M&A advisory for alcohol companies
Alcohol M&A is dominated by a small number of strategic CPG holding companies and a steady set of PE platforms building category roll-ups. Diageo, Pernod Ricard, Brown-Forman, Constellation, Campari and Heineken have all been steady acquirers, and sponsor-backed platforms have rolled up craft spirits, RTD and non-alcoholic adjacencies.
The strategic buyer pool is narrow and well-defined: Diageo, Pernod Ricard, Constellation, Brown-Forman, AB InBev, Heineken, Suntory and Campari, each with a specific category pocket they are filling. PE platforms in spirits, RTD and non-alcoholic adjacencies sit behind them. Flow has direct access to the corp dev teams across this set and runs alcohol processes buyer by buyer rather than book-and-broadcast.
Flow team has relevant sector experience and has worked with alcohol companies across spirits, craft beer, wine, RTDs and non-alcoholic adjacencies.
"Alcohol" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing alcohol M&A targets
Net revenue
Depletions
Distributor inventory days
Gross-to-net %
Gross margin
Excise duty as % of revenue
On-trade vs off-trade mix
Velocity per door
ACV-weighted distribution
Advertising as % of revenue
Alcohol valuations in May 2026
Public alcohol comps trade at 1.6x EV/Revenue. Median revenue multiple across alcohol M&A deals was 1.7x in the last 12 months.
1.6x
Median EV/Revenue as of May 2026 for public alcohol companies
3.1x
LVMH is the highest valued public alcohol company based on EV/Revenue (excluding outliers)
1.7x
Median EV/Revenue across alcohol M&A deals in the last 12 months
5.7x
Median EV/Revenue across alcohol VC rounds in the last 12 months
Key recent alcohol M&A deals
$7.4B acquisition of East African Breweries by Asahi Group was the largest alcohol M&A transaction completed in the last year.
See all alcohol M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | East African Breweries |  | East African Breweries PLC is a branded alcohol beverage company. The firm and its subsidiaries are involved in the marketing, production, and distribution of a collection of brands that range from beer, spirits, and adult non-alcoholic drinks. The company has invested in breweries, distilleries, support industries, and a distribution network across the region. The firm derives its revenue mainly from brewing, marketing, and selling of drinks, malt, and barley. Its geographical segments include Kenya, Uganda, and Tanzania, of which the majority of the revenue is generated from Kenya. | Asahi Group | $7.4B | 7.4x | |
Feb-26 | Four Roses Bourbon |  | Four Roses Bourbon is a Kentucky distiller producing a range of straight bourbon whiskeys from distinct recipes combining mash bills and yeast strains, aged in charred oak barrels. | E & J Gallo Winery | $775M | - | |
Dec-25 | BeatBox Beverages | | BeatBox Beverages is a Portland, Oregon-headquartered producer of portable boxed alcoholic beverages including premixed cocktails and fruit punches. Products feature flavors such as Blue Razzberry Lemonade, Pink Lemonade, and Hard Tea in three-liter boxes with spigots for easy serving at parties. The lineup targets social gatherings with 11.1 percent ABV options distributed through major U.S. retailers like grocery chains and liquor stores. Packaging emphasizes convenience and shareability for on-the-go consumption. | AB InBev | $576M | 1.7x | |
Mar-26 | Dirty Shirley | | Dirty Shirley is a beverage company producing canned cocktails. | Sazerac Company | $490M | 2.2x | |
Jul-25 | Imperial Blue |  | Imperial Blue is a New Delhi-based brand of Indian whisky produced by Pernod Ricard India. Launched in 1997, it holds the third-largest market share in India's whisky category, with annual sales exceeding 20 million cases. The blend combines Indian grain spirits and imported Scotch malts, bottled at 42.8% ABV. Imperial Blue Super is the flagship variant, available in 90ml, 180ml, 375ml, 750ml, and 1-liter sizes. Pernod Ricard distributes it nationwide through its network serving urban and rural markets. | Tilaknagar Industries | $485M | - | |
