How We Help Food & Beverage Companies Decide

That was the question from a start-up bottler in Northern Europe.

They had long-term water and land contracts and big export plans. To raise money, they needed a value that investors would take seriously.

What we did

1. Read the contracts: how much water they may take, for how long, and at what cost.
2. Compared their lab results with leading premium waters.
3. Scored the source on ownership, protection, water quality, demand and how easy it would be to sell.
4. Valued it two ways: what bottlers pay per litre for water they don't own, and what similar companies sold for.
5. Priced in the extra risk of a business with no sales yet.

What we found

The water matched the profile of premium brands. That supports a premium price.

The contracts and the source were strong. The weak spot was sales. Success depended on finding the right partners in the export market.

The outcome

The founders took a clear value range into investor talks, with the evidence behind every number.

When new test results came in, we updated the valuation.

That was the question from a water cooler operator in Western Europe.

They were doing well at home and wanted to grow abroad. The board needed a clear answer before spending money.

What we did

1. Counted the water coolers already in use, by type and by customer group.
2. Mapped the local operators and their size, using company accounts.
3. Checked what customers pay to rent a cooler and buy water.
4. Looked at where demand was growing: offices, hotels, cafés, schools and clinics.
5. Compared two ways in: start from zero, or buy a local company.

What we found

A few large players already served most customers. Starting from zero would mean a long and costly price war.

Mains-fed coolers were growing much faster than bottle coolers. That was where new customers were.

The outcome

The board chose to enter by buying a regional operator. They got a shortlist of targets and the numbers to back each one.

That was the question from a family-owned drinks brand in Central Europe.

They wanted to launch in the Middle East. They had no team on the ground, so the right local partner would make or break the launch.

What we did

1. Built a long list of importers and distributors from trade data and industry contacts.
2. Checked each one for brands that would compete with our client.
3. Mapped where each partner sells: supermarkets, hotels, cafés or corner shops.
4. Looked at size, financial health and how they store and deliver products.
5. Spoke with the best few and scored them.

What we found

The biggest names already sold rival brands. Our client would have been a small line on a long list.

A mid-sized importer with strong hotel and café sales was the better fit. They had room for the brand and a reason to push it.

The outcome

The client went into talks with a short, scored list and clear questions for each partner. They chose a partner who matched their plan.

That was the question from an investment fund in Western Europe.

They were looking at buying a cheese producer. The seller's plan showed strong growth for years. The fund had a few weeks to decide what the business was worth.

What we did

1. Sized the market at home and abroad, using Eurostat dairy data and UN Comtrade export flows.
2. Built a market model with a low, base and high case for each sales channel.
3. Benchmarked the company against its main rivals on price, range and customers, using company accounts and store price checks.
4. Measured how much depended on a few big retail customers.
5. Ran an impact test: what happens to profit if exports grow at market pace, slower than the plan.

What we found

The home market was flat. Store brands were taking shelf space.

Most of the planned growth had to come from exports. That was possible, but slower than the seller said.

The outcome

The fund went back to the table with its own view of the numbers. It reset the price and built a clear export plan for the first year.

That was the question from a dairy and juice maker in Eastern Europe.

A new aseptic line would cost millions and run for many years. The board wanted to know which packs and products would still be growing when it was paid off.

What we did

1. Mapped the market for long-life milk, juice and plant drinks, using our aseptic packaging database.
2. Checked import flows in UN Comtrade to see where rivals from abroad were winning.
3. Ran shelf checks in the main supermarket chains: pack sizes, formats and prices.
4. Built a demand model by product and pack, with a low, base and high case.
5. Tested how full each line option would run in each case.

What we found

Large milk cartons were flat. Small packs and plant drinks were growing fast.

A big single-format line would have stood idle for part of the year.

The outcome

The board chose a smaller, flexible line that can switch between pack sizes. They also set a clear trigger for when to add more capacity.

That was the question from a soft drinks producer in Southern Europe.

Volumes were up, but margins kept shrinking. The range had grown to dozens of flavours and pack sizes, and nobody was sure which ones paid their way.

What we did

1. Ran price checks in stores and online to benchmark every product against the top rivals, per litre.
2. Tracked promotions in retailer leaflets to see how deep and how often each brand was discounting.
3. Built a profit view for each product and pack, using the client's own sales and cost data.
4. Ran an impact test: what happens to profit if the weakest products are cut or repriced.

What we found

A small group of core products earned most of the profit.

Many small packs and slow flavours were sold on deep promotion. Some lost money on every case.

