FILED UNDER M&A· Tracker· Exits

Consumer brand exits
logged for 2022,
month by month.

161 deals logged with a 2022 date: category mix, disclosed prices and multiples. The count reflects what has been sourced for the year, not how many deals happened.

Maintained by
Taylor Sicard
Type
Living tracker
Entries
161 deals logged
Window
Jan 1, 2022 – Dec 31, 2022
Who maintains this
Taylor Sicard

Co-founded WIN Brands Group, a DTC operator and acquirer with a multi-brand portfolio, where he ran the diligence, the quality-of-earnings work, and the post-close integration that decide whether an acquisition price was justified. Has sat on the buy side evaluating consumer brands to acquire, and the operator side building brands worth owning. Tracks consumer M&A because deal flow is the clearest signal of where capital thinks the category is going.

Full background →
Key takeaways

Across the year 2022, this ledger holds 161 deals logged: brand acquisitions, stakes, IP sales and sale processes, each one dated, and 161 of them link to their source. Beauty is the largest category at 29.8% of the total. 40 carry a disclosed price and 12 a published multiple. Totals reflect how much was found for 2022.

  • Prices and multiples appear only where they were disclosed.
  • Category mix, prices, buyers and sellers are the reliable reads here.
Source: Taylor Sicard, Taylor Sicard Consulting · Updated
Part of The Index · TSC living data trackers
Live tracker · Generated from the deal store
Last generated September 21, 2026
161 deals logged with a 2022 date.
161
Deals logged
$3B
Largest disclosed
40
With a disclosed price
Beauty
Leading category · 48 items
Window covered: Jan 1, 2022 – Dec 31, 2022. Every figure on this page is computed from the underlying records when the page is built; none is maintained by hand.
Year ledgers
2020202120222023202420252026

How to read
these counts.

How to read these counts

Read the per-year figures on this page as deals logged. They count the rows that have been sourced into the ledger for that year, and that is a measure of collection effort rather than of what happened in the market. Counting them across years measures how the sourcing improved, so this page does not compare one year's total against another's.

Against Capstone Partners' own apparel count, the share this ledger holds runs from 14% in 2025 (21 rows against a census of 152) to 37% in 2023 (52 against 140). That is the same ledger against the same publisher across 6 years, so most of what a per-year count series would show is our own sourcing moving, not the market.

Against Capstone Partners' own pet count, the share this ledger holds runs from 6% in 2022 (8 rows against a census of 134) to 18% in 2023 (23 against 128). That is the same ledger against the same publisher across 5 years, so most of what a per-year count series would show is our own sourcing moving, not the market.

What the rows do support: composition inside a single year, price levels, disclosed multiples, and who was buying and selling. 40 of 161 rows carry a normalized USD figure and 12 carry a disclosed multiple, so the multiples table below is short by nature and the price bands are shares of the priced rows only, never of all rows.

A month with no table on this page means nothing was sourced for that month, not that nothing happened. Each deal is logged once.

The biggest deals
of 2022.

The 10 largest disclosed prices logged for 2022. 40 of 161 rows that year carry a price.

Table 1 · Largest disclosed deals of 2022Top 10
BrandPriceBuyerCategorySource
Tom FordAug 2, 2022 · Reported talks sale process
$3BEstee LauderApparelretaildive.com
WeberOct 24, 2022 · Acquisition, completed
$2.99B · 1.9x revenueBDT Capital PartnersHomecapstonepartners.com
Clif Bar & CompanyJun 20, 2022 · Announced acquisition
$2.9BMondelez InternationalFood & bevfooddive.com
iRobot*Aug 5, 2022 · Agreed, then blocked by regulators
$1.7BAmazonHomeretaildive.com
Mondelez developed-market gum business (Trident, Dentyne)Dec 19, 2022 · Announced acquisition
$1.35BPerfetti Van Melle Groupfrom Mondelez InternationalFood & bevfooddive.com
Nutrabolt (C4 Energy)Dec 8, 2022 · Announced stake
$863MKeurig Dr PepperWellnessfooddive.com
Hero CosmeticsSep 6, 2022 · Announced acquisition
$630M · 5.5x revenue, 14x EBITDAChurch & DwightBeautycapstonepartners.com
Helper and Suddenly SaladMay 25, 2022 · Announced acquisition
$610M · 2.6x revenueEagle Family Foods Groupfrom General MillsFood & bevinvestors.generalmills.com
Fox Head (Fox Racing)Jul 6, 2022 · Acquisition, completed
$590M · 1.7x revenue, 10.7x EBITDAVista OutdoorApparelcapstonepartners.com
CelsiusAug 1, 2022 · Stake, completed
$550MPepsiCo (PEP)Food & bevir.celsiusholdingsinc.com

* iRobot: agreed by both sides, then never completed. The agreed price stays on the list because it still shows what a buyer was willing to pay.

Every deal logged in
2022, by month.

