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Food & Agribusiness Industry Update
August 2013
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Table of Contents
2
Market Overview
Publicly Traded Companies
M&A Activity
Contact Information
1
2
3
4
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Market Overview: Commodities
3
Grains
Livestock Energy
Softs
1
USD/pound
USD/bushel USD/pound
USD/MMBtu
Source: Bloomberg
Source: Bloomberg Source: Bloomberg
Source: Bloomberg
$487$658
$1,378
$121
$154
$98
$116
$17
$86
$3.39
$0
$500
$1,000
$1,500
$2,000
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
Corn Wheat Soybeans
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
Natural Gas
$0
$50
$100
$150
$200
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
Sugar Coffee Cotton
$0
$50
$100
$150
$200
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
Live Cattle Feeder Cattle Lean Hogs
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Market Overview: Rates, Currencies & Indices
4
North American Interest RatesTerm Canada U.S. Spread
2-Years 1.19 0.35 0.84
3-Years 1.31 0.65 0.66
5-Years 1.82 1.49 0.33
7-Years 2.20 2.15 0.05
10-Years 2.55 2.74 -0.19
Market Performance Food & Agribusiness Performance
Foreign Exchange RatesCAD USD EUR GBP JPY
CAD 1.0000 0.9690 0.7321 0.6389 96.1484
USD 1.0321 1.0000 0.7556 0.6594 99.2300
EUR 1.3660 1.3235 1.0000 0.8727 131.3348
GBP 1.5653 1.5167 1.1459 1.0000 150.4967
JPY 0.0104 0.0101 0.0076 0.0066 1.0000
1
Source: Capital IQ (1-Aug-13) Source: Capital IQ (1-Aug-13)
Source: Capital IQSource: Capital IQ
20.5%24.1%
8.4%
24.1%
44.8%
-8.1%
-10%
0%
10%
20%
30%
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
DJIA S&P 500 S&P/TSX
-20%
-10%
0%
10%
20%
30%40%
50%
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
S&P 500 S&P Food Index S&P GSCI Ag Index
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Publicly Traded Companies
5
2
(US$ in millions, except per share data)
Market Data Financial Results LTM Operating Statistics Multiples
Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/
Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings
FOOD
Diversified Foods
Annie's $41.89 $48.87 $32.06 $707 $710 0.0% $170 $21 0.3x 20.3% 38.5% 12.4% 4.2x 33.8x 3.5x 22.6x 64.4x
B&G Foods $35.13 $36.49 $26.83 $1,857 $2,520 3.6% $660 $175 4.9x 12.1% 34.7% 26.5% 3.8x 14.4x 3.3x 12.3x 40.9x
Campbell Soup $47.52 $48.83 $32.24 $14,881 $18,745 2.4% $8,376 $1,720 2.5x 8.8% 37.4% 20.5% 2.2x 10.9x 2.1x 10.9x 20.3x
ConAgra Foods $36.57 $37.13 $24.07 $15,342 $24,951 2.7% $15,491 $2,054 4.7x 15.9% 23.2% 13.3% 1.6x 11.9x 1.4x 10.1x 19.8x
Diamond Foods $20.51 $22.77 $12.85 $456 $1,034 0.0% $888 $55 10.7x -10.5% 21.9% 6.1% 1.2x 18.9x 1.2x 9.6x NM
General Mills $52.73 $53.07 $37.90 $33,793 $42,444 2.9% $17,774 $3,477 2.3x 6.7% 36.2% 19.6% 2.4x 11.9x 2.3x 11.5x 18.9x
Hain Celestial $73.35 $75.98 $51.38 $3,466 $4,088 0.0% $1,622 $212 3.1x 25.0% 27.5% 13.1% 2.5x 19.2x 2.1x 14.9x 26.6x
