Key takeaways
Across the year 2024, this ledger holds 189 deals logged: brand acquisitions, stakes, IP sales and sale processes, each one dated, and 189 of them link to their source. Food & bev is the largest category at 43.9% of the total. 48 carry a disclosed price and 21 a published multiple. Totals reflect how much was found for 2024.
- Prices and multiples appear only where they were disclosed.
- Category mix, prices, buyers and sellers are the reliable reads here.
Source: Taylor Sicard, Taylor Sicard Consulting · Updated
Part of The Index · TSC living data trackers
Live tracker · Generated from the deal store
Last generated September 21, 2026
189 deals logged with a 2024 date.
189
Deals logged
$35.9B
Largest disclosed
48
With a disclosed price
Food & bev
Leading category · 83 items
Window covered: Jan 2, 2024 – Dec 31, 2024. Every figure on this page is computed from the underlying records when the page is built; none is maintained by hand.
01/How to read these counts
PLATE 01 · METHOD
How to read
these counts.
◤
◥
◣
◢
How to read these counts
Read the per-year figures on this page as deals logged. They count the rows that have been sourced into the ledger for that year, and that is a measure of collection effort rather than of what happened in the market. Counting them across years measures how the sourcing improved, so this page does not compare one year's total against another's.
Against Capstone Partners' own apparel count, the share this ledger holds runs from 14% in 2025 (21 rows against a census of 152) to 37% in 2023 (52 against 140). That is the same ledger against the same publisher across 6 years, so most of what a per-year count series would show is our own sourcing moving, not the market.
Against Capstone Partners' own pet count, the share this ledger holds runs from 6% in 2022 (8 rows against a census of 134) to 18% in 2023 (23 against 128). That is the same ledger against the same publisher across 5 years, so most of what a per-year count series would show is our own sourcing moving, not the market.
What the rows do support: composition inside a single year, price levels, disclosed multiples, and who was buying and selling. 48 of 189 rows carry a normalized USD figure and 21 carry a disclosed multiple, so the multiples table below is short by nature and the price bands are shares of the priced rows only, never of all rows.
A month with no table on this page means nothing was sourced for that month, not that nothing happened. Each deal is logged once.
02/Biggest deals
PLATE 02 · LARGEST
The biggest deals
of 2024.
The 10 largest disclosed prices logged for 2024. 48 of 189 rows that year carry a price.
Table 1 · Largest disclosed deals of 2024Top 10
| Brand | Price | Buyer | Category | Source |
|---|---|---|---|---|
KellanovaAug 14, 2024 · Announced acquisition | $35.9B · 16.4x EBITDA | Mars, Incorporated | Food & bev | mars.com |
Opella (Sanofi consumer healthcare: Doliprane, Allegra, Buscopan)Oct 21, 2024 · Announced acquisition | $17.28B · 14x EBITDA | Clayton, Dubilier & Ricefrom Sanofi | Wellness | sanofi.com |
Primo Water Corporation / BlueTriton Brands (merger to form Primo Brands)Nov 8, 2024 · Acquisition, completed | $8.83B · 1.8x revenue, 10.5x EBITDA | Primo Brands Corporation (BlueTriton Brands, backed by One Rock Capital Partners) | Food & bev | prnewswire.com |
Varsity Brands (BSN Sports, Varsity Spirit, Herff Jones)Aug 26, 2024 · Acquisition, completed | $4.75B | KKRfrom Bain Capital and Charlesbank | Apparel | media.kkr.com |
Sovos BrandsMar 12, 2024 · Acquisition, completed | $2.7B · 3x revenue, 15.7x EBITDA | The Campbell's Company | Food & bev | thecampbellscompany.com |
General Mills North American Yogurt business (Yoplait, Liberte, Go-Gurt, Oui, Mountain High, :ratio)Sep 12, 2024 · Announced acquisition | $2.1B | Lactalis (U.S. business) and Sodiaal (Canadian business)from General Mills | Food & bev | investors.generalmills.com |
The Duckhorn PortfolioOct 7, 2024 · Announced acquisition | $1.95B · 4.9x revenue, 13.8x EBITDA | Butterfly Equity | Food & bev | duckhornportfolio.com |
KIKO MilanoApr 26, 2024 · Announced acquisition | $1.5B · 1.9x revenue | L Cattertonfrom Percassi family | Beauty | prnewswire.com |
SupremeJul 17, 2024 · Announced acquisition | $1.5B | EssilorLuxotticafrom VF Corp. | Apparel | vfc.com |
PetIQ (Bansk Group portfolio)Oct 25, 2024 · Acquisition, completed | $1.5B · 1.2x revenue, 15.7x EBITDA | Bansk Group | Pet | banskgroup.com |
03/2024 month by month
PLATE 03 · 2024 LEDGER
Every deal logged in
2024, by month.
Table M1 · December 202426 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Finestkind BrewingDec 31, 2024 · Acquisition, completed · Independent craft brewery. | Food & bev | Undisclosed | Massachusetts Bay Brewing | capstonepartners.com |
NSP Quality Meats, Casa Di Bertacchi and Italia SalamiDec 30, 2024 · Announced acquisition · Premium Brands Holdings bought three branded and specialty meat businesses in a single transaction to close out the year. | Food & bev | $66M | Premium Brands Holdings | privsource.com |
Hiya Health ProductsDec 23, 2024 · Acquisition, completed · USANA took a 78.8% controlling stake in the children's vitamin brand, which posted $103 million net sales in the year to September 30, 2024, up 50% year over year. Closed the same day it was announced. | Wellness | $205M · 2x revenue | USANA Health Sciences | directsellingnews.com |
Jonathan AdlerDec 23, 2024 · Acquisition, completed · New York home decor, furniture and lifestyle brand; Consortium's third 2024 consumer brand deal after Outdoor Voices. | Home | Undisclosed | Consortium Brand Partners and American Exchange Group | privsource.com |
Indo-European FoodsDec 20, 2024 · Announced acquisition · South Asian food and rice brand distributor-brand acquired by Peak Rock-backed Ziyad Brothers. | Food & bev | Undisclosed | Ziyad Brothers (Peak Rock Capital)from Corridor Capital | privsource.com |
Savage & Cooke DistilleryDec 20, 2024 · Acquisition, completed · Producer of bourbon, whiskey and rye. | Food & bev | Undisclosed | Redwood Empire Distilling | capstonepartners.com |
Seoul JuiceDec 19, 2024 · Acquisition, completed · Marketer of sugar-free pear juices. | Food & bev | Undisclosed | FoodStory Brands | capstonepartners.com |
Senproco and Groomer's Choice Pet ProductsDec 18, 2024 · Acquisition, completed · Pet grooming products platform. | Pet | Undisclosed | Harbour Group | privsource.com |
Carrie Amber IntimatesDec 16, 2024 · Acquisition, completed · Intimates and sleepwear brand. | Apparel | Undisclosed | Salt Creek Capital | privsource.com |
SoutherlandDec 16, 2024 · Acquisition, completed · Mattress brand added to 3Z Brands' sleep portfolio (Helix, Birch, Bear, Brooklyn Bedding). | Home | Undisclosed | 3Z Brands | privsource.com |
Tropical CheeseDec 16, 2024 · Acquisition, completed · Hispanic cheese and food brand; AUA's second 2024 branded food platform after Weaver Popcorn. | Food & bev | Undisclosed | AUA Private Equity Partners | greenwichgp.com |
Vera Wang (brand intellectual property)Dec 16, 2024 · Announced acquisition · WHP Global agreed to buy the Vera Wang brand IP, with the designer staying on as Founder and Chief Creative Officer and becoming a WHP shareholder. The brand does over $700 million in annual retail sales. Closed January 2025. | Apparel | Undisclosed | WHP Global (+ G-III)from Vera Wang (brand intellectual property) | prnewswire.com |
F.lli Polli S.p.A.Dec 13, 2024 · Announced acquisition · Italian preserved vegetables, pesto and sauces brand sold by its founding family to Platinum Equity. | Food & bev | Undisclosed | Platinum Equity (50%)from Polli family | privsource.com |
Spectra ConfectioneryDec 10, 2024 · Announced acquisition · Family-owned confectionery manufacturer sold to SK Capital Partners. | Food & bev | Undisclosed | SK Capital Partners (with Stellus)from Georgas family | privsource.com |
Thomas PinkDec 10, 2024 · Acquisition, completed · British shirtmaker brand. | Apparel | Undisclosed | Icon Luxury Group and CP Brands Group | privsource.com |
