Food & Agribusiness Industry Update - August 2013

8/22/2019 Food & Agribusiness Industry Update - August 2013

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Food & Agribusiness Industry Update

August 2013


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Table of Contents

2

Market Overview

Publicly Traded Companies

M&A Activity

Contact Information

1

2

3

4


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Market Overview: Commodities

3

Grains

Livestock Energy

Softs

1

USD/pound

USD/bushel USD/pound

USD/MMBtu

Source: Bloomberg

Source: Bloomberg Source: Bloomberg

Source: Bloomberg

$487$658

$1,378

$121

$154

$98

$116

$17

$86

$3.39

$0

$500

$1,000

$1,500

$2,000

1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13

Corn Wheat Soybeans

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00


Natural Gas

$0

$50

$100

$150

$200


Sugar Coffee Cotton

$0

$50

$100

$150

$200


Live Cattle Feeder Cattle Lean Hogs


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Market Overview: Rates, Currencies & Indices

4

North American Interest RatesTerm Canada U.S. Spread

2-Years 1.19 0.35 0.84

3-Years 1.31 0.65 0.66

5-Years 1.82 1.49 0.33

7-Years 2.20 2.15 0.05

10-Years 2.55 2.74 -0.19

Market Performance Food & Agribusiness Performance

Foreign Exchange RatesCAD USD EUR GBP JPY

CAD 1.0000 0.9690 0.7321 0.6389 96.1484

USD 1.0321 1.0000 0.7556 0.6594 99.2300

EUR 1.3660 1.3235 1.0000 0.8727 131.3348

GBP 1.5653 1.5167 1.1459 1.0000 150.4967

JPY 0.0104 0.0101 0.0076 0.0066 1.0000

1

Source: Capital IQ (1-Aug-13) Source: Capital IQ (1-Aug-13)

Source: Capital IQSource: Capital IQ

20.5%24.1%

8.4%

24.1%

44.8%

-8.1%

-10%

0%

10%

20%

30%


DJIA S&P 500 S&P/TSX

-20%

-10%

0%

10%

20%

30%40%

50%


S&P 500 S&P Food Index S&P GSCI Ag Index


5/16


5

2

(US$ in millions, except per share data)

Market Data Financial Results LTM Operating Statistics Multiples

Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/

Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings

FOOD

Diversified Foods

Annie's $41.89 $48.87 $32.06 $707 $710 0.0% $170 $21 0.3x 20.3% 38.5% 12.4% 4.2x 33.8x 3.5x 22.6x 64.4x

B&G Foods $35.13 $36.49 $26.83 $1,857 $2,520 3.6% $660 $175 4.9x 12.1% 34.7% 26.5% 3.8x 14.4x 3.3x 12.3x 40.9x

Campbell Soup $47.52 $48.83 $32.24 $14,881 $18,745 2.4% $8,376 $1,720 2.5x 8.8% 37.4% 20.5% 2.2x 10.9x 2.1x 10.9x 20.3x

ConAgra Foods $36.57 $37.13 $24.07 $15,342 $24,951 2.7% $15,491 $2,054 4.7x 15.9% 23.2% 13.3% 1.6x 11.9x 1.4x 10.1x 19.8x

Diamond Foods $20.51 $22.77 $12.85 $456 $1,034 0.0% $888 $55 10.7x -10.5% 21.9% 6.1% 1.2x 18.9x 1.2x 9.6x NM

General Mills $52.73 $53.07 $37.90 $33,793 $42,444 2.9% $17,774 $3,477 2.3x 6.7% 36.2% 19.6% 2.4x 11.9x 2.3x 11.5x 18.9x

Hain Celestial $73.35 $75.98 $51.38 $3,466 $4,088 0.0% $1,622 $212 3.1x 25.0% 27.5% 13.1% 2.5x 19.2x 2.1x 14.9x 26.6x

Hershey $96.95 $97.00 $68.09 $21,691 $23,019 2.0% $6,834 $1,457 1.3x 7.8% 45.0% 21.3% 3.4x 15.8x 3.2x 14.1x 30.3x

J. M. Smucker $113.67 $114.07 $74.60 $12,047 $13,808 2.0% $5,898 $1,212 1.7x 6.7% 34.6% 20.5% 2.3x 11.4x 2.3x 11.0x 22.7x

