Sector Snapshot Reports Key Trends in Dealmaking Consumer

Sector Snapshot: Key Trends in Dealmaking Consumer | 7 Corporations’ (not buyout firms) relative resilience in dealmaking suggests some opportunistic consolidation –especially in the wake of the pandemic’s challenges lessening and significant investment in tech stacks and hardware tomitigate rising labor andmaterial costs. All buyer types are likely also slowing their pace in anticipation of shifting regulatory approaches and geopolitical tensions in a major election year for multiple nations that could affect fiscal, monetary, and sentimental factors. In times of market volatility, cash-rich incumbents with surging or at least resilient stock prices often engage in acquisitions, capitalizing onmarked-down, privately held companies. That helps explain the median B2CM&A value standing at $17.2 million in 2024 to date, a slight rebound from2023. As interest rates hiked in the past two years, buyout firms pulled back somewhat, leading to $73.0 billion in 2023, which was the lowest annual tally for deal value for B2C PE in some time. Dealmaking remains opportunistic , leading to variability Global medianM&A deal size by type ($M) – Consumer Products and Services (B2C) *As of 02/23/2024. Note: the 2024* buyout median metric is based on a population of n = 16. Source: PitchBook. Buyout/LBO Merger/Acquisition 2018 2015 2020 2023 2014 2019 2016 2021 2017 2022 2013 $120 $100 $80 $60 $40 $20 $0 2024* Corporate consolidation still dominates consumer M&A Global M&A deal activity (#) by type – Consumer Products and Services (B2C) *As of 02/23/2024. Source: PitchBook. Strategic M&A Buyout/LBO 2014 2019 2016 2021 2024* 2015 2020 2017 2022 2018 2023 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Buyout firms pull back as costs rise Global M&A deal activity ($B) by type – Consumer Products and Services (B2C) *As of 02/23/2024. Source: PitchBook. Strategic M&A Buyout/LBO 2014 2019 2016 2021 2024* 2015 2020 2017 2022 2018 2023 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%