GCG’s Q2 2024 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:

• Most sectors within the Food & Beverage industry experienced slight compressions quarter-over-quarter. Despite pressures, M&A deal activity has remained stable, and there is optimism for the second half of the year due to accumulated dry powder and anticipated Fed rate cuts.
• Over the 3-year period ending June 30, 2024, only the Food Retail sector outperformed the S&P 500 index, with gains of 56.3%.
• The Food and Beverage industry demonstrated resilience in Q2 2024, maintaining similar deal volumes to the previous quarter. In addition to the stable deal activity, average deal value continued its upward trajectory since Q4 2023, this time with a quarter-over-quarter increase of approximately 15%.
• Based on a representative set of publicly traded companies across the F&B industry, companies traded at an average multiple of 14.0x EBITDA and 2.6x Revenue in Q2 2024.

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