INSIDER - SNACKING INDUSTRY Investors Acquire a Taste for Snacking in a Post-COVID World - Brown Gibbons Lang & Company
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INSIDER
FOOD & BEVERAGE INDUSTRY
SNACKING
INDUSTRY
Investors Acquire
a Taste for Snacking
in a Post-COVID World
Brown Gibbons Lang & Company is
a founding member of Global M&A
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INSIDER
Snacking
Industry
April 2021 Investors Acquire a Taste for
Snacking in a Post-COVID World
1 INSIDER FOOD & BEVERAGE www.bglco.com
CONTENTS
1 Introduction 03
2 Key Players During the Pandemic 04
3 Industry Review 06
Global Snacking Trends 06
Global Drivers 09
COVID Alters Snacking Habits 10
4 Segment Highlights 11
The Snacking Industry is witnessing a Savory Snacks 11
major shift in consumer preferences Nuts, Seeds, and Trail Mixes 12
towards healthier, more flavorful
Salty Snacks 12
products. Companies have an exciting
opportunity to capture this dynamic Savory Biscuits 12
market, but must successfully navigate
Popcorn 13
the challenges of increasing ingredient
costs, evolving consumer palates, and Pretzels 13
fierce competition. Significant Other Savory Snacks 14
opportunities exist to drive growth
through eCommerce, innovation, and Sweet Snacks 15
alignment with health trends.
Fruit Snacks 15
Innovation is forging unique strategic
Snack Bars 16
partnerships within the industry. Rather
than invest in a new product launch or Sweet Biscuits 16
greenfield operations in a new
geography, manufacturers are turning
to M&A to fast-track entry into a new Key Investment – Shelf Stable
category or gain market share.
5 Snacking
17
Our Global Food and Beverage Team
provides extensive sector-specific
expertise and close relationships with 6 M&A Highlights 20
global buyers and sellers, both within
local markets and throughout the
world. Many of our advisory
transactions are cross-border. 7 Public Company Performance 24
Overview of GMAP Food and
8 Beverage Team
26
2 INSIDER FOOD & BEVERAGE www.bglco.com
1
Introduction
Key Insights
The face of snacking is changing in a post-COVID world as empowered consumers increasingly seek tasty, nutritional, and
sustainable foods to fuel their evolving lifestyles. Snacking is on the rise as demand for customization and variety, as well as
increased at-home cooking occasions, leads to increased consumption. Consumers are demanding Better-for-You (“BFY”)
snack options, which is driving research and product innovation to meet these healthier lifestyles. Localization is encouraging
the use of bold, spicy flavors, and exotic ingredients to appeal to international palates, which is driving growth in regional
markets. The continued shift towards online purchasing is also driving sales growth, as snack foods is one of the top food
categories purchased through the eCommerce channel.
The global snacking industry, comprised of both savory and sweet snacks, reached an estimated ~$214 billion1 in 2020. The
two primary regions accounting for that are the Asia Pacific region, with the largest global market share at 56%, followed by
North America, accounting for 25%.
The Snacking Industry has witnessed significant changes in the last twelve months, with companies focusing on adapting new
market trends, enhancing operational efficiencies, and expanding product portfolios. Some key players in the snacking
market are focused on organic growth through product innovation, while others are pursuing inorganic growth through M&A.
Key Snacking Categories
Savory Snacks Sweet Snacks
Nuts, Seeds, and
Salty Snacks Fruit Snacks Snack Bars
Trail Mixes
Savory Biscuits Popcorn Sweet Biscuits
Other Savory
Pretzels
Snacks
Source: 1) ReporLinker
3 INSIDER FOOD & BEVERAGE www.bglco.com
Segment Highlights
2
Key Players During the
Pandemic
Snacking Giants During the Pandemic
• The PLANeT Partnership, a recently formed venture between PepsiCo and
Beyond Meat, was created to produce and market innovative snack products with
plant-based protein. Beyond Meat’s technology in plant-based protein and
PepsiCo’s marketing and commercial capabilities are expected to expand the
product portfolio.
• Acquired/invested in four companies since 2020, including: Senselet Food
Processing, Pioneer Food Group, Baicaowei and Rockstar Energy
• Mondelez International’s innovation hub, Snack Futures, has developed NoCOe, a
French brand that develops carbon neutral snacks. The snack products contain
95% organic ingredients, contributes to dietary diversification, and is nutritionally
dense.
• Acquired/invested in four companies since 2020, including: Hu Master, Give and
Go, Grenade, and Gourmet Food Holdings
• General Mills launched numerous new products during the lockdown in the first
half of 2020. They include Cinnamon Cheerios, the top new item in the US cereal
category, the convenient new Progresso Toppers, Nature Valley’s Packed
Sustained Energy Bars, the relaunched Dunkaroos snacks, and Old El Paso tortilla
pockets.
• Kellogg is catering to consumers’ dietary needs and is developing snack products
that are zero or low in sugar, keto friendly, and contain plant-based protein foods.
• A few portfolio additions include Kashi Cereal and Special K snack bars, which
were specially developed for the ketogenic diet.
• Campbell invested $40.0 million in their Ohio manufacturing facility in September
2020, as part of an expansion to meet the increased demand for Goldfish crackers.
• As part of its strategy to promote innovation, the Company has launched new
flavors to its Well Yes! Soup brand that contain unique and nutrient-dense
ingredients.
4 INSIDER FOOD & BEVERAGE www.bglco.com
Segment Highlights
Snacking Giants During the Pandemic
• Conagra is accommodating consumers’ increased demand for healthy snacks,
launching over two dozen new products that are inspired by plant-based
ingredients and keto-friendly diets.
• The company invested nearly $100M to expand its Ohio meat snacks
processing plant, including the launch of several new brands.
• Utz’s Boulder Canyon brand launched a new potato chip that is cooked in
avocado oil, providing a healthier snack option to consumers.
• Monogram Foods entered into an agreement with Utz® and Zapp’s® brands
to launch a unique line of take-home hot appetizers for consumers that are
snacking multiple times throughout the day and seeking convenience.
• Acquired/invested in several snack companies since 2020, including: C.J.
Vitner, On The Border, and HK Anderson’s Pretzel Business
• Mars, under SKITTLES®, M&M'S®, and ORBIT brands, announced a new line-
up of products that will join Mars’ portfolio of chocolate, fruity confections
and gum brands.
