Key takeaways
Across the year 2023, this ledger holds 203 deals logged: brand acquisitions, stakes, IP sales and sale processes, each one dated, and 203 of them link to their source. Food & bev is the largest category at 43.8% of the total. 60 carry a disclosed price and 11 a published multiple. Totals reflect how much was found for 2023.
- 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
203 deals logged with a 2023 date.
203
Deals logged
$8.5B
Largest disclosed
60
With a disclosed price
Food & bev
Leading category · 89 items
Window covered: Jan 3, 2023 – Dec 26, 2023. Every figure on this page is computed from the underlying records when the page is built; none is maintained by hand.
01/How to read these counts
PLATE 01 · METHOD
How to read
these counts.
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◥
◣
◢
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. 60 of 203 rows carry a normalized USD figure and 11 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.
02/Biggest deals
PLATE 02 · LARGEST
The biggest deals
of 2023.
The 10 largest disclosed prices logged for 2023. 60 of 203 rows that year carry a price.
Table 1 · Largest disclosed deals of 2023Top 10
| Brand | Price | Buyer | Category | Source |
|---|---|---|---|---|
Capri Holdings (Michael Kors, Jimmy Choo, Versace)*Aug 10, 2023 · Agreed, then blocked by regulators | $8.5B | Tapestry | Apparel | retaildive.com |
Hostess Brands (Twinkies, Donettes, CupCakes, DingDongs, Zingers, Voortman)Sep 11, 2023 · Announced acquisition | $5.6B · 17.2x EBITDA | J.M. Smucker (NYSE:SJM) | Food & bev | s203.q4cdn.com |
CreedJun 26, 2023 · Announced acquisition | $3.8B · 14x revenue | Keringfrom BlackRock Long Term Private Capital Europe and chairman Javier Ferran | Beauty | beautymatter.com |
Sovos BrandsAug 7, 2023 · Announced acquisition | $2.7B · 14.6x revenue | The Campbell's Companyfrom Advent International | Food & bev | sec.gov |
AesopApr 3, 2023 · Announced acquisition | $2.52B | L'Orealfrom Natura &Co | Beauty | loreal-finance.com |
Valentino (30% stake)Jul 27, 2023 · Announced stake | $1.87B | Keringfrom Mayhoola | Apparel | fashiondive.com |
Mondelez developed-market gum business (Trident, Dentyne)Oct 2, 2023 · Acquisition, completed | $1.35B | Perfetti Van Melle Groupfrom Mondelez International | Food & bev | confectionerynews.com |
Boardriders (Billabong, Quiksilver, Roxy, RVCA, DC Shoes, Element)Apr 4, 2023 · Announced acquisition | $1.3B | Authentic Brands Group (IP), with Vince Holding Corp taking the operating businessfrom Oaktree Capital Management | Apparel | fashiondive.com |
Rachael Ray Nutrish, Nature's Recipe, 9Lives, Kibbles 'n Bits and Gravy Train (Smucker pet food)Feb 10, 2023 · Announced acquisition | $1.2B | Post Holdingsfrom J.M. Smucker (NYSE:SJM) | Pet | globalpetindustry.com |
Chico's FAS (Chico's, White House Black Market, Soma)Sep 28, 2023 · Announced acquisition | $1B · 0.7x revenue, 6.7x EBITDA | Sycamore Partners | Apparel | retaildive.com |
* Capri Holdings (Michael Kors, Jimmy Choo, Versace): 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.
03/2023 month by month
PLATE 03 · 2023 LEDGER
Every deal logged in
2023, by month.
Table M1 · December 202316 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Yai's ThaiDec 26, 2023 · Acquisition, completed · Hong Kong-based DDC's second US brand purchase of 2023 after Nona Lim. | Food & bev | Undisclosed | DDC Enterprise (DayDayCook) | nosh.com |
Aquis HairsciencesDec 22, 2023 · Announced acquisition · Haircare producer and retailer acquired by Unilever alongside its K18 deal in the same week. | Beauty | Undisclosed | Unilever | capstonepartners.com |
Dr. Dennis Gross SkincareDec 22, 2023 · Announced acquisition · Dermatologist-led prestige brand; Intrepid's Q4'23 report derives the 4.8x from roughly $94 million of 2023 expected revenue. | Beauty | $450M · 4.8x revenue | Shiseido (Americas)from Main Post Partners | beautymatter.com |
K18Dec 22, 2023 · Announced acquisition · Biotech bond-building haircare brand projecting $100 to $125 million of 2023 revenue; $45 million raised since launch. | Beauty | Undisclosed | Unileverfrom VMG Growth Partners (prior $25M minority investor) | beautymatter.com |
Go-To SkincareDec 20, 2023 · Acquisition, completed · Founder regains control with 59.68% after buying back the majority stake BWX held. | Beauty | $21.8M | Zoe Foster Blake and Paul Bates (founder buyback)from BWX Limited | beautymatter.com |
STEM Animal HealthDec 20, 2023 · Acquisition, completed · Developer of oral care products for pets treating biofilm-related ailments. | Pet | Undisclosed | Kane Biotech | capstonepartners.com |
Elida Beauty (Q-Tips, Caress, TIGI, Timotei, St. Ives and Pond's in NA/Europe, Brut, VO5, Alberto Balsam)Dec 18, 2023 · Announced acquisition · Binding offer after a two-year search; Yellow Wood's second Unilever carve-out after Suave. Intrepid puts Elida's 2022 revenue near $1 billion. | Beauty | Undisclosed | Yellow Wood Partnersfrom Unilever | beautymatter.com |
Melt SeasonDec 18, 2023 · Stake, completed · ELC takes a minority stake in the Chinese fragrance brand. | Beauty | Undisclosed | Estee Lauder New Incubation Ventures; round led by One Capital and Breeze Capital | beautymatter.com |
Hello BelloDecember 2023 · Acquisition, completed · The sale closed at $65.8 million, with the brand placed under Hyland's Naturals stewardship. | Other | $65.8M | a Hildred Capital Management affiliatefrom Hello Bello | bdo.com |
La Colombe (33% stake)Dec 15, 2023 · Acquisition, completed · Gives the yogurt maker a presence in RTD coffee; financed with a $550 million loan plus cash, and KDP became an equity holder in Chobani. | Food & bev | $900M | Chobani, buying back from Keurig Dr Pepperfrom Hamdi Ulukaya; Keurig Dr Pepper's minority stake converted to Chobani equity | fooddive.com |
CourvoisierDec 14, 2023 · Announced acquisition · The year's largest spirits brand transaction. | Food & bev | $1.2B | Camparifrom Beam Suntory | just-drinks.com |
Burns Pet NutritionDec 11, 2023 · Acquisition, completed · Assisi's first bolt-on after its own October 2023 buyout. | Pet | Undisclosed | Assisi Pet Care Group (Wind Point Partners-backed)from John Burns (founder) | globalpetindustry.com |
NisimDec 8, 2023 · Acquisition, completed · Canadian hair-growth brand to be rebranded Arise Haircare within nine months. | Beauty | Undisclosed | Carolyn and Jeff Aronson (It's a 10 Haircare) | beautymatter.com |
Tolpa and ON (Torf Corporation)Dec 8, 2023 · Announced acquisition · Polish market leader consolidates, buying the Torf Corporation brands from their private-equity owner. | Beauty | Undisclosed | Bielenda Natural Cosmetics (backed by Innova Capital)from Resource Partners | beautymatter.com |
Canature ProcessingDec 5, 2023 · Acquisition, completed · Freeze-dried pet food and treat producer. | Pet | Undisclosed | Thrive Foods | capstonepartners.com |
My Perfect PetDec 1, 2023 · Acquisition, completed · All-natural human-grade dog food brand added to the Antelope pet platform. | Pet | Undisclosed | Antelope | capstonepartners.com |
