We are pleased to present you the Q1 2026 edition of our M&A and valuation update on the food and beverage sector.
With over 300 professionals and ~150 transactions worldwide in 2025, we have a very good overview of the M&A market, valuations and relevant buyer interest in the food and beverage sector.
We recently appeared on the M&A podcast “CLOSE THE DEAL” (a German language format) to discuss the topic of M&A in the food and beverage industry as well as key considerations for maximizing valuations in a sale process. Click here to listen
Do you have questions regarding M&A or (growth) financing?
We would be happy to connect for an informal exchange onpotentialareasofcollaboration.
Shifting consumer behaviours, category innovation and strategic repositioning are creating new growth opportunities across the European beverage market.
Those themes were at the centre of Investec’s and OC&C’s recent beverage sector conference in Haarlem, the Netherlands, where 40 senior leaders from alcoholic and non-alcoholic beverage companies gathered alongside a select group of private equity investors with portfolio exposure to the sector.
Hosted at brewery Jopenkerk, the event brought together macroeconomic, strategic and operational perspectives to examine where value creation is emerging in an increasingly competitive market.
Resilient demand, evolving behaviours
While the broader economic backdrop remains mixed, beverages continue to demonstrate resilience as a consumer category. Repeat purchasing habits, frequent consumption occasions and strong brand loyalty have historically supported demand through periods of pressure.
Philip Shaw outlined how inflation, energy costs and geopolitical uncertainty continue to shape household budgets and corporate planning. Even so, beverage demand has remained comparatively durable. For operators across the value chain, resilience alone is no longer enough. Agility in pricing, portfolio management and route-to-market execution is becoming increasingly important.
Growth is becoming more selective
Headline market growth across Europe has been modest in recent years, but performance beneath the surface is diverging sharply.
Dan Zubaida highlighted that some of the strongest momentum is now concentrated in categories aligned with changing consumer preferences: functional drinks, hydration, low- and no-alcohol alternatives, convenience-led formats and premium propositions with clear brand identities.
At the same time, more traditional segments face slower growth and greater competitive intensity. The result is a more polarised market, where targeted positioning matters more than broad category exposure.
For management teams and investors alike, the opportunity increasingly lies in identifying specific pockets of structural growth rather than relying on the market to rise uniformly.
Brand strength still drives outperformance
As innovation accelerates and shelf space becomes more contested, brand clarity is becoming a more important source of advantage.
Examples discussed during the event showed that outperforming brands often combine a clear consumer proposition with disciplined execution: strong flavour credentials, wellness relevance, effective new product development, compelling marketing and smart channel strategy.
In categories where barriers to entry are lower and challenger brands can scale quickly, sustained success depends not simply on launching new products, but on building brands with repeat purchase potential and retailer relevance.
Moderation is creating new occasions
One of the liveliest discussions focused on changing alcohol consumption habits, particularly among younger consumers.
Moderation trends are reshaping demand patterns, with many consumers seeking balance rather than abstention. That is supporting growth in alcohol-free beer, adult soft drinks, functional beverages and products designed for social occasions without alcohol.
Rather than representing a simple substitution trend, no- and low-alcohol categories may also expand total consumption occasions by creating new use cases across weekday, wellness-led and mixed-group social settings.
For alcohol and soft drinks players alike, the continued blurring of category boundaries is opening new strategic options.
Health trends and the GLP-1 effect
The impact of GLP-1 medications, including popular weight-management treatments, on the drinks market was another lively topic.
Participants noted that in the near term beverage companies are capturing demand through adjacent “companion” categories such as protein-led products, hydration, reduced-sugar offerings and functional wellness beverages aligned with evolving consumer health priorities and preferences.
Attendees discussed whether innovation in beverage-based GLP-1 delivery formats may, over time, create new adjacent growth opportunities. While still an emerging theme and subject to regulatory and commercial developments, the discussion highlighted how external health trends can influence long-term portfolio strategy and product innovation across the sector.
Scale, M&A and geographic expansion remain key levers
Audience polling during the event revealed the priorities currently shaping boardroom agendas. Product innovation was identified as the most critical growth lever by 39% of attendees, followed by geographic expansion at 32% and M&A at 25%.
