consumer and retail - harris williams€¦ · industry update │ november 2016 close date filing...

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registrationnumber HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. JefferyH. Perkins.

CONSUMER AND RETAIL

INDUSTRY UPDATE │ NOVEMBER 2016

PAGE |

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 5)

PUBLIC MARKETS OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)

CONSUMER AND RETAIL


1

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 24 $2,608 (4.9%) (13.0%) 1.4x 11.1x 1.7x 11.7x

Consumer Durables 6 5,954 (8.5%) (11.7%) 0.9x 8.1x 0.9x 9.0x

Consumer Serv ices and Retail Franchisors 7 2,555 (4.6%) (22.7%) 2.0x 10.9x 1.3x 7.0x

Home & Office Furniture & Furnishings 10 1,739 (3.2%) 8.7% 0.9x 9.5x 1.2x 14.8x

Household Products 5 16,967 (10.0%) 6.4% 3.6x 13.8x 3.7x 14.6x

Housewares 10 2,092 (4.5%) 8.4% 0.9x 10.5x 1.2x 9.3x

Infant & Juvenile 12 1,335 (7.0%) 14.4% 0.9x 9.5x 0.9x 11.2x

Outdoor & Lifestyle 20 1,004 5.8% 1.5% 1.4x 9.8x 1.3x 13.0x

Personal Care Products 13 4,182 (8.2%) (3.1%) 1.4x 10.6x 1.5x 10.2x

Pet Care 8 1,053 (4.5%) 21.3% 1.6x 12.6x 1.7x 16.0x

Retail

Apparel & Footwear Retail 31 1,252 (3.3%) (19.6%) 0.6x 6.8x 0.6x 5.9x

Department Chains 8 6,132 3.9% (34.9%) 0.5x 7.4x 0.7x 5.4x

Discount Stores & Mass Merchants 13 27,113 (4.6%) 3.5% 0.6x 11.2x 0.8x 12.0x

Furniture & Furnishings Retailers 14 1,234 1.8% (36.9%) 0.8x 7.3x 1.0x 8.1x

Internet Retail 12 5,309 1.0% 23.7% 2.6x 19.6x 3.0x 20.5x

Specialty & Other Retail 15 2,937 9.0% (14.0%) 0.7x 9.6x 0.9x 6.8x

Consumer Products & Services 115 $2,324 (4.7%) 3.9% 1.4x 10.5x 1.3x 11.4x

Retail 93 $4,123 1.4% (16.8%) 0.6x 8.5x 0.8x 7.5x

Consumer & Retail Index 208 $2,581 (4.5%) (0.8%) 0.9x 10.1x 1.2x 10.7x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Furniture & Furnishings Retailers

Department Chains

Consumer Serv ices and Retail

Franchisors

Apparel & Footwear Retail

Specialty & Other Retail

Apparel & Footwear

Consumer Durables

Outdoor & Lifestyle

Consumer & Retail Index

Pet Care

Discount Stores & Mass Merchants

S&P 500

Household Products

Housewares

Home & Office Furniture &

Furnishings

Infant & Juvenile

Personal Care Products

Internet Retail

(40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%

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CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

PUBLIC MARKETS OVERVIEW

2

RECENT EQUITY OFFERINGS

CONSUMER AND RETAIL


Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($ M) Primary Industry

07/27/16 07/27/16 Ollie's Bargain Outlet Holdings, Inc. OLLI Follow-on $303.8 Department Stores

06/22/16 06/22/16 Blue Buffalo Pet Products, Inc. BUFF Follow-on 330.0 Pet Food

05/30/16 05/30/16 Spin Master Corp. TOY Follow-on 100.0 Toys and Recreational Products

05/12/16 05/12/16 Bright Horizons Family Solutions BFAM Follow-on 138.7 Education Serv ices

05/05/16 02/17/16 Walgreens Boots Alliance WBA Follow-on 1,200.0 Drug Retail

04/22/16 02/12/16 Vince Holding Corp VNCE Follow-on 63.8Apparel, Accessories and Luxury

Goods

04/12/16 04/12/16 Sportsman's Warehouse SPWH Follow-on 67.5 Specialty Stores

03/22/16 03/22/16 The Michaels Companies, Inc. MIK Follow-on 443.4 Specialty Stores

02/18/16 02/05/16 Ollie's Bargain Outlet Holdings OLLI Follow-on 155.5 Retail

12/14/15 12/14/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-on 596.1 Hotels, Resorts and Cruise Lines

11/23/15 11/23/15 The J. M. Smucker Company SJM Follow-on 467.3 Packaged Foods and Meats

11/19/15 10/06/15 Duluth Holdings Inc. DLTH IPO 80.0 Internet Retail

50

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Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16

Ind

ex

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

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CONSUMER AND RETAIL


M&A OVERVIEW

CONSUMER AND RETAIL M&A TRENDS

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

ANNOUNCED CONSUMER AND RETAIL M&A

Note: Transactions based on publicly available information

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.4x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

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2010 2011 2012 2013 2014 2015 2016

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

Announced Target Buyer

9/28/2016 Lafayette Puzzle Factory LLC Cra-Z-Art LLC

9/23/2016 Fanlogic LLC HeadsUp Entertainment

9/21/2016 Corby LLC US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. Visual Promotions LLC

9/13/2016 Dav id Michael & Co., Inc. International Flav ors & Fragrances

9/13/2016 SalonQuest LLC Conair Corp.

9/12/2016 CID Entertainment LLC Clearlake Capital Group LP

9/9/2016 SRP Companies Aurora Capital Partners

9/6/2016 SharpShooter Imaging LLC Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. Vista Outdoor, Inc.

Last 10 Deals Announced

Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA

$110.9 216 1.20x 12.1x

LTM Deal Statistics

72

31

37

53

73

86

57

66

37

48

28

59

53

76

57

68

84

28

0

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2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Nu

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s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

11.7x 11.7x 12.2x 12.3x11.9x 11.6x

12.4x

11.7x11.4x 11.3x 11.4x 11.5x

11.8x

10.0x 10.2x 10.4x 10.0x

9.5x10.0x

10.0x 10.2x

9.1x

8.2x7.9x

8.5x 8.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Me

dia

n T

rad

ing

Mu

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Median LTM Trading Multiples

Consumer Products & Services Retail

77

43

66

35 39

68 7183

66

95

6457 67

25

34

21

18 13

512

26

12

16

14

10

13

0

20

40

60

80

100

120

3Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q16

Nu

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of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

$30

$40 $38

$27 $28

$92

$55.4

0

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$0

$15

$30

$45

$60

$75

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$105

2010 2011 2012 2013 2014 2015 2016

YTD

Nu

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f Tran

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Ave

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alu

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($ in

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Announced Consumer Transactions

Aggregate Transaction Value # of Deals

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1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

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($ i

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on

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Quarterly Retail Loan Volume

Institutional Pro Rata

4

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS1

KEY RETAIL CREDIT STATISTICS

1) Source: S&P Capital IQ LCD

• California Pizza Kitchen, sponsored by Golden Gate capital, is in the market with a first and second-lien refinancing.Price discussions are targeting L+600 with a 1% floor and a 99 OID on the six-year first-lien term loan. The second-lien,seven-year tranche has been rumored to be at L+1,000, with a 1% floor offered at 97. The refinancing deal isstructured as a $290 million first-lien term loan (B/B2), a $75 million second-lien term loan (CCC/Caa2), and a $30million revolver.

• Personal care product provider High Ridge Brands secured its $270 million senior credit facility supporting CD&R’srecent $415 million acquisition of the company. The company plans to utilize additional facilities to continue itsaggressive add-on acquisition strategy, which it previously leveraged to build a portfolio of nine consumer brands.

• Parts Authority recently wrapped up a $145 million first-lien term loan to support a buyout by The Jordan Company.The 5-year term loan is priced at L+475 with a 1% floor and a 99 OID, indicating a yield of about 6.08%. The facilityincludes six months of 101 soft call coverage and is guided by structured leverage covenants. The senior debt isexpected to be a 4x levels, with 4.8x total leverage all-in.

0.00

2.00

4.00

6.00

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4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15

Loa

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($ in

billio

ns)

Quarterly Retail Loan Volume

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q15

Ave

rag

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Average Spread on Retail Loans

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 500

L + 1000

L + 1500

L + 2000

L + 2500

4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Ave

rag

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R

Average Secondary Spread

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ultip

le

Credit Statistics

2010 2011 2012 2013 2014 2015

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


5

Price at As a % of Market Cash & Enterprise LTM P/E

($ in m illions, except per share data) Ticker 11/22/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear

Coach, Inc. COH 38.48 88.0% 10,786 591 1,533 9,845 4,499 991 7.6% (3.9%) 68.2% 22.0% 22.4x 2.19x 9.9x 1.99x 6.3x

Columbia Sportswear Company COLM 59.90 95.2% 4,181 15 220 3,976 2,359 291 2.4% 12.6% 43.7% 12.4% 24.9x 1.69x 13.6x 2.36x 21.9x

Carter's, Inc. CRI 93.22 82.8% $4,602 $581 $141 $5,042 $3,132 $434 3.8% 7.0% 42.5% 13.8% 19.8x 1.61x 11.6x 1.91x 13.4x

Crocs, Inc. CROX 8.38 66.9% 616 4 150 469 1,058 12 (2.8%) (3.8%) 41.8% 1.2% NA 0.44x 38.3x 0.39x 3.5x

Deckers Outdoor Corporation DECK 64.66 92.5% 2,075 310 110 2,275 1,831 229 0.3% 16.0% 45.7% 12.5% 18.9x 1.24x 9.9x 1.82x 11.4x

Fossil Group, Inc. FOSL 36.28 69.9% 1,746 724 236 2,234 3,283 495 (0.5%) 1.4% 55.5% 15.1% 17.7x 0.68x 4.5x 0.69x 3.5x

G-III Apparel Group, Ltd. GIII 30.23 54.1% 1,383 0 45 1,338 2,337 181 4.6% 16.0% 34.6% 7.7% 14.6x 0.57x 7.4x 0.79x 9.3x

Hanesbrands Inc. HBI 24.23 75.5% 9,158 4,128 450 12,836 5,862 966 0.3% 9.3% 38.2% 16.5% 18.8x 2.19x 13.3x 2.77x 18.7x