• Acquired/invested in two snacking companies since 2020, including: KIND
Snacks, which recently acquired Natures Bakery
• Nestlé has made many strides to increase its global footprint in a post-COVID
world, highlighted by its acquisition of Fête Chocolat, a Chilean cookie and
dessert producer.
• Acquired/invested in several companies since 2020, including: Fête Chocolat,
SimplyCook, Freshly, and Essentia Water
• Post Holdings is increasing its presence in the egg snacking industry,
highlighted by its recent acquisition of the Almark Foods brand.
• Acquired/invested in two snack companies since 2020, including: Almark Foods
and Peatos
5 INSIDER FOOD & BEVERAGE www.bglco.com
3
Industry Review
Global Snacking Trends
The global snack market was estimated at ~$2141 billion in 2020 and is expected to reach ~$308 billion by 2025, growing
at a CAGR of 8%. Snacking industry trends are heavily influenced by the overarching healthy and responsible food
movement. The mindset toward maintaining fulfilling, yet wholesome diets is further encouraged by the multitude of
products available at the consumers’ disposal. Consumers are snacking more frequently and are looking for different
snacking options to cater to those different occasions.
Covid-19 Momentum2
• The lockdown and dining restrictions across the globe have led to an enormous demand for snacking options.
Restrictions on leaving the home and not being able to dine in restaurants have caused consumers to choose snacks
as a medium of dealing with mentally and emotionally taxing experiences.
• As per a survey conducted by Mondelēz International, nearly 9 out of 10 adults either increased (46%) or
maintained (42%) their snacking habits during the pandemic. This trend is expected to continue as consumers view
multiple small snacks throughout the day as an alternative to consuming fewer, larger meals.
Snack Fusion
• Work-from-home (“WFH”) models are carving out a new opportunity for companies to pursue snack products that
are consumed more frequently. Catering to remote workers that are now eating at home more often, different
variants of snack products are being offered to lure consumers to their brands. Examples include:
Snacknation introduced a new work-from-home wellness box that provides a wide variety of healthy
snacking options at a reasonable price, giving the consumer the pleasure of both savory and sweet snacks.
Similarly, Walkers UK launched a new flavor of chips, Nando’s chips flavored with Peri-Peri Chicken, in
partnership with the popular food chain.
US-based ParmCrisps and Bridge Lane Wine introduced a snack box that offers a pairing of cheese and
wine.
Source: 1) ReportLinker, 2) Mondelēz International
6 INSIDER FOOD & BEVERAGE www.bglco.com
Industry Review
Taste Factor1
• While consumers are focusing on their health, they still have a soft spot for both salty snacks and feel-good snacks.
The taste factor provided by snacks like chips, popcorn, pretzels, and snack crackers has piqued consumer interest
in new variants.
• According to IRI, the salty snacks segment reported growth of 6.9% for the past 52 weeks ending May 17, 2020,
reaching a total of $26.7 billion in sales.
Salty Snacks Core Segment Market Data
(52 weeks ending May 17, 2020)
$8.0 billion $5.9 billion $1.5 billion $1.3 billion
4.6% YoY 7.6% YoY 5.0% YoY 7.0% YoY
Potato Chips Tortilla and Ready-to-Eat (RTE) Pretzels
Tostada Chips Popcorn
• Per IRI, the crackers category grew 5.9% to $7.8 billion. According to the Packaged Facts “U.S. Food Market
Outlook 2020”, consumers are striving towards indulgent foods that are full-flavored, such as crackers.
Plant-Based Products2
• The pandemic has led consumers to take a more holistic approach to health, which includes a focus on healthy
products, personal ethical concerns, and questions on the sustainability of certain farming techniques.
• Such preferences have caused consumers to shift toward plant-based products. According to ADM, 56% of global
consumers are eating more plant-based foods, with the meat-free category experiencing 29% YoY growth.
• Producers are capitalizing on the growing demand, such as Gosh, which launched RTE plant-based snack bites.
“There’s an ever-growing demand for healthy, plant-based snacks and we believe that we are entering
this category with a truly unique offering, in a convenient format,” said William Topp, Marketing Manager
of Gosh.
Sustainability3
• Younger consumers are increasingly worried about the environment and climate change, driving food companies
to be more thoughtful toward sustainability and reducing their environmental impact. This has led to large snack
companies striving towards a lower carbon footprint during production.
COVID-19 has accelerated this trend, according to a survey conducted by GlobalData, which found that
41% of European consumers believe a lower environmental footprint is more important as compared to
their views before the pandemic.
SnackFutures has capitalized on this opportunity by producing a carbon neutral cracker NoCOé.
Source: 1) IRI, 2) BakeryandSnacks.com, 3) GlobalData
7 INSIDER FOOD & BEVERAGE www.bglco.com
Industry Review
Better-for-You
• BFY foods are a combination of healthy and clean products. Healthy is defined as light, nutrient dense, and devoid
of harmful ingredients, while clean denotes transparency and simplified ingredients.
• With growing consumer demand for claims such as organic, non-GMO, gluten-free, and no additives, BFY is a
growing trend as consumers look for both transparency in the supply chain and responsible manufacturing.
Key BFY trends include:
• Low-sugar or alternative sweeteners
• Plant-based foods
• Protein-centered snacks
• Healthy, yet tasty
• Free-From fillers, preservatives, and harmful ingredients
Meal Replacement
• The six small meals concept1 has made an impact on the snacking category. Certain studies suggest that consuming
six small and balanced meals a day suppresses hunger and appetite, and aids in weight loss and digestion.
• The convenience factor of multiple small snacks plays a role, as busy consumers look to replace their larger meals
with quick snacks throughout the day, saving time on meal preparation.
• As a result, food manufacturers are introducing balanced, well-portioned snack products that offer wholesome
nutrition and are fit for several occasions.
Certain food diets, such as Vegan, Keto, and Paleo, have also contributed to and promoted this trend.
Source: 1) MDLinx
8 INSIDER FOOD & BEVERAGE www.bglco.comIndustry Review
Global Drivers
Change in Snacking Habits1
• Snacking habits have changed dramatically over the last decade. According to an IFIC Snacking Survey in
September 2020, ~65% of the consumers snack at least one time a day.
