CPG Due Diligence: The Operator Framework Behind a $1B Exit | Keith Levy Part 1

Keith Levy, Operating Partner at Sonoma Brands Capital

Keith Levy backed an exit of just under $1B and a $400M exit using the same five-pillar framework, and he starts with the founder every time. Finance comes last.

As Operating Partner at Sonoma Brands Capital, Keith has spent six years evaluating consumer brands across food, beverage, pet food, snacks, and cosmetics. Before that he was CMO at Anheuser-Busch through the $52B InBev deal, president of Royal Canin USA for Mars, and the strategic acquirer who led the Kind acquisition at Mars Wrigley. He knows what the data room doesn't show you, and this conversation is built around that gap.

The first of two episodes covers the full five-pillar CPG diligence framework and the Touchland and Boon's case studies. The second episode, out the following week, covers CPG brand lifecycle, exit positioning, and capital allocation.

What You'll Learn

• Why the founder evaluation comes before the financials.
• How to read product-market fit the way an operator does, not a financial analyst.
• What a credible go-to-market strategy looks like vs. one that crashes in execution.
• Why supply chain control is now a diligence requirement, not an afterthought.
• How to get the right operators inside a strategic acquirer interested before a banker calls.
• The Touchland case study: under $1B exit in less than two years
• The Bachan's Japanese BBQ sauce case study: ($400M) exit with McCormick at the table.

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If you evaluate consumer brand investments and want a framework for the risks the model won't surface, DealPilot, powered by M&A Science, has the practitioner playbook. Join at mascience.com/membership.

Already a member? The bonus conversation with Keith is live now: boards, earnouts, and the hardest lessons from six years backing consumer brands, exclusively for M&A Science members.

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This episode is sponsored by DealRoom

DealMax starts Monday.
Find us at the Aria
DealRoom: Booth 109,
M&A Science: Booth 208.

Kison will be signing copies of Buyer-Led M&A all three days, and we've got a candy bar and swag worth stopping for. Then, join us monday night for a happy hour, RSVP here: https://hubs.ly/Q043VnNH0

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Episode Chapters

[00:00:00] Intro

[00:02:02] Keith's background overview (24 years at AB, $52B InBev deal – narrated)

[00:05:40] Running Royal Canin and joining Mars / Mars Wrigley

[00:08:45] Why Mars acquired Kind

[00:09:15] What is Sonoma Brands and how Keith got there

[00:10:17] The Budweiser CMO era & favorite ads

[00:15:12] The Mars / Wrigley China integration

[00:23:15] How Sonoma Brands evolved from venture to growth equity

[00:25:11] Why deals don't work and what Sonoma changed

[00:27:12] The Keith Levy CPG diligence framework

[00:30:04] How to evaluate a founder

[00:35:40] What product‑market fit actually looks like

[00:38:32] Touchland: under $1B exit in two years

[00:39:05] Go‑to‑market: sequencing channels & steady growth

[00:41:10] Why TAM is just a sniff test

[00:43:31] Why how you make the product matters more than you think

[00:47:08] The real value an operating partner brings