The food & beverage sector continues to be a hotbed for M&A activity. In this post, we will highlight some of the most acquisitive private equity firms in food & beverage globally, with particular focus on control investments and full buyouts rather than minority investments and growth capital. This analysis will exclude transactions involving restaurant & grocery chains, food & beverage ingredients, farms and other parts of the supply chain, focusing instead on consumer products. We will exclude vitamins and supplements (which will be the subject of a future post), and pet foods & pet supplements (another future post). Acquirers of various structures and sizes are profiled and categorised from largest to smallest within each section.

We have also higlhlighted a selection of strategic buyers in food & beverage at the end of the analysis.

Gryphon Investors acquired Spindrift, a sparkling water company in January 2025

Consumer Products-Focused Private Equity Firms

This section lists the private equity firms that are focused primarily on consumer goods, ranging from smaller investors with under $1bn AUM to larger firms such as L Catterton with $30bn+ in AUM. This group includes traditional funds and specialised investment firms, with some having a broad focus across consumer goods, and others focused purely on food & beverage.

L Catterton

With approximately $37bn of assets under management, L Catterton is the largest consumer-focused private equity firm in the world. It investing exclusively in middle-market consumer brands across Europe, Asia, Latin America and China. Since its founding in 1989, L Catterton has made over 250 investments in brands across all segment of the consumer industry. Notable investments in the food & beverage sector include Innis & Gunn, a craft beer player in the European market, and NotCo, a plant-based products company based in Chile.

Relevant Food and Beverage Acquisitions:

Viee – August 2024: Leading plant-based beverage company in southwestern China
Kodiak Cakes – May 2021: Kodiak Cakes is a pancake maker, offering a range of products including waffle mixes, frozen waffles, oatmeal, baking mixes and a variety of snacking products
Cholula – April 2019 (Sold in 2020 to McCormick & Company): Mexico-based hot sauce producer and distributor
Healthy Food Holdings – January 2004: Management holding company for branded, “better-for-you” foods focused on strategic acquisitions food & beverage companies focused on healthy, natural, and organic products. Healthy Food Holdings acquired YoCrunch in 2005, Van's Foods in 2006 and CoolBrands in 2007

MidOcean Partners

*FatBoy, a Casper’s Ice Cream brand - acquired by MidOcean in 2022*

Founded in 2003, MidOcean Partners has targeted investments in middle-market companies in the consumer and business services sectors. With over $10bn of assets under management, it typically invests in companies with enterprise values of between $150m and $750m+ with preference for majority ownership.

Relevant Food and Beverage Acquisitions:

Casper’s Ice Cream – January 2022: Frozen novelty and ice cream products offered through the FatBoy, Jolly Llama, and ChurnBaby brands

Butterfly Equity

Butterfly Equity is a Los Angeles-based private equity firm that specializes in the food sector. Founded in 2016, Butterfly Equity targets key verticals such as upstream & processing, industry enablers, multi-site operations, and branded goods. With approximately $4bn in assets under management, the firm has invested over $16bn in equity capital across a diverse portfolio of companies, including Qdoba, Bolthouse Farms, and Chosen Foods.

Relevant Food and Beverage Acquisitions:

The Duckhorn Portfolio – October 2024: Pure-play luxury wine producer in the United States offering a portfolio of brands including Duckhorn Vineyards, Decoy, Sonoma-Cutrer and Kosta Browne
Chosen Foods – September 2021: Offers a range of cooking sprays, oils, mayonnaise, dressings, and more made with avocado
Pete & Gerry’s Organics – May 2021: Producer of organic, free-range and pasture-raised eggs

Brynwood Partners

Brynwood Partners is a private equity firm specializing in consumer-oriented middle market businesses, principally in food and beverage. Founded in 1984 and headquartered in Greenwich, Connecticut, Brynwood Partners makes control investments in branded and private label manufacturing companies. With $2.5bn in assets under management, Brynwood Partners has a diverse portfolio that includes well-known brands such as Juicy Juice, SunnyD, Pillsbury, and Hungry Jack. Having closed its ninth and largest fund in October 2023 raising $750m, the firm looks to add even more food & beverage brands to its portfolio.

