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www.harriswilliams.com
Member FINRA/SIPC
Food and Beverage Industry Update
November 2013
2 of 16
What We’re Seeing CONTENTS
INDUSTRY VITAL SIGNS
EQUITY MARKET OVERVIEW
M&A MARKET OVERVIEW
DEBT MARKET OVERVIEW
NOTABLE M&A ACTIVITY
PUBLIC COMPARABLES
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 & Private Label
• Dairy
• Distribution
• Ingredients
• Meat & Protein
• Natural & Organic
• Processing
• Produce
• Restaurant and Retail
• Snacks
CONTACTS
Glenn Gurtcheff | Managing Director
+1 (612) 359-2702
Tim Alexander | Managing Director
+1 (612) 359-2716
Ryan Budlong | Director
+1 (612) 359-2722
Brant Cash | Vice President
+1 (612) 359-2709
www.harriswilliams.com
Dole Food Company announced that David Murdock, Dole’s Chairman and Chief Executive Officer, has
completed his acquisition of Dole Food Company, Inc. The $13.50 per share purchase price represents a
total valuation of over $1.6 billion. Dole announced that its shares of common stock will cease to be
traded on the NYSE effective at the close of business on November 1, 2013. Access to the full article
here.
David Murdock Completes Acquisition of Dole Food Company
Duvel Moortgat, the Belgian owners of Brewery Ommegang in Cooperstown, NY will purchase
Boulevard Brewing Company of Kansas City, MO in a deal that will expand Boulevard’s distribution
capabilities and increase Duvel’s foothold in the burgeoning U.S. craft beer market. Access to the full
article here.
Duvel Moortgat Brewery acquires Boulevard Brewing Company
What We’re Reading
McDonald’s Corp and Kraft Foods Group plan to sell McCafe branded coffee products at grocery stores
in test locations across the U.S. The test will include both packaged whole bean and ground coffee
options as well as “single-cup” products, which typically include K-cups for Green Mountain Coffee
Roasters’ popular Keurig brewer. Kraft will handle the marketing and distribution of the McDonald’s
brand coffee. Access to the full article here.
McDonald’s and Kraft to Test Grocery Coffee Sales in 2014
Del Monte Foods has agreed to sell its long-held canned fruits and vegetables business to Del Monte
Pacific, the Asian company that already sells food under the Del Monte brand in the Philippines and
India. The deal allows Del Monte Foods to focus on its biggest business, pet foods, and gives Del Monte
Pacific access to the United States food and beverage market. Access to the full article here.
Del Monte Foods Sells Consumer Products Division for $1.68 Billion
After an active finish to 2012 and a slow start to 2013, HW&Co. has seen pitch activity increase
substantially across the food & beverage sector in the back half of 2013. Both strategic and private equity
buyers continue to covet high quality food & beverage assets, and we expect that M&A activity at the
beginning of 2014 with be at a “normal” level. The combination of strong financing markets, growth
oriented strategic buyers, and private equity fund expirations is fueling the strengthening market for food
& beverage transactions.
Food & Beverage in the Marketplace
Food and Beverage Industry Update
November 2013
What We’ve Been Doing
Closed HW&Co. Transactions
a portfolio company of
has been acquired by
a portfolio company of
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
has been acquired by
a portfolio company of
and
a portfolio company of
has been acquired byhas been acquired byhas been acquired by
and
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company ofhas divested
selected assets to
and
has been acquired by
3 of 16
Food and Beverage Industry Vital Signs
Consumer Food
Price Index
Inflation2
Commodity
Price Indices1
40
100
160
220
280
Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13
Co
mm
od
ity
Pri
ce I
nd
ex
Corn Wheat Soybeans Crude Oil
Protein Price
Indices2,3
Restaurant and
Grocery Store
Sales Indices4
80
100
120
140
160
Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13
Sa
les
Ind
ex
Restaurant Grocery
85
100
115
130
145
Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13
Pro
tein
Pri
ce I
nd
ex
Beef Pork Poultry
-0.5
1.0
2.5
4.0
5.5
Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13
Infl
ati
on
(%
)
Restaurant:
31.5%
Grocery:
18.6%
Beef:
24.1%
Pork:
22.8%
Poultry:
20.8%
Wheat:
60.9%
Crude Oil:
59.1%
Soybeans:
44.2%
Corn:
37.7%
Key Trading
Statistics5
4 of 16
Public Equity Market Overview
Public
Company
Sector
Performance5
(One year change
in stock price)
Foodservice
Fruit and Vegetable
Dairy
Alcoholic Beverages
Non-Alcoholic Beverages
Protein Processing
Ingredients / Flavors
S&P
Branded Processed Foods
Agribusiness
Family Restaurant
Private Label Foods
Natural / Organic Foods
Food Retail
Casual Dining Restaurant
Baked Goods / Snack Foods
Grocery Distribution
Quick Service Restaurant
Pizza
Beverage / Snack Retail
Fast Casual
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%
Inputs Food and Beverage Consumer and Retail
Net Debt /
Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing (2.6%) 19.1% (8.8%) 29.0% 12.7x 16.1x 7.9x 0.8x
Fruit and Vegetable (10.8%) 13.1% 3.3% 22.0% 13.8x 13.9x 9.6x 2.8x
Ingredients / Flavors 0.4% 21.9% (3.1%) 7.4% 18.1x 23.3x 12.2x 1.3x
Agribusiness 10.0% 30.6% 9.5% 16.4% 13.5x 19.3x 9.8x 0.8x
Branded Processed Foods 0.9% 25.2% 2.2% (18.3%) 19.9x 23.2x 13.0x 2.4x
Private Label Foods 2.2% 33.7% 0.5% (12.7%) 22.8x 30.9x 13.1x 2.6x
Natural / Organic Foods 17.2% 36.6% (13.3%) (17.1%) 28.2x 33.0x 17.4x 2.7x
Baked Goods / Snack Foods 5.0% 43.8% (0.9%) 32.4% 23.6x 25.1x 11.6x 1.9x
Dairy (9.6%) 16.9% (0.7%) 12.5% 18.1x 23.7x 13.1x 2.0x
Non-Alcoholic Beverages (0.2%) 20.4% (0.7%) 14.7% 18.5x 21.3x 11.8x 1.6x
Alcoholic Beverages (2.1%) 17.4% (8.3%) 9.0% 19.4x 19.8x 12.0x 3.0x
Food Retail 0.4% 43.2% 1.6% 19.8% 15.5x 19.3x 6.9x 2.0x
Grocery Distribution 19.5% 45.2% 9.0% 33.6% 15.8x 21.7x 7.0x 1.3x
Foodservice 4.7% 3.1% 1.6% 6.6% 18.0x 26.3x 8.7x 2.3x
Quick Service Restaurant 2.8% 46.0% (2.2%) 18.9% 21.6x 29.5x 12.2x 2.2x
Casual Dining Restaurant 3.2% 41.6% 6.2% 26.4% 20.7x 25.1x 10.8x 2.5x
Fast Casual 5.5% 55.7% 4.6% 61.6% 44.2x 24.5x 18.4x 2.7x
Pizza 8.4% 50.0% 4.6% 26.5% 23.6x 26.4x 12.5x 2.0x
Beverage / Snack Retail 6.9% 53.2% 5.5% 14.8% 30.2x 35.6x 18.9x 2.6x
Family Restaurant 9.2% 32.1% 6.5% 31.8% 19.1x 21.8x 9.2x 0.9x
O verall Median 3.9% 33.7% 1.3% 17.5% 19.5x 22.9x 11.4x 1.9x
Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats
Fo
od
an
d B
ev
era
ge
Inp
uts
Co
nsu
mer a
nd
Reta
il
80
90
100
110
120
130
140
150
160
Oct-12 Jan-13 Mar-13 Jun-13 Aug-13 Oct-13
Restaurant Protein Processing/Dairy
Natural/Organic Beverage
Private Label Food Manufacturing S&P 500
Close
Date Filing Date Issuer Ticker
Transaction
Type
Gross
Proceeds
($mm) Use of Funds
10/21/13 10/21/13 Castle Brands Inc ROX Convertible $2.1 General Corp. Purp.
10/16/13 10/16/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp.
10/03/13 08/29/13 Potbelly Corporation PBPB IPO $105.0 General Corp. Purp.
09/27/13 09/27/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp.
