中端市场交易动态与展望：消费品行业并购

Middle Market Deal Activity & Outlook Mergers & Acquisitions2026 M&A Market Rebound Delayed, GradualImprovement Expected in 2026 Sector Insights Industry Insights M&A OverviewConsumer M&A CommentaryPublic Market PerformancePublic and Private Market MultiplesM&A Volume OverviewValuation DriversMacroeconomic Trends2026 Consumer Industry Expectations2026 North American M&A ExpectationsKey Trends Driving Industry Activity & M&AEquity Capital Markets Conditions Apparel, Footwear & AccessoriesAutomotive AftermarketBeautyBeverageConvenience Store & Retail FuelE-CommerceFoodHome GoodsOutdoor Recreation & EnthusiastsPetRestaurantsSports TechnologyTactical ProductsVitamins & Supplements CONSUMER MARKET INTELLIGENCE COVERAGE Capstone’s award-winning Market Intelligence Group covers the Consumer industry across the 15 key pillars.To receive email updates with our sector-specific insights into M&A activity, macroeconomic trends,valuation drivers, and equity financing via reports, articles, and proprietary research,subscribe here. Dedicated Research and Thought Leadership Annual Industry Report Biannual Sector Reports & Articles Data analysis and commentary on sector-specific market trends, M&A activity, and equityfinancing, including statistics from Capstone’sproprietary databases and indices. Industry-wide and sector-specific coverage ofmacroeconomic trends, valuation drivers,purchase multiples, M&A activity, buyer analysis,and funding dynamics. Sector Coverage Areas Apparel, Footwear &Accessories Convenience Stores Restaurants E-Commerce Automotive Aftermarket Sports Technology Beauty Food Tactical Products Beverage Home Goods Outdoor Recreation &Enthusiasts Consumer Services Capstone’s Services •Transaction Advisory•Interim Management•Advisory Services•PerformanceImprovement•Litigation Support •Special SituationsTurnaround•Restructuring•Bankruptcy•Insolvency •Equity Advisory•Debt Advisory•Infrastructure Finance •Sell-side Advisory•Buy-side Advisory•Recapitalizations•Mergers & JointVentures Table of Contents 06Introduction17Key Trends Driving IndustryActivity and M&A07Public Market Performance25Automotive Aftermarket09Consumer M&A Softensin 202529Beauty11M&A Valuations Retreatin 202533Beverage37Convenience Store &Retail Fuel13Macroeconomic Backdrop152026 ConsumerIndustry Expectations19Equity CapitalMarkets Conditions41E-Commerce162026 North AmericanM&A Expectations45Food03Capstone’s ConsumerInvestment Banking Team21Apparel, Footwear& Accessories14Macroeconomic Indicators052025 M&A Overview49Home Goods53Outdoor Recreation& Enthusiasts57Pet61Restaurants65Sports Technology69Tactical Products73Vitamins & Supplements77Endnotes78Report Contributors79About Capstone Partners08Public and M&AMarket Multiples Connect with Capstone’s ConsumerInvestment Banking Group Capstone Partners is the bank of choice for fast-growing entrepreneurs driving changes in themarket.The majority oftransactions completed by ourConsumer Investment Banking Groupare forprivately-owned businesses accessing long-term investors for the first time.Our team knowsstrategic buyers drive the highest valuations and we are razor focused on getting to know each oftheir sweet spots in mergers and acquisitions (M&A). Using proprietary data, we will work closelywith you to prep your company and put you in the ideal position for the best possible outcome. Yogesh PunjabiManaging DirectorHead of Consumer617-619-3305ypunjabi@capstonepartners.com Jesse BetznerSenior Director617-619-3355jbetzner@capstonepartners.com Apparel; C-Store & Retail Fuel Automotive Aftermarket James ChamberlainDirector303-531-5009jchamberlain@capstonepartners.comAutomotive Aftermarket Brian BoyleManaging Director312-287-9812bboyle@capstonepartners.com Food Kenny GreenDirector720-673-9275kgreen@capstonepartners.comRestaurants; Multi-Unit Retail Tom ElliottManaging Director813-382-6495telliott@capstonepartners.com Pet Lisa TolliverManaging Director773-791-9493ltolliver@capstonepartners.comE-Commerce; Health & Wellness Robert MarksDirector773-505-4373rmarks@capstonepartners.com Beverage Pete BaileySenior Director310-740-3286pbailey@capstonepartners.comConsumer Enthusiast 2025 Consumer Industry M&A Overview $227.0BTotal Disclosed TransactionEnterprise Value 1,911M&A Transactions Announcedor Closed Transaction Analytics $729.9MAverage Enterprise Value 9.2xMedian EBITDA Multiple 28.9%Financial Buyers 71.1%Strategic Buyers 10.1x Average EBITDA Multiple Paid byPrivate Equity (PE) Buyers 8.8xAverage EBITDA Multiple Paidby Private Strategics Source: Capital IQ and Capstone Partners Yogesh PunjabiHead ofConsumerInvestmentBanking Year of Market Uncertainty Dampens Consumer M&A, Signs of a Rebound Detected Consumer industry deals fell 18.9% year-over-year (YOY) in 2025, a considerable drop given thiscontraction follows two years of declines in 2022 (-9.6% YOY) and 2023 (-29.6% YOY) and a year of onlymoderate growth in 2024 (+8.6% YOY). A large r