Table M1 · December 202213 deals logged
BrandCategoryPriceBuyerSource
Skylar BodyDec 31, 2022 · Acquisition, completed · Natural perfume, body wash and lotion brand; enterprise value $16.4m.
Beauty$16.4MStarco Brands, Inc. (OTCQB: STCB)capstonepartners.com
Just the CheeseDec 21, 2022 · Acquisition, completed · JBSS bought substantially all the assets of the Just the Cheese baked cheese snack brand; price undisclosed.
Food & bevUndisclosedJohn B. Sanfilippo & Sonfrom Specialty Cheese Companyfooddive.com
Tru FruDec 20, 2022 · Announced acquisition · Mars agreed to buy the frozen and shelf-stable chocolate-coated fruit snacking brand; close expected Q1 2023. Food Dive cites Forbes data putting Tru Fru sales near $84m as of October 2022, up 104% year over year.
Food & bevUndisclosedMars, Incorporatedfooddive.com
Mondelez developed-market gum business (Trident, Dentyne)Dec 19, 2022 · Announced acquisition · Mondelez agreed to sell its developed-market gum business in the U.S., Canada and Europe to Perfetti Van Melle for $1.35bn, retaining gum elsewhere.
Food & bev$1.35BPerfetti Van Melle Groupfrom Mondelez Internationalfooddive.com
Topo AthleticDec 19, 2022 · Acquisition, completed · DSW parent Designer Brands acquired the performance athletic and outdoor footwear brand; terms undisclosed.
ApparelUndisclosedDesigner Brandsretaildive.com
Westbrae NaturalDec 19, 2022 · Acquisition, completed · Hain divested the Westbrae Natural beans brand as a non-strategic asset; terms undisclosed.
Food & bevUndisclosedBush Brothers & Companyfrom The Hain Celestial Groupfooddive.com
Back to NatureDec 16, 2022 · Announced acquisition · B&G Foods agreed to sell Back to Nature to Barilla America, five weeks after saying it was seeking a buyer; price undisclosed.
Food & bevUndisclosedBarilla Americafrom B&G Foodsfooddive.com
Papa Pita BakeryDec 14, 2022 · Announced acquisition · Utah flatbread, bagel and tortilla maker; completion expected in Q1 2023, funded with cash on hand and existing credit.
Food & bevUndisclosedFlowers Foodsfooddive.com
SnoweDec 14, 2022 · Acquisition, completed · Branded DTC home essentials.
HomeUndisclosedInterweave Brandscapstonepartners.com
Dmitriy & Co. and JeupDec 12, 2022 · Acquisition, completed · RH acquired two trade-based custom furniture and upholstery makers, forming RH Bespoke Furniture and RH Couture Upholstery.
HomeUndisclosedRH (Restoration Hardware)retaildive.com
HandicappedpetsDec 12, 2022 · Acquisition, completed · Pet mobility accessories and related pet products.
PetUndisclosedLintbellscapstonepartners.com
Nutrabolt (C4 Energy)Dec 8, 2022 · Announced stake · KDP bought a 30% stake in Nutrabolt, maker of C4 Energy and Xtend, for $863m, alongside a long-term distribution agreement; expected to close that month.
Wellness$863MKeurig Dr Pepperfooddive.com
Wells EnterprisesDec 7, 2022 · Announced acquisition · Ferrero agreed to acquire the Blue Bunny and Halo Top ice cream maker; close expected early 2023, Wells to remain a standalone business.
Food & bevUndisclosedFerrerofooddive.com
Table M2 · November 202213 deals logged
BrandCategoryPriceBuyerSource
Rise Bar / Oola GlobalNov 28, 2022 · Acquisition, completed · Protein bar maker and direct-selling services provider.
WellnessUndisclosedUSANA Health Sciencescapstonepartners.com
Larsen's CreameryNov 21, 2022 · Acquisition, completed · Butter products producer.
Food & bevUndisclosedAlpenrose Dairycapstonepartners.com
L2 BrandsNov 16, 2022 · Acquisition, completed · Apparel, headwear, collegiate gear and customized products.
ApparelUndisclosedSentinel Capital Partnerscapstonepartners.com
Perfect VNov 16, 2022 · Acquisition, completed · Intimate skincare treatment brand.
BeautyUndisclosedGridKorcapstonepartners.com
King's PastryNov 15, 2022 · Acquisition, completed · Cakes, pastries and desserts maker.
Food & bevUndisclosedIronbridge Equity Partnerscapstonepartners.com
Tom FordNov 15, 2022 · Announced acquisition · Total enterprise value $2.8bn: about $2.3bn from ELC less a $250m payment from Marcolin at closing, plus $300m of deferred payments from July 2025. Long-term licences retained with Zegna (fashion) and Marcolin (eyewear).
Apparel$2.8B · 3x revenueEstee Lauderfrom Tom Ford Internationalelcompanies.com
Back to NatureNov 11, 2022 · Announced sale process · B&G Foods said it was actively seeking a buyer for Back to Nature and had begun a strategic review for further divestitures.
Food & bevUndisclosedNot namedfrom B&G Foodsfooddive.com
Athletic BrewingNov 9, 2022 · Stake, completed · KDP took a minority stake via a $50m investment, part of a reported $75m round for the non-alcoholic craft brewer.
Food & bev$50MKeurig Dr Pepperfooddive.com
bettybeautyNov 7, 2022 · Acquisition, completed · Hair colour dye brand.
BeautyUndisclosedFisk Industriescapstonepartners.com
Happy Healthy HippieNov 3, 2022 · Acquisition, completed · Vegan and plant-based nutrition supplements sold online.
WellnessUndisclosedBoosted Ecommercecapstonepartners.com
XED BeverageNov 3, 2022 · Acquisition, completed · Cocktail products sold online.
Food & bevUndisclosedNext Century Spiritscapstonepartners.com
Atta BoyNov 2, 2022 · Acquisition, completed · Dog boots, paw balm and paw sanitizing products.
PetUndisclosedMonolith Brandscapstonepartners.com
Champion PetfoodsNov 1, 2022 · Announced acquisition · Definitive agreement for the maker of ORIJEN and ACANA, sold in more than 90 countries; closing expected in H1 2023.
PetUndisclosedMars, Incorporated (Petcare)from Bedford Capital and Healthcare of Ontario Pension Planmars.com
Table M3 · October 202218 deals logged
BrandCategoryPriceBuyerSource
Dianne's Fine DessertsOct 31, 2022 · Acquisition, completed · Frozen thaw-and-serve desserts for foodservice and retail.