09/20/13 09/16/13 The Chefs' Warehouse Inc CHEF Follow-On $108.7 General Corp. Purp.
09/19/13 09/19/13 Avidus Management Group Inc AVD Private Placement $0.5 Working Capital
General Corp. Purp.
09/18/13 09/18/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp.
09/12/13 09/12/13 Premium Brands Holdings Corp PBH Convertible $484.4 Debt Repayment
General Corp. Purp.
09/03/13 09/03/13 Hain Celestial Group Inc HAIN Follow-On $290.2 General Corp. Purp.
08/20/13 08/20/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp.
08/13/13 07/12/13 MamaMancini's Holdings Inc MMMB Follow-On $2.6 General Corp. Purp.
07/17/13 06/14/13 The WhiteWave Foods Co WWAV Follow-On $502.8 General Corp. Purp.
06/27/13 05/23/13 Noodles & Company NDLS IPO $89.7 General Corp. Purp.
Recent Equity
Offerings6
5 of 16
Public Equity Market Overview
Food and
Beverage
Industry Stock
Performance5
57.8%
36.4%
31.7%
23.4%
19.9%
17.9%
Last 10 Deals Announced Private Equity Investments and Exits
Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions North American
Food and
Beverage M&A
Trends5
6 of 16
M&A Market Overview
Latest Deals
and Announced
Private Equity
Activity5
Highlighted
Food and
Beverage M&A
Transactions
28
36
27
46
21
14
32
25 26
35
1315
27 26 27
17
34
18
36 36
0
5
10
15
20
25
30
35
40
45
50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
Num
be
r of
Inv
est
me
nts
Number of Investments Number of Exits
11.0x 10.5x
9.9x 8.8x
8.3x 8.0x
11.3x
9.2x
0.00x
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
0x
2x
4x
6x
8x
10x
12x
14x
16x
2006 2007 2008 2009 2010 2011 2012 2013
YTD
EV
/ LT
M S
ale
s Mu
ltiple
EV
/ L
TM
EB
ITD
A M
ultip
le
EV / LTM EBITDA EV / LTM Sales
$12.0
$25.5
$110.2
$9.3
$67.2
$8.2
$24.0
$45.8
0
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
2006 2007 2008 2009 2010 2011 2012 2013
YTD
Num
ber o
f Tra
nsa
ctio
ns
Ag
gre
gate
Tra
nsa
cti
on
Val
ue (
$ i
nb
illi
on
s)
Aggregate Deal Value # of deals
Announced Target Buyer1/0/1900 0 JAB Holdings B.V.
11/6/2013 PetAg, Inc. PBI/Gordon Corporation
11/4/2013 Henderson Coffee Corporation Ronnoco Coffee Company
11/1/2013 JF Restaurants, LLC Chanticleer Holdings, Inc.
10/31/2013 Prime Restaurants Inc. Cara Operations Limited
10/26/2013 Shelby County Cookers LLC Monogram Food Solutions, LLC
10/25/2013 GardenChef Paul Company Nutroganics, Inc.
10/24/2013 Olivieri Foods Limited Ebro Foods SA
10/22/2013 Jus-Made, LP Regus Advisors
10/17/2013 Alico Inc. 734 Agriculture
10/17/2013 Boulevard Brewing Duvel Moortgat USA Ltd.
Centre Partners Acquires Captain D’s from Sun Capital Partners
• Sun Capital Partners has agreed to sell U.S. seafood restaurant chain Captain D’s to
Centre Partners.
• Headquartered in Nashville, Tennessee, Captain D’s is the highest average volume
seafood quick service restaurant chain in the U.S. and owns, operates, and
franchises 527 restaurants in 25 states and on military bases around the world.
• Under Sun’s ownership, Captain D’s saw 27 periods of system-wide comp growth
as a result of several new initiatives, including: restaurant redesign, menu overhaul,
and increased food quality.
Closed: October 15, 2013
Announced: October 10, 2013
Enterprise Value: $1.68 billion
Revenue Multiple: 0.93x
EBITDA Multiple: 9.4x
Del Monte Foods Agrees to Sell Consumer Products Business To Del Monte Pacific
• Del Monte Foods has announced it is selling its consumer products business, which
includes canned Del Monte pineapple and Contadina tomatoes, to Del Monte
Pacific in Asia for $1.68 billion.
• Del Monte plans to shift its focus to its burgeoning pet products business, which
includes brands like Pup-Peroni, Meow Mix, and Milk-Bones.
• Del Monte Pacific, which is publically traded in Singapore and the Philippines, will
benefit from owning a brand with significant market share in canned fruit,
vegetables, and broth in the U.S.
Credit Statistics Average Secondary Spreads
Quarterly Loan Volume Average Spread on Food and Beverage Loans Food and
Beverage Loan
Activity7
Recent Debt
Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread
10/25/13 Reynolds American Inc Cigarettes 1,350,000,000 Revolver/Line >= 1 Yr. N/A / NR 150
10/24/13 Cargill Inc Food preparations 1,875,000,000 364-Day Facility N/A / A2 N/A
10/24/13 Cargill Inc Food preparations 3,125,000,000 Revolver/Line >= 1 Yr. N/A / A2 N/A
10/24/13 Darling International Inc Animal and marine fats and oils 1,200,000,000 Term Loan B N/A / NR N/A
10/24/13 Darling International Inc Animal and marine fats and oils 1,300,000,000 Bridge Loan N/A / NR N/A
10/24/13 Darling International Inc Animal and marine fats and oils 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
10/24/13 Darling International Inc Animal and marine fats and oils 350,000,000 Term Loan A N/A / NR N/A
10/22/13 Cott Corporation Bottled and canned soft drinks 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 200
10/18/13 Mondelez International Cookies and crackers 4,500,000,000 Revolver/Line >= 1 Yr. N/A / Baa1 112.5
10/02/13 Campbell Foods Food preparations 65,000,000 Revolver/Line >= 1 Yr. N/A / NR 425
10/02/13 Campbell Foods Food preparations 65,000,000 Term Loan A N/A / NR 425
10/02/13 Campbell Foods Food preparations 190,000,000 Term Loan B N/A / NR 450
10/01/13 KLN Enterprises Inc Potato chips and similar snacks 30,000,000 Term Loan N/A / NR 200
10/01/13 KLN Enterprises Inc Potato chips and similar snacks 35,000,000 Other Loan N/A / NR 200
