What We’re Seeing

Market Update1

The M&A landscape in the food & beverage industry remains active, with several notable transactions. Litehouse to acquire Sky Valley Foods for $46.0 million, Perdue Premium Meat acquired Panorama Meats for an undisclosed amount, and Boston Beer Company acquired Dogfish Head Brewing for $309.0 million.

What We’ve Been Doing

Closed Harris Williams Transactions


Harris Williams Advises 3D Corporate Solutions

Harris Williams advised 3D Corporate Solutions on the sale of its Land Animal Protein Division to Olympus Partners.

Business Overview

  • The Land Animal Protein Division of 3D Corporate Solutions (“3D Protein”) is a leading manufacturer and supplier of value-added protein ingredients to the pet food industry.
  • 3D Protein’s unique expertise across the pet food value chain positioned the Company as an ideal partner to protein integrators given its unique ability to generate value by converting co-products to premium and specialty pet food ingredients.
  • 3D Protein acts as an integral product development partner to the pet food industry through offering world-class manufacturing services through its four manufacturing facilities located across the Midwest and Southeast U.S.


Key Value Drivers

  • Attractive momentum in the premium pet food sector
  • Critical link in the pet food value chain given the Company’s expertise across the protein and pet food sectors
  • World class manufacturing capabilities
  • Broad portfolio of proprietary ingredient solutions
  • Experienced management team with a track record of growth and innovation
  • Highly attractive financial profile


Vital Signs




Public Equity Market Overview1

Public Company Sector Performance (Median One Year Change in Stock Price)1


Recent Equity Offerings5


Food and Beverage Industry Stock Performance Index4


M&A Market Overview

Highlighted Food and Beverage M&A Transactions1

Litehouse to Acquire Sky Valley Foods


  • Litehouse announced it has entered into an agreement to acquire Sky Valley Foods
  • Based in Danville, VA, Sky Valley Foods manufactures organic shelf-stable condiments, dressings, sauces, and marinades under the Organicville and Sky Valley brands
  • The acquisition will allow Litehouse to grow its portfolio with center store, clean, and organic products while expanding its manufacturing presence on the East Coast


Perdue Premium Meat Acquires Panorama Meats


  • Perdue Premium Meat, a subsidiary of Perdue Farms, has acquired Panorama Meats
  • Based in Woodland, CA, Panorama Meats produces grass-fed and grass-finished certified organic beef
  • The acquisition will allow Perdue Premium Meat to penetrate the organic grass-finished market 


Boston Beer Company to Acquire Dogfish Head Brewing


  • The Boston Beer Company announced it has entered into an agreement to acquire Dogfish Head Brewing
  • Based in Milton, DE, Dogfish Head Brewing provides craft brews and spirits and operates a few restaurants
  • The acquisition will help Boston Beer Company become more competitive in an industry that is seeing rapid consolidation

M&A Market Overview*

Food and Beverage M&A Trends1


Latest Deals and Announced Private Equity Activity1



* M&A transactions include European and cross-border deals since 2015.

Debt Market Overview

Food and Beverage Loan Activity6


Recent Debt Offerings7


M&A Overview*

Median LTM Trading Multiples & Quarterly Food & Beverage M&A1


Recent Food and Beverage M&A1



* M&A transactions include European and cross-border deals since 2015.

Food and Beverage Earnings Release Calendar

Earnings Release Calendar1


Public Comparables1






1. Factset
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. US Census Bureau
5. Thomson Financial
6. S&P
7. Reuters


The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.