Hershey $96.95 $97.00 $68.09 $21,691 $23,019 2.0% $6,834 $1,457 1.3x 7.8% 45.0% 21.3% 3.4x 15.8x 3.2x 14.1x 30.3x
J. M. Smucker $113.67 $114.07 $74.60 $12,047 $13,808 2.0% $5,898 $1,212 1.7x 6.7% 34.6% 20.5% 2.3x 11.4x 2.3x 11.0x 22.7x
Kellogg $65.42 $67.98 $48.05 $24,060 $31,625 2.8% $14,858 $2,182 3.6x 12.2% 37.4% 14.7% 2.1x 14.5x 2.1x 11.7x 25.1x
Kraft Foods $57.14 $58.76 $42.00 $33,968 $42,774 3.5% $18,381 $3,945 2.5x -2.0% 33.9% 21.5% 2.3x 10.8x 2.3x 11.5x 18.7x
McCormick $72.54 $75.26 $59.02 $9,571 $10,824 1.9% $4,060 $678 2.0x 3.5% 40.1% 16.7% 2.7x 15.4x 2.5x 14.5x 23.8x
Mondelez $31.71 $42.54 $24.50 $56,585 $72,396 1.6% $35,092 $5,120 3.6x 10.0% 37.4% 14.6% 2.1x 14.1x 2.0x 12.9x 32.0x
Seneca Foods $35.65 $36.33 $22.29 $383 $613 0.0% $1,277 $85 2.7x 3.8% 10.3% 6.7% 0.5x 7.2x N/A N/A 11.7x
Tootsie Roll $35.12 $35.25 $23.07 $2,175 $2,109 0.9% $550 $92 0.1x 3.1% 33.9% 16.7% 3.8x 23.3x 3.7x N/A 40.5x
Treehouse Foods $71.63 $72.32 $46.15 $2,596 $3,361 0.0% $2,198 $299 2.9x 5.7% 21.4% 13.6% 1.5x 11.2x 1.5x 10.2x 29.8x
WhiteWave Foods $18.94 $19.60 $14.22 $3,278 $4,027 0.0% $2,346 $270 3.0x 12.2% 35.4% 11.5% 1.7x 14.9x 1.6x 13.7x 32.6x
Median 2.7x 7.8% 34.7% 14.7% 2.3x 14.4x 2.2x 11.7x 25.8x
Average 3.1x 8.3% 32.3% 15.8% 2.4x 15.3x 2.3x 12.8x 28.6x
(1) Last Twelve Months
(2) Next Twelve Months
Source: Capital IQ
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Publicly Traded Companies
6
2
(US$ in millions, except per share data)
Market Data Financial Results LTM Operating Statistics Multiples
Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/
Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings
Baked Goods / Snack Foods
Flowers Foods $23.84 $24.24 $12.31 $4,943 $5,568 1.9% $3,279 $371 1.7x 14.3% 47.4% 11.3% 1.7x 15.0x 1.5x 11.8x 23.6x
George Weston $85.35 $87.18 $56.45 $10,914 $18,818 1.9% $32,607 $2,366 3.4x 1.9% 24.6% 7.3% 0.6x 8.3x 0.6x 7.5x 23.9x
J&J Snack Foods $80.77 $84.48 $55.96 $1,516 $1,434 0.8% $872 $130 0.0x 7.9% 30.4% 14.9% 1.6x 11.0x 1.6x 10.0x 24.0x
John B Sanfilippo $21.42 $22.67 $12.40 $235 $331 0.0% $724 $56 1.7x 3.3% 16.3% 7.7% 0.5x 5.9x N/A N/A 11.8x
Post Holdings $46.96 $49.32 $28.35 $1,534 $2,208 0.0% $974 $211 4.9x 2.0% 43.9% 21.7% 2.3x 10.5x 2.1x 10.0x 41.2x
Snyder's-Lance $31.91 $32.49 $22.24 $2,207 $2,740 2.0% $1,684 $182 2.9x 3.6% 34.1% 10.8% 1.7x 15.3x 1.5x 12.7x 34.7x
Median 2.3x 3.4% 32.3% 11.0% 1.7x 10.7x 1.5x 10.0x 23.9x
Average 2.5x 5.5% 32.8% 12.3% 1.4x 11.0x 1.4x 10.4x 26.5x
Food Service Distributors
CH Robinson $61.07 $67.93 $51.97 $9,805 $10,036 2.3% $12,134 $777 0.5x 12.7% 8.4% 6.4% 0.9x 13.0x 0.8x 12.2x 16.7x
Core-Mark $63.68 $66.27 $40.06 $730 $766 1.2% $8,159 $87 1.0x 21.3% 6.1% 1.1% 0.1x 9.2x 0.1x 6.8x 22.6x
Nash Finch $23.48 $29.50 $18.64 $289 $721 3.1% $4,946 $112 3.9x 2.4% 8.5% 2.3% 0.1x 6.4x 0.1x 7.2x NM
Sysco $34.79 $36.05 $28.44 $20,647 $23,110 3.2% $43,856 $2,501 1.1x 5.0% 17.9% 5.7% 0.5x 9.2x 0.5x 9.3x 20.2x
United Natural $59.68 $61.26 $47.20 $2,943 $3,105 0.0% $5,766 $216 0.8x 14.1% 16.9% 3.7% 0.5x 14.4x 0.5x 12.4x 29.3x