10/01/13 KLN Enterprises Inc Potato chips and similar snacks 35,000,000 Term Loan N/A / NR 200
09/30/13 Ajinomoto Co Inc Food preparations JPY 18,000,000,000 Term Loan B A-1+ / NR N/A
7 of 16
Debt Market Overview
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
2007 2008 2009 2010 2011 2012
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000A
ver
age
Sp
read
Ov
er L
IBO
R
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
L + 600
2006 2007 2008 2009 2010 2011 2012
Aver
age
Spre
ad O
ver
LIB
OR
Revolving Credit / Term Loan A Weighted-Average Institutional
$0
$2
$4
$6
$8
$10
$12
$14
$16
3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13
Loan
Volu
me
by
Quar
ter
($ i
n b
illi
on
s)
Institutional Pro Rata
8 of 16
Recent North
American Food
and Beverage
M&A5
Recent North American Food
and Beverage M&A Activity
Quarterly M&A Activity Median LTM
Trading
Multiples and
Quarterly Food
and Beverage
M&A5
Median LTM Trading Multiples
47 47 48 47
35
25
36
22
34 36
46 47
25
33
49
34
42
53 5248
3933
46 47
20
8 7 3 6
5
5
2
3
47
57
13
6
7
7
5
4 79
6
10
138
4
0
10
20
30
40
50
60
70
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Nu
mb
er
of
Tra
nsa
ctio
ns
Strategic Acquirer Private Equity Acquirer
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
11/6/2013 PetAg, Inc. - PBI/Gordon Corporation - - - -
11/4/2013 Henderson Coffee Corporation - Ronnoco Coffee Company - - - - P
11/1/2013 JF Restaurants, LLC - Chanticleer Holdings, Inc. - - - -
10/31/2013 Prime Restaurants Inc. Fairfax Financial Holdings Cara Operations Limited - - - - P
10/26/2013 Shelby County Cookers LLC Westin, Inc. Monogram Food Solutions, LLC - - - -
10/25/2013 GardenChef Paul Company - Nutroganics, Inc. - - - -
10/24/2013 Olivieri Foods Limited Maple Leaf Foods Inc. Ebro Foods SA $115.1 1.14x - -
10/22/2013 Jus-Made, LP SBT Investments VI, LLC Regus Advisors - - - - P
10/17/2013 Alico Inc. Atlantic Blue Group, Inc. 734 Agriculture $299.9 2.95x 13.8x 24.0x P
10/17/2013 Boulevard Brewing - Duvel Moortgat USA Ltd. - - - -
10/16/2013 Fibred-Maryland, Inc. - International Fiber Corporation - - - -
10/16/2013 New York Pretzel , Inc. - J&J Snack Foods Corp. - - - -
10/16/2013 Chateau LaFayette Reneau - Glenora Wine Cellars, Inc. - - - -
10/15/2013 Captain D's, LLC Sun Capital Partners, Inc. Centre Partners - - - - P
10/15/2013 Budwey's Market Place, LLC - Olean Wholesale Grocery - - - -
10/10/2013 Qupe Wine Cellars - Terroir Selections - - - -
10/9/2013 Del Monte Consumer Products Business Del Monte Corporation Del Monte Pacific Ltd. $1,675.0 0.93x 9.4x -
10/7/2013 Rickland Orchards, LLC Natural Instincts LLC B&G Foods Inc. $57.5 - - -
10/4/2013 Desert Packaging Inc. - Acosta, Inc. - - - -
10/3/2013 Mid-Atlantic Convenience Stores, LLC Catterton Partners Corporation Sunoco, Inc. - - - - P
10/3/2013 Viansa Winery and Marketplace Laurus Capital Management, LLC Vintage Wine Estates, Inc. - - - - P
10/2/2013 Josie's Frozen Yogurt, LLC - U-SWIRL International, Inc. - - - -
10/1/2013 American Pride Seafoods LLC American Seafoods Group LLC High Liner Foods Inc. $50.0 0.18x - -
10/1/2013 Café Tolima Don Diego, LLC - New Colombia Resources, Inc. - - - -
9/30/2013 LaBella Sausage, LLC The Anderson Group LLC Premio Foods, Inc. - - - - P
9/26/2013 Trudeau Foods, LLC Arbor Private Investment Company United Natural Foods, Inc. - - - - P
9/24/2013 H&N Distribution, Inc. Management Associates Int'l RiceBran Technologies $5.0 - - - P
9/24/2013 Belle Foods, LLC C&S Wholesale Grocers, Inc. Associated Wholesale Grocers, Inc. $16.1 - - -
9/23/2013 Génétiporc, Inc. Aliments Breton Canada Inc. Genus plc $35.8 - - -
9/16/2013 Lightlife Foods, Inc. ConAgra Foods, Inc. Brynwood Partners - - - - P
9/15/2013 Dakota Growers Pasta Company, Inc. Viterra, Inc. Post Holdings, Inc. $370.0 - - -
9/11/2013 Sweetpea Baby Food Ltd. - One Earth Farms Corp. - - - -
9/10/2013 The Sugar Lab - 3D Systems Corp. - - - -
9/10/2013 Fresh & Easy Neighborhood Market Inc. Tesco PLC The Yucaipa Companies, LLC - - - - P
9/9/2013 Xtreme Technologies, Inc. - Pinacle Enterprise, Inc. $2.0 - - -
9/9/2013 United Supermarkets, L.L.C. - Cerberus Capital Management - - - -
9/7/2013 GOFoods Global, LLC - Youngevity Essential Life Sciences - - - -
9/6/2013 Wine On High - Taste Hospitality Group Ltd. - - - -
9/6/2013 West Coast Fishculture (Lois Lake) Ltd. - AgriMarine Industries Inc. - - - -
9/6/2013 Rockn' Joe Coffeehouse and Bistro - Ablak Holdings, LLC - - - -
10.2x
10.5x10.6x
11.0x
11.3x
12.6x12.4x
12.3x
12.1x
12.5x
11.3x
11.6x
12.1x
8.9x8.7x
9.0x9.2x
9.1x
9.5x9.7x
10.0x10.1x
10.4x10.5x
10.9x
11.2x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
Oct-
12
No
v-1
2
Dec
-12
Jan-1
3
Fe
b-1
3
Ma
r-1
3
Ap
r-1
3
May
-13
Jun
-13
Jul-
13
Au
g-1
3
Se
p-1
3
Oct-
13
Media
n T
radin
g M
ultip
le
Food Products, Processing, and Ingredients Retail and Restaurants
Recent North
American Food
and Beverage
M&A5
(continued)
9 of 16
Recent North American Food
and Beverage M&A Activity
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
9/5/2013 Cobscook Bay Company, LLC - Craig's All Natural, LLC - - - -
9/4/2013 Dairy Maid Dairy, Inc. - Dairy Farmers of America, Inc. - - - -
9/3/2013 Golden Island Jerky Co - The Hillshire Brands Company - - - -
9/3/2013 Red Lion Beef Corporation - Millstone Capital Advisors, LLC - - - - P
9/2/2013 Uplift Nutrition Inc Uplift Holdings, LLC Private Investors $0.1 - - -
