Last week, Nixon Peabody hosted its latest Hot Topics in the Middle Market event, focusing on M&A and private equity trends shaping the food and beverage industry. Nixon Peabody partners Phil Taub, Gregory O’Shaughnessy, Amy O’Keefe, and Shaziah Singh and counsel Anthony Bova co-hosted a day of insights across three sessions:
- Session I: Emerging Food & Beverage Panel
- Session II: Finding Your Next Investment Opportunity, an investment showcase featuring ten growth-stage food and beverage companies seeking capital
- Session III: Food and Beverage M&A and Private Equity Trends Panel
Session I: Emerging Food & Beverage Panel
The program began with a lunch and learn featuring founders and investors from innovative food and beverage companies throughout the US, centered on how brands successfully scale and what investors prioritize when evaluating growth opportunities. Panelists discussed key market dynamics, including the shift toward healthier offerings, the impact of GLP 1 medications on consumer behavior, and the increasingly constrained funding environment for early stage consumer brands.
The conversation explored the role of restaurant partnerships in driving brand discovery, the balance between digital first strategies and in person experiences, and the importance of ongoing product innovation in a very crowded market. Panelists emphasized evolving consumer preferences—particularly Gen Z’s declining interest in traditional alcohol and heightened focus on health and wellness—and reinforced that investors are demanding clearer paths to profitability and more disciplined go to market strategies.
Panelists included Eli Feldman (Shy Bird and Colette), Matt Fonte (ColdSnap), Marcia Hooper (Branch Venture Group), Rhonda Kallman (Boston Harbor Distillery), Elliot Karathanasis (Humanaut), Nathan Klatt (Rockport Investment Partners), and Jason Lin (Nuda Foods). The discussion was moderated by Nixon Peabody’s Anthony Bova and Brooke Furst.
Session II: Finding Your Next Investment Opportunity
Next up, Nixon Peabody’s Andrew Goodman and Brooke Furst, leaders of the NP Capital Connector Program (a complimentary proprietary system that connects investors with attractive private investment opportunities in a variety of industries and stages of development), hosted an investment showcase featuring a diverse group of growth stage companies spanning multiple food and beverage verticals. Presenting companies pitched investors on product offerings including premium spirits, ready to drink cocktails, non alcoholic beverages, clean label food brands, restaurant technology platforms, and health focused nutrition concepts, underscoring both the breadth of innovation in the sector and the varied opportunities attracting investor interest.
Learn more about our showcase companies in the Networking Reception section below.
Session III: Food & Beverage M&A and Private Equity Trends Panel
Keynote Address—Joe Faro (Tuscan Brands)
The afternoon opened with a keynote speech from Joe Faro, founder and CEO of Tuscan Brands. Representing two generations of Italian food artisanship, Joe shared the story of building Joseph’s Gourmet Pasta & Sauces from a college business plan into the nation’s largest specialty pasta and sauce manufacturer, ultimately selling the company to Nestlé in 2006.
Joe’s entrepreneurial journey continued in 2010 with the launch of Tuscan Brands and the opening of Tuscan Kitchen, marking his entry into restaurant operations. He spoke candidly about learning the business firsthand, how the company’s culture was shaped by a deep commitment to community, and how a reliable mentor can make all the difference. Early efforts to give back—including feeding thousands of veterans for free on Veterans Day—unexpectedly drew massive crowds and helped define the mission of the Tuscan brand moving forward.
Since then, Tuscan Brands has expanded across New England with a portfolio that includes Tuscan Kitchen, Tuscan Market, Toscana Italian Chophouse & Wine Bar, Tuscan Sea Grill, and Artisan Chef Catering. Today, the company operates across hospitality, manufacturing, and real estate development, generating more than $350 million in revenue. Joe emphasized that community impact remains central to the organization, highlighted by the recent milestone of feeding its 35,000th veteran this past Veterans Day. He concluded by sharing his latest achievement—the development of Tuscan Village in Salem, NH, a 4.7 million square foot mixed use destination featuring residential units, high end retail, and anchor tenants including Marriott Hotels and Mass General Hospital.
