Q3 2025

Food & Consumer M&A Update

In Q3, the S&P Food & Beverage Select Industry Index decreased by 2.3% and was outperformed by a 7.9% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported private equity deals increased to 10.8x in YTD 2025 from 6.7x in 2024, but decreased for strategic deals to 6.7x from 14.7x in the prior year.
M&A deal volume in the Food & Consumer sector decreased 8.0% in Q3 to 436 deals from 474 deals in Q2 and decreased 8.2% from 475 deals in Q3 of the prior year.
Europe was the most active region in Q3 with 179 deals. Most notably in Europe was Bunge Global’s $18.0 billion acquisition of Viterra, a Netherlands-based agribusiness engaged in grain handling, processing, and global commodity trading, in July 2025.
Total capital invested in M&A transactions increased 131.8% in Q3 to $30.6B from $13.2B in Q2, in large part from the Viterra deal. In Q3, we saw the highest level of capital invested in M&A transactions since Q4 2024.