9/2/2013 B-29 Energy Inc. - Puget Technologies,Inc $18.0 - - -
9/1/2013 Wild Wings Pizza & Things Inc. - Private Investors - - - -
9/1/2013 Greenwood Steak House - Private Investors - - - -
8/26/2013 American Roland Food Corp. - Vestar Capital Partners - - - - P
8/23/2013 Rothsay Ltd. Maple Leaf Foods Inc. Darling International Inc. $612.4 - 7.6x -
8/21/2013 Enray Inc. - The J. M. Smucker Company - - - -
8/16/2013 Juice Tyme, Inc. Encore Consumer Capital Highlander Partners, L.P. - - - - P
8/13/2013 American Roadside Burgers, Inc. - Chanticleer Holdings, Inc. $3.3 - - -
8/13/2013 The Wendy's Company, 30 Restaurants The Wendy's Company BB St. Louis - - - -
8/12/2013 Dole Food Company Inc. - David Murdock $1,340.0 0.31x 9.1x -
8/9/2013 YoFarm Yogurt Company Catterton Partners Corporation Danone - - - - P
8/7/2013 Associated Brands, Inc. TorQuest Partners, Inc. Treehouse Foods, Inc. $180.6 0.94x - - P
8/7/2013 4U2U Brands, LLC - Sun Orchard, Inc. - - - -
8/5/2013 T-Bird Nevada LLC - Bloomin' Brands, Inc. - - - -
8/5/2013 The Harris Soup Company Sun Capital Partners, Inc. Joshua Green Corporation - - - - P
7/31/2013 Gator Apple, 38 Applebee Restaurants Gator Apple LLC Doherty Enterprises, Inc. - - - -
7/30/2013 Fine Line Music Café - Entourage Events Group, Inc. - - - -
7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management - - - - P
7/25/2013 Monogram Food Solutions - Steidinger Meat Processing, Inc. - - - -
7/24/2013 DS Waters of America, Inc. Kelso & Company Crestview Partners, L.P. - - - - P
7/22/2013 Miller's Ale House, Inc. KarpReilly Roark Capital Group - - - - P
7/21/2013 Nash Finch Co. - Spartan Stores Inc. $739.0 0.20x 6.7x 10.2x
7/18/2013 Carmela's Pizza - Greenfield Farms Food, Inc. - - - -
7/16/2013 Sundown Foods USA, Inc. - A.V.O.D Kurutulmus - - - -
7/15/2013 Dining Express Delivery Inc. - Restaurants on the Run, Inc. - - - -
7/10/2013 Red Phoenix Extracts, Inc. - Acacia Diversified Holdings, Inc. $0.5 - - -
7/9/2013 Morris Hatchery Inc., Select Assets - Industrias Bachoco S.A.B. de C.V. - - - -
7/8/2013 Harris Teeter Supermarkets, Inc. - The Kroger Co. $2,487.5 0.54x 8.0x 14.7x
7/5/2013 Tri-Us LLC Highland Capital Partners PDK Energy Inc. - - - - P
7/3/2013 Old HB, Inc., Select Assets - Hackman Capital Acquisition Company $58.3 - - - P
7/2/2013 ZD Bottling, LLC - Flagship Food Group - - - -
7/2/2013 Black River Juice Company Ltd. - Ontario Fed. of Food Co-Operatives - - - -
7/2/2013 Aroostook Starch Co., LLC - Western Polymer Corp - - - -
7/1/2013 Bruce Bio Energy LP - Bruce Agra Dehy Inc. - - - -
6/27/2013 Tulocay & Company, Inc., Certain Brands - Robert Rothschild Farm, LLC - - - -
6/26/2013 Snapfinger Kudzu Interactive, Inc. EMN8, Inc. - - - -
6/25/2013 The New French Bakery Inc. - Arbor Private Investment Company - - - - P
6/24/2013 Cains Foods, L.P. - Treehouse Foods, Inc. $35.0 0.44x - -
6/20/2013 Value Foods Company, LLC, 13 Wendy's - NPC Quality Burgers, Inc. $11.0 0.70x - -
6/20/2013 Primera Foods Corporation E.S.I. Holding Corp. M.G. Waldbaum Company $35.7 - - -
6/20/2013 Cook's Dairy Farm Ltd. - Agropur Cooperative - - - -
6/20/2013 Value Foods Company - NPC Quality Burgers, Inc. $11.0 0.70x - -
6/19/2013 Austin Packaging Company - Bellisio Foods, Inc. $6.4 - - - P
6/18/2013 Heartland Food Corp. - Redberry Investments Corp. $19.6 - - -
6/18/2013 The Johnny Rockets Group, Inc. Red Zone Capital Sun Capital Partners, Inc. - - - - P
6/17/2013 Labriola, Inc. - C3 Capital - - - - P
6/13/2013 Long Grove Confectionery Co. - Baldi Candy Company - - - -
6/13/2013 RMH Foods, LLC - Sandridge Food Corporation - - - -
6/11/2013 American Restaurants, LLC - Focus Entertainment Holdings - - - -
6/7/2013 Robert's American Gourmet Food VMG Partners B&G Foods North America, Inc. $195.0 - - - P
6/7/2013 VPS Convenience Store Group - GPM Investments, LLC. - - - - P
6/6/2013 Esquires Coffee International, Inc. - Franchise Development Limited - - - -
6/1/2013 Circle Foods, LLC Claridge, Inc. Tyson Foods, Inc. (NYSE:TSN) - - - - P
5/28/2013 Smithfield Foods, Inc. - Shuanghui International $7,100.0 0.50x 9.2x 13.3x P
5/28/2013 Extreme Brandz, Extreme Pita, and PurBlendz - MTY Tiki Ming Enterprises, Inc. - - - -
5/23/2013 Plum Organics, Inc. Catterton Partners Corporation Campbell Soup Company - - - - P
5/21/2013 Natural Balance Pet Foods, Inc. VMG Partners Del Monte Corporation - - - - P
10 of 16
Member FINRA/SIPC
Trading Statistics Detail5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 11/1/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Food and Beverage
Branded Processed Foods
Associated British Foods plc ABF $22.51 99.2% $17,758 $1,166 $362 $18,562 $13,315 $1,615 11.5% 10.3% 8.1% 12.1% 29.5x 1.39x 11.5x 1.33x 11.2x
Campbell Soup Company CPB 42.69 87.4% 13,384 4,477 334 17,527 8,052 1,532 12.2% 1.6% 37.3% 19.0% 19.5x 2.18x 11.4x 2.06x 10.6x
ConAgra Foods, Inc. CAG 31.80 85.3% 13,416 9,727 203 22,939 16,391 1,992 20.8% 11.2% 21.7% 12.2% 20.1x 1.40x 11.5x 1.31x 9.4x
General Mills, Inc. GIS 50.32 94.8% 31,916 8,245 759 39,402 18,096 3,437 7.3% 7.2% 35.5% 19.0% 18.9x 2.18x 11.5x 2.13x 10.7x
Hormel Foods Corporation HRL 43.35 98.0% 11,441 250 329 11,362 8,599 871 5.3% 8.0% 16.0% 10.1% 23.2x 1.32x 13.0x 1.26x 11.2x
Kellogg Company K 62.29 91.6% 22,576 7,402 300 29,678 14,854 2,177 8.8% 6.1% 37.3% 14.7% 24.0x 2.00x 13.6x 1.97x 10.9x
