The Food & Beverage industry is witnessing a resurgence in optimism, fueled by improved financial performance, easing inflation, and technological advancements. The outlook for 2024 midway through the year remains positive as U.S. M&A deal volume in the first quarter outperformed the previous two quarters, with both strategic and financial buyers eager to deploy capital.
While the beginning of 2024 was buffeted by economic uncertainty, valuations within the Food & Beverage industry remained strong, with the median EV/EBITDA multiple increasing to 13.5x.
What We’re Discussing with Clients
- Buyers are evaluating companies thoroughly and diligence streams are lengthening as acquirers increase their level of scrutiny. Minor diligence issues are getting magnified and in turn increasing the need for sellers to utilize strong transaction advisors who can properly mitigate risks to buyers.
- Private Equity investors are seeking comfort and flocking to companies with high revenue visibility, stable and consistent cash flows, and reliable end-markets. A/A+ companies are receiving over-subscribed interest in sale processes, and noticeable valuation drop-offs are disproportionately greater for sub-A companies.
- A shift in consumer preferences is driving demand for healthier food options. In response, many companies are diversifying their offerings to include product lines focused on health-conscious options. This trend is sparking significant M&A activity in the F&B market, with both strategic and financial buyers placing valuation premiums on companies that capture a share of healthier food markets.
Read Food & Beverage M&A Pulse Q1 2024 Full Report
Food & Beverage M&A Pulse – Q4 2025
Q4-25 U.S. and global transactions fell 25 percent and 38 percent, respectively, compared to the same quarter in the prior year.
Food & Beverage M&A Pulse – Q3 2025
M&A activity in the U.S. Food and Beverage market declined in Q3-25, totaling 101 transactions, an 18.5 percent drop from 120 deals in the same period last year.
Food & Beverage M&A Pulse – Q2 2025
M&A activity in the U.S. Food and Beverage market declined in Q2-25, with 403 transactions recorded over the trailing twelve months, down from 501 in 2024 and 468 in 2023.
Food & Beverage M&A Pulse – Q1 2025
In Q1-25, US and Global Food & Beverage (“F&B”) M&A activity included 81 completed transactions in the US and 242 globally, representing a 34.7 percent and 24.1 percent decline, respectively, from the same period in 2024.
Food & Beverage M&A Pulse – Q4 2024
U.S Food and Beverage M&A activity concluded 2024 on a high note, with transactions increasing 18.4% in Q4 compared to the same quarter last year. In total, 2024 saw 501 transactions, marking a 7% rise from 2023.