M&A advisory for food & beverages companies
F&B M&A has been one of the most active corners of consumer products. Nestlé, PepsiCo, Mondelez, Unilever, General Mills and Kraft Heinz run continuous M&A pipelines, and PE platforms have rolled up specialty food, beverage and ingredient businesses across virtually every category. Buyers underwrite on retail velocity, gross margin after trade and distribution moat.
The strategic pool is large and continuously active: Nestlé, PepsiCo, Mondelez, Mars, General Mills, Unilever and Kraft Heinz, alongside the regional CPGs and the major PE platforms with specialty F&B portfolios. Each grades on velocity per point of distribution, gross margin after trade and distribution moat durability, and reads SPINS or Circana before the financial model. Flow has direct access to the corp dev teams across this set.
Flow team has relevant sector experience and has worked with food and beverages companies across packaged food, beverages, functional and better-for-you, snacks, frozen and refrigerated, and ingredient and supplement businesses.
"Food & beverages" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing food & beverages M&A targets
Net revenue
Gross margin
Trade spend as % of gross
Velocity per door per week
ACV-weighted distribution
Repeat purchase rate
DTC share of revenue
Days inventory outstanding
Advertising as % of revenue
Co-packer cost per unit
Food & beverages valuations in May 2026
Public food & beverages comps trade at 1.0x EV/Revenue. Median revenue multiple across food & beverages M&A deals was 1.2x in the last 12 months.
1.0x
Median EV/Revenue as of May 2026 for public food & beverages companies
7.9x
Coca-Cola is the highest valued public food & beverages company based on EV/Revenue (excluding outliers)
1.2x
Median EV/Revenue across food & beverages M&A deals in the last 12 months
6.7x
Median EV/Revenue across food & beverages VC rounds in the last 12 months
Key recent food & beverages M&A deals
$45B acquisition of Unilever (foods unit) by McCormick & Co. was the largest food & beverages M&A transaction completed in the last year.
See all food & beverages M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Mar-26 | Unilever (foods unit) |  | Unilever (foods unit) is the foods division of multinational consumer goods firm Unilever PLC, headquartered in London. Knorr produces soups, bouillons, and meal kits; Hellmann’s and Best Foods offer mayonnaise and dressings, with regional items like Unox soups in Europe. Global retail channels carry these B2C brands, supporting Unilever’s Nutrition segment revenue. | McCormick & Co. | $45B | 3.0x | |
Aug-25 | JDE Peet's |  | The product of a merger between Jacobs Douwe Egberts and Peet’s Coffee in 2019, JDE Peet’s is the world’s largest pure-play coffee and tea group by revenue, with operations in more than 100 developed and emerging countries. Its portfolio of over 50 brands is the largest in the coffee and tea categories and includes global labels such as Peet’s, Jacobs, L’OR, Senseo, and Tassimo, regional brands like Douwe Egberts, Stumptown, Kenco, Moccona, Intelligentsia, OldTown, and Super, and local marks such as Maison du Cafe in France, Harris in Australia, and Mighty Leaf Tea in the US. The group has a diverse go-to-market approach across the consumer packaged goods, out-of-home, retail, and online sales channels. JDE Peet’s was listed on the Amsterdam stock exchange in 2020. | Keurig Dr Pepper | $23B | 1.4x | |
Dec-25 | Haldiram Snacks |  | Haldiram Snacks is a Delhi-based manufacturer of traditional Indian sweets, namkeens, and ready-to-eat foods, operating since 1937. The company produces over 150 product varieties including soan papdi, gulab jamun, bhujia, and dal moth from eight facilities across India, generating annual revenues exceeding INR 8,000 crore and serving global markets through 2,000 distributors. | L Catterton | $10B | 6.7x | |
Mar-26 | OHTL |  | OHTL PCL is engaged in lodging service. It owns and operates hotels and restaurants. The hotel provides accommodations, restaurants, banquet rooms, and other facilities. The company has two business segments, namely Hotel operation, Food & beverage. It also provides laundry services and manages confectionery shops. Majority of revenue is generated from Hotel operation segment. | Jardines | $4.2B | - | |
Oct-25 | Coca-Cola Beverages Africa |  | Coca-Cola Beverages Africa is a prominent bottling partner of The Coca-Cola Company across 14 sub-Saharan African countries including South Africa, Kenya, Nigeria, Zambia, and Mozambique. The Johannesburg-headquartered firm runs 36 bottling plants that produce over 30 beverage brands such as Coca-Cola, Sprite, Fanta, and localized options like Bonaqua and Schweppes. It distributes these products to more than 800,000 retail outlets from urban supermarkets to rural kiosks. Established in 2016 as a joint venture between The Coca-Cola Company and legacy bottlers, CCBA supports community water projects and recycling initiatives throughout its territories. | Coca-Cola HBC | $3.5B | 1.0x | |
