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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 │ SEPTEMBER 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
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
INDUSTRY UPDATE │ SEPTEMBER 2017
a portfolio company of
has been acquired by
CLOSED HW&CO. TRANSACTIONS
WHAT WE’VE BEEN DOING
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a subsidiary of
has been acquired by
a portfolio company of
has been acquired by
has been acquired by
a portfolio company of
has been acquired by
and
The food & beverage M&A market remains active through September, with
several notable transactions. B&G Foods announced its acquisition of Back To
Nature Foods Company, demonstrating the continued trends toward for better-
for-you brands in the snacking category and more broadly across categories. Also
notable is Nestle USA’s announced acquisition of Sweet Earth. Often thought of as
a confectionery company, Nestle is executing on its strategy of entering the
better-for-you segment to attract the increasingly health-conscious consumer.
a portfolio company of
has been acquired by
a portfolio company of
has been acquired byhas been acquired by
The Soup & Infant
Feeding Business of
has been acquired by
PizzaRev
Founders
a partnership of
&
has been acquired by
a division of
a portfolio company of
PAGE |
WHAT WE’VE BEEN READING
2
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
VITAL SIGNS
COMMODITY PRICE INDICES1
PROTEIN PRICE INDICES2,3
LARGE FOOD AND BEVERAGE COMPANIES ARE ESTABLISHING THEIR OWN SOURCING CREDENTIALS
The growth of clean label is not limited to natural and specialty retailers, but has become a mainstream movement.With over 90% of U.S. households purchasing clean label products, sales of products marketed as being sustainableand free from artificial ingredients are increasing, while sales of conventional products are declining.
Access the full article here.
NEARLY HALF OF ALL SHOPPING TRIPS INCLUDE THE PURCHASE OF CLEAN LABEL PRODUCTS
SALES OF PLANT-BASED FOODS HAVE EXPERIENCED SIGNIFICANT GROWTH OVER THE PAST YEAR
Large food and beverage companies are moving away from third-party certifications and labels in favor of their ownset of sourcing standards. While critics argue that what is deemed ethical and sustainable could become moreambiguous, companies instituting internal standards maintain their criteria are more comprehensive.
Access the full article here.
Plant-based foods have experienced 8.1% year-over-year sales growth as consumer preferences shift toward better-for-you and natural options. The introduction of plant-based meats has ignited much of the growth, along with dairyalternatives which include plant-based cheeses, yogurts, and ice cream. The market is currently relatively small at $1.3billion, but growing rapidly and establishing itself as a frontier for growth.
Access the full article here.
-
20
40
60
80
100
120
Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17
Co
mm
od
ity P
ric
e In
de
x
Soybeans Wheat Corn Crude Oil
Soybeans:
(35.9%)
Corn:
(46.5%)
Wheat:
(43.3%)
Crude Oil:
(53.6%)
Beef:
14.6%
Pork
0.8%
Poultry:
(5.1%)90
100
110
120
130
140
Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17
Pro
tein
Pri
ce
Ind
ex
Beef Pork Poult ry
Note: July Commodity Price Indices data unavailable.
PAGE |
VITAL SIGNS
3
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
RESTAURANT AND GROCERY STORE SALES INDICES4
CONSUMER FOOD PRICE INDEX INFLATION2
PUBLIC EQUITY MARKET OVERVIEW
KEY TRADING STATISTICS5
Restaurant:
19.1%
Grocery:
8.3%
80
100
120
140
Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17
Sa
les
Ind
ex
Restaurant Grocery
Net Debt /
3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing 5.9% (10.2%) 3.0% (1.4%) 12.8x 13.0x 7.1x 2.8x
Fruit and Vegetable (3.6%) 7.1% 5.6% 19.2% 16.7x 23.3x 12.7x 0.7x
Ingredients / Flavors 5.0% 2.6% 4.8% 1.3% 21.9x 28.4x 17.0x 1.4x
Agribusiness (0.5%) 10.7% 5.1% 7.8% 18.3x 25.4x 13.2x 2.9x
Branded Processed Foods (5.7%) (12.2%) (7.8%) (19.4%) 19.3x 23.2x 12.4x 2.1x
Private Label Foods and Beverages (0.2%) 3.1% 0.5% 32.1% 42.8x 26.7x 11.4x 5.5x
Natural / Organic Foods / BFY (4.5%) 14.4% (13.4%) (19.0%) 23.6x 44.0x 14.0x 7.4x
Baked Goods (4.8%) (10.0%) (6.8%) (9.7%) 20.0x 26.1x 9.8x 2.4x
Dairy (3.3%) 4.9% 11.3% 15.9% 19.2x 21.7x 14.3x 1.3x
Non-Alcoholic Beverages 5.2% 14.2% 5.6% 5.3% 22.5x 24.4x 13.4x 1.7x
Alcoholic Beverages 7.9% 20.5% 10.6% 5.4% 21.4x 26.1x 15.5x 2.5x
Snacks (3.6%) 7.3% (6.9%) 5.3% 24.6x 31.3x 14.8x 3.2x
Grocery Distribution (17.3%) (13.9%) (1.0%) (3.5%) 13.6x 18.6x 7.7x 2.2x
Food Retail (16.6%) (22.4%) (21.2%) (6.7%) 12.1x 16.3x 6.5x 1.7x
Foodserv ice 6.4% 18.5% 1.9% 6.7% 18.9x 25.4x 12.0x 4.2x
Quick Serv ice Restaurant (2.9%) 0.2% (5.0%) (3.2%) 22.9x 22.2x 13.3x 3.3x
Fast Casual (17.5%) (12.4%) (13.8%) (5.4%) 37.7x 52.7x 12.8x 1.7x
Differentiated Casual (26.3%) (22.0%) (24.2%) (21.8%) 16.9x 18.6x 7.1x 0.6x
Casual Dining Restaurant (7.3%) (3.7%) (8.1%) (4.1%) 14.7x 19.2x 8.4x 2.7x
Fine Dining (9.8%) 5.3% (20.3%) 2.1% 16.9x 19.7x 8.6x 1.3x
Pizza (6.7%) (3.1%) (4.2%) 18.5% 25.7x 32.0x 15.3x 3.9x
Beverage / Snack Retail (9.2%) (0.4%) (6.7%) 4.4% 22.9x 24.9x 15.1x 2.4x
Family Restaurant (7.7%) 0.4% (12.4%) (15.4%) 18.0x 20.4x 9.1x 2.1x
Overall Median (5.1%) 2.4% (5.4%) (2.5%) 20.1x 22.7x 11.5x 2.2x
Co
nsu
me
r a
nd
Re
tail
Industry and Segment
Stock Price % Change EV/EBITDA % Change Current Valuation Stats
Inp
uts
Fo
od
an
d B
ev
era
