On the latest episode of Behind the Buyouts, George Sent, head of food, beverage and agribusiness at Cascadia Capital LLC, discussed the state of food M&A and evolving investment themes in 2026.

While food M&A was choppy in 2025, large companies, consumers and governments have adjusted to volatility.

“I think volatility has become normal. … [The companies] that are winning are those that were able to find workarounds in a volatile environment,” Sent said.

Sent predominantly advises founder- and family-owned businesses, helping companies navigate succession planning, strategic sales and partnerships with private equity sponsors.

Cascadia’s food and beverage practice has advised companies such as FlavorSum LLC on its July sale to Warburg Pincus LLC; Willamette Valley Meat Co. on its March 2025 investment from Bochi Investments LLC and Blue Pacific Flavors on its September sale to Germany’s Capol GmbH.

Growing demand for functional foods, protein-focused products and specialty ingredients continues to drive M&A activity.

“Food is one of those categories that’s resilient, it isn’t as cyclical,” Sent said. “There might be areas that may be less discretionary, such as junk food or expensive items, during a downturn, but in general, food is active.”

Listen to the podcast with George Sent below:

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