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.
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.
| Brand | Price | Buyer | Category | Source |
|---|---|---|---|---|
Tom FordAug 2, 2022 · Reported talks sale process | $3B | Estee Lauder | Apparel | retaildive.com |
WeberOct 24, 2022 · Acquisition, completed | $2.99B · 1.9x revenue | BDT Capital Partners | Home | capstonepartners.com |
Clif Bar & CompanyJun 20, 2022 · Announced acquisition | $2.9B | Mondelez International | Food & bev | fooddive.com |
iRobot*Aug 5, 2022 · Agreed, then blocked by regulators | $1.7B | Amazon | Home | retaildive.com |
Mondelez developed-market gum business (Trident, Dentyne)Dec 19, 2022 · Announced acquisition | $1.35B | Perfetti Van Melle Groupfrom Mondelez International | Food & bev | fooddive.com |
Nutrabolt (C4 Energy)Dec 8, 2022 · Announced stake | $863M | Keurig Dr Pepper | Wellness | fooddive.com |
Hero CosmeticsSep 6, 2022 · Announced acquisition | $630M · 5.5x revenue, 14x EBITDA | Church & Dwight | Beauty | capstonepartners.com |
Helper and Suddenly SaladMay 25, 2022 · Announced acquisition | $610M · 2.6x revenue | Eagle Family Foods Groupfrom General Mills | Food & bev | investors.generalmills.com |
Fox Head (Fox Racing)Jul 6, 2022 · Acquisition, completed | $590M · 1.7x revenue, 10.7x EBITDA | Vista Outdoor | Apparel | capstonepartners.com |
CelsiusAug 1, 2022 · Stake, completed | $550M | PepsiCo (PEP) | Food & bev | ir.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.
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Skylar BodyDec 31, 2022 · Acquisition, completed · Natural perfume, body wash and lotion brand; enterprise value $16.4m. | Beauty | $16.4M | Starco 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 & bev | Undisclosed | John B. Sanfilippo & Sonfrom Specialty Cheese Company | fooddive.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 & bev | Undisclosed | Mars, Incorporated | fooddive.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 | $1.35B | Perfetti Van Melle Groupfrom Mondelez International | fooddive.com |
Topo AthleticDec 19, 2022 · Acquisition, completed · DSW parent Designer Brands acquired the performance athletic and outdoor footwear brand; terms undisclosed. | Apparel | Undisclosed | Designer Brands | retaildive.com |
Westbrae NaturalDec 19, 2022 · Acquisition, completed · Hain divested the Westbrae Natural beans brand as a non-strategic asset; terms undisclosed. | Food & bev | Undisclosed | Bush Brothers & Companyfrom The Hain Celestial Group | fooddive.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 & bev | Undisclosed | Barilla Americafrom B&G Foods | fooddive.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 & bev | Undisclosed | Flowers Foods | fooddive.com |
SnoweDec 14, 2022 · Acquisition, completed · Branded DTC home essentials. | Home | Undisclosed | Interweave Brands | capstonepartners.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. | Home | Undisclosed | RH (Restoration Hardware) | retaildive.com |
HandicappedpetsDec 12, 2022 · Acquisition, completed · Pet mobility accessories and related pet products. | Pet | Undisclosed | Lintbells | capstonepartners.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 | $863M | Keurig Dr Pepper | fooddive.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 & bev | Undisclosed | Ferrero | fooddive.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Rise Bar / Oola GlobalNov 28, 2022 · Acquisition, completed · Protein bar maker and direct-selling services provider. | Wellness | Undisclosed | USANA Health Sciences | capstonepartners.com |
Larsen's CreameryNov 21, 2022 · Acquisition, completed · Butter products producer. | Food & bev | Undisclosed | Alpenrose Dairy | capstonepartners.com |
L2 BrandsNov 16, 2022 · Acquisition, completed · Apparel, headwear, collegiate gear and customized products. | Apparel | Undisclosed | Sentinel Capital Partners | capstonepartners.com |
Perfect VNov 16, 2022 · Acquisition, completed · Intimate skincare treatment brand. | Beauty | Undisclosed | GridKor | capstonepartners.com |
King's PastryNov 15, 2022 · Acquisition, completed · Cakes, pastries and desserts maker. | Food & bev | Undisclosed | Ironbridge Equity Partners | capstonepartners.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 revenue | Estee Lauderfrom Tom Ford International | elcompanies.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 & bev | Undisclosed | Not namedfrom B&G Foods | fooddive.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 | $50M | Keurig Dr Pepper | fooddive.com |
bettybeautyNov 7, 2022 · Acquisition, completed · Hair colour dye brand. | Beauty | Undisclosed | Fisk Industries | capstonepartners.com |
Happy Healthy HippieNov 3, 2022 · Acquisition, completed · Vegan and plant-based nutrition supplements sold online. | Wellness | Undisclosed | Boosted Ecommerce | capstonepartners.com |
XED BeverageNov 3, 2022 · Acquisition, completed · Cocktail products sold online. | Food & bev | Undisclosed | Next Century Spirits | capstonepartners.com |
