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.
| 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
8 / 12
Acquisition EV, USD
USD 45B
Investment EV, USD
-
Median EV / revenue
1.8x
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12 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Keurig Green Mountain, Inc. Control (100%) | 2015-12-07 | Acorn Holdings B.V. (JAB-led investor group) | USD 14B Enterprise Value | 14,300 | 3.2x | 12.9x | United States | Confirmed 4 sources | ||
| Petco Control | 2015-11-23 | CVC Capital Partners and Canada Pension Plan Investment Board | USD 4.6B Enterprise Value | 4,600 | 1.1x | 10.0x | United States | Confirmed 5 sources | ||
| Applegate Farms, LLC Control | 2015-05-26 | Hormel Foods Corporation | USD 775M Enterprise Value | 775 | 2.3x | - | United States | Confirmed 7 sources | ||
| PetSmart, Inc. Control | 2014-12-14 | BC Partners-led consortium, including La Caisse, GIC affiliates, StepStone and Longview Asset Management | USD 8.7B Enterprise Value | 8,700 | 1.2x | 9.1x | United States | Confirmed 5 sources | ||
| Annie’s, Inc. Control (100%) | 2014-09-08 | General Mills, Inc. | USD 820M Enterprise Value | 820 | 4.0x | - | United States | Confirmed 3 sources | ||
| Family Dollar Stores, Inc. Control (100%) | 2014-07-28 | Dollar Tree, Inc. | USD 9.2B Enterprise Value | 9,200 | 0.9x | 11.3x | United States | Confirmed 4 sources | ||
| BODYARMOR Control (85%) | - | The Coca-Cola Company | USD 6.6B Enterprise Value | 6,588 | - | - | United States | Confirmed 2 sources | ||
| Specnova Control | - | HTBA | Undisclosed | Undisclosed | - | - | United States | Confirmed 2 sources | ||
| Clio Snacks Control | - | Stride Consumer Partners | Undisclosed | Undisclosed | - | - | United States | Confirmed 3 sources | ||
| GoPro Control (90%) | - | Starman Optical, Inc. | USD 409M Enterprise Value | 409 | - | - | United States | Confirmed 3 sources | ||
| Ardella's Control | - | Revolution Foods | Undisclosed Undisclosed | Undisclosed | - | - | United States | Confirmed 2 sources | ||
| DeBeukelaer Corporation Control (2%) | - | Griesson-de Beukelaer | Undisclosed | Undisclosed | - | - | United States | Confirmed 1 source |