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The industry has seen significant consolidation and strategic acquisitions throughout 2024, reflecting diverse strategies across regions and sub-sectors. The top 20 mergers and acquisitions of the year showcase a range of motivations, from expanding market reach and diversifying product lines to capitalising on emerging markets and consumer trends. Using data provided by Houlihan Lokey, FoodBev Media's Siân Yates examines these transactions and the broader market implications.

20.Carlyle Group’s stake in KFC Holdings Japan (65.1% stake)

Deal value: £579 million

Target description: KFC Holdings Japan, a Japan-based fast food chain operator.

Strategic rationale: The investment in KFC Holdings Japan allows Carlyle Group to gain a foothold in the lucrative fast-food market in Japan, capitalising on the brand’s strong consumer recognition and potential for growth in the region.

19.Newlat Food’s acquisition of Princes (100% stake)

Deal value: £700 million

Target description: Princes, a UK-based manufacturer and wholesaler of food and drinks.

Strategic rationale: Newlat Food’s acquisition of Princes marks a strategic expansion into the UK market,

broadening its product portfolio and distribution capabilities in both the food and beverage sectors.

18.Emmi Holding’s purchase of Mademoiselle Desserts (100% stake)

Deal value: £762 million

Target description: Mademoiselle Desserts, a France-based manufacturer of desserts.

Strategic rationale: Emmi Holding’s acquisition of Mademoiselle Desserts enhances its dessert

offerings and strengthens its position in the European market for premium baked goods and desserts.

17.CVC Advisers’ acquisition of Monbake Grupo Empresarial (100% stake)

Deal value: £772 million

Target description: Monbake Grupo Empresarial, a Spain-based provider of frozen bakery products.

Strategic rationale: This acquisition allows CVC Advisers to further consolidate its presence in the European frozen bakery market, capitalising on Monbake’s established distribution network and product range.

16.Holding Le Duff and Bridor’s acquisition of Pandriks Holding (100% stake)

Deal value: £806 million

Target description: Pandriks Holding, a Netherlands-based bakery products manufacturer.

Strategic rationale: The acquisition expands Le Duff and Bridor’s bakery product lines and manufacturing capabilities, enhancing their competitive position in the European baked goods market.

15.Intermediate Capital Group’s stake in Productos Sur (49% stake)

Deal value: £853 million

Target description: Productos Sur, a Spain-based producer of natural food ingredients.

Strategic rationale: The investment in Productos Sur aligns with Intermediate Capital Group’s strategy to focus on natural and sustainable food products, catering to the increasing consumer demand for clean label and eco-friendly food ingredients.

14.Ekto Holding OOO’s stake in Belfood Production (49% stake)

Deal value: £1.15 billion

Target description: Belfood Production, a Belarus-based baby food producer.

Strategic rationale: Ekto Holding’s acquisition of a significant stake in Belfood Production indicates a focus on the growing baby food market in Eastern Europe. This move taps into increasing consumer preference for healthy and nutritious options for infants and toddlers.

13.InvestIndustrial and Sammontana’s buys Forno d’Asolo (100% stake)

Deal value: £1.18 billion

Target description: Forno d’Asolo, an Italy-based producer of frozen bakery products.

Strategic rationale: This acquisition aligns with InvestIndustrial’s strategy to invest in high-quality food brands, leveraging Forno d’Asolo’s position in the frozen bakery sector to expand into new markets and capitalise on the growing demand for convenience foods.

12.Davide Campari-Milano’s acquisition of Courvoisier (100% stake)

Deal value: £1.29 billion

Target description: Courvoisier, a France-based cognac producer.

Strategic rationale: By acquiring Courvoisier, Campari enhances its spirits portfolio, particularly in the premium cognac segment. This acquisition aligns with the company’s strategy to focus on high-margin, premium brands in the global market.

11.Tate & Lyle’s purchase of CP Kelco (100% stake)

Deal value: £1.48 billion

Target description: CP Kelco, a Denmark-based speciality chemicals company for the food industry.

Strategic rationale: The acquisition allows Tate & Lyle to expand its ingredient solutions portfolio, particularly in speciality chemicals and additives. This move supports the company’s strategy to innovate and meet the demand for healthier and more functional food products.

