Seven beverage transactions landed in the top 10 deals, including one megadeal of US$10.8b.
Beverage
Deal volumes in the beverage sector in Q3 11 increased by 11% to 72 deals from 65 in Q2 11. Total disclosed deal value rose sharply to US$19.8b in the quarter, pulled higher by the presence of seven beverage transactions in the top 10 deals, including one megadeal of US$10.8b. By comparison, in Q2 11 the largest beverage deal was only US$0.8b — Mexico’s Coca-Cola FEMSA acquisition of the La Pureza operations of Grupo Tampico.
Volume and value of beverage deals, Q4 08 to Q3 11
Source: Ernst & Young’s analysis of FactSet Mergerstat data from Q4 08 to Q3 11.
Food
There were 186 food transactions in the period, with a total disclosed deal value of US$8.4b, a decrease of US$0.9b (10%) over the prior quarter. The food sector was once again the largest sector in terms of deal volume, despite a 9% decline from Q2 11.
Volume and value of food deals, Q4 08 to Q3 11
Source: Ernst & Young’s analysis of FactSet Mergerstat data from Q4 08 to Q3 11.
HPC
The number of HPC deals decreased by 18, to 29 deals (a 38% decline). The total disclosed transaction value, however, increased slightly, by US$0.5b, to US$0.9b in the quarter. The top 10 deals have not contained an HPC deal in either Q3 11 or Q2 11, and the largest HPC deal in the third quarter was the US$315m acquisition of Attends Healthcare, a maker of incontinence undergarments, by Canadian paper producer Domtar.
Volume and value of HPC deals, Q4 08 to Q3 11
Source: Ernst & Young’s analysis of FactSet Mergerstat data from Q4 08 to Q3 11.
Tobacco
There were six tobacco deals in the quarter, the same number as Q2 11, with a disclosed transaction value of US$0.8b. The largest disclosed deal value was Japan Tobacco’s US$450m acquisition of Haggar Cigarette and Tobacco Factory Ltd., which controls 80% of the market in Sudan.
Volume and value of tobacco deals, Q4 08 to Q3 11
Source: Ernst & Young’s analysis of FactSet Mergerstat data from Q4 08 to Q3 11.
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