• With longer workdays and WFH trends, the role of snacks has evolved for consumers. Convenience and ethnic
flavors have been key drivers for increased snack consumption.
Daily Snacking Multiple times a day
4% 4%
Frequency 5%
Once a day
34%
1 in 3 consumers A few days a week
snack multiple 22%
times each day Once a week or less
Never
I prefer to snack or graze throughout 31%
the day instead of eating three meals
Major drivers of increasing snacking frequency include:
• Access to attractive options • Increase in disposable income
• Convenience of ready-to-eat options • Evolving taste buds / full-flavor profile
• Dietary requirements (health, weight, blood sugar) • Stress coping
Options Galore
• Variety in snacking options has also been a key driver of growth. Innovation has led to a wider selection of options
ranging from meat treats, plant-based organics, gluten-free offerings, BFY, and many more flavorful and healthy
snack options.
Functional Snacking
• Snacking habits have changed significantly in the last few years. Consumers seeking healthy snacking for their well-
being are exploring functional snacks to achieve specific benefits.
• To cater the target market, producers are using CBD and other vitamins and nutrients as functional ingredients with
targeted benefits, such as better sleep, more energy and relieved anxiety. Such benefits will act as leading drivers
for increased snack consumption.
Source: 1) IFIC
9 INSIDER FOOD & BEVERAGE www.bglco.comIndustry Review
COVID Alters Snacking Habits
1 in 3 people report snacking more often since COVID-19 began1
Practicing mindful/intuitive eating 21% 24% 41% 14%
Eating snacks with family/friends 23% 29% 40% 7%
Eating sweet snacks 27% 26% 43% 4%
Eating packaged snacks 28% 21% 47% 4%
Eating salty snacks 29% 21% 45% 5%
Eating healthy snacks 30% 23% 43% 5%
Snacking on fresh fruits/vegetables 30% 24% 43% 4%
Eating snacks alone 32% 19% 44% 5%
Eating when bored/not hungry 33% 21% 39% 7%
Snacking overall 36% 15% 44% 5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Doing more often Doing less often Doing the same amount Not sure
70% 57%
of millennials and 67% of those of respondents are relying more
working from home prefer on snacks for nourishment
snacking over meals
In North America…2 In Europe…2
Chips Chips
65% consumers eat once a week or 45% consumers eat once a week or
more in 2020; increase from 59% in more in 2020; increase from 35% in
2019 2019
Chocolate Crackers
57% consumers eat once a week or 47% consumers eat once a week or
more in 2020; increase from 50% in more in 2020; increase from 42% in
2019 2019
Source: 1) IFIC, 2) Mondelēz International)
10 INSIDER FOOD & BEVERAGE www.bglco.com4
Segment Highlights
Savory Snacks
The global savory snacks segment was estimated at
$150.5 billion in 2020 and is expected to reach $176.1
billion by 2024, growing at a CAGR of 4.0%.
The increased consumption of baked goods and low-
calorie snacks are the major drivers enhancing the
growth of savory snacks market globally.
Key Categories include
Nuts, Seeds, and Trail Mixes
Salty Snacks
Savory Biscuits
Popcorn
Pretzels
Other Savory Snacks
Source: ReportLinker
11 INSIDER FOOD & BEVERAGE www.bglco.comSegment Highlights
Savory Snacks Sweet Snacks
Nuts, Seeds, and Trail Mixes1 Key Trends
• The Nuts, Seeds, and Trail Mixes category is
comprised of three major food categories: Nuts, such Clean label
as almonds, cashews, peanuts; Seeds, such as
pumpkin, chia, sesame, and flax; and Dried Fruits,
such as figs, dates, prunes, apricots, and berries. Plant-based, all-natural offerings
• Trail Mixes combines these three items and are on-
Exotic flavoring, seasoning, and
the-go, energy boosting snacks that require limited
coatings
preparation. Easy-to-eat, protein- and antioxidant-
rich, and energy-boosting attributes are contributing Gourmet preparations
to growth with the arrival of the health-conscious providing a sense of indulgence
consumer.
• According to Mordor Intelligence, the global nuts and
seeds market will grow at a 5.4% CAGR (2021-2026)
Salty Snacks2 Key Trends
• Within the Salty Snacks category, chips and Innovation in shapes and textures
puffed snacks are witnessing rising sales. Puffed
snacks as well as healthier chip options made Bold, spicy flavors
from alternative grains and vegetables are
gaining traction, due to innovative options and BFY options (baked and heart-
growing consumer demand for BFY options. healthy oils)
• The salty snacks category reported sales worth Personalized options (gluten-
$21 billion for the 52 weeks ending June 14, 2020 free, organic, non-GMO, plant-
at a growth rate of 9.4%. based)
Savory Biscuits3 Key Trends
• The Savory Biscuits (or crackers) category
Free-from claims
experienced relatively flat growth of 0.6% from
2013–2018. However, increasing consumer
demand for healthy options along with Diet sensitive products
ingredient and flavor innovations is expected to
rejuvenate the growth of this category. Functional benefits
• The global market is expected to reach $56.7 (antioxidants, fiber, protein)
billion by 2026, up from $51.2 billion in 2020,
growing at a CAGR of 1.7% during the Out-of-the box healthy grains
projected period.
Source: 1) Morder Intelligence, 2) Baking Business, 3) Medium
12 INSIDER FOOD & BEVERAGE www.bglco.comSegment Highlights
Savory Snacks Sweet Snacks
Popcorn1 Key Trends
• Popcorn caters to a wide audience with offerings RTE popcorn
ranging from indulgent to healthy, and is available
in traditional microwaveable or convenient ready-
Sweet, savory, and spicy flavors
to-eat (RTE) forms. While consumer preferences
have shifted toward RTE due to the perceived
health benefits, the microwaveable segment is Indulgent coatings / drizzles (candy,
resurging due to unique flavor combinations. caramel, chocolate, cotton candy)
• The use of high-stability oils in manufacturing RTE Use of high-oleic oils or heart-
popcorn has also increased as it improves the shelf- healthy alternative oils
life of such products.
• The global market is estimated to be $11.0 billion
in 2020 and is expected to reach $16.9 billion by
2027, growing at a CAGR of 6.4%.