Table M2 · November 202314 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
OsajiNov 30, 2023 · Announced stake · Becomes an equity-method affiliate of Marubeni; 16 directly operated Japanese stores. Intrepid puts the figure at about $6.8 million. | Beauty | $6.7M | Marubenifrom Nitto Elechemic (Osaji was spun off in October 2023) | beautymatter.com |
Temperley LondonNov 29, 2023 · Stake, completed · Majority stake sale with the founder staying on as creative director. | Apparel | Undisclosed | Times Square Group and Luxutte Capitalfrom Alice Temperley and existing stakeholders | fashiondive.com |
MAV Beauty Brands (Marc Anthony True Professional, Renpure, Cake Beauty, The Mane Choice)Nov 27, 2023 · Announced acquisition · Debt-driven take-private; MAV delists from the Toronto Stock Exchange. | Beauty | $122M | Nexus Capital Managementfrom TSX public shareholders | intrepidib.com |
No. 96Nov 27, 2023 · Acquisition, completed · Premium ready-made cocktail brand acquired. | Food & bev | Undisclosed | Spiritus Ventures | bevnet.com |
TRUFFNov 21, 2023 · Stake, completed · SKKY Partners' first-ever portfolio investment, in the premium truffle-enhanced condiment brand. | Food & bev | Undisclosed | SKKY Partners (Kim Kardashian, Kris Jenner, Jay Sammons) | nosh.com |
Hotel ChocolatNov 16, 2023 · Announced acquisition · A 169.8% premium, with the board holding over 54% and about 69.6% of shareholders committed. | Food & bev | $662.4M | Mars, Incorporated | just-food.com |
Sonoma-Cutrer VineyardsNov 16, 2023 · Announced acquisition · California chardonnay winery swapped largely for equity in the buyer. Capstone's Food Production report gives a $391.5 million enterprise value at 4.7x LTM revenue; Food Dive (https://www.fooddive.com/news/brown-forman-sells-chardonnay-maker-to-duckhorn-for-400m/700192/) reported the deal as $400M on 20 November 2023. | Food & bev | $391.5M · 4.7x revenue | The Duckhorn Portfoliofrom Brown-Forman | capstonepartners.com |
Rugenwalder MuhleNovember 2023 · Announced stake · German plant-based sausage brand. | Food & bev | Undisclosed | Pfeifer & Langen | just-food.com |
The Body ShopNov 14, 2023 · Announced acquisition · Natura's second 2023 divestiture after Aesop; The Body Shop revenue had fallen 24% from 2021. | Beauty | $254M · 2x EBITDA | AURELIUSfrom Natura &Co | beautymatter.com |
Warner's, Olga and True & Co.Nov 13, 2023 · Announced acquisition · PVH divested innerwear to concentrate on Calvin Klein and Tommy Hilfiger; expected to close at the end of November 2023. | Apparel | $160M | Basic Resourcesfrom PVH Corp. | fashiondive.com |
Fera Pet OrganicsNov 10, 2023 · Acquisition, completed · General Mills' entry into pet supplements, housed inside a new growth equity fund created to scale newly acquired businesses. | Pet | Undisclosed | General Mills | fooddive.com |
Digital Brands Group (Nasdaq: DBGI)Nov 9, 2023 · Announced sale process · The Sundry and Stateside owner's board opened a formal strategic review, calling itself severely undervalued. | Apparel | Undisclosed | Not named | retaildive.com |
Green Giant US shelf-stable and canned businessNov 9, 2023 · Announced acquisition · Hybrid asset sale plus brand licence; excludes frozen, Green Giant Canada and Le Sueur. | Food & bev | Undisclosed | Seneca Foodsfrom B&G Foods | foodbusinessnews.net |
TDBBS (Best Bully Sticks, Bones & Chews)Nov 3, 2023 · Acquisition, completed · Central bought the Richmond, Virginia dog-treat and chew business for its brands and e-commerce capability. Capstone's Pet report gives a $60.0 million enterprise value; GlobalPETS (https://globalpetindustry.com/news/central-garden-pet-acquires-premium-dog-treat-company/) dates the close 3 November 2023. | Pet | $60M | Central Garden & Pet | capstonepartners.com |
Table M3 · October 202322 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Daou VineyardsOct 31, 2023 · Announced acquisition · Financed with equity plus $311 million of debt; close expected by the end of 2023. | Food & bev | $900M | Treasury Wine Estatesfrom Georges and Daniel Daou (founders) | just-drinks.com |
COSRXOct 30, 2023 · Announced acquisition · Amorepacific exercises its call option, taking COSRX to 93.2% and making it a subsidiary. Intrepid's Q4'23 report puts the additional 55% at $560 million on 2022 revenue of $150 million. | Beauty | $566.33M | Amorepacificfrom COSRX's largest shareholder and related parties | prnewswire.com |
MissguidedOct 30, 2023 · Acquisition, completed · Shein took over the UK brand's manufacturing and sells it on both the Shein and Missguided sites. | Apparel | Undisclosed | Sheinfrom Frasers Group | fashiondive.com |
Dollar Shave Club Inc.Oct 26, 2023 · Announced stake · Unilever sells majority control of the men's grooming brand it bought for $1 billion in 2016. | Beauty | Undisclosed | Nexus Capital Managementfrom Unilever | intrepidib.com |
Almost FamousOct 23, 2023 · Acquisition, completed · Almost Famous, already the exclusive licensee of Madden NYC apparel, had revenue of $163 million for the year to 30 September 2023. Multiple from Capstone's Apparel report. | Apparel | $52M · 0.3x revenue | Steven Madden Ltd. | fashiondive.com |
Assisi Pet Care (Wind Point Partners)Oct 18, 2023 · Acquisition, completed · The Chicago private equity firm bought the British natural pet food and treat business. | Pet | Undisclosed | Wind Point Partners (debt financing from Crescent Capital Group) | globalpetindustry.com |
Bick's, Habitant, Woodman's and McLarensOct 18, 2023 · Announced acquisition · The four Canadian condiment brands did roughly $60 million of net sales. | Food & bev | $20M | TreeHouse Foodsfrom J.M. Smucker (NYSE:SJM) | fooddive.com |
Jelly BellyOct 18, 2023 · Acquisition, completed · About 800 employees and three plants move to Ferrara in its second deal in under two months. | Food & bev | Undisclosed | Ferrara Candyfrom Jelly Belly Candy Company's private owners | just-food.com |
CreedOct 17, 2023 · Acquisition, completed · Completion confirmed; Creed consolidated into Kering's accounts from 1 November 2023. | Beauty | $3.78B | Keringfrom BlackRock Long Term Private Capital Europe and Javier Ferran | bwconfidential.com |
Alpha Skincare and Pure BrazilianQ4 2023 · Acquisition, completed · Two add-ons alongside Silber's Anthony Skincare, bioClarity and Shaveworks. | Beauty | Undisclosed | Silber Equity | intrepidib.com |
Blankme (parent company)Q4 2023 · Stake, completed · L Catterton becomes the third-largest shareholder in the Chinese colour cosmetics brand. | Beauty | Undisclosed | L Catterton | intrepidib.com |
Fuel10KOctober 2023 · Acquisition, completed · UK breakfast brand. | Food & bev | $41.2M | Premier Foods | just-food.com |
Lucas BolsOctober 2023 · Announced acquisition · Take-private of the listed Dutch spirits group. | Food & bev | $284.1M | Nolet Groupfrom public shareholders | just-drinks.com |
