Investment and M&A transaction comps
CPG Investment & M&A Transaction Comps
Global CPG and consumer brand investments, capital raises and M&A transactions, including food, beverage, beauty, personal care, supplements and adjacent branded consumer categories.
213
Reviewed transactions
149
With price data
4.1x
Median EV or valuation / revenue
16.3x
Median EV or valuation / EBITDA
| Year | Transactions | Priced | Median EV or valuation / revenue | Median EV or valuation / EBITDA |
|---|---|---|---|---|
| 2026 | 12 | 9 | 4.0x | 9.9x |
| 2025 | 14 | 14 | 3.3x | 12.7x |
| 2024 | 12 | 11 | 3.6x | 16.0x |
| 2023 | 20 | 18 | 4.0x | 20.9x |
| 2022 | 20 | 10 | 4.9x | 20.4x |
| 2021 | 25 | 20 | 4.7x | 15.2x |
| 2020 | 15 | 10 | 4.2x | 14.7x |
| 2019 | 8 | 7 | 4.3x | 17.4x |
Sortable transaction comps
CPG transaction table
Rows with reported value
16 / 25
Acquisition EV, USD
USD 35B
Investment EV, USD
USD 10B
Median EV / revenue
4.3x
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25 shown of 213 matching transactions. Click any transaction row for more detail.
Values are 100% enterprise values. Multiples divide EV by full-company revenue or EBITDA. Reported prices are assumed to be EV; explicit partial-stake prices are grossed up as estimates. Amounts paid are tracked separately.
| Select for comparison | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Subway Control | 2023-08-24 | Roark Capital Group affiliates | USD 8.9B Enterprise Value | 8,950 | - | 12.0x | United States | Confirmed 9 sources | ||
| Sovos Brands, Inc. Control (100%) | 2023-08-07 | Campbell Soup Company | USD 2.7B Enterprise Value | 2,700 | 3.2x | 19.8x | United States | Confirmed 4 sources | ||
| Lamisil Control | 2023-08-01 | Karo Healthcare | Undisclosed | Undisclosed | 4.1x | - | - | Confirmed 1 source | ||
| Bondi Sands Control | 2023-08-01 | Kao Corporation | AUD 450M Consideration | 298 | 4.2x | - | Australia | Confirmed 1 source | ||
| 2023-07-31 | Monster Beverage Corporation | USD 362M Enterprise Value | 362 | - | - | United States | Confirmed 3 sources | |||
| SKIMS Capital Raise | 2023-07-19 | Wellington Management | USD 4.0B Enterprise Value | 4,000 | 5.3x | - | United States | Confirmed 6 sources | ||
| Blackmores Control (100%) | 2023-04-26 | Kirin | USD 1.2B Enterprise Value | 1,241 | 2.9x | 23.1x | Australia | Estimated 3 sources | ||
| Aesop Control | 2023-04-03 | L’Oréal | EUR 2.2B Consideration | 2,500 | 4.4x | 24.7x | Australia | Confirmed 2 sources | ||
| Mielle Organics Control | 2023-01-11 | P&G Beauty | EUR 595M Enterprise Value | 639 | 5.6x | 22.0x | - | Confirmed 2 sources | ||
| Hilma Control | 2022-11-17 | Biocodex | Undisclosed | Undisclosed | - | - | United States | Confirmed 1 source | ||
| TOM FORD brand and intellectual property Control (100%) | 2022-11-15 | The Estée Lauder Companies Inc. | USD 2.5B Enterprise Value | 2,550 | - | - | United States | Confirmed 9 sources | ||
| Oyster Point Pharma Control | 2022-11-07 | Viatris | Undisclosed | Undisclosed | - | 20.7x | - | Confirmed 1 source | ||
| Brand Gallinée Control | 2022-09-28 | Shiseido | Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Skinbetter Science Control | 2022-09-23 | L’Oréal | USD 858M Enterprise Value | 858 | 8.2x | - | United States | Confirmed 1 source | ||
| Hero Cosmetics Control | 2022-09-06 | Church & Dwight | USD 630M Consideration | 630 | 5.5x | 14.0x | United States | Estimated 3 sources | ||
| Bucklebury Control | 2022-09-01 | Haleon | Undisclosed Undisclosed | Undisclosed | - | - | United Kingdom | Confirmed 1 source | ||
| Tata Harper Control | 2022-09-01 | Amorepacific | EUR 125M Enterprise Value | 125 | 2.8x | 24.5x | United States | Confirmed 1 source | ||
| Celsius Holdings, Inc. Minority (9%) | 2022-08-01 | PepsiCo, Inc. | USD 6.5B Enterprise Value | 6,471 | 9.9x | - | United States | Estimated 4 sources | ||
| The Better Health Company Control | 2022-06-29 | Nestle | Undisclosed Undisclosed | Undisclosed | - | - | New Zealand | Estimated 2 sources | ||
| Clif Bar & Company Control (100%) | 2022-06-20 | Mondelēz International | USD 2.9B Enterprise Value | 2,900 | 3.6x | 24.2x | United States | Confirmed 11 sources | ||
| Youtheory Control (95%) | 2022-06-01 | Jamieson Wellness Inc. | Undisclosed | Undisclosed | 1.8x | 10.0x | North America | Confirmed 1 source | ||
| Nutrafol Control | 2022-05-30 | Unilever | Undisclosed Undisclosed | Undisclosed | 4.9x | 22.7x | - | Confirmed 1 source | ||
| Biohaven Pharmaceutical Control | 2022-05-10 | Pfizer | USD 12B Consideration | 11,600 | - | 13.5x | United States | Confirmed 1 source | ||
| NAK Hair Control | 2022-05-01 | Adamantem Capital | AUD 90.0M | 65 | 2.3x | - | Australia | Estimated 1 source | ||
| Antares Pharma, Inc. Control | 2022-04-13 | Halozyme Therapeutics | Undisclosed | Undisclosed | 4.9x | - | - | Confirmed 1 source |
FundComb transaction comps are informational only. Prices are shown as estimated enterprise value where available, with USD used as the default sorting currency; revenue and EBITDA multiples are shown where available. Values may be estimated, rumored, incomplete or derived from public information and should not be relied upon as financial, investment or valuation advice.