FOOD AND BEVERAGE · Growing franchise system with base of experienced, enthusiastic, and well-capitalized franchise partners. Significant white space for growth both domestically

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

FOOD AND BEVERAGE

INDUSTRY UPDATE │ JUNE 2017

PAGE |

www.harriswilliams.com

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

Agribusiness

Baked and Prepared Goods

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Ryan BudlongManaging [email protected]+1 (415) 217-3409

Brant [email protected]+1 (612) 359-2709

Ryan [email protected]+1 (612) 359-2703

Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

FOOD AND BEVERAGE


has been acquired by

a portfolio company of

A Private

Investor Group



CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING





a subsidiary of







and

With nearly 300 transactions so far this year, the food and beverage M&A market

remains robust. Recent notable transactions include: Lavazza’s acquisition of

Kicking Horse Coffee Co., HGGC’s acquisition of Nutraceutical International, and

J.M. Smucker Company’s acquisition of Wesson Oil. The divestiture of Wesson Oil

by Conagra Brands points to the food giant’s continued efforts to reshape its

portfolio.




has been acquired byhas been acquired by

The Soup & Infant

Feeding Business of


PizzaRev

Founders

a partnership of

&

http://www.harriswilliams.com/

mailto:[email protected]






PAGE |

WHAT WE’VE BEEN DOING (CONTINUED)

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

90

100

110

120

130

140

Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Soybeans:

(35.4%)

Corn:

(46.3%)

Wheat:

(47.1%)

Crude Oil:

(49.8%)

Beef:

10.7%

Pork

3.1%

Poultry:

(3.4%)

Overview

On May 22, 2017, Cleveland Avenue acquired PizzaRev, adding to the continued momentum of HW&Co.’s food and

beverage group.

Company Description

PizzaRev franchises and operates over 45 fast casual build-your-own pizza restaurants in the United States and Mexico,

offering highly-customizable and high-quality pizzas cooked in under three minutes. The concept, which also offers

salads, desserts, and alcoholic and non-alcoholic beverages, differentiates itself from fast casual competitors through

customization, atmosphere, food quality, and innovation.

HW&CO. ADVISES ON THE SALE OF PIZZAREV

Key Value Drivers for PizzaRev

Growing franchise system with base of experienced,

enthusiastic, and well-capitalized franchise partners.

Significant white space for growth both domestically

and internationally.

Differentiated concept offering a fully customizable,

better-for-you offering, and an attractive, “stay and

enjoy” atmosphere.

Category innovator with industry-leading offerings,

menu enhancements, and technology integration.

Rev-olutionary Concept

-

20

40

60

80

100

120

May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17

Co

mm

od

ity P

ric

e In

de

x

Soybeans Wheat Corn Crude Oil


a partnership of

&PizzaRev Founders

PAGE |

80

100

120

140


Sa

les

Ind

ex

Restaurant Grocery

VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Net Debt /

3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing (0.9%) (0.9%) (5.8%) (0.9%) 12.5x 12.9x 6.5x 3.0x

Fruit and Vegetable 2.0% 3.3% 13.6% 17.2% 16.4x 24.5x 11.5x 0.7x

Ingredients / Flavors 10.9% 5.2% 5.9% 0.7% 23.0x 27.3x 16.1x 1.4x

Agribusiness (2.3%) 0.9% 0.8% (0.8%) 21.7x 24.5x 11.6x 2.5x

Branded Processed Foods (0.4%) (6.5%) (5.1%) (5.9%) 20.6x 28.1x 12.8x 2.2x

Private Label Foods and Beverages (9.0%) (14.7%) 6.5% 26.5% 33.6x 25.0x 11.3x 5.7x

Natural / Organic Foods / BFY 0.8% (30.3%) 25.2% (12.6%) 17.7x 25.4x 15.2x 7.1x

Baked Goods 1.7% (2.6%) (1.1%) (1.0%) 19.9x 28.3x 9.9x 2.4x

Dairy 5.8% 5.3% 8.8% 16.9% 19.6x 24.0x 13.3x 1.3x

Non-Alcoholic Beverages 10.8% 4.0% 9.4% 9.9% 22.7x 25.0x 14.2x 1.7x

Alcoholic Beverages 16.9% 10.8% 3.4% 3.6% 21.3x 26.1x 15.3x 2.6x

Snacks 1.0% 12.1% (0.1%) 10.1% 21.8x 32.9x 15.5x 3.3x

Grocery Distribution 9.4% (1.6%) (6.4%) 7.2% 15.2x 17.5x 7.9x 2.1x

Food Retail 3.8% (5.1%) (7.4%) (7.9%) 15.6x 18.2x 7.1x 1.5x

Foodserv ice 5.3% 0.4% (3.1%) 1.2% 20.1x 17.0x 12.5x 4.0x

Quick Serv ice Restaurant 14.6% 23.4% 4.3% 8.3% 23.0x 26.4x 13.1x 3.2x

Fast Casual 15.7% (0.4%) 0.9% 25.5% 41.7x 43.1x 15.7x 1.4x

Differentiated Casual (3.4%) (4.6%) 3.7% (2.0%) 23.2x 26.3x 9.6x 1.0x

Casual Dining Restaurant 22.5% 7.9% 6.9% 1.9% 17.7x 23.5x 8.6x 2.4x

Fine Dining 1.1% 6.9% 2.2% 1.1% 19.1x 22.8x 9.4x 1.3x

Pizza 10.8% 21.6% 3.1% 22.1% 26.3x 36.1x 19.8x 4.0x

Beverage / Snack Retail 0.8% (13.2%) 9.5% 5.4% 24.6x 28.2x 17.4x 2.4x

Family Restaurant (2.5%) (1.0%) (5.9%) 3.9% 19.7x 35.4x 11.0x 2.6x

Overall Median 5.9% 0.9% 2.2% 2.6% 21.1x 25.0x 12.1x 2.2x

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

Inp

uts

Fo

od

an

d B

ev

era

ge

Co

nsu

me

r a

nd

Re

tail

Industry and Segment

Restaurant:

20.7%

Grocery:

9.3%

(1.0)

-

1.0

2.0

3.0

4.0


Infa

tio

na

l (%

)

PAGE |


4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5

RECENT EQUITY OFFERINGS6

Natural / Organic / BFY

Priv ate Label

Bev erage / Snack Retail

Branded Processed Foods

Food Retail

Differentiated Casual

Baked Goods

Grocery Distribution

Family Restaurant

Protein Processing

Fast Casual

Foodserv ice

Agribusiness

Fruit and Vegetable

Non-Alcoholic Bev erages

Ingredients / Flav ors

Dairy

Fine Dining

Casual Dining Restaurant

Alcoholic Bev erages

Snacks

S&P

Pizza

Quick Serv ice Restaurant

(35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0%

Inputs Food and Beverage Consumer and Retail

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

05/18/17 05/15/17 Performance Food Group Co PFGC Follow-On $387.5 Liquidity for Private Owners

05/11/17 05/11/17 Organto Foods Inc OGO Follow-On $2.5 Working Capital

General Corporate Purposes

05/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners

04/24/17 04/24/17 Noble Romans Inc NROM Follow-On $3.7 Liquidity for Private Owners

04/12/17 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners

03/14/17 03/13/17 Noodles & Co NDLS Follow-On $31.5 Pay Fees & Expenses

03/07/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital

03/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners

02/23/17 02/16/17 Performance Food Group Co. PFGC Follow-On $317.3 Liquidity for Private Owners

02/23/17 02/22/17 LeGall Holdings Inc. - IPO $0.1 Liquidity for Private Owners

02/14/17 02/13/17 New Age Bev Corp. NBEV Follow-On $15.0 Pursue Growth Opportunities

General Corporate Purposes

Working Capital

01/30/17 01/25/17 Long Island Iced Tea Corp. LTEA Follow-On $17.4 General Corporate Purposes

