Consumer Products and Retail Quarterly Update Update | Q2 2017 | Consumer Products and Retail The pop-up store, a temporary use of physical space to create long-term impressions with

Consumer Products and RetailQuarterly Update

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com

Q2 2017

Quarterly Update | Q2 2017 | Consumer Products and Retail

The pop-up store, a temporary use of physical space to create long-term impressions with potential customers, has become a go-to-market strategy for retailers looking to extend brand awareness and introduce new products. Pop-up stores employ

a “here today, gone tomorrow” tactic, creating a “fear of missing out” aspect for potential customers. In 2017, pop-up stores are expected to contribute $50 billion to the total retail industry’s annual sales of $4.5 trillion.

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Consumer Products and Retail Trends

Who We Are

Deloitte Corporate Finance LLC is a leading global middle market M&A advisor. The firm’s professionals have extensive knowledge of, and transaction experience in, the Consumer Products and Retail space.

Contacts

Lorin DeMordauntManaging [email protected]+1 (704) 333-0591

Matt PreeceManaging [email protected]+1 (704) 731-7186

In the News

June 16, 20175 – Amazon.com, Inc. (NASDAQ: AMZN) (“Amazon”), an international e-commerce and cloud computing company, announced plans to acquire Whole Foods Market, Inc. (NASDAQ: WFM) (“Whole Foods”), a supermarket chain focused on natural foods, for $13.7 billion. The transaction values Whole Foods at approximately 0.9x LTM revenue and 10.3x LTM EBITDA. The acquisition will accelerate Amazon’s initial entry into the grocery space via AmazonFresh, providing crucial access to an established network of brick-and-mortar locations while expanding their offering of food products and acquiring a network of upscale customers apt for cross-selling.

June 5, 20176 – CVC Capital Partners (“CVC”), a European private equity firm, completed its acquisition of PDC Brands (“PDC”), a rapidly growing beauty and personal care products company, for $1.425 billion. PDC’s' portfolio of products, including Cantu, Dr. Teal's, and Eylure, can be found at major supermarkets and specialty retailers throughout the U.S., U.K., and in over 60 markets globally. CVC plans to support PDC’s future growth ambitions in both the United States and abroad by leveraging its deep sector experience and global resources.

In This Update

• Consumer Trends

• Economic Outlook

• Industry Analysis

• Select M&A Transactions

• Appendix

This update will focus on news and trends in the following areas:

• Beauty & Cosmetics

• Food & Beverages

• Products & Durables

• Restaurant & Food Services

• Specialty Retail

Pop-up Shops Gain Traction1 Back to Brick-and-Mortar2

Functional Beverages4Online Ordering3

While in-person visits to restaurants are declining, online orders have been a boon to the industry. Orders placed online now exceed telephone orders, and many restaurants are scrambling to rethink their services, the layout of their

restaurants, and how they deploy their staff. McDonald's, Red Robin, and Denny’s are testing online ordering platforms while Panera is adding 10,000 delivery jobs in 2017.

Major online retailers are pushing to expand their presence in-store, realizing that the ideal shopping experience requires a certain level of physical presence. Brick-and-mortar stores are seen as great marketing

vehicles that boost sales for their respective online stores. Amazon, Warby Parker, Bonobos and Casper are just a few companies that have

opened physical stores in the past two years.

Specialty sparkling, mineral, and flavored waters have been driving strong growth in the functional beverages market, which surpassed carbonated soft drinks this year to become the largest beverage segment by volume. Specialty waters

grew 75% between 2014 and 2016, and are expected to grow at this rate through 2020. Other beverages with strong growth include ready-to-drink tea, coffee, and probiotic drinks.


