Some investors are finding that the aroma of their morning cup of joe contains a hint of the sweet smell of cash. Since the beginning of the year, 50 coffee and coffee-related mergers and acquisitions worth a combined $3 billion were sealed worldwide, according to Dealogic. But deals by strategic buyers in the food and beverage industry accounted for 97% of that dollar value, the data provider said. Acquisitions are often more expensive than some private equity investors are willing to pay. Publicly listed beverage and snack retailers, which include coffee and tea chains, currently trade at a 31.5-times multiple...