Cameron Hughes WineDec 9, 2024 · Acquisition, completed · Online wine club and direct-to-consumer wine retailer-brand. | Food & bev | Undisclosed | Full Glass Wine | capstonepartners.com |
Wine AccessDec 9, 2024 · Announced acquisition · Full Glass Wine's second December 2024 purchase alongside Cameron Hughes Wine, building a DTC wine roll-up. | Food & bev | Undisclosed | Full Glass Wine | privsource.com |
Hawaii Coffee Company (Lion Coffee, Royal Kona)Dec 4, 2024 · Announced acquisition · Hawaii's largest coffee roaster and its Lion Coffee and Royal Kona brands changed hands. | Food & bev | Undisclosed | Sojourner Consumer Partnersfrom Anderson Holdings | privsource.com |
KravetDec 4, 2024 · Acquisition, completed · Fifth-generation luxury textile, furniture and wallcovering brand. | Home | Undisclosed | Dunes Point Capital (Fund III)from Kravet family | privsource.com |
Quad LockDec 4, 2024 · Acquisition, completed · Australian phone-mount and outdoor accessory brand acquired by Sweden's Thule. | Other | $330M | Thule Groupfrom Quadrant Private Equity and founders | privsource.com |
Taft's BrewingDec 4, 2024 · Acquisition, completed · Craft brewer with food and beverage service. | Food & bev | Undisclosed | Cincinnati Beverage | capstonepartners.com |
Tupperware brand, IP and core-market operationsDec 4, 2024 · Acquisition, completed · A lender group took the Tupperware name, IP and core-market operations out of Chapter 11. Announced October 2024, completed late November, reported December 4. The 363 sale that followed the September filing. | Home | Undisclosed | Party Products LLC (Stonehill Capital Management and Alden Global Capital)from Tupperware | retaildive.com |
Cruz Blanca BreweryDec 3, 2024 · Acquisition, completed · Chicago brewery and brewpub brand acquired by Molson Coors. | Food & bev | Undisclosed | Molson Coors | capstonepartners.com |
SVEDKADec 3, 2024 · Acquisition, completed · Sazerac bought the SVEDKA vodka brand, its second notable 2024 spirits deal after BuzzBallz. | Food & bev | Undisclosed | Sazerac (Buffalo Trace owner) | capstonepartners.com |
Lillie's Q Sauces & RubsDec 2, 2024 · Announced acquisition · Barbecue sauce and rub brand acquired by OWS Foods. | Food & bev | Undisclosed | OWS Foodsfrom McKenna / Golinvaux | privsource.com |
ErgobabyDec 1, 2024 · Acquisition, completed · Baby carrier and juvenile products brand; a Compass Diversified exit. | Other | Undisclosed | Highlander Partnersfrom Compass Diversified | privsource.com |
Table M2 · November 202427 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Fonthill and Decantae BrandsNov 29, 2024 · Announced acquisition · Welsh water bottler Tŷ Nant bought the Fonthill and Decantae water brands from Primo Water, a small carve-out alongside the BlueTriton merger. | Food & bev | Undisclosed | Tŷ Nantfrom Primo Water | privsource.com |
Concannon VineyardNov 27, 2024 · Announced acquisition · Livermore Valley heritage winery divested by The Wine Group. | Food & bev | Undisclosed | Lemmons / Darcie Kent Wineryfrom The Wine Group | privsource.com |
Promix NutritionNov 26, 2024 · Announced acquisition · Clean-label protein and supplements brand acquired by Paine Schwartz Partners. | Wellness | Undisclosed | Paine Schwartz Partners | privsource.com |
CK DistributionNov 25, 2024 · Acquisition, completed · Producer and retailer of non-alcoholic drink mixes. | Food & bev | Undisclosed | Fast Casual (OTCPK:FCCI) | capstonepartners.com |
Redstone Food GroupNov 25, 2024 · Announced acquisition · Hispanic and specialty food platform acquired by Canadian PE firm Clairvest. | Food & bev | Undisclosed | Clairvest (CEP VII) | privsource.com |
Dancing Goats CoffeeNov 22, 2024 · Acquisition, completed · Artisan coffee roaster. | Food & bev | Undisclosed | Dillanos Coffee Roasters | capstonepartners.com |
Sabra Dipping Company and Obela (remaining 50%)Nov 22, 2024 · Announced acquisition · PepsiCo bought out its long-standing joint-venture partner Strauss Group to take sole ownership of the hummus and dips brands. Sabra alone generates ~$400 million in US retail sales. | Food & bev | $481.6M | PepsiCo (PEP)from Strauss Group | pepsico.com |
Croton WatchesNov 21, 2024 · Acquisition, completed · Heritage watch brand. | Other | Undisclosed | Digital Artistryfrom Croton Companies | privsource.com |
Olive & JuneNov 21, 2024 · Announced acquisition · Nail care brand with ~$92 million calendar 2024 net sales; founder Sarah Gibson Tuttle stayed on. Closed December 2024. | Beauty | $240M · 11x EBITDA | Helen of Troy | investor.helenoftroy.com |
Bell's SeasoningNov 20, 2024 · Announced acquisition · Heritage New England poultry seasoning brand changed ownership. | Food & bev | Undisclosed | Bell's Foods LLC | privsource.com |
FoodScience LLCNov 19, 2024 · Announced acquisition · Human and pet supplements group (DaVinci Laboratories, Pet Naturals) sold by Wind Point to Morgan Stanley Capital Partners. | Wellness | Undisclosed | Morgan Stanley Capital Partnersfrom Wind Point Partners (debt financing from Crescent Capital Group) | privsource.com |
HyggelightNov 19, 2024 · Acquisition, completed · Candle and home fragrance brand. | Home | Undisclosed | Prosourcefit (Pilot Wave Holdings) | privsource.com |
McIntosh Group (McIntosh, Sonus faber)Nov 19, 2024 · Acquisition, completed · Premium audio brand group sold to Bose. | Other | Undisclosed | Bose Corporationfrom Highlander Partners | privsource.com |
Hammond's CandiesNov 18, 2024 · Announced acquisition · Denver heritage candy maker acquired by confectionery retailer Lolli & Pops with TerraMar. | Food & bev | Undisclosed | Lolli & Pops / TerraMarfrom Schuman family and others | privsource.com |
Phat FudgeNov 18, 2024 · Announced acquisition · Functional fat-fuel food brand acquired by Natural Healthy Concepts. | Wellness | Undisclosed | Natural Healthy Conceptsfrom Shenouda | privsource.com |
Treaty Oak Brewing and DistillingNov 13, 2024 · Acquisition, completed · Texas-based craft brewer and distiller. | Food & bev | Undisclosed | High Basin Brands | capstonepartners.com |
noosa yoghurtNov 12, 2024 · Announced acquisition · Campbell's divested noosa ($177 million net sales for the twelve months to October 2024) eight months after acquiring it as part of Sovos Brands, closing Q1 2025. Lakeview Farms and noosa were later renamed Novus Foods. | Food & bev | $200M · 1.1x revenue | Lakeview Farms (CapVest Partners)from The Campbell's Company | thecampbellscompany.com |
Lone PineNov 8, 2024 · Acquisition, completed · Craft beer producer and marketer. | Food & bev | Undisclosed | Lord Hobo Brewing | capstonepartners.com |
Primo Water Corporation / BlueTriton Brands (merger to form Primo Brands)Nov 8, 2024 · Acquisition, completed · Merger of Primo Water and BlueTriton (Poland Spring, Pure Life) to create Primo Brands, listed on the NYSE as PRMB from November 11, 2024, with 50+ plants and 11,000 staff. The largest beverage deal of 2024. | Food & bev | $8.83B · 1.8x revenue, 10.5x EBITDA | Primo Brands Corporation (BlueTriton Brands, backed by One Rock Capital Partners) | prnewswire.com |
Sour StripsNov 8, 2024 · Acquisition, completed · Hershey acquired the creator-founded sour candy brand, with founder Maxx Chewning staying on to lead marketing and innovation. A notable creator-brand-to-strategic exit. | Food & bev | Undisclosed | The Hershey Companyfrom Maxx Chewning (founder) | prnewswire.com |
ZOA EnergyNov 7, 2024 · Announced stake · Molson Coors moved from minority investor to majority owner of the Dwayne Johnson co-founded energy drink brand, taking over marketing, retail and DTC. | Food & bev | Undisclosed | Molson Coors Beverage Company | ir.molsoncoors.com |
Lifeway Foods (Danone stake)Nov 5, 2024 · Reported talks sale process · Lifeway's board rejected a September 23, 2024 unsolicited offer from Danone, already a 23.4% shareholder, saying it 'substantially undervalues' the kefir maker. A second bid was rejected later in November. The clearest hostile approach in 2024 consumer food. | Food & bev | $283M | Danone | fooddive.com |
