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Meridian Capital

Seattle Investment Bank

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Food & Agribusiness M&A Trends: Fall 2023

Published October 24, 2023

Home > M&A Trends > Food & Agribusiness M&A Trends: Fall 2023

Key Insights

  • Food & Agribusiness Middle Market M&A Activity
  • Continued Consolidation in the Pacific Northwest Tree Fruit Industry
  • Global Shift to Regenerative Agriculture as Demand for Sustainability Increases
  • Private Label Growth within Retail Markets
View the Report

Food & Agribusiness Market Insight

Continued Consolidation in the Pacific Northwest Tree Fruit Industry

  • Following a challenging 2022 crop and condensed 2023 cherry harvest, the Pacific Northwest tree fruit industry has faced a challenging pricing market for growers, packers, and distributors alike. 
  • Smaller operators have begun to look towards larger well-funded or private equity-backed players, driving further industry consolidation. Most notably, in September 2023, Starr Ranch Growers / Oneonta Trading Co. joined the CMI Orchard platform, bringing with it over 8M boxes of premium tree fruit.
  • Relief is on the horizon. The Washington State Tree Fruit Association estimates that the 2023 apple crop will exceed last year’s harvest by as much as 29% and 5% above the historical six-year production average, with quality and varietal mix also improving. It is expected this improvement will help orchards and packing houses achieve better profitability levels in 2024 compared to 2022 and 2023.

Global Shift to Regenerative Agriculture as Demand for Sustainability Increases

  • Growers, producers, and ag companies worldwide are contending with climate variability as soil erosion, decarbonization, and risks to biodiversity have impacted land productivity, creating a global shift to regenerative agriculture. 
  • Many growers have been proactive in implementing regenerative practices over recent years that promote soil fertility and biodiversity.
  • Regenerative agriculture is the process of restoring eroded soils, building organic biodiversity, and maintaining agricultural resilience in healthier, productive soil. Common key themes and initiatives include promoting soil fertility and biodiversity through minimizing physical and chemical disturbance, maximizing soil water-reservation capacity, and rotational livestock grazing.
  • The agricultural activator adjuvants market is a key sector impacted by these trends, projected to reach $3.5 billion by 2028, representing a 2023-2028 CAGR of 6.0%. These regenerative solutions, such as chemical adjuvants and bio-enhancements, enable growers to boost herbicide performance, improve water conditioning, and achieve more with fewer resources.

Private Label Growth within Retail Markets

  • A significant number of consumers have flocked to private-label brands due to inflationary pressures. As inflationary pressures were the catalyst for consumers to pivot towards purchasing white-label brands, most consumers plan to continue purchasing private-label brands over brand name products even when prices normalize.
  • When thinking about what drives consumers to private label brands, consumers have listed price, value, quality, and taste attracts them to purchasing private label brands.
  • Purchase volumes of private label brands directly correlate to an increase in production from contract manufacturers. Meridian expects contract manufacturers to continue to see revenue tailwinds in 2024 and 2025.
  • Financial and Strategic buyers continue to add to their portfolios of contract manufacturing investments, to capitalize on the expected longer-term consumer shift to private-label brands.

Sources: Pitchbook, Mergermarket, Meridian research, World Economic Forum, Regenerational International, Sygenta, Noble Research Institute, The Packer, Washington Tree Fruit Association

Food & Agribusiness Middle Market M&A Activity

Food & Agriculture M&A Activity

  • In Q3 2023, M&A volume fell short of historical averages by ~20% as interest rate hikes, elevated inflation, persistent supply chain constraints, and ongoing international conflict have increased transactional hurdles and challenges.
  • Despite softer YTD 2023 M&A volume, M&A activity this year continues to remain at healthy levels, comparable to the 2018-2020 period. High quality assets are experiencing competitive processes, while more troubled assets are facing significant uncertainty.
  • M&A activity in YTD 2023 continues to be primarily driven by a substantial volume of food product transactions, while the activity in the agriculture sector has maintained a consistent pace. During the second quarter of 2023, there was a noteworthy disparity between the number of deals in the agriculture and food sectors, with the latter outpacing the former by a factor of five in terms of deal volume.

