Thirsty Insights

Insights for the Beverage Alcohol Industry
2 Mar

How Celsius Turned the Alani Nu Acquisition Into a Cash Machine

Last Thursday, Celsius Holdings reported Q4 and full-year 2025 results, and they were a blockbuster. Full-year revenue surged +86%, with Q4 alone up an eye-popping +117%. Investors rewarded the print immediately: Celsius stock popped +10% at the open, capping a +105% run over the past twelve months. The catalyst behind this acceleration? Celsius's deliberate evolution from a single brand into a scaled brand platform. At CAGNY a few weeks ago, they laid it out in a single slide. [...]

By Matt Rice M&A , Corporate Strategy Read More
27 Oct

Battle Of The Celebrity-Backed $1B Acquisitions

Last week, e.l.f. Beauty released unusually detailed financials around their acquisition of Hailey Bieber's Rhode beauty brand. Why is a beverage newsletter talking about skincare? Two reasons: The similarities to Casamigos are striking, both brands were ~3 years old at acquisition, and both sold for nearly identical amounts ($700-800M upfront + earnouts totaling $1B) [...]

By Matt Rice M&A Read More
14 Oct

How Sazerac Became The #1 Spirits Supplier in the U.S.

Last week, we reported that Sazerac had acquired Western Son Vodka, a Texas-based distillery known for its 10x distilled, gluten-free vodka made from 100% American corn. What many don’t realize: Sazerac is now the largest spirits company in the U.S. by volume. Privately owned, the company keeps a low profile, but its growth tells a bold story. [...]

By Matt Rice M&A Read More