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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Consumer Products, Retail & Distribution

Lower Spend Concentration + Accelerating · $591B disclosed spend · led by Geographic Expansion plays · activity accelerating across 325 public buyers.

High-value buyers use M&A to add brands, category depth, store or route density, and supplier relationships that fit existing distribution infrastructure.

Geographic Expansion dominantSpend HHI 156Accelerating +26

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

325

174 core (10+)

Recorded buys

3,032

609 last 3 yrs

Disclosed spend

$591B

$145.2B recent

Matched issuers

597

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 26%
Bolt 22%
Horiz 20%
Platform 17%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

6% mix

Small additive deals folded directly into the existing business.

“In certain key markets, such as the United States, we have seen a longer-term decline in retail traffic in our department store customers and in our freestanding stores.”

Estee Lauder Companies Inc (EL) · FY2022

Bolt On

22% mix

Mid-sized acquisitions extending the existing product or service core.

“In 2024, we continued to advance our key strategic initiatives in a challenging environment.”

THE Campbell's Company (CPB) · FY2024

Platform

17% mix

Foundational deals establishing a new platform or business line.

“Acquisition of Viterra creates a premier global agribusiness solutions company”

Bunge Global SA (BG) · FY2025

Geographic Expansion

26% mix

Buying density or new geographies to extend the footprint.

“SRS also acquired GMS to accelerate the vision of becoming a leading, multi-category building materials distributor.”

THE Home Depot, Inc. (HD) · FY2025

Horizontal Consolidation

20% mix

Acquiring direct competitors to consolidate the market.

“we have employed a strategy dedicated to organic growth and supplemented by targeted investments and acquisitions”

Constellation Brands, Inc. (STZ) · FY2025

Vertical Integration

3% mix

Adding upstream or downstream capability inside the value chain.

“Our ability to achieve profitable operations depends upon high sales volumes and the efficient operation of our warehouse clubs.”

BJ’s Wholesale Club Holdings, Inc. (BJ) · FY2024

Technology Acquisition

3% mix

Buying products, IP, or engineering depth for capability gain.

“The primary reasons for these transactions were to acquire technologies and know-how to enable Amazon to serve customers more effectively or to expand our customer base.”

Amazon.com, Inc. (AMZN) · FY2025

Talent Acquisition

2% mix

Acquisitions led by team or human-capital rationale.

“Maintaining an attractive LTV/CAC ratio is a primary goal of our acquisition strategy.”