ge
(1.0)
-
1.0
2.0
3.0
4.0
Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17
Infa
tio
n (
%)
PAGE |
PUBLIC EQUITY MARKET OVERVIEW
4
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5
RECENT EQUITY OFFERINGS6
Close Date Filing Date Issuer Ticker Transaction Type
Gross Proceeds
($mm) Use of Funds
9/25/17 05/11/14 Organto Foods Inc OGO Follow-On $4.1 Pursue Growth Opportunities
8/8/17 08/08/17 McCormick & Co Inc MKC Follow-On $482.0 Acquisition Financing
General Corporate Purposes8/4/17 08/04/17 Organto Foods Inc OGO Follow-On $0.3 Product Development / R&D
7/13/17 07/13/17 GreenSpace Brands Inc JTR Follow-On $7.9 Working Capital
General Corporate Purposes
7/13/17 07/07/17 Long Island Iced Tea Corp LTEA Follow-On $2.2 Working Capital
General Corporate Purposes
6/21/17 06/21/17 Organto Foods Inc OGO Follow-On $1.4 Pursue Growth Opportunities
5/18/17 05/15/17 Performance Food Group Co PFGC Follow-On $387.5 Liquidity for Private Owners
5/11/17 05/11/17 Organto Foods Inc OGO Follow-On $2.5 Working Capital
Genereal Corporate Purposes
5/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners
4/24/17 04/24/17 Noble Romans Inc NROM Follow-On $3.7 Liquidity for Private Owners
4/12/17 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners
3/7/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital
Food Retail
Differentiated Casual
Grocery Distribution
Fast Casual
Branded Processed Foods
Protein Processing
Baked Goods
Casual Dining Restaurant
Pizza
Bev erage / Snack Retail
Quick Serv ice Restaurant
Family Restaurant
Ingredients / Flav ors
Priv ate Label
Dairy
Fine Dining
Fruit and Vegetable
Snacks
Agribusiness
Non-Alcoholic Bev erages
Natural / Organic / BFY
S&P
Foodserv ice
Alcoholic Bev erages
(35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0%
Inputs Food and Beverage Consumer and Retail
PAGE |
PUBLIC COMPARABLES5
5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
Price at As a % of Market Enterprise P/E
($ in millions, except per share data) Ticker 9/13/17 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 $41.87 95.8% $33,001 $32,710 $19,036 $2,259 (0.2%) (2.8%) 8.4% 11.9% 22.6x 1.72x 14.5x 1.59x 13.0x
B&G Foods, Inc. BGS 32.13 63.2% 2,088 3,858 1,518 300 25.1% 24.1% 29.0% 19.8% 20.7x 2.54x 12.8x 2.33x 10.7x
Campbell Soup Company CPB 47.78 74.4% 14,359 17,582 7,890 1,736 (0.9%) (1.5%) 43.0% 22.0% 16.4x 2.23x 10.1x 2.23x 9.8x
Conagra Brands, Inc. CAG 34.91 71.4% 14,473 17,305 7,827 1,391 (9.7%) (20.9%) 28.8% 17.8% 23.8x 2.21x 12.4x 2.24x 11.7x
General Mills, Inc. GIS 55.76 83.8% 32,064 42,045 15,620 3,393 (5.7%) (4.5%) 34.8% 21.7% 20.1x 2.69x 12.4x 2.72x 12.3x
Hormel Foods Corporation HRL 31.56 81.2% 16,769 16,389 9,303 1,406 0.1% 0.8% 20.4% 15.1% 19.6x 1.76x 11.7x 1.78x 11.6x
Kellogg Company K 68.62 86.8% 23,638 31,578 12,798 3,574 (2.6%) (4.4%) 40.8% 27.9% 31.0x 2.47x 8.8x 2.49x 12.1x
McCormick & Company, Incorporated MKC 98.95 92.9% 12,919 14,511 4,476 787 2.8% 2.0% 39.8% 17.6% 26.2x 3.24x 18.4x 2.93x 16.3x
Nestle S.A. NESN-CH 84.30 94.0% 263,981 285,769 90,161 17,410 (0.8%) (3.2%) 50.2% 19.3% 27.0x 3.17x 16.4x 3.04x 15.9x
Pinnacle Foods, Inc. PF 59.48 89.2% 7,057 9,905 3,128 675 9.0% 7.1% 25.9% 21.6% 38.8x 3.17x 14.7x 3.14x 14.3x
Post Holdings, Inc. POST 85.23 95.7% 5,660 9,572 5,038 928 NM 44.8% 27.5% 18.4% NA 1.90x 10.3x 1.79x 9.3x
Hershey Company HSY 109.83 94.3% 16,637 19,410 7,516 1,768 2.5% 1.2% 48.2% 23.5% 34.9x 2.58x 11.0x 2.58x 10.6x
J. M. Smucker Company SJM 107.47 74.8% 12,239 17,284 7,325 1,631 (4.6%) 9.5% 34.6% 22.3% 22.6x 2.36x 10.6x 2.34x 10.3x
Mean 1.2% 4.0% 33.2% 19.9% 25.3x 2.46x 12.6x 2.40x 12.1x
Median (0.5%) 0.8% 34.6% 19.8% 23.2x 2.47x 12.4x 2.34x 11.7x
Private Label Foods and Beverages
Cott Corporation BCB-CA $15.37 95.0% $2,134 $4,318 $3,729 $379 30.1% 22.1% 33.7% 10.2% NA 1.16x 11.4x 1.11x 9.8x
Seneca Foods Corporation SENEA 31.85 74.7% 310 687 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 26.7x 0.54x 12.6x NA NA
TreeHouse Foods, Inc. THS 67.04 74.1% 3,845 6,298 6,432 727 43.7% 37.5% 16.2% 11.3% NA 0.98x 8.7x 1.00x 9.1x
Mean 23.9% 19.2% 18.5% 8.6% 26.7x 0.89x 10.9x 1.05x 9.5x
Median 30.1% 22.1% 16.2% 10.2% 26.7x 0.98x 11.4x 1.05x 9.5x
Natural / Organic Foods / Better-For-You
Amplify Snack Brands Inc BETR $7.12 41.9% $540 $1,115 $345 $79 67.0% 83.6% 36.3% 22.9% 44.0x 3.23x 14.1x 2.85x 11.8x
Hain Celestial Group, Inc. HAIN 40.85 89.6% 4,178 4,781 2,977 343 3.2% 11.4% 23.6% 11.5% NM 1.61x 13.9x 1.64x 15.3x
The Simply Good Foods Company SMPL 12.14 97.2% 858 858 345 74 NA NA NA 21.4% NA NA 11.6x NA NA
SunOpta Inc. SOY-CA 8.51 83.5% 738 1,206 1,323 47 8.3% 1.6% 11.3% 3.6% NA 0.91x 25.6x 0.87x 15.0x
Mean 26.2% 32.2% 23.7% 14.9% 44.0x 1.92x 16.3x 1.79x 14.0x
Median 8.3% 11.4% 23.6% 16.5% 44.0x 1.61x 14.0x 1.64x 15.0x
Baked Goods
Aryzta AG ARYN-CH $31.05 66.9% $2,840 $5,617 $4,225 $584 15.7% (11.2%) 29.7% 13.8% NA 1.33x 9.6x 1.23x 10.5x
Flowers Foods, Inc. FLO 18.16 86.5% 3,779 4,632 3,902 411 0.5% 1.2% 45.8% 10.5% 24.1x 1.19x 11.3x 1.19x 10.5x
George Weston Limited WN-CA 86.52 92.6% 11,132 24,701 36,458 3,221 1.6% 2.2% 29.6% 8.8% 22.4x 0.68x 7.7x 0.61x 7.3x
Grupo Bimbo SAB de CV BIMBOA-MX 2.45 85.2% 11,711 15,577 13,710 1,590 1.3% 0.0% 54.1% 11.6% 40.6x 1.14x 9.8x 1.03x 9.6x
Lancaster Colony Corporation LANC 117.58 78.8% 3,235 3,092 1,202 217 0.9% 4.9% 24.7% 18.1% 28.1x 2.57x 14.2x 2.54x 14.1x
Mean 4.0% (0.6%) 36.8% 12.6% 28.8x 1.38x 10.5x 1.32x 10.4x
Median 1.3% 1.2% 29.7% 11.6% 26.1x 1.19x 9.8x 1.19x 10.5x