Pretzels2,3 Key Trends
• Convenience is a key demand driver for Pretzels,
which are commonly available in salt, peanut Flavor-filled pretzels
butter, and chocolate variations.
• While some manufacturers are embracing flavor Use of alternative flours
and ingredient innovation to attract mainstream
consumers, others are striving to appeal to health-
conscious consumers by highlighting the low-fat All-natural ingredients
and low-sodium health benefits of their products.
• Per IRI, the pretzels market grew 20% in dollar sales
during the eight weeks ending April 26th 2020, and
was projected to grow 13% for the remainder of the
year.
• The dollar sales of frozen pretzels increased 45%
during the eight weeks ending April 26th 2020,
while the unit and volume sales increased by 45%
and 40%, respectively.
• According to Mordor Intelligence, the global pretzel
market is projected to grow at a CAGR of 2.7% from
2020-2025.
Source: 1) ReportLinker, 2) IRI, 3) Modor Intelligence
13 INSIDER FOOD & BEVERAGE www.bglco.comSegment Highlights
Savory Snacks Sweet Snacks
Other Savory Snacks1 Key Trends
• Other Savory Snacks consists primarily of meat- BFY options
based products, such as beef sticks, meat jerky,
pork rinds, and other meat sticks. The segment
has expanded in recent years with the entry of Clean ingredients
new players, but has suffered declining profits
due to the emergence of BFY snacks. To stay
relevant, the segment began adding new flavors Diet sensitive products (Keto,
and clean ingredient labels to promote health and Paleo)
wellness.
• The global meat snacks market was estimated at
$5.4 billion in 2020 and is expected to grow to
$6.2 billion in 2024, representing a CAGR of 3.7%.
Source: 1) Market Research Future
14 INSIDER FOOD & BEVERAGE www.bglco.comSegment Highlights
Savory Snacks Sweet Snacks
Sweet Snacks
The Sweet Snacks category is facing challenges as
consumers shy away from the consumption of sugar.
However, healthy option introductions and greater
innovation is broadening the consumer base.
Key Categories include
Fruit Snacks
Snack Bars
Sweet Biscuits
Fruit Snacks1 Key Trends
Fruit Snacks are prepared from concentrated Natural and organic
fruit juices and purees. Their nutritional content
includes potassium, vitamins, magnesium, and
fiber.
Exotic flavors and coatings
The global market is estimated at $5.5 billion in
2020 and is projected to reach $9.2 billion by
2027, growing at a CAGR of 7.8% Premium fruits (avocado, dragon
fruit, baobab)
Source: 1) ReportLinker
15 INSIDER FOOD & BEVERAGE www.bglco.comSegment Highlights
Savory Snacks Sweet Snacks
Snack Bars1 Key Trends
• Snack Bars are available in a variety of options to GMO and free-from claims
fulfill varying consumer needs, including diet,
energy, nutrition, and sweet cravings. Made from
healthy ingredients such as grains, fruits, nuts, plant Nutrient dense
and/or animal-based proteins, granola, exotic
flavorings, and seeds, snack bars cater to
consumers’ niche needs and make a readily Ingredient localization
available, on-the-go, healthy snacking option.
• The snack bars market reported ~$6.1 billion in Organic and natural
dollar sales for the 52 weeks ending October 4,
2020. The nutritional/intrinsic health bars accounted
for over 50% of sales.
Sweet Biscuits2 Key Trends
• Plain biscuits is the leading segment in the Sweet Addition of proteins
Biscuit snacking category due to their tastiness and
indulgent properties, while cookies and wafers
caught consumers’ attention in the high-volume Natural and clean ingredients
Chinese market.
• Functional innovation and clean label claims are Premiumization of indulgent treats
driving growth and reshaping this category
globally. Sharing packs
• The global cookies market is currently estimated at
$26.9 billion and is expected to reach $36.2 billion
at a CAGR of 4.3%.
Source: 1) IRI, 2) MarketWatch
16 INSIDER FOOD & BEVERAGE www.bglco.com5
Key Investment – Shelf Stable
Snacking
Overview1
Health and Wellness Snacking consists of two major categories: Fresh Snacking and Shelf-Stable Snacking.
Shelf-Stable Snacking –
While COVID-19 had a negative impact on the food service industry, brand owners and manufacturers of shelf-stable
and frozen food products reported unprecedented sales growth.
Per IRI statistics, compared to the prior 26-week period, sales in the dry grocery and frozen food departments added
~$17 billion to multi-outlet retailers’ bottom lines.
Types of Shelf Stable Snacks
Beef Jerky Dried Fruit Granola Bars
Dry Cereal Chips/Crackers Whole Grain
Crackers
Source: 1) IRI, October 4, 2020
17 INSIDER FOOD & BEVERAGE www.bglco.comKey Investment – Shelf Stable Snacking
Beef Jerky
Beef Jerky is a convenient snack prepared from thin cuts of beef that are marinated with various sauces,
spices, and other flavoring agents. Those pieces undergo numerous processing methods, such as curing,
smoking, and drying. It’s a healthy and nutritious snack that is high in protein and low in carbs. The
snack is also rich in several minerals, such as zinc and iron, which helps maintain immunity and steady
energy levels. The long shelf life and portability of beef jerky make it a practical choice of snacking for
travel, backpacking, and other situations. The global jerky market was expected to be worth $3.6 billion
in 2020 and is estimated to reach $4.9 billion by 2025, growing at a CAGR of 6.6%1.
Key Brands
Dried Fruit
Dried Fruit is a snacking option comprised of dehydrated fruit (fruit devoid of the water content).
Drying makes the fruit small and energy-dense. It can be preserved for a longer period than a fresh fruit,
which makes it a vital shelf-stable snack for long trips. Dried fruit is a highly nutritious snack that
contains up to 3.5 times the fiber, vitamins, and minerals than fresh fruit. The global dried fruits market
is estimated to be worth $7.0 billion in 2020 and is expected to grow at $9.1 billion, growing at a CAGR
of 4.4%1.