PAGE |

PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE


Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 6/9/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF-GB $37.47 87.5% $29,666 $29,375 $19,036 $2,259 (0.2%) (2.8%) 8.4% 11.9% 21.2x 1.54x 13.0x 1.51x 12.4x

B&G Foods, Inc. BGS 40.15 76.0% 2,669 4,407 1,456 318 32.2% 24.6% 29.3% 21.8% 24.0x 3.03x 13.9x 2.66x 12.0x

Campbell Soup Company CPB 56.54 83.3% 17,135 20,223 7,913 1,623 (0.7%) 0.9% 36.8% 20.5% 35.6x 2.56x 12.5x 2.55x 11.2x

Conagra Brands, Inc. CAG 38.76 79.3% 16,492 18,866 8,793 1,323 (2.6%) (21.1%) 31.6% 15.0% 28.0x 2.15x 14.3x 2.45x 12.6x

General Mills, Inc. GIS 57.09 78.3% 32,892 42,925 15,741 3,439 (7.0%) (4.4%) 35.4% 21.8% 21.1x 2.73x 12.5x 2.77x 12.3x

Hormel Foods Corporation HRL 34.77 86.9% 18,378 18,079 9,398 1,412 2.3% 1.6% 22.3% 15.0% 21.2x 1.92x 12.8x 1.97x 12.3x

Kellogg Company K 72.66 83.4% 25,451 33,145 12,879 3,469 (3.6%) (4.3%) 59.8% 26.9% 33.0x 2.57x 9.6x 2.63x 12.8x

McCormick & Company, Incorporated MKC 104.40 96.8% 13,015 14,595 4,425 779 2.5% 1.9% 39.5% 17.6% 28.1x 3.30x 18.7x 3.19x 17.4x

Nestle S.A. NESN-CH 83.43 96.1% 259,654 274,171 90,816 17,587 (1.5%) (3.0%) 50.4% 19.4% 29.3x 3.02x 15.6x 2.89x 15.1x

Pinnacle Foods, Inc. PF 60.74 91.1% 7,193 10,036 3,140 652 14.4% 8.0% 27.2% 20.8% 34.5x 3.20x 15.4x 3.13x 14.2x

Post Holdings, Inc. POST 83.67 94.0% 5,545 9,324 5,012 880 NM 57.5% 26.1% 17.6% NM 1.86x 10.6x 1.80x 9.6x

Hershey Company HSY 114.02 96.8% 17,350 19,969 7,491 1,768 2.9% 1.4% 48.5% 23.6% 39.7x 2.67x 11.3x 2.63x 10.8x

J. M. Smucker Company SJM 127.16 80.8% 14,805 20,036 7,392 1,662 (5.4%) 9.6% 33.4% 22.5% 24.9x 2.71x 12.1x 2.68x 11.7x

Mean 2.8% 5.4% 34.5% 19.6% 28.4x 2.56x 13.2x 2.53x 12.7x

Median (0.4%) 1.4% 33.4% 20.5% 28.1x 2.67x 12.8x 2.63x 12.3x

Private Label Foods and Beverages

Cott Corporation BCB-CA $14.07 80.8% $1,953 $4,114 $3,434 $364 17.1% 18.5% 34.6% 10.6% NA 1.20x 11.3x 1.08x 9.2x

Seneca Foods Corporation SENEA 31.75 74.4% 320 680 1,246 57 (2.3%) (2.4%) 7.0% 4.6% 25.0x 0.55x 11.9x NA NA

TreeHouse Foods, Inc. THS 77.95 74.6% 4,438 7,117 6,449 669 74.6% 39.6% 16.8% 10.4% NA 1.10x 10.6x 1.11x 9.7x

Mean 29.8% 18.5% 19.5% 8.5% 25.0x 0.95x 11.3x 1.09x 9.4x

Median 17.1% 18.5% 16.8% 10.4% 25.0x 1.10x 11.3x 1.09x 9.4x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $8.67 49.5% $665 $1,254 $304 $82 56.6% NA 38.4% 27.1% 33.3x 4.13x 15.2x 3.11x 12.2x

Hain Celestial Group, Inc. HAIN 35.03 61.5% 3,624 4,416 2,888 374 12.2% 21.5% 22.1% 12.9% 17.5x 1.53x 11.8x 1.48x 11.6x

SunOpta Inc. SOY-CA 9.59 95.2% 825 1,251 1,324 38 10.9% 2.4% 10.9% 2.9% NA 0.94x 33.0x 0.92x 15.3x

Mean 26.6% 12.0% 23.8% 14.3% 25.4x 2.20x 20.0x 1.84x 13.1x

Median 12.2% 12.0% 22.1% 12.9% 25.4x 1.53x 15.2x 1.48x 12.2x

Baked Goods

Aryzta AG ARYN-CH $33.36 71.9% $3,063 $5,062 $4,225 $584 15.7% (11.2%) 29.7% 13.8% NA 1.20x 8.7x 1.18x 9.9x

Flowers Foods, Inc. FLO 18.28 87.1% 3,825 4,720 3,910 416 1.9% 1.1% 44.9% 10.6% 23.4x 1.21x 11.4x 1.21x 10.5x

George Weston Limited WN-CA 89.99 98.1% 11,510 24,836 36,527 3,108 1.1% 4.4% 29.8% 8.5% 26.8x 0.68x 8.0x 0.69x 7.9x

Grupo Bimbo SAB de CV BIMBOA-MX 2.52 77.3% 11,853 15,710 13,627 1,580 0.1% (0.1%) 52.3% 11.6% 38.8x 1.15x 9.9x 1.04x 9.4x

Lancaster Colony Corporation LANC 127.75 85.6% 3,506 3,381 1,196 221 1.0% 4.4% 24.1% 18.5% 29.8x 2.83x 15.3x 2.75x 15.0x

Mean 4.0% (0.3%) 36.2% 12.6% 29.7x 1.41x 10.6x 1.37x 10.5x

Median 1.1% 1.1% 29.8% 11.6% 28.3x 1.20x 9.9x 1.18x 9.9x

EV / LTM EV / 2017ERevenue Growth LTM MarginsLTM

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Dairy

Danone SA BN-FR $74.83 94.9% $50,117 $57,775 $24,274 $3,808 (2.3%) (5.0%) 45.6% 15.7% 24.0x 2.38x 15.2x 2.03x 11.7x

Dean Foods Company DF 17.87 80.1% 1,624 2,484 7,827 386 (1.5%) (2.6%) 22.9% 4.9% 23.0x 0.32x 6.4x 0.31x 5.8x

Emmi AG EMMN-CH 765.78 95.9% 4,097 4,408 3,308 350 (0.9%) (2.4%) 19.6% 10.6% 28.3x 1.33x 12.6x 1.27x 12.6x

Glanbia Plc GL9-IE 19.82 93.9% 5,867 6,339 3,150 393 2.4% (0.1%) 9.0% 12.5% 24.7x 2.01x 16.1x 2.02x 15.6x

Lifeway Foods, Inc. LWAY 9.58 51.8% 155 152 123 8 1.6% 6.5% 25.8% 6.2% 57.7x 1.23x 19.7x 1.17x NA

Parmalat S.p.A. PLT-IT 3.43 95.4% 6,365 5,951 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.83x 12.9x 0.82x 10.0x

Saputo Inc. SAP-CA 32.18 86.1% 12,434 13,441 8,504 975 1.5% (1.0%) 8.4% 11.5% 23.2x 1.58x 13.8x 1.55x 13.1x

Savencia SA SAVE-FR 97.78 96.2% 1,372 1,821 4,888 262 (0.8%) (4.3%) 4.3% 5.4% 11.7x 0.37x 6.9x 0.34x 5.0x

Mean 0.1% (1.1%) 19.4% 9.2% 27.5x 1.26x 13.0x 1.19x 10.5x

Median 0.1% (1.7%) 19.6% 8.5% 24.0x 1.28x 13.3x 1.22x 11.7x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $8.28 96.6% $966 $954 $343 $71 (12.9%) (4.9%) 46.4% 20.6% 21.1x 2.78x 13.5x 2.84x 14.1x

