Q2 2026

Food & Consumer M&A Update

In Q2, the S&P Food & Beverage Select Industry Index increased by 1.6%, underperforming the S&P 500 which increased 14.0% over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Food & Consumer sector increased to 12.9x in 1H 2026 from 10.8x in 2025, and increased for strategic deals to 11.2x from 8.5x in the prior year.
M&A deal volume in the sector decreased 11.6% in Q2 to 434 deals from 491 in Q1, and decreased 8.4% from 474 deals in Q2 of the prior year.
Europe was the most active region in Q2 with 179 deals. Most notably in Europe was Vandemoortele’s $1.08 billion acquisition of Delifrance, a global supplier of baked products to both the foodservice and retail channels.
Total capital invested in M&A transactions decreased 7.0% in Q2 to $46.7B from $50.2B in Q1 2026, primarily due to an 11.6% decrease in deal volume coupled with a shift in mix to smaller sized deals.