Those responses reflect a market in which many companies are balancing organic growth initiatives with selective inorganic opportunities. Acquisitions can accelerate entry into faster-growing niches, while international expansion offers access to new consumer pools beyond domestic markets.
With the European drinks market still fragmented across many subsegments, consolidation is likely to remain an important theme.
Execution still separates winners from the rest
Drawing on A.G. Barr’s experience, Euan Sutherland discussed how growth ultimately depends on consistent execution across commercial, operational and innovation priorities.
That includes investing behind core brands, expanding into adjacent categories, improving channel penetration and maintaining the supply chain capacity needed to support growth. In a market where consumer preferences can shift quickly, pace and adaptability are increasingly valuable capabilities. Strategy creates direction, but execution creates value.
Outlook
The European beverage market remains attractive, but growth is becoming more selective. Companies that can align portfolios to changing consumer needs, build distinctive brands and deploy capital with discipline are likely to outperform.
For investors and corporates, the next wave of value creation may come less from market growth alone, and more from backing the categories, capabilities and brands best positioned to capture changing demand.
Event Gallery
Michel Degryck, Managing Partner, has been recognised by MergerLinks by Datasite among the Top Investment Bankers in France!
A well-deserved recognition of his leadership and long-standing commitment to clients.
Behind every successful transaction lies trust, judgement and long-term relationships.
Explore the rankings: Top Investment Bankers in France FY 2025
We are pleased to present you the latest edition of our transaction and valuation update on the food and beverage sector.
With over 300 professionals and ~150 transactions worldwide in 2025, we have a very good overview of the M&A market, valuations and relevant buyer interest in the food and beverage sector.
We recently appeared on the M&A podcast “CLOSE THE DEAL” (a German language format) to discuss the topic of M&A in the food & beverage industry and key considerations for maximizing valuations in a sales process. Click here to listen
Do you have questions regarding M&A or (growth) financing?
We would be happy to schedule a call to discuss further.
We are pleased to present you the latest edition of our transaction and valuation update on the food and beverage sector.
With over 300 professionals and ~150 transactions worldwide in the last two years, we have a very good overview of the transaction market, valuations and relevant buyer interest in the food & beverage sector.
For the second half of 2025, we expect a further increase in transaction activity as well as rising valuations, as market participants have largely adapted to supply chain challenges and inflationary pressures.
We recently appeared on the M&A podcast “CLOSE THE DEAL” (a German language format) to discuss the topic of M&A in the food & beverage industry and key considerations for maximizing valuations in a sales process. Click here to listen
Do you have questions regarding M&A or (growth) financing?
We would be happy to schedule a call to discuss further.
A day full of inspiration and intensive exchange
On 16 September 2025, Investec Advisory together with FINANCE Think Tank co-organised Dealsourcing 2025 in Frankfurt/Oberursel. With over 1,000 industry experts from M&A, private equity and corporate finance, it is one of the largest events in the German corporate finance community.
Pressure to sell or investment crunch: what is driving financial investors?
In the opening plenary session, Ervin Schellenberg, Managing Partner Investec Advisory together with Matthias Weidner, Head of Business Development DPE Deutsche Private Equity, made a clear statement on the current market situation: “Those who need to sell will sell. Those who still have time will first work on optimising their business.” This quote illustrates the current bifurcation of the market: On the one hand, there are companies that have to sell due to pressure, and on the other, there are companies that are optimising their processes and business models before engaging in transactions.
Holger Truckenbrodt, Partner Investec Advisory said: „Great opportunity to get in contact with new potential business partners that weren’t on my radar screen so far.”
In addition to the plenary session, Investec Advisory organised two well-attended workshops:
Is the next wave of M&A coming in healthcare services?
Matthias Holtmeyer, Managing Partner Investec Advisory, discussed the question of whether the healthcare sector is facing a new phase of consolidation and what opportunities and risks investors can expect. A big thank you to our panelists Martin Spirig, Partner at Invision, Ingmar Wegner, Managing Partner at CONVALES, and Dr Thomas Willaschek, Partner and specialist lawyer for medical law at Luther Rechtsanwaltsgesellschaft.