Closed $1.7B Fund

Investor Interest in Food and Agribusiness

  • In September 2023, Paine Schwartz Partners announced the closing of the firm’s sixth fund at $1.7 billion, exceeding the funding goal of $1.5 billion. 
  • The Company’s fund is now the largest fund focused on investments in the food and agribusiness sector and a 17% increase compared to the Company’s last capital raise.
  • Paine Schwartz intends to invest in themes of productivity and sustainability, and health and wellness.
  • The outstanding outcome of Fund VI represents continued investor interest in food and agribusiness investments and a testament to impressive returns in the sector. 

Sources: Pitchbook, Mergermarket, Meridian research, World Economic Forum, Regenerational International, Sygenta, Noble Research Institute, The Packer, Washington Tree Fruit Association

Featured Food & Agribusiness M&A Transactions

Biotrop to be Acquired by Biobest Group

Pending

$713B
Enterprise Value

18.2x
EV / EBITDA

Biobest, a developer and producer of pollination and biological agricultural inputs, has agreed to acquire Biotrop, a Brazilian producer of biostimulants, biofertilizers, and innoculants.

The acquisition expands Biobest’s ability to serve to the highly productive South American agricultural sector. 

Costa Group to be Acquired by Paine Schwartz Partners

Pending

$938M
Enterprise Value

6.5x
EV / EBITDA

Paine Schwartz Partners, a private equity firm focused on sustainable food supply chain investments, has agreed to acquire Costa Group, the largest grower, packer, and distributor of fresh produce in Australia.

The take-private transaction will create significant opportunity for Costa Group to pursue opportunities outside of Australia and provide for additional growth capital expenditures in incremental end markets.

SunOpta Frozen Fruit Assets Acquired by Nature’s Touch 

Oct. 2023

$141M
Enterprise Value

9.4x
EV / EBITDA

Nature’s Touch, a producer of frozen fruits and vegetables, acquired SunOpta’s frozen fruits assets.

The divestiture of the frozen fruit business of SunOpta allows for the Company to run a more capital efficient business model, strengthen its balance sheet, and focus on other attractive growth opportunities.

IFF Flavor Specialty Ingredients Business Acquired by Exponent

Aug. 2023

210M
Enterprise Value

2.2x
EV / EBITDA

Exponent, a London-based private equity firm, acquired the Flavor Specialty Ingredients (FSI) division of IFF, a manufacturer of specialty aromas and natural extracts.

The acquisition enables Exponent to support FSI’s growth ambitions, both organically and through acquisitions.

Sources: Pitchbook, Mergermarket, Meridian research, World Economic Forum, Regenerational International, Sygenta, Noble Research Institute, The Packer, Washington Tree Fruit Association

Public Food & Agribusiness Trading Metrics

Stock Index Performance

Agricultural Inputs

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
CF Industries Holdings, Inc. (NYS: CF)$16,408$19,149$8,716$4,3502.2x4.3x50%(13%)
The Mosaic Co. (NYS: MOS)$12,009$15,369$16,828$3,8260.9x3.7x23%(23%)
AGCO Corporation (NYS: AGCO)$9,047$10,976$14,177$1,7190.8x6.3x12%12%
The Toro Company (NYS: TTC)$8,790$9,823$4,742$6252.1x12.6x13%(9%)
FMC Corp. (NYS: FMC)$7,717$11,483$5,358$1,2092.1x9.2x23%(44%)
SiteOne Landscape Supply, Inc. (NYS: SITE)$6,973$7,731$4,184$3941.8x18.2x9%53%
The Scotts Company LLC (NYS: SMG)$2,636$5,688$3,671$441.5x15.9x1%9%
Lindsay Corp. (NYS: LNN)$1,256$1,248$697$1211.8x10.3x17%(23%)
CVR Partners LP (NYS: UAN)$880$1,361$778$3431.7x4.0x44%(31%)
Titan International, Inc. (NYS: TWI)$819$1,058$2,070$2390.5x4.3x12%6%
Titan Machinery, Inc. (NAS: TITN)$578$1,271$2,464$1910.5x6.7x8%(17%)
Intrepid Potash, Inc. (NYS: IPI)$288$271$309$720.9x3.4x23%(45%)
Ceres Global Ag Corp. (TSE: CRP)$48$105$1,037$50.1x7.3x0%(13%)
Median$2,636$5,688$3,671$3431.5x6.7x13%(13%)
Average$5,188$6,579$5,002$1,0111.3x8.2x18%(11%)

