As a founder, it's really hard to conceptualize that Year 15 will be larger than Years 0 through 12 combined.
I am predicting that Chomps will become the next publicly traded food conglomerate
Last week it was reported by Forbes that Chomps generated about $900m in annual revenue in 2025, up 36% YoY.
Chomps is officially a monster, eating up 10% of the meat snack market for a brand thats not 15 years old. For context, Slim Jim was founded in 1929.
Speaking of - Slim Jim, Fatty, & Duke's are all owned by Conagra Brands, a $7.5B publicly traded company that generated $11.6B in sales last year (-3% YoY). Their 'Grocery & Snacks' segment currently generates $1.2b/qtr or nearly $5B of annual revenue. Conagra ended 2025 with just $68m cash on hand
Their stock is down 40% in the last 12 months.
Conagra does not seem in position to acquire Chomps. Or at least, they couldn't do it without betting the fate of the company on it.
So who could?
The Hershey Company acquired Krave for about $219m in 2015, which was mostly a flop until they sold it back to Sonoma Brands Capital in 2020, the PE firm started by the founder of Krave.
Is Hershey's willing to spend multiple billions on something theyve failed at before? I would be short.
PepsiCo? They recently launched Good Warrior, their own meat stick brand. Plus, they're digesting 2 billion dollar acquisitions from last year & Elliot's proposal didn't exactly say YOLO on M&A. Strategically, Pepsi makes sense, but practically I dont think it makes sense anytime soon.
Private Equity? Sure. One of the megafunds could do it. But thats not as fun to speculate about (for the record I love private equity so much).
My guess? Chomps makes more sense to go public and build a portfolio around. Stride Consumer Partners is the main investor in Chomps since 2019 when revenue was $50m, and while they've never taken a company public before - this could be their chance.
This week in my newsletter we are doing a deep dive on the evolution of Chomps, how it became the behemoth it is today by identifying white space, and speculating what's next.
You can subscribe at the link in my bio for the newsletter coming out this friday