Q3 2024

Food & Consumer M&A Update

In Q3, the S&P Food & Beverage Select Industry Index increased by 6.1%, but was outperformed by the S&P 500 Consumer Discretionary Index which increased by 7.1% over the same period. Both indices outperformed the S&P 500 which increased by 4.8% in the quarter.
The median EV/EBITDA multiple for reported private equity deals increased to 5.93x in 2024 from 4.07x in 2023, and increased for strategic deals to 13.58x from 6.51x in the prior year.
M&A deal volume in the Food & Consumer sector decreased 1.2% in Q3 to 475 deals from 481 deals in Q2 and decreased 17.4% from 575 deals in Q3 of the prior year.
As a % of total capital invested in M&A transactions, PE participation decreased YTD through Q3 to 21.2% from 32.1% in 2023.
Europe was the most active region in Q3 with 184 deals. Most notably in Europe was an undisclosed investor’s $328.2 million investment in Pret A Manger, a “better for you” sandwich shop chain, in September 2024.