Gregory Sewitz

We don't make meat substitutes. I know that's what the category is called. What retailers put on the shelf sign. What journalists write in their articles. But I've never liked the word - and the more we build this company, the more I think it actively gets in the way. "Substitute" implies a hierarchy. There's the real thing, and then there's the replacement you settle for when the real thing isn't available. A substitute teacher. A substitute player. Something that fills a gap. That framing has a ceiling built into it. And when you accept a category name, you inherit its ceiling. If we're making substitutes, the job is replication — get as close as possible to the original. But if the job is replication, you'll always lose. The original has 200 years of optimization, infrastructure, and cultural familiarity behind it. We asked a different question: what does genuinely better protein look like - in ingredients, in footprint, in what it does for you - if you design it from scratch without trying to copy anything? That question leads somewhere different. Different R&D priorities. Different suppliers. Different conversations with chefs. A fermented steak that couldn't exist if we'd started from "how do we replicate beef." Better protein. Some of it happens to look like chicken.

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I find the David Protein story absolutely fascinating! $2 billion valuation in less than 2 years… and so much of the value comes down to one ingredient - EPG. EPG is a fat that has less than 0.7 calories per gram vs ~9 calories in regular fat. This allows David to make products that are significantly lower in calories, without taking away the taste and texture that fat typically provides. But the craziest part to isn’t even that. Peter Rahal didn't invent EPG. He found the company that did and bought it - effectively giving him control over the ingredient. And now the ambition seems much bigger than just David. They've gone from protein bars to ice cream, and are using the same ingredient to build Hall Pass in confectionery and Rudy in potato chips. Essentially taking one piece of food technology and using it across completely different consumer categories. I do wonder how long that advantage can last though… Surely at some point other fat manufacturers will figure out how to create something similar? And not just elsewhere but potentially in India too! But till then, it's quite incredible to see one ingredient potentially become the foundation for multiple billion dollar consumer brands 🤯

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WEEKLY CONSUMER GOODS TRANSACTION ROUNDUP - 1.19.26 VC Deals: 👉 Coconut water brand Coco5 Hydration raises $10M round led by Loop Capital 👉 Non-alcoholic beer brand BERO raised from Paine Schwartz Partners in a transaction that values the brand at $100M+. 👉 FoodNerd closed a $7.5M seed round led by Selva Ventures 👉 Ultra Pouches raised a $11M Series A to scale non-nicotine focus pouches. 👉 SpikedAde raised $10M to scale its vodka-spiked sports drink. M&A Deals: 👉 The Clorox Company buys GOJO, Makers of PURELL for $2.25B in an all cash deal funded through debt valuing Purell at 2.4x sales and 11.9x ebitda. 👉 Wonderbelly a modern OTC wellness brand was acquired by Procter & Gamble for an undisclosed sum. 👉 Pickleball equipment brand Selkirk Sport - We Are Pickleball has received $30M in growth capital from Bluestone Equity Partners. 👉 Smithfield Foods acquires Nathan's Famous, Inc. for $102/share in an all-cash deal for $450M valuing the deal at 2.9x sales and 12.4x EBITDA. 👉 Yellow Wood Partners, LLC portfolio companies Suave Brands Company and Elida Beauty merged into $1.9B retail sales personal care platform Evermark 👉 British Retailer Next acquires UK’s legacy footwear brand Russell & Bromley for $3M 👉 Tapatio Hot Sauce was acquired by Highlander Partners from the Saavedra Family. 👉 L Catterton acquired a significant minority stake in luxury fragrance house EX NIHILO PARIS, as Eurazeo exited its position. 👉 Todo Verde, TUYYO and Nemi Snacks merge under Tuyyo foods. 👉 Chameleon Cold Brew, LLC was acquired by Next In Natural 👉 B&G Foods Inc. acquired College Inn and Kitchen Basics from Del Monte Foods for $110M at 5.5x adjusted EBITDA.

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Protein is driving the next wave of food innovation. What started in supplements is now mainstream — beverages, snacks, and everyday foods are being re-engineered around protein. Global demand for protein products is expected to grow ~37% over the next five years. This isn’t just diet culture. It’s health, satiety, and willingness to pay for function. For snack makers, the signal is clear: protein formats are becoming a premium growth lane, not a niche. #Protein #FoodInnovation #BetterForYou #SnackFood #CPG #ConsumerTrends

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4️⃣ insights from my hot-off-the-press research: The Contrarian Blueprint for the GLP-1 Economy. This will change how you think about GLP-1s. 1. GLP-1 use isn't static.
 2. The biggest demographic blind spot has been men.
 3. There isn't one GLP-1 consumer.
The depth of GLP-1 users by brand varies dramatically. 4. GLP-1s aren't a threat; they're a catalyst for joy
 Check out the article for the full story. The question should never just be "how do we accommodate GLP-1 users?" It's "what does this consumer want now, and how is that changing?" Thank you, Valerie Gritton Connect Media, for featuring my insights! 🤔 Want to get the Executive Preview Report now? Send me a DM or drop a comment below, and we’ll send it! #GLP #ConsumerInsights #Restaurants #BusinessOfJoy https://lnkd.in/gNeJuxMk