Atta BoyNov 2, 2022 · Acquisition, completed · Dog boots, paw balm and paw sanitizing products. | Pet | Undisclosed | Monolith Brands | capstonepartners.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. | Pet | Undisclosed | Mars, Incorporated (Petcare)from Bedford Capital and Healthcare of Ontario Pension Plan | mars.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Dianne's Fine DessertsOct 31, 2022 · Acquisition, completed · Frozen thaw-and-serve desserts for foodservice and retail. | Food & bev | Undisclosed | BCPE North Star (Bain Capital) | capstonepartners.com |
Vanity PlanetOct 31, 2022 · Acquisition, completed · Online skincare and beauty-device brand. | Beauty | Undisclosed | ONWRD | capstonepartners.com |
TuscoOct 26, 2022 · Acquisition, completed · Indoor and outdoor planters for the lawn and garden market. | Home | Undisclosed | Tenth Avenue Holdings | capstonepartners.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 revenue | BDT Capital Partners | capstonepartners.com |
Clarity Kids VitaminsOct 21, 2022 · Acquisition, completed · All-natural children's supplements. | Wellness | Undisclosed | J&W Family of Brands | capstonepartners.com |
Opposite WallOct 21, 2022 · Acquisition, completed · Home decor and studio design brand; enterprise value $4.4m. | Home | $4.4M | Nolk | capstonepartners.com |
BravoOct 20, 2022 · Acquisition, completed · Frozen raw and freeze-dried diets, treats and chews for dogs and cats. | Pet | Undisclosed | BrightPet Nutrition | capstonepartners.com |
GennevOct 18, 2022 · Acquisition, completed · Menopause-focused personal care and telehealth brand for women. | Wellness | Undisclosed | UWH | capstonepartners.com |
FollainOct 17, 2022 · Acquisition, completed · Clean beauty brand offering cleansers, toners and moisturizers. | Beauty | Undisclosed | Launch Eco Chic | capstonepartners.com |
Marge CarsonOct 17, 2022 · Acquisition, completed · Upholstery furniture brand. | Home | Undisclosed | Linly Designs | capstonepartners.com |
Your SuperOct 17, 2022 · Acquisition, completed · Plant-based organic superfood and protein mixes; enterprise value $15.6m. | Wellness | $15.6M | The Healing Company | capstonepartners.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 & bev | Undisclosed | Brown-Formanfrom Destillers United Group | fooddive.com |
Orian RugsOct 7, 2022 · Acquisition, completed · Rug manufacturer and brand. | Home | Undisclosed | Sage Park | capstonepartners.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. | Beauty | Undisclosed | Manzanita 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 | $275.59M | Silverwood Brands | intrepidib.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 | $12.7M | Silverwood Brands | intrepidib.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. | Beauty | Undisclosed | Stride Consumer Partners | intrepidib.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 | $22.86M | Silverwood Brands | intrepidib.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
KeecoSep 29, 2022 · Acquisition, completed · Home textile products designer and manufacturer. | Home | Undisclosed | Hollander Sleep Products | capstonepartners.com |
NutraceuticalSep 29, 2022 · Acquisition, completed · Nutritional supplements sold into health and natural food stores. | Wellness | Undisclosed | Smart for Life | capstonepartners.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 | $320M | Essity | retaildive.com |
OnsenSep 27, 2022 · Acquisition, completed · Pattern Brands added the soft-goods (towels and bedding) brand to its portfolio. | Home | Undisclosed | Pattern Brands | retaildive.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. | Beauty | Undisclosed | L'Oreal | loreal.com |
VersaPet (assets)Sep 22, 2022 · Acquisition, completed · Cat litter product assets. | Pet | Undisclosed | Groupe Intersand Canada | capstonepartners.com |
Reign TogetherSep 20, 2022 · Acquisition, completed · Skincare brand. | Beauty | Undisclosed | Perk | capstonepartners.com |
Johnny WasSep 19, 2022 · Acquisition, completed · Women's apparel and accessories brand; enterprise value $263.7m. | Apparel | $263.7M | Oxford Industries | capstonepartners.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. | Home | Undisclosed | Coliseum Capital Management | retaildive.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 revenue | House Foods America | capstonepartners.com |
AOS Group (Art of Sport)Sep 15, 2022 · Acquisition, completed · Art of Sport body and skincare brand; enterprise value $11.9m. | Beauty | $11.9M | Starco Brands, Inc. (OTCQB: STCB) | capstonepartners.com |
Adaptive HealthSep 12, 2022 · Acquisition, completed · Science-based nutritional health supplements. | Wellness | Undisclosed | Nutrisystem | capstonepartners.com |
The Pet GazeboSep 9, 2022 · Acquisition, completed · Dog kennel maker and brand. | Pet | Undisclosed | Win World | capstonepartners.com |