Casper SleepNov 4, 2024 · Acquisition, completed · Casper became a subsidiary of foam manufacturer Carpenter Co., four years after its IPO and two after Durational took it private. A vertical-integration exit for a flagship DTC brand. | Home | Undisclosed | Carpenter Co.from Durational Capital Management | retaildive.com |
Drizzle HoneyNov 4, 2024 · Announced acquisition · Canadian raw honey brand acquired by SweetLeaf owner Wisdom Natural Brands. | Food & bev | Undisclosed | Wisdom Natural Brands | privsource.com |
FITCRUNCH and Bakery BarnNov 1, 2024 · Announced acquisition · Bain-backed 1440 Foods (Pure Protein, Body Fortress) added the FITCRUNCH protein bar brand and its Bakery Barn manufacturing arm. | Wellness | Undisclosed | 1440 Foods (Bain Capital)from Union Capital / Irvine | privsource.com |
Fix Your LidNov 1, 2024 · Acquisition, completed · Men's hair styling brand. | Beauty | Undisclosed | Inspired Beauty Brandsfrom HBB Consumer Products LLC | privsource.com |
PureitNov 1, 2024 · Acquisition, completed · Unilever divested its Pureit water purification brand (largely India) to A. O. Smith. | Home | $120M | A. O. Smith Corporationfrom Unilever | privsource.com |
Table M3 · October 202426 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Butcher's Pet CareOctober 2024 · Acquisition, completed · The UK wet and dry pet food producer was bought by CapVest, complementing its Inspired Pet Nutrition platform. R.L. Hulett's Q4 2024 pet report gives only the month, so precision is month. | Pet | $56.8M | CapVest Partners | rlhulett.com |
CCM HockeyOctober 2024 · Announced acquisition · European PE firm Altor bought the hockey equipment and apparel brand from Birch Hill. Recorded as 'other' because hockey equipment sits outside the six named categories. | Other | Undisclosed | Altorfrom Birch Hill Equity Partners | sgbonline.com |
Cougar ShoesOctober 2024 · Acquisition, completed · Canadian heritage weather-footwear brand acquired by fellow Canadian outerwear and footwear maker Pajar. | Apparel | Undisclosed | Pajar Canada | sgbonline.com |
Del Real FoodsOct 31, 2024 · Announced acquisition · Hispanic refrigerated foods brand sold by Palladium Equity to CMI Foods. | Food & bev | Undisclosed | CMI Foodsfrom Palladium Equity Partners | privsource.com |
Pipcorn and SpudsyOct 31, 2024 · Announced acquisition · Two better-for-you DTC snack brands rolled into the new UpSnack Brands platform on the same day, a characteristic 2024 small-brand consolidation. | Food & bev | Undisclosed | UpSnack Brands | privsource.com |
RxSugarOct 29, 2024 · Announced acquisition · Allulose-based sugar alternative brand acquired by North Course Brands. | Food & bev | Undisclosed | North Course Brandsfrom Nutrishus Brands | privsource.com |
DeIorio FoodsOct 28, 2024 · Acquisition, completed · Frozen dough and pizza crust brand. | Food & bev | Undisclosed | Encore Consumer Capitalfrom Rudolph Capital | privsource.com |
FPNOct 28, 2024 · Acquisition, completed · Pet health supplements designed to reduce chronic disease risk. | Pet | Undisclosed | Cellana | capstonepartners.com |
PetIQ (Bansk Group portfolio)Oct 25, 2024 · Acquisition, completed · Take-private of the Nasdaq-listed pet medication and wellness company. Announced August 7, 2024 and completed October 25, 2024. The two comps sources disagree on the EBITDA multiple (11.8x vs 15.7x). | Pet | $1.5B · 1.2x revenue, 15.7x EBITDA | Bansk Group | banskgroup.com |
GHOSTOct 24, 2024 · Announced acquisition · KDP took a 60% stake in the energy drink brand, with the remaining 40% to be bought in 2028 on a pre-negotiated scale tied to GHOST's 2027 performance. | Food & bev | $990M · 3x revenue | Keurig Dr Pepper | news.keurigdrpepper.com |
VoortmanOct 22, 2024 · Announced acquisition · Smucker divested the Voortman cookie brand (acquired with Hostess in Nov 2023) including a Burlington, Ontario plant and ~300 employees; FY2025 net sales anticipated ~$150 million. Closed December 2, 2024. | Food & bev | $305M · 4.7x revenue | Second Nature Brandsfrom J.M. Smucker (NYSE:SJM) | investors.jmsmucker.com |
MaclarenOct 21, 2024 · Acquisition, completed · British pushchair and stroller brand acquired by Italy's Inglesina. | Other | Undisclosed | Inglesinafrom Armon Limited | privsource.com |
Opella (Sanofi consumer healthcare: Doliprane, Allegra, Buscopan)Oct 21, 2024 · Announced acquisition · CD&R agreed to take a 50% controlling stake in the world's third-largest OTC and VMS business, with Sanofi keeping a significant minority and Bpifrance expected to take ~2%. The largest consumer-health carve-out of 2024. | Wellness | $17.28B · 14x EBITDA | Clayton, Dubilier & Ricefrom Sanofi | sanofi.com |
Skyn IcelandOct 21, 2024 · Acquisition, completed · US premium beauty distributor Amerikas acquired the Nordic-inspired vegan skincare brand and planned an omnichannel US relaunch including Amazon and TikTok Shop. Trade coverage reports the brand was bought through a liquidation process in October 2024. | Beauty | Undisclosed | Amerikas | amerikas.com |
Tria BeautyOct 21, 2024 · Acquisition, completed · At-home laser hair removal and beauty device brand bought by beauty-device retailer CurrentBody. | Beauty | Undisclosed | CurrentBody | privsource.com |
RéVive SkincareOct 17, 2024 · Acquisition, completed · Chinese beauty conglomerate S'Young bought the luxury science-led skincare brand from Tengram, which had owned it since buying it from Shiseido in 2017. Management stayed and operations remained independent. | Beauty | Undisclosed | S'Young Groupfrom Tengram Capital Partners | cosmeticsbusiness.com |
BurrowOct 16, 2024 · Acquisition, completed · Havenly's fifth acquisition in two years, alongside a rebrand from Havenly Inc. to Havenly Brands. Burrow was described as at a 'nine figure annualized revenue mark'. Portfolio now includes Interior Define, The Citizenry, The Inside and St. Frank. | Home | Undisclosed | Havenly Brands | prnewswire.com |
Moose KnucklesOct 9, 2024 · Acquisition, completed · Canadian luxury outerwear brand acquired by China's Bosideng with Cathay Capital. | Apparel | Undisclosed | Bosideng and Cathay Capitalfrom Ayal Twik and Noah Stern | privsource.com |
Hatch CollectionOct 8, 2024 · Acquisition, completed · Go Global bought the maternity apparel brand and folded it under Janie and Jack, financed with a MidCap Financial credit facility, to capture the customer earlier in her motherhood journey. | Apparel | Undisclosed | Go Global Retail | retaildive.com |
The Duckhorn PortfolioOct 7, 2024 · Announced acquisition · Take-private of the NYSE-listed luxury wine group (Duckhorn, Decoy, Kosta Browne). Announced October 7, 2024 and completed December 24, 2024. The largest wine deal of the year. | Food & bev | $1.95B · 4.9x revenue, 13.8x EBITDA | Butterfly Equity | duckhornportfolio.com |
WindStar MedicalOct 7, 2024 · Acquisition, completed · German consumer health and OTC brand platform; a PE-to-strategic exit. | Wellness | Undisclosed | Merz Lifecarefrom Oakley Capital | privsource.com |
Badia SpicesOct 3, 2024 · Announced acquisition · Majority stake in the Miami-founded Hispanic spice and seasoning brand (~$100 million gross earnings over the latest twelve months) sold to an investor group. | Food & bev | $1.2B | Bia Foods (Grupo Mariposa) and BDT & MSD Partnersfrom Badia family (Pepe Badia retained a shareholding and became honorary chairman) | just-food.com |
DIG LabsOct 3, 2024 · Acquisition, completed · Personalised canine supplements business bought by fresh pet food brand Ollie. | Pet | Undisclosed | Ollie Pets | capstonepartners.com |
Siete FoodsOct 1, 2024 · Announced acquisition · PepsiCo agreed to buy the Austin-based Mexican-American better-for-you food brand from the founding Garza family; closed January 2025. | Food & bev | $1.2B | PepsiCo (PEP)from Garza Food Ventures LLC | pepsico.com |
The Virginia Food GroupOct 1, 2024 · Acquisition, completed · Regional branded food platform. | Food & bev | $28M | Azalea Capital | greenwichgp.com |
Urban LegendOct 1, 2024 · Stake, completed · Mondelez's corporate venture arm took a minority stake in the UK better-for-you fresh doughnut and pastry brand, extending its cakes and pastries push. | Food & bev | Undisclosed | SnackFutures Ventures (Mondelez International) | fooddive.com |