Kellogg $65.42 $67.98 $48.05 $24,060 $31,625 2.8% $14,858 $2,182 3.6x 12.2% 37.4% 14.7% 2.1x 14.5x 2.1x 11.7x 25.1x

Kraft Foods $57.14 $58.76 $42.00 $33,968 $42,774 3.5% $18,381 $3,945 2.5x -2.0% 33.9% 21.5% 2.3x 10.8x 2.3x 11.5x 18.7x

McCormick $72.54 $75.26 $59.02 $9,571 $10,824 1.9% $4,060 $678 2.0x 3.5% 40.1% 16.7% 2.7x 15.4x 2.5x 14.5x 23.8x

Mondelez $31.71 $42.54 $24.50 $56,585 $72,396 1.6% $35,092 $5,120 3.6x 10.0% 37.4% 14.6% 2.1x 14.1x 2.0x 12.9x 32.0x

Seneca Foods $35.65 $36.33 $22.29 $383 $613 0.0% $1,277 $85 2.7x 3.8% 10.3% 6.7% 0.5x 7.2x N/A N/A 11.7x

Tootsie Roll $35.12 $35.25 $23.07 $2,175 $2,109 0.9% $550 $92 0.1x 3.1% 33.9% 16.7% 3.8x 23.3x 3.7x N/A 40.5x

Treehouse Foods $71.63 $72.32 $46.15 $2,596 $3,361 0.0% $2,198 $299 2.9x 5.7% 21.4% 13.6% 1.5x 11.2x 1.5x 10.2x 29.8x

WhiteWave Foods $18.94 $19.60 $14.22 $3,278 $4,027 0.0% $2,346 $270 3.0x 12.2% 35.4% 11.5% 1.7x 14.9x 1.6x 13.7x 32.6x

Median 2.7x 7.8% 34.7% 14.7% 2.3x 14.4x 2.2x 11.7x 25.8x

Average 3.1x 8.3% 32.3% 15.8% 2.4x 15.3x 2.3x 12.8x 28.6x

(1) Last Twelve Months

(2) Next Twelve Months

Source: Capital IQ


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Baked Goods / Snack Foods

Flowers Foods $23.84 $24.24 $12.31 $4,943 $5,568 1.9% $3,279 $371 1.7x 14.3% 47.4% 11.3% 1.7x 15.0x 1.5x 11.8x 23.6x

George Weston $85.35 $87.18 $56.45 $10,914 $18,818 1.9% $32,607 $2,366 3.4x 1.9% 24.6% 7.3% 0.6x 8.3x 0.6x 7.5x 23.9x

J&J Snack Foods $80.77 $84.48 $55.96 $1,516 $1,434 0.8% $872 $130 0.0x 7.9% 30.4% 14.9% 1.6x 11.0x 1.6x 10.0x 24.0x

John B Sanfilippo $21.42 $22.67 $12.40 $235 $331 0.0% $724 $56 1.7x 3.3% 16.3% 7.7% 0.5x 5.9x N/A N/A 11.8x

Post Holdings $46.96 $49.32 $28.35 $1,534 $2,208 0.0% $974 $211 4.9x 2.0% 43.9% 21.7% 2.3x 10.5x 2.1x 10.0x 41.2x

Snyder's-Lance $31.91 $32.49 $22.24 $2,207 $2,740 2.0% $1,684 $182 2.9x 3.6% 34.1% 10.8% 1.7x 15.3x 1.5x 12.7x 34.7x

Median 2.3x 3.4% 32.3% 11.0% 1.7x 10.7x 1.5x 10.0x 23.9x

Average 2.5x 5.5% 32.8% 12.3% 1.4x 11.0x 1.4x 10.4x 26.5x

Food Service Distributors

CH Robinson $61.07 $67.93 $51.97 $9,805 $10,036 2.3% $12,134 $777 0.5x 12.7% 8.4% 6.4% 0.9x 13.0x 0.8x 12.2x 16.7x

Core-Mark $63.68 $66.27 $40.06 $730 $766 1.2% $8,159 $87 1.0x 21.3% 6.1% 1.1% 0.1x 9.2x 0.1x 6.8x 22.6x

