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Deal Detail

Unilever Tea Business (Lipton) to CVC Capital Partners

BeveragesNon-Alcoholic/Nov 2021
EV / LTM EBITDA
-
EV / LTM Sales
-
Enterprise Value
$5.0B
Primary Source
Citi

Comparable Transactions

Beverages transactions announced in the five years to November 2021. 11 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Jun 2021Enoitalia S.p.A.Italian Wine Brands S.p.A.$181M0.8x8.9xStrategic
Oct 2020Coca-Cola Amatil LimitedCoca-Cola European Partners plc$7.9B2.2x12.2xStrategic
Jan 2020Primo WaterCott Corporation--15.6xStrategic
Nov 2019Craft Brew Alliance, Inc.Anheuser-Busch InBev SA/NV$360M-21.9xStrategic
Jan 2019Fuller, Smith & Turner P.L.C. Beer BusinessAsahi Group Holdings, Ltd.--23.6xStrategic
Aug 2018SodaStream Ltd.PepsiCo, Inc.$3.1B-25.3xStrategic
Jan 2018Dr Pepper Snapple Group, Inc.Keurig Green Mountain, Inc.--16.0xStrategic
Oct 2017Chicago Bar Company LLCKellogg Company--19.5xStrategic
Oct 2017Refresco Group N.V.PAI Partners & British Columbia Investment Management Corporation--8.5xFinancial
Jul 2017Cott Corporation's Bottling BusinessRefresco Group N.V.--9.2xStrategic
Dec 2016Anheuser-Busch InBev SA/NV (CEE Brands)Asahi Group Holdings, Ltd.--14.8xStrategic
Mean-16.0x
Median-15.6x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionFREE FOCiti2024$5.0B--12.0x-Open