Peloton Interactive, Inc. (PTON) · FY2022

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10Bmedian annual $63Mmedian total $296MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)HDTHE Home Depot, Inc. (HD) Geographic Expansion $32B total · $2.3B / active year 14 active years · 25 buys reportedPGProcter & Gamble Co. (PG) Bolt On $22.8B total · $3.3B / active year 7 active years · 5 buys reportedCAGConagra Brands, Inc. (CAG) Horizontal Consolidation $19.9B total · $1.7B / active year 12 active years · 20 buys reportedWMTWalmart Inc. (WMT) Platform $18.3B total · $2B / active year 9 active years · 2 buys reportedCPBTHE Campbell's Company (CPB) Bolt On $15.1B total · $1.9B / active year 8 active years · 7 buys reportedCOTYCoty Inc. (COTY) Geographic Expansion $14.9B total · $2.1B / active year 7 active years · 8 buys reportedTAPMolson Coors Beverage Company (TAP) Geographic Expansion $14.4B total · $1.4B / active year 10 active years · 6 buys reportedHASHasbro, Inc. (HAS) Bolt On $13.8B total · $1.5B / active year 9 active years · 7 buys reportedBGBunge Global SA (BG) Platform $13B total · $4.3B / active year 3 active years · 6 buys reportedNWLNewell Brands Inc. (NWL) Geographic Expansion $11.2B total · $1.2B / active year 9 active years · 9 buys reportedSTZConstellation Brands, Inc. (STZ) Horizontal Consolidation $10.6B total · $588M / active year 18 active years · 11 buys reportedJRSHJerash Holdings (US), Inc. (JRSH) Mixed strategy $9.9B total · $2.5B / active year 4 active years · 3 buys reportedSJMTHE J. M. Smucker Company (SJM) Geographic Expansion $9.7B total · $3.2B / active year 3 active years · 5 buys reportedADMArcher-daniels-midland Co. (ADM) Bolt On $9.5B total · $530M / active year 18 active years · 74 buys reportedSDSYASouth Dakota Soybean Processors, LLC (SDSYA) Bolt On $8.6B total · $8.6B / active year 1 active years · 1 buys reportedSGISomnigroup International Inc. (SGI) Mixed strategy $8.5B total · $711M / active year 12 active years · 8 buys reportedHRLHormel Foods Corporation (HRL) Mixed strategy $8.5B total · $942M / active year 9 active years · 11 buys reportedGPCGenuine Parts Co. (GPC) Geographic Expansion $8.4B total · $493M / active year 17 active years · 154 buys reportedPEPPepsiCo, Inc. (PEP) Tuck In $8B total · $2B / active year 4 active years · 8 buys reportedNCRANocera, Inc. (NCRA) Mixed strategy $7.5B total · $2.5B / active year 3 active years · 2 buys reportedBABAAlibaba Group Holding Limited (BABA) Mixed strategy $7.3B total · $1B / active year 7 active yearsVFCV. F. Corporation (VFC) Bolt On $7.3B total · $606M / active year 12 active years · 10 buys reportedPFGCPerformance Food Group Company (PFGC) Geographic Expansion $7.1B total · $714M / active year 10 active years · 27 buys reportedDLTRDollar Tree, Inc. (DLTR) Bolt On $6.8B total · $1.1B / active year 6 active years · 4 buys reportedDGDollar General Corporation (DG) Mixed strategy $6.7B total · $3.4B / active year 2 active yearsNGTFNightfood Holdings, Inc. (NGTF) Bolt On $6.7B total · $3.4B / active year 2 active years · 2 buys reportedSYYSysco Corporation (SYY) Bolt On $6.2B total · $344M / active year 18 active years · 32 buys reportedCHDChurch & Dwight Co., Inc. (CHD) Bolt On $6B total · $332M / active year 18 active years · 18 buys reportedMMacy's, Inc. (M) Horizontal Consolidation $5.9B total · $3B / active year 2 active years · 5 buys reportedULUnilever PLC (UL) Bolt On $5.8B total · $1.5B / active year 4 active years · 25 buys reportedKOCoca Cola Co. (KO) Geographic Expansion $5.8B total · $321M / active year 18 active years · 25 buys reportedLTHLife Time Group Holdings, Inc. (LTH) Geographic Expansion $5.7B total · $2.9B / active year 2 active yearsLAKELakeland Industries, Inc. (LAKE) Geographic Expansion $5.5B total · $792M / active year 7 active years · 7 buys reportedELAEnvela Corporation (ELA) Bolt On $5.5B total · $1.1B / active year 5 active years · 6 buys reportedUNFIUnited Natural Foods, Inc. (UNFI) Geographic Expansion $5.4B total · $384M / active year 14 active years · 35 buys reportedKHCKraft Heinz Co (KHC) Geographic Expansion $5.1B total · $1.7B / active year 3 active years · 3 buys reportedMNSTMonster Beverage Corp (MNST) Geographic Expansion $5.1B total · $1.3B / active year 4 active years · 6 buys reportedABEVAmbev S.a. (ABEV) Geographic Expansion $4.8B total · $2.4B / active year 2 active years · 1 buys reportedMATMattel Inc. (MAT) Bolt On $4.8B total · $602M / active year 8 active years · 4 buys reportedCOCSFCoca Cola Femsa SAB DE CV (COCSF) Geographic Expansion $4.7B total · $586M / active year 8 active years · 2 buys reportedPOSTPost Holdings, Inc. (POST) Geographic Expansion $4.4B total · $629M / active year 7 active years · 19 buys reportedSTKLSunopta Inc. (STKL) Geographic Expansion $4.3B total · $434M / active year 10 active years · 21 buys reportedBBYBest BUY Co., Inc. (BBY) Geographic Expansion $4.2B total · $470M / active year 9 active years · 13 buys reportedSIGSignet Jewelers Limited (SIG) Geographic Expansion $4.2B total · $467M / active year 9 active years · 9 buys reportedELEstee Lauder Companies Inc (EL) Tuck In $4.2B total · $297M / active year 14 active years · 11 buys reportedPLAGPlanet Green Holdings Corp. (PLAG) Bolt On $4.1B total · $2.1B / active year 2 active years · 5 buys reportedDEODIAGEO plc (DEO) Geographic Expansion $4B total · $447M / active year 9 active years · 18 buys reportedPRMBPrimo Brands Corp (PRMB) Horizontal Consolidation $4B total · $2B / active year 2 active years · 1 buys reportedMHKMohawk Industries Inc. (MHK) Geographic Expansion $3.9B total · $245M / active year 16 active years · 25 buys reportedWHRWhirlpool Corp. (WHR) Geographic Expansion $3.9B total · $964M / active year 4 active years · 2 buys reportedSPBSpectrum Brands Holdings, Inc. (SPB) Mixed strategy $3.8B total · $956M / active year 4 active years · 5 buys reportedCVSACovista Inc. (CVSA) Geographic Expansion $3.8B total · $314M / active year 12 active years · 12 buys reportedCALYCallaway Golf Company (CALY) Geographic Expansion $3.7B total · $411M / active year 9 active years · 11 buys reportedETSYEtsy, Inc. (ETSY) Geographic Expansion $3.7B total · $920M / active year 4 active years · 2 buys reportedUSFDUS Foods Holding Corp. (USFD) Geographic Expansion $3.6B total · $521M / active year 7 active years · 20 buys reportedKRKroger Co. (KR) Mixed strategy $3.4B total · $343M / active year 10 active years · 3 buys reportedKDPKeurig Dr Pepper Inc. (KDP) Bolt On $3.4B total · $374M / active year 9 active years · 8 buys reportedQVCGAQVC Group, Inc. (QVCGA) Horizontal Consolidation $3.4B total · $336M / active year 10 active years · 6 buys reportedMKCMcCormick & Co Inc. (MKC) Bolt On $3.3B total · $366M / active year 9 active years · 15 buys reportedTSNTyson Foods, Inc. (TSN) Geographic Expansion $3.2B total · $356M / active year 9 active years · 12 buys reportedBGSB&G Foods, Inc. (BGS) Horizontal Consolidation $3.2B total · $244M / active year 13 active years · 14 buys reportedDARDarling Ingredients Inc. (DAR) Horizontal Consolidation $3B total · $190M / active year 16 active years · 23 buys reportedSESea Limited (SE) Mixed strategy $3B total · $494M / active year 6 active years · 2 buys reportedLOWLowes Companies Inc. (LOW) Geographic Expansion $2.9B total · $958M / active year 3 active years · 2 buys reportedPPCPilgrim’s Pride Corporation (PPC) Horizontal Consolidation $2.8B total · $468M / active year 6 active years · 6 buys reportedFLOFlowers Foods, Inc. (FLO) Horizontal Consolidation $2.8B total · $347M / active year 8 active years · 15 buys reportedCHEFChefs’ Warehouse, Inc. (CHEF) Geographic Expansion $2.8B total · $197M / active year 14 active years · 30 buys reportedINGRIngredion Incorporated (INGR) Geographic Expansion $2.6B total · $235M / active year 11 active years · 9 buys reportedNSITInsight Enterprises, Inc. (NSIT) Geographic Expansion $2.6B total · $160M / active year 16 active years · 12 buys reportedSMPLThe Simply Good Foods Company (SMPL) Bolt On $2.5B total · $508M / active year 5 active years · 6 buys reportedNCLNorthann Corp. (NCL) Mixed strategy $2.5B total · $2.5B / active year 1 active yearsAAPAdvance Auto Parts, Inc. (AAP) Geographic Expansion $2.5B total · $314M / active year 8 active years · 40 buys reportedEJHE-Home Household Service Holdings Limited (EJH) Mixed strategy $2.5B total · $2.5B / active year 1 active years · 6 buys reportedPATKPatrick Industries, Inc. (PATK) Horizontal Consolidation $2.4B total · $160M / active year 15 active years · 75 buys reportedSCIService Corporation International (SCI) Mixed strategy $2.3B total · $179M / active year 13 active years · 129 buys reportedGMEGameStop Corp. (GME) Geographic Expansion $2.3B total · $232M / active year 10 active years · 14 buys reportedROLRollins Inc. (ROL) Bolt On $2.3B total · $115M / active year 20 active years · 325 buys reportedEPCEdgewell Personal Care Company (EPC) Bolt On $2.3B total · $252M / active year 9 active years · 9 buys reportedBF-ABrown-Forman Corporation (BF-A) Geographic Expansion $2.2B total · $222M / active year 10 active years · 8 buys reportedPAVSParanovus Entertainment Technology Limited (PAVS) Horizontal Consolidation $2.2B total · $551M / active year 4 active years · 4 buys reportedLEGLeggett & Platt Inc. (LEG) Geographic Expansion $2.2B total · $144M / active year 15 active years · 35 buys reportedBWMGBrownie’s Marine Group, Inc. (BWMG) Technology Acquisition $1.8B total · $1.8B / active year 1 active years · 2 buys reportedCCEPCoca-cola Europacific Partners PLC (CCEP) Geographic Expansion $1.8B total · $444M / active year 4 active years · 2 buys reportedHAINThe Hain Celestial Group, Inc. (HAIN) Geographic Expansion $1.7B total · $141M / active year 12 active years · 17 buys reportedTGTTarget Corporation (TGT) Geographic Expansion $1.6B total · $546M / active year 3 active years · 4 buys reportedCENTCentral Garden & Pet Company (CENT) Bolt On $1.6B total · $133M / active year 12 active years · 17 buys reportedMLKNMillerKnoll, Inc. (MLKN) Geographic Expansion $1.6B total · $143M / active year 11 active years · 14 buys reportedLCUTLifetime Brands, Inc. (LCUT) Bolt On $1.5B total · $168M / active year 9 active years · 15 buys reportedLWLamb Weston Holdings, Inc. (LW) Geographic Expansion $1.5B total · $374M / active year 4 active years · 4 buys reportedETDEthan Allen Interiors Inc. (ETD) Bolt On $1.5B total · $115M / active year 13 active years · 48 buys reportedVSCOVictoria’s Secret & Co. (VSCO) Platform $1.5B total · $495M / active year 3 active years · 2 buys reportedCHSCLCHS Inc. (CHSCL) Geographic Expansion $1.5B total · $122M / active year 12 active years · 5 buys reportedARKOARKO Corp. (ARKO) Geographic Expansion $1.5B total · $294M / active year 5 active years · 10 buys reportedCELHCelsius Holdings, Inc. (CELH) Geographic Expansion $1.4B total · $356M / active year 4 active years · 3 buys reportedHCMCHealthier Choices Management Corp. (HCMC) Geographic Expansion $1.4B total · $203M / active year 7 active years · 10 buys reportedTSCOTractor Supply Co. (TSCO) Geographic Expansion $1.4B total · $201M / active year 7 active years · 7 buys reportedLULUlululemon athletica inc. (LULU) Vertical Integration $1.3B total · $211M / active year 6 active years · 17 buys reportedNOMDNomad Foods Limited (NOMD) Geographic Expansion $1.3B total · $210M / active year 6 active years · 3 buys reportedKMBKimberly-clark Corporation (KMB) Geographic Expansion $1.2B total · $201M / active year 6 active years · 4 buys reportedNXTSNexentis Technologies Inc. (NXTS) Platform $1.2B total · $603M / active year 2 active years · 2 buys reportedHFFGHF Foods Group Inc. (HFFG) Geographic Expansion $1.2B total · $396M / active year 3 active years · 3 buys reportedCOSTCostco Wholesale Corp. (COST) Mixed strategy $1.2B total · $1.2B / active year 1 active years · 2 buys reportedHELEHelen of Troy Limited (HELE) Bolt On $1.1B total · $126M / active year 9 active years · 13 buys reportedAEOAmerican Eagle Outfitters, Inc. (AEO) Geographic Expansion $1.1B total · $222M / active year 5 active years · 6 buys reportedMBCMasterBrand, Inc. (MBC) Platform $1B total · $521M / active year 2 active years · 2 buys reportedTILEInterface Inc. (TILE) Geographic