The Scoop Behind Who Bought Wicked Foods; The Latest CPG "Celeb" Launching a Brand
Plus, meet the new President at Fly By Jing and Weigh in On Graza's New Packaging
After leaving NOSH, I've been spending a lot of time speaking with executives and founders, reflecting on what I love about the food and beverage industry, and advising brands. However, I realized that my family was tired of discussing CPG with me (apparently not everyone is interested in a new CEO, SKU, or retail placement). Long story short, I miss engaging with the wider CPG community and having fellow grocery geeks to nerd out with. So roughly six months later, here I am again!
What can you expect as a (free) subscriber? Think news coverage, executive profiles, category insights, and updates on what I'm observing in stores. Essentially, a look into how an industry insider (and reformed journalist) sniffs out what’s interesting right now. Some weeks, you'll receive longer stories, and other times, lists – for now, the only rule is that there are no rules. So, without further delay, let's take a look down the aisle together.
Inside the Wicked Foods Sale, Meet the “Buyers”
As you may have seen, earlier this week, plant-based food brand Wicked Foods joined the Ahimsa Companies. But who is this plant-based player? Although the company is new to the scene, the people behind it are not, especially to Wicked
At the top is nonprofit Ahimsa Foundation, which is one of the biggest backers of the Ahimsa Companies and, according to IRS filings, appears to be an LP in Unovis, one of Wicked’s original investors. Meanwhile, Ahimsa VC, the venture arm of the foundation was also an investor in Wicked.
Given that I was told by Ahimsa Companies CEO Matt Tullman that all previous shareholders in Wicked have carried over, its not a stretch to say this is looking like a recapitalization. Wicked is now a subsidiary of Ahimsa Companies, Tullman said, with the transaction including Wicked’s licensing rights to the Good Catch line of plant-based seafood (Wicked does not own the brand) and fellow alt-seafood company Current Foods, which was acquired by Wicked in an all-stock transaction in 2023, Speranza previously told me.
Tullman has big plans for the brand and says that there is plenty of opportunity in plant-based, particularly if you focus on business fundamentals. Tullman himself founded and remains CEO at Complement Nutrients, a profitable!!! supplement brand.
“What we're trying to achieve is to bring a very healthy balance sheet at a time of industry contraction,” Tullman said. “There's some great businesses out there that [just] need support. And they've just been kind of pushed down because of the sector dynamics, the broader macroeconomic environment and the cost of capital.”
Read the full scoop to find out more about Ahimsa’s plans for the brand and what other business the plant-based rollup also acquired.
Douglas Yu Goes from Forbes Reporter to Founder
After interviewing hundreds of founders and executives, Forbes reporter and CPG influencer Douglas Yu is following his “passion” and looking to gain first-hand knowledge about running a food business. Last month Yu launched Diamond Brew, a “brewless” coffee. Although the product shares a the same convenience factor as instant coffee, Yu promises the flavor profile is unmatched.
“When I started designing the brand a year ago, I was determined to dissociate Diamond Brew from instant coffee on all fronts – naming, branding, packaging, or experience – and position us as the country’s first Brewless coffee,” Yu said of his strategy. “[I’ve] vowed to create a solution that merges barista quality with instant gratification.”
While Yu isn’t departing journalism just yet, he told me that Diamond Brew is about more than just creating the next multi-million dollar brand.
“I realized an elevated sense of purpose and fulfillment really comes from a long-term commitment to building something versus the instant satisfaction of seeing my byline on a daily basis.”
News Bites:
Fearless Fund Grant Program Blocked: An appeals court this week upheld a preliminary injection against the The Fearless Foundation (the nonprofit arm of investment group The Fearless Fund). The ruling blocks the organization from continuing with The Strivers Grant program, which issues grants to Black women business owners. Last year the Fund was sued by the American Alliance for Equal Rights (AAER), which alleged that the grant program was discriminatory because it excluded non-Black women founders. The Fearless Fund is an investor in food and beverage businesses including Air Protein, Bitsy’s, Fresh Bellies, Partake Foods and Slutty Vegan.
Making mush work for you: Overnight oats brand MUSH is expanding into kids’ pouches. While they’ll now face off against larger incumbents in the kids’ refrigerated set, the format offers a new value proposition for parents and can carry a higher price point. Plus, any off-putting texture is no longer is an issue; kids are used to well, mushy, foods in pouches.
Hello Mrs President: Two category leaders have hired presidents to help run the show. At condiment company Fly By Jing Ami Desai Mathur, the former Chief Commercial offering for Untamed Brands and Jeni’s, has been hired as President. At Jeni’s Mathur saw the ice cream business grow from $30 million to $150 million over five years. Meanwhile, Katie Eshuys has been promoted to President of That’s It. Eshuys has worked at the snack brand for roughly four and a half years, most recently holding the role of Chief Sales and Commercial Officer.
A New Strategy for Good Eggs? California e-commerce retailer Good Eggs has always prided itself in bringing on local, emerging, and unique brands. But has the company decided to expand its horizons even further? This week a LinkedIn post noted the company “[is] bringing in everyday grocery brands [customers have] been asking for” in an attempt to become a “one-stop-shop.” Brands featured in the post included Near East grain blends, La Croix seltzer, and Alexia frozen french fries.
