Table 9: U.S. middle market food & beverage M&A activity for transactions closed2
Aggregate transaction value and number of deals
22
20
18
16
14
12
10
8
6
4
2
0
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Aggregate transaction value ($MM)
Number of deals
Q1-2019
Q2-2019
Q3-2019
Q4-2019
Q1-2020
Q2-2020
Q3-2020
Q4-2020
Q1-2021
Q2-2021
Q3-2021
Q4-2021
Q1-2022
Q2-2022
Q3-2022
Q4-2022
Q1-2023
Q2-2023
Q3-2023
Q4-2023
1 Middle market is defined as transaction values between $10 million and $200 million
2Source: S&P Capital IQ and Baker Tilly Capital research (December 2023)