From Pet Treats to Sleep Tech: The New Consumer Platforms

🐶 Treat Planet Expands Its Pet Empire

PE-backed Treat Planet (by Inverness Graham) has acquired Bosco & Roxy’s, a decorated baked-dog-treat maker doing roughly $50 million in revenue.

Why it matters:

• Bosco & Roxy’s brings 80,000 sq ft of automated production capacity and leadership in the seasonal “celebration & gift” category.

• The deal moves Treat Planet from functional treats (everyday nutrition) into emotion-driven SKUs built for gifting, holidays, and special occasions.

• Together, the two brands form a pet-platform model that blends scale manufacturing with emotional resonance, a recipe for stronger velocity and margins.

📈 Pet is one of the fastest-growing categories in CPG. Expect more creative bolt-ons like this as platforms chase the premium and experiential niches of the market.

💇 Blackstone’s Rare Beauty-Services Play

Private-equity giant Blackstone is making an uncommon move, acquiring a majority stake in Juno, one of South Korea’s top premium salon and hair-care chains, at a $575 million valuation.

Key facts:

• Juno operates 180 + salons across Korea, with expansion underway in Southeast Asia.

• It runs its own stylist academy and in-house product lines, creating a vertically integrated ecosystem that goes beyond services.

• This is a shift for PE, investing in beauty services infrastructure, not just product brands.

🇰🇷 Given K-Beauty’s global momentum, Juno could become the test case for whether Asia’s salon ecosystems can scale into Western markets.

😴 Dreem Health: The FDA-Cleared Sleep Platform

French-born Dreem Health just raised $29 million (led by Eurazeo + Amazon’s Alexa Fund) to expand its digital-sleep-clinic model across the U.S.

What’s different:

• Uses an FDA-cleared chin sensor that measures mandibular movement to detect sleep apnea at home.

• Provides end-to-end virtual care, licensed clinicians, diagnosis, treatment, and insurance billing.

• Expanding to all 50 states with new hardware and analytics funding.

🧠 Think of Dreem as the One Medical of sleep health, merging regulated diagnostics with telehealth at scale.

🎙 Podcast Highlight: Alex Yancher on the New Cross-Border Economy

What happens when geopolitics meets eCommerce?

In this episode, I sat down with Alex Yancher, CEO of Passport, to unpack how shifting trade policy, tariffs, and de minimis thresholds are rewriting global DTC strategy.

We discussed:
🌎 How the end of the U.S. de minimis exemption reshapes international pricing
📦 The real economics behind “tariff hacking” and cross-border fulfillment
📊 Why contribution margin modeling must now factor in customs volatility
💰 How investors are pricing geopolitical risk into CPG and logistics

It’s a masterclass in how macro headwinds turn into operational levers — and why global logistics is now a strategic moat, not a cost center.

🎧 Watch on YouTube, listen on Spotify.

That’s it for this week.
If you liked this issue, forward to a friend who obsesses over brand strategy, capital flows, or exit timing.

In the Money – following the flow of capital in consumer

P.S. We love talking to brands interested in exiting in the next 3-18 months. If you know of any brands interested in exiting, or any firms trying to help port cos manage turnarounds, we'd love to share a POV.

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