PitchBook-发布报告：2024年二季度消费者零售与服务（英）

INDUSTRY RESEARCHLaunch Report: Consumer Retail & ServicesPE trends and industry overviewQ22024ContentsInstitutional Research Group AnalysisQ2 2024 Launch Report: Consumer Retail & ServicesPG 2Eric Bellomo Analyst, Emerging Technologyeric.bellomo@pitchbook.compbinstitutionalresearch@pitchbook.comPublishingReport designed by Drew SandersPublished on September 27, 2024DataMatthew Nacionales Senior Data AnalystVertical overview3Macroeconomic indicators7Consumer retail & services PE investor map8Segment overview9Consumer staples10Consumer discretionary products14Consumer services18Appendix21PG 3Q2 2024 Launch Report: Consumer Retail & ServicesVertical overviewThe consumer retail & services vertical approached a nadir through Q2 2024. Looking forward, buyout activity is expected to increase following the Federal Reserve’s (the Fed’s) much-anticipated 50-basis-point cut announced in Q3. Illustrating this, recent months have brought improved deal activity, especially within nondiscretionary products & services. Our data and conversations indicate consumer retail & services deal activity is effectively bifurcated in the present “higher-for-longer” interest rate environment. Strategic acquirers have more latitude to work from strong balance sheets and pass costs on to end consumers while pursuing acquisitions that strategically augment or modernize existing product portfolios. On the other hand, financial buyers are demonstrating reticence due to higher financing costs and unfavorable valuations while dry powder piles up. Premium assets still command strong multiples, but all other deals face higher scrutiny, extended diligence cycles, and greater emphasis on a viable path to profitable growth. Smaller deals face a relatively favorable landscape with select nondiscretionary subsegments, such as food, beverage, cannabis & grocery; vitamins, minerals & supplements; and pet, faring better than higher-discretion goods, such as apparel. Finding targets with the appropriate revenue and profit profile, in addition to finding logical sellers, Source: PitchBook • Geography: Global • *As of June 30, 2024Consumer retail & services PE deal count1,1521,2161,2131,1281,7891,5831,2715651,28589320172018201920202021202220232024*Deal countDeal count estimatePG 4Q2 2024 Launch Report: Consumer Retail & ServicesSource: PitchBook • Geography: Global • *As of June 30, 2024Consumer retail & services PE deal count by quarter3522733354614320100200300400500Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220172018201920202021202220232024*Deal countDeal count estimateremains a nontrivial undertaking.1 Buyer-seller misalignment still exists largely for nonpremium assets while deal valuations generally decline. Aggregate PitchBook PE data shows deal activity is proceeding at “half speed ahead.” Green shoots are emerging as 2024 dealmaking outpaces the preceding year by 12.0%, though exits remain nearly 50% below 2020 to 2021 volume. The consumer segment reflects th