Macroeconomic and Consumer Products and Retail Sector Outlook


Macroeconomic and Consumer Products and Retail Sector Outlook

U.S. Treasury Yield Curve2

(Nominal vs. Real)U.S. Gross Domestic Product1

U.S. Per Capita Disposable Income5 Monthly Total U.S. Retail Sales6

U.S. Unemployment Rate3 ISM Non-Manufacturing Indexand Consumer Confidence Index4

$40.2

$47.5

$32.0

$34.0

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$48.0

$50.0

$ in

Th

ou

san

ds

$0.0

$5.0

$10.0

$15.0

$20.0

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

$ in

Tril

lion

s

YoY

Percen

t C

han

ge

GDP ($ in Trillions) YoY % Growth (Adj. for Inflation)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

In

terest

Rate

Real Yield (%) Nominal Yield (%)

200

250

300

350

400

450

500

550

600

4.0%

6.0%

8.0%

10.0%

Job

less C

laim

s (

Th

ou

san

ds)

% U

nem

plo

yed

55.0

65.0

75.0

85.0

95.0

105.0

115.0

125.0

135.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

62.0

64.0

Con

su

mer C

on

fid

en

ce

IS

M N

on

-Man

ufa

ctu

rin

g

ISM Non-Manufacturing

$300.0

$310.0

$320.0

$330.0

$340.0

$350.0

$360.0

$370.0

$380.0

$390.0

$ in

Billion

s


Consumer Products and Retail Sector Breakdown & Trading Statistics1

Public Comparables Three-Year Stock Market Performance2


Note: Data as of June 30th, 2017.

*Consumer Index companies listed on pages 6 and 7 in the Appendix.

S&P 500 Index 25.89%

NASDAQ Composite Index 44.92%

Consumer Index* 18.12%

Note: Data as of June 30th, 2017.

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

S&P 500 Index NASDAQ Composite Index Consumer Index

Last Twelve Months NTM

Sector

(Number of Companies

Included)

Number of

Companies

% of 52

Week High

Median

Revenue

CAGR (3 Yr)

Median LTM

EBITDA

($M)

Median

EBITDA

Margin

Median EV

($M)

EV/

Revenue

EV/

EBITDA

EV/

EBITDA

Beauty & Cosmetics (12) 12 75.4 % 1.8 % $673.6 16.4 % $10,707.3 2.2 x 13.5 x 11.5 x

Food & Beverages (11) 11 83.7 (1.0) 1,826.1 16.3 20,481.9 2.7 13.4 13.0

Products & Durables (10) 10 93.6 4.2 651.9 16.6 8,707.3 2.1 13.2 11.2

Restaurant & Food Services (19) 19 90.2 4.8 334.6 13.3 3,760.9 1.4 10.9 9.6

Specialty Retail (11) 11 75.4 3.5 304.9 13.9 3,745.7 1.2 9.7 9.3

Consumer Products Index 63 83.7 % 3.5 % $651.9 16.3 % $8,707.3 2.1 x 13.2 x 11.2 x


Select Recent Consumer Products and Retail M&A Transactions1

Annual Consumer Products and Retail M&A Transaction Volume2


1,983

2,479

2,772

3,041 2,874

3,213 3,199

2,603

1,363 1,194

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009 2010 2011 2012 2013 2014 2015 2016 2016 YTD 2017 YTD

Num

ber

of D

eals

Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M

Announce Date Target/Acquiror Target Business DescriptionEnterprise

Value ("EV")

Jun-17 West Marine, Inc.

Monomoy Capital Partners

West Marine, Inc. operates as a specialty retailer of boating

supplies, gear, apparel, footwear, and other water life-related

products primarily in the United States.

$290.7 7.7 x

Jun-17 Staples, Inc.

Sycamore Partners

Staples, Inc., together with its subsidiaries, operates office

products superstores. It operates in two segments,

North American Delivery and North American Retail.

6,555.0 5.2

Jun-17 Whole Foods Market, Inc.

Amazon.com, Inc.

Whole Foods Market, Inc. operates natural and organic foods

supermarkets. Its stores offer produce, packaged goods,

bulk, frozen, dairy, bakery,and other household and food items.