Key Brands
Granola Bars
Granola Bars are a convenient and a healthy shelf-stable snack that are also a good source of fiber and
protein. The ingredients often include oats, dried fruit, nuts, seeds, honey, coconut, and chocolate
chips. The bars can also be consumed as a meal replacement snack. The global cereal bars market is
estimated at $12.0 billion in 2020 and is expected to reach $15.2 billion by 2026, growing at a CAGR of
4.0%2.
Key Brands
Dry Cereal
Dry Cereal is one of the most popular breakfast meals due to its convenience and price. It is made from
processed grains and often contain vitamins and minerals. Dry cereals are usually eaten with milk,
yogurt, fruit, or nuts.
Key Brands
Source: 1) Market Research Future, 2) Expert Market Research
18 INSIDER FOOD & BEVERAGE www.bglco.comKey Investment – Shelf Stable Snacking
Chips/Crackers1
Chips and crackers are both convenient, ready-to-eat snacks prepared from potatoes, wheat, corn, or a
different grain. Historically considered as a savory snack with a variety of different flavors, there has been
a recent trend for better-for-you options. Gluten-free and free-from brands are making a comeback
among consumers with allergies and dietary preferences. According to IRI, the global potato chip market
was valued at $8.0 billion in May of 2020, representing a 4.6% YoY growth rate over the 52-weeks prior.
At a similar market size, the crackers category grew 5.9% to $7.8 billion. According to Packaged Facts’
“U.S. Food Market Outlook 2020”, consumers are striving towards indulgent foods that are full-flavored.
Key Brands
Whole Grain Crackers2,3
Whole grain crackers, a subset of the broader cracker markets, is a healthier variety to traditional
crackers. According to a study completed by Harvard University, whole grains are a more nutrient dense
form of grain compared to refined grains, which are stripped of valuable nutrients in the refining process.
BusinessWire is projecting whole grains to be the largest driver of growth in this category, as demand for
healthy snacks continues to rise among the broader population.
Key Brands
Trends
Innovative Snacking
As the demand for healthy, shelf-stable snacks rises,
producers are exploiting the opportunity to launch
stimulating products like meat-free jerky that is made
from dehydrated fruits and veggies. These ingredients
can be lower in sodium and higher in vitamins, minerals,
and fiber compared to traditional beef jerkies.
Long Shelf-Life Stability1
As consumers are trying to make less frequent shopping
visits, they are focusing on buying shelf-stable items.
Dublin-based ResearchAndMarkets estimated the
packaged food industry rose by 377% as consumers have
started to embrace packaged snacks with long shelf life.
Ethnic / Full Flavor4
Ethnic snacks are becoming increasingly popular due to its
perceived health benefits and high flavor attributes. Plant-
based trends are furthering this as consumers search for
innovative foods sourced from different parts of the world.
Source: 1) Research and Markets, 2) Harvard University, 3) BusinessWire, 4) PBFY
19 INSIDER FOOD & BEVERAGE www.bglco.com6 M&A Highlights Selected M&A Transactions by Category Overall M&A activity picked up the second half of 2020 and has not slowed down in Q1 2021. Within the broader food and beverage landscape, there is a keen focus on the snacking category in general and specifically the innovative brands that are driving new products and consumer interest. Several high-profile food companies are highly acquisitive, with a strategic focus on shelf-stable snacking brands, as they continue to thrive in a post-COVID world. Recent Highly Acquisitive Consolidators Other Recent Notable Acquisitions 20 INSIDER FOOD & BEVERAGE www.bglco.com
M&A Highlights
Selected M&A Transactions by Category
Key Savory Snacks Sweet Snacks
EV
Ann. Date Target Company Target Description Country Bidder Company Country
($m)
Nuts, Seeds, and Trail Mixes
Comprises the Corn Nuts and Planters Hormel Foods
11-Feb-21 Nuts Business of Kraft Heinz United States United States 3350.0
production facilities Corporation
Manufactures chocolate and macadamia
12-Jan-21 Hawaiian Host Group United States HHML Acquisition LLC United States -
nut snacks
Processes and packs fresh fruits,
Midsona AB (publ)
07-Oct-20 System Frugt A/S vegetables, nuts, dried specialties, and Denmark Sweden 34.2
(OM:MSON B)
snacks
Engages in the production and marketing
21-Jul-20 V. Besana S.p.A. of nuts, dried fruit, seeds, chocolate, and Italy Importaco, S.A. Spain -
snacks
United United
3-Jul-20 Cofresh Snack Foods Operates as an Indian healthy snacks firm Vibrant Foods -
Kingdom Kingdom
Produces and distributes snacks and
10-Jun-20 Pennsylvania Dutch Candies United States Nassau Candy, Inc. United States -
confections food
Sells snacks, nuts, and dried fruits mainly
23-Feb-20 Be & Cheery China PepsiCo United States 705.0
on its Chinese eCommerce platforms
Salty Snacks
PT Indofood CBP Sukses
17-Feb-21 PT Indofood Fritolay Makmur Manufactures and markets snack food Indonesia Indonesia 33.6
Makmur Tbk (IDX:ICBP)
Manufactures, markets, and sells packaged Prataap Snacks Limited
04-Feb-21 Avadh Snacks Private Limited India India -
snack food products (BSE:540724)
Manufactures snacks using Chickpeas rather United
26-Jan-21 Hippeas Snacks United States The Craftory Limited -
than traditional grains Kingdom
Focused on potato chips, popcorn, corn
11-Jan-21 Certain Assets of Vitner’s Brand United States Utz Quality Foods, LLC United States 25.0
chips, pork rinds, and cheese snacks
Produces microwave and frozen
24-Dec-20 Alba Tramezzini s.r.l. Italy CRM s.r.l. Italy -
sandwiches, salty snacks, and frozen food
14-Dec-20 On The Border Producer of tortilla chips, salsa, and queso United States Utz Brands United States 480.0
Manufactures and sells snacks and health
20-Nov-20 KOIKE-YA Inc. (JASDAQ:2226) Japan Nissin Foods Holdings Co Japan 163.6
foods
Source Capital, LLC;
20-Aug-20 Cheeze Kurls Manufactures and markets snack foods United States United States -
Kilroy Partners
Produces and distributes natural and
20-Jul-20 La Finestra sul Cielo SpA Italy BV&FdL S.r.l Italy -
organic food
Produces snack food products for Kameda Seika Co.,Ltd.
