Companies · Food & Beverage

PB Spirits OPCO, LLC

CHICAGO · Food & Beverage · refined from filed group “Other

Diligence memoA one-page analyst read on PB Spirits OPCO, LLC — recommendation, valuation, rhythm, risks.
$23.4M
Total raised · real
1
Rounds
1.6×
Latest step-up
Top 6%
Sector rank · raised
Series C
Latest stage · inferred · Thu Dec 22 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

PB Spirits OPCO, LLC has raised $23M over 1 round; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 3.5 yr ago; this sector typically re-raises about every 15 months.
  • Only one round on record and long silent — often defunct, acquired, or gone quiet.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

PB Spirits OPCO, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
3.8 yr record
Peak capital year was 2022 with $82.5M across 3 filings.
Market position
ahead of 95% of Food & Beverage peers
Capital scale is ahead of 95% of Food & Beverage peers; modeled value is above 97% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2022: $82.5M across 3 filings.
  • Largest single filing was $45.0M on 2022-09-08.
  • Filing rows sum to $82.5M, while canonical raised total is $23.4M; likely amendments/superseded rows are mixed into the detail view.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • Canonical filtering should be tightened before using row-level totals for diligence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Food & Beverage

PB Spirits OPCO, LLC is one of 567 Food & Beverage companies tracked from CHICAGO. By capital raised it ranks among the largest (ahead of 95% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
43
Investors (latest)
2022
Year incorporated
2022-12-22
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries C · 2022-09-08 Raised $45M (real) Modeled valuation $500M (est)$45M$500MSeries C2022Series A · 2022-12-22 Raised $14M (real) Modeled valuation $102M (est)$14M$102MSeries A2022Series C · 2022-12-22 Raised $23M (real) Modeled valuation $245M (est)$23M$245MSeries C2022+$14M+$23MCumulative $83M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$45.0M · 2022
Bridge · Series C-stage$14.2M · 2022smaller follow-on
Series C extension$23.4M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 40%.

Modeled valuation trajectory
$244.9M
Base estimate est.
$90.3M
Conservative case
$459.1M
Upside case
$155.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series C · modeled $499.5M · 2022-09-082022Series A · modeled $102.0M · 2022-12-22Series C · modeled $244.9M · 2022-12-222022
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
78%
Survival probability
58% low · 90% high
1.22×/yr
Annual markup
1.40×/yr upside case
3.5 yr
Elapsed time used
3.5 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
2 mo
Avg between rounds
$81.3M/yr
Capital velocity
3.8 yr
On record since
2022
First round
3
Rounds on file
How it compares to the market

Benchmarked against 567 companies in Food & Beverage. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 19× above median
This company$23.4M
Sector median$1.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.6× of median
This company$23.4M
Sector median$36.7M
Modeled value — vs sector median (estimate, all stages) 23× above median
This company$244.9M
Sector median$10.6M

Raised more than 95% of sector peers (real $). Modeled value above 97% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Pearl Inc. · Series C Raised $91.3M · modeled $626.0M (est)Athletic Brewing Holding Co LLC · Series C Raised $264.7M · modeled $517.9M (est)PB Spirits OPCO, LLC (this company) Raised $23.4M · modeled $244.9M (est)PB Spirits OPCO, LLC
CompanyStageRaised · realValue · estvs peer med.
Pearl Inc.Series C$91.3M$626.0M1.21×
Athletic Brewing Holding Co LLCSeries C$264.7M$517.9M1.00×
PB Spirits OPCO, LLC this companySeries C$23.4M$244.9M0.47×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$45.0M2022-09-08$300.0M$499.5M90%
Series A$14.2M2022-12-22$64.4M$102.0M90%
Series C$23.4M2022-12-22$155.7M$244.9M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$45.0M2022-09-08
    • First recorded raise — entered as Series C.
  2. Series A$14.2M2022-12-22
    • Came back fast: 3 mo vs the ~15 mo sector norm.
    • Round 3.2× smaller than the prior — bridge or down round.
    • 38 investors on this round.
  3. Series C$23.4M2022-12-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 43 investors on this round.
Intelligence
2023 ~Q1
Modeled next raise · ~2mo cadence
$38.5M
Modeled next size est.range $25.0M$61.7M
1.6×
Last step-up
$81.3M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Marc A. Bushala1 other2022-09
Registry & provenance

PB Spirits OPCO, LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1938980
SEC CIK
2022
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Nelson's Green Brier Distillery, LLCFood & BeverageSeries B$22.2M$332.4Msame sector
Drake's Organic Spirits, Inc.Food & BeverageSeries A$24.6M$8.1Msame sector
Sustainable Beverage Technologies Inc.Food & BeverageSeries A$25.1M$3.5Msame sector
Zen Beverage Investors, LLCFood & BeverageSeries B$21.0M$25.6Msame sector
MM Pizza Upper Holdings, LLCFood & BeverageSeries B$21.0M$235.5Msame sector
Tractor Beverages, Inc.Food & BeverageSeries C$116.2M$89.7Msame sector · same stage
Que Onda Beverage, Inc.Food & BeverageSeries A$20.3M$29.4Msame sector
Cleveland Kitchen Co.Food & BeverageSeries B$27.0M$14.6Msame sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Barrell Craft Spirits, LLCFood & BeverageSeed$61.4M85%
Holla Spirits, LLCFood & BeverageSeed$10.5M84%
CPFC OpCo LLCOtherSeries A$118.9M84%
CA Opco Holding, LLCOtherSeed$23.5M84%
Cardinal Spirits LLCFood & BeveragePre-Seed$2.9M84%
Reno Opco Holding, LLCOtherSeries B$158.5M84%
Epc Opco, LlcOtherSeed$19.6M83%
Loonen Opco, Inc.OtherSeries A$21.4M83%
Frequently asked
How much funding has PB Spirits OPCO, LLC raised?
PB Spirits OPCO, LLC has raised approximately $23.4M in disclosed capital across 1 recorded financing round, aggregated from public filings.
What is PB Spirits OPCO, LLC's estimated valuation?
Provath's modeled valuation for PB Spirits OPCO, LLC is approximately $244.9M (modeled range $90.3M–$459.1M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is PB Spirits OPCO, LLC at?
PB Spirits OPCO, LLC's latest modeled financing stage is Series C. Its most recent recorded round closed around Thu Dec 22.
What does PB Spirits OPCO, LLC do and where is it based?
PB Spirits OPCO, LLC operates in the Food & Beverage sector, based in CHICAGO.
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