food and beverage industry update august 2014 · 2014. 8. 29. · this bid would offer shareholders...

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Food and Beverage Industry UpdateAugust 2014

2 of 16

What We’re Seeing CONTENTSINDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

NOTABLE M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP OVERVIEWHarris Williams & Co. is a leadingadvisor to the food and beveragemarket. Our significant experiencecovers a broad range of endmarkets, industries, and businessmodels. This particular reportfocuses on trends and metrics in thefollowing areas:

• Agribusiness• Baked and Prepared Goods• Beverages• Branded and Private Label• Dairy• Distribution• Ingredients• Meat and Protein• Natural and Organic• Processing• Produce• Restaurant and Retail• Snacks

CONTACTSGlenn Gurtcheff | Managing [email protected]+1 (612) 359-2702

Tim Alexander | Managing [email protected]+1 (612) 359-2716

Ryan Budlong | [email protected]+1 (612) 359-2722

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

www.harriswilliams.com

In early June, Harbinger continued with ongoing efforts to acquire Central Garden & Pet Company.Having cited underperformance, Harbinger believes there is a large opportunity to create shareholdervalue through strategic alternatives. Harbinger already owns 4.4% of Central Garden & Pet’s CommonStock. The transaction would value Central Garden & Pet Co. at $1 billion. In an alternative proposal,Harbinger has offered to buy the Pet Segment for $750 million.Access Harbinger’s press release here.

Harbinger bids to acquire Central Garden & Pet Co.

What We’re Reading

Lassonde announced on July 3rd that it had entered agreement to acquire Apple & Eve, LLC from USJuice Partners, Clearlight Partners and Ares Capital for $150 million in cash. Lassonde Industries willown a 90% stake in the company, while the Lassonde family will own 10%.Access to the full article here.

Apple & Eve acquired by Lassonde

M&A activity in the food and beverage sector continued to carry momentum through the summer.HW&Co. anticipates an active marketplace for the remainder of the year as strategic and private equitybuyers look to take advantage of current market conditions and aggressively pursue well positioned food& beverage companies. Strategic buyers have aggressively pursued transactions, with Harbinger Groupannouncing bids for Central Garden & Pet Company’s overall business and Pet Segment. Also, FlagstoneFoods – a manufacturer of healthy private label snacks – has been acquired by Bay Valley Foods.Additionally, Tyson Foods beat competitors in acquiring Hillshire. Private equity buyers continued strongactivity with involvement in thirteen announced deals since June of this year. HW&Co. continues to seenew deal activity, reinforcing the M&A market’s momentum.

Market Update

Food and Beverage Industry UpdateAugust 2014

What We’ve Been DoingClosed HW&Co. Transactions

has been acquired by


a portfolio company of


a portfolio company ofhas divested selected assets to

and


has acquired

Pilgrim’s Pride and Tyson Foods Bid on Hillshire BrandsTyson Food’s and Pilgrim’s Pride continued to compete for ownership of Hillshire Brands, with TysonFoods announcing a new bid of $7.8 billion for the shares of Hillshire. This bid would offer shareholdersof Hillshire $63 per-share a 15% premium above Pilgrim’s Pride’s latest offer of $55 per-share. Pilgrim’sPride backed out of it’s proposal to acquire Hillshire on June 9th ending competition with Tyson. Thetransaction has met opposition as coalitions of farmers and ranchers claim that the merger will reducecompetitiveness in the industry.Access to the full article here.

a portfolio company of a portfolio company of









and




mailto:[email protected]




http://www.harriswilliams.com/industries/consumer

http://www.harbingergroupinc.com/phoenix.zhtml?c=118763&p=irol-newsArticle&ID=1941644&highlight=

http://www.thestreet.com/story/12822104/1/lassonde-industries-inc-completes-acquisition-of-apple-eve-llc-of-port-washington-new-york.html

http://www.bloomberg.com/news/2014-07-02/tyson-in-definitive-pact-to-buy-hillshire-for-8-55-billion.html

3 of 16

Food and Beverage Industry Vital Signs

Consumer Food Price Index

Inflation2

Commodity Price Indices1

50

100

150

200

250

Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14

Com

mod

ity

Pric

e In

dex

Corn Soybeans Wheat Crude Oil

Protein Price Indices2,3

Restaurant and Grocery Store Sales Indices4

80

100

120

140

May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14

Sale

s Ind

ex

Restaurant Grocery

90

100

110

120

130

140


Prot

ein

Pric

e In

dex

Beef Pork Poultry

-0.5

1.0

2.5

4.0

5.5


Infl

atio

n (%

)

Restaurant:24.0%

Grocery:15.2%

Beef:31.4%

Pork:20.5%

Poultry:10.8%

Wheat:94.4%

Soybeans:51.5%

Crude Oil:45.0%

Corn:32.5%

Net Debt /Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 12.3% 24.9% (3.2%) (19.9%) 13.8x 13.7x 7.2x 1.9xFruit and Vegetable 2.2% (7.5%) 2.1% 7.0% 21.6x 26.5x 12.3x 3.0xIngredients / Flavors (2.1%) 16.9% (4.5%) 2.5% 19.3x 27.3x 12.9x 1.1xAgribusiness 1.1% 23.3% 9.5% 24.4% 14.2x 16.5x 11.5x 1.1xBranded Processed Foods (4.6%) (3.2%) 5.5% 11.1% 19.8x 23.4x 13.3x 2.1xPrivate Label Foods (5.5%) (19.9%) (4.2%) (13.6%) 20.3x 26.3x 12.9x 3.1xNatural / Organic Foods (8.0%) 4.8% 6.6% 14.0% 24.5x 26.2x 14.0x 2.5xBaked Goods / Snack Foods (1.0%) 12.1% (4.4%) 2.1% 19.9x 25.5x 11.9x 2.8xDairy 0.1% (7.9%) 26.4% 17.1% 20.5x 23.5x 14.5x 2.2xNon-Alcoholic Beverages 4.7% 4.7% 4.6% 3.3% 19.5x 21.6x 13.4x 1.6xAlcoholic Beverages 0.7% 8.7% (1.4%) (1.8%) 20.0x 22.9x 12.5x 2.8xFood Retail (5.5%) (9.7%) 2.0% (4.3%) 19.2x 19.1x 6.7x 2.4xGrocery Distribution (1.1%) 2.9% (4.8%) 17.8% 22.2x 26.7x 9.6x 1.6xFoodservice (4.4%) (17.0%) 0.1% 10.8% 19.8x 27.8x 10.3x 3.3xQuick Service Restaurant (2.2%) 19.4% (0.7%) 7.2% 22.1x 28.4x 11.3x 2.6xCasual Dining Restaurant (7.7%) (2.2%) (7.9%) (4.8%) 19.2x 22.7x 10.7x 2.4xFast Casual (5.0%) (10.2%) (4.6%) (6.7%) 39.7x 20.9x 13.3x 0.9xPizza (2.2%) 20.2% (2.0%) 6.7% 22.5x 26.4x 14.4x 2.8xBeverage / Snack Retail (0.2%) (5.6%) 0.4% (4.6%) 25.5x 31.3x 17.5x 1.7xFamily Restaurant (0.5%) (0.7%) 1.4% 8.5% 18.4x 19.2x 9.4x 2.1x

O verall Median (2.0%) 1.6% 0.1% 3.5% 19.9x 24.1x 11.6x 2.0x

Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats

Food

and

Bev

erag

eIn

puts

Con

sum

er a

nd R

etai

l

Key Trading Statistics5

4 of 16

Public Equity Market Overview

Public Company

Sector Performance5

(One year change in stock price)

Private Label Foods

Foodservice

Fast Casual

Food Retail

Dairy

Fruit and Vegetable

Beverage / Snack Retail

Branded Processed Foods

Casual Dining Restaurant

Family Restaurant

Grocery Distribution

Non-Alcoholic Beverages

Natural / Organic Foods

Alcoholic Beverages

Baked Goods / Snack Foods

S&P

Ingredients / Flavors

Quick Service Restaurant

Pizza

Agribusiness

Protein Processing

-30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%Inputs Food and Beverage Consumer and Retail

80

90

100

110

120

130

Aug-13 Oct-13 Dec-13 Mar-14 May-14 Jul-14

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 Funds07/30/14 07/30/14 Tyson Foods Inc TSN Convertible $1,500.0 Acquisition Fin.