Table M4 · September 202413 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Foundation WellnessSeptember 2024 · Acquisition, completed · Bansk's third 2024 consumer platform (after No Man's Land Foods and PetIQ), buying the insoles and orthotic wellness products group from Gridiron Capital. | Wellness | Undisclosed | Bansk Groupfrom Gridiron Capital | sgbonline.com |
Louis Garneau, Sugoi and SombrioSeptember 2024 · Acquisition, completed · Lolë Brands' second 2024 apparel roll-up, adding three cycling apparel brands alongside Sanuk. | Apparel | Undisclosed | Lolë Brands | sgbonline.com |
Off-WhiteSep 30, 2024 · Acquisition, completed · LVMH sold Off-White LLC, owner of the Virgil Abloh-founded luxury streetwear brand, to New York brand manager Bluestar Alliance. | Apparel | Undisclosed | Bluestar Alliancefrom LVMH | prnewswire.com |
Peak Achievement Athletics (Bauer Hockey)Sep 30, 2024 · Acquisition, completed · Hockey equipment and apparel group; Fairfax took full ownership from Sagard. | Other | Undisclosed | Fairfax Financial Holdingsfrom Sagard Holdings | privsource.com |
Salt LifeSeptember 2024 · Acquisition, completed · The coastal lifestyle brand was sold out of Delta Apparel's bankruptcy at auction for $38.74 million, above the $28 million stalking-horse bid. All 28 Salt Life stores closed. | Apparel | $38.74M | Iconix / Hilco Consumer-Retail Groupfrom Delta Apparel | sgbonline.com |
AquataliaSep 26, 2024 · Acquisition, completed · Italian-made weatherproof footwear brand. | Apparel | Undisclosed | Vida Shoes Internationalfrom ADJHA Aquatalia LLC | privsource.com |
Soffe (MJ Soffe LLC)Sep 26, 2024 · Acquisition, completed · Athletic apparel brand sold out of the Delta Apparel bankruptcy estate. | Apparel | Undisclosed | Renfro Brandsfrom Delta Apparel | privsource.com |
Waterloo GinSep 25, 2024 · Announced acquisition · The Patrón founder bought the 15-year-old Texas botanical gin brand, aiming to push distribution beyond Texas and Florida. | Food & bev | Undisclosed | John Paul DeJoria (Patrón Tequila founder) | fooddive.com |
Ritual Beverage (Ritual Zero Proof)Sep 24, 2024 · Acquisition, completed · Non-alcoholic gin and whiskey alternatives made with natural and distilled botanicals; a strategic move into no/low by Diageo. | Food & bev | Undisclosed | Diageo (North America) | capstonepartners.com |
EvirthSep 23, 2024 · Announced acquisition · Mondelez bought a 'significant majority stake' in the leading Chinese cakes and pastries manufacturer, moving up from an existing minority investment. Stake size and terms undisclosed. | Food & bev | Undisclosed | Mondelez International | fooddive.com |
Splash WinesSep 19, 2024 · Acquisition, completed · US wine marketer; one of two Full Glass Wine acquisitions in 2024. | Food & bev | Undisclosed | Full Glass Wine | capstonepartners.com |
General Mills North American Yogurt business (Yoplait, Liberte, Go-Gurt, Oui, Mountain High, :ratio)Sep 12, 2024 · Announced acquisition · Carve-out of a ~$1.5 billion fiscal-2024 net sales business plus three plants, split between Lactalis (US) and Sodiaal (Canada). Expected ~3% dilutive to adjusted EPS in year one; closed 2025. | Food & bev | $2.1B | Lactalis (U.S. business) and Sodiaal (Canadian business)from General Mills | investors.generalmills.com |
ParmCrispsSep 3, 2024 · Acquisition, completed · Hain's second 2024 divestiture, selling the cheese crisp and snack mix brand plus its York, Pennsylvania plant to Our Home, a week after Our Home bought Pop Secret. | Food & bev | Undisclosed | Our Homefrom Hain Celestial | fooddive.com |
Table M5 · August 202414 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
'47 BrandAugust 2024 · Announced acquisition · Headwear and licensed sports apparel consolidation: New Era agreed to buy '47 Brand, creating a roughly $2 billion revenue licensed-apparel group. | Apparel | Undisclosed | New Era | sgbonline.com |
GreatsAugust 2024 · Acquisition, completed · The Brooklyn DTC sneaker brand, previously owned by Steve Madden, was picked up by Unified Commerce Group. | Apparel | Undisclosed | Unified Commerce Group | sgbonline.com |
SanukAugust 2024 · Acquisition, completed · Deckers divested the Sanuk sandal brand to Lolë Brands. Retail Dive reported the agreement on July 26, 2024 without naming the buyer; SGB's year-in-review places the completed deal in August and names Lolë. | Apparel | Undisclosed | Lolë Brandsfrom Deckers Brands | sgbonline.com |
Seek PetAugust 2024 · Acquisition, completed · Chinese pet food and pet care manufacturer acquired by Advent, creating synergies with its Partner in Pet Food holding. | Pet | $138.5M | Advent International | rlhulett.com |
Unless CollectiveAugust 2024 · Acquisition, completed · Under Armour acquired the plant-based, plastic-free apparel brand founded by former Adidas executive Eric Liedtke, who had rejoined Under Armour. | Apparel | Undisclosed | Under Armour | sgbonline.com |
Pop SecretAug 27, 2024 · Acquisition, completed · Campbell divested the Pop Secret popcorn brand (~$120 million fiscal 2024 net sales) to Our Home, the Popchips owner that had also bought Good Health and R.W. Garcia from Utz in January 2024. Our Home was the year's most acquisitive independent snack buyer. | Food & bev | Undisclosed | Our Homefrom The Campbell's Company | fooddive.com |
Varsity Brands (BSN Sports, Varsity Spirit, Herff Jones)Aug 26, 2024 · Acquisition, completed · KKR bought the team sports, cheer uniform and yearbook group from Bain Capital and Charlesbank. One of the largest consumer sponsor-to-sponsor deals of 2024. | Apparel | $4.75B | KKRfrom Bain Capital and Charlesbank | media.kkr.com |
Doheny Road SpiritsAug 22, 2024 · Acquisition, completed · Craft tequila producer and marketer. | Food & bev | Undisclosed | Rodeo Drive Capital | capstonepartners.com |
Truss BeverageAug 16, 2024 · Acquisition, completed · Non-alcoholic cannabis beverage manufacturer. | Food & bev | Undisclosed | Entrepreneurial Equity Partners | capstonepartners.com |
Hop Valley Brewing, Terrapin Beer Co., Revolver Brewing and Atwater BreweryAug 14, 2024 · Announced acquisition · Cannabis group Tilray bought four craft beer brands from Molson Coors as the brewer pared its portfolio. Tilray's second craft-beer bulk purchase and one of the year's largest craft consolidations by brand count. | Food & bev | Undisclosed | Tilray Brandsfrom Molson Coors | fooddive.com |
KellanovaAug 14, 2024 · Announced acquisition · Mars agreed to acquire Kellanova (Pringles, Cheez-It, Pop-Tarts, Eggo) for $83.50 per share in cash, a ~44% premium to the unaffected 30-day weighted average price. The landmark food deal of 2024; it closed in 2025. | Food & bev | $35.9B · 16.4x EBITDA | Mars, Incorporated | mars.com |
FATTY Smoked Meat Sticks (Sweetwood Smoke & Co.)Aug 9, 2024 · Acquisition, completed · Conagra bought the premium meat-snack brand founded by Under Armour co-founder Ryan Wood, adding to Slim Jim in the fast-growing protein snacking category. | Food & bev | Undisclosed | Conagra Brandsfrom Sweetwood Smoke & Co. (founder Ryan Wood) | conagrabrands.com |
Heretic BrewingAug 6, 2024 · Acquisition, completed · Craft beer producer. | Food & bev | Undisclosed | Calicraft Brewing | capstonepartners.com |
HandicappedpetsAug 2, 2024 · Acquisition, completed · Pet mobility accessories and other pet products. | Pet | Undisclosed | Paw Acquisition | capstonepartners.com |
Table M6 · July 202415 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Island Surf CompanyJuly 2024 · Acquisition, completed · American Exchange Group's first of two 2024 brand purchases, ahead of Indie Lee, folding the surf footwear brand into White Mountain Footwear. | Apparel | Undisclosed | American Exchange Group | sgbonline.com |
Indie LeeJul 24, 2024 · Acquisition, completed · American Exchange Group added the clean skincare brand to a portfolio that already included Aerosoles and Island Surf Company, with plans to license into adjacent categories. | Beauty | Undisclosed | American Exchange Group | retaildive.com |