Modern Food – an M&A niche with great potential
Jürgen Schwarz, Managing Partner Investec Advisory led the session, providing exciting insights into the current M&A trends in the food sector from the perspective of manufacturers and investors. A big thank you to our panelists Carsten Hackel, CFO Germany Nestlé, Andreas Holtschneider, Partner PAI Partners, Godo Röben, Supervisory Board & Advisory Board for Plant-Based Foods, and Fabio Ziemssen, Partner Zintinus.
Both sessions addressed highly topical issues and offered not only exciting insights, but also the opportunity to engage directly with industry leaders.
The focus for Investec Advisory was on exchanging ideas with clients, partners, and new contacts. Many of our conversations showed that personal networks are key to success, particularly during challenging market phases. The event provided an opportunity for us to share our expertise, shed light on key market issues and engage in valuable discussions with partners and clients.
We would like to thank all our panelists, contributors and the Deal Sourcing team for the intensive exchange and look forward to Dealsourcing 2026.
Click below for the Aftermovie:
We’re pleased to announce a further expansion of our international M&A advisory business with the integration of Capitalmind Switzerland into the Investec brand.
The Swiss team, lead by Markus Decker and Thomas Ellenberger, is proud to join Investec, reinforcing our shared commitment to delivering tailored M&A advice and solutions.
It’s an important milestone for our team and clients, strengthening our presence and capabilities across Europe.
This latest acquisition underscores our commitment to expanding our advisory business, where we now have 300 M&A professionals based across 17 offices globally, and complements the growth of Investec’s integrated offering in Switzerland, which includes private banking, wealth management and direct lending.
“By uniting our M&A professionals accross Europe, we are able to bring fresh ideas and tailored solutions to clients in Switzerland and internationally.”
– Markus Decker, Managing Partner of Swiss office
“This acquisition deepens our Swiss presence and enhances global collaboration, connecting clients to international and local investment opportunities.”
– Jonathan Arrowsmith, Head of Investment Banking, Investec
All our Swiss team members:
Markus Decker, Thomas Ellenberger, Yanik Costa, Dr. Miró Feller, Tim Graber, Kai Kiesinger, Lorenzo Mattei, Luca Stalder and Gabi Korolnyk
Learn more:
Switzerland | Investec Advisory
We at Investec Advisory together with FINANCE Think Tank, are delighted to co-host DEALSOURCING2025 – the leading networking event for the German Corporate Finance community – on 16 September 2025 in Oberursel, near Frankfurt. It is one of the largest events in the German corporate finance community, with over 1,000 participants from the fields of M&A, financing, and restructuring.
Highlights in the opening plenary: “Pressure to sell or Investment crunch: What is Driving Financial Investors?”
Our Managing Partner Ervin Schellenberg and Matthias Weidner, Head of Business Development DPE Deutsche Private Equity will discuss the key question in the opening plenary session.
Workshop 1 at 11:00 am: Is the second M&A wave coming in Healthcare Services?
Matthias Holtmeyer, Managing Partner at Investec Advisory, invites visionaries Martin Spirig, Partner at Invision, Ingmar Wegner, Managing Partner at CONVALES, and Dr Thomas Willaschek, Partner and specialist lawyer for medical law at Luther Rechtsanwaltsgesellschaft, to an expert panel to discuss whether the next wave of M&A activity in healthcare services is coming.
Workshop 2 at 15:30 pm: Modern Food – an M&A niche with great potential
Jürgen Schwarz, Managing Partner at Investec Advisory, invites visionaries Carsten Hackel, CFO Germany at Nestlé, Andreas Holtschneider, Partner at PAI Partners, Godo Röben, Supervisory Board & Advisory Board Member for Plant-Based Foods, and Fabio Ziemßen, Partner at Zintinus, to an expert panel discussion on the question of M&A potential in the modern food sector.
We look forward to a day full of knowledge-sharing, fresh ideas, and new connections.
More on the programme: www.dealsourcing.de
Date: Tuesday, 16 September 2025
Location: Dorint Hotel Frankfurt/Oberursel, Königsteiner Str. 29 61440 Oberursel
We are pleased to present you the latest edition of our transaction and valuation update on the food and beverage sector.