ThrasioQ4 2023 · Reported talks sale process · Thrasio prepared for bankruptcy in late 2023, engaging AlixPartners and Kirkland & Ellis, before its February 2024 Chapter 11 filing which falls outside this period. | Other | Undisclosed | Not named | practicalecommerce.com |
Live Beverages (assets)Oct 13, 2023 · Announced acquisition · Startup kombucha brand's first M&A, aimed at reaching profitability. | Food & bev | Undisclosed | Better Booch | bevnet.com |
The Spa Dr.Oct 12, 2023 · Acquisition, completed · Buyer plans $25 million of investment over two years; founder Dr. Trevor Cates stays on. | Beauty | Undisclosed | Trafilea | beautymatter.com |
Cibo Vita (Nature's Garden)Oct 11, 2023 · Announced stake · Citation is the better-for-you snack company's first external shareholder; close expected later in 2023. | Food & bev | Undisclosed | Citation Capitalfrom founders Emre Imamoglu and Ahmet Celik (retain significant ownership) | nosh.com |
SanofloreOct 5, 2023 · Announced acquisition · L'Oreal exits the organic brand it bought in 2006; Intrepid puts Sanoflore's 2021 revenue at EUR 2.9 million. | Beauty | Undisclosed | Ekkio Capital and Sergio Calandri (Inula Group founder)from L'Oreal | beautymatter.com |
CarnibestOct 4, 2023 · Acquisition, completed · The Swedish company's second 2023 deal, adding Dutch natural raw dog and cat food. | Pet | Undisclosed | Voff Premium Pet Food | globalpetindustry.com |
JUNKLESS FoodsOct 4, 2023 · Stake, completed · Repole's family office took majority control of the snack bar brand. | Food & bev | Undisclosed | Impact Capital (Mike Repole's family office)from co-founders including CEO Ernie Pang | nosh.com |
Hince (via Vivawave)Oct 2, 2023 · Announced acquisition · 75% of the premium Korean colour brand, which had 2022 revenue of $16.2 million, with a call option on the rest by 2027. | Beauty | $31.5M | LG Household & Health Care | beautymatter.com |
Mondelez developed-market gum business (Trident, Dentyne)Oct 2, 2023 · Acquisition, completed · Completion of a divestiture announced in December 2022, covering the US, Canada and Europe excluding Portugal, plus plants in Rockford, Illinois and Skarbimierz, Poland. Dated on the stated completion, not the 2022 announcement. | Food & bev | $1.35B | Perfetti Van Melle Groupfrom Mondelez International | confectionerynews.com |
Table M4 · September 202319 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Chico's FAS (Chico's, White House Black Market, Soma)Sep 28, 2023 · Announced acquisition · Definitive agreement expected to close at the end of Q1 2024; it completed in January 2024. Multiples from Capstone's Apparel report (https://www.capstonepartners.com/wp-content/uploads/2024/08/Capstone-Partners_Apparel-Footwear-and-Accessories-MA-Coverage-Report_July-2024.pdf), which gives an enterprise value of $1,389.8 million. Included as a vertical brand owner rather than a pure retail chain. | Apparel | $1B · 0.7x revenue, 6.7x EBITDA | Sycamore Partners | retaildive.com |
Sahale SnacksSep 28, 2023 · Announced acquisition · Sold two weeks after Smucker announced the $5.6 billion Hostess deal. just-food's year in review puts the price at $34 million. | Food & bev | Undisclosed | Second Nature Brandsfrom J.M. Smucker (NYSE:SJM) | fooddive.com |
Van Gogh Vodka (global sales and marketing rights)Sep 27, 2023 · IP sale, completed · Exclusive global rights effective 1 October 2023. | Food & bev | Undisclosed | Conecuh Brands LLC | bevnet.com |
Champion (HanesBrands)Sep 19, 2023 · Announced sale process · Hanes hired Goldman Sachs, Evercore, Jones Day and Kirkland & Ellis to evaluate options including a sale. | Apparel | Undisclosed | Not namedfrom Hanesbrands (NYSE:HBI) | fashiondive.com |
Cardrona DistillerySeptember 2023 · Announced acquisition · New Zealand distillery. | Food & bev | Undisclosed | International Beveragefrom Original owners | just-drinks.com |
Code MintSep 15, 2023 · Stake, completed · ELC's venture arm takes a minority stake in the C-beauty brand founded by Grace Chow. | Beauty | Undisclosed | Estee Lauder (New Incubation Ventures) | beautymatter.com |
Grupo CRMSeptember 2023 · Stake, completed · Brazilian high-end chocolate maker. | Food & bev | Undisclosed | Nestle | just-food.com |
Larsen CognacSeptember 2023 · Announced acquisition · Announced within days of International Beverage's Cardrona deal. | Food & bev | Undisclosed | International Beveragefrom Anora Group | just-drinks.com |
BioSteelSep 14, 2023 · Announced sale process · Canopy Growth cut ties amid cash burn and growing losses, sending the sports drink brand toward a court-supervised sale. | Food & bev | Undisclosed | Not namedfrom Canopy Growth | bevnet.com |
Ilegal MezcalSep 14, 2023 · Announced acquisition · Acquisition of the mezcal brand comes amid growing interest in premium agave spirits. | Food & bev | Undisclosed | Bacardi | fooddive.com |
HoplarkSep 11, 2023 · Stake, completed · Minority stake in the Boulder non-alcoholic hop tea maker, alongside a strategic partnership. | Food & bev | Undisclosed | Brooklyn Brewery | bevnet.com |
Hostess Brands (Twinkies, Donettes, CupCakes, DingDongs, Zingers, Voortman)Sep 11, 2023 · Announced acquisition · About $1.5 billion of net sales and roughly $100 million of targeted run-rate cost synergies. Smucker completed the acquisition on 7 November 2023. | Food & bev | $5.6B · 17.2x EBITDA | J.M. Smucker (NYSE:SJM) | s203.q4cdn.com |
ZOA EnergySep 11, 2023 · Stake, completed · Molson Coors stays exclusive distributor and gains a board seat at the Dwayne Johnson-backed energy brand. | Food & bev | Undisclosed | Molson Coors | fooddive.com |
Champion (HanesBrands)Sep 7, 2023 · Announced ip sale · Multi-year licence covering design, production and distribution in North America. | Apparel | Undisclosed | G-III Apparel Groupfrom Hanesbrands (NYSE:HBI) | fashiondive.com |
Maria NilaSep 7, 2023 · Stake, completed · Significant minority stake in the Swedish vegan haircare brand, which turned over EUR 45 million in 2022. | Beauty | Undisclosed | L Catterton | beautymatter.com |
Draper James (70% stake)Sep 6, 2023 · Stake, completed · CBP took majority control to push the brand into premium and specialty wholesale. | Apparel | Undisclosed | Consortium Brand Partnersfrom Reese Witherspoon (stays a partner and board member) | retaildive.com |
TreeHouse Foods snack bar businessSep 6, 2023 · Announced acquisition · Includes the Lakeville, Minnesota plant; projected to add $105 to $120 million of incremental net sales. | Food & bev | $63M | John B. Sanfilippo & Sonfrom TreeHouse Foods | foodbusinessnews.net |
G-Star RawSep 5, 2023 · Announced acquisition · Expected to close in Q4 2023, aimed at building the Dutch denim brand's US presence. | Apparel | Undisclosed | WHP Global (+ G-III)from G-Star shareholders including founder Jos van Tilburg (retain a stake) | fashiondive.com |
Thorne HealthTech (Unilever approach)Sep 5, 2023 · Announced acquisition · The biggest pure wellness and supplement take-private of the year; close expected in Q4 2023. | Wellness | $680M | L Catterton | nutraingredients.com |
Table M5 · August 202317 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
