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title: "Spencer Altschul - Wet Hydration | LinkedIn"
url: https://stacklist.com/card/2d0ef91e-3449-4778-bc8d-d2cbb5a9bcab
source_url: "https://www.linkedin.com/in/spencer-altschul-263193112"
stack: https://stacklist.com/c/events/stack/89fca275-4a5c-4495-a2f6-32b098319608
summary: "Spencer Altschul is a professional based in Las Vegas, Nevada, associated with Wet Hydration and a University of Southern California alumnus, with over 5K LinkedIn followers. His activity highlights Wet Hydration's national launch in Walgreens, new investor partnerships, and participation in BevNET industry conversations."
tags: "linkedin-profile, wet-hydration, beverage, entrepreneurship, walgreens, las-vegas"
key_entities: "Spencer Altschul (person), Wet Hydration (organization), University of Southern California (organization), Walgreens (organization), BevNET (organization), Las Vegas, Nevada (location), Expo West (event), LinkedIn (organization)"
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# Spencer Altschul - Wet Hydration | LinkedIn

Sign in to view Spencer’s full profile Spencer can introduce you to 7 people at wet hydration Email or phone Password Show Forgot password? Sign in Sign in with Email or New to LinkedIn? Join now By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . Spencer Altschul Sign in to view Spencer’s full profile Spencer can introduce you to 7 people at wet hydration Email or phone Password Show Forgot password? Sign in Sign in with Email or New to LinkedIn? Join now By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . Las Vegas, Nevada, United States Contact Info Sign in to view Spencer’s full profile Spencer can introduce you to 7 people at wet hydration Email or phone Password Show Forgot password? Sign in Sign in with Email or New to LinkedIn? Join now By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . 5K followers 500+ connections See your mutual connections View mutual connections with Spencer Spencer can introduce you to 7 people at wet hydration Email or phone Password Show Forgot password? Sign in Sign in with Email or New to LinkedIn? Join now By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . Join to view profile Message Sign in to view Spencer’s full profile Spencer can introduce you to 7 people at wet hydration Email or phone Password Show Forgot password? Sign in Sign in with Email or New to LinkedIn? Join now By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . Wet Hydration University of Southern California Report this profile Activity Follow Sign in to view Spencer’s full profile Spencer can introduce you to 7 people at wet hydration Email or phone Password Show Forgot password? Sign in Sign in with Email or New to LinkedIn? Join now By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . This one is special to me. Excited to welcome PG as an investor and ambassador. I firmly believe the best partnerships are built on alignment. A… This one is special to me. Excited to welcome PG as an investor and ambassador. I firmly believe the best partnerships are built on alignment. A… Shared by Spencer Altschul So excited to be part of this conversation with BevNET! If you’ll be there, please say hello. So excited to be part of this conversation with BevNET! If you’ll be there, please say hello. Liked by Spencer Altschul wet hydration is officially launching in Walgreens. From a conversation at Expo West last year to a national rollout. A big step for the brand… wet hydration is officially launching in Walgreens. From a conversation at Expo West last year to a national rollout. A big step for the brand… Shared by Spencer Altschul Join now to see all activity Experience & Education *]:mb-0 text-[18px] text-color-text leading-regular group-hover:underline font-semibold"> Wet Hydration *]:mb-0 not-first-middot leading-[1.75]"> ******* * *** *]:mb-0 [&>*]:text-md [&>*]:text-color-text-low-emphasis"> *]:mb-0 text-[18px] text-color-text leading-regular group-hover:underline font-semibold"> ********** ** ******** ********** *]:mb-0 not-first-middot leading-[1.75]"> ******** ************** *** *********** ******* undefined *]:mb-0 [&>*]:text-md [&>*]:text-color-text-low-emphasis"> 2015 - 2018 *]:mb-0 text-[18px] text-color-text leading-regular group-hover:underline font-semibold"> ********** ** ********** ***** *]:mb-0 not-first-middot leading-[1.75]"> ********** ****** undefined *]:mb-0 [&>*]:text-md [&>*]:text-color-text-low-emphasis"> View Spencer’s full experience By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . Sign in Welcome back Email or phone Password Show Forgot password? Sign in or By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement , Privacy Policy , and Cookie Policy . New to LinkedIn? Join now More activity by Spencer 2023✅ 2024✅ 2025✅ 2026✅ The 4th Expo West with my favorite founder is officially wrapped. WHAT A SHOW! Stay tuned for massive announcements and… 2023✅ 2024✅ 2025✅ 2026✅ The 4th Expo West with my favorite founder is officially wrapped. WHAT A SHOW! Stay tuned for massive announcements and… Liked by Spencer Altschul As someone who never really reached for protein drinks, this became the kind of protein I never knew I wished existed: approachable, light, crisp… As someone who never really reached for protein drinks, this became the kind of protein I never knew I wished existed: approachable, light, crisp… Shared by Spencer Altschul With expanded leadership and global momentum, we’re raising the bar for what private banking can be. With expanded leadership and global momentum, we’re raising the bar for what private banking can be. Liked by Spencer Altschul Amazing execution Lindsey Tate and team! Our protein water launch came to life with a cafe takeover, posters across the city, and countless cans in… Amazing execution Lindsey Tate and team! Our protein water launch came to life with a cafe takeover, posters across the city, and countless cans in… Shared by Spencer Altschul View Spencer’s full profile See who you know in common Get introduced Contact Spencer directly Join to view full profile Other similar profiles Megan Riggs Megan Riggs Crunchy Hydration 4K followers Virginia Beach, VA View Profile Michael Tierney Michael Tierney National Confectioners Association 4K followers Bethlehem, PA View Profile Max Surnow Max Surnow Cooper Street 2K followers Birmingham, MI View Profile Pennie's Tea Pennie's Tea Pennies Tea 872 followers Monee, IL View Profile Matt Joyce Matt Joyce Toom Garlic Dips 4K followers Chicago, IL View Profile David Colina David Colina O2 6K followers United States View Profile Jill Blashack Strahan Jill Blashack Strahan Tastefully Simple 2K followers Alexandria, MN View Profile Adam Goldberg Adam Goldberg Rock & Brews Restaurants 1K followers Manhattan Beach, CA View Profile Blake Niemann Blake Niemann Levels 5K followers Jupiter, FL View Profile Chi Nguyen Chi Nguyen Innovent 4K followers Dallas, TX View Profile Explore more posts Jason Sherman Top Shelf Ventures • 7K followers RNDC just handed over $6 billion in distribution to Reyes Beverage Group, and Southern Glazer's is acquiring everything else in sight. Here's what it means: RNDC, the second largest wine and spirits distributor in the US, has lost Brown-Forman and Tito's, exited California entirely last summer (~$2 billion in annual revenue), and is now selling 11 states to Reyes Beverage Group in a deal worth approximately $6 billion in revenue. More than 50% of their total business, gone by the end of May. At the same time, Southern Glazer's just acquired Clare Rose, the dominant distributor on Long Island serving 4,500+ accounts, months after absorbing Anheuser-Busch's entire NYC distribution operation. They're already in 47 markets doing roughly $26 billion a year, and they're STILL buying. So we’re seeing the two largest wine and spirits distributors in the country moving in completely opposite directions. One is consolidating aggressively, the other dismantling, and the brands caught in the middle are paying for it. Everyone in the industry felt the shockwave when RNDC pulled out of California last summer. But what most people still haven't drawn is a clear conclusion from what separated the brands that were picked up immediately from those that were left behind. If you look closely, the deciding factor was clearly brands with strong per-store, per-week velocity across all their doors. Because when your distribution infrastructure disappears overnight, velocity is your only leverage, and these larger distributors added 1000s of stale, slow-moving brands over the last decade that they should have released long ago. That’s why we underwrite velocity at Top Shelf before anything else. A brand doing $100+ per store per week across 500+ doors will always find a distributor, while any brand without that data is one bad quarterly review away from getting dropped with no good options. 