The outcome

The client cut the weakest lines, set a clearer price ladder and moved promotion money to its best sellers. Shelf space and profit went to the products that earn it.

That was the question from our client.

Sub-Saharan Africa has a young, fast-growing population and a rising need for affordable, shelf-stable nutrition. But it is not one market. Each country has its own rules, buyers and risks.

What we did

1. Built a country-by-country picture of the economy, trade rules and risk, using World Bank, IMF and FAO data.
2. Tracked dairy imports by product and supplier in UN Comtrade and other trade databases.
3. Sized and forecast demand for milk powders, cheese, butter and yogurt in each market.
4. Ran store checks with local partners, from supermarkets to open-air markets, and spoke with importers and distributors.
5. Scored every market and product on size, growth, competition and barriers.

What we found

Milk powders, including lower-cost fat-filled powders, led demand. Most were sold in small packs through traditional trade.

Cheese was small but growing in cities, hotels and quick-service restaurants.

The outcome

The client got a ranked shortlist of markets and products, with the barriers and routes to market for each. It became the base of their export plans.

That was the question from our client.

A global player was getting ready to launch purified water at a lower price. The board asked if mineral water would lose its place.

What we did

1. Sized mineral and purified water by volume, value and litres per person, across traditional trade, supermarkets, and hotels and cafés.
2. Built a scorecard comparing the home market with four peer markets, using World Bank, IMF and WHO drinking-water data.
3. Benchmarked how mineral and purified water grew in each peer market, including what drives consumer choice.
4. Built a ten-year forecast for mineral versus purified water.

What we found

The market behaved like peers with a strong mineral water culture. In those markets, purified water stayed small.

Tourism and the growth of hotels and cafés favoured mineral water. The new launch said more about the rival's own portfolio than about the market.

The outcome

Our client got a clear ten-year view: mineral water keeps its lead and gains share. They could plan range and investment on solid ground.

That was the question from our client.

They were looking at buying a home water treatment business. Hard water is common in the region, and few homes have a softener. They needed to know if the target was winning share, and where its next growth would come from.

What we did

1. Tested management's sales data against earlier growth estimates.
2. Interviewed merchants and wholesalers who buy and sell the products.
3. Ran channel checks across the leading builders' merchants.
4. Mapped the route to market: merchant channel versus direct dealers.
5. Sized household penetration, and split demand into replacement and new installs.

What we found

The market was growing faster than plumbing overall, but most homes still had no softener.

The target was gaining share through installer loyalty and a strong core product. The gain was real. It was smaller than earlier work had suggested.

Its route to market was basic. That was the upside.

The outcome

Our client got an honest view of performance and a clear list of growth levers: stronger merchant relationships, consumer education and new direct channels.

That was the question from our client.

They had five possible markets and budget for one launch. Picking the wrong one would cost a year.

What we did

1. Sized the global market and all five national markets by volume, value, and spend per person, with a five-year forecast.
2. Split each market by channel, pack type, pack size and flavour.
3. Compared private label with international brands, and tracked new launches.
4. Ranked the five markets on growth, consumption per person and size.

What we found

One market stood out: fast growth, still early, and little competition.

Three markets were small niches with little pull from shoppers.

The biggest market was mature and full of store brands. A new brand there would need a strong premium story.

The outcome

Our client got a ranked shortlist with a clear first market, and the facts behind each choice.

That was the question from our client.

Commodity powders kept margins thin. The board wanted value-added products, and markets that would pay for them.

What we did

1. Reviewed the big global themes: inflation, war in Europe, and the shift to health and wellness.
2. Interviewed customers, traders and end users.
3. Mapped the value chain and the client's customer mix.
4. Screened import data by product and country: growth, forecast, and how much demand sat outside the top three suppliers.
5. Scored every product and market pair as strategic or tactical.

What we found

Customers talked about cost, but health and premium products still drove new launches.

China and Southeast Asia stood out, with the Middle East and Europe next.

The real opportunity sat in the gap between what the plant could make and what customers would buy.

The outcome

Our client got a qualified shortlist of opportunities in powders, proteins and fats, ready for business cases.

That was the question from our client.

Water is one of the largest drinks categories in the world. Our client wanted to know which segments would grow, and where its packs could win.

What we did

1. Checked our own water database covering about 90 countries.
2. Studied the 23 largest markets in depth.
3. Built a forecast model with independent statisticians, using the past drivers of growth.
4. Ran best, worst and most likely scenarios.
5. Split the market by water type, pack size, price tier and channel, including kids, sports and on-the-go water.
6. Interviewed leading companies and built an opportunity heat map.