AesopAug 30, 2023 · Acquisition, completed · Completion on the terms announced 3 April 2023. | Beauty | Undisclosed | L'Orealfrom Natura &Co | loreal.com |
NaturiumAug 29, 2023 · Announced acquisition · Doubles e.l.f.'s skin care to about 18% of retail sales; Naturium expected to generate about $90 million of net sales and $17 million of adjusted EBITDA that year. | Beauty | $355M · 4x EBITDA | e.l.f. Beautyfrom The Center (accelerator) and founders including Susan Yara | sec.gov |
SPARC Group (Forever 21 operator), about a one-third stakeAug 24, 2023 · Stake, completed · Cross-shareholding plus reciprocal distribution, including Shein shop-in-shops in Forever 21 stores. | Apparel | Undisclosed | Shein | retaildive.com |
Handy LivingAug 20, 2023 · Acquisition, completed · The logistics firm bought the ready-to-assemble upholstery brand to push e-commerce growth. | Home | Undisclosed | HL Home Furnishings, a subsidiary of Alto Systems | homenewsnow.com |
HatchCollectiveAug 16, 2023 · Acquisition, completed · Brand-development platform rebranded AX Beauty Brands; Lion Capital exits. | Beauty | Undisclosed | American Exchange Groupfrom Lion Capital | beautymatter.com |
Marie Morin CanadaAugust 2023 · Acquisition, completed · Lactalis' entry into North American desserts. | Food & bev | Undisclosed | Lactalis | just-food.com |
ParadeAug 15, 2023 · Acquisition, completed · The DTC intimates brand became a division of the intimates supplier. | Apparel | Undisclosed | Ariela & Associates International | retaildive.com |
TasFoods dairy brandsAugust 2023 · Acquisition, completed · All-Australian dairy brand transaction. | Food & bev | $7.1M | Bega Groupfrom TasFoods | just-food.com |
BeautyBioAug 11, 2023 · Acquisition, completed · Nu Skin's investment arm takes the skincare-and-device brand; Kainos exits its 2019 minority position. | Beauty | Undisclosed | Rhyz Inc. (Nu Skin Enterprises)from Kainos Capital | beautymatter.com |
Capri Holdings (Michael Kors, Jimmy Choo, Versace)Aug 10, 2023 · Announced acquisition · Both boards approved; close expected in 2024 subject to shareholder and regulatory approval. The deal was later blocked and abandoned. | Apparel | $8.5B | Tapestry | retaildive.com |
Blue Run SpiritsAug 8, 2023 · Announced acquisition · Molson Coors' first spirits acquisition and the formal launch of Coors Spirits Co. | Food & bev | Undisclosed | Molson Coors | bevnet.com |
ZimmermannAug 8, 2023 · Acquisition, completed · Advent took a majority of the Australian luxury brand to fund Asia and Middle East expansion. | Apparel | Undisclosed | Advent Internationalfrom Style Capital and the Zimmermann family (both retain minority stakes) | fashiondive.com |
Hiball plus eight craft beer brands (Shock Top, Breckenridge, Blue Point, 10 Barrel, Redhook, Widmer Brothers and others)Aug 7, 2023 · Announced acquisition · AB InBev divests an energy-drink brand and eight craft beer brands in a single carve-out. | Food & bev | Undisclosed | Tilray Brandsfrom Anheuser-Busch InBev | bevnet.com |
Sovos BrandsAug 7, 2023 · Announced acquisition · Rao's was the bulk of Sovos net sales; Campbell's largest deal since Snyder's-Lance. The purchase did not close until March 2024 after an FTC second request. | Food & bev | $2.7B · 14.6x revenue | The Campbell's Companyfrom Advent International | sec.gov |
Nona LimAug 3, 2023 · Acquisition, completed · Fresh noodle and broth brand stays standalone with its founder in place. | Food & bev | Undisclosed | DDC Enterprise (DayDayCook) | nosh.com |
Alpha FoodsAug 1, 2023 · Acquisition, completed · LIVEKINDLY's sixth brand acquisition, coinciding with a full product reformulation. | Food & bev | Undisclosed | LiveKindly Collective | nosh.com |
Bondi SandsAug 1, 2023 · Announced acquisition · Kao buys the Australian self-tan and sun care brand to build a lead in skin protection. | Beauty | $450M | Kao Corporationfrom founders and existing holders | beautymatter.com |
Table M6 · July 202312 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Gianvito RossiJul 28, 2023 · Acquisition, completed · Richemont took control of the Italian luxury shoemaker with the founder staying on creatively. | Apparel | Undisclosed | Richemontfrom Gianvito Rossi | fashiondive.com |
Valentino (30% stake)Jul 27, 2023 · Announced stake · Kering also secured an option to buy the rest of Valentino by the end of 2028. | Apparel | $1.87B | Keringfrom Mayhoola | fashiondive.com |
High Brew Coffee (78% stake)Jul 25, 2023 · Stake, completed · Latin American beverage platform took control of the canned cold-brew pioneer. | Food & bev | Undisclosed | Belivfrom founder David Smith and existing investors (retain 22%) | bevnet.com |
CuupJul 20, 2023 · Acquisition, completed · FullBeauty's second 2023 brand deal, after Eloquii, aimed at younger shoppers. | Apparel | Undisclosed | FullBeauty Brands | retaildive.com |
La Colombe (33% stake)Jul 20, 2023 · Announced stake · Paired with a sales and distribution deal plus a K-Cup licensing and manufacturing agreement. | Food & bev | $300M · 3x revenue | Keurig Dr Pepperfrom Hamdi Ulukaya (retains majority) | fooddive.com |
Marie's dressings and Dean's dipsJul 20, 2023 · Acquisition, completed · Two retail brands carved out of Ventura Foods, continuing Brynwood's carve-out strategy. | Food & bev | Undisclosed | West Madison Foods (Brynwood Partners)from Ventura Foods | nosh.com |
Irene Forte SkincareJul 19, 2023 · Stake, completed · Minority growth investment; industry sources put 2022 retail sales near $2 million at 100% growth. | Beauty | Undisclosed | L Catterton | beautymatter.com |
Blu AtlasJul 17, 2023 · Acquisition, completed · Foundry's third men's personal care acquisition. | Beauty | Undisclosed | Foundry | beautymatter.com |
Dori AlimentosJuly 2023 · Acquisition, completed · Brazilian sweets maker; Ferrara's first of two 2023 deals. | Food & bev | Undisclosed | Ferrara Candy | just-food.com |
Pooch & MuttJul 14, 2023 · Acquisition, completed · VAFO took full ownership after raising its stake to 40% in 2022. | Pet | Undisclosed | VAFO Group (Czech Republic)from Guy Blaskey (founder) | globalpetindustry.com |
ACJ InternationalJul 13, 2023 · Acquisition, completed · Pet food brand emphasising transparency in safety and quality; Capstone gives a $41.4 million enterprise value. | Pet | $41.4M | The Andersons | capstonepartners.com |
Kevin's Natural FoodsJul 5, 2023 · Announced acquisition · Sous-vide meals, sides and sauces brand runs as a standalone business within Mars Food & Nutrition; close expected in Q3 2023. | Food & bev | Undisclosed | Mars, Incorporatedfrom TowerBrook Capital Partners and NewRoad Capital Partners (minority partners exiting) | mars.com |
Table M7 · June 202319 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Nuvo Sparkling LiqueurJun 30, 2023 · Acquisition, completed · Bols had already managed the brand in the US since 2018. | Food & bev | $5.7M | Lucas Bolsfrom London Group (US) | bevnet.com |
