Distributor Valuations Continue to Skyrocket

Dear Client:  When asked about the greatest positive of being a beer wholesaler on Rabobank's excellent Liquid Assets podcast this week, your editor pointed to the massive increase in capital chasing acquisitions in the space by private equity (via family offices), which has driven distributorship valuations to heights deemed unimaginable just a few years ago.  Despite the fact that beer shipments haven't increased that much over the past 20 years, beer distributorship valuation multiples have doubled -- going from trading