Q4 2023

Food & Beverage M&A Update

The S&P Food & Beverage Select Industry Index increased by 7.4% in Q4 and was outperformed by the S&P 500 which increased by 11.2% over the same period.
The median EV/EBITDA multiple for reported private equity deals decreased to 4.9x in 2023 from 9.1x in 2022, but increased for strategic deals to 12.7x from 9.1x in the prior year.
M&A deal volume in the F&B sector increased 6.5% in Q4 to 212 deals from 199 deals in Q3, but decreased 0.9% from 214 deals in Q4 of the prior year.
As a % of total capital invested in M&A transactions in 2023, PE participation decreased significantly to 14.6%, down from 37.3% in 2022.
Europe was the most active region in Q4 with 84 deals. Most notably in the European market was the Coca-Cola Hellenic Bottling Company’s $220.0 million acquisition of Finland-based Finlandia Vodka Worldwide in November 2023.