食品和饮料行业洞察：2026年冬季

Learn more ExecutiveSummaryExecutiveSummaryExecutiveSummaryExecutiveSummary 239 food and beverage deals wereannounced in the trailing 12 months(TTM) period ending December 2025 89% were completed by privately ownedbuyers 75% were strategic buyers M&A Market Overview In the food and beverage sector in Q4 2025, 57 transactions were announced, finishing the year with an encouraging H2 that saw a 17.3% increasein deal activity from H1 2025. This rebound from H1 2025 (which marked a 10-year low in the food and beverage sector) suggests a growingappetite among buyers for M&A. For the TTM period ending December 31, 2025, 239 transactions were announced, marking a 20.9% decline fromthe TTM period ending December 31, 2024. While deal volume in Q4 2025 fell quarter over quarter in the food and beverage sector, the quality of deals remained strong. Notable deals in thequarter includeInvestindustrial’sacquisition of TreeHouse Foods, Premium Brands' acquisition of Stampede Culinary Partners, Anheuser-Busch'sacquisition of an 85% stake in Future Proof Brands and McCain's acquisition of McCrum. Significant deals across several verticals (e.g.,confectionary/snacks, protein, alcoholic beverages and produce) highlight the continued demand for high-quality assets. M&A volume in the food and beverage sector over the TTM period ending December 31, 2025, remained predominantly driven by strategic buyers(including companies primarily owned by PE investors), with strategic transactions representing 75% of the total deal count. Of the 239 transactionsover the TTM period, 212 (89%) were completed by privately owned buyers. Following a year of geopolitical conflicts and macroeconomic uncertainty, the TTM period reached its lowest level of M&A activity in the food andbeverage sector since 2013. This decline in M&A activity has led to a greater accumulation of cash on balance sheets, with both strategic buyers andfinancial sponsors waiting out uncertainty in the market before deploying capital. Over 2025, demand for high-quality assets remained strong despiteheadwinds, and strategic players (who largely drive M&A activity) are increasingly looking for opportunities to strengthen their supply chains. We expect to see M&A volume continue to climb through 2026 as buyers adapt to this new “normal.” Strategic buyers and financial sponsors areshowing a growing appetite for M&A following low levels of capital deployment in 2025. This has put pressure on financial sponsors to deploy capitaland generate returns for limited partners, and on strategic buyers to seek synergistic add-on opportunities. M&A Market Overview—Cont’d Number of Announced Deals (as of December 31, 2025) Select Recent Transactions1 Kroll Served as Financial Advisor to Penobscot McCrum LLCMcCain Foods Limited Acquired Penobscot McCrum LLC Industrial F&B Investments III Inc. (Investindustrial) AcquiredTreeHouse Foods Inc. On November 12, 2025, McCain Foods, a global leader in prepared potato and appetizerproducts, announced that it signed an agreement to acquire Penobscot McCrum LLC, one ofNorth America’s premier suppliers of frozen potato specialty products, for an undisclosedamount. The transaction closed on January 2, 2026. “As family-owned companies dedicated toproducing foods families love, there is a lot of synergy between McCain and McCrum. Weshare a strong commitment to integrity, sustainability, and the highest-quality standards,” saidHoward Snape, Regional President, North America, of McCain Foods. On November 10, 2025, Investindustrial announced that it entered into a definitive agreementto acquire TreeHouse Foods, a leading private label food and beverage manufacturer, for $2.9billion. “We are confident in the long-term growth opportunities in private brands and thecategories where TreeHouse Foods operates, as well as the company’s ability to build on itsstrong foundation of leadership. We look forward to working closely with the TreeHouseFoods leadership team and employees to drive its long-term success,” said Andrea C. Bonomi,Chairman of the Industrial Advisory Board of Investindustrial. Premium Brands Holdings Corporation AcquiredStampede Culinary Partners Inc. Anheuser-Busch Companies LLC Acquired a Majority Stake inFuture Proof Brands LLC (d/b/a2BeatBox Beverages LLC) On December 10, 2025, Premium Brands, a leading specialty food manufacturer, announcedthat it entered into a definitive agreement to acquire Stampede Culinary Partners, a leadingculinary solutions and protein platform, for $662.5 million. The transaction closed on January2, 2026. “The acquisition of Stampede will further accelerate our growth in this market bystrengthening our presence in the U.S. foodservice channel …, enhancing our productioncapabilities …, and providing us with access to significant unused production capacity,” saidGeorge Paleologou, President and CEO of Premium Brands. On December 5, 2025, Anheuser-Busch, a leading American manufacturer of alcoholicbever