Glenboden M & A Originations
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Our tips for potential M&A deals in 2016 - 2016 is set to be another year of strong M&A activity and high valuations, in the food sector around the world. We identify three transactions that could or should happen this year, across three key M&A drivers and geographies - sustainable foods (Wessanen), consolidation of mature businesses (Kellogg's) and emerging market growth (Vinamilk). Read More
Candidates to acquire Dairy Crest after dairies' disposal - Dairy Crest will be well 'teed up' financially for a sale that maximises shareholder value, in H2 2016; with one stand-out potential acquirer. Read More
Some acquisition targets for Nomad in US frozen foods - the key question is whether Nomad can succeed in buying something that's genuinely been 'neglected', and not overpay for an asset in this environment. Read More
Campbell's should make a bigger acquisition - on balance we think Campbell's may survive this cycle's M&A activity, and indeed should seek itself to acquire companies in growing categories or to increase scale and Read More
ConAgra should sell its commercial foods division - While the emphasis seems to be so far on ConAgra's troubled private brands business, we believe that the commercial foods unit should be the divestment priority. Read More
Cloetta's M&A future may be as consolidation target - Although there's potential for one or two more add-on acquisitions in Europe, there's a bigger case for a consolidation -led takeover before the end of this cycle. Read More
Further M&A options for Nomad after Iglo deal - The question now is which add-on acquisitions could or should Nomad make, to build on the Iglo platform. We look at potential strategy and candidates. Read More
Acquisition options for Wessanen post turnaround - Wessanen seems to have turned the corner and has now set itself up for further growth through selective acquisitions. We look for the optimal segment and candidate for the group Read More
Who is Stock Spirits trying to acquire in central Europe ? - We present the case for Zwack Unicum being a priority acquisition target for Stock Spirits in CEE, even though Hungary is not the largest market in that region. Read More
Maspex prominent on the buy-side in M&A in CEE - Maspex's M&A trajectory will continue for many years to come; the key question being whether regional spread or domestic dominance will be the group's priority. We look at a couple of potential targets. Read More
Who else might be on 3G's acquisition radar ? - But who other than Pepsico and Campbell's could or should be on that big -ticket target list ? We tip Kellogg's and, lower -hanging in terms of rationale Read More
Giving main-street M&A sellers a better deal in 2015 - We'd like to draw attention to one potential driver of higher equity values, and thus higher transaction volume, in 'main-street' M&A - changes in valuation methodology, forced by long-term Read More
A good time for Refresco Gerber's shareholders to exit - In the M&A world, such language is often code for 'trying to find a buyer'. Refresco's shareholder's see an opportunity to exit the business, on the back of strong post -merger performance Read More
Emmi's shareholders should consider sale - Trentinalatte confirms that growth through acquisition is not something that the group is successful at. Would Emmi's shareholders consider a liquidity event that would make them a participant in European dairy consolida Read More
Who's next after Annie's in innovative foods M&A in the US ? - acquisition of Annie's clears the path for Groupe Danone, a main rival in dairy, to pay over-the-odds for another innovative food business in the US. A clear candidate is Lifeway Foods Read More
Potential acquirors of Altia Corp in privatisation tender - We believe that the buyer is unlikely to be a global spirits & wine player; rather a Nordic -focused consumer brands group, or a private equity firm Read More
Monster gets the better of Coke in strategic alliance deal - looking at the details, especially at Coke's net cash payment of US$ 2,15 bln, the benefits seem to be heavily on Monster's side. Read More
Assessment of Raisio as an M&A candidate - the group's strategy since 2009 of transformation into a modern business has not been successful. One scenario is for shareholders to sell to a private equity firm. Read More
Shareholders should grasp the opportunity to sell TWE to KKR (pt. 2) - With a revised bid now valuing the company at x14 EBITDA, the case for cashing in is very compelling. But why the competing bid from another private equity group ? Read More
What's on the M&A cards for San Miguel Brewery ? - surely the bidder in question is Kirin Holdings. We examine the potential valuation of that deal, and the possible add-on consolidation of Read More
Shareholders should grasp the opportunity to sell TWE to KKR (pt. 1) - the future of the premium estates- based wine business model is questionable; TWE's shareholders should grasp the opportunity to exit Read More
Brick Brewing is better left off the craft beer M&A radar - a player like Brick Brewing demonstrates that there's a key difference between M&A -good craft, and M&A -doubtful regional, in the beer industry Read More
Candidates for Chobani minority share purchase - the company's now running out of steam. New capital alone won't provide a solution; what's needed is a strategic partner. We try to identify Read More
Will Diamond be forced to sell Kettle potato chips ? - apparently under pressure to sell a jewel in its crown, Kettle chips. Should the group be forced into such a move, then at least the brand would attract Read More
What are Cott's best strategic options now ? (pt. 2) - to evaluate all strategic options that “would enhance shareholder value'. We conclude that vertical integration would deliver the biggest bang Read More
What are Cott's best strategic options now ? (pt. 1) - to evaluate all strategic options that “would enhance shareholder value'. Options include geographic diversification or consolidation Read More
Next M&A cycle gets lift from Jim Beam acquisition - transaction underlines that the next decade -cycle in M&A valuations is underway in FMCG, with valuations north of x20 EBITDA. The difference in the 2010s could be that Read More
Newlat appears above the parapet with Birkel deal - Newlat has now made its long-awaited step beyond its borders, by buying the legacy 'Birkel' brand in Germany. What kind of company is Newlat, and where might it acquire next ? Read More
Bridgepoint's M&A rationale for Burton's after Polish biscuit buy - In secondary buy-outs it's very hard to predict the winner; but we think Bridgestone should figure, on the basis of its most-recent acquisition activity. Read More
Premier should sell Hovis and rally with UB buy - Hovis is on Bimbo's M&A trajectory; that division is locked into a low valuation position; better option for Premier is to acquire United Biscuits Read More
M&A options for Lindt & Sprungli - Where does Lindt sit in the global M&A landscape, and where might it look for its next milestone acquisition ? Read More
Tyrrells deal - private equity is softer than corporate money - Investcorp is a Bahrain -based investment firm. Tyrrells is a differentiated 'hand cooked English crisps' brand, that ordinarily would be bought by the likes of Mondelez. So what happened ? Read More
Assessment of Van Pur as a divestment candidate in Poland - the transaction should attract the interest of 'second-tier' international beer groups. But how valuable is Van Pur, and why are the owners selling ? Read More
Will Cott challenge Refresco in central Europe ? - will Cott have the stomach to take on the main pan-European player in that space, Refresco ? One key acquisition battleground may determine the outcome. Read More
'Ciechan' the no.1 craft beer candidate in Poland - we tip Ciechan as the craft segment's stand-out brand in that country, with the potential to attract acquisition interest from Read More
Is SABMiller overpaying for Kingway breweries in China ? - When we last reviewed this upcoming deal a year ago, we predicted a valuation for Kingway of only US$ 250 mln. Since then, sales and profitability have gone south, yet the valuation is vastly north Read More
Who will acquire Real in central Europe ? - speculation Metro's imminent sale of its 'Real' hypermarket chain in central and eastern Europe. We believe that the most likely acquiror is Read More
Divestments in CEE after Orkla buys Rieber - the valuation is relatively high, it reflects strong synergies. More interesting is the prospect of secondary divestments in non-core geographies in Read More
Bolt-on options after Hain buys ambient spreads from Premier - valuation seems justifiably low; Hain needs the incremental revenue and established brands; bolt-on acquisitions in UK ambient foods may follow. Read More
Is Wessanen an attractive takeover candidate in organic foods? - Wessanen's chronic under-performance cause it to possibly be a well-priced acquisition candidate. We suggest some buyers. Read More
Will Heineken or Kirin win race to strong no.2 in Brazil brewing ? - Brazil looks ripe for a beer consolidation, to create a stronger no.2 behind AmBev. The key could be in deal structuring and Read More
Is Intersnack a realistic buyer of United Biscuits' salty snacks ? - Intersnack is a serial acquiror of brands in Europe. Whether they have the business culture or the financial means to pay the necessary hefty price is Read More
Could Aryzta stretch to acquiring CSM Bakery Supplies ? - CSM plans to take the dramatic step of divesting its bakery division, which constitutes nearly 80% of group sales. We examine whether Aryzta could financially stretch itself enough Read More
Should Coke focus on Monster or on better-for-you drinks ? - Given the enormous sum that Coke would have to pay, that could be a massive gamble. Isn't their M&A trajectory towards healthier Read More
Will the major brewers acquire more craft regional brewers ? - We believe craft regional success is driven by that segment being a conduit for the majors to both growth and premiumisation, and see more M&A Read More
