Investment and M&A transaction comps
CPG Investment & M&A Transaction Comps
Global CPG and consumer brand investments, capital raises and M&A transactions, including food, beverage, beauty, personal care, supplements and adjacent branded consumer categories.
211
Reviewed transactions
149
With price data
4.1x
Median EV or valuation / revenue
16.3x
Median EV or valuation / EBITDA
| Year | Transactions | Priced | Median EV or valuation / revenue | Median EV or valuation / EBITDA |
|---|---|---|---|---|
| 2026 | 10 | 9 | 4.0x | 9.9x |
| 2025 | 14 | 14 | 3.3x | 12.7x |
| 2024 | 12 | 11 | 3.6x | 16.0x |
| 2023 | 20 | 18 | 4.0x | 20.9x |
| 2022 | 20 | 10 | 4.9x | 20.4x |
| 2021 | 25 | 20 | 4.7x | 15.2x |
| 2020 | 15 | 10 | 4.2x | 14.7x |
| 2019 | 8 | 7 | 4.3x | 17.4x |
Sortable transaction comps
CPG transaction table
Rows with reported value
23 / 25
Acquisition EV, USD
USD 64B
Investment EV, USD
-
Median EV / revenue
4.2x
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25 shown of 87 matching transactions. Click any transaction row for more detail.
Values are 100% enterprise values. Multiples divide EV by full-company revenue or EBITDA. Reported prices are assumed to be EV; explicit partial-stake prices are grossed up as estimates. Amounts paid are tracked separately.
| Select for comparison | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| King Kylie, LLC (Kylie beauty business) Control (51%) | 2019-11-18 | Coty Inc. | USD 1.2B Enterprise Value | 1,176 | 6.7x | 26.6x | United States | Confirmed 3 sources | ||
| Drunk Elephant Holdings, LLC Control | 2019-10-08 | Shiseido Americas Corporation | USD 845M Enterprise Value | 845 | 8.5x | - | United States | Confirmed 4 sources | ||
| Quest Nutrition Control | 2019-08-22 | The Simply Good Foods Company | USD 1.0B Consideration | 1,000 | 2.9x | 17.4x | United States | Estimated 1 source | ||
| OLLY Nutrition Control | 2019-04-18 | Unilever | Undisclosed Undisclosed | Undisclosed | 5.0x | 20.0x | United States | Confirmed 1 source | ||
| Primal Nutrition, LLC (Primal Kitchen) Control (100%) | 2018-11-29 | The Kraft Heinz Company | USD 200M Enterprise Value | 200 | 4.0x | - | United States | Confirmed 6 sources | ||
| Sonic Corp. (SONIC Drive-In) Control | 2018-09-25 | Inspire Brands, Inc. | USD 2.3B Enterprise Value | 2,300 | 5.4x | 15.3x | United States | Confirmed 5 sources | ||
| 2018-09-12 | The Hershey Company | USD 420M Enterprise Value | 420 | 4.8x | - | United States | Confirmed 3 sources | |||
| Zoës Kitchen, Inc. Control (100%) | 2018-08-17 | CAVA Group, Inc. | USD 300M Enterprise Value | 300 | 1.0x | 16.3x | United States | Confirmed 11 sources | ||
| Tate’s Bake Shop Control | 2018-05-06 | Mondelēz International | USD 500M Enterprise Value | 500 | - | - | United States | Confirmed 7 sources | ||
| Dr Pepper Snapple Group, Inc. Control | 2018-01-29 | Keurig Green Mountain, Inc. | Undisclosed Enterprise Value | Undisclosed | - | - | United States | Confirmed 9 sources | ||
| Snyder's-Lance, Inc. Control (100%) | 2017-12-18 | Campbell Soup Company | USD 6.1B Enterprise Value | 6,100 | 2.8x | 19.9x | United States | Confirmed 5 sources | ||
| Amplify Snack Brands, Inc. Control (100%) | 2017-12-18 | The Hershey Company | USD 1.6B Enterprise Value | 1,600 | 4.3x | 18.8x | United States | Confirmed 4 sources | ||
| Buffalo Wild Wings, Inc. Control (100%) | 2017-11-28 | Arby's Restaurant Group, Inc. | USD 2.9B Enterprise Value | 2,900 | 1.4x | 10.4x | United States | Confirmed 3 sources | ||
| Native Deodorant Control | 2017-11-15 | Procter & Gamble | USD 100M Enterprise Value | 100 | - | - | United States | Confirmed 2 sources | ||
| Chicago Bar Company LLC (RXBAR) Control | 2017-10-06 | Kellogg Company | USD 600M Enterprise Value | 600 | 5.0x | 19.5x | United States | Confirmed 4 sources | ||
| Whole Foods Market, Inc. Control (100%) | 2017-06-16 | Amazon.com, Inc. | USD 14B Enterprise Value | 13,700 | 0.9x | 10.6x | United States | Confirmed 3 sources | ||
| Chewy, Inc. Control | 2017-04-18 | PetSmart, Inc. | USD 3.4B Enterprise Value | 3,350 | 3.7x | - | United States | Estimated 10 sources | ||
| Panera Bread Company Control (100%) | 2017-04-05 | JAB Holdings B.V. (through Rye Parent Corp.; investment vehicle of JAB Consumer Fund and JAB Holding Company) | USD 7.5B Enterprise Value | 7,500 | 2.7x | 16.9x | United States | Confirmed 11 sources | ||
| Popeyes Louisiana Kitchen, Inc. Control (100%) | 2017-02-21 | Restaurant Brands International Inc. | USD 1.8B Enterprise Value | 1,800 | 6.7x | 18.9x | United States | Confirmed 3 sources | ||
| ZELTIQ Aesthetics Control | 2017-02-13 | Allergan | USD 2.5B Consideration | 2,470 | 6.2x | - | United States | Confirmed 1 source | ||
| VCA Inc. Control (100%) | 2017-01-09 | Mars, Incorporated | USD 9.1B Enterprise Value | 9,100 | 3.6x | - | United States | Confirmed 3 sources | ||
| Bai Brands LLC Control (97%) | 2016-11-22 | Dr Pepper Snapple Group, Inc. | USD 1.7B Enterprise Value | 1,746 | 4.1x | - | United States | Confirmed 6 sources | ||
| Too Faced Control (100%) | 2016-11-14 | The Estée Lauder Companies Inc. | USD 1.4B Enterprise Value | 1,450 | 5.4x | - | United States | Confirmed 2 sources | ||
| Cabela’s Incorporated Control (100%) | 2016-10-03 | Bass Pro Group, LLC | USD 5.0B Enterprise Value | 5,000 | - | 10.3x | United States | Confirmed 3 sources | ||
| Justin’s, LLC Control | 2016-05-18 | Hormel Foods Corporation | USD 286M Enterprise Value | 286 | - | - | United States | Confirmed 8 sources |
FundComb transaction comps are informational only. Prices are shown as estimated enterprise value where available, with USD used as the default sorting currency; revenue and EBITDA multiples are shown where available. Values may be estimated, rumored, incomplete or derived from public information and should not be relied upon as financial, investment or valuation advice.