Craft brewer M&A is heating up as cos increasingly seek partnerships to help navigate industry challenges. Ninkasi Brewing will merge with Ashland Hard Seltzer parent co, Wings and Arrow LLC, owned and run by Saint Archer founder Josh Landan, to create an all-new company dubbed Great Frontier Holdings, cos announced and Brewbound first reported. Great Frontier will be run by Josh while Ninkasi founders Nikos Ridge and Jamie Floyd maintain leadership roles and manage operations. Suggests this is a non-cash deal and both cos rolling up equity into the combined entity, one source shared with INSIGHTS.

FEMSA has now effectively sold all its active shares in Heineken. Recall, FEMSA announced plans in Feb to divest its ~15% (roughly $8 bil) stake within 2-3 yrs. And it offloaded about $3.7 bil shortly after, with Heineken mopping up over $1 bil worth of shares (and Bill Gates jumping in as well). But today FEMSA sold almost all the remainder, including its entire 5% stake in Heineken NV (roughly $2.8 bil) as well as approx $1.1-bil piece of Heineken Holding. That takes its stake in the holding down from 6.2% to 1.8%, "all of which under-pin the convertible bonds issued in February," Bernstein's Trevor Stirling wrote this morn. So it "effectively eliminates FEMSA's active position in Heineken."

Amid all the shuffles and shifts underneath, beer maintained 2% $$ growth in Circana multi-outlet + convenience channels for latest 4 and 12 wks thru May 21. Volume still soft, down 2.5-3% for both 4 and 12 wks. Just a skosh below 3% $$ growth and 3% volume decline YTD thru Mar 26. So not much changed for total beer in Circana channels in these latest periods. (Editor's note: NielsenIQ shows a bit more negative impact to total beer trends in recent periods.)

Reed's Inc said it's closed series of financing transactions for aggregate of $5.6 mil in proceeds, with an import/export twist. Biggest portion of deal was $4.1 mil PIPE issuance led by D&D Source of Life Holding, Hong Kong-based investment co with stakes in CPG cos including Waldencast beauty & wellness platform. Part of D&D's rationale for deal was to set alliance that will bring innovative bev items from its holdings to US even as Reed's export its boutique sodas to Asia. REED's largest shareholder, Union Square Park Capital Management, and its chmn John Bello also participated in PIPE transaction.

Website of new fund called Humble Growth has gone live, confirming that managing partners are bev super-lawyer Nick Giannuzzi, Orgain founder/ceo Andrew Abraham and RxBar cofounder Peter Rahal and naming key staffers. Recall that SEC filing last fall had indicated that co had raised over $220 mil on way to what we heard was $300 mil target (BBI, Jan 31). Giannuzzi, Abraham and Rahal were signatories to document but their roles weren't specified. Nick had earlier told us he couldn't comment while fund-raising was continuing and yesterday he said that hasn't changed. Given track record of principals, Humble seems to be sparking interest comparable to that of funds like CaVu Partners and PowerPlant Ventures when they were established.

At time drink mixes are having their moment (BBI, May 30), Splenda is heading into segment with line called Splenda Peel & Pour Zero Calorie Drink Mix. Format is liquid pod, packed 6 to a box at $6.99, with peel-back lid that's mixed into 2 qts of water. "It's Pitcher Perfect!" puns the purveyor. It's debuting in Pink Lemonade, Sweet Tea, Fruit Punch and Peach Mango flavors at launch partners that include Publix, HEB, Giant/Shop Rite, Albertsons/Safeway, Food Lion, Hannaford and Stop & Shop, with some Walmart stores soon entering mix . . . While many marketers of CBD bevs focus on non-infused offerings at time of regulatory stasis, Weller is headin' in opposite direction - into low-dosage THC bevs, segment that many in biz view as path forward. Weller+ line announced a year ago finally is hitting Erewhon as exclusive retail partner, in 12-oz sleek cans with balance of 5 mg apiece of THC and CBD augmented by various adaptogens. Posting by cofounder John Simmons shows Reset (Tropical Peach with L-theanine), Relax (Wild Blackberry with Magnesium) and Revv (Raspberry Lime with green tea caffeine) on shelf at $5.49 alongside such alc-alternative brands as Sans and Hiyo. "We envision this category of 21+ adult beverages living alongside alcoholic options in tens of thousands of grocery and liquor stores across the country, helping people consume less alcohol and live more vibrant and positive lives," he enthused. "THIS is the future of federally legal, low-dose, THC consumables." It was delivered to retailer via HiTouch DSD house, per post from that co . . . Here comes another celeb-touted coffee entry. This time it's collab between respected Bay Area roaster Verve and Young the Giant band. The connection? Verve's coffee ops chief Matt Tilley happens to be younger brother of Young the Giant guitarist Jacob Tilley. Same Folk Blend uses Ethiopian beans to celebrate new album from band.

Primo Water, the successor co to private-label power Cott but now a pure-play water purveyor, said ceo Tom Harrington has elected to retire with a target date of Dec 31. He'll retain the role and a board seat until a successor has been found and appointed, PRMW indicated. Board chmn Jerry Fowden, Cott's former ceo, praised Harrington's steady hand since taking helm of merged cos in 2019, saying he "played an instrumental role in transforming Primo Water into a leading pure-play water company, leading our response to the Covid-19 pandemic and meaningfully engaging with our stakeholders, shareowners, customers, communities and associates." JP Morgan analyst Andrea Teixeira termed the announcement "not a shock" given Harrington's years of service, his age of 65 and redefined mission of Primo, "but we think the recent activist campaign that resulted in Legion Partners gaining two seats on the board also could have played a role in the decision." At time Legion started rattling saber, Andrea had noted that its involvement in legacy Primo co also led to ceo turnover and eventual sale to Cott a few months later. Harrington had run DS Services Holdings when it was acquired by Cott in 2014 and stayed on with acquirer, segueing to top role at Primo after that merger.

Are big companies content to continue riding their volume down as they take pricing that seems to exceed current course of inflation? Latest bev data cited in story above suggests that major non-alc bevcos haven't eased up on their pricing actions, even as inflationary pressures to their own costs continue to recede. NY Times probed issue today, worried that margin-garnishing strategy could end up taking a toll on economy. "It could keep inflation robust, contributing to the very pressures used to justify surging prices," per story. "As a result, some economists warn, policymakers at the Federal Reserve may feel compelled to keep raising interest rates, or at least not lower them, increasing the likelihood and severity of an economic downturn."