Dominic Engels

California’s bipartisan Assembly Bill 1264 (AB 1264), spearheaded by Assemblymember Jesse Gabriel (D-Calif.) and co-authored by Republican Assemblymember James Gallagher (R-Calif.) and Progressive Caucus Chair Alex Lee (D-Calif.), intends to reshape access to healthier foods by removing ultra-processed foods (#UPFs) from #schools across the state. 

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GENERAL MILLS SELLS MUIR GLEN TO VIOLET FOODS Violet Foods, a portfolio company of Amphora Equity Partners, has acquired Muir Glen from General Mills. Financials undisclosed. General Mills acquired Muir Glenn in 2000 to expand into organic foods. The company divested Food Should Taste Good in 2023 and its North American yogurt business ($2.1B to Groupe Lactalis in 2025). Amphora is a F&B specialist PE firm launched in 2025 by two Brynwood Partners veterans and has been moving aggressively in the tomato category acquiring Don Pepino and Sclafani from B&G Foods Inc.. Another deal on the wave of CPG conglomerates shedding smaller, mature assets while PE firms capitalize on these carve-out opportunities. Similar PE carve-outs are: - General Mills selling Helper and Suddenly to Eagle Family Foods for $610M (2.60x sales) - Conagra Brands selling Chef Boyardee to Brynwood for $600M (1.33x sales) - B&G Foods acquired College Inn & Kitchen Basics for $100M for 2.2x ebitda

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When Jacob Afriat worked at Danone's investment arm, he assisted with the Harmless Harvest partnership that eventually lead to its acquisition. He now takes that experience to a fund that he gets to fully control with the support of LP's like Alexandra Lunt and Imad Bazzi of ACH Foods to help bring better-for-you products of legacy American staples - with initial investments in products like Alec's Ice Cream and Habiza. As a follow-in investor, Afriat's network and operations & finance background may be more valuable than the size of a check from other funds. Read more about Great Circle Ventures and its first $20 million fund today on Forbes: https://lnkd.in/g5mEF2Sz

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Market Alert: Is the Craft Spirits Correction Deeper Than We Thought? 📉 The 2025 Craft Spirits Data Project confirms a sobering trend: The U.S. craft spirits market is in its second consecutive year of decline, marking a 6% drop in volume and a 3% decrease in value. This market correction signals an urgent need for craft distillers to re-evaluate pricing, efficiency, and lobbying efforts to compete with the massive production capacity of large suppliers. What innovative strategies (beyond branding) do smaller producers need to implement right now to compete with global suppliers on price and scale? Tune into new episodes of This Week in Bourbon every Friday on our YouTube channel or wherever you get your podcasts. Watch the full episode to hear more Bourbon industry news. [https://lnkd.in/gdsRYbhu] #SpiritsIndustry #MarketAnalysis #CraftDistillers #EconomicTrends #BourbonMarket #Sazerac #SupplyChain #BourbonPursuit #Podcast

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Constellation Brands reported a decline in revenue for its fourth quarter, as demand for beer, wine, and spirits remained under pressure. The company, which imports popular beer brands like Corona and Modelo, said consumers have become more cautious with their spending on alcohol over the past year. Many are now choosing Read more on- https://lnkd.in/gbWktq43

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We’re still months from our full unveiling, but this partnership was too important to wait. Our AI-powered platform for wine, spirits, beer, and RTDs has been quietly operating in the background for nearly a year. Already, over 200 brands are leveraging our tools to help customers buy from over 20,000 retailers nationwide. But thanks to Matt McGinnis and the talented Big Thirst team, this partnership gives spirits brands the ability to unlock omni-channel sales and marketing abilities like never before. We're here to help brands meet consumers where they are—so they can buy what they love, however they want, when they want, every time. It's long overdue that we turned 'Where to Buy' into 'Thanks for Your Purchase.'" Read the full story in The Spirits Business: https://lnkd.in/guytUfGj

