Q4 2024

Food & Consumer M&A Update

In Q4, the S&P Food & Beverage Select Industry Index decreased by 3.3% and was outperformed by the S&P 500 Consumer Discretionary Index, which increased by 14.6% over the same period. The broader S&P 500 increased by 3.0% in Q4 2024.
The median EV/EBITDA multiple for reported private equity deals increased to 6.7x in 2024 from 4.1x in 2023, and increased for strategic deals to 14.7x from 6.5x in the prior year.
M&A deal volume in the Food & Consumer sector increased 7.6% in Q4 to 511 deals from 475 deals in Q3, and decreased 4.5% from 535 deals in Q4 of the prior year.
As a % of total capital invested in M&A transactions, PE participation increased slightly in 2024 to 35.4% from 32.1% in 2023.
Europe was the most active region in Q4 with 215 deals. Most notably in Europe was KKR’s $1.4 billion acquisition of Anjac Health & Beauty Group, a manufacturer of beauty, health, and wellness solutions, in October 2024.