Key Takeaways from 2025’s Food & Drink M&A Activity
- Health & wellness dominate: Major deals like PepsiCo’s buyout of Poppi and Celsius’ acquisition of Alani show strong investor appetite for functional and better-for-you products
- Premium protein in demand: Global Eggs’ acquisition of Hillandale Farms reflects rising consumer interest in organic, cage-free protein sources
- Private equity still hungry: Firms like Gryphon are actively acquiring fast-growing beverage brands with clean-label appeal
- Strategic buyers lead the way: 76% of deals in the first half of 2025 were strategic, with 86% involving privately owned buyers, according to the investment bank Kroll
- UK market heats up: Carlsberg’s Britvic acquisition and the potential Greencore and Bakkavor merger signal major shifts in the UK’s food and drink landscape
The first half of 2025 has seen a flurry of strategic food and drink mergers and acquisitions, despite broader economic uncertainty and global trade tensions.
From billion-dollar beverage buyouts to bold moves in the better-for-you and protein segments, dealmakers are doubling down on health, innovation and brand strength.
PepsiCo’s $1.95bn acquisition of prebiotic soda brand Poppi, which taps into the booming gut health trend, showcased a major head turn from big food to gut health.
Celsius Holdings followed suit with its $1.8bn buyout of Alani Nutrition, reinforcing the sector’s appetite for functional, wellness-oriented products.
Meanwhile, protein and bakery categories are also heating up. Global Eggs’ $1.1bn acquisition of Hillandale Farms underscores the rising demand for cage-free and organic eggs, while Flowers Foods’ $795m buyout of Simple Mills shows the demand for gluten-free and clean-label snacking is still in growth.
Private equity remains interested in the food and drink sector, with Gryphon Advisors’ $650m investment in Spindrift showing continued interest in sparkling water.
Deals are poised for continued growth as the year progresses, with analysts highlighting health and functional foods and drinks as areas to focus and buy into.
Here are some of the biggest food and drink mergers and acquisitions from 2025 so far…
PepsiCo buys Poppi to expand healthier beverage portfolio
PepsiCo made a major move into the functional beverage space by acquiring prebiotic soda brand Poppi to meet growing consumer demand for gut-friendly drinks.
- Buyer: PepsiCo Inc.
- Target: VNGR Beverage LLC (Poppi)
- Value: $1.95bn
- Announced: March 2025
- Category: Non-alcoholic beverages and better-for-you
- Need: Health and wellness portfolio expansion
Celsius Holdings acquires Alani Nutrition
Celsius strengthened its position in the energy and wellness drinks market by acquiring Alani Nu, a female-focused brand known for supplements and functional beverages.
- Buyer: Celsius Holdings Inc.
- Target: Alani Nutrition LLC
- Value: $1.8bn
- Announced: February 2025; Closed April 2025
- Category: Functional beverages and supplements
- Need: Broaden wellness product reach
Global Eggs cracks US market with Hillandale Farms
Brazilian-owned Global Eggs entered the US market through its buyout of Hillandale Farms, a major producer of organic and cage-free eggs.
- Buyer: Global Eggs
- Target: Hillandale Farms
- Value: $1.1bn
- Announced: March 2025
- Category: Protein and eggs
- Need: Capitalize on premium egg consumption trends
Flowers Foods adds Simple Mills to better-for-you lineup
Flowers Foods acquired Simple Mills, a gluten-free snack and baking mix brand, to diversify its portfolio with health-conscious offerings.
- Buyer: Flowers Foods Inc.
- Target: Simple Mills Inc.
- Value: $795m
- Date: Closed February 2025
- Category: Better-for-you and bakery
- Need: Expand into gluten-free and clean-label categories
Gryphon Advisors invests in Spindrift sparkling water
Gryphon Advisors acquired Spindrift, a fast-growing sparkling water brand, to tap into the clean-label beverage trend.
- Buyer: Gryphon Advisors LLC
- Target: Spindrift Beverage Co Inc
- Value: circa $650m
- Date: January 2025
- Category: Non-alcoholic beverages
- Need: Leverage brand growth and clean ingredients
Safety Shot acquires Yerbaé for plant‐based energy boost
Safety Shot expanded its beverage portfolio by acquiring Yerbaé, a plant-based, zero-calorie energy drink brand.
- Buyer: Safety Shot Inc
- Target: Yerbaé Brands Corp
- Value: circa $22m
- Date: January 2025
- Category: Functional beverages and plant-based
- Strategic Rationale: Access new distribution and marketing channels
Carlsberg strengthens UK presence with Britvic deal
Carlsberg completed its £3.3bn acquisition of Britvic, adding a major soft drinks portfolio to its UK operations and reinforcing its alcohol-alternative strategy.
- Buyer: Carlsberg Group
- Target: Britvic
- Value: £3.3bn
- Date: Completed Q1 2025
- Category: Non-alcoholic/ soft drinks
- Need: Expand UK footprint and diversify offerings
Greencore and Bakkavor explore merger
Greencore and Bakkavor are in advanced talks over a potential merger that would create a £4bn ready-meals powerhouse. The potential of the deal is currently under review by the UK’s Competition and Markets Authority watchdog.
- Buyer: Greencore plc
- Target: Bakkavor Group plc
- Value: circa £1.2bn
- Date: Ongoing negotiations
- Category: Prepared Foods / Private Label
- Need: Scale and supply chain integration