Food & bevUndisclosedBCPE North Star (Bain Capital)capstonepartners.com
Vanity PlanetOct 31, 2022 · Acquisition, completed · Online skincare and beauty-device brand.
BeautyUndisclosedONWRDcapstonepartners.com
TuscoOct 26, 2022 · Acquisition, completed · Indoor and outdoor planters for the lawn and garden market.
HomeUndisclosedTenth Avenue Holdingscapstonepartners.com
WeberOct 24, 2022 · Acquisition, completed · Take-private of the outdoor grill maker at an enterprise value of $2,993.0m, 1.9x revenue.
Home$2.99B · 1.9x revenueBDT Capital Partnerscapstonepartners.com
Clarity Kids VitaminsOct 21, 2022 · Acquisition, completed · All-natural children's supplements.
WellnessUndisclosedJ&W Family of Brandscapstonepartners.com
Opposite WallOct 21, 2022 · Acquisition, completed · Home decor and studio design brand; enterprise value $4.4m.
Home$4.4MNolkcapstonepartners.com
BravoOct 20, 2022 · Acquisition, completed · Frozen raw and freeze-dried diets, treats and chews for dogs and cats.
PetUndisclosedBrightPet Nutritioncapstonepartners.com
GennevOct 18, 2022 · Acquisition, completed · Menopause-focused personal care and telehealth brand for women.
WellnessUndisclosedUWHcapstonepartners.com
FollainOct 17, 2022 · Acquisition, completed · Clean beauty brand offering cleansers, toners and moisturizers.
BeautyUndisclosedLaunch Eco Chiccapstonepartners.com
Marge CarsonOct 17, 2022 · Acquisition, completed · Upholstery furniture brand.
HomeUndisclosedLinly Designscapstonepartners.com
Your SuperOct 17, 2022 · Acquisition, completed · Plant-based organic superfood and protein mixes; enterprise value $15.6m.
Wellness$15.6MThe Healing Companycapstonepartners.com
Diplomatico RumOct 7, 2022 · Announced acquisition · Brown-Forman agreed to buy the premium rum brand and related assets from Destillers United Group; completion expected within 90 days.
Food & bevUndisclosedBrown-Formanfrom Destillers United Groupfooddive.com
Orian RugsOct 7, 2022 · Acquisition, completed · Rug manufacturer and brand.
HomeUndisclosedSage Parkcapstonepartners.com
Hair by Sam McKnightQ4 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q4'22 Beauty Care M&A Report; the report gives the quarter, not a day. Minority investment in the U.K. luxury hair care brand; Charlotte Tilbury, Olivier Rousteing, Lady Bamford's founder and the Versace family also reportedly participated.
BeautyUndisclosedManzanita Capital (retained minority)intrepidib.com
Lush Cosmetics (20% stake)Q4 2022 · Announced stake · Intrepid Investment Bankers records this in its Q4'22 Beauty Care M&A Report; the report gives the quarter, not a day. Silverwood Brands conditionally secured a 20% stake in Lush Cosmetics for GBP 217m of consideration; Lush operates owned stores in 48 countries.
Beauty$275.59MSilverwood Brandsintrepidib.com
NailberryQ4 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q4'22 Beauty Care M&A Report; the report gives the quarter, not a day. Total cash consideration of GBP 10m for the premium vegan nail products brand.
Beauty$12.7MSilverwood Brandsintrepidib.com
Patrick Ta BeautyQ4 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q4'22 Beauty Care M&A Report; the report gives the quarter, not a day. Minority stake in the luxury colour cosmetics brand, expected to reach $30m of 2022 revenue with 70-80% through Sephora.
BeautyUndisclosedStride Consumer Partnersintrepidib.com
SonotasQ4 2022 · Announced acquisition · Intrepid Investment Bankers records this in its Q4'22 Beauty Care M&A Report; the report gives the quarter, not a day. Silverwood conditionally acquired 90% of the Japanese skincare manufacturer behind the Steamcream and Cigarro brands, with a put and call option over the remaining 10%.
Beauty$22.86MSilverwood Brandsintrepidib.com
Table M4 · September 202220 deals logged
BrandCategoryPriceBuyerSource
KeecoSep 29, 2022 · Acquisition, completed · Home textile products designer and manufacturer.
HomeUndisclosedHollander Sleep Productscapstonepartners.com
NutraceuticalSep 29, 2022 · Acquisition, completed · Nutritional supplements sold into health and natural food stores.
WellnessUndisclosedSmart for Lifecapstonepartners.com
Knix WearSep 27, 2022 · Announced acquisition · Essity acquired the leakproof underwear brand. Capstone Partners records the transaction at a $392.5m enterprise value, 4.5x revenue.
Apparel$320MEssityretaildive.com
OnsenSep 27, 2022 · Acquisition, completed · Pattern Brands added the soft-goods (towels and bedding) brand to its portfolio.
HomeUndisclosedPattern Brandsretaildive.com
Skinbetter ScienceSep 23, 2022 · Announced acquisition · L'Oreal signed to acquire the physician-dispensed U.S. skincare brand into its Active Cosmetics Division; closing expected early Q4 2022.
BeautyUndisclosedL'Orealloreal.com
VersaPet (assets)Sep 22, 2022 · Acquisition, completed · Cat litter product assets.
PetUndisclosedGroupe Intersand Canadacapstonepartners.com
Reign TogetherSep 20, 2022 · Acquisition, completed · Skincare brand.
BeautyUndisclosedPerkcapstonepartners.com
Johnny WasSep 19, 2022 · Acquisition, completed · Women's apparel and accessories brand; enterprise value $263.7m.
Apparel$263.7MOxford Industriescapstonepartners.com
Purple InnovationSep 19, 2022 · Reported talks sale process · Coliseum, Purple's largest shareholder, made an unsolicited takeover bid; Purple adopted a poison pill and formed a review committee. Capstone records the transaction at a $514.9m enterprise value, 0.8x revenue.
HomeUndisclosedColiseum Capital Managementretaildive.com
Keystone Natural HoldingsSep 16, 2022 · Acquisition, completed · Plant-based protein food producer; enterprise value $110.0m at 2.0x revenue.
Food & bev$110M · 2x revenueHouse Foods Americacapstonepartners.com
AOS Group (Art of Sport)Sep 15, 2022 · Acquisition, completed · Art of Sport body and skincare brand; enterprise value $11.9m.
