Q2 2024

Food & Consumer M&A Update

In Q2, the S&P Food & Beverage Select Industry Index decreased by 3.4% while the S&P 500 Consumer Discretionary Index increased by a modest 1.1%. Both indices, however, were outperformed by the S&P 500, which increased by 4.1% over the same period.
The median EV/EBITDA multiple for reported PE deals was 7.1x through 1H 2024, down from 8.1x in 2023, and decreased for strategic deals to 8.8x through 1H 2024 from 9.6x in 2023.
M&A deal volume increased 1.5% in Q2 to 481 deals from 474 in Q1, and decreased 30.4% from 691 deals in Q2 of the prior year.
As a % of total capital invested in M&A transactions in 2024, PE participation decreased in Q2 to 31.7% from 32.1% in 2023.
Europe was the most active region in Q2 with 207 deals. Most notably in the European market was Gruppo Campari’s $1.17 billion acquisition of Courvoisier holding France in April 2024.