29-Mar-20 TH Foods, Inc. United States Japan -
customers worldwide (TSE:2220)
10-Mar-20 Sichuan Huiji Food Co., Ltd. Produces and sells snack foods in China China Caogenzhiben Group China -
Popcorn
United Exponent Private United
22-Jan-21 Catapult Enterprises Ltd Engages in the production of popcorn -
Kingdom Equity LLP Kingdom
Produces and retails popcorn, chocolate, b.a. Sweetie Candy
16-Nov-20 Campbell’s Sweets Factory United States United States -
cupcakes, and cookies Company, Inc.
Manufactures, distributes, and markets
Champlain Financial
12-Nov-20 Bad Monkey Popcorn Inc ready-to-eat popcorn, microwavable Canada Canada -
Corporation
popcorn, and other confectionery items
Manufactures and distributes gourmet
19-Jul-20 Japan Popcorn, Inc. Japan Food Star Japan -
popcorn
Manufactures and distributes various The Harris Financial
11-Jun-20 Farber Concessions, Inc. United States United States -
popcorn Group, Ltd., LLC
Manufactures and markets food products
Source: CapitalChicago
05-May-20 IQ Custom Foods LLC United States Sauer Brands, Inc. United States -
and non-alcoholic beverages
21 INSIDER FOOD & BEVERAGE www.bglco.comM&A Highlights
Selected M&A Transactions by Category
EV
Ann. Date Target Company Target Description Country Bidder Company Country
($m)
Pretzels
Produces soft pretzel bread and buns
03-Nov-20 Pretzilla United States Benestar Brands United States -
under the Pretzilla brand
Certain Assets of the H.K.
29-Sept-20 Brand of peanut butter-filled pretzels United States UTZ Brands United States -
Anderson business
Produces and sells organic breads and
07-May-20 Rudi's Organic Bakery, Inc. United States Promise Gluten Free Ireland -
bakery product
Other Savory Snacks
12-Jan-21 Parmareggio S.p.A. Produces and sells cheese products Italy Agriform Sca Italy -
United Samworth Brothers
23-Dec-20 Higgidy Limited Produces pies, salads, puddings, and snacks United Kingdom -
Kingdom Limited
17-Dec-20 Peckish, LLC Produces boiled egg snacking products United States Egg Innovations, LLC United States -
Dhampure Speciality
Nostalgic Foods Retail
16-Dec-20 Retails snack food products India Sugars Limited India 0.3
Private Limited
(BSE:531923)
03-Dec-20 Maki Foods Co., Ltd. Produces snacks, jelly, and soups Japan Nihon Canpack Co., Ltd. Japan -
Shanghai Yongjin
Tianjin Guifaxiang 18th Street Engages in the research, development,
13-Nov-20 China Investment Management China 322.9
Mahua Food Co.,Ltd. production, and sale of snack foods
Co., Ltd.
United
09-Nov-20 Addo Food Group Limited Produces and markets pastry products PAI Partners France -
Kingdom
Produces savory flavors, seasonings, and
04-Nov-20 Jining Nature Group China Kerry Group plc (ISE:KRZ) Ireland -
prepared food products
Produces plant-based meat product
24-Sep-20 Like Meat GmbH Germany The Live Kindly Co. United States -
substitutes
16-Sep-20 Piatti Freschi Italia S.p.A. Produces ready-to-eat meals and snacks Italy Mariofelice SPA Italy -
Manufactures, sells, and distributes
Pepsi-Cola Products Lotte Chilsung Beverage
16-Sep-20 carbonated soft-drinks, non-carbonated Philippines South Korea 287.3
Philippines, Inc. Co.,Ltd. (KOSE:A005300)
beverages, and confectionery products
Produces and processes natural and Vukota Capital
31-Jul-20 Beretta Farms Inc. Canada United States 2.9
organic meat products Management LLC
IDIA Capital
28-Jul-20 Cofigéo S.A. Manufactures pre-cooked meals France France -
Investissement
Sire Bioscience Inc.
22-Jul-20 Amino Balls Inc. Produces plant-based protein snacks Canada Canada 0.1
(CNSX:SIRE)
Manufactures and sells sweet and savory
21-Jul-20 Danival SAS France Wessanen N.V. Netherlands -
organic products, canned goods, etc.
Produces and sells beef and chicken Sonoma Brands
09-Jul-20 Chef’s Cut Real Jerky United States United States -
jerkies Partners II, LLC
Manufactures dough products and fried
01-Jul-20 Deli Asia (S) Pte. Ltd. Singapore KOUFU PTE LTD Singapore 16.5
food
Produces and sells culinary-style meat and Sonoma Brands
04-May-20 Krave Pure Foods, Inc. United States United States -
poultry snacks Partners II, LLC
Hangzhou Haomusi Food Co.,
23-Feb-20 Offers online retailing of snack food China PepsiCo United States -
Ltd.
Thrushwood Farms Manufactures and sells meat snack sticks Western's Smokehouse,
16-Jan-20 United States United States -
Quality Meats, Inc. and protein products LLC
10-jan-20 Golden Island Produces and sells jerky United States Jack Link United States -
Source: Capital IQ
22 INSIDER FOOD & BEVERAGE www.bglco.comM&A Highlights
Selected M&A Transactions by Category
EV
Ann. Date Target Company Target Description Country Bidder Company Country
($m)
Fruit Snacks
Assets of Country Fresh Comprises fresh-cut fruit, vegetable, and Stellex Capital
16-Feb-21 United States United States -
Holding Co Inc. snacking production Management LLC
09-Feb-21 Diver Foods Pty Ltd Produces breakfast cereals and snacks Australia Arnott's Biscuits Limited Australia -
Cereal and Snacks operations of
17-Dec-20 Operates as a snacks and cereal producer Australia Arnott's Biscuits Limited Australia 15.4
Freedom Foods Group Limited
Manufactures cereal bars, muesli, and United
17-Dec-20 Eat Natural Ferrero Italy -
granola Kingdom
Matsuyama Confectionery Engages in the manufacturing and
25-Sep-20 Japan Nishihara Shokai Co. Ltd. Japan -
Co. Ltd. marketing of confectioneries
Produces cereals, porridge, organic dairy- United
12-Jun-20 Rude Health Foods Limited PepsiCo, Inc. United States 100.3
free drinks, and snacks Kingdom
Produces, distributes, markets, and sells
JPMorgan Chase & Co.
