Investment and M&A transaction comps
Food & Beverage Investment & M&A Transaction Comps
Food, beverage, snacks, alcohol, non-alcoholic drinks and related consumer packaged goods transactions.
58
Reviewed transactions
36
With price data
3.9x
Median EV or valuation / revenue
18.0x
Median EV or valuation / EBITDA
| Year | Transactions | Priced | Median EV or valuation / revenue | Median EV or valuation / EBITDA |
|---|---|---|---|---|
| 2026 | 5 | 2 | 3.4x | - |
| 2025 | 5 | 5 | 2.8x | 12.0x |
| 2024 | 3 | 2 | 4.2x | - |
| 2023 | 5 | 5 | 3.6x | 17.2x |
| 2021 | 4 | 3 | 2.7x | 15.5x |
| 2018 | 6 | 4 | 4.0x | 16.3x |
| 2017 | 5 | 5 | 4.3x | 18.9x |
Sortable transaction comps
Food & Beverage transaction table
Rows with reported value
16 / 25
Acquisition EV, USD
USD 50B
Investment EV, USD
-
Median EV / revenue
4.0x
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25 shown of 58 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Primal Nutrition, LLC (Primal Kitchen) Control (100%) | 2018-11-29 | The Kraft Heinz Company | USD 200M Enterprise Value | 200 | 4.0x | - | United States | Confirmed 6 sources | ||
| 2018-09-12 | The Hershey Company | USD 420M Enterprise Value | 420 | 4.8x | - | United States | Confirmed 3 sources | |||
| Zoës Kitchen, Inc. Control (100%) | 2018-08-17 | CAVA Group, Inc. | USD 300M Enterprise Value | 300 | 1.0x | 16.3x | United States | Confirmed 11 sources | ||
| Pret A Manger Control | 2018-05-29 | JAB Consumer Fund and JAB Holding Company | Undisclosed | Undisclosed | - | - | United Kingdom | Confirmed 1 source | ||
| Tate’s Bake Shop Control | 2018-05-06 | Mondelēz International | USD 500M Enterprise Value | 500 | - | - | United States | Confirmed 7 sources | ||
| Dr Pepper Snapple Group, Inc. Control | 2018-01-29 | Keurig Green Mountain, Inc. | Undisclosed Enterprise Value | Undisclosed | - | - | United States | Confirmed 9 sources | ||
| Snyder's-Lance, Inc. Control (100%) | 2017-12-18 | Campbell Soup Company | USD 6.1B Enterprise Value | 6,100 | 2.8x | 19.9x | United States | Confirmed 5 sources | ||
| Amplify Snack Brands, Inc. Control (100%) | 2017-12-18 | The Hershey Company | USD 1.6B Enterprise Value | 1,600 | 4.3x | 18.8x | United States | Confirmed 4 sources | ||
| Chicago Bar Company LLC (RXBAR) Control | 2017-10-06 | Kellogg Company | USD 600M Enterprise Value | 600 | 5.0x | 19.5x | United States | Confirmed 4 sources | ||
| 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 | ||
| 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 | ||
| 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 | ||
| 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 | ||
| Applegate Farms, LLC Control | 2015-05-26 | Hormel Foods Corporation | USD 775M Enterprise Value | 775 | 2.3x | - | United States | Confirmed 7 sources | ||
| Annie’s, Inc. Control (100%) | 2014-09-08 | General Mills, Inc. | USD 820M Enterprise Value | 820 | 4.0x | - | United States | Confirmed 3 sources | ||
| BODYARMOR Control (85%) | - | The Coca-Cola Company | USD 6.6B Enterprise Value | 6,588 | - | - | United States | Confirmed 2 sources | ||
| TNT Crust Control | - | General Mills | USD 253M Enterprise Value | 253 | - | - | - | Confirmed 6 sources | ||
| SpikedAde Control | - | Constellation Brands | Undisclosed | Undisclosed | - | - | - | Estimated 2 sources | ||
| TGI Friday License Control | - | Kraft Heinz | Undisclosed | Undisclosed | - | - | International Developed Markets (Kraft Heinz segment use) | Confirmed 6 sources | ||
| Kraft Foods Group, Inc. (Kraft) Control | - | H.J. Heinz Holding Corporation | Undisclosed | Undisclosed | - | - | - | Confirmed 6 sources | ||
| The Pillsbury Company Control | - | General Mills, Inc. | Undisclosed | Undisclosed | - | - | - | Confirmed 2 sources | ||
| Barcode Performance Drink Control | - | Axum Capital | Undisclosed | Undisclosed | - | - | - | Confirmed 1 source | ||
| Clio Snacks Control | - | Stride Consumer Partners | Undisclosed | Undisclosed | - | - | United States | Confirmed 3 sources | ||
| Bonchon Control | - | Minor Food and Serruya Private Equity | Undisclosed | Undisclosed | - | - | - | Confirmed 2 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.