SUJA · Suja Life, Inc.

Suja Life, Inc. is launching as a holding company via Up-C IPO, retaining pre-IPO owners' tax benefits while accessing public markets. With $327M FY25 revenue (+26% YoY) in the $3.9B NHB market, Suja leads cold-pressed juice (47% share via Suja Organic) and wellness shots (42% via Vive Organic/Suja), per SPINS data. Emerging Slice soda adds functional refreshment upside. Gross margins expanded to 48% (+366bps) via mix shift to lower-cost shots/single-serve, though Adjusted EBITDA held flat at $41M amid $21M marketing ramp for Slice launch. Q1'26 prelims show $105M sales (+21%), $24M Adj. EBITDA (+59%), signaling acceleration.

Proceeds ($183M net) fund LP unit buyback, enabling $144M debt paydown (9.65% rate), $19M employee settlements, cutting interest ~$14M annually. PSP retains 60.4% voting control via 38.6% LP units + Class V shares, qualifying as controlled company (exempt from majority-independent board). TRA commits 85% of ~$151M tax savings to pre-IPO owners over 35 years, pressuring future FCF.

Risks center on organic supply volatility (79% CA-sourced), food safety/recalls, customer concentration (top 5=39% sales), and PSP dominance limiting governance. Vertically integrated Oceanside facility (~270k sq ft) moats scale/costs but exposes to CA disruptions. Innovation (20% FY25 growth from new SKUs) and M&A (Vive synergies $14M) drive expansion, but execution amid 590 employees and $308M debt is key. Post-IPO, Suja's 21% Suja Core margins, 37k stores, and NHB tailwinds position for share gains, though dilution (61.4% public float) and TRA weigh on equity value.