25-Feb-20 Pioneer Food Group Ltd food, beverage, and related products for South Africa United States -
(NYSE:JPM)
human and animal consumption
Snack Bars
Manufactures organic food products in the
20-Jan-21 Leev.Nu B.V. Netherlands Nature Bio Foods BV Netherlands -
Netherlands
05-Jan-21 HU Manufactures and sells chocolate products United States Mondelēz International United States -
Offers snacks, such as Fig Bars and other
02-Dec-20 Nature’s Bakery United States KIND LLC United States -
soft-baked foods
Manufactures and distributes healthy
17-Nov-20 KIND LLC United States Mars, Incorporated United States -
snacks, fruit, and nut bars
Manufactures bars, cookies, chips, and
29-Sep-20 Assets Related to SimplyProtein United States Wellness Natural, Inc Canada -
crunchy bites for children and adults
Produces and sells snack bars for food United
17-Sep-20 Halo Foods Ltd Peak Rock Capital LLC United States -
brands and retailers Kingdom
Produces a nutritious snack bar containing
01-Sep-20 Arctic Forest Foods Oy Finland Kultasuklaa Oy Finland -
rare Nordic ingredients
Produces and sells milk-based sport
Midsona AB (publ)
26-Jun-20 Gainomax nutrition drinks, protein bars, and snacks for Sweden Sweden 7.1
(OM:MSON B)
exercisers and athletes
United Lotus Bakeries NV
22-May-20 Natural Balance Foods Ltd. Produces and markets snack bars Belgium 104.3
Kingdom (ENXTBR:LOTB)
Produces and sells low sugar and high
Bayn Group AB (publ)
10-Jan-20 Pändy Foods AB protein snacks, including candy, energy Sweden Sweden 7.2
(OM:BAYN)
drinks, lentil chips, and protein bars
Sweet Biscuits
24-Jan-21 Gourmet Crocante S.A.C. Produces desserts, cookies, and snacks Peru Capriccio Express S.A.C. Peru -
AUCTUS Capital
11-Nov-20 Landbäckerei Sommer GmbH Owns and operates a chain of bakery shops Germany Germany -
Partners AG
Manufactures soft-baked-cookies and
10-Oct-20 Farm and Oven Snacks, Inc. United States Dewey's Bakery, Inc. United States -
muffins
United
07-Oct-20 Fox's Biscuits British biscuit manufacturer Ferrero Italy 317.8
Kingdom
Comprises breakfast and snacking Sovos Brands
26-Aug-20 Birch Benders, LLC United States United States -
production operations Intermediate, Inc.
01-Apr-20 Give & Co. Sweet baked goods company Canada Mondelēz International United States -
Produces and sells gluten-free baking
07-Jan-20 Pamela's Products, Inc. United States Quinoa Corporation United States -
mixes, biscuits, snacks, cookies, etc.
03-Jan-20 Voortman Cookies Produces and sells cookies Canada Hostess Brands United States 320.0
Source: Capital IQ
23 INSIDER FOOD & BEVERAGE www.bglco.com7
Public Company
Performance
Share Price Performance
Snacking outperformed the broader Food Products industry, with a five-year return of 28.8%, compared to 12.4%
for the overall market. COVID-19 was a major growth driver for snacking due to stockpiling by consumers.
Companies such as Chacha Food, The Simply Good Foods Company, and Premier Foods have seen the biggest
gains in share price.
140.00
27.9%
130.00
120.00
110.00
(Indexed to 100)
100.00
13.8%
90.00
80.00
70.00
60.00
50.00
Mar-16 Oct-16 May-17 Nov-17 Jun-18 Dec-18 Jul-19 Jan-20 Aug-20 Mar-21
Snacks and Savory¹ S&P 500 Food Products (Industry)
Notes:
1. Snacking Industry includes PepsiCo, Inc., Mondelez International, Inc., General Mills, Inc., The Hershey Company, Kellogg Company, Conagra Brands, Inc., Campbell Soup
Company, Want Want China Holdings Limited, Britannia Industries Limited, Grupo Bimbo, S.A.B. de C.V., Orkla ASA, Post Holdings, Inc., Flowers Foods, Inc., Calbee, Inc.,
Yamazaki Baking Co., Ltd., PT Mayora Indah Tbk, Gruma, S.A.B. de C.V., J & J Snack Foods Corp., Grupo Nutresa S. A., TreeHouse Foods, Inc., Ezaki Glico Co., Ltd.,
Premium Brands Holdings Corporation, ORION Corp., Three Squirrels Inc., Tiger Brands Limited, Morinaga & Co., Ltd., The Hain Celestial Group, Inc., Lotus Bakeries NV,
The Simply Good Foods Company, Chacha Food Company, Limited, Hostess Brands, Inc., B&G Foods, Inc., Ülker Bisküvi Sanayi A.S., Nongshim Co., Ltd., ARYZTA AG,
Premier Foods plc, Borges Agricultural & Industrial Nuts, S.A.