Median 1.0x 12.7% 8.5% 3.7% 0.5x 9.2x 0.5x 9.3x 21.4x
Average 1.5x 11.1% 11.5% 3.8% 0.4x 10.4x 0.4x 9.6x 22.2x
(1) Last Twelve Months
(2) Next Twelve Months
Source: Capital IQ
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Publicly Traded Companies
7
2
(US$ in millions, except per share data)
Market Data Financial Results LTM Operating Statistics Multiples
Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/
Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings
Protein
Cal-Maine $49.15 $52.43 $37.41 $1,184 $1,067 0.0% $1,288 $93 0.7x 15.7% 16.7% 7.2% 0.8x 11.5x 0.8x 6.7x 23.4x
Lifeway Foods $17.73 $19.99 $7.90 $290 $290 0.5% $86 $13 0.4x 19.8% 36.5% 15.1% 3.4x 22.2x 2.7x 18.3x 42.5x
Maple Leaf $13.50 $15.48 $10.14 $1,888 $3,125 1.1% $4,527 $321 4.0x -3.2% 14.1% 7.1% 0.7x 9.5x 0.7x 8.5x 24.5x
Pilgrim's Pride $17.79 $17.93 $4.20 $4,608 $5,445 0.0% $8,479 $547 1.7x 11.8% 6.9% 6.5% 0.6x 10.0x 0.6x 7.3x 14.8x
Sanderson Farms $71.92 $73.67 $36.58 $1,655 $1,782 0.9% $2,490 $154 1.0x 14.0% 7.0% 6.2% 0.7x 11.5x 0.6x 4.9x 29.8x
Seaboard $2860.00 $2934.00 $1991.00 $3,423 $3,185 0.1% $6,474 $365 0.5x 10.4% 8.7% 5.6% 0.5x 8.2x 0.5x N/A 13.3x
Smithfield Foods $33.30 $33.96 $17.55 $4,627 $6,835 0.0% $13,221 $744 3.4x 1.0% 10.0% 5.6% 0.5x 9.0x 0.5x 7.6x 26.4x
Tyson Foods $28.46 $28.56 $14.07 $10,099 $11,744 0.7% $34,018 $1,792 1.3x 2.1% 6.6% 5.3% 0.4x 6.9x 0.3x 5.7x 19.5x
Median 1.2x 11.1% 9.4% 6.3% 0.7x 9.7x 0.6x 7.3x 24.0x
Average 1.6x 9.0% 13.3% 7.3% 0.9x 11.1x 0.8x 8.4x 24.3x
Dairy
Dean Foods $11.07 $21.06 $9.53 $2,067 $3,967 0.0% $11,471 $683 2.7x 0.1% 25.2% 6.0% 0.3x 5.8x 0.4x 9.0x 23.1x
Saputo $46.19 $52.92 $38.53 $9,021 $10,660 1.8% $7,376 $854 1.9x 11.2% 11.6% 11.6% 1.5x 12.8x 1.3x 10.7x 19.8x
Median 2.3x 5.6% 18.4% 8.8% 0.9x 9.3x 0.8x 9.8x 21.4x
Average 2.3x 5.6% 18.4% 8.8% 0.9x 9.3x 0.8x 9.8x 21.4x
(1) Last Twelve Months
(2) Next Twelve Months
Source: Capital IQ
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Publicly Traded Companies
8
2
(US$ in millions, except per share data)
Market Data Financial Results LTM Operating Statistics Multiples
Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/
Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings
AGRIBUSINESS
Agricultural Products
Archer Daniels $37.18 $37.19 $24.38 $24,503 $31,758 2.0% $90,997 $2,497 3.0x 0.0% 3.7% 2.7% 0.3x 10.4x 0.3x 9.1x 19.7x
Bunge $76.51 $80.99 $63.18 $11,252 $17,676 1.6% $63,859 $1,713 6.9x 11.2% 4.2% 2.7% 0.3x 10.5x 0.3x 7.2x 41.5x
Darling Int'L $20.64 $20.86 $15.09 $2,440 $2,568 0.0% $1,760 $324 0.8x 0.9% 27.3% 18.4% 1.5x 8.0x 1.5x 7.7x 18.1x
Monsanto $97.37 $109.33 $82.70 $51,909 $51,452 1.5% $14,757 $4,286 0.5x 8.1% 51.6% 29.0% 3.5x 12.0x 3.2x 10.6x 21.1x
The Andersons $59.80 $59.94 $35.45 $1,108 $1,814 1.1% $5,658 $158 3.2x 20.7% 6.2% 2.8% 0.3x 10.3x 0.3x 9.4x 15.3x
Median 3.0x 8.1% 6.2% 2.8% 0.3x 10.4x 0.3x 9.1x 19.7x
Average 2.9x 8.2% 18.6% 11.1% 1.2x 10.2x 1.1x 8.8x 23.1x
Agricultural Equipment
