M&A bolt-on · Pepsi → target #4 of 9

Partake Foods

Premium, mission-driven, allergen-free snack brand providing inclusive, safe, and crave-worthy treats for health-conscious consumers.

Founded 2016 · Competes with Enjoy Life Foods, MadeGood, FreeYumm, Simple Mills · Partnerships: Target, Whole Foods Market, Kroger

Corporate details are Qloo entity data.

Pass

55.7F / 100

100% of the weighted evidence measured

Why this verdict

F 55.7 < 62.

Scores, flags and verdicts are computed in code. The agents can only argue with the ledger; they never set the score.

Six audience metrics

Bar = this target; tick = shortlist average.

m1 Two-way audience affinity

0.63

Harmonic mean of the buyer audience’s affinity for the target and the target audience’s affinity for the buyer’s brands.

m2 Taste-profile overlap

0.18

Rank-weighted overlap of the two audiences’ top-50 cultural taste tags.

m3 Cross-domain agreement

0.81

How strongly the target’s audience embraces the buyer audience’s favourite artists, shows, films and podcasts.

m4 Demographic alignment

0.66

Similarity of the two audiences’ age and gender over-index profiles.

m5 Geographic footprint

0.65

Correlation of metro-level audience affinity, relative to the screened cohort.

m6 Momentum

0.48

Trending rank change over the last 4 weeks vs the 8 before, relative to the cohort.

How F is built

Points each metric adds (weights for M&A bolt-on, renormalised over what Qloo could measure).

Metric	Weight	Points
Two-way audience affinity	0.30	18.9
Taste-profile overlap	0.20	3.6
Cross-domain agreement	0.15	12.1
Demographic alignment	0.15	9.9
Geographic footprint	0.10	6.5
Momentum	0.10	4.8
F		55.7

Qloo explainability: the buyer-side signals driving the forward affinity are Doritos (0.26), Gatorade (0.25), Quaker Oats Company (0.25), Pepsi (0.24).

Where the audiences meet, across culture

The buyer audience’s top titles in each domain, ranked by how strongly Partake Foods’s audience embraces them.

Music0.77

Embraced: Arcangel, Daddy Yankee, Romeo Santos · Least shared: Maluma, Piso 21, Farruko

TV0.90

Embraced: The Baker and the Beauty, Family Law, Step Up: High Water · Least shared: Lego Masters Australia, American Gladiators, Blown Away

Film0.77

Embraced: Toy Story 4, Jumanji: The Next Level, Pokémon: Detective Pikachu · Least shared: Spider-Man: Homecoming, Thor: Ragnarok, Guardians of the Galaxy: Vol. 2

Podcasts0.78

Embraced: The Chalene Show | Diet, Fitness & Life Balance, Trust and Believe with Shaun T, Motivation with Brendon Burchard · Least shared: Talk Is Jericho, The Steve Austin Show, First Take

Taste profile overlap

18 of 82 top taste tags shared.

Both over-index on

female protagonistfriendfamily relationshipsfriendshipHip Hopraprhythm & bluesteenage girl

Buyer only

Pulpo A La Brasa, Seared Diver Scallops, Mole, rock, electronic

Partake Foods only

Vegan, French Fries, Food, african american, new york city

Audience shape

Pepsi (buyer) Partake Foods

Relative over-index (+) or under-index (−) of each aggregate audience, from Qloo. Not individual data.

Momentum

z = -0.15 relative to the screened cohort (2025-10-01).

Footprint overlap for distribution

White space: Partake Foods strong, buyer weak Shared stronghold Other metros

White space

Richmond, Memphis, Omaha, San Francisco

Shared strongholds

Birmingham, Atlanta, New York, Dallas, Philadelphia, Charlotte

Bull vs bear

10 of 10 claims survived the judge; 0 rejected for citing numbers not in the ledger or misreading them.

