Q1 2025

Food & Consumer M&A Update

In Q1, the S&P Food & Beverage Select Industry Index decreased by 2.0%, but outperformed a 12.9% drop in the S&P 500 Consumer Discretionary Index over the same period. The broader S&P 500 index decreased by 4.4% in Q1.
The mean EV/EBITDA multiple for reported strategic deals in the Food & Consumer sector decreased to 7.2x in Q1 from 18.4x in 2024, but the mean EV/Revenue multiple for strategic buyers increased to 1.7x from 1.6x over the same period.
M&A deal volume in the sector decreased 11.9% in Q1 to 450 deals from 511 in Q4 2024, and decreased 5.0% from 474 in Q1 of the prior year.
As a % of total capital invested in M&A transactions, PE participation decreased significantly in Q1 to 4.1% from 35.4% in 2024.
Europe was the most active region in Q1 with 189 deals. Most notably in Europe was Carlsberg Group’s $5.1 billion acquisition of Britvic, a UK-based manufacturer of nonalcoholic beverages in January 2025.