Molson Coors enters lion's den with StarBev buy - the growth market rationale is understandable, but is Molson Coors buying StarBev on the basis of maxed-out financials, and stirring up a competitive Read More
Is Kellogg's best placed to buy United Biscuits' salty snacks ? - We examine the split's rationale, valuation and potential acquirers. Read More
Is Blackstone the best placed to acquire Iglo from Permira ? - We examine timing, valuation and likely buyers for BEIG, on a rationale basis Read More
Is Bunge best placed to acquire St. Hubert from Dairy Crest ? - Dairy Crest' sole significant asset in continental Europe. St. Hubert is a stellar performer. Bunge is a strong Read More
Would sale of Sobieski raise enough to save Belvedere ? - the 'Sobieski' vodka brand is already at the infomemo and NDA stage, but the proceeds would not make a big enough dent in Belvedere's Read More
Kingway Brewery likely to be sold to SABMiller - Although Kingway has relatively low margins by brewing standards, the timing is good given the group's strong growth trajectory in Read More
Does CEDC have a better alternative to Russian Standard ? - A strategic alliance will be problematic between such diverse groups, but how attractive are CEDC's 'several' alternatives ? Read More
Another low valuation in Mueller's bid for Robert Wiseman - Mueller is not an M&A 'animal', but the acquisition of Wiseman allows it to diversify its fresh dairy portfolio in the UK to resemble more its business in Read More
Will Skanemejerier become another bargain for Lactalis ? - that dairy group is an attractive asset, but we believe there's an element of opportunism. There's also a question mark over the status of ProViva Read More
Implications of strategic alliance between SABMiller and Anadolu Efes - SABMiller has surged back in front in M&A, through acquiring Foster's and now this alliance with Efes. We examine how this deal affects Read More
Unilever's strategic growth supported by slick M&A in - outs - Unilever's ability to buy a high-growth BRIC business, then sell a high margin mature business, illustrates the power of its Read More
Is Belvedere about to undergo a debt for equity swap ? - Does the solution for Belvedere lie in brand sales, or rather a debt for equity swap and merger with its creditor and competitor Read More
Arla exit in Poland shows strength of local dairy co-operatives - The GM commented to Glenboden, that 'consolidation in Poland is a matter for the domestic dairy co-operatives to decide'. The sale by Arla of its dairy operation in Poland Read More
Is Mueller the right strategic partner for Pepsico in US dairy ? - we question whether Mueller provides a sustainable solution for Pepsico in US dairy, and examine whether the real prize lies elsewhere Read More
Did Greencore overpay for Uniq in UK chilled foods ? - the deal delivers several positives for the group, but we believe the valuation was relatively high; moreover there are risks in integrating Read More
Will Heinz acquire proximity ready foods player in Poland ? - Heinz is looking to boost growth in emerging markets, with Poland as an important geography. We look at the group's competitive Read More
Sara Lee sell-off continues with International Bakery unit - some predicted that the group's International Bakery business would be next on the block. We look at potential buyers and Read More
McCormick pays full price for Poland's Kamis - We comment on the buyer's rationale, the competitive context for Kamis in Poland, and the valuation on a comparative Read More
Rationale for Lactalis' acquisition of Parmalat - having made about 15 deals in the last five years. We look at the rationale for buying Parmalat, and assess whether the takeover could Read More
The M&A future for a de-leveraging Diageo - Analysts predict that Diageo is preparing itself for a major acquisition in 2011. We identify both big and small deal targets Read More
Is Pepsico wise to buy Wimm-Bill-Dann in Russia ? - why is Pepsico, with its DNA of high profitability, buying Wimm-Bill-Dann, Russia's largest dairy Read More
Does Emmi break its expansion deadlock by acquiring Onken ? - Emmi has the financial headroom to break its expansion deadlock outside Switzerland. But by acquiring Onken, they're still only inching Read More
Constellation vulnerable if ABI acquires Grupo Modelo - speculation about Anheuser-Busch InBev acquiring Mexico's Grupo Modelo. We look at the consequences for Constellation Brands in the US Read More
Is Royal Unibrew leaning towards a private equity buy-out ? - questions about its regional brand strategy, and assess the group's appeal as an acquisition target, leaning towards private equity firms like Read More
Consolidation bites in German dairy with Arla - Hansano deal - Arla will take a big step forward in its five-year plan of 2008. We look at its M&A trajectory into Germany and beyond. Read More
Constellation sells another chunk of itself to reduce debt - Constellation Brands has sold another asset, constituting 30% of total sales, cheaply. We ask whether the group's poor M&A history is to blame for Read More
Could Brown-Forman merge with a pure-play Jim Beam ? - quick to tip Diageo and Pernod Ricard as the buyers for the to-be liberated Beam Global. We ask whether a merger with Brown-Forman could Read More
When will Suntory bid for SunnyD ? - we look at the rationale and trajectory behind the acquisition of private equity -owned SunnyD by Read More
What does Wimm-Bill-Dann acquisition say about Pepsico ? - the group has entered the dairy sector, at a time when other food giants are avoiding it. Plus Read More
Kallo Foods an acquisition target as Wessanen downsizes - If Wessanen's pure-play organic bet doesn't work, then one interesting asset in 'new frontier' Read More
What next for Grupo Bimbo after Sara Lee NAFB deal ? - we look at that deal from Bimbo's perspective, and ask if the acquisition of Sara Lee's International Read More
Lactalis or Asian group could acquire Yoplait - it looks like a strong legacy brand for which the highest bids might come from Lactalis and from determined shoppers from Read More
What does sale of Fresh Bakery in US say about Sara Lee ? - Sara Lee's revenues will have shrunk by 33% in two years. We try to unravel the rationale and understand the trajectory Read More
How much would Diageo have to pay for Moet Hennessy ? - given the success of LVMH in de-leveraging, the 'trophy' price that Diageo would have to pay appears to be Read More
Who should Nestle be stalking in US specialty leaf tea ? - specialty 'hot' leaf tea should be targeted by Nestle, not just bottled RTD tea, given the Read More
Troubled Belvedere resorts to alternative investment fund - The success of the jewel in its portfolio, 'Sobieski', looks like too Read More
Is Mueller planning to acquire Dairy Crest ? - in its domestic market Mueller is just as diversified as Dairy Crest, and even bigger. So why not replicate that in the UK, the group's no.2 market ? Read More
Drinkable health - is Lifeway ripening in the US ? - Functional products are all the rage in developed markets these days. However the company's growth rate has slowed, which surely impacts Read More
Might Orangina bid for AG Barr in UK ? - AG Barr ripening as an acquisition candidate in the soft drinks world, where M&A targets are few. Orangina is the best placed bidder, with Britvic needing Read More
Could Kraft buy Leaf as a bolt-on to Cadbury ? - before being acquired by Kraft, Cadbury made a bid for Leaf. With the greater fire-power of Kraft behind it, maybe that deal will re-appear Read More
Further acquisition options for Campari - Campari's specialises in buying brands that have a low profile, or are the subject of forced sales, at valuations almost invariably below Read More
Public capital could spur consolidation in Polish dairy sector - For years, insiders have pointed to the 'Irish model' of dairy consolidation, whereby the process is spurred by public listings. Is that about to start in Poland ? Read More
How serious is Campbell Soup about buying United Biscuits ? - UB would bring a needed growth boost to Campbell, in categories in which it has enjoyed success recently in north America. But the group's business model and strategy appear Read More
Premier could sell Hovis to fund UB acquisition - portfolio re-shuffle a la Danone or Kraft; sell its low -margin 'Hovis' bread business, and buy the higher -margin UB Read More
M&A surge in frozen foods - Poland's Hortex next ? - Hortex, frozen market leader in Poland, as a next potential target after deals in Italy and Read More
Potential buyers for Yoplait in fresh dairy - full value would only be achieved if PAI's partner, Sodiaal, also sells its 50%. We look at specific candidates, in Europe and from Read More
Potential buyers for United Biscuits - examine selected potential acquirers, for whom UB would be an adjacent diversification into higher -margin categories and/or Read More
Who could acquire Sara Lee's International Bakery business ? - focus on selling the group's International Bakery business, which is more non -core, worse -performing and more likely to find a premium buyer Read More
M&A options for SABMiller in Belarus and Ukraine - whether SABMiller will have any competition to buy Krinitsa, and at an alternative acquisition that would also transform its business in neighbouring Ukraine Read More
Sapporo's US brand target could be 'Samuel Adams' - market share in the US may be only 0,9%, but with a cash injection for a minority stake, Asian -style, that icon of the craft beer movement could fly Read More
Will Ebro Puleva buy 'Uncle Ben's' ? - we've experienced a lot of website traffic, from Spain, focused on our 2008 lead that Ebro Puleva might acquire the 'Uncle Ben's' brand from Read More
How committed are Hershey and Nestle to Wedel ? - Hershey and Nestle not fully committed; at best opportunistic. Jutrzenka best positioned strategically and in synergy terms; has financing options Read More
How much would Pepsico have to pay for 'Tymbark' in Poland ? - the stakes have been raised in the Polish FJND category. How much would Pepsico now be prepared to pay for 'Tymbark', and would there be competition from Read More
Agros Nova asset sale options after private equity buy-out - IK's upside options in FJND going forward, and potential to sell 'low -hanging' assets in the short -term Read More