283 23 Comments Ashu Aggrawal Indian Law Institute • 34K followers While we have the youth and the population, the Indian Energy-drink market continues to be infinitesimal and deeply under-served vis-a-vis smaller markets like UAE who have over 200 brands in the category 16 Matt Williams The CPG Collective • 3K followers We are so excited to be partnered with The Open Food Company and Harrys Famous Sauce! Thanks to the support of Gelson's Markets, Colin Thompson, Rich Gillmore, MS-FIL---Gelsons will be our first launch partner in Southern California! We were able to announce the new partnership on Good Morning America on Wednesday, August 13th! We also appreciate the partnership with GOURMET MERCHANTS INTERNATIONAL, who is moving quickly with us to get Harry's on store shelves! The CPG Collective is thrilled to partner with The Open Food Company, founded in 2024 by Emmy‑nominated actor Harry Hamlin and his classically trained chef niece and food industry veteran Renée Guilbault. They’ve launched what’s widely recognized as the first-ever open‑source packaged food company—and their flagship product, Harry’s Famous Sauce, sets a new standard for transparency and purpose ! What makes The Open Food Company unique? Radical transparency: Every ingredient, recipe, and cooking method is openly shared—scan a QR code and you’ve got the full recipe at your fingertips! Clean, accessible food: Sauces are crafted with simple, kitchen-found ingredients—no preservatives, no synthetics—delivering rich, restaurant-quality flavor in just minutes! Impact built-in: Half of the net profits from Harry’s Famous go directly to hunger-relief organizations, including the LA Regional Food Bank, Project Angel Food, Food Bank for NYC, and The Open Door Food Pantry. To date, over $80K has been raised! Ongoing innovation: From the beloved Rosemary Red Wine sauce to bold new flavors like Spicy Tarragon Vodka, Marinara No. 7, and Lemon Pepper Dill, the product line is rapidly evolving! What truly stands out is how Harry and Renée have combined culinary expertise, mission-driven business, and radical openness to shift how we think about convenience foods. It’s refreshing, it’s purposeful—and it’s just the beginning....and we are so excited to be on the journey with this amazing team! 66 10 Comments David Zhao Chubby Group • 4K followers The Infatuation recently reviewed a wagyu-centric shabu house in Los Angeles, reflecting the continued growth of premium hotpot formats in one of the nation’s most competitive dining markets. The coverage highlights how quality sourcing, structured dining experiences, and immersive formats are shaping consumer expectations around wagyu. Southern California remains a key market for experiential dining innovation, and the momentum behind wagyu-focused concepts continues to grow. We appreciate seeing increased attention on this evolving segment of the industry. Full article: https://lnkd.in/eNvGvYKq Noah Sanborn Friedman OuterSignal • 14K followers Huge news in the alcohol distribution world: RNDC is EXITING California. Here's the quick overview and what it means for the industry 👇 RNDC is one of America's biggest wine and spirits distributors. They have historically been a nationwide powerhouse and worked with some of the biggest brands in the country. But, in the last few months, they've been dealt several massive blows in the form of "break ups" with some of their largest partners. Tito's, Sazerac, and Brown Forman (amongst others) all announced plans to change distributors. California is also one of the largest markets in the country for the broader alcohol market, so naturally it was a disproportionately valuable state for RNDC. But, on the heels of the aforementioned supplier losses, RNDC made the somewhat shocking announcement that they would fully exit California. It's left lots of brands scrambling to replace their distributors in CA and reverberated around the industry. What does it mean? Well, it symbolizes the reality that the alcohol industry is in the midst of a shakeup. A majority of players in the industry have been running the same playbooks for the last several decades. For a while, they could get away with the lack of innovative thinking. But now, companies are forced to either adapt and go on offense, or fall behind. The booze business had a rough few years due to the COVID reset. News stories like the RNDC shut down are symptoms of this challenging few years. But, the industry is slowly finding its way back to growth mode. But in this next cycle of growth, I think there will be a clear bifurcation between the companies that truly go on offense and those that continue to rely on the playbooks of decades past. For suppliers, this likely means skating to where the puck is going and getting aggressive with M&A strategies to ensure portfolios match the next generation of drinkers. For retailers, this means leaning into creating a stronger in-store experience for customers which includes everything from customer service, to merchandising, pricing, promotion, and basic store hygiene. And for distributors, this means leaning into much stronger partnerships with suppliers, focusing on world-class execution, and being a true collaborator in building brands. The alcohol industry will