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🔥 Monogram Capital Doubles Down on Protein Power Monogram Capital Partners has reacquired Western Smokehouse Partners, one of the fastest-growing players in the better-for-you meat snacks space — and they’re bringing serious scale plans to the table. The Blueprint: • Reacquired from AUA Private Equity after originally selling a majority stake in 2023 • Took the business from 1 to 3 facilities and ~5× EBITDA growth during first ownership stint • AUA expanded to 5 facilities — Monogram plans for 7 by end of 2025 • Riding the wave of high-protein, low-sugar snacking demand (boosted by GLP-1 health trends) • Financed via a single-asset continuation vehicle, providing investor flexibility and growth capital 💡 Takeaway: Owning and scaling the supply chain behind high-growth consumer brands isn’t just an operational edge — it’s a moat. Moves like this show how strategic control of production can accelerate brand growth, protect margins, and position for category leadership. At Delphino Capital Partners, we’re always watching for plays that combine operational scale with market tailwinds — because when the infrastructure grows, so does the brand’s potential. https://lnkd.in/ebw4Chx2 #PrivateEquity #ConsumerGoods #FoodAndBeverage #InvestmentStrategy #SupplyChain

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Searching for growth? General Mills has announced plans to boldly go after the over 55s in their quest to increase volumes. While much of CPG chases 18-45s or the latest wellness fad, General Mills is placing its bets on three under-the-radar, high-leverage consumer groups: - Adults aged 55 +, who account for nearly half of U.S. households and have enormous spending power. - Consumers using GLP-1 medications (up to 12%+ of U.S. adults), who’re eating less but seeking more protein, more functional nutrients, smaller portions. - Hispanic shoppers, where General Mills plans to ramp up innovation and engagement by ~40% in FY26. This move takes product renovation in new directions - redesigning products and formats to match how people now live, eat and feel. They’re innovating for smaller households (smaller pack sizes), higher-protein need states, functional nutrition and not just indulgence. And this isn’t an isolated move. It’s part of a broader CPG reboot as the absence of growth looms. Full article by Elizabeth Crawford here: https://lnkd.in/eC7uqJSk #CPG #Innovation #ConsumerTrends #GeneralMills #Wellness #GLP1 #MidlifeConsumers #BrandStrategy

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RNDC just handed over $6 billion in distribution to Reyes Beverage Group, and Southern Glazer's is acquiring everything else in sight. Here's what it means: RNDC, the second largest wine and spirits distributor in the US, has lost Brown-Forman and Tito's, exited California entirely last summer (~$2 billion in annual revenue), and is now selling 11 states to Reyes Beverage Group in a deal worth approximately $6 billion in revenue. More than 50% of their total business, gone by the end of May. At the same time, Southern Glazer's just acquired Clare Rose, the dominant distributor on Long Island serving 4,500+ accounts, months after absorbing Anheuser-Busch's entire NYC distribution operation. They're already in 47 markets doing roughly $26 billion a year, and they're STILL buying. So we’re seeing the two largest wine and spirits distributors in the country moving in completely opposite directions. One is consolidating aggressively, the other dismantling, and the brands caught in the middle are paying for it. Everyone in the industry felt the shockwave when RNDC pulled out of California last summer. But what most people still haven't drawn is a clear conclusion from what separated the brands that were picked up immediately from those that were left behind. If you look closely, the deciding factor was clearly brands with strong per-store, per-week velocity across all their doors. Because when your distribution infrastructure disappears overnight, velocity is your only leverage, and these larger distributors added 1000s of stale, slow-moving brands over the last decade that they should have released long ago. That’s why we underwrite velocity at Top Shelf before anything else. A brand doing $100+ per store per week across 500+ doors will always find a distributor, while any brand without that data is one bad quarterly review away from getting dropped with no good options.

