Mars’ planned US$36bn Kellanova takeover boosts Goldman Sachs in M&A rankings

GLOBAL – The global consumer sector is seeing a reshuffling of ranks in mergers and acquisitions (M&A), with Mars’ anticipated US$36 billion acquisition of Kellanova playing a significant role in boosting Goldman Sachs to a top-tier advisory position.

According to GlobalData, which tracks M&A activities across multiple sectors, the period from January to September 2024 saw Goldman Sachs significantly outshine rivals in deal value, a shift primarily attributed to its advisory role for Kellanova.

Aurojyoti Bose, lead analyst at GlobalData, noted the scale of Goldman Sachs’ surge, stating, “Goldman Sachs registered a massive jump in the value of deals advised by it during the Q1 to Q3 2024 period compared to the corresponding period a year earlier.”

This upward shift translates to a threefold increase in Goldman Sachs’ advisory portfolio value year-over-year.

The acquisition, which is set to conclude in the first half of 2025, has propelled Goldman Sachs to the top of GlobalData’s ranking of M&A financial advisers, marking a remarkable climb for the bank, which previously did not appear in the top ten as of mid-2024.

This acquisition follows Mars’ recent pattern of strategic investments aimed at expanding its portfolio in the consumer goods sector, further diversifying its holdings beyond its stronghold in pet care, confectionery, and food.

For Kellanova, this move could bring increased scale and support in navigating current market challenges, particularly as demand grows for innovative consumer products amid shifting preferences and supply chain pressures.

In terms of transaction volumes, Houlihan Lokey maintained its lead, having advised on the highest number of deals within the consumer sector during the nine-month review period.

Houlihan Lokey’s notable role in advising Cerealto on its acquisition of UK snacks manufacturer Hill Biscuits was highlighted among its major deals, helping secure the firm’s position as the only adviser managing over 20 deals within this period.

 “Houlihan Lokey saw an improvement in the number of deals advised during Q1 to Q3 2024,” Bose added, underscoring its volume-driven strategy in M&A activity.

Citi, which advised Mars on its ambitious acquisition of Kellanova, ranked second in value-based advisory services, followed closely by Lazard, J.P. Morgan, and Nomura. On the volume side, EY captured the second spot, with Bank of America and PwC tied for third, followed by Rothschild & Co. rounding out the top five.

According to GlobalData, the M&A market within the consumer sector remains robust, particularly with significant capital flows directed towards expanding portfolios in staple goods and specialty snacks.

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