Beauty$11.9MStarco Brands, Inc. (OTCQB: STCB)capstonepartners.com
Adaptive HealthSep 12, 2022 · Acquisition, completed · Science-based nutritional health supplements.
WellnessUndisclosedNutrisystemcapstonepartners.com
The Pet GazeboSep 9, 2022 · Acquisition, completed · Dog kennel maker and brand.
PetUndisclosedWin Worldcapstonepartners.com
Gathered Foods (Good Catch)Sep 8, 2022 · Acquisition, completed · Vegan plant-based seafood substitute brand Good Catch.
Food & bevUndisclosedWicked Foodscapstonepartners.com
Handi FoodsSep 8, 2022 · Acquisition, completed · Crackers, chips, puffs, snacks and Mediterranean breads.
Food & bevUndisclosedIronbridge Equity Partnerscapstonepartners.com
Ark NaturalsSep 7, 2022 · Acquisition, completed · Pet health, remedy and lifestyle products.
PetUndisclosedAntelopecapstonepartners.com
Hero CosmeticsSep 6, 2022 · Announced acquisition · Church & Dwight agreed to acquire the Mighty Patch hydrocolloid acne-patch brand at a $630.0m enterprise value, 5.5x revenue and 14.0x EBITDA - the year's benchmark beauty multiple and Capstone's headline 2022 beauty deal. Intrepid's Q3'22 Beauty Care M&A Report, also retrieved, gives the same 14.0x EBITDA and 5.5x revenue figures: https://intrepidib.com/wp-content/uploads/2023/07/Newsletter_BeautyCare_MA-Remains-Depressed-but-Resilient_Q3_22.pdf
Beauty$630M · 5.5x revenue, 14x EBITDAChurch & Dwightcapstonepartners.com
MacKenzie-ChildsSep 6, 2022 · Acquisition, completed · Furniture, decor, garden products and accessories brand.
HomeUndisclosedEagleTree Capitalcapstonepartners.com
Solo FoodsSep 1, 2022 · Acquisition, completed · Food and baking products maker.
Food & bevUndisclosedBurlington Capital Partnerscapstonepartners.com
Tata's Natural AlchemySep 1, 2022 · Acquisition, completed · Natural anti-aging skincare brand (Tata Harper) acquired by Amorepacific.
BeautyUndisclosedAmorepacificcapstonepartners.com
Table M5 · August 202211 deals logged
BrandCategoryPriceBuyerSource
Water Lilies FoodAug 31, 2022 · Acquisition, completed · Frozen Asian-inspired food products.
Food & bevUndisclosedBlue Point Capitalcapstonepartners.com
Laird SuperfoodAug 17, 2022 · Reported talks sale process · The plant-based food maker received an unsolicited $3-per-share takeover offer; unconfirmed and not agreed.
Food & bevUndisclosedEF Hutton / undisclosed bidderfooddive.com
Barefoot SciencesAug 16, 2022 · Acquisition, completed · Foot and nail care brand.
BeautyUndisclosedTopspin Consumer Partners; Japonesquecapstonepartners.com
Ted BakerAug 16, 2022 · Announced acquisition · ABG agreed to acquire the British fashion brand; the deal completed in October 2022. Retail Dive coverage dated 16 August 2022 per the publication's archive.
Apparel$267.97MAuthentic Brands Group (IP), with Vince Holding Corp taking the operating businessretaildive.com
LavvaAug 10, 2022 · Acquisition, completed · Plant-based superfoods and dairy-free yogurt brand.
Food & bevUndisclosedNext In Naturalcapstonepartners.com
Rover's WellnessAug 10, 2022 · Acquisition, completed · Hemp oil products for pets.
PetUndisclosedTenacious Laboratoriescapstonepartners.com
Archer RooseAug 9, 2022 · Stake, completed · Minority investment through Constellation's venture group into the premium canned wine brand.
Food & bevUndisclosedConstellation Brandsfooddive.com
iRobotAug 5, 2022 · Announced acquisition · Definitive agreement for the Roomba maker; the deal later drew FTC scrutiny and was ultimately abandoned in 2024.
Home$1.7BAmazonretaildive.com
Kitchen BasicsAug 3, 2022 · Acquisition, completed · Del Monte bought the ready-to-use stocks and broths brand from McCormick.
Food & bevUndisclosedDel Monte Foodsfrom McCormickfooddive.com
Tom FordAug 2, 2022 · Reported talks sale process · The Wall Street Journal reported Estee Lauder was in talks to buy Tom Ford in a deal potentially worth $3bn; the definitive deal followed in November.
Apparel$3BEstee Lauderretaildive.com
CelsiusAug 1, 2022 · Stake, completed · PepsiCo made a $550m net cash investment in convertible preferred stock, about 8.5% as-converted, and became Celsius's U.S. distributor and preferred global distribution partner.
Food & bev$550MPepsiCo (PEP)ir.celsiusholdingsinc.com
Table M6 · July 202217 deals logged
BrandCategoryPriceBuyerSource
The Quit CompanyJul 29, 2022 · Acquisition, completed · Herbal tea and supplement for smokers.
WellnessUndisclosedOne Puffcapstonepartners.com
E-commerce portfolio of FBA Capital ManagementJul 28, 2022 · Acquisition, completed · Portfolio of Amazon-native e-commerce brands changing hands between aggregators.
OtherUndisclosedProfound Commercecapstonepartners.com
Simms Fishing ProductsJul 27, 2022 · Acquisition, completed · Waders, outerwear, footwear and technical fishing apparel; $192.5m at 1.8x revenue, 11.7x EBITDA.
Apparel$192.5M · 1.8x revenue, 11.7x EBITDAVista Outdoorcapstonepartners.com
Brave FoodsJul 25, 2022 · Acquisition, completed · Plant-based food brand sold online.
Food & bevUndisclosedCreatdcapstonepartners.com
GlideawayJul 22, 2022 · Acquisition, completed · Sleep products including bed frames and mattresses.
HomeUndisclosedRize Homecapstonepartners.com
OWYNJul 19, 2022 · Acquisition, completed · Plant-based nutritional shakes and protein products.
WellnessUndisclosedPurchase Capital (lead)capstonepartners.com
WolfJul 13, 2022 · Acquisition, completed · Mattress and futon maker.
HomeUndisclosedBlue Bell Mattresscapstonepartners.com
Bear MattressJul 12, 2022 · Acquisition, completed · The two DTC mattress brands jointly acquired Bear Mattress for an undisclosed amount.
HomeUndisclosedBrooklyn Bedding and Helix Sleepretaildive.com
Yield and PoketoJul 12, 2022 · Acquisition, completed · Pattern Brands bought two home-goods brands after closing a $25m Series B led by Toba Capital, Verlinvest and BAM Elevate.