Gathered Foods (Good Catch)Sep 8, 2022 · Acquisition, completed · Vegan plant-based seafood substitute brand Good Catch. | Food & bev | Undisclosed | Wicked Foods | capstonepartners.com |
Handi FoodsSep 8, 2022 · Acquisition, completed · Crackers, chips, puffs, snacks and Mediterranean breads. | Food & bev | Undisclosed | Ironbridge Equity Partners | capstonepartners.com |
Ark NaturalsSep 7, 2022 · Acquisition, completed · Pet health, remedy and lifestyle products. | Pet | Undisclosed | Antelope | capstonepartners.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 EBITDA | Church & Dwight | capstonepartners.com |
MacKenzie-ChildsSep 6, 2022 · Acquisition, completed · Furniture, decor, garden products and accessories brand. | Home | Undisclosed | EagleTree Capital | capstonepartners.com |
Solo FoodsSep 1, 2022 · Acquisition, completed · Food and baking products maker. | Food & bev | Undisclosed | Burlington Capital Partners | capstonepartners.com |
Tata's Natural AlchemySep 1, 2022 · Acquisition, completed · Natural anti-aging skincare brand (Tata Harper) acquired by Amorepacific. | Beauty | Undisclosed | Amorepacific | capstonepartners.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Water Lilies FoodAug 31, 2022 · Acquisition, completed · Frozen Asian-inspired food products. | Food & bev | Undisclosed | Blue Point Capital | capstonepartners.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 & bev | Undisclosed | EF Hutton / undisclosed bidder | fooddive.com |
Barefoot SciencesAug 16, 2022 · Acquisition, completed · Foot and nail care brand. | Beauty | Undisclosed | Topspin Consumer Partners; Japonesque | capstonepartners.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 | $267.97M | Authentic Brands Group (IP), with Vince Holding Corp taking the operating business | retaildive.com |
LavvaAug 10, 2022 · Acquisition, completed · Plant-based superfoods and dairy-free yogurt brand. | Food & bev | Undisclosed | Next In Natural | capstonepartners.com |
Rover's WellnessAug 10, 2022 · Acquisition, completed · Hemp oil products for pets. | Pet | Undisclosed | Tenacious Laboratories | capstonepartners.com |
Archer RooseAug 9, 2022 · Stake, completed · Minority investment through Constellation's venture group into the premium canned wine brand. | Food & bev | Undisclosed | Constellation Brands | fooddive.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 | $1.7B | Amazon | retaildive.com |
Kitchen BasicsAug 3, 2022 · Acquisition, completed · Del Monte bought the ready-to-use stocks and broths brand from McCormick. | Food & bev | Undisclosed | Del Monte Foodsfrom McCormick | fooddive.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 | $3B | Estee Lauder | retaildive.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 | $550M | PepsiCo (PEP) | ir.celsiusholdingsinc.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
The Quit CompanyJul 29, 2022 · Acquisition, completed · Herbal tea and supplement for smokers. | Wellness | Undisclosed | One Puff | capstonepartners.com |
E-commerce portfolio of FBA Capital ManagementJul 28, 2022 · Acquisition, completed · Portfolio of Amazon-native e-commerce brands changing hands between aggregators. | Other | Undisclosed | Profound Commerce | capstonepartners.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 EBITDA | Vista Outdoor | capstonepartners.com |
Brave FoodsJul 25, 2022 · Acquisition, completed · Plant-based food brand sold online. | Food & bev | Undisclosed | Creatd | capstonepartners.com |
GlideawayJul 22, 2022 · Acquisition, completed · Sleep products including bed frames and mattresses. | Home | Undisclosed | Rize Home | capstonepartners.com |
OWYNJul 19, 2022 · Acquisition, completed · Plant-based nutritional shakes and protein products. | Wellness | Undisclosed | Purchase Capital (lead) | capstonepartners.com |
WolfJul 13, 2022 · Acquisition, completed · Mattress and futon maker. | Home | Undisclosed | Blue Bell Mattress | capstonepartners.com |
Bear MattressJul 12, 2022 · Acquisition, completed · The two DTC mattress brands jointly acquired Bear Mattress for an undisclosed amount. | Home | Undisclosed | Brooklyn Bedding and Helix Sleep | retaildive.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. | Home | Undisclosed | Pattern Brands | retaildive.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 EBITDA | Vista Outdoor | capstonepartners.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 revenue | Syoung Group | intrepidib.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. | Beauty | Undisclosed | Norwest Venture Partners | intrepidib.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. | Beauty | Undisclosed | Shiseido | intrepidib.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. | Beauty | Undisclosed | Puig | intrepidib.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. | Beauty | Undisclosed | Puig | intrepidib.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. | Beauty | Undisclosed | CAVU 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. | Beauty | Undisclosed | L Catterton | intrepidib.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Corsicana BeddingJun 25, 2022 · Acquisition, completed · Mattress maker; memory foam, pocket spring and premium innerspring. | Home | Undisclosed | Blue Torch Capital | capstonepartners.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 | $165M | Sapporo U.S.A. | fooddive.com |