Cott Corporation BCB-CA 14.07 80.8% 1,953 4,114 3,434 364 17.1% 18.5% 34.6% 10.6% NA 1.20x 11.3x 1.08x 9.2x

Dr Pepper Snapple Group, Inc. DPS 91.40 91.9% 16,801 21,101 6,563 1,581 3.9% 2.9% 55.6% 24.1% 20.2x 3.22x 13.3x 3.15x 12.7x

Lassonde Industries, Inc. LAS.A 179.18 98.2% 580 811 1,138 128 (1.0%) 4.7% 25.8% 11.3% 24.6x 0.71x 6.3x 0.70x 5.9x

Monster Beverage Corporation MNST 50.05 90.2% 28,419 27,639 3,106 1,233 13.5% 10.6% 64.8% 39.7% 40.4x 8.90x 22.4x 8.19x 20.5x

National Beverage Corp. FIZZ 87.24 90.8% 4,063 3,957 794 117 15.0% 7.2% 33.3% 14.8% 42.8x 4.98x 33.8x 4.38x 20.4x

PepsiCo, Inc. PEP 115.94 98.2% 165,620 188,403 62,988 12,639 0.5% (1.8%) 56.0% 20.1% 25.0x 2.99x 14.9x 2.95x 14.3x

Coca-Cola Company KO 45.32 98.4% 193,632 216,067 40,235 10,875 (7.0%) (4.6%) 60.7% 27.0% 31.7x 5.37x 19.9x 6.21x 19.6xNA

Mean 3.6% 4.1% 47.1% 21.0% 29.4x 3.77x 16.9x 3.69x 14.6x

Median 2.2% 3.8% 51.0% 20.3% 25.0x 3.10x 14.2x 3.05x 14.2x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $113.57 84.6% $192,307 $309,927 $45,517 $16,399 4.4% 1.8% 61.3% 36.0% NM 6.81x 18.9x 5.42x 14.2x

Brown-Forman Corporation BF.B 49.16 82.3% 19,145 21,112 2,994 1,047 (1.1%) 0.0% 69.2% 35.0% 28.7x 7.05x 20.2x 6.82x 19.3x

Carlsberg A/S CARL.B-DK 107.14 96.4% 16,264 20,454 9,303 1,842 (4.3%) (6.7%) 50.6% 19.8% 24.2x 2.20x 11.1x 2.09x 10.0x

Constellation Brands, Inc. STZ 181.00 97.0% 35,338 44,392 7,330 2,543 12.0% 14.6% 48.9% 34.7% 26.8x 6.06x 17.5x 5.84x 16.4x

Diageo plc DGE-GB 29.64 96.5% 74,609 88,055 15,136 4,822 (5.5%) (4.9%) 61.6% 31.9% 24.8x 5.82x 18.3x 5.67x 16.5x

Heineken NV HEIA-NL 97.60 97.3% 56,219 69,830 23,000 5,049 1.1% (3.4%) 13.8% 22.0% 32.3x 3.04x 13.8x 2.85x 11.8x

Kirin Holdings Company, Limited 2503-JP 21.96 93.6% 20,070 27,846 19,053 2,121 5.7% (5.5%) 45.6% 11.1% 17.6x 1.46x 13.1x 1.51x 12.2x

Pernod Ricard SA RI-FR 135.33 97.8% 35,919 45,516 9,714 2,976 (0.5%) (4.0%) 62.4% 30.6% 25.3x 4.69x 15.3x 4.42x 14.9x

Sapporo Holdings Limited 2501-JP 29.00 93.4% 2,285 4,344 5,057 432 13.2% (1.1%) 34.4% 8.5% 27.3x 0.86x 10.1x 0.87x 9.9x

Mean 2.8% (1.0%) 49.8% 25.5% 25.9x 4.22x 15.4x 3.94x 13.9x

Median 1.1% (3.4%) 50.6% 30.6% 26.1x 4.69x 15.3x 4.42x 14.2x

Snacks

Inventure Foods, Inc. SNAK $4.50 44.3% $89 $183 $261 $5 (0.3%) 3.7% 17.2% 1.7% NA 0.70x NM 0.85x 15.3x

J & J Snack Foods Corp. JJSF 134.83 94.1% 2,524 2,402 1,012 155 2.1% 4.6% 29.5% 15.3% 32.9x 2.37x 15.5x 2.26x 14.3x

John B. Sanfilippo & Son, Inc. JBSS 64.33 86.1% 559 651 877 75 (6.9%) 5.2% 16.4% 8.6% 20.0x 0.74x 8.7x 0.76x NA

Mondelez International, Inc. MDLZ 45.62 96.6% 69,218 86,346 25,882 4,713 (8.6%) (9.7%) 40.0% 18.2% 41.2x 3.34x 18.3x 3.34x 16.8x

PepsiCo, Inc. PEP 115.94 98.2% 165,620 188,403 62,988 12,639 0.5% (1.8%) 56.0% 20.1% 25.0x 2.99x 14.9x 2.95x 14.3x

Snyder's-Lance, Inc. LNCE 37.03 90.6% 3,578 4,730 2,193 272 28.8% 7.2% 34.8% 12.4% 43.1x 2.16x 17.4x 2.14x 15.9x

Mean 2.6% 1.5% 32.3% 12.7% 32.4x 2.05x 15.0x 2.05x 15.3x

Median 0.1% 4.2% 32.2% 13.9% 32.9x 2.26x 15.5x 2.20x 15.3x

EV / 2017ELTM MarginsLTM EV / LTMRevenue Growth

6

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $38.50 82.4% $1,685 $1,521 $1,103 ($47) (45.1%) (7.5%) 12.8% NM NA 1.38x NM 1.22x 21.2x

JBS S.A. JBSS3-BR 2.22 54.9% 6,060 21,485 49,594 3,325 2.8% 3.7% 11.8% 6.7% 5.7x 0.43x 6.5x 0.42x 5.3x

Sanderson Farms, Inc. SAFM 128.10 99.5% 2,913 2,667 3,009 430 10.8% 3.5% 18.3% 14.3% 13.2x 0.89x 6.2x 0.81x 5.6x

Seaboard Corporation SEB 4,096.31 90.1% 4,797 4,139 5,459 356 (0.0%) (6.0%) 10.1% 6.5% 14.0x 0.76x 11.6x NA NA

Tyson Foods, Inc. TSN 60.75 78.8% 17,508 23,728 36,814 3,667 (5.5%) 1.4% 12.2% 10.0% 12.5x 0.64x 6.5x 0.63x 6.2x

Mean (7.4%) (1.0%) 13.0% 9.4% 11.4x 0.82x 7.7x 0.77x 9.6x

Median (0.0%) 1.4% 12.2% 8.3% 12.9x 0.76x 6.5x 0.72x 5.9x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $76.15 99.1% $1,335 $1,374 $1,008 $70 16.4% 10.4% 13.4% 6.9% 33.1x 1.36x 19.7x 1.29x 17.2x

Fresh Del Monte Produce Inc. FDP 51.27 76.7% 2,620 2,886 4,019 304 (2.3%) 2.3% 9.5% 7.6% 14.0x 0.72x 9.5x 0.70x 9.1x

Seneca Foods Corporation SENEA 31.75 74.4% 320 680 1,246 57 (2.3%) (2.4%) 7.0% 4.6% 25.0x 0.55x 11.9x NA NA

Total Produce Plc T7O-IE 2.38 98.5% 761 891 3,435 81 7.7% (0.6%) 13.7% 2.3% 23.9x 0.26x 11.1x 0.21x 9.6x

