Q1 2026 M&A Trends in Consumer, Retail, and Hospitality

This report presents an analysis of mergers and acquisitions (M&A) trends in the consumer, retail, and hospitality sectors for the first quarter of 2026. It outlines a disciplined market characterized by a decrease in the number of deals, while the overall deal value increased, driven by significant transactions such as McCormick's acquisition of Unilever's food business and Sysco's purchase of Jetro Restaurant Depot. The report details how buyers have become more selective, emphasizing the quality of operating models and integration readiness. It also discusses the implications of these trends, noting that capital remains available but is concentrated in high-conviction deals. The report highlights a bifurcation in retail, where deal value rose despite a decline in volume, indicating a shift towards capability-led expansions rather than traditional M&A strategies. Additionally, it addresses the hospitality sector's decline in both deal value and volume, emphasizing investor discipline and a preference for franchise-led strategies over new builds.