PaintboxJun 21, 2022 · Acquisition, completed · Online nail care brand acquired by MiniLuxe. | Beauty | Undisclosed | MiniLuxe | capstonepartners.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 | $2.9B | Mondelez International | fooddive.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 & bev | Undisclosed | Systm Foodsfrom Nestle | fooddive.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 EBITDA | Jamieson Wellness (TSX: JWEL) | capstonepartners.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
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. | Beauty | Undisclosed | Puigfrom 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. | Wellness | Undisclosed | Unileverfrom existing shareholders | nutraingredients.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 revenue | Eagle Family Foods Groupfrom General Mills | investors.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 EBITDA | CALIDA Group | capstonepartners.com |
Dippin' DotsMay 19, 2022 · Announced acquisition · Flash-frozen beaded ice cream brand acquired by the Icee owner for $222m. | Food & bev | $222M | J&J Snack Foods | fooddive.com |
AnomalieMay 18, 2022 · Acquisition, completed · Asset acquisition of the custom wedding dress startup. | Apparel | Undisclosed | David's Bridal | retaildive.com |
Bellami HairMay 17, 2022 · Acquisition, completed · Hair extensions brand. | Beauty | Undisclosed | Beauty Industry Group | capstonepartners.com |
NexbeltMay 11, 2022 · Acquisition, completed · Ratchet belts and accessories for golf, hunting and everyday wear. | Apparel | Undisclosed | TEAM Partners | capstonepartners.com |
Pearl IzumiMay 5, 2022 · Acquisition, completed · Cycling and ski apparel brand. | Apparel | Undisclosed | United Sports Brands | capstonepartners.com |
Pistil DesignsMay 3, 2022 · Acquisition, completed · Headwear, bags and accessories. | Apparel | Undisclosed | LongWater Opportunities | capstonepartners.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Briogeo Hair CareApr 29, 2022 · Acquisition, completed · Clean and natural hair care brand; Capstone notes the deal accelerates Wella's growth in hair care. | Beauty | Undisclosed | The Wella Company | capstonepartners.com |
Glacier OutdoorApr 26, 2022 · Acquisition, completed · Gloves, hats and accessories for fishing, hunting and paddling. | Apparel | Undisclosed | Elvisridge Capital | capstonepartners.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 | $150M | Helen of Troy | businesswire.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 | $184.6M | LG Household & Health Care | capstonepartners.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 & bev | Undisclosed | Constellation Brandsfrom existing minority holders | fooddive.com |
21SeedsApr 1, 2022 · Acquisition, completed · Super-premium fruit-infused tequila brand acquired for an undisclosed amount. | Food & bev | Undisclosed | Diageo | fooddive.com |
Billionaire BrandsApr 1, 2022 · Acquisition, completed · Amino acids, whey protein and dietary supplements. | Wellness | Undisclosed | Star8 | capstonepartners.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. | Beauty | Undisclosed | Gauge Capital | intrepidib.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. | Beauty | Undisclosed | Eurazeo (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. | Beauty | Undisclosed | Sandbridge Capital | intrepidib.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. | Beauty | Undisclosed | Bansk Group | intrepidib.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Frankies BikinisMar 25, 2022 · Stake, completed · Victoria's Secret took a minority stake in the Venice, California swimwear brand for $18m. | Apparel | $18M | Victoria's Secret | retaildive.com |
Blush WellnessMar 23, 2022 · Acquisition, completed · Personal and beauty care products for women. | Beauty | Undisclosed | Wellness Brands | capstonepartners.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. | Wellness | Undisclosed | Yellow Wood Partnersfrom Clio | capstonepartners.com |
TTFM (Pure for Men)Mar 17, 2022 · Acquisition, completed · Premium fiber supplement supporting digestive health. | Wellness | Undisclosed | Pure for Men | capstonepartners.com |
Joanna Vargas Skin CareMar 14, 2022 · Acquisition, completed · Skincare brand acquired by brand-building platform SuperOrdinary. | Beauty | Undisclosed | SuperOrdinary | capstonepartners.com |
AmplifeiMar 3, 2022 · Acquisition, completed · Nutritional supplements for athletes and fitness enthusiasts. | Wellness | Undisclosed | LaCore Enterprises | capstonepartners.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