HausJun 29, 2023 · Acquisition, completed · Low-abv aperitif brand relaunched after Constellation Brands pulled out of its $10 million Series A, which killed the company. | Food & bev | Undisclosed | The Naked Marketfrom Haus | fooddive.com |
Love Child OrganicsJun 28, 2023 · Announced acquisition · Canadian organic baby food and kids' snacks brand; close expected by 30 June. Capstone's Food report dates the transaction 16 June 2023. | Food & bev | Undisclosed | Nature's Path Organic Foods | foodbusinessnews.net |
Lucky JackJun 28, 2023 · Acquisition, completed · Coffee brand quietly exited to a private-label manufacturer in mid-May. | Food & bev | Undisclosed | Magnum Coffee Roastery | bevnet.com |
Whole Earth BrandsJun 27, 2023 · Reported talks sale process · Non-binding SEC-filed proposal from the Equal and Whole Earth owner's largest shareholder, holding over 21%. | Food & bev | $169M | Sir Martin Franklin / Sababa Holdings | just-food.com |
CreedJun 26, 2023 · Announced acquisition · Kering Beaute's first acquisition; Creed revenue above EUR 250 million and EBITDA around EUR 150 million for the year to 31 March 2023. | Beauty | $3.8B · 14x revenue | Keringfrom BlackRock Long Term Private Capital Europe and chairman Javier Ferran | beautymatter.com |
Parfums de Marly and Initio Parfums Prives (Sprecher Berrier Group)Jun 22, 2023 · Announced acquisition · Majority stake in the niche-fragrance group; Parfums de Marly posted $280 million of retail sales in 2022. | Beauty | $700M | Advent Internationalfrom the Sprecher Berrier family | beautymatter.com |
Montezuma's ChocolateJune 2023 · Acquisition, completed · UK chocolate brand; the founders returned to leadership. | Food & bev | Undisclosed | Paramount Retail Group | just-food.com |
YassoJun 15, 2023 · Announced acquisition · Frozen Greek yogurt brand crossed $200 million of retail sales by September 2022 and was projected above $300 million in 2023; aligned to the premiumisation strategy of Unilever's ice cream group. | Food & bev | Undisclosed | Unilever | fooddive.com |
Anodyne Coffee RoastingJun 13, 2023 · Acquisition, completed · Roasted coffee producer joins the FairWave speciality coffee platform. | Food & bev | Undisclosed | FairWave | capstonepartners.com |
Ace Beverage Group (90% stake)Jun 12, 2023 · Announced stake · Leader in the Canadian RTD market through Cottage Springs; Capstone gives an enterprise value of $123.5 million for the 90% stake. | Food & bev | $123.5M | Corby Spirit and Wine (majority-owned by Pernod Ricard) | capstonepartners.com |
DiadermineJun 9, 2023 · Acquisition, completed · Henkel divests the mass skincare brand but keeps operating it transitionally. | Beauty | $17.63M | Beauty Internationalfrom Henkel | beautymatter.com |
Future Life Health Products (remaining 50%)Jun 9, 2023 · Announced acquisition · South African immune-supplement cereal and bar maker; close expected early July. | Food & bev | Undisclosed | Pioneer Foods (PepsiCo)from Paul Saad (founder) | just-food.com |
OtherlandJun 9, 2023 · Acquisition, completed · The DTC candle brand joined Capri Blue and Thymes in Curio's portfolio. | Home | Undisclosed | Curio Brands | retaildive.com |
8th Wonder Brewery, Distillery and CannabisJun 8, 2023 · Acquisition, completed · Houston brewery and distillery acquired by a Texas cannabis company. | Food & bev | Undisclosed | Bayou City Hemp Company | bevnet.com |
Great JonesJun 6, 2023 · Acquisition, completed · The KitchenAid and Farberware maker bought the DTC cookware brand; co-founder Sierra Tishgart continued to lead it. | Home | Undisclosed | Meyer Corporation | retaildive.com |
BevJun 5, 2023 · Acquisition, completed · Gallo bought the Los Angeles canned wine and spritz brand two years after taking its US distribution rights. | Food & bev | Undisclosed | E. & J. Gallo Winery | bevnet.com |
Hunter Boots (intellectual property)Jun 5, 2023 · Announced acquisition · ABG said the deal was part of an effort to diversify its portfolio outside the US. | Apparel | Undisclosed | Authentic Brands Group (IP), with Vince Holding Corp taking the operating businessfrom Hunter Boots (intellectual property) | retaildive.com |
Penelope BourbonJun 1, 2023 · Acquisition, completed · Premium bourbon brand; Capstone's table gives a $105.0 million enterprise value. | Food & bev | $105M | Luxco | capstonepartners.com |
Table M8 · May 202313 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Elevate BrandsMay 31, 2023 · Announced acquisition · Two Amazon aggregators combined into SellerX Group, covering 80 Amazon-native brands on EUR 400 million ($426 million) of sales; Elevate had raised $250 million to date. | Other | $64M | SellerXfrom Elevate Brands | techcrunch.com |
Wings & ArrowMay 31, 2023 · Acquisition, completed · Canned beverage brands including Ashland Hard Seltzer and Mucho Aloha Hard Seltzer. | Food & bev | Undisclosed | Ninkasi | capstonepartners.com |
Emerald NutsMay 30, 2023 · Announced acquisition · Emerald did $66 million of net sales in FY22 and came to Campbell via Snyder's-Lance; Campbell prioritised its stronger snacking labels. | Food & bev | Undisclosed | Flagstone Foodsfrom The Campbell's Company | fooddive.com |
Eat HowlMay 24, 2023 · Acquisition, completed · Plant-based food brand, including a cashew-based mac and cheese. | Food & bev | Undisclosed | Penguin Natural Foods | capstonepartners.com |
Current FoodsMay 23, 2023 · Acquisition, completed · Plant-based raw seafood brand acquired in a cashless deal, following Wicked Kitchen's 2022 purchase of Good Catch. | Food & bev | Undisclosed | Wicked Kitchen | fooddive.com |
Scotch & SodaMay 17, 2023 · Stake, completed · B. Riley took an undisclosed equity stake weeks after Bluestar bought the brand out of bankruptcy. | Apparel | Undisclosed | B. Riley Financial, via Bluestar Alliance | fashiondive.com |
SperryMay 12, 2023 · Announced sale process · Wolverine opened a strategic review of Sperry; the sale to Authentic Brands Group did not close until January 2024, so only the review falls in 2023. | Apparel | Undisclosed | Not namedfrom Wolverine World Wide | retaildive.com |
TOSTMay 12, 2023 · Stake, completed · Minority stake in the alcohol-free sparkling beverage brand as part of Constellation's higher-end push. | Food & bev | Undisclosed | Constellation Brands | bevnet.com |
TerraFlameMay 11, 2023 · Acquisition, completed · Added the fire pit and indoor s'mores roaster maker plus its Target, Pottery Barn and Williams Sonoma accounts. | Home | Undisclosed | Solo Brands | retaildive.com |
Juliette Has A GunMay 9, 2023 · Stake, completed · Shareholding reorganisation at the niche fragrance brand, which tripled turnover to EUR 120 million retail in 2022. | Beauty | Undisclosed | Cathay Capital (increasing its stake) and Weinberg Capital Partners (new minority) | beautymatter.com |
MemeMay 9, 2023 · Acquisition, completed · Pierre Fabre moves from five-year minority holder to owning the whole of the oncology-dermocosmetics brand. | Beauty | Undisclosed | Pierre Fabrefrom Eutopia (Otium Consumer fund) and the co-founders | beautymatter.com |