AGCO $57.21 $57.88 $41.17 $5,567 $6,283 0.7% $10,450 $1,030 1.3x 9.1% 21.6% 9.9% 0.6x 5.8x 0.6x 5.6x 10.7x
Caterpillar $84.44 $99.70 $79.49 $55,536 $91,170 2.8% $60,351 $9,504 4.2x -9.0% 25.9% 15.7% 1.5x 9.6x 1.6x 9.4x 13.3x
CNH Global $48.73 $49.99 $36.65 $11,871 $25,316 0.0% $20,949 $3,109 6.2x 4.1% 24.3% 14.8% 1.2x 7.9x 1.2x 11.5x 9.0x
Deere $83.05 $95.60 $73.14 $32,227 $62,155 2.5% $37,717 $6,151 5.5x 11.7% 28.9% 16.3% 1.6x 10.1x 1.8x 11.9x 10.2x
Harsco $26.88 $27.03 $18.40 $2,168 $3,154 3.1% $3,009 $448 2.3x -8.1% 22.9% 14.9% 1.0x 7.0x 1.0x 6.3x NM
Median 4.2x 4.1% 24.3% 14.9% 1.2x 7.9x 1.2x 9.4x 10.5x
Average 3.9x 1.6% 24.7% 14.3% 1.2x 8.1x 1.2x 8.9x 10.8x
(1) Last Twelve Months
(2) Next Twelve Months
Source: Capital IQ
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Publicly Traded Companies
9
2
(US$ in millions, except per share data)
Market Data Financial Results LTM Operating Statistics Multiples
Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/
Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings
Fertilizer
Agrium $83.70 $112.77 $82.33 $12,507 $15,803 2.4% $16,339 $2,594 1.5x 1.6% 27.1% 15.9% 1.0x 6.2x 0.9x 6.1x 8.8x
CF Industries $195.98 $233.43 $169.33 $11,619 $11,399 0.8% $5,892 $3,116 1.0x -7.7% 49.2% 52.9% 1.9x 3.3x 2.0x 4.3x 6.6x
Mosaic $41.88 $64.65 $39.95 $17,833 $15,233 2.4% $9,974 $2,917 0.4x -10.2% 27.7% 29.2% 1.5x 5.2x 1.5x 5.2x 9.5x
Potash Corp. $29.57 $43.73 $28.85 $25,637 $28,530 4.7% $7,466 $3,495 1.0x -5.3% 45.0% 46.8% 3.7x 7.5x 4.0x 8.0x 11.2x
Median 1.0x -6.5% 36.3% 38.0% 1.7x 5.7x 1.8x 5.7x 9.2x
Average 1.0x -5.4% 37.2% 36.2% 2.0x 5.5x 2.1x 5.9x 9.0x
Produce
Calavo Growers $27.32 $32.56 $21.63 $402 $447 2.4% $601 $32 1.6x 5.6% 9.8% 5.3% 0.7x 13.7x 0.7x 10.9x 24.2x
Chiquita $12.22 $12.88 $4.85 $568 $1,130 0.0% $3,059 $83 7.4x -1.6% 11.2% 2.7% 0.4x 22.2x 0.4x 7.7x NM
Dole Food $12.91 $15.19 $9.25 $1,142 $1,407 0.0% $4,323 $98 7.0x 29.3% 8.4% 2.3% 0.3x 13.6x 0.3x 8.5x NM
Fresh Del Monte $28.95 $29.00 $23.60 $1,603 $1,735 1.7% $3,508 $213 0.6x 2.2% 9.1% 6.1% 0.5x 8.1x 0.5x 8.2x 13.3x
Village Farms $0.79 $0.93 $0.61 $31 $88 0.0% $131 $0 497.0x -18.2% 5.2% 0.1% 0.7x NM N/A N/A 2.8x
Median 7.0x 2.2% 9.1% 2.7% 0.5x 13.6x 0.4x 8.3x 13.3x
Average 102.7x 3.5% 8.7% 3.3% 0.5x 14.4x 0.5x 8.8x 13.4x
(1) Last Twelve Months
(2) Next Twelve Months
Source: Capital IQ
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Publicly Traded Companies
10
2
(US$ in millions, except per share data)
Market Data Financial Results LTM Operating Statistics Multiples
Price 52-Week Market Ent. Dividend LTM (1) Debt/ 1-Yr. Rev. Margins EV/LTM (1) EV/NTM (2) Price/
Company 1-Aug-13 High Low Cap Value Yield Revenue EBITDA EBITDA Growth Gross EBITDA Revenue EBITDA Revenue EBITDA Earnings
FOOD RETAIL
Retailers
Arden $131.80 $133.83 $82.60 $405 $379 0.8% $445 $39 0.0x 3.0% 43.6% 8.8% 0.9x 9.6x N/A N/A 19.9x
Casey's $66.25 $70.01 $46.15 $2,543 $3,230 1.1% $6,655 $326 2.2x 3.0% 16.3% 4.9% 0.5x 9.9x 0.4x 8.5x 23.2x
Fresh Market $53.93 $65.69 $36.51 $2,604 $2,608 0.0% $1,371 $154 0.1x 17.3% 34.2% 11.2% 1.9x 16.9x 1.6x 14.1x 38.8x
