Consumer & Retail |

Quarterly M&A Update | July 2026

Latest market trends, valuation levels and deals

A selective market with resilient pockets

The Consumer & Retail market remained challenging in Q2 2026. While inflationary pressure has eased from last year’s peaks, consumer sentiment remains fragile. Larger purchases continue to be postponed, while value for money and clear product relevance increasingly influence everyday spending.

Across Europe, value-oriented formats, defensive categories, recurring-purchase models and digitally enabled propositions proved more resilient than discretionary segments. At the same time, transaction activity regained momentum: 356 Consumer & Retail transactions were recorded in Q2 2026, around 10% more than in the previous quarter.

Buyers continue to differentiate sharply between cash-generative businesses with defensible margins and assets exposed to weak discretionary demand, limited growth visibility or continued margin pressure. Resilient companies with clear earnings visibility and defensible market positions continue to attract strong interest.

The median valuation level of listed companies across all twelve subverticals remained stable at 10.8x EV/EBITDA. Consumer Electronics stood at the top end of the valuation range, while Household Products recorded the lowest levels. Food & Beverage remained robust at approximately 11.9x EV/EBITDA, while E-Commerce Services recently traded at around 9.0x EV/EBITDA.

The quarter’s selected transactions also reflect strong German involvement. These include Frasers Group’s announced investment in Hugo Boss, Ravensburger’s proposed majority acquisition of Steiff, Nestlé’s majority investment in YFood and Hypax’s acquisition of WOLF-Garten.

The report features the sale of Terhills Resort to TwentyTwo Real Estate as Oaklins’ Consumer Deal of the Quarter. Oaklins acted as exclusive sell-side advisor to the shareholders. The premium Belgian leisure destination comprises 250 high-end waterfront cottages and has welcomed more than 400,000 guests and generated approximately 1.5 million overnight stays since opening in 2021. The transaction reflects continued buyer interest in differentiated hospitality and leisure assets supported by resilient demand.

Report highlights

356 European Consumer & Retail transactions in Q2 2026
Transaction activity up approximately 10% from Q1 2026
Stable median valuation level of 10.8x EV/EBITDA across twelve subverticals
Greater resilience in defensive, value-oriented and recurring-purchase models
Strong buyer interest in assets with clear earnings visibility and defensible market positions
Terhills Resort featured as Oaklins’ Consumer Deal of the Quarter

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