Iconix Brand Group, Inc. ICON 9.82 95.3% 551 1,290 240 1,601 367 168 (5.0%) (3.8%) 0.0% 45.6% NA 4.36x 9.6x 3.70x 6.1x

Kate Spade & Co KATE 16.71 63.2% 2,141 394 308 2,227 1,340 222 10.5% (7.1%) 60.1% 16.6% 16.8x 1.66x NM 1.76x 19.1x

NIKE, Inc. Class B NKE 51.71 75.8% 86,107 2,059 4,787 83,379 33,035 4,460 6.0% 8.9% 44.1% 13.5% 23.3x 2.52x 18.7x 3.11x 20.8x

Oxford Industries, Inc. OXM 75.69 97.1% 1,269 106 8 1,367 997 123 (0.8%) 4.0% 57.0% 12.4% 21.2x 1.37x 11.1x 1.50x 11.9x

Perry Ellis International, Inc. PERY 25.70 99.8% 398 104 42 461 883 42 (2.9%) (3.0%) 34.9% 4.7% NA 0.52x 11.0x 0.50x 14.2x

PVH Corp. PVH 108.45 94.0% 8,701 3,378 742 11,337 8,128 1,071 1.0% 4.3% 51.4% 13.2% 13.1x 1.39x 10.6x 1.42x 9.3x

Ralph Lauren Corporation Class A RL 113.68 89.5% 9,346 973 994 9,325 7,190 893 (4.2%) 0.6% 54.6% 12.4% 49.3x 1.30x 10.4x 1.27x 6.7x

Steven Madden, Ltd. SHOO 39.05 96.3% 2,367 0 93 2,274 1,407 179 0.3% 3.0% 35.4% 12.7% 19.8x 1.62x 12.7x 1.73x 10.5x

Skechers U.S.A., Inc. Class A SKX 22.37 65.3% 3,531 75 665 2,941 3,522 441 17.6% 25.3% 42.5% 12.5% 13.0x 0.84x 6.7x 1.59x 22.1x

Gildan Activewear Inc. GIL-CA 27.19 85.3% 6,303 691 82 6,912 2,244 391 5.8% 1.9% 25.7% 17.4% 28.5x 3.08x 17.7x 3.28x 16.1x

Tumi Holdings, Inc. TUMI 0.00 0.0% 0 7 113 (106) 565 117 4.0% 9.2% 59.4% 20.7% NA NM NM NM NM

Under Armour, Inc. Class A UA 30.83 33.1% 11,996 1,074 180 12,890 4,691 577 27.2% 29.6% 47.1% 12.3% 45.1x 2.75x 22.3x 5.53x 40.8x

V.F. Corporation VFC 58.05 86.5% 24,016 3,088 738 26,367 12,116 1,882 (3.9%) 2.8% 47.2% 15.5% 19.4x 2.18x 14.0x 2.31x 13.9x

Vera Bradley, Inc. VRA 15.72 76.0% 575 0 86 490 505 79 1.6% (2.8%) 58.3% 15.6% 18.1x 0.97x 6.2x 0.91x 4.4x

Weyco Group, Inc. WEYS 29.65 98.5% 310 23 18 315 302 28 (8.0%) 0.2% 36.6% 9.2% 20.7x 1.04x 11.3x 1.05x NA

Wolverine World Wide, Inc. WWW 24.74 96.9% 2,441 1,052 531 2,962 2,516 272 (8.5%) (1.1%) 39.4% 10.8% 24.0x 1.18x 10.9x 1.10x 10.0x

Mean 78.2% $8,108 $861 $521 $8,448 $4,340 $606 2.4% 5.3% 44.3% 14.4% 22.5x 1.63x 12.8x 1.89x 13.4x

Median 85.9% $2,404 $487 $200 $2,608 $2,348 $282 0.7% 2.9% 43.9% 13.0% 19.8x 1.39x 11.1x 1.73x 11.7x

Consumer Durables

Arcelik A.S. ARCLK-TR 5.94 77.2% 4,011 1,724 908 4,827 5,289 529 (0.8%) (3.0%) 32.4% 10.0% 9.3x 0.91x 9.1x 0.94x 8.9x

Electrolux AB Class B ELUX.B-SE 23.39 78.9% 7,234 1,174 1,328 7,080 14,215 1,192 (6.6%) (5.2%) 22.8% 8.4% 20.2x 0.50x 5.9x 0.42x 7.2x

iRobot Corporation IRBT 54.95 98.6% 1,491 0 203 1,288 655 78 14.9% 12.3% 47.3% 12.0% 33.5x 1.97x 16.4x 2.64x 22.3x

Middleby Corporation MIDD 134.26 95.2% 7,725 833 62 8,497 2,206 488 27.7% 18.0% 40.1% 22.1% 30.2x 3.85x 17.4x 5.95x 28.9x

Haier Electronics Group Co., Ltd. 1169-HK 1.62 79.6% 4,529 196 1,722 3,003 9,363 446 (11.6%) 0.1% 16.8% 4.8% 10.6x 0.32x 6.7x 0.29x 6.6x

Whirlpool Corporation WHR 163.98 84.5% 12,316 5,389 1,025 16,680 20,622 2,331 (3.3%) 3.7% 18.1% 11.3% 14.3x 0.81x 7.2x 0.89x 9.1x

Mean 85.7% $6,218 $1,553 $875 $6,896 $8,725 $844 3.4% 4.3% 29.6% 11.4% 19.7x 1.39x 10.5x 1.85x 13.8x

Median 82.0% $5,882 $1,004 $967 $5,954 $7,326 $509 (2.1%) 1.9% 27.6% 10.7% 17.2x 0.86x 8.1x 0.91x 9.0x

Last Twelve Months (LTM) EV / LTM EV / 2016ERevenue Growth LTM Margins

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


6



Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC 15.26 42.5% 1,044 1,549 37 2,555 2,588 399 (1.5%) 0.1% 35.5% 15.4% 5.8x 0.99x 6.4x 0.97x 4.9x

H&R Block, Inc. HRB 23.39 62.6% 5,125 1,493 430 6,187 3,026 797 (1.9%) 1.0% 44.9% 26.3% 18.1x 2.04x 7.8x 2.07x 7.0x

Planet Fitness, Inc. Class A PLNT 20.76 82.7% 1,263 482 68 1,677 368 147 31.4% 32.0% 42.4% 40.0% 33.0x 4.56x 11.4x NA NA

Regis Corporation RGS 14.21 82.4% 657 120 149 629 1,772 87 (2.8%) (3.7%) 38.3% 4.9% NA 0.35x 7.3x 0.32x 5.6x

Realogy Holdings Corp. RLGY 24.29 57.0% 3,464 3,725 234 6,955 5,765 640 1.4% 3.1% 19.3% 11.1% 21.7x 1.21x 10.9x 1.32x 8.8x

Serv iceMaster Global Holdings, Inc. SERV 38.29 90.7% 5,160 2,785 256 7,689 2,714 630 5.6% (4.9%) 45.9% 23.2% 37.5x 2.83x 12.2x 3.35x 16.6x

Winmark Corporation WINA 116.10 98.8% 479 48 1 525 66 38 (3.7%) 6.3% 92.1% 57.3% 23.1x 7.93x 13.8x NA NA

Mean 73.8% $2,456 $1,457 $168 $3,745 $2,328 $391 4.1% 4.9% 45.5% 25.5% 23.2x 2.85x 10.0x 1.61x 8.6x

Median 82.4% $1,263 $1,493 $149 $2,555 $2,588 $399 (1.5%) 1.0% 42.4% 23.2% 22.4x 2.04x 10.9x 1.32x 7.0x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 3.55 55.7% 57 116 0 173 403 17 (3.8%) 7.9% 24.7% 4.2% NA 0.43x 10.2x 0.50x NA

HNI Corporation HNI 53.49 93.9% 2,378 237 35 2,580 2,219 255 (5.7%) 2.7% 37.8% 11.5% 22.8x 1.16x 10.1x 1.25x 16.8x

Hooker Furniture Corporation HOFT 27.00 75.1% 312 50 39 324 384 34 54.1% 19.0% 23.1% 8.9% 18.2x 0.84x 9.5x 1.42x 21.5x

Kimball International, Inc. Class B KBAL 15.65 100.0% 623 0 63 561 654 61 59.7% (19.1%) 32.3% 9.3% 22.4x 0.86x 9.2x 0.45x NA

Knoll, Inc. KNL 26.41 98.7% 1,297 193 11 1,479 1,177 155 8.4% 10.1% 38.1% 13.2% 17.4x 1.26x 9.5x 1.71x 19.7x

Leggett & Platt, Incorporated LEG 49.25 90.2% 6,584 1,056 317 7,323 3,801 610 (3.2%) 0.9% 24.2% 16.1% 18.0x 1.93x 12.0x 1.95x 15.5x

LaZBoy Incorporated LZB 27.65 88.6% 1,360 1 141 1,219 1,525 154 5.9% 4.1% 38.9% 10.1% 17.7x 0.80x 7.9x 0.90x 11.2x

Herman Miller, Inc. MLHR $33.95 93.1% $2,037 $234 $73 $2,198 $2,298 $264 4.6% 8.6% 38.6% 11.5% 14.8x 0.96x NM 1.20x 11.1x

Steelcase Inc. Class A SCS 16.05 78.8% 1,899 299 198 2,000 3,012 252 (2.0%) 1.6% 32.9% 8.4% 11.6x 0.66x 7.9x 0.67x 8.3x

Tempur Sealy International Inc TPX 63.42 77.0% 3,672 1,685 89 5,268 3,125 447 (0.1%) 13.7% 41.3% 14.3% 30.3x 1.69x 11.8x 2.14x 14.1x

Mean 85.1% $2,022 $387 $97 $2,312 $1,860 $225 11.8% 5.0% 33.2% 10.7% 19.2x 1.06x 9.8x 1.22x 14.8x

Median 89.4% $1,629 $214 $68 $1,739 $1,872 $204 2.2% 6.0% 35.4% 10.8% 18.0x 0.91x 9.5x 1.22x 14.8x