Ingles Market $28.76 $29.33 $15.29 $699 $1,547 2.3% $3,775 $219 4.3x 4.2% 22.1% 5.8% 0.4x 7.0x 0.4x 6.8x 15.2x
Kroger $39.65 $39.98 $21.57 $20,548 $28,253 1.5% $97,729 $4,517 1.8x 6.3% 21.1% 4.6% 0.3x 6.3x 0.3x 6.4x 13.7x
Loblaw $47.31 $50.44 $31.39 $13,389 $18,256 2.0% $31,464 $2,052 3.2x 1.9% 23.5% 6.5% 0.6x 9.0x 0.6x 8.3x 19.3x
Metro $72.40 $73.46 $53.05 $6,751 $7,346 1.3% $11,785 $818 0.8x 5.1% 6.9% 6.9% 0.6x 8.3x 0.6x 8.9x 9.6x
Natural Grocers $35.90 $39.46 $17.45 $804 $809 0.0% $379 $26 0.6x 27.4% 29.4% 6.8% 2.1x 31.2x 1.8x 22.8x 94.5x
Pantry $12.37 $16.36 $11.28 $291 $1,240 0.0% $7,031 $208 4.6x -6.0% 11.5% 3.0% 0.2x 5.7x 0.2x 5.3x NM
Roundy's $9.01 $10.40 $3.69 $421 $1,048 5.3% $3,936 $189 3.7x 1.9% 26.4% 4.8% 0.3x 5.5x 0.3x 5.7x NM
Safeway $25.64 $28.42 $14.90 $6,187 $11,368 3.1% $44,072 $2,228 2.6x 7.5% 27.7% 5.1% 0.3x 5.1x 0.3x 6.8x 10.3x
Spartan Stores $19.74 $24.40 $13.44 $432 $580 1.8% $2,617 $103 1.5x -0.7% 21.0% 3.9% 0.2x 5.6x 0.2x 5.4x 16.3x
SUPERVALU $8.09 $8.26 $1.80 $2,091 $5,098 0.0% $17,018 $439 7.0x 48.5% 14.0% 2.6% 0.3x 11.6x 0.3x 6.5x NM
Village Super Mkt $37.25 $39.29 $29.51 $515 $455 2.7% $1,470 $69 0.6x 5.2% 27.0% 4.7% 0.3x 6.5x 0.3x N/A 26.6x
Weis Markets $50.26 $51.92 $37.65 $1,352 $1,249 2.4% $2,707 $183 0.0x -1.7% 27.5% 6.8% 0.5x 6.8x 0.4x N/A 16.2x
Whole Foods $55.14 $56.83 $40.70 $20,529 $19,567 0.7% $12,852 $1,212 0.0x 15.3% 35.8% 9.4% 1.5x 16.1x 1.4x 14.2x 38.0x
Median 1.6x 4.7% 25.0% 5.4% 0.4x 7.7x 0.4x 6.8x 19.3x
Average 2.1x 8.6% 24.3% 6.0% 0.7x 10.1x 0.6x 9.2x 26.3x
(1) Last Twelve Months
(2) Next Twelve Months
Source: Capital IQ
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M&A Activity
11
3
M&A Value and Volume
Select MPC Indices vs S&P 500 MPC Composite Multiples
M&A Volume by Subsector# Deals
Source: Capital IQ (sectors incl. Food Products, Food Retail & Distributors, & Beverages (excl. Soft Drinks)) Source: Capital IQ
Value (US$M) # Deals
24.1%
23.2%
10.0x
12.7x
9.4x
(1) Index constituents based on publicly traded companies list
Source: Capital IQ
(1) Composite constituents based on publicly traded companies list; EV/LTM EBITDA
Source: Capital IQ
1.3%
0.0x
5.0x
10.0x
15.0x
Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13
MPC Food Index (1)
MPC Ag Index (1)
MPC Food Retail Index (1)
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%20.0%
25.0%
30.0%
1-Aug-12 1-Nov-12 1-Feb-13 1-May-13 1-Aug-13
MPC Agribusiness Index (1)
MPC Food Index (1)
S&P 500 Index
0
50
100
150
200
250
300
350
$0
$10,000
$20,000
$30,000
$40,000
$50,000
2008 2009 2010 2011 2012 2013
Total Deal Value Aggregate Deal Volume
0
50
100
150
200
250
2008 2009 2010 2011 2012 2013
Food Agribusiness Food Retail
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M&A Activity: Select Transactions
12
3
(1) Last Twelve Months
Source: Capital IQ
(US$ in millions)
Date Transaction Transaction Enterprise EV/LTM (1)
Announced Status Target Buyer Subsector Value Value Revenue EBITDA