ThinxFeb 25, 2022 · Acquisition, completed · Kimberly-Clark moved from minority investor to majority owner of the DTC period underwear brand. | Apparel | Undisclosed | Kimberly-Clark | retaildive.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 | $99.3M | Taro Pharmaceuticals | capstonepartners.com |
Vital ProteinsFeb 21, 2022 · Acquisition, completed · Collagen and nutritional supplement brand; Capstone dates the transaction 21 Feb 2022. | Wellness | Undisclosed | Nestle (Health Science) | capstonepartners.com |
Nicole and BrizeeFeb 4, 2022 · Acquisition, completed · Personal care manufacturer including shampoo and body wash. | Beauty | Undisclosed | Channel Op | capstonepartners.com |
COVER FX Skin CareFeb 3, 2022 · Acquisition, completed · Colour cosmetics and skincare brand added to AS Beauty's portfolio. | Beauty | Undisclosed | AS Beauty Group | capstonepartners.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. | Wellness | Undisclosed | Nestle (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. | Beauty | Undisclosed | Famille C Venture | capstonepartners.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. | Apparel | Undisclosed | Win Brands Group | retaildive.com |
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
SnooozeJan 27, 2022 · Acquisition, completed · Natural sleep drinks brand. | Food & bev | Undisclosed | Galerie Brands | capstonepartners.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. | Home | Undisclosed | Durational Capital Management | sec.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 | $34M | Digital Brands Group (Nasdaq: DBGI) | retaildive.com |
MenoLabsJan 24, 2022 · Acquisition, completed · All-natural menopause and perimenopause supplements; Capstone marks the multiples confidential. | Wellness | Undisclosed | Amyris | capstonepartners.com |
Organic HarvestJan 23, 2022 · Acquisition, completed · Indian beauty and personal care brand. | Beauty | Undisclosed | Sanghvi Beauty & Technologies | capstonepartners.com |
AppelsonJan 19, 2022 · Acquisition, completed · Online hair-tools brand bought by e-commerce aggregator Boosted Ecommerce. | Beauty | Undisclosed | Boosted Ecommerce | capstonepartners.com |
Aime Leon DoreJan 18, 2022 · Stake, completed · LVMH Luxury Ventures took a minority stake in the streetwear brand; amount undisclosed. | Apparel | Undisclosed | LVMH (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 | $255M | Betterware de Mexicofrom JAFRA Cosmetics International | capstonepartners.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 revenue | Monster Beverage Corporation | sec.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 | $21.5M | The Container Store | retaildive.com |
Fresh HeritageJan 4, 2022 · Acquisition, completed · Men's grooming brand acquired by an e-commerce aggregator. | Beauty | Undisclosed | Branded E-Commerce | capstonepartners.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 & bev | Undisclosed | Pritzker Private Capital | parkstreet.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 & bev | Undisclosed | Pernod Ricard | parkstreet.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 | $46.74M | PZ Cussons | intrepidib.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 & bev | Undisclosed | Bardstown Bourbon Company | parkstreet.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. | Beauty | Undisclosed | L'Occitane Group | intrepidib.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 & bev | Undisclosed | Moet Hennessy | parkstreet.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 & bev | Undisclosed | Constellation Brands | parkstreet.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 & bev | Undisclosed | Sazerac (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 & bev | Undisclosed | Apax Funds | parkstreet.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. | Beauty | Undisclosed | Brentwood Associates | intrepidib.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 & bev | Undisclosed | Victor George Spirits | parkstreet.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 & bev | Undisclosed | Santa Margherita USA | parkstreet.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 & bev | Undisclosed | Heaven Hill | parkstreet.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 | $250M | Shinsegae Property | parkstreet.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 revenue | Henkelfrom Shiseido | intrepidib.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 & bev | Undisclosed | Foley Family Wines | parkstreet.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. | Beauty | Undisclosed | Aria Growth | intrepidib.com |
Every row here is a company that either timed it or ran out of time. I have sat on the buy side of deals like these. If an exit is anywhere in your next two years, I can tell you what a buyer will actually pay for, and what is quietly capping it.
