What We’re Seeing

Market Update1

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

Vital Signs

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


M&A Overview

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


Recent Food and Beverage M&A1


Food and Beverage Earnings Release Calendar

Earnings Release Calendar1


Public Comparables1






1. Capital IQ

2. Unweighted Average

3. US Census Bureau

4. U.S. Bureau of Labor Statistics

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. 

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