Bull: for the deal

The composite score sits above the shortlist average, with the audience-overlap evidence pack reading as a strength on the composite itself.
t5-score.F = 55.65t5-score.shortlistAverages.F = 54.8
Demographic alignment is a strength: the aggregate audience skews toward the 45 to 54 bucket, where the target's affinity is 0.59 against the buyer's -0.475, and the demographic cosine is 0.3154 versus the shortlist's 0.1371.
t5-m4.cosine = 0.3154t5-m4.biggestGap.target = 0.59t5-m4.shortlistAverages.cosine = 0.1371
Geographic footprint is a strength: the buyer-target geographic correlation is 0.2904 against a shortlist average of -0.2008, and the target over-indexes in strongholds such as Atlanta and New York with aggregate affinity above 0.85.
t5-m5.correlation = 0.2904t5-m5.shortlistAverages.correlation = -0.2008t5-m5.strongholds[1].target = 0.8559
Cross-domain agreement is strong in TV and Music, where the target's domain scores of 0.8997 and 0.7702 both read as strengths against shortlist averages, indicating the aggregate audience's taste signals align across entertainment categories.
t5-m3.domains[1].score = 0.8997t5-m3.domains[0].score = 0.7702
The Partake profile shows a forward affinity of 0.6381 and a popularity of 0.6577, and the code raised no red flags, so the aggregate audience signals are not offset by any rule-based warning.
t5-profile.forwardAffinity = 0.6381t5-profile.popularity = 0.6577

Bear: against, or diligence first

Taste-profile overlap between buyer and target is thin: the shared-tag overlap value sits below the shortlist average, and only 18 tags are shared out of 82 in the union, a weakness reading on both.
t5-m2.value = 0.1822t5-m2.sharedCount = 18t5-m2.unionCount = 82t5-m2.buyerTop20MissingShare = 0.45
Two-way audience affinity is a weakness against the shortlist: the target's audience affinity (0.6381) and the buyer's (0.6195) both sit below the shortlist averages, so the shared audience is less strong than peers, even though the ratio reads as a strength.
t5-m1.a = 0.6381t5-m1.b = 0.6195t5-m1.shortlistAverages.value = 0.6514
Momentum is weak: the recent-versus-prior audience mean shows a negative z-score of -0.1497 against a shortlist average of 0.1870, so the target's audience interest is not growing in the aggregate data.
t5-m6.z = -0.1497t5-m6.value = 0.475t5-m6.shortlistAverages.z = 0.187
The demographic fit has a large hole: the buyer's aggregate audience under-indexes in the 45 to 54 bucket (-0.475) where the target over-indexes (0.59), a gap that diligence must reconcile before assuming the audiences overlap.
t5-m4.biggestGap.buyer = -0.475t5-m4.biggestGap.target = 0.59
Diligence gaps remain: ownership is unknown and no ultimate parent is recorded, and the target's profile lists just five partner retailers with no shared categories, so the target's standing and independence must be verified before any bolt-on valuation.
t5-profile.popularity = 0.6577t5-profile.screenRank = 9

Provenance: 30 Qloo calls behind this target

Requests as sent (the API key travels in a header and is never logged). Responses are cached privately on the server.

Endpoint	Status	Result	Source
/v2/insights	ok	29 of 29 candidates scored	cache
/v2/insights	ok	29 profile(s)	cache
/v2/insights	ok	50 taste tag(s)	cache
/v2/insights	ok	25 recommended tv_show(s)	cache
/v2/insights	ok	25 recommended podcast(s)	cache
/v2/insights	ok	25 recommended movie(s)	cache
/v2/insights	ok	25 recommended artist(s)	cache
/v2/insights	ok	demographics for 13 of 13 entities	cache
/v2/insights	ok	7265 heatmap cell(s) in United States	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/trending	ok	47 trend point(s)	cache
/v2/insights	ok	4 of 4 candidates scored	cache
/v2/insights	ok	50 taste tag(s)	cache
/v2/insights	ok	25 of 25 candidates scored	cache
/v2/insights	ok	25 of 25 candidates scored	cache
/v2/insights	ok	25 of 25 candidates scored	cache
/v2/insights	ok	25 of 25 candidates scored	cache
/v2/analysis/compare	ok	0 shared catalogue tag(s)	cache
/v2/insights	ok	2900 heatmap cell(s) in United States	cache

Evidence rows (what bull, bear and the judge see)