HomeUndisclosedPattern Brandsretaildive.com
Fox Head (Fox Racing)Jul 6, 2022 · Acquisition, completed · Motocross gear and apparel; $590.0m at roughly 1.7x revenue and 10.7x EBITDA.
Apparel$590M · 1.7x revenue, 10.7x EBITDAVista Outdoorcapstonepartners.com
Evidens de BeauteQ3 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Syoung, already the brand's exclusive Chinese distributor, acquired over 90% of the French prestige skincare brand. Intrepid cites 2021 revenue of EUR 19.7m and net profit of EUR 5.2m, implying roughly 2.8x revenue.
Beauty$53.46M · 2.8x revenueSyoung Groupintrepidib.com
Face Reality SkincareQ3 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Majority investment in the professional acne-focused skincare brand, which tripled revenue over two years.
BeautyUndisclosedNorwest Venture Partnersintrepidib.com
GallineeQ3 2022 · Announced acquisition · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Shiseido announced plans to acquire the London-based microbiome skincare brand, four years after a Unilever Ventures minority investment.
BeautyUndisclosedShiseidointrepidib.com
Kama AyurvedaQ3 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Puig took a controlling stake in the Indian Ayurvedic beauty and wellness brand, its third beauty deal of 2022 after Byredo and Loto del Sur; Puig had bought a minority stake for EUR 12.5m in 2019.
BeautyUndisclosedPuigintrepidib.com
Loto del SurQ3 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Puig moved from a 2019 minority stake to a majority stake in the Colombian natural cosmetics brand, which operates 21 owned stores.
BeautyUndisclosedPuigintrepidib.com
NecessaireQ3 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Minority investment in the sustainable body and personal care brand, expected to generate $35m of 2022 retail sales.
BeautyUndisclosedCAVU Consumer Partners (lead)intrepidib.com
RescueMDQ3 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q3'22 Beauty Care M&A Report; the report gives the quarter, not a day. Strategic investment in the professional skincare brand founded by plastic surgeon Dr. Michael Suzman.
BeautyUndisclosedL Cattertonintrepidib.com
Table M7 · June 20226 deals logged
BrandCategoryPriceBuyerSource
Corsicana BeddingJun 25, 2022 · Acquisition, completed · Mattress maker; memory foam, pocket spring and premium innerspring.
HomeUndisclosedBlue Torch Capitalcapstonepartners.com
Stone BrewingJun 24, 2022 · Announced acquisition · Craft brewer acquired for about $165m; Stone Distributing Co. was excluded and became a separate business.
Food & bev$165MSapporo U.S.A.fooddive.com
PaintboxJun 21, 2022 · Acquisition, completed · Online nail care brand acquired by MiniLuxe.
BeautyUndisclosedMiniLuxecapstonepartners.com
Clif Bar & CompanyJun 20, 2022 · Announced acquisition · Mondelez agreed to buy the Clif, Luna and Clif Kid energy-bar brands for $2.9bn with potential additional payments.
Food & bev$2.9BMondelez Internationalfooddive.com
Chameleon Organic CoffeeJun 16, 2022 · Acquisition, completed · Nestle divested the organic cold-brew coffee brand to brand platform Systm Foods, which also owns Rebbl.
Food & bevUndisclosedSystm Foodsfrom Nestlefooddive.com
YoutheoryJun 1, 2022 · Acquisition, completed · Premium supplements portfolio; enterprise value $400.2m at 1.8x revenue and 10.0x EBITDA.
Wellness$400.2M · 1.8x revenue, 10x EBITDAJamieson Wellness (TSX: JWEL)capstonepartners.com
Table M8 · May 202210 deals logged
BrandCategoryPriceBuyerSource
ByredoMay 31, 2022 · Announced acquisition · Puig acquired a majority stake in the Swedish luxury fragrance and beauty brand; founder Ben Gorham and Manzanita Capital remain shareholders. Puig did not disclose terms.
BeautyUndisclosedPuigfrom Manzanita Capital (retained minority)uploads.puig.com
Nutrafol (Nutraceutical Wellness)May 30, 2022 · Announced acquisition · Unilever agreed to take a majority stake in the hair-wellness brand, having held 13.2% through Unilever Ventures; the transaction completed in July 2022. Capstone dates the announcement 30 May 2022.
WellnessUndisclosedUnileverfrom existing shareholdersnutraingredients.com
Helper and Suddenly SaladMay 25, 2022 · Announced acquisition · General Mills agreed to sell the Helper main meals and Suddenly Salad side dish businesses, about $235m of fiscal 2021 net sales, to Kelso-backed Eagle Family Foods for ~$610m cash. Completed 5 July 2022.
Food & bev$610M · 2.6x revenueEagle Family Foods Groupfrom General Millsinvestors.generalmills.com
CosabellaMay 19, 2022 · Acquisition, completed · Women's lingerie, loungewear and activewear; $80.0m at 2.8x revenue, 16.7x EBITDA.
Apparel$80M · 2.8x revenue, 16.7x EBITDACALIDA Groupcapstonepartners.com
Dippin' DotsMay 19, 2022 · Announced acquisition · Flash-frozen beaded ice cream brand acquired by the Icee owner for $222m.
Food & bev$222MJ&J Snack Foodsfooddive.com
AnomalieMay 18, 2022 · Acquisition, completed · Asset acquisition of the custom wedding dress startup.
ApparelUndisclosedDavid's Bridalretaildive.com
Bellami HairMay 17, 2022 · Acquisition, completed · Hair extensions brand.
BeautyUndisclosedBeauty Industry Groupcapstonepartners.com
NexbeltMay 11, 2022 · Acquisition, completed · Ratchet belts and accessories for golf, hunting and everyday wear.
ApparelUndisclosedTEAM Partnerscapstonepartners.com
Pearl IzumiMay 5, 2022 · Acquisition, completed · Cycling and ski apparel brand.
ApparelUndisclosedUnited Sports Brandscapstonepartners.com
Pistil DesignsMay 3, 2022 · Acquisition, completed · Headwear, bags and accessories.
ApparelUndisclosedLongWater Opportunitiescapstonepartners.com
Table M9 · April 202211 deals logged
BrandCategoryPriceBuyerSource
