What We’re Seeing

Market Update4

The 2018 aggregate food and beverage transaction value of $110 billion surpassed 2017’s aggregate transaction value of $78 billion representing a total dollar growth of over 40%. 2018 saw several notable transactions including the Campbell Soup Company acquisition of Snyder’s Lance for $4.9 billion, Keurig Green Mountain acquisition of Dr. Pepper Snapple Group for $25.3 billion, and Conagra Brands acquisition of Pinnacle Foods for $10.7 billion. December continued to demonstrate momentum with over 75 transactions announced and closed.

What We’ve Been Doing

Closed Harris Williams Transactions


Harris Williams Advises Quirch on its Sale to Palladium

Business Overview

  • Quirch is a leading distributor of fresh and frozen protein and ethnic grocery products in the Southeast U.S., Puerto Rico, and Latin America.
  • In addition to distributing center-of-the-plate proteins, the Company offers an attractive portfolio of Company-owned brands. 
  • Led by a highly experienced management team, Quirch has driven significant organic growth since 2005 through geographic expansion, new customer acquisition, and an increased breadth of product offerings. 
  • The Company serves its domestic and export customers out of its 5 distribution centers across the U.S. and Puerto Rico.


Key Value Drivers

  • Strong history of organic growth
  • Attractive financial profile
  • Deep and experienced management team
  • Diverse customer base and business model
  • Defensible market position with strong performance during last recession
  • Scalable platform with demonstrated ability to penetrate new markets
  • Unique expertise in export markets servicing over 50 countries


Vital Signs




Public Equity Market Overview




M&A Market Overview

Highlighted Food and Beverage M&A Transactions4

L Catterton to Acquire Cholula


  • L Catterton agreed to acquire The Cholula Food Company (“Cholula”) for an undisclosed amount.
  • Based in Jersey City, NJ, Cholula manufactures and distributes hot sauces.
  • L Catterton’s acquisition will allow Cholula to become a standalone enterprise and will enable the company to continue delivering on its potential to become an enduring global brand.

Waitr Holdings to Acquire BiteSquad.com


  • Waitr Holdings agreed to acquire BiteSquad.com for $321.3M.
  • Based in Minneapolis, MN, Bitesquad.com provides online and mobile food delivery services in the U.S.
  • The acquisition will significantly expand Waitr’s scale and footprint across the U.S., serving a total of over 86 markets in more than 500 cities and 22 states.

Apio, Inc. Acquires Yucatan Foods


  • Apio, Inc. acquired Yucatan Foods for $80.0M.
  • Based in Los Angeles, CA, Yucatan Foods manufactures and markets packaged avocado-based food products, primarily guacamole, to retail and foodservice customers.
  • The acquisition will help Apio strengthen its position in the natural foods market.


M&A Market Overview*

Food and Beverage M&A Trends4


Latest Deals and Announced Private Equity Activity4


* 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&A4


Recent Food & Beverage M&A4



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

Food and Beverage Earnings Release Calendar

Earnings Release Calendar4


Public Comparables4






1. U.S. Bureau of Labor Statistics

2. Unweighted Average

3. US Census Bureau

4. Factset

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.