Mean 4.9% 2.4% 10.9% 5.4% 24.0x 0.72x 13.0x 0.73x 12.0x

Median 2.7% 0.8% 11.4% 5.8% 24.5x 0.63x 11.5x 0.70x 9.6x

Ingredients / Flavors

Givaudan SA GIVN-CH $2,026.28 94.0% $18,710 $19,612 $4,733 $1,098 3.7% 0.1% 42.6% 23.2% 28.1x 4.14x 17.9x 3.83x 17.0x

Ingredion Incorporated INGR 115.83 82.7% 8,303 9,893 5,797 1,069 2.6% (1.7%) 24.4% 18.4% 18.0x 1.71x 9.3x 1.66x 9.0x

International Flavors & Fragrances Inc. IFF 137.20 95.5% 10,835 12,092 3,161 708 4.3% 1.8% 43.2% 22.4% 27.3x 3.83x 17.1x 3.65x 16.1x

Kerry Group Plc KRZ-IE 87.95 95.5% 15,489 16,981 6,782 960 0.2% (4.3%) 40.1% 14.2% 26.0x 2.50x 17.7x 2.34x 16.3x

Sensient Technologies Corporation SXT 82.58 97.7% 3,655 4,218 1,382 264 0.7% (2.0%) 35.5% 19.1% 34.1x 3.05x 16.0x 3.00x 16.4x

Symrise AG SY1-DE 71.95 92.8% 9,340 10,919 3,211 680 11.3% 9.7% 40.7% 21.2% 33.0x 3.40x 16.1x 3.23x 14.9x

Tate & Lyle PLC TATE-GB 9.29 87.7% 4,316 4,816 3,586 498 1.1% (6.4%) NA 13.9% 13.2x 1.34x 9.7x 1.34x 9.1x

Mean 3.4% (0.4%) 37.8% 18.9% 25.7x 2.85x 14.8x 2.72x 14.1x

Median 2.6% (1.7%) 40.4% 19.1% 27.3x 3.05x 16.1x 3.00x 16.1x

Agribusiness

Andersons, Inc. ANDE 37.90 84.4% 1,075 1,706 3,889 151 (6.1%) (9.7%) 12.1% 3.9% 46.2x 0.44x 11.3x 0.42x 10.0x

Archer-Daniels-Midland Company ADM $42.02 87.8% $23,979 $29,808 $63,036 $2,580 (2.4%) (10.8%) 3.6% 4.1% 17.7x 0.47x 11.6x 0.46x 9.1x

Bunge Limited BG 79.06 94.4% 11,098 13,740 44,884 956 8.0% (9.2%) 1.0% 2.1% 21.6x 0.31x 14.4x 0.30x 7.6x

CF Industries Holdings, Inc. CF 27.25 73.3% 6,353 13,921 3,718 1,063 (14.7%) (11.0%) 15.3% 28.6% NA 3.74x 13.1x 3.38x 12.0x

Darling Ingredients Inc. DAR 15.86 95.5% 2,612 4,330 3,499 440 6.0% 16.6% 13.4% 12.6% 24.5x 1.24x 9.8x 1.23x 9.6x

Monsanto Company MON 117.52 99.6% 51,569 58,463 14,461 4,298 5.8% (2.1%) 58.4% 29.7% 27.0x 4.04x 13.6x 4.01x 13.9x

Mosaic Company MOS 23.51 68.4% 8,252 11,567 7,067 1,070 (16.2%) (7.9%) 8.2% 15.1% NM 1.64x 10.8x 1.58x 10.1x

Mean (2.8%) (4.9%) 16.0% 13.7% 27.41x 1.70x 12.1x 1.63x 10.3x

Median (2.4%) (9.2%) 12.1% 12.6% 24.54x 1.24x 11.6x 1.23x 10.0x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $102.20 83.2% $69 $77 $1,280 $11 (1.3%) 1.8% 5.8% 0.9% 14.3x 0.06x 6.8x NA NA

Core-Mark Holding Company, Inc. CORE 36.72 73.4% 1,701 1,883 15,022 129 29.2% 14.8% 4.9% 0.9% 33.6x 0.13x 14.6x 0.12x 11.4x

Performance Food Group Company PFGC 28.20 96.8% 2,925 4,232 16,706 328 9.4% 6.9% 12.3% 2.0% 34.0x 0.25x 12.9x 0.25x 10.4x

SpartanNash Company SPTN 30.97 76.7% 1,172 1,828 7,858 231 3.2% (0.2%) 14.9% 2.9% 18.8x 0.23x 7.9x 0.22x 7.2x

SUPERVALU INC. SVU 3.99 69.5% 1,071 2,221 12,480 441 (3.3%) (10.1%) 13.3% 3.5% 14.6x 0.18x 5.0x 0.16x 4.8x

United Natural Foods, Inc. UNFI 40.42 77.5% 2,046 2,499 9,147 316 10.0% 11.1% 15.5% 3.5% 16.2x 0.27x 7.9x 0.26x 7.6x

Mean 7.8% 4.1% 11.1% 2.3% 21.9x 0.19x 9.2x 0.20x 8.3x

Median 6.3% 4.4% 12.8% 2.5% 17.5x 0.21x 7.9x 0.22x 7.6x

EV / 2017ELTM Revenue Growth EV / LTMLTM Margins

7

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Food Retail

Costco Wholesale Corporation COST $180.38 98.5% $79,113 $77,654 $123,285 $4,927 (14.4%) 4.5% 13.5% 4.0% 31.3x 0.63x 15.8x 0.60x 14.1x

Ingles Markets, Incorporated IMKTA 36.90 70.4% 519 1,389 3,848 236 2.0% 0.6% 24.1% 6.1% 14.9x 0.36x 5.9x 0.36x 5.9x

J Sainsbury plc SBRY-GB 3.38 91.8% 7,393 9,597 34,171 1,316 (3.4%) (3.5%) 6.2% 3.9% 15.1x 0.28x 7.3x 0.27x 5.5x

Kroger Co. KR 30.78 81.1% 28,090 40,947 115,337 5,775 5.0% 5.4% 20.1% 5.0% 15.1x 0.36x 7.1x 0.34x 6.7x

Natural Grocers by Vitamin Cottage NGVC 9.50 66.9% 213 268 736 42 10.5% 15.4% 24.5% 5.7% 23.2x 0.36x 6.3x 0.34x 5.3x

Royal Ahold Delhaize N.V. AD-NL 21.56 84.3% 25,888 29,248 54,973 4,063 29.8% 8.3% 29.8% 7.4% 23.8x 0.53x 7.2x 0.40x 6.1x

Sprouts Farmers Markets, Inc. SFM 24.79 99.6% 3,408 3,802 4,184 292 12.2% 17.4% 27.8% 7.0% 28.8x 0.91x 13.0x 0.83x 12.3x

SUPERVALU INC. SVU 3.99 69.5% 1,071 2,221 12,480 441 (3.3%) (10.1%) 13.3% 3.5% 14.6x 0.18x 5.0x 0.16x 4.8x

Tesco PLC TSCO-GB 2.30 83.2% 18,858 24,541 73,745 3,404 (9.6%) (9.7%) 5.5% 4.6% NA 0.33x 7.2x 0.34x 7.0x

Village Super Market, Inc. VLGEA 26.16 71.8% 265 32 1,631 68 1.7% 2.9% 26.1% 4.2% 16.6x 0.02x 0.5x NA NA

Weis Markets, Inc. WMK 53.54 77.7% 1,440 1,417 3,137 66 8.1% 5.2% 24.9% 2.1% 18.2x 0.45x 21.6x NA NA

Whole Foods Market, Inc. WFM 35.73 93.3% 11,418 11,455 19,551 1,718 25.8% 13.7% 34.1% 8.8% 28.4x 0.59x 6.7x 0.71x 9.0x

Mean 5.4% 4.2% 20.8% 5.2% 20.9x 0.42x 8.6x 0.44x 7.7x

Median 3.5% 4.9% 24.3% 4.8% 18.2x 0.36x 7.1x 0.35x 6.4x

Foodservice

Chefs' Warehouse, Inc. CHEF $15.75 91.8% $415 $711 $1,220 $55 10.0% 19.1% 25.7% 4.5% NA 0.58x 13.0x 0.56x 11.3x