Belvedere can't continue alone and should join a bigger group - Belvedere should 'grab victory from the jaws of defeat', by pegging its 'Sobieski' vodka brand to a bigger group. There are a number of potential acquirers. Read More
C&C a pure-play cider & beer candidate after spirits disposal - C&C is now a mid -sized LAD specialist, providing a bolt -on acquisition opportunity for majors especially Read More
Hansen Natural - a classic alter -M&A candidate - To understand what's good art, you need examples of bad art. Likewise, to understand what makes a company a good M&A candidate, you need Read More
Glanbia sets a precedent for public -to -co-operative deals - deal sets a precedent for other European food groups, in a similar situation to Glanbia; we pick out Read More
What's a fair value for the rice business of SOS ? - By looking at the fundamentals of that business, we suggest a fair value. We also look at potential buyers, focusing on Read More
New JV with Chiquita signals Danone's move back into fruit - A key issue is whether Danone's high profitability targets can be achieved in 100% fruit. Read More
Private equity most likely buyer of Slovenia's Droga Kolinska - Given the diversity of its operations, we believe private equity will acquire it. An obvious contender is Read More
Predicted outcome of confectionery consolidation in Poland - ramifications of the Kraft - Cadbury merger, as well as the sale of Mieszko by its new Read More
Will anyone buy Ebro Puleva's dairy business in Spain ? - Maybe Lactalis or Parmalat will come through in the end, but the price will need to be Read More
Arla should merge Swiss dairy champion Emmi - the case is strengthening for Emmi, the Swiss cheese ambassador, to become absorbed into Read More
Should ABF acquire the rice business of troubled Grupo SOS ? - SOS Arroz could provide ABF with a well -priced opportunity in an adjacent business, attractive underlying Read More
Reasons why Coke's serious about buying Nidan in Russian juices - So we ask whether Coca-Cola is interested mainly for defensive reasons, in the face of rival interest from Read More
Options for SABMiller after Heineken's purchase of FEMSA - SABMiller has fallen way behind its rivals, Inbev and Heineken, in the global beer consolidation race. It's urgent for SAB to acquire Read More
What chance Innocent avoids being crushed by Coca-Cola ? - To avoid being 'crushed' by its minority owner, Coca-Cola, Innocent could independently secure capacity and routes to market in Europe through Read More
Nestle purchase of Kraft frozen pizza brings hope to private equity investors - Private equity players might now find a strategic buyer for the big frozen foods bets they've made in Read More
It's time for Britvic to acquire AG Barr - AG Barr is an obvious target, whose scalp would allow Britvic to greatly Read More
Droga Kolinska an acquisition candidate for Poland's Maspex - We believe that one candidate that ticks many boxes for Maspex, including scale, is Slovenia's Read More
SkyPeople emerging as sweet target in fresh fruit juice in China - SkyPeople has evolved into a fast -growing 'exotic' fresh juice beverages producer in China. We believe it's an acquisition candidate for big groups looking to acquire a 'new frontier' drinkable fruit producer. Read More
SABMiller a surer bidder for Mexico's FEMSA than Heineken - We believe that the timing isn't right for Heineken, and that both strategically and financially SABMiller is better placed to acquire this business. Read More
Opportunities after wholesale acquisition of InBev CE by private equity - Brewing is not a sector where private equity thrives, we think CVC will disaggregate the portfolio and sell the country units to other beer groups Read More
Potential buyers of Sara Lee's homecare business after Unilever deal - Glenboden predicted that Unilever would buy Sara Lee's personal care business. We look at buyers for Sara Lee (homecare and generally). Read More
Private equity targets frantic Chinese infant formula market - Since our leads, Sequoia and Carlyle made minority investments in American Dairy and Yashili. It's not too late to get involved; we compare four key independents in Chinese IMF, and identify exit opportunities. Read More
Orangina deal's swallow does not make a spring - The proposed acquisition of Orangina by Suntory confirms our ealier observations; it doesn't however mean that the global M&A market is becoming more active again in general. Read More
Kraft should acquire Sara Lee rather than Cadbury - Confectionery only 10% of Kraft's sales. Cadbury targeted for margin gains. More strategic for Kraft to buy Sara Lee; consolidation not diversification; parallels with Premier - RHM; much cheaper. Read more ... Read More
Should Greencore acquire Chiquita's convenience food business ? - divestment of Chiquita's salads and healthy snacks business, to Greencore, a win-win move. Chiquita could then focus on its global produce business Read More
Boston Beer as next globalisation of ambassador brand ? - brands that represent a beer ethnicity, that a major buyer can commercialise globally. An example was SABMiller's purchase of Grolsch; we think Boston Beer also fits that space Read More
Spirits consolidation trajectory - Fortune should acquire Brown-Forman - Given the contrasting fortunes of Jim Beam and Brown-Forman, we predict a merger of the two US champions, to consolidate spirits to the same level as tobacco and beer. Read More
American Dairy trumps Emerald as infant formula deal of choice in China - The time may be ripening for a multinational IMF player to make a bid for American Dairies, ahead of Emerald, because of its more serious presence and provenance in China's market. Read More
Bongrain-Sodiaal tipped to consolidate and split Entremont dairy - This will be a positive step to consolidating the French cheese sector. We believe that Bongrain-Sodiaal will be the winner; Lactalis provoking too much opposition and overlap. Read More
Candidates for piecemeal acquisition of Leaf's confectionery portfolio - A piecemeal sale approach may now be optimal for Leaf; the sum of the brands being worth more than the whole portfolio. There are buyer candidates in most geographies and categories. Read More
Chilled juice confirmed as distinct category after Simply Squeezed acquisition - Chilled juice is not only a distinct category, but is also the new frontier for non-alcoholic beverages. We look at most recent M&A activity in this category, to prove our point. Read More
New geographies for Eckes-Granini juice acquisitions after Russia exit - Eckes is arguably the most dynamic fruit beverages group in Europe at this time. To regain its momentum, the group should make acquisitions in new geographies in Europe. Read More
Sale of Uniq's convenience food portfolio starts with lowest-hanging asset - After selling Marie and possibly Lisner, Uniq’s best option is to merge the rump of the business with another convenience food major. Read More
Grove Mill a pearl of a New Zealand wine brand for a global portfolio - Grove Hill has a great story and strong fundamentals but, given the challenges of managing vinyards, it could reach its full potential only within a global wine and spirits group. Read More
BAT acquisition of Bentoel provides valuation benchmark in tobacco - this deal confirms that a no.4 player can still have value, in the cigarette business. More deals could follow, if JTI and imperial get their act together in the huge Indonesian market. Read More
Potential buyers for AB Inbev's beer assets in CEE region - AB InBev to reach its target of S$ 7 bln from divestments, if it sells its CEE businesses, which are only 10% of total sales, but include leading brands in several markets, which should be attractive to other majors. Read More
Emerald Dairy a high-octane acquisition opportunity in infant formulas in China - burdened by high selling costs, and needs to quickly raise capital for capex. The time may be ripening for a multinational IMF player to make a bid. Read More
Six acquisition candidates for Unilever - Priority has been given to businesses that provide new product technologies or provenance, and are ‘adjacent’ to the existing portfolio Read More
Potential buyers for Uniq’s European convenience food businesses - preferably a private equity buyer, prepared to wait for better times and seek premiumisation opportunities; alternatively to merge to extract cost synergies and increase scale. Read More
Bongrain cheese group ripe for a public to private transaction - Bongrain is the only major European cheese producer that’s also a public company. It's ripe to be taken private, by the founding Bongrain family, who still control the group Read More
Kirin acquisition of Lion Nathan confirms valuation benchmark in brewing - This deal provides an important valuation benchmark, for beer assets that have Lion Nathan’s profile and market position. Read More
Dole Foods an under-estimated acquisition candidate for nutrition majors - Dole is selling assets in an effort to save itself. Its unique fruit and vegetable proposition would be an excellent asset for any food major that can think that far ahead. Read More
Troubled Sadia of Brazil vulnerable to private equity break-up - Sadia represents a classic buy-out opportunity. Attempts to save the company through M&A appear misguided. Read More
Labour troubles at Oriental Brewery create opportunity for private equity buyers - There’s been confusion or misinformation about this deal. InBev is only selling a minority stake, since it wants to retain its no.2 market position in the big and profitable South Korean market. Read More
Turkish beer group Efes over-reaching itself in promising Eurasian markets - Iin spite of management talk of more acquisitions, there’s a limit to the extent that Efes can continue to milk its near-monopoly in Turkey to fund its overseas ventures. Read More
Swiss dairy champion Emmi is an acquisition candidate in denial - Emmi will be at the receiving end of the consolidation process, because it lacks the scale and financial muscle of its bigger peers in Europe. Read More