Agriculture Producers

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
Darling Ingredients Inc. (NYS: DAR)$7,196$11,911$7,064$1,6041.7x7.3x23%(39%)
Pilgrim’s Pride Corp. (NAS: PPC)$5,581$8,851$17,070$7920.5x9.6x5%10%
Cal-Maine Foods, Inc. (NAS: CALM)$2,400$1,788$2,947$8840.6x2.0x30%(18%)
Fresh Del Monte Produce Inc. (NYS: FDP)$1,225$1,806$4,402$2940.4x7.0x7%1%
Adecoagro S.A. (NYS: AGRO)$1,142$2,395$1,407$5181.7xnm37%30%
Mission Produce, Inc. (NAS: AVO)$624$891$934($9)1.0x15.9x(1%)(42%)
Farmland Partners Inc (NYS: FPI)$513$1,039$59$4417.6x31.3x75%(19%)
Calavo Growers, Inc. (NAS: CVGW)$443$545$974$190.6x18.8x2%(21%)
Limoneira Company (NAS: LMNR)$261$319$178$251.8xnm14%19%
Alico, Inc. (NAS: ALCO)$188$314$40($6)7.8xnm(14%)(14%)
Median$883$1,414$1,191$1691.3x9.6x10%(16%)
Average$1,957$2,986$3,508$4163.4x13.1x18%(9%)

Food Inputs

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
Archer Daniels Midland Co (NYS: ADM)$39,012$47,751$99,884$6,0870.5x7.7x6%(13%)
International Flavors & Fragrances Inc (NYS: IFF)$16,339$27,133$11,863($424)2.3x13.0x(4%)(27%)
McCormick & Company, Inc. (NYS: MKC)$15,974$20,618$6,605$1,1403.1x17.2x17%(19%)
Kerry Group plc (DUB: KRZ)$14,241$16,142$9,245$1,2331.7x11.4x13%(9%)
Symrise AG (ETR: SY1)$13,736$16,439$4,993$7683.3x18.7x15%1%
Darling Ingredients Inc. (NYS: DAR)$7,196$11,911$7,064$1,6041.7x7.3x23%(39%)
IMCD N.V. (AMS: IMCD)$7,094$7,745$4,783$5751.6x12.9x12%11%
The Middleby Corporation (NAS: MIDD)$6,458$9,059$4,072$8282.2x11.1x20%(5%)
Ingredion Inc. (NYS: INGR)$6,034$8,287$8,216$1,1001.0x7.4x13%11%
Glanbia PLC (DUB: GL9)$4,219$4,793$5,613$4560.9x9.7x8%36%
Balchem Corporation (NAS: BCPC)$4,009$4,367$941$1994.6x21.2x21%(2%)
Olam International Limited (SES:VC2)$2,892$12,497$37,471$1,5120.3x7.7x4%(11%)
Sensient Technologies Corporation (NYS: SXT)$2,251$2,916$1,453$2462.0x12.0x17%(23%)
MGP Ingredients Inc (NAS: MGPI)$2,131$2,447$802$1683.0x14.4x21%(2%)
Median$6,776$10,485$6,109$7981.9x11.7x14%(7%)
Average$10,113$13,722$14,500$1,1072.0x12.3x13%(6%)