Colabor Group Inc. GCL-CA 0.66 57.4% 67 162 1,051 22 0.2% (8.2%) NM 2.1% 4.9x 0.15x 7.3x 0.16x 7.5x

Sysco Corporation SYY 55.19 96.7% 29,538 37,341 54,598 2,993 11.2% 6.0% 18.7% 5.5% 29.0x 0.68x 12.5x 0.66x 11.4x

Mean 7.1% 5.6% 22.2% 4.0% 17.0x 0.47x 10.9x 0.46x 10.1x

Median 10.0% 6.0% 22.2% 4.5% 17.0x 0.58x 12.5x 0.56x 11.3x

Quick Service Restaurant

Bojangles, Inc. BOJA $17.10 76.5% $626 $794 $536 $83 6.9% NA 17.4% 15.5% 17.1x 1.48x 9.6x 1.42x 9.7x

Jack in the Box Inc. JACK 107.02 94.5% 3,148 4,333 1,625 358 5.1% 3.6% 26.5% 22.0% 26.4x 2.67x 12.1x 2.81x 12.1x

McDonald's Corporation MCD 151.48 98.4% 123,467 148,262 24,394 9,320 (3.8%) (4.7%) 42.8% 38.2% 26.8x 6.08x 15.9x 6.62x 14.9x

Restaurant Brands International Inc QSR 57.43 92.0% 13,558 24,325 4,228 1,862 4.7% NA 45.9% 44.0% 38.9x 5.75x 13.1x 5.32x 11.7x

Sonic Corp. SONC 29.43 95.2% 1,249 1,820 557 159 (10.0%) 0.9% 33.1% 28.6% 21.5x 3.27x 11.4x 3.82x 12.1x

Wendy's Company WEN 15.54 93.3% 3,814 6,049 1,342 387 (24.7%) (17.7%) 46.6% 28.8% 32.0x 4.51x 15.6x 5.03x 14.9x

Yum! Brands, Inc. YUM 73.10 79.5% 25,456 33,837 6,340 1,905 (46.8%) (21.8%) 43.3% 30.0% 19.0x 5.34x 17.8x 5.86x 17.0x

Mean (9.8%) (7.9%) 36.5% 29.6% 26.0x 4.16x 13.6x 4.41x 13.2x

Median (3.8%) (4.7%) 42.8% 28.8% 26.4x 4.51x 13.1x 5.03x 12.1x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $460.85 92.4% $13,209 $12,632 $4,139 $330 (2.5%) 6.9% 14.1% 8.0% NM 3.05x 38.3x 2.72x 23.0x

El Pollo Loco Holdings Inc LOCO 14.20 97.2% 546 640 386 59 7.4% NA 20.2% 15.4% 31.6x 1.66x 10.8x 1.55x 9.7x

Fiesta Restaurant Group, Inc. FRGI 21.50 70.1% 582 650 711 85 1.5% 8.1% 19.0% 12.0% NA 0.92x 7.6x 0.94x 7.2x

Habit Restaurants, Inc. HABT 16.50 83.5% 455 442 295 30 21.6% NA 15.9% 10.1% NM 1.49x 14.8x 1.30x 13.1x

Noodles & Co. NDLS 4.05 38.7% 160 210 490 11 5.7% 10.9% 6.5% 2.3% NA 0.43x 18.7x 0.46x 7.1x

Panera Bread Company PNRA 314.22 99.4% 6,704 7,037 2,838 421 4.4% 5.3% 16.8% 14.8% 47.4x 2.48x 16.7x 2.37x 15.8x

Potbelly Corp. PBPB 12.00 82.5% 301 274 413 41 7.8% NA 12.4% 9.8% 38.7x 0.66x 6.7x 0.62x 6.9x

Shake Shack, Inc. SHAK 39.25 91.4% 1,490 1,467 291 45 40.6% NA 21.5% 15.4% NM 5.04x 32.7x 4.11x 27.3x

Wingstop, Inc. WING 30.72 91.9% 890 1,027 96 34 18.3% NA 72.3% 35.0% 51.2x 10.71x 30.6x 10.02x 26.0x

Zoe's Kitchen, Inc. ZOES 14.67 37.2% 285 315 286 23 17.3% 29.7% 13.8% 8.0% NM 1.10x 13.8x 0.99x 13.9x

Mean 12.2% 12.2% 21.3% 13.1% 42.2x 2.76x 19.1x 2.51x 15.0x

Median 7.6% 8.1% 16.3% 11.1% 43.1x 1.58x 15.7x 1.43x 13.5x

LTM Revenue Growth LTM Margins EV / LTM EV / 2017E

8

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Differentiated Casual

BJ's Restaurants, Inc. BJRI $43.45 91.4% $937 $1,096 $1,007 $127 7.4% 8.3% 11.4% 12.6% 23.7x 1.09x 8.7x 1.04x 8.7x

Buffalo Wild Wings, Inc. BWLD 145.95 83.4% 2,356 2,677 2,013 286 7.1% 14.8% 12.9% 14.2% 31.6x 1.33x 9.4x 1.26x 9.1x

Chuy's Holdings, Inc. CHUY 26.85 71.1% 454 440 339 42 13.8% 16.7% 15.0% 12.3% 26.3x 1.30x 10.6x 1.16x 9.8x

Dave & Buster's Entertainment, Inc. PLAY 68.90 93.8% 2,898 3,123 1,047 255 15.6% 16.5% 27.5% 24.3% 29.2x 2.98x 12.2x 2.69x 11.2x

Cheesecake Factory Incorporated CAKE 58.12 86.6% 2,788 2,830 2,285 287 17.3% 36.0% 14.5% 12.5% 20.4x 1.24x 9.9x 1.21x 9.9x

Mean 12.2% 18.5% 16.3% 15.2% 26.2x 1.59x 10.1x 1.47x 9.7x

Median 13.8% 16.5% 14.5% 12.6% 26.3x 1.30x 9.9x 1.21x 9.8x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $21.30 96.1% $2,135 $3,051 $4,232 $416 (2.5%) 0.3% 13.6% 9.8% 45.3x 0.72x 7.3x 0.72x 7.1x

Brinker International, Inc. EAT 41.39 74.1% 2,025 3,346 3,222 457 2.6% 3.8% 14.2% 14.2% 13.4x 1.04x 7.3x 1.06x 7.7x

Darden Restaurants, Inc. DRI 92.12 99.0% 11,454 11,503 7,026 946 0.1% (7.0%) 19.7% 13.5% 23.5x 1.64x 12.2x 1.54x 11.1x

DineEquity, Inc. DIN 46.09 52.4% 829 2,075 627 241 (6.3%) (0.9%) 57.6% 38.5% 9.7x 3.31x 8.6x 3.33x 8.7x

Red Robin Gourmet Burgers, Inc. RRGB 66.70 90.0% 858 1,148 1,313 133 3.8% 7.7% 15.0% 10.1% NM 0.87x 8.6x 0.84x 7.6x

Ruby Tuesday, Inc. RT 2.36 56.6% 143 324 976 37 (11.9%) (6.1%) 11.6% 3.8% NA 0.33x 8.8x NA NA

Texas Roadhouse, Inc. TXRH 51.71 99.7% 3,667 3,595 2,043 271 9.7% 11.8% 16.6% 13.3% 32.3x 1.76x 13.3x 1.63x 12.3x

Mean (0.7%) 1.4% 21.2% 14.7% 24.9x 1.38x 9.4x 1.52x 9.1x

Median 0.1% 0.3% 15.0% 13.3% 23.5x 1.04x 8.6x 1.30x 8.2x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $16.65 88.6% $363 $377 $354 $43 4.9% 8.3% 17.2% 12.0% 25.2x 1.06x 8.8x 1.03x 7.9x