Ramifications of Coca-Cola’s investment in Innocent drinks - This deal was predictable. We look at the broader M&A context, identify other contenders and predict what will happen to Innocent. Read More
AG Barr raises its profile as an M&A participant in soft drinks - Soft drinks have been an unfashionable M&A category in recent years. We look at two scenarios for AG Barr, in the UK and central Europe. Read More
Dairy Crest exit from JV in UK sets up Yoplait for sale - Dairy Crest’s announcement to sell its 49% stake in YDC in the UK, back to Yoplait, suggests the latter is being readied for PAI’s exit from that investment. Read More
Poland’s Mokate emerging as CEE regional coffee consolidation candidate - Strauss has the desire and warchest for another acquisition in that region. The fit with Mokate looks quite compelling, as that market consolidates further. Read More
Potential acquirors for Sara Lee’s international bakery business - an easier business to divest would be its international bakery division, which is smaller, more of a drag on profitability and in a category with a number of international buyers Read More
Potential acquirors for Sara Lee’s European homecare and personal care businesses - business is forecast to decline in operating terms by up to 15%. This sets it up as a prime divestment candidate. There will be a lot of buyer interest in such a well-established portfolio of brands. Read More
Acquisition options for Arla dairy in selected European geographies - many significant cheese and butter producers in sale condition now, in northern Europe. We look at some other candidates for Arla in selected geographies. Read More
Potential acquirors of strategic stake in India’s United Spirits - Diageo so far is tipped as favourite to win the tender, but the other interested parties are likely to also be serious ones. Valuation may be key. Read More
Spain’s Natra emerges as European chocolate champion after transformational Callebaut deal - Once the transfer has been finalized, Natra will emerge with the balance sheet strength, and strategic momentum, to make branded chocolate products acquisitions. Read More
Synnove offers route into Norwegian dairy after improved results - Synnove's finally turned itself around. Its public shareholders might welcome a bid from the likes of Arla, Campina Friesland or Lactalis. Read More
Japanese beer giants’ acquisition race heats up in spite of global slowdown - the big three Japanese beer groups are having an acquisition binge in Asia and Oceania. We summarise the deals, both done and pipeline. Read More
Potential partners for Ajinomoto’s Japanese food business overseas - Ajinomoto's authentic Japanese foods portfolio could fit the ethnic brands strategy of major food groups like Heinz, ABF or McCormick. Read More
Lifeway and Galaxy deals in US say acquire in growth categories during the downturn - This deal should set Lifeway up for accelerated growth, and mainstream retail presence, when the economic recovery arrives. Read More
Sigma stands out as attractive cheese acquisition for Lactalis in Mexico - The sale of Sigma would allow Alfa to focus on core businesses which require investment. The timing might also be good for Lactalis to make a bid. Read More
Diamond Foods of US needs to acquire in healthier snacks outside nuts - Diamond is over-investing in the US market; overseas acquisitions could make more sense. There are plenty of ‘better-for-you’ snack producers to acquire in Europe. Read More
New targets for Asahi’s acquisitions surge in beverages in Asia - Asahi will face competition for beer acquisitions in populous geographies with high consumption growth rates. We look at specific acquisition targets. Read More
Selected acquisition candidates in grocery products for a strong and growing ABF - ABF has a strong balance sheet, and likes to acquire complementary businesses. Given difficulties faced by many of ABF’s peers, we foresee at least one high profile deal in the next few months. Read More
Staged sale of spirits portfolio is the key to survival for Constellation Brands - This latest divestment is a case of too little, wrong place; let’s not forget that spirits contribute only 10% of CB’s total revenues. Read More
Bigger owners needed for C&C’s attractive cider and whiskey assets - Glenboden suggested that C&C was ripe for a takeover and split up. Significant interest in Tullamore Dew whiskey could emerge from a number of global majors Read More
Potential buyers for Vandemoortele’s market leading dairy alternatives brands - On the face of it soy –based alternatives is an exciting business, but growth is low in reality. We consider buyers for this business and M&A prospects for frozen bakery and oil & fats. Read More
Rationale for global fresh produce merger of Chiquita and Fyffes - With global banana price pressures, Fyffes would greatly strengthen Chiquita's position in the important European market. Read More
Indebted Refresco a candidate for private equity buy-out - A combination of its principal shareholder going into administration, plus tight credit markets, may now cause the group to be acquired. That might mean a stop to further acquisitions, at least in 2009. Read More
Russian baby food champion Nutritek looks vulnerable owing to funding difficulties - Nutritek is still a hot property, that might now become available owing to the liquidity problems which have accompanied its expansion. Read More
Constellation Brands more vulnerable after poor sales performance - We believe the group won’t make it, because of the de-premiumisation pressures on its branded wine portfolio. Expect a public -to –private acquisition of CB going into 2009. Read More
Timing for acquiring the Ukrainian branded dairy leader Ukrproduct - major Euro –zone dairy groups, notably the newly –merged Friesland Campina and the Scandinavian champion Arla, are well placed to make such an acquisition in 2009. Read More
Acquisition options in super-premium spirits for a resilient LVMH - LVMH’s strong balance sheet and resilient operating performance, can expect further super-premium drinks acquisitions next year. We look at candidates in the spirits category. Read More
Mexico's Grupo Bimbo emerges as bakery leader in the Americas after Weston acquisition - We should anticipate further north American consolidation plays driven by Bimbo, in the next year; also there’s potential for a big cross –Atlantic tie-up. Read More
Some acquisition options for an ascendant Cargill in ingredients, cocoa and poultry - Into 2009 we expect Cargill to deliver on its declaration regarding acquisitions; we select three attractive and growing groups that could benefit from Cargill’s greater scale. Read More
Lotus teed up as European bakery consolidation target after Nordic acquisition - Lotus’s purchase spotlights its building of a European portfolio of high –growth brands. This makes it an attractive acquisition candidate for Lantmannen, Aryzta and potentially Kraft. Read More
Acquisition options for Arla dairy in Germany and Poland under new strategy - Expect Arla to make a significant acquisition or merger in Germany and/or Poland in the near future. We look closer at the group’s rationale, as well as identifying some potential candidates in those geographies. Read More
Improved performance points to Blavod as the next niche vodka acquisition candidate - The major players have been picking up new frontier brands like Blavod, in recent years, with a view to nurturing them into the Smirnoffs of the future. Read More
Potential buyers for the business units of Slovenian food group Droga Kolinska - The brand in DK’s portfolio that might be orphaned, in the event of a split-up of the group between Nestle and Pepsico, is its tinned pate unit ‘Argeta’. Read More
Spain’s Ebro Puleva released for rice /pasta buys after sale of sugar business to ABF - ‘Going with the grain’, the cash from this divestment will allow the group to focus on further acquisitions, in branded rice and pasta. One prediction is that the group will bid for Uncle Ben’s Read More
Acquisition options for Wimm-Bill-Dann in Russian dairy, baby food and juices - There are targets in Russia whose acquisition would allow WBD to make a step-change in its market position and long-term viability; we identify some of them in infant feeding, fruit juices and chilled dairy. Read More
Neilson Dairy acquisition in Canada provides instructive valuation benchmark - Canada is providing transparent and consistent valuation benchmarks. Expect more acquisitions by Canadian groups, at home and abroad, into 2009. Read More
ABF is strategically poised to acquire Wessanen’s branded business - ABF is a very appropriate buyer for the group’s branded business; (i) both groups are focused on building a portfolio of authentic ethnic premium foods, and (ii) both of them are focused on western Europe and the USA, Read More
Belvedere spirits group’s best rescue option could be acquisition by Bacardi - The timing is still favourable for the group to be sold outright. Valuations for premium spirits brands are still high, which might not be the case if the consumer trades down in 2009. Read More
Suntory purchase of Frucor reinforces acquisition drive by big Japanese groups - All three giants have strong cash generative domestic businesses, but are starved of growth in Japan. That’s great news for sellers in the region; we look at some candidates and potential outcomes. Read More
Potential acquirors of vulnerable Bakkavor in convenience foods - It might now be a prime takeover candidate for longer-standing groups, with a more balanced portfolio, that are keen to enhance their presence and scale in the fast –growing chilled convenience foods Read More
Some acquisition options for Bonduelle in prepared vegetables - North America and CEE are likely to be preferred geographies, given Bonduelle’s investment in those regions. We look at criteria and identify potential candidates Read More
Lantmannen set for more frozen bakery acquisitions after non–core divestment - Expect to see more acquisitions in that category, by Lantmannen, in its surge to become Europe’s no.1 producer. We identify some of the candidates, and assess the group’s main rival in that race, Aryzta. Read More