Food Producers

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
Nestlé S.A. (SWX: NESN)$306,217$368,421$101,702$17,5453.6x16.9x17%4%
The Hershey Company (NAS: HSY)$38,368$43,201$10,858$2,5744.0x16.0x24%(16%)
Kraft Heinz Company (NAS: KHC)$37,844$57,094$27,096$5,6002.1x9.2x21%(14%)
General Mills Inc. (NYS: GIS)$35,766$47,811$20,281$3,9122.4x11.6x19%(21%)
Associated British Foods Plc (LON: ABF)$18,520$21,778$22,636$2,4821.0x7.7x11%64%
Hormel Foods Corporation (NYS: HRL)$17,854$20,479$12,195$1,4571.7x14.1x12%(27%)
Kellanova Co (NYS: K)$16,645$23,923$15,873$1,7411.5x9.3x11%(28%)
Conagra Brands, Inc. (NYS: CAG)$12,728$21,979$12,277$1,9771.8x9.2x16%(22%)
Lamb Weston Holdings, Inc. (NYS: LW)$12,188$15,498$5,890$1,2802.6x14.4x22%0%
The J.M.Smucker Co., LLC (NYS: SJM)$11,391$15,182$8,461$6431.8x9.0x8%(21%)
Campbell Soup Company (NYS: CPB)$11,340$16,120$9,357$1,6991.7x9.2x18%(24%)
Post Holdings, Inc. (NYS: POST)$4,874$10,862$6,625$1,1271.6x9.9x17%(8%)
Simply Good Foods USA Inc (NAS: SMPL)$3,200$3,498$1,196$2192.9x13.7x18%(0%)
Sovos Brands Intermediate, Inc. (NAS: SOVO)$2,264$2,593$941$572.8x18.8x6%59%
TreeHouse Foods Inc (NYS: THS)$2,186$3,937$3,610$2731.1x12.1x8%(17%)
The Hain Celestial Group, Inc. (NAS: HAIN)$917$1,793$1,797($33)1.0x11.4x(2%)(37%)
B&G Foods, Inc. (NYS: BGS)$563$2,833$2,133$2251.3x8.3x11%(48%)
Median$12,188$16,120$9,357$1,4571.8x11.4x16%(17%)
Average$31,345$39,824$15,466$2,5162.1x11.8x14%(9%)

Food Supply Chain

Company NameMarket CapEVLTM RevLTM EBITDAEV/LTM RevEV/LTM EBITDALTM Margin EBITDA52-Week Change
Sysco Corporation (NYS: SYY)$31,654$42,108$76,325$3,7010.6x10.3x5%(15%)
US Foods, Inc. (NYS: USFD)$8,869$13,431$34,987$1,3170.4x9.2x4%36%
Performance Food Group, Inc. (NYS: PFGC)$8,323$13,055$57,255$1,2630.2x9.5x2%20%
Americold Logistics, Inc. (NYS: COLD)$7,421$11,200$2,805$3614.0x21.9x13%21%
Aramark Corp. (NYS: ARMK)$6,709$14,335$18,343$1,6910.8x10.3x9%7%
United Natural Foods, Inc. (NYS: UNFI)$881$4,110$30,272$4420.1x6.7x1%(60%)
SpartanNash Company (NAS: SPTN)$788$1,603$9,825$1870.2x6.9x2%(26%)
The Chefs’ Warehouse, Inc (NAS: CHEF)$707$1,567$3,055$1350.5x8.9x4%(40%)
HF Foods Group Inc (NAS: HFFG)$205$381$1,179$170.3x20.2x1%5%
Amcon Distributing Co (ASE: DIT)$110$287$2,493$320.1x9.5x1%(4%)
Median$3,795$7,655$14,084$4020.4x9.5x3%1%
Average$6,567$10,208$23,654$9150.7x11.3x4%(6%)

($US in millions)

Sources: Pitchbook, Mergermarket, Meridian research, World Economic Forum, Regenerational International, Sygenta, Noble Research Institute, The Packer, Washington Tree Fruit Association