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Two major beer distribution deals are reshaping key markets in California and New York. 🍺📦 Anheuser-Busch InBev has agreed to purchase the distribution rights for its brands — along with certain craft and non-alcoholic labels — from Advance Beverage in Bakersfield, Calif., adding to its growing network of wholly owned distributors. The deal includes Advance’s facility and its 5+ million case annual business, spanning beer, RTDs and a slate of non-alcoholic brands from Liquid Death to Prime. Meanwhile, Southern Glazer’s Wine & Spirits is set to acquire Long Island-based A-B distributor Clare Rose, folding the operation into Southern Glazer’s Beverage Company of New York as it expands its footprint across Nassau and Suffolk counties. The move builds on SGWS’s 2025 entry into the state’s beer market and signals continued consolidation in one of the country’s largest beverage regions. 🗽 What do these back-to-back deals mean for the “big red” network and the broader distribution landscape? Link to the full story in the first comment below 👇 #BeerIndustry #BeverageDistribution #AnheuserBusch #SouthernGlazers #ThreeTierSystem #AlcoholIndustry #BeverageNews

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"While six-packs remain the most common format for beer sales, at 45% share, sales are growing for other formats. Singles now account for 8% of craft beer volume, according to the report. Popularity is also rising for 19.2-ounce cans for individual beer sales. In 2025, these “stovepipe” cans made up 60% of single beer sales, up from 55% in 2024."

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The reluctance to change SOPs in a rapidly evolving global market has brought the juggernauts of the spirits industry to their knees. Diageo, Brown-Forman, Pernod, etc. These companies experienced a 25-40% decline in a single year. You're not going to fix the problems with magazine ads, bar activations, and national realignment with a wholesaler that won't save you. I'm surprised it took this long, frankly...

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Large #CPG companies like Pepsi are finally responding to the value-focused consumer. The old strategy of just raising prices +10-15% every year, assuming (and hoping) consumers will just absorb the higher prices is no longer working. Consumers are fighting back, and new "challenger brands" and private label brand manufacturers are providing viable alternatives at much lower price points. Thank you NBC News for inviting The Food Institute to share our insights on how #food & #beverage companies are trying to win back the financially-exhausted consumer in 2026. Kayla Steinberg, Margot Cohen, Cheyenne Darcy Amaya, Christine Romans https://lnkd.in/eskQv2w8

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Whole Foods Market's strategy is now operating on two distinct, powerful frequencies: Experience and Automation. The simultaneous expansion of "Sip & Spin" and the rollout of the Automated Micro-Fulfillment Center (MFC) reveal the comprehensive nature of the Amazon/Whole Foods latest master plan. Here is how both fit into the long-term strategy: - The Experiential Win: By adding features like "Sip & Spin", WFM converts a transactional grocery trip into an experiential destination. This increases dwell time, boosts customer loyalty, and drives higher basket sizes—a crucial way for physical retail to compete with pure-play e-commerce. - The Fulfillment Win: The new "store-within-a-store" and MFC are a logistical game-changer. They merge Whole Foods' organic inventory with Amazon's national brand inventory under one roof. The physical store is instantly leveraged as a highly efficient, automated e-commerce fulfillment hub, enabling faster, cheaper online delivery and pickup by combining two previously separate product universes. The net result? The physical Whole Foods store is no longer just a store. It is both a Neighborhood Hub that builds brand affinity and a High-Speed E-commerce Warehouse that enables Amazon to dominate online grocery fulfillment. #WholeFoods #Amazon #RetailStrategy #GroceryTech #ECommerce #SupplyChain #FoodIndustry #CPG #GroceryRetail #Supermarket #Fulfillment