What we found

Growth would be steady, driven by convenience. It would shift to emerging regions.

Mid-size single-serve packs were the biggest and earned the most per litre. That made them the best entry point.

Flavoured, functional and kids' water were small, but sold at higher prices.

The outcome

Our client got a ten-year view of the category and a heat map of where to play first.

That was the question from our client.

The market was big, growing and very different from home. The board wanted to know if it was worth it, and the safest way in.

What we did

1. Reviewed the economy, rules, tariffs and trade deals, using IMF, World Bank and FAO fruit data.
2. Mapped the soft drinks and juice market: leading brands, packs and production sites.
3. Mapped every channel: supermarkets, traditional grocers, kiosks, and hotels and restaurants.
4. Checked prices and marketing on the shelf.
5. Built a long list of possible local partners, region by region.

What we found

High import duties meant every international player made its drinks locally, with a partner.

Reaching the huge rural market mattered more than the brand.

Shoppers were moving to natural ingredients, more juice and less sugar. That suited our client.

The outcome

Our client got a clear entry model, local production with a partner, and a long list of best-fit partners from dairy and food companies with no rival drinks.

That was the question from our client.

New licence holders had water to sell, but few contacts with the buyers and investors who could make it a business. A series of investor events was coming up.

What we did

1. Adapted the promotional material for an investor and buyer audience.
2. Built long lists for each city: pension funds, insurers, investment funds, drinks companies, retailers, distributors, bulk water buyers and bottling machinery makers.
3. Contacted each target directly, with a goal of 10 to 15 qualified guests per event.
4. Passed every contact to the organisers and joined the events.

What we found

Each audience needs its own story. Investors look at returns and risk. Drinks companies look at water quality, logistics and cost.

Direct, personal contact gets the right people in the room.

The outcome

Our client got a targeted guest list for every city, and the licence holders got direct introductions to buyers and investors.

That was the question from our client.

They supply processing aids and additives to brewers and distillers. Demand differs a lot from region to region, and so do the rivals.

What we did

1. Sized beer and spirits volume and value in every region, with a forecast, using trade and industry data.
2. Mapped what drives demand in each region.
3. Mapped competitors and where supply falls short.
4. Built opportunity matrices for Africa, Asia-Pacific, Europe, Latin America and North America.
5. Scored each opportunity on market gap, size and growth.

What we found

Beer drives most of the demand.

In Europe, high energy costs gave a strong reason to switch to more efficient ingredients.

Craft and micro-brewers in Latin America and Southeast Asia, and new beer plants in Mexico, offered growth.

In North America, distributors stood between suppliers and brewers, which made it hard to educate buyers.

The outcome

Our client got a scored, region-by-region list of growth opportunities and a plan for the next step: interviews with brewery buyers and distributor mapping.

That was the question from our client.

Their single-serve packs were built for one category. The leadership team wanted to grow into soft drinks, but did not know where to start.

What we did

1. Mapped every non-alcoholic drinks category in Europe, with trends and pack formats, using our beverage database and trade sources.
2. Looked at who leads single-serve in each category, and what holds it back.
3. Ran a leadership workshop: which categories are stars, which are cash cows, and which to avoid.
4. Ranked the categories against criteria agreed with the team.
5. Mapped partnership options along the value chain.

What we found

The best fit was in juice, dairy and fermented milk drinks, energy drinks, squashes and long-life milk.

The team chose to stay a packaging company and grow through partners.

A single-material pack that is fully recyclable would open the most doors.

The outcome

Our client left with ranked target categories, a partnership route and a first list of brand owners to approach.

That was the request from our client.

The board was weighing a move into the world's largest bottled water market. They needed hard numbers within weeks.

What we did

1. Built five years of history and a five-year forecast for volume, value and litres per person.
2. Split the market into still, sparkling and bulk water.
3. Sorted brands into premium, mainstream and low-cost tiers by shelf price.
4. Added company and brand shares.
5. Split the data across six regions, in a workbook the team could use themselves.

What we found

Large bulk packs led the market, but shoppers were moving to smaller single-serve bottles.

Consumers were switching from purified water to natural mineral water.

Premium was a small niche. Local leaders outsold international brands by far.

The outcome

The board got a clear picture of the market's size, segments and leaders, in time for its decision.

That was the question from our client.

They had a site, a plan for a visitor centre and a premium whiskey brand in the making. What they needed was the right investor.

What we did

1. Agreed the investment criteria: how much, what stake and what kind of partner.
2. Interviewed management and visited the site.
3. Built a long list of about 60 strategic and financial investors in Europe, the US and Asia: spirits groups, brewers, distributors, private equity and venture capital.
4. Contacted each investor directly and logged every answer.