M&A options around UK’s no.2 breakfast cereal player Weetabix - Kellogg is back on the acquisition trail in 2008; ABF recently entered the breakfast cereal category; De-Vau-Ge is emerging as the consolidator of independent cereals businesses across Europe. Read More
M&A options around Russia’s no.3 fruit juice player Nidan - It’s not too late to attract an international juice group, that’s prepared to pay a reasonable price for Nidan on the basis of a product differentiation strategy. Read More
Yoplait chilled dairy ready for sale after Senoble and Dairy Farmers precedents - With the acquisition of Dairy Farmers by Kirin Holdings in Australia, a clear precedent has been set; it encourages PAI to seek a similar exit route from Yoplait, which it's held for six years. Read More
BAT makes further regional tobacco deal with acquisition of SkanTabak - Where there were seven major international cigarette majors two years ago, there are now only four left. With ST now gone, there are arguably no more ‘regional’ champions left in Europe either. Read More
CCU of Chile appears as a full –range beverages acquisition candidate - CCU is an attractive candidate in the full -range beverages space, and a valid test case for a more global diversification deal. Heineken is best placed to acquire CCU, but Coca-Cola has momentum behind diversifying into Read More
CEDC’s status grows from acquisition candidate to takeover target after third deal in Russia - Having made three acquisitions in Russia, CEDC has grown its turnover by nearly 50% in total. We therefore upgrade CEDC to the class of ‘takeover targets’. Read More
Croatian conglomerate Agrokor will need to divest foods businesses to fuel retail expansion - with its appetite for ever –bigger retail acquisitions, plus a stretched balance sheet, there’s pressure for Agrokor to make foods divestments, with its mineral water, ice-cream and margarine businesses being the mos Read More
Ireland's C&C looking vulnerable but has attractive cider and whiskey assets - The group is ripe for a takeover, and for the splitting up of its cider and whiskey businesses. The most likely acquirer for the former is a brewer with a UK focus; for the latter, a number of global spirits players migh Read More
Strauss coffee business ready for further acquisitions after private equity capital injection - It looks like Strauss might have missed the opportunity to sell at the peak, but at least it’s brought in fresh private equity capital, to grow the business to another level and exit in a few years’ time instead. Read More
Heinz acquisition points to French ethnicity as attractive for M&A - French ethnicity, however unfashionable, has a lot of underlying quality and potential in grocery products. Future branded acquisition candidates, in that space, include Bonduelle, Fleury Michon and Saupiquet. Read More
Kirin confirms its international M&A surge with Dairy Farmers acquisition - This outcome underlines Kirin’s status as a serial acquirer of non –beer businesses outside its native Japan. We look at other candidates for them going forward. Read More
Still a lot of downsizing divestments to come from Kraft - Combining that with a glance at Kraft's portfolio, it’s clear that there’s a lot more downsizing potential. We try to identify for you the categories that will be targeted. Read More
New Hope emerging as an acquisition candidate as China's dairy industry consolidates - There will be plenty of M&A opportunities amongst smaller, independent, value –added producers, when China begins to open up to foreign strategic acquirors; New Hope is a good example of that. Read More
Grupo SOS achieves breakthrough into global status with Bertolli acquisition - SOS has gained a strong platform for further acquisitions, especially in Europe and the US, that support its mission of bringing the famed Mediterranean diet to consumers. Sectors are mainly edible oil, rice and biscuits Read More
Wessanen's latest dairy alternatives buy points to its vulnerability as an M&A target - Wessannen’s bold strategy of transforming itself from a private label supplier, to a new-frontier branded producer, is at best delayed and possibly stagnating. Read More
JPG set for string of fresh juice acquisitions after Friesland purchase - JPG has a very clear path to acquiring a string of other fresh juice production units across the continent. Fresh juice needs to be produced close to where it’s sold. So start looking for candidates. Read More
Five more acquisition candidates in the beer industry - Maybe it’s the summer weather, but a whole crop of acquisition candidates in brewing have appeared on the Glenboden radar screen. Read More
More signs that Efes is ripening as global beer consolidation target - It looks like SABMiller might lose this prize to Heineken, who’s got its foot into the Efes door through a clever JV structure in some of EBG’s key markets. Read More
Bakery products are hot for M&A with Aryzta as consolidator - This merger, to create Europe’s biggest premium baked goods business, gives a signal that the consolidation story in bakery products still has some way to go. We identify specific candidates. Read More
If Stolichnaya's for sale then Bacardi heads the buyers' list - There’s still acquisition momentum in at least one of the runners-up in the Absolut tender, namely Bacardi. Read More
Smucker’s acquisition drive gears up after structured deal for Folgers - This type of cash –free, tax –efficient merger structure is now a pattern; one that could be replicated for other large –scale but mature businesses, especially now with harsher credit markets. Read More
Russia's Nutritek emerging as international baby food player - Nutritek is appearing out of the shadows as the next big infant feeding prize in the world. A key question is whether its 53% owner, Marshall, will seek an exit through sale to a strategic investor. Read More
Swiss dairy champion Emmi emerging as acquisition candidate - The dairy industry is notoriously fragmented, so there are many acquisition candidates at all levels, but Emmi of Switzerland is emerging as a very attractive premium producer with a strong authenticity story. Read More
Saudi's Savola set to become international edible oils acquiror - Is Savola spear-heading a new trend in food M&A ? There are several factors in favour of this scenario, and no shortage of target companies especially at the national level. Read More
Where and what will Heinz acquire? - It’s well known that Heinz is looking for acquisitions, around the world, and a significant deal is long overdue. It's likely they’ll try to pick up brands that are very profitable, but modestly priced. Read More
Eastern Europe as acquisition priority for SABMiller and Heineken - Seen alongside SABMiller’s acquisition of Sarmat in Ukraine two weeks earlier, it’s clear that eastern Europe is a ripe hunting ground for big brewers; more acquisitions are likely to follow. Read More
Fonterra best placed to win Dairy Farmers tender and set a precedent - If Fonterra wins, then we’ll have the very interesting precedent of a major dairy co-op actually acquiring another one, rather than just performing a cashless merger. Read More
Options for Campbell Soup's new acquisition agenda - will Campbell affirms its status as a true multinational, by going out and making a bold acquisition or two ? If so there are some obvious candidates, most notably Uncle Ben’s. Read More
Greencore raises the stakes vis-a-vis Bakkavor after US acquisition - There’s a clear case for consolidation of Bakkavor and Greencore, but for the moment both groups continue to grow their footprints with new acquisitions. Read More
Pepsico's bet on V Water may be a deal that's too early -stage - This is a speculative deal, but with a risky investment later on for Pepsico. That’s because of the expense of educating the consumer to buy the V Water concept, to take the brand into the mainstream. Read More
Mars likely to divest Uncle Ben's owing to Wrigley acquisition - The participation of Berkshire Hathaway in the financing may later cause Mars to sell its global grocery business, led by its iconic Uncle Ben’s brand. Read More
Sale of minority stake in Lebedyansky baby food suggests strategic acquirer circling - Although the rationale for selling a minority stake to a financial investor is unclear, Lebedyansky is not doing them any favours with such a high valuation. Read More
Orkla likely to continue to sell its foods businesses in CEE - Orkla might be wise to organize a tender with a timeline to end 2008. They might also add their Russian confectionery businesses, SladCo and Krupskaya, to the divestment list. Read More
Leitbom deal exemplifies how global dairy M&A has gathered pace - The dairy industry is very fragmented, so acquisition candidates are far too numerous to single out any tips. What’s important is to understand the timing issues, as well as the criteria for identifying likely sellers. Read More
Strauss coffee business ripening as divestment candidate - Generally, several factors combine to make Strauss’ international coffee business a prime divestment candidate. Maybe Sara Lee will finally step up to the plate ? Read More
Finsbury acquisitions in UK : is gluten- free the next sugar-free ? - One should defininitely anticipate more deals with this profile, gluten -free with medical prescription channel twist, in the UK and other developed markets. Read More
Senoble buy –back discourages private equity from minorities in private dairy businesses - Private equity should be careful about taking minority stakes in very cautious family businesses. Senoble has potentially been released to make acquisitions that have a more long-term perspective. Read More
Secondary M&A moves by Heineken in the wake of S&N deal - It’s an obvious acquisition, to improve Heineken’s net debt ratio in this troubled credit environmen. We also think it presages a few significant sales by the group in other geographies; predictions include the Czech Read More
Potential for Cott merger with Dr Pepper Snapple - With Cott’s turnaround well underway, and a new financing package in place, the win-win merger scenario between Cott and DPSG might still happen. Read More
