Five major food and beverage M&A deals: overview
- Mars gained snack scale, market share and geographic reach globally through Kellanova acquisition
- KDP’s JDE Peet’s acquisition tripled coffee operations and capabilities worldwide
- McCormick seeks flavour leadership through Unilever foods integration
- Ferrero aims to revitalise Kellogg cereals through investment and innovation
- Danone expands functional nutrition across Asia Pacific markets through acquisitions
Want to break into a new product category but don’t have the expertise? Or do you want to extend your reach into new territories? Or perhaps streamline your operations? Whichever it is, the vehicle to achieve this is often through a merger or acquisition.
Joining with or taking over another company can be a great idea; an easier way to achieve your strategic goals and that is just what many of the biggest companies in the world have been doing – and are still doing today.
We take a look at five of the biggest recent M&As (by spend) to see what the companies involved are hoping to achieve.
The moreish one: Mars buys Kellanova
The $36bn acquisition of Kellanova by Mars, Inc. ticks a lot of boxes for the chocolate giant.
The deal, which has been described as ‘strategically powerful but debt heavy’ – Mars paid a premium for Kellanova, is said to make Mars fit for the future snacking-wise as it embraces both savoury and health/wellness options.
Mars gobbled up several $1bn-plus brands; Pringles alone is worth around $3bn in global sales while Cheez-It is worth more than $1.35bn and Pop-Tarts, just over $1bn.
Kellanova was, of course, originally a spin off from Kelloggs. In 2023, the North American cereal division of the firm became WK Kellogg Co, while the remainder (global snacks, international cereals and frozen foods) became Kellanova.
The latest deal brings Mars in direct competition with the big hitters in snacks: Mondelēz International and PepsiCo and has seen its global market share increase from 4% to 6% (Kavout).
There are other benefits too including better access to Africa and Latin America as well as enhanced growth through combined R&D opportunities.
The coffee one: Keurig Dr Pepper acquires majority stake in JDE Peet’s
In April 2026, leading North American beverage firm Keurig Dr Pepper Inc. (KDP) acquired 96.22% of pure-play coffee company, JDE Peet’s shares for $18bn.
KDP has a portfolio of more than 125 owned, licensed and partner brands including Dr Pepper, Canada Dry, 7UP, Snapple and Keurig coffee machines and pods. While JDE Peet’s main strength lies with the Peet’s, L’OR brands as well as its 10 strategically selected local icons led by Jacobs. Its brands are available in more than 100 countries.
The acquisition of JDE Peet’s has tripled the size of KDP’s existing coffee business. Timothy Cofer, CEO at KDP said the deal’s key opportunities include strengthening the Peet’s brand in North America, sharing technology between Keurig and JDE Peet’s single-serve platforms, extending Keurig’s coffee brands into new formats and channels, and expanding the new Keurig Alta platform to encompass additional brands and markets over time.
After an interim operating period, KDP plans to separate into two independent, US-listed publicly traded companies: Beverage Co. for the sodas and beverages, and the pure-play coffee spin-off Global Coffee Co, by the end of this year.
Rafael Oliveira as CEO for the future Global Coffee Co, says it aims to be “the best coffee company in the world by combining global reach with local expertise to operate across all formats, segments, channels and price points”. However, Oliveira left the company before it took shape.
Unfortunately, the deal was poorly received at market level when announced last year, with KDP’s shares dropping to a five-year low. Analysts were concerned about the 33% premium over JDE’s 90-day share price average that KDP was paying.
Shares rallied after a positive Q1 earnings but stalled after Oliveira announced his exit.
The spicy one: McCormick to purchase Unilever’s food division
It’s not here yet but the wheels are turning in the big deal which will see spice giant McCormick & Company acquire Unilever’s food division for $15.7bn.
Expected to finalise by mid 2027 at the latest, the official line is that the merger will “create a scaled, global flavour powerhouse, bringing together two industry-leading, culturally-aligned foods businesses with strong momentum, superior top line growth and enhanced value creation”.