Fogo de Chao, Inc. FOGO 13.85 81.2% 391 510 296 54 7.4% NA 21.9% 18.3% 17.1x 1.72x 9.4x 1.60x 8.4x

Ruth's Hospitality Group, Inc. RUTH 22.10 97.6% 678 689 390 61 3.1% (1.6%) 26.5% 15.7% 22.8x 1.77x 11.3x 1.66x 10.3x

Mean 5.1% 3.4% 21.9% 15.3% 21.7x 1.52x 9.8x 1.43x 8.9x

Median 4.9% 3.4% 21.9% 15.7% 22.8x 1.72x 9.4x 1.60x 8.4x

Pizza

Domino's Pizza, Inc. DPZ $206.19 94.0% $9,916 $11,878 $2,558 $511 13.5% 11.6% 31.0% 20.0% 44.1x 4.64x 23.2x 4.32x 21.2x

Papa John's International, Inc. PZZA 79.41 87.8% 2,920 3,214 1,734 197 6.2% 5.3% 18.2% 11.3% 28.1x 1.85x 16.3x 1.78x 15.3x

Papa Murphy's Holdings, Inc. FRSH 4.40 56.4% 75 (325) 126 12 1.5% NA 29.0% 9.6% NA NM NM NM NM

Mean 7.1% 8.5% 26.1% 13.6% 36.1x 3.25x 19.8x 3.05x 18.3x

Median 6.2% 8.5% 29.0% 11.3% 36.1x 3.25x 19.8x 3.05x 18.3x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $6.15 43.0% $158 $116 $167 $7 15.9% NA 44.9% 4.0% NA 0.70x 17.4x 0.68x 9.7x

Dunkin' Brands Group, Inc. DNKN 56.93 95.4% 5,247 7,279 830 440 1.8% 4.7% 78.3% 53.0% 25.5x 8.77x 16.5x 8.63x 15.4x

Jamba, Inc. JMBA 6.88 59.2% 105 91 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.11x NM 1.21x 8.7x

Starbucks Corporation SBUX 62.19 95.9% 90,057 91,636 21,974 5,053 9.1% 12.0% 22.2% 23.0% 30.9x 4.17x 18.1x 3.94x 15.9x

Mean (5.0%) (1.7%) 40.6% 23.5% 28.2x 3.69x 17.4x 3.61x 12.4x

Median 4.3% 5.0% 39.7% 18.6% 28.2x 2.64x 17.4x 2.57x 12.6x

Family Restaurant

Cracker Barrel Old Country Store, Inc. CBRL $169.49 96.8% $4,075 $4,291 $2,929 $392 1.5% 3.2% 15.3% 13.4% 20.5x 1.47x 11.0x 1.44x 10.6x

Denny's Corporation DENN 12.06 84.6% 843 1,099 510 93 2.9% 3.5% 27.0% 18.3% 50.3x 2.15x 11.8x 2.08x 10.8x

Luby's, Inc. LUB 3.01 59.0% 88 123 391 13 (9.0%) (0.8%) 8.3% 3.3% NA 0.32x 9.4x NA NA

Mean (1.5%) 2.0% 16.9% 11.7% 35.4x 1.31x 10.7x 1.76x 10.7x

Median 1.5% 3.2% 15.3% 13.4% 35.4x 1.47x 11.0x 1.76x 10.7x

LTM Revenue Growth LTM Margins EV / LTM EV / 2017E

9

PAGE |


10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

HGGC, LLC TO ACQUIRE NUTRACEUTICAL INTERNATIONAL CORP.

Enterprise Value: $446 mmRevenue Multiple: 1.9xEBITDA Multiple: 10.3xAnnounced: May 22, 2017

LUIGI LAVAZZA S.p.A TO ACQUIRE KICKING HORSE COFFEE CO. LTD

THE J.M. SMUCKER CO. TO ACQUIRE WESSON OIL BRAND

The J.M. Smucker Company has agreed to acquire Wesson Oil from Conagra Brands, Inc.

Wesson is a manufacturer of various edible oils, including vegetable, canola, corn, and blended oils.

The acquisition will allow J.M. Smucker to realize significant supply chain cost synergies as a strong complement to its existing Crisco brand.

Enterprise Value: $159 mmRevenue Multiple: NDEBITDA Multiple: NDAnnounced: May 24, 2017

HGGC has agreed to acquire Nutraceutical International Corp. (“NIC”) for $41.80 a share, which represents a 49.3% premium over NIC’s stock price one day before the announcement.

NIC is a US-based manufacturer, marketer, and distributor of nutritional supplements and food sold in health and natural food stores.

HGGC will leverage its knowledge and expertise in the natural products industry to support the continued growth of the Company.

80

90

100

110

120

130

Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17

Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

Enterprise Value: $285 mmRevenue Multiple: NDEBITDA Multiple: 9.5xAnnounced: May 30, 2017

20.0%

15.0%

15.6%

5.8%

3.2%

(6.7%)

Luigi Lavazza has acquired an 80% stake in Kicking Horse Coffee Co. from Swander Pace Capital.

Kicking Horse Coffee Co. is a Canada-based roaster and distributor of organic fair trade coffee.

The acquisition will allow Lavazza to continue executing its strategy of achieving international growth and diversification, as well as strengthening its competitive position in the sector.

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

* M&A transactions include European and cross-border deals since 2015.

8.8x 8.3x 8.0x

11.3x

9.2x

9.7x

8.8x

10.0x 10.4x

0.00x

0.40x

0.80x

1.20x

1.60x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM

Sa

les M

ultip

le

EV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$9.3

$67.2

$8.2$24.0

$55.7

$120.7

$247.7

$52.9

$26.5

0

100

200

300

400

500

600

700

$0

$40

$80

$120

$160

$200

$240

$280

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

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Aggregate Deal Value # of Deals

14

3225 26

3831

65

122

59

17

34

18

3643 48

65 67

39

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

6/6/2017 Konditerskaya Fabrika Globus KDV Group

6/5/2017 Giant Beverage Co., Inc. Hispanica International Delights

6/1/2017 BluDog Products LLC International Consolidated Cos., Inc.

5/31/2017 Hitzberger AG Migros-Genossenschafts-Bund

5/30/2017 Hilcona AG Bell Food Group AG

5/30/2017 Wesson Oil Brand The J. M. Smucker Co.

5/26/2017 Celler Coop (Bott ling Plant) Castell D'Or SL

5/26/2017 Schwyzer Milchhuus AG Estavayer Lait SA

5/26/2017 Fire Burger Bar Fire Burger Bar - Kozhan

5/24/2017 Kicking Horse Coffee Co. Ltd. Luigi Lavazza SpA

PAGE |

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

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Sp

rea

d O

ve

r LI

BO

R

$0

$2

$4

$6

$8

$10

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1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17

Loa

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($ in

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Inst itutional Pro Rata

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

06/15/17 Atkins Nutritionals Inc Dehydrated fruit/vegetables/soups 275 USD Revolver/Line >= 1 Yr. Senior

06/15/17 Atkins Nutritionals Inc Dehydrated fruit/vegetables/soups 275 USD Term Loan B Senior

06/01/17 High Liner Foods Animal and marine fats and oils 518 USD Term Loan B Senior 325 BPS

05/29/17 PT Kaldu Sari Nabati Indonesia Cookies and crackers 95 USD Term Loan Senior 350 BPS

05/25/17 Blue Buffalo Co Ltd Dog and cat food 400 USD Term Loan B Senior 200 BPS

05/19/17 Bumble Bee Seafoods Canned/cured fish and seafoods 210 USD Revolver/Line >= 1 Yr. Senior 150 BPS

05/19/17 Hostess Brands Bread, cake and related products 1,096 USD Term Loan B Senior 250 BPS

05/18/17 First Baking Co Ltd Bread, cake and related products 2,000 USD Revolver/Line >= 1 Yr. Senior

05/18/17 General Mills Inc Cereal breakfast foods 2,700 USD Revolver/Line >= 1 Yr. Senior 100 BPS

05/16/17 Premier Foods Plc Food preparations 272 USD Revolver/Line >= 1 Yr. Senior 350 BPS

05/15/17 Salad Signature NV Food preparations 174 USD Term Loan B Senior 350 BPS

05/15/17 Salad Signature NV Food preparations 174 USD Revolver/Line >= 1 Yr. Senior 300 BPS

05/04/17 Hostess Brands Bread, cake and related products 996 USD Term Loan B Senior 275 BPS

05/03/17 Jacobs Douwe Egberts Roasted coffee 200 USD Term Loan B Senior 200 BPS

05/03/17 Jacobs Douwe Egberts Roasted coffee 573 USD Term Loan B Senior 225 BPS

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA -

Capex/

Cash Interest

EB

ITD

A M

ult

iple

2013 2014 2015 2016 1Q17

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2010 2011 2012 2013 2014 2015 2016

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

6/6/2017 Konditerskaya Fabrika Globus - KDV Group $35.3 - - - EU

6/5/2017 Giant Beverage Co., Inc. - Hispanica International Delights $0.6 - - - N.A.