Relevant Food and Beverage Acquisitions:

Marie’s Salad Dressing Brand and Dean’s Dip Business – July 2023: Brynwood’s newly formed portfolio company, West Madison Foods, acquired Marie's salad dressing brand and the Dean's Dip business from Ventura Foods, LLC
De Wafelbakkers – April 2021: Manufacturer of frozen pancakes, waffles, and French toast
Aryzta's North America Pizza Business – December 2020: Brynwood’s newly formed portfolio company Great Kitchens Food Company acquired Aryzta North America's take-and-bake pizza business
Buitoni – June 2020: Brynwood’s newly formed portfolio company, Buitoni Food Company, acquired North American Buitoni® business from Nestlé USA. Buitoni offers pasta, sauces, and cheese

Kainos Capital

*Good2Grow - acquired by Kainos in 2018 and later sold to Wind Point Partners in 2021*

Launched in 2012, Kainos Capital is a Dallas-based private equity firm managing around $2.1 billion in assets. The firm specialises in food and consumer products across North America, with decades of industry experience to identify and partner with both established and emerging brands. With a strong focus on the food & beverage sector, Kainos has deployed approximately $3 billion across over 40 transactions involving branded manufacturers, foodservice ventures, and more.

Relevant Food and Beverage Acquisitions:

Cremosa Foods - January 2021: Kainos' portfolio company Ferraro Foods acquired Cremosa Foods, a provider of fresh, refrigerated and frozen food products
Whisps - April 2019: Acquired Whisps, a fast-growing better-for-you snack brand of cheese crisps, later exiting to The Famer Companies in 2024
Good2Grow - November 2018: Acquired Good2Grow, the kids’ beverage brand offering fruit juices in patented character-topped bottles, later exiting to Wind Point Partners in 2021
Ferraro Foods – May 2018: Cheese, specialty meats, prepared appetizers, Italian products, seafoods and more. Kainos sold Ferraro Foods in April 2021 to Kelso & Company

Mayfair Equity Partners

Mayfair Equity Partners is a dedicated consumer and technology investor with over £2bn in assets under management. Founded in 2014, the London-based private equity firm focuses on buyout investments across the United Kingdom and internationally and typically targets investments from £50m to £500m.

Relevant Food and Beverage Acquisitions:

Pat the Baker and Irish Pride – January 2025: Mayfair’s holding company for its baked goods businesses portfolio, Ceres Group, acquired Irish bakery businesses Pat the Baker and Irish Pride

Bansk Group

Founded in 2019, Bansk Group is a New York-based private investment firm focused on investing in consumer brands. With over $2bn in capital under management, the firm focuses on differentiated brands across four primary consumer categories: food & beverage, beauty & personal care, consumer health, and household products. Bansk Group is a relatively new entrant in the food & beverage sector, marking its first acquisition in the space with the Red’s All Natural in January 2023.

Relevant Food and Beverage Acquisitions:

No Man’s Land Foods – February 2024: Premium meat snacks brand, including beef jerky and meat sticks
Red’s All Natural – January 2023: Clean-label frozen burritos and breakfast sandwiches

Swander Pace Capital

Founded in 1996, Swander Pace Capital is a US-based private equity firm investing in middle-market consumer products companies in North America. It makes equity investments in manufacturers, marketers, and service providers across a wide spectrum of consumer industries including food & beverage, body & wellness, and home & family.

