Food & Beverage sector experienced subdued dealmaking activity in 2023. Market-wide deal volume declined due to a scarcity of both buyers and sellers, coupled with fluctuating valuations amid prevailing economic uncertainties. Encouragingly, the latter part of the year witnessed a positive shift, particularly in middle-market deals, where valuations averaged 7.5x Trailing Twelve Months (TTM) adjusted EBITDA—a notable increase of 0.9x from the second quarter and in line with first-quarter figures. Read the full report.

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