Expansion $1B total · $346M / active year 3 active years · 2 buys reportedCLColgate-palmolive Company (CL) Geographic Expansion $1B total · $85M / active year 12 active years · 13 buys reportedGIIIG III Apparel Group Ltd. (GIII) Horizontal Consolidation $1B total · $113M / active year 9 active years · 8 buys reportedCLXClorox Co. (CLX) Bolt On $971M total · $486M / active year 2 active years · 5 buys reportedBFAMBright Horizons Family Solutions Inc. (BFAM) Geographic Expansion $925M total · $66M / active year 14 active years · 137 buys reportedKTBKontoor Brands, Inc. (KTB) Geographic Expansion $901M total · $901M / active year 1 active years · 1 buys reportedCRICarter’s, Inc. (CRI) Geographic Expansion $881M total · $126M / active year 7 active years · 6 buys reportedJVACoffee Holding Co., Inc. (JVA) Geographic Expansion $832M total · $119M / active year 7 active years · 6 buys reportedFLWS1 800 Flowers COM Inc. (FLWS) Bolt On $828M total · $55M / active year 15 active years · 16 buys reportedPVHPVH Corp. (PVH) Bolt On $823M total · $69M / active year 12 active years · 10 buys reportedFDPFresh DEL Monte Produce Inc. (FDP) Geographic Expansion $814M total · $163M / active year 5 active years · 7 buys reportedANDEAndersons, Inc. (ANDE) Geographic Expansion $793M total · $53M / active year 15 active years · 22 buys reportedBWMXBetterware DE Mexico, S.a.p.i. DE C.v (BWMX) Geographic Expansion $763M total · $254M / active year 3 active years · 3 buys reportedSFDSmithfield Foods, Inc. (SFD) Bolt On $683M total · $98M / active year 7 active years · 6 buys reportedJOUTJohnson Outdoors Inc. (JOUT) Bolt On $667M total · $74M / active year 9 active years · 11 buys reportedELFe.l.f. Beauty, Inc. (ELF) Mixed strategy $660M total · $165M / active year 4 active years · 3 buys reportedBBWIBath & Body Works, Inc. (BBWI) Geographic Expansion $660M total · $220M / active year 3 active years · 3 buys reportedEBAYeBay Inc. (EBAY) Geographic Expansion $646M total · $59M / active year 11 active years · 31 buys reportedDKSDICK’S Sporting Goods, Inc. (DKS) Horizontal Consolidation $643M total · $129M / active year 5 active years · 2 buys reportedDSYBIG Tree Cloud Holdings Limited (DSY) Mixed strategy $642M total · $642M / active year 1 active years · 1 buys reportedFTDRFrontdoor, Inc. (FTDR) Geographic Expansion $629M total · $157M / active year 4 active years · 3 buys reportedALCOAlico, Inc. (ALCO) Geographic Expansion $586M total · $147M / active year 4 active years · 6 buys reportedPLNTPlanet Fitness, Inc. (PLNT) Mixed strategy $572M total · $95M / active year 6 active yearsFIVEFive Below, Inc. (FIVE) Mixed strategy $556M total · $556M / active year 1 active yearsAINAlbany International Corp. (AIN) Geographic Expansion $556M total · $62M / active year 9 active years · 9 buys reportedAIXNAixin Life International, Inc. (AIXN) Horizontal Consolidation $544M total · $272M / active year 2 active yearsOXMOxford Industries, Inc. (OXM) Geographic Expansion $536M total · $67M / active year 8 active years · 18 buys reportedPTONPeloton Interactive, Inc. (PTON) Talent Acquisition $534M total · $178M / active year 3 active years · 3 buys reportedBLNEBeeline Holdings, Inc. (BLNE) Bolt On $534M total · $133M / active year 4 active years · 3 buys reportedCOLMColumbia Sportswear Company (COLM) Bolt On $509M total · $170M / active year 3 active years · 3 buys reportedSBHSally Beauty Holdings, Inc. (SBH) Geographic Expansion $493M total · $26M / active year 19 active years · 12 buys reportedJJSFJ&j Snack Foods Corp. (JJSF) Bolt On $484M total · $40M / active year 12 active years · 12 buys reportedSKINSkinHealth Systems Inc. (SKIN) Platform $483M total · $241M / active year 2 active years · 10 buys reportedLUCKLucky Strike Entertainment Corporation (LUCK) Mixed strategy $456M total · $114M / active year 4 active years · 48 buys reportedCALMCal-Maine Foods, Inc. (CALM) Horizontal Consolidation $454M total · $45M / active year 10 active years · 8 buys reportedBUDAnheuser-Busch InBev SA (BUD) Horizontal Consolidation $452M total · $90M / active year 5 active years · 1 buys reportedDBIDesigner Brands Inc. (DBI) Bolt On $438M total · $73M / active year 6 active years · 4 buys reportedYSGYatsen Holding Limited (YSG) Mixed strategy $436M total · $109M / active year 4 active yearsCLARClarus Corporation (CLAR) Bolt On $424M total · $53M / active year 8 active years · 11 buys reportedJDJD.com, Inc. (JD) Platform $421M total · $42M / active year 10 active yearsCOKECoca-cola Consolidated, Inc. (COKE) Geographic Expansion $396M total · $99M / active year 4 active years · 1 buys reportedULTAUlta Beauty, Inc. (ULTA) Geographic Expansion $388M total · $194M / active year 2 active years · 1 buys reportedAVXAvax ONE Technology Ltd. (AVX) Technology Acquisition $387M total · $129M / active year 3 active years · 3 buys reportedBJBJ’s Wholesale Club Holdings, Inc. (BJ) Vertical Integration $377M total · $377M / active year 1 active yearsJAKKJAKKS Pacific, Inc. (JAKK) Bolt On $374M total · $42M / active year 9 active years · 11 buys reportedWENWendy's Co (WEN) Geographic Expansion $370M total · $31M / active year 12 active years · 68 buys reportedLUXELuxExperience B.V. (LUXE) Platform $361M total · $361M / active year 1 active years · 1 buys reportedHZOMarinemax Inc. (HZO) Horizontal Consolidation $357M total · $27M / active year 13 active years · 5 buys reportedTRONTron Inc. (TRON) Mixed strategy $350M total · $350M / active year 1 active yearsNVVENuvve Holding Corp. (NVVE) Platform $340M total · $340M / active year 1 active years · 2 buys reportedIPARInterparfums, Inc. (IPAR) Mixed strategy $337M total · $84M / active year 4 active years · 3 buys reportedGLBEGlobal-E Online Ltd. (GLBE) Technology Acquisition $337M total · $168M / active year 2 active years · 3 buys reportedAKO-AAndina Bottling Co Inc (AKO-A) Geographic Expansion $331M total · $166M / active year 2 active years · 4 buys reportedMGPIMGP Ingredients, Inc. (MGPI) Geographic Expansion $331M total · $55M / active year 6 active years · 5 buys reportedUSNAUsana Health Sciences, Inc. (USNA) Mixed strategy $312M total · $62M / active year 5 active years · 2 buys reportedHOFTHooker Furnishings Corporation (HOFT) Geographic Expansion $306M total · $31M / active year 10 active years · 7 buys reportedFUNSix Flags Entertainment Corporation (FUN) Platform $304M total · $152M / active year 2 active years · 1 buys reportedGCOGenesco Inc. (GCO) Geographic Expansion $296M total · $33M / active year 9 active years · 5 buys reportedATPCAgape ATP Corporation (ATPC) Geographic Expansion $288M total · $288M / active year 1 active years · 1 buys reportedMZTIThe Marzetti Company (MZTI) Bolt On $285M total · $41M / active year 7 active years · 4 buys reportedLZBLa-z-boy Incorporated (LZB) Bolt On $285M total · $24M / active year 12 active years · 67 buys reportedCNNECannae Holdings, Inc. (CNNE) Bolt On $278M total · $93M / active year 3 active years · 6 buys reportedBNEDBarnes & Noble Education, Inc. (BNED) Platform $273M total · $68M / active year 4 active years · 2 buys reportedACIAlbertsons Companies, Inc. (ACI) Horizontal Consolidation $272M total · $91M / active year 3 active years · 1 buys reportedAVOMission Produce, Inc. (AVO) Mixed strategy $264M total · $88M / active year 3 active years · 1 buys reportedUAUnder Armour, Inc. (UA) Mixed strategy $262M total · $44M / active year 6 active years · 6 buys reportedAKAa.k.a. Brands Holding Corp. (AKA) Platform $260M total · $87M / active year 3 active years · 4 buys reportedPRPLPurple Innovation, Inc. (PRPL) Horizontal Consolidation $259M total · $86M / active year 3 active years · 2 buys reportedTJXThe TJX Companies, Inc. (TJX) Geographic Expansion $253M total · $63M / active year 4 active years · 3 buys reportedLOCLLocal Bounti Corporation (LOCL) Bolt On $241M total · $120M / active year 2 active years · 2 buys reportedSAMTHE Boston Beer Company, Inc. (SAM) Horizontal Consolidation $222M total · $56M / active year 4 active years · 2 buys reportedAMZNAmazon.com, Inc. (AMZN) Technology Acquisition $215M total · $17M / active year 13 active years · 8 buys reportedFARMFarmer Brothers Co. (FARM) Geographic Expansion $209M total · $26M / active year 8 active years · 8 buys reportedCHPTChargePoint Holdings, Inc. (CHPT) Geographic Expansion $208M total · $104M / active year 2 active yearsMELIMercadoLibre, Inc. (MELI) Technology Acquisition $198M total · $17M / active year 12 active years · 11 buys reportedCARTMaplebear Inc. (CART) Horizontal Consolidation $195M total · $39M / active year 5 active years · 3 buys reportedBOOTBoot Barn Holdings, Inc. (BOOT) Geographic Expansion $194M total · $39M / active year 5 active years · 7 buys reportedSGCSuperior Group of Companies, Inc. (SGC) Geographic Expansion $183M total · $18M / active year 10 active years · 11 buys reportedGRWGGrowgeneration Corp. (GRWG) Geographic Expansion $183M total · $26M / active year 7 active years · 40 buys reportedGISGeneral Mills Inc. (GIS) Bolt On $172M total · $17M / active year 10 active years · 11 buys reportedSBDSSolo Brands, Inc. (SBDS) Geographic Expansion $169M total · $56M / active year 3 active years · 8 buys reportedSCVLShoe Carnival, Inc. (SCVL) Geographic Expansion $161M total · $40M / active year 4 active years · 4 buys reportedAOUTAmerican Outdoor Brands, Inc. (AOUT) Geographic Expansion $161M total · $80M / active year 2 active years · 1 buys reportedLEVILevi Strauss & Co. (LEVI) Bolt On $159M total · $26M / active year 6 active years · 3 buys reportedVLGEAVillage Super Market, Inc. (VLGEA) Mixed strategy $157M total · $39M / active year 4 active years · 3 buys reportedLQDTLiquidity Services, Inc. (LQDT) Geographic Expansion $157M total · $14M / active year 11 active years · 10 buys reportedPETZTDH Holdings, Inc. (PETZ) Mixed strategy $151M total · $151M / active year 1 active yearsATERAterian, Inc. (ATER) Mixed strategy $140M total · $28M / active year 5 active years · 12 buys reportedLESLLeslie’s, Inc. (LESL) Horizontal Consolidation $138M total · $35M / active year 4 active years · 14 buys reportedESCAEscalade, Incorporated (ESCA) Bolt On $135M total · $10M / active year 14 active years · 20 buys reportedRHRH (RH) Geographic Expansion $134M total · $67M / active year 2 active years · 1 buys reportedHWHHWH International Inc. (HWH) Mixed strategy $125M total · $125M / active year 1 active years · 1 buys reportedZUMZZumiez Inc. (ZUMZ) Geographic Expansion $123M total · $25M / active year 5 active years · 3 buys reportedDITAmcon Distributing Co. (DIT) Geographic Expansion $123M total · $15M / active year 8 active years · 5 buys reportedUTZUtz Brands, Inc. (UTZ) Bolt On $118M total · $59M / active year 2 active years · 4 buys reportedJBSSSanfilippo John B & SON Inc. (JBSS) Platform $117M total · $23M / active year 5 active years · 4 buys reportedBRBRBellRing Brands, Inc. (BRBR) Mixed strategy $116M total · $116M / active year 1 active yearsRYZRyerson Holding Corp (RYZ) Horizontal Consolidation $115M total · $10M / active year 11 active years · 23 buys reportedDOLEDole plc (DOLE) Bolt On $113M total · $23M / active year 5 active years · 1 buys reportedXPOFXponential Fitness, Inc. (XPOF) Bolt On $110M total · $28M / active year 4 active years · 21 buys reportedWSMWilliams-Sonoma, Inc. (WSM) Geographic Expansion $106M total · $53M / active year 2 active years · 3 buys reportedFNDFloor & Decor Holdings, Inc. (FND) Bolt On $105M total · $26M / active year 4 active years · 5 buys reportedTANHTantech Holdings Ltd. (TANH) Platform $104M total · $35M / active year 3 active years · 1 buys reportedWMKWeis Markets, Inc. (WMK) Geographic Expansion $98M total · $16M / active year 6 active years · 19 buys reportedDNUTKrispy Kreme, Inc. (DNUT) Mixed strategy $97M total · $32M / active year 3 active years · 7 buys reportedMNSOMINISO Group Holding Limited (MNSO) Mixed strategy $97M total · $48M / active year 2 active yearsFTLFFitlife Brands, Inc. (FTLF) Bolt On $88M total · $18M / active year 5 active years · 5 buys reportedBBBYBED Bath & Beyond, Inc. (BBBY) Platform $88M total · $15M / active year 6 active years · 10 buys reportedSNBRSleep Number Corporation (SNBR) Bolt On $86M total · $43M / active year 2 active years · 2 buys reportedAGROAdecoagro S.A. (AGRO) Geographic