What we found

Several major spirits groups had already backed rival distilleries in the same country.

Whiskey takes years to age. Many investors did not want to wait that long for returns.

The best fit was a partner who could add distribution in Asia, or a group that wanted to own a distillery.

The outcome

Our client got a qualified list of investors, a clear picture of what the market would and would not fund, and a sharper pitch.

That was the question from our client.

Quick-service and fast-casual restaurants were expanding quickly. But the market was far away, and buyers knew little about the country's food.

What we did

1. Mapped the foodservice market and its main trends.
2. Traced the supply chain: distributors and how chains buy.
3. Profiled the leading restaurant groups and analysed their menus.
4. Interviewed buyers at the chains.
5. Deep-dived four categories: dairy, meat alternatives, value-added beef and sauces.

What we found

Fast-casual chains offered better value than price-led fast food.

Halal certification and food authority approval were must-haves.

Buyers knew little about the country as a source, so local presence and trade shows mattered.

The best openings were where local production could not meet demand.

The outcome

Our client found four restaurant chains that were open to buying and well matched to its exporters.

That was the question from our client.

They were looking at a new country. There was almost no public data on how many coolers were in use, or who owned the customers.

What we did

1. Combined desk research by our analysts with work by local associates.
2. Interviewed suppliers, distributors and trade associations.
3. Built a model of installed coolers over six years, with a five-year forecast.
4. Built revenue from rentals per unit plus bottle sales.
5. Added company shares, a channel split and a PESTLE review.

What we found

Bottle coolers made up most of the base, but mains-fed coolers were growing much faster.

Tap systems for hotels and restaurants were just starting.

Two drinks groups held most of the bottled volume, with a long tail of small operators.

Cheap retail water kept use per person low.

The outcome

Our client got a full market model in English and Spanish, with a clear view of where growth would come from.

That was the question from our client.

They were strong in some stores and missing from others. The right partner had to reach both big supermarkets and small traditional shops.

What we did

1. Agreed a weighted scorecard with the client: nine criteria, from store coverage and field sales to logistics, reputation and no competing brands.
2. Built a long list of distributors, and wrote down why each one dropped out.
3. Interviewed the remaining distributors to test their interest.
4. Profiled the shortlist and scored each partner side by side.

What we found

No single distributor covered supermarkets and traditional shops equally well.

Several wanted exclusive rights.

The trade also warned about a strong local juice brand and a high price per litre.

The outcome

Our client got a clear recommendation: a two-partner model, with a preferred distributor, a fallback and a wholesaler for traditional trade.

That was the question from our client.

Home water treatment sales were rising quickly. Before investing, they needed to know why, and whether it would last.

What we did

1. Defined the products in scope: softeners, filters, dosing units, cartridges and chemicals.
2. Interviewed suppliers, merchants and non-customers.
3. Ran store checks in the north of the country.
4. Built unit estimates for each product.
5. Reviewed the target's sales and pricing against the market.
6. Mapped trade merchants and DIY stores, and their growth options.

What we found

Growth came mainly from a law that requires water treatment on new heating systems in hard-water areas. Boiler makers also tied their warranties to it.

Low-cost devices fitted with boilers made up most units. Softeners stayed a small, expensive niche.

The target's strength was breadth: a one-stop shop for merchants.

The outcome

Our client got a clear view of what drives demand, how long it may last, and where the target stands.

That was the question from our client.

Japan is a demanding, high-value market. Our client needed to know if its pork exporters could compete, and how to get in.

What we did

1. Mapped production, imports and consumption by channel, using official livestock data and our own estimates.
2. Traced the supply chain from importer to plate.
3. Profiled processors and foodservice buyers.
4. Interviewed traders, and mapped how they decide what to buy.
5. Studied how other exporting countries got in, and ran a SWOT.

What we found

The opening was frozen pork for processing and foodservice.

Price, Japanese cutting specs and fast answers won business.

Buyers knew little about the country as a pork supplier.

The outcome

Our client got a three-stage entry plan: partner with traders and processors first, then open a sales office, then consider a joint venture.

That was the question from our client.

The water was exceptional. A sound value also needed the market, the plant and the costs.

What we did

1. Reviewed audited accounts, sales data, licences, hydrogeology reports and a year of lab results.
2. Visited the site.
3. Valued the source with a royalty model: what bottlers pay per litre for water they do not own.
4. Valued the equipment by condition, and the building at cost.
5. Cross-checked the result against our database of source and business sales.

