GCG’s Q4 2023 Food & Beverage Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

• Q4 2023 was a strong quarter for the Food & Beverage (“F&B”) industry. The industry has maintained stability during recent inflation, with companies adapting to shifts in consumer behavior. Industry players that focused on convenience and value navigated economic pressures well, while those who maintained the status quo underperformed.
• Most sectors in the industry experienced an increase in share price after several quarters of negative performance. The Restaurants segment saw the largest average increase in share price over the quarter, of 15.6%.
• In Q4 2023, the F&B industry saw a slight increase in transaction volume, signaling a growing confidence among buyers in the affordability of borrowing capital as a response to the Federal Reserve’s recent rate cuts. The Restaurants category led activity in the industry, accounting for 33.2% of total volume.
• Based on a representative set of publicly traded companies across the F&B industry, companies traded at an average multiple of 12.0x EBITDA and 2.4x Revenue in Q4 2023.

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