Kanen Wealth Management urges Zevia’s board to sell the company, citing undervaluation and missed growth opportunities in the soda category.
Activist investor Kanen Wealth Management has called on Zevia’s board to review strategic options, including a potential sale, arguing the company is worth $2.75 to $3.75 per share. Zevia’s shares closed at $1.30 on Thursday, down more than a third year-to-date, valuing the company at roughly $100m or 0.6 times forward net sales.
The investor, which owns 4% of Zevia, criticized the company for failing to capitalize on growth in the modern soda category despite its brand equity and distribution network. Kanen Wealth Management compared Zevia’s valuation unfavorably to PepsiCo’s 2025 acquisition of Poppi, suggesting a sale could unlock value.
Kanen also highlighted governance concerns and argued that Zevia’s efforts over the past four years have not delivered growth, urging decisive board action.