13,723.5 10.3

Jun-17 Crosman Corporation

Compass Divserified Holdings LLC

Crosman Corporation designs and manufactures airguns and other

related products for hunting, recreation, and competitive shooting.

151.5 7.6

May-17 Newell Brands Inc., Winter Sports Business

Kohlberg & Company, LLC

Newell Brands Inc., Winter Sports Business comprises a business

unit which manufactures winter sports equipment and accessories

under the brand names Völkl, K2, Marker, Dalbello, and Madshus.

240.0 9.6

May-17 Nutraceutical International Corporation

HGGC, LLC

Nutraceutical International Corporation manufactures, markets,

distributes, and retails branded nutritional supplements and other

natural products in the United States and internationally.

426.5 9.9

May-17 Kate Spade & Company

Coach, Inc.

Kate Spade & Company, together with its subsidiaries, designs and

markets apparel and accessories.

2,354.1 10.3

Apr-17 AdvancePierre Foods Holdings, Inc.

Tyson Foods, Inc.

AdvancePierre Foods Holdings, Inc. produces and distributes

ready-to-eat sandwiches, sandwich components, and other entrées

and snacks.

4,349.8 17.0

Apr-17 Unified Grocers, Inc.

SUPERVALU Inc.

Unified Grocers, Inc., together with its subsidiaries, operates as a

retailer-owned grocery wholesale cooperative serving supermarket,

specialty restaurant supply, and convenience store operators.

372.5 9.9

Apr-17 Panera Bread Company

Rye Parent Corp.

Panera Bread Company, together with its subsidiaries, owns,

operates, and franchises retail bakery-cafes.

7,501.9 17.7

EV/

EBITDA


Appendix

Consumer Products and Retail Trading Multiples1


Historical Last Twelve Months

Company (Ticker)

% of 52

Week High

LTM

Revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

Margin

Enterprise Value

("EV")

($ in Millions)

Beauty & Cosmetics (12)

Avon Products Inc. (NYSE:AVP) 53.1 % $5,596.9 (16.0) % $437.2 7.8 % $3,433.5 0.6 x 7.9 x 6.3 x

Coty Inc. (NYSE:COTY) 60.4 6,484.6 12.4 991.0 15.3 20,641.6 3.2 20.8 13.8

L'Occitane International S.A. (SEHK:973) 96.9 1,512.2 7.8 256.1 16.9 2,855.3 1.9 11.1 10.0

L'Oreal SA (ENXTPA:OR) 90.8 29,528.1 5.3 6,225.8 21.1 113,855.1 3.9 18.3 16.1

Nu Skin Enterprises Inc. (NYSE:NUS) 95.2 2,235.1 (12.2) 342.3 15.3 3,392.7 1.5 9.9 9.8

Oriflame Holding AG (OM:ORI) 79.5 1,467.1 (1.7) 167.4 11.4 2,023.4 1.4 12.1 9.4

The Procter & Gamble Company (NYSE:PG) 94.3 65,081.0 (6.6) 17,848.0 27.4 240,547.6 3.7 13.5 13.8

Revlon, Inc. (NYSE:REV) 58.8 2,489.3 15.0 304.8 12.2 3,808.0 1.5 12.5 N/A

Sally Beauty Holdings Inc. (NYSE:SBH) 62.2 3,940.6 2.3 597.3 15.2 4,386.9 1.1 7.3 6.9

The Estée Lauder Companies Inc. (NYSE:EL) 95.3 11,576.3 2.8 2,354.5 20.3 36,747.5 3.2 15.6 14.9

ULTA Salon, Cosmetics & Fragrance, Inc. (NasdaqGS:ULTA) 81.6 5,095.9 22.1 924.1 18.1 16,203.9 3.2 17.5 14.5

