Consumer M&A Rankings Split on Value and Volume
Businesses choosing deal counsel should read both value and volume rankings, since one large merger can drive a firm's standing.
Updated on Nov. 2, 2026 in Consumer Goods
Hogan Lovells ranked first by consumer-sector M&A deal value in the first nine months of 2026, while Fasken Martineau DuMoulin ranked first by deal volume, according to GlobalData league tables. For operators tracking legal advisers in consumer dealmaking, the rankings show how a single mega-deal can reshape the value tables.
Why it matters
Hogan Lovells' value lead came mainly from advising on the $44.8bn merger of Unilever's foods business with McCormick, and seven of the top ten firms by value were involved in that same deal. Fasken Martineau DuMoulin's climb from 21st to first by volume in a year shows that deal count and deal value can tell very different stories about who is winning consumer-sector work.
Hogan Lovells' just under $50bn in advised consumer-sector deal value leads the value table, while Fasken Martineau DuMoulin's 15 transactions top the volume table, up from 21st position in the first three quarters of 2025. Latham & Watkins and Kirkland & Ellis each advised on 15 consumer-sector deals in the same period.
The players
Hogan Lovells
Global law firm with a large corporate and M&A practice, advising clients on transactions across consumer and other sectors.
Fasken Martineau DuMoulin
International law firm with a Canadian base and cross-border corporate practice that advises on mergers and acquisitions.
GlobalData
UK-based data and analytics company that publishes deal league tables tracking M&A activity across industries.
The details
GlobalData compiles these tables by tracking deal activity in real time across thousands of sources, including company and advisory firm websites, with analysts gathering adviser names for each transaction. Because the value ranking is so heavily weighted by a single $44.8bn combination, a firm's position can hinge on whether it sits on one large transaction rather than on broad deal flow.
Timeline
Baseline comparison period: first three quarters of 2025.
Analysis period: first nine months of 2026, with Fasken's fifth-place value ranking held during Q1-Q3 2026.
Market Landscape
Consumer-sector M&A adviser rankings in GlobalData's tables are shaped heavily by individual mega-deals, as the $44.8bn Unilever foods and McCormick merger concentrated value among a few firms. The divergence between Hogan Lovells at the top by value and Fasken Martineau DuMoulin at the top by volume shows how the same market can produce different leaders depending on whether deal count or deal size is weighted.
Operators who use legal advisers for transactions should note that adviser performance in headline rankings can hinge on a single large deal rather than sustained activity. Businesses evaluating counsel for their own consumer-sector transactions may find that deal volume and deal value reflect different strengths worth weighing against their specific needs.
The takeaway
Adviser league tables can be dominated by one transaction, so read the value and volume rankings together before drawing conclusions about firm strength. Operators comparing counsel for upcoming deals should ask firms for their recent consumer-sector deal lists rather than relying on headline rankings alone.
Further reading
For broader context on how consumer goods companies are reshaping their portfolios through deals, explore our Consumer Goods coverage.
Source note: This article includes information reported by Just-food.