continue to grow and there will always be massive opportunity for the people and companies that are willing to be aggressive and zig while others zag. Interesting times in the business... but I remain excited and optimistic through it all. Don't bet against booze! CC Top Shelf Ventures 306 55 Comments myra kressner Vision Group Network • 3K followers Convenience stores represent 45% of all SNAP retailers. These stores serve as critical access points in rural and urban areas where grocery stores may be 40+ miles away. New requirements could force thousands of convenience stores out of the SNAP program, threatening food access for low-income Americans. See more details from Convenience Leaders Vision Group 10 Hardik Shah Alphasumer • 575 followers Constellation Brands Earnings: Modelo Leads, Wine Reboots ▶️ Beer biz outpaces category, Modelo still #1 ▶️ Wine divestment complete, premium shift begins ▶️ $381M returned to shareholders “We continue to lead the U.S. beer industry in dollar share gains.” — CEO Bill Newlands “We remain committed to balanced capital deployment.” — CFO Garth Hankinson Link to full breakdown in comments below 👇 1 Comment Hessam Shirmohammadi Palmetto Superfoods • 1K followers "ORIENTATION" . There’s something special about this day. No customers. No transactions. Just people choosing to believe in something new. . For Palmetto Superfoods Sacramento, I drove up to personally lead orientation with our team. Years ago, I used to imagine what it would feel like to walk into new cities and install the culture myself. To not just open stores - but to build dream teams. This is that moment. . We go over the handbook, the systems, the SOPs, front of house, back of house, how to layer a bowl properly, and most importantly why our açaí is different - and why we should never hesitate to stand behind it. . But more than that…we talk about belief. Belief in the product. Belief in the brand. Belief in themselves. Because consistency doesn’t happen by accident. Standards don’t sustain themselves. And culture doesn’t scale unless it’s protected. I’ve always believed if you want to scale with integrity, you have to show up in person and set the tone. . I operate with an open door policy. Always have. If you’re growing, I’m here. If you’re struggling, I’m here. If you want more, we’ll build the path. We don’t just hire for positions. We build leaders inside our stores. . This is the part most don’t see. But this is the part that matters most. . Sacramento, welcome to the standard! 🌴 22 2 Comments Adam Spriggs supernatural ventures • 8K followers 🍺 Beer is down, Garage is up. We’ve all seen the headlines overstating Bev Alc's demise, but on the heels of the Wall Street Journal’s article on Garage Beer’s capital infusion and $200M valuation, it feels timely to share why we leaned into the opportunity to gain a position in the brand earlier this year: 💪 OHIO Roots: Travis and Jason Kelce are from Cleveland and played college ball at Cincinnati. Andy lives in Columbus, his wife is from Toledo. In a tale as old as time, the midwest continues to export resilient winners. 🏦 Beer is here to stay: The “sober curious” movement is real and growing, but actual consumption of non-alcoholic positioned beverages remains small and fragmented. By contrast, more than 100 million Americans still drink beer every week. That kind of entrenched, habitual demand is what we consider bankable behavior — and it’s where Garage Beer has the chance to win. 🏆 Leadership: Founder Andy Sauer has built Garage Beer into a breakout light beer brand — now joined by Travis and Jason Kelce, whose reach can’t be overstated. ✏️ Simplicity wins: A premium yet approachable light beer with broad, everyman appeal (“beer-flavored beer”). 🚚 Scalable footprint: Garage Beer is leveraging national distributor and retail networks to scale efficiently. 🏌‍♂️ Exit potential: Light beer is the largest dollar segment in beverage alcohol. Even as Big Beer contracts, breakout brands that reinvigorate category growth tend to command a premium. Here's to The Angel Group leaning into opportunities that others tend to overlook. And an extra clink to Barry Herbst for a timely intro. 