Relevant Food and Beverage Acquisitions:

Inovata Foods – June 2024: Frozen entrées
St-Méthode Bakery – December 2023: Swander Pace Capital, partnering with CDPQ and Roynat Equity Partners acquired a majority stake in St-Méthode Bakery, a supplier of fresh bread products.
Café Valley – September 2019: Croissants, cakes, muffins, and other sweet baked goods
Fine Choice Foods – September 2018: Fresh and frozen Asian-flavored appetizers

Entrepreneurial Equity Partners

Entrepreneurial Equity Partners (E2P) is a private equity firm based in Chicago, Illinois, founded in 2018. The firm focuses on control-oriented investments and targets companies with a minimum revenue of $50m. With over $1.7bn of assets under management, E2P specializes in the food & beverage sector. It invests in companies involved in private label, contract manufacturing, foodservice, food & beverage brands and products, and CPG within the food & beverage sector.

Relevant Food and Beverage Acquisitions:

Cole’s Quality Foods – January 2025: Provider of frozen garlic bread products serving retail and food service channels
Nardone Brothers Baking Co – January 2025: Manufacturer and distributor of frozen breakfast products specializing in French toast sticks, waffles, pancakes, breakfast sandwiches, and other baked goods
MBC Companies – July 2023: Frozen breakfast platform producing French toast sticks and bites, waffles, pancakes, and breakfast sandwiches
Marsan Foods – March 2023: Manufacturer and distributor of frozen and fresh foods, including specialty bakery items, in-flight meals, and private-label products, catering to both retail and foodservice customers

Embassy Park Investment Company

*Piedmont Candy Company - acquired by Embassy Park in 2023*

Embassy Park Investment Company is an investment and advisory firm that focuses on the consumer packaged goods (CPG) industry. The firm acts as both an investor and advisor to businesses in the manufacturing and/or sales and marketing of branded, private label and co-manufactured food products.

Relevant Food and Beverage Acquisitions:

Piedmont Candy Company – July 2023: Embassy Park Investment Company together with Sequel Holdings acquired Piedmont Candy Company, a manufacturer and marketer of candy and snacks under the Red Bird (peppermint candy puffs and flavored popcorn) and Thinful brands (“better-for-you” low-sugar snack products)

Forward Consumer Partners

Founded in 2023, Forward Consumer Partners is a private investment firm that focuses on lower-middle market consumer brands. It typically invests in companies ranging from $25-250m in revenue and focuses on the food & beverage, beverage alcohol, personal care, consumer health, household products, pet, apparel & accessories, and enthusiast products.

Relevant Food and Beverage Acquisitions:

Xochitl – May 2024: Tortilla chips and salsas

Next In Natural

Founded in 2017, Next In Natural is a US-based boutique private-equity firm specializing in better-for-you food & beverage brands. It focuses on the CPG food & beverage space, specifically within the organic and natural food & beverage niche.

Relevant Food and Beverage Acquisitions:

Aura Bora – February 2025: Sparkling water
Sound – May 2024: Organic sparkling botanicals and teas
Lavva – August 2022: Plant-based yogurt

Diversified Private Equity Firms

Below are some of the notable diversified investment firms who are active in the food & beverage sector. This list includes some of the largest global private equity firms in the world, such CVC and Advent International, as well as smaller local firms, such as Comitis Capital.

CVC Capital Partners

CVC Capital Partners is a global private equity and investment advisory firm with a strong focus on the food and beverage sector. Founded in 1981, CVC Capital Partners has grown to manage over €191bn in assets across various industries.

Relevant Food and Beverage Acquisitions:

Dugas, Clan Campbell, and Polmos Bielsko-Biała – September 2023: CVC’s portfolio company Stock Spirits acquired French distributor Dugas, blended Scotch whisky Clan Campbell, and vodka maker Polmos Bielsko-Biała
Borco – July 2023: CVC’s portfolio company Stock Spirits acquired German producer Borco, owner of Sierra Tequila
The Quality Group – June 2022: Germany-based sports nutrition business, set up in late 2020 through the merger of sports nutrition firms ESN and More Nutrition. Other brands within the portfolio include Fitmart, Got7 and Synergy encompassing protein powders, bars, and snacks, along with supplements and energy drinks
LIPTON Teas and Infusions (formerly ekaterra) – July 2022: leading player in the tea category, with a portfolio of 34 brands including Lipton, PG tips, Pukka, T2 and TAZO®

Bain Capital Private Equity

*I.D.C. - acquired by Bain portfolio company Valeo in 2025*

Bain Capital, a US-based private investment firm, manages approximately $185bn in assets, with c. $80bn held in its private equity arm. Its global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets.

