What We’re Seeing

Market Update4

The food & beverage M&A market remains active through March, with several notable transactions. Saputo purchased Dairy Crest for $1.6 billion, accelerating Saputo’s growth in the U.K. Tilray’s acquired Fresh Hemp Foods for $316.5 million, and PepsiCo acquired CytoSport for $465.0 million.

What We’ve Been Doing

Closed Harris Williams Transactions


Harris Williams Advises graze on its Sale to Unilever

Business Overview

  • graze offers a wide range of better-for-you, low-calorie snacking products that are without trans fats, GMOs, high-fructose corn syrup, and have low sugar levels.
  • The Company is the first truly multi-channel consumer packaged goods brand in the healthy snacking segment as it provides products through the retail, online, and subscription channels. 
  • The Company serves a blue-chip customer base in the UK and U.S. including Sainsbury’s, Tesco, Whole Foods, Costco, and others.


Key Value Drivers

  • Strong brand crossing a number of healthy snacking categories
  • Direct-to-consumer expertise
  • Strong market presence being the #1 healthy snacking brand in the UK by value
  • Innovation machine with an ability to localize product to new markets quickly
  • Unrivaled customer engagement and brand loyalty


Vital Signs

Commodity Price Indices4


Protein Price Indices1,2


Restaurant and Grocery Store Sales Indices3


Consumer Food Price Index Inflation1


Key Trading Statistics4


Public Equity Market Overview

Public Company Sector Performance (Median One Year Change in Stock Price)4


Recent Equity Offerings5


Food and Beverage Industry Stock Performance Index4


M&A Market Overview

Highlighted Food and Beverage M&A Transactions4

Saputo to Acquire Dairy Crest


  • Saputo has agreed to acquire Dairy Crest for $1.3 billion.
  • Dairy Crest is located in Esher, Surrey, United Kingdom and manufactures and distributes milk and dairy products.
  • Both Saputo and Dairy Crest have dominant market share in their respective home markets in cheese, and Saputo aims to accelerate Dairy Crest’s growth and business development.


Tilray Acquires Fresh Hemp Foods


  • Tilray has acquired Fresh Hemp Foods for $316.5M.
  • Based in British Columbia, Canada, Fresh Hemp Foods manufactures hemp-based food products.
  • The acquisition will accelerate Tilray’s expansion into the U.S. and Canadian markets for cannabidiol (CBD) products.


PepsiCo to Acquire CytoSport


  • PepsiCo agreed to acquire CytoSport for $465.0M.
  • Based in Benicia, CA, CytoSport manufactures nutritional supplements and functional beverages, including protein-based powders, sports nutrition bars and ready-to-drink beverages.
  • The acquisition will accelerate PepsiCo’s expansion into the sports and wellness products 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 and 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.

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