there’s Jesse & Ben’s. Seed-oil-free french fries. 1,100% growth. The Poppi founders investing. The Method and OLLY co-founder on the board. A former Primal Kitchen exec as president. The seed-oil-free movement isn’t a TikTok trend anymore. It’s producing real brands with real growth and real institutional capital behind them.
Proof. That’s the word this week. The platforms are proving they work. The IPO market is proving it’s open. The movements are proving they’re real. And the brands that built something worth buying are proving that the exits are there — or choosing not to take them because they believe the best is still ahead.
Build accordingly.
🎙️ COMING TUESDAY
Unpackaged Goods Episode
Breaking down Celsius at $783M in Q1 and what 20.9% market share means for Monster and Red Bull. OLIPOP walking away from Coca-Cola to raise $200M independently. Suja’s IPO and whether the public market window is open again. Jesse & Ben’s $10M raise and why the seed-oil-free movement just went mainstream. Cadence at 6,000 doors in six months. And BERO moving to glass bottles while Crazy Mountain gets CAVU backing — the non-alc beer race intensifies.
🥫 ONE MORE THING...
Before you close this tab
OLIPOP was at the table with Coca-Cola. They walked away. Poppi sold to PepsiCo for $2B. OLIPOP looked at that number, looked at their own trajectory, and decided they’re worth more.
In a market where every newsletter issue covers another brand selling, another exit closing, another founder cashing out — OLIPOP choosing to stay independent is the most contrarian move of the year. When the biggest beverage company on earth wants to buy you and you say no, you’re not just betting on your brand. You’re betting on yourself.
Celsius doubled its revenue in a year by acquiring Alani. Suja went public. Jesse & Ben’s grew 1,100% on seed-oil-free positioning. And OLIPOP said Coca-Cola’s check wasn’t big enough.
The proof is everywhere this week. The brands that built something real are getting rewarded. Some are taking the exit. Some are going public. And some are deciding the best is still ahead.
Until next Sunday, Jonathan Deeter Your CPG-Obsessed Friend
P.S. — Vital Proteins launched Collagen + Creatine. Equip collaborated with MASA on Chocolate Churro protein powder. Clean Simple Eats launched Creatine + Glutamine. MOSH added creatine to protein bars. KA-EX made an RTD creatine drink. MoonBrew made Sleep + Creatine. At this point, every supplement brand in America is legally required to add creatine to at least one product or lose their CPG license. The creatine industrial complex makes the pickle industrial complex look amateur.
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