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. 8 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Dec 2024	Harris Freeman & Co (Tea Business)	TreeHouse Foods, Inc.	-	-	8.5x	Strategic
Jun 2024	Britvic plc	Carlsberg UK Holdings	-	-	13.1x	Strategic
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
Apr 2022	Westrock Coffee Company	Riverview Acquisition Corp	-	-	14.5x	Financial
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
Oct 2020	Coca-Cola Amatil Limited	Coca-Cola European Partners plc	$7.9B	2.2x	12.2x	Strategic
	Mean			2.5x	11.4x
	Median			1.7x	12.5x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	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