Q3 2023

Food and Beverage M&A Update


  • The S&P Food & Beverage Select Industry Index declined by 7.0% during Q3 and was outperformed by the S&P 500, which declined 3.8% over the same period.
  • The median EV/EBITDA multiple in the F&B industry for reported strategic deals increased to 11.0x in YTD 2023 from 9.1x in 2022. There were no reported PE multiples in YTD 2023.
  • M&A deal volume decreased 14.6% in Q3 to 199 completed transactions from 233 in Q2 and 12.7% from 228 deals in Q3 of the prior year.
  • As a % of total capital invested in M&A transactions in YTD 2023, PE participation decreased significantly to 8.3%, down from 37.3% in 2022.
  • Europe was the most active region in Q3 with 83 deals. Most notably in the European market was the Government of Russia’s $1.1 billion acquisition of French-based Danone’s Russian subsidiary, Danone Russia in July 2023.

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