Nash Finch $23.48 $29.50 $18.64 $289 $721 3.1% $4,946 $112 3.9x 2.4% 8.5% 2.3% 0.1x 6.4x 0.1x 7.2x NM

Sysco $34.79 $36.05 $28.44 $20,647 $23,110 3.2% $43,856 $2,501 1.1x 5.0% 17.9% 5.7% 0.5x 9.2x 0.5x 9.3x 20.2x

United Natural $59.68 $61.26 $47.20 $2,943 $3,105 0.0% $5,766 $216 0.8x 14.1% 16.9% 3.7% 0.5x 14.4x 0.5x 12.4x 29.3x

Median 1.0x 12.7% 8.5% 3.7% 0.5x 9.2x 0.5x 9.3x 21.4x

Average 1.5x 11.1% 11.5% 3.8% 0.4x 10.4x 0.4x 9.6x 22.2x



Source: Capital IQ


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Protein

Cal-Maine $49.15 $52.43 $37.41 $1,184 $1,067 0.0% $1,288 $93 0.7x 15.7% 16.7% 7.2% 0.8x 11.5x 0.8x 6.7x 23.4x

Lifeway Foods $17.73 $19.99 $7.90 $290 $290 0.5% $86 $13 0.4x 19.8% 36.5% 15.1% 3.4x 22.2x 2.7x 18.3x 42.5x

Maple Leaf $13.50 $15.48 $10.14 $1,888 $3,125 1.1% $4,527 $321 4.0x -3.2% 14.1% 7.1% 0.7x 9.5x 0.7x 8.5x 24.5x

Pilgrim's Pride $17.79 $17.93 $4.20 $4,608 $5,445 0.0% $8,479 $547 1.7x 11.8% 6.9% 6.5% 0.6x 10.0x 0.6x 7.3x 14.8x

Sanderson Farms $71.92 $73.67 $36.58 $1,655 $1,782 0.9% $2,490 $154 1.0x 14.0% 7.0% 6.2% 0.7x 11.5x 0.6x 4.9x 29.8x

Seaboard $2860.00 $2934.00 $1991.00 $3,423 $3,185 0.1% $6,474 $365 0.5x 10.4% 8.7% 5.6% 0.5x 8.2x 0.5x N/A 13.3x

Smithfield Foods $33.30 $33.96 $17.55 $4,627 $6,835 0.0% $13,221 $744 3.4x 1.0% 10.0% 5.6% 0.5x 9.0x 0.5x 7.6x 26.4x

Tyson Foods $28.46 $28.56 $14.07 $10,099 $11,744 0.7% $34,018 $1,792 1.3x 2.1% 6.6% 5.3% 0.4x 6.9x 0.3x 5.7x 19.5x

Median 1.2x 11.1% 9.4% 6.3% 0.7x 9.7x 0.6x 7.3x 24.0x

Average 1.6x 9.0% 13.3% 7.3% 0.9x 11.1x 0.8x 8.4x 24.3x

Dairy

Dean Foods $11.07 $21.06 $9.53 $2,067 $3,967 0.0% $11,471 $683 2.7x 0.1% 25.2% 6.0% 0.3x 5.8x 0.4x 9.0x 23.1x

Saputo $46.19 $52.92 $38.53 $9,021 $10,660 1.8% $7,376 $854 1.9x 11.2% 11.6% 11.6% 1.5x 12.8x 1.3x 10.7x 19.8x

Median 2.3x 5.6% 18.4% 8.8% 0.9x 9.3x 0.8x 9.8x 21.4x

Average 2.3x 5.6% 18.4% 8.8% 0.9x 9.3x 0.8x 9.8x 21.4x



Source: Capital IQ


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AGRIBUSINESS

Agricultural Products

Archer Daniels $37.18 $37.19 $24.38 $24,503 $31,758 2.0% $90,997 $2,497 3.0x 0.0% 3.7% 2.7% 0.3x 10.4x 0.3x 9.1x 19.7x

Bunge $76.51 $80.99 $63.18 $11,252 $17,676 1.6% $63,859 $1,713 6.9x 11.2% 4.2% 2.7% 0.3x 10.5x 0.3x 7.2x 41.5x