Relevant Food and Beverage Acquisitions:

I.D.C. Holding – January 2025: Valeo Foods, portfolio company of Bain Capital Private Equity, is a manufacturer of wafers, biscuits, confectionary and chocolate. Portfolio includes brands such as Horalky, Mila, Lina, Kávenky, Goralki, Moments, Verbena
Dal Colle – May 2024: Valeo Foods, portfolio company of Bain Capital Private Equity, is a manufacturer bakery products including pandori, panettoni, and croissants
Valeo Foods – May 2021: Diversified portfolio of leading food brands including Jacobs (biscuits), Rowse (honey), Kettle (potato chips), Odlums (flour), Barratt (confectionary) and Balconi (snacks and cakes)

Advent International

*Sauer Brands - acquired by Advent in 2025*

Founded in 1984 and with nearly $94bn in assets under management, Advent International is a global private equity firm investing in the consumer, business & financial services, healthcare, industrial, and technology sectors. Within its consumer segment, Advent International has made over 90 investments to date and focuses on a number of subsectors including food and beverage, beauty and personal care, and consumer health.

Relevant Food and Beverage Acquisitions:

Sauer Brands – January 2025: Platform of leading condiments and seasoning brands and owner of Duke’s Mayo, the third-largest mayonnaise brand in the US (behind Hellmann’s and Kraft). As part of the deal, Advent International will acquire the brands Mateo's Gourmet Salsa and Kernel Season's popcorn seasoning, among others
Grupo CRM – October 2020 (Sold in 2023 to Nestlé): Brazil-based direct-to-consumer premium chocolate producer
Rao’s Special Foods – June 2017 (Sold as part of Sovos Brands in 2024 to Campbell Soup): Sovos Brands, a new food & beverage company formed by Advent International, acquired Rao’s Specialty Foods Inc., the producer of Rao's Homemade, a brand of premium pasta sauce
Michael Angelo's Gourmet Foods – January 2017 (Sold as part of Sovos Brands in 2024 to Campbell Soup): Sovos Brands, a new food & beverage company formed by Advent International, acquired Michael Angelo's Gourmet Foods, a producer of frozen Italian entrées

H.I.G. Capital

*Patriot Pickle - acquired by H.I.G. in 2024*

H.I.G. Capital is a global alternative investment firm with $60bn of capital under management. Founded in 1993, the firm focuses on providing capital to middle market companies, typically with $100 million to $2 billion in enterprise value and invests across an array of sectors.

Relevant Food and Beverage Acquisitions:

Patriot Pickle – January 2024: Fresh pickles and other fermented foods
Puerto de Indias – February 2018: Spanish premium and craft spirits

Platinum Equity

*Polli - acquired by Platinum in September 2024*

Founded in 1995, Platinum Equity is a global private equity firm with over $48bn of assets under management. It has a current portfolio of approximately 60 companies, operating in a diverse range of industry sectors, including consumer, financials, healthcare, industrials, media & telecom, natural resources, real estate, retail, and technology.

Relevant Food and Beverage Acquisitions:

Polli – September 2024: Italian producer of pasta sauces, food in-oil, olives, pickles, and condiments, and is one of the largest producers of pesto in the EU
Horizon Organic and Wallaby brands – April 2024: Horizon Organic is an organic dairy brand offering milk, creamers, yogurt, cheese and other products. Wallaby produces Australian-style premium organic Greek yogurt
Dan Cake Portugal – April 2021: Producer and distributor of biscuits and cakes in Portugal, acquired by Platinum Equity’s portfolio company Biscuit International
Fantini Group (Previously Farnese Vini) – April 2020: Producer and marketer of wines

PAI Partners

*Tropicana and Naked - acquired by PAI in 2021*

PAI Partners is a leading private equity firm based in Paris, France. Founded in 1998, the firm has its roots in Paribas Affaires Industrielles, the principal investment arm of Paribas, which dates back to 1872. PAI Partners focuses on investing in market-leading companies across Europe, with a particular emphasis on four core sectors: consumer goods, business services, healthcare, and industrials. It currently manages over €28bn in assets under management.

