Here are a few analogies for Marzetti (MZTI):

• A focused General Mills for pantry staples like salad dressings, dips, and frozen baked goods.
• Like a smaller Kraft Heinz, specializing in dressings, dips, and specialty bakery products.

• Salad Dressings: A diverse range of creamy, vinaigrette, and specialty dressings used to enhance the flavor of salads.
• Fruit Dips: Sweet and creamy dips designed to complement and enhance the flavor of fresh fruits.
• Vegetable Dips: Savory and flavorful dips made to be paired with fresh vegetables and snacks.
• Croutons: Crispy, seasoned bread pieces primarily used as toppings for salads and soups.

Marzetti is a brand of specialty food products that falls under the umbrella of Lancaster Colony Corporation. While you mentioned the symbol MZTI, the publicly traded company that owns Marzetti and is traded on major exchanges is Lancaster Colony Corporation, with the symbol LANC.

Lancaster Colony Corporation, and thus its Marzetti brand, sells primarily to other companies (B2B) rather than directly to individual consumers. Their products are distributed through retail channels and foodservice operations.

Major Customers:

Based on Lancaster Colony Corporation's latest public filings (10-K), their major customer that accounts for a significant portion of their sales is:

• Walmart Inc. (Symbol: WMT) - Walmart Inc., including its Sam's Club division, accounted for approximately 18% of Lancaster Colony Corporation's consolidated net sales in fiscal year 2023.

No other single customer accounted for 10% or more of consolidated net sales in fiscal year 2023. However, Lancaster Colony Corporation distributes its Marzetti products, along with its other brands, to a wide array of other business customers across two main categories:

• Retail Customers: This category includes various other supermarket chains, mass merchandisers, club stores, and discounters, primarily located in the United States. These companies purchase products for resale to individual consumers.
• Foodservice Customers: This category includes restaurant chains and other foodservice operators. These customers purchase Marzetti and other products for use in their own commercial food preparation and service operations.

David A. Ciesinski, President and Chief Executive Officer

Mr. Ciesinski has served as President and Chief Executive Officer of The Marzetti Company since July 2017, having joined the company in April 2016 as President and Chief Operating Officer. Prior to his time at Marzetti, he was the Executive Vice President and President of the Meal Solutions Division at Kraft Foods Group, Inc. from 2014 to 2015, where he was responsible for leading key brands like Kraft Macaroni & Cheese and Jell-O. Before Kraft, he spent 13 years at H.J. Heinz Company (2001-2013), holding various leadership roles including Vice President of Global Business Development and Group Vice President and Chief Marketing Officer of the U.S. Retail Division. He also served as Chief Commercial Officer and Executive Vice President for Forever, Inc. from 2013 to 2014. A veteran of the U.S. Army and a West Point graduate, Mr. Ciesinski earned his MBA from the Tepper School of Business at Carnegie Mellon University.

Thomas K. Pigott, Chief Financial Officer

Mr. Pigott joined The Marzetti Company as Chief Financial Officer in 2019. Before this, he was the Vice President of Finance and Chief Financial Officer of MGP Ingredients, Inc. from 2015 to 2019. His career also includes various finance and strategy leadership positions, such as business segment CFO and VP of Internal Audit, at companies like Kraft Foods, Nestle USA, and Mondelez. Mr. Pigott started his career as an auditor at PricewaterhouseCoopers, where he became a CPA. He holds a bachelor's degree in accounting from the University of Notre Dame and an MBA from Northwestern University's J.L. Kellogg Graduate School of Management.

Matthew R. Shurte, General Counsel, Chief Ethics Officer and Secretary

Mr. Shurte has served as General Counsel and Secretary of The Marzetti Company since 2006. Prior to joining Marzetti, he was an Associate at Jones Day, specializing in mergers and acquisitions, securities law, and corporate governance. He earned his undergraduate degree from The Ohio State University and his law degree from Tulane University Law School.

Luis Viso, Chief Supply Chain Officer

Mr. Viso is the Chief Supply Chain Officer for The Marzetti Company. Before joining Marzetti, he held the position of Executive Vice President of Operations for Monster Beverage. His experience also includes operations leadership roles at Diamond Crystal Brands, Keurig Green Mountain, The Coca-Cola Company, and Kraft Foods. Mr. Viso holds a bachelor's degree in mechanical engineering from the University of Toledo.

