Consumer & Retail |

Quarterly M&A Update | October 2026

Q3 2026 – Selective shoppers, selective buyers

What buyers are looking for in Consumer & Retail

Galeria's fourth insolvency in six years highlights the challenges facing German retail. Yet European Consumer & Retail M&A activity remains active, with 340 transactions recorded in Q3 2026, compared with 356 in the previous quarter. Buyers continue to favor profitable businesses with reliable cash generation, defensible margins and strong market positions.

Consumer behavior is becoming increasingly selective as well. German e-commerce grew by 2.9% year-on-year to EUR 18.5bn in Q3, while online sales of everyday essentials increased by 10%. Pharmaceuticals and drugstore products performed particularly well. Meanwhile, German sales of Temu, Shein and AliExpress declined by 35.5%.

The median valuation multiple of listed companies across twelve Consumer & Retail subverticals edged down from 10.8x to 10.7x EV/EBITDA. Valuation differences across segments persist, reflecting varying growth expectations, earnings resilience and business models.

Report Highlights

340 European Consumer & Retail M&A transactions in Q3 2026 (−4.5% quarter-on-quarter)
10.7x EV/EBITDA median valuation across twelve subverticals
+2.9% growth in Q3 2026 in German e-commerce to EUR 18.5bn
−35.5% decline in German sales of Temu, Shein and AliExpress
Oaklins Consumer Deal of the Quarter: Sale of hessnatur (Germany) to Wourth Group (UK)

Discover which segments remain resilient, how European M&A activity and valuations are evolving and what distinguishes attractive Consumer & Retail businesses in our latest Quarterly M&A Update.

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