Relevant Food and Beverage Acquisitions:

Tropicana, Naked and other select juice brands – August 2021: Juice products

Shore Capital Partners

*Lillie’s Q - acquired by OWS Foods, a portfolio company of Shore Capital, in 2024*

Founded in 2019, Shore Capital is a Chicago based private equity firm investing in small and mid-sized companies in the Food and Beverage, Healthcare, Business Services, Industrial, and Real Estate industries. With over $11bn of assets under management. The Shore Capital Food & Beverage Partners fund is focused on partnering with food & beverage companies in the lower middle market across the Ingredients, Specialty Food Distribution, Food and Water Testing, Nutritional Supplements, Packaging, Food & Beverage 3PL, Condiments, Sauces, Dressings, and Dips, and Outsourced Services niches.

Relevant Food and Beverage Acquisitions:

Lillie’s Q – December 2024: OWS Foods, a Shore Capital Partners portfolio company, acquired Lillie’s Q Sauces & Rubs, maker of barbecue sauces, rubs, and seasonings
Head Country – July 2021: OWS Foods, a Shore Capital Partners portfolio company, acquired Head Country, offering a selection of BBQ sauces, seasonings, and marinades

Gryphon Investors

*Spindrift - acquired by Gryphon in 2025*

Gryphon Investors is a US-based private equity firm founded in 1997. The firm focuses on investing in middle-market companies across various sectors, including consumer products, business services, healthcare, industrial growth, and software. Gryphon Investors has over $9bn in assets under management and targets equity investments ranging from $50m to $300m.

Relevant Food and Beverage Acquisitions:

Spindrift – January 2025: Sparkling water

Peak Rock Capital

*Ziyad Brothers - acquired by Peak Rock in 2022*

With over $6bn in assets under management, Peak Rock Capital is a middle-market private investment firm headquartered in the US. Its equity investment platform focuses on opportunities within the consumer, technology, industrials, and healthcare sectors.

Relevant Food and Beverage Acquisitions:

California Custom Fruits and Flavors – March 2024: Processor and supplier of fruits and flavors
Ziyad Brothers – February 2022: Middle Eastern and Mediterranean foods
Halo Foods – September 2020: Healthy bars and snacks
Turkey Hill – March 2019: Ice cream, refrigerated drinks, and dairy products

CapVest Partners

*Raymundo’s Food Group - acquired by Lakeview Farms, a portfolio company of CapVest, in 2024*

Established in 1999, CapVest Partners is a UK-based private equity firm focused on investing in mid-market businesses across Europe. CapVest is particularly active in sectors such as food and beverages, healthcare services, real estate, retail, media, hotel/leisure, and telecommunications.

Relevant Food and Beverage Acquisitions:

Raymundo’s Food Group – October 2024: Lakeview Farms, a portfolio company of CapVest, acquired Raymundo’s Food Group, a US-based desserts manufacturer, specializing in Hispanic-inspired refrigerated puddings, flans and cremes, as well as sweet snacks such as churro dippers
Voortman® cookie brand – October 2024: Second Nature Brands, a portfolio company of CapVest, acquired the Voortman® cookie brand, manufacturer of branded wafers and sugar-free and specialty cookies
Second Nature Brands – April 2022: Nutritional and better for you snacks and treats, including Kar’s Nuts (branded trail mix), Second Nature Snacks (non-GMO-verified snacks and trail mixes), and Sanders Chocolates (kettle-cooked sea salt caramels)

Trek One Capital

*Alter Eco Foods - acquired by Trek One in 2024*

Founded in 2023, Trek One Capital is focused on investing in lower middle market growth-oriented businesses. Trek One is category agnostic and targets equity investments typically in the range of $5-$50m.