Richer PoorerMay 2, 2023 · Acquisition, completed · Co-founder and CEO Iva Pawling stayed on to run the brand as a wholly owned subsidiary. | Apparel | Undisclosed | Francesca'sfrom the Richer Poorer founders | fashiondive.com |
Fishers Island LemonadeMay 1, 2023 · Announced acquisition · RTD premium craft cocktail brand acquired by Gallo's spirits arm. | Food & bev | Undisclosed | Spirit of Gallo (E. & J. Gallo) | capstonepartners.com |
Table M9 · April 202312 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Vince (intellectual property)Apr 25, 2023 · Announced acquisition · Proceeds went to working capital and repaying a $27.7 million term loan. | Apparel | $76.5M | Authentic Brands Group (IP), with Vince Holding Corp taking the operating businessfrom Vince Holding Corp. | retaildive.com |
PsiBufetApr 24, 2023 · Acquisition, completed · Butternut Box used Poland's leading fresh dog food brand as its Central and Eastern Europe hub. | Pet | Undisclosed | Butternut Box | globalpetindustry.com |
EloquiiApr 21, 2023 · Announced acquisition · Plus-size specialist bought the cult favourite; the label's founder stayed on. | Apparel | Undisclosed | FullBeauty Brandsfrom Walmart | retaildive.com |
Minute Maid and Simply (fresh fruit licence)Apr 20, 2023 · Announced ip sale · Simply Select labelling goes on Frutura's Dayka & Hackett fresh citrus and Minute Maid on grapes, at retail before July. | Food & bev | Undisclosed | Frutura (licensee)from Coca-Cola | fooddive.com |
BonobosApr 14, 2023 · Announced acquisition · Walmart exited for far less than the $310 million it paid in 2017. The deal closed 24 May 2023. | Apparel | $75M | WHP Global ($50M for the brand) and Express ($25M for the operating assets)from Walmart | retaildive.com |
HenningApr 14, 2023 · Acquisition, completed · Founder Lauren Chan joined Universal Standard as head of brand partnerships. | Apparel | Undisclosed | Universal Standardfrom the Henning founders | retaildive.com |
Pai SkincareApr 11, 2023 · Stake, completed · Second Famille C investment takes it to a majority; founder Sarah Brown keeps a significant holding. | Beauty | $17.78M | Famille C Venture | beautymatter.com |
Casper (Canadian operations)Apr 10, 2023 · Announced acquisition · The DTC mattress disruptor handed its Canadian business to a traditional retailer operating 290 corporate stores. | Home | $20.6M | Sleep Country Canadafrom Casper (Canadian operations) | retaildive.com |
Western SmokehouseApr 6, 2023 · Acquisition, completed · Meat snack producer sold by Monogram Capital; Capstone's Food report dates the transaction 27 March 2023. | Food & bev | Undisclosed | AUA Private Equity Partnersfrom Monogram Capital | nosh.com |
CheribundiApr 5, 2023 · Acquisition, completed · Two functional-beverage brands combined under NextFoods, which remains majority shareholder; the combined entity operates as GoodBelly. | Food & bev | Undisclosed | NextFoods (GoodBelly)from Cheribundi | bevnet.com |
Boardriders (Billabong, Quiksilver, Roxy, RVCA, DC Shoes, Element)Apr 4, 2023 · Announced acquisition · Expected to close in Q3 2023; ABG said the deal would take its portfolio to $27.6 billion of annual sales against Boardriders' roughly $2.9 billion of revenue. | Apparel | $1.3B | Authentic Brands Group (IP), with Vince Holding Corp taking the operating businessfrom Oaktree Capital Management | fashiondive.com |
AesopApr 3, 2023 · Announced acquisition · L'Oreal's largest acquisition on record. The release gives Aesop 2022 sales of USD 537 million, implying roughly 4.7x revenue, but states no multiple itself. | Beauty | $2.52B | L'Orealfrom Natura &Co | loreal-finance.com |
Table M10 · March 202317 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Scotch & SodaMar 27, 2023 · Announced acquisition · Bluestar bought the Amsterdam brand out of Dutch bankruptcy to continue it in selected markets. | Apparel | Undisclosed | Bluestar Alliancefrom the Scotch & Soda bankrupt entities | retaildive.com |
CANIDAEMar 21, 2023 · Acquisition, completed · Specialty pet food brand combined with Natural Balance; the two later formed Ethos Pet Brands. | Pet | Undisclosed | Natural Balance Pet Foods | capstonepartners.com |
Skrewball SpiritsMar 21, 2023 · Acquisition, completed · Peanut butter flavoured whiskey brand acquired by Pernod Ricard. | Food & bev | Undisclosed | Pernod Ricard | capstonepartners.com |
Moon CheeseMar 16, 2023 · Acquisition, completed · EnWave sold the cheese snack brand and licensed US production as it shifted from retail CPG to licensing partnerships. | Food & bev | Undisclosed | Creations Foodsfrom EnWave Corporation | nosh.com |
Muffin's Blind Dog ClubhouseMar 16, 2023 · Acquisition, completed · Designer and distributor of dog products. | Pet | Undisclosed | Paw Acquisition | capstonepartners.com |
Intuiskin (IOMA, IOMA Hair, Made with Care)Mar 13, 2023 · Acquisition, completed · Unilever divests the personalised-skincare business it bought in 2012 back to its original founder, Jean Michel Karam. | Beauty | $9.72M | IEVA Group (IOMA Paris, Atelier du Sourcil, myIEVA, My Little Paris)from Unilever | beautymatter.com |
Good Day ChocolateMar 10, 2023 · Acquisition, completed · Chocolate-based supplement brand acquired. | Wellness | Undisclosed | And-Y-Not | capstonepartners.com |
Herrmann's ManufakturMar 10, 2023 · Acquisition, completed · Munich-based AlphaPet added the German organic pet food brand while projecting EUR 200 million of 2023 revenue. | Pet | Undisclosed | AlphaPet Ventures | globalpetindustry.com |
Mikey'sMar 10, 2023 · Acquisition, completed · Cali'Foods picked up the grain-free frozen foods brand as part of a larger expansion plan, reported from the Expo West show floor. | Food & bev | Undisclosed | Cali'Foods | nosh.com |
Proud Source WaterMar 9, 2023 · Acquisition, completed · Announced at Natural Products Expo West by SOURCE Global's Neil Grimmer. | Food & bev | Undisclosed | SOURCE Global | bevnet.com |
Riot EnergyMar 9, 2023 · Stake, completed · Minority investment in the Venice, California energy drink brand, with Sierra Nevada also producing and packaging its products. | Food & bev | Undisclosed | Sierra Nevada Brewing Co. | bevnet.com |
WHP Global (+ G-III)Mar 9, 2023 · Announced stake · Equity investment into the brand-management owner of Toys R Us and Anne Klein to fund further M&A. | Apparel | $375M | Ares Management | retaildive.com |
Imperial (baking and pudding mixes)Mar 8, 2023 · Acquisition, completed · The deal closed 1 March; GB Foods keeps the Puurs production site. | Food & bev | Undisclosed | Dr. Oetkerfrom GB Foods | just-food.com |
ThunderbirdMar 8, 2023 · Acquisition, completed · Texas better-for-you manufacturer acquires the Austin nutrition-bar brand. | Food & bev | Undisclosed | Wella Foods | nosh.com |
MwahMar 6, 2023 · Acquisition, completed · Next Gen had led the plant-based gelato brand's $2 million seed the prior year before buying it outright. | Food & bev | Undisclosed | Next Gen Foods (TiNDLE) | fooddive.com |