9-Jul-13 Announced Harris Teeter Supermarkets Kroger Food Retail $2,823.9 $2,621.0 0.5x 8.0x
28-Jun-13 Announced Sun-Rype Products Great Pacific Industries Food $37.3 $93.9 0.6x 13.7x
24-Jun-13 Closed Cains Foods Treehouse Foods Food $36.9 $36.9 0.4x N/A
12-Jun-13 Announced Canada Safeway Sobeys Food Retail $5,800.0 $5,800.0 0.9x 10.7x
11-Jun-13 Announced Dole Food Company David H. Murdock Food $2,361.9 $2,690.8 0.6x 19.6x
10-Jun-13 Announced Robert's American Gourmet Food B&G Foods North America Food $198.5 $198.5 N/A N/A
5-Jun-13 Closed Central European Distribution Corp. Roust Trading Beverages $1,739.1 $1,723.1 2.0x 25.6x
29-May-13 Announced Smithfield Foods Henan Shineway Group Food $7,404.2 $7,260.4 0.5x 8.5x
28-May-13 Announced Delhaize (Sweetbay, Harveys and Reid's) BI-LO Food Retail $275.0 $275.0 0.1x N/A
21-May-13 Announced Clement Pappas & Co. Lassonde Industries Food $21.8 $21.8 N/A N/A
15-May-13 Announced Overhill Farms Bellisio Foods Food $89.3 $86.2 0.4x 13.1x
10-May-13 Announced Florida Chemical Company Flotek Industries Food $103.5 $103.5 1.0x 10.3x
9-May-13 ClosedHearthside (Organic/Natural Cereal, Granola &
Snacks)Attune Foods Food $158.5 $158.5 N/A N/A
25-Mar-13 Closed Freybe Gourmet Foods Premium Brands Food $60.0 $60.0 0.8x N/A
12-Mar-13 Announced A&P (2 Food Emporium Stores) Madison Capital Food Retail $133.4 $133.4 N/A N/A
1-Mar-13 Closed Mary's Gone Crackers Kameda USA Food $26.5 $34.0 N/A N/A
28-Feb-13 Closed Hostess (Beefsteak Rye Brand) Grupo Bimbo Food $32.8 $32.8 N/A N/A
27-Feb-13 Closed Sonoma Custom Crush Facility Carneros Vintners Beverages $12.8 $12.8 N/A N/A
14-Feb-13 Closed T. Lauzon Colabor Group Food $13.0 $13.0 N/A N/A
14-Feb-13 Announced H. J. Heinz Berkshire; 3G Capital Food $28,775.0 $27,668.2 2.4x 13.6x
30-Jan-13 Announced Hostess (Certain Brands & Certain Equipment) Apollo; C. Dean Metropoulos Food $411.0 $411.0 N/A N/A
28-Jan-13 Announced Hostess (Drake's Brand & Certain Equipment) McKee Foods Food $27.7 $27.7 N/A N/A
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M&A Activity: Select Transactions
13
3
(US$ in millions)
Date Transaction Transaction Enterprise EV/LTM (1)
Announced Status Target Buyer Subsector Value Value Revenue EBITDA
28-Jan-13 Announced Hostess (Four Brands & Certain Equipment) United States Bakery Food $29.1 $29.1 N/A N/A
28-Jan-13 Announced Eurofresh NatureSweet Agribusiness $51.7 $51.7 N/A N/A
21-Jan-13 Announced Beam (Certain Brands) Luxco Beverages $64.6 $64.6 2.2x N/A
11-Jan-13 Announced Certain Bread Brands and Bakeries Flowers Foods Food $383.8 $383.8 0.4x N/A
10-Jan-13 Announced New Albertson's Albertsons Food Retail $3,253.9 $3,253.9 N/A N/A
10-Jan-13 Announced SUPERVALU Symphony Investors Food Retail $252.6 $7,313.2 0.2x 4.5x
8-Jan-13 Closed Hylife Ltd. ITOCHU Corp. Food $56.7 $169.7 N/A N/A
3-Jan-13 Closed Unilever (Skippy Peanut Butter Business) Hormel Foods Food $689.4 $689.4 1.9x N/A
2-Jan-13 Closed Queensgate Food Group The Chefs' Warehouse Food $24.0 $24.0 N/A N/A