Joe closed by sharing how his entrepreneurial journey recently came full circle. In 2024, he reacquired Buitoni, the iconic Italian pasta brand connected to his earliest success, bringing it into The Artisan Chef Manufacturing Company. Under his leadership, the brand has been re‑centered around authentic recipes, premium ingredients, and US-based production, with operations spanning facilities in Massachusetts and Virginia—reflecting a renewed commitment to quality, craftsmanship, and scale.
Food & Beverage M&A/Private Equity Trends Panel
The program continued with our featured Hot Topics In the Middle Market panel moderated by Nixon Peabody M&A and private equity partners Shaziah Singh and Amy O’Keefe, featuring Nicole Chiarella (Citrin Cooperman), Nancy Ervin (Harrison Co.), Nelson Famadas (Carver Road Hospitality), Matt Finnerty (CREO Capital Partners), Morgan Ley (G2 Capital Advisors), and Tim White (Five Star Holding Corp.). Panelists examined the current state of the food and beverage market, deal structuring, and financing trends, and the outlook for the food and beverage industry.
The discussion highlighted a market at an inflection point, shaped by converging health trends, shifting demographics, and increasing regulatory complexity. Panelists emphasized the growing need for product reformulation to meet demand for healthier options, alongside pressure on branded CPG sales from the continued rise of premium private label. The conversation also addressed how tariffs, localization efforts, and inconsistent state‑level packaging regulations are complicating consolidation and cross‑border M&A, while agriculture transactions present added challenges due to the perishability and volatility of specialty crops.
Financing has become more disciplined, with heightened scrutiny of EBITDA adjustments and a strong focus on sustainable free cash flow. One of our panelists cleverly remarked that EBITDA for weaker targets can feel like sauteed spinach at times: “you start with a full pan but before you know it, it’s been cooked down to almost nothing.” Panelists also addressed deal structuring considerations, including the growing importance of qualified small business stock (QSBS) planning and the ubiquitous use of earnouts and rollover equity to bridge valuation gaps.
Looking ahead, panelists identified functional foods, prepared foods, and clever use of the existing nationwide restaurant infrastructure as key growth areas. Advances in genetics and agriculture, along with practical, operational applications of AI, were cited as technologies with the potential to meaningfully reshape the industry.
Networking Reception
The evening concluded with a networking reception featuring tastings from our investment showcase companies and others, including:
- Ancient Souls Distillery—A craft distillery producing distinctive spirits with a focus on quality, process, and character
- Ask Colette—An AI‑powered conversational workspace that replaces repetitive operational tasks for restaurant managers, such as weekly spreadsheet work
- Bolduc Maple Farms—A maple syrup producer blending generations of traditional craftsmanship with modern innovation
- Boston Harbor Distillery—A premier whiskey distillery housed in a pre–Civil War building at The Port on Boston Harbor
- ColdSnap—A beverage technology platform that enables rapid, on-demand frozen drinks and single-serve experiences
- DLAK (Don’t Let Anybody Know)—A premium, ready-to-drink cocktail crafted for a bar-quality experience with real ingredients and elevated flavors
- Fancypants Baking Co.—A modern bakery brand known for chef-crafted cookies and baked goods made with high-quality ingredients
- Humanaut Health—A health-focused company developing science-backed solutions aimed at improving metabolic health and wellness
- Kerr Cellars—A female-led premium winery producing small-lot wines with an emphasis on vineyard expression and craftsmanship
- Kiki Milk—A nutritionally complete whole food plant milk blend, with macro- and micro-nutrients for gut, brain, and bone health
- Laney & Lu—A wellness café concept offering vegan, nutrient-forward foods and beverages built around feel-good ingredients
- Manchester Distillery—A small-batch distillery, crafting award-winning spirits that celebrate creativity and passion of their craftspeople
- Nuda Foods—An almond-based, low-carb, fiber-rich pasta made with just three core ingredients for a cleaner, lighter take with a great taste
- Nutre—A healthy meal plan service offering made with ingredients such as antibiotic-free chicken, cage-free eggs, and grass-fed beef
- Tilden Cocktails—A non-alcoholic beverage brand creating complex, thoughtfully crafted cocktails for modern drinking occasions
Please reach out to Andrew Goodman (agoodman@nixonpeabody.com) or Brooke Furst (bfurst@nixonpeabody.com) if you would like to be connected directly with any of the companies listed above.
What’s Next
Be on the lookout for an invite to our next Hot Topics event, Women in Dealmaking. We look forward to continuing the conversation with you.