Q1 2026

Food & Consumer M&A Update

In Q1, the S&P Food & Beverage Select Industry Index increased by 3.4%, outperforming the S&P 500 which saw a 4.8% decrease over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Food & Consumer sector decreased to 10.4x in Q1 from 10.8x in 2025, and decreased for strategic deals to 6.2x from 8.5x in the prior year.
M&A deal volume in the sector increased 15.0% in Q1 to 491 deals from 427 in Q4 2025, and increased 9.1% from 450 deals in Q1 of the prior year.
Europe was the most active region in Q1 with 196 deals. Most notable in Europe was Keurig Dr Pepper’s $22.9 billion acquisition of JDE Peet’s, a Netherlands-based global coffee and tea company.
Total capital invested in M&A transactions decreased 0.6% in Q1 to $50.2 from $50.5B in Q4 2025 largely driven by a single mega-deal (>$20B) in each quarter. The largest deal in Q1 was the JDE Peet’s transaction while in Q4, Mars acquired Kellanova for $35.0 billion.