McCormick & Company, Incorporated MKC 68.71 91.3% 9,072 1,379 158 10,293 4,099 685 3.0% 7.7% 40.2% 16.7% 22.6x 2.51x 15.0x 2.36x 13.7x
Mondelez International, Inc. MDLZ 33.59 98.5% 59,813 18,106 2,694 75,225 35,160 4,910 32.4% (6.9%) 37.4% 14.0% 31.7x 2.14x 15.3x 2.06x 13.2x
Nestlé S.A. NESN 65.45 93.5% 208,784 28,597 6,376 231,005 94,631 17,932 10.4% (2.0%) 48.1% 18.9% 19.3x 2.44x 12.9x 2.41x 12.7x
The Hain Celestial Group, Inc. HAIN 81.89 94.8% 3,907 666 41 4,532 1,735 233 25.9% 24.9% 27.6% 13.4% 33.0x 2.61x 19.5x 2.22x 15.7x
The Hershey Company HSY 99.21 97.9% 22,183 1,906 701 23,388 6,941 1,509 7.4% 7.4% 45.8% 21.7% 28.7x 3.37x 15.5x 3.16x 13.9x
The J. M. Smucker Company SJM 111.01 96.8% 11,670 2,102 158 13,615 5,879 1,215 3.0% 8.5% 35.0% 20.7% 21.3x 2.32x 11.2x 2.30x 10.6x
The WhiteWave Foods Company WWAV 20.10 97.4% 3,482 771 72 4,181 2,407 294 11.6% NA 35.7% 12.2% 33.7x 1.74x 14.2x 1.59x 13.8x
Mean 12.3% 7.0% 32.7% 15.8% 25.0x 2.12x 13.6x 2.01x 12.1x
Median 10.4% 7.6% 35.7% 14.7% 23.2x 2.18x 13.0x 2.06x 11.2x
Private Label Foods
Flowers Foods, Inc. FLO $24.90 97.0% $5,187 122 $9 $5,300 $3,496 $404 20.2% 10.6% 47.6% 11.6% 22.7x 1.52x 13.1x 1.32x 11.1x
Snyder's-Lance, Inc. LNCE 29.45 90.6% 2,044 536 6 2,574 1,684 178 3.6% 22.2% 34.0% 10.6% 35.8x 1.53x 14.5x 1.42x 11.9x
Treehouse Foods, Inc. THS 73.18 96.5% 2,662 815 36 3,441 2,197 305 3.9% 10.5% 21.9% 13.9% 30.9x 1.57x 11.3x 1.41x 9.9x
Mean 9.2% 14.5% 34.5% 12.0% 29.8x 1.54x 13.0x 1.38x 11.0x
Median 3.9% 10.6% 34.0% 11.6% 30.9x 1.53x 13.1x 1.41x 11.1x
Natural / Organic Foods
Amira Nature Foods Ltd. ANFI $13.93 93.8% $497 $140 $33 $605 $444 $56 29.6% NA 22.9% 12.5% 20.1x 1.36x 10.9x 1.18x 9.1x
Annie's, Inc. BNNY 47.53 90.7% 803 0 2 801 175 21 18.9% NA 38.0% 12.0% NM 4.59x 38.2x 3.78x 25.4x
SunOpta Inc. TSX:SOY 10.90 92.9% 723 196 6 912 1,143 64 9.8% 9.9% 11.7% 5.6% NM 0.80x 14.3x 0.74x 10.8x
The Hain Celestial Group, Inc. HAIN 81.89 94.8% 3,907 666 41 4,532 1,735 233 25.9% 24.9% 27.6% 13.4% 33.0x 2.61x 19.5x 2.22x 15.7x
United Natural Foods, Inc. UNFI 71.33 94.0% 3,529 165 11 3,682 6,064 230 15.8% 17.3% 16.9% 3.8% 33.0x 0.61x 16.0x 0.55x 14.0x
Whole Foods Market, Inc. WFM 63.30 96.5% 23,580 27 989 22,618 12,852 1,212 15.3% 13.7% 35.8% 9.4% 43.8x 1.76x 18.7x 1.57x 16.4x
Mean 19.2% 16.5% 25.5% 9.5% 32.5x 1.95x 19.6x 1.67x 15.2x
Median 17.3% 15.5% 25.3% 10.7% 33.0x 1.56x 17.4x 1.38x 14.8x
Baked Goods / Snack Foods
ARYZTA AG SWX:ARYN $67.55 98.8% 5,952 $1,509 $627 $6,834 $4,504 $566 7.0% 14.4% 27.2% 12.6% 43.9x 1.52x 12.1x 1.44x 11.2x
Diamond Foods, Inc. DMND 24.38 96.3% 545 591 6 1,130 864 62 (12.0%) 8.2% 23.8% 7.2% NM 1.31x NA 1.32x 10.3x
Flowers Foods, Inc. FLO 24.90 97.0% 5,187 582 12 5,757 3,496 404 20.2% 10.6% 47.6% 11.6% 22.7x 1.65x 14.2x 1.44x 12.1x
George Weston Limited WN 85.37 94.9% 10,918 8,116 3,485 15,549 33,177 2,407 1.9% 1.3% 24.6% 7.3% 25.0x 0.47x 6.5x 0.45x 5.4x
Golden Enterprises Inc. GLDC 4.33 99.3% 51 8 1 57 138 6 0.1% 2.5% 48.5% 4.5% 39.4x 0.42x 9.3x NA NA
Grupo Bimbo, S.A.B. de C.V. BIMBO A 43.42 91.4% 204,213 40,512 4,993 239,731 175,560 17,509 3.6% 14.6% 51.9% 10.0% NM 1.37x 13.7x 1.30x 12.0x
Inventure Foods, Inc. SNAK 11.20 95.7% 218 35 1 252 200 16 7.6% 16.0% 18.4% 7.9% 31.9x 1.26x 16.0x 1.01x 11.4x
J&J Snack Foods Corp. JJSF 84.80 96.7% 1,592 0 83 1,509 872 130 7.9% 8.7% 30.4% 14.9% 25.2x 1.73x 11.6x 1.67x 10.7x
John B Sanfilippo & Son Inc. JBSS 24.68 93.9% 270 71 1 340 734 55 1.7% 8.0% 16.2% 7.5% 13.1x 0.46x 6.2x NA NA
Lancaster Colony Corporation LANC 81.38 93.2% 2,220 0 133 2,087 1,161 179 1.1% 2.8% 22.7% 15.4% 21.0x 1.80x 11.7x 1.76x 10.9x
Penford Corporation PENX 13.07 81.8% 162 84 0 246 460 25 (1.0%) 20.6% 10.6% 5.4% NM 0.54x 9.9x 0.50x 7.3x
Mean 3.5% 9.8% 29.3% 9.5% 27.8x 1.14x 11.1x 1.21x 10.2x
Median 1.9% 8.7% 24.6% 7.9% 25.1x 1.31x 11.6x 1.32x 10.9x
EV / LTM EV / 2013ERevenue Growth LTM MarginsLast Twelve Months (LTM)
Member FINRA/SIPC
11 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 11/1/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone BN $54.31 89.8% $31,831 $11,091 $2,709 $40,213 $21,452 $3,557 6.9% 10.7% 49.7% 16.6% 18.1x 1.87x 11.3x 1.82x 11.0x
Dean Foods Company DF 19.55 46.4% 1,837 1,240 585 2,492 11,400 658 15.4% (0.8%) 24.5% 5.8% 41.3x 0.22x 3.8x 0.28x 5.7x
Glanbia plc GL9 10.34 91.9% 3,045 518 73 3,490 2,350 204 29.8% 7.8% 36.4% 8.7% 23.7x 1.48x 17.1x 1.41x 15.2x
Lifeway Foods Inc. LWAY 14.57 72.9% 239 5 8 236 89 12 19.4% 17.4% 35.3% 14.0% 38.2x 2.65x 19.0x 2.39x 18.7x
Saputo, Inc. TSX:SAP 51.82 94.9% 10,069 1,727 28 11,768 7,773 900 11.2% 10.2% 11.6% 11.6% 20.6x 1.51x 13.1x 1.33x 11.4x
Mean 16.6% 9.1% 31.5% 11.3% 28.4x 1.55x 12.9x 1.45x 12.4x
Median 15.4% 10.2% 35.3% 11.6% 23.7x 1.51x 13.1x 1.41x 11.4x
Non-Alcoholic Beverages
A.G.Barr p.l.c. LSE:BAG $5.22 88.7% $603 $30 $14 $619 $245 $43 10.9% 4.2% 45.9% 17.7% 25.4x 2.53x 14.3x 2.48x 13.4x
Cott Corporation BCB 8.97 78.3% 845 606 126 1,326 2,130 196 (6.7%) 8.6% 12.1% 9.2% 26.9x 0.62x 6.8x 0.63x 6.5x
Dr Pepper Snapple Group, Inc. DPS 47.43 94.2% 9,516 2,540 132 11,924 6,018 1,285 0.8% 2.6% 58.1% 21.4% 15.3x 1.98x 9.3x 1.96x 8.9x
Green Mountain Coffee Roasters, Inc. GMCR 62.68 69.9% 9,448 324 352 9,420 4,258 962 17.5% 53.0% 36.6% 22.6% 22.2x 2.21x 9.8x 2.06x 8.3x
Lassonde Industries Inc. LAS.A 94.25 99.2% 659 307 3 962 1,032 117 6.3% 25.2% 27.9% 11.3% 14.6x 0.93x 8.3x NA NA
Monster Beverage Corporation MNST 56.69 85.7% 9,490 0 432 9,058 2,129 558 10.2% 21.0% 51.9% 26.2% 30.9x 4.26x 16.2x 3.81x 13.9x