[
 {
  "id": "t5-flags",
  "label": "Red flags (code rules)",
  "data": {
   "flags": []
  },
  "shortlistAverages": {}
 },
 {
  "id": "t5-m1",
  "label": "m1 Two-way audience affinity",
  "data": {
   "a": 0.6381358570232951,
   "b": 0.6195487180370215,
   "ratio": 0.9708727557279466,
   "value": 0.6287049392066812,
   "reverse": [
    {
     "id": "EA3901B0-A3A5-43F5-AC2A-45C35C400926",
     "name": "Doritos",
     "affinity": 0.6542701170674324
    },
    {
     "id": "18316CE7-595D-4469-8FDF-43D1B70021E4",
     "name": "Gatorade",
     "affinity": 0.6163486016236311
    },
    {
     "id": "099E174E-1FEC-4AD9-80F2-92C2E6CBD6ED",
     "name": "Quaker Oats Company",
     "affinity": 0.6131178130640604
    },
    {
     "id": "957B527A-CF2C-4283-A2FD-3F49741DF5DE",
     "name": "Pepsi",
     "affinity": 0.5944583403929621
    }
   ],
   "coverage": 1
  },
  "shortlistAverages": {
   "a": 0.6624365266218457,
   "b": 0.6407175341615415,
   "ratio": 0.967828417745172,
   "value": 0.6513859043165956
  }
 },
 {
  "id": "t5-m2",
  "label": "m2 Taste-profile overlap",
  "data": {
   "value": 0.18219749652294856,
   "shared": [
    {
     "id": "urn:tag:keyword:media:female_protagonist",
     "name": "female protagonist",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:keyword:media:friend",
     "name": "friend",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:keyword:media:family_relationships",
     "name": "family relationships",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:keyword:media:friendship",
     "name": "friendship",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:genre:music:hip_hop",
     "name": "Hip Hop",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:genre:music:rap",
     "name": "rap",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:genre:music:rhythm_blues",
     "name": "rhythm & blues",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:keyword:media:teenage_girl",
     "name": "teenage girl",
     "subtype": "urn:tag:keyword:media"
    }
   ],
   "coverage": 1,
   "buyerOnly": [
    {
     "id": "urn:tag:specialty_dish:place:pulpo_a_la_brasa",
     "name": "Pulpo A La Brasa",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:specialty_dish:place:seared_diver_scallops",
     "name": "Seared Diver Scallops",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:specialty_dish:place:mole",
     "name": "Mole",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:genre:music:rock",
     "name": "rock",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:genre:music:electronic",
     "name": "electronic",
     "subtype": "urn:tag:genre:music"
    }
   ],
   "targetOnly": [
    {
     "id": "urn:tag:genre:place:restaurant:vegan",
     "name": "Vegan",
     "subtype": "urn:tag:genre:place"
    },
    {
     "id": "urn:tag:specialty_dish:place:french_fries",
     "name": "French Fries",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:genre:media:food",
     "name": "Food",
     "subtype": "urn:tag:genre:media"
    },
    {
     "id": "urn:tag:keyword:media:african_american",
     "name": "african american",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:keyword:media:new_york_city",
     "name": "new york city",
     "subtype": "urn:tag:keyword:media"
    }
   ],
   "unionCount": 82,
   "sharedCount": 18,
   "buyerTop20MissingShare": 0.45
  },
  "shortlistAverages": {
   "value": 0.21621768796827232,
   "sharedCount": 19.625,
   "buyerTop20MissingShare": 0.4375
  }
 },
 {
  "id": "t5-m3",
  "label": "m3 Cross-domain agreement",
  "data": {
   "value": 0.8052853394596119,
   "domains": [
    {
     "type": "urn:entity:artist",
     "clash": [
      {
       "name": "Maluma",
       "affinity": 0.7401835294528353
      },
      {
       "name": "Piso 21",
       "affinity": 0.7429717790036018
      },
      {
       "name": "Farruko",
       "affinity": 0.7481617879789589
      }
     ],
     "label": "Music",
     "score": 0.7701528834794007,
     "shared": [
      {
       "name": "Arcangel",
       "affinity": 0.8038532845137161
      },
      {