Household Products

Church & Dwight Co., Inc. CHD 44.86 83.6% 11,601 930 232 12,299 3,471 815 2.5% 2.9% 45.5% 23.5% 25.8x 3.54x 15.1x 3.85x 17.3x

Colgate-Palmolive Company CL $66.33 88.0% $58,957 $6,523 $1,543 $63,937 $15,373 $4,402 (6.0%) (3.9%) 59.7% 28.6% 43.1x 4.16x 14.5x 3.67x 13.9x

Clorox Company CLX 116.26 82.8% 14,968 2,407 408 16,967 5,814 1,230 2.1% 1.0% 45.0% 21.2% 23.4x 2.92x 13.8x 3.03x 14.6x

Prestige Brands Holdings, Inc. PBH 48.98 84.3% 2,593 1,480 30 4,042 833 295 6.0% 10.0% 54.9% 35.4% 38.0x 4.85x 13.7x 6.71x 19.3x

Procter & Gamble Company PG 82.76 91.6% 221,465 31,125 15,941 236,649 65,290 17,525 (9.3%) (8.3%) 50.8% 26.8% 23.0x 3.62x 13.5x 2.83x 12.4x

Mean 86.1% $61,917 $8,493 $3,631 $66,779 $18,156 $4,853 (1.0%) 0.3% 51.2% 27.1% 30.6x 3.82x 14.1x 4.02x 15.5x

Median 84.3% $14,968 $2,407 $408 $16,967 $5,814 $1,230 2.1% 1.0% 50.8% 26.8% 25.8x 3.62x 13.8x 3.67x 14.6x

Housewares

Fiskars Oyj Abp FIS1V-FI 17.76 86.1% 1,455 275 526 1,204 1,326 110 18.1% 9.3% 40.1% 8.3% 15.4x 0.91x 10.9x 1.09x 9.2x

Helen of Troy Limited HELE 88.20 82.8% 2,459 549 26 2,981 1,547 212 1.3% 5.3% 42.7% 13.7% 24.1x 1.93x 14.1x 2.27x 15.4x

Jarden Corporation JAH 0.00 0.0% 0 6,381 1,298 5,083 8,603 965 3.8% 8.7% 30.9% 11.2% NA 0.59x 5.3x 0.69x 5.4x

Libbey Inc. LBY 19.17 74.5% 419 414 43 790 810 85 (3.3%) (0.4%) 20.2% 10.5% 9.5x 0.98x 9.3x 0.96x 5.9x

Lifetime Brands, Inc. LCUT 16.65 93.5% 240 141 6 375 585 39 (1.2%) 5.9% 36.0% 6.6% 19.8x 0.64x 9.6x 0.75x 9.4x

NACCO Industries, Inc. Class A NC 95.85 99.4% 650 137 44 743 859 9 (7.3%) (2.9%) 21.5% 1.0% 28.4x 0.86x 85.1x NA NA

Newell Brands Inc NWL 48.10 86.7% 23,203 12,748 670 35,281 10,689 1,091 81.8% 23.2% 32.4% 10.2% NM 3.30x 32.4x 6.20x 38.4x

Safety-Kleen, Inc. SK 0.20 86.5% 0 224 40 184 1,284 130 19.6% 1.4% 11.2% 10.1% 0.1x 0.14x 1.4x NA NA

Spectrum Brands Holdings, Inc. SPB 123.22 88.7% 7,321 3,620 275 10,665 5,040 899 7.5% 7.3% 38.2% 17.8% 20.6x 2.12x 11.9x 2.56x 16.0x

Tupperware Brands Corporation TUP 59.11 88.4% 2,989 807 99 3,697 2,204 368 (7.1%) (6.1%) 67.4% 16.7% 14.8x 1.68x 10.0x 1.38x 7.8x

Mean 78.7% $3,873 $2,529 $303 $6,100 $3,295 $391 11.3% 5.1% 34.1% 10.6% 16.6x 1.31x 19.0x 1.99x 13.4x

Median 86.6% $1,052 $481 $71 $2,092 $1,436 $171 2.6% 5.6% 34.2% 10.3% 17.6x 0.94x 10.5x 1.24x 9.3x

Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2016ERevenue Growth

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Infant & Juvenile

Carter's, Inc. CRI 93.22 82.8% 4,602 581 141 5,042 3,132 434 3.8% 7.0% 42.5% 13.8% 19.8x 1.61x 11.6x 1.91x 13.4x

Crown Crafts, Inc. CRWS 7.65 74.7% 77 0 10 67 77 11 (12.7%) (1.3%) 27.4% 14.9% 12.0x 0.86x 5.8x 0.83x 6.3x

Dorel Industries Inc. Class B DII.B 28.39 95.3% 916 518 42 1,392 2,623 176 (3.4%) 2.7% 22.1% 6.7% NM 0.53x 7.9x 0.57x 8.3x

Hasbro, Inc. HAS 86.26 97.4% 10,764 1,727 854 11,637 4,848 898 13.1% 5.9% 51.0% 18.5% 20.5x 2.40x 13.0x 2.85x 15.6x

JAKKS Pacific, Inc. JAKK 7.00 71.8% 140 208 48 300 703 34 (15.9%) 3.8% 31.4% 4.9% 38.9x 0.43x 8.8x 0.47x NM

Mattel, Inc. MAT 31.46 90.5% 10,761 2,433 297 12,897 5,622 1,012 (1.3%) (5.3%) 49.2% 18.0% 30.0x 2.29x 12.7x 1.99x 9.4x

Mothercare plc MTC-GB 1.39 36.3% 238 0 37 201 1,028 70 (10.6%) (4.6%) 8.9% 6.8% 24.3x 0.20x 2.9x 0.17x 3.5x

Newell Brands Inc NWL 48.10 86.7% 23,203 12,748 670 35,281 10,689 1,091 81.8% 23.2% 32.4% 10.2% NM 3.30x 32.4x 6.20x 38.4x

Children's Place, Inc. PLCE 104.35 99.1% 1,915 44 246 1,713 1,745 195 0.4% (1.3%) 33.3% 11.1% 26.4x 0.98x 8.8x 0.97x 9.7x

Goodbaby International Holdings Ltd. 1086-HK 0.50 78.7% 554 204 134 623 835 61 (9.5%) 14.5% 31.9% 7.3% 19.2x 0.75x 10.2x 1.15x 18.0x

Summer Infant, Inc. SUMR 2.00 82.0% 37 48 1 84 201 11 (2.4%) (3.2%) 29.7% 5.4% NA 0.42x 7.8x 0.41x 11.4x

Tomy Company, Ltd. 7867-JP 9.79 85.9% 943 706 370 1,279 1,449 118 13.2% (9.0%) 34.7% 8.1% NA 0.88x 10.9x 0.83x 11.2x

Mean 81.8% $4,513 $1,601 $237 $5,876 $2,746 $343 4.7% 2.7% 32.9% 10.5% 23.9x 1.22x 11.1x 1.53x 13.2x

Median 84.3% $930 $363 $137 $1,335 $1,597 $147 (1.9%) 0.7% 32.2% 9.2% 22.4x 0.87x 9.5x 0.90x 11.2x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $16.11 71.5% $210 $74 $9 $275 $557 ($49) (12.7%) (6.9%) 8.9% NM NA 0.49x NM 0.38x 3.7x

Brunswick Corporation BC 47.71 85.7% 4,279 452 451 4,281 4,392 478 8.2% 5.1% 27.3% 10.9% 17.7x 0.97x 9.0x 1.10x 10.5x

Black Diamond, Inc. BDE 6.00 94.5% 180 21 96 106 150 (4) (9.8%) (7.7%) 27.9% NM NA 0.71x NM 0.52x 13.6x

Columbia Sportswear Company COLM 59.90 95.2% 4,181 15 220 3,976 2,359 291 2.4% 12.6% 43.7% 12.4% 24.9x 1.69x 13.6x 2.36x 21.9x

Callaway Golf Company ELY 12.50 100.0% 1,176 1 125 1,052 862 49 4.4% 1.0% 43.4% 5.7% 36.8x 1.22x NM 1.25x 32.3x

Escalade, Incorporated ESCA 14.45 99.3% 207 37 4 240 166 17 8.6% 1.6% 25.0% 10.4% 18.8x 1.45x 13.9x NA NA

Fox Factory Holding Corp. FOXF 24.40 98.8% 899 73 16 956 387 58 12.2% 13.6% 31.9% 15.0% 28.0x 2.47x 16.5x 3.51x 19.3x

GoPro, Inc. Class A GPRO 9.79 46.8% 1,376 0 225 1,151 1,081 (324) (40.5%) 27.2% 38.6% NM NA 1.06x NM 1.17x 9.0x

Amer Sports Oyj Class A AMEAS-FI 26.79 84.3% 3,175 1,025 275 3,925 2,900 286 1.4% 1.9% 44.8% 9.9% 21.5x 1.35x 13.7x 1.33x 14.5x

Rapala VMC Oyj RAP1V-FI 4.51 81.7% 176 134 12 298 306 37 (15.5%) (6.4%) 26.1% 12.0% 23.9x 0.97x 8.1x 0.75x 6.4x

Harley-Davidson, Inc. HOG 59.75 97.4% 10,562 6,926 860 16,628 6,066 1,452 0.9% 1.0% 40.0% 23.9% 15.6x 2.74x 11.4x 3.16x 12.3x

Johnson Outdoors Inc. Class A JOUT 41.51 96.3% 416 7 76 348 444 48 3.4% 1.6% 40.8% 10.7% 24.3x 0.78x 7.3x 0.82x NA

Malibu Boats Inc Class A MBUU 17.79 98.4% 315 56 16 355 258 41 8.2% 13.3% 27.8% 16.0% 17.6x 1.38x 8.6x NA NA

Marine Products Corporation MPX 10.74 91.5% 412 0 17 395 234 25 20.2% 12.9% 21.1% 10.5% 23.9x 1.69x NM 2.35x 36.8x

Nautilus, Inc. NLS 17.50 70.0% 545 68 59 553 389 56 21.1% 23.5% 52.5% 14.5% 17.0x 1.42x 9.8x 2.53x 28.9x

Polaris Industries Inc. PII 87.67 81.5% 5,617 437 123 5,931 4,278 376 (14.7%) 6.0% 22.8% 8.8% 22.1x 1.39x 15.8x 1.57x 9.0x