Darling Int'L $20.64 $20.86 $15.09 $2,440 $2,568 0.0% $1,760 $324 0.8x 0.9% 27.3% 18.4% 1.5x 8.0x 1.5x 7.7x 18.1x

Monsanto $97.37 $109.33 $82.70 $51,909 $51,452 1.5% $14,757 $4,286 0.5x 8.1% 51.6% 29.0% 3.5x 12.0x 3.2x 10.6x 21.1x

The Andersons $59.80 $59.94 $35.45 $1,108 $1,814 1.1% $5,658 $158 3.2x 20.7% 6.2% 2.8% 0.3x 10.3x 0.3x 9.4x 15.3x

Median 3.0x 8.1% 6.2% 2.8% 0.3x 10.4x 0.3x 9.1x 19.7x

Average 2.9x 8.2% 18.6% 11.1% 1.2x 10.2x 1.1x 8.8x 23.1x

Agricultural Equipment

AGCO $57.21 $57.88 $41.17 $5,567 $6,283 0.7% $10,450 $1,030 1.3x 9.1% 21.6% 9.9% 0.6x 5.8x 0.6x 5.6x 10.7x

Caterpillar $84.44 $99.70 $79.49 $55,536 $91,170 2.8% $60,351 $9,504 4.2x -9.0% 25.9% 15.7% 1.5x 9.6x 1.6x 9.4x 13.3x

CNH Global $48.73 $49.99 $36.65 $11,871 $25,316 0.0% $20,949 $3,109 6.2x 4.1% 24.3% 14.8% 1.2x 7.9x 1.2x 11.5x 9.0x

Deere $83.05 $95.60 $73.14 $32,227 $62,155 2.5% $37,717 $6,151 5.5x 11.7% 28.9% 16.3% 1.6x 10.1x 1.8x 11.9x 10.2x

Harsco $26.88 $27.03 $18.40 $2,168 $3,154 3.1% $3,009 $448 2.3x -8.1% 22.9% 14.9% 1.0x 7.0x 1.0x 6.3x NM

Median 4.2x 4.1% 24.3% 14.9% 1.2x 7.9x 1.2x 9.4x 10.5x

Average 3.9x 1.6% 24.7% 14.3% 1.2x 8.1x 1.2x 8.9x 10.8x



Source: Capital IQ


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Fertilizer

Agrium $83.70 $112.77 $82.33 $12,507 $15,803 2.4% $16,339 $2,594 1.5x 1.6% 27.1% 15.9% 1.0x 6.2x 0.9x 6.1x 8.8x

CF Industries $195.98 $233.43 $169.33 $11,619 $11,399 0.8% $5,892 $3,116 1.0x -7.7% 49.2% 52.9% 1.9x 3.3x 2.0x 4.3x 6.6x

Mosaic $41.88 $64.65 $39.95 $17,833 $15,233 2.4% $9,974 $2,917 0.4x -10.2% 27.7% 29.2% 1.5x 5.2x 1.5x 5.2x 9.5x

Potash Corp. $29.57 $43.73 $28.85 $25,637 $28,530 4.7% $7,466 $3,495 1.0x -5.3% 45.0% 46.8% 3.7x 7.5x 4.0x 8.0x 11.2x

Median 1.0x -6.5% 36.3% 38.0% 1.7x 5.7x 1.8x 5.7x 9.2x

Average 1.0x -5.4% 37.2% 36.2% 2.0x 5.5x 2.1x 5.9x 9.0x

Produce

Calavo Growers $27.32 $32.56 $21.63 $402 $447 2.4% $601 $32 1.6x 5.6% 9.8% 5.3% 0.7x 13.7x 0.7x 10.9x 24.2x

Chiquita $12.22 $12.88 $4.85 $568 $1,130 0.0% $3,059 $83 7.4x -1.6% 11.2% 2.7% 0.4x 22.2x 0.4x 7.7x NM

Dole Food $12.91 $15.19 $9.25 $1,142 $1,407 0.0% $4,323 $98 7.0x 29.3% 8.4% 2.3% 0.3x 13.6x 0.3x 8.5x NM

Fresh Del Monte $28.95 $29.00 $23.60 $1,603 $1,735 1.7% $3,508 $213 0.6x 2.2% 9.1% 6.1% 0.5x 8.1x 0.5x 8.2x 13.3x