Briogeo Hair CareApr 29, 2022 · Acquisition, completed · Clean and natural hair care brand; Capstone notes the deal accelerates Wella's growth in hair care.
BeautyUndisclosedThe Wella Companycapstonepartners.com
Glacier OutdoorApr 26, 2022 · Acquisition, completed · Gloves, hats and accessories for fishing, hunting and paddling.
ApparelUndisclosedElvisridge Capitalcapstonepartners.com
Curlsmith (Recipe Products Ltd.)Apr 25, 2022 · Acquisition, completed · Prestige textured-hair care brand; Helen of Troy guided to $40-42m of Curlsmith net sales for the year.
Beauty$150MHelen of Troybusinesswire.com
The Creme ShopApr 20, 2022 · Acquisition, completed · LG H&H acquired a 65% stake at an enterprise value of $184.6m; U.S. marketer of Korean-style cosmetics with ~30% average annual sales growth over three years.
Beauty$184.6MLG Household & Health Carecapstonepartners.com
Austin CocktailsApr 8, 2022 · Acquisition, completed · Constellation bought the remaining stake in the female-founded RTD cocktail brand it first invested in during 2018.
Food & bevUndisclosedConstellation Brandsfrom existing minority holdersfooddive.com
21SeedsApr 1, 2022 · Acquisition, completed · Super-premium fruit-infused tequila brand acquired for an undisclosed amount.
Food & bevUndisclosedDiageofooddive.com
Billionaire BrandsApr 1, 2022 · Acquisition, completed · Amino acids, whey protein and dietary supplements.
WellnessUndisclosedStar8capstonepartners.com
BondiBoostQ2 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q2'22 Beauty Care M&A Report; the report gives the quarter, not a day. Gauge acquired the Australian hair care brand, which industry sources put at $80m of 2021 sales.
BeautyUndisclosedGauge Capitalintrepidib.com
GisouQ2 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q2'22 Beauty Care M&A Report; the report gives the quarter, not a day. Minority investment alongside founders Maurtis Stibbe and Negin Mirsalehi and existing investor Vaultier7; Gisou expected EUR 100m of 2023 sales.
BeautyUndisclosedEurazeo (reinvesting as a minority holder)intrepidib.com
U BeautyQ2 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q2'22 Beauty Care M&A Report; the report gives the quarter, not a day. First outside investment in the luxury skincare brand, which expected to surpass $15m of 2022 sales.
BeautyUndisclosedSandbridge Capitalintrepidib.com
amika and Eva NYCQ2 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q2'22 Beauty Care M&A Report; the report gives the quarter, not a day. Bansk took a majority stake in the two hair care brands, expected to generate a combined $150m of sales in 2022.
BeautyUndisclosedBansk Groupintrepidib.com
Table M10 · March 20226 deals logged
BrandCategoryPriceBuyerSource
Frankies BikinisMar 25, 2022 · Stake, completed · Victoria's Secret took a minority stake in the Venice, California swimwear brand for $18m.
Apparel$18MVictoria's Secretretaildive.com
Blush WellnessMar 23, 2022 · Acquisition, completed · Personal and beauty care products for women.
BeautyUndisclosedWellness Brandscapstonepartners.com
PlusOneMar 17, 2022 · Acquisition, completed · Yellow Wood bought the PlusOne sexual device brand from Clio, forming a new sexual wellness platform, Beacon Wellness Brands.
WellnessUndisclosedYellow Wood Partnersfrom Cliocapstonepartners.com
TTFM (Pure for Men)Mar 17, 2022 · Acquisition, completed · Premium fiber supplement supporting digestive health.
WellnessUndisclosedPure for Mencapstonepartners.com
Joanna Vargas Skin CareMar 14, 2022 · Acquisition, completed · Skincare brand acquired by brand-building platform SuperOrdinary.
BeautyUndisclosedSuperOrdinarycapstonepartners.com
AmplifeiMar 3, 2022 · Acquisition, completed · Nutritional supplements for athletes and fitness enthusiasts.
WellnessUndisclosedLaCore Enterprisescapstonepartners.com
Table M11 · February 20228 deals logged
BrandCategoryPriceBuyerSource
ThinxFeb 25, 2022 · Acquisition, completed · Kimberly-Clark moved from minority investor to majority owner of the DTC period underwear brand.
ApparelUndisclosedKimberly-Clarkretaildive.com
Alchemee (formerly The Proactiv Company)Feb 22, 2022 · Acquisition, completed · Enterprise value of $99.3m, roughly 0.6x revenue; acne treatment brand had been losing sales in recent years.
Beauty$99.3MTaro Pharmaceuticalscapstonepartners.com
Vital ProteinsFeb 21, 2022 · Acquisition, completed · Collagen and nutritional supplement brand; Capstone dates the transaction 21 Feb 2022.
WellnessUndisclosedNestle (Health Science)capstonepartners.com
Nicole and BrizeeFeb 4, 2022 · Acquisition, completed · Personal care manufacturer including shampoo and body wash.
BeautyUndisclosedChannel Opcapstonepartners.com
COVER FX Skin CareFeb 3, 2022 · Acquisition, completed · Colour cosmetics and skincare brand added to AS Beauty's portfolio.
BeautyUndisclosedAS Beauty Groupcapstonepartners.com
OrgainFeb 3, 2022 · Announced acquisition · Majority stake in the plant-based protein powder, shake and bar brand; founder and Butterfly Equity retain minority stakes, with an option for Nestle to acquire the rest in 2024.
WellnessUndisclosedNestle (Health Science)from Andrew Abraham and Butterfly Equity (retained minority)fooddive.com
ILIAFeb 2, 2022 · Acquisition, completed · Clean colour cosmetics brand; Famille C is the Courtin-Clarins family investment vehicle.
BeautyUndisclosedFamille C Venturecapstonepartners.com
Love Your MelonFeb 1, 2022 · Acquisition, completed · DTC holding company Win Brands bought the headwear brand alongside a $40m funding round from Orangewood Partners.
ApparelUndisclosedWin Brands Groupretaildive.com
Table M12 · January 202228 deals logged
BrandCategoryPriceBuyerSource
SnooozeJan 27, 2022 · Acquisition, completed · Natural sleep drinks brand.
Food & bevUndisclosedGalerie Brandscapstonepartners.com
