KROLL-食品和饮料行业并购洞察——2024年秋季（英）

INDUSTRY INSIGHTSKROLL INVESTMENT BANKINGFood and BeverageLearn moreF A L L 2 0 2 4288 food and beverage deals were announced in the trailing 12 months (TTM) period ending September 202489% were completed by privately owned buyers77% were strategic transactionsExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive Summary2TTM = Trailing 12 months.M&A Market OverviewIn Q3 2024, 74 transactions were announced in the food and beverage space, which marks a 10% decline in deal volume when compared to the previous quarter. However, despite a decline in quarter-over-quarter deal activity, Q3 2024 increased by 28% compared to Q3 2023. For the TTM period ending September 30, 2024, 288 deals were announced in the space, representing a 2% increase from the prior TTM period. This marks the first sign of positive TTM year-over-year growth since TTM March 2022.Q3 2024 saw several notable North American transactions within the confectionery/snacks and dairy spaces. Significant transactions announced within these areas include Mars Incorporated’s pending acquisition of Kellanova and Groupe Lactalis SA/Sodiaal International SA’s pending acquisition of General Mills Inc.’s North American yogurt business. The alcoholic beverages, confectionery/snacks, general and nonalcoholic beverages categories were the most active in terms of deal volume, representing 58% of the total transaction count this quarter.Food and beverage M&A activity over the TTM period ending September 2024 remained predominantly driven by strategic buyers (including companies primarily owned by private equity investors), with strategic transactions representing 77% of the total deal volume. Of the 288 deals announced over the TTM period, 256 (89%) were completed by privately owned buyers.The decline in Q3 2024 food and beverage M&A activity represents the first quarterly decrease since Q3 2023, which can likely be ascribed to the recently elevated economic uncertainty stemming from the upcoming U.S. election and escalating geopolitical conflicts. Historically, these factors have temporarily caused hesitancy amongst both financial and strategic buyers to execute on transactions. However, the lagging impact of recent rate cuts has yet to make a meaningful impact on M&A activity, with the rate of private equity exits remaining at all-time lows. As inflation continues to approach the long-term target level of 2%, it is expected that the Bank of Canada and the Federal Reserve will make additional rate cuts, which will help foster a healthier M&A environment in the coming months. The resulting decreases in financing costs, paired with the upward momentum seen in year-over-year TTM deal volume growth, provide us with a sense of optimism that the food and beverage industry is well positioned to take advantage of this headwind moving forward.Overview3Source: Reuters, S&P Global, Statista.Note: M&A deal count is defined by a list of subsectors viewed as the best representation of the