The brands attracting the strongest acquisition interest in food and drink right now don’t come from the R&D pipelines of the largest FMCG groups. They’re being built by founders, often with limited capital, and acquired at significant premiums once they’ve established something large organisations struggle to manufacture: genuine consumer trust.

That shift is not new in principle. What’s changed is the scale and speed of the response from major players.

Portfolio rationalisation has accelerated the trend. Unilever has committed to exiting more than €1bn of food brand revenue as it refocuses its portfolio. Campari and Pernod Ricard have also divested assets. The capital being released is being redeployed, and the target profile is consistent: founder-led brands with category authority, a direct consumer relationship, and growth that outpaces the market.

The consumer trends amplifying that demand are still relatively early. Around one in five UK adults now report not drinking alcohol, yet non-alcoholic beer represents only around 2% of UK beer sales — well below comparable European markets. Functional nutrition is being reshaped by the rise of GLP-1 weight-loss drugs, with more consumers actively seeking high-protein, nutrient-dense products. Premiumisation is playing out across categories from pantry staples to wellness drinks, as consumers buy less but buy better. Each of these trends creates a tailwind for the same type of brand: differentiated, purposeful, founder-built.

The deal evidence is already there. Müller acquired Biotiful Gut Health, the UK’s leading kefir brand, for an estimated £115m in April 2025. Danone acquired Huel for approximately €1bn in March 2026, buying not just revenue but a community-first functional nutrition brand it was unlikely to create organically. PepsiCo paid $1.95bn for Poppi in 2025. Different categories, different buyers, same logic: large acquirers are paying meaningful premiums for brands with cultural authority they cannot replicate internally.

The brands that transact well in this environment tend to share a common set of characteristics. They built community before distribution. They started premium and held that positioning at scale. Their moat is cultural rather than technical. And critically, they didn’t wait for a process to start before thinking about preparation.

The full picture of what’s driving acquirer appetite, which UK brands fit this profile, and what preparation looks like in practice is in our June 2026 Food and Drink report.

For any enquiries or discussions, feel free to reach out to
any member of the Cavendish team.