MattelJul 24, 2024 · Reported talks sale process · Reuters reported that L Catterton had approached Mattel with an acquisition proposal. Mattel declined to comment on 'press reports or speculation' and did not deny the interest. No deal followed. | Other | Undisclosed | L Catterton | retaildive.com |
Reckitt Essential Home (Air Wick, Mortein, Calgon, Cillit Bang)Jul 24, 2024 · Announced sale process · Reckitt said it would seek to exit its non-core home care brands by the end of 2025 and would 'consider all options', running Essential Home as a separate unit meanwhile. It eventually sold to Advent in 2025. | Home | Undisclosed | Not namedfrom Reckitt Benckiser | reckitt.com |
Uproot Inc.Jul 24, 2024 · Acquisition, completed · The plant-based milk brand bought a plant-milk dispenser system for foodservice, extending reach into foodservice while cutting packaging waste. | Food & bev | Undisclosed | Califia Farms | fooddive.com |
L'Occitane InternationalJul 23, 2024 · Acquisition, completed · Take-private of the Hong Kong-listed beauty group (L'Occitane en Provence, Elemis, Sol de Janeiro) by its controlling shareholder. Tender offer announced April 29, 2024, declared unconditional July 23, 2024, with compulsory acquisition of the rest and delisting completing in October 2024. | Beauty | Undisclosed | Reinold Geiger / L'Occitane Groupe, backed by Goldman Sachs Alternatives and Blackstonefrom minority shareholders | am.gs.com |
Carolina Wine BrandsJul 22, 2024 · Acquisition, completed · Chilean wine producer and marketer. | Food & bev | Undisclosed | Gonzalez Byass USA | capstonepartners.com |
Coco & EveJul 22, 2024 · Acquisition, completed · Gauge took a majority stake in the Australian/Singaporean self-tan and haircare brand, projected at $120 million revenue for the 12 months to December 2024, up 35% year over year. | Beauty | $100M · 1.7x revenue | Gauge Capital | beautymatter.com |
SupremeJul 17, 2024 · Announced acquisition · VF divested the streetwear brand (17 stores, digital-first) as part of its portfolio review, three years after buying it for $2.1 billion. Completed October 2, 2024. | Apparel | $1.5B | EssilorLuxotticafrom VF Corp. | vfc.com |
The Body Shop (global business, out of administration)Jul 17, 2024 · Announced acquisition · An Auréa Group-led consortium won a competitive bidding process inside The Body Shop's UK administration, five months after Aurelius put it in. One of 2024's clearest distress-to-new-owner beauty outcomes. | Beauty | Undisclosed | a consortium of investors led by Auréa Groupfrom AURELIUS | retaildive.com |
Goal FiveJul 15, 2024 · Acquisition, completed · Online women's sports apparel platform focused on soccer gear. | Apparel | Undisclosed | Woodside Ventures | capstonepartners.com |
Von DutchJul 12, 2024 · Acquisition, completed · WSG Brands bought the Y2K-revival streetwear label from France's Groupe Royer, with Jack Cheika as CEO and Marc Benitez as COO. | Apparel | Undisclosed | WSG Brandsfrom Groupe Royer / Royer Brands International | retaildive.com |
Britvic plcJul 8, 2024 · Announced acquisition · Recommended cash offer for the UK soft drinks group (Robinsons, J2O, Tango) agreed July 8, 2024; the scheme became effective January 17, 2025. | Food & bev | Undisclosed | Carlsberg Group | britvic.com |
EVER SkincareJul 1, 2024 · Acquisition, completed · Online skincare brand acquired by e-commerce aggregator Forum Brands. | Beauty | Undisclosed | Forum Brands | capstonepartners.com |
Killer BrownieJul 1, 2024 · Acquisition, completed · Dayton, Ohio premium brownie brand. | Food & bev | $42M | Irresistible Foods Group | greenwichgp.com |
Table M7 · June 202411 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Stripes BeautyJun 24, 2024 · Acquisition, completed · Naomi Watts' menopause-focused personal care and beauty brand, backed by L Catterton. | Beauty | Undisclosed | L Catterton | capstonepartners.com |
Summer Garden Food ManufacturingJun 21, 2024 · Acquisition, completed · Premium sauces and condiments maker (The Zidian Group), supplying over 20,000 locations; expands Lassonde's North American specialty food business. The Q2 and Q3 Greenwich tables carry different values for the same deal. | Food & bev | $235M · 1.6x revenue, 8.4x EBITDA | Lassonde Industries | greenwichgp.com |
Avenue (Avenue Stores and eight sub-brands)Jun 20, 2024 · Announced acquisition · FullBeauty's fourth acquisition in just over a year, buying the plus-size Avenue brand family from Australia's City Chic Collective. | Apparel | Undisclosed | FullBeauty Brandsfrom City Chic Collective | retaildive.com |
Reviva LabsJun 19, 2024 · Acquisition, completed · Personal care and beauty manufacturer-brand. | Beauty | Undisclosed | Sendayco | capstonepartners.com |
Cheeze KurlsJun 17, 2024 · Acquisition, completed · Cheese snack brand acquired by Nexus Capital. | Food & bev | Undisclosed | Nexus Capital Management | greenwichgp.com |
Express and Bonobos (substantially all Express Inc. assets)Jun 17, 2024 · Acquisition, completed · A landlord-and-brand-manager consortium bought the Express and Bonobos brands out of Chapter 11, preserving 403 Express stores, 49 Bonobos guideshops and ~7,000 jobs. Court approval June 14, 2024. | Apparel | $174M | Phoenix Retail (WHP Global, Simon Property Group, Brookfield Properties, Centennial)from Express Inc. (Chapter 11 estate) | retaildive.com |
Ultra PetJun 10, 2024 · Acquisition, completed · Silica-gel cat litter and litter box brand; Capstone Partners advised Ultra Pet on the sale. | Pet | $46M | Oil-Dri (NYSE:ODC) | capstonepartners.com |
Champion (HanesBrands)Jun 5, 2024 · Announced acquisition · Authentic signed a binding agreement for the global Champion athleticwear brand and business; the deal took Authentic's system-wide annual retail sales above $32 billion. Completed September 30, 2024. | Apparel | Undisclosed | Authentic Brands Group (IP), with Vince Holding Corp taking the operating businessfrom Hanesbrands (NYSE:HBI) | corporate.authentic.com |
Outdoor VoicesJun 4, 2024 · Acquisition, completed · An asset acquisition of the distressed athleisure brand, which had closed its retail stores in March 2024. CBP's second deal after Draper James. A signature 2024 DTC distress-to-rollup outcome. | Apparel | Undisclosed | Consortium Brand Partnersfrom Tyler Haney (founder) | consortiumbrandpartners.com |
totes Isotoner CorporationJun 4, 2024 · Acquisition, completed · Marquee became global owner of the totes and Isotoner weather-accessory brands with Randa as core operating partner. Stifel advised totes. | Apparel | Undisclosed | Marquee Brands | prnewswire.com |
Anchor Brewing CompanyJun 3, 2024 · Announced acquisition · America's oldest craft brewery, shut by Sapporo in 2023 after 127 years, was bought personally by the Chobani founder to reopen it. A distinctive 2024 revival-from-closure deal. | Food & bev | Undisclosed | Hamdi Ulukaya (retains majority)from Sapporo | fooddive.com |
Table M8 · May 202410 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
DECIEM (The Ordinary, NIOD, Hylamide)May 31, 2024 · Acquisition, completed · ELC exercised its option and bought the remaining interests in DECIEM on May 31, 2024, taking total investment across three tranches to ~$1.7 billion net of cash. | Beauty | $860M | Estee Lauder | elcompanies.com |
Feat ClothingMay 29, 2024 · Acquisition, completed · Utah PE firm 2.0 Ventures took a majority stake in the DTC athleisure brand, which had raised $5 million across four rounds and carried a $75 million valuation in 2022. Co-founder Taylor Offer stepped down as CEO. | Apparel | Undisclosed | 2.0 Ventures | retaildive.com |
DS Healthcare Group (DS Laboratories)May 28, 2024 · Acquisition, completed · Science-backed haircare, skincare and personal care brand; the deal deepened Megalabs' dermatology presence and US footprint. | Beauty | Undisclosed | Megalabs | capstonepartners.com |
Sole Technology (etnies, Emerica, es)May 24, 2024 · Acquisition, completed · Action sports footwear, apparel and accessories maker. | Apparel | Undisclosed | Nidecker Group | capstonepartners.com |
