What We’re Seeing

Market Update1

M&A activity in the food and beverage industry is continuing, with strategic buyers being particularly active. US Foods announced it will acquire Smart Foodservice Warehouse Stores, a wholesale food distributor and foodservice warehouse, for $970 million, from Smart & Final Stores, a portfolio company of Apollo Global Management. Mondelēz announced it will acquire Give & Go, a producer of baked goods, for $1.2 billion, from Thomas H. Lee Partners. Hormel Foods announced it will acquire Sadler’s Smokehouse, a provider of premium pit-smoked meats, for $270 million.

What We’ve Been Doing

Closed Harris Williams Transactions


Harris Williams advises Lancaster Foods

Harris Williams advised Lancaster Foods, a subsidiary of Guest Services, on its sale to The Coastal Companies, a portfolio company of Arlon Group.

Business Overview

  • Lancaster is a leading wholesale supplier of conventional and fresh-cut produce for retail customers across the Northeast U.S.
  • Founded in 1986, Lancaster operates a 220,000-square-foot distribution and processing center in Jessup, Maryland, and operates a fleet of over 70 delivery vehicles.


Key Value Drivers

  • Best-in-class sourcing capabilities
  • One-stop-shop provider for conventional and fresh-cut needs
  • Attractive position as go-to fill-in provider
  • Industry-leading margin profile
  • Attractively positioned to service the Mid-Atlantic region
  • Deep and experienced management team


Vital Signs




Public Equity Market Overview




M&A Market Overview

Highlighted Food and Beverage M&A Transactions1


US Foods to Acquire Smart Foodservice Warehouse Stores

  • US Foods to acquire Smart Foodservice Warehouse Stores for $970 million from Smart & Final Stores, a portfolio company of Apollo Global Management.
  • Based in Gresham, Oregon, Smart Foodservice Warehouse Stores is a wholesale food distributor that operates 70 small cash-and-carry stores throughout the West Coast, serving midsized restaurants and other food business customers.
  • The acquisition will complement US Foods’ existing cash-and-carry concept, CHEF’STORE, and will accelerate US Foods’ presence in the growing channel.


Mondelēz to Acquire Give & Go

  • Mondelēz to acquire Give & Go for $1.2 billion from Thomas H. Lee Partners.
  • Based in Toronto, Canada, Give & Go is a manufacturer of fully finished, sweet baked goods for the in-store bakery channel.
  • The acquisition expands Mondelēz’s snacking offering and establishes a leading position in in-store bakery.


Hormel Foods to Acquire Sadler’s Smokehouse

  • Hormel Foods acquires Sadler’s Smokehouse for $270 million.
  • Based in Henderson, Texas, Sadler’s Smokehouse is a family-owned business that specializes in premium and authentic pit-smoked meats for retail and foodservice customers.
  • The acquisition will complement Hormel’s foodservice business and gives it another brand to expand in the retail and deli channels.

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


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 Comparables4






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

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