Relevant Food and Beverage Acquisitions:

Alter Eco Foods – February 2024: Organic dark chocolate bars, truffles, granola and quinoa

Arbor Investments

*Fontaine Santé Foods - acquired by Arbor in 2021*

Founded in 1999, Arbor Investments is a US-based specialized private equity firm focused exclusively on acquiring premier companies in food, beverage, and related industries. To date, the firm has acquired or invested in over 80 companies in North America.

Relevant Food and Beverage Acquisitions:

Golden Malted and Heartland Waffles – June 2023: Waffle mixes, toppings, and flavorings, along with waffle iron equipment
Oregon Freeze Dry – December 2021: Freeze-dried products
Fontaine Santé Foods – November 2021: Fresh hummus, refrigerated salsa and dips, tofu, pesto, salads and vegetable pates
Michel’s Bakery – June 2021: Crown Bakeries, a portfolio company of Arbor Investments of Arbor Investments, acquired Michel’s Bakery, which provides sweet baked goods

AUA Private Equity Partners

*Weaver Popcorn - acquired by AUA in 2023*

AUA Private Equity Partners is a US-based lower middle-market private equity firm that makes equity investments in companies in the consumer products and services sectors, with a particular focus on family-owned businesses or companies benefiting from the growth of the U.S. Hispanic population.

Relevant Food and Beverage Acquisitions:

Golden Valley Natural – May 2024: Western Smokehouse Partners, a portfolio company of AUA Private Equity, acquired Golden Valley Natural dba Hero Snacks, providing all-natural organic jerky and meat sticks
Weaver Popcorn Manufacturing – December 2023: Microwave popcorn and snacking products
Western Smokehouse Partners – March 2023: Better-for-you protein snacks

Stellex Capital

*J. Skinner - acquired by Stellex in 2024*

Stellex Capital is a private equity firm that invests in middle‐market companies in North America and Europe. The firm focuses on a range of sectors including consumer & food products and business & industrial services, among others. It seeks to make majority investments typically in the range of $75-$150m.

Relevant Food and Beverage Acquisitions:

J. Skinner Baking – June 2024: Artisan baked goods including danishes, muffins, cinnamon rolls, brownies, and bars
Country Fresh and Sun Rich – May 2021: Fresh-cut fruit, apple slices, vegetable and snacking solutions and ready-to-serve fresh salad kits
Custom Made Meals – May 2021: Fresh, oven-ready, value-added entrees and appetizers

L2 Capital Partners

*Kosmo’s Q - acquired by L2 Capital in 2024*

L2 Capital Partners is a US-based boutique lower middle market private equity specializing in making controlling investments in a diverse range of family and founder-built companies. It invests in the consumer products, business services, and niche manufacturing sectors.

Relevant Food and Beverage Acquisitions:

Kosmo's Q – May 2024: BBQ injections, rubs, marinades, and sauces

Sequel Holdings

*Piedmont Candy Company - acquired by Sequel in 2023*

Founded in 2002, Sequel Holdings is a US-based private equity firm specializing in making control equity investments in profitable lower middle market businesses, focused primarily on the food and beverage industry, as well as select opportunities in the agribusiness, and plastics and specialty materials sectors.

Relevant Food and Beverage Acquisitions:

Piedmont Candy Company – July 2023: Sequel Holdings together with Embassy Park Investment Company acquired Piedmont Candy Company, a manufacturer and marketer of candy and snacks under the Red Bird (peppermint candy puffs and flavored popcorn) and Thinful brands (“better-for-you” low-sugar snack products)

LaSalle Capital

Founded in 2004, LaSalle Capital is a private equity firm focused on investing in the lower middle market food & beverage ecosystem, including food & beverage manufacturing, B2B supply chain, and agriculture. The firm manages over $500m in capital across several investment funds.