Expansion $85M total · $12M / active year 7 active years · 5 buys reportedCHWYChewy, Inc. (CHWY) Bolt On $84M total · $28M / active year 3 active years · 2 buys reportedYETIYETI Holdings, Inc. (YETI) Bolt On $83M total · $28M / active year 3 active years · 5 buys reportedUFIUnifi, Inc. (UFI) Platform $81M total · $12M / active year 7 active years · 2 buys reportedPRTSCarparts.com, Inc. (PRTS) Mixed strategy $79M total · $26M / active year 3 active years · 2 buys reportedGAPGap, Inc. (GAP) Technology Acquisition $76M total · $13M / active year 6 active years · 6 buys reportedTTSHTile Shop Holdings, Inc. (TTSH) Mixed strategy $75M total · $75M / active year 1 active years · 1 buys reportedFNKOFunko, Inc. (FNKO) Bolt On $71M total · $10M / active year 7 active years · 8 buys reportedSBUXStarbucks Corporation (SBUX) Geographic Expansion $71M total · $10M / active year 7 active years · 12 buys reportedNUSNU Skin Enterprises, Inc. (NUS) Technology Acquisition $70M total · $9M / active year 8 active years · 10 buys reportedSOWGSow Good Inc. (SOWG) Geographic Expansion $65M total · $13M / active year 5 active years · 5 buys reportedAMWDAmerican Woodmark Corp (AMWD) Mixed strategy $64M total · $32M / active year 2 active years · 1 buys reportedGOOSCanada Goose Holdings Inc. (GOOS) Geographic Expansion $64M total · $11M / active year 6 active years · 4 buys reportedRLRalph Lauren Corporation (RL) Geographic Expansion $64M total · $6M / active year 10 active years · 11 buys reportedGOGrocery Outlet Holding Corp. (GO) Platform $61M total · $61M / active year 1 active years · 2 buys reportedFMXMexican Economic Development, Inc. (FMX) Geographic Expansion $60M total · $20M / active year 3 active yearsXELBXcel Brands, Inc. (XELB) Geographic Expansion $60M total · $9M / active year 7 active years · 4 buys reportedCULPCulp Inc. (CULP) Bolt On $59M total · $7M / active year 9 active years · 6 buys reportedBZUNBaozun Inc. (BZUN) Mixed strategy $59M total · $29M / active year 2 active years · 6 buys reportedCOOKTraeger, Inc. (COOK) Bolt On $57M total · $57M / active year 1 active years · 1 buys reportedLMNRLimoneira Company (LMNR) Horizontal Consolidation $55M total · $18M / active year 3 active years · 8 buys reportedCRWSCrown Crafts, Inc. (CRWS) Bolt On $54M total · $7M / active year 8 active years · 9 buys reportedBSETBassett Furniture Industries, Incorporated (BSET) Geographic Expansion $50M total · $6M / active year 9 active years · 29 buys reportedVFFVillage Farms International, Inc. (VFF) Geographic Expansion $49M total · $16M / active year 3 active years · 3 buys reportedASAmer Sports, Inc. (AS) Vertical Integration $49M total · $25M / active year 2 active years · 1 buys reportedCVGWCalavo Growers, Inc. (CVGW) Geographic Expansion $40M total · $7M / active year 6 active years · 2 buys reportedNRHINatural Resource Holdings, Inc. (NRHI) Mixed strategy $39M total · $20M / active year 2 active years · 2 buys reportedPSMTPriceSmart, Inc. (PSMT) Geographic Expansion $36M total · $18M / active year 2 active years · 2 buys reportedHLFHerbalife Ltd. (HLF) Mixed strategy $36M total · $18M / active year 2 active years · 1 buys reportedNTZNATUZZI S.p.A. (NTZ) Geographic Expansion $32M total · $4M / active year 8 active yearsSFMSprouts Farmers Market, Inc. (SFM) Mixed strategy $31M total · $31M / active year 1 active years · 1 buys reportedKEQUKewaunee Scientific Corporation (KEQU) Mixed strategy $29M total · $29M / active year 1 active years · 1 buys reportedSPWHSportsman’s Warehouse Holdings, Inc. (SPWH) Geographic Expansion $29M total · $29M / active year 1 active yearsGOLFAcushnet Holdings Corp. (GOLF) Bolt On $28M total · $9M / active year 3 active years · 2 buys reportedTDUPThredUp Inc. (TDUP) Mixed strategy $26M total · $26M / active year 1 active years · 1 buys reportedKAVLKaival Brands Innovations Group, Inc. (KAVL) Technology Acquisition $24M total · $12M / active year 2 active yearsDXYNThe Dixie Group, Inc. (DXYN) Bolt On $23M total · $8M / active year 3 active years · 5 buys reportedVNCEVince Holding Corp. (VNCE) Horizontal Consolidation $20M total · $20M / active year 1 active yearsYYAIAiRWA INC. (YYAI) Mixed strategy $20M total · $10M / active year 2 active years · 3 buys reportedWILCG Willi Food International Ltd. (WILC) Tuck In $19M total · $6M / active year 3 active years · 2 buys reportedNHTCNatural Health Trends Corp. (NHTC) Horizontal Consolidation $18M total · $18M / active year 1 active yearsACUAcme United Corp. (ACU) Bolt On $18M total · $1M / active year 13 active years · 15 buys reportedLWAYLifeway Foods, Inc. (LWAY) Geographic Expansion $17M total · $4M / active year 4 active years · 4 buys reportedWESTWestrock Coffee Company (WEST) Bolt On $17M total · $9M / active year 2 active years · 3 buys reportedNOMANomadar Corp. (NOMA) Mixed strategy $16M total · $16M / active year 1 active yearsBGIBirks Group Inc. (BGI) Bolt On $16M total · $5M / active year 3 active years · 3 buys reportedAHROAuthentic Holdings, Inc. (AHRO) Geographic Expansion $16M total · $16M / active year 1 active years · 2 buys reportedURBNUrban Outfitters, Inc. (URBN) Mixed strategy $15M total · $15M / active year 1 active yearsNAASNaaS Technology Inc. (NAAS) Geographic Expansion $15M total · $4M / active year 4 active years · 3 buys reportedHBBHamilton Beach Brands Holding Company (HBB) Bolt On $15M total · $8M / active year 2 active years · 2 buys reportedMOGUMOGU Inc. (MOGU) Mixed strategy $15M total · $8M / active year 2 active yearsPRKSUnited Parks & Resorts Inc. (PRKS) Geographic Expansion $15M total · $15M / active year 1 active years · 1 buys reportedHOURHour Loop, Inc. (HOUR) Mixed strategy $15M total · $15M / active year 1 active yearsPRKAParks! America, Inc. (PRKA) Geographic Expansion $15M total · $5M / active year 3 active years · 1 buys reportedWOOFPetco Health and Wellness Company, Inc (WOOF) Platform $15M total · $5M / active year 3 active years · 1 buys reportedOLLIOllie’s Bargain Outlet Holdings, Inc. (OLLI) Geographic Expansion $14M total · $14M / active year 1 active yearsCCUUnited Breweries Co. Inc. (CCU) Mixed strategy $13M total · $3M / active year 4 active yearsNATRNature’s Sunshine Products, Inc. (NATR) Mixed strategy $13M total · $13M / active year 1 active years · 2 buys reportedLNDBrasilAgro – Brazilian Agricultural Real Estate Company (LND) Mixed strategy $13M total · $6M / active year 2 active yearsMTTCFSteakholder Foods Ltd. (MTTCF) Mixed strategy $11M total · $11M / active year 1 active yearsMAMAMama's Creations, Inc. (MAMA) Bolt On $11M total · $6M / active year 2 active years · 4 buys reportedHCWCHealthy Choice Wellness Corp. (HCWC) Geographic Expansion $11M total · $6M / active year 2 active years · 7 buys reportedZGNErmenegildo Zegna N.V. (ZGN) Geographic Expansion $11M total · $5M / active year 2 active years · 3 buys reportedDOGZDogness (international) Corporation (DOGZ) Mixed strategy $11M total · $11M / active year 1 active years · 2 buys reportedIPWiPower Inc. (IPW) Bolt On $11M total · $11M / active year 1 active years · 2 buys reportedOLPXOlaplex Holdings, Inc. (OLPX) Technology Acquisition $11M total · $11M / active year 1 active years · 1 buys reportedLSFLaird Superfood, Inc. (LSF) Tuck In $10M total · $10M / active year 1 active yearsARRTArtisan Consumer Goods, Inc. (ARRT) Mixed strategy $10M total · $10M / active year 1 active years · 1 buys reportedDDSDillard’s, Inc. (DDS) Mixed strategy $10M total · $10M / active year 1 active years · 1 buys reportedMSSMaison Solutions Inc. (MSS) Mixed strategy $10M total · $5M / active year 2 active years · 1 buys reportedDBGIDigital Brands Group, Inc. (DBGI) Bolt On $8M total · $8M / active year 1 active years · 2 buys reportedCWGLCrimson Wine Group, Ltd. (CWGL) Mixed strategy $7M total · $7M / active year 1 active years · 1 buys reportedDXLGDestination XL Group, Inc. (DXLG) Bolt On $7M total · $2M / active year 3 active yearsVIRCVirco Mfg. Corporation (VIRC) Mixed strategy $7M total · $7M / active year 1 active yearsSENEASeneca Foods Corporation (SENEA) Mixed strategy $7M total · $7M / active year 1 active years · 8 buys reportedIVFHInnovative Food Holdings, Inc. (IVFH) Bolt On $7M total · $1M / active year 6 active years · 15 buys reportedNGVCNatural Grocers by Vitamin Cottage, Inc. (NGVC) Tuck In $6M total · $6M / active year 1 active years · 1 buys reportedNAIINatural Alternatives International, Inc. (NAII) Horizontal Consolidation $6M total · $6M / active year 1 active years · 1 buys reportedBBWBuild-A-Bear Workshop, Inc. (BBW) Geographic Expansion $5M total · $5M / active year 1 active years · 2 buys reportedLITBLightInTheBox Holding Co., Ltd. (LITB) Mixed strategy $4M total · $2M / active year 2 active years · 1 buys reportedDIBS1stdibs.com, Inc. (DIBS) Horizontal Consolidation $4M total · $4M / active year 1 active years · 1 buys reportedAXILAXIL Brands, Inc. (AXIL) Mixed strategy $4M total · $4M / active year 1 active years · 2 buys reportedEFOIEnergy Focus, Inc. (EFOI) Geographic Expansion $3M total · $2M / active year 2 active years · 2 buys reportedGROVGrove Collaborative Holdings, Inc. (GROV) Geographic Expansion $3M total · $3M / active year 1 active years · 2 buys reportedMMAMixed Martial Arts Group Limited (MMA) Technology Acquisition $3M total · $3M / active year 1 active years · 2 buys reportedPLCETHE Children’s Place, Inc. (PLCE) Geographic Expansion $2M total · $2M / active year 1 active years · 1 buys reportedTRNRInteractive Strength Inc. (TRNR) Platform $2M total · $1M / active year 2 active years · 2 buys reportedGIFTGiftify, Inc. (GIFT) Bolt On $2M total · $633K / active year 3 active years · 3 buys reportedSNTWSummit Networks, Inc. (SNTW) Geographic Expansion $2M total · $2M / active year 1 active years · 3 buys reportedINBPIntegrated Biopharma Inc. (INBP) Bolt On $2M total · $850K / active year 2 active years · 2 buys reportedABVEAbove Food Ingredients Inc. (ABVE) Bolt On $2M total · $2M / active year 1 active years · 1 buys reportedMOJOEQUATOR Beverage Company (MOJO) Mixed strategy $2M total · $2M / active year 1 active yearsBSFCBlue Star Foods Corp. (BSFC) Mixed strategy $1M total · $367K / active year 3 active years · 4 buys reportedCFOOChina Foods Holdings Ltd. (CFOO) Mixed strategy $1M total · $1M / active year 1 active yearsSBEVSplash Beverage Group, Inc. (SBEV) Horizontal Consolidation $1M total · $500K / active year 2 active years · 3 buys reportedSGLASino Green Land Corporation (SGLA) Mixed strategy $900K total · $900K / active year 1 active yearsREREATRenew Inc. (RERE) Geographic Expansion $900K total · $900K / active year 1 active years · 1 buys reportedBQBoqii Holding Limited (BQ) Mixed strategy $800K total · $400K / active year 2 active years · 1 buys reportedIPSTIP Strategy Holdings, Inc. (IPST) Mixed strategy $700K total · $700K / active year 1 active years · 1 buys reportedECXJCXJ GROUP CO., Limited (ECXJ) Mixed strategy $600K total · $600K / active year 1 active yearsXWINXMax Inc. (XWIN) Geographic Expansion $600K total · $300K / active year 2 active years · 3 buys reportedTLFTandy Leather Factory, Inc. (TLF) Geographic Expansion $600K total · $600K / active year 1 active years · 1 buys reportedALHAlliance Laundry Holdings Inc. (ALH) Horizontal Consolidation $400K total · $400K / active year 1 active years · 1 buys reportedRVLVRevolve Group, Inc. (RVLV) Mixed strategy $400K total · $400K / active year 1 active yearsHEREQuantaSing Group Limited (HERE) Geographic Expansion $300K total · $300K / active year 1 active years · 3 buys reportedCAHOCaro Holdings Inc. (CAHO) Mixed strategy $300K total · $300K / active year 1 active years · 2 buys reportedFCCIFast Casual Concepts, Inc. (FCCI) Mixed strategy $300K total · $300K / active year 1 active yearsBNKKBonk, Inc. (BNKK) Talent Acquisition $200K total · $200K / active year 1 active years · 1 buys reportedHEPSD-MARKET Electronic Services & Trading (HEPS) Mixed strategy $200K total · $200K / active year 1 active yearsCYANCyanotech Corp (CYAN) Mixed strategy $100K total · $100K / active year 1 active yearsLUVULuvu Brands, Inc. (LUVU) Mixed strategy $100K total · $100K / active year 1 active years · 1 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
THE Home Depot, Inc.HDGeographic Expansion
$32B
$2.3B25

