Staples Seeks to Buy Office Depot for $2.1B

As consumers drink less and producers grapple with oversupply, alcohol M&A has cooled — but seasoned investors say today’s reset could mirror past downturns that produced outsized returns.

The same dynamics unnerving investors—higher rates, slower exits and rising redemption requests—are fueling strategies that monetize discounts, extend assets and re-cut portfolios, often long before cash flows prove the story out.

Deal volume and value both edged lower last year as uncertainty and valuation gaps stalled transactions — but growing clarity on policy and costs is fueling cautious optimism for 2026.