ATHR BeautyMay 16, 2024 · Acquisition, completed · Online platform selling clean, vegan beauty products. | Beauty | Undisclosed | Gostrider | capstonepartners.com |
Sea Smoke Estate VineyardsMay 8, 2024 · Acquisition, completed · Santa Barbara luxury Pinot Noir producer; part of Constellation's premiumisation push. | Food & bev | $170M | Constellation Brands | greenwichgp.com |
Boardriders (Billabong, Quiksilver, Roxy, RVCA, DC Shoes, Element)May 6, 2024 · Acquisition, completed · Action sports apparel, footwear and accessories group sold to French retailer-group Beaumanoir; a major 2024 apparel consolidation. | Apparel | Undisclosed | C.C.V. Beaumanoir | capstonepartners.com |
TGI Fridays frozen appetizers licence (revised, in perpetuity)May 6, 2024 · IP sale, completed · Kraft Heinz revised its 2001 licensing agreement with TGI Fridays to sell the restaurant brand's frozen appetizers at retail in North America in perpetuity, across 25 products. A licence rather than a change of control. | Food & bev | Undisclosed | Kraft Heinzfrom TGI Fridays | fooddive.com |
Kosmos QMay 3, 2024 · Acquisition, completed · Barbecue sauce, rub and competition-cooking brand. | Food & bev | Undisclosed | L2 Capital Partners | greenwichgp.com |
PoppiMay 2, 2024 · Reported talks sale process · Co-founder Allison Ellsworth publicly denied that the prebiotic soda brand was in talks with a larger beverage company, saying 'as of now, no'. Recorded as a rumored sale process because market speculation, not a transaction, is the event. PepsiCo bought Poppi in March 2025. | Food & bev | Undisclosed | Not named | fooddive.com |
Table M9 · April 202415 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Only What You Need (OWYN)Apr 29, 2024 · Announced acquisition · Simply Good Foods (Atkins, Quest) added the plant-based ready-to-drink protein shake brand as a third platform. Completed June 2024. Simply Good Foods' own release page timed out on retrieval, so this row is sourced to the Greenwich Capital Group Q2 2024 comps table. | Wellness | $280M · 3.3x revenue | The Simply Good Foods Company | greenwichgp.com |
KIKO MilanoApr 26, 2024 · Announced acquisition · L Catterton bought a majority stake in the Italian mass-colour-cosmetics chain-brand, which posted ~EUR 800 million net revenue in 2023 on nearly 20% growth. The Percassi family kept a significant minority. | Beauty | $1.5B · 1.9x revenue | L Cattertonfrom Percassi family | prnewswire.com |
Oberweis DairyApr 23, 2024 · Acquisition, completed · Illinois dairy and ice cream brand; the business had filed for Chapter 11 earlier in 2024. | Food & bev | Undisclosed | Osprey Capital | greenwichgp.com |
BowFlex assets (BowFlex, Schwinn, JRNY brands)Apr 22, 2024 · Acquisition, completed · A Section 363 bankruptcy-auction purchase of substantially all BowFlex assets including the BowFlex, Schwinn and JRNY brands plus finished goods and parts inventory. Court approval April 15, 2024; closed April 22, 2024. | Wellness | $37.5M | Johnson Health Tech Retailfrom BowFlex Inc. (BowFlex, Schwinn, JRNY) | johnsonhealthtech.com |
Mented CosmeticsApr 22, 2024 · Acquisition, completed · Clean, vegan, cruelty-free cosmetics tailored to women of colour. Joins West Lane's Seven, Simply Organic and Blossom beauty platforms. | Beauty | Undisclosed | West Lane Capital Partners | capstonepartners.com |
Oomph InnovationsApr 18, 2024 · Acquisition, completed · Haircare tools maker (hairbrushes, straighteners, vent brushes). | Beauty | Undisclosed | Ibeauty Brands | capstonepartners.com |
Knot Standard direct-to-consumer businessApr 12, 2024 · Acquisition, completed · Billy Reid bought Knot Standard's DTC business including eight stores and its made-to-measure software, taking Billy Reid to 20 locations. Knot Standard retained a minority stake and kept its technology business separate. | Apparel | Undisclosed | Billy Reidfrom Knot Standard | retaildive.com |
STEM Animal HealthApr 11, 2024 · Acquisition, completed · Oral-care products for pets treating biofilm-related ailments. | Pet | $14.1M · 4x revenue | Dechra Pharmaceuticals | capstonepartners.com |
CelleseApr 9, 2024 · Acquisition, completed · Science-backed skincare developer. | Beauty | Undisclosed | ArchiMed | capstonepartners.com |
ThinstersApr 9, 2024 · Acquisition, completed · Hain sold the Thinsters cookie brand to J&J Snack Foods in an all-cash deal that closed April 8, 2024, using proceeds to cut debt. Greenwich's table records the same deal under the seller entity name 'That's How We Roll'. Hain's first of two 2024 brand divestitures. | Food & bev | $7.7M | J&J Snack Foodsfrom Hain Celestial | fooddive.com |
Dia & Co.Apr 4, 2024 · Acquisition, completed · FullBeauty's third acquisition in under a year, adding the plus-size fashion marketplace after Cuup and Eloquii in 2023. Dia co-founder Lydia Gilbert joined FullBeauty. | Apparel | Undisclosed | FullBeauty Brands | retaildive.com |
SevenApr 3, 2024 · Acquisition, completed · Haircare producer; one of two West Lane beauty platform additions in April 2024. | Beauty | Undisclosed | West Lane Capital Partners | capstonepartners.com |
FrontmanApr 2, 2024 · Acquisition, completed · Men's skincare brand. | Beauty | Undisclosed | Slate Brands | capstonepartners.com |
Grown AlchemistApr 2, 2024 · Acquisition, completed · L'OCCITANE sold majority control of the Australian biological beauty brand it had held since 2022 to its own former vice-chairman; CEO Anna Teal became a minority shareholder. | Beauty | $30.24M | Andre Hoffmann (former L'OCCITANE Vice-Chairman and CEO)from L'Occitane Group | prnewswire.com |
Tru Fragrance & BeautyApr 2, 2024 · Acquisition, completed · Fragrance and beauty brand builder that wholesales exclusive fragrances to beauty and apparel retailers; its owned brands doubled company revenue over the prior three years. Monogram's seventh acquisition in the space. | Beauty | Undisclosed | Monogram Capital Partners | capstonepartners.com |
Table M10 · March 20248 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Graphico Inc.March 2024 · Announced acquisition · Church & Dwight agreed in March 2024 to buy its Japanese distributor Graphico, its partner since 2008 and the company that made OxiClean the leading powder prewash additive in Japan. Church & Dwight's Q1 release gives the month but not the day, so precision is month. | Home | $35M | Church & Dwight | investor.churchdwight.com |
BiodermisMar 28, 2024 · Acquisition, completed · Maker of sun protection and scar treatment gels. | Beauty | $8M | Nuance Medical | capstonepartners.com |
BuzzBallzMar 20, 2024 · Announced acquisition · Sazerac agreed to buy the Texas ready-to-drink cocktail maker (dba Southern Champion); founder Merrilee Kick stayed on as CEO. Completed May 1, 2024. | Food & bev | Undisclosed | Sazerac (Buffalo Trace owner)from Merrilee Kick (founder) | prnewswire.com |
PupBoxMar 19, 2024 · Acquisition, completed · Puppy toy and treat subscription business acquired by subscription-box operator FabFitFun. | Pet | Undisclosed | FabFitFun | capstonepartners.com |
Unilever Ice Cream (Wall's, Magnum, Ben & Jerry's)Mar 19, 2024 · Announced sale process · Unilever announced it would separate its Ice Cream business, naming a demerger as the most likely route while considering other options, alongside a productivity programme cutting ~7,500 roles. Full separation targeted by end-2025; the unit later listed as The Magnum Ice Cream Company. | Food & bev | Undisclosed | Not namedfrom Unilever | unilever.com |
Sovos BrandsMar 12, 2024 · Acquisition, completed · Campbell closed its all-cash purchase of Sovos Brands, which had reported $1.0 billion net sales for the year ended Dec 30, 2023. Multiple cross-checked against the Greenwich Capital Group Q1 2024 F&B comps table. | Food & bev | $2.7B · 3x revenue, 15.7x EBITDA | The Campbell's Company | thecampbellscompany.com |
Concord FoodsMar 7, 2024 · Acquisition, completed · Branded and private-label produce-adjacent food business. | Food & bev | Undisclosed | Sugar Foods Corporation | greenwichgp.com |