Village Farms $0.79 $0.93 $0.61 $31 $88 0.0% $131 $0 497.0x -18.2% 5.2% 0.1% 0.7x NM N/A N/A 2.8x

Median 7.0x 2.2% 9.1% 2.7% 0.5x 13.6x 0.4x 8.3x 13.3x

Average 102.7x 3.5% 8.7% 3.3% 0.5x 14.4x 0.5x 8.8x 13.4x



Source: Capital IQ


10/16


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2





FOOD RETAIL

Retailers

Arden $131.80 $133.83 $82.60 $405 $379 0.8% $445 $39 0.0x 3.0% 43.6% 8.8% 0.9x 9.6x N/A N/A 19.9x

Casey's $66.25 $70.01 $46.15 $2,543 $3,230 1.1% $6,655 $326 2.2x 3.0% 16.3% 4.9% 0.5x 9.9x 0.4x 8.5x 23.2x

Fresh Market $53.93 $65.69 $36.51 $2,604 $2,608 0.0% $1,371 $154 0.1x 17.3% 34.2% 11.2% 1.9x 16.9x 1.6x 14.1x 38.8x

Ingles Market $28.76 $29.33 $15.29 $699 $1,547 2.3% $3,775 $219 4.3x 4.2% 22.1% 5.8% 0.4x 7.0x 0.4x 6.8x 15.2x

Kroger $39.65 $39.98 $21.57 $20,548 $28,253 1.5% $97,729 $4,517 1.8x 6.3% 21.1% 4.6% 0.3x 6.3x 0.3x 6.4x 13.7x

Loblaw $47.31 $50.44 $31.39 $13,389 $18,256 2.0% $31,464 $2,052 3.2x 1.9% 23.5% 6.5% 0.6x 9.0x 0.6x 8.3x 19.3x

Metro $72.40 $73.46 $53.05 $6,751 $7,346 1.3% $11,785 $818 0.8x 5.1% 6.9% 6.9% 0.6x 8.3x 0.6x 8.9x 9.6x

Natural Grocers $35.90 $39.46 $17.45 $804 $809 0.0% $379 $26 0.6x 27.4% 29.4% 6.8% 2.1x 31.2x 1.8x 22.8x 94.5x

Pantry $12.37 $16.36 $11.28 $291 $1,240 0.0% $7,031 $208 4.6x -6.0% 11.5% 3.0% 0.2x 5.7x 0.2x 5.3x NM

Roundy's $9.01 $10.40 $3.69 $421 $1,048 5.3% $3,936 $189 3.7x 1.9% 26.4% 4.8% 0.3x 5.5x 0.3x 5.7x NM

Safeway $25.64 $28.42 $14.90 $6,187 $11,368 3.1% $44,072 $2,228 2.6x 7.5% 27.7% 5.1% 0.3x 5.1x 0.3x 6.8x 10.3x

Spartan Stores $19.74 $24.40 $13.44 $432 $580 1.8% $2,617 $103 1.5x -0.7% 21.0% 3.9% 0.2x 5.6x 0.2x 5.4x 16.3x

SUPERVALU $8.09 $8.26 $1.80 $2,091 $5,098 0.0% $17,018 $439 7.0x 48.5% 14.0% 2.6% 0.3x 11.6x 0.3x 6.5x NM

Village Super Mkt $37.25 $39.29 $29.51 $515 $455 2.7% $1,470 $69 0.6x 5.2% 27.0% 4.7% 0.3x 6.5x 0.3x N/A 26.6x

Weis Markets $50.26 $51.92 $37.65 $1,352 $1,249 2.4% $2,707 $183 0.0x -1.7% 27.5% 6.8% 0.5x 6.8x 0.4x N/A 16.2x

Whole Foods $55.14 $56.83 $40.70 $20,529 $19,567 0.7% $12,852 $1,212 0.0x 15.3% 35.8% 9.4% 1.5x 16.1x 1.4x 14.2x 38.0x