Potential secondary M&A moves after Pernod acquisition of Absolut - Pernod has already announced some brand divestments and buyers include Campari; Bacardi as a loser in the bid could try to keep momentum by making an acquisition elsewhere (e.g. CEDC); Fortune Brands is now looking quite Read More
Heineken remains weak no. 3 in Czech market after latest acquisition - Heineken’s climb in the Czech beer market has been slow and painful. Maybe the group will sell out eventually ? Read More
Lebedyansky's Russian baby food business teed up after juice sale to Pepsico - Finally Pepsico has made the breakthrough, and secondary deals might be in the pipeline. Anticipate later acquiror interest in the company’s baby food business, once that gets spun off as part of the deal. Read More
How will Lindt spend its $ 760 mln warchest ? - We’ll make a bet that the real deal is going to be an acquisition or two; there are a number of high-end chocolate brands in the world that could be better commercialised under Lindt’s ownership. Read More
CEDC ripening for sale after finally acquiring Russian platform - The peak time for the shareholders to secure a buyer for CEDC, amongst the spirits majors, is now, with the group having secured a crucial expansion platform in Russia by closing the deal. Read More
Latest deals show valuations are low in commodity -sensitive categories globally - There are now strong brands on sale, at attractive prices, in categories which are most sensitive to high raw materials costs. Dairy, meats, ready meals and biscuits are all very sensitive to that. Read More
Vivartia set to take off with string of acquisitions in bakery snacks - This deal marks Vivartia's fourth major acquisition in the space of a year. Anticipate more deals, especially in bakery snacks globally; also in frozen foods and dairy products in south-east Europe. Read More
Barilla to face problems finding buyers for the retail bakery side of Kamps - Given the proximity nature of the fresh bread retail business, it’s likely that Barilla will sell cheaply to local investors, perhaps even the franchisees. Read More
BAT's acquisition in Turkey shows that independent national champions are still available in tobacco - This deal in Turkey shows that, although this global tobacco consolidation round may be over, there are still a number of independent, national market leaders available, in attractive developing geographies. Read More
CEDC’s second acquisition option in Russia comes into view - it might be that CEDC will one day finalise the acquisition of Parliament; however this deal with Whitehall suggests they are wisely prioritizing distribution after all. Read More
Cadbury released to focus on new acquisitions after Monkhill sale - Cadbury’s executives now have more momentum behind making further acquisitions in large, emerging geographies; Ukraine and Russia are sure to be on the radar screen. As for categories, gum and functional candy are pref Read More
Proposed sale of Kamps by Barilla highlights dangers of branded fresh bakery - How big a loss will Barilla make, if it sells the business now; maybe 1 bln Euro ? They should hold onto it for now; stick with their earlier plan of taking it public in 2010. Read More
Greencore emerging as acquisition candidate in convenience foods - recent activity surrounding Greencore suggests that it might enter the radar screen of Unilever, or another big group like Bakkavor, in the not too distant future Read More
Friesland and Campina to be test case in viability of dairy co-operative mergers - Mergers of dairy co-operatives are very problematic; there's the obstacle of agreeing a valuation parity between the two unit holder groups, in a situation where there is no liquidity event. Read More
Unilever and Nestle talk health but acquire ice cream in BRIC countries - Margins in the ice cream category are high, on top of which you have high growth and a premiumisation trend in Russia. Anticipate further ice cream acquisitions by these groups in other BRIC countries. Read More
Constellation Brands looking more vulnerable after sale of 'de-premiumised' wine brands - This deal confirms Glenboden’s generally negative assessment of CB’s M&A activity. It also raises the question of whether premium wine warrants such valuation premia; we think it doesn't. Read More
Efes ripening as the next global beer consolidation candidate - Efes is ripe for sale, given a slow-down or even reversal of its acquisition run, as well as financing constraints. It may have reached the limit on what it can do by itself. Read More
Kellogg finally re-enters M&A game with bold move in Russia - Like other US giants notably Wrigley, Kellogg has chosen Russia as the stage for their big strategic play. One can anticipate that this is not the last acquisition they will make, during this cycle. Read More
Chiquita may be setting itself up for a significant M&A transaction - Obvious acquisition candidates are Bakkavor and Greencore, especially when both of them are threatening Chiquita in its home market, having recently made market entry acquisitions there. Read More
Carlsberg and Heineken succeed in acquiring S&N with a revised valuation that’s still cheap - In looking for a comparable transaction, one should find the most applicable deals, even if that means choosing just one deal, rather than take the average of a range of deals. Read More
Recent deals point to Bulgaria as an attractive platform for Balkans expansion - One can expect investments in Bulgaria to become platforms for serving the whole Balkan region. One can also anticipate that bigger European groups will make more acquisitions in that country in future. Read More
CapVest and Permira are rival consolidators in European frozen food - After some major buy-outs and add-on acquisitions, two major private equity –backed groups have emerged, CapVest and Permira. An important battleground will be the acquisition of Hortex. Read More
Unilever could solve its Bertolli dilemma by selling it to Barilla - Better to keep things simple, and sell the whole business to an authentically Italian or Mediterranean player like Barilla. Read More
Clearly Canadian emerging as acquisition candidate pushing organic grocery frontier - Crofter’s is the groups third organic acquisition in just over a year and, if the strategy succeeds in moving organic out of niche and into mainstream, then CC might be a very interesting acquisition candidate for you Read More
Imperial’s acquisition of Altadis ends this round of tobacco consolidation - Anticipate that both Philip Morris and BAT will continue to acquire national no. 1 or no.2 brands, often through privatizations, all over the globe. Also potential for secondary sales after the Altadis deal, in particula Read More
Eckes-Granini acquires Swedish juice producer to raise profile as serial acquiror in Europe - Understated, private Eckes -Granini is fast-growing, acquiring brands and extending its footprint throughout Europe in healthier juices and drinks. It still has gaps in its geographic coverage, some of which it will try Read More
Ulker makes international breakthrough with Godiva chocolate acquisition - No luxury or confectionery multinational emerged as the buyer of Godiva, but rather a national champion from Turkey. Ulker now has a major opportunity for further expansion in developed markets. Read More
CEDC continues its march to global vodka status after letter of intent in Russia - CEDC is well on the way to being one of the biggest vodka players in the world; a major step will be to finalise this deal in Russia, or another one managed in parallel with Whitehall in that country. Read More
Omega Pharma to re-start acquisition drive with Mead Johnson purchase? - Is Heinz ready and willing for such a transformational deal ? We think not, and that a 'blind -side' offer could come from Omega Pharma, who could have both momentum and rationale on its side. Read More
Recent soft drinks deals by Nestle underline structured deals trend in that category - The trend for structured deals has returned in soft drinks. That’s not because acquisition appetite has weakened; but rather a consequence of lack of deal-making accord now. Read More
Glisten grows M&A profile with niche deals in better-for-you snacks - This deal is so ‘ultra-niche’, that it looks like even Glisten is having trouble finding ‘mainstream’ acquisitions now, at reasonable valuations, in better-for-you snacks. Read More
Ruza acquisition shows that Nestle continues to invest in unhealthy food in emerging markets - Nestle doesn’t need to acquire a platform in Russia. So, their other rationale would be to acquire a scalable bolt -on brand; in this respect Ruza’s credibility is possibly weak. Read More
SAB acquisition of Grolsch underlines trend for internationalisation of authentic premium beers - This is part of an important pattern where the global beer groups are internationalizing premium beers with authentic national or regional origin. One can anticipate many more deals like this one in the future. Read More
Post demerger from Kraft sets precedent for Cadbury - Cott deal in future - Such a scheme could be replicated by Cadbury, to find a solution for its US beverages business; in that case the analogous partner to Ralcorp would be Cott. Read More
Lawry’s sale by Unilever’s points to merits of brand deals for valuation accord - ‘Brand deals’ can be truly ‘win-win’, in the sense that the seller receives a high price but, at the same time, the buyer is getting good value because they are buying only incremental, and not stand-alone, EBITD Read More
Constellation Brands more vulnerable after buying premium wine portfolio from Fortune Brands - CB is arguably banking far too much on premium wine, making it vulnerable later to write–downs and other consequences. Read More
Bel makes breakthrough into fresh cheese with Boursin acquisition - The high price paid puts pressure on Bel to create a strong European fresh cheese business, on the basis of the Boursin platform; that might require add-on acquisitions of local brands in certain geographies. Read More
Who will acquire Moscow confectionery leader Ruza ? - In the wake of its US ‘twin’ Wrigley’s acquisition of a.Korkunov in Russia in January 2007. Ruza may be the right candidate for Hershey, but Nestle is also in the frame. Read More
