Market Monitor: Food & Beverage
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Market Monitor: Food & Beverage
U.S. Food & Beverage M&A Activity in 2024
In 2024, the U.S. Food & Beverage industry saw 347 M&A transactions, marking an 8.4% increase in volume compared to 2023. This growth signals the continued strength of the sector despite broader economic conditions.
Non-Alcoholic Beverage Market Driving Investment Activity
With the global non-alcoholic beverage market projected to double over the next decade, several significant transactions have made headlines. Notable deals include:
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PepsiCo’s acquisition of Poppi
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Celsius’ acquisition of Alani Nu
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Molson Coors’ majority stake in ZOA Energy
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Keurig Dr Pepper’s acquisition of GHOST
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Gryphon Investors’ majority investment in Spindrift
These high-profile deals reflect the growing investment potential in the non-alcoholic beverage market.
A Resilient Investment Opportunity in the Baked Goods Sector
The baked goods sector, a consistent staple of the American diet, remains highly attractive to investors, particularly in the private equity space. The sector is generally insulated from economic downturns, making it a steady investment target. Recent significant transactions include:
One Equity Partners’ acquisition of CraftMark Bakery
Platinum Equity and Butterfly Equity’s joint acquisition of Rise Baking
QualiTech’s (MidOcean Partners) acquisition of Ellison Bakery
These deals indicate ongoing investor interest in the baked goods industry.
Food & Beverage Contract Manufacturing Remains Attractive
Food & Beverage contract manufacturing companies continue to be highly sought after, as acquirers look to expand their production capabilities, enter high-growth product categories, and diversify their customer bases. Recent notable transactions include:
Falfurrias’ acquisition of Snak King
TruFood and Bar Bakers merging to form Tandem Foods
Clayton, Dubilier & Rice’s acquisition of Shearer’s Foods
These transactions showcase the increasing demand for manufacturing capabilities within the food and beverage sector.
Looking Ahead: M&A Activity in the Second Half of 2025
While M&A transaction volume in early 2025 has been slower, as is typical in the first 100 days of a new administration, the market is expected to gain momentum as President Trump’s tariff policies stabilize. Several factors suggest a more active M&A market in the second half of the year, providing new opportunities for growth and investment in the food and beverage sector.
For more information or questions, please contact our contributors:
Rich Anderson, Managing Director: randerson@
Johnny Sherwood, Director: jsherwood@