With over 300 professionals and ~150 transactions worldwide in the last two years, we have a very good overview of the transaction market, valuations and relevant buyer interest in the food & beverage sector.
For the second half of 2025, we expect a further increase in transaction activity as well as rising valuations, as market participants have largely adapted to supply chain challenges and inflationary pressures.
We recently appeared on the M&A podcast “CLOSE THE DEAL” (a German language format) to discuss the topic of M&A in the food & beverage industry and key considerations for maximizing valuations in a sales process. Click here to listen
Do you have questions regarding M&A or (growth) financing?
We would be happy to schedule a call to discuss further.
Click here to download the report.
Investec is proud to announce that our French team is awarded as one of the Best Investment Bank – LBO Small to Mid Cap with a Silver Award at the recent Sommet des Leaders de la Finance in Paris.
Organised by Décideurs Corporate Finance, this event recognises excellence in corporate finance and highlights the work of professionals who lead complex and strategic transactions.
We warmly thank our teams for their dedication, and our clients for their continued trust.
We are pleased to present you the latest edition of our transaction and valuation update on the food and beverage sector.
With over 300 professionals and ~150 transactions worldwide in the last two years, we have a very good overview of the transaction market, valuations and relevant buyer interest in the food & beverage sector.
For the second half of 2025, we expect a further increase in transaction activity as well as rising valuations, as market participants have largely adapted to supply chain challenges and inflationary pressures.
We recently appeared on the M&A podcast “CLOSE THE DEAL” (a German language format) to discuss the topic of M&A in the food & beverage industry and key considerations for maximizing valuations in a sales process. Click here to listen
Do you have questions regarding M&A or (growth) financing?
We would be happy to schedule a call to discuss further.
Click here to download the report.
For the Food & Beverage M&A market, our colleagues Jürgen Schwarz and Florian Ismer expect a further increase in the number of transactions with rising valuations in the second half of 2025. After several years marked by inflation, rising costs, supply chain issues, and the war in Ukraine, market participants have largely adapted to the supply chain disruptions and inflationary pressure.
Jürgen and Florian were recently guests on the CLOSE THE DEAL podcast, where they spoke with host Kai Hesselmann about, among other things:
- how to maximize valuation in a sales process,
- the current state of the Food & Beverage market,
- how this is impacting M&A deals in the sector,
- the role of strategic buyers, ESG criteria, and cross-border deals,
- how the merger of Capitalmind and Investec took place,
- and what they expect for the future of Food & Beverage M&A.
Click here to listen to the podcast:
DEALCIRCLE was founded to support M&A advisors and buyers in the transaction process and to solve the challenges of inadequate matching. They know from their many years of experience as investors and the exchange with over 1,200 M&A advisors: Unmatched deals and failed transactions cost valuable time and resources. That’s why they rely on data-based matching that combines quality, transparency and innovation. Supported by a strong team of experts, they focus on data-based innovation to optimize sales processes and pave the way for more successful transactions.
The episode is now available on all popular 🎙Podcast platforms:
🟢 Spotify: https://lnkd.in/e_pHV6xG
🔵 Website: https://lnkd.in/egJFcYdB
🟣 Apple Podcasts: https://lnkd.in/e_fVX3-8
🔴 YouTube (Audio only): https://lnkd.in/exTm9iRt
Helen Lucas | UK
Jonathan Harvey | UK
Our 14th report comes at a crucial time for the industry, as GPs get back to the business of selling portfolio companies and raising new funds.
2024 was a tough year for private equity and the overriding view from our survey of 253 general partners (GPs)* is that 2025 will be different.
Our findings show an industry which, despite challenges over the past few years, is resilient, adaptable, and anticipating a more favourable period ahead.
Four in five GPs expect deal valuations to increase in 2025 as interest rates come down, helping to clear exit bottlenecks and accelerate investors’ distributions. The outlook for returns is also brighter, with improvements registered across geographies and fund sizes. Close to two thirds (65%) of investors see returns improving in 2025, up from only 24% in 2024.