New cycle

$24.6B recent

Procter & Gamble Co.PGBolt On
$22.8B
$3.3B5

Steady

-100% (count)

Conagra Brands, Inc.CAGHorizontal Consolidation
$19.9B
$1.7B20

Winding down

$8B → $231M

Walmart Inc.WMTPlatform
$18.3B
$2B2

Accelerating

+53%

THE Campbell's CompanyCPBBolt On
$15.1B
$1.9B7

New cycle

$5.5B recent

Coty Inc.COTYGeographic Expansion
$14.9B
$2.1B8

Paused

$792M prior

Molson Coors Beverage CompanyTAPGeographic Expansion
$14.4B
$1.4B6

New cycle

$95M recent

Hasbro, Inc.HASBolt On
$13.8B
$1.5B7

Paused

$4.6B prior

Bunge Global SABGPlatform
$13B
$4.3B6

New cycle

$13B recent

Newell Brands Inc.NWLGeographic Expansion
$11.2B
$1.2B9

Steady

+0% (count)

Constellation Brands, Inc.STZHorizontal Consolidation
$10.6B
$588M11

Accelerating

+85%

Jerash Holdings (US), Inc.JRSHN/A
$9.9B
$2.5B3

Accelerating

+166%

THE J. M. Smucker CompanySJMGeographic Expansion
$9.7B
$3.2B5

New cycle

$7.8B recent

Archer-daniels-midland Co.ADMBolt On
$9.5B
$530M74

Cooling

-31%

South Dakota Soybean Processors, LLCSDSYABolt On
$8.6B
$8.6B1

Steady

+0% (count)

Somnigroup International Inc.SGIN/A
$8.5B
$711M8

New cycle

$6.8B recent

Hormel Foods CorporationHRLN/A
$8.5B
$942M11

Cooling

-88%

Genuine Parts Co.GPCGeographic Expansion
$8.4B
$493M154

Steady

-17%

PepsiCo, Inc.PEPTuck In
$8B
$2B8

New cycle

$3.4B recent

Nocera, Inc.NCRAN/A
$7.5B
$2.5B2

Steady

-25%

Alibaba Group Holding LimitedBABAN/A
$7.3B
$1BN/A

Paused

$2.2B prior

V. F. CorporationVFCBolt On
$7.3B
$606M10

Paused

$2.5B prior

Performance Food Group CompanyPFGCGeographic Expansion
$7.1B
$714M27

Steady

-19%

Dollar Tree, Inc.DLTRBolt On
$6.8B
$1.1B4

Steady

+0% (count)

Dollar General CorporationDGN/A
$6.7B
$3.4BN/A

Steady

no signal

Nightfood Holdings, Inc.NGTFBolt On
$6.7B
$3.4B2

New cycle

$6.4B recent

Sysco CorporationSYYBolt On
$6.2B
$344M32

Accelerating

+795%

Church & Dwight Co., Inc.CHDBolt On
$6B
$332M18

Winding down

$1.6B → $24M

Macy's, Inc.MHorizontal Consolidation
$5.9B
$3B5

Steady

+0% (count)

Unilever PLCULBolt On
$5.8B
$1.5B25

Paused

$3B prior

Coca Cola Co.KOGeographic Expansion
$5.8B
$321M25

Cooling

-90%

Life Time Group Holdings, Inc.LTHGeographic Expansion
$5.7B
$2.9BN/A

New cycle

$5.7B recent

Lakeland Industries, Inc.LAKEGeographic Expansion
$5.5B
$792M7

New cycle

$5.5B recent

Envela CorporationELABolt On
$5.5B
$1.1B6

Cooling

-99%

United Natural Foods, Inc.UNFIGeographic Expansion
$5.4B
$384M35

Paused

$2.3B prior

Kraft Heinz CoKHCGeographic Expansion
$5.1B
$1.7B3

Paused

$523M prior

Monster Beverage CorpMNSTGeographic Expansion
$5.1B
$1.3B6

Steady

+10%

Ambev S.a.ABEVGeographic Expansion
$4.8B
$2.4B1

New cycle

$6M recent

Mattel Inc.MATBolt On
$4.8B
$602M4

Steady

+0% (count)

Coca Cola Femsa SAB DE CVCOCSFGeographic Expansion
$4.7B
$586M2

New cycle

$135M recent

Post Holdings, Inc.POSTGeographic Expansion
$4.4B
$629M19

Accelerating

+502%

Sunopta Inc.STKLGeographic Expansion
$4.3B
$434M21

Paused

$25M prior

Best BUY Co., Inc.BBYGeographic Expansion
$4.2B
$470M13

Paused

$1.1B prior

Signet Jewelers LimitedSIGGeographic Expansion
$4.2B
$467M9

Winding down

$908M → $12M

Estee Lauder Companies IncELTuck In
$4.2B
$297M11

Paused

$2.4B prior

Planet Green Holdings Corp.PLAGBolt On
$4.1B
$2.1B5

Paused

$3.8B prior

DIAGEO plcDEOGeographic Expansion
$4B
$447M18

Cooling

-48%

Primo Brands CorpPRMBHorizontal Consolidation
$4B
$2B1

New cycle

$4B recent

Mohawk Industries Inc.MHKGeographic Expansion
$3.9B
$245M25

Accelerating

+57%

Whirlpool Corp.WHRGeographic Expansion
$3.9B
$964M2

Winding down

$3B → $14M

Spectrum Brands Holdings, Inc.SPBN/A
$3.8B
$956M5

Steady

+100% (count)

Covista Inc.CVSAGeographic Expansion
$3.8B
$314M12

Paused

$3B prior

Callaway Golf CompanyCALYGeographic Expansion
$3.7B
$411M11

Winding down

$3B → $400K

Etsy, Inc.ETSYGeographic Expansion
$3.7B
$920M2

Paused

$3.4B prior

US Foods Holding Corp.USFDGeographic Expansion
$3.6B
$521M20

Cooling

-44%

Kroger Co.KRN/A
$3.4B
$343M3

Steady

+0% (count)

Keurig Dr Pepper Inc.KDPBolt On
$3.4B
$374M8

New cycle

$1.1B recent

QVC Group, Inc.QVCGAHorizontal Consolidation
$3.4B
$336M6

Steady

+0% (count)

McCormick & Co Inc.MKCBolt On
$3.3B
$366M15

Winding down

$3.1B → $34M

Tyson Foods, Inc.TSNGeographic Expansion
$3.2B
$356M12

Steady

+19%

B&G Foods, Inc.BGSHorizontal Consolidation
$3.2B
$244M14

Paused

$543M prior

Darling Ingredients Inc.DARHorizontal Consolidation
$3B
$190M23

New cycle

$1.2B recent

Sea LimitedSEN/A
$3B
$494M2

New cycle

$3B recent

Lowes Companies Inc.LOWGeographic Expansion
$2.9B
$958M2

New cycle

$10M recent

Pilgrim’s Pride CorporationPPCHorizontal Consolidation
$2.8B
$468M6

Paused

$981M prior

Flowers Foods, Inc.FLOHorizontal Consolidation
$2.8B
$347M15

New cycle

$1.1B recent

Chefs’ Warehouse, Inc.CHEFGeographic Expansion
$2.8B
$197M30

Cooling

-51%

Ingredion IncorporatedINGRGeographic Expansion
$2.6B
$235M9

Paused

$305M prior

Insight Enterprises, Inc.NSITGeographic Expansion
$2.6B
$160M12

New cycle

$1B recent

The Simply Good Foods CompanySMPLBolt On
$2.5B
$508M6

Cooling

-71%

Northann Corp.NCLN/A
$2.5B
$2.5BN/A

New cycle

$2.5B recent

Advance Auto Parts, Inc.AAPGeographic Expansion
$2.5B
$314M40

Steady

+0% (count)

