Big Food at the Head of the Table

M&A activity in the food, beverage and agribusiness industry marked another consecutive month of elevated volume, led by a continued wave of strategic buyers pursuing scale, category leadership and synergistic add-ons. The headline transactions — Mars’ pending $36 billion acquisition of Kellanova (17.5x EBITDA), Ferrero’s $3.1 billion bid for WK Kellogg Co. (9.7x EBITDA), and C&S Wholesale Grocers’ unsolicited offer for SpartanNash (7.1x EBITDA) underscore a shift from portfolio rationalization to growth deployment and relevance.
 

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