National Beverage Corp. FIZZ 18.70 98.1% 866 45 29 882 652 79 1.4% 3.0% 33.4% 12.1% 19.6x 1.35x 11.2x NA NA
Pepsico, Inc. PEP 84.56 97.1% 129,681 29,549 9,559 149,671 66,251 12,127 0.8% 7.7% 52.7% 18.3% 19.8x 2.26x 12.3x 2.19x 11.1x
Starbucks Corporation SBUX 80.37 98.5% 60,390 1,299 3,234 58,456 14,892 2,863 12.0% 11.6% 57.1% 19.2% 35.6x 3.93x 20.4x 3.50x 15.8x
The Coca-Cola Company KO 39.61 91.2% 174,915 36,210 20,506 190,619 47,269 13,059 (0.7%) 13.7% 60.4% 27.6% 20.5x 4.03x 14.6x 3.97x 13.8x
Mean 5.2% 15.1% 43.6% 18.6% 23.1x 2.41x 12.3x 2.57x 11.5x
Median 3.9% 10.1% 48.9% 18.8% 21.3x 2.24x 11.8x 2.34x 12.3x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV ENXTBR:ABI $75.59 95.0% $121,220 $50,350 $6,920 $164,650 $41,771 $16,166 6.2% 5.0% 58.7% 38.7% 12.3x 3.94x 10.2x 3.50x 8.8x
Brown-Forman Corporation BF.B 73.09 97.5% 15,542 1,003 217 16,328 2,869 939 4.3% 5.2% 68.6% 32.7% 27.0x 5.69x 17.4x 4.07x 15.7x
Constellation Brands Inc. STZ 65.60 99.4% 12,404 7,320 121 19,603 3,596 904 35.1% 2.4% 39.6% 25.1% 7.1x 5.45x 21.7x 3.41x 12.3x
Corby Distilleries Limited CDL.A 20.50 93.2% 580 0 108 472 133 41 (9.5%) (6.5%) 62.6% 31.1% 21.4x 3.56x 11.4x 3.33x 10.3x
Diageo plc DGE 19.80 57.3% 49,683 10,380 1,772 58,291 11,433 3,855 10.2% 6.8% 61.1% 33.7% 20.2x 5.10x 15.1x 4.85x 14.2x
Heineken NV ENXTAM:HEIA 50.32 62.0% 38,994 18,167 1,037 56,124 25,546 5,080 14.9% 7.9% 37.7% 19.9% 10.3x 2.20x 11.0x 2.82x 12.8x
Kirin Holdings Company, Limited TSE:2503 1,425.00 100.0% 13,668 8,439 503 21,604 19,531 3,092 (26.1%) 1.0% 49.1% 15.8% 13.4x 1.11x 7.0x 0.01x 0.1x
Pernod-Ricard SA RI 87.57 64.3% 23,053 9,280 597 31,736 8,575 2,468 5.9% 7.4% 62.4% 28.8% 19.5x 3.70x 12.9x 3.76x 13.1x
SABMiller plc LSE:SAB 32.47 54.9% 51,813 18,689 2,196 68,306 17,458 5,443 4.5% 7.1% 69.0% 31.2% 24.2x 3.91x 12.5x 3.23x 10.3x
Sapporo Holdings Ltd. TSE:2501 437.00 100.0% 1,731 2,637 102 4,266 5,079 468 (15.9%) 9.4% 36.0% 9.2% 20.2x 0.84x 9.1x 0.01x 0.1x
Mean 2.9% 4.6% 54.5% 26.6% 17.5x 3.55x 12.8x 2.90x 9.8x
Median 5.2% 6.0% 59.9% 30.0% 19.8x 3.81x 12.0x 3.37x 11.3x
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $50.04 94.6% $1,206 $62 $164 $1,104 $1,335 $119 16.9% 13.5% 16.1% 8.9% 24.7x 0.83x 9.3x 0.82x 6.3x
JBS S.A. BOVESPA:JBSS3 8.11 93.8% 23,256 24,423 7,203 40,476 82,676 5,106 23.4% 24.6% 12.0% 6.2% 23.9x 0.49x 7.9x 0.39x 6.4x
Sanderson Farms, Inc. SAFM 65.63 86.9% 1,510 88 63 1,535 2,604 211 13.4% 11.8% 9.2% 8.1% 16.0x 0.59x 7.3x 0.58x 4.4x
Seaboard Corp. SEB 2,755.00 93.4% 3,281 176 320 3,138 6,642 314 13.3% 17.1% 7.3% 4.7% 16.1x 0.47x 10.0x 0.47x NA
Tyson Foods, Inc. TSN 27.71 85.5% 9,760 2,407 1,024 11,143 34,018 1,771 2.6% 6.4% 6.6% 5.2% 13.2x 0.33x 6.3x 0.31x 5.3x
Mean 13.9% 14.7% 10.2% 6.6% 18.8x 0.54x 8.2x 0.52x 5.6x
Median 13.4% 13.5% 9.2% 6.2% 16.1x 0.49x 7.9x 0.47x 5.8x
EV / 2013ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth
Member FINRA/SIPC
12 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 11/1/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fruit and Vegetable
Calavo Growers Inc. CVGW $29.19 89.6% $453 $41 $6 $488 $642 $34 15.3% 20.0% 9.4% 5.2% 25.0x 0.76x 14.5x 0.67x 10.5x
Chiquita Brands International Inc. CQB 10.56 77.2% 491 602 67 1,026 3,038 104 (1.1%) (3.7%) 11.9% 3.4% NM 0.34x 9.9x 0.33x 6.5x
Fresh Del Monte Produce Inc. FDP 26.62 86.4% 1,494 100 31 1,563 3,581 192 4.5% (0.3%) 8.3% 5.4% 13.9x 0.44x 8.1x 0.44x 8.1x
Seneca Foods Corp. SENE.A 29.40 80.9% 316 329 18 628 1,296 67 2.4% 2.0% 8.7% 5.2% 12.4x 0.48x 9.3x NA NA
Mean 5.3% 4.5% 9.6% 4.8% 17.1x 0.50x 10.5x 0.48x 8.4x
Median 3.5% 0.9% 9.1% 5.2% 13.9x 0.46x 9.6x 0.44x 8.1x
Ingredients / Flavors
Givaudan SA SWX:GIVN $1,285.00 93.9% $11,807 $1,661 $444 $13,024 $4,356 $850 7.9% 1.5% 43.3% 19.5% 24.7x 2.99x 15.3x 2.91x 13.1x
International Flavors & Fragrances Inc. IFF 82.87 97.5% 6,773 934 343 7,364 2,908 604 4.4% 4.1% 43.2% 20.8% 19.1x 2.53x 12.2x 2.44x 11.1x
Kerry Group plc ISE:KRZ 47.06 96.9% 8,270 1,572 263 9,578 5,882 690 5.6% 8.0% 43.0% 11.7% 29.3x 1.63x 13.9x 1.61x 12.8x
Sensient Technologies Corporation SXT 51.27 96.1% 2,566 335 24 2,876 1,473 250 2.0% 4.2% 32.0% 17.0% 22.9x 1.95x 11.5x 1.89x 10.3x
Symrise AG XTRA:SY1 31.15 87.2% 3,681 661 109 4,232 1,798 344 9.4% 6.8% 41.1% 19.1% 23.7x 2.35x 12.3x 2.21x 10.8x
Tate & Lyle plc TATE 7.88 88.5% 3,673 906 456 4,123 3,256 457 5.4% 2.0% 36.5% 14.0% 14.3x 1.27x 9.0x 1.22x 8.7x
Mean 5.8% 4.4% 39.9% 17.0% 22.3x 2.12x 12.4x 2.05x 11.1x
Median 5.5% 4.2% 42.1% 18.1% 23.3x 2.15x 12.2x 2.05x 11.0x
Agribusiness
Archer Daniels Midland Company ADM $40.90 98.0% $26,961 $6,884 $3,494 $30,351 $90,582 $2,818 0.0% 9.7% 4.1% 3.1% 18.3x 0.34x 10.8x 0.33x 7.4x
Bunge Limited BG 82.44 98.8% 12,139 10,571 6,083 16,627 62,012 1,585 6.0% 12.6% 4.0% 2.6% NM 0.27x 10.5x 0.28x 7.4x
CF Industries Holdings, Inc. CF 214.94 92.1% 12,312 3,098 2,286 13,124 5,630 2,834 (11.2%) 20.3% 45.9% 50.3% 8.2x 2.33x 4.6x 2.65x 5.8x
Darling International Inc. DAR 23.22 97.0% 2,745 250 134 2,862 1,747 312 2.1% 39.9% 27.0% 17.8% 22.2x 1.64x 9.2x 1.59x 5.8x
Monsanto Company MON 105.15 96.2% 55,292 2,112 3,782 53,622 14,861 4,186 10.0% 12.3% 51.5% 28.2% 22.6x 3.61x 12.8x 3.37x 11.3x
Omega Protein Corporation OME 9.50 84.7% 196 31 21 205 238 46 (0.8%) 13.8% 21.7% 19.5% 30.0x 0.86x 4.4x 0.86x 3.8x
The Andersons, Inc. ANDE 74.09 97.7% 1,372 504 76 1,801 5,658 157 20.7% 22.9% 6.2% 2.8% 19.3x 0.32x 11.5x 0.32x 8.2x
