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BEVERAGE SECTOR UPDATE | FEBRUARY 2025 TABLE OF CONTENTS Key Sector TakeawaysBeverage Sector Continues to Face Headwinds Moving to 2025Beverage M&A Rebounds, Optimistic Outlook for WholesalersPrivate Equity Returns, Sector Valuations Hold StrongNotable M&A Transactions by SubsectorCapstone Advises Horizon Beverage in Strategic AcquisitionSelect Beverage Sector TransactionsPublic Company Data: Alcoholic BeveragesPublic Company Data: Non-Alcoholic BeveragesBeverage Report ContributorsFirm Track RecordCapstone’s Proprietary Research Reveals Top Services in DemandEndnotes45678910111213141516 CONTACT OUR BEVERAGE SECTOR BANKERS Ross ColbertManaging Director347-421-4519rcolbert@capstonepartners.com Robert MarksDirector773-505-4373rmarks@capstonepartners.com Capstone Partners, a subsidiary of Huntington Bancshares Incorporated(NASDAQ:HBAN), has been a trusted advisor to leading middle marketcompanies for over 20 years, offering a fully integrated range of expertinvestment banking and financial advisory services uniquely tailored tohelp owners, investors, and creditors through each stage of thecompany's lifecycle. Sign Up for Sector Insights. Delivering timely, sector-specific intelligence to your inbox One of our core capabilities is to deliver sector-specific intelligencedesigned specifically for sector leaders, private equity firms and theiradvisors. Our sector reports and featured articles deliver real-timeaccess to key sector data including: •Emerging sector trends•Acquirer and investor appetites•Mergers & acquisitions market analysis•Notable transactions•Public company data Receive email updates with our proprietary data, reports, and insightsas they're published for the sectors that matter to you most. Subscribe Alcohol Disruption Sparks Increase in BeverageMarket M&A KEY SECTOR TAKEAWAYS Capstone Partners’ConsumerInvestment Banking Groupis pleased to share its Beverage report, with insightsand analysis on key sector dynamics, buyer activity, and expectations for 2025. Merger and acquisition (M&A)activity in the Beverage sector rebounded in 2024 after a subdued year for dealmaking in 2023, supported byhealthy consolidation among privately-owned beverage companies and a resurgence in private equity deals.Consumerpreferences continued to evolve,including a growing anti-alcohol movement that spurredsignificant disruption and dragged on alcoholic beverage sales volumes. However, optimism for sector growthin 2025 remains. Several key report takeaways are outlined below. 1.Consumer preferences appeared to turn against alcoholic beverages in 2024, but strong performancein select categories such as RTD Spirits and Non-alcoholic beer has provided optimism for growththroughout the supply chain moving into 2025.2.Beverage M&A activity rebounded despite headwinds, with deal volume increasing 21.7% year-over-year (YOY) in 2024. Buyer appetite was widespread across the Beverage industry, with each segmentrecording YOY jumps in transaction activity.3.Strategic buyers continued to drive deal volume, accounting for more than three quarters of totalsector transactions for the sixth consecutive year. Private companies comprised the majority (83.7%)of strategic M&A transactions.4.Private equity investment in beverages rose for the first time since 2021, with fund managers showingparticular appetite for Wine & Spirits acquisitions.5.Beverage distributors are using M&A to acquire new growth brands that fit a wider range of occasions,and consumer needs. The convergence between soft drink and alcohol distributors is accelerating asdistributors seek to build“atotal beveragesolution”service capability. CapstonePartners has developed a full suite of corporate finance solutions to help privately-ownedbusinesses and private equity firms navigate through each stage of acompany’slifecycle. These solutionsinclude financial advisory services, merger and acquisition advisory, debt advisory, equity capital financingand employee stock ownership plan (ESOP) advisory. To learn more aboutCapstone’swide range of advisory services and Beverage sector knowledge, pleasecontactus. BEVERAGE SECTOR CONTINUES TO FACE HEADWINDS MOVING TO 2025 Anti-alcohol sentiment continued to gain momentum in 2024, challenging growth prospects for beer, wine,andspirits brands.Beer and Wine category sales volumes saw declines,falling 2.9%and 4.4%YOY,respectively, while Spirits volumes increased marginally (1.8%), according to NielsenIQ.1 However, in theAlcohol space, Ready-to-Drink Spirits (RTDS) and Flavored Malt Beverages (FMB) provided growth. In Beer,FMBs and Non-Alcoholic Beer saw dollar sales increase 5.5% and 25.1% YOY, respectively. Imports and SuperPremium Beers also uplifted this category. In Spirits, RTDs and Tequila dollar sales grew 18.9% and 7.3% YOY,respectively. Notably, RTDs reached a 12% market share of total Alcohol sales in 2024. Concurrently, Non-Alcoholic Beer, Wine, and Spirits recorded $823 million in 2024, marking a 27.2% YOY