Median 1.6x 4.7% 25.0% 5.4% 0.4x 7.7x 0.4x 6.8x 19.3x

Average 2.1x 8.6% 24.3% 6.0% 0.7x 10.1x 0.6x 9.2x 26.3x



Source: Capital IQ


11/16

M&A Activity

11

3

M&A Value and Volume

Select MPC Indices vs S&P 500 MPC Composite Multiples

M&A Volume by Subsector# Deals

Source: Capital IQ (sectors incl. Food Products, Food Retail & Distributors, & Beverages (excl. Soft Drinks)) Source: Capital IQ

Value (US$M) # Deals

24.1%

23.2%

10.0x

12.7x

9.4x

(1) Index constituents based on publicly traded companies list

Source: Capital IQ

(1) Composite constituents based on publicly traded companies list; EV/LTM EBITDA

Source: Capital IQ

1.3%

0.0x

5.0x

10.0x

15.0x

Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13

MPC Food Index (1)

MPC Ag Index (1)

MPC Food Retail Index (1)

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%20.0%

25.0%

30.0%


MPC Agribusiness Index (1)

MPC Food Index (1)

S&P 500 Index

0

50

100

150

200

250

300

350

$0

$10,000

$20,000

$30,000

$40,000

$50,000

2008 2009 2010 2011 2012 2013

Total Deal Value Aggregate Deal Volume

0

50

100

150

200

250

2008 2009 2010 2011 2012 2013

Food Agribusiness Food Retail


12/16

M&A Activity: Select Transactions

12

3


Source: Capital IQ

(US$ in millions)

Date Transaction Transaction Enterprise EV/LTM (1)

Announced Status Target Buyer Subsector Value Value Revenue EBITDA

9-Jul-13 Announced Harris Teeter Supermarkets Kroger Food Retail $2,823.9 $2,621.0 0.5x 8.0x

28-Jun-13 Announced Sun-Rype Products Great Pacific Industries Food $37.3 $93.9 0.6x 13.7x

24-Jun-13 Closed Cains Foods Treehouse Foods Food $36.9 $36.9 0.4x N/A

12-Jun-13 Announced Canada Safeway Sobeys Food Retail $5,800.0 $5,800.0 0.9x 10.7x

11-Jun-13 Announced Dole Food Company David H. Murdock Food $2,361.9 $2,690.8 0.6x 19.6x

10-Jun-13 Announced Robert's American Gourmet Food B&G Foods North America Food $198.5 $198.5 N/A N/A

5-Jun-13 Closed Central European Distribution Corp. Roust Trading Beverages $1,739.1 $1,723.1 2.0x 25.6x

29-May-13 Announced Smithfield Foods Henan Shineway Group Food $7,404.2 $7,260.4 0.5x 8.5x

28-May-13 Announced Delhaize (Sweetbay, Harveys and Reid's) BI-LO Food Retail $275.0 $275.0 0.1x N/A

21-May-13 Announced Clement Pappas & Co. Lassonde Industries Food $21.8 $21.8 N/A N/A

15-May-13 Announced Overhill Farms Bellisio Foods Food $89.3 $86.2 0.4x 13.1x

10-May-13 Announced Florida Chemical Company Flotek Industries Food $103.5 $103.5 1.0x 10.3x

9-May-13 ClosedHearthside (Organic/Natural Cereal, Granola &

Snacks)Attune Foods Food $158.5 $158.5 N/A N/A

25-Mar-13 Closed Freybe Gourmet Foods Premium Brands Food $60.0 $60.0 0.8x N/A

12-Mar-13 Announced A&P (2 Food Emporium Stores) Madison Capital Food Retail $133.4 $133.4 N/A N/A

1-Mar-13 Closed Mary's Gone Crackers Kameda USA Food $26.5 $34.0 N/A N/A

28-Feb-13 Closed Hostess (Beefsteak Rye Brand) Grupo Bimbo Food $32.8 $32.8 N/A N/A

27-Feb-13 Closed Sonoma Custom Crush Facility Carneros Vintners Beverages $12.8 $12.8 N/A N/A

14-Feb-13 Closed T. Lauzon Colabor Group Food $13.0 $13.0 N/A N/A

14-Feb-13 Announced H. J. Heinz Berkshire; 3G Capital Food $28,775.0 $27,668.2 2.4x 13.6x

30-Jan-13 Announced Hostess (Certain Brands & Certain Equipment) Apollo; C. Dean Metropoulos Food $411.0 $411.0 N/A N/A

