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Stress to the system - M&A trends in consumer and retail

M&A in C&R fell dramatically in the second half of 2022, as inflation, interest hikes, and concern about the contours of a recession weighed on the industry.

How KPMG can help: Transactions

With price increases still a nagging consumer concern, the C&R sector experienced a dramatic decline in M&A activity in 2022 compared with the robust dealmaking of the previous year. Deal value for the year fell to $115.3 billion, a decline of 52.1 percent compared with 2021, and deal volume dropped from 3,233 transactions in 2021 to 2,486 deals in 2022, a decline of 23.1 percent.

Full-year consumer transactions fell by 25.9 percent by volume and 53.1 percent by deal value compared with 2021. Retail deals fell 20.5 percent by volume and 51.1 percent by value.

Some notable trends in 2022 included:

  • There was one mega deal over $10 billion in the C&R sector: the $24.6 billion announced acquisition by supermarket chain Kroger of rival Albertson. 
  • Despite having more than $1 trillion in assets waiting to invest, private equity firms stayed mostly on the sidelines, with PE deal value falling 58.7 percent.
  • KPMG analysts said the prime motivation for M&A deals in the sector in 2022 was strategic portfolio assessments to determine which units might be sold.

M&A trends in C&R are expected to remain soft until the timing of a recession becomes clearer and the Fed indicates when it might begin to lower interest rates.

For the latest market trends and KPMG deal professionals’ view of what may lie ahead, download our full 2022 report.

Dive into our thinking:

Stress to the system

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client story

A winning rebound for a leading fitness company

How KPMG helped a fitness leader regain its financial strength

This is not our first time seeing a very good start-up with a very good product hit a roadblock. They needed a more mature organizational structure. Our goal is to bring in as much experience as needed, and that’s the real strength of KPMG—we have much better depth in terms of skill sets than many companies do. Here, we were able to bring in three different elements of KPMG to help this company.

Pete Smidt

Managing Director, Deal Advisory & Strategy

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