       "name": "Daddy Yankee",
       "affinity": 0.7942752574336143
      },
      {
       "name": "Romeo Santos",
       "affinity": 0.789995599886704
      }
     ],
     "expected": 25,
     "returned": 25
    },
    {
     "type": "urn:entity:tv_show",
     "clash": [
      {
       "name": "Lego Masters Australia",
       "affinity": 0.864182314218905
      },
      {
       "name": "American Gladiators",
       "affinity": 0.8750227572586005
      },
      {
       "name": "Blown Away",
       "affinity": 0.8789420513883667
      }
     ],
     "label": "TV",
     "score": 0.8996867573123437,
     "shared": [
      {
       "name": "The Baker and the Beauty",
       "affinity": 0.9278939329939939
      },
      {
       "name": "Family Law",
       "affinity": 0.9269182392031984
      },
      {
       "name": "Step Up: High Water",
       "affinity": 0.9216408852310941
      }
     ],
     "expected": 25,
     "returned": 25
    },
    {
     "type": "urn:entity:movie",
     "clash": [
      {
       "name": "Spider-Man: Homecoming",
       "affinity": 0.7046671191794917
      },
      {
       "name": "Thor: Ragnarok",
       "affinity": 0.7051211904845154
      },
      {
       "name": "Guardians of the Galaxy: Vol. 2",
       "affinity": 0.7066945709754112
      }
     ],
     "label": "Film",
     "score": 0.7728254049341606,
     "shared": [
      {
       "name": "Toy Story 4",
       "affinity": 0.836552491550109
      },
      {
       "name": "Jumanji: The Next Level",
       "affinity": 0.8297625419687967
      },
      {
       "name": "Pokémon: Detective Pikachu",
       "affinity": 0.8261218337903052
      }
     ],
     "expected": 25,
     "returned": 25
    },
    {
     "type": "urn:entity:podcast",
     "clash": [
      {
       "name": "Talk Is Jericho",
       "affinity": 0.6573046416474523
      },
      {
       "name": "The Steve Austin Show",
       "affinity": 0.6575076230510358
      },
      {
       "name": "First Take",
       "affinity": 0.6651793751085031
      }
     ],
     "label": "Podcasts",
     "score": 0.7784763121125425,
     "shared": [
      {
       "name": "The Chalene Show | Diet, Fitness & Life Balance",
       "affinity": 0.9030707967135962
      },
      {
       "name": "Trust and Believe with Shaun T",
       "affinity": 0.8801832774048938
      },
      {
       "name": "Motivation with Brendon Burchard",
       "affinity": 0.8412102290169889
      }
     ],
     "expected": 25,
     "returned": 25
    }
   ],
   "coverage": 1
  },
  "shortlistAverages": {
   "value": 0.810476776925301,
   "domains[0].score": 0.7679707127120858,
   "domains[1].score": 0.8919821957310872,
   "domains[2].score": 0.7814520856550119,
   "domains[3].score": 0.8005021136030196
  }
 },
 {
  "id": "t5-m4",
  "label": "m4 Demographic alignment",
  "data": {
   "buyer": {
    "male": 0.11749999999999998,
    "female": -0.11749999999999998,
    "25_to_29": 0.29000000000000004,
    "30_to_34": -0.0675,
    "35_to_44": -0.22000000000000003,
    "45_to_54": -0.475,
    "55_and_older": -0.3825,
    "24_and_younger": 0.19999999999999998
   },
   "value": 0.657700117979775,
   "cosine": 0.31540023595955013,
   "target": {
    "male": 0.04,
    "female": -0.04,
    "25_to_29": 0.68,
    "30_to_34": 0.14,
    "35_to_44": -0.63,
    "45_to_54": 0.59,
    "55_and_older": -0.8200000000000001,
    "24_and_younger": -0.18
   },
   "coverage": 1,
   "biggestGap": {
    "buyer": -0.475,
    "bucket": "45_to_54",
    "target": 0.59
   }
  },
  "shortlistAverages": {
   "value": 0.5685635164175713,
   "cosine": 0.1371270328351427
  }
 },
 {
  "id": "t5-m5",
  "label": "m5 Geographic footprint",
  "data": {
   "value": 0.6451896838604645,
   "coverage": 1,
   "metroCount": 55,
   "whiteSpace": [
    {
     "lat": 37.5407,
     "lon": -77.436,
     "buyer": 0.7202866475539701,
     "metro": "Richmond",
     "target": 0.7947142038481273,
     "buyerRel": -0.08374043449060331,
     "targetRel": -0.009312878196446106
    },
    {
     "lat": 35.1495,
     "lon": -90.049,
     "buyer": 0.6863002965642402,
     "metro": "Memphis",