Carlsberg & Heineken must raise bid for Scottish & Newcastle to avoid endless arbitration over Baltika - Such arbitration proceedings are notoriously lengthy and costly; this means that if the two sides don’t come to a valuation agreement ‘out of court’, then the whole deal will drag on for years. Read More
Legacy Norwegian dairy brand Synnove is in play after private equity bid - With Synnove recovering now as a slimmed –down entity, the time was seen as right by Scandza to make a bid for the company. There may be other bidders in the works, over time. Read More
Initial Carlsberg & Heineken bid for Scottish & Newcastle is too low and spuriously justified - The legal wrangles could continue indefinitely; hopefully, it can all be solved by money instead, through a more acceptable i.e. higher valuation. Read More
Hershey's options for an international breakthrough in confectionery - If the Hershey leopard does change its spots, then we think it’ll focus acquisitions on ‘new frontiers’ – in terms of both categories and geographies. Read More
Russian Standard vodka emerging as a quality acquisition candidate in super-premium vodka - Established in the late 90s, Russian Standard has the ambitions and arguably the genuine potential to become a global vodka leader, with a strong authenticity story and professional international roll-out. Read More
SunnyD ripens as divestment candidate after buying Fruit20 and Veryfine from Kraft - If SunnyD is successful in ‘morphing’, in this way, into a producer of premium ‘new frontier’ soft drinks, then it might soon become an interesting acquisition candidate for the likes of Pepsico or Coca-Cola. Read More
Who will buy Folgers and Pringles from Procter & Gamble ? - At an EBITDA multiple of e.g. 12, we’re looking at a valuation of the combined businesses of $7 bln. However, in the currently climate this number may be hard to achieve, and P&G might have to settle for a lower figure Read More
Latvian private equity group grows its central European confectionery platform after Estonian buy - Alta Capital’s portfolio also includes a Polish confectionery maker (and a Lithuanian dairy). Anticipate Alta to roll-up more confectionery assets in the region. Read More
Orkla Foods begins divestments in central Europe with cheap sale of Graal in Poland - Other businesses in Orkla Foods’ central European portfolio, notably in the Czech Republic and Romania, may be next on the block. Read More
Who will buy Lawry’s seasonings brand from Unilever ? - If Pinnacle emerges as the winner, which it should from a strategic rationale perspective, then a strong signal will be sent that private equity is still a force to be reckoned with. Read More
Events after Coca-Cola's bid for Bionade validates its new frontier M&A strategy - The growth of Bionade sales volumes to 200 mln bottles, in 2007, suggests that the M&A strategy of Coke, that of targeting new frontier soft drinks brands, is vindicated; in that case it should have a long way to run, an Read More
Glisten continues its acquisition drive with Dormen premium snacks deal - Glisten provides a lesson in how to adapt quickly to changes in consumer demand, towards a ‘better for you’ snacks portfolio. Anticipate more acquisitions from Glisten, with a similar theme to that of Dormen, in the Read More
Who is most likely to acquire Boursin from Unilever ? - Although much smaller than the big French cheese groups, and historically focused on the UK market, Dairy Crest has a proven strategy of expansion into continental Europe. It's also prepared to pay a full price for a str Read More
Nestle’s cheap purchase of Henniez points to local water brand opportunities in Europe - This looks like an opportunistic deal; but it also has features to suggest that other national brands, in bottled water, may be vulnerable to sale in western Europe going forward. Read More
Russian meat company sets new standard in M&A transparency - This deal also shows that a no. 4 player in a Russian food category can be bought quite cheaply, against the trend, if that category is meat and if the buyer is another Russian player. Read More
Carlsberg’s new warchest too big for anything except Scottish & Newcastle bid - New warchest will be far too big to signal only a bolt-on acquisition strategy; too big also for the acquisition of Royal Unibrew; only a bid for Scottish & Newcastle would soak up so much cash. Read More
Royal Unibrew continues to ripen as an acquisition platform after latest purchase in Latvia - Smaller deals are and will be aplenty in brewing in CEE, as larger brewers re-shuffle and expand their portfolio and coverage, and as smaller players exit or retreat to core markets. Read More
Will Pepsico make breakthrough into Russian juice market by acquiring Lebedyansky ? - Pepsico is ‘on a roll’ when it comes to buying juice companies specifically in eastern Europe. We think it’s likely that a deal will be announced shortly, therefore. Read More
Who will buy Godiva Chocolatier from Campbell Soup ? - The luxury business model followed by Godiva makes it incompatible with even the most premium of mainstream chocolate producers, and so Campbell will end up either selling it to a luxury goods group, or to a lesser known Read More
Private equity player finds hidden value in minor Romanian dairy - This deal reminds us that dairy is a reliable if not stellar sector for private equity to invest in. Read More
Palm’s sale of Polish brewer points to its vulnerability as acquisition candidate - This deal shows that smaller bolt-on acquisitions of local brands have value for the brewing majors. Also the Palm brand gets noticed as a specialty Belgium beer with internationalisation potential if acquired. Read More
Campari acquisition of X-Rated vodka underlines its creative valuation approach for early –stage assets - It seems that Campari’s acquisition pattern is much more about value for money, than that of the other (public) groups like Constellation Brands. Read More
Danone’s acquisition of Royal Numico provides breakthrough into health & wellness - By acquiring Numico, Danone has also made a transformational entry into infant and clinical nutrition. Expect Danone to make add –on acquisitions in these categories, in various key geographies Read More
Kraft’s acquisition of LU gives critical mass for secondary snacks purchases - After this deal, biscuits represent more than 20% of Kraft’s sales revenue, and the global footprint will grow to 20 core markets. Kraft will now be poised to make more acquisitions in biscuits; but only brands with gl Read More
Orangina ripens as divestment candidate by expanding into new geography with Rosinka acquisition - Orangina is also on the acquisition trail, in fast-growing developing markets in Europe. Yet the fact that it’s owned by private equity confirms that this is only to make it more attractive as an acquisition candidate. Read More
Cadbury’s new strategy precludes a mega-merger and defines future M&A moves - strategy outlines a very pragmatic M&A strategy, focused on non-core divestments and acquisitions that enhance market share, or provide a major position in attractive new geographies. Read More
Cadbury’s three bolt-on acquisitions sets pattern for future M&A criteria - There will be other emerging geographies, with large populations, where Cadbury is likely to take similar positions through acquiring major incumbents. Our tip is eastern Europe and southern Asia. Read More
Heineken’s acquisition of Krusevice confirms its bolt-on acquisition approach - Krusovice's 700k hectolitre will only add another 3% to Heineken’s 5% market share. The group will either continue this piecemeal brand acquisition pattern, or will exit the Czech market at some point. Read More
Pepsico acquisition of Sandora confirms its surge into mainstream fruit juice in Europe - If this pattern is a strategic one, then we can expect many more mainstream fruit juice deals, from Pepsico and Coke, in the coming years. Read More
Cadbury’s three non –core divestments confirms its M&A strategy - Cadbury still has at least 50 mln GBP of divestments in its pipeline; these deals give strong clues at to which business will be the next to go. Read More
Britvic boosts international credibility with CCSD acquisition in Ireland - This deal begs the question of whether Britvic can emerge as a credible acquisition candidate, or whether the importance of the Pepsico franchise, in its portfolio, weighs is down too much for that. Read More
Callebaut emerging as global b2b chocolate supplier after Hershey deal - BC earlier announced a structured deal of this nature with Nestle. It will be interesting to track other outsourcing opportunities and assets for the group in various geographies. Read More
Diageo acts like a venture fund by taking minority stake in spirits start-up - The deal confirms yet again the trend for the global beverage players, whether alcohol or soft, to invest in bright new-generation products even at a very early stage in their development. Read More
Bel unveils it’s acquisition drive in eastern Europe with Shostka buy - Bel is the smallest of the big three French cheese groups, but has been just as aggressive as the others in acquisitions in emerging Europe. Expect more deals from them in that region. Read More
Tate & Lyle sharpens ingredients focus with GC Hahn acquisition - This deal confirms a sharpening of Tate & Lyle’s focus on value-added and ‘renewable’ ingredients, and a further shifting of the Group’s balance away from commodity sugar. Read More
Wessanen continues to downsize with frozen snacks disinvestment - Although this time Wessanen has taken a ‘structured’ approach, the fact is the group continues to downsize. Will it bounce back as an independent, or become the subject of a takeover bid ? Read More
Nestle’s acquisition of Gerber confirms its exit from non- health & wellness in developed markets - A secondary deal between the two groups in the works, after Nestle's acquisition of Novartis’ healthcare nutrition business. Serves to accelerate Nestle's withdrawal from its confectionery and dairy portfolios. Read More
Unwinding of JV between Nestle and Coke frees both groups to make acquisitions in RTD tea and coffee - The JV is good news for M&A, since Coke will need to acquire new technologies and market positions, in various key geographies. Read More