Select Food & Agribusiness M&A Transactions

DateTargetAcquirerTarget Description
PendingBioTropBiobest GroupProvider of biological agricultural products for healthy food production
PendingCosta GroupPaine Schwartz PartnersAustralian fresh produce provider
Oct-23SunOpta (frozen fruit assets)Nature’s TouchSupplier of organic, specialty, and natural food and ingredients
Oct-23J&K IngredientsSK CapitalManufacturer of baked goods ingredients
Oct-23Punto VerdeAmerican VanguardAgricultural input provider in Ecuador
Oct-23Advanced Organic MaterialsKensing (One Rock)Manufacturer of derived vitamin E, plant sterols, and surfactants
Oct-23Sugar Foods CorporationPritzker Private CapitalCalifornia based food ingredients provider
Sep-23Sahale SnacksSend Nature Brands (CapVest Partners)Branded CPG snack foods producer
Sep-23Commercial Bakeries CorpGraham PartnersManufacturer of private label CPG goods
Sep-23Douglas PartnersBrightstar Capital PartnersSpecialty agriculture inputs company based in Missouri
Sep-23Hostess BrandsJ.M SmuckerIndustry leader in CPG desserts and snacks
Aug-23Spaco AgricolaTepeyacBrazil based agricultural input provider
Aug-23La Fiesta Food ProductsChef Merito SeasoningsProvider of spices, herbs, and sauces
Aug-23Cache Creek FoodsSevern PeanutsProducer of private label tree nut butters and powders
Aug-23Sovos BrandsCampbell SoupProducer of Rao’s pasta sauces and other jarred products
Aug-23IFF (FSI division)ExponentFlavor specialty ingredients producer for food and cosmetic industry
Aug-23London FruitGrubMarketFamily-owned wholesale fruit distribution company
Aug-23Univar SolutionsApollo FundsGlobal leading chemical and ingredient manufactuer
Jul-23Gilette CitrusKings River PackingCitrus grower based in San Joaquin Valley
Jul-23Henry Broch FoodsJDM Food GroupCo-packer of tailored spice formulations and seasonings
Jul-23TessaraAgroFreshFood waste and freshness solutions provider
Jul-23Murry’sEntrepreneurial Equity PartnersProducer of private label frozen food products
Jun-23Upper Crust Food ServiceCopley Equity PartnersContract food service management company
Jun-23GronewegThrive FoodsUtah based freeze-dried and air-dried fruit and vegetables provider
DateTargetAcquirerTarget Description
Jun-23VindaraSandton Capital PartnersDeveloper of seeds designed for use in vertical indoor farm environments
May-23Harvest Food GroupIndustrial Opportunity GroupContract manufacturer, supplier, and distributor of frozen foods
May-23MacspredSyngentaManufacturer and distributor of herbicide solutions
May-23Above FoodBite Acquisition Corp (NYSE: BITE)Supplier of grains, legumes, and branded plant-based foods
Apr-23FE IngredientsFulcrum Capital PartnersDistributor of baking supplies and food ingredients
Apr-23Solevo (Helios Partners, Temasek)DEG, Development Partners, FMODistributor of inputs for the agricultural and food sectors
Apr-23Legacy BakehouseBenford Capital PartnersProducer of private label snack products
Apr-23GelnexDarling Ingredients (NYSE: DAR)Producer of gelatin and collagen peptides
Apr-23InteragroNichino Europe Co.Manufacturer of adjuvants and biostimulants for the agricultural sector
Apr-23AgroFresh (NAS: AGFS)Paine Schwartz PartnersDeveloper of post-harvest products, equipment, and technology to improve supply chain freshness
Mar-23Stoller GroupCorteva Agriscience (NYS: CTVA)Producer of agricultural biostimulant solutions
Feb-23CosmocelRovensa (Partners Group, Bridgepoint Advisers)Manufacturer and distributor of biostimulants, fungicides, and fertigation solutions
Feb-23Milk Specialties GlobalButterfly EquityIngredient manufacturer focused on processing raw dairy inputs
Jan-23FBSciencesValent BioSciencesProducer of agricultural biostimulant products
Dec-22Southwest SpiceGulf Pacific (Eos Partners)Value-added packager and processor of dry edible beans and spice blends
Oct-22Safra RicaNutrien (TSE: NTR)Manufacturer and distributor of fertilizer products
Oct-22TruFood ManufacturingMubadala Investment CompanyContract manufacturer of snack food products
Oct-22PUR ProjetBregal InvestmentsProvider of regenerative environmental services to fight climate change
Oct-22GavilonViterraDistributor of grains, feed ingredients, and fertilizer
Sep-22Sokol & CompanyBurlington Capital PartnersContract manufacturer of sauces, glazes, and marinades
Sep-22AgvntSummit NutrientsProvider of liquid fertilizers and nano-technologies for crop production
Apr-22Oakbank Game & ConservationVelcourtProvider of farming and crop regeneration services
Jan-22Mercer FoodsEntrepreneurial Equity PartnersContract manufacturer of fruits and vegetables
Dec-21George Weston (Bakery)Hearthside Food SolutionsContract manufacturer of bars, entrees, and food packaging

As of 10/15/2023

Sources: Pitchbook, Mergermarket, Meridian research, World Economic Forum, Regenerational International, Sygenta, Noble Research Institute, The Packer, Washington Tree Fruit Association

 

Meridian Capital's Food, Beverage & Agribusiness Transaction Experience

*Note: Includes transactions completed by Meridian bankers while at previous firms

Meridian Capital’s Food, Beverage & Agribusiness Team

Brandon Leyert Photo
Brandon Leyert
Director

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Agribusiness M&A Trends: Winter 2021

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