WildpawMar 6, 2023 · Acquisition, completed · Hemp-based supplement and multivitamin brand for dogs. | Pet | Undisclosed | Pet Wellness | capstonepartners.com |
Bixby Coffee RoastersMar 1, 2023 · Acquisition, completed · Gives Westrock an opening into the influencer-led brand space; includes Bixby's California roasting facility. | Food & bev | Undisclosed | Westrock Coffee Companyfrom founders Miles Fisher and Remington Hotchkis | nosh.com |
Table M11 · February 202320 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Rocco & Roxie SupplyFeb 28, 2023 · Acquisition, completed · Grooming and spa products brand; Capstone gives a $26.5 million enterprise value at 0.9x LTM revenue. | Pet | $26.5M · 0.9x revenue | PetIQ (Bansk Group portfolio) | capstonepartners.com |
Williams Sausage CompanyFeb 22, 2023 · Acquisition, completed · Tennessee branded sausage and bacon business; the meat giant's first deal after a period of M&A inactivity. | Food & bev | Undisclosed | Tyson Foods | fooddive.com |
SoylentFeb 21, 2023 · Acquisition, completed · Meal-replacement brand keeps CEO Demir Vangelov and runs as an independent unit. Capstone's table gives a $29.4 million enterprise value; NOSH reported the close on 22 February. | Food & bev | $29.4M | Starco Brands, Inc. (OTCQB: STCB) | capstonepartners.com |
Park Hill CollectionFeb 20, 2023 · Acquisition, completed · Gerson bought the assets of the Arkansas home-decor designer, which continues operating independently. | Home | Undisclosed | Gerson Companies | homenewsnow.com |
Wet NosesFeb 16, 2023 · Acquisition, completed · Dog and cat food, treats and food topper maker recapitalised. | Pet | Undisclosed | Beach Point Capital Management | capstonepartners.com |
EnergiqueFebruary 2023 · Acquisition, completed · Identified as Voff's first of two 2023 acquisitions, closed in February. | Pet | Undisclosed | Voff Premium Pet Food | globalpetindustry.com |
AwayFeb 14, 2023 · Reported talks sale process · Bloomberg reported the luggage brand, once valued at $1.4 billion, was working with an adviser to solicit buyer interest. | Apparel | Undisclosed | Not named | retaildive.com |
Nolah SleepFeb 14, 2023 · Acquisition, completed · 3Z added Nolah's polyfoam technology alongside Brooklyn Bedding, Helix, Birch and Bear. | Home | Undisclosed | 3Z Brands | homenewsnow.com |
Suave (North America)Feb 14, 2023 · Acquisition, completed · Carve-out of the US and Canada hair and body care business of the 1930-founded mass brand; Unilever keeps Suave elsewhere. Yellow Wood installed Daniel Alter as CEO of the new Suave Brands Company. | Beauty | Undisclosed | Yellow Wood Partnersfrom Unilever | capstonepartners.com |
Rachael Ray Nutrish, Nature's Recipe, 9Lives, Kibbles 'n Bits and Gravy Train (Smucker pet food)Feb 10, 2023 · Announced acquisition · Included Pennsylvania and Kansas plants; expected to close 30 April 2023. Capstone's Pet report carries the same deal as 'Ainsworth Pet Nutrition' at a $1,209.1 million enterprise value and 0.9x revenue. | Pet | $1.2B | Post Holdingsfrom J.M. Smucker (NYSE:SJM) | globalpetindustry.com |
Tofurky and Moocho (Turtle Island Foods)Feb 10, 2023 · Acquisition, completed · Morinaga had supplied Tofurky's tofu for 17 years before buying one of the leading plant-based meat brands. | Food & bev | Undisclosed | Morinaga Nutritional Foods (Morinaga Milk Industry)from the Tofurky family owners | nosh.com |
Alder Creek BeveragesFeb 9, 2023 · Acquisition, completed · Includes 1,700 acres of spring-water land in Boonville, New York. | Food & bev | Undisclosed | Nirvana Water Sciences | bevnet.com |
CellCore BiosciencesFeb 9, 2023 · Acquisition, completed · Cellular-health dietary supplement maker recapitalised by Kainos Capital. | Wellness | Undisclosed | Kainos Capital | capstonepartners.com |
KedsFeb 9, 2023 · Acquisition, completed · The deal closed 4 February 2023 and came with a Hush Puppies licence to Designer Brands effective 1 July 2023. | Apparel | $90M | Designer Brandsfrom Wolverine World Wide | retaildive.com |
Burts SnacksFeb 8, 2023 · Announced acquisition · UK crisps and popcorn maker; the deal was expected to close in March 2023. | Food & bev | Undisclosed | Europe Snacks (Apax Partners-backed)from Jitendrakumar Patel (chairman and shareholder) | just-food.com |
Club GloveFeb 7, 2023 · Acquisition, completed · Golf accessories brand making luggage, covers and travel kits. | Apparel | Undisclosed | Acushnet Holdings | capstonepartners.com |
Eddie Bauer licensing joint venture interestFeb 7, 2023 · Stake, completed · Simon swapped its Eddie Bauer licensing JV stake for a larger holding in ABG, lifting its ABG stake to 12%. | Apparel | Undisclosed | Authentic Brands Group (IP), with Vince Holding Corp taking the operating businessfrom Simon Property Group | retaildive.com |
Indera MillsFeb 6, 2023 · Acquisition, completed · Designer and manufacturer of thermal wear for retail customers. | Apparel | Undisclosed | Intradeco Apparel | capstonepartners.com |
D'USSE CognacFeb 3, 2023 · Acquisition, completed · Super-premium cognac brand; Capstone's table gives a $750.0 million enterprise value. | Food & bev | $750M | Bacardi | capstonepartners.com |
PreCon HealthFeb 3, 2023 · Acquisition, completed · Brain-health supplement developer; Capstone's table gives a $5.0 million enterprise value. | Wellness | $5M | Thorne HealthTech (Unilever approach) | capstonepartners.com |
Table M12 · January 202322 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Pura VidaJan 30, 2023 · Announced acquisition · Vera Bradley took full ownership of the jewellery and accessories brand as its founders left along with much of Vera Bradley's C-suite. | Apparel | Undisclosed | Vera Bradley | retaildive.com |
Mister SnacksJan 25, 2023 · Acquisition, completed · Potato chip, corn chip and similar snack maker acquired. | Food & bev | Undisclosed | George J. Howe Company | capstonepartners.com |
Treat PlanetJan 25, 2023 · Acquisition, completed · Natural and environmentally friendly dog products brand recapitalised. | Pet | Undisclosed | Inverness Graham Investments | capstonepartners.com |
nordaJan 25, 2023 · Acquisition, completed · Trail running shoe and apparel brand. | Apparel | Undisclosed | Ermenegildo Zegna Group | capstonepartners.com |
Purple InnovationJan 24, 2023 · Called off sale process · Purple's special committee rejected Coliseum's bid, after which Coliseum moved to reconstitute the board. | Home | Undisclosed | Coliseum Capital Management | retaildive.com |
Destination Maternity, A Pea in the Pod and Motherhood MaternityJan 23, 2023 · IP sale, completed · Marquee kept ownership of the IP while Hatch took operational control of the North American maternity businesses. | Apparel | Undisclosed | Hatch Collective (Ariane Goldman), with Marquee Brands taking a minority stake in the new entityfrom Marquee Brands | retaildive.com |
Food Should Taste GoodJan 23, 2023 · Acquisition, completed · Tortilla-chip brand divested by General Mills; the deal closed 3 January 2023. | Food & bev | Undisclosed | Powered by Real Food From the Ground Upfrom General Mills | nosh.com |