Resident Home (Nectar, DreamCloud, Awara, Siena)Mar 7, 2024 · Acquisition, completed · Ashley bought the DTC mattress group outright, pairing 1,125+ stores with Resident's e-commerce and data capability. Co-CEOs Eric Hutchinson and Ran Reske stayed on. One of the year's larger home-category consolidations. | Home | Undisclosed | Ashley Home (Ashley Global Retail) | retaildive.com |
Table M11 · February 202412 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Better Than BrittleFeb 29, 2024 · Acquisition, completed · Peanut butter candy brand selling online and in-store. | Food & bev | Undisclosed | Fawson and Hancock Foods | capstonepartners.com |
RoC SkincareFeb 29, 2024 · Acquisition, completed · A PE-to-PE exit of the dermo-cosmetics brand; Gryphon had owned RoC since carving it out of Johnson & Johnson in 2019. Announced January 23, 2024, completed February 29, 2024. | Beauty | Undisclosed | Bridgepointfrom Gryphon Investors | prnewswire.com |
JuveXO BrandFeb 22, 2024 · Acquisition, completed · Anti-aging and inflammation-reducing skincare brand. | Beauty | Undisclosed | Congela Biocosmetics | capstonepartners.com |
The CitizenryFeb 22, 2024 · Acquisition, completed · Havenly's third acquisition in two years, after Interior Define and The Inside, adding the ethically made home textiles brand. Co-founder Rachel Bentley became president of the brand. | Home | Undisclosed | Havenly | retaildive.com |
The Children's PlaceFeb 15, 2024 · Stake, completed · Saudi-based Mithaq Capital built a 54% majority stake in the children's apparel brand and moved to nominate 11 directors; the change of control triggered a default under the credit agreement. | Apparel | Undisclosed | Mithaq Capital | retaildive.com |
Small Batch OrganicsFeb 13, 2024 · Acquisition, completed · Flavoured granola brand acquired by dried-fruit snack brand RIND. | Food & bev | Undisclosed | RIND Snacks | capstonepartners.com |
Whole Earth BrandsFeb 13, 2024 · Announced acquisition · Take-private of the Nasdaq-listed sweetener and licorice group. A notably low multiple for a 2024 branded food deal. | Food & bev | $169M · 0.3x revenue, 3.2x EBITDA | Sweet Oak Parent, an affiliate of Sababa Holdings FREE, LLC (Sir Martin E. Franklin), with Rhone Capital VI as indirect owner | sec.gov |
Summit Naturals (assets)Feb 7, 2024 · Acquisition, completed · Manufacturing operations for low-carb and low/no-sugar cookies. | Food & bev | Undisclosed | Creations Foods USfrom Summit Naturals (assets) | capstonepartners.com |
Dr. Dennis Gross SkincareFeb 5, 2024 · Acquisition, completed · Shiseido Americas completed the purchase of the dermatologist-founded skincare brand on February 5, 2024 (JST February 6). Announced December 22, 2023; the value and multiple come from Capstone Partners' August 2024 beauty comps table. | Beauty | $450M · 5.6x revenue | Shiseido (Americas) | corp.shiseido.com |
Kashemere KollectionsFeb 1, 2024 · Acquisition, completed · Beauty and lifestyle brand selling skin and body care, bought by supplements company 310 Nutrition. | Beauty | Undisclosed | 310 Nutrition | capstonepartners.com |
No Man's Land FoodsFeb 1, 2024 · Acquisition, completed · Beef-focused meat snacks brand; one of two 2024 Bansk consumer platform deals alongside PetIQ. | Food & bev | Undisclosed | Bansk Group | capstonepartners.com |
Vidal Sassoon brand and hair care business in Greater ChinaFeb 1, 2024 · Announced acquisition · Henkel bought the Vidal Sassoon brand and its Greater China haircare business from P&G, a geographic brand carve-out the CEO called a step-change for Henkel's Consumer Brands business in China. | Beauty | Undisclosed | Henkelfrom Procter & Gamble | henkel.com |
Table M12 · January 202412 deals logged
| Brand | Category | Price | Buyer | Source |
|---|---|---|---|---|
Cibo VidaJanuary 2024 · Acquisition, completed · A $480 million LBO of the New Jersey organic snack mix and dried fruit supplier, the first platform for Citation Capital's consumer and retail portfolio launched in 2023. Partly a private-label supplier, included as a food business on the consumer side of the line. | Food & bev | $480M | Citation Capital | rlhulett.com |
Good Health and R.W. GarciaJan 31, 2024 · Announced acquisition · Utz sold the Good Health and R.W. Garcia brands plus plants in Lincolnton NC and Lititz PA and a Las Vegas lease to Our Home (Popchips, Real Food From the Ground Up). Note: the price covers brands and facilities, so the revenue multiple is not a clean brand multiple. Closed February 5, 2024. | Food & bev | $182.5M · 2.8x revenue | Our Homefrom Utz Brands (UTZ) | investors.utzsnacks.com |
Ajinomoto Foods' Italian Food PortfolioJan 30, 2024 · Acquisition, completed · Frozen and ethnic Italian food production business carved out of Ajinomoto Foods. | Food & bev | Undisclosed | Seviroli Foodsfrom Ajinomoto Foods | capstonepartners.com |
ChapStickJan 25, 2024 · Announced acquisition · Yellow Wood's Suave Brands platform bought the number one US mass lip care brand from Haleon, a consumer-health carve-out into a PE-built personal care roll-up. Completed June 3, 2024. | Beauty | Undisclosed | Suave Brands Company (Yellow Wood Partners)from Haleon | prnewswire.com |
Hotel Chocolat Group plcJan 25, 2024 · Acquisition, completed · Mars completed the take-private of the UK premium chocolate brand (announced November 2023). Value and multiples from the Greenwich Capital Group Q1 2024 F&B comps table. | Food & bev | $700.3M · 2.7x revenue, 25.7x EBITDA | Mars, Incorporated | mars.com |
Caribou Coffee consumer and foodservice business (licence plus roasting operations)Jan 19, 2024 · Announced ip sale · A $260 million licensing transaction letting JDE Peet's manufacture, market and sell Caribou consumer and foodservice coffee, including Caribou's Minneapolis roasting operations and its office coffee and foodservice contracts. Caribou's coffeehouses were excluded. The clearest brand-licence deal of the year. | Food & bev | $260M | JDE Peet'sfrom Caribou Coffee (Panera Brands) | fooddive.com |
The Honey Pot Co.Jan 19, 2024 · Acquisition, completed · Compass Diversified took control of the plant-derived feminine care brand. Beauty Independent groups this with the wave of strategic beauty and personal care deals that opened 2024. | Wellness | Undisclosed | Compass Diversified | retaildive.com |
Dr. Barbara SturmJan 11, 2024 · Announced acquisition · Puig took a majority stake in the German molecular-cosmetics skincare brand founded in 2014; Dr. Sturm retained a minority stake and became Chief Product Development Officer and Brand Ambassador. Puig's HTML newsroom page 403s to automated retrieval, so this is sourced to Puig's own press-release PDF. | Beauty | Undisclosed | Puigfrom Dr. Barbara Sturm | uploads.puig.com |
Chico's FAS (Chico's, White House Black Market, Soma)Jan 5, 2024 · Acquisition, completed · Sycamore closed the take-private of the Chico's brand portfolio on January 5, 2024, folding it into KnitWell Group (Ann Taylor, Loft, Talbots) for a combined ~$6 billion in annual sales. Included as a vertically integrated brand owner rather than a multi-brand retail chain. | Apparel | $1B | Sycamore Partners | retaildive.com |
Horizon Organic and WallabyJan 3, 2024 · Announced acquisition · Danone agreed to sell its US premium organic dairy brands Horizon Organic and Wallaby to Platinum Equity as part of the portfolio review and asset rotation programme announced in 2022, keeping a minority stake. The Capstone and Greenwich comps tables carry the Wallaby leg separately. | Food & bev | Undisclosed | Platinum Equity (50%)from Danone | fooddive.com |
Primal Life OrganicsJan 3, 2024 · Acquisition, completed · Organic cosmetic, skincare and dental-care brand acquired by aggregator Society Brands. Row from Capstone Partners' Select Beauty Transactions table. | Beauty | Undisclosed | Society Brands | capstonepartners.com |
Riley's PetsJan 2, 2024 · Acquisition, completed · Pet treat brand. Row from the Greenwich Capital Group Q1 2024 M&A activity table. | Pet | $7.5M · 2.3x revenue | Pet MD Brands | greenwichgp.com |
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04/Category composition
PLATE 04 · MIX
What 2024 was made of,
by category.