28-Jan-13 Announced Hostess (Drake's Brand & Certain Equipment) McKee Foods Food $27.7 $27.7 N/A N/A


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(US$ in millions)



28-Jan-13 Announced Hostess (Four Brands & Certain Equipment) United States Bakery Food $29.1 $29.1 N/A N/A

28-Jan-13 Announced Eurofresh NatureSweet Agribusiness $51.7 $51.7 N/A N/A

21-Jan-13 Announced Beam (Certain Brands) Luxco Beverages $64.6 $64.6 2.2x N/A

11-Jan-13 Announced Certain Bread Brands and Bakeries Flowers Foods Food $383.8 $383.8 0.4x N/A

10-Jan-13 Announced New Albertson's Albertsons Food Retail $3,253.9 $3,253.9 N/A N/A

10-Jan-13 Announced SUPERVALU Symphony Investors Food Retail $252.6 $7,313.2 0.2x 4.5x

8-Jan-13 Closed Hylife Ltd. ITOCHU Corp. Food $56.7 $169.7 N/A N/A

3-Jan-13 Closed Unilever (Skippy Peanut Butter Business) Hormel Foods Food $689.4 $689.4 1.9x N/A

2-Jan-13 Closed Queensgate Food Group The Chefs' Warehouse Food $24.0 $24.0 N/A N/A

20-Dec-12 Announced Westway Group, Inc. Bishop Infrastructure II Acquisition Food $317.3 $310.3 0.7x 6.5x

17-Dec-12 Announced Super Supplements, Inc. Vitamin Shoppe Mariner, Inc. Food Retail $49.2 $49.2 N/A N/A

17-Dec-12 Announced The Oppenheimer Group Total Produce plc Food $15.0 $42.9 0.1x N/A

10-Dec-12 Announced Maple Leaf Foods Inc. (Potatoes Business) Cavendish Farms Corporation Food $60.0 $60.0 0.8x N/A

10-Dec-12 Closed J. T. Davenport & Sons, Inc. Core-Mark Holding Company, Inc. Food $37.6 $37.6 0.1x N/A

3-Dec-12 Closed Morningstar Foods, LLC Saputo Cheese USA Inc. Food $1,441.2 $1,441.2 0.9x 9.3x

3-Dec-12 Announced WhiteWave Foods Company (Certain Assets) Morningstar Foods, LLC Food $59.6 $59.6 N/A N/A

27-Nov-12 Announced Ralcorp Holdings Inc. ConAgra Foods, Inc. Food $7,047.6 $6,697.2 1.6x 11.9x

26-Nov-12 Closed Balance Bar Company NBTY, Inc. Food $77.6 $77.6 N/A N/A

1-Nov-12 Announced Puratone Corporation Maple Leaf Foods Inc. Food $42.0 $42.0 N/A N/A

23-Oct-12 Closed Vermont Hard Cider Company, LLC C&C Group plc Beverages $302.9 $302.9 N/A N/A

17-Oct-12 Announced Big Sky Farms, Inc. Olymel L.P. Food $65.3 $65.3 N/A N/A

19-Sep-12 Closed Chipita America, Inc. (Certain Brands) B&G Foods North America, Inc. Food $61.0 $61.0 N/A N/A


Source: Capital IQ


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14

3

(US$ in millions)



5-Sep-12 Closed Snack Factory, LLC Snyder's-Lance, Inc. Food $337.0 $337.0 N/A N/A

27-Aug-12 Closed Shearer's Foods, Inc. Wind Point Partners; Teachers'; Mistral Equity Food $494.7 $494.7 N/A N/A

14-Aug-12 Closed Kettle Creations, LLC BEF Foods, Inc. Food $49.6 $49.6 N/A N/A

13-Aug-12 Closed Michael's Finer Meats & Seafoods, Inc. The Chefs' Warehouse Mid-Atlantic, LLC Food $71.3 $68.8 0.8x 11.5x

30-Jul-12 Closed Conopco, Inc. (Certain Business Unit) ConAgra Foods, Inc. Food $267.9 $267.9 0.9x N/A

9-Jul-12 Closed Wm. Bolthouse Farms, Inc. Campbell Investment Company Agribusiness $1,581.5 $1,581.5 2.3x N/A