LTM EV / LTM EV / 2017ERevenue Growth LTM Margins
PAGE |
PUBLIC COMPARABLES5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
6
Price at As a % of Market Enterprise P/E
($ in millions, except per share data) Ticker 9/13/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone SA BN-FR $80.88 98.6% $54,558 $75,446 $25,080 $4,399 2.4% (3.7%) 49.6% 17.5% 23.1x 3.01x 17.1x 2.53x 14.5x
Dean Foods Company DF 11.33 50.8% 1,021 1,894 7,905 362 1.6% (5.0%) 24.0% 4.6% 18.6x 0.24x 5.2x 0.24x 5.4x
Emmi AG EMMN-CH 683.62 85.6% 3,679 4,086 3,295 354 (0.5%) (3.9%) 18.1% 10.8% 24.3x 1.24x 11.5x 1.19x 11.7x
Glanbia Plc GL9-IE 19.02 90.2% 5,607 6,500 3,232 401 20.5% (0.8%) 26.3% 12.4% 21.5x 2.01x 16.2x 2.18x 16.1x
Lifeway Foods, Inc. LWAY 8.45 45.7% 133 130 124 7 1.0% 4.5% 28.7% 5.2% NM 1.05x 20.0x 1.02x NA
Parmalat S.p.A. PLT-IT 3.65 98.2% 6,830 6,416 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.89x 13.9x 0.76x 11.2x
Saputo Inc. SAP-CA 34.87 93.3% 13,478 14,548 8,613 994 3.4% (1.6%) 19.0% 11.5% 21.9x 1.69x 14.6x 1.54x 12.8x
Savencia SA SAVE-FR 97.13 93.9% 1,376 1,909 5,106 262 5.7% (5.6%) 4.3% 5.1% 8.5x 0.37x 7.3x 0.33x 4.9x
Mean 4.4% (2.0%) 23.7% 9.2% 19.6x 1.31x 13.2x 1.22x 10.9x
Median 2.0% (2.7%) 21.8% 8.6% 21.7x 1.15x 14.3x 1.10x 11.7x
Non-Alcoholic Beverages
A.G. BARR p.l.c. BAG-GB $8.24 96.2% $957 $945 $343 $71 (12.9%) (4.9%) 46.4% 20.6% 20.1x 2.76x 13.4x 2.69x 13.4x
Cott Corporation BCB-CA 15.37 95.0% 2,134 4,318 3,729 379 30.1% 22.1% 33.7% 10.2% NA 1.16x 11.4x 1.11x 9.8x
Dr Pepper Snapple Group, Inc. DPS 91.84 92.3% 16,762 21,075 6,691 1,580 6.0% 3.5% 59.0% 23.6% 22.2x 3.15x 13.3x 3.12x 12.8x
Lassonde Industries, Inc. LAS.A 193.15 98.3% 630 826 1,144 128 0.3% 4.9% 28.8% 11.2% 22.9x 0.72x 6.4x 0.66x 5.6x
Monster Beverage Corporation MNST 56.23 98.2% 31,863 30,761 3,202 1,283 11.8% 10.8% 64.6% 40.1% 42.2x 9.61x 24.0x 9.09x 22.8x
National Beverage Corp. FIZZ 123.05 94.8% 5,684 5,508 870 117 18.1% 10.6% 33.3% 13.5% 49.0x 6.33x NM 5.96x 26.9x
PepsiCo, Inc. PEP 114.99 96.3% 164,278 186,728 63,302 12,629 1.8% (1.7%) 55.0% 20.0% 24.4x 2.95x 14.8x 2.93x 14.2x
Coca-Cola Company KO 46.98 100.0% 199,275 221,777 38,431 10,992 (10.0%) (5.9%) 61.9% 28.6% 48.7x 5.77x 20.2x 6.34x 20.3x
Mean 5.7% 4.9% 47.8% 21.0% 32.8x 4.06x 14.8x 3.99x 15.7x
Median 3.9% 4.2% 50.7% 20.3% 24.4x 3.05x 13.4x 3.03x 13.8x
Alcoholic Beverages
Anheuser-Busch Inbev Sa ABI-BE $121.91 90.8% $205,843 $325,611 $52,415 $19,107 20.2% 6.7% 60.6% 36.5% 54.5x 6.21x 17.0x 5.71x 14.8x
Brown-Forman Corporation BF.B 54.28 90.9% 21,310 23,300 3,026 1,047 1.0% 0.2% 68.2% 34.6% 30.2x 7.70x 22.3x 7.46x 21.0x
Carlsberg A/S CARL.B-DK 115.63 98.4% 17,599 21,521 9,251 1,966 (4.8%) (6.9%) 50.8% 21.3% 22.4x 2.33x 10.9x 2.12x 10.1x
Constellation Brands, Inc. STZ 204.28 99.6% 39,950 48,971 7,394 2,656 9.0% 9.0% 52.0% 35.9% 28.6x 6.62x 18.4x 6.47x 18.2x
Diageo plc DGE-GB 33.88 98.2% 86,198 98,757 15,278 4,970 (1.6%) (2.9%) 60.7% 32.5% 24.3x 6.46x 19.9x 6.06x 18.0x
Heineken NV HEIA-NL 105.58 99.1% 60,921 76,798 23,084 5,150 0.5% (3.8%) 15.6% 22.3% 27.7x 3.33x 14.9x 2.92x 12.2x
Kirin Holdings Company, Limited 2503-JP 22.41 95.6% 20,652 26,636 18,614 2,121 1.8% (5.3%) 45.7% 11.4% 13.5x 1.43x 12.6x 1.48x 11.5x
Pernod Ricard SA RI-FR 139.30 98.4% 36,724 44,108 9,822 2,848 2.0% (3.0%) 61.9% 29.0% 22.1x 4.49x 15.5x 4.09x 14.0x
Sapporo Holdings Limited 2501-JP 28.03 92.2% 2,219 4,234 5,050 432 9.8% (0.6%) 35.6% 8.6% 26.1x 0.84x 9.8x 0.84x 9.6x
Mean 4.2% (0.7%) 50.1% 25.8% 27.7x 4.38x 15.7x 4.13x 14.4x
Median 1.8% (2.9%) 52.0% 29.0% 26.1x 4.49x 15.5x 4.09x 14.0x
Snacks
Inventure Foods, Inc. SNAK $4.15 40.9% $66 $154 $255 $3 0.6% 0.3% 19.7% 1.0% NA 0.60x NM 0.76x 11.7x
J & J Snack Foods Corp. JJSF 125.26 87.5% 2,353 2,211 1,030 153 4.0% 4.4% 32.1% 14.9% 31.3x 2.15x 14.4x 2.08x 13.8x
John B. Sanfilippo & Son, Inc. JBSS 63.81 85.4% 553 610 847 74 (11.1%) 2.8% 16.7% 8.7% 20.0x 0.72x 8.3x 0.71x NA
Mondelez International, Inc. MDLZ 41.20 87.2% 61,783 79,239 25,566 4,782 (5.2%) (10.0%) 40.0% 18.7% 36.0x 3.10x 16.6x 3.08x 15.6x
PepsiCo, Inc. PEP 114.99 96.3% 164,278 186,728 63,302 12,629 1.8% (1.7%) 55.0% 20.0% 24.4x 2.95x 14.8x 2.93x 14.2x
Snyder's-Lance, Inc. LNCE 36.71 89.9% 3,528 4,663 2,211 250 20.7% 9.7% 36.3% 11.3% 51.9x 2.11x 18.7x 2.09x 15.0x
Mean 1.8% 0.9% 33.3% 12.4% 32.7x 1.94x 14.5x 1.94x 14.1x
Median 1.2% 1.6% 34.2% 13.1% 31.3x 2.13x 14.8x 2.09x 14.2x
LTM EV / LTMRevenue Growth LTM Margins EV / 2017E
PAGE |
PUBLIC COMPARABLES5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
7
Price at As a % of Market Enterprise P/E
($ in millions, except per share data) Ticker 9/13/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $37.95 82.2% $1,661 $1,518 $1,075 ($77) (43.7%) (9.3%) 4.4% NM NA 1.41x NM 1.30x NM
JBS S.A. JBSS3-BR 2.58 63.7% 7,096 22,719 50,166 3,700 4.6% 2.4% 14.8% 7.4% 9.6x 0.45x 6.1x 0.43x 5.4x
Sanderson Farms, Inc. SAFM 153.96 99.7% 3,479 3,081 3,213 527 18.8% 5.4% 25.7% 16.4% 12.4x 0.96x 5.8x 0.91x 5.8x
Seaboard Corporation SEB 4,480.00 98.6% 5,275 4,482 5,524 368 2.5% (5.7%) 9.1% 6.7% 16.4x 0.81x 12.2x NA NA
Tyson Foods, Inc. TSN 65.92 85.7% 19,040 29,649 37,200 3,679 (2.9%) 0.8% 12.4% 9.9% 13.7x 0.80x 8.1x 0.77x 7.6x
Mean (4.1%) (1.3%) 13.3% 10.1% 13.0x 0.89x 8.1x 0.86x 6.2x
Median 2.5% 0.8% 12.4% 8.6% 13.0x 0.81x 7.1x 0.84x 5.8x
Fruit and Vegetable
Calavo Growers, Inc. CVGW $69.70 90.7% $1,212 $1,242 $1,046 $70 16.7% 10.6% 8.2% 6.7% 33.4x 1.19x 17.8x 1.10x 17.9x
Fresh Del Monte Produce Inc. FDP 46.32 69.3% 2,306 2,533 4,078 285 0.0% 1.9% 10.7% 7.0% 14.5x 0.62x 8.9x 0.61x 8.0x