Royal Crown (Philippines)Jan 21, 2023 · Acquisition, completed · Bottled soft drinks brand; Capstone's table gives an enterprise value of $45.9 million. | Food & bev | $45.9M | Macay Holdings | capstonepartners.com |
KYLA Hard KombuchaJan 19, 2023 · Announced acquisition · Hard kombucha brand acquired; just-drinks' 23 January report names the buyer as Patco Brands and says production stays in Hood River, Oregon. | Food & bev | Undisclosed | MPL Brands | capstonepartners.com |
Great Lakes Potato ChipJan 18, 2023 · Acquisition, completed · Kettle-cooked potato chip maker recapitalised by two private equity firms. | Food & bev | Undisclosed | LaSalle Capital and Lightspring Capital | capstonepartners.com |
Ipswich Ale BreweryJan 18, 2023 · Acquisition, completed · Massachusetts beer and ale brewer changes hands. | Food & bev | Undisclosed | Essex County Brewery | capstonepartners.com |
Probulin ProbioticsJan 18, 2023 · Acquisition, completed · Probiotic supplement brand acquired by CBD platform Kadenwood. | Wellness | Undisclosed | Kadenwood | capstonepartners.com |
Don PapaJan 17, 2023 · Announced acquisition · Diageo buys the Philippine premium rum brand; maximum deal value EUR437.5 million. | Food & bev | $282M | Diageofrom Stephen Carroll and Andrew John Garcia (founders) | just-drinks.com |
COCINA 54Jan 16, 2023 · Acquisition, completed · Founder Cecilia Panichelli announced the sale of the gluten-free frozen empanada brand on LinkedIn. | Food & bev | Undisclosed | Pensieve Foods | nosh.com |
Makeup by MarioQ1 2023 · Stake, completed · Minority investment valuing the brand at over $200 million as it tracked toward $100 million of 2023 revenue. | Beauty | $40M | Provenance and Silas Capital | intrepidib.com |
Bliss (Bliss World)Jan 13, 2023 · Acquisition, completed · L Catterton exits the skincare brand after roughly eight years; BeautyMatter's 16 January report names L Catterton as the seller. | Beauty | Undisclosed | AS Beautyfrom L Catterton | capstonepartners.com |
Mielle OrganicsJan 11, 2023 · Acquisition, completed · Textured-hair brand becomes an independent P&G subsidiary under founders Monique and Melvin Rodriguez; Berkshire Partners exits its 2021 minority stake. Price from Intrepid's Q1'23 report; the 11 January deal date is from Capstone's Beauty M&A report (https://www.capstonepartners.com/wp-content/uploads/2023/05/Capstone-Partners-Beauty-MA-Coverage-Report-May-2023.pdf). | Beauty | $640M | Procter & Gamblefrom Berkshire Partners | intrepidib.com |
Birch BendersJan 10, 2023 · Acquisition, completed · Sovos offloaded the baking-mix brand less than two years after buying it, narrowing focus on Rao's. | Food & bev | Undisclosed | Hometown Food Company (Brynwood Partners)from Sovos Brands | fooddive.com |
SkylarJan 6, 2023 · Announced acquisition · Definitive agreement for the clean-fragrance brand, which had raised about $11M; Skylar runs as a separate unit under founder Cat Chen. Capstone's Beauty report dates the close 12/31/22 at a $16.4M enterprise value. | Beauty | Undisclosed | Starco Brands, Inc. (OTCQB: STCB) | beautymatter.com |
BohanaJan 3, 2023 · Acquisition, completed · Boston air-popped water lily seed snack brand sold to a Texas distributor. | Food & bev | Undisclosed | Vimal Kansara / Boon Distribution | nosh.com |
IQBARJan 3, 2023 · Stake, completed · Lotus took a minority stake leading the functional bar brand's Series B. | Food & bev | Undisclosed | Lotus Bakeries (via its Fast Forward 2032 venture arm) | nosh.com |
SundryJan 3, 2023 · Acquisition, completed · DBG closed its renegotiated purchase of the women's clothing brand. | Apparel | $5M | Digital Brands Group (Nasdaq: DBGI)from Sundry ownership | retaildive.com |
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Talk about your exit
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.
04/Category composition
PLATE 04 · MIX
What 2023 was made of,
by category.
203 deals logged in 2023. The rows below sum to that figure.
Table 2 · 2023 composition by categoryShare of the year's rows
| Category | Total items logged | Share of ledger | With a disclosed price | Largest disclosed |
|---|---|---|---|---|
Food & bev | 89 | 43.8% | 22 | $5.6B |
Beauty | 41 | 20.2% | 18 | $3.8B |
Apparel | 37 | 18.2% | 11 | $8.5B |
Pet | 20 | 9.9% | 4 | $1.2B |
Home | 8 | 3.9% | 1 | $20.6M |
Wellness | 5 | 2.5% | 2 | $680M |
Other | 3 | 1.5% | 2 | $65.8M |
05/Price levels
PLATE 05 · PRICE BANDS
Where the disclosed
prices landed in 2023.
Bands over the 60 rows from 2023 that carry a normalized USD figure, never over the whole year.
Table 3 · 2023 disclosed price bandsShare of the 60 priced rows
| Price band | Deals logged | Share of priced rows |
|---|---|---|
$1B and above | 12 | 20.0% |
$250M to $1B | 17 | 28.3% |
$50M to $250M | 13 | 21.7% |
$10M to $50M | 12 | 20.0% |
Under $10M | 6 | 10.0% |
06/Disclosed multiples
PLATE 06 · MULTIPLES
Published multiples,
2023.
11 of the 203 rows from 2023 carry a revenue or EBITDA multiple. Read them as the disclosed cases, not as a distribution.
Table 4 · 2023 rows with a disclosed multiple11 rows
| Brand | Price | Multiple | Buyer | Category | Source |
|---|---|---|---|---|---|
Dr. Dennis Gross SkincareDec 22, 2023 · Announced acquisition | $450M | 4.8x revenue | Shiseido (Americas)from Main Post Partners | Beauty | beautymatter.com |
Sonoma-Cutrer VineyardsNov 16, 2023 · Announced acquisition | $391.5M | 4.7x revenue | The Duckhorn Portfoliofrom Brown-Forman | Food & bev | capstonepartners.com |
The Body ShopNov 14, 2023 · Announced acquisition | $254M | 2x EBITDA | AURELIUSfrom Natura &Co | Beauty | beautymatter.com |
Almost FamousOct 23, 2023 · Acquisition, completed | $52M | 0.3x revenue | Steven Madden Ltd. | Apparel | fashiondive.com |
Chico's FAS (Chico's, White House Black Market, Soma)Sep 28, 2023 · Announced acquisition | $1B | 0.7x revenue, 6.7x EBITDA | Sycamore Partners | Apparel | retaildive.com |
Hostess Brands (Twinkies, Donettes, CupCakes, DingDongs, Zingers, Voortman)Sep 11, 2023 · Announced acquisition | $5.6B | 17.2x EBITDA | J.M. Smucker (NYSE:SJM) | Food & bev | s203.q4cdn.com |
NaturiumAug 29, 2023 · Announced acquisition | $355M | 4x EBITDA | e.l.f. Beautyfrom The Center (accelerator) and founders including Susan Yara | Beauty | sec.gov |
Sovos BrandsAug 7, 2023 · Announced acquisition | $2.7B | 14.6x revenue | The Campbell's Companyfrom Advent International | Food & bev | sec.gov |
La Colombe (33% stake)Jul 20, 2023 · Announced stake | $300M | 3x revenue | Keurig Dr Pepperfrom Hamdi Ulukaya (retains majority) | Food & bev | fooddive.com |
CreedJun 26, 2023 · Announced acquisition | $3.8B | 14x revenue | Keringfrom BlackRock Long Term Private Capital Europe and chairman Javier Ferran | Beauty | beautymatter.com |
Rocco & Roxie SupplyFeb 28, 2023 · Acquisition, completed | $26.5M | 0.9x revenue | PetIQ (Bansk Group portfolio) | Pet | capstonepartners.com |
07/Year ledgers
PLATE 07 · BY YEAR
The other years,
and the full ledger.
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