Blake Nolan

When we talk about M&A, it's easy to focus on big-ticket acquisitions. But the smartest companies are playing both offense and defense, restructuring their portfolios with a combination of divestitures and targeted buys. Recent news, including the below, inspired me to write Shelf Life, a three-part series about what M&A reckoning and business restructuring look like for CPG conglomerates in uncertain markets. Plus, why it matters for smaller brands looking for a strategic sale down the line. Recent Headlines: - Unilever is closing its REN Clean Skincare business - PepsiCo acquired poppi for $1.95 billion - Juice Beauty, Inc. is liquidating - Church & Dwight Co., Inc. is acquiring touchland - E.L.F. BEAUTY is acquiring rhode skin for $1 billion Check out Part 1 on my Substack, which includes a case study on Shiseido's move away from cosmetics and into skincare. https://lnkd.in/eh7nHH4T

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PAINE SCHWARTZ ANNOUNCES NEW PLATFORM IN BETTER FOR YOU CATEGORY PUSH I keep yapping about Paine Schwartz Partners, as they continue to do interesting things in the CPG space - most recently, the NYC based PE fund announced a platform they're calling 'BetterCo Holdings' that is focused on investing in companies 'that are reshaping the food and beverage landscape through innovation, sustainability and a commitment to health and wellness.' Its first investments include: Crisp, an AI driven supply chain platform for cpg and Lucky Energy, which recently announced a $25m series B investment from the group just two weeks ago What is interesting to me is the sprinkle of tech alongside a classic beverage co. As someone running a platform that's not competitive to Crisp, but in the same ish direction, there are definitely lots of insights that Paine Schwartz can leverage across the portfolio from Crisp's data

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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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According to Crunchbase, global food tech funding in 2024 hit just $6B—down from over $20B in 2021. But the real story? M&A is surging. From PepsiCo’s $1.95B acquisition of poppi to David’s purchase of Epogee , strategic buyers are back at the table, hungry for innovation with clear revenue paths. Consolidation is the name of the game as valuations normalize and capital tightens. This is a shift worth watching: visionary tech is no longer enough—now it’s about viability, profitability, and execution. Startups that can deliver are becoming prime acquisition targets. What do you think—is this the golden window for M&A in food tech? Read More: https://lnkd.in/ebgTwSxb #FoodTech #MergersAndAcquisitions #CPG #VentureCapital #SustainableFood #Protein #Innovation #Hospitality #EmergingBrands #FoodInnovation Hospitality Headline Newsletter Branded Hospitality Peter Rahal Mary Ann Azevedo Nathan Cooper Sam Polk, CFA Allison Ellsworth

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Growth and profitability are not opposing forces. If anything, they're sequential. Once your unit economics work - every additional customer can spread fixed costs thinner, every transaction can make ops more efficient, and every bit of volume can give you better terms with suppliers. Solving for fundamentals will ensure growth makes you profitable, and doesn't become the thing that keeps you from it. Shreyans wrote a great piece on it, link in comments.

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This week I had the pleasure of sitting down with Alison Lingane of Ownership Capital Lab to dig in to one of our key themes The Ownership Economy - scaling shared ownership Alison Lingane's Blueprint for Capital Growth 🚀 Employee ownership (EO) remains one of the "best kept secrets" in business, but Alison is determined to bring it mainstream by revolutionizing its capital markets. With nearly 15 years experience in the EO space, including co-founding Project Equity, Alison recognized the critical need for a robust capital market to truly scale shared ownership. Ownership Capital Lab, a nonprofit, is singularly focused on growing investment capital for employee ownership, with a bold goal to inject an additional billion dollars of capital into the space. This is a significant leap, considering the current landscape of about 27-30 dedicated EO funds managing around $500 million in assets, most of which are emerging managers (managers on Funds I-III) I was pretty floored by some of her insights, including: Competitive Acquisition Offers: Newer funds are successfully attracting mainstream business owners with acquisition offers competitive with private equity buyouts, rather than solely employee ownership proposals. This is crucial for tapping into the "silver tsunami" of retiring business owners. Impressive Return Profiles: Private credit employee ownership funds are designed to outperform mainstream private credit, offering 12-15% IRR return profiles with lower default rates. This represents a phenomenal, risk-adjusted success story. Addressing the Capital Stack: The Lab is focused on critical innovations, such as the need for senior debt that can match the speed of private credit to ensure EO funds can compete effectively in acquisition environments. Overcoming Misconceptions: A pervasive challenge is the misconception among some institutional investors that companies opting for employee ownership are "duds" who couldn't secure other offers. This highlights the ongoing, widespread need for investor education. Ownership Capital Lab is addressing these challenges by developing the first-ever roadmap for employee ownership capital growth and fostering essential connections and education among investors and funds. Don't miss the chance to learn more about Alison's work at ownershipcapital.capital and connect with her on LinkedIn to stay updated on their groundbreaking research and educational content. Link to get tickets to hear her speak below (as well as a link to the pod!) Paula D'Ambrosa Greg Brodsky John Abrams Kevin Clegg Lauren Mathis Maura Shenker Matt Cropp Alissa Orlando Sean Campbell Julian S. McKinley Zoe Schlag Ashish Agrawal Andrea Armeni Anna-Lisa Miller Franzi Charen Chris Michael Leah Turnbull Jack Moriarty David Lidz Shawn Berry Roodgally Senatus Julie Menter Curt Lyon Steve Storkan Devin Murphy Matthew Epperson

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An interesting interview with Kirsten Green, founder of Forerunner Ventures, who backed some of the most iconic consumer brands of the last two decades, from Warby Parker to Chime to Dollar Shave Club. My key takeaways: - For founders: solve a real human problem first, then layer in AI smartly. - For investors: look for domain-specific AI that learns and improves over time. - For everyone: think beyond novelty, aim for meaningful interaction. Worth a listen 👇 (link in the first comment) #AI, #VentureCapital, #ProductThinking, #ConsumerTech

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