New JV in India signals greater internationalization for Hershey - This deal in India brings Hershey into the limelight as potentially making a breakthrough into being a truly international business. If so, then we can expect further JVs of this kind by Hershey, or even bolder moves to Read More
Refresco’s serial acquiror status underlined by third deal in two months - After this latest deal, Refresco will have 17 manufacturing facilities spread across eight countries. But there are many more geographies that they could cover in Europe. Read More
Givaudan becomes global leader in flavours & fragrances after ICI deal - Givaudan’s key net debt to EBITDA ratio will push up beyond x5, after this deal, and surely a lot of integration and ‘portfolio streamlining’ will follow quickly. But there are significant synergies. Read More
Lactalis latest buy in Croatian highlights its acquisition push in chilled dairy across Europe - Lactalis has achieved two spectacular acquisitions since 2005 in western Europe. The group is now continuing its M&A momentum with a string of smaller deals in central and eastern Europe. Read More
Imperial Tobacco bid for Altadis brings both of them into play as acquisition candidates for BAT - An Altadis-Imperial tie-up is too much of a ‘marriage of equals’, since both have about 2 -3% global volume share. The real acquirer should be BAT, global no.2 with 12% volume share, Read More
Bacardi has the strongest rationale and means to win privatisation of Absolut vodka - Fortune Brands is the buyer of reference for Absolut. Bacardi is the best fit, since their vodka offering is rather limited to Grey Goose, which is in the super-premium segment. Read More
Royal Unibrew emerging as attractive regional beer platform after purchase in Poland - Given the importance of national and regional brands in the beer business, Unibrew's M&A strategy is legitimate. It also allows the group to tee itself up as a regional platform for one of the global groups. Read More
Sapporo a test case in whether hedge funds can stimulate M&A activity - Question raised whether hedge funds can stimulate M&A activity by forcing the hand of genuine strategic buyers, and even if they will muscle into private equity territory by actually going through with ‘public to priva Read More
Nestle’s latest chocolate outsourcing deal suggests a phased exit from that category - Although there are no brands or portfolios actually being sold here, we believe this deal adds to the evidence that Nestle is gradually exiting confectionery as a consequence of its health & wellness drive. Read More
Tate & Lyle readying itself for more ingredients acquisitions after divestment in Canada - After this deal, one option for Tate & Lyle is to downsize into a pure-play value-added ingredients player, divest its remaining packaged sugar brands, and make further acquisitions in the ingredients category globally. Read More
Blackstone’s acquisition of Pinnacle Foods gives a positive example of secondary buy-outs - After a restructuring, private equity sells this business at 2,5 times their original money, to another private equity player with the clear potential to achieve something similar. This supports secondary buy-outs as a l Read More
Czech Budweiser may be opening up after Anheuser-Busch distribution deal - This agreement might herald the end of the legendary dispute over Budweiser rights globally; in turn that might finally open the door to Budvar’s privatisation. Read More
Imperial’s acquisition of Commonwealth Brands shows that smaller players still have value in tobacco - This deal shows that tobacco is a business where even smaller players can make good money, and be attractive acquisition candidates; one can expect to keep seeing ‘roll-ups’ of such smaller players, around the world. Read More
Acquisition of Svedka by Constellation Brands signals high valuations for new generation vodka brands - We think this deal might prove to be a failure, because Svedka doesn’t have true authenticity, its growth has been very spikey and its young target consumers may condemn it to being only a fad. Read More
EI’s cheap exit from Agros Nova changes lanscape in Polish juices - private equity works best when the interests of all investors are aligned in maximizing exit value Read More
Coca-Cola’s acquisition of Fuze Beverage confirms its strategy of nurturing next generation brands - Fuze was established in 2001 ‘in a basement’ by two people. Pepsico bought into a similar theme by acquiring Naked Drinks. Expect further deals of this type by these two groups. Read More
Coca-Cola makes breakthrough in water drinks with Glaceau purchase - This deal grows flavoured and enhanced waters, in the Coke portfolio, to a level where it achieves strategic critical mass; add-on or repeat acquisitions may follow by the group, in other developed geographies. Read More
Wrigley makes double breakthrough by acquiring Russian chocolate company - Wrigley began to diversify beyond chewing gum in the early 2000s, especially with its acquisition of Kraft’s sugar confectionery business in 2004. It’s no surprise that Wrigley should go as far as chocolate confectio Read More
CEDC emerging as major spirits group in CEE after strategic distribution deal with Campari - Anticipate ever –bolder acquisition leaps by CEDC, in key central and eastern European geographies, in the next year or two. Read More
How viable is Northern Foods after selling its bakery businesses ? - Northern's survival will depend on its success in withdrawing from private label frozen pizza and biscuits, and in growing its branded chilled foods segment. Read More
Whyte & Mackay suggests that premium spirits are a good category for private equity - Patience, and an investment plan for the branded side of W&M, may be rewarded, as the current owners have attracted a major player from the key emerging market of India, as their exit route. Read More
United Breweries makes breakthrough into premium spirits brands with Whyte & Mackay purchase - It’s very significant the UB agreed to pay a premium for the White & Mackay brand, after all. That would set a precedent for UB to make more acquisitions of premium western spirits brands in future. Read More
Philip Morris confirms its ‘local champion’ acquisition approach in buy-out of Pakistani tobacco partner - If you want to find acquisition targets for PMI, around the world, you just need to identify the no.1 tobacco player in an emerging geography which the global players haven’t yet carved up between them. Read More
Campari acquisition of Cabo Wabo points to authentic ultra-premium as prime segment for M&A in spirits - Tequila's prime territory for M&A activity, as a ‘premiumised’ category. In terms of authenticity, Cabo Wabo scores very highly. This is the type of spirits deal that should be sought out and executed now. Read More
Refresco increasing capacity exposure with fourth acquisition in as many months - We suggested that maybe Refresco is making too many acquisitions, but it seems that the time has not yet come for the deals to stop. Read More
Croatian dairy teed up for sale after divesting soft drinks business - It might be that this deal was motivated by the need to present Lura as a pure-play dairy business, to a major strategic dairy buyer. Candidates include Lactalis. Read More
Kandia tees itself up for sale after buying Kraft’s Romania’s confectionery brands - Our tip is that Kandia will itself be acquired in the next year or so, by a major like Cadbury who’s interested in having a full-range platform in Romania and the Balkans. Read More
Omega-Pharma realigns geographic focus in Europe after sale of UK herbal medicines brands - Omega-Pharma is a 20 years old pharma company, split between OTC and B2B divisions, that has grown to being a € 1 bln turnover business thanks to an early IPO and a string of acquisitions. Such a deal helps release it Read More
Wessanen adopts risky branded strategy by divesting key private label businesses - In theory, it makes sense for Wessanen to sell its old private label businesses, and invest the money in building up its premium-authentic and health foods divisions. However, the groups branded strategy is ambitious at Read More
Japan Tobacco’s acquisition of Gallaher triggers a new global consolidation round - 10 global tobacco companies have been consolidated down to five, within a decade. Our tip is for BAT to acquire Imperial Tobacco next. Read More
Galenica strengthens its omega -3 platform after UK buy - Fish-derived fatty acids have been linked with improvements in cognitive health (learning and concentration), as well as heart, pregnancy and eye health. Expect more acquisitions by Galenica in this category, in continen Read More
Secondary divestment candidates after Premier Foods’ acquisition of RHM - There are likely to be some divestments of non –core brands and categories, once the profile and priorities of the enlarged group emerges; most likely is fresh foods and, ultimately, the whole breads division of RHM. Read More
Nestle makes breakthrough into healthcare nutrition after Novartis deal - After this transformational deal, Nestle's global market share in healthcare nutrition grows to 25%; that tips the group into a potential spate of further acquisitions in key geographies, down the road. Read More
Dairy Crest makes breakthrough into European branded with St. Hubert buy - Once Dairy Crest had taken the decision to expand ‘onto the Continent’, the rationale for acquiring St. Hubert was very compelling. Expect more cheese divestments by Dairy Crest to come, as well as acquisitions of ot Read More
Permira breakthrough into European frozen foods with Unilever purchase - Permira has taken a big and expensive step into the European frozen foods category, where further consolidation opportunities abound. Its main competitor in this space will be CapVest. Read More
Uniq looking vulnerable after divesting its Belgian salads business - Uniq's strategy is challenging because the business it’s keeping are in convenience foods, which have been adversely affected by commodity prices and consumer trading –down. Read More
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