Deal Detail

Alani Nu to Celsius Holdings

EV / LTM EBITDA

20.4x

EV / LTM Sales

3.0x

Enterprise Value

$1.8B

Primary Source

Company Release

Comparable Transactions

Beverages transactions announced in the five years to February 2025. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Oct 2023	DAOU Vineyards	Treasury Wine Estates Ltd	$900M	-	12.8x	Strategic
Nov 2022	Barbanera and Fossalto	Italian Wine Brands S.p.A.	$45M	1.1x	8.0x	Strategic
Nov 2021	Frank Family Vineyards	Treasury Wine Estates Limited	$315M	5.8x	13.2x	Strategic
Jun 2021	Enoitalia S.p.A.	Italian Wine Brands S.p.A.	$181M	0.8x	8.9x	Strategic
	Mean			2.6x	10.7x
	Median			1.1x	10.8x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Fairness Opinion / Source	Advisor	Source Year	Enterprise Value	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	press release	Press Release	-	2025	$1.8B	3.0x	20.4x	-	Purchase price $1,275m cash, $500m stock, $25m earn-out. EV excludes earn-out, $150m NPV of tax benefits and $50m of synergies.	Open