Deal Activity
Growthink Capital Research tracked 2,136 closed M&A transactions with U.S. targets in November and December 2025, a slight increase from the 2,098 transactions recorded in September and October.
Of these deals, 58% were executed by corporate buyers pursuing strategic expansion initiatives, while the remaining 42% were completed by private equity groups seeking new platforms or add-ons to their existing platforms.
The Largest Transaction: Kellanova Acquired by Mars for $36 B
Mars has successfully completed the acquisition of Kellanova, the global snacking arm of Kellogg, in a $35.9 billion deal, finalized on December 11, 2025. This acquisition significantly enhances Mars’ snacking platform, enabling the company to better meet evolving consumer demands and support sustainable growth. Kellanova, known for its iconic brands like Kellog’s, Pringles, Cheez-It, and Eggo, operates across more than 180 markets and manufactures in approximately 20 countries.
The deal reflects an implicit valuation multiple of 2.8x on revenue and 16.4x on EBITDA, underscoring the value of Kellanova’s established presence and diverse product portfolio in the global snack industry.
Key Industries & Verticals
In November and December 2025, the following industries and verticals continued to dominate M&A activity, driven by technological advancements and market consolidation.
Growthink Capital’s Deal Spotlight: Groq Acquired for $20 B
On December 24, 2025, Groq, a developer of AI inference technology focused on ultra-low-latency, energy-efficient computing, was acquired by Nvidia for approximately $20 billion, marking Nvidia’s largest acquisition to date.
Based on reported financials, the transaction implies a 14.3x revenue multiple, underscoring the premium investors are placing on differentiated AI inference platforms optimized for real-time, large-scale deployment rather than training-centric workloads alone.
The deal highlights Nvidia’s strategic push to strengthen its end-to-end AI infrastructure stack by expanding deeper into inference — the fastest-growing and most cost-sensitive segment of AI compute. By integrating Groq’s purpose-built inference architecture, Nvidia positions itself to better address enterprise and hyperscale demand for high-throughput, low-power AI systems as models move from development into widespread production use.
Revenue and Earnings Valuation Multiples
Based on transactions with disclosed valuation data, the median valuation multiple on revenue was 2.6x, while the median EBITDA multiple was 13.8x (excluding companies with negative EBITDA), marking another increase from the EBITDA multiples recorded in the previous period.
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The Oldest Transaction: 1827-Founded Provident Bancorp Inc Acquired by Needham Bank
Founded in 1827, Provident Bancorp Inc is a community-focused banking institution providing a broad range of deposit and lending products to small and medium-sized commercial customers. The company attracts deposits from the general public and deploys those funds across a diversified loan portfolio, including commercial real estate, multifamily residential, commercial business, construction and land development, and consumer lending products.
On November 15, 2025, Provident Bancorp Inc was acquired by Needham Bank (NASDAQ: NBBK) for $211.8 million. Based on disclosed financials, the transaction implies a 3.6x revenue multiple.
The acquisition strengthens NB Bancorp’s footprint in the North Shore of Massachusetts and Southern New Hampshire, expanding its community banking presence while enhancing scale, market density, and long-term growth opportunities in the region.
Growthink Capital’s New Mandates
We’ve been engaged to facilitate the strategic sale of a national provider of event-focused audio-visual production and project management services. The company delivers end-to-end AV solutions for corporate events, large conferences, concerts, and live productions, supported by a fully owned equipment base and a seasoned operating team. With long-standing customer relationships, national scale, and a clean, founder-owned capital structure, the business represents a compelling platform opportunity in a fragmented and growing market.
Key Highlights:
- National, event-driven AV production platform
- Extensive owned AV equipment driving pricing flexibility and margin control
- Long-standing, recurring customer relationships
- Non-owner-dependent operations
2025 Financials:
- $22M Revenue
- $3M+ Adjusted EBITDA
If you’re interested in exploring this acquisition opportunity, reply to this message, contact us here or reach out to [email protected] directly.