🍻 130 20 Comments Breanna Fetters Twin Drinks • 624 followers A few months ago, a California law quietly took effect that most people outside the beverage industry never heard about. AB 2991 now requires every on-premise alcohol retailer in the state to pay their wholesale invoices electronically. No more checks. No more cash on delivery. The entire payment infrastructure of bars, restaurants, and distributors had to modernize, whether they were ready or not. I watched this play out from an interesting vantage point. I co-founded Twin Drinks in the non-alcoholic beverage space at a moment when NA was still being dismissed as a trend. It is not a trend. It is a category, and it has earned its place on the shelf and behind the bar. But building in that world meant learning how a deeply traditional, relationship-driven industry actually operates: the three-tier distribution system, the trust that lives in a handshake and a paper invoice, and the very real friction that happens when technology shows up and tells an industry it has to change how it does business. I also learned it from the other side of the bar, literally. During Uni, I spent years bartending, which means I know exactly what it felt like when the delivery driver showed up at 11am on a Saturday and the manager was scrambling for an envelope of cash. That was the system. It worked, until it didn't. The future bar manager who never touches a check or counts out twenties for a delivery will not miss it. But getting there required a law, not just a good idea. That friction is not unique to beverages. It is the same friction that shows up when a city council votes on whether to adopt a new public safety technology. The same friction when a community organization is asked to trust a platform they did not ask for and do not yet understand. The same friction when a policy mandate, even a good one, lands faster than the relationships needed to support it. Technology does not build trust. People do. Policy does not drive adoption. Relationships do. That is the through-line in everything I have worked on, whether the product was a payment platform, an NA Beer, or a public safety solution. The field changes. The work stays the same. #PublicAffairs #GovTech #PolicyCommunications #BeverageIndustry #CommunityEngagement #LosAngeles 8 Samuel Anderson 16K followers Most beverage brands don’t fail on flavor. They stall in the middle. Welcome to DrinkUP Podcast weekend addition with Robert Cogan Right now, Cog's is seeing three partnerships quietly rewrite how brands go national 👇 • Darwin Fulfillment, cutting the cost and friction of nationwide delivery • Pacific Candy Wholesale, launching a health & wellness division that skips the usual retail gatekeepers • Sober Market. expanding straight into Walmart Canada locations Here’s the real insight most founders miss: Every beverage business lives or dies in three stages 1. Production 2. Distribution 3. Off-shelf sales Most brands get stuck in the catch 22: “You need distribution to sell… but you need sales to earn distribution.” These partnerships break that loop. They remove friction, shorten timelines, and let brands focus on velocity, not just placement. The future of scaling isn’t louder marketing. It’s smarter infrastructure. Thanks for the weekend insight Robert Cogan! Truthfully, Sam #beverageindustry #brandbuilding #distribution #founders #cpggrowth #nationaldistribution 20 5 Comments Brewbound 37K followers 📦 Distribution shakeup in the Golden State: LALO Tequila is moving its California distribution to Reyes Beverage Group, becoming the latest brand to pivot following RNDC's market exit. What could this mean for the broader spirits landscape in CA? https://lnkd.in/gXFk2_Ch #SpiritsIndustry #DistributionNews #TequilaMarket #CaliforniaBusiness #BeverageAlcohol 128 3 Comments Harry McKaig Double Cross Vodka • 4K followers Was waiting to see what Tito's next move was. Tito's has become so massive, that they have run out of road. There’s less room to acquire and scale—and very few companies can even afford them. And the 2 largest spirits companies as example: Diageo and Pernod Ricard are carrying almost 100% debt to revenue, and have little funding opportunities at that scale for a modest 2-3x acquisition. Tito’s Vodka may go down as the brand story of the century. So where does Tito’s go from here? My guess is that they become a platform company and build out the portfolio. Build revenue mix and look towards inorganic growth. 30 2 Comments Mathew D. Focht EMERGING • 14K followers Rrestaurant tech M&A activity jumped 45% in the first half of 2025 via Pitchbook. Over the past decade, we have seen an explosion of restaurant tech startups offering point solutions for every imaginable need, including digital ordering, loyalty, labor scheduling, inventory management, and CRM. However, in 2025, many of these tools are running out of road and customer aquisiton is getting expensive as many players are in the space. M&A is becoming more attractive growth. EMERGING 24 1 Comment Nick Portillo Portillo Sales & Marketing • 23K followers California isn’t one foodservice market. It’s 6. Being a CA-based broker, I know the viewpoint of many when it comes to the West is: "The most opportunity is in California." Focusing on a single state works when there is a lot less complexity, And only a handful of distribution options. In California however, We break out our team based on segment (Chains, K-12, etc), And by territory specifics: 1. LA / OC Big volume accounts, big competition to get into them. Tons of traffic. 