As is tradition here on New Year’s Eve, we’re closing the book on 2025 by taking a look back at the stories that most caught your eyes. This year’s Top 10 Most Read BevNET Stories include several M&A deals for emerging brands, a controversial manufacturing closure, new energy drink innovations and a dirty new play from a major strategic.
10. Mondelez Tells Ghost ‘Hands Off Our Kids’
Keurig Dr Pepper’s (KDP) 2024 acquisition of Ghost was big news at the time. But it was the resulting lawsuit from Mondelez that apparently captured our reader’s attention this year.
In April, two Mondelez subsidiaries in Illinois sued the company for trademark infringement, arguing that Ghost’s 2018 licensing agreement to produce co-branded Sour Patch Kids, Chips Ahoy!, Swedish Fish and Oreo products was nullified by its sale to KDP as the company did not procure written approval to transfer the licensing rights.
Thankfully, the dispute ended swiftly and peacefully as Ghost founder and CEO Dan Lourenco announced a month later in May that the two companies had agreed to “Soft Land” their collaboration, with the co-branded products to slowly leave the market over the ensuing 12 months. So grab those Sour Patch RTDs while you still can!
9. On the RIVR: SoCal Tribe Looks ‘Beyond the Reservation’ with Beverages
Back in January, we profiled RIVR, a new beverage brand founded and owned exclusively by the Soboba Band of Luiseño Indians in Southern California – among the first and only beverage businesses (to our knowledge) to be launched by an individual Indigenous group.
RIVR is an uncarbonated tea-based drink available in both infused hemp-derived THC (5 mg per 12 oz. can) and non-psychoactive versions. Two of the drinks also feature caffeine from yerba mate and functional benefits from lion’s mane and cordyceps mushrooms while a “Serene” variety offers a caffeine-free relaxation option with reishi mushrooms and ashwagandha.
8. UPTIME Energy Acquires RISE Brewing Co.
Nitro cold brew coffee brand RISE Brewing Co. made its way to an exit in February when it was acquired by UPTIME Energy, bringing two caffeinated independent brands under the same umbrella.
RISE co-founder Grant Gyesky said at the time that the acquisition was an “easy decision,” as it allows RISE to accomplish three years worth of growth goals “overnight” by addressing issues tied to distribution and profitability immediately.
7. Culture Pop Lands $15M to ‘Close the Gap’ in Modern Soda
While Poppi may have understandably dominated the discussions around the ‘Modern Soda’ set this year, it was emerging probiotic soda maker Culture Pop that grabbed our readers this year when it closed a $15 million funding round.
The Boston-based brand, founded by Nantucket Nectars creator Tom First, raised the cash ahead of a new flavor launch (Grape) and amidst a major retail expansion that included nationwide coverage in Target alongside new doors at H-E-B, Albertsons and Walmart.
6. Barstool Sports Owner Dave Portnoy Backs PHX Energy Drink Launch
Startup energy drink brand PHX (pronounced Phoenix) rose to prominence fast thanks to the involvement of Barstool Sports owner and general media celebrity Dave Portnoy.
The brand launched in New York, Massachusetts and Ohio in July with a six-SKU line of functional energy drinks, and Portnoy’s backing certainly helped to give it a fiery roll out. However, in an unusual twist Portnoy does not have a financial stake in the business, rather he’s serving as a marketing partner and is expected to “play an instrumental role in the brand’s growth and boost awareness and visibility.”
5. Manna Beverages Shutters All California Operations, Terminates Employees
In a major blow to West Coast beverage production, Manna Beverages abruptly shuttered operations and terminated all employees at two production sites in October, including its recently acquired Nor-Cal Beverages plant.
Manna cited underperformance and mounting debts as driving the closures, with a letter to employees claiming it was unable to “retain additional capital to meet the Company’s significant working capital needs.”
Members of the Nor-Cal Beverage Employees’ Union were caught unawares by the move, reporting that they were informed on a Thursday night not to report to work the next day. Union president Greg Ball told local media that the teams were “totally shocked.” The closure may also have run afoul of California law requiring companies to give 60-day notice before a mass layoff, plant closure or relocation.
4. Calypso Acquires Mela Watermelon Water
King Juice, the parent company of Calypso Lemonade, grew its portfolio in April with the acquisition of plant-based hydration brand Mela Water, which makes a line of premium watermelon waters.
Calypso has been a business to watch in recent years, reporting over $137 million in sales for the 52-weeks ending March 21, 2025 per Circana data, and its full sugar and Light lemonades have been strong growers in the market. With strong revenue, the business – it would seem – has now emerged as a potential buyer for emerging brands.
3. Spindrift Agrees Sale to PE Firm Gryphon Investors; Dave Burwick Named CEO
Our most read M&A story, however, went to Spindrift when the sparkling water brand sold to Gryphon Investors in January for a deal reported to be around $650 million.
The long-awaited exit for the fast-growing business also saw founder Bill Creelman step aside as CEO (he’s still onboard as chairman), welcoming former Boston Beer Company chief executive Dave Burwick into the role.
2. Monster Touts Female-Focused Energy Innovation As Q3 Sales Pass $2B
Monster Beverage Corp. has made inroads with female consumers in recent years via its Reign Storm brand, but a new woman-focused brand called FLRT, slated for a release in early 2026, proved to be big news in November.
Reasons for the innovation weren’t quite clear, but it could be that Monster needs to compete harder against Celsius, which acquired Alani Nu earlier this year and already had a strong female base on its core brand. Female-focused energy has continued to be a significant piece of the energy category, with other emerging brands like Bloom and Gorgie also gaining share.
1. Pepsi Dives Further into “Dirty Soda” With Mountain Dew, MUG Root Beer
Dirty Soda has been a much buzzed about trend in on-premise and online via TikTok, and PepsiCo’s decision to bring it to the RTD sector with a Dirty Dew was exciting enough to be BevNET’s most read story of 2025.
In September, the company announced it would launch Dirty Mountain Dew Cream Soda Dew (say that five times fast) in standard and zero-sugar varieties.
But the Dew isn’t alone: Pepsi’s Mug Root Beer brand also announced Mug Root Beer Floats Vanilla Howler as another dirty play, scheduled for a summer launch in the new year.