The Ledger
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Processed David bars test cleaner for microplastics than agricultural RXBARs
“RX bars were like really bad on, on plasticizers. So microplastics and RX bars predominantly an agricultural product. It's dates, almonds, eggs. David scores like is super clean. It doesn't have any plasticizers, heavy metals, and that's because of its process…”
Peter Rahal projects David's worst-case outcome is a $1.5 billion valuation
“Yeah. So that would be like the underwriting for like worst case scenario, sort of like, if they don't really do what they're saying they're going to do, this would be a minimum 1,000,000,005, something like that.”
David will scale its multi-brand portfolio through internal creation, not M&A
“The difference is Mars has done it through M&A. We'll do it through creation.”
Red Bull exclusively sponsors high-risk sports involving potential death
“Red Bull. And the reason why I think that they've just been so disciplined with it, they associate themselves only with sports and activities Where death is a real possibility. And I think that discipline is really cool. That's all they do. So things, sports a…”
RXBAR abandoned early fundraising to focus entirely on product creation
“We just totally stopped doing investor work and went straight to just actually designing and making the product.”
RXBAR reached $161 million in annual revenue at its acquisition
“We did a hundred sixty one million in sales.”
RXBAR grew revenue by 300% annually for four consecutive years
“Like we were 300% year a year for like five years, four years.”
Peter Rahal estimates David protein bars' TAM at $1.0B to $1.5B
“So David's TAM, I think was one point, like one to 1.5 billion.”
RXBAR's early unit economics yielded 50% gross margins
“It cost us a dollar. We sold it for two dollars.”
RXBAR avoided traditional retail distribution for its first two years
“In the beginning, the first 24 months, like, we didn't do any retail. It wasn't in our cost structure, and we also couldn't manufacture enough.”
Peter Rahal estimates Quest Bar generates $350 million annually in sales
“I think like three 50 on bars, more with their whole portfolio, but just bars.”
Traditional protein bar packaging prioritizes flavor communication over brand identity
“Typically in the bar set, it's merchandise by color or flavor primarily. So you'll see a brand, its main color is its flavor communication. And then the brand color is secondary. So they're just communicating flavor, not brand.”