189 deals logged in 2024. The rows below sum to that figure.
Table 2 · 2024 composition by categoryShare of the year's rows
| Category | Total items logged | Share of ledger | With a disclosed price | Largest disclosed |
|---|---|---|---|---|
Food & bev | 83 | 43.9% | 23 | $35.9B |
Apparel | 32 | 16.9% | 5 | $4.75B |
Beauty | 32 | 16.9% | 7 | $1.5B |
Home | 12 | 6.3% | 2 | $120M |
Pet | 11 | 5.8% | 6 | $1.5B |
Wellness | 11 | 5.8% | 4 | $17.28B |
Other | 8 | 4.2% | 1 | $330M |
05/Price levels
PLATE 05 · PRICE BANDS
Where the disclosed
prices landed in 2024.
Bands over the 48 rows from 2024 that carry a normalized USD figure, never over the whole year.
Table 3 · 2024 disclosed price bandsShare of the 48 priced rows
| Price band | Deals logged | Share of priced rows |
|---|---|---|
$1B and above | 13 | 27.1% |
$250M to $1B | 11 | 22.9% |
$50M to $250M | 13 | 27.1% |
$10M to $50M | 8 | 16.7% |
Under $10M | 3 | 6.2% |
06/Disclosed multiples
PLATE 06 · MULTIPLES
Published multiples,
2024.
21 of the 189 rows from 2024 carry a revenue or EBITDA multiple. Read them as the disclosed cases, not as a distribution.
Table 4 · 2024 rows with a disclosed multiple21 rows
| Brand | Price | Multiple | Buyer | Category | Source |
|---|---|---|---|---|---|
Hiya Health ProductsDec 23, 2024 · Acquisition, completed | $205M | 2x revenue | USANA Health Sciences | Wellness | directsellingnews.com |
Olive & JuneNov 21, 2024 · Announced acquisition | $240M | 11x EBITDA | Helen of Troy | Beauty | investor.helenoftroy.com |
noosa yoghurtNov 12, 2024 · Announced acquisition | $200M | 1.1x revenue | Lakeview Farms (CapVest Partners)from The Campbell's Company | Food & bev | thecampbellscompany.com |
Primo Water Corporation / BlueTriton Brands (merger to form Primo Brands)Nov 8, 2024 · Acquisition, completed | $8.83B | 1.8x revenue, 10.5x EBITDA | Primo Brands Corporation (BlueTriton Brands, backed by One Rock Capital Partners) | Food & bev | prnewswire.com |
PetIQ (Bansk Group portfolio)Oct 25, 2024 · Acquisition, completed | $1.5B | 1.2x revenue, 15.7x EBITDA | Bansk Group | Pet | banskgroup.com |
GHOSTOct 24, 2024 · Announced acquisition | $990M | 3x revenue | Keurig Dr Pepper | Food & bev | news.keurigdrpepper.com |
VoortmanOct 22, 2024 · Announced acquisition | $305M | 4.7x revenue | Second Nature Brandsfrom J.M. Smucker (NYSE:SJM) | Food & bev | investors.jmsmucker.com |
Opella (Sanofi consumer healthcare: Doliprane, Allegra, Buscopan)Oct 21, 2024 · Announced acquisition | $17.28B | 14x EBITDA | Clayton, Dubilier & Ricefrom Sanofi | Wellness | sanofi.com |
The Duckhorn PortfolioOct 7, 2024 · Announced acquisition | $1.95B | 4.9x revenue, 13.8x EBITDA | Butterfly Equity | Food & bev | duckhornportfolio.com |
KellanovaAug 14, 2024 · Announced acquisition | $35.9B | 16.4x EBITDA | Mars, Incorporated | Food & bev | mars.com |
Coco & EveJul 22, 2024 · Acquisition, completed | $100M | 1.7x revenue | Gauge Capital | Beauty | beautymatter.com |
Summer Garden Food ManufacturingJun 21, 2024 · Acquisition, completed | $235M | 1.6x revenue, 8.4x EBITDA | Lassonde Industries | Food & bev | greenwichgp.com |
Only What You Need (OWYN)Apr 29, 2024 · Announced acquisition | $280M | 3.3x revenue | The Simply Good Foods Company | Wellness | greenwichgp.com |
KIKO MilanoApr 26, 2024 · Announced acquisition | $1.5B | 1.9x revenue | L Cattertonfrom Percassi family | Beauty | prnewswire.com |
STEM Animal HealthApr 11, 2024 · Acquisition, completed | $14.1M | 4x revenue | Dechra Pharmaceuticals | Pet | capstonepartners.com |
Sovos BrandsMar 12, 2024 · Acquisition, completed | $2.7B | 3x revenue, 15.7x EBITDA | The Campbell's Company | Food & bev | thecampbellscompany.com |
Whole Earth BrandsFeb 13, 2024 · Announced acquisition | $169M | 0.3x revenue, 3.2x EBITDA | Sweet Oak Parent, an affiliate of Sababa Holdings FREE, LLC (Sir Martin E. Franklin), with Rhone Capital VI as indirect owner | Food & bev | sec.gov |
Dr. Dennis Gross SkincareFeb 5, 2024 · Acquisition, completed | $450M | 5.6x revenue | Shiseido (Americas) | Beauty | corp.shiseido.com |
Good Health and R.W. GarciaJan 31, 2024 · Announced acquisition | $182.5M | 2.8x revenue | Our Homefrom Utz Brands (UTZ) | Food & bev | investors.utzsnacks.com |
Hotel Chocolat Group plcJan 25, 2024 · Acquisition, completed | $700.3M | 2.7x revenue, 25.7x EBITDA | Mars, Incorporated | Food & bev | mars.com |
Riley's PetsJan 2, 2024 · Acquisition, completed | $7.5M | 2.3x revenue | Pet MD Brands | Pet | greenwichgp.com |
07/Year ledgers
PLATE 07 · BY YEAR
The other years,
and the full ledger.
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