Unilever PLC (LSE:ULVR) 96.2 60,243.4 1.9 10,148.6 16.8 167,748.1 2.8 16.5 13.9

Median 86.2 % $5,346.4 2.6 % $760.7 16.1 % $10,295.4 2.3 x 13.0 x 13.8 x

Mean 80.4 % $16,270.9 2.8 % $3,383.1 16.5 % $51,303.6 2.3 x 13.6 x 11.8 x

Food & Beverages (11)

The Coca-Cola Company (NYSE:KO) 96.5 % $40,699.0 (4.3) % $11,235.0 27.6 % $212,147.2 5.2 x 18.9 x 19.1 x

ConAgra Foods, Inc. (NYSE:CAG) 67.6 7,826.9 (12.9) 1,250.9 16.0 16,884.4 2.2 13.5 11.4

General Mills, Inc. (NYSE:GIS) 73.8 15,619.8 (4.5) 3,413.0 21.9 40,801.2 2.6 12.0 11.9

Hormel Foods Corporation (NYSE:HRL) 81.4 9,397.9 1.6 1,402.3 14.9 16,961.6 1.8 12.1 11.2

Mondelez International, Inc. (NasdaqGS:MDLZ) 91.1 25,882.0 (9.7) 4,305.0 16.6 82,361.8 3.2 19.1 15.9

Nestlé S.A. (SWX:NESN) 95.7 92,546.2 (0.9) 17,929.1 19.4 280,418.2 3.0 15.6 15.7

Pepsico, Inc. (NYSE:PEP) 96.3 62,986.0 (1.8) 12,418.0 19.7 185,864.8 3.0 15.0 13.9

The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 68.6 2,865.6 12.1 265.1 9.2 4,627.3 1.6 17.5 14.0

The J. M. Smucker Company (NYSE:SJM) 72.8 7,392.3 9.6 1,666.3 22.5 18,210.4 2.5 10.9 10.6

Treehouse Foods, Inc. (NYSE:THS) 76.3 6,441.1 39.5 646.0 10.0 7,162.7 1.1 11.1 9.4

Median 78.8 % $12,508.8 (1.4) % $2,539.7 18.0 % $29,505.8 2.5 x 14.2 x 12.9 x

Mean 82.0 % $27,165.7 2.9 % $5,453.1 17.8 % $86,544.0 2.6 x 14.6 x 13.3 x

Products & Durables (10)

Central Garden & Pet Company (NasdaqGS:CENT) 80.0 % $1,917.4 5.0 % $190.3 9.9 % $2,064.9 1.1 x 10.8 x 10.4 x

Helen of Troy Limited (NasdaqGS:HELE) 87.4 1,548.9 5.4 225.1 14.5 3,018.4 1.9 13.4 12.5

iRobot Corporation (NasdaqGS:IRBT) 79.5 698.3 12.1 86.8 12.4 2,040.3 2.9 23.5 22.2

Newell Brands Inc. (NYSE:NWL) 95.8 15,215.4 39.7 2,564.6 16.9 36,328.8 2.4 14.2 12.8

Snap-on Incorporated (NYSE:SNA) 84.5 3,483.3 4.7 948.4 27.2 9,850.0 2.8 10.4 9.4

Stanley Black & Decker, Inc. (NYSE:SWK) 99.2 11,540.4 1.5 1,887.6 16.4 26,981.2 2.3 14.3 12.7

The Clorox Company (NYSE:CLX) 93.3 5,926.0 2.1 1,215.0 20.5 19,203.6 3.2 15.8 14.3

The Toro Company (NYSE:TTC) 97.1 2,457.9 5.7 412.5 16.8 7,677.7 3.1 18.6 16.9

Tupperware Brands Corporation (NYSE:TUP) 92.9 2,242.2 (5.7) 384.6 17.2 4,189.9 1.9 10.9 9.6