What we found

The water was very pure, from a remote and protected catchment.

The plant was the bottleneck. It was built as a small line, while the licence allowed far more water than was being used.

Bulk sales by tanker could lift volumes. A business plan and a sharper brand and price position were the next steps.

The outcome

Our client got a value for the whole business, split into source, plant and brand, and a clear list of what would raise it.

That was the question from our client.

The owners wanted to sell or bring in an investor. Their assets were very different, so one pitch would not fit every buyer.

What we did

1. Clarified the deal: what was for sale, at what terms, and to whom.
2. Built a long list of global drinks and alcohol groups and financial investors in Europe, the US, the Gulf and Asia.
3. Turned it into a ranked target list.
4. Wrote a teaser, collected confidentiality agreements and logged every response.

What we found

Each asset attracted a different buyer. Drinks groups looked at the brand and distribution. Investors looked at the source and the plant.

The message had to be tailored to each audience.

The outcome

Our client went to market with a ranked buyer list, a tailored story for each group and a clear log of interest.

That was the question from our client.

They were planning exports and needed solid numbers for ten markets on four continents. Published data was thin and did not match.

What we did

1. Sized goat's cheese in ten markets across Europe, the Americas, Asia, the Gulf and Oceania.
2. Split each market by retail and foodservice, and by fresh and ripened formats.
3. Measured volume, value and price per kilo.
4. Added maker shares by channel, local versus imported supply, and pack formats.
5. Delivered it all in one workbook the team could use.

What we found

In several markets, imports supplied most of the volume. That is an opening for exporters.

Some markets were led by a single multinational in both retail and foodservice.

The pandemic year hit foodservice hard and showed which markets were most exposed.

The outcome

Our client got one consistent, country-by-country view of the category to plan its exports.

That was the question from our client.

The source had stopped bottling years ago. The site was cheap. The question was whether the water could become a business again.

What we did

1. Reviewed the licence, the site and the type of water.
2. Sized the national bottled water market and its outlook.
3. Estimated a realistic sales volume for year five.
4. Valued the source with a royalty model, using our database of what bottlers pay for water they do not own.
5. Benchmarked exit values from our database of bottled water deals.

What we found

The market was dominated by a few players and store brands. But barriers to entry were low, and recent new brands were doing well.

The source had real value on its own.

A technical check of water yield and quality was needed before any money changed hands.

The outcome

Our client got a value range for the source, a realistic exit view and a clear condition: test the water first.

That was the question from our client.

Dairy and juice demand was growing across the region. But there was no reliable list of processors, and no way to tell which ones could buy.

What we did

1. Identified dairy and juice processors in five West African countries.
2. Contacted the companies directly.
3. Profiled each one: ownership, decision-maker, size, product range and pack formats.
4. Recorded how they fill, hot, cold or aseptic, and their capacity and spare capacity.
5. Delivered a prospect file the sales team could use straight away.

What we found

Many plants had a third or more of their capacity unused. New lines would only sell where demand was outgrowing old ones.

Hot-fill and cold-fill plastic packs were common. Aseptic cartons were still rare, which points to a future opening.

The outcome

Our client got a qualified prospect list with the facts needed to prioritise sales visits.

That was the question from our client.

They owned a stake in the sector and needed up-to-date numbers to plan their next moves.

What we did

1. Updated our model of installed water coolers, with a new forecast.
2. Split installs between offices and homes.
3. Compared bottle coolers with mains-fed coolers.
4. Reviewed the drivers and trends behind demand, with input from our local associate.

What we found

Growth was steady. It was driven by health and wellness, a move away from fizzy drinks and worries about tap water quality.

Mains-fed coolers grew faster and were easier for new players to enter.

Bottle coolers were growing in homes and small businesses.

Larger players were buying smaller ones to cover more ground.

The outcome

Our client got a fresh, model-based view of the market to guide its next moves, including add-on deals.

That was the question from our client.

They owned their wells and had big plans at home and abroad. Investors would want a value they could trust.

What we did

1. Reviewed the hydrology report, well permits, abstraction records and lab results.
2. Spoke with the driller and the hydrology consultant.
3. Tested the company's sales forecast by product and channel against national packaged water data, and extended it to ten years.
4. Valued the source with a royalty model and comparable deals, across several scenarios.

What we found

The wells were well built, drew on deep, fast-recharging groundwater and sat in a low-risk area.

Home market growth looked achievable if the distribution partnership delivered.

Export plans were far above what similar premium brands usually reach. They would need dedicated people and money.

The outcome

Our client got a source value range across scenarios, and an honest view of which parts of the plan investors would question.