20-Dec-12 Announced Westway Group, Inc. Bishop Infrastructure II Acquisition Food $317.3 $310.3 0.7x 6.5x
17-Dec-12 Announced Super Supplements, Inc. Vitamin Shoppe Mariner, Inc. Food Retail $49.2 $49.2 N/A N/A
17-Dec-12 Announced The Oppenheimer Group Total Produce plc Food $15.0 $42.9 0.1x N/A
10-Dec-12 Announced Maple Leaf Foods Inc. (Potatoes Business) Cavendish Farms Corporation Food $60.0 $60.0 0.8x N/A
10-Dec-12 Closed J. T. Davenport & Sons, Inc. Core-Mark Holding Company, Inc. Food $37.6 $37.6 0.1x N/A
3-Dec-12 Closed Morningstar Foods, LLC Saputo Cheese USA Inc. Food $1,441.2 $1,441.2 0.9x 9.3x
3-Dec-12 Announced WhiteWave Foods Company (Certain Assets) Morningstar Foods, LLC Food $59.6 $59.6 N/A N/A
27-Nov-12 Announced Ralcorp Holdings Inc. ConAgra Foods, Inc. Food $7,047.6 $6,697.2 1.6x 11.9x
26-Nov-12 Closed Balance Bar Company NBTY, Inc. Food $77.6 $77.6 N/A N/A
1-Nov-12 Announced Puratone Corporation Maple Leaf Foods Inc. Food $42.0 $42.0 N/A N/A
23-Oct-12 Closed Vermont Hard Cider Company, LLC C&C Group plc Beverages $302.9 $302.9 N/A N/A
17-Oct-12 Announced Big Sky Farms, Inc. Olymel L.P. Food $65.3 $65.3 N/A N/A
19-Sep-12 Closed Chipita America, Inc. (Certain Brands) B&G Foods North America, Inc. Food $61.0 $61.0 N/A N/A
(1) Last Twelve Months
Source: Capital IQ
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M&A Activity: Select Transactions
14
3
(US$ in millions)
Date Transaction Transaction Enterprise EV/LTM (1)
Announced Status Target Buyer Subsector Value Value Revenue EBITDA
5-Sep-12 Closed Snack Factory, LLC Snyder's-Lance, Inc. Food $337.0 $337.0 N/A N/A
27-Aug-12 Closed Shearer's Foods, Inc. Wind Point Partners; Teachers'; Mistral Equity Food $494.7 $494.7 N/A N/A
14-Aug-12 Closed Kettle Creations, LLC BEF Foods, Inc. Food $49.6 $49.6 N/A N/A
13-Aug-12 Closed Michael's Finer Meats & Seafoods, Inc. The Chefs' Warehouse Mid-Atlantic, LLC Food $71.3 $68.8 0.8x 11.5x
30-Jul-12 Closed Conopco, Inc. (Certain Business Unit) ConAgra Foods, Inc. Food $267.9 $267.9 0.9x N/A
9-Jul-12 Closed Wm. Bolthouse Farms, Inc. Campbell Investment Company Agribusiness $1,581.5 $1,581.5 2.3x N/A
27-Jun-12 Closed H.C. Schau & Son Inc. Greencore Group plc Food $19.8 $19.8 0.6x N/A
8-Jun-12 Closed Arctic Glacier Holdings, Inc. H.I.G. Capital, LLC; Bayside Capital, Inc. Food $411.0 $411.0 N/A N/A
4-Jun-12 Closed Bay Bread LLC Starbucks Corporation Food Retail $104.2 $104.2 N/A N/A
31-May-12 Closed Lepage Bakeries, Inc. Flowers Foods, Inc. Food $331.3 $305.9 1.8x 9.7x
31-May-12 Closed Udi's Healthy Foods, LLC Boulder Brands, Inc. Food $146.7 $146.7 2.4x 23.2x
23-May-12 Closed Petri Baking Products, Inc. Ralcorp Holdings Inc. Food $86.3 $86.3 1.7x N/A
22-May-12 Closed Lactalis American Group, Inc. Parmalat Belgium SA Food $974.1 $942.3 1.1x N/A
22-May-12 Closed Kangaroo Brands, Inc. (Pita Chips Business) ConAgra Foods, Inc. Food $48.9 $48.9 2.4x N/A
18-May-12 Closed Ocean Nutrition Canada Limited Royal DSM N.V. Food $540.0 $540.0 2.8x N/A