The Mosaic Company MOS 46.10 71.3% 19,630 1,079 3,697 17,012 9,974 2,917 (10.2%) 13.8% 27.7% 29.2% 10.6x 1.71x 5.8x 1.97x 7.7x
Mean 2.1% 18.2% 23.5% 19.2% 18.7x 1.38x 8.7x 1.42x 7.2x
Median 1.1% 13.8% 24.4% 18.6% 19.3x 1.25x 9.8x 1.23x 7.4x
Consumer and Retail
Food Retail
Arden Group Inc. ARDN.A $129.93 94.8% $399 $1 $26 $374 $449 $39 3.4% 2.1% 43.6% 8.7% 19.6x 0.83x 9.6x NA NA
Costco Wholesale Corporation COST 119.62 99.4% 52,264 5,194 6,124 51,334 105,156 3,999 6.1% 10.5% 12.6% 3.8% 26.0x 0.49x 12.8x 0.45x 11.5x
Establishments Delhaize Freres DELB 46.42 87.0% 4,688 2,922 1,004 6,606 22,882 1,452 7.6% 4.5% 24.5% 6.3% 19.1x 0.29x 4.5x 0.30x 4.7x
Fairway Group Holdings Corp. FWM 24.23 83.9% 1,003 256 70 1,188 693 (4) 25.0% NA 32.7% NM NM 1.71x NM 1.40x 19.0x
Ingles Markets, Incorporated IMKT.A 26.05 88.8% 593 935 5 1,523 3,775 220 4.2% 3.9% 22.1% 5.8% 34.3x 0.40x 6.9x 0.39x 6.6x
J. Sainsbury plc LSE:SBRY 3.94 97.7% 7,469 2,851 589 9,731 23,303 1,399 4.5% 5.3% 5.5% 6.0% 12.3x 0.42x 7.0x 0.40x 6.9x
Koninklijke Ahold N.V. ENXTAM:AH 14.00 99.3% 13,977 3,155 4,018 13,114 33,319 2,184 5.6% 5.1% 26.1% 6.6% 19.3x 0.39x 6.0x 0.39x 5.8x
Natural Grocers by Vitamin Cottage NGVC 38.34 89.5% 860 16 7 869 405 28 28.1% NA 29.3% 6.9% NM 2.14x 31.0x 1.72x 22.2x
Roundy's, Inc. RNDY 9.17 92.9% 429 690 76 1,044 3,919 180 1.0% (6.2%) 26.5% 4.6% NM 0.27x 5.8x 0.26x 5.9x
Safeway Inc. SWY 35.16 95.3% 8,677 5,568 485 13,761 44,168 2,168 11.9% 2.6% 27.6% 4.9% 14.6x 0.31x 6.3x 0.36x 8.8x
Sprouts Farmers Market, Inc. SFM 45.34 91.7% 6,639 802 66 7,376 2,185 178 97.6% NA 29.5% 8.1% NM 3.38x 41.5x 2.84x 35.6x
SUPERVALU Inc. SVU 6.97 79.6% 1,809 3,135 81 4,863 17,098 682 144.9% (23.8%) 14.6% 4.0% NM 0.28x 7.1x 0.28x 6.4x
The Kroger Co. KR 42.70 97.4% 22,222 7,896 440 29,678 98,725 4,582 6.4% 7.4% 21.1% 4.6% 14.1x 0.30x 6.5x 0.29x 6.6x
The Pantry, Inc. PTRY 13.56 90.8% 319 948 44 1,223 7,075 207 (5.4%) 3.1% 11.4% 2.9% NM 0.17x 5.9x 0.16x 5.3x
Village Super Market Inc. VLGE.A 36.33 91.5% 489 43 110 423 1,476 65 3.8% 5.4% 26.9% 4.4% 19.4x 0.29x 6.6x 0.28x NA
Weis Markets, Inc. WMK 50.03 92.4% 1,346 0 112 1,234 2,701 178 (1.6%) 0.9% 27.3% 6.6% 17.0x 0.46x 6.9x 0.44x NA
Whole Foods Market, Inc. WFM 63.30 96.5% 23,580 27 989 22,618 12,852 1,212 15.3% 13.7% 35.8% 9.4% 43.8x 1.76x 18.7x 1.57x 16.4x
Mean 21.1% 2.5% 24.5% 5.9% 21.8x 0.82x 11.4x 0.72x 11.5x
Median 6.1% 4.2% 26.5% 5.9% 19.3x 0.40x 6.9x 0.39x 6.8x
EV / 2013ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins
Member FINRA/SIPC
13 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 11/1/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Grocery Distribution
AMCON Distributing Co. DIT $81.50 96.4% $51 $33 $0 $84 $816 $15 1.1% 7.6% 9.6% 1.9% 8.9x 0.10x 5.6x NA NA
Core-Mark Holding Company, Inc. CORE 70.30 96.2% 810 88 20 878 7,190 87 6.9% 11.1% 6.9% 1.2% 23.6x 0.12x 10.1x 0.09x 7.4x
Nash Finch Co. NAFC 28.55 96.8% 352 433 1 783 4,946 112 2.4% (1.6%) 8.5% 2.3% NM 0.16x 7.0x 0.16x 7.8x
Spartan Stores Inc. SPTN 23.70 95.6% 518 142 6 655 2,645 107 0.3% 1.6% 21.0% 4.0% 19.8x 0.25x 6.1x 0.24x 6.0x
United Natural Foods, Inc. UNFI 71.33 94.0% 3,529 165 11 3,682 6,064 230 15.8% 17.3% 16.9% 3.8% 33.0x 0.61x 16.0x 0.55x 14.0x
Mean 5.3% 7.2% 12.6% 2.6% 21.3x 0.25x 9.0x 0.26x 8.8x
Median 2.4% 7.6% 9.6% 2.3% 21.7x 0.16x 7.0x 0.20x 7.6x
Foodservice
Colabor Group Inc. TSX:GCL $4.71 54.6% $128 $165 $0 $293 $1,447 $34 0.9% 10.6% 2.4% 2.4% NM 0.20x 8.6x 0.20x 7.5x
Sysco Corporation SYY 32.56 90.3% 19,005 3,130 360 21,776 45,039 2,490 5.0% 5.9% 17.5% 5.5% 20.5x 0.48x 8.7x 0.47x 9.1x
The Chefs' Warehouse, Inc. CHEF 23.20 91.0% 580 148 55 674 623 41 37.1% 32.0% 25.6% 6.6% 32.1x 1.08x 16.4x 0.93x 12.2x
Mean 14.3% 16.2% 15.2% 4.8% 26.3x 0.59x 11.2x 0.53x 9.6x
Median 5.0% 10.6% 17.5% 5.5% 26.3x 0.48x 8.7x 0.47x 9.1x
Quick Service Restaurant
AFC Enterprises Inc. AFCE $43.48 96.4% $1,038 $68 $15 $1,091 $195 $61 18.6% 11.0% 68.2% 31.5% 31.4x 5.60x 17.8x 4.87x 15.3x
Burger King Worldwide, Inc. BKW 21.00 96.6% 7,376 3,044 764 9,656 1,281 638 (40.3%) (18.9%) 63.0% 49.8% 35.2x 7.54x 15.1x 8.91x 13.7x
Jack in the Box Inc. JACK 40.69 95.5% 1,762 380 10 2,133 1,537 228 35.5% (12.3%) 23.5% 14.9% 25.8x 1.39x 9.3x 1.46x 8.3x
McDonald's Corp. MCD 97.24 93.8% 96,757 13,488 2,544 107,700 27,965 10,068 1.9% 5.5% 38.9% 36.0% 17.6x 3.85x 10.7x 3.70x 10.1x
Sonic Corp. SONC 19.21 98.5% 1,080 474 78 1,476 543 131 (0.2%) (0.5%) 52.6% 24.2% 29.8x 2.72x 11.2x 2.66x 10.4x
The Wendy's Company WEN 8.73 95.6% 3,434 1,471 494 4,410 2,520 354 2.2% (5.6%) 25.5% 14.1% NM 1.75x 12.4x 1.88x 12.1x
Yum! Brands, Inc. YUM 68.48 91.1% 30,496 2,932 753 32,675 13,058 2,687 (3.9%) 5.4% 26.2% 20.6% 29.3x 2.50x 12.2x 2.28x 10.7x
Mean 2.0% (2.2%) 42.6% 27.3% 28.2x 3.62x 12.7x 3.68x 11.5x
Median 1.9% (0.5%) 38.9% 24.2% 29.5x 2.72x 12.2x 2.66x 10.7x
Casual Dining Restaurant
BJ's Restaurants, Inc. BJRI $26.72 65.2% $753 $0 $35 $719 $760 $82 9.3% 15.5% 18.5% 10.8% 28.3x 0.95x 8.7x 0.84x 8.0x
Bloomin' Brands, Inc. BLMN 25.16 94.2% 3,125 1,464 222 4,366 4,062 362 3.6% NA 16.8% 8.9% 26.0x 1.07x 12.1x 1.02x 9.6x
Brinker International, Inc. EAT 44.59 99.1% 2,953 841 56 3,738 2,847 406 0.4% 0.3% 19.0% 14.3% 19.5x 1.31x 9.2x 1.28x 8.6x
Buffalo Wild Wings Inc. BWLD 142.75 98.5% 2,681 0 44 2,637 1,229 179 28.4% 27.4% 23.3% 14.6% 40.5x 2.15x 14.7x 1.83x 11.7x
Chuy's Holdings, Inc. CHUY 36.88 83.7% 602 5 4 602 200 25 25.8% 42.4% 20.4% 12.5% NM 3.01x 24.0x 2.56x 19.7x