27-Jun-12 Closed H.C. Schau & Son Inc. Greencore Group plc Food $19.8 $19.8 0.6x N/A

8-Jun-12 Closed Arctic Glacier Holdings, Inc. H.I.G. Capital, LLC; Bayside Capital, Inc. Food $411.0 $411.0 N/A N/A

4-Jun-12 Closed Bay Bread LLC Starbucks Corporation Food Retail $104.2 $104.2 N/A N/A

31-May-12 Closed Lepage Bakeries, Inc. Flowers Foods, Inc. Food $331.3 $305.9 1.8x 9.7x

31-May-12 Closed Udi's Healthy Foods, LLC Boulder Brands, Inc. Food $146.7 $146.7 2.4x 23.2x

23-May-12 Closed Petri Baking Products, Inc. Ralcorp Holdings Inc. Food $86.3 $86.3 1.7x N/A

22-May-12 Closed Lactalis American Group, Inc. Parmalat Belgium SA Food $974.1 $942.3 1.1x N/A

22-May-12 Closed Kangaroo Brands, Inc. (Pita Chips Business) ConAgra Foods, Inc. Food $48.9 $48.9 2.4x N/A

18-May-12 Closed Ocean Nutrition Canada Limited Royal DSM N.V. Food $540.0 $540.0 2.8x N/A

15-May-12 Closed NF Foods, LLC U Save Foods, Inc. Food Retail $49.5 $49.5 0.2x N/A

4-May-12 Closed Snokist Growers Co-operative Del Monte Corporation; Pacific Coast Producers Food $26.5 $26.5 N/A N/A

1-May-12 Closed Solae, LLC E. I. du Pont de Nemours and Company Food $439.8 $1,567.3 N/A N/A

1-May-12 Closed Imperial Sugar Co. Louis Dreyfus Commodities LLC Food $145.7 $145.2 0.2x N/A

Median 0.8x 11.1x

Mean 1.1x 12.5x


Source: Capital IQ


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Contact Information

About Maison Placements

Maison Placements Canada Inc. (Maison Placements), established in 1955, is an independent Toronto-based

investment dealer providing a range of financial services to institutional investors and corporate clients. The

firm is a member of the Investment Industry Regulatory Organization of Canada and a participating

organization of The Toronto Stock Exchange and TSX Venture Exchange.

About Maison Placements Food and Agribusiness Industry Group

The Maison Placements Food and Agribusiness Industry Group provides advisory services to many leading

participants in the food and agribusiness industry in North America. The firms services include:

Mergers and Acquisitions Advisory

Public Offerings

For more information regarding our industry expertise, please contact:

Gino Cozza

Managing Director

O: +1 416 947 6040

C: +1 416 737 3314

[email protected]

15

Private Placements

Valuations and Fairness Opinions

George Hartman

Managing Director

O: +1 416 947 6040

C: +1 416 889 5451

[email protected]

4


16/16

The information contained in this presentation has been compiled by Maison Placements from sources believed to be reliable, but no representation orwarranty, express or implied, is made by Maison Placements, its affiliates or any other person as to its accuracy, completeness or correctness. Any

estimates, opinions and other information contained in this presentation constitute Maison Placementsjudgment as of the date of this presentation, are

subject to change without notice and are provided in good faith but without legal responsibility or liabi lity.

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in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Maison Placements or their

affiliates may at any time have a long or short position in any such securities, related securities or in options, futures, or other derivative instruments based

thereon.

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in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this presentation may not be eligible for sale

in some jurisdictions. This presentation is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in

any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction.

This material is prepared for general circulation to clients and does not have regard to the investment objective, financial situation or particular needs of

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permitted by law, neither Maison Placements, its affil iates nor any other person accepts any liability whatsoever for any direct or consequential loss arising

from any use of the information contained in this presentation.

Member ofCanadian Investor Protection Fund& Investment Industry Regulatory Organization of Canada

Maison Placements I 130 Adelaide Street West I Suite 2116 I Toronto, ON M5H 3P5 I Phone 416.947.6040 I Fax 416.947.6046 I maisonplacements.com

Documents

Food & Agribusiness Industry Update - August 2013