Investment and M&A transaction comps
Food & Beverage Investment & M&A Transaction Comps
Food, beverage, snacks, alcohol, non-alcoholic drinks and related consumer packaged goods transactions.
48
Reviewed transactions
32
With price data
4.0x
Median EV or valuation / revenue
16.8x
Median EV or valuation / EBITDA
| Year | Transactions | Priced | Median EV or valuation / revenue | Median EV or valuation / EBITDA |
|---|---|---|---|---|
| 2025 | 4 | 4 | 2.8x | 12.0x |
| 2023 | 5 | 5 | 3.6x | 17.2x |
| 2021 | 4 | 3 | 2.7x | 15.5x |
| 2018 | 6 | 4 | 4.0x | 16.3x |
| 2017 | 5 | 5 | 4.7x | 18.9x |
Sortable transaction comps
Food & Beverage transaction table
Rows with reported value
21 / 25
Acquisition EV, USD
USD 39B
Investment EV, USD
USD 7.9B
Median EV / revenue
3.9x
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25 shown of 48 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Au Vodka Control | 2026-08-17 | Sazerac | GBP 500M Enterprise Value | 678 | - | - | United Kingdom | Confirmed 3 sources | ||
| Purely Elizabeth Control | 2026-08-14 | Ferrero Group | Undisclosed Estimated Enterprise Value | Undisclosed | - | - | United States | Confirmed 6 sources | ||
| WK Kellogg Co Control (2%) | 2025-07-10 | Ferrero | USD 3.1B Enterprise Value | 3,100 | 1.1x | - | North America | Confirmed 2 sources | ||
| LesserEvil Control | 2025-04-03 | The Hershey Company | USD 815M Total Consideration | 815 | 4.9x | - | United States | Confirmed 3 sources | ||
| poppi Control (100%) | 2025-03-17 | PepsiCo | USD 1.9B Enterprise Value | 1,950 | - | - | United States | Estimated 7 sources | ||
| Alani Nu Control | 2025-02-20 | Celsius Holdings | USD 1.6B Net Purchase Price | 1,650 | 2.8x | 12.0x | United States | Confirmed 3 sources | ||
| Sour Strips Control | 2024-11-08 | The Hershey Company | Undisclosed | Undisclosed | - | - | United States | Confirmed 3 sources | ||
| Liquid Death Capital Raise | 2024-03-11 | Live Nation and other investors | USD 1.4B Enterprise Value | 1,400 | 4.2x | - | United States | Confirmed 4 sources | ||
| La Colombe Coffee Roasters Control | 2023-12-15 | Chobani | USD 900M Enterprise Value | 900 | - | - | United States | Confirmed 1 source | ||
| Hostess Brands, Inc. Control (100%) | 2023-09-11 | The J. M. Smucker Company | USD 5.6B Enterprise Value | 5,600 | 3.9x | 17.2x | United States | Confirmed 3 sources | ||
| Subway Control | 2023-08-24 | Roark Capital Group affiliates | USD 8.9B Enterprise Value | 8,950 | - | 12.0x | United States | Confirmed 9 sources | ||
| Sovos Brands, Inc. Control (100%) | 2023-08-07 | Campbell Soup Company | USD 2.7B Enterprise Value | 2,700 | 3.2x | 19.8x | United States | Confirmed 4 sources | ||
| 2023-07-31 | Monster Beverage Corporation | USD 362M Enterprise Value | 362 | - | - | United States | Confirmed 3 sources | |||
| Celsius Holdings, Inc. Minority (9%) | 2022-08-01 | PepsiCo, Inc. | USD 6.5B Enterprise Value | 6,471 | 9.9x | - | United States | Estimated 4 sources | ||
| Clif Bar & Company Control (100%) | 2022-06-20 | Mondelēz International | USD 2.9B Enterprise Value | 2,900 | 3.6x | 24.2x | United States | Confirmed 11 sources | ||
| Del Taco Restaurants, Inc. Control (100%) | 2021-12-06 | Jack in the Box Inc. | USD 575M Enterprise Value | 575 | 1.1x | 11.0x | United States | Confirmed 11 sources | ||
| 2021-11-15 | Restaurant Brands International Inc. | USD 1.0B Enterprise Value | 1,000 | - | 20.0x | United States | Confirmed 4 sources | |||
| 2021-11-10 | The Hershey Company | USD 1.2B Enterprise Value | 1,200 | 4.4x | - | United States | Confirmed 3 sources | |||
| Hu Master Holdings (Hu Products) Control (100%) | 2021-01-05 | Mondelēz International | Undisclosed Enterprise Value | Undisclosed | - | - | United States | Confirmed 1 source | ||
| KIND North America Control | 2020-11-17 | Mars, Incorporated | USD 5.0B Enterprise Value | 5,000 | - | - | United States | Estimated 2 sources | ||
| 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 | ||
| 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 | ||
| Pret A Manger Control | 2018-05-29 | JAB Consumer Fund and JAB Holding Company | Undisclosed | Undisclosed | - | - | United Kingdom | Confirmed 1 source | ||
| Tate’s Bake Shop Control | 2018-05-06 | Mondelēz International | USD 500M Enterprise Value | 500 | - | - | United States | Confirmed 7 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.