Pay Fees & Expenses07/30/14 07/30/14 Tyson Foods Inc TSN Follow-On $900.0 Acquisition Fin.

Pay Fees & Expenses07/28/14 07/28/14 Avidus Management Group Inc AVD Follow-On $0.7 Future Acquisitions

General Corp. Purp.07/18/14 07/18/14 United Natural Foods Inc UNFI Follow-On $7.0 Secondary

07/17/14 07/17/14 TreeHouse Foods Inc THS Follow-On $373.8 Future AcquisitionsPay Fees & Expenses

06/20/14 06/20/14 RiceBran Technologies RBIT Follow-On $7.5 Working CapitalPaymnt on Borrowings

06/12/14 06/12/14 Russell Breweries Inc RB Follow-On $0.5 Working CapitalInvestment/Loan

06/02/14 06/02/14 Captiva Verde Industries Ltd VEG.H Follow-On $0.5 Working Capital

05/30/14 05/30/14 MamaMancini's Holdings Inc MMMB Follow-On $2.4 General Corp. Purp.

05/29/14 05/29/14 Thinspace Technologies Inc THNS Convertible $0.3 General Corp. Purp.

05/21/14 05/21/14 Post Holdings Inc POST Convertible $250.0 General Corp. Purp.Acquisitions

05/21/14 05/21/14 Post Holdings Inc POST Follow-On $262.4 General Corp. Purp.Acquisitions

05/07/14 05/07/14 Russell Breweries Inc RB Follow-On $0.4 General Corp. Purp.

Recent Equity Offerings6

5 of 16

Public Equity Market Overview

Food and Beverage

Industry Stock Performance5

21.8%

12.6%

3.8%

2.1%

(11.2% )

(16.3% )

Last 10 Deals Announced Private Equity Investments and Exits

Median Food and Bev. Transaction Multiples Announced Food and Bev. TransactionsNorth 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

36

27

46

21

14

32

25 26

38

21

15

27 26 27

17

34

18

36

43

31

0

5

10

15

20

25

30

35

40

45

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Inv

estm

ents

Number of Investments Number of Exits

10.5x 9.9x

8.8x 8.3x 8.0x

11.3x

9.2x

10.5x

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

2007 2008 2009 2010 2011 2012 2013 2014

EV / LTM

Sales MultipleEV

/ LT

M E

BITD

A M

ultip

le

EV / LTM EBITDA EV / LTM Sales

$25.5

$110.2

$9.3

$67.2

$8.2$24.0

$55.7

$70.2

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2007 2008 2009 2010 2011 2012 2013 2014

Num

ber of Transactions

Agg

rega

te T

rans

actio

n V

alue

($ in

billi

ons)

Aggregate Deal Value # of deals

Announced Target Buyer g

8/1/2014 Mighty Leaf Tea Company Peet's Coffee & Tea

8/1/2014 Faribault Foods, Inc. Arizona Canning Company, LLC

7/28/2014 M&M Meat Shops Ltd. Searchlight Capital Partners

7/24/2014 Market Basket Arthur DeMoulas

7/22/2014 Davisco Foods Intl. Agropur Cooperative

7/21/2014 Helen Grace Chocolates, Inc. BBX Sweet Holdings

7/17/2014 Hain Pure Protein Corporation The Hain Celestial Group, Inc.

7/15/2014 Gamila Products, LLC Seventh Generation, Inc.

7/14/2014 Russell Stover Candies, Inc. Chocoladefabriken Lindt & Spruengli

7/14/2014 Bistro AIX, LLC Ovinte Partners

TreeHouse Acquires Flagstone Foods • TreeHouse Foods, through its Bay Valley subsidiary, has reached an agreement to

acquire Flagstone from Gryphon Investors for an enterprise value of $1.3 billion.• TreeHouse expects the financing structure of the deal to leave room for future

acquisitions.• Flagstone is a leading North American manufacturer and distributor of private label

healthy snacks. The Company holds the #1 position in trail mix and dried fruits.

Enterprise Value: $1.0bnRevenue Multiple: 0.6xEBITDA Multiple: 11.2xAnnounced: June 9, 2014

Harbinger Bids on Central Garden & Pet Co.• Harbinger offered to purchase Central Garden & Pet Co. for $1.0 billion, while also

offering $750 million in an alternative offer for their pet food segment.• $10 per-share in cash would be offered to shareholders of Central Garden & Pet

representing a 34% premium to the prior month’s stock price.• Harbinger is a highly diversified holding company with a broad range of consumer

brands in the animal foods and household appliances segments.

Enterprise Value: $1.3bnRevenue Multiple: 1.8xEBITDA Multiple: 24.3xAnnounced: June 30, 2014

Enterprise Value: $8.5bnRevenue Multiple: 2.1xEBITDA Multiple: 15.8xAnnounced: May 29, 2014

Tyson Bids on Hillshire Brands• Tyson has offered to purchase Hillshire for approximately $7.8 billion to

shareholders, which is in excess of Pilgrim’s Pride’s bid of $7.3 billion.• The proposed transaction has been challenged by farmers and ranchers urging the

Justice Department to enforce anti-trust laws.• The $63 per-share cash offer represents a 70% premium to Hillshire's closing price

on May 23rd, the day before Pilgrim’s Pride announced it’s initial bid to buyHillshire for $45 per-share.

Presenter

Presentation Notes

Page 40: 10K Earnings before taxes: (331) Add back: Impairment: 396 – Page 40 Book vs. Tax Depr. 18 – page 40 Depreciation & Amort 11 – page 44 94MM in EBTDA http://ir.postfoods.com/phoenix.zhtml?c=250930&p=irol-newsArticle&id=1854997 http://www.fool.com/investing/general/2013/09/16/post-holdings-to-buy-pasta-company-for-370-million.aspx http://www.upi.com/Business_News/2013/09/16/Post-Holdings-to-buy-Dakota-Growers-Pasta-Co/UPI-90331379355584/ http://www.thestreet.com/story/12038014/1/post-holdings-to-acquire-dakota-growers-pasta-company.html

Credit Statistics Average Secondary Spreads

Quarterly Loan Volume Average Spread on Food and Beverage LoansFood and Beverage Loan

Activity7

Recent Debt Offerings8

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

07/30/14 Lallemand Inc Food preparations USD 160,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

07/30/14 Reynolds American Inc Cigarettes USD 9,000,000,000 Bridge Loan N/A / Baa2 150

07/25/14 AAA Oils & Fats Pte Ltd Edible fats and oils USD 600,000,000 Revolver/Line >= 1 Yr. N/A / NR 280

07/25/14 AAA Oils & Fats Pte Ltd Edible fats and oils USD 140,000,000 Term Loan N/A / NR 350

07/24/14 Tate & Lyle Plc Cane sugar refining USD 800,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

07/15/14 Imperial Tobacco Group Plc Cigarettes USD 4,100,000,000 Term Loan N/A / Baa3 N/A



07/15/14 Tyson Foods Inc Poultry slaughtering and processing USD 1,000,000,000 364-Day Facility N/A / NR 125

07/15/14 Tyson Foods Inc Poultry slaughtering and processing USD 5,700,000,000 Bridge Loan N/A / NR 137.5

07/15/14 Tyson Foods Inc Poultry slaughtering and processing USD 1,306,250,000 Delay Draw Term Loan N/A / NR 137.5