Dealmakers still must navigate ongoing geopolitical and macroeconomic risk, as trade tariff tit-for-tats continue and conflicts in the Middle East and Ukraine remain unresolved. It is a complex market, but the backdrop for M&A is better than it was a year ago.
Jump to a section:
Future fundraisings
GP commitments
New world of debt
Innovations and exits
GPs at a crossroads
Future fundraisings
In 2024, 21% of respondents expected a down raise for their next fund: the 2025 research shows only 3% anticipating the same scenario.
There is also a large cohort of super-optimists – 38% expect their next raise will be a blockbuster increase of 25% or more over their previous fund.
Limited partners (LPs), however, are expected to remain highly selective in 2025. In 2024, according to PEI figures1, the ten largest funds to close in 2024 all secured more than $10 billion and absorbed more than a fifth of total fundraising allocations while a Coller Capital LP survey2 showed that the top focus for 98% of investors is that a new manager has a team with a strong track record.
Our survey findings tie in with this theme – close to a third of respondents (31%) expect an increasing number of GPs to move into wind-down. However, this does not mean the opportunity for new managers has passed; just 26% agreed that “very few new GPs will be launched”.
Although fundraising conditions are improving, LPs continue to consolidate GP relationships, focusing on managers of scale and mid-market specialists with differentiated investment strategies and exceptional returns.
Fundraising optimism surges
Jump to a section:
Deal valuations
GP commitments
New world of debt
Innovations and exits
GPs at a crossroads
GP commitments
The survey shows GPs are planning to up their commitment from the typical 2% to 3% to strengthen alignment with investors and boost fundraising momentum.
- One in five GPs expect to commit 4-5% of their next fundraise.
- One in ten expect their next commitment to be 6-10%.
- 8% expect to commit more than 10% in 2025.
Managers are taking a blended approach to financing these higher commitments including existing resources, reinvesting carried interest and external debt, which is gaining favour. Most are using two options to fulfil their obligations, with 13% expecting to use three options.
Where are commitments highest?
The findings reveal interesting regional variations when it comes to GP commitments.
UK managers are more likely to be asked for a big commitment: 22% were asked for more than 5% versus just 8% of managers in Europe. Managers in France, meanwhile, seem to be asked for a particularly slim commitment, with more than half expecting to be asked for less than 2%.
Overall, a significant minority of investors expect to up commitments in the future.
Jump to a section:
Deal valuations
Future fundraisings
New world of debt
Innovations and exits
GPs at a crossroads
New world of debt
Debt markets are open for business with a substantial number of new lenders entering the market to provide GPs with enhanced financing optionality.
More than half (54%) of GPs say they will have new lenders to work with in 2024. This marks a shift from last year’s findings, when 56% of respondents saw a contraction in new lender activity. The majority of GPs who took part in our survey are working with credit funds and the top three reasons cited for working with a private credit included higher leverage levels and innovative financing solutions.
UK managers are hopeful that increasing competition will result in looser terms, with 54% of UK managers reporting either private debt narrowing margins or terms loosening generally. Outside of the UK, however, GPs are more cautious, with only 35% forecasting looser terms.
Despite these expectations, lenders are remaining disciplined. Well over a third of respondents (43%) report that leverage multiples have lowered from a year ago.
Competition is fierce for trophy assets in certain sectors, and these companies will be able to negotiate more favourable terms, but lenders will be highly selective.
Interest rates may have come down, but the risk-free rate remains elevated when compared with recent years, making additional leverage costly to service. Debt is available (European leveraged loan issuance climbed by more than 90% in 20243 and private debt managers have $126.4 billion of dry powder available to invest4), but the survey findings on leverage multiples show that capital structures remain relatively conservative.
Covenant flexibility
Even as interest rates have come down, GPs have still had to work hard to protect portfolio companies.
Some 87% of respondents say they have gone to lenders to request covenant flexibility for one or more portfolio companies. Broad economic issues (cited by 41%) and business underperformance (cited by 34%) are the main reasons for requesting flexibility.
Interestingly, close to a third of respondents (30%) have requested covenant flexibility to fund growth as GPs hold some portfolio companies for prolonged periods.