Tanya Berman, President, Retail

Ms. Berman serves as the President, Retail for The Marzetti Company.

The addressable markets for Marzetti's main products are as follows:

U.S. Salad Dressings Market

The U.S. salad dressing market was valued at approximately USD 23,781.96 million in 2023 and is projected to reach USD 35,342.26 million by 2032, with a compound annual growth rate (CAGR) of 4.50%. Another estimate for the U.S. Food and Salad Dressing market indicated a value of USD 19,405.7 million in 2023, with projections to reach USD 28,536.0 million by 2033, growing at a CAGR of 3.98%.

U.S. Dips and Savory Spreads Market

The market for dips and savory spreads in the United States exceeded USD 21 billion in 2022. The global refrigerated dips market, a segment relevant to Marzetti's offerings, reached USD 3.84 billion in 2024 and is expected to grow to USD 6.51 billion by 2033, at a CAGR of 6.1%.

U.S. Frozen Bakery Products Market

The U.S. frozen bakery products market is estimated to increase from US$ 5,674.6 million in 2025 to US$ 8,485.9 million by 2032, exhibiting a CAGR of 5.9%. Another report shows the U.S. Frozen Bakery Products Market was valued at USD 7,573.14 million in 2023 and is projected to reach USD 12,797.02 million by 2032, with a CAGR of 5.95% from 2024 to 2032.

1. Growth in Core Brands and Licensed Products: The T. Marzetti Company anticipates continued volume growth from its established brands such as Marzetti®, New York Bakery™, and Sister Schubert's®. Additionally, strong performance is expected from its licensing programs, which include popular sauces and dressings for brands like Chick-fil-A®, Olive Garden®, Buffalo Wild Wings®, Arby's®, Subway®, and Texas Roadhouse®.
2. Product Innovation and Diversification: Product diversification and strategic licensing are key to driving potential revenue growth and expanding market share in both the retail and foodservice segments. Recent examples include the launch of new Buffalo Wild Wings hot sauces on Amazon, indicating a focus on introducing new products and flavors to reach new customer segments.
3. Expansion of Distribution Channels and New Customer Acquisition: Marzetti is focused on expanding its retail distribution, as demonstrated by new club channel sales for Chick-fil-A® sauce and expanding distribution for Texas Roadhouse™ dinner rolls. In the Foodservice segment, the company expects sales to be supported by securing new quick-service restaurant customers within its national chain accounts.
4. Strategic Pricing and Cost Savings Initiatives: The company expects a modest level of cost inflation in the upcoming quarters, which it plans to offset through contractual pricing and ongoing cost savings programs. While cost savings primarily impact profitability, effective strategic pricing allows Marzetti to maintain or grow revenue amidst inflationary pressures, indirectly supporting overall revenue growth by preserving margins and enabling investment in other growth drivers.

Capital Allocation Decisions (Last 3-5 Years)

1. Share Repurchases

• Lancaster Colony Corporation (now The Marzetti Company, MZTI) made significant share repurchases over the last five fiscal years, including $5.46 million in 2020, $8.53 million in 2021, $7.56 million in 2022, $9.20 million in 2023, and $7.65 million in 2024.

2. Share Issuance

• No significant share issuances were identified during the 2020-2024 fiscal years; the company primarily engaged in share repurchases as indicated by negative values in equity share issuance/purchase.

4. Outbound Investments

• Lancaster Colony plans to acquire a sauce and dressing production facility in Atlanta, Georgia, for $75 million in cash, with the transaction expected to close in fiscal third quarter of 2025.
• Strategic acquisitions remain part of the company's future growth plans, with a focus on fit and value.

5. Capital Expenditures

• Capital expenditures peaked at $131.6 million in fiscal year 2022, following $87.72 million in 2021 and $82.51 million in 2020.
• Payments for capital expenditures were $88.97 million in 2023 and an anticipated $60.61 million in 2024.
• For fiscal year 2025, total capital expenditures are forecasted to be between $70 million and $80 million, focusing on cost-savings projects, manufacturing improvements, and investments in personnel and IT to support business growth.