07/15/14 Tyson Foods Inc Poultry slaughtering and processing USD 600,000,000 Delay Draw Term Loan N/A / NR 150

07/15/14 Tyson Foods Inc Poultry slaughtering and processing USD 593,750,000 Delay Draw Term Loan N/A / NR 150

07/07/14 Mizkan Group Corp Food preparations USD 2,150,000,000 Bridge Loan N/A / NR N/A

07/02/14 Mass Bay Brewing Company Inc Distilled and blended liquors USD 10,000,000 Revolver/Line >= 1 Yr. N/A / NR 350

07/02/14 Mass Bay Brewing Company Inc Distilled and blended liquors USD 60,000,000 Term Loan N/A / NR 350

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

EBIT

DA

Mul

tiple

2009 2010 2011 2012 2013

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

vera

ge S

prea

d O

ver L

IBO

R

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2007 2008 2009 2010 2011 2012 2013

Ave

rage

Spr

ead

Ove

r LIB

OR

Revolving Credit / Term Loan A Weighted-Average Institutional

$0

$2

$4

$6

$8

$10

$12

$14

$16

2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14

Loan

Vol

ume

by Q

uarte

r ($

in b

illio

ns)

Inst itutional 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 ActivityMedian LTM Trading

Multiples and Quarterly Food

and Beverage M&A5

Median LTM Trading Multiples

4735

2536

2234 36

46 47

2533

49

3442

53 52 4839

3346 47 52

70

89

19

6

5

5

2

3

47

5 7

136

7

7

5

4 79

610

13 87

10

6

5

0

10

20

30

40

50

60

70

80

90

100

Q30

8Q

408

Q10

9Q

209

Q30

9Q

409

Q11

0Q

210

Q31

0Q

410

Q11

1Q

211

Q31

1Q

411

Q11

2Q

212

Q31

2Q

412

Q11

3Q

213

Q31

3Q

413

Q11

4Q

214

Q31

4

Num

ber o

f Tra

nsac

tions

Strat egic Ac quirer Private Equi ty Acquirer

Enterprise Enterprise Value Private EquityAnnounced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

8/1/2014 Mighty Leaf Tea Company VMG Partners Peet's Coffee & Tea - - - -

8/1/2014 Faribault Foods, Inc. - Arizona Canning Company, LLC - - - -7/28/2014 M&M Meat Shops Ltd. - Searchlight Capital Partners - - - -

7/24/2014 DeMoulas Super Markets, Inc. - - - - - -7/22/2014 Davisco Foods Intl. Davisco Foods Intl. Agropur Cooperative - - - -7/21/2014 Helen Grace Chocolates, Inc. - BBX Sweet Holdings - - - -7/17/2014 Hain Pure Protein Corporation Pegasus Capital Advisors, L.P. The Hain Celestial Group, Inc. - - - -

7/15/2014 Gamila Products, LLC - Seventh Generation, Inc. - - - -7/14/2014 Russell Stover Candies, Inc. - Chocoladefabriken Lindt & Spruengli - - - -7/14/2014 Bistro AIX, LLC - - - - - -7/11/2014 Crumbs Bake Shop, Inc. Crumbs Bake Shop, Inc. Fischer Enterprises, Marcus Lemonis - - - -7/11/2014 Slim-Fast Brand Unilever Kainos Capital - - - -

7/10/2014 AviÃ³n Spirits LLC Avión Tequila LLC Pernod Ricard USA, LLC - - - -7/8/2014 Café Dépôt, Sushiman Inc., Muffin Plus, Fabrika - MTY Tiki Ming Enterprises, Inc. $13.9 - - -7/8/2014 Maurice Cooper et Cie., LLC Maurice Cooper et Cie., LLC Heaven Hill Distilleries, Inc. - - - -7/7/2014 Wild Flavors GmbH Kholberg Kravis Roberts & Co. Archer Daniels Midland $2,276.4 2.30x - -

7/7/2014 Truco Enterprises, LP Arbor Private Investment Company Insignia Capital Group, LLC - - - -

7/7/2014 King's Command Foods, Inc. - American Prepared Foods LLC - - - -7/3/2014 Apple & Eve, LLC ClearLight Partners LLC; Ares Capital Lassonde Industries Inc. $147.9 - 9.7x -

7/3/2014 Romeo's NY Pizza - Cardiff International Inc. $1.0 - - -7/3/2014 Ker, Inc. - Third Lake Capital - - - -

7/3/2014 Allan Candy Company Ltd, Ju Ju Candies The Allan Candy Company Limited Weaver Nut Company, Inc. - - - -7/3/2014 SoCal Eats LLC - - $1.8 - - -7/2/2014 Juicy Juice Business Nestle USA, Inc. Brynwood Partners - - - -

6/30/2014 Sequoia Spring Water, Inc. - DS Services of America, Inc. - - - -6/30/2014 Havana Manor LLC - Smoker Friendly International LLC - - - -6/27/2014 Flagstone Foods Gryphon Investors; Prospect Capital Bay Valley Foods, LLC $1,322.9 1.83x 24.3x 33.7x

6/25/2014 McAlister's Deli Located in Renaissance Center CAERUS Group Southern Deli Holdings LLC - - - -6/25/2014 Uncorked LLC - - - - - -6/25/2014 Sierra Soups, Inc. and Meadow Lakes Dressings Inc. - Sierra Foods Co. Inc. - - - -6/23/2014 Great Sandhills Terminal Ltd. - Canadian Wheat Board $23.9 0.46x 40.3x 138.1x6/23/2014 Mr. B's Pub, Inc. - - - - - -6/23/2014 Furr's Restaurant Group, Inc. and Dynamic Foods Buffet Partners, L.P. Food Management Partners, Inc. - - - -6/20/2014 Anodyne Coffeehouse - Bull Run Coffee Bar - - - -6/20/2014 S.B. Restaurant Co. Inc. Ares Capital; KarpReilly LLC; Fidus Cerberus Business Finance, LLC - - - -

6/19/2014 Great Harvest Franchising, Inc. - - - - - -6/17/2014 Première Moisson Inc. - Metro Inc. - - - -6/16/2014 Central Garden & Pet Company, Pet Segment Central Garden & Pet Company Harbinger Group Inc. $750.0 0.85x - -6/16/2014 ProBlend Ingredients, Inc. - Eurogerm USA, Inc. - - - -6/16/2014 BB's Bagels & Bread LLC - Zi Pani - - - -

12.5x

11.2x

11.5x11.8x

12.0x12.2x

12.0x

12.6x 12.5x 12.6x12.7x12.8x

12.4x

10.4x10.5x

10.9x11.2x

11.9x

12.3x

11.8x

12.4x12.1x

11.9x11.8x12.0x

11.4x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Jul-1

3

Aug

-13

Sep-

13

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Med

ian

Trad

ing

Mul

tiple

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 EquityAnnounced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

6/16/2014 Corr Brands, Inc. - ID Global Corporation - - - -6/13/2014 Diversified Food And Seasoning, Inc. Diversified Food And Seasoning, Inc. Popeyes Louisiana Kitchen, Inc. $43.0 - - -6/13/2014 Michael Angelo's - - - - - -6/11/2014 Carlisle Corporation, 56 Wendy's Restaurants Carlisle Corporation NPC Quality Burgers, Inc. $58.2 0.76x - -6/11/2014 The H.Wood Group - Hakkasan Ltd. - - - -6/10/2014 Supreme Cattle Feeders L.L.C. Agri Beef Co. Green Plains Inc. - - - -6/9/2014 Edgewood Bakery, Inc. - - $1.0 - - -6/9/2014 Central Garden & Pet Company Spectrum Asset Management, Inc. Harbinger Group Inc. $1,020.0 0.62x 11.2x 19.8x

