Upward pressure is continuing in food industry M&A transactions, as demonstrated by some large public deals in 2014. However that has not fed through to smaller, non-public deals, which make up the bulk of M&A deals. Stefan Kirk draws attention to one potential driver of higher-equity values, and thus higher transaction volume, in so-called main-street M&A - changes in valuation methodology, forced over the line by long-term low interest rates.