2Q 2024 M&A Report: The second quarter brought a slight uptick in Food & Beverage deal volume, offering a positive signal as M&A markets recover from the declines observed in 2023. While the persistent fog of market uncertainty among buyers – combined with higher interest rates and the threat of a recession – has resulted in flat deal multiples over the past several quarters, Q2 offered a bright spot. In the middle market, average purchase price multiples on completed deals in the second quarter reached 7.4x Trailing Twelve Month (TTM) EBITDA, an increase of a half turn of EBITDA from the first quarter average. Deals valued at less than $100 million all saw increases in average valuation, as did deals valued between $250 million and $500 million.