Whirlpool Corp. (NYSE:WHR) 94.3 20,888.0 3.4 2,147.0 10.3 19,304.7 0.9 9.0 7.7

Median 93.1 % $2,970.6 4.9 % $680.4 16.6 % $8,763.9 2.4 x 13.8 x 12.6 x

Mean 90.4 % $6,591.8 7.4 % $1,006.2 16.2 % $13,066.0 2.3 x 14.1 x 12.9 x

NTM

EV/

Revenue

EV/

EBITDA

EV/

EBITDA


Consumer Products and Retail Trading Multiples (Cont.)1


Historical Last Twelve Months

Company (Ticker)

% of 52

Week High

LTM

Revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

Margin

Enterprise Value

("EV")

($ in Millions)

Restaurant & Food Services (19)

Aramark (NYSE:ARMK) 95.3 % $14,487.7 0.5 % $1,296.0 8.9 % $14,962.1 1.0 x 11.5 x 10.2 x

Bloomin' Brands, Inc. (NasdaqGS:BLMN) 96.3 4,231.9 0.3 413.4 9.8 3,035.9 0.7 7.3 7.1

Brinker International, Inc. (NYSE:EAT) 66.1 3,221.9 3.8 457.5 14.2 3,118.6 1.0 6.8 7.2

Buffalo Wild Wings Inc. (NasdaqGS:BWLD) 69.8 2,013.3 14.8 286.3 14.2 2,313.5 1.1 8.1 7.9

Cara Operations Limited (TSX:CAO) 75.9 434.2 0.0 122.9 28.3 1,379.4 3.2 11.2 8.9

Chipotle Mexican Grill, Inc. (NYSE:CMG) 79.4 4,138.8 6.9 330.5 8.0 11,103.3 2.7 33.6 19.4

Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 70.2 11,860.8 14.8 130.7 1.1 1,756.4 0.1 13.4 10.3

Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 94.8 2,928.6 3.2 391.9 13.4 4,193.5 1.4 10.7 10.2

Darden Restaurants, Inc. (NYSE:DRI) 93.7 7,170.2 4.5 942.0 13.1 11,800.7 1.6 12.5 10.5

DineEquity, Inc. (NYSE:DIN) 48.4 617.6 (0.9) 241.2 39.1 2,047.7 3.3 8.5 8.7

Domino's Pizza, Inc. (NYSE:DPZ) 95.8 2,557.7 11.6 500.0 19.5 12,307.7 4.8 24.6 21.4

Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 90.9 778.6 4.7 440.7 56.6 7,018.2 9.0 15.9 14.7

Jack in the Box Inc. (NasdaqGS:JACK) 85.3 1,624.7 3.2 354.5 21.8 4,017.0 2.5 11.3 11.0

SpartanNash Company (NasdaqGS:SPTN) 64.5 7,858.3 16.1 225.8 2.9 1,638.2 0.2 7.3 6.4

Sysco Corporation (NYSE:SYY) 86.5 54,598.0 6.0 2,999.7 5.5 34,253.2 0.6 11.4 10.2

Texas Roadhouse, Inc. (NasdaqGS:TXRH) 98.4 2,042.8 11.8 271.0 13.3 3,507.9 1.7 12.9 11.5

The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 73.4 2,285.5 6.4 286.6 12.5 2,299.8 1.0 8.0 8.0

United Natural Foods, Inc. (NasdaqGS:UNFI) 68.8 9,147.3 11.1 316.0 3.5 2,250.5 0.2 7.1 6.8

Yum! Brands, Inc. (NYSE:YUM) 80.3 6,340.0 (21.8) 1,987.0 31.3 34,190.9 5.4 17.2 16.8

Median 80.3 % $3,221.9 4.7 % $354.5 13.3 % $3,507.9 1.4 x 11.3 x 10.2 x

Mean 80.7 % $7,280.9 5.1 % $631.2 16.7 % $8,273.4 2.2 x 12.6 x 10.9 x

Specialty Retail (11)

Carter's, Inc. (NYSE:CRI) 75.9 % $3,207.9 5.9 % $490.8 15.3 % $4,597.1 1.4 x 9.4 x 8.6 x

