P&G acquires Mielle Organics; Forma bankruptcy; L’Oréal invests​

Dealboard has the latest from Birch Benders, Slate Milk, Bliss World and more.

P&G acquires Mielle Organics; Forma bankruptcy; L’Oréal invests​

Mielle Organics is joining P&G. (Courtesy photo)

Welcome to Dealboard. In this weekly feature, The Current is providing a look at the mergers, acquisitions and venture capital deals making waves in ecommerce, CPG and retail.

This week, P&G acquired a buzzy beauty brand, the parent of Morphe filed for bankruptcy and L’Oréal made its first metaverse investment.

Check out the latest dealflow:



Mielle Organics, a textured hair brand that is a viral favorite on TikTok, was acquired by Procter & Gamble. Mielle was founded in 2014 by Monique and Melvin Rodriguez, and the husband-and-wife team will continue to lead the brand under P&G Beauty. As part of the deal, Mielle and P&G will each donate $10 million to Mielle Cares, a nonprofit providing economic opportunity in Black and Brown communities. Investors in Mielle include New Voices Fund for Women of Color and Berkshire Partners. “Today is a remarkable moment for our brand and for the climb of Black entrepreneurs everywhere as we collectively continue to break barriers and accelerate the opportunities for growth,” said Monique Rodriguez.

Forma Brands, the parent of beauty brand Morhpe, filed for bankruptcy. The bankruptcy filing includes an agreement to be acquired by an investor group for $33 million. The move to enter Chapter 11 was reportedly being mulled since October. Last week, Morphe said it will close all U.S. stores. Additional brands owned by Forma include Ariana Grande’s R.E.M. Beauty and Lipstick Queen.

Skincare brand Bliss World was acquired from consumer investment firm Catterton by AS Beauty, a joint venture between e.l.f. Beauty cofounders Alan and Joey Shamah and pajama entrepreneurs in the Azrak family. Starting as a spa business, Bliss World now has a presence in more than 30,000 stores, including Target, CVS and Walmart, according to WWD. Along with L Catterton, previous owners of Bliss World include LVMH Moët Hennessy Louis Vuitton, Starwood Resorts and Steiner Leisure.

Birch Benders, a baking brand that makes pancake and waffle mixes, was acquired by Hometown Food Company from Sovos Brands. Hometown, which is controlled by Byrnwood Partners, owns a portfolio of brands acquired from JM Smucker Co. and U.S. rights to Pillsbury’s shelf-stable baking products. The acquisition will expand Hometown’s products in the better-for-you, breakfast and baking categories.


No Meat Factory, a plant-based alternative protein maker, raised $42 million in a Series B round. Tengelmann Growth Partners led the round, with participation from Emil Capital Partners. Founded in 2019, No Meat produces nuggets and hamburgers and whole-muscle alternatives for brand partners from a headquarters in British Columbia. With the funding, the company is planning to build out production in North America and globally, while expanding R&D.

Butter Payments, a fintech company helping subscription businesses prevent accidental churn, raised $22 million in a Series B funding round. Norwest Venture Partners led the round, with participation from Atomic, Transpose Platform and Spring Tide Capital. “We’re building a world in which every online business is instantly 5+% more valuable – simply by opening up access to the users who want their service already,” CEO Vijay Menon wrote in a blog post.

Slate Milk, a maker of high protein chocolate milks and lattes, raised $10.5 million in a Series A funding round, BevNet reported. The funding will support a new product that is set to launch in the coming weeks, and help the brand expand nationally.

On-demand beauty service Glamsquad secured a minority investment from Boathouse Capital, WWD reported. With business picking back up for the app-based service following the lifting of pandemic restrictions, Glamsquad is planning to expand to 15-20 new cities, build out its team and invest in experiential marketing. The amount of the investment was not disclosed.

Digital Village, NFT marketplace and metaverse tech startup, received a minority investment from L’Oréal venture capital arm BOLD. The investment is part of a seed round, which was co-led by the Silicon Valley-based VR Fund. Founded in 2021 by brand and sustainability consultant Evelyn Mora, Digital Village offers scalable technologies centered around digital identities and assets. The amount of the investment, which was the first metaverse-focused check from L’Oréal, was not disclosed.

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