Seneca Foods Corporation SENEA 31.85 74.7% 310 687 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 26.7x 0.54x 12.6x NA NA
Total Produce Plc T7O-IE 2.60 96.2% 844 1,104 3,638 86 8.1% 1.2% 13.1% 2.4% 19.9x 0.30x 12.9x 0.24x 11.1x
Mean 5.7% 2.9% 9.4% 5.1% 23.6x 0.66x 13.0x 0.65x 12.3x
Median 4.0% 1.5% 9.5% 5.5% 23.3x 0.58x 12.7x 0.61x 11.1x
Ingredients / Flavors
Givaudan SA GIVN-CH $2,104.33 98.4% $19,600 $21,065 $4,855 $1,099 4.7% 0.4% 43.9% 22.6% 28.4x 4.34x 19.2x 4.08x 18.2x
Ingredion Incorporated INGR 125.00 90.8% 8,939 10,464 5,799 1,064 2.5% (0.9%) 25.5% 18.3% 18.8x 1.80x 9.8x 1.76x 9.6x
International Flavors & Fragrances Inc. IFF 143.30 99.4% 11,310 12,719 3,211 694 5.0% 2.0% 43.3% 21.6% 28.9x 3.96x 18.3x 3.81x 16.7x
Kerry Group Plc KRZ-IE 93.75 97.6% 16,635 18,091 6,840 968 0.9% (4.5%) 9.9% 14.1% 26.0x 2.65x 18.7x 2.38x 16.6x
Sensient Technologies Corporation SXT 74.18 87.3% 3,244 3,826 1,360 270 (2.0%) (2.5%) 35.2% 19.9% 29.8x 2.81x 14.2x 2.77x 15.1x
Symrise AG SY1-DE 76.03 98.6% 9,995 11,574 3,211 680 11.3% 9.7% 40.7% 21.2% 33.0x 3.60x 17.0x 3.24x 15.2x
Tate & Lyle PLC TATE-GB 8.73 82.4% 4,090 4,586 3,586 529 1.1% (6.4%) 8.7% 14.7% 12.1x 1.28x 8.7x 1.23x 8.4x
Mean 3.4% (0.3%) 29.6% 18.9% 25.3x 2.92x 15.1x 2.75x 14.2x
Median 2.5% (0.9%) 35.2% 19.9% 28.4x 2.81x 17.0x 2.77x 15.2x
Agribusiness
Andersons, Inc. ANDE $31.85 70.9% $892 $1,433 $3,818 $183 (4.3%) (8.5%) 13.1% 4.8% NA 0.38x 7.8x 0.36x 9.3x
Archer-Daniels-Midland Company ADM 43.35 90.5% 24,307 30,116 62,326 2,276 (1.1%) (10.8%) 5.8% 3.7% 18.2x 0.48x 13.2x 0.47x 9.5x
Bunge Limited BG 73.00 87.2% 10,044 13,602 45,988 377 11.3% (9.1%) 3.0% 0.8% 21.1x 0.30x 36.1x 0.29x 9.1x
CF Industries Holdings, Inc. CF 32.16 86.5% 7,508 14,406 3,708 976 (11.3%) (9.7%) 16.9% 26.3% NA 3.89x 14.8x 3.74x 15.8x
Darling Ingredients Inc. DAR 17.93 99.6% 2,927 4,652 3,518 429 5.9% 8.0% 13.5% 12.2% 35.1x 1.32x 10.8x 1.32x 10.6x
Monsanto Company MON 117.49 98.8% 51,594 59,847 14,514 4,160 9.4% (2.0%) 56.0% 28.7% 25.4x 4.12x 14.4x 4.10x 14.3x
Mosaic Company MOS 20.18 58.7% 7,111 10,397 7,147 1,070 (6.2%) (7.6%) 11.0% 15.0% 48.5x 1.45x 9.7x 1.46x 10.1x
Mean 0.5% (5.7%) 17.1% 13.1% 29.7x 1.71x 15.3x 1.68x 11.2x
Median (1.1%) (8.5%) 13.1% 12.2% 25.4x 1.32x 13.2x 1.32x 10.1x
Consumer and Retail
Grocery Distribution
AMCON Distributing Company DIT $87.55 71.2% $59 $73 $1,280 $9 (1.3%) 1.6% 5.3% 0.7% 17.1x 0.06x 8.1x NA NA
Core-Mark Holding Company, Inc. CORE 28.49 64.6% 1,296 1,486 15,136 116 21.0% 14.7% 4.8% 0.8% 31.3x 0.10x 12.8x 0.09x 9.8x
Performance Food Group Company PFGC 29.35 100.0% 2,998 4,288 16,762 340 9.8% 7.0% 13.0% 2.0% 31.1x 0.26x 12.6x 0.25x 10.4x
SpartanNash Company SPTN 24.43 60.5% 891 1,528 7,925 231 3.6% 0.0% 14.3% 2.9% 13.7x 0.19x 6.6x 0.19x 6.2x
SUPERVALU INC. SVU 20.50 53.3% 761 2,007 12,719 416 12.9% (9.6%) 12.3% 3.3% 20.0x 0.16x 4.8x 0.13x 4.2x
United Natural Foods, Inc. UNFI 37.06 74.5% 1,851 2,304 9,147 316 10.0% 11.1% 15.5% 3.5% 14.7x 0.25x 7.3x 0.24x 7.0x
Mean 9.3% 4.1% 10.9% 2.2% 21.3x 0.17x 8.7x 0.18x 7.5x
Median 9.9% 4.3% 12.6% 2.5% 18.6x 0.18x 7.7x 0.19x 7.0x
LTM Margins EV / 2017ELTM Revenue Growth EV / LTM
PAGE |
PUBLIC COMPARABLES5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
8
Price at As a % of Market Enterprise P/E
($ in millions, except per share data) Ticker 9/13/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Food Retail
Costco Wholesale Corporation COST $163.20 89.1% $70,192 $68,733 $123,285 $4,927 (14.4%) 4.5% 13.5% 4.0% 27.7x 0.56x 14.0x 0.54x 12.5x
Ingles Markets, Incorporated IMKTA 24.25 46.3% 335 1,198 3,876 236 2.4% 0.4% 24.1% 6.1% 9.8x 0.31x 5.1x 0.31x 5.2x
J Sainsbury plc SBRY-GB 3.17 86.9% 6,947 9,151 34,171 1,316 (3.4%) (3.5%) 6.2% 3.9% 13.7x 0.27x 7.0x 0.25x 5.1x
Kroger Co. KR 21.91 60.1% 19,365 31,617 118,050 5,306 5.0% 4.4% 19.7% 4.5% 13.0x 0.27x 6.0x 0.26x 5.5x
Natural Grocers by Vitamin Cottage NGVC 5.74 41.6% 126 180 752 44 9.4% 14.5% 23.4% 5.8% 17.5x 0.24x 4.1x 0.23x 4.1x
Royal Ahold Delhaize N.V. AD-NL 18.12 76.0% 22,920 26,280 54,973 4,063 NM NM 29.8% 7.4% 18.5x 0.48x 6.5x 0.35x 5.3x
Sprouts Farmers Markets, Inc. SFM 19.69 75.8% 2,652 3,087 4,336 296 12.4% 17.0% 26.9% 6.8% 21.7x 0.71x 10.4x 0.67x 10.1x
SUPERVALU INC. SVU 20.50 53.3% 761 2,007 12,719 416 12.9% (9.6%) 12.3% 3.3% 20.0x 0.16x 4.8x 0.13x 4.2x
Tesco PLC TSCO-GB 2.40 86.7% 20,105 25,788 73,745 3,404 (9.6%) (9.7%) 5.5% 4.6% NA 0.35x 7.6x 0.34x 7.0x
Village Super Market, Inc. VLGEA 24.26 66.6% 239 7 1,631 68 1.7% 2.9% 26.1% 4.2% 15.0x 0.00x 0.1x NA NA
Weis Markets, Inc. WMK 43.78 63.6% 1,154 1,131 3,397 174 16.5% 7.6% 24.9% 5.1% 14.0x 0.33x 6.5x NA NA
Mean 3.3% 2.9% 19.3% 5.1% 17.1x 0.33x 6.5x 0.34x 6.5x
Median 3.7% 3.6% 23.4% 4.6% 16.3x 0.31x 6.5x 0.31x 5.3x
Foodservice
Chefs' Warehouse, Inc. CHEF $16.70 91.3% $439 $722 $1,260 $58 12.8% 18.1% 24.9% 4.6% 35.4x 0.57x 12.5x 0.56x 11.1x
Colabor Group Inc. GCL-CA 0.74 64.7% 77 175 1,033 21 1.8% (8.3%) 2.0% 2.1% 9.3x 0.17x 8.2x 0.16x 7.2x
Sysco Corporation SYY 53.23 93.3% 27,899 35,307 55,371 2,931 9.9% 6.0% 19.1% 5.3% 25.4x 0.64x 12.0x 0.63x 10.7x
Mean 8.2% 5.3% 15.3% 4.0% 23.4x 0.46x 10.9x 0.45x 9.7x
Median 9.9% 6.0% 19.1% 4.6% 25.4x 0.57x 12.0x 0.56x 10.7x
Quick Service Restaurant
Bojangles, Inc. BOJA $13.25 59.3% $488 $651 $539 $79 5.1% NA 17.5% 14.6% 13.9x 1.21x 8.3x 1.18x 8.8x
Jack in the Box Inc. JACK 97.65 86.2% 2,845 4,023 1,614 354 3.8% 3.0% 27.5% 22.0% 22.2x 2.49x 11.4x 2.64x 11.7x
