Caroline Levy Advisory Services

Caroline Levy

Independent Board Director - Food & Beverage Industry Expert

incisive Investor perspectives for consumer businesses

EXPERIENCE BASED INSIGHT

Following a renowned, thirty-year career as a consumer stock analyst, Caroline has served for the past six years on the boards of fast-growing consumer businesses like Athletic Brewing and Celsius Holdings Inc. Caroline is therefore very well qualified to advise consumer company boards on how to take advantage of consumer trends to maximize growth, and to manage and communicate the business to private and public market investors to maximize value.

Caroline has, as an analyst, covered large and small public companies across soft drinks, alcohol, cosmetics, household products, food, restaurants, and hotels. This has given her exceptional insights into the drivers of business performance - and root causes of underperformance - in consumer businesses. Caroline was ranked by both the Institutional Investor and Wall Street Journal surveys as one of the top analysts in her sector.

Caroline serves on the boards of US and International consumer businesses. At Celsius Holdings, Inc. she has helped guide the company through exponential growth from $131m to $2.5 billion revenue, including two transformative distribution transactions with PepsiCo and the acquisition of Alani Nu. At Health-Ade Kombucha she helped transform the leadership, leading to a successful sale of the business within three years.

Caroline is a member of Extraordinary Women on Boards (EWOB), an organization dedicated to educating and furthering the success of women on private and public for-profit boards.  She is active in the Los Angeles circle of female founders in the consumer and wellness space. 

Caroline has regularly spoken at industry conferences, appeared on CNBC, CNN, Bloomberg, and CBC, and hosts the beverage industry forum ‘Drinks with Caroline’ which is now becoming a video podcast.

 

Board Experience

Director, CElsius Holdings (CELH)

2020 - Present

Caroline serves as a public company Director on the board of Celsius Holdings (CELH) and is a member of the Audit and Nominating/Governance committees at Celsius.

Celsius Holdings, Inc. is a global beverage company and maker of premium, lifestyle energy drink CELSIUS – the better-for-you, zero-sugar alternative to traditional energy drinks. In 2023 Celsius delivered $1.32B revenue, 48% gross margin, $295.6 adjusted EBITDA - and contributed 16% of all energy drink category growth YoY in Q3 2024.

Director, Health-Ade Kombucha,

2022 - 2025

Caroline served as a private company Director on the board of Health-Ade Kombucha, and sat on the Strategy Committee.

Health-Ade Kombucha was one of the fastest growing large-scale kombucha in the US.

Caroline helped strengthen the management of the company and supported the successful sale of the company to Butterfly Equity in 2025.

Director, Athletic Brewing Company

2023 - Present

Caroline serves as a company Director at Athletic Brewing Company, and sits on the Compensation Committee.

Athletic Brewing Company has redefined and elevated the market for non-alcoholic beer, and is the number 1 selling non-alcoholic craft beer in the USA. It has won over 25 gold medal beer awards, and its taste and reputation has delivered rapid growth to over $100M in sales within 6 years.

 
 

Sector Expertise

Beverages
Foods
Lodging
Cruise lines

Household Products


Cosmetics

Wall Street experience


CLSA Americas, NYC, NY

Managing Director/Beverages, Household Products & Cosmetics Analyst

UBS US Equity Research, NYC, NY

Chief Operating Officer/Chair Investment Review Committee

Schroder, US Equity Research, NYC, NY

Managing Director/Beverage Analyst

Lehman Brothers, US Equity Research, NYC, NY

Managing Director

Investment Analyst Accolades

  • Institutional Investor (II) All Star analyst covering soft drink and alcoholic beverage stocks

  • Institutional Investor (II) All Star list of top analysts in the Restaurants sector

  • Part of the Harvard Business School “Dream Team” case study, which followed Lehman’s rise from a tenth ranking to the top research spot in Institutional Investor in record time

  • Ranked multiple times for stock picking on WSJ survey

Contact

Email: Caroline@carolinelevy.com
Phone: 917-655-5636
Address: Los Angeles, Ca.