Darden Restaurants, Inc. DRI 51.48 93.2% 6,722 2,760 109 9,373 8,676 997 7.2% 6.5% 21.5% 11.5% 18.4x 1.08x 9.4x 1.02x 8.7x
Del Frisco's Restaurant Group, Inc. DFRG 18.14 77.7% 432 0 9 423 255 39 14.2% 16.9% 25.3% 15.2% 29.0x 1.66x 10.9x 1.38x 8.9x
DineEquity, Inc. DIN 80.81 96.9% 1,538 1,389 96 2,831 641 264 (31.3%) (22.7%) 59.9% 41.2% 21.6x 4.42x 10.7x 4.33x 10.4x
Ignite Restaurant Group, Inc. IRG 14.98 70.4% 384 105 1 488 588 42 34.3% 29.1% 32.9% 7.1% NM 0.83x 11.7x 0.55x 10.3x
Red Robin Gourmet Burgers Inc. RRGB 75.50 96.0% 1,081 90 18 1,153 1,016 101 7.8% 6.0% 22.7% 9.9% 34.9x 1.14x 11.4x 1.06x 9.8x
Ruby Tuesday, Inc. RT 5.89 59.5% 354 275 36 593 1,213 74 (7.3%) 0.5% 16.8% 6.1% NM 0.49x 8.0x 0.51x 8.0x
Ruth's Hospitality Group Inc. RUTH 12.52 91.0% 439 40 6 473 415 50 8.6% 6.1% 22.8% 12.0% 18.7x 1.14x 9.5x 1.11x 9.2x
Texas Roadhouse, Inc. TXRH 27.21 93.6% 1,919 54 87 1,886 1,356 166 10.2% 11.1% 33.6% 12.3% 24.9x 1.39x 11.3x 1.22x 9.7x
The Cheesecake Factory Incorporated CAKE 47.40 98.8% 2,485 60 131 2,413 1,868 234 2.5% 4.4% 43.3% 12.5% 25.1x 1.29x 10.3x 1.22x 9.3x
Mean 8.1% 11.0% 26.9% 13.5% 26.1x 1.57x 11.6x 1.42x 10.1x
Median 8.2% 6.5% 22.7% 12.1% 25.1x 1.22x 10.8x 1.17x 9.4x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
14 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 11/1/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fast Casual
Chipotle Mexican Grill, Inc. CMG $527.60 98.3% $16,326 $0 $532 $15,794 $3,070 $605 16.8% 20.8% 37.2% 19.7% NM 5.15x 26.1x 4.41x 21.5x
Einstein Noah Restaurant Group, Inc. BAGL 17.40 95.1% 303 117 6 414 431 46 (0.1%) 1.7% 20.6% 10.7% 24.2x 0.96x 9.0x 0.93x 7.5x
Fiesta Restaurant Group, Inc. FRGI 41.56 96.8% 983 204 7 1,179 529 64 7.3% NA 24.1% 12.1% NM 2.23x 18.4x 2.03x 15.8x
Noodles & Company NDLS 43.92 84.5% 1,291 0 1 1,291 326 37 17.3% 36.0% 20.9% 11.2% NM 3.97x 35.3x 3.38x 26.9x
Potbelly Corporation PBPB 26.54 78.3% 743 15 22 737 290 28 17.3% 36.0% 30.8% 9.7% 25.6x 2.54x 26.3x 2.30x 20.8x
Panera Bread Company PNRA 163.86 84.1% 4,586 0 194 4,392 2,295 408 11.7% 15.7% 35.5% 17.8% 25.3x 1.91x 10.8x 1.71x 9.9x
Mean 11.7% 22.1% 28.2% 13.5% 25.0x 2.79x 21.0x 2.46x 17.1x
Median 14.2% 20.8% 27.5% 11.7% 25.3x 2.38x 22.2x 2.16x 18.3x
Pizza
CEC Entertainment Inc. CEC $45.53 95.3% $772 $370 $21 $1,121 $821 $171 2.1% (0.0%) 27.7% 20.9% 16.2x 1.37x 6.5x 1.32x 6.4x
Domino's Pizza, Inc. DPZ 66.89 95.7% 3,727 1,543 32 5,237 1,775 319 8.2% 4.5% 30.3% 18.0% 28.5x 2.95x 16.4x 2.83x 14.6x
Papa John's International Inc. PZZA 75.05 96.6% 1,631 133 28 1,736 1,398 139 10.8% 8.5% 30.7% 9.9% 26.4x 1.24x 12.5x 1.19x 11.8x
Mean 7.0% 4.3% 29.5% 16.3% 23.7x 1.85x 11.8x 1.78x 10.9x
Median 8.2% 4.5% 30.3% 18.0% 26.4x 1.37x 12.5x 1.32x 11.8x
Beverage / Snack Retail
Dunkin' Brands Group, Inc. DNKN $47.51 96.2% $5,053 $1,828 $210 $6,671 $692 $352 4.1% 8.8% 79.0% 50.9% 37.1x 9.64x 18.9x 8.97x 17.2x
Jamba, Inc. JMBA 11.15 63.7% 190 0 33 158 232 13 5.2% (6.5%) 37.7% 5.7% NM 0.68x 11.9x 0.68x 8.8x
Krispy Kreme Doughnuts, Inc. KKD 24.10 97.0% 1,586 1 60 1,527 459 54 11.5% 9.4% 17.4% 11.8% NM 3.33x 28.2x 3.11x 22.7x
Starbucks Corporation SBUX 80.37 98.5% 60,390 1,299 3,234 58,456 14,892 2,863 12.0% 11.6% 57.1% 19.2% 35.6x 3.93x 20.4x 3.50x 15.8x
Tim Hortons Inc. THI 62.56 97.5% 9,446 545 87 9,904 3,145 763 4.4% 8.0% 24.6% 24.3% 23.3x 3.15x 13.0x 3.01x 12.1x
Mean 7.4% 6.2% 43.2% 22.4% 32.0x 4.14x 18.5x 3.85x 15.3x
Median 5.2% 8.8% 37.7% 19.2% 35.6x 3.33x 18.9x 3.11x 15.8x
Family Restaurant
Bob Evans Farms, Inc. BOBE $55.99 93.0% $1,527 $215 $6 $1,737 $1,615 $182 2.7% (1.9%) 37.6% 11.3% NM 1.08x 9.5x 1.25x 9.1x
Denny's Corporation DENN 6.38 96.4% 569 175 6 738 464 76 (7.6%) (5.7%) 37.5% 16.4% 21.8x 1.59x 9.7x 1.57x 9.2x
Frisch's Restaurants, Inc. FRS 23.92 94.1% 122 15 4 132 204 22 (0.0%) (11.7%) 8.9% 11.0% 15.3x 0.65x 5.9x 0.64x NA
Luby's, Inc. LUB 7.29 79.3% 206 20 2 224 372 25 4.3% 15.6% 37.6% 6.9% 32.3x 0.60x 8.8x NA 7.3x
Mean (0.2%) (0.9%) 30.4% 11.4% 23.1x 0.98x 8.5x 1.15x 8.6x
Median 1.3% (3.8%) 37.5% 11.1% 21.8x 0.86x 9.2x 1.25x 9.1x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Earnings
Release
Calendar5
15 of 16
Food and Beverage Earnings Release Calendar
November 2013
Date Company
11/11/2013 Campofrio Food Group, S.A. (CATS:CFG)
11/11/2013 Amira Nature Foods Ltd. (NYSE:ANFI)
11/13/2013 Carlsberg A/S (CPSE:CARL B)
11/13/2013 JBS S.A. (BOVESPA:JBSS3)
11/18/2013 Tyson Foods Inc. (NYSE:TSN)
11/19/2013 Campbell Soup Company (NYSE:CPB)
11/20/2013 Green Mountain Coffee Roasters (NasdaqGS:GMCR)
11/21/2013 SABMiller plc (LSE:SAB)
11/26/2013 Hormel Foods Corp. (NYSE:HRL)
December 2013
Date Company
12/3/2013 Bob Evans Farms, Inc. (NasdaqGS:BOBE)
12/4/2013 Brown-Forman Corporation (NYSE: BF.B)
12/5/2013 The Kroger Co. (NYSE:KR)
12/11/2013 Costco Wholesale Corporation (NasdaqGS:COST)
12/18/2013 General Mills, Inc. (NYSE:GIS)
12/19/2013 ConAgra Foods, Inc. (NYSE:CAG)
12/19/2013 Darden Restaurants, Inc. (NYSE:DRI)
January 2014
Date Company
1/13/2014 Suedzucker AG (DB:SZU)
1/22/2014 Brinker International (NYSE:EAT)
1/23/2013 Starbucks Corporation (NasdaqGS:SBUX)
1/23/2014 Unilever plc (LSE:ULVR)
1/31/2014 Tyson Foods, Inc. (NYSE:TSN)
Sources:
1. IMF
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. U.S. Census Bureau
5. Capital IQ
6. Thomson Financial
7. S&P
8. Reuters
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