The Perfect Day Winner: Of all the companies who have used precision fermentation provider Perfect Day’s animal-free dairy protein, Bored Cow has perhaps achieved the greatest success. The brand shared that it’s expanding into 2000 new stores, is now available in all 50 states, and is rolling out four packs. Meanwhile, other Perfect Day providers including Woo Bar, BetterLand Milk, CO2COA, Brave Robot, Modern Kitchen, and Natreve’s MOOLESS skus all seem to have gone by the wayside.
A Safer Cocktail Option: Jinx Drinx has launched in Sin City. Sure there are other adult “Capri Sun” options, but Jinx’s packaging is unique, with a straw sealed into the bag. The goal: mitigate drink tampering or DFSA (drink & drug-facilitated sexual assault. For on-premise, it’s an interesting play.
Big Gulp: Ironically, Capri Sun just announced a multi-serve bottle of its fruit punch, an innovation that will allow parent company Kraft Heinz to capitalize on the growing consumer love for club stores. Equivalent to 32 of its pouches, the two-pack of 96 oz bottles is now available in Costco, Sam’s Clubs, and BJ's. For those wondering, drinking both bottles would be the equivalent of 240 grams of sugar (Don’t try this at home).
Other Things to (Shelf) Talk About:
Can Nestle make ‘Vital’ Happen? You probably know by now that Nestle plans to launch Vital Pursuit, a frozen food line for GLP-1 patients. But what’s up with the name? Remember: In 2022 Nestle Health Sciences acquired collagen company Vital Proteins, which also markets products under the Vital Performance and Vital Proteins Professional sub-brands. When I asked Nestle reps if Vital Pursuit and Vital Proteins had any connection, the answer was no. So what’s so vital about being vital?
I may not call it “one of the greatest foods ever invented,” but I’m definitely team hot dog. Who’s tried the new Oscar Meyer Stuffed dogs? I need a report.
In my humble opinion, Mug Root Beer walked so Dr Pepper and pickles could run. Yes, another hot dog reference.
Looking for a new gig?
Want to manage social media for one of the hottest brands on TikTok and Instagram? Beverage brand Olipop is hiring a Director of Social Media.
Speaking of social media, retail guru Cameron Gould-Saltman continues to build out his team over at TikTok Shop and is searching for food category managers. One of his latest pickups: Jem Wilner, a former category manager for Imperfect Foods
Cereal CPG folks check out Magic Spoon, which is hiring for a variety of roles.
Add to Cart: Products To Look Out For
Marco Sweets and Spices appears to be making a now familiar jump from pints to novelties with what looks like a forthcoming ice cream sandwich.
Emerging brand Electorbrew has launched Vanilla and Salted Caramel RTD offerings of its “hydrating coffee”. The brand previously only sold ground coffee
Top of the Morning, the coffee and Tea brand co-founded by influencer Jacksepticeye, is moving into a new category with the debut of Strawberry and Chocolate Matcha.
Bowl Cut, which still ranks as having one of my favorite April Food’s Day products, is moving into squeeze bottles with the launch of their Classic & Spicy Lemongrass Stir Fry sauces.
This is not a test: Altoid Sours are headed back to stores. I’m trying not to feel old given the product’s new name of Altoid Retro Sours. While the OG product has been off shelves for years, you can still buy an empty tin on ebay for $47.
Zenb has launched a line of ramen. Although not heavily publicized, Zenb is owned by Mizkan, the makers of Bertolli and Ragu.
Did you miss the ever-popular (at least with chefs) ramp season? I’m digging Jersey Bonfire’s new Ramped Up hot sauce — at $14.99 it’s a heck of a lot cheaper than the $55 powdered wild ramp seasoning I’ve always wondered about…
What Makes Graza Great?
Olive oil brand Graza is known for its sexy squeeze bottles, but with some consumers pushing back on plastic, the brand felt pressure to find alternative packaging options, and last month released pop-top cans of its olive oil.
But here’s the rub. Graza’s bottle has been one of its greatest marketing tools; customers love Instagramming it. But a plastic-adverse shopper will likely decant the new can into a random glass bottle. If you use Graza and no one sees it, does it make a sound (on social)? Meanwhile, plenty of customers were already refilling their Graza bottles with ::cough:: Kirkland ::cough:: oil to save some $$$. That said, when asked about the launch, Andrew Benin, Graza Co-founder & CEO, said the success of the cans will prove the brand is more than just a pretty face.
“We are not necessarily working to change the perception that our truest innovation is our squeeze bottle. If that’s what is most compelling to some shoppers, so be it. What we do want more folks to understand is that there is incredibly fresh and tasty olive oil inside said squeeze bottle….[We’ve found] the EVOO inside is the biggest reason people keep coming back to Graza.”
Talk to Me:
It’s not just your cereal box getting smaller: New Hope is slimming down Natural Product’s Expo West, dropping four hours from Friday and cutting Saturday’s hours entirely. Additionally, the North Hall and the 3rd floor will no longer be exclusively open on Wednesday, with all halls open every day. Though this means that brands in the North Hall will now have more competition for attendees on Wednesday, with a smaller crowd, they may have better opportunities to engage in conversations with them. One add: buyer-only hours from 9-10 AM on Thursday and Friday. So what say you?
Love it!! It’s great reading your work again, Carol. Subscribed!