M&A bolt-on · showcase

Better-for-you bolt-on screen

Buyer audience: Pepsi + Doritos + Gatorade + Quaker Oats Company (parent: PepsiCo, Inc.) · started Oct 27, 01:09 PM UTC · Qloo calls: 0 live, 161 from cache

Pipeline Ablation

Replayed from Qloo responses recorded in the private server-side cache. “Re-run live” re-queries Qloo.

Screened

Analysed

Verdicts

7 pass, 2 watch

Claims judged

75 kept, 13 rejected

Outreach drafts

0 awaiting approval

Ranked shortlist

#	Target	F	Verdict	m1	m2	m3	m4	m5	m6	Coverage
1	Poppi Owned by the buyer's parent: PepsiCo, Inc. · pinned	63.9	Watch	0.63	–	0.81	0.54	0.45	0.75	80%
2	Chobani Independent	62.8	Watch	0.79	0.28	0.82	0.63	0.62	0.57	100%
3	Celsius Independent	59.4	Pass	0.65	0.26	0.82	0.53	0.68	0.76	100%
4	Partake Foods Owner unknown	55.7	Pass	0.63	0.18	0.81	0.66	0.65	0.48	100%
5	Oatly Independent	52.2	Pass	0.62	0.19	0.79	0.61	0.35	0.51	100%
6	Banza Owner unknown	51.4	Pass	0.62	0.18	0.81	0.59	0.31	0.50	100%
7	Liquid Death Owner unknown	50.2	Pass	0.66	0.23	0.81	0.59	0.24	0.23	100%
8	Califia Farms Owner unknown	50.2	Pass	0.66	0.25	0.81	0.46	0.14	0.50	100%
9	Siete Family Foods Owner unknown · pinned	47.4	Pass	0.60	0.16	0.82	0.50	0.15	0.49	100%

m1 two-way affinity · m2 taste overlap · m3 cross-domain agreement · m4 demographics · m5 geographic footprint · m6 momentum. “–” = Qloo could not measure it; it drops out of F rather than counting as zero.

Number check passed: 29 number(s), all in the evidence ledger.Written from the ledger template

Better-for-you bolt-on screen

Buyer audience: Pepsi + Doritos + Gatorade + Quaker Oats Company. Run 2026-10-27; momentum window to 2025-10-01.

#	Target	F	Verdict	Coverage
1	Poppi	63.9	WATCH	80%
2	Chobani	62.8	WATCH	100%
3	Celsius	59.4	PASS	100%
4	Partake Foods	55.7	PASS	100%
5	Oatly	52.2	PASS	100%
6	Banza	51.4	PASS	100%
7	Liquid Death	50.2	PASS	100%
8	Califia Farms	50.2	PASS	100%
9	Siete Family Foods	47.4	PASS	100%

Whole universe: stage-1 screen (29 brands)

One Qloo rank call scores every candidate for the buyer’s audience (forward affinity). The top 8 plus pinned brands get the full analysis.

#	Brand	Forward affinity	Qloo popularity	Ownership	Analysed
1	Chobani	0.81	0.93	Independent	yes
2	Bai	0.80	0.84	Part of another group	Part of Keurig Dr Pepper Inc: not acquirable or venture-stage for this deal type.
3	Kind Snacks	0.76	0.91	Part of another group	Part of Mars, Incorporated: not acquirable or venture-stage for this deal type.
4	Dave's Killer Bread	0.68	0.84	Part of another group	Part of Flowers Foods: not acquirable or venture-stage for this deal type.
5	Liquid Death	0.67	0.92	Owner unknown	yes
6	Califia Farms	0.67	0.91	Owner unknown	yes
7	Celsius	0.66	0.73	Independent	yes
8	LILY's Sweets	0.65	0.85	Part of another group	Part of The Hershey Company: not acquirable or venture-stage for this deal type.
9	Partake Foods	0.64	0.66	Owner unknown	yes
10	Poppi	0.63	0.00	Owned by the buyer's parent	yes
11	RX Bar	0.63	0.92	Part of another group	Part of Kellanova: not acquirable or venture-stage for this deal type.
12	Oatly	0.63	0.94	Independent	yes
13	Banza	0.63	0.88	Owner unknown	yes
14	Zevia	0.63	0.83	Independent
15	GT's Kombucha	0.62	0.88	Independent
16	Simple Mills	0.61	0.86	Owner unknown
17	Health-ade Kombucha	0.61	0.85	Owner unknown
18	Athletic Brewing Co	0.61	0.75	Owner unknown
19	Perfect Bar	0.61	0.88	Part of another group	Part of Mondelez International: not acquirable or venture-stage for this deal type.
20	Siete Family Foods	0.61	0.92	Owner unknown	yes
21	Primal Kitchen	0.61	0.95	Part of another group	Part of Kraft Heinz: not acquirable or venture-stage for this deal type.
22	Vital Farms	0.60	0.75	Independent
23	Liquid I.V.	0.60	0.92	Part of another group	Part of Unilever: not acquirable or venture-stage for this deal type.
24	Recess	0.60	0.81	Owner unknown
25	Magic Spoon	0.60	0.93	Owner unknown
26	Olipop	0.59	0.75	Owner unknown
27	Hu Kitchen	0.58	0.86	Part of another group	Part of Mondelez International, Inc: not acquirable or venture-stage for this deal type.
28	Spindrift Sparkling Water	0.56	0.79	Owner unknown
29	Mid-Day Squares	0.54	0.62	Owner unknown

Not in Qloo’s brand catalogue: LesserEvil.

