# Latest CPG Deals and Market Insights: Drew Fallon, CEO Iris Finance

- Show: [The Startup CPG Podcast](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast)
- Published: 2026-07-04
- Length: 39m
- Episode: 333
- Page: https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2026-07-04-latest-cpg-deals-and-market-insights-drew-fallon-ceo-iris-finance
- Listen: https://share.transistor.fm/s/6f482a11

## Summary

Drew Fallon, CEO of Iris Finance and former CFO of Mad Rabbit, analyzes the current CPG acquisition landscape, noting that while headline deals like Groons and Simple Mills create an illusion of activity, the market is actually muted and concentrated in large 'fireworks' deals due to higher interest rates. He explains that strategic buyers like Unilever and Keurig are restructuring portfolios to fill white spaces in emerging categories like wellness and protein, driven by shifts in consumer behavior such as GLP-1 usage. Fallon advises founders to prioritize gross margins and profitability over pure revenue scaling, warning that the bar for exit has risen significantly, with $2 million in profit now being the threshold for serious private equity interest.

## Outline

1. Introduction: Drew Fallon and Iris Finance
2. The Illusion of CPG M&A Activity
3. Strategic Portfolio Shifts and White Spaces
4. Valuation Multiples and Exit Scale Expectations
5. The Impact of GLP-1s on Consumer Behavior
6. Future Trends: Pet Nutrition and Secondary Markets
7. Fundamentals, Profitability, and Founder Advice

## Topics

- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Marketing & brand](https://hardwarepodcasts.com/topic/marketing-and-brand)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)

## Most relevant to

companies scaling up

## Mentioned

- Iris Finance (company)
- Mad Rabbit (company)
- Groons (company)
- Unilever (company)
- Dr. Squatch (company)
- Keurig Dr Pepper (company)
- Simple Mills (company)
- Alani Nu (company)
- Olipop (company)
- Aesop (company)
- K18 (company)
- Element (company)
- Recess (company)
- Nolis (company)
- Collab Fund (company)
- Salt and Stone (company)
- TikTok Shop (other)

## Related episodes from other shows

- [308 - Everything you wanted to know about Private Equity, M&A with Mesirow](https://hardwarepodcasts.com/podcast/people-of-packaging/2025-03-19-308-everything-you-wanted-to-know-about-private-equity-m-a-with-mesirow) (People of Packaging)
- [290 - Taylor Foxman is the master connector for CPG's!](https://hardwarepodcasts.com/podcast/people-of-packaging/2024-09-26-290-taylor-foxman-is-the-master-connector-for-cpgs) (People of Packaging)
- [Global Strategies and M&A Trends: A Conversation with Lincoln International's Chaim Lubin](https://hardwarepodcasts.com/podcast/ems-c-level/2025-05-08-global-strategies-and-m-a-trends-a-conversation-with-lincoln-internationals-chai) (EMS@C-LEVEL)
- [Advice Line with Jeni Britton of Jeni's Splendid Ice Creams (2025)](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-07-09-advice-line-with-jeni-britton-of-jenis-splendid-ice-creams-2025) (How I Built This)
- [Advice Line with Troy Carter of Atom Factory](https://hardwarepodcasts.com/podcast/how-i-built-this/2025-07-24-advice-line-with-troy-carter-of-atom-factory) (How I Built This)

## Citing this page

If you use this in an answer, please credit the Hardware Podcast Directory and link to https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2026-07-04-latest-cpg-deals-and-market-insights-drew-fallon-ceo-iris-finance. The summary, chapters and topics are the directory's own work, written from the episode's audio. The episode itself, its title and its audio belong to The Startup CPG Podcast.