     "target": 0.7622699335818953,
     "buyerRel": -0.09195907139780135,
     "targetRel": -0.015989434380146217
    },
    {
     "lat": 41.2565,
     "lon": -95.9345,
     "buyer": 0.6248505302030083,
     "metro": "Omaha",
     "target": 0.7672826898514069,
     "buyerRel": -0.1596071207256955,
     "targetRel": -0.01717496107729688
    },
    {
     "lat": 37.7749,
     "lon": -122.4194,
     "buyer": 0.7889464405773836,
     "metro": "San Francisco",
     "target": 0.8632637257986884,
     "buyerRel": -0.1028134607618606,
     "targetRel": -0.028496175540555835
    }
   ],
   "correlation": 0.29037936772092887,
   "strongholds": [
    {
     "lat": 33.5186,
     "lon": -86.8104,
     "buyer": 0.7416748044389379,
     "metro": "Birmingham",
     "target": 0.7598397930575732,
     "buyerRel": 0.006789833089026365,
     "targetRel": 0.024954821707661723
    },
    {
     "lat": 33.749,
     "lon": -84.388,
     "buyer": 0.8428861612056047,
     "metro": "Atlanta",
     "target": 0.8559010503645407,
     "buyerRel": -0.019584454516602845,
     "targetRel": -0.00656956535766684
    },
    {
     "lat": 40.7128,
     "lon": -74.006,
     "buyer": 0.9035914207294288,
     "metro": "New York",
     "target": 0.9159593073365301,
     "buyerRel": -0.023531372405534268,
     "targetRel": -0.01116348579843296
    },
    {
     "lat": 32.7767,
     "lon": -96.797,
     "buyer": 0.848947725266995,
     "metro": "Dallas",
     "target": 0.8764408157564343,
     "buyerRel": -0.03635787771638299,
     "targetRel": -0.008864787226943727
    },
    {
     "lat": 39.9526,
     "lon": -75.1652,
     "buyer": 0.8644685263094293,
     "metro": "Philadelphia",
     "target": 0.8593999865856582,
     "buyerRel": -0.02960642752285414,
     "targetRel": -0.03467496724662522
    },
    {
     "lat": 35.2271,
     "lon": -80.8431,
     "buyer": 0.8104324490087557,
     "metro": "Charlotte",
     "target": 0.8192422020030127,
     "buyerRel": -0.03657401021373963,
     "targetRel": -0.027764257219482613
    }
   ],
   "whiteSpaceCount": 4,
   "relativeToCohort": true
  },
  "shortlistAverages": {
   "value": 0.3995949410190965,
   "correlation": -0.20081011796180706
  }
 },
 {
  "id": "t5-m6",
  "label": "m6 Momentum",
  "data": {
   "z": -0.14974301012967706,
   "value": 0.47504283164505384,
   "priorSd": 0.0022066304424849885,
   "coverage": 1,
   "priorMean": 0.7298981016860684,
   "normalised": true,
   "recentMean": 0.7269032414834748
  },
  "shortlistAverages": {
   "z": 0.18695947847084152,
   "value": 0.5311599130784737
  }
 },
 {
  "id": "t5-profile",
  "label": "Qloo entity profile: Partake Foods",
  "data": {
   "name": "Partake Foods",
   "drivers": [
    {
     "name": "Doritos",
     "score": 0.2640107621965639
    },
    {
     "name": "Gatorade",
     "score": 0.24870869056773706
    },
    {
     "name": "Quaker Oats Company",
     "score": 0.2474050043258354
    },
    {
     "name": "Pepsi",
     "score": 0.23987554290986354
    }
   ],
   "ownership": "unknown",
   "keyMarkets": [
    "United States"
   ],
   "popularity": 0.6577274499499923,
   "screenRank": 9,
   "foundedYear": 2016,
   "priceRangeUsd": [
    5,
    9
   ],
   "ultimateParent": null,
   "forwardAffinity": 0.6381358570232951,
   "competitorBrands": [
    "Enjoy Life Foods",
    "MadeGood",
    "FreeYumm",
    "Simple Mills",
    "Cybele's Free To Eat"
   ],
   "sharedCategories": [],
   "knownPartnerships": [
    "Target",
    "Whole Foods Market",
    "Kroger",
    "Walmart",
    "Costco"
   ],
   "marketPositioning": "Premium, mission-driven, allergen-free snack brand providing inclusive, safe, and crave-worthy treats for health-conscious consumers."
  },
  "shortlistAverages": {}
 },
 {
  "id": "t5-score",
  "label": "Composite score",
  "data": {
   "F": 55.6522051233054,
   "points": {
    "m1": 18.861148176200437,
    "m2": 3.6439499304589713,
    "m3": 12.079280091894178,
    "m4": 9.865501769696625,
    "m5": 6.451896838604645,
    "m6": 4.750428316450538
   },
   "coverage": 1
  },
  "shortlistAverages": {
   "F": 54.798185502799505
  }
 }
]