6/1/2017 BluDog Products LLC - International Consolidated Cos., Inc. - - - - N.A.

5/31/2017 Hitzberger AG - Migros-Genossenschafts-Bund - - - - EU

5/30/2017 Hilcona AG - Bell Food Group AG - - - - EU

5/30/2017 Wesson Oil Brand Conagra Brands, Inc. The J. M. Smucker Co. $285.0 - 9.5x - N.A.

5/26/2017 Celler Coop (Bott ling Plant) Celler Cooperatiu Castell D'Or SL $2.0 - - - P EU

5/26/2017 Schwyzer Milchhuus AG - Estavayer Lait SA - - - - EU

5/26/2017 Fire Burger Bar - Fire Burger Bar - Kozhan - - - - P EU

5/24/2017 Kicking Horse Coffee Co. Ltd. - Luigi Lavazza SpA $159.4 - - - P Cross Border

5/24/2017 ID Bio SAS - Eurazeo SA - - - - P EU

5/23/2017 Moli La Boella Societat Ltda - Bodegues Sumarroca Sociedad Ltda. - - - - EU

5/23/2017 OMIRA Oberland-Milchverwertung - Groupe Lactalis SA - - - - EU

5/23/2017 Big Groupe SAS - BlueGem Capital Partners LLP - - - - P EU

5/23/2017 Tillamook Country Smoker, Inc. - Insignia Capital Group LLC - - - - P N.A.

5/22/2017 Nutraceutical International Corp. - HGGC LLC $446.0 1.9x 10.3x - P N.A.

5/22/2017 DDL, Inc. (Nebraska) - B&R Stores, Inc. - - - - N.A.

5/18/2017 Charles Wells Ltd. Young & Co.'s Brewery Plc Marston's Plc $71.3 - - - EU

5/18/2017 Gefleortens Mejeriförening Ek För - Arla Ekonomisk Forening - - - - EU

5/18/2017 Wes-T-Go & Chillerz - Brookwood Financial Partners LP - - - - N.A.

5/17/2017 Pat' à Crêpes - Pat' à Crêpes /Robert/ - - - - P EU

5/17/2017 Whitworths Group Ltd. - Anatolia Seramik Sanayi VE Ticaret A S - - - - P EU

5/16/2017 AG Foods Group AS - Ag Foods Group - - - - P EU

5/15/2017 Roast ing Plant, Inc. (Michigan) - Roast ing Plant Inc (Detroit) - - - - P N.A.

5/15/2017 Schill-Malz GmbH & Co. KG GrainCorp Ltd. Bamberger Mälzerei Gmbh - - - - EU

5/11/2017 MAREDO Gaststätten-GmbH - Perusa GmbH - - - - P EU

5/11/2017 RO MAR SRL - Alto Partners SGR SpA - - - - P EU

5/9/2017 JW Lee, Inc. - RCI Hospitality Holdings, Inc. $26.0 - - - N.A.

5/8/2017 Coalfrio Alimentación SA - Comercial Oblanca SA - - - - EU

5/8/2017 The Works Gourmet Burger Bistro Fresh Brands, Inc. (Canada) MTY Food Group, Inc. $5.8 - - - Cross Border

5/8/2017 Les Restaurants Giorgio Amérique Ltée - MTY Food Group, Inc. $0.2 - - - Cross Border

5/4/2017 Industrializacion de Frutas Del Segre SA - Sociedad Anónima Minera Catalana - - - - P EU

5/4/2017 The Lagunitas Brewing Co. - Heineken NV - - - - P Cross Border

5/3/2017 Icelandic Group ehf - Seachill Meals Operations Icelandic Group ehf Samherji hf; Seagold Ltd. - - - - EU

5/3/2017 Brasserie Bar Co. Ltd. Fulham Brasserie Bar Co. Ltd. Avignon Capital Ltd. $3.4 - - - P EU

5/2/2017 Marten Vertriebs GmbH & Co. KG - ZUR MUEHLEN ApS & Co. KG - - - - EU

5/2/2017 Grupo Siro Corporativo SL Grupo Siro Corporativo SL Cerealto Siro Foods SL - - - - EU

5/2/2017 Karoun Dairies, Inc. - LAG Holding, Inc. $130.0 - - - N.A.

5/1/2017 Big Bottom Dist illing LLC - Eastside Dist illing, Inc. $0.1 - - - N.A.

4/28/2017 Olam Food Ingredients Spain SL - Olam International Ltd. - - - - EU

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

Ma

y-1

6

Ju

n-1

6

Ju

l-16

Au

g-1

6

Se

p-1

6

Oc

t-1

6

No

v-1

6

De

c-1

6

Ja

n-1

7

Fe

b-1

7

Ma

r-17

Ap

r-1

7

Ma

y-1

7

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

53 52 4839 33

46 47 52

70

89

58 57

82

141

118

92 94107

139

166

126

74

4 79

610

13 87

10

6

105

20

18

8

19 19

17

46

40

35

24

0

20

40

60

80

100

120

140

160

180

200

Q11

2

Q21

2

Q31

2

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Q11

7

Q21

7

Nu

mb

er o

f Tr

an

sac

tio

ns

Strategic Acquirer Private Equity Acquirer

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

4/28/2017 PetMatrix LLC - Spectrum Brands Holdings, Inc. - - - - P N.A.

4/28/2017 MOOYAH Franchise LLC - Balmoral Funds LLC - - - - P N.A.

4/26/2017 Brio Produtos De Agricultura Biologica SA - Sonae SGPS SA - - - - P EU

4/26/2017 Feng Sushi Ltd. - The Genuine Dining Co. Ltd. - - - - P EU

4/26/2017 Art land Convenience GmbH Vion Holding NV Tönnies Lebensmittel GmbH & Co, - - - - EU

4/25/2017 Treehouse Foods, Inc. - Soup & Infant Feeding TreeHouse Foods, Inc. Insight Equity Holdings LLC - - - - N.A.

4/25/2017 AdvancePierre Foods Holdings, Inc. - Tyson Foods, Inc. $4,132.5 2.6x 14.9x 19.5x N.A.

4/25/2017 Cafesa Co - JunkieDog.com, Inc. $0.6 - - - N.A.

4/24/2017 Premiere Food Service, Inc. - Creative Dining Services, Inc. - - - - N.A.

4/24/2017 Ellison Bakery, Inc. - Blackford Capital LLC - - - - P N.A.

4/23/2017 Pegasus Coffee House - Pegasus Coffee Roaster - - - - N.A.

4/21/2017 Bacardi Mart ini France SAS Bacardi Ltd. Konings NV - - - - EU

4/21/2017 Kensington & Sons LLC - Unilever NV $140.0 - - - P Cross Border

4/21/2017 Carrier Restaurat ion SASU - Gozoki SAS - - - - EU

4/20/2017 Addo Food Group Ltd. Eliot Luxembourg Holdco SARL Lloyds Development Capital - - - - P EU

4/20/2017 Mountain Mike's Pizza LLC - Levine Leichtman Capital Partners - - - - P N.A.