“We will always be open to a conversation about covenant flexibility. If a business is growing and wants to re-lever, or the sponsor wants to hold an asset for longer, loosening covenants can have a positive impact on supporting growth.” – Helen Lucas, Co-Head of UK Origination, Direct Lending, Investec
Lending landscape
As more lenders entered the private equity space, there has also been increased use of some newer debt products. Innovation continues; survey respondents expect ESG-linked lending, fund-level finance and asset-based lending to increase market share.
Around half of the respondents expect credit funds to do more business with their firm during the year, but banks remain highly competitive; almost a quarter (22%) say they expect to place more lending with banks in the next 12 months. Hybrid capital is gaining particular traction for smaller managers with assets of $250m or less, with a quarter of these saying this type of lender will gain the most market share at their firm in the next year.
NAV lending
Net asset value (NAV) finance has proven particularly popular with managers in an environment where liquidity has been constrained.
Four in five GPs said they used NAV finance in the last year, with distributions the most-cited use case (37%).
Uptake of NAV finance looks set to continue accelerating, with two thirds (65%) of respondents who had not used NAV finance previously saying they were interested in taking up NAV loans.
Deployment and operations
Less than half of GPs (49%) have deployed most of their capital in new deals during the past 12 months, with just over a fifth (21%) focusing efforts on smaller bolt-on acquisitions to support buy-and-build portfolios – down from 28% in our previous survey. An increase in the number of GPs deploying most of their capital in equity cures – up to 17% from 11% last year – further highlights the tough backdrop for managers during the past year.
The improving outlook means that the next 12 months should be more favourable for deployment. Somewhat surprisingly, the public-to-private outlook is mixed and not much changed from last year despite low stock market valuations, most notably in the UK5. Some 50% say they expect to look at more public-to-privates but 40% expect to look at less.
Big-ticket take-private deals during 20246 have ensured that P2P remains on the managers’ radars and may result in activity in this area.
“Private equity managers are ready to deploy, but it is taking much longer to originate deals. GPs will be forming relationships with management teams up to three years ahead of a formal process. During the last two years we have seen a number of processes fall over, and it does take time to rebuild before businesses come back to market.” – Kate Gribbon, Head of Financial Sponsor Coverage & Origination, Investec
Jump to a section:
Deal valuations
Future fundraisings
GP commitments
Innovations and exits
GPs at a crossroads
Innovations and exits
One of the single biggest challenges for private equity managers through the rising interest-rate cycle has been to sell portfolio assets at valuations that deliver adequate returns.
In tepid IPO and M&A markets, GPs often opted to sit tight rather than offload assets at lower-than-hoped-for multiples. Hold periods remain above long-term averages, with the backlog of private equity-backed companies sitting at record levels7.
This has had repercussions on fundraising – slowing distributions to LPs have limited their ability to allocate to new funds.
Managers looking at exits will explore all options to crystallise returns, with the survey findings ranking expectations for different exit routes in a narrow band.
More than half of GPs (54%) think trade sales will be the busiest exit route during the next 24 months. But after a long barren spell the IPO is back in the frame again, with the typical manager optimistic that two portfolio companies could be an IPO candidate over the next two years.
The squeeze on other exit routes meant there has been greater use of continuation vehicles which are here to stay as a mainstream exit path: more than 40% of GPs say a continuation fund will be an exit option they are more likely to use in the next 12 months.
The UK IPO question
Private equity-backed portfolio company IPOs haven’t always been crowd-pleasers, particularly on UK markets8, but the survey findings show managers warming to the UK stock market – albeit with some reservations.
Some 65% of UK managers who expect to list a portfolio company in the next two years consider the UK a potential venue – although they will also look at other venues such as Amsterdam or New York.
The size of the manager and portfolio is a factor in stock market selection. Larger managers with bigger assets to float think a UK IPO is less attractive, indicating that larger IPOs are considered more challenging for UK public markets.
Jump to a section:
Deal valuations
Future fundraisings
GP commitments
New world of debt
GPs at a crossroads
GPs at a crossroads
According to Pitchbook figures, GP-to-GP M&A reached record highs at the end of 20249 and the survey points to a long runway of further deals, with 79% of respondents expecting some kind of change to their firm’s structure.