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What do the protein LEAD test results mean for the CPG Industry? As some may already know, Consumer Reports (CR) released their latest testing on protein powders and found, according to them, high amounts of lead. What this means for the industry is that you may suddenly see an INFLUX of questions from customers and consumers. It is not a time to panic, but a time to take action and strengthen some programs. So here are some key steps to consider and prepare: 1. Develop a STANDARD RESPONSE that is comprehensive yet simple to explain. Use this as a chance to EDUCATE your consumers. 2. Test for heavy metals in your product, not to alarm but to UNDERSTAND potential risks or areas for improvement. This is especially important if you sell in California (where Prop 65 applies). 3. Become familiar with both federal and local REGULATIONS related to heavy metals. 4. Understand CONSENT JUDGMENT LEVELS, which are negotiated safe use levels that take into account real world feasibility. For example: 📌 Protein supplements and powders: Typically around 3 mcg of lead per day 📌 Chocolate and some mass gainers: Up to 4 mcg per day 📌 General supplements with NSF certification: up to 10 mcg per day 📌 FDA interim reference level for adults: 8.8 mcg per day 📌 Consumer Reports target: 0.5 mcg per day, mirroring Prop 65 threshold, and as you can see, mostly unfeasible 5. Test frequently and review results often to spot trends or supplier changes. ADJUST your TESTING PROGRAM based on new seasons, growing regions, and ingredient sources. 6. Consult with a food attorney or regulatory compliance professional for actual guidance or simply a second opinion. Note: This post is not legal advice, just general information and practical guidance you may use. Questions? Comments? Let us know below 👇

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A BILLION dollars. That’s the valuation Reuters-reported Built explored in 2025 And the wild part? Built didn’t win the protein bar category by “adding more protein.” They won by innovating where the category is most broken: 𝘵𝘢𝘴𝘵𝘦 + 𝘵𝘦𝘹𝘵𝘶𝘳𝘦 Here’s the dirty secret of protein bars: Most people don’t enjoy them. They tolerate them. Chalky. Dense. Weird aftertaste. A functional brick you eat because you “should.” Built made a different bet: If we can make a protein bar eat like a treat… we can steal occasions from candy, snacks, and dessert. So they engineered the experience. The Puff: a marshmallow-like center + indulgent positioning. Not “pretty good for a protein bar.” More like: “Wait… this is a protein bar?!” That’s genius product-market fit. That’s taste + texture as the strategy. Now look at the traction signals (Built is private, so use public proxies): →132,000 sq. ft. new manufacturing + distribution expansion in Utah →Up to 500 jobs tied to that expansion →Retail footprint including Walmart, Costco, Sam’s Club, Target, Kroger, Publix →Named a top-ten fastest-growing brand of 2025 (Numerator) →And again: the reported >$1B sale exploration In crowded categories, claims don’t win. Consumption wins. →Better taste + texture → higher repeat →Higher repeat → higher velocity →Higher velocity → retailers lean in (doors, facings, scale) Built didn’t just sell protein. They sold relief: “You can hit your macros without suffering.” 𝐈𝐟 𝐲𝐨𝐮𝐫 𝐜𝐚𝐭𝐞𝐠𝐨𝐫𝐲 𝐢𝐬 𝐜𝐫𝐨𝐰𝐝𝐞𝐝, 𝐬𝐭𝐨𝐩 𝐭𝐫𝐲𝐢𝐧𝐠 𝐭𝐨 𝐨𝐮𝐭-𝐜𝐥𝐚𝐢𝐦 𝐞𝐯𝐞𝐫𝐲𝐨𝐧𝐞. 𝐅𝐢𝐧𝐝 𝐭𝐡𝐞 𝐨𝐧𝐞 𝐬𝐞𝐧𝐬𝐨𝐫𝐲 𝐜𝐨𝐦𝐩𝐥𝐚𝐢𝐧𝐭 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐚𝐜𝐜𝐞𝐩𝐭 𝐚𝐬 “𝐧𝐨𝐫𝐦𝐚𝐥”… …𝐚𝐧𝐝 𝐝𝐞𝐥𝐞𝐭𝐞 𝐢𝐭. Because the fastest way to differentiate isn’t just "better macros" It’s a new tasty sensation. 💬 What category is still waiting for its “taste + texture” breakthrough?

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I have written a lot lately about protein and where the category is heading. This deal is another data point worth paying attention to. Second Nature Brands, the PE-backed snacking platform behind Brownie Brittle, Sahale Snacks and Voortman, just agreed to acquire Tillamook Country Smoker. Tillamook generates more than $175 million in annual sales and makes clean-label zero-sugar jerky, beef sticks and sausages. This is Second Nature's first move into protein snacks. The category numbers explain why. Dried meat snack sales excluding jerky rose 10.7% to $3.3 billion in 2024. PepsiCo entered this year with Good Warrior. Chomps, Jack Link's Protein Snacks and Archer Meat Snacks are all scaling. The category has gone from a niche better-for-you play to one of the most competitive aisles in the store in a very short window. For Second Nature, Tillamook gives them a platform in a category with real consumer tailwinds. For CapVest, the PE firm backing Second Nature, this is the roll-up playbook working exactly as designed. Buy castoffs and undermanaged brands, add distribution muscle and retail relationships, and let the category growth do some of the work. The harder question is whether clean-label meat snacks can hold their positioning as the category gets crowded with scaled players. Full article: https://lnkd.in/gvsRjjzQ

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