McDonald's Corporation MCD 157.36 97.3% 126,627 152,595 24,179 9,320 (3.8%) (5.1%) 44.8% 38.5% 25.6x 6.31x 16.4x 6.77x 15.1x
Restaurant Brands International Inc QSR 63.27 97.4% 14,963 25,040 4,240 1,878 3.6% NA 48.9% 44.3% 43.2x 5.91x 13.3x 5.44x 11.9x
Sonic Corp. SONC 23.95 79.7% 999 1,556 516 153 (16.7%) (2.0%) 44.9% 29.7% 15.9x 3.02x 10.1x 3.29x 10.4x
Wendy's Company WEN 15.03 90.2% 3,635 6,059 1,280 366 (24.3%) (17.5%) 43.0% 28.6% 39.6x 4.73x 16.6x 4.95x 14.8x
Yum! Brands, Inc. YUM 76.98 83.8% 26,606 35,271 3,604 1,905 (1.7%) NM 44.6% 52.9% 21.3x 9.79x 18.5x 6.05x 17.8x
Mean (4.8%) (5.4%) 38.7% 32.9% 26.0x 4.78x 13.5x 4.33x 12.9x
Median (1.7%) (3.5%) 44.6% 29.7% 22.2x 4.73x 13.3x 4.95x 11.9x
Fast Casual
Chipotle Mexican Grill, Inc. CMG $313.50 62.8% $8,805 $8,236 $4,310 $397 6.5% 5.9% 15.3% 9.2% NM 1.91x 20.8x 1.82x 16.0x
El Pollo Loco Holdings Inc LOCO 11.60 78.1% 439 529 394 59 7.3% 7.7% 21.4% 15.0% 24.7x 1.34x 8.9x 1.30x 8.2x
Fiesta Restaurant Group, Inc. FRGI 17.59 57.4% 474 533 702 82 (1.1%) 6.8% 19.4% 11.6% NA 0.76x 6.5x 0.79x 6.5x
Habit Restaurants, Inc. HABT 13.45 68.1% 270 263 308 29 19.6% NA 14.3% 9.6% 53.2x 0.85x 8.9x 0.78x 8.2x
Noodles & Co. NDLS 4.70 75.1% 186 244 482 13 2.5% 9.2% 10.3% 2.6% NA 0.51x 19.5x 0.53x 8.5x
Potbelly Corp. PBPB 11.40 78.4% 285 264 416 38 6.1% 10.3% 13.8% 9.2% NM 0.63x 6.9x 0.61x 6.8x
Shake Shack, Inc. SHAK 31.40 79.1% 1,202 1,180 316 50 40.4% NA 25.6% 15.7% 58.4x 3.73x 23.8x 3.33x 21.8x
Wingstop, Inc. WING 33.76 94.0% 969 1,103 98 35 15.7% NA 69.0% 35.9% 52.2x 11.28x 31.4x 10.62x 27.9x
Zoe's Kitchen, Inc. ZOES 12.99 47.4% 250 288 294 23 15.0% 26.3% 13.0% 7.7% NA 0.98x 12.8x 0.91x 13.7x
Mean 12.4% 11.0% 22.5% 13.0% 47.1x 2.44x 15.5x 2.30x 13.1x
Median 7.3% 8.5% 15.3% 9.6% 52.7x 0.98x 12.8x 0.91x 8.5x
LTM Revenue Growth LTM Margins EV / LTM EV / 2017E
PAGE |
PUBLIC COMPARABLES5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
9
Price at As a % of Market Enterprise P/E
($ in millions, except per share data) Ticker 9/13/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Differentiated Casual
BJ's Restaurants, Inc. BJRI $29.63 62.3% $625 $775 $1,023 $122 7.0% 7.9% 11.4% 11.9% 17.0x 0.76x 6.3x 0.75x 6.6x
Buffalo Wild Wings, Inc. BWLD 104.75 59.8% 1,600 1,985 2,023 261 4.1% 13.3% 10.4% 12.9% 26.5x 0.98x 7.6x 0.96x 7.5x
Chuy's Holdings, Inc. CHUY 18.90 53.5% 312 292 346 41 11.3% 15.7% 15.3% 11.9% 18.6x 0.84x 7.1x 0.79x 6.8x
Dave & Buster's Entertainment, Inc. PLAY 52.35 71.2% 2,097 2,378 1,084 264 16.1% 16.2% 21.5% 24.4% 19.9x 2.19x 9.0x 2.06x 8.7x
Cheesecake Factory Incorporated CAKE 40.90 60.9% 1,888 1,926 2,296 284 17.3% 36.0% 15.3% 12.4% 14.1x 0.84x 6.8x 0.85x 7.3x
Mean 11.2% 17.8% 14.8% 14.7% 19.2x 1.12x 7.4x 1.08x 7.4x
Median 11.3% 15.7% 15.3% 12.4% 18.6x 0.84x 7.1x 0.85x 7.3x
Casual Dining Restaurant
Bloomin' Brands, Inc. BLMN $17.64 79.6% $1,611 $2,646 $4,186 $404 (3.1%) (0.8%) 11.6% 9.6% 19.2x 0.63x 6.6x 0.63x 6.3x
Brinker International, Inc. EAT 33.01 59.1% 1,570 2,891 3,151 435 (3.3%) 2.7% 14.8% 13.8% 10.9x 0.92x 6.6x 0.92x 6.8x
Darden Restaurants, Inc. DRI 83.76 88.0% 10,181 11,039 7,170 925 3.4% 4.5% 18.8% 12.9% 21.4x 1.54x 11.9x 1.44x 10.4x
DineEquity, Inc. DIN 41.71 47.4% 730 1,990 622 236 (5.5%) (1.3%) 57.6% 38.0% 9.1x 3.20x 8.4x 3.28x 8.9x
Red Robin Gourmet Burgers, Inc. RRGB 60.93 82.2% 769 1,040 1,629 165 28.8% 15.7% 14.1% 10.2% NM 0.64x 6.3x 0.76x 7.0x
Ruby Tuesday, Inc. RT 2.25 61.1% 133 299 952 29 (12.8%) (6.6%) 14.7% 3.1% NA 0.31x 10.2x NA NA
Texas Roadhouse, Inc. TXRH 48.99 94.4% 3,408 3,356 2,100 278 9.6% 11.8% 15.4% 13.2% 28.9x 1.60x 12.1x 1.52x 11.4x
Mean 2.5% 3.7% 21.0% 14.4% 17.9x 1.26x 8.9x 1.42x 8.5x
Median (3.1%) 2.7% 14.8% 12.9% 19.2x 0.92x 8.4x 1.18x 8.0x
Fine Dining
Del Frisco's Restaurant Group, Inc. DFRG $13.90 73.9% $292 $312 $357 $41 3.8% 7.7% 16.4% 11.5% 24.6x 0.88x 7.6x 0.86x 6.7x
Fogo de Chao, Inc. FOGO 12.60 73.9% 352 465 304 54 9.8% 11.5% 22.5% 17.7% 15.8x 1.53x 8.6x 1.46x 7.8x
Ruth's Hospitality Group, Inc. RUTH 20.15 89.0% 605 621 397 63 4.6% (1.1%) 23.2% 15.8% 19.7x 1.56x 9.9x 1.50x 9.3x
Mean 6.0% 6.0% 20.7% 15.0% 20.0x 1.32x 8.7x 1.27x 7.9x
Median 4.6% 7.7% 22.5% 15.8% 19.7x 1.53x 8.6x 1.46x 7.8x
Pizza
Domino's Pizza, Inc. DPZ $187.80 84.8% $9,165 $11,131 $2,630 $513 13.3% 11.9% 30.7% 19.5% 37.8x 4.23x 21.7x 4.01x 19.9x
Papa John's International, Inc. PZZA 74.68 82.5% 2,728 3,033 1,746 198 5.3% 4.8% 18.2% 11.3% 26.1x 1.74x 15.3x 1.69x 14.5x
Papa Murphy's Holdings, Inc. FRSH 5.49 79.8% 93 196 125 14 0.2% NA 26.1% 10.8% NA 1.57x 14.5x 1.72x 9.9x
Mean 6.3% 8.4% 25.0% 13.9% 32.0x 2.51x 17.2x 2.47x 14.8x
Median 5.3% 8.4% 26.1% 11.3% 32.0x 1.74x 15.3x 1.72x 14.5x
Beverage / Snack Retail
DAVIDsTEA, Inc. DTEA $4.95 38.4% $144 $99 $169 $5 12.6% NA 38.6% 3.1% NA 0.58x 19.0x 0.52x 8.0x
Dunkin' Brands Group, Inc. DNKN 52.39 87.8% 4,692 6,778 832 449 1.5% 4.3% 78.5% 53.9% 22.7x 8.15x 15.1x 8.08x 14.4x
Jamba, Inc. JMBA 10.25 92.8% 153 139 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.69x NM NA NA
Starbucks Corporation SBUX 54.51 84.0% 77,306 78,242 22,397 5,181 9.2% 11.7% 24.4% 23.1% 27.2x 3.49x 15.1x 3.39x 13.9x
Mean (5.7%) (1.9%) 39.8% 23.6% 24.9x 3.48x 16.4x 4.00x 12.1x
Median 4.3% 4.8% 38.6% 18.6% 24.9x 2.59x 15.1x 3.39x 13.9x
Family Restaurant
Cracker Barrel Old Country Store, Inc. CBRL $151.20 86.4% $3,568 $3,807 $2,926 $399 0.5% 2.9% 16.1% 13.7% 17.7x 1.30x 9.5x 1.28x 9.4x
Denny's Corporation DENN 11.98 84.1% 789 1,052 519 116 4.5% 4.3% 26.7% 22.4% 23.0x 2.03x 9.1x 1.99x 10.4x