Casper SleepJan 25, 2022 · Acquisition, completed · Take-private completed; Casper common stock ceased trading and was delisted from the NYSE. Announced 15 November 2021.
HomeUndisclosedDurational Capital Managementsec.gov
SundryJan 25, 2022 · Announced acquisition · Women's apparel brand with $19.9m 2020 revenue; deal later restructured and closed at a lower figure.
Apparel$34MDigital Brands Group (Nasdaq: DBGI)retaildive.com
MenoLabsJan 24, 2022 · Acquisition, completed · All-natural menopause and perimenopause supplements; Capstone marks the multiples confidential.
WellnessUndisclosedAmyriscapstonepartners.com
Organic HarvestJan 23, 2022 · Acquisition, completed · Indian beauty and personal care brand.
BeautyUndisclosedSanghvi Beauty & Technologiescapstonepartners.com
AppelsonJan 19, 2022 · Acquisition, completed · Online hair-tools brand bought by e-commerce aggregator Boosted Ecommerce.
BeautyUndisclosedBoosted Ecommercecapstonepartners.com
Aime Leon DoreJan 18, 2022 · Stake, completed · LVMH Luxury Ventures took a minority stake in the streetwear brand; amount undisclosed.
ApparelUndisclosedLVMH (Luxury Ventures)retaildive.com
JAFRA (Mexico and U.S. operations)Jan 18, 2022 · Acquisition, completed · Betterware acquired JAFRA's Mexico and U.S. beauty operations, including manufacturing, R&D and direct-selling capabilities, for $255.0m.
Beauty$255MBetterware de Mexicofrom JAFRA Cosmetics Internationalcapstonepartners.com
CANarchy Craft Brewery CollectiveJan 13, 2022 · Announced acquisition · Monster's entry into alcoholic beverages, bringing Oskar Blues, Cigar City, Squatters, Wasatch, Deep Ellum and Perrin; completed 17 February 2022. CANarchy's standalone restaurants were excluded.
Food & bev$330M · 2.5x revenueMonster Beverage Corporationsec.gov
Closet WorksJan 4, 2022 · Acquisition, completed · Home storage and closet organization company; Retail Dive reports the deal closed Dec. 30, 2021 and was announced Jan. 3, 2022.
Home$21.5MThe Container Storeretaildive.com
Fresh HeritageJan 4, 2022 · Acquisition, completed · Men's grooming brand acquired by an e-commerce aggregator.
BeautyUndisclosedBranded E-Commercecapstonepartners.com
Bardstown Bourbon Company2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedPritzker Private Capitalparkstreet.com
Chateau Sainte Marguerite2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedPernod Ricardparkstreet.com
Childs FarmQ1 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q1'22 Beauty Care M&A Report; the report gives the quarter, not a day. PZ Cussons took 92% of the U.K. baby and child personal care brand at close, with an option on the remainder by May 2025; the brand held ~15% of the U.K. baby and child personal care market.
Beauty$46.74MPZ Cussonsintrepidib.com
Green River Distilling2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedBardstown Bourbon Companyparkstreet.com
Grown AlchemistQ1 2022 · Acquisition, completed · Intrepid Investment Bankers records this in its Q1'22 Beauty Care M&A Report; the report gives the quarter, not a day. L'Occitane took majority control of the Melbourne-based cosmeceutical clean skincare brand; both founding Muijs brothers retained equity.
BeautyUndisclosedL'Occitane Groupintrepidib.com
Joseph Phelps2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedMoet Hennessyparkstreet.com
Lingua Franca2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision. Oregon winery.
Food & bevUndisclosedConstellation Brandsparkstreet.com
Lough Gill Distillery2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision. Irish distillery.
Food & bevUndisclosedSazerac (Buffalo Trace owner)parkstreet.com
Ole Smoky2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedApax Fundsparkstreet.com
Pacifica BeautyQ1 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q1'22 Beauty Care M&A Report; the report gives the quarter, not a day. Minority investment in the clean beauty brand; Alliance Consumer Growth had partnered with Pacifica in 2016.
BeautyUndisclosedBrentwood Associatesintrepidib.com
Palm Beach Distillery2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedVictor George Spiritsparkstreet.com
Roco Winery2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedSanta Margherita USAparkstreet.com
Samson & Surrey2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedHeaven Hillparkstreet.com
Shafer Vineyards2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision. Napa winery bought by the Korean group.
Food & bev$250MShinsegae Propertyparkstreet.com
Shiseido Asia-Pacific Hair Professional businessQ1 2022 · Announced acquisition · Intrepid Investment Bankers records this in its Q1'22 Beauty Care M&A Report; the report gives the quarter, not a day. Henkel agreed to a majority stake in Shiseido's Asia-Pacific professional hair business (Sublimic and Primience brands, Shiseido Professional licensed), which generated over EUR 100m of 2020 sales, implying roughly a 1.1x revenue multiple. Shiseido retained 20%.
Beauty$82.41M · 1.1x revenueHenkelfrom Shiseidointrepidib.com
Silverado Vineyards2022 · Acquisition, completed · Park Street's 30 June 2022 beverage-alcohol roundup lists this among deals announced in the first half of 2022; the source gives no month, so the date is recorded at year precision.
Food & bevUndisclosedFoley Family Winesparkstreet.com
The Inkey ListQ1 2022 · Stake, completed · Intrepid Investment Bankers records this in its Q1'22 Beauty Care M&A Report; the report gives the quarter, not a day. Minority investment in the U.K. ingredient-first skincare brand, which expected roughly $100m of gross sales in 2022 after ~600% growth over three years.
BeautyUndisclosedAria Growthintrepidib.com
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What 2022 was made of,
by category.