Sturm, Ruger & Company, Inc. RGR 53.30 68.3% 1,011 0 101 910 655 164 25.6% 0.3% 32.7% 25.0% 12.2x 1.39x 5.6x 1.32x 4.6x

Smith & Wesson Holding Corporation SWHC 24.01 77.0% 1,351 172 215 1,308 782 219 37.8% 7.9% 39.4% 28.0% 12.1x 1.67x 6.0x 2.13x 7.8x

Shimano Inc. 7309-JP 166.30 94.4% 15,419 82 1,710 13,791 2,955 741 (7.1%) 1.1% 40.7% 25.1% 35.9x 4.67x 18.6x 5.35x 28.1x

Vista Outdoor Inc VSTO 40.28 74.7% 2,369 1,121 48 3,442 2,519 362 22.4% 28.2% 27.3% 14.4% 13.5x 1.37x 9.5x NA NA

Mean 85.4% $2,694 $535 $233 $2,996 $1,587 $216 3.8% 6.9% 33.1% 14.9% 21.5x 1.54x 11.2x 1.86x 16.2x

Median 88.6% $1,094 $70 $99 $1,004 $718 $57 3.9% 3.5% 32.3% 12.4% 21.5x 1.38x 9.8x 1.33x 13.0x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2016E

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Personal Care Products

Avon Products, Inc. AVP 5.58 80.2% 2,441 2,338 902 3,878 5,026 456 (34.1%) (21.2%) 60.1% 9.1% NA 0.77x 8.5x 0.39x 3.8x

Estee Lauder Companies Inc. Class A EL 77.73 79.7% 28,483 2,500 1,189 29,794 11,293 2,253 2.8% 3.1% 80.7% 20.0% 26.5x 2.64x 13.2x 2.82x 14.5x

Herbalife Ltd. HLF 51.56 71.4% 4,798 1,443 788 5,452 4,542 515 0.8% (0.5%) 78.8% 11.3% 18.1x 1.20x 10.6x 1.13x 6.3x

Kimberly-Clark Corporation KMB 114.54 82.5% 41,023 7,648 884 47,787 18,197 4,101 2.7% (4.9%) 36.3% 22.5% 20.8x 2.63x 11.7x 2.26x 11.4x

Medifast, Inc. MED 41.38 98.2% 490 0 82 408 273 39 7.1% (9.0%) 74.5% 14.3% 28.1x 1.49x 10.5x 1.14x 7.7x

Nu Skin Enterprises, Inc. Class A NUS 54.46 82.5% 2,965 430 533 2,862 2,249 338 (1.6%) (6.4%) 78.6% 15.0% 22.0x 1.27x 8.5x 0.90x 4.9x

Procter & Gamble Company PG 82.76 91.6% 221,465 31,125 15,941 236,649 65,290 17,525 (9.3%) (8.3%) 50.8% 26.8% 23.0x 3.62x 13.5x 2.83x 12.4x

Elizabeth Arden, Inc. RDEN 13.98 98.9% 0 422 45 377 966 15 0.0% (10.4%) 40.6% 1.5% NA 0.39x 25.2x 0.30x 3.8x

Revlon, Inc. Class A REV 28.95 76.2% 1,520 2,761 99 4,182 2,055 370 8.5% 13.3% 59.6% 18.0% 38.6x 2.03x 11.3x 2.80x 16.0x

Sally Beauty Holdings, Inc. SBH 26.75 81.2% 3,855 1,784 87 5,552 3,953 614 3.1% 3.0% 47.2% 15.5% 17.8x 1.40x 9.0x 1.52x 9.3x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 258.39 92.7% 16,116 0 304 15,812 4,322 757 22.1% 20.9% 35.9% 17.5% 45.5x 3.66x 20.9x 6.01x 37.2x

USANA Health Sciences, Inc. USNA 125.45 83.6% 1,530 1 135 1,396 986 155 7.9% 12.1% 36.5% 15.7% 15.5x 1.42x 9.0x 1.94x 11.1x

All for One Steeb AG A1OS-DE $56.13 67.5% $280 $26 $29 $276 $288 $29 0.5% 7.5% 19.4% 10.0% 21.9x 0.96x 9.6x 1.03x NA

Mean 83.6% $24,997 $3,883 $1,617 $27,264 $9,188 $2,090 0.8% (0.1%) 53.8% 15.2% 25.3x 1.81x 12.4x 1.93x 11.5x

Median 82.5% $2,965 $1,443 $304 $4,182 $3,953 $456 2.7% (0.5%) 50.8% 15.5% 22.0x 1.42x 10.6x 1.52x 10.2x

Pet Care

Blue Buffalo Pet Products Inc BUFF 23.22 84.4% 4,561 384 316 4,629 1,120 252 12.0% 28.9% 44.2% 22.5% 43.8x 4.13x 18.4x NA NA

Central Garden & Pet Company CENT $29.72 99.1% $1,449 $395 $52 $1,792 $1,802 $163 10.0% 2.3% 30.0% 9.0% 33.0x 0.99x 11.0x 1.09x 21.9x

Freshpet Inc FRPT $9.10 77.1% $308 $9 $3 $313 $129 $7 16.9% 43.7% 41.2% 5.8% NA 2.43x 41.8x NA NA

Oil-Dri Corporation of America ODC 38.67 96.6% 260 15 29 246 262 28 0.3% 1.5% 29.4% 10.5% 20.7x 0.94x 8.9x NA NA

Spectrum Brands Holdings, Inc. SPB 123.22 88.7% 7,321 3,620 275 10,665 5,040 899 7.5% 7.3% 38.2% 17.8% 20.6x 2.12x 11.9x 2.56x 16.0x

Maabarot Products Ltd. MABR-IL 15.06 93.8% 148 3 48 103 89 8 (5.5%) (2.6%) 41.7% 9.2% 19.7x 1.16x 12.6x NA NA

Echo Trading Co., Ltd. 7427-JP 5.91 89.8% 36 40 30 45 680 0 8.1% (6.6%) 11.7% 0.0% 12.5x 0.07x 458.9x 0.06x NA

Unicharm Corporation 8113-JP 21.28 80.3% 13,214 656 1,289 12,581 6,377 999 4.6% 2.5% 46.0% 15.7% 27.7x 1.97x 12.6x 2.30x 14.5x

Mean 88.7% $3,412 $640 $255 $3,797 $1,937 $295 6.7% 9.6% 35.3% 11.3% 25.4x 1.73x 72.0x 1.50x 17.5x

Median 89.3% $878 $212 $50 $1,053 $900 $95 7.8% 2.4% 39.7% 9.8% 20.7x 1.56x 12.6x 1.70x 16.0x

LTM MarginsLast Twelve Months (LTM) EV / 2016ERevenue Growth EV / LTM

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($ in millions, except per share data) Ticker 11/22/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

LTM MarginsLast Twelve Months (LTM) EV / 2016ERevenue Growth EV / LTM

Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 18.82 96.3% 3,421 0 248 3,173 3,597 507 5.1% 1.6% 33.5% 14.1% 15.2x 0.88x 6.3x 0.96x 8.5x

Abercrombie & Fitch Co. Class A ANF $15.49 47.2% $1,048 $337 $456 $930 $3,460 $293 (2.8%) (7.9%) 55.7% 8.5% 23.8x 0.27x 3.2x 0.22x 2.0x

Arcandor AG ARO-DE 0.02 45.6% 5 4,963 1,077 3,890 29,669 (570) 8.5% 14.7% 15.9% NM NA 0.13x NM NA NA

Ascena Retail Group, Inc. ASNA 6.70 52.1% 1,304 1,649 374 2,579 6,995 551 45.6% 14.1% 50.9% 7.9% NA 0.37x 4.7x 0.54x 5.4x

Buckle, Inc. BKE 25.85 73.8% 1,257 0 207 1,050 1,068 233 (7.4%) (2.4%) 41.9% 21.8% 9.6x 0.98x 4.5x 0.93x 3.6x

Cabela's Incorporated CAB 62.02 97.5% 4,247 5,966 485 9,728 4,199 455 8.7% 5.9% 37.8% 10.8% 25.6x 2.32x 21.4x 2.70x 21.2x

Caleres, Inc. CAL 28.45 89.6% 1,221 197 166 1,252 2,545 185 (1.5%) (0.5%) 41.0% 7.3% 15.1x 0.49x 6.8x 0.50x 7.9x

Cato Corporation Class A CATO 32.42 80.0% 901 0 310 591 1,003 114 1.2% 2.3% 36.6% 11.3% 12.6x 0.59x 5.2x 0.64x 5.7x

Chico's FAS, Inc. CHS 15.85 98.6% 2,048 85 131 2,002 2,503 263 (6.3%) (1.6%) 42.0% 10.5% NM 0.80x 7.6x 0.77x 5.9x

Citi Trends, Inc. CTRN 19.15 78.5% 285 0 77 208 684 37 (0.4%) 2.0% 36.1% 5.4% 22.0x 0.30x 5.7x 0.33x 9.8x

Destination Maternity Corporation DEST 7.08 69.1% 99 43 3 140 469 20 22.4% (4.5%) 51.5% 4.4% NA 0.30x 6.8x 0.28x NA

DSW Inc. Class A DSW 24.90 84.3% 2,048 0 174 1,874 2,678 250 3.3% 4.4% 28.2% 9.3% 19.8x 0.70x 7.5x 0.79x 5.6x

Destination XL Group, Inc. DXLG 4.10 69.7% 208 83 6 285 452 32 3.1% 4.6% 39.1% 7.1% NA 0.63x 8.9x 0.73x 24.3x

Express, Inc. EXPR 13.94 64.6% 1,093 69 120 1,042 2,320 264 2.6% 1.9% 33.3% 11.4% 11.0x 0.45x 3.9x 0.47x 3.6x

Finish Line, Inc. Class A FINL 23.70 96.7% 961 0 114 847 1,925 116 2.8% 8.0% 26.8% 6.0% NM 0.44x 7.3x 0.52x 5.2x

Foot Locker, Inc. FL 73.33 98.4% 9,771 129 945 8,955 7,568 1,119 4.3% 6.1% 31.8% 14.8% 18.2x 1.18x 8.0x 1.38x 11.2x