Columbia Sportswear Company (NasdaqGS:COLM) 87.6 2,395.7 10.8 324.8 13.6 3,392.9 1.4 10.4 10.3

G-III Apparel Group, Ltd. (NasdaqGS:GIII) 43.5 2,458.1 10.7 136.1 5.5 1,513.7 0.6 11.1 7.8

Guess?, Inc. (NYSE:GES) 62.6 2,219.1 (4.4) 130.8 5.9 711.8 0.3 5.4 4.1

Hanesbrands Inc. (NYSE:HBI) 80.5 6,189.4 9.3 1,026.5 16.6 12,019.0 1.9 11.7 11.2

Iconix Brand Group, Inc. (NasdaqGS:ICON) 57.8 359.5 (3.9) 157.4 43.8 1,579.6 4.4 10.0 12.8

Oxford Industries Inc. (NYSE:OXM) 77.6 1,038.7 3.9 135.2 13.0 1,093.5 1.1 8.1 7.5

Perry Ellis International Inc. (NasdaqGS:PERY) 63.2 841.9 (2.5) 33.6 4.0 391.6 0.5 11.7 6.5

PVH Corp. (NYSE:PVH) 96.7 8,274.3 0.1 1,119.7 13.5 11,430.9 1.4 10.2 10.0

Ralph Lauren Corporation (NYSE:RL) 63.2 6,652.8 (3.7) 983.0 14.8 5,402.9 0.8 5.5 6.3

V.F. Corporation (NYSE:VFC) 85.5 11,966.3 1.1 1,903.3 15.9 24,627.3 2.1 12.9 12.7

Median 75.9 % $2,458.1 1.1 % $324.8 13.6 % $3,392.9 1.4 x 10.2 x 8.6 x

Mean 72.2 % $4,145.8 2.5 % $585.6 14.7 % $6,069.1 1.4 x 9.7 x 8.9 x

EV/

Revenue

EV/

EBITDA

NTM

EV/

EBITDA


Recent Consumer Products and Retail M&A Transactions1


Precedent Transaction Analysis

($ in Millions)

Target/Acquiror Sub-Sector Close Date

LTM

Revenue

LTM

EBITDA

EBITDA

Margin

Enterprise

Value ("EV")

EV/

Revenue

EV/

EBITDA

($ in Millions)

West Marine, Inc. Specialty Retail Pending $702.0 $37.7 5.4 % $290.7 0.4 x 7.7 x

Monomoy Capital Partners

Ironclad Performance Wear Corporation Products and Durables Pending 24.4 (1.1) N/A 28.7 1.2 N/A

Safety Supply Corp.

Staples, Inc. Specialty Retail Pending 18,033.0 1,255.0 7.0 6,555.0 0.4 5.2

Sycamore Partners

Whole Foods Market, Inc. Specialty Retail Pending 15,856.0 1,333.0 8.4 13,723.5 0.9 10.3

Amazon.com, Inc.

Newell Brands Inc., Winter Sports Business Products and Durables Pending 330.0 25.0 7.6 240.0 0.7 9.6

Kohlberg & Company, L.L.C.

Nutraceutical International Corporation Food & Beverages Pending 235.4 43.0 18.3 426.5 1.8 9.9

HGGC, LLC

Kate Spade & Company Products and Durables Pending 1,378.3 228.2 16.6 2,354.1 1.7 10.3

Coach, Inc.

Panera Bread Company Restaurants & Foodservice Pending 2,837.8 423.6 14.9 7,501.9 2.6 17.7

Rye Parent Corp.

Crosman Corporation Products and Durables Jun-17 118.0 20.0 16.9 151.5 1.3 7.6

Compass Diversified Holdings LLC

Ohio Pizza Products, Inc. Food & Beverages May-17 140.0 N/A N/A 50.0 0.4 N/A

Performance Food Group Company

Rubicon Resources, LLC Food & Beverages May-17 234.0 N/A N/A 107.0 0.5 N/A

High Liner Foods Incorporated

AdvancePierre Foods Holdings, Inc. Restaurants & Foodservice Jun-17 1,576.5 255.5 16.2 4,349.8 2.8 17.0

Tyson Foods, Inc.