2. Inland Empire Totally different operator mix, different buying habits… and price matters more than the “brand story.” 3. San Diego More trend-driven, more regional pride, and less distribution competition than say, LA. 4. Central Coast Small world, tight relationships. If you’re not showing up consistently, you basically don’t exist. 5. Bay Area Drive new menu trends, very high cost of labor, and a lot of smaller footprint operators in the large cities, like San Francisco. 6. Sacramento More spread out and support a lot of local NorCal farms and manufacturers. Distributors in this area also support Reno, Nevada. Back to where brands can commonly miss in the state... You don’t just take California as a whole. You win it market-by-market with the right operator segments that fit your product profile, The right operators within those segments, Tthe right distributor priorities, And showing up consistently At Portillo Sales & Marketing, We have expanded our business within these 6 sub-California markets over the past 10 years, And while not easy, It’s a great foodservice state to build within. 90 15 Comments Scott Van den Berg HotStart VC • 37K followers George Clooney is reportedly launching a non-alcoholic beer company in 2026. The man who sold Casamigos for $1B is going alcohol-free. He's reuniting with Rande Gerber and Mike Meldman, his Casamigos co-founders. Same partnership. Same playbook. Opposite product. The irony is perfect. Clooney built the most successful celebrity liquor exit ever, then watched 650+ celebrities chase his ghost with copycat tequilas. Now he's zigging while everyone else zags. But here's what everyone misses: This isn't contrarian. It's strategic. The non-alcoholic beer market is growing 30% annually. Gen Z drinks 20% less than millennials. Athletic Brewing just hit $500M valuation. Heineken 0.0 outsells most craft beers. Clooney isn't creating trends. He's following them. Think about the celebrity-product-market fit evolution: 2017 Clooney: Movie star known for cocktails in Ocean's Eleven. Audience loves luxury and indulgence. Sells premium tequila for nights out. 2026 Clooney: Elder statesman focused on family and philanthropy. Audience prioritizes health and longevity. Sells non-alcoholic beer for everyday wellness. Same fame. Different fit. The Casamigos playbook still works: Premium positioning. Authentic usage (Clooney's been cutting back publicly). Distribution relationships from the Diageo deal. Celebrity network ready to amplify. But the market opportunity might be bigger. Alcohol has a ceiling - only adults, regulated heavily, health concerns growing. Non-alcoholic has no limits. Every demographic. Every occasion. Every retailer. Most celebrities chase yesterday's successes. They see Clooney's billion-dollar exit and launch tequila #651. Clooney sees tomorrow's market and builds for where consumers are going, not where they've been. That's the difference between building a vanity project and building a business. The smartest celebrities don't create consumer behavior. They recognize it early and give it a famous face. Clooney's about to do it again. 824 104 Comments Wenbing Huang flowbetter.io • 1K followers Automation or more precisely "controllable operation" is a must as we rolling into a few rough years ahead... With irreversible increase in labor cost across the board and decline in labor quality overall, the f&b industry is going through some tough challenges. How can we make operations more "controllable"? Automations/robotics? AI agents? Tell me!! Let's talk about it! :) 6 Drew F. Iris Finance • 28K followers CONTRACT MANUFACTURER LION BEVERAGE RAISES $150M The Pennsylvania based contract manufacturer of beer, spirits, energy drinks, juices and teas closed a $150M investment in preparation to expand capacity in the new year. The round was led by Apogem Capital with participation from J.P. Morgan Asset Management, RCP Advisors, and Encore Consumer Capital Encore acquired a majority stake in Lion Beverage in 2019. The manufacturer has since expanded to include a second production plant with high-speed canning line with a third to come online 1H2026. Encore’s continued backing of Lion follows their thesis of investing in high growth segments of the CPG industry that supports the overall lift in the numerous beverages instead of individual brands. Some deals involving manufacturers: - CELSIUS acquired Big Beverages Contract