In the consumer goods and retail space, dealmakers can expect to see more grocery and food M&A, says Leanne Sardiga, PwC partner and head of its U.S. retail and consumer deals practice.

“You continue to see larger corporations prune things and acquire others,” Sardiga says. The trend is exemplified by several recent transactions, including TPG Capital’s February purchase of Arden Group Inc., for $394 million. Arden owns Gelson’s markets, a chain of grocery stores in Southern California. In November, Yucaipa won approval to buy Fresh & Easy Neighborhood Market Inc. after the grocer filed for bankruptcy protection to facilitate a sale. And in December, Back to Nature Foods Co. LLC bought the SnackWells cookies and snacks business. Sardiga says dealmakers may start to see corporates making acquisitions in the grocery space.

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