Source: S&P Capital IQ as of 29th March 2021
24 INSIDER FOOD & BEVERAGE www.bglco.comPublic Company Performance
7
Public Company Valuation Metrics
Margin (%) EV/
EBITDA EBIT Sales (x) EBITDA (x) EBIT (x)
Company Name Market Cap (Capital IQ) EV (USDm) LTM LTM LTM LTM LTM
Snacks and Savory
PepsiCo, Inc. 196,933 233,323 18.1% 15.4% 3.32x 18.3x 21.6x
Mondelez International, Inc. 83,936 101,427 20.4% 16.2% 3.82x 18.7x 23.6x
General Mills, Inc. 37,190 49,180 22.4% 19.2% 2.64x 11.8x 13.8x
The Hershey Company 32,995 36,676 25.8% 22.1% 4.50x 17.5x 20.3x
Kellogg Company 21,684 29,912 16.9% 13.5% 2.17x 12.8x 16.1x
Conagra Brands, Inc. 18,810 28,360 21.1% 17.9% 2.46x 11.7x 13.7x
Campbell Soup Company 15,414 20,729 19.3% 15.7% 2.31x 12.0x 14.7x
Want Want China Holdings Limited 8,925 7,911 29.0% 25.1% 2.55x 8.8x 10.2x
Britannia Industries Limited 11,631 11,900 19.1% 17.6% 6.77x 35.3x 38.4x
Grupo Bimbo, S.A.B. de C.V. 9,337 14,647 13.4% 9.8% 0.88x 6.6x 9.0x
Orkla ASA 9,801 10,663 14.4% 11.6% 1.94x 13.4x 16.7x
Post Holdings, Inc. 6,918 13,398 18.4% 11.8% 2.35x 12.8x 19.9x
Flowers Foods, Inc. 5,119 6,134 11.2% 8.3% 1.40x 12.5x 16.8x
Calbee, Inc. 3,628 3,316 14.3% 10.4% 1.29x 9.0x 12.4x
Yamazaki Baking Co., Ltd. 3,645 3,600 5.6% 1.7% 0.37x 6.6x 21.3x
PT Mayora Indah Tbk 4,192 4,300 15.5% 12.8% 2.59x 16.7x 20.3x
Gruma, S.A.B. de C.V. 4,673 5,756 16.5% 12.5% 1.26x 7.6x 10.1x
J & J Snack Foods Corp. 2,992 2,766 5.7% 0.3% 2.82x NM NM
Grupo Nutresa S. A. 2,903 3,814 11.5% 8.9% 1.17x 10.2x 13.1x
TreeHouse Foods, Inc. 3,040 5,166 11.4% 6.8% 1.19x 10.4x 17.5x
Ezaki Glico Co., Ltd. 2,735 2,122 9.6% 5.3% 0.64x 6.7x 12.0x
Premium Brands Holdings Corporation 4,115 4,884 6.7% 4.4% 1.54x 23.0x 35.0x
ORION Corp. 4,492 4,391 23.1% 16.9% 2.14x 9.3x 12.7x
Three Squirrels Inc. 2,242 2,034 3.7% 3.3% 1.36x 36.5x NM
Tiger Brands Limited 2,290 2,204 11.0% 8.7% 1.23x 11.2x 14.1x
Morinaga & Co., Ltd. 1,891 1,722 12.7% 9.5% 0.88x 6.9x 9.3x
The Hain Celestial Group, Inc. 4,516 4,859 10.9% 8.5% 2.32x 21.3x 27.3x
Lotus Bakeries NV 4,273 4,426 18.9% 16.8% 5.46x 28.9x 32.6x
The Simply Good Foods Company 2,939 3,447 18.2% 16.5% 3.85x 21.1x 23.3x
Chacha Food Company, Limited 3,955 3,663 19.5% 17.2% 4.52x 23.2x 26.3x
Hostess Brands, Inc. 1,916 2,883 21.6% 16.7% 2.84x 13.1x 17.0x
B&G Foods, Inc. 2,164 4,481 18.1% 14.9% 2.28x 12.6x 15.3x
Ülker Bisküvi Sanayi A.S. 902 1,239 17.1% 15.2% 0.98x 5.7x 6.5x
Nongshim Co., Ltd. 1,437 1,007 9.9% 6.1% 0.42x 4.2x 6.8x
ARYZTA AG 1,122 2,121 1.6% NM 0.64x NM NM
Premier Foods plc 1,162 1,718 16.1% 12.1% 1.50x 9.3x 12.4x
Borges Agricultural & Industrial Nuts, S.A. 71 140 NM NM 0.73x NM NM
Mean 15.2% 12.3% 2.2x 14.3x 17.6x
Median 16.3% 13.5% 0.9x 7.5x 16.1x
Source: S&P Capital IQ as of 29th March 2021
25 INSIDER FOOD & BEVERAGE www.bglco.com8 Overview of GMAP
Food and Beverage Team
EUROPE
Michael Petit* Ivars Pinkulis Paul McGlone
Managing Director Partner Director
+33 6 30 80 71 66 +371 67212324 +0161 393 1983
mpetit@globalma.com ipinkulis@globalma.com pmcglone@globalma.com
FRANCE LATVIA UNITED KINGDOM
Philipp Elsen Pal Farkas Harold Brummelhuis
Partner Partner Principal
+49 211 15887064 +36 1 275 1116 +31 (0) 30 6999 000
pelsen@globalma.com pfarkas@globalma.com hbrummelhuis@globalma.com
GERMANY HUNGARY NETHERLANDS
Frederic de Boer
Partner
+41 44 755 59 99
fdeboer@globalma.com
SWITZERLAND
AMERICAS
Daniel Gomez* Esteban Olivera Alex Cerri
Head of Food & Beverage Managing Partner Partner
+1 312 658 4789 +54 11 2150 7185 +55 11 3165 5804
dgomez@globalma.com eolivera@globalma.com acerri@globalma.com
UNITED STATES ARGENTINA BRAZIL
Ian Macdonell Rafael Wilhelm Matthei Luis Ortiz
Managing Director Partner – Executive Director Partner
+1 416 362 1953 +56 2 580 6000 +52 555520 3144
imacdonell@globalma.com rwilhelm@globalma.com lortiz@globalma.com
CANADA CHILE MEXICO
Mónica Com
Partner
+511 203 9800
mcom@grupomacro.pe
PERU
REST OF THE WORLD
Bingyu Chen Jacob Won Mihir Shah
Partner Partner Director
+86 106 520 2002 +82 2 3478 9802 +91 9819 333 693
cbingyu@globalma.com jhwon@globalma.com mshah@globalma.com
CHINA SOUTH KOREA INDIA
* Denotes Co-heads of the Food & Beverage team
26 INSIDER FOOD & BEVERAGE www.bglco.comPeer Trading Analysis and Share Price Performance Global M&A Partners Select Transactions Food Ingredients and Agricultural Products Food Processing and Food Manufacturing CPG Food 27 INSIDER FOOD & BEVERAGE www.bglco.com
About Us
Established in 1999, Global M&A Partners is a leading international partnership of investment bankers
specializing in mid-market transactions. We provide sector expertise, international scope, and deep
local market knowledge and execution capabilities for our clients. We operate with local offices across
4 continents and have completed over 1,500 transactions during the last ten years, typically ranging
from €50 to €500 million.
© 2021 Global M&A Partners. All rights reserved.
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