Manufacturing for $75M - Ball Corporation acquired Benepack for $215.9M 64 Rick Vanzura E4E Relief • 10K followers When evaluating whether a growth stock is fairly valued, I find it useful to compare it to a mature, category-leading player in the industry. With that in mind, I compared CAVA's Q2 results to Chipotle Mexican Grill's. You'll find the comparison attached below. As of pre-market this morning, Chipotle's market cap. is $58.3 billion compared to Cava's $8.15 billion. So, Chipotle is valued at 7.2X Cava. When you look at restaurant margins (slightly different on my spreadsheet than Cava reported as I use total revenues and not just Cava revenues as that is what the company provides detail for), Cava trails by roughly the same amount as their difference in food cost. I think it is safe to say Cava could close this gap purely through hitting Chipotle-like scale. Cava also has more room for operating leverage through better comp. sales as demonstrated by the gap in recent per-unit performance. The biggest differences are in G&A (5.6% for Chipotle vs. 11.4% for Cava) and pre-opening (0.3% vs. 1.8%). Cava has proven to be a very efficient operator for its size, so I believe they will get to a Chipotle-like G&A percentage as they approach Chipotle scale. Pre-opening is, of course, mostly a function of new store openings as a percentage of total base, so this figure will also naturally come down for Cava as they mature. So, Cava has a very clear path to get to the same or better long-term EBITDA margin as Chipotle. The question then becomes how big can Cava be. According to IBIS, total Mediterranean restaurant spending in the US 2025 was $33.4 billion compared to $105 billion for Mexican restaurants, a difference of about 3X. Without making assumptions about future growth rates of the respective cuisines, that implies 1/3rd the ultimate restaurant potential for Cava in the US as Chipotle. This gets us to how much of a value premium you assign to either brand based on execution. As mentioned above, Cava has much better recent sales momentum (solid double-digit two year comps. vs. relatively flat/declining) and much less customer chatter around declining store standards and portion sizes. Brett Schulman and team have been standouts in fast casual for awhile. I see no reason for this to change. In short, Cava in my opinion is anywhere from fairly valued to a relative bargain when compared to Chipotle. There is a lot of room to grow and improve on already strong economics. They may not grow to the same unit count or volume as Chipotle but, at a 7.2X valuation differential, they don't need to reach that size to make for an attractive investment. 95 17 Comments Trevor Hague tbd ventures • 16K followers NextFoods, Inc. ,Parents of GoodBelly+ Cheribundi just raised $10M led by ECP Growth If you build in functional CPG, this is a great mini case study in how growth actually gets funded and what operators should pay attention to. 1) Doors matter… but turns are the business They’re reportedly sitting at 24,000+ points of distribution nationwide and grew footprint about 10% in the last two months. That’s solid. But here’s the real lesson: door growth only works if velocity shows up. 2) A brand refresh can be a revenue lever (when it creates clarity) GoodBelly’s recent packaging/brand refresh was tied to a reported 40%+ lift in retail velocities. “Brand” isn’t colors and fonts it’s speed of understanding at shelf. If a shopper gets it faster, conversion goes up. Period. 3) The shot category is crowded so specificity wins GoodBelly reformulated its 2oz Wellness Shots and launched them nationally at Whole Foods. The formula callout that jumped out to me: 3g of prebiotic fiber. The lesson: in crowded formats, you can’t be “general wellness.” You need to own a job (gut, sleep, recovery) and build your product + messaging around that single outcome. 4) Innovation + retail expansion is the 1–2 punch They’re aiming that capital at innovation across gut health, recovery, and sleep, while also pushing deeper into national retail. And there’s more in the pipeline: they’ve previewed a quart-sized GoodBelly item with 11g plant-based protein targeted for Q1 2026. My founder takeaway: capital doesn’t fix a business it amplifies it. If your positioning is crisp and your product delivers, funding helps you scale faster. If not, it just helps you burn faster. If you were deploying $10M in functional CPG heading into 2026, what’s first: velocity, innovation, or sharper positioning? #CPG #FunctionalBeverages #Wellness #TrevorHague 27 2 Comments Show more posts Show fewer posts Explore top content on LinkedIn Find curated posts and insights for relevant topics all in one place. View top content