As 2021 comes to a close, we are now starting to experience a bit of normalcy. This return to normalcy however, has (and will) take some more time. Earlier in the year the economy and the Food, Beverage & Agriculture (FBA) sector was gripped by spikes in unemployment and declines in food away from home spending. Now that the economy has mostly reopened, we are faced with different problems particularly due to rising prices and supply chain issues as ports and suppliers struggled to keep up with a resurgence in consumer demand and spending. FBA Databook Winter 2021 DRAFT-3

Still, FBA deal activity in the middle market remained strong and not just for M&A but for IPOs as well. As discussed in our Fall 2021 issue of “The
Intrepid Foodie”, we saw the re-emergence of middle-market food companies tapping into public markets as large cap strategics pulled back on acquisition strategies. This has resulted in emerging consolidators such as Sovos Brands, which recently completed an IPO of its own.

We hope this Data Book provides some helpful insights as to what happened in 2021 so far.

• M&A Market Update – Year-to-date activity and the private equity middle market
• Macroeconomic & Industry Indicators – CPI and Food & Beverage spend, commodity prices, where interest rates are trending, and the
latest on monthly wages/unemployment
• Public Company Trading Statistics – Where public companies are trading and what multiples they are receiving by sector



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