Q1 2024

Food & Consumer M&A Update

In Q1, the S&P Food & Beverage Select Industry Index increased by 3.9% and the S&P 500 Consumer Discretionary Index increased by 5.7%. Both indices were outperformed by the S&P 500, which increased by 10.8% over the same period.
The median EV/EBITDA multiple for reported private equity deals decreased to 6.7x in 2024 from 8.1x in 2023, but increased for strategic deals to 12.3x from 9.6x in the prior year.
M&A deal volume in the Food & Consumer sector decreased 11.4% in Q1 to 474 deals from 535 deals in Q4, and decreased 33.8% from 716 deals in Q1 of the prior year.
As a % of total capital invested in M&A transactions in 2024, PE participation decreased in Q1 to 30.7% from 32.1% in 2023.
Europe was the most active region in Q1 with 199 deals. Most notably in the European market was Flybird Holding’s $939.9 million acquisition of Finland-based Musti Group in March 2024.