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US Spirits Nielsen Data: Volume deceleration driven by macro weakness and tougher comps. Source: CITI (Industry News Update) October 15, 2025 CITI'S TAKE US Spirits volume growth came to +5.9% in the 4W to Oct 4th (12W +7.2%), lower than the previous 4W partially driven by broader macro weakness and tougher comps (+175bps). Tequila volumes fell in the 4W by -2.5% (-2.6% in the previous 4W) and Cognac volumes fell -11% (-10%). Whiskey and vodka volumes fell -6.1% and -4.9% (vs -4.2% and -4.3% in the previous month), gin volumes fell -9.0% (-7.4%) and rum volumes were down -8.8% (-7.5%). Cordials volumes slightly grew +0.7% (+0.5%), while prepared cocktails volumes grew +29.0% after +29.2% in the previous 4-wks. Total price/mix fell by -6.1% and $ sales growth was down -0.6% for the 4W (vs +1.5% last month and +0.9% for 12W). Diageo — Sales were down -8.2% in the latest 4-wks (-5.5% in the last 12W), a deceleration from -3.9% in the previous 4W. The latest 4W period split volumes -8.4% and price/mix +0.1%. Value share fell -132bps. We estimate that US spirits represent greater than 50% of Diageo's EBIT. Pernod Ricard — Sales fell by -7.4% in the month (-7.0% in the last 12W), worse than the previous 4W at -6.5%. The latest 4W growth was split volumes -9.2% and price/mix +2.0%. Value share fell -37bps. We estimate that US spirits account for greater than c.25% of Pernod's group EBIT. Campari — Sales fell by -5.5% this month, compared to -2.0% in the previous 4W and -3.6% in the last 12W. The latest 4W was split volumes -2.5% and price/mix -3.1%. Value share was down -14bps. We estimate that US spirits account for ~30% of Campari’s EBIT. Remy Cointreau — Sales fell by -6.6% this month, vs the 12W trend of -5.0% and the previous 4W at -3.3%. The latest 4W was split volumes -4.9% and price/mix -1.7%. Value share was down -4bps. We estimate that US spirits account for ~40% of Remy's EBIT. Scope of Nielsen data – We believe the Nielsen AOC+C dataset provides a regular and important update on key industry trends and competitive dynamics. Although the data is a good representation of the off-premise (~50% coverage), it does not capture sales in 1) liquor stores; 2) on-premise, 3) control states and 4) e-commerce. Overall, we estimate Nielsen data covers ~20-30% of the total US spirits market.

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Why Hong Kong’s dining rooms matter for global wine producers?? Hong Kong is more than just a wine hub, it sets the tone for Asia’s on-premise market. With no import duty and a cosmopolitan clientele, the city drives trends that ripple across the region. At the China Competitions (CWC), wines are evaluated not only for quality, but also for value, packaging, and on-trade performance. The focus is on what actually works for consumers and in dining rooms, ensuring medal-winners are truly market-ready. In our latest feature, we spoke with Juwan Kim, Sommelier at La Petite Hong Kong and judge at CWC 2025. His insights reflect the new generation of sommeliers shaping wine lists in Asia’s top restaurants. For Juwan, wines must not only show technical excellence, but also fit the purpose of the menu, tell a compelling story, and meet clear price expectations. Key takeaways for producers looking at Hong Kong and beyond: 1. Wines must show typicity, structure, and balance. 2. Narrative and transparent pricing are as important as technical quality. 3. Importer reliability and lead times are non-negotiable. 4. Elegance, finesse, and authenticity are what resonate with today’s diners. For producers, the message is clear: bring wines with character, clarity, and adaptability, and Hong Kong will reward you with visibility across Asia. Enter your wines into the China Wine Competition 2025 and get in front of buyers who shape Asia’s wine landscape : https://lnkd.in/dE8Gf6JH Regular Deadline: September 18, 2025 Read his views in detail : https://lnkd.in/dKf4UEJf #ChinaWineCompetition #WineBusiness #WineTrade #HongKongWine #AsiaWineMarket #Sommeliers #OnTrade #WineImporters #HospitalityIndustry

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Online trends present big opportunities for food and beverage brands, but they can also create new challenges. For example, viral TikTok trends have triggered global shortages for foods like pistachios and ube. The world's ube supply is highly concentrated in the Philippines, which means brands have limited options if they want to take advantage of the trend. With trends like these (and the shortages that follow) become increasingly common, brands must be strategic in their approach. Flexibility in formats, fast communication, and concentration risk planning are all vital for keeping ahead of these types of viral trends.

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