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Astō Consumer Partners, the investment firm led by industry veterans Clayton Christopher and Brian Goldberg, has made a $45 million growth equity investment in US breakfast brand Oats Overnight.

With the investment, Christopher and Goldberg say they are betting on subscription-led consumption and disciplined retail expansion in an increasingly crowded better-for-you market.

Oats Overnight, which sells flavoured oat-based breakfast shakes, surpassed $200 million in revenue in 2025, according to people familiar with the matter.

The company has reached more than 2 million consumers, supports over 300,000 active monthly direct-to-consumer subscribers and is now stocked in more than 12,000 retail locations nationwide.

The deal underscores growing investor interest in food brands that demonstrate repeat behaviour and omnichannel scale, rather than short-term trend appeal, as capital becomes more selective across consumer packaged goods.

Astō said it views Oats Overnight as a platform business built on habitual use, with breakfast positioning offering daily consumption opportunities that many snack and indulgence brands struggle to replicate.

The investment firm is led by Christopher, a serial operator whose previous exits include Sweet Leaf Tea to Nestlé, Deep Eddy Vodka to Heaven Hill and Waterloo Sparkling Water to Flexis Capital.

Astō has increasingly applied an operator-led playbook to growth-stage food and beverage brands that have already crossed the $100 million revenue threshold.

For food manufacturers and ingredient suppliers, the growth of Oats Overnight highlights continued demand for functional breakfast formats, particularly those combining convenience, protein and flavour variety, as consumers seek alternatives to traditional cereals and ready-to-eat breakfasts.

The brand’s ability to scale a subscription model alongside national retail distribution also reflects a broader shift in how emerging food companies are using DTC data to inform flavour innovation, pack formats and retail velocity.

Breakfast remains one of the most competitive categories in food and beverage, but brands that can lock in routine usage are more attractive to both investors and retailers, particularly as promotional intensity rises across centre-of-store categories.

The firm says the investment will support distribution expansion, brand building and operational scaling.