Luby's, Inc. LUB 2.66 59.1% 77 116 387 14 (9.3%) (1.0%) 9.4% 3.6% NA 0.30x 8.3x NA NA
Mean (1.4%) 2.1% 17.4% 13.2% 20.4x 1.21x 9.0x 1.63x 9.9x
Median 0.5% 2.9% 16.1% 13.7% 20.4x 1.30x 9.1x 1.63x 9.9x
LTM Revenue Growth LTM Margins EV / LTM EV / 2017E
PAGE |
PUBLIC EQUITY MARKET OVERVIEW
10
INDUSTRY UPDATE │ SEPTEMBER 2017
FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX5
Highlighted Food and Beverage M&A Transactions5
M&A MARKET OVERVIEW
B&G FOODS, INC. TO ACQUIRE BACK TO NATURE FOODS COMPANY, LLC
Enterprise Value: $162.5 mmRevenue Multiple: 2.0xEBITDA Multiple: 11.9xAnnounced: August 20, 2017
NESTLE USA, INC. TO ACQUIRE SWEET EARTH, INC.
PILGRIM’S PRIDE CORPORATION TO ACQUIRE MOY PARK
Pilgrim’s Pride has agreed to acquire Moy Park, a subsidiary of JBS.
Moy Park is a leading UK-based poultry and prepared foods supplier thatserves the European market.
The acquisition will allow Pilgrim’s Pride to expand its geographic reachacross the UK and into continental Europe, becoming one of the largestglobal poultry and prepared foods companies.
Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: September 7, 2017
B&G Foods, Inc. has agreed to acquire Back to Nature Foods Company, LLCfrom Brynwood Partners and Mondelez International.
Back to Nature is a leading better-for-you producer of cookies, crackers,granolas, juices, soups, and nuts.
The acquisition will allow B&G to expand its portfolio of brands and furtherpenetrate the on-trend better-for-you category.
Enterprise Value: $1,300 mmRevenue Multiple: NDEBITDA Multiple: 7.1xAnnounced: September 11, 2017
Nestle USA, Inc., the U.S.-based subsidiary of Nestle S.A., has agreed toacquire Sweet Earth, Inc.
Sweet Earth is a plant-based foods manufacturer with a product portfolio thatincludes tofu, legumes, chickpeas, beans, and seitan.
The acquisition will allow Nestle to enter the plant-based food market in theU.S., and further executes on its strategy to provide products in line withbetter-for-you health trends.
70
80
90
100
110
120
130
140
Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17
Restaurant Natural/Organic Beverage
Private Label Food Manufacturing Protein Processing/Dairy S&P 500
18.5%
14.5%
13.1%
6.5%
(3.7%)
(6.1%)
FOOD AND BEVERAGE
PAGE |
M&A MARKET OVERVIEW*
11
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
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 10.3x
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 $53.4
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
alu
e (
$ in
billio
ns)
Aggregate Deal Value # of Deals
14
3225 26
3831
65
122
94
17
34
18
3643 48
65 67 65
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
9/11/2017 Moy Park Ltd. Pilgrim's Pride Corp.
9/7/2017 Gertrude Hawk Ingredients LLC Barry Callebaut AG
9/7/2017 Sweet Earth, Inc. Nest le USA, Inc.
9/7/2017 Delta Future Beet Equipment Ltd.
9/6/2017 HomeStyle Dining LLC FAT Brands, Inc.
9/4/2017 Admiral Taverns Ltd. C&C Group Plc
9/2/2017 Healthy Kids Ltd. Profile Capital Management LLC
9/1/2017 Zwanenberg Food Group Ter Beke NV
9/1/2017 Caroli Foods Group BV Sigma Alimentos SA de CV
8/31/2017 Southeast Milk, Inc. Saputo, Inc.
PAGE |
Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread
9/9/17 PureCircle Ltd Candy/other confectionery prod'ts $100 USD Term Loan Senior
9/9/17 PureCircle Ltd Candy/other confectionery prod'ts $100 USD Term Loan Senior
9/5/17 Dansk Landbrugs Grovvareselskab Prepared feeds, nec $357 USD Term Loan Senior
9/5/17 Dansk Landbrugs Grovvareselskab Prepared feeds, nec $387 USD Revolver/Line >= 1 Yr. Senior
9/1/17 JM Smucker Canned fruits and vegetables $1,750 USD Revolver/Line >= 1 Yr. Senior 125 BPS
8/28/17 Ikedenkanzai Corp Candy/other confectionery prod'ts $25 USD Revolver/Line >= 1 Yr. Senior
8/28/17 Omnica Co Ltd Food preparations, nec $18 USD Term Loan Senior
8/28/17 Rokko Butter Co Ltd Cheese, natural and processed $55 USD Revolver/Line >= 1 Yr. Senior
8/25/17 PT Sinar Sosro Bottled and canned soft drinks $82 USD Term Loan Senior
8/23/17 Give & Go Prepared Foods Cookies and crackers $485 USD Term Loan B Senior 425 BPS
8/22/17 Karamolengos Bakery Industry SA Bread, cake and related products $53 USD Undisclosed Senior
8/10/17 AAA Oils & Fats Pte Ltd Edible fats and oils, nec $150 USD Term Loan Senior 260 BPS
8/10/17 AAA Oils & Fats Pte Ltd Edible fats and oils, nec $600 USD Revolver/Line >= 1 Yr. Senior 225 BPS
8/9/17 Valeo Foods Ltd Food preparations, nec $81 USD Term Loan B Senior 425 BPS
8/9/17 Valeo Foods Ltd Food preparations, nec $517 USD Term Loan B Senior 375 BPS
8/9/17 Valeo Foods Ltd Food preparations, nec $129 USD Revolver/Line >= 1 Yr. Senior
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
Av
era
ge
Sp
rea
d O
ve
r LI
BO
R
$0
$2
$4
$6
$8
$10
$12
$14
$16
2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17
Loa
n V
olu
me
by
Qu
art
er
($ in
bill
ion
s)
Inst itutional Pro Rata
AVERAGE SPREAD ON FOOD & BEVERAGE LOANS
DEBT MARKET OVERVIEW
12
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
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
EBIT
DA
Mult
iple
2013 2014 2015 2016 1H17
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
L + 600
2011 2012 2013 2014 2015 2016 1H17
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
9/11/2017 Moy Park Ltd. JBS SA Pilgrim's Pride Corp. $1,300.0 - 7.1x - Cross Border
9/7/2017 Gertrude Hawk Ingredients LLC Gertrude Hawk Chocolates, Inc. Barry Callebaut AG - - - - Cross Border
9/7/2017 Sweet Earth, Inc. - Nest le USA, Inc. - - - - P N.A.
