食品和饮料行业并购洞察——2025年冬季

WINTER 2025 Learn more Executive Summary 302 food and beverage deals wereannounced in the trailing 12 months(TTM) period ending December 2024 88% were completed by privately ownedbuyers Executive Summary 76% were strategic transactions M&A Market Overview Overview In Q4 2024, 76 transactions were announced in the food and beverage industry, representing a minor 3% increase in transactionvolume incomparison to Q3 2024. Similarly to the previous quarter, deal activity in Q4 2024 increased significantly (23%) when compared to Q4 2023. For theTTM period ending December 31, 2024, 302 transactions were announced in the food and beverage space, marking an 11% year-over-year increase,which can be largely attributed to stronger activity levels in the back half in 2024 in comparison to 2023. Several significant transactions were announced in Q4 2024, which included mega transactions in the alcoholic beverages, nonalcoholic beverages,specialty-pet and better-for-you segments. The most notable transactions in these areas include Butterfly Equity LP’s acquisition of The DuckhornPortfolio Inc., Keurig Dr Pepper Inc.’s acquisition of GHOST Lifestyle/Beverages LLC, General Mills Inc.’s acquisition of Whitebridge Pet Brands LLC’sNorth American premium cat feeding and pet treating business, and PepsiCo Inc.’s acquisition of Garza Food Ventures LLC (dbaSiete Foods). Thealcoholic beverages, general, nonalcoholic beverages and better-for-you categories were the most active in terms of deal volume,representing 68%of M&A volume this quarter. Food and beverage deal activity over the TTM period ending December 31, 2024, remained predominantly driven by strategic buyers(includingcompanies primarily owned by private equity investors), with strategic transactions representing 76% of the total deal volume. Of the 302 dealsannounced over the TTM period, 267 (88%) were completed by privately owned buyers. The food and beverage industry experienced moderately strong and consistent deal flow in Q4 2024 that was likely supported bylower interest ratesin Canada and the U.S. but limited by the uncertainty stemming from the U.S. election and global conflicts. Financial buyershave been active in foodand beverage M&A this quarter, as private equity firms are eager to take advantage of cheaper capital and deploy accumulateddrypowder.Additionally, large public companies are continuing to hold on to extra cash to deploy strategically. The recent Republican presidential election victory in the U.S. presents potential M&A tailwinds, as corporate tax cuts and lessregulatory red tapecould help drive deal activity. In contrast, the landscape for Canadian food and beverage M&A is less clear, as potential tariffthreats from the U.S. andthe lack of political direction has resulted in near-term hesitancy among Canadian buyers and sellers. As North American food and beverage dealactivity is predominantly driven by the U.S., we anticipate that these factors will net a positive impact and continue to fuel overall food and beverageM&A in 2025. Source: S&P GlobalNote: M&A deal count is defined by a list of subsectors viewed as the best representation of the industry. 3 M&A Market Overview—Cont’d Number of Announced Deals (as of December 31, 2024) Select Recent Transactions1 Butterfly Equity LP AcquiredThe Duckhorn Portfolio Inc. (NYSE:NAPA) Keurig Dr Pepper Inc. (NasdaqGS:KDP) Agreed to AcquireGHOST Lifestyle LLC and GHOST Beverages LLC (“GHOST”) On December 24, 2024, Butterfly Equity completed the acquisition of The DuckhornPortfolio, a North American producer of several well-known premium wine brands,for nearly$2 billion. Adam Waglay, Co-Founder and Co-CEO of Butterfly Equity,said, “Together, we look forward to expanding the Company’s global reach, bothorganically and through strategic acquisitions, and continuing to bring its celebratedwines to more consumers who value quality and craftsmanship.” On October 24, 2024, Keurig Dr Pepper announced a definitive agreement to acquire a60% ownership stake in GHOST, a producer of flavorful energy drinks and sportssupplements, at an implied enterprise value of$1.7 billion. The remaining 40% stake willbe acquired by Keurig in 2028. “This acquisition strengthens our position in the attractiveenergy drink category, accelerating our portfolio evolution toward consumer-preferred,growth-accretive spaces through a disciplined deal structure,” said Tim Cofer, CEO ofKeurig Dr Pepper. General Mills Inc. (NYSE:GIS) Acquired The N.A. Premium CatFeeding and Pet Treating Business of Whitebridge Pet Brands LLC PepsiCo Inc. (NasdaqGS:PEP) AcquiredGarza Food Ventures LLC (dba Siete Foods) On December 18, 2024, General Mills successfully completed the acquisition ofWhitebridge Pet Brands’ North American premium cat feeding and pet treatingbusiness, which included several well-known specialty pet brands such as Tiki Pets andCloud Star, for$1.5 billion. JonNudi, Group President of General Mills North AmericanPet,