In addition to GP consolidation deals, new teams are forming in spinouts and minority stake investment is proliferating.
Indeed, 38% of GPs say some partners could leave their firm via a spinout in the next 24 months. This is reflective of a tougher fundraising environment, particularly for smaller managers with assets under management (AUM) below $1bn, where spinouts are more likely as junior partners explore other options when fundraisings stall.
Getting ready to capture growth
Historically, the main driver for taking on third-party capital or merging with another firm was likely to unlock liquidity and facilitate succession. While this reason was selected by 22% of respondents, the majority see a transaction as a tool to provide capital for growth or expand service lines and scale.
Ideally, twice as many managers say they would like to be the acquirer rather than target in a consolidation scenario.
What is also worth noting is that when it came to continuation vehicles, our survey showed that 40% of GPs think there will be more single-asset continuation vehicles over the next 24 months and over 25% thought they are likely to become more specialised. Single-asset continuation vehicles allow GPs to remain invested in a prized portfolio company and could potentially lead to a spin-out by a manager.
Jump to a section:
Deal valuations
Future fundraisings
GP commitments
New world of debt
Innovations and exits
* Demographic info
This report is based on 253 responses to an online survey conducted between 7 January and 22 January 2025. Respondents were sourced from a prequalified panel and no PE firm was represented more than once.
178 were based in the UK, 75 in Europe including 22 in Germany, 14 in Spain and 11 in France. Some 34% of respondents were investment directors, other eligible job titles were CFO, VP of finance, director of finance, principal and manager of finance/investments.
Footnotes:
2 https://www.collercapital.com/41-barometer-winter-2024/
4 https://www.muzinich.com/opinions/corporate-credit-outlook-2025-private-markets
6 https://www.ft.com/content/ec9aa2ae-f56a-4373-8c4b-88effc01a25d
7 https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report
9 https://pitchbook.com/news/articles/blackrock-hps-purchase-record-year-gp-consolidation
Our French team is recognised as the one of the most active firm in LBOs, M&A and Debt Advisory
We are delighted to announce that our French team has been recognised as one of the most active firm in LBOs, M&A, and Debt Advisory by CF News, a leading French publication in Private Equity and Corporate finance.
The team has achieved the following rankings:
- #4 in the LBO segment
- #5 in the M&A Small & mid cap (€50 million to €250 million deal value)
- #5 in Debt Advisory
Under Michel Degryck‘s leadership, the French team of 40 cross-sector professionals has continued to deliver results for clients in a challenging environment, delivering tailored and high-quality solutions to entrepreneurs, family businesses, corporates and private equity firms.
“This recognition reflects the trust our clients place in us and the unwavering commitment of our team. We remain dedicated to providing innovative solutions tailored to their strategic challenges.”
— Michel Degryck, Managing Partner, Investec Advisory France
Investec announces the appointment of Michael Eriksen as Head of Nordic M&A in support of its strategy to significantly grow its presence in Europe. Michael brings over 25 years’ experience as an M&A advisor to companies in the Nordics.
In his new role, Michael will focus on identifying and pursuing growth opportunities for clients, in line with Investec’s 25-year track record as a trusted M&A advisor to clients globally, particularly in Europe. Investec provides tailored M&A advice to clients, many of whom operate in the mid-market across a wide range of sectors, helping them achieve their growth objectives.
In 2023 Investec acquired a majority interest in Capitalmind and, with effect from today, completes its transition to the Investec brand.
“Companies across multiple sectors in the Nordics are actively seeking opportunities to expand beyond their borders. Michael’s established relationships and expertise will be invaluable as we enhance our M&A advisory capabilities in the region. At the same time, we are committed to bringing our broader expertise to the Nordics, including leveraged finance and fund solutions for private equity, such as GP financing, continuation funds, and NAV facilities.”
Jan Willem, Managing Partner and Board Director of Investec Continental European Advisory BV (ICEA)
“The Nordic region is a dynamic and expanding market. I firmly believe that Investec, with its strong client focus and comprehensive banking capabilities, is ideally positioned to capitalise on the opportunities that lie ahead.”