9/7/2017 Delta Future Food Empire Holdings Ltd. Beet Equipment Ltd. $0.1 - - - EU
9/6/2017 HomeStyle Dining LLC Metromedia Corp. FAT Brands, Inc. $10.5 - - - N.A.
9/4/2017 Admiral Taverns Ltd. - C&C Group Plc - - - - P Cross Border
9/2/2017 Healthy Kids Ltd. - Profile Capital Management LLC $22.1 - - - P Cross Border
9/1/2017 Zwanenberg Food Group Vleesexport Centrale Eindhoven BV Ter Beke NV - - - - EU
9/1/2017 Caroli Foods Group BV - Sigma Alimentos SA de CV - - - - EU
8/31/2017 Southeast Milk, Inc. Southeast Milk, Inc. Saputo, Inc. - - - - Cross Border
8/29/2017 Dale & Thomas Popcorn LLC - Kelso & Co. LP; / Eagle Family Foods - - - - N.A.
8/28/2017 Kinga Pieninska GFT Goldfruct Sp zoo Oshee Polska Sp zoo - - - - EU
8/28/2017 ACTIVcatering für Kinder - API Restauration SA - - - - EU
8/25/2017 The Foreign Affair Winery - Corby Spirit & Wine Ltd. $5.0 - - - Cross Border
8/24/2017 Bruegger's Enterprises, Inc. Holding Le Duff SAS Caribou Coffee Co., Inc. - - - - N.A.
8/23/2017 Naturalicious Holdings BV - TechCare Corp. $5.5 - - - EU
8/22/2017 Mühlehof-Gewürze AG - Frutarom Industries Ltd. $7.0 - - - EU
8/22/2017 Joseph Epstein Food Enterprises, Inc. - MamaMancini's Holdings, Inc. - - - - N.A.
8/21/2017 Boyd Coffee Co. - Farmer Brothers Co. $42.0 - - - N.A.
8/21/2017 S. Clift (Grimsby) Ltd. - Stuart 's Foods Ltd. $0.6 - - - EU
8/21/2017 The Plaza Midtown - InvenTrust Propert ies Corp. $31.8 - - - N.A.
8/21/2017 Cyclone Anaya's - Heritage Restaurant Group LLC - - - - N.A.
8/21/2017 Kalimba NV - Halder Beteiligungsberatung - - - - EU
8/20/2017 Back To Nature Foods Co. LLC Brynwood Partners / Mondelez B&G Foods, Inc. $162.5 2.0x 11.9x - P N.A.
8/18/2017 Kükre AS - Ajinomoto Co., Inc. $102.9 5.2x - - EU
8/18/2017 Vision International People Group - Ann International Group Ltd. - - - - EU
8/17/2017 The Cold Press Corp. - GreenSpace Brands, Inc. $5.0 - - - Cross Border
8/17/2017 Labriola Baking Co. LLC - J&J Snack Foods Corp. - - - - P N.A.
8/17/2017 Premier Catering Ltd. - Wright's Pies (Shelton) Ltd. - - - - EU
8/17/2017 Alchemist ApS - Seier Capital A/S - - - - P EU
8/17/2017 Myfresh Prepared Produce Ltd. William Jackson & Son Ltd. Société Cooperative Agricole - - - - EU
8/17/2017 Schokoladenfabrik Gustav Berning - Prinsen Food Group BV - - - - P EU
8/16/2017 Germain-Robin Alambic, Inc. - E.&J. Gallo Winery, Inc. - - - - P N.A.
8/16/2017 Louis Dreyfus Armateurs Louis Dreyfus Holding BV Berezovsky International Ltd. - - - - Cross Border
8/15/2017 Revolut ion Bars Group Plc - The Delt ic Group Ltd. - - - - EU
8/15/2017 Flavours & Essences Ltd. - Frutarom Industries Ltd. $19.5 - - - EU
8/15/2017 RichGood Gourmet LLC - Royal Cup, Inc. - - - - N.A.
8/15/2017 Calera Wine Co. - TSG Consumer Partners LLC - - - - N.A.
8/15/2017 Vogt Ice LLC Henry Vogt Machine Co. Weller Equity Management LLC - - - - P N.A.
8/14/2017 Preferred Brands International, Inc. - Mars Food US LLC - - - - P N.A.
M&A OVERVIEW*
13
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
QUARTERLY M&A ACTIVITY
Median LTM Trading Multiples & Quarterly Food & Beverage M&A5
Recent Food and Beverage M&A5
MEDIAN LTM TRADING MULTIPLES
* M&A transactions include European and cross-border deals since 2015.
52 4839 33
46 47 52
70
89
58 57
82
141
118
92 94107
139
166
126 119104
7 9
610
13 87
10
6
10 5
20
18
8
19 19
17
46
40
3534
25
0
40
80
120
160
200
240
Q21
2
Q31
2
Q41
2
Q11
3
Q21
3
Q31
3
Q41
3
Q11
4
Q21
4
Q31
4
Q41
4
Q11
5
Q21
5
Q31
5
Q41
5
Q11
6
Q21
6
Q31
6
Q41
6
Q11
7
Q21
7
Q31
7
Num
be
r o
f Tr
an
sac
tio
ns
Strategic Acquirer Private Equity Acquirer
10.0x
11.0x
12.0x
13.0x
14.0x
15.0x
Au
g-1
6
Se
p-1
6
Oc
t-1
6
No
v-1
6
De
c-1
6
Ja
n-1
7
Fe
b-1
7
Ma
r-17
Ap
r-1
7
Ma
y-1
7
Ju
n-1
7
Ju
l-17
Au
g-1
7
Me
dia
n T
rad
ing
Mu
ltip
le
Food Products, Processing, and Ingredients Retail and Restaurants
PAGE |
Enterprise Enterprise Value Private Equity European
Announced Target Seller Buyer
Value
($mm) Sales EBITDA EBIT Involvement Transaction
8/14/2017 Kansas City Sausage Co. LLC - Smithfield Foods, Inc. - - - - P N.A.
8/11/2017 PROsnack Natural Foods, Inc. iCream Capital, Inc. Naturally Splendid Enterprises Ltd. $1.2 - - - P Cross Border
8/10/2017 Funky Buddha Brewery LLC - Constellat ion Brands, Inc. - - - - N.A.
8/10/2017 Magnolia Brewing Co. LLC - New Belgium Brewing Co., Inc. $2.7 - - - P N.A.
8/10/2017 Jax Cafe, Inc. - Oliver's Real Food Ltd. $1.6 - - - Cross Border
8/10/2017 Bonbon's Wholesale Ltd. - Lanchester Wine Cellars Ltd. - - - - EU
8/9/2017 Kulinaria S A - Prymat Sp zoo - - - - EU
8/9/2017 Anheuser Busch Inbev - Russia & Ukraine Anheuser-Busch InBev SA Anadolu Efes Biracilik Ve Malt Sanayi - - - - EU
8/8/2017 Conjunts D'Immobles SL - GPF Capital - - - - P EU
8/8/2017 Artemida-Don OOO - Sigma-Finans $15.0 - - - EU
8/8/2017 Strack & Van Til Super Market, Inc. Central Grocers, Inc. Indiana Grocery Group LLC - - - - N.A.
8/7/2017 La Civette SNC - La Civette SNC - - - - P EU
8/7/2017 Cereco SARL - Triballat Noyal SAS - - - - EU
8/7/2017 Mas Perinet SL - Alpha Omega Winery LLC - - - - Cross Border
8/7/2017 Garden Fresh Restaurant LLC - Perpetual Capital LLC - - - - P N.A.