10.Aikya Investment Management’s acquisition of AVI (100% stake)

Deal value: £1.49 billion

Target description: AVI, a South Africa-based manufacturer of branded consumer products in the food and beverage sectors.

Strategic rationale: This acquisition marks Aikya’s entry into the African food and beverage market, leveraging AVI’s strong brand portfolio and market presence to benefit from the continent’s growing consumer base and expanding middle class demographic.

9.Kirin Holding’s majority stake in Fancl (67.32% stake)

Deal value: £1.54 billion

Target description: Fancl, a Japan-based manufacturer of cosmetics, medicine and health food.

Strategic rationale: Kirin’s investment in Fancl reflects a strategic diversification into health and wellness, a sector witnessing rapid growth in Japan. This aligns with consumer trends favouring health-focused products, allowing Kirin to expand its product offerings beyond beverages.

8.Performance Food Group’s acquisition of Cheney Bros (100% stake)

Deal value: £1.63 billion

Target description: Cheney Bros, a US-based food processing and distribution company.

Strategic rationale: The acquisition of Cheney Bros enhances Performance Food Group’s distribution

capabilities and broadens its customer base in the foodservice industry. This aligns with its growth strategy to become a leader in food distribution across the US.

7.BP’s Bunge Bioenergia stake purchase (50% stake)

Deal value: £2.20 billion

Target description: Brazil-based company involved in the processing and supply of oilseed and grain products.

Strategic rationale: This transaction aligns with BP’s broader strategy to diversify into bioenergy, reflecting a global trend towards sustainable energy sources. It allows BP to tap into the growing market for biofuels and other sustainable agricultural products.

6.Thai Beverage and InterBev Investment’s stake in Fraser & Neave (41.3% stake)

Deal value: £3.38 billion

Target description: Fraser & Neave, a Singapore-based manufacturer of dairy drinks and beverages.

Strategic rationale: The investment in Fraser & Neave allows Thai Beverage to further penetrate the Asian beverage market, particularly in dairy and non-alcoholic drinks. This strategic stake enhances its regional footprint and diversifies its product offerings.

5.BlueTriton Brands Holdings’ purchase of Primo Water (100% stake)

Deal value: £3.66 billion

Target description: Primo Water, a Canada-based water, coffee, tea and filtration solution provider.

Strategic rationale: The acquisition enables BlueTriton to strengthen its position in the water and hydration market, complementing its existing portfolio with Primo Water’s extensive range of products and services. This move aligns with growing global awareness around hydration and sustainable beverage options.

4.Carlsberg’s acquisition of Britvic (100% stake)

Deal value: £ 3.3 billion

Target description: Britvic, a UK-based manufacturer of soft drinks.

Strategic rationale: Carlsberg’s acquisition of Britvic diversifies its beverage portfolio beyond alcoholic drinks into the lucrative non-alcoholic beverages sector. This move is likely aimed at capturing a broader audience, particularly health-conscious consumers shifting away from alcohol.

3.Existing Shareholders’ stake in Adani Wilmar (43.99% stake)

Deal value: £4.22 billion

Target description: Adani Wilmar, an India-based company offering essential kitchen commodities.

Strategic rationale: This acquisition by existing shareholders consolidates control and demonstrates confidence in Adani Wilmar’s potential in the essential commodities market. With a strong product line up including edible oils and wheat flour, this move aligns with the increasing demand for staple foods in India and other emerging markets.

2.KDDI’s stake in Lawson (47.89% stake)

Deal value: £8.75 billion

Target description: Lawson, a Japan-based operator of a chain of convenience stores.

Strategic rationale: KDDI’s investment in Lawson marks a strategic expansion into the retail sector, leveraging Lawson’s extensive convenience store network to enhance its digital and physical retail presence. This move is likely aimed at integrating digital services and payment solutions into the retail space, capitalising on Japan’s tech-savvy consumer base.

1.Mars’ acquisition of Kellanova (100% stake)

Deal value: £28.09 billion

Target description: Kellanova, a US-based manufacturer of ready-to-eat cereals convenience foods.

Strategic rationale: This acquisition represents Mars’ significant push into the convenience foods segment, aligning with the growing consumer preference for ready-to-eat and on-the-go meal options. With Kellanova’s strong market presence and product portfolio, Mars is well-positioned to enhance its offerings and tap into new consumer bases.

NOTE: All of the above monetary values are recorded in Great British Pound (GBP)