In Episode 10 of Unpackaged Goods, we correct last week's mistake: Reuters revised the BeatBox acquisition to $490 million for 85% (not $700 million outright). The real numbers tell an even better story about discipline returning to CPG M&A – AB InBev paying just 1.4x retail sales with a smart earnout structure.

Then we explore L'Oreal's interest in acquiring Armani Beauty – a €1.5 billion business they already operate under license until 2050. Why buy what you already run? Because ownership beats renting, even with 25 years left on the lease.

We also celebrate Borough Broth's £7.5 million raise after 9 years of bootstrapping to £10 million revenue. Started with just £6K, this is what patient building looks like in an impatient industry.

Other stories this week:

• AMASS launches sparkling protein water (because water needs gains?)
• Mike's Hot Honey enters beverages with barista syrup
• REI invests in Dune Suncare through Path Ahead Ventures
• LVMH backs BDK Parfums at 45% growth
• Snif launches Notewrks cologne line at $40M revenue run rate
• Everyone adds protein to everything – peak supplementation achieved

From corrected valuations to patient capital to protein water absurdity, this episode explores what happens when discipline meets desperation in modern CPG.

Listen on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.