E-Home Household Service Holdings LimitedEJHN/A
$2.5B
$2.5B6

New cycle

$2.5B recent

Patrick Industries, Inc.PATKHorizontal Consolidation
$2.4B
$160M75

Cooling

-48%

Service Corporation InternationalSCIN/A
$2.3B
$179M129

Steady

+23%

GameStop Corp.GMEGeographic Expansion
$2.3B
$232M14

Steady

+0% (count)

Rollins Inc.ROLBolt On
$2.3B
$115M325

Accelerating

+102%

Edgewell Personal Care CompanyEPCBolt On
$2.3B
$252M9

Paused

$543M prior

Brown-Forman CorporationBF-AGeographic Expansion
$2.2B
$222M8

New cycle

$1.2B recent

Paranovus Entertainment Technology LimitedPAVSHorizontal Consolidation
$2.2B
$551M4

Steady

-16%

Leggett & Platt Inc.LEGGeographic Expansion
$2.2B
$144M35

Paused

$259M prior

Brownie’s Marine Group, Inc.BWMGTechnology Acquisition
$1.8B
$1.8B2

Paused

$1.8B prior

Coca-cola Europacific Partners PLCCCEPGeographic Expansion
$1.8B
$444M2

New cycle

$1.6B recent

The Hain Celestial Group, Inc.HAINGeographic Expansion
$1.7B
$141M17

Paused

$260M prior

Target CorporationTGTGeographic Expansion
$1.6B
$546M4

Steady

+0% (count)

Central Garden & Pet CompanyCENTBolt On
$1.6B
$133M17

Winding down

$821M → $60M

MillerKnoll, Inc.MLKNGeographic Expansion
$1.6B
$143M14

Paused

$1.2B prior

Lifetime Brands, Inc.LCUTBolt On
$1.5B
$168M15

Paused

$3M prior

Lamb Weston Holdings, Inc.LWGeographic Expansion
$1.5B
$374M4

New cycle

$1.2B recent

Ethan Allen Interiors Inc.ETDBolt On
$1.5B
$115M48

Paused

$1M prior

Victoria’s Secret & Co.VSCOPlatform
$1.5B
$495M2

Accelerating

+180%

CHS Inc.CHSCLGeographic Expansion
$1.5B
$122M5

Accelerating

+184%

ARKO Corp.ARKOGeographic Expansion
$1.5B
$294M10

Cooling

-49%

Celsius Holdings, Inc.CELHGeographic Expansion
$1.4B
$356M3

New cycle

$1.4B recent

Healthier Choices Management Corp.HCMCGeographic Expansion
$1.4B
$203M10

Cooling

-39%

Tractor Supply Co.TSCOGeographic Expansion
$1.4B
$201M7

Steady

-25%

lululemon athletica inc.LULUVertical Integration
$1.3B
$211M17

Cooling

-64%

Nomad Foods LimitedNOMDGeographic Expansion
$1.3B
$210M3

Winding down

$706M → $800K

Kimberly-clark CorporationKMBGeographic Expansion
$1.2B
$201M4

Winding down

$1.1B → $100K

Nexentis Technologies Inc.NXTSPlatform
$1.2B
$603M2

Steady

-12%

HF Foods Group Inc.HFFGGeographic Expansion
$1.2B
$396M3

Paused

$612M prior

Costco Wholesale Corp.COSTN/A
$1.2B
$1.2B2

Paused

$1.2B prior

Helen of Troy LimitedHELEBolt On
$1.1B
$126M13

Cooling

-44%

American Eagle Outfitters, Inc.AEOGeographic Expansion
$1.1B
$222M6

Cooling

-50%

MasterBrand, Inc.MBCPlatform
$1B
$521M2

New cycle

$1B recent

Interface Inc.TILEGeographic Expansion
$1B
$346M2

Steady

+0% (count)

Colgate-palmolive CompanyCLGeographic Expansion
$1B
$85M13

Cooling

-38%

G III Apparel Group Ltd.GIIIHorizontal Consolidation
$1B
$113M8

Steady

+0%

Clorox Co.CLXBolt On
$971M
$486M5

Steady

+0% (count)

Bright Horizons Family Solutions Inc.BFAMGeographic Expansion
$925M
$66M137

Cooling

-80%

Kontoor Brands, Inc.KTBGeographic Expansion
$901M
$901M1

New cycle

$901M recent

Carter’s, Inc.CRIGeographic Expansion
$881M
$126M6

Steady

+0% (count)

Coffee Holding Co., Inc.JVAGeographic Expansion
$832M
$119M6

New cycle

$2M recent

1 800 Flowers COM Inc.FLWSBolt On
$828M
$55M16

Winding down

$517M → $13M

PVH Corp.PVHBolt On
$823M
$69M10

Paused

$192M prior

Fresh DEL Monte Produce Inc.FDPGeographic Expansion
$814M
$163M7

Steady

+100% (count)

Andersons, Inc.ANDEGeographic Expansion
$793M
$53M22

Accelerating

+247%

Betterware DE Mexico, S.a.p.i. DE C.vBWMXGeographic Expansion
$763M
$254M3

New cycle

$763M recent

Smithfield Foods, Inc.SFDBolt On
$683M
$98M6

New cycle

$38M recent

Johnson Outdoors Inc.JOUTBolt On
$667M
$74M11

New cycle

$12M recent

e.l.f. Beauty, Inc.ELFN/A
$660M
$165M3

New cycle

$608M recent

Bath & Body Works, Inc.BBWIGeographic Expansion
$660M
$220M3

Steady

+0% (count)

eBay Inc.EBAYGeographic Expansion
$646M
$59M31

Winding down

$208M → $200K

DICK’S Sporting Goods, Inc.DKSHorizontal Consolidation
$643M
$129M2

New cycle

$2M recent

BIG Tree Cloud Holdings LimitedDSYN/A
$642M
$642M1

New cycle

$642M recent

Frontdoor, Inc.FTDRGeographic Expansion
$629M
$157M3

New cycle

$586M recent

Alico, Inc.ALCOGeographic Expansion
$586M
$147M6

Steady

-100% (count)

Planet Fitness, Inc.PLNTN/A
$572M
$95MN/A

Cooling

-89%

Five Below, Inc.FIVEN/A
$556M
$556MN/A

New cycle

$556M recent

Albany International Corp.AINGeographic Expansion
$556M
$62M9

Accelerating

+801%

Aixin Life International, Inc.AIXNHorizontal Consolidation
$544M
$272MN/A

New cycle

$544M recent

Oxford Industries, Inc.OXMGeographic Expansion
$536M
$67M18

Paused

$271M prior

Peloton Interactive, Inc.PTONTalent Acquisition
$534M
$178M3

Paused

$534M prior

Beeline Holdings, Inc.BLNEBolt On
$534M
$133M3

Paused

$2M prior

Columbia Sportswear CompanyCOLMBolt On
$509M
$170M3

Steady

+0% (count)

Sally Beauty Holdings, Inc.SBHGeographic Expansion
$493M
$26M12

Steady

+5%

J&j Snack Foods Corp.JJSFBolt On
$484M
$40M12

Winding down

$279M → $7M

SkinHealth Systems Inc.SKINPlatform
$483M
$241M10

Paused

$483M prior

Lucky Strike Entertainment CorporationLUCKN/A
$456M
$114M48

Accelerating

+428%

Cal-Maine Foods, Inc.CALMHorizontal Consolidation
$454M
$45M8

Accelerating

+281%

Anheuser-Busch InBev SABUDHorizontal Consolidation
$452M
$90M1

Paused

$451M prior

Designer Brands Inc.DBIBolt On
$438M
$73M4

Accelerating

+735%

Yatsen Holding LimitedYSGN/A
$436M
$109MN/A

New cycle

$432M recent

Clarus CorporationCLARBolt On
$424M
$53M11

Winding down

$202M → $10M

JD.com, Inc.JDPlatform
$421M
$42MN/A

Accelerating

+45%

Coca-cola Consolidated, Inc.COKEGeographic Expansion
$396M
$99M1

Steady

+0% (count)

Ulta Beauty, Inc.ULTAGeographic Expansion
$388M
$194M1

New cycle

$387M recent

Avax ONE Technology Ltd.AVXTechnology Acquisition
$387M
$129M3

New cycle

$360M recent

BJ’s Wholesale Club Holdings, Inc.BJVertical Integration
$377M
$377MN/A

Paused

$377M prior

JAKKS Pacific, Inc.JAKKBolt On
$374M
$42M11

Steady

+0% (count)

Wendy's CoWENGeographic Expansion
$370M
$31M68

Cooling

-87%

LuxExperience B.V.LUXEPlatform
$361M
$361M1

New cycle

$361M recent

Marinemax Inc.HZOHorizontal Consolidation
$357M
$27M5

Accelerating

+221%

Tron Inc.TRONN/A
$350M
$350MN/A

New cycle

$350M recent

Nuvve Holding Corp.NVVEPlatform
$340M
$340M2

New cycle

$340M recent

Interparfums, Inc.IPARN/A
$337M
$84M3

Paused

$142M prior

Global-E Online Ltd.GLBETechnology Acquisition
$337M
$168M3

New cycle

$337M recent

Andina Bottling Co IncAKO-AGeographic Expansion
$331M
$166M4

Steady

+0% (count)

MGP Ingredients, Inc.MGPIGeographic Expansion
$331M
$55M5

Steady

+12%

Usana Health Sciences, Inc.USNAN/A
$312M
$62M2

New cycle

$203M recent

Hooker Furnishings CorporationHOFTGeographic Expansion
$306M
$31M7

Cooling

-47%

Six Flags Entertainment CorporationFUNPlatform
$304M
$152M1

New cycle

$304M recent

Genesco Inc.GCOGeographic Expansion
$296M
$33M5

Paused

$34M prior

Agape ATP CorporationATPCGeographic Expansion
$288M
$288M1

Paused

$288M prior

The Marzetti CompanyMZTIBolt On
$285M
$41M4

New cycle

$79M recent

La-z-boy IncorporatedLZBBolt On
$285M
$24M67

Accelerating

+203%

Cannae Holdings, Inc.CNNEBolt On
$278M
$93M6

Accelerating

+685%

Barnes & Noble Education, Inc.BNEDPlatform
$273M
$68M2

Steady

+0% (count)