15-May-12 Closed NF Foods, LLC U Save Foods, Inc. Food Retail $49.5 $49.5 0.2x N/A
4-May-12 Closed Snokist Growers Co-operative Del Monte Corporation; Pacific Coast Producers Food $26.5 $26.5 N/A N/A
1-May-12 Closed Solae, LLC E. I. du Pont de Nemours and Company Food $439.8 $1,567.3 N/A N/A
1-May-12 Closed Imperial Sugar Co. Louis Dreyfus Commodities LLC Food $145.7 $145.2 0.2x N/A
Median 0.8x 11.1x
Mean 1.1x 12.5x
(1) Last Twelve Months
Source: Capital IQ
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Contact Information
About Maison Placements
Maison Placements Canada Inc. (Maison Placements), established in 1955, is an independent Toronto-based
investment dealer providing a range of financial services to institutional investors and corporate clients. The
firm is a member of the Investment Industry Regulatory Organization of Canada and a participating
organization of The Toronto Stock Exchange and TSX Venture Exchange.
About Maison Placements Food and Agribusiness Industry Group
The Maison Placements Food and Agribusiness Industry Group provides advisory services to many leading
participants in the food and agribusiness industry in North America. The firms services include:
Mergers and Acquisitions Advisory
Public Offerings
For more information regarding our industry expertise, please contact:
Gino Cozza
Managing Director
O: +1 416 947 6040
C: +1 416 737 3314
15
Private Placements
Valuations and Fairness Opinions
George Hartman
Managing Director
O: +1 416 947 6040
C: +1 416 889 5451
4
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The information contained in this presentation has been compiled by Maison Placements from sources believed to be reliable, but no representation orwarranty, express or implied, is made by Maison Placements, its affiliates or any other person as to its accuracy, completeness or correctness. Any
estimates, opinions and other information contained in this presentation constitute Maison Placementsjudgment as of the date of this presentation, are
subject to change without notice and are provided in good faith but without legal responsibility or liabi lity.
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in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Maison Placements or their
affiliates may at any time have a long or short position in any such securities, related securities or in options, futures, or other derivative instruments based
thereon.
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in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this presentation may not be eligible for sale
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any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction.
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from any use of the information contained in this presentation.
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Maison Placements I 130 Adelaide Street West I Suite 2116 I Toronto, ON M5H 3P5 I Phone 416.947.6040 I Fax 416.947.6046 I maisonplacements.com