Relevant Food and Beverage Acquisitions:

Great Lakes Potato Chips – December 2022: Manufacturer of kettle cooked potato chips. The brand sells direct to consumers and services foodservice distributors, grocery stores, and club stores

Pritzker Private Capital

*Bardstown Bourbon - acquired by Pritzker in 2022*

Pritzker Private Capital is a US-based investor focused on the manufactured products and services sectors. It invests in companies with enterprise values between $200m and $1.5bn.

Relevant Food and Beverage Acquisitions:

Bardstown Bourbon Company – March 2022: Distiller, producer and bottler of Kentucky bourbon and rye whiskey brands, launched its own branded product line of Kentucky straight bourbons and blended whiskies in 2019

Comitis Capital

Founded in 2021, Comitis Capital is a private equity firm based in Frankfurt, Germany. The firm seeks to invest in the food & beverage and pet categories.

Relevant Food and Beverage Acquisitions:

The Tofoo Co. – August 2024: Tofu and other plant-based meat alternatives such as tempeh and seitan

Benford Capital Partners

*Angelic Bakehouse - acquired by Benford Capital in 2023 and later exited to Legacy Bakehouse in 2024*

Benford Capital Partners is a US-based private equity firm focused on the lower middle market. It invests across a number of sectors, including food & consumer, agriculture products & services, industrial technology, and B2B e-commerce. Within food & consumer, it focuses on food & beverage (branded and private label), food ingredients, candy & confections, pet food and products, household and sporting goods, safety products, and unique supermarket formats.

Relevant Food and Beverage Acquisitions:

Turri’s Italian Foods – August 2024: Individually quick frozen pasta and rice products
Angelic Bakehouse – April 2023 (Sold in July 2024 to Legacy Bakehouse): Custom baked snack components such as bagel chips, rye chips, pita chips, and other savory snack ingredients
Hosh International – April 2023: Acquired by Benford Capital Partners’ portfolio company Brothers International Food Corporation, Hosh International is a value-added supplier of fruit and vegetable juice concentrates and purees
Dennick Fruit Source – December 2021: Acquired by Benford Capital Partners’ portfolio company Brothers International Food Corporation, Dennick Fruit Source is a value-added supplier of tropical fruit juices, concentrates, and purees

Other Noteworthy PE Acquirers in Food & Beverage

TSG Consumer Partners - With approximately $20bn in assets under management, TSG Consumer Partners is a private equity firm that invests in consumer-focused brands. Founded in 1987, TSG focuses on sectors such as food & beverage, restaurants, beauty and personal care, household products, and e-commerce. With a strong presence in the food and beverage sector, TSG has made significant investments in well-known brands such as Nuun (healthy sports hydration), Raybern Foods (ready-to-heat sandwiches and snacks), and NeuroBrands (beverages).
VMG Partners - Founded in 2005, VMG Partners is a San Francisco-based private equity firm investing in consumer products, food and beverage, beauty, personal care, and emerging technologies. VMG has backed numerous food & beverage brands including Daily Harvest (frozen plant-based foods), Ghost (sports drink), and Redbud Brands (better for you foods). The majority of its interests in this category are minority investments, but VMG does make acquisitions and majority investments.

Selected Strategic Buyers in Food & Beverage

Strategic buyers in the food and beverage sector remain highly acquisitive, with several notable acquisitions in the past year alone. While the largest players such as PepsiCo and Mars continue to expand their brand portfolios, other diversified food and beverage companies have pursued strategic acquisitions to strengthen their market positions and broaden their offerings.

PepsiCo, one of the most dominant multinational food and beverage companies, added to its already extensive portfolio in October 2024 with the acquisition of Siete Foods. The Mexican-American brand, known for its grain-free tortillas, enchilada sauces, taco seasonings, and other macro-snack and meal category products. In addition, PepsiCo previously expanded its snack offerings with the acquisition of BFY Brands, the maker of PopCorners, in December 2019. Similarly, Keurig Dr Pepper has continued to diversify its beverage offerings. In October 2024, the company acquired GHOST, a lifestyle sports nutrition brand which made a name for itself with GHOST Energy, a popular ready-to-drink energy beverage.