Jan-26 | FIFCO (Central America beverage portfolio and proximity retail units) |  | FIFCO is a Costa Rican beverage, food, and retail conglomerate formally known as Florida Ice and Farm Company, founded in 1908. The company's beverage portfolio includes well-known Central American beer brands such as Imperial, Pilsen, and Bavaria, alongside partnerships with PepsiCo and Diageo for distribution across the region. FIFCO also operates more than 300 Musmanni and Musi proximity retail outlets in Costa Rica. With five production plants, 13 distribution centers, and over 5,500 employees, the group maintains operations spanning Costa Rica, Guatemala, Nicaragua, Panama, El Salvador, Mexico, and the United States. In September 2025, HEINEKEN announced a USD 3.2 billion agreement to acquire FIFCO's beverage and proximity retail businesses, including a 75% stake in Distribuidora La Florida and associated operations in Central America, with the transaction expected to close in the first half of 2026. | Heineken | $3.2B | 2.8x | |
Jul-25 | WK Kellogg Co |  | WK Kellogg Co is a Battle Creek-based food manufacturer focused on ready-to-eat cereals distributed in the U.S., Canada, and Caribbean markets. Spun off from Kellogg Company in 2023, it produces brands like Frosted Flakes, Froot Loops, Rice Krispies, and Special K from 12 North American plants. Generating $2.7 billion in annual net sales, WK Kellogg Co prioritizes supply chain efficiency and category growth through product reformulations and marketing campaigns. | Ferrero | $3.1B | - | |
Jan-26 | McCormick de Mexico |  | McCormick de Mexico is a joint venture established in 1947 between McCormick & Company and Grupo Herdez to produce and distribute spices, condiments, sauces, and teas across the Mexican market. The business generates annual net sales of approximately USD 810 million and holds a dominant market position in Mexican mayonnaise — its Mayonesa con Jugo de Limones brand commands roughly 70% of the category. The portfolio extends across spices, hot sauces, marmalades, mustard, and tea products distributed through retail and food service channels throughout Mexico. In late 2025, McCormick & Company acquired an additional 25% stake from Grupo Herdez for USD 750 million, raising its ownership to 75% and gaining majority control, with plans to use the platform for further expansion into Latin America. | McCormick & Co. | $3.0B | 3.7x | |
Nov-25 | Treehouse Foods | | TreeHouse Foods is the largest pure-play private-label manufacturer in the US. Much larger in the past following the 2016 acquisition of Ralcorp, Conagra’s former private-label business, the company has since divested several businesses to focus on high-growth categories. At present, the company produces and sells snacks (crackers, pretzels, cookies, and so on), beverages (such as nondairy creamer, coffee, tea, and broth), and a select number of grocery products (pickles, refrigerated dough, hot cereal, cheese, and pudding). Its most important sales channel is through retail grocery stores that sell its products under their own brands, with co-manufacturing and food away from home as much smaller channels of distribution for its fare. | InvestIndustrial | $2.9B | 0.9x | |
Jul-25 | Clarebout Potatoes |  | Clarebout Potatoes is a Harelbeke, Belgium-headquartered producer of frozen potato products including french fries, wedges, and specialties. It supplies retailers and foodservice operators across Europe and North America from factories processing over 500,000 tons of potatoes annually. Founded in 1987, the family-owned company emphasizes sustainable farming partnerships in Flanders. | J.R. Simplot | $2.9B | 2.7x | |
Aug-25 | F | Fonterra (consumer and associated unit) |  | - | Lactalis | $2.3B | - |
Mar-26 | Nothing Bundt Cakes | | Nothing Bundt Cakes is an Addison-headquartered franchisor operating over 450 gourmet bakeries across the United States and Canada specializing in Bundt cakes, cupcakes, and frostings. The company bakes fresh daily using proprietary recipes and premium ingredients like cream cheese frosting supplied through its distribution centers. Founded in 1997, Nothing Bundt Cakes serves retail customers via locations in 48 states with seasonal flavors and party packages. | KKR | $2.0B | 2.2x | |
Nov-25 | Topgolf Entertainment Group | | Topgolf Entertainment Group is a Dallas-headquartered operator of golf entertainment venues featuring climate-controlled hitting bays, microchipped balls for scoring, and full-service dining. Founded in 2000, the company runs locations in the United States, United Kingdom, Australia, and Mexico. Topgolf merged with Callaway Golf Group in 2021 and lists on Nasdaq under the ticker TOPG, hosting events for corporate groups and leagues. | Leonard Green & Partners | $1.8B | - | |
Jul-25 | Vermaat Groep | | Dutch Vermaat Groep delivers catering to over 400 sites in corporate offices, hospitals, schools, and prisons across the Netherlands from its Barneveld base. The company prepares 45 million meals annually using sustainable sourcing for healthcare providers like Erasmus MC and educational institutions. | Compass Group | $1.6B | 2.1x | |
Mar-26 | Huel | | Huel manufactures vegan, nutritionally complete foods including powdered meal replacements in seven variants, ready-to-drink shakes in three flavors, granola, and protein bars. Formulated with oats, pea protein, brown rice protein, flaxseed, and a vitamin-mineral blend, products provide full daily values of 27 essentials, high protein and fiber content, and low glycemic index from sustainable sources. | Danone | $1.2B | 4.1x |
Most active buyers of food & beverages companies
GrubMarket, Cal-Maine Foods and Turpaz Industries are the most active acquirers of food & beverages companies in the last three years.