6/6/2014 Fruitbud Juice LLC - Country Pure Foods, Inc. - - - -6/5/2014 Ovale SEC - Nutri-Oeuf Inc. - - - -6/5/2014 Carneros Interests Michael Mondavi Family Estate Kieu Hoang Winery, LLC - - - -6/4/2014 S.S. of Kansas, Inc. - Kelly Capital Investments, L.L.C. - - - -6/3/2014 Pronto Restaurant Rutabagas Inc. - - - - -6/3/2014 Premier Food Services, Inc. - SMG - - - -6/3/2014 Cowboys Saloon Davie, LLC - Bg Capital Group, Ltd. - - - -6/2/2014 FOC Acquisition LLC Flagship Food Group LLC House of Raeford Farms, Inc. - - - -6/2/2014 LM Foods, LLC - Salt Creek Capital II, LLC - - - -

6/1/2014 Yankie Creek Coffee House - - - - - -5/31/2014 U-Swirl, Inc., Three Company Owned Cafes U-Swirl, Inc. - - - - -5/29/2014 The Hillshire Brands Company Soros Fund Management LLC Tyson Foods, Inc. $8,543.1 2.14x 15.8x 22.8x5/29/2014 FoodCrafters Group Inc. - A.C. Simmonds and Sons Inc. - - - -5/28/2014 Pavilion 117 BMOC Baristas Coffee Company Inc. - - - -5/28/2014 Saint Cupcake LLC - - - - - -5/27/2014 Flynn Restaurant Group LLC Goldman Sachs, Merchant Banking DivisTeachers' Private Capital - - - -

5/27/2014 The Hillshire Brands Company Soros Fund Management LLC Pilgrim's Pride Corporation $7,298.7 1.83x 13.5x 19.5x5/27/2014 Track Enterprises, Inc. - Ferris Coffee and Nut Company Inc. - - - -5/27/2014 Canopy Management Wine Company - Vintage Wine Estates, Inc. - - - -5/24/2014 Scottsboro Coca-Cola Bottling Company Coca-Cola Enterprises Inc. Coca-Cola Bottling Company UNITED - - - -5/23/2014 Contessa Premium Foods, Inc. Main Street Capital Holdings, LLC; Sun Red Chamber Co. $21.0 - - -

5/23/2014 Moark, LLC Land O Lakes Inc. Southern California Egg Cooperative, Inc. - - - -5/23/2014 Prime Select Seafoods, Inc. - Northern Fish Products, Inc. - - - -5/22/2014 SoCal Eats LLC - Paraiso Culinary Ventures LLC $2.6 - - -5/22/2014 Conopco Inc., North America Pasta Sauces Business Conopco, Inc. Mizkan Holdings Co., Ltd. $2,150.0 3.58x - -5/21/2014 Wintercreek LLC - DS Services of America, Inc. - - - -5/20/2014 Vegetable Juices Inc - Naturex Société Anonyme - - - -5/20/2014 TGI Friday's Inc. Carlson Companies, Inc. Sentinel Capital Partners; Tri-Artisan - - - -

5/20/2014 Next Generation Vending, LLC H.I.G. Capital, LLC Aramark - - - -

5/14/2014 Jeff's Gourmet Pies, Inc. - David's Cookies, Inc. - - - -5/14/2014 Sunny Herbs International Beverage Co., Ltd., Bireley Sunny Herb International Beverage Co., ICHITAN GROUP $15.0 - - -5/13/2014 Smoothie Factory and RedBrick Pizza - BRIX Holdings, LLC - - - -5/13/2014 Tipperary Pub - - - - - -5/12/2014 Pinnacle Foods Inc. - The Hillshire Brands Company $6,620.1 2.65x 15.2x 18.7x5/12/2014 Professional Sports Catering, LLC - Levy Restaurants, Inc. - - - -5/12/2014 Lee's Famous Recipe Chicken Dayton GZK, Inc. Far Hills Development LLC - - - -5/9/2014 Opal Foods LLC Moark, LLC Rose Acre; Weaver Bro.; AGR Partners - - - -

5/7/2014 Baptista's Bakery, Inc. - Snyder's-Lance, Inc. - - - -5/5/2014 Klement's Sausage Company, Inc. - Tall Tree Foods Holdings Inc. - - - -5/5/2014 Beyond Organic LLC - Youngevity Essential Life Sciences - - - -5/1/2014 Philly's Famous Water Ice, Inc. Encore Consumer Capital J&J Snack Foods Corp. - - - -

5/1/2014 Allied Blending & Ingredients, Inc. - Niagara Fiber LLC - - - -4/28/2014 Charter Baking Company, Inc. Charterhouse Equity Partners The Hain Celestial Group, Inc. $61.3 1.02x - -

4/28/2014 Autocrat, LLC Argosy Capital James Finlay Limited - - - -

4/28/2014 Susser Holdings Corporation Susser Family Limited Partnership Energy Transfer Partners, L.P. $2,320.3 0.37x 14.4x 23.2x4/25/2014 JLM Enterprise, Inc. - JBS United, Inc. - - - -4/24/2014 Kenwood Vineyards, Inc. F. Korbel & Bros., Inc. Pernod Ricard USA, LLC - - - -4/23/2014 Cedar River Foods LLC - Glow Holdings, Inc. - - - -4/21/2014 CHS, Inc., Curley's Line of BBQ Sauces CHS, Inc. Garden Complements, Inc. - - - -4/21/2014 Liz and Linda's Pepper Jelly, LLC - Riverfront Marketing Group, LLC - - - -4/21/2014 Protenergy Natural Foods Whitecap Venture Partners Treehouse Foods, Inc. $154.3 - - -

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Member FINRA/SIPC

Trading Statistics Detail5

Price at As a % of Market Cash & Enterprise P/E($ in millions, except per share data) Ticker 8/5/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and BeverageBranded Processed FoodsAssociated British Foods plc ABF $46.99 89.8% $37,110 $1,907 $521 $38,495 $22,096 $2,679 14.8% 8.7% 24.4% 12.1% 36.6x 1.74x 14.4x 1.70x 14.1xCampbell Soup Company CPB 41.81 89.6% 13,125 3,912 239 16,798 8,139 1,407 9.8% 2.2% 35.7% 17.3% 19.6x 2.06x 11.9x 1.99x 10.1xConAgra Foods, Inc. CAG 30.50 89.0% 12,886 8,994 192 21,688 17,703 2,403 14.8% 12.6% 21.0% 13.6% 45.5x 1.23x 9.0x 1.33x 9.8xGeneral Mills, Inc. GIS 50.88 91.4% 31,164 8,786 867 39,083 17,910 3,481 0.8% 6.4% 35.6% 19.4% 18.7x 2.18x 11.2x 2.11x 10.8xHormel Foods Corporation HRL 45.32 89.3% 11,964 250 531 11,683 9,096 1,031 5.8% 5.0% 16.8% 11.3% 23.0x 1.28x 11.3x 1.22x 10.0xKellogg Company K 61.40 88.3% 22,112 7,527 290 29,349 14,644 3,805 (1.4%) 4.3% 43.7% 26.0% 12.8x 2.00x 7.7x 1.95x 10.6xMcCormick & Company, Incorporated MKC 66.39 90.5% 8,616 1,325 91 9,850 4,213 718 3.8% 7.0% 40.7% 17.0% 23.1x 2.34x 13.7x 2.28x 13.0xMondelez International, Inc. MDLZ 35.96 90.9% 60,825 18,576 2,290 77,111 35,037 5,651 (0.3%) (12.4%) 36.9% 16.1% 32.1x 2.20x 13.6x 2.17x 12.9xNestlé S.A. NESN 73.62 93.5% 234,865 26,355 4,244 256,975 101,648 18,697 4.3% 2.6% 47.8% 18.4% 23.8x 2.53x 13.7x 2.47x 12.9xThe Hain Celestial Group, Inc. HAIN 83.06 84.0% 4,163 868 124 4,907 2,154 292 24.2% 24.8% 26.5% 13.6% 34.6x 2.28x 16.8x 1.78x 13.2xThe Hershey Company HSY 88.52 81.4% 19,636 1,993 660 20,969 7,260 1,579 6.2% 7.0% 45.5% 21.8% 24.8x 2.89x 13.3x 2.72x 11.9xThe J. M. Smucker Company SJM 99.37 88.0% 10,125 2,351 149 12,327 5,584 1,185 (5.0%) 4.0% 36.3% 21.2% 19.1x 2.21x 10.4x 2.11x 9.7xThe WhiteWave Foods Company WWAV 29.66 84.1% 5,157 1,365 66 6,456 2,986 332 24.0% 24.8% 34.3% 11.1% NM 2.16x 19.4x 1.83x 14.4x

