What We’re Seeing
M&A activity in the food and beverage industry is continuing, with strategic buyers being particularly active. Nassau Candy acquired Pennsylvania Dutch Candies, a manufacturer of unique in-store candy and food displays, for an undisclosed amount. Just Eat Takeaway is to acquire Grubhub, an online and mobile platform for restaurant pickup and delivery orders in the U.S., for approximately $7.5B. Nestlé Health Science is to acquire a majority stake in Vital Proteins, a collagen brand providing supplements, beverages and food products, for an undisclosed amount.
What We’ve Been Doing
Closed Harris Williams Transactions
Covid-19 Food & Beverage Retail Market Perspectives
HW & Encore Consumer Food & Beverage Retail Observations
Starting in March, the COVID-19 pandemic prompted a significant increase in demand in the retail channel across all food & beverage departments. Harris Williams and Encore Consumer Capital have been monitoring the impact across food & beverage categories by leveraging the latest available SPINS® data and recently published a report on their findings. While all departments have experienced meaningful YOY growth, growth in the frozen department has outpaced other departments, largely driven by a decline in restaurant dining and the longer shelf life and convenience that frozen foods provide.
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*Source: SPINS Natural Enhanced Channel and SPINS Multi-Outlet Channel (powered by IRI). Multi-Outlet channel data includes Food, Drug, Mass, and select Club, Military, and Dollar stores
Commodity Price Indices1
Protein Price Indices2,3
Restaurant and Grocery Store Sales Indices4
Consumer Food Price Index Inflation2
Key Trading Statistics1
Public Equity Market Overview
Public Company Sector Performance (Median One Year Change in Stock Price)1
Recent Equity Offerings5
Food and Beverage Industry Stock Performance Index1
M&A Market Overview
Highlighted Food and Beverage M&A Transactions1
Nassau Candy Acquired Pennsylvania Dutch Candies
- Nassau Candy acquired Pennsylvania Dutch Candies.
- Based in Camp Hill, Pennsylvania, Pennsylvania Dutch Candies is a manufacturer of unique in-store candy and food displays.
- The acquisition will add a nostalgic brand to Nassau Candy’s portfolio, and Nassau Candy will seek to leverage its scale and sales infrastructure to drive growth.
Just Eat Takeaway to Acquire Grubhub
- Just Eat Takeaway to acquire Grubhub for approximately $7.5 billion.
- Based in Chicago, Illinois, Grubhub provides an online and mobile platform for restaurant pickup and delivery orders in the United States.
- The acquisition of Grubhub will create the world’s largest food delivery platform outside of China as Just Eat Takeaway was seeking scale to help cope with a landscape that includes increasing consumer demand and fierce competition.
Nestlé Health Science to Acquire Vital Proteins
- Nestlé Health Science (“NHSc”) to acquire a majority stake in Vital Proteins.
- Based in Elk Grove Village, Illinois, Vital Proteins, a collagen brand and a lifestyle and wellness platform, offers supplements, beverages and food products.
- Becoming a part of the NHSc portfolio will provide Vital Proteins with a variety of resources to help scale the company’s reach and innovation.
M&A Market Overview
Food and Beverage M&A Trends1
Latest Deals and Announced Private Equity Activity1
Last 10 Deals Announced
Private Equity Investments & Exits
Debt Market Overview
Food and Beverage Loan Activity6
Quarterly Loan Volume
Average Spread on Food & Beverage Loans
Recent Debt Offerings7
Median LTM Trading Multiples & Quarterly Food & Beverage M&A1
Recent Food and Beverage M&A1
1. Capital IQ
2. Unweighted Average
3. US Census Bureau
4. U.S. Bureau of Labor Statistics
5. Thomson Financial
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