Albertsons Companies, Inc.ACIHorizontal Consolidation
$272M
$91M1

Paused

$123M prior

Mission Produce, Inc.AVON/A
$264M
$88M1

Cooling

-76%

Under Armour, Inc.UAN/A
$262M
$44M6

Cooling

-80%

a.k.a. Brands Holding Corp.AKAPlatform
$260M
$87M4

Winding down

$255M → $5M

Purple Innovation, Inc.PRPLHorizontal Consolidation
$259M
$86M2

Steady

+0%

The TJX Companies, Inc.TJXGeographic Expansion
$253M
$63M3

Steady

+0% (count)

Local Bounti CorporationLOCLBolt On
$241M
$120M2

Paused

$241M prior

THE Boston Beer Company, Inc.SAMHorizontal Consolidation
$222M
$56M2

Steady

+0% (count)

Amazon.com, Inc.AMZNTechnology Acquisition
$215M
$17M8

Accelerating

+125%

Farmer Brothers Co.FARMGeographic Expansion
$209M
$26M8

Steady

+0% (count)

ChargePoint Holdings, Inc.CHPTGeographic Expansion
$208M
$104MN/A

Winding down

$205M → $3M

MercadoLibre, Inc.MELITechnology Acquisition
$198M
$17M11

Steady

-13%

Maplebear Inc.CARTHorizontal Consolidation
$195M
$39M3

New cycle

$160M recent

Boot Barn Holdings, Inc.BOOTGeographic Expansion
$194M
$39M7

Paused

$4M prior

Superior Group of Companies, Inc.SGCGeographic Expansion
$183M
$18M11

Cooling

-62%

Growgeneration Corp.GRWGGeographic Expansion
$183M
$26M40

Winding down

$167M → $4M

General Mills Inc.GISBolt On
$172M
$17M11

Cooling

-47%

Solo Brands, Inc.SBDSGeographic Expansion
$169M
$56M8

Cooling

-74%

Shoe Carnival, Inc.SCVLGeographic Expansion
$161M
$40M4

Accelerating

+26%

American Outdoor Brands, Inc.AOUTGeographic Expansion
$161M
$80M1

Paused

$161M prior

Levi Strauss & Co.LEVIBolt On
$159M
$26M3

Accelerating

+594%

Village Super Market, Inc.VLGEAN/A
$157M
$39M3

Paused

$148M prior

Liquidity Services, Inc.LQDTGeographic Expansion
$157M
$14M10

Accelerating

+76%

TDH Holdings, Inc.PETZN/A
$151M
$151MN/A

Paused

$151M prior

Aterian, Inc.ATERN/A
$140M
$28M12

Winding down

$139M → $600K

Leslie’s, Inc.LESLHorizontal Consolidation
$138M
$35M14

Cooling

-87%

Escalade, IncorporatedESCABolt On
$135M
$10M20

Cooling

-96%

RHRHGeographic Expansion
$134M
$67M1

Paused

$18M prior

HWH International Inc.HWHN/A
$125M
$125M1

New cycle

$125M recent

Zumiez Inc.ZUMZGeographic Expansion
$123M
$25M3

Steady

+0% (count)

Amcon Distributing Co.DITGeographic Expansion
$123M
$15M5

Accelerating

+257%

Utz Brands, Inc.UTZBolt On
$118M
$59M4

Paused

$118M prior

Sanfilippo John B & SON Inc.JBSSPlatform
$117M
$23M4

New cycle

$63M recent

BellRing Brands, Inc.BRBRN/A
$116M
$116MN/A

Paused

$116M prior

Ryerson Holding CorpRYZHorizontal Consolidation
$115M
$10M23

Accelerating

+139%

Dole plcDOLEBolt On
$113M
$23M1

Winding down

$109M → $4M

Xponential Fitness, Inc.XPOFBolt On
$110M
$28M21

Cooling

-88%

Williams-Sonoma, Inc.WSMGeographic Expansion
$106M
$53M3

Steady

+100% (count)

Floor & Decor Holdings, Inc.FNDBolt On
$105M
$26M5

Cooling

-44%

Tantech Holdings Ltd.TANHPlatform
$104M
$35M1

Steady

+0% (count)

Weis Markets, Inc.WMKGeographic Expansion
$98M
$16M19

New cycle

$24M recent

Krispy Kreme, Inc.DNUTN/A
$97M
$32M7

Cooling

-51%

MINISO Group Holding LimitedMNSON/A
$97M
$48MN/A

Accelerating

+7223%

Fitlife Brands, Inc.FTLFBolt On
$88M
$18M5

Accelerating

+15600%

BED Bath & Beyond, Inc.BBBYPlatform
$88M
$15M10

Steady

+0% (count)

Sleep Number CorporationSNBRBolt On
$86M
$43M2

Steady

+0% (count)

Adecoagro S.A.AGROGeographic Expansion
$85M
$12M5

New cycle

$21M recent

Chewy, Inc.CHWYBolt On
$84M
$28M2

Steady

+9%

YETI Holdings, Inc.YETIBolt On
$83M
$28M5

New cycle

$74M recent

Unifi, Inc.UFIPlatform
$81M
$12M2

Steady

+0% (count)

Carparts.com, Inc.PRTSN/A
$79M
$26M2

Steady

+0% (count)

Gap, Inc.GAPTechnology Acquisition
$76M
$13M6

Paused

$1M prior

Tile Shop Holdings, Inc.TTSHN/A
$75M
$75M1

Steady

+0% (count)

Starbucks CorporationSBUXGeographic Expansion
$71M
$10M12

New cycle

$1M recent

Funko, Inc.FNKOBolt On
$71M
$10M8

Accelerating

+27%

NU Skin Enterprises, Inc.NUSTechnology Acquisition
$70M
$9M10

Paused

$34M prior

Sow Good Inc.SOWGGeographic Expansion
$65M
$13M5

Paused

$20M prior

American Woodmark CorpAMWDN/A
$64M
$32M1

Steady

+0% (count)

Canada Goose Holdings Inc.GOOSGeographic Expansion
$64M
$11M4

Cooling

-56%

Ralph Lauren CorporationRLGeographic Expansion
$64M
$6M11

Steady

+0% (count)

Grocery Outlet Holding Corp.GOPlatform
$61M
$61M2

New cycle

$61M recent

Mexican Economic Development, Inc.FMXGeographic Expansion
$60M
$20MN/A

New cycle

$21M recent

Xcel Brands, Inc.XELBGeographic Expansion
$60M
$9M4

Cooling

-53%

Culp Inc.CULPBolt On
$59M
$7M6

Accelerating

+170%

Baozun Inc.BZUNN/A
$59M
$29M6

New cycle

$59M recent

Traeger, Inc.COOKBolt On
$57M
$57M1

Paused

$57M prior

Limoneira CompanyLMNRHorizontal Consolidation
$55M
$18M8

Steady

+0% (count)

Crown Crafts, Inc.CRWSBolt On
$54M
$7M9

New cycle

$32M recent

Bassett Furniture Industries, IncorporatedBSETGeographic Expansion
$50M
$6M29

Paused

$6M prior

Village Farms International, Inc.VFFGeographic Expansion
$49M
$16M3

Cooling

-79%

Amer Sports, Inc.ASVertical Integration
$49M
$25M1

New cycle

$49M recent

Calavo Growers, Inc.CVGWGeographic Expansion
$40M
$7M2

Paused

$18M prior

Natural Resource Holdings, Inc.NRHIN/A
$39M
$20M2

Accelerating

+39100%

PriceSmart, Inc.PSMTGeographic Expansion
$36M
$18M2

Steady

+0% (count)

Herbalife Ltd.HLFN/A
$36M
$18M1

New cycle

$26M recent

NATUZZI S.p.A.NTZGeographic Expansion
$32M
$4MN/A

Cooling

-76%

Sprouts Farmers Market, Inc.SFMN/A
$31M
$31M1

New cycle

$31M recent

Kewaunee Scientific CorporationKEQUN/A
$29M
$29M1

New cycle

$29M recent

Sportsman’s Warehouse Holdings, Inc.SPWHGeographic Expansion
$29M
$29MN/A

Paused

$29M prior

Acushnet Holdings Corp.GOLFBolt On
$28M
$9M2

Paused

$100K prior

ThredUp Inc.TDUPN/A
$26M
$26M1

Paused

$26M prior

Kaival Brands Innovations Group, Inc.KAVLTechnology Acquisition
$24M
$12MN/A

New cycle

$24M recent

The Dixie Group, Inc.DXYNBolt On
$23M
$8M5

Steady

+0% (count)

Vince Holding Corp.VNCEHorizontal Consolidation
$20M
$20MN/A

Paused

$20M prior

AiRWA INC.YYAIN/A
$20M
$10M3

New cycle

$17M recent

G Willi Food International Ltd.WILCTuck In
$19M
$6M2

Steady

+0% (count)

Natural Health Trends Corp.NHTCHorizontal Consolidation
$18M
$18MN/A

Steady

no signal

Acme United Corp.ACUBolt On
$18M
$1M15

Cooling

-60%

Lifeway Foods, Inc.LWAYGeographic Expansion
$17M
$4M4

Paused

$5M prior

Westrock Coffee CompanyWESTBolt On
$17M
$9M3

Cooling

-84%

Nomadar Corp.NOMAN/A
$16M
$16MN/A

New cycle

$16M recent

Birks Group Inc.BGIBolt On
$16M
$5M3

New cycle

$9M recent

Authentic Holdings, Inc.AHROGeographic Expansion
$16M
$16M2

New cycle

$16M recent

Urban Outfitters, Inc.URBNN/A
$15M
$15MN/A

Steady

no signal

NaaS Technology Inc.NAASGeographic Expansion
$15M
$4M3

Accelerating

+118%

Hamilton Beach Brands Holding CompanyHBBBolt On
$15M
$8M2

New cycle

$15M recent

United Parks & Resorts Inc.PRKSGeographic Expansion
$15M
$15M1

Steady

+0% (count)

