M&A and Capital Markets Update - Food and beverage Q3 2013

Although general middle-market M&A activity is down year-to-date through the first nine months of 2013, the food and beverage industry has not participated in the decline as M&A activity picked up and there were announcements of several large transactions in Q3. As corporate cash and short-term investment balances of top food and beverage companies on the S&P 500 continue to increase, in addition to increased private equity fundraising and appetite for quality companies, above average deal volume is expected for the remainder of the year and into FY 2014.

M&A/food and beverage and capital markets metrics

Commodity prices
     Corn (per bushel)
     Beef (per cwt.)
Valuation and M&A deal activity11.9x
Cash and ST investment of S&P 500 food and beverage companies$43.8 billion
Private equity capital raised year-to-date$87 billion

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