Apr-26 | The Long Drink Company | | The Long Drink Company is a beverage producer reviving Finland's iconic long drink, a gin-based cocktail originally created for the 1952 Helsinki Olympics. Launched in the United States in 2018, the brand earned recognition as the World's Fastest Growing Spirits Brand over 1 million cases by The Spirits Business in 2023. Its products have secured a Gold Medal at the 2019 New York International Spirits Competition and distribution in over 50,000 locations throughout the United States and Canada. | Mark Anthony Group | $325M | - | |
Feb-26 | CMJ Breweries |  | CMJ Breweries is a large-scale beer producer leveraging global brewing technologies for manufacturing. | Asgard Alcobev | $278M | 1.1x | |
Dec-25 | Z | Zedda Piras |  | Zedda Piras produces a traditional Sardinian liqueur from wild myrtle berries. | ILLVA SARONNO HOLDING | $108M | 3.9x |
Dec-25 | Fratelli Averna | | Fratelli Averna is a Sicilian distillery renowned for Averna Amaro, a herbal liqueur, alongside grappa, sparkling wines, and limoncello. The company also produces confectionery lines including dark chocolate bars, assorted pralines, wafers, cocoa powders, and gift boxes. Exported to over 100 countries from its Caltanissetta base, Fratelli Averna supplies bars, restaurants, and specialty stores. | ILLVA SARONNO HOLDING | $108M | 3.9x | |
Jun-25 | Delta Wines |  | Delta Wines is a Netherlands-headquartered importer and distributor of wines from Europe, South America, and New Zealand, supplying supermarkets, specialty stores, online retailers, and foodservice operators. Operating through divisions like DGS Wijn for premium selections, Coenecoop for value wines, and Pallas Wines for organic labels, it manages logistics from its warehouses in Amsterdam and Rotterdam. The company delivers category management, marketing campaigns, private label development, and e-commerce plugins to clients including Albert Heijn and Sligro. Delta Wines represents over 500 labels annually. | Viva Wine Group | $92M | 0.5x | |
Jan-26 | Heidsieck & Co | | Heidsieck & Co is a historic Champagne house blending tradition and modernity in its cuvées. The cellar master oversees vineyard management and extended aging of reserve wines for structured, age-worthy Champagnes. | Lanson-BCC | $59M | - | |
Mar-26 | BrewDog |  | BrewDog is a Scotland-headquartered craft brewery producing a wide array of bottled, canned, and keg beers including Punk IPA and Jet Black Heart. The company operates over 100 bars and hotels globally, from Ellon in Aberdeenshire to locations in the United States, Australia, and Europe. BrewDog offers DIY Dog, an online resource with detailed recipes for homebrewers replicating their commercial beers. | Tilray Brands | $44M | 0.2x | |
Feb-26 | Raeburn Winery | | Raeburn Winery is a Healdsburg-based producer of Sonoma County wines focused on Chardonnay, Pinot Noir, and Rosé varieties. Fruit-driven profiles with balanced acidity define its offerings, crafted through careful grape sourcing, crushing, temperature-controlled fermentation, and aging in stainless steel or oak. Distribution occurs via online sales, retailers, and restaurants nationwide. | Crimson Wine Group | $35M | - | |
Sep-25 | C | Cheers Breweries | | Cheers Breweries is an Indian craft brewery located in Pune producing a range of ales, lagers, and flavored beers. Established in 2015, it brews flagship IPAs and wheat beers using imported hops and local barley, distributed across Maharashtra pubs and retail chains. Cheers Breweries operates a 10,000-liter monthly capacity facility and supplies to events like Mumbai Beer Festival. | Mount Everest Breweries | $34M | - |
Jun-25 | Nao Spirits & Beverages | | Nao Spirits & Beverages is a craft spirits manufacturer producing gins like Greater Than, featuring juniper, lemon peel, fennel, and ginger notes, and Hapusa, incorporating foraged Himalayan juniper, turmeric, Gondhoraj peel, and raw mango. Ideal for cocktails and Gin & Tonics, these products target premium bars via naospirits.com. | United Spirits Limited | $15M | - |
Most active buyers of alcohol companies
Tilray Brands, Sazerac Company and Full Glass Wine Co are the most active acquirers of alcohol companies in the last three years.
