Morgan Stanley’s Mega Deals Drive Leadership (Image Credits: Pixabay)
Financial advisory firms Morgan Stanley and Houlihan Lokey claimed the top spots in 2025 consumer sector mergers and acquisitions rankings, according to GlobalData’s analysis of deal activity.[1]
Morgan Stanley’s Mega Deals Drive Leadership
Morgan Stanley secured first place by deal value after advising on transactions totaling $79.71 billion across nine deals. Four of those transactions exceeded $1 billion, including two mega deals valued over $10 billion each. This performance marked a significant margin over competitors and highlighted the firm’s strength in high-stakes consumer deals.
Aurojyoti Bose, lead analyst at GlobalData, noted the disparity in strategies. “Morgan Stanley advised on a smaller number of deals but still managed not only to lead by value but also to outpace peers by a significant margin,” Bose stated. The focus on blockbuster transactions proved decisive in the year’s league tables.[1]
Houlihan Lokey Retains Volume Crown
Houlihan Lokey maintained its position as the top advisor by deal volume, handling 30 transactions throughout 2025. The firm had held the lead in 2024 and continued its streak amid steady activity in the consumer space. This volume leadership underscored Houlihan Lokey’s broad involvement in mid-market and smaller deals.
Bose highlighted the consistency: “Houlihan Lokey was the top adviser by volume in 2024 and retained its leadership position by this metric in 2025.” The approach contrasted with value leaders, emphasizing quantity and market coverage in food and consumer goods.[1]
Standout Transactions in Food and Confectionery
Prominent deals fueled the top rankings, particularly in beverages and sweets. Morgan Stanley advised Keurig Dr Pepper on its €15.7 billion ($18.36 billion) acquisition of Dutch coffee company JDE Peet’s in August 2025. The transaction led to plans for splitting the combined entity into two separate businesses.
Houlihan Lokey supported Ferrara Candy Company’s purchase of French sweets maker CPK Group from Eurazeo. The deal added popular brands like Carambar, Poulain, Lutti, and Terry’s to Ferrara’s portfolio, strengthening its position in the confectionery market. These food-focused moves exemplified the sector’s consolidation trends.[1]
League Table Breakdown
The rankings revealed a competitive field across value and volume metrics. GlobalData tracked deals through extensive monitoring of company announcements and advisor submissions.
| Rank | Firm | Deal Value ($bn) | Deals |
|---|---|---|---|
| 1 | Morgan Stanley | 79.71 | 9 |
| 2 | Goldman Sachs | 65.13 | 16 |
| 3 | JPMorgan | 57.3 | 11 |
| 4 | Centerview Partners | 56.11 | – |
| 5 | PJT Partners | 48.7 | 2 |
- Volume leaders: Rothschild & Co. (20 deals), Spayne Lindsay (17), Goldman Sachs (16), Lazard and Deloitte (15 each).
Data drawn from Just Food, powered by GlobalData.[1]
Key Takeaways
- Morgan Stanley’s two mega deals propelled it far ahead in value rankings.
- Houlihan Lokey’s 30 deals confirmed its volume dominance for a second year.
- Food sector activity, from coffee to confectionery, drove major consolidations.
The 2025 rankings signal robust appetite for consumer sector combinations, especially in food and beverages, setting the stage for continued dealmaking. Firms balancing value and volume may gain further ground ahead. What trends do you foresee in 2026 consumer M&A? Share your thoughts in the comments.