See all food & beverages acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
GrubMarket | | GrubMarket is a San Leandro, California-headquartered AI-driven B2B ecommerce platform transforming the North American fresh produce supply chain. The company connects 30,000 suppliers and buyers through its marketplace, offering inventory management, logistics tracking, and financing. Operating coast-to-coast, it processes billions in transactions annually for fruits, vegetables, and seafood. Founded in 2016, GrubMarket expanded into Canada and Mexico, deploying blockchain for traceability and machine learning for demand prediction. | Delta Fresh ProduceSally ProduceBest Oriental Produce+2 | 9 | |
Cal-Maine Foods | | Cal-Maine Foods Inc produces and sells shell eggs. Its main market is the United States. The company's product portfolio contains nutritionally enhanced, cage-free, organic, and brown eggs. Cal-Maine Foods markets the shell eggs to a diverse group of customers, including grocery-store chains, club stores, and food service distributors. The company's brands are Egg-Land's, Land O' Lakes, Farmhouse, and 4-Grain. The Company has one reportable operating segment, which is the production, grading, packaging, marketing and distribution of shell eggs. | Van's Natural FoodsCrystal LakeEcho Lake Foods+2 | 6 | |
Turpaz Industries |  | Turpaz Industries Ltd is engaged in the development, production, and marketing of flavor and fragrance extracts for the cosmetics and food industries as well as raw materials for the pharma industry. | Nicola-J Flavours and FragrancesDoucySchumann & Sohn+2 | 6 | |
Solina Group |  | Solina Group is a Heerenveen, Netherlands-headquartered leader in food ingredients, offering customized solutions for meat, fish, ready meals, snacks, and nutrition. Acquired by Chequers Capital in 2011, it operates 28 facilities across Europe, generating sales in professional butchery and foodservice channels. Solina serves major processors with texturants, flavors, and functional additives. | New Max IndustrialSokol & CompanyAdvanced Food Systems+2 | 6 | |
Reliance Consumer Products | | Reliance Consumer Products is a consumer goods division under Reliance Retail in India, marketing brands in personal care, home essentials, and packaged foods. The company distributes products through JioMart and physical stores nationwide, emphasizing quality staples and household items trusted by millions of households in urban and rural markets. | Manna FoodsGoodness GroupUdhaiyams Agro Foods+2 | 5 | |
Valeo Foods Group |  | Valeo Foods Group is a Dublin-headquartered producer of branded consumer foods, manufacturing over 600 million units annually from 15 facilities in Ireland, the UK, and Poland. The portfolio includes Jacob's crackers, Batchelors soups, and Kelkin gluten-free products sold in Tesco and Sainsbury's. Acquired by Investindustrial in 2015, it exports to 60 countries. | Prestige 96 OODMelegattiFreddi Dolciaria+2 | 5 | |
Societe LDC | | L D C SA is a food processing company that provides poultry products, as well as a range of delicatessen food. It operates its business in four segments Upstream division, Poultry division, The Delicatessen division, and International division. The upstream division is responsible for branch management. Poultry division is engaged in the poultry, pig and cattle farming, as well as egg production and others. The Delicatessen division offers ready-to-eat meals and snacks like pizzas, sandwiches, tarts and desserts. The International division focuses on international development with countries specific strategies. | France PoultryGressingham FoodsGroupe Pierre Martinet+2 | 5 | |
Grupo Bimbo | | Grupo Bimbo SAB de CV is an international baking-products manufacturer. The company operates in over 22 countries throughout the Americas, Europe, and Asia. The firm's key product categories are packed bread, sweet baked goods, salty snacks, cookies, solutions (tortillas, pitas, wraps), prepacked foods, confectionery, and others. The key brands are Bimbo, Ideal, Ricolino, Oroweat, Arnold, Thomas, and Sara Lee. Grupo Bimbo has a large direct distribution network that allows the company to distribute products from its plants (based in Uruguay, Rio de Janeiro, China, Santiago de Chile, and Argentina) to sales centers and warehouses. | Joy Food InternationalStone House BreadDon Don+2 | 5 | |
Premium Brands Holdings |  | Premium Brands Holdings Corp is engaged in specialty food manufacturing, premium food distribution, and wholesale businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, and Washington State. The company's business segments include Specialty Foods, Premium Food Distribution. The Specialty Foods segment consists of its specialty food manufacturing businesses, which contributes about two-thirds of the group revenue; the Premium Food Distribution segment consists of the company's distribution and wholesale businesses. Its geographical segments are the United States and Canada. | Stampede Culinary PartnersDenmark FoodsCasa Di Bertacchi+2 | 5 | |
The ComplEAT Food Group | | - | Fresh-Pak Chilled FoodsHarvey & BrocklessSK Chilled Foods+2 | 5 |
Founders and investors we've worked with
We've supported winning builders across food & beverages 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.
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