Mean 7.8% 7.5% 34.2% 16.8% 26.1x 2.09x 12.8x 1.97x 11.8xMedian 5.8% 6.4% 35.7% 17.0% 23.4x 2.18x 13.3x 1.99x 11.9x

Private Label FoodsFlowers Foods, Inc. FLO $19.18 74.7% $4,013 826 9 $4,831 $3,759 $419 7.5% 12.9% 47.6% 11.2% 23.9x 1.29x 11.5x 1.22x 10.1xSnyder's-Lance, Inc. LNCE 25.06 82.1% 1,757 705 18 2,443 1,797 187 14.9% 10.7% 33.9% 10.4% 26.3x 1.36x 13.0x 1.49x 12.6xTreehouse Foods, Inc. THS 74.51 89.6% 3,086 1,021 26 4,080 2,474 317 12.6% 8.1% 21.5% 12.8% 37.6x 1.65x 12.9x 1.18x 9.1x


Natural / Organic FoodsAmira Nature Foods Ltd. ANFI $14.73 58.9% $529 $185 $38 $675 $548 $75 32.3% 98.6% 24.2% 13.8% 14.7x 1.23x 9.0x 1.02x 7.4xAnnie's, Inc. BNNY 29.45 56.2% 503 0 2 502 208 21 19.2% 20.8% 34.6% 10.2% 45.4x 2.41x 23.6x 2.00x 14.8xSunOpta Inc. TSX:SOY 13.11 94.0% 877 174 7 1,045 1,260 67 10.2% 9.2% 11.2% 5.3% NM 0.83x 15.6x 0.77x 11.1xThe Hain Celestial Group, Inc. HAIN 83.06 84.0% 4,163 868 124 4,907 2,154 292 24.2% 24.8% 26.5% 13.6% 34.6x 2.28x 16.8x 1.78x 13.2xUnited Natural Foods, Inc. UNFI 59.54 74.8% 2,956 302 17 3,242 6,672 262 15.7% 15.2% 16.8% 3.9% 26.2x 0.49x 12.4x 0.44x 11.0xWhole Foods Market, Inc. WFM 38.47 58.7% 13,953 62 796 13,219 13,914 1,301 8.3% 12.2% 35.6% 9.4% 25.2x 0.95x 10.2x 0.86x 9.5x


Baked Goods / Snack FoodsARYZTA AG SWX:ARYN $90.27 93.1% $7,955 $2,153 $795 $9,312 $6,126 $782 3.3% 8.4% 27.2% 12.8% NM 1.52x 11.9x 1.39x 10.4xDiamond Foods, Inc. DMND 26.65 74.9% 836 654 7 1,483 846 84 (4.8%) (2.4%) 25.1% 9.9% NM 1.75x 17.7x 1.66x 13.0xFlowers Foods, Inc. FLO 19.18 74.7% 4,013 826 9 4,831 3,759 419 7.5% 12.9% 47.6% 11.2% 23.9x 1.29x 11.5x 1.22x 10.1xGeorge Weston Limited WN 80.29 99.0% 10,285 13,207 2,162 21,330 33,595 1,757 3.0% 0.5% 23.6% 5.2% NM 0.63x 12.1x 0.51x 5.8xGolden Enterprises Inc. GLDC 4.24 86.5% 50 8 1 56 136 7 (1.1%) 1.2% 48.7% 4.9% NM 0.42x 8.5x NA NAGrupo Bimbo, S.A.B. de C.V. BIMBO A 3.16 93.6% 14,863 4,693 467 19,089 13,799 1,491 3.5% 10.6% 53.0% 10.8% 39.5x 1.38x 12.8x 1.25x 11.7xInventure Foods, Inc. SNAK 12.17 83.9% 238 79 1 316 253 23 31.4% 19.5% 18.2% 9.0% 30.0x 1.25x 13.8x 1.05x 10.7xJ&J Snack Foods Corp. JJSF 91.69 91.7% 1,710 1 68 1,642 904 142 3.7% 7.6% 31.1% 15.7% 25.5x 1.82x 11.6x 1.73x 10.7xJohn B Sanfilippo & Son Inc. JBSS 25.73 81.9% 284 82 2 364 779 59 6.0% 4.9% 15.8% 7.5% 13.3x 0.47x 6.2x NA NALancaster Colony Corporation LANC 88.90 89.1% 2,430 0 212 2,219 1,041 175 (10.7%) (1.5%) 23.9% 16.8% 23.8x 2.13x 12.7x 2.07x 12.5xPenford Corporation PENX 11.88 78.3% 151 85 0 236 452 21 (1.7%) 15.3% 10.0% 4.6% 44.5x 0.52x 11.3x 0.49x 7.2x


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Trading Statistics Detail (continued)5


DairyDanone BN $72.56 94.9% $43,509 $16,239 $4,208 $55,540 $28,348 $4,304 1.7% 2.0% 47.2% 15.2% 29.9x 1.96x 12.9x 1.92x 11.7xDean Foods Company DF 15.51 78.0% 1,450 986 60 2,376 9,231 247 0.2% (9.7%) 18.4% 2.7% 4.2x 0.26x 9.6x 0.26x 9.2xGlanbia plc GL9 15.44 97.7% 4,563 762 121 5,204 3,317 288 8.6% 0.3% 29.0% 8.7% 22.8x 1.57x 18.0x 1.52x 16.0xLifeway Foods Inc. LWAY 12.55 73.0% 205 9 6 209 109 7 22.4% 18.8% 25.7% 6.3% NM 1.92x 30.2x 1.64x 15.2xSaputo Inc. TSX:SAP 62.88 98.9% 12,314 1,931 45 14,200 9,076 982 23.1% 12.1% 10.8% 10.8% 24.2x 1.56x 14.5x 1.50x 13.2x


Non-Alcoholic BeveragesA.G.Barr p.l.c. LSE:BAG $11.04 99.1% $1,275 $25 $21 $1,279 $419 $75 11.7% 6.0% 45.7% 17.8% 26.4x 3.05x 17.1x 2.87x 15.5xCott Corporation BCB 7.27 83.8% 686 656 91 1,250 2,051 183 (5.5%) (2.2%) 11.9% 8.9% NM 0.61x 6.8x 0.59x 6.5xDr Pepper Snapple Group, Inc. DPS 59.03 95.3% 11,518 2,622 150 13,990 6,035 1,447 0.5% 1.4% 59.4% 24.0% 16.8x 2.32x 9.7x 2.29x 9.9xKeurig Green Mountain, Inc. GMCR 117.74 86.0% 19,161 278 1,204 18,235 4,559 1,144 7.1% 25.4% 38.2% 25.1% 36.8x 4.00x 15.9x 3.61x 15.1xLassonde Industries Inc. LAS.A 114.45 95.9% 800 253 16 1,037 991 111 1.2% 19.6% 27.5% 11.2% 19.0x 1.05x 9.3x NA NAMonster Beverage Corporation MNST 65.11 68.6% 10,878 0 827 10,051 2,355 687 10.6% 15.7% 53.1% 29.2% 37.3x 4.27x 14.6x 3.81x 12.8xNational Beverage Corp. FIZZ 18.07 81.2% 837 30 30 837 641 76 (3.2%) 2.2% 33.9% 11.9% 20.4x 1.31x 11.0x 1.30x NAPepsico, Inc. PEP 89.20 95.4% 134,406 32,848 11,299 155,955 66,544 12,657 0.8% 2.1% 53.4% 19.0% 20.9x 2.34x 12.3x 2.29x 11.7xStarbucks Corporation SBUX 76.79 93.1% 57,685 2,048 1,196 58,536 16,081 3,340 11.3% 11.8% 57.9% 20.8% NM 3.64x 17.5x 3.28x 13.9xThe Coca-Cola Company KO 39.18 92.0% 171,841 40,247 21,612 190,476 46,220 13,092 (2.9%) 3.1% 61.0% 28.3% 22.3x 4.12x 14.5x 4.00x 14.1x