What 2022 was made of,
by category.
161 deals logged in 2022. The rows below sum to that figure.
| Category | Total items logged | Share of ledger | With a disclosed price | Largest disclosed |
|---|---|---|---|---|
Beauty | 48 | 29.8% | 13 | $630M |
Food & bev | 46 | 28.6% | 10 | $2.9B |
Apparel | 20 | 12.4% | 10 | $3B |
Home | 19 | 11.8% | 4 | $2.99B |
Wellness | 19 | 11.8% | 3 | $863M |
Pet | 8 | 5.0% | 0 | Not disclosed |
Other | 1 | 0.6% | 0 | Not 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.
| Price band | Deals logged | Share of priced rows |
|---|---|---|
$1B and above | 6 | 15.0% |
$250M to $1B | 13 | 32.5% |
$50M to $250M | 11 | 27.5% |
$10M to $50M | 9 | 22.5% |
Under $10M | 1 | 2.5% |
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.
| Brand | Price | Multiple | Buyer | Category | Source |
|---|---|---|---|---|---|
Tom FordNov 15, 2022 · Announced acquisition | $2.8B | 3x revenue | Estee Lauderfrom Tom Ford International | Apparel | elcompanies.com |
WeberOct 24, 2022 · Acquisition, completed | $2.99B | 1.9x revenue | BDT Capital Partners | Home | capstonepartners.com |
Keystone Natural HoldingsSep 16, 2022 · Acquisition, completed | $110M | 2x revenue | House Foods America | Food & bev | capstonepartners.com |
Hero CosmeticsSep 6, 2022 · Announced acquisition | $630M | 5.5x revenue, 14x EBITDA | Church & Dwight | Beauty | capstonepartners.com |
Simms Fishing ProductsJul 27, 2022 · Acquisition, completed | $192.5M | 1.8x revenue, 11.7x EBITDA | Vista Outdoor | Apparel | capstonepartners.com |
Fox Head (Fox Racing)Jul 6, 2022 · Acquisition, completed | $590M | 1.7x revenue, 10.7x EBITDA | Vista Outdoor | Apparel | capstonepartners.com |
Evidens de BeauteQ3 2022 · Acquisition, completed | $53.46M | 2.8x revenue | Syoung Group | Beauty | intrepidib.com |
YoutheoryJun 1, 2022 · Acquisition, completed | $400.2M | 1.8x revenue, 10x EBITDA | Jamieson Wellness (TSX: JWEL) | Wellness | capstonepartners.com |
Helper and Suddenly SaladMay 25, 2022 · Announced acquisition | $610M | 2.6x revenue | Eagle Family Foods Groupfrom General Mills | Food & bev | investors.generalmills.com |
CosabellaMay 19, 2022 · Acquisition, completed | $80M | 2.8x revenue, 16.7x EBITDA | CALIDA Group | Apparel | capstonepartners.com |
CANarchy Craft Brewery CollectiveJan 13, 2022 · Announced acquisition | $330M | 2.5x revenue | Monster Beverage Corporation | Food & bev | sec.gov |
Shiseido Asia-Pacific Hair Professional businessQ1 2022 · Announced acquisition | $82.41M | 1.1x revenue | Henkelfrom Shiseido | Beauty | intrepidib.com |
The other years,
and the full ledger.
Reading the tape, or getting ready to be on it?
I've run buy-side diligence and quality-of-earnings work on consumer brands, and built brands sold into a nine-figure portfolio. If you're a year or two from a potential exit, I can tell you where your real number sits, what an acquirer will actually pay, and what's quietly capping it, before a buyer does. The form takes two minutes.
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