Genesco Inc. GCO 68.25 92.0% 1,408 175 41 1,541 2,980 238 1.7% 4.3% 48.4% 8.0% 14.9x 0.52x 6.5x 0.59x 5.9x

Guess?, Inc. GES 16.07 70.4% 1,356 24 415 965 2,173 149 (6.0%) (6.2%) 34.3% 6.9% 20.3x 0.44x 6.5x 0.37x 3.0x

Gap, Inc. GPS 25.87 84.2% 10,309 1,745 1,681 10,373 15,531 1,852 (4.3%) (1.4%) 35.1% 11.9% 14.6x 0.67x 5.6x 0.64x 4.0x

L Brands, Inc. LB 70.83 71.0% 20,255 5,719 1,273 24,701 12,381 2,662 6.1% 5.0% 42.0% 21.5% 17.3x 2.00x 9.3x 2.30x 11.7x

Lululemon Athletica Inc LULU 58.24 71.2% 7,982 0 535 7,446 2,194 434 15.6% 13.7% 48.9% 19.8% 30.0x 3.39x 17.1x 4.74x 17.0x

Tailored Brands, Inc. TLRD 18.57 86.8% 904 1,614 11 2,507 3,430 338 (5.4%) 11.1% 41.9% 9.8% NM 0.73x 7.4x 1.01x 9.6x

New York & Company, Inc. NWY 2.07 49.9% 134 13 64 83 940 15 0.3% (0.8%) 27.7% 1.6% NA 0.09x 5.4x 0.09x 2.3x

Children's Place, Inc. PLCE 104.35 99.1% 1,915 44 246 1,713 1,745 195 0.4% (1.3%) 33.3% 11.1% 26.4x 0.98x 8.8x 0.97x 9.7x

Pacific Sunwear of California, Inc. PSUN 0.01 1.8% 0 132 11 121 800 4 (0.2%) (0.2%) 25.6% 0.5% NA 0.15x NM 0.15x 35.6x

Ross Stores, Inc. ROST 68.94 98.8% 27,340 396 945 26,792 12,303 1,980 6.6% 6.7% 28.3% 16.1% 26.2x 2.18x 13.5x 2.63x 17.5x

Shoe Carnival, Inc. SCVL 30.65 99.1% 577 0 42 535 996 72 3.4% 3.5% 29.4% 7.2% 20.9x 0.54x 7.4x 0.61x 8.8x

Stein Mart, Inc. SMRT 5.22 56.6% 245 167 12 401 1,370 72 1.1% 3.0% 25.9% 5.3% 10.9x 0.29x 5.5x 0.32x 5.5x

Stage Stores, Inc. SSI 4.32 43.3% 117 206 21 303 1,525 69 (7.0%) (3.0%) 23.8% 4.5% NA 0.20x 4.4x 0.19x 2.4x

Urban Outfitters, Inc. URBN 39.01 95.6% 4,573 50 302 4,321 3,492 515 1.7% 5.7% 35.8% 14.7% 20.2x 1.24x 8.4x 1.41x 7.8x

Zumiez Inc. ZUMZ 25.00 97.7% 621 0 52 568 798 63 (3.8%) 3.9% 27.4% 8.0% 35.2x 0.71x 9.0x 0.79x 5.8x

Mean 76.1% $3,473 $768 $340 $3,901 $4,316 $404 3.2% 3.0% 35.8% 9.9% 19.5x 0.81x 7.7x 0.95x 9.2x

Median 80.0% $1,221 $83 $174 $1,252 $2,320 $233 1.7% 3.0% 35.1% 8.9% 19.8x 0.59x 6.8x 0.64x 5.9x

Department Chains

Bon-Ton Stores, Inc. BONT $1.67 39.8% $37 $949 $7 $979 $2,758 $110 (2.2%) (1.5%) 32.9% 4.0% NA 0.35x 8.9x 0.34x 5.9x

Dillard's, Inc. Class A DDS 73.51 83.0% 2,515 821 128 3,208 6,618 633 (4.3%) (0.6%) 31.2% 9.6% 12.2x 0.48x 5.1x 0.48x 4.0x

J. C. Penney Company, Inc. JCP 9.72 81.1% 2,992 4,725 429 7,288 12,622 778 1.9% 1.4% 31.1% 6.2% NA 0.58x 9.4x 0.61x NM

Nordstrom, Inc. JWN 57.90 92.2% 10,028 2,782 892 11,918 14,421 1,459 2.3% 5.0% 35.5% 10.1% 24.7x 0.83x 8.2x 0.95x 6.6x

Kohl's Corporation KSS 55.66 97.2% 9,996 4,629 700 13,925 18,968 2,392 (0.7%) (0.6%) 31.0% 12.6% 18.4x 0.73x 5.8x 0.73x 5.3x

Macy's Inc M 44.46 97.7% 13,591 7,630 1,000 20,221 26,380 2,957 (5.4%) (1.8%) 35.1% 11.2% 18.2x 0.77x 6.8x 0.72x 5.4x

Stage Stores, Inc. SSI 4.32 43.3% 117 206 21 303 1,525 69 (7.0%) (3.0%) 23.8% 4.5% NA 0.20x 4.4x 0.19x 2.4x

Hudson's Bay Co. HBC-CA 10.64 65.2% 1,939 3,124 87 4,976 10,314 627 41.1% 35.7% 36.9% 6.1% 18.1x 0.48x 7.9x 1.03x 13.5x

Mean 74.9% $5,152 $3,108 $408 $7,852 $11,701 $1,128 3.2% 4.3% 32.2% 8.0% 18.3x 0.55x 7.1x 0.63x 6.2x

Median 82.0% $2,754 $2,953 $279 $6,132 $11,468 $706 (1.5%) (0.6%) 32.0% 7.9% 18.2x 0.53x 7.4x 0.67x 5.4x

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Discount Stores & Mass Merchants

Big Lots, Inc. BIG 53.02 94.2% 2,360 258 58 2,560 5,216 385 0.5% (1.3%) 37.8% 7.4% 16.8x 0.49x 6.7x 0.48x 8.3x

Costco Wholesale Corporation COST 152.67 89.9% 66,736 5,535 4,729 67,542 118,719 4,927 2.2% 4.1% 13.3% 4.2% 28.6x 0.57x 13.7x 0.63x 16.5x

CVS Health Corporation CVS 73.59 69.0% 78,479 26,733 2,263 102,949 172,701 12,839 15.8% 11.3% 16.5% 7.4% 15.8x 0.60x 8.0x 0.81x 10.5x

Dollar General Corporation DG 79.30 81.9% 22,342 3,058 185 25,215 21,011 2,403 6.8% 7.7% 31.0% 11.4% 18.6x 1.20x 10.5x 1.45x 12.3x

Dollar Tree, Inc. DLTR 88.68 88.7% 20,909 7,301 1,097 27,113 20,393 2,152 109.0% 38.4% 30.0% 10.6% 28.6x 1.33x 12.6x 3.48x 23.5x

Gordmans Stores, Inc. GMAN 0.77 22.5% 15 63 9 69 642 6 (1.0%) 1.1% 38.6% 1.0% NA 0.11x 10.8x 0.11x 2.6x

PriceSmart, Inc. PSMT 91.00 92.4% 2,766 105 200 2,671 2,905 178 3.7% 8.1% 15.7% 6.1% 31.2x 0.92x 15.0x 1.13x 16.7x

Rite Aid Corporation RAD 7.65 92.2% 8,049 7,245 142 15,151 32,638 1,249 17.2% 8.9% 24.1% 3.8% NM 0.46x 12.1x 0.59x 11.8x

Target Corporation TGT 77.87 92.5% 43,894 12,710 1,480 55,124 71,603 7,368 (1.5%) (0.9%) 26.6% 10.3% 14.6x 0.77x 7.5x 0.76x 8.7x

TJX Companies Inc TJX 79.31 94.8% 52,079 1,616 2,225 51,470 32,140 4,446 7.5% 6.3% 28.9% 13.8% 23.1x 1.60x 11.6x 1.89x 13.3x

Tuesday Morning Corporation TUES 5.20 56.3% 234 33 6 261 966 25 6.6% 4.4% 35.9% 2.6% NM 0.27x NM 0.31x NA

Walgreens Boots Alliance Inc WBA 83.92 96.4% 90,909 19,028 10,024 99,913 117,351 8,392 13.4% 17.6% 24.0% 7.2% 22.0x 0.85x 11.9x 1.36x 18.0x

Wal-Mart Stores, Inc. WMT 70.12 93.3% 216,899 47,491 7,676 256,714 483,298 32,962 (0.5%) 0.7% 25.4% 6.8% 15.1x 0.53x 7.8x 0.54x 7.0x

Mean 81.9% $46,590 $10,090 $2,315 $54,366 $83,045 $5,949 13.8% 8.2% 26.8% 7.1% 21.4x 0.75x 10.7x 1.04x 12.4x

Median 92.2% $22,342 $5,535 $1,097 $27,113 $32,140 $2,403 6.6% 6.3% 26.6% 7.2% 20.3x 0.60x 11.2x 0.76x 12.0x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $29.64 100.0% $2,117 $496 $340 $2,273 $3,234 $1,659 3.7% 12.8% 47.5% 51.3% 15.5x 0.70x 1.4x 1.02x 8.3x

Bed Bath & Beyond Inc. BBBY 45.73 82.2% 6,955 1,491 578 7,868 12,096 1,574 0.7% 1.6% 37.8% 13.0% 9.4x 0.65x 5.0x 0.69x 4.3x

Conn's, Inc. CONN 11.65 41.6% 359 1,183 87 1,455 1,639 93 5.2% 18.8% 46.1% 5.7% NA 0.89x 15.7x 1.25x 8.3x

Ethan Allen Interiors Inc. ETH 35.50 96.5% 982 41 69 953 797 106 5.7% 3.3% 56.0% 13.3% 18.2x 1.20x 9.0x 1.29x 10.8x

hhgregg, Inc. HGG 1.62 37.2% 45 0 1 44 1,910 (6) (8.1%) (8.5%) 26.9% NM NA 0.02x NM 0.02x 0.8x

Haverty Furniture Companies, Inc. HVT 22.00 89.6% 464 56 84 436 817 71 1.9% 3.7% 53.7% 8.6% 18.3x 0.53x 6.2x 0.58x 5.9x