Alcoholic BeveragesAnheuser-Busch InBev SA/NV ENXTBR:ABI $107.89 95.6% $173,370 $55,511 $8,845 $220,036 $46,245 $17,790 14.7% 7.0% 60.2% 38.5% 21.3x 4.76x 12.4x 4.41x 10.9xBrown-Forman Corporation BF.B 88.39 91.0% 18,853 1,011 460 19,404 3,010 1,016 4.9% 4.3% 69.6% 33.7% 29.8x 6.45x 19.1x 4.51x 17.1xConstellation Brands Inc. STZ 83.19 87.8% 16,042 7,209 382 22,868 5,720 1,630 101.8% 21.6% 42.4% 28.5% 8.0x 4.00x 14.0x 3.75x 12.7xDiageo plc DGE 29.81 86.2% 74,899 16,258 1,064 90,092 17,546 5,824 2.1% 4.3% 60.9% 33.2% 19.0x 5.13x 15.5x 4.95x 14.8xHeineken NV ENXTAM:HEIA 70.04 91.8% 39,744 15,585 1,147 54,182 25,230 5,285 2.4% 4.1% 38.6% 20.9% 24.4x 2.15x 10.3x 2.08x 9.0xKirin Holdings Company, Limited TSE:2503 13.86 90.4% 12,736 7,630 421 19,945 21,306 2,690 9.8% 6.6% 43.0% 12.6% 32.3x 0.94x 7.4x 0.92x 7.1xPernod-Ricard SA RI 113.72 90.9% 29,936 12,773 899 41,810 11,345 3,333 5.6% 4.5% 62.7% 29.4% 20.0x 3.69x 12.5x 3.85x 13.4xSABMiller plc LSE:SAB 54.30 94.7% 86,952 17,077 2,131 101,898 16,704 5,445 (3.9%) 3.3% 69.6% 32.6% 26.5x 6.10x 18.7x 5.81x 15.4xSapporo Holdings Ltd. TSE:2501 4.31 94.7% 1,661 2,513 105 4,069 4,988 426 (1.1%) 8.4% 35.3% 8.5% NM 0.82x 9.5x 0.79x 9.7x


InputsProtein ProcessingCal-Maine Foods, Inc. CALM $72.99 89.1% $1,766 $61 $209 $1,618 $1,441 $188 11.9% 15.2% 21.0% 13.0% 17.4x 1.12x 8.6x 1.08x 7.4xJBS S.A. BOVESPA:JBSS3 3.79 87.2% 10,884 15,879 4,670 22,093 48,452 3,478 29.9% 9.5% 13.6% 7.2% 41.2x 0.46x 6.4x 0.43x 6.2xSanderson Farms, Inc. SAFM 92.79 89.3% 2,141 20 139 2,021 2,741 373 5.3% 12.1% 16.1% 13.6% 10.2x 0.74x 5.4x 0.73x 4.5xSeaboard Corp. SEB 2,880.00 92.3% 3,372 131 447 3,056 6,578 380 1.6% 8.3% 8.4% 5.8% 13.7x 0.46x 8.0x 0.46x NATyson Foods, Inc. TSN 36.74 83.0% 13,798 1,825 589 15,034 36,369 2,097 7.6% 5.1% 7.4% 5.8% 13.5x 0.41x 7.2x 0.37x 5.0x


Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2014E

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Fruit and VegetableCalavo Growers Inc. CVGW $35.51 89.9% $560 $52 $20 $592 $749 $40 24.7% 20.1% 9.2% 5.3% 25.3x 0.79x 14.8x 0.72x 12.2xChiquita Brands International Inc. CQB 9.62 67.3% 451 637 55 1,034 3,059 87 0.7% (1.5%) 10.5% 2.9% NM 0.34x 11.8x 0.34x 6.8xFresh Del Monte Produce Inc. FDP 30.11 94.7% 1,671 182 48 1,805 3,855 210 9.9% 2.1% 8.2% 5.5% NM 0.47x 8.6x 0.46x 7.4xSeneca Foods Corp. SENE.A 28.48 82.0% 310 228 11 527 1,348 41 5.5% 3.0% 6.5% 3.0% 27.7x 0.39x 12.8x NA NA


Ingredients / FlavorsGivaudan SA SWX:GIVN $1,614.23 95.3% $14,860 $1,603 $401 $16,062 $4,887 $1,001 6.2% 0.6% 45.9% 20.5% 27.3x 3.29x 16.0x 3.26x 13.8xInternational Flavors & Fragrances Inc. IFF 96.48 91.2% 7,830 936 329 8,438 3,026 653 5.3% 3.5% 44.5% 21.6% 21.9x 2.79x 12.9x 2.67x 11.8xKerry Group plc ISE:KRZ 72.06 94.2% 12,668 1,861 317 14,212 7,914 952 3.5% 1.7% 43.2% 12.0% NM 1.80x 14.9x 1.78x 13.5xSensient Technologies Corporation SXT 52.48 91.5% 2,596 495 28 3,062 1,466 268 (0.3%) 1.4% 33.5% 18.3% 32.2x 2.09x 11.4x 2.07x 10.6xSymrise AG XTRA:SY1 51.74 93.3% 6,717 716 673 6,760 2,516 523 7.6% 3.0% 43.0% 20.8% 27.3x 2.69x 12.9x 2.27x 10.4xTate & Lyle plc TATE 10.86 79.3% 5,078 1,305 772 5,611 5,245 737 0.3% 8.9% 37.7% 14.0% 13.1x 1.07x 7.6x 1.19x 8.0x


AgribusinessArcher Daniels Midland Company ADM $48.56 96.5% $31,346 $5,622 $1,996 $34,972 $87,726 $3,371 (3.6%) 0.8% 4.8% 3.8% 19.8x 0.40x 10.4x 0.40x 8.2xBunge Limited BG 79.84 94.7% 11,649 8,731 3,607 16,773 61,325 1,731 (4.0%) 6.3% 4.4% 2.8% NM 0.27x 9.7x 0.27x 7.3xCF Industries Holdings, Inc. CF 249.67 93.2% 13,001 4,592 2,194 15,399 5,029 2,244 (14.7%) (0.7%) 40.0% 44.6% 9.0x 3.06x 6.9x 3.48x 7.3xDarling Ingredients Inc. DAR 18.60 77.7% 3,061 2,371 144 5,289 2,793 416 59.9% 28.8% 25.8% 14.9% NM 1.89x 12.7x 1.32x 8.6xMonsanto Company MON 115.00 89.3% 60,328 3,211 1,817 61,722 15,427 4,611 4.5% 10.4% 53.6% 29.9% 23.7x 4.00x 13.4x 3.81x 12.0xOmega Protein Corporation OME 13.84 90.6% 289 22 40 271 289 92 21.5% 13.1% 34.0% 32.0% 8.4x 0.94x 2.9x 0.96x 4.3xThe Andersons, Inc. ANDE 56.23 83.9% 1,575 417 47 1,945 5,081 137 (10.2%) 6.5% 7.5% 2.7% 16.5x 0.38x 14.2x 0.39x 7.9xThe Mosaic Company MOS 47.11 91.9% 17,650 3,026 2,367 18,309 7,665 1,357 (23.7%) (8.3%) 14.1% 17.7% NM 2.39x 13.5x 1.85x 7.3x