8/6/2017 Kountry Korner Grocery & Deli - Noo-Kayet Development Corp. $2.3 - - - N.A.
8/3/2017 Anchor Brewing Co. LLC The Griffin Group LLC Sapporo Holdings Ltd. - - - - Cross Border
8/3/2017 Cold Spring Brewing Co. - Brynwood Partners - - - - P N.A.
8/1/2017 Novel Ingredient Services LLC GenNx360 Capital Partners Innophos Holdings, Inc. $125.0 1.3x 12.1x - P N.A.
8/1/2017 Casademont SA Princa SL Piensos Costa SA $5.9 - - - EU
8/1/2017 Reißenweber GmbH & Co. KG - Mühlenbäckerei GmbH - - - - EU
7/31/2017 Revolut ion Bars Group Plc - Stonegate Pub Co. Ltd. $131.3 0.8x 6.3x 11.4x EU
7/27/2017 Daiya Foods, Inc. - Otsuka Pharmaceutical Co., Ltd. $323.1 - - - P Cross Border
7/27/2017 First Watch Restaurants, Inc. - Advent International Corp. - - - - P N.A.
7/27/2017 Ingapan SL - MCH Private Equity Investments - - - - EU
7/27/2017 Punch Pub Co. Ltd. Punch Taverns Plc Stonegate Pub Co. Ltd. - - - - EU
7/26/2017 Bestowed LLC - Urthbox, Inc. - - - - N.A.
7/26/2017 Globe Export SARL - Arkéa Capital Gest ion SAS - - - - EU
7/26/2017 Secret Barrel Dist illery Corp. - White Pine Resources, Inc. - - - - Cross Border
7/26/2017 ZEN HERO, Inc. - Michael James Enterprises, Inc. $0.9 - - - N.A.
7/25/2017 Ascenta Health - Non-Manufacturing Pet Bend Beauty, Inc. Dane Creek Capital Corp. - - - - P Cross Border
7/25/2017 Cott Corp. - Bott ling Activit ies Cott Corp. (Canada) Refresco Group NV $1,250.0 - - - Cross Border
7/25/2017 The Hatchet Inn Ltd. - The Liberat ion Group Ltd. - - - - EU
7/24/2017 Campari Davide Milano SpA Davide Campari-Milano SpA Heaven Hill Dist illeries, Inc. $164.9 - - - Cross Border
7/24/2017 Cooperativa Nuestra Señora de la Muela - Cooperativa Nuestra Señora de la Paz - - - - EU
7/24/2017 NE Foods, Inc. (2 Subsidiaries) NE Foods, Inc. Schwan's Co. - - - - N.A.
7/24/2017 The Nature's Bounty Co. - Kohlberg Kravis Roberts & Co. LP - - - - P N.A.
7/23/2017 Cuisine Royale Manufacturing Ltd. - Mayfair Equity Partners LLP - - - - P EU
7/23/2017 Hulleras del Norte SA - Company Store Bus Hulleras del Norte SA Alimentos El Arco SA - - - - EU
7/21/2017 B1 Swiss Gastro Company GmbH - Ufenau Capital Partners AG - - - - P EU
7/21/2017 Cookie Creations SAS - Galapagos SA - - - - P EU
7/21/2017 Dj Drink Solut ions Ltd. - Nichols Plc - - - - EU
7/20/2017 Creekstone Farms Premium Beef - Marubeni Corp. $170.0 - - - P Cross Border
7/20/2017 Domaines Listel SAS - Groupe Castel - - - - EU
7/20/2017 D'Orsogna Dolciaria SRL - Barry Callebaut AG - - - - EU
7/20/2017 Dupont Restaurat ion SAS - CM-CIC Invest issement SCR SASU - - - - P EU
7/20/2017 East Balt , Inc. One Equity Partners LLC Grupo Bimbo SAB de CV $650.0 1.5x 9.3x - P Cross Border
7/20/2017 Hiball, Inc. - Anheuser-Busch InBev - - - - Cross Border
7/20/2017 Labeyrie Traiteur Surgeles Labeyrie Fine Foods SAS Ajinomoto Foods Europe SAS - - - - EU
7/19/2017 PDQ Food Stores, Inc. - Kwik Trip, Inc. - - - - N.A.
7/19/2017 Pivara Tuzla dd - RK Invest - - - - EU
7/18/2017 FSC Franchise Co. LLC - CapitalSpring LLC - - - - P N.A.
7/18/2017 Reckitt Benckiser Group Plc - Food Division Reckitt Benckiser Group Plc McCormick & Co., Inc. $4,200.0 - - - N.A.
7/17/2017 BakeMark CSM Bakery Solut ions LLC Pamplona Capital Management LLP - - - - P Cross Border
7/17/2017 Butterkist Ltd (United Kingdom) Tangerine Confectionery Ltd. KP Snacks Ltd. - - - - EU
7/17/2017 Gold Coast Bakeries LLC - Peak Rock Capital LLC - - - - P N.A.
7/14/2017 Cafe De Paris SARL - Cafe De Paris SARL - - - - P EU
7/14/2017 Café København ApS - Café København ApS - - - - P EU
7/14/2017 Caffitaly System SpA - Compagnie Nationale à Portefeuille - - - - P EU
7/14/2017 Caviar Volga SA - Noctis Event SAS - - - - EU
7/14/2017 Kaiser-Brauerei Geislingen - Aitedian International Holding GmbH - - - - EU
7/13/2017 Uniekaas (Brand & Productionfacility) UnieKaas Group BV DOC Dairy Partners BV - - - - EU
7/12/2017 Chivas Bros Ltd. Pernod Ricard SA Chivas Bros Ltd. - - - - EU
7/12/2017 Glenallachie Dist illery Ltd. Pernod Ricard SA Glenallachie Dist illery Ltd. - - - - P EU
7/12/2017 Novastell SAS - Sofiprotéol SA - - - - EU
M&A OVERVIEW*
14
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
Recent Food and Beverage M&A5
* M&A transactions include European and cross-border deals since 2015.
PAGE |
FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR
15
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
Earnings Release Calendar5
September 2017
Date Company
9/7/2017 Savencia SA (SAVE-FR)
9/8/2017 The Kroger Co. (KR-US)
9/11/2017 Associated British Foods Plc (ABF-GB)
9/11/2017 Sato Foods Co., Ltd. (Niigata) (2923-JP)
9/12/2017 Hilton Food Group Plc (HFG-GB)
9/12/2017 Parmalat SpA (PLT-IT)
9/25/2017 Aryzta AG (ARYN-CH)
October 2017
Date Company
10/3/2017 Bonduelle SA (BON-FR)
10/5/2017 Costco Wholesale Corp. (COST-US)
10/17/2017 Danone SA (BN-FR)
10/19/2017 Nestle SA (NESN-CH)
10/19/2017 Axfood AB (AXFO-SE)
10/25/2017 Heineken NV (HEIA-NL)
10/26/2017 Anheuser-Busch InBev SA/NV (ABI-BE)
November 2017
Date Company
11/2/2017 Kikkoman Corp. (2801-JP)
11/2/2017 Tate & Lyle Plc (TATE-GB)
11/2/2017 Carlsberg A/S (CARL.B-DK)
11/7/2017 Marie Brizard Wine & Spirits SA (MBWS-FR)
11/8/2017 Royal Ahold Delhaize NV (AD-NL)
11/9/2017 Dairy Crest Group Plc (DCG-GB)
11/9/2017 Leroy Seafood Group ASA (LSG-NO)
11/9/2017 J Sainsbury Plc (SBRY-GB)
11/9/2017 Refresco Group NV (RFRG-NL)
11/13/2017 JBS SA (JBSS3-BR)
11/13/2017 Tyson Foods, Inc. (TSN-US)
11/14/2017 Premier Foods Plc (PFD-GB)
11/27/2017 Aryzta AG (ARYN-CH)
11/27/2017 Tiger Brands Ltd. (TBS-ZA)
11/30/2017 The Kroger Co. (KR-US)
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FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
16
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HARRIS WILLIAMS & CO.
1. IMF
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. U.S. Census Bureau
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SOURCES
FOOD AND BEVERAGE
INDUSTRY UPDATE │ SEPTEMBER 2017
DISCLOSURES
17
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