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
11 / 23
Acquisition EV, USD
USD 48B
Investment EV, USD
-
Median EV / revenue
4.1x
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23 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | - | 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 | - | United States | Confirmed 4 sources | ||
| Chicago Bar Company LLC (RXBAR) Control | 2017-10-06 | Kellogg Company | USD 600M Enterprise Value | 600 | 5.0x | - | 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 | ||
| 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 | ||
| 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 | ||
| Justin’s, LLC Control | 2016-05-18 | Hormel Foods Corporation | USD 286M Enterprise Value | 286 | - | - | United States | Confirmed 8 sources | ||
| 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 | ||
| Applegate Farms, LLC Control | 2015-05-26 | Hormel Foods Corporation | USD 775M Enterprise Value | 775 | 2.3x | - | United States | Confirmed 7 sources | ||
| Annie’s, Inc. Control (100%) | 2014-09-08 | General Mills, Inc. | USD 820M Enterprise Value | 820 | 4.0x | - | United States | Confirmed 3 sources | ||
| Barcode Performance Drink Control | - | Axum Capital | Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Clio Snacks Control | - | Stride Consumer Partners | Undisclosed | Undisclosed | - | - | United States | Confirmed 3 sources | ||
| BODYARMOR Control (85%) | - | The Coca-Cola Company | USD 6.6B Enterprise Value | 6,588 | - | - | United States | Confirmed 2 sources | ||
| Bonchon Control | - | Minor Food and Serruya Private Equity | Undisclosed | Undisclosed | - | - | - | Confirmed 2 sources | ||
| Fave’Wich Control | - | JSB Industries | Undisclosed Undisclosed | Undisclosed | - | - | - | Confirmed 2 sources | ||
| Ardella's Control | - | Revolution Foods | Undisclosed Undisclosed | Undisclosed | - | - | United States | Confirmed 2 sources | ||
| HpO Sparkling Protein Water Control | - | AMASS Brands Group | Undisclosed | Undisclosed | - | - | - | Confirmed 2 sources | ||
| Girardi Distributors, LLC Control | - | Martignetti Companies | Undisclosed | Undisclosed | - | - | Massachusetts, United States | Confirmed 2 sources | ||
| Au Vodka Control | - | Sazerac | Undisclosed Undisclosed | Undisclosed | - | - | United Kingdom | Confirmed 2 sources | ||
| La Terra Fina Control | - | Sargento Foods | Undisclosed Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| DeBeukelaer Corporation Control (2%) | - | Griesson-de Beukelaer | Undisclosed | Undisclosed | - | - | United States | Confirmed 1 source | ||
| MADE Group Control (49%) | - | Danone | Undisclosed | Undisclosed | - | - | Australia | Confirmed 1 source |
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.