Mean 3.7% 7.1% 23.0% 18.6% 15.5x 1.67x 10.5x 1.56x 7.9xMedian (3.8%) 6.4% 20.0% 16.3% 16.5x 1.42x 11.5x 1.14x 7.6x

Consumer and RetailFood RetailCostco Wholesale Corporation COST 118.05 93.6% 51,741 4,985 7,275 49,451 109,604 4,086 4.5% 8.9% 12.6% 3.7% 27.1x 0.45x 12.1x 0.42x 11.0xEstablishments Delhaize Freres DELB 65.71 90.7% 6,654 3,532 1,685 8,501 28,955 1,621 5.8% (1.2%) 24.0% 5.6% NM 0.29x 5.2x 0.30x 4.9xFairway Group Holdings Corp. FWM 5.82 22.3% 253 257 49 460 787 14 13.6% NA 31.9% 1.8% NM 0.58x 32.9x 0.55x 9.5xIngles Markets, Incorporated IMKT.A 24.30 83.5% 553 909 4 1,458 3,820 214 0.8% 2.9% 21.9% 5.6% 11.6x 0.38x 6.8x 0.37x 6.7xJ. Sainsbury plc LSE:SBRY 5.18 73.0% 9,906 4,735 2,646 11,995 39,799 2,411 12.9% 5.2% 5.8% 6.1% 8.2x 0.30x 5.0x 0.30x 5.1xKoninklijke Ahold N.V. ENXTAM:AH 17.11 83.7% 15,119 4,116 2,753 16,482 43,571 2,847 0.9% 1.1% 26.6% 6.5% 15.4x 0.38x 5.8x 0.38x 5.9xNatural Grocers by Vitamin Cottage NGVC 20.35 45.6% 457 20 7 471 500 39 23.4% 30.1% 29.2% 7.9% 33.9x 0.94x 12.0x 0.79x 10.4xRoundy's, Inc. RNDY 4.78 43.6% 229 711 36 904 4,081 141 10.6% 2.7% 26.6% 3.5% NM 0.22x 6.4x 0.23x 7.5xSafeway Inc. SWY 34.40 85.5% 7,926 3,814 2,304 9,436 36,333 1,511 4.2% (4.8%) 27.1% 4.2% NM 0.26x 6.2x 0.26x 7.1xSprouts Farmers Market, Inc. SFM 30.74 62.2% 4,602 433 184 4,851 2,708 228 23.9% NA 30.0% 8.4% NM 1.79x 21.2x 1.50x 17.5xSUPERVALU Inc. SVU 9.39 96.0% 2,449 2,762 90 5,121 17,148 825 0.1% (22.7%) 14.9% 4.8% 16.0x 0.30x 6.2x 0.29x 6.7xThe Kroger Co. KR 48.71 94.6% 23,815 11,316 265 34,866 101,339 4,598 3.9% 6.1% 21.3% 4.5% 17.1x 0.34x 7.6x 0.32x 6.8xThe Pantry, Inc. PTRY 18.98 87.7% 445 937 50 1,332 6,825 202 (3.5%) (1.0%) 11.9% 3.0% NM 0.20x 6.6x 0.17x 5.9xVillage Super Market Inc. VLGE.A 23.99 60.4% 337 43 73 307 1,498 51 1.9% 4.9% 26.8% 3.4% 44.4x 0.20x 6.0x 0.20x NAWeis Markets, Inc. WMK 42.60 78.7% 1,146 0 87 1,059 2,727 155 0.7% 1.1% 27.1% 5.7% 21.1x 0.39x 6.8x 0.38x NAWhole Foods Market, Inc. WFM 38.47 58.7% 13,953 62 796 13,219 13,914 1,301 8.3% 12.2% 35.6% 9.4% 25.2x 0.95x 10.2x 0.86x 9.5x


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Member FINRA/SIPC

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Grocery DistributionAMCON Distributing Co. DIT $79.47 85.5% $48 $25 $0 $73 $834 $11 2.2% 7.8% 9.2% 1.4% 13.7x 0.09x 6.4x NA NACore-Mark Holding Company, Inc. CORE 48.06 95.1% 1,108 43 16 1,134 7,942 100 10.5% 11.5% 6.9% 1.3% 27.3x 0.14x 11.3x 0.10x 9.2xSpartanNash Company SPTN 21.27 82.6% 802 584 6 1,380 6,175 174 78.3% 33.6% 15.5% 2.8% 47.6x 0.22x 7.9x NA NAUnited Natural Foods, Inc. UNFI 59.54 74.8% 2,956 302 17 3,242 6,672 262 15.7% 15.2% 16.8% 3.9% 26.2x 0.49x 12.4x 0.44x 11.0x


FoodserviceColabor Group Inc. TSX:GCL $3.52 69.7% $95 $173 $0 $268 $1,313 $28 (8.1%) 4.2% 2.2% 2.1% NM 0.20x 9.5x 0.20x 7.6xSysco Corporation SYY 35.54 81.9% 20,776 2,760 413 23,122 46,517 2,248 4.7% 5.8% 17.6% 4.8% 23.9x 0.50x 10.3x 0.47x 9.5xThe Chefs' Warehouse, Inc. CHEF 16.99 56.7% 425 146 15 557 764 40 32.5% 28.7% 25.1% 5.3% 31.8x 0.73x 13.8x 0.63x 11.5x


Quick Service RestaurantBurger King Worldwide, Inc. BKW 26.43 77.8% 9,311 3,024 905 11,430 1,042 672 (28.9%) (23.5%) 78.5% 64.5% 41.3x 10.97x 17.0x 10.45x 15.1xJack in the Box Inc. JACK 57.56 91.5% 2,305 535 10 2,830 1,477 266 (1.6%) (13.1%) 25.8% 18.0% 25.2x 1.92x 10.6x 1.89x 10.2xMcDonald's Corp. MCD 93.43 90.0% 91,742 15,431 3,671 103,502 28,299 10,149 1.8% 3.5% 38.7% 35.9% 17.0x 3.66x 10.2x 3.61x 9.9xSonic Corp. SONC 20.91 88.1% 1,131 467 35 1,563 547 135 2.4% (0.1%) 53.3% 24.7% 29.0x 2.86x 11.6x 2.76x 10.4xThe Wendy's Company WEN 8.03 78.2% 2,946 1,454 372 4,028 2,280 339 (9.5%) (1.5%) 28.6% 14.9% 30.9x 1.77x 11.9x 2.03x 10.1xYum! Brands, Inc. YUM 69.59 83.3% 30,595 3,165 831 32,929 13,573 2,989 3.1% 5.2% 27.0% 22.0% 27.7x 2.43x 11.0x 2.23x 9.7x

Mean (5.4%) (4.9%) 42.0% 30.0% 28.5x 3.93x 12.0x 3.83x 10.9xMedian 0.1% (0.8%) 33.7% 23.4% 28.4x 2.64x 11.3x 2.50x 10.1x

