Q2 2023

Food and Beverage M&A Update


  • The S&P Food & Beverage Select Industry Index declined by 2.9% during Q2 and was outperformed by the S&P 500, which increased 6.1% over the same period.
  • The median EV/EBITDA multiple in the F&B industry for reported strategic deals increased to 10.3x in 1H 2023 from 9.1x in FY 2022. There were no reported PE multiples in 1H 2023.
  • M&A deal volume decreased 2.5% in Q2 to 233 completed transactions from 239 in Q1 but increased 30.2% from 179 deals in Q2 of the prior year.
  • As a % of total capital invested in M&A transactions in 1H 2023, PE participation decreased significantly to 21.8%, down from 37.3% in 2022.
  • Europe was the most active region in Q2 with 92 deals. Most notably in the European market was Saria Bio-industries’ $821.9 million acquisition of Devro in April 2023.

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