Kirkland's, Inc. KIRK 15.06 82.8% 239 0 30 210 581 45 9.8% 8.3% 33.8% 7.8% 19.8x 0.36x 4.6x 0.46x 5.4x

LaZBoy Incorporated LZB 27.65 88.6% 1,360 1 141 1,219 1,525 154 5.9% 4.1% 38.9% 10.1% 17.7x 0.80x 7.9x 0.90x 11.2x

Pier 1 Imports, Inc. PIR 6.21 80.6% 516 222 38 699 1,854 100 (1.9%) 1.6% 34.0% 5.4% 27.0x 0.38x 7.0x 0.40x 3.1x

Rent-A-Center Inc RCII 12.30 70.0% 654 725 130 1,248 3,073 959 (5.9%) (0.2%) 37.9% 31.2% NA 0.41x 1.3x 0.40x 3.7x

Restoration Hardware Holdings, Inc. RH 37.25 39.3% 1,516 560 209 1,868 2,178 204 9.1% 16.8% 34.0% 9.4% 33.3x 0.86x 9.1x 1.23x 13.0x

Select Comfort Corporation SCSS 23.78 83.9% 1,069 0 51 1,017 1,213 91 (8.2%) 8.5% 61.2% 7.5% NM 0.84x 11.2x 1.06x 8.4x

Sherwin-Williams Company SHW 268.78 86.0% 24,972 1,962 703 26,231 11,678 1,967 3.3% 5.5% 50.6% 16.8% 22.5x 2.25x 13.3x 2.58x 19.2x

Williams-Sonoma, Inc. WSM 54.93 84.0% 4,835 125 111 4,848 5,075 665 4.8% 6.3% 36.7% 13.1% 16.5x 0.96x 7.3x 1.11x 8.0x

Mean 75.9% $3,292 $490 $184 $3,598 $3,405 $549 1.8% 5.9% 42.5% 14.9% 19.8x 0.77x 7.6x 0.93x 7.9x

Median 83.4% $1,025 $173 $99 $1,234 $1,882 $130 3.5% 4.8% 38.4% 10.1% 18.3x 0.75x 7.3x 0.96x 8.1x

EV / 2016ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


11



Internet Retail

Amazon.com, Inc. AMZN 785.33 92.7% 373,163 18,988 18,815 373,336 127,993 11,131 27.2% 22.2% 34.6% 8.7% NM 2.92x 33.5x 5.01x 72.5x

Alibaba Group Holding Ltd. Sponsored ADR BABA $93.21 84.8% $226,516 $13,208 $16,674 $223,051 $19,164 $6,820 38.7% 41.3% 60.5% 35.6% 46.0x 11.64x 32.7x NA NA

Cimpress N.V. CMPR 86.32 82.9% 2,730 831 61 3,500 1,856 206 20.8% 15.9% 55.2% 11.1% NM 1.89x NM 2.87x 20.9x

eBay Inc. EBAY 29.06 87.6% 32,487 9,031 8,045 33,473 8,906 2,925 (20.3%) (16.9%) 77.5% 32.8% 18.8x 3.76x 11.4x 2.09x 6.2x

MercadoLibre, Inc. MELI 164.95 85.2% 7,284 306 472 7,118 769 191 21.6% 20.3% 61.0% 24.8% NM 9.26x NM 15.06x 42.0x

Blue Nile, Inc. NILE 40.39 97.6% 472 0 41 432 472 19 (3.2%) 2.3% 19.6% 4.0% 49.9x 0.92x 23.0x 0.96x 20.0x

Overstock.com, Inc. OSTK 17.85 98.9% 453 50 125 378 1,754 15 6.4% 12.0% 16.3% 0.9% 48.2x 0.22x 24.9x 0.29x 11.6x

Priceline Group Inc PCLN 1,535.42 95.9% 75,891 7,343 4,379 78,855 10,395 4,015 14.7% 17.3% 89.5% 38.6% 39.1x 7.59x 19.6x 11.61x 29.5x

Shutterfly, Inc. SFLY 51.63 94.6% 1,753 401 93 2,061 1,121 150 12.7% 15.7% 49.5% 13.4% 38.8x 1.84x 13.8x 2.63x 13.6x

Stamps.com Inc. STMP 112.00 90.5% 1,910 165 84 1,990 328 119 76.6% 37.8% 78.6% 36.3% 44.6x 6.06x 16.7x 15.57x 48.6x

Rakuten, Inc. 4755-JP 10.27 71.4% 14,707 6,879 5,899 15,687 6,730 1,394 16.1% 6.8% 70.5% 20.7% 35.7x 2.33x 11.3x 3.18x 14.1x

Wayfair, Inc. Class A W 34.92 69.8% 2,987 29 293 2,723 3,136 (121) 63.4% 73.4% 23.8% NM NA 0.87x NM NA NA

Mean 87.7% $61,696 $4,769 $4,582 $61,884 $15,219 $2,239 22.9% 20.7% 53.1% 20.6% 40.1x 4.11x 20.8x 5.93x 27.9x

Median 89.0% $5,135 $616 $382 $5,309 $2,496 $199 18.5% 16.6% 57.8% 20.7% 41.9x 2.62x 19.6x 3.03x 20.5x

Specialty & Other Retail

Best Buy Co., Inc. BBY 46.60 99.2% 14,785 1,384 3,640 12,529 39,418 2,236 (0.2%) (1.8%) 23.5% 5.7% 15.3x 0.32x 5.6x 0.29x 6.6x

Big 5 Sporting Goods Corporation BGFV 19.70 96.8% 431 27 5 452 1,030 43 2.5% 1.4% 31.4% 4.2% 31.8x 0.44x 10.6x 0.46x 6.6x

Barnes & Noble, Inc. BKS $12.65 92.8% $926 $191 $11 $1,106 $4,063 $158 (19.0%) (14.8%) 28.6% 3.9% NM 0.27x NM 0.17x 6.5x

Dick's Sporting Goods, Inc. DKS 60.11 95.6% 6,771 266 85 6,952 7,679 725 6.8% 8.1% 30.2% 9.4% 20.9x 0.91x 9.6x 1.12x 10.0x

Home Depot, Inc. HD 130.98 94.2% 159,555 22,881 3,589 178,847 93,368 15,038 7.7% 5.6% 32.3% 16.1% 21.2x 1.92x 11.9x 2.28x 16.6x

Hibbett Sports, Inc. HIBB 41.20 89.9% 906 3 46 863 963 130 3.9% 4.4% 33.6% 13.5% 13.5x 0.90x 6.7x 1.02x 6.8x

MarineMax, Inc. HZO 18.85 85.6% 487 177 56 609 904 47 24.5% 16.5% 24.1% 5.2% 9.4x 0.67x 12.9x 1.02x 38.8x

Lumber Liquidators Holdings, Inc. LL 18.27 90.9% 498 20 9 509 950 (76) (6.4%) (0.1%) 29.4% NM NM 0.54x NM 0.51x 3.7x

Lowe's Companies, Inc. LOW 71.59 85.6% 62,498 15,811 2,156 76,153 61,090 7,057 5.9% 5.6% 32.3% 11.6% 22.9x 1.25x 10.8x 1.43x 13.4x

Movado Group, Inc. MOV 29.50 95.2% 677 38 207 508 573 74 (2.7%) 2.5% 53.8% 13.0% 17.8x 0.89x 6.8x 0.90x 5.9x

Office Depot, Inc. ODP 4.82 60.9% 2,547 1,191 801 2,937 11,773 632 (20.7%) 4.3% 24.2% 5.4% 8.6x 0.25x 4.6x 0.26x 7.5x

Staples, Inc. SPLS 9.83 76.9% 6,395 1,047 1,076 6,366 20,476 1,341 (4.5%) (4.9%) 25.7% 6.5% NA 0.31x 4.7x 0.27x 3.7x

Tiffany & Co. TIF 76.88 93.9% 9,602 1,092 720 9,974 3,975 959 (5.3%) 0.6% 61.5% 24.1% 22.0x 2.51x 10.4x 2.49x 10.4x

Tractor Supply Company TSCO 74.37 76.5% 9,761 321 56 10,027 6,510 809 5.6% 8.9% 32.3% 12.4% 23.6x 1.54x 12.4x 1.94x 16.3x

Vitamin Shoppe, Inc. VSI 25.90 75.3% 617 125 2 740 1,278 127 1.2% 6.8% 29.6% 9.9% 14.9x 0.58x 5.8x 0.68x 5.2x

Mean 87.3% $18,430 $2,972 $831 $20,571 $16,937 $1,953 (0.1%) 2.9% 32.8% 10.1% 18.5x 0.89x 8.7x 0.99x 10.5x

Median 90.9% $2,547 $266 $85 $2,937 $4,063 $632 1.2% 4.3% 30.2% 9.7% 19.4x 0.67x 9.6x 0.90x 6.8x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2016E

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

CONSUMER AND RETAIL


12

Private Equity

Announced Target Seller Buyer Involvement

9/28/2016 Lafayette Puzzle Factory LLC - Cra-Z-Art LLC

9/23/2016 Fanlogic LLC - HeadsUp Entertainment

9/21/2016 Corby LLC - US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. - Visual Promotions LLC

9/13/2016 David Michael & Co., Inc. - International Flavors & Fragrances

9/13/2016 SalonQuest LLC - Conair Corp.

9/12/2016 CID Entertainment LLC - Clearlake Capital Group LP P

9/9/2016 SRP Companies Seidler Equity Partners Aurora Capital Partners

9/6/2016 SharpShooter Imaging LLC - Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. - Vista Outdoor, Inc.

9/1/2016 Amety Ltd. - Park Lawn Corp.

9/1/2016 Jones Media, Inc. - Adams Publishing Group LLC

9/1/2016 New Homes Guide - NewPoint Media Group LLC

9/1/2016 Diversified Industrial Services - Orion Industries

8/31/2016 Focus Products Group International LLC /Kitchen Division/ - Lifetime Brands, Inc.