However, there has been a backlash from shareholders as well as pushback from employees in Europe worried about their rights.
If it does go ahead, the combined business will be home to leading brands including McCormick, Knorr and Hellmann’s as well as high growth potential brands including Cholula, Maille and Frank’s, as part of a $20bn global portfolio.
The deal will bring together complementary geographic footprints and a global presence across both retail and foodservice channels, with science and R&D capabilities to meet consumers’ growing demand for flavour, says McCormick.
The company intends to retain its existing name; its Maryland global headquarters and NYSE listing. However, it will also establish international headquarters in the Netherlands and is planning a secondary listing in Europe. The Netherlands link goes back to 1908, when two rival margarine companies joined forces to become – with the addition of Lever Bros in the late 1920s – Unilever.
Brendan Foley, chief executive officer of McCormick, commented: “Unilever Foods’ global portfolio of strong brands, combined with our proven expertise in insight-driven brand-building and integration, will enable us to deliver flavour in new and exciting ways for more consumers, driving significant growth across the combined portfolio and value for all stakeholders.”
The crunchy one: Ferrero buys WK Kellogg Co
Acquire, invest in and grow brands. That’s the strategy Ferrero Group employs and its latest example of this is its 2025 acquisition of WK Kellogg Co, the ubiquitous cereal company that’s been around since 1894.
The $3.1bn deal included the manufacturing, marketing and distribution of WK Kellogg Co’s breakfast cereals across the US, Canada and the Caribbean.
This latest deal follows the big Kellogg’s break-up of 2023 when the snacks/international cereals division separated from the US cereals division to become Kellanova – later purchased by Mars.
Again it’s early days for WK Kellogg under its new ownership but when Ferrero alumni Jean-Baptiste Santoul took over as CEO of WK Kellogg earlier this year, he said that with Kellogg’s expertise and Ferrero’s resources the cereal brand would “accelerate growth and strengthen its market leadership”.
Of course breakfast cereals have been under scrutiny for years due to their sugar content, arguments over their health credentials and – with branded cereals – their price. And Kellogg itself has been under the microscope with regards to its use of dyes in its products. This has all led to consumers rethinking their breakfast fix and down-trading into own brands or even eschewing cereals altogether for a healthier option.
Analysts believe therefore that Ferrero could take Kelloggs down a healthier route.
The healthier one: Danone to acquire MADE Group
Danone has announced that it is purchasing Hooray! protein shake brand-owner MADE Group to expand its presence in the healthy nutrition space in the Asia Pacific (APAC) region. At the same time, it’s acquiring the remaining 49% stake in its existing joint venture with Saputo Dairy Australia.
Both transactions – totalling some $1.4bn – are expected to be completed later this year.
MADE has a portfolio of well-established brands such as Hooray!, Cocobella, Rokeby and The Collective, which tap into high-growth consumer trends, particularly in high-protein ready-to-drink products, gut-health yoghurts and coconut-based products.
The Melbourne-based company has a significant presence in Australia as well as across New Zealand and Southeast Asia. It has consistently delivered double-digit growth and attractive margins, with sales of more than €300m for the fiscal year ending June 2026
Meanwhile, through its partnership with Saputo Dairy Australia, Danone already has a solid presence in functional yoghurts in Australia, via three flagship brands: YoPRO, Activia and Ultimate.
At the time of the acquisition announcement, Antoine de Saint-Affrique, Danone SA chief executive officer said the deal was part of the company’s Renew Strategy, “combining a strong focus on organic growth with targeted investments that further enhance the company’s ability to meet demand for healthy nutrition.”
Meanwhile, MADE Group was ‘made up’ with the prospect of the deal saying that it would allow the firm to access new infrastructure, capabilities and R&D expertise to help accelerate its growth across.
Danish Rahman, chief executive officer, Danone Southeast Asia and Thailand said: “The MADE acquisition will enable us to accelerate our expansion into functional nutrition, while broadening our portfolio to better serve consumers in Southeast Asia with high-protein ready-to-drink offerings and smart hydration solutions.”
