Led by the $1.1bn acquisition of food-ingredients group Irca by private-equity firm Advent International, Europe’s food industry saw a drop of 2.07% in deal activity during Q2 2022, when compared to the last four-quarter average, according to GlobalData’s deals database.

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A total of 71 deals worth $1.7bn were announced for the region during Q2 2022, against the last four-quarter average of 72.50 deals.

Of all the deal types, M&A was most prominent in Q2 2022 with 34 deals, representing a 47.9% share for the region.

In second place, was venture financing with 27 deals, followed by private-equity deals with ten transactions, respectively capturing 38.03% and 14.1% of the overall deal activity for the quarter.

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In terms of the value of deals, private equity was the leading category in Europe’s food industry with $1.12bn, while M&A and venture-financing deals totalled $461.91m and $146.72m respectively.

Europe food industry in Q2 2022: Top deals

The top five food deals accounted for a 69.9% share of the overall value during Q2 2022.

The combined value of the top five deals stood at $1.21bn, against the overall value of $1.7bn recorded for the quarter.

1) Advent International $1.1bn private-equity deal with Irca

2) The $36.59m venture-financing deal with plant-based meat firm HappyVore involving Adrien de Schompre, Bpifrance (France) and Invus Group

3) Astanor Ventures, French Partners, French Tech Seed, Newfund Capital, Redalpine Venture Partners and Verso Capital put $29.01m into Umiami

4) The $23.56m private-equity deal for a 37.4% Stake in Facundo Blanco by Corporacion Financiera Alba

5) Humble Group’s $22.13m acquisition of Go Superfoods