Such deals reached their highest level in four quarters.

Merger and acquisition volume for retail and consumer businesses continued to grow in the second quarter with 282 deals, up 4.8% from 269 deals in Q1, according to a report from PwC Deal Insights.

Q2 deal volume was the highest in the past four quarters, though the value of all the deals was $18.0 billion, 25% lower than $24.0 billion in Q1 and 43.6% lower than $31.9 billion announced in Q2 2015, according to the PwC report, which analyzed deals in the retail and consumer industry where the target company, the target parent company, the acquiring company or the acquiring parent company was located in the Unites States.

By number of deals, the food and beverage sector, with 67 of the 282 deals, accounted for the largest share, 24%, of mergers and acquisitions in Q2. Deals involving household and personal products were the top-ranking industry by dollar value, totaling $9.12 billion and accounting for 51% of the retail and consumer sector’s total deal value in the quarter.

Internet and e-commerce deals represented about 3% of all deals—eight of 282 deals—and 1%, or about $108 million, of deal value in Q2. Only one of the eight internet and e-commerce deals disclosed its transaction value: An  investor group, composed of Adveq Management AG, International Finance Corp., IDG Ventures Ltd. and TPG Growth LLC spent $60.1 million to acquire an undisclosed minority stake in Lenskart Solutions Pvt Ltd., a New Delhi-based online retailer.

Other announced transactions involving internet and e-commerce in Q2 include:

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  • RFE Investment Partners acquired Path To Purchase Institute, a retail marketing services vendor.
  • Warburg Pincus LLC agreed to acquire an undisclosed majority interest in Reiss Ltd., a London-based online retailer.
  • Audax Group LP and the management of Halo Branded Solutions Inc., acquired Halo, an online retailer, from Halo Holding Corp.
  • Plow & Hearth Inc. acquired Children’s Wear Digest Inc., a catalog and online retailer of children’s apparel, from Children’s Books and Toys Inc.
  • Spire Capital Partners LP acquired online retailer On Campus Marketing LLC from Dominus Capital LP.
  • Web-only retailer Door to Door Organics Inc., No. 409 in Internet Retailer 2016 Top 500 Guide, agreed to merge with Relay Foods Inc., an owner and operator of an online grocery store.
  • Bed Bath & Beyond Inc. (No. 67 in the Top 500) acquired online-only retailer One Kings Lane Inc. (No. 104). 
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