8/31/2016 Promax Nutrition Corp. /Sport Perfomance Brand/ - NuGo Nutrition

8/31/2016 Boomerang Carwash LLC - Zips Car Wash LLC

8/30/2016 Plus II Sanitation Supplies, Inc. - Bunzl Plc

8/30/2016 Apex Sanitation Products Ltd. - Bunzl Plc P

8/30/2016 800Razors.com LLC - Shave Mob LLC

8/30/2016 The River Club - Landeavor LLC

8/30/2016 Coast Apparel LLC - Delta Apparel, Inc.

8/30/2016 Heritage Golf Club - ClubCorp Holdings, Inc.

8/30/2016 True Contact - Appsbuyout P

8/29/2016 Playworld Systems, Inc. - Littlejohn & Co. LLC; PlayPower, Inc.

8/29/2016 Toulon Design - Callaway Golf Co.

8/19/2016 Affinity Sports - Dick's Sporting Goods, Inc.

8/17/2016 Ecodesarrollo Papagayo SA - Gencom Group

8/16/2016 RunHaven Moko Social Media Ltd. Calera Capital Advisors P

8/16/2016 RCL Benziger Publishing LLC New Mountain Learning LLC Kendall/Hunt Publishing Co.

8/16/2016 Alienation, Inc. - J&B Importers, Inc.

8/16/2016 LeftField Media LLC - Urban Exposition LLC

8/2/2016 Swimways Corp. - Spin Master Corp.

8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG

8/15/2016 Wisconsin Cemeteries - StoneMor Partners LP

8/15/2016 Pounds Media LLC - Snapshot Interactive LLC

8/12/2016 Edwards & Zuck DPC - Stantec, Inc.

8/12/2016 The Car Wash Barn - Car Wash Partners, Inc.

8/11/2016 Canada à la Carte Viad Corp. VBR Tours LLC

8/10/2016 Preptix LLC - Huddle, Inc.

8/10/2016 Dacor, Inc. - Samsung Electronics America, Inc.

8/10/2016 Sina Pearson Textiles, Inc. - Riverside Partners LLC (New York); Momentum Textiles, Inc.; Momentum GroupP

8/10/2016 ECM Publishers, Inc. - Adams Publishing Group LLC

8/10/2016 Mocean Holding Co. Llc - SNC Technical Services LLC

8/9/2016 Stefano A, Inc. - JN Phillips Auto Glass, Inc.

8/9/2016 Hope River Entertainment - Moonstruck Management LLC

8/9/2016 Herington Times-Sun Printing & Publishing - Kansas Publishing Ventures LLC

8/8/2016 Becker & Mayer LLC The McEvoy Group LLC Quarto Publishing Group USA, Inc.

8/8/2016 Whistler Blackcomb Holdings, Inc. - Vail Resorts, Inc.

8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water Technologies LLCP

8/8/2016 Flick Brothers Auto Body - 3-D Body Works, Inc.

8/8/2016 Rooftop2 Productions, Inc. - Lagardère Sports SAS

8/5/2016 Pokervision Media, Inc. - Network Life Sciences, Inc.

8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada)

8/3/2016 Stein World Operating Co. - ELK Group International, Inc.

8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP; Give & Go Prepared Foods Corp. P

8/2/2016 Oak State Products, Inc. - Vestar Capital Partners, Inc.; Goldman Sachs Private Equity Group; Hearthside Food Solutions LLCP

8/2/2016 HC Operating Co. LLC - Avista Capital Holdings LP; WideOpenWest Finance LLC; Constitution Capital Partners LLC

8/2/2016 The GameTV Corp. Kilmer Group Anthem Sports & Entertainment Corp.

8/1/2016 Carstar Collision Care of Kings, Inc. /Cincinnati 10 Shops/ Carstar Collision Care of Kings, Inc. The Boyd Group, Inc.

7/29/2016 Dr. Smoothie Brands, Inc. Dr. Smoothie Enterprises Highlander Partners LP; Bevolution Group P

7/27/2016 Peds Legwear, Inc. - Gildan Activewear, Inc.

7/26/2016 Vizio Holdings, Inc. - Leshi Internet Information & Technology

7/26/2016 Legion Industries, Inc. - The Legacy Cos.

7/25/2016 Donna Karan International, Inc. LVMH Moët Hennessy Louis Vuitton SE G-III Apparel Group Ltd.

7/22/2016 Model in a Bottle - American International Industries P

7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc.

7/13/2016 Tessive LLC - RealD, Inc.; Rizvi Traverse Management LLC P

7/7/2016 Erno Laszlo, Inc. - CITIC Capital Partners Ltd. P

7/6/2016 First Act, Inc. - Alleghany Capital Partners LLC P

7/6/2016 Idaho Pacific Holdings, Inc. - Arlon Group LLC

7/5/2016 Source Media LLC /Traders Magazine/ Source Media LLC Markets Media LLC

7/5/2016 Hostess Brands LLC - The Gores Group LLC; Gores Holdings, Inc. P

7/5/2016 Thunder Jet - Brunswick Corp.

7/5/2016 Sea Crest Resort & Conference Center Scout Real Estate Capital LLC Delaware North Cos., Inc.

7/5/2016 D.K. Shifflet & Associates Ltd. - Peninsula Capital Partners LLC; MMGY Global Inc.

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

CONSUMER AND RETAIL


13

Private Equity


7/1/2016 Oliva Cigar Co. - V.D.M. Invest CVA; J. Cortès Cigars NV

7/1/2016 Harris Publications, Inc. - Athlon Media Group

7/1/2016 Supplies On The Fly Instawares Holding Co. LLC Sysco Corp.

7/1/2016 Heartland Habitat for Humanity, Inc. - Habitat For Humanity Kansas City, Inc.

6/30/2016 VF Corp. /Contemporary Premium Brand Business/ VF Corp. Delta Galil Industries Ltd.

6/30/2016 The Hershey Co. - Mondelez International, Inc.

6/28/2016 Peekaboo Child Care Centre, Inc. /Child Care Centres (20)/Peekaboo Child Care Centre, Inc. BrightPath Early Learning, Inc.

6/28/2016 Mile High Hoodies LLC - Vaprwear Gear LLC

6/28/2016 ABT Power Management, Inc. - Total Fleet Solutions Ltd.

6/27/2016 Clean Ones Corp. - Butler Home Products LLC

6/26/2016 Bromeland Publishing, Inc. /Scuttlebutt Magazine/ Bromeland Publishing, Inc. Forum Communications Co.

6/24/2016 The Sun Products Corp. - Henkel AG & Co. KGaA

6/24/2016 Skullcandy, Inc. - Incipio Technologies, Inc.

6/23/2016 HDMI Digital Media, Inc. - 8020 Connect, Inc.

6/22/2016 Hillcrest Golf & Country Club LP - PulteGroup, Inc.

6/22/2016 Binder Casting - RWS & Associates Entertainment, Inc.

6/22/2016 Collision Care Auto Body Centers, Inc. - Caliber Bodyworks, Inc.

6/21/2016 Fodors LLC Bertelsmann SE & Co. KGaA Kohlberg Kravis Roberts & Co. LP; Internet Brands, Inc. P

6/20/2016 Plantation Patterns LLC - Kohlberg & Co. LLC; NBGroup LLC

6/17/2016 Vista Clara Ranch Spa Resort - The Chi Center, Inc.

6/17/2016 Autism Behavioral Consulting, Inc. - CARD Capital

6/16/2016 Elizabeth Arden, Inc. - Revlon, Inc.

6/15/2016 24 Hour Fitness USA, Inc. 24 Hour Fitness Worldwide, Inc. Gold's Gym International, Inc.

6/15/2016 EBONY Magazine Johnson Publishing Co., Inc. Clear View Group LLC

6/13/2016 Georgia International Travel, Inc. - ABRY Partners LLC; Direct Travel, Inc. P

6/13/2016 Superior Cake Products, Inc. - Hostess, Apollo Global Management

6/13/2016 Charlebois Truck Parts, Inc. - FleetPride, Inc.; TPG Capital Management LP

6/10/2016 Generation Brands Holdings Quad-C Management, Inc. AEA Investors LP P

6/6/2016 Aardvark Safaris, Inc. - Inflexion Private Equity Partners LLP; Scott Dunn

6/3/2016 EdgeCraft Corp. Domajaparo, Inc. The Legacy Cos.

6/2/2016 Vogue International LLC - Johnson & Johnson

6/2/2016 Gurwitch Products LLC (New York) - Shiseido Americas Corp.

6/1/2016 The Redbury Hotel Alticor Global Holdings, Inc. 1717 Vine LLC

5/27/2016 Fly by Wings SA de CV /6 Wings Restaurants/ - Operadora y Administradora de Restaurantes Gigante SA de CV

5/25/2016 Tripoli Country Club, Inc. Pebblebrook Hotel Trust University Club of Milwaukee

5/24/2016 Keenmount Ltd. - Global Harvest, Inc. (BVI)

5/24/2016 Chinook Asia LLC /Mozo Shoes Brand/ CMR SAB de CV Advent International Corp.; AEA Investors LP; Shoes for Crews LLC; CCMP Capital Advisors LP; SFC Holdings LLC

5/23/2016 Conagra Foods, Inc. /Spicetec Flavors & Seasonings Business/3G Capital Partners LP (New York) Givaudan SA

5/20/2016 Hudson Lock LLC - Jacob Holtz Co. P

5/19/2016 John C. Nordt, Inc. - Richline Group, Inc.

5/19/2016 MMO Music Group, Inc. - Hal Leonard Corp.

5/18/2016 Global Fantasy Sports, Inc. Chinook Asia LLC Satya Worldwide, Inc.

5/18/2016 Empacadora Ponderosa SA de CV ConAgra Foods, Inc. Grupo Bafar SAB de CV

5/18/2016 Traveline Travel Agency, Inc. - ABRY Partners LLC; Direct Travel, Inc.

5/16/2016 High Ridge Brands Co. - Clayton, Dubilier & Rice, Ltd. P

5/12/2016 P& Christina Aguilera Line - Elizabeth Arden, Inc..

5/10/2016 Gaiam Inc. - Sequential Brands Group (NasdaqCM:SQBG)

5/9/2016 Baby Tula LLC - The ERGO Baby Carrier, Inc.