In the snacking category, Mars, significantly expanded its portfolio with the blockbuster $35.9Bn acquisition of Kellanova, announced in August 2024 and expected to close in H1 2025. The deal included well-established brands such as Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, Nutri-Grain, and RXBAR. In addition, the acquisition covered key food brands such as Kellogg’s (international), Eggo, and MorningStar Farms. Also in the confectionery space, Ferrero, the global confectionery company known for brands like Nutella and Ferrero Rocher, acquired protein snack company Power Crunch from Bio-Nutritional Research Group in November 2024.

The Campbell’s Company, which rebranded from Campbell Soup Company in 2024, has also been active in M&A. In March 2024, Campbell’s acquired Sovos Brands, adding well-known names such as Rao’s, Michael Angelo’s, and noosa to its portfolio. The acquisition bolsters Campbell’s offerings in premium pasta sauces, frozen entrées, yogurt, and other high-growth food categories.

In the brewing industry, the acquisitive Carlsberg Group made another large move in 2024, acquiring Britvic PLC. Britvic, an international soft drinks business, brings a portfolio of established non-alcoholic beverage brands to Carlsberg’s operations, allowing the brewer to continue to diversify beyond beer. Carlsberg has been known to make minority investments and acquisitions of much smaller beverage companies also.

Not all food & beverage acquisitions are by multinational conglomerates of course. At the smaller end of the scale, Kestrel Foods, an artisan producer known for its brands like Forest Feast, ACTI-SNACK, and Just Live a Little, acquired Indie Bay Snacks from Nurture Brands in October 2024. Indie Bay Snacks offers healthier savory snacks, including pretzel thins with 70% less fat than traditional crisps. Meanwhile, Above Food, a Canadian vertically integrated plant-based food company, has also been expanding its portfolio through acquisitions. In October 2021, Above Food acquired Loma Linda, Tuno, and Neat brands from Atlantic Natural Foods for approximately $30 million. These brands specialise in plant-based seafood alternatives and meat substitutes, with products available in over 19,000 retail outlets. The firm has conducted numerous acquisitions since then.

In the baked goods sector, Flowers Foods, one of the largest producers of packaged bakery foods in the United States, expanded its portfolio in January 2025 with the acquisition of Simple Mills, known for its better-for-you crackers, cookies, snack bars, and baking mixes, for $795m in cash. JTM Foods, a US-based manufacturer known for its JJ's Bakery branded snack pies, expanded its portfolio in January 2025 by acquiring the Cloverhill and Big Texas brands from The J.M. Smucker Company for approximately $40 million. The deal included packaged pastries such as honey buns, danishes, and cinnamon rolls, along with certain private-label products. JTM Foods, which is backed by Tenex Capital Management, had previously acquired bakery and frozen dessert manufacturer Cookies-n-Milk in 2023.

The pace of M&A activity in food and beverage remains strong. Strategic buyers in food and beverage are diverse, with many potential acquirers across different categories. However, relatively few have the right combination of available capital, operational fit, and strategic interest to make an acquisition. Identifying the right buyer requires careful analysis and industry expertise. Working with a specialist M&A firm like Hahnbeck can be very helpful in this regard.

About Hahnbeck

Hahnbeck is a leading global investment banking firm focused on the consumer products sector and adjacent industries. With specific expertise in DTC & retail and a deep network of strategic and private equity buyers in food, beverage and other CPG categories, Hahnbeck is the ideal advisory firm to help founders to maximise the value of their companies. If you would like to talk further, don’t hesitate to reach out to us at info@hahnbeck.com for a confidential discussion.

Private Equity Acquirers In Food & Beverage

Consumer Products-Focused Private Equity Firms

Diversified Private Equity Firms

Other Noteworthy PE Acquirers in Food & Beverage

Selected Strategic Buyers in Food & Beverage

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