Michael Eriksen, Head of Nordic M&A
The Food Industry recovers from Inflation Shock: Time for a Sector M&A Update
The food industry has digested the inflation shock: the fierce price wars between retailers and producers have lost their edge and producers once again have more transparency about their business, their margins and their prospects. This makes it possible for many to think about M&A options again, whether in terms of selling companies or as buyers looking for suitable targets.
In this episode of ‘What’s up, Corporate Finance?’, Investec Managing Partner Jürgen Schwarz and Director Florian Ismer talk to financial editor Michael Hedtstück about the potential, challenges and outlook for the food M&A sector.
The key questions:
- Who are the ‘early movers’ currently in the food deal pipeline?
- Who is available on the buyer side?
- What are the sticking points in due diligence and value creation of food assets?
- And what is the market outlook for 2025?
Click here to listen to the podcast:
‘What’s up, Corporate Finance?’ is a blog & podcast of the Finance Think Tank Network, which regularly analyses all topics of the corporate finance world with expert knowledge and journalistic passion.
Listen to the 🎙Podcast, which can be found wherever podcasts are available:
🎧 Web-Player: https://lnkd.in/e2aH2ecT
🎧 Apple Podcasts: https://lnkd.in/ejF6HqVZ
🎧 Spotify: https://lnkd.in/eC5cdsrW
🎧 Amazon Music: https://lnkd.in/eaXz4RDF
🎧 Deezer: https://lnkd.in/eif2s6zK
Here you can find another ‘What’s up, Corporate Finance?’ episode, in which Investec Managing Partner Ervin Schellenberg and Thorsten Gladiator talk about opportunities for buy-and-build strategies in the current market situation.
Investec France awarded Best Investment Bank 2024 in LBO Small to Mid cap with a Golden Award, during the last awards ceremony of the Finance Leaders Summit (Sommet des leaders de la Finance) of Décideurs Leaders League, which took place on 29 May in Paris.
Congratulations to all our teams for their hard work , and many thanks to our clients for their trust and support.
Winners 2024 – Finance Leaders Summit
The Rheingau Music Festival is one of the largest music festivals in Europe and organises over 170 concerts every year throughout the region from Frankfurt and Wiesbaden to the Middle Rhine Valley.
Unique cultural monuments such as Eberbach Monastery, Johannisberg Castle, Vollrads Castle or the Wiesbaden Kurhaus as well as picturesque vineyards are transformed every summer into concert stages for stars of the international classical music scene and interesting up-and-coming artists from classical music and jazz to cabaret and world music.
In over 30 years, the Rheingau and its festival have become a centre of attraction for music enthusiasts from all over the world in a unique interplay of culture and nature, music, enjoyment and joie de vivre.
Investec is delighted once again to sponsor the Rheingau Music Festival 2024 and invites you to join us from 22 June to 7 September 2024!
A special feature this year? For the first time, there will be two opening concerts: Traditionally, the festival opens in the Eberbach Monastery, followed by another opening concert in the Kurhaus Wiesbaden. This year’s focus artists are also particularly outstanding: violinist Christian Tetzlaff, cellist Anastasia Kobekina, pianist Bruce Liu and jazz saxophonist Candy Dulfer.
Once again this year, various themes and focuses will ensure a varied and exciting programme. Under the motto “Spot on: Hollywood”, the world of film music comes to life in twelve concerts. Under the motto “Brazil!”, the contrasts and beauties of the country will be explored musically. The programme is also dedicated to the works of Antonín Dvořák and a true classic: Vivaldi’s “Four Seasons”.
The stages of the 37th festival season will be graced by numerous stars from the worlds of classical and pop music. Highlights include star pianist Lang Lang, singers Álvaro Soler, Max Mutzke and Max Giesinger, violinist Anne-Sophie Mutter, opera singer Rolando Villazón and entertainer Eckart von Hirschhausen.
Investec has been a committed sponsor of the Rheingau Music Festival for more than 15 years. This long-standing partnership is characterised by our deep appreciation for the arts and a strong connection to local culture. We look forward to experiencing a rousing summer full of music together with you again this year.
You can view the detailed program here.