5/9/2016 Jade Swimwear L.P - The Riverside Company P

5/9/2016 The Mountain Corporation - Gladstone Investment Corporation

5/5/2016 Go Green Hydroponics Inc. OSL Holdings Inc. (OTCPK:OSLH) Growlife, Inc. (OTCPK:PHOT)

5/4/2016 A and G, Inc. Ennis Inc. (NYSE:EBF) Gildan Activewear Inc. (TSX:GIL)

5/2/2016 ReNew Life Formulas, Inc. Swander Pace Capital The Clorox Company (NYSE:CLX) P

4/29/2016 Norvell Skin Solutions, LLC - MT Industries, Inc.

4/29/2016 Eagle One Industries, Inc. Niteo Products, LLC American Covers Inc.

4/27/2016 Baby Trend Inc. - Alpha Group (SZSE:002292)

4/27/2016 Gemvara, Inc. Canaan Partners; Highland Capital Partners; Norwest Venture Partners; Balderton CapitalRichline Group, Inc.

4/26/2016 NeoStrata Company, Inc. McGovern Capital LLC Johnson & Johnson Consumer Inc. P

4/25/2016 Twin-Star International, Inc. Trivest Partners, L.P. Z Capital Management LLC P

4/19/2016 Southern Tide, LLC Brazos Private Equity Partners, LLC; Golub Capital CP Funding, LLC; Golub Capital Pearls Direct Lending Program, L.P; CenterOak Partners LLC; S/T Group Blocker, Inc.; GCP Southern Tide Coinvest, Inc.; S/T Group AIV2, LP; S/T Group AIV1, LP; GCP Equity Ltd.Oxford of South Carolina, Inc. P

4/19/2016 WKI Holding Company, Inc. - GP Investments Acquisition Corp. (NasdaqCM:GPIA)

4/19/2016 World Kitchen - GPIAC P

4/18/2016 ILLUME - Regent Holding Company

4/12/2016 JAYBIRD, LLC - Logitech International SA (SWX:LOGN)

4/12/2016 Scorpion Bike Stands LLC - Feedback Sports LLC

4/6/2016 Always For Me LLC - Waveland Investments LLC P

4/5/2016 TK Enterprises - The Jordan Company, L.P. P

4/1/2016 Alstyle Apparel, LLC Ennis Inc. (NYSE:EBF) Alstyle Apparel, LLC

4/1/2016 Momentum Textiles, LLC Norwest Equity Partners The Riverside Company P

4/1/2016 Strength of Nature Global, LLC - Godrej Consumer Products

4/1/2016 Wilton Armetale, Inc. - Lifetime Brands, Inc. (NasdaqGS:LCUT)

3/31/2016 POW Inc. Alliance of Angels, Investment Arm; Dan Rosen and Associates; Columbia Pacific Advisors, LLC; POW Holdings, LLCRojo Australia Pty Ltd.

3/29/2016 J.America, Inc. - Blue Point Capital Partners P

3/28/2016 South Moon Sales, Inc. - NewSpring Capital; JPB Capital Partners P

3/24/2016 Ramcat Broadheads - Arcus Hunting, LLC

3/22/2016 Controlled Products, LLC - Clearview Capital, LLC P

PAGE |

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

14

HW&CO. CONSUMER TEAM

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

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

Ed ArkusManaging [email protected]+44 20 7518 8905

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

John Neuner IVManaging [email protected]+1 (804) 915-0125

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

Corey [email protected]+1 (804) 932-1342

Will [email protected]+44 20 7518 8906

Brent SpillerManaging [email protected]+1 (804) 915-0183

Matt [email protected]+1 (415) 217-3423

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

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

Private Equity


3/21/2016 Karmaloop, Inc. CapX Partners; Comvest Partners Shiekh Shoes, LLC P

3/17/2016 Newell Rubbermaid Inc., Window Coverings Business Newell Rubbermaid Inc. (NYSE:NWL) Hunter Douglas N.V. (ENXTAM:HDG)

3/12/2016 Thom Browne, Inc. Stripe International Inc. Sandbridge Capital, LLC P

3/10/2016 Denver Design Company, LLC - 5 Horizons Group, LLC

3/10/2016 Natural Dynamics, LLC - Wellnext, LLC

3/9/2016 The Gents Place Men's Fine Grooming of Leawood, LLC - Massage Heights Corporate, LLC

3/8/2016 Thirsty Promo and Bag Warehouse Mark-It Smart Inc. The Image Group, Inc.

3/3/2016 The Procter & Gamble Company., Portfolio of Hair Care BrandsThe Procter & Gamble Company (NYSE:PG) Henkel AG & Co. KGaA (DB:HEN3)

3/3/2016 Tumi Holdings, Inc. (NYSE:TUMI) Doughty Hanson & Co.; Stockwell Capital LLC Samsonite International S.A. (SEHK:1910)

3/2/2016 The Guildery Inc. SoftTech VC; Forerunner Ventures; Cowboy Ventures; BBG VenturesMINTED LLC P

3/1/2016 Kuissential - SCS Direct Inc.

2/26/2016 DECIEM, Grow Gorgeous DECIEM Inc. The Hut.com Ltd

2/24/2016 Bell Sports Corp. BRG Sports, Inc. Vista Outdoor Inc. (NYSE:VSTO)

2/22/2016 Hayneedle Inc. Insight Venture Partners; Sequoia Capital Jet.com, Inc. P

2/22/2016 Zenith Products Corporation Charlesbank Capital Partners, LLC The Laces Company P

2/19/2016 Flint And Tinder USA, LLC Lerer Hippeau Ventures Huckberry LLC P

2/18/2016 Lise Watier Cosmétiques, Inc. Imperial Capital Group Ltd. Groupe Marcelle Inc. P

2/16/2016 Ebuys, Inc. - DSW Shoe Warehouse, Inc.

2/16/2016 The Pet Outpost, L.L.C - Bentley's Pet Stuff LLC

2/15/2016 True Textiles, Inc. Thomas H. Lee Partners, L.P.; LBC Credit Partners, Inc.; Sun Capital Partners, Inc.Duvaltex Inc. P

2/12/2016 THE WHEAT GROUP, INC. - United Legwear Company, LLC

2/11/2016 Furniture Factory Outlet, LLC Alpine Investors, LP Sun Capital Partners, Inc. P

2/11/2016 Sprig Toys, Inc. - BeginAgain, Inc.

2/11/2016 Etch A Sketch and Doodle Sketch The Ohio Art Company, Inc. (OTCPK:OART) Spin Master Corp. (TSX:TOY)

2/11/2016 WorldStrides, Inc. The Carlyle Group LP (NasdaqGS:CG) Metalmark Capital LLC P

2/10/2016 Stop Aging Now, LLC - Wellnext, LLC

2/10/2016 iDevices, LLC, iGrill® iDevices, LLC Weber-Stephen Products LLC

2/7/2016 Apollo Education (NasdaqGS:APOL) Glenview Capital Management, LLC; Fidelity Management & Research Company; Robeco Boston Partners; T. Rowe Price Associates, Inc.; Aronson+Johnson+Ortiz, LPNajafi Companies P

2/5/2016 LeapFrog Enterprises Inc. (NYSE:LF) Blue Pacific Partners, LLC; Franklin Templeton Investments Corp.Vtech Holdings Ltd. (SEHK:303) P

2/5/2016 efsAUDIO Inc. - Compass Biotechnologies Inc. (OTCPK:COBI)

2/4/2016 Large Car Wash Operation - First Colombia Gold Corp. (OTCPK:FCGD)

2/4/2016 LMC Right Start, Inc. Liberty Interactive Corporation (NasdaqGS:QVCA)giggle, Inc.

2/2/2016 Rona Inc. (TSX:RON) Capital d'Amérique CDPQ Inc.; Invesco Canada Ltd.; First Asset Investment Management Inc.; Fonds régional de solidarité FTQ Montérégie; Caisse de dépôt et placement du Québec; Fonds de solidarité FTQLowe's Companies Canada, ULC P

2/2/2016 mophie, inc. mStation Corporation; Beringea LLC; Grosvenor Capital Management Customized Fund Investment GroupZAGG Inc (NasdaqGS:ZAGG) P

2/2/2016 Blumenthal Lansing Company, LLC - CSS Industries Inc. (NYSE:CSS)

2/1/2016 Vitamin World, Inc. NBTY, Inc. Centre Lane Partners, LLC P

1/29/2016 Creative Embroidery - -

1/28/2016 TicketBreak Ltd. MapleCore Ltd. Ticketfly, Inc.

1/28/2016 All Star Vending & Coffee Service LLC - Canteen Vending Services, Inc.

1/28/2016 Ellsworth Handcrafted Bicycles, Inc. Iso Nano International LLC -

1/28/2016 GetGoing, Inc. Y Combinator; Data Collective; TA Ventures; InVenture PartnersBCD Travel B.V. P

1/28/2016 Really Good Stuff, Inc. - Excelligence Learning Corporation

1/27/2016 Triboro Quilt Manufacturing Corporation - Gerber Childrenswear LLC

1/25/2016 Valeant Groupe Cosméderme Inc. Valeant Canada Ltd. INTEGA Skin Sciences Inc.

1/25/2016 Mccarthy's Hockey & Lacrose Supply Co, Inc. - LaxWorld Inc.

1/22/2016 Swanson Health Products, Inc. - Swander Pace Capital P

1/22/2016 Fiskars Brands, Inc., American Designer Pottery Fiskars Brands, Inc. Bloem Living LLC

1/21/2016 Triumph Sports USA, Inc. - Escalade Sports, Inc.

1/21/2016 SparkBox Toys LLC. - Pley Inc.

1/21/2016 Rose America Corporation - Guardian Capital Partners P

1/21/2016 A Fresh Start II, LLC - CORE TEAM, Inc.

1/20/2016 Cybex International Inc. UM Holdings Ltd. Brunswick Corporation (NYSE:BC) P

1/20/2016 BBC Ice Cream, LLC Iconix Brand Group, Inc. (NasdaqGS:ICON) -

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HARRIS WILLIAMS & CO.

16

SOURCES

S&P Capital IQ.

Thomson Financial.

Reuters.

S&P Capital IQ LCD.

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

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze, and Mr. Aadil Khan authorised and regulated by the Financial Conduct Authority.

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

Copyright© 2016 Harris Williams & Co., all rights reserved.

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