See all alcohol acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Tilray Brands | | Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. The bulk of its sales are in Canada and in the international medical cannabis export market. US exposure comes mainly from alcohol. | BrewDogAtwater BreweryHop Valley Brewing Co+2 | 6 | |
Sazerac Company | | Sazerac Company is a leading producer and marketer of distilled spirits including Buffalo Trace bourbon, Sazerac rye whiskey, Peychaud's bitters, and brands like Fireball Cinnamon Whisky and Southern Comfort. Its portfolio spans whiskeys, vodkas, tequilas, rums, and liqueurs distributed globally. The Louisville-headquartered firm, tracing roots to 1850, owns 450 brands and operates 20 distilleries across Kentucky, New York, and California, exporting to over 100 countries. | Dirty ShirleyGarrard County Distilling Co.Western Son Distillery+2 | 5 | |
Full Glass Wine Co | | - | Cameron HughesScout & CellarSplash Wines+2 | 5 | |
Chilco River Holdings | | Chilco River Holdings Inc is shell company. | Daru WhiskeyMr. Cliff's Premium BourbonExcuse Wine & Spirits+1 | 3 | |
ILLVA SARONNO HOLDING | | ILLVA Saronno Holding is an Italian conglomerate managing brands in spirits, wines, ice cream, bakery products, and culinary flavorings. The group owns Disaronno amaretto liqueur, which originates from Saronno recipes dating to 1525, alongside Opera liqueur and other aperitifs. Headquartered in Saronno near Milan, ILLVA exports to over 100 countries through subsidiaries and distributes gelato under the Grom brand acquired in 2015. | Fratelli AvernaZedda PirasENGINE | 3 | |
Ackley Brands | | Ackley Brands is a wine industry consultancy firm that develops artisanal premium vineyard labels such as estate bottlings and single-vineyard expressions. It supplies operational tools for production tracking, sales platforms for direct-to-consumer channels, marketing strategies via digital campaigns, and financial modeling for cash flow projections. The firm invests equity and expertise to help wineries achieve objectives like international distribution deals and sustainability certifications. Headquartered in Napa Valley, California, Ackley Brands supports over 50 boutique producers annually. | charles smith winesThe Hogue CellarsMac & Jack's Brewery+1 | 3 | |
No Sleep Beverage | | No Sleep Beverage is an investment firm targeting emerging alcohol brands that integrate cultural elements and push creative limits. The company scouts and funds ventures in the beverage sector, emphasizing innovative products that appeal to diverse markets beyond traditional liquor categories. | Nine Banded WhiskeyWhiskey Del BacUME Plum Liqueur | 2 | |
Bench Brewing Co. |  | Bench Brewing Co. is a Beamsville-headquartered craft brewery in Ontario's Niagara Escarpment that produces farmhouse ales capturing regional terroir from its three-acre hops field. Operating from the restored 1860s Maple Grove Schoolhouse since 2016, it features barrel-aged wild ales, a taproom, beer garden, and on-site kitchen serving local cuisine. | Ace HillLiberty Village Brands | 2 | |
Wilding Brands | | Wilding Brands is a Portland, Oregon-based portfolio operator in the craft beverage sector that owns and scales brands like pFriem Family Brewers and The Commons Brewery. Founded in 2020, the company distributes beers, ciders, and non-alcoholic drinks through 10,000 retail points in the Pacific Northwest. Wilding invests in production facilities in Hood River for 50,000-barrel annual capacity. | Upslope Brewing CompanyStation 26 BrewingGreat Divide Brewing | 2 | |
Powder Monkey Group | | Powder Monkey Group is a UK-based brewing and hospitality conglomerate formed in 2023. It unites brands like Powder Monkey Brewing in Manchester and North East operations including taprooms and hotels. The group produces craft beers from malt to glass, distributing across the UK and exporting to Europe. Powder Monkey emphasizes historic naval themes in its branding, operating multiple venues with annual production exceeding 100,000 hectoliters. | Maxim BreweryAkasha Brewing CompanyWayward Brewing Company | 2 |
Founders and investors we've worked with
We've supported winning builders across alcohol and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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