MOGU Inc.MOGUN/A
$15M
$8MN/A

New cycle

$5M recent

Hour Loop, Inc.HOURN/A
$15M
$15MN/A

New cycle

$15M recent

Parks! America, Inc.PRKAGeographic Expansion
$15M
$5M1

Paused

$14M prior

Petco Health and Wellness Company, IncWOOFPlatform
$15M
$5M1

Cooling

-96%

Ollie’s Bargain Outlet Holdings, Inc.OLLIGeographic Expansion
$14M
$14MN/A

Steady

no signal

United Breweries Co. Inc.CCUN/A
$13M
$3MN/A

Cooling

-91%

Nature’s Sunshine Products, Inc.NATRN/A
$13M
$13M2

New cycle

$13M recent

BrasilAgro – Brazilian Agricultural Real Estate CompanyLNDN/A
$13M
$6MN/A

Paused

$2M prior

Steakholder Foods Ltd.MTTCFN/A
$11M
$11MN/A

Paused

$11M prior

Healthy Choice Wellness Corp.HCWCGeographic Expansion
$11M
$6M7

New cycle

$11M recent

Mama's Creations, Inc.MAMABolt On
$11M
$6M4

Cooling

-94%

Ermenegildo Zegna N.V.ZGNGeographic Expansion
$11M
$5M3

New cycle

$11M recent

Dogness (international) CorporationDOGZN/A
$11M
$11M2

Steady

-100% (count)

iPower Inc.IPWBolt On
$11M
$11M2

Paused

$11M prior

Olaplex Holdings, Inc.OLPXTechnology Acquisition
$11M
$11M1

New cycle

$11M recent

Laird Superfood, Inc.LSFTuck In
$10M
$10MN/A

Paused

$10M prior

Artisan Consumer Goods, Inc.ARRTN/A
$10M
$10M1

Paused

$10M prior

Dillard’s, Inc.DDSN/A
$10M
$10M1

Steady

+0% (count)

Maison Solutions Inc.MSSN/A
$10M
$5M1

New cycle

$10M recent

Digital Brands Group, Inc.DBGIBolt On
$8M
$8M2

Paused

$8M prior

Crimson Wine Group, Ltd.CWGLN/A
$7M
$7M1

Steady

+0% (count)

Destination XL Group, Inc.DXLGBolt On
$7M
$2MN/A

Steady

no signal

Virco Mfg. CorporationVIRCN/A
$7M
$7MN/A

Steady

no signal

Seneca Foods CorporationSENEAN/A
$7M
$7M8

Paused

$7M prior

Innovative Food Holdings, Inc.IVFHBolt On
$7M
$1M15

New cycle

$2M recent

Natural Grocers by Vitamin Cottage, Inc.NGVCTuck In
$6M
$6M1

Steady

+0% (count)

Natural Alternatives International, Inc.NAIIHorizontal Consolidation
$6M
$6M1

Steady

+0% (count)

Build-A-Bear Workshop, Inc.BBWGeographic Expansion
$5M
$5M2

Steady

+0% (count)

LightInTheBox Holding Co., Ltd.LITBN/A
$4M
$2M1

Steady

+0% (count)

1stdibs.com, Inc.DIBSHorizontal Consolidation
$4M
$4M1

Paused

$4M prior

AXIL Brands, Inc.AXILN/A
$4M
$4M2

New cycle

$4M recent

Energy Focus, Inc.EFOIGeographic Expansion
$3M
$2M2

Steady

+0% (count)

Grove Collaborative Holdings, Inc.GROVGeographic Expansion
$3M
$3M2

New cycle

$3M recent

Mixed Martial Arts Group LimitedMMATechnology Acquisition
$3M
$3M2

New cycle

$3M recent

THE Children’s Place, Inc.PLCEGeographic Expansion
$2M
$2M1

Steady

+0% (count)

Interactive Strength Inc.TRNRPlatform
$2M
$1M2

New cycle

$2M recent

Giftify, Inc.GIFTBolt On
$2M
$633K3

Accelerating

+180%

Summit Networks, Inc.SNTWGeographic Expansion
$2M
$2M3

Steady

+100% (count)

Integrated Biopharma Inc.INBPBolt On
$2M
$850K2

Steady

+0% (count)

Above Food Ingredients Inc.ABVEBolt On
$2M
$2M1

New cycle

$2M recent

EQUATOR Beverage CompanyMOJON/A
$2M
$2MN/A

Steady

no signal

Blue Star Foods Corp.BSFCN/A
$1M
$367K4

Accelerating

+167%

China Foods Holdings Ltd.CFOON/A
$1M
$1MN/A

Paused

$1M prior

Splash Beverage Group, Inc.SBEVHorizontal Consolidation
$1M
$500K3

Paused

$1M prior

ATRenew Inc.REREGeographic Expansion
$900K
$900K1

Paused

$900K prior

Sino Green Land CorporationSGLAN/A
$900K
$900KN/A

New cycle

$900K recent

Boqii Holding LimitedBQN/A
$800K
$400K1

Steady

+0%

IP Strategy Holdings, Inc.IPSTN/A
$700K
$700K1

New cycle

$700K recent

XMax Inc.XWINGeographic Expansion
$600K
$300K3

Steady

-100% (count)

Tandy Leather Factory, Inc.TLFGeographic Expansion
$600K
$600K1

Steady

+0% (count)

CXJ GROUP CO., LimitedECXJN/A
$600K
$600KN/A

New cycle

$600K recent

Alliance Laundry Holdings Inc.ALHHorizontal Consolidation
$400K
$400K1

New cycle

$400K recent

Revolve Group, Inc.RVLVN/A
$400K
$400KN/A

New cycle

$400K recent

QuantaSing Group LimitedHEREGeographic Expansion
$300K
$300K3

New cycle

$300K recent

Caro Holdings Inc.CAHON/A
$300K
$300K2

New cycle

$300K recent

Fast Casual Concepts, Inc.FCCIN/A
$300K
$300KN/A

New cycle

$300K recent

Bonk, Inc.BNKKTalent Acquisition
$200K
$200K1

New cycle

$200K recent

D-MARKET Electronic Services & TradingHEPSN/A
$200K
$200KN/A

New cycle

$200K recent

Luvu Brands, Inc.LUVUN/A
$100K
$100K1

Steady

+0% (count)

Cyanotech CorpCYANN/A
$100K
$100KN/A

Steady

no signal

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“SRS also acquired GMS to accelerate the vision of becoming a leading, multi-category building materials distributor.”

THE Home Depot, Inc.HDFY2025

“The transaction was accounted for under the acquisition method of accounting”

THE J. M. Smucker CompanySJMFY2019

“Our acquisition strategy has focused on businesses with product offerings that can strengthen our current portfolio, enable us to expand into complementary categories, geographic regions or distribution channels or provide diversification of cash flows in similar channels.”

Post Holdings, Inc.POSTFY2025

“we intend to help expand our leadership position in off-course golf”

Callaway Golf CompanyCALYFY2024

“The acquisition furthers Adtalem’s growth strategy as a leading healthcare educator in the U.S.”

Covista Inc.CVSAFY2024

“Market competition, customer requirements, customer financial condition and customer consolidation through mergers and acquisitions also could adversely affect our ability to continue or expand our relationships with customers and GPOs.”

US Foods Holding Corp.USFDFY2021

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Food, Beverage & Agriculture

892

Packaged foods, beverages, agricultural products, grocery platforms, and food distribution.

Buyers

118

Core

67

Spend

$262.8B

2006–2025 · last year 44

Specialty Retail & Distribution

720

Specialty retail, aftermarket distribution, catalog, store, and dealer networks.

Buyers

100

Core

47

Spend

$143.1B

2006–2025 · last year 78

Household, Personal & Furnishings

1,165

Household products, personal products, furnishings, fixtures, appliances, and branded consumer categories.

Buyers

58

Core

37

Spend

$122.7B

2006–2025 · last year 84

Consumer Brands & Durables

308

Branded durable goods, leisure products, apparel, footwear, accessories, and consumer category platforms.

Buyers

49

Core

23

Spend

$62.4B

2006–2025 · last year 26

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

01362722006: 128 buys · $29.6B spend · 51 buyers2007: 124 buys · $20.9B spend · 49 buyers2008: 127 buys · $17.5B spend · 50 buyers2009: 68 buys · $9.4B spend · 33 buyers2010: 87 buys · $3.8B spend · 44 buyers2011: 121 buys · $10.8B spend · 56 buyers2012: 121 buys · $15.5B spend · 60 buyers2013: 97 buys · $15.3B spend · 51 buyers2014: 112 buys · $20.5B spend · 53 buyers2015: 127 buys · $32.2B spend · 57 buyers2016: 167 buys · $35.4B spend · 67 buyers2017: 156 buys · $39.6B spend · 64 buyers2018: 192 buys · $34.8B spend · 72 buyers2019: 143 buys · $58.4B spend · 62 buyers2020: 148 buys · $33.6B spend · 72 buyers2021: 233 buys · $31.6B spend · 76 buyers2022: 272 buys · $36.9B spend · 76 buyers2023: 167 buys · $45.1B spend · 62 buyers2024: 213 buys · $50.6B spend · 76 buyers2025: 229 buys · $49.4B spend · 91 buyers2006: 128 buys · $29.6B spend · 51 buyers2007: 124 buys · $20.9B spend · 49 buyers2008: 127 buys · $17.5B spend · 50 buyers2009: 68 buys · $9.4B spend · 33 buyers2010: 87 buys · $3.8B spend · 44 buyers2011: 121 buys · $10.8B spend · 56 buyers2012: 121 buys · $15.5B spend · 60 buyers2013: 97 buys · $15.3B spend · 51 buyers2014: 112 buys · $20.5B spend · 53 buyers2015: 127 buys · $32.2B spend · 57 buyers2016: 167 buys · $35.4B spend · 67 buyers2017: 156 buys · $39.6B spend · 64 buyers2018: 192 buys · $34.8B spend · 72 buyers2019: 143 buys · $58.4B spend · 62 buyers2020: 148 buys · $33.6B spend · 72 buyers2021: 233 buys · $31.6B spend · 76 buyers2022: 272 buys · $36.9B spend · 76 buyers2023: 167 buys · $45.1B spend · 62 buyers2024: 213 buys · $50.6B spend · 76 buyers2025: 229 buys · $49.4B spend · 91 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)