4/20/2017 Idea Quick SRL - Unigrains SA - - - - EU

4/19/2017 Herzberger Bäckerei GmbH - Gute Lebensmittel GmbH & Co. KG - - - - EU

4/19/2017 Bonbons Barnier - Bonbons Barnier SA - - - - P EU

4/19/2017 Dolciaria Val d'Enza SRL - CapVest Ltd.; Valeo Foods Ltd. - - - - P EU

4/19/2017 Eau des Alpes SAS - Ogeu Groupe SAS - - - - EU

4/18/2017 Weetabix Ltd. Shanghai Guosheng (Group) Co. Post Holdings, Inc. $1,763.2 - - - P Cross Border

4/18/2017 Hill Biscuits Ltd. - Lloyds Development Capital - - - - P EU

4/18/2017 Mormor Magdas Därproducerade - ExeoTech Invest AB $0.2 - - - EU

4/18/2017 Arthur Dogswell LLC - Frontenac Co. LLC - - - - P N.A.

4/18/2017 Grupo Restauración Lateral SL - BlueGem Capital Partners LLP - - - - P EU

4/17/2017 Beaux Frères - Maisons & Domaines Henriot France - - - - Cross Border

4/17/2017 Umalat Zao - Umalat Zao /Private Group/ - - - - P EU

4/14/2017 NÖM AG Raiffeisen-Holding Niederösterreich MGN Milchgenossenschaft - - - - EU

4/13/2017 C. Augusto Egli SA Haecky Holding AG Bodegas Murviedro SA - - - - EU

4/12/2017 Refresco Group NV - PAI Partners SAS $2,136.9 - - - P EU

4/12/2017 IFC - International Food Cooperation Germany GmbH- BIP Candy & Toys Germany GmbH - - - - EU

4/12/2017 Point ing Dog - Revere pub Co. - - - - EU

4/12/2017 Maison Antoine Louboutin SARL - Maison Antoine Louboutin SARL - - - - P EU

4/12/2017 Herb's International Service SASU - Döhler GmbH $26.6 - - - P EU

4/12/2017 Les Ateliers De Cornouaille SARL - Kan Ar Mor AD - - - - EU

4/11/2017 Atkins Nutrit ionals, Inc. - Conyers Park Acquisit ion Corp. $856.0 2.1x 11.6x - P N.A.

4/11/2017 Catt lemens Grill Ltd. The Damn Yankee Co. Catt lemens Grill Ltd. - - - - P EU

4/10/2017 Unified Grocers, Inc. - SUPERVALU, Inc. $375.0 0.1x - - N.A.

4/10/2017 Nest le Italiana - Frozen Food Business Nest lé Italiana SpA FRoSTA AG - - - - EU

4/10/2017 The New Pub Co. Ltd - The Laine Pub Co. Ltd. $5.0 - - - EU

4/10/2017 Columbia Phytotechnology LLC - International Flavors & Fragrances, Inc. - - - - N.A.

4/6/2017 Nobleza Iberica SA Nobleza Iberica SA Bell AG - - - - EU

4/6/2017 Passport Food Group LLC - Swander Pace Capital LLC - - - - P N.A.

4/5/2017 Panera Bread Co. - JAB Holdings, BDT Capital Partners $7,480.2 2.6x 18.8x - N.A.

4/5/2017 Brighter Foods Ltd. - Real Good Food Plc $13.3 - - - EU

4/5/2017 Oscar Mayer Ltd. - Deutsche Beteiligungs AG - - - - P EU

4/5/2017 Verquin Confiseur SAS - Sucralliance SAS - - - - EU

4/5/2017 Treasury Wine Estates Ltd. Treasury Wine Estates Ltd. Delicato Family Vineyards LLC - - - - N.A.

4/4/2017 Rene Laurent - Frutarom Industries Ltd. $21.3 1.7x - - EU

4/4/2017 Custom Made Meals LLC - New Water Capital LP - - - - P N.A.

4/4/2017 CLEARLY DRINKS LTD - NorthEdge Capital LLP - - - - P EU

4/4/2017 Wozl 4 BV Wozl 4 BV Limburg Catering BV - - - - EU

4/3/2017 English Bay Batter, Inc. Kilmer Group Cérélia SAS - - - - Cross Border

4/3/2017 Truitt Bros., Inc. - Seneca Foods Corp. - - - - N.A.

4/3/2017 Westbridge Food Group Ltd. - CPF Investment Ltd. $75.0 0.2x - - EU

4/3/2017 PB Bake Off Special Products BV - Standard Investment Management - - - - EU

4/3/2017 Guckenheimer Enterprises, Inc. - ISS A/S $225.0 - - - Cross Border

3/31/2017 Country Fresh, Inc. Eos Partners Kainos Capital - - - - P N.A.

3/31/2017 Halieut is Fish & Co SAS Compagnie Financière Cite Marine SAS - - - - EU

3/31/2017 GFA Chateau Haut-Batailley - Chateau Haut Batailley - - - - P EU

3/31/2017 Les Gâteaux de la Cousine SAS - Notus Technologies SAS - - - - P EU

3/31/2017 Maverick Brands LLC - New Age Beverages Corp. $11.1 - - - N.A.

3/31/2017 Kar Nut Products Co. - Palladium Equity Partners Advisor LLC - - - - N.A.

3/30/2017 Groupe Flo SA - Naxicap Partners SA - - - - EU

M&A OVERVIEW*

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

June 2017

Date Company

6/1/2017 Saputo, Inc. (SAP-CA)

6/6/2017 Greenyard Foods NV (GREEN-BE)

6/15/2017 The Kroger Co. (KR-US)

6/28/2017 Del Monte Pacific Ltd. (D03-SG)

July 2017

Date Company

7/6/2017 Associated British Foods Plc (ABF-GB)

7/14/2017 Axfood AB (AXFO-SE)

7/20/2017 Sligro Food Group NV (SLIGR-NL)

7/23/2017 United Spirits Ltd. (532432-IN)

7/25/2017 Greencore Group Plc (GNC-GB)

7/27/2017 Anheuser-Busch InBev SA/NV (ABI-BE)

7/27/2017 Danone SA (BN-FR)

7/27/2017 Nestle SA (NESN-CH)

7/28/2017 Parmalat SpA (PLT-IT)

7/31/2017 Heineken NV (HEIA-NL)

August 2017

Date Company

8/1/2017 Greggs Plc (GRG-GB)

8/1/2017 Saputo, Inc. (SAP-CA)

8/2/2017 Bonduelle SA (BON-FR)

8/2/2017 Devro Plc (DVO-GB)

8/7/2017 Tyson Foods, Inc. (TSN-US)

8/9/2017 Stock Spirits Group Plc (STCK-GB)

8/10/2017 Glanbia Plc (GL9-IE)

8/14/2017 JBS SA (JBSS3-BR)

8/14/2017 Sysco Corp. (SYY-US)

8/16/2017 Carlsberg A/S (CARL.B-DK)

8/17/2017 Bell Food Group AG (BELL-CH)

8/18/2017 Lotus Bakeries NV (LOTB-BE)

8/21/2017 Royal Unibrew A/S (RBREW-DK)

8/24/2017 Leroy Seafood Group ASA (LSG-NO)

8/29/2017 RCL Foods Ltd. (South Africa) (RCL-ZA)

8/30/2017 The Scottish Salmon Co. Plc (SSC-NO)

8/31/2017 Campbell Soup Co. (CPB-US)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

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OUR FIRM

FOOD AND BEVERAGE


16

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Factset

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


DISCLOSURES

17

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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FOOD AND BEVERAGE · Growing franchise system with base of experienced, enthusiastic, and well-capitalized franchise partners. Significant white space for growth both domestically