161 deals logged in 2022. The rows below sum to that figure.

Table 2 · 2022 composition by categoryShare of the year's rows
CategoryTotal items loggedShare of ledgerWith a disclosed priceLargest disclosed
Beauty
4829.8%13$630M
Food & bev
4628.6%10$2.9B
Apparel
2012.4%10$3B
Home
1911.8%4$2.99B
Wellness
1911.8%3$863M
Pet
85.0%0Not disclosed
Other
10.6%0Not disclosed

Where the disclosed
prices landed in 2022.

Bands over the 40 rows from 2022 that carry a normalized USD figure, never over the whole year.

Table 3 · 2022 disclosed price bandsShare of the 40 priced rows
Price bandDeals loggedShare of priced rows
$1B and above
615.0%
$250M to $1B
1332.5%
$50M to $250M
1127.5%
$10M to $50M
922.5%
Under $10M
12.5%

Published multiples,
2022.

12 of the 161 rows from 2022 carry a revenue or EBITDA multiple. Read them as the disclosed cases, not as a distribution.

Table 4 · 2022 rows with a disclosed multiple12 rows
BrandPriceMultipleBuyerCategorySource
Tom FordNov 15, 2022 · Announced acquisition
$2.8B3x revenueEstee Lauderfrom Tom Ford InternationalApparelelcompanies.com
WeberOct 24, 2022 · Acquisition, completed
$2.99B1.9x revenueBDT Capital PartnersHomecapstonepartners.com
Keystone Natural HoldingsSep 16, 2022 · Acquisition, completed
$110M2x revenueHouse Foods AmericaFood & bevcapstonepartners.com
Hero CosmeticsSep 6, 2022 · Announced acquisition
$630M5.5x revenue, 14x EBITDAChurch & DwightBeautycapstonepartners.com
Simms Fishing ProductsJul 27, 2022 · Acquisition, completed
$192.5M1.8x revenue, 11.7x EBITDAVista OutdoorApparelcapstonepartners.com
Fox Head (Fox Racing)Jul 6, 2022 · Acquisition, completed
$590M1.7x revenue, 10.7x EBITDAVista OutdoorApparelcapstonepartners.com
Evidens de BeauteQ3 2022 · Acquisition, completed
$53.46M2.8x revenueSyoung GroupBeautyintrepidib.com
YoutheoryJun 1, 2022 · Acquisition, completed
$400.2M1.8x revenue, 10x EBITDAJamieson Wellness (TSX: JWEL)Wellnesscapstonepartners.com
Helper and Suddenly SaladMay 25, 2022 · Announced acquisition
$610M2.6x revenueEagle Family Foods Groupfrom General MillsFood & bevinvestors.generalmills.com
CosabellaMay 19, 2022 · Acquisition, completed
$80M2.8x revenue, 16.7x EBITDACALIDA GroupApparelcapstonepartners.com
CANarchy Craft Brewery CollectiveJan 13, 2022 · Announced acquisition
$330M2.5x revenueMonster Beverage CorporationFood & bevsec.gov
Shiseido Asia-Pacific Hair Professional businessQ1 2022 · Announced acquisition
$82.41M1.1x revenueHenkelfrom ShiseidoBeautyintrepidib.com

The other years,
and the full ledger.

Year ledgers
2020202120222023202420252026
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