Momentum window: 24 weeks to 2025-10-01, relative to a cohort of 13 brands.

Run log

Resolving 34 name(s) against Qloo's brand catalogue...
2 name(s) are ambiguous in Qloo. Confirm them to continue.
Confirmed 2 name(s), dropped 0.
Resolving 32 name(s) against Qloo's brand catalogue...
Buyer signal: Pepsi + Doritos + Gatorade + Quaker Oats Company (parent: PepsiCo, Inc.). Universe: 29 brands; not in Qloo: LesserEvil.
Ranking 29 brands against the buyer's audience...
Shortlisted 9: Chobani, Liquid Death, Califia Farms, Celsius, Partake Foods, Poppi, Oatly, Banza, Siete Family Foods. Already owned by PepsiCo, Inc.: Poppi. Skipped as part of another group (not acquirable or venture-stage): Bai (Keurig Dr Pepper Inc.), Kind Snacks (Mars, Incorporated), Dave's Killer Bread (Flowers Foods), LILY's Sweets (The Hershey Company), RX Bar (Kellanova), Perfect Bar (Mondelez International), Primal Kitchen (Kraft Heinz), Liquid I.V. (Unilever), Hu Kitchen (Mondelez International, Inc.).
Analysing 9 target(s) on six audience metrics (asking Qloo ~89 questions)...
Qloo evidence in for Poppi (2/9).
Qloo evidence in for Chobani (1/9).
Qloo evidence in for Liquid Death (3/9).
Qloo evidence in for Partake Foods (5/9).
Qloo evidence in for Celsius (4/9).
Qloo evidence in for Oatly (6/9).
Qloo evidence in for Banza (7/9).
Qloo evidence in for Califia Farms (8/9).
Qloo evidence in for Siete Family Foods (9/9).
Analysed Liquid Death (1/9): 6/6 metrics measured.
Analysed Califia Farms (2/9): 6/6 metrics measured.
Analysed Chobani (3/9): 6/6 metrics measured.
Analysed Celsius (6/9): 6/6 metrics measured.
Analysed Poppi (5/9): 5/6 metrics measured.
Analysed Banza (8/9): 6/6 metrics measured.
Analysed Oatly (7/9): 6/6 metrics measured.
Analysed Partake Foods (4/9): 6/6 metrics measured.
Analysed Siete Family Foods (9/9): 6/6 metrics measured.
Scoring in code: composite, coverage, red flags...
Scored 9 target(s): 2 WATCH, 7 PASS (before debate).
Debating 9 target(s): bull vs bear, judged in code against the ledger...
Califia Farms: 7 of 9 claims validated -> PASS.
Bull claim rejected for Califia Farms: cites m3 Cross-domain agreement "domains[1].score" = 0.8855 as a strength, but it is below the shortlist average (0.892)
Bear claim rejected for Califia Farms: "strongholds" does not resolve to a number in t3-m5
Liquid Death: 6 of 10 claims validated -> PASS.
Bull claim rejected for Liquid Death: cites m3 Cross-domain agreement "domains[1].score" = 0.8822 as a strength, but it is below the shortlist average (0.892)
Bull claim rejected for Liquid Death: cites m6 Momentum "z" = -1.6058 as a strength, but it is below the shortlist average (0.187)
Bear claim rejected for Liquid Death: cites m4 Demographic alignment "value" = 0.5937 as a weakness, but it is above the shortlist average (0.5686)
Celsius: 9 of 9 claims validated -> PASS.
Partake Foods: 10 of 10 claims validated -> PASS.
Chobani: 10 of 10 claims validated -> WATCH.
Poppi: 7 of 10 claims validated -> WATCH.
Bull claim rejected for Poppi: cited 0.892 for m3 Cross-domain agreement "domains[1].score", but the ledger says 0.9129
Bear claim rejected for Poppi: cites m5 Geographic footprint "correlation" = -0.1008 as a weakness, but it is above the shortlist average (-0.2008)
Bear claim rejected for Poppi: cites Composite score "F" = 63.8813 as a weakness, but it is above the shortlist average (54.7982)
Banza: 9 of 10 claims validated -> PASS.
Bull claim rejected for Banza: cites m3 Cross-domain agreement "domains[1].score" = 0.8838 as a strength, but it is below the shortlist average (0.892)
Oatly: 7 of 10 claims validated -> PASS.
Bull claim rejected for Oatly: cites Composite score "F" = 52.2017 as a strength, but it is below the shortlist average (54.7982)
Bear claim rejected for Oatly: cited 0.4375 for m2 Taste-profile overlap "buyerTop20MissingShare", but the ledger says 0.45
Bear claim rejected for Oatly: cited 0.768 for m3 Cross-domain agreement "domains[0].score", but the ledger says 0.7308
Siete Family Foods: 10 of 10 claims validated -> PASS.
Writing 2 IC memo(s); every number is checked against the ledger...
Memo for Chobani: 20 numbers checked, all in the ledger.
Memo for Poppi: 21 numbers checked, all in the ledger.
Acting: pipeline board, outreach drafts (human approval required), monitor registration...
4 earlier deal(s) not shortlisted this time are no longer monitored.
Pinned 128 Qloo responses for replay of this showcase scenario (private server-side cache).
Pipeline updated for 9 target(s); 0 outreach draft(s) waiting for approval.
Done: 2 WATCH, 7 PASS.