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
22 / 25
Acquisition EV, USD
USD 109B
Investment EV, USD
-
Median EV / revenue
3.6x
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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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Obagi Medical Products Business Control | 2017-07-01 | Haitong International Zhonghua Finance Acquisition Fund I, L.P. | USD 190M Enterprise Value | 190 | 2.2x | 6.3x | - | Confirmed 1 source | ||
| Whole Foods Market, Inc. Control (100%) | 2017-06-16 | Amazon.com, Inc. | USD 14B Enterprise Value | 13,700 | 0.9x | 10.6x | United States | Confirmed 3 sources | ||
| Nutraceutical Control | 2017-05-22 | HGGC | Undisclosed | Undisclosed | 1.8x | 9.9x | - | Confirmed 1 source | ||
| Chewy, Inc. Control | 2017-04-18 | PetSmart, Inc. | USD 3.4B Enterprise Value | 3,350 | 3.7x | - | United States | Estimated 10 sources | ||
| Panera Bread Company Control (100%) | 2017-04-05 | JAB Holdings B.V. (through Rye Parent Corp.; investment vehicle of JAB Consumer Fund and JAB Holding Company) | USD 7.5B Enterprise Value | 7,500 | 2.7x | 16.9x | United States | Confirmed 11 sources | ||
| Popeyes Louisiana Kitchen, Inc. Control (100%) | 2017-02-21 | Restaurant Brands International Inc. | USD 1.8B Enterprise Value | 1,800 | 6.7x | 18.9x | United States | Confirmed 3 sources | ||
| ZELTIQ Aesthetics Control | 2017-02-13 | Allergan | USD 2.5B Consideration | 2,470 | 6.2x | - | United States | Confirmed 1 source | ||
| Mead Johnson Nutrition Control | 2017-02-10 | Reckitt Benckiser | USD 17B Consideration | 16,600 | 4.8x | 17.6x | - | Confirmed 1 source | ||
| Viviscal Control | 2017-01-20 | Church & Dwight | Undisclosed | Undisclosed | 3.6x | 17.8x | - | Confirmed 1 source | ||
| CeraVe, AcneFree, Ambi Control | 2017-01-10 | L'Oréal | USD 1.3B Enterprise Value | 1,300 | 7.7x | - | - | Confirmed 1 source | ||
| VCA Inc. Control (100%) | 2017-01-09 | Mars, Incorporated | USD 9.1B Enterprise Value | 9,100 | 3.6x | - | United States | Confirmed 3 sources | ||
| Bai Brands LLC Control (97%) | 2016-11-22 | Dr Pepper Snapple Group, Inc. | USD 1.7B Enterprise Value | 1,746 | 4.1x | - | United States | Confirmed 6 sources | ||
| Too Faced Control (100%) | 2016-11-14 | The Estée Lauder Companies Inc. | USD 1.4B Enterprise Value | 1,450 | 5.4x | - | United States | Confirmed 2 sources | ||
| Cabela’s Incorporated Control (100%) | 2016-10-03 | Bass Pro Group, LLC | USD 5.0B Enterprise Value | 5,000 | - | 10.3x | United States | Confirmed 3 sources | ||
| Vitaco Control | 2016-08-01 | Primavera Capital | Undisclosed | Undisclosed | 1.5x | 14.7x | Australia/New Zealand | Confirmed 1 source | ||
| Dollar Shave Club, Inc. Control | 2016-07-20 | Unilever | USD 1.0B Consideration | 1,000 | 6.6x | - | US | Confirmed 1 source | ||
| 2016-06-27 | Sanofi | USD 7.3B Enterprise Value | 7,300 | 4.4x | 16.1x | Global / Germany | Estimated 1 source | |||
| Justin’s, LLC Control | 2016-05-18 | Hormel Foods Corporation | USD 286M Enterprise Value | 286 | - | - | United States | Confirmed 8 sources | ||
| Keurig Green Mountain, Inc. Control (100%) | 2015-12-07 | Acorn Holdings B.V. (JAB-led investor group) | USD 14B Enterprise Value | 14,300 | 3.2x | 12.9x | United States | Confirmed 4 sources | ||
| Petco Control | 2015-11-23 | CVC Capital Partners and Canada Pension Plan Investment Board | USD 4.6B Enterprise Value | 4,600 | 1.1x | 10.0x | United States | Confirmed 5 sources | ||
| Swisse Control (83%) | 2015-09-17 | Biostime | AUD 1.7B Enterprise Value | 1,197 | 3.6x | 10.2x | Australia | Confirmed 2 sources | ||
| KYTHERA Biopharmaceuticals Control | 2015-06-17 | Allergan | USD 2.1B Consideration | 2,100 | - | - | - | Confirmed 1 source | ||
| Applegate Farms, LLC Control | 2015-05-26 | Hormel Foods Corporation | USD 775M Enterprise Value | 775 | 2.3x | - | United States | Confirmed 7 sources | ||
| Life Time Fitness, Inc. Control | 2015-03-16 | Affiliates of Leonard Green & Partners and TPG, with LNK Partners, Bahram Akradi and other investors | USD 4.2B Enterprise Value | 4,200 | 3.1x | 10.7x | United States and Canada | Confirmed 10 sources | ||
| PetSmart, Inc. Control | 2014-12-14 | BC Partners-led consortium, including La Caisse, GIC affiliates, StepStone and Longview Asset Management | USD 8.7B Enterprise Value | 8,700 | 1.2x | 9.1x | United States | Confirmed 5 sources |
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.