Casual Dining RestaurantBJ's Restaurants, Inc. BJRI $34.71 93.6% $977 $0 $30 $946 $813 $78 8.8% 13.3% 16.8% 9.6% NM 1.16x 12.1x 1.06x 10.4xBloomin' Brands, Inc. BLMN 15.06 55.2% 1,891 1,404 156 3,140 4,287 417 5.5% 6.0% 16.2% 9.7% 13.9x 0.73x 7.5x 0.69x 6.7xBrinker International, Inc. EAT 44.16 79.6% 2,868 860 58 3,671 2,905 424 2.1% 1.7% 19.3% 14.6% 21.8x 1.26x 8.7x 1.22x 7.9xBuffalo Wild Wings Inc. BWLD 144.14 86.0% 2,727 0 101 2,626 1,391 227 19.9% 26.9% 25.1% 16.3% 31.0x 1.89x 11.5x 1.63x 10.1xChuy's Holdings, Inc. CHUY 26.01 59.9% 428 8 4 431 223 26 16.5% 25.1% 18.8% 11.4% 40.7x 1.93x 16.9x 1.61x 13.0xDarden Restaurants, Inc. DRI 47.29 86.2% 6,257 2,756 100 8,913 6,286 643 6.2% (5.7%) 20.6% 10.2% 34.5x 1.42x 13.9x 1.33x 11.7xDel Frisco's Restaurant Group, Inc. DFRG 20.84 70.4% 491 0 12 479 286 41 14.8% 20.6% 24.7% 14.5% 38.3x 1.68x 11.5x 1.47x 9.5xDineEquity, Inc. DIN 81.22 94.7% 1,613 1,373 100 2,886 647 272 (7.1%) (18.7%) 60.6% 42.0% 21.2x 4.46x 10.6x 4.49x 10.7xIgnite Restaurant Group, Inc. IRG 12.09 69.1% 316 119 1 434 859 24 46.1% 31.1% 29.8% 2.8% NM 0.50x 17.9x 0.51x 13.9xRed Robin Gourmet Burgers Inc. RRGB 64.40 74.2% 920 137 61 997 1,069 109 7.1% 6.3% 23.1% 10.2% 23.6x 0.93x 9.1x 0.80x 7.7xRuby Tuesday, Inc. RT 5.71 69.5% 351 259 51 558 1,169 52 (6.6%) (2.5%) 15.6% 4.5% NM 0.48x 10.7x 0.49x 9.4xRuth's Hospitality Group Inc. RUTH 10.45 68.3% 373 22 3 391 413 49 1.9% 4.5% 21.8% 11.8% 16.9x 0.95x 8.1x 0.89x 7.0xTexas Roadhouse, Inc. TXRH 24.95 85.8% 1,739 53 77 1,715 1,503 181 13.0% 12.6% 33.1% 12.0% 22.7x 1.14x 9.5x 1.05x 8.2xThe Cheesecake Factory Incorporated CAKE 42.90 86.2% 2,076 97 26 2,147 1,923 238 3.8% 4.5% 43.3% 12.4% 21.3x 1.12x 9.0x 1.04x 8.2x


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2014E

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Member FINRA/SIPC Price at As a % of Market Cash & Enterprise P/E($ in millions, except per share data) Ticker 8/5/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Fast CasualChipotle Mexican Grill, Inc. CMG $674.71 96.7% $20,927 $0 $805 $20,122 $3,625 $691 23.2% 21.1% 37.3% 19.1% NM 5.55x 29.1x 4.55x 21.3xEinstein Noah Restaurant Group, Inc. BAGL 14.59 79.7% 262 102 4 360 442 45 2.7% 2.4% 20.3% 10.2% 19.5x 0.81x 8.0x 0.78x 6.9xFiesta Restaurant Group, Inc. FRGI 45.26 85.3% 1,191 69 4 1,256 576 74 8.9% 9.5% 25.0% 12.9% NM 2.18x 16.9x 1.93x 14.1xNoodles & Company NDLS 27.35 55.0% 812 10 1 821 369 42 17.3% 36.0% 20.9% 11.5% NM 2.22x 19.3x 1.86x 16.0xPotbelly Corporation PBPB 11.79 34.8% 345 1 71 275 310 30 17.3% 36.0% 30.3% 9.7% NM 0.89x 9.2x 0.81x 8.9xPanera Bread Company PNRA 149.26 77.3% 4,040 100 185 3,955 2,471 408 9.7% 13.9% 34.7% 16.5% 22.3x 1.60x 9.7x 1.49x 9.3x


PizzaDomino's Pizza, Inc. DPZ 71.30 88.5% 3,930 1,524 15 5,439 1,875 354 7.2% 5.4% 30.1% 18.9% 28.0x 2.90x 15.4x 2.74x 13.9xPapa John's International Inc. PZZA 43.27 78.7% 1,771 210 20 1,961 1,516 145 8.5% 9.2% 33.1% 9.6% 24.9x 1.29x 13.5x 1.22x 11.8x


Beverage / Snack RetailDunkin' Brands Group, Inc. DNKN $43.46 81.9% $4,622 $1,816 $176 $6,262 $732 $347 8.1% 7.1% 78.3% 47.4% 31.3x 8.55x 18.1x 8.00x 15.6xJamba, Inc. JMBA 13.54 90.6% 233 0 32 201 222 11 (5.0%) (1.7%) 37.4% 4.9% NM 0.91x 18.6x 0.92x 9.3xKrispy Kreme Doughnuts, Inc. KKD 15.32 57.5% 984 2 44 942 461 60 3.0% 7.2% 18.8% 13.1% 33.8x 2.04x 15.6x 1.87x 13.4xStarbucks Corporation SBUX 76.79 93.1% 57,685 2,048 1,196 58,536 16,081 3,340 11.3% 11.8% 57.9% 20.8% NM 3.64x 17.5x 3.28x 13.9xTim Hortons Inc. THI 54.79 66.3% 7,356 1,360 24 8,693 3,152 771 5.6% 4.4% 24.6% 24.5% 29.4x 2.76x 11.3x 2.70x 10.7x


Family RestaurantBob Evans Farms, Inc. BOBE $46.47 77.2% $1,092 $463 $4 $1,551 $1,325 $118 (17.9%) (7.4%) 35.2% 8.9% NM 1.17x 13.1x 1.10x 9.6xDenny's Corporation DENN 6.79 90.4% 577 180 1 755 458 76 (2.1%) (5.8%) 37.2% 16.5% 24.6x 1.65x 10.0x 1.60x 8.9xFrisch's Restaurants, Inc. FRS 23.56 84.9% 120 9 2 127 209 21 2.7% 1.2% 10.5% 10.2% 13.8x 0.61x 5.9x 0.60x NALuby's, Inc. LUB 4.90 53.6% 139 36 2 173 401 20 8.4% 8.2% 31.3% 4.9% NM 0.43x 8.9x 0.43x NA

Mean (2.2%) (0.9%) 28.5% 10.1% 19.2x 0.96x 9.5x 0.93x 9.2xMedian 0.3% (2.3%) 33.3% 9.6% 19.2x 0.89x 9.4x 0.85x 9.2x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2014E

Earnings Release

Calendar5

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Food and Beverage Earnings Release Calendar

September 2014Date Company

9/9/2014 Toho Co., Ltd. (TSE:8142)9/9/2014 Hilton Food Group plc (LSE:HFG)9/18/2014 ConAgra Foods, Inc. (NYSE:CAG)9/22/2014 Finsbury Food Group plc (AIM:FIF)

October 2014Date Company

10/8/2014 Safeway Inc. (NYSE:SWY)10/30/2014 Kellogg Company (NYSE:K)10/30/2014 Bunge Limited (NYSE:BG)10/30/2014 Maple Leaf Foods Inc. (TSX:MFI)10/31/2014 Anheuser-Busch InBev (ENXTBR:ABI)

November 2014Date Company

11/3/2014 Sysco Corporation (NYSE:SYY)11/4/2014 Archer Daniels Midland Company (NYSE:ADM)11/4/2014 Treehouse Foods, Inc. (NYSE:THS)11/5/2014 Coca-Cola Bottling Co. Consolidated (NasdaqGS:COKE)11/5/2014 SunOpta Inc. (TSX:SOY)11/6/2014 Boulder Brands, