Q4 2025

Food & Consumer M&A Update

In Q4, the S&P Food & Beverage Select Industry Index decreased by 2.3% and was outperformed by a 2.0% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Food & Consumer sector increased to 10.8x in 2025 from 6.7x in 2024, but decreased for strategic buyers to 8.5x from 14.7x in 2024.
M&A deal volume in the sector decreased 2.1% in Q4 to 427 deals from 436 deals in Q3 and decreased 16.4% from 511 deals in Q4 of the prior year.
Europe was the most active region in Q4 with 212 deals in the Food & Consumer sector. Most notably in Europe was Abu Dhabi Investment Authority’s $4.2 billion acquisition of Froneri International, a UK-based manufacturer of branded ice cream products.
Total capital invested in M&A transactions increased 65.0% in Q4 to $50.5B from $30.6B in Q3, primarily from the Mars’ $35.0B acquisition of Kellanova, a Michigan-based manufacturer and marketer of branded packaged snack foods, in December 2025.