Unified Grocers, Inc. Food & Beverages Jun-17 3,712.1 37.5 1.0 372.5 0.1 9.9

SUPERVALU Inc.

Guckenheimer Services, LLC Restaurants & Foodservice Apr-17 326.6 N/A N/A 225.0 0.7 N/A

ISS A/S

Median $516.0 $43.0 11.7 % $331.6 0.8 x 9.9 x

Mean $3,250.3 $332.5 11.2 % $2,598.3 1.1 x 10.5 x

Footnote:

(1) Enterprise value equals market value of equity plus net debt assumed.

(2) For the LTM period ended [__].

Last Twelve Months


Select Deloitte Corporate Finance Consumer Group Transactions



Sources Cited

Page 2:

1. “No Longer a One-off: How Pop-ups Became Part of Retailers’ Core Strategy,” DigiDay. June 15, 2017.

2. “Pop-up Stores Gain Traction as America's Retail Scene Convulses,” Business Times. June 1, 2017.

3. “Restaurants Face Digital Dilemma,” Fortune. June 9, 2017.

4. “H2-Organic: 25% of Americans Looking to Purchase Specialty Water,” FoodDive. July 6, 2017.

5. “Amazon To Acquire Whole Foods for $13.7 Billion,”, Bloomberg. June 16, 2017.

6. “CVC Capital Partners Agrees to Acquire PDC Brands,” PR Newswire. June 1, 2017.

Page 3:

1. U.S. Bureau of Economic Analysis. June 30, 2017. Data as of June 30, 2017.

2. U.S. Department of the Treasury. June 30, 2017. Data as of June 30, 2017.

3. Bureau of Labor Statistics. June 30, 2017. Data as of June 30, 2017.

4. S&P Capital IQ. June 30, 2017. Data as of June 30, 2017.

5. IBISWorld. June 30, 2017. Data as of March 30, 2017.

6. U.S. Census. June 30, 2017. Data as of June 30, 2017.

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Lorin [email protected]+1 704 333 0591

Will [email protected]+1 312 486 4458

Simon Gisby [email protected]+1 212 436 2495

Jamie [email protected]+1 214 840 7057

Matt [email protected]+1 213 892 6053

James [email protected]+1 704 731 8230

Jonathan Ohm [email protected]+1 212 436 2287

Lou [email protected]+1 704 731 7202

Jason [email protected]+1 704 333 0136

Matt [email protected]+1 704 731 7186

Ron [email protected]+1 404 631 3710

Justin [email protected]+1 404 942 6960

Tom [email protected]+1 214 840 7014

Charlie [email protected]+1 704 731 7201

Brad [email protected]+1 704 333 0568

DCF provides deal execution and lead financial advisory services to large corporate, middle market, private equity and venture capital firms. DCF and its affiliates maintain a presence in key U.S. financial centers.

For additional information or to find out more about how DCF can assist in the deal initiation and execution process, please contact one of our DCF Managing Directors:

Brad HestonSenior Vice President [email protected]+1 404 631 3839

Deloitte Corporate Finance Business Development Group:

www.investmentbanking.deloitte.com

Bill PucciSenior Vice President [email protected]+1 973 602 4542



This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Anyreference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients andfriends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC.

About Deloitte

Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see http://www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Copyright © 2017 Deloitte Development LLC. All rights reserved.


Deloitte Corporate Finance LLC (“DCF”)

https://www.finra.org/

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http://www.deloitte.com/us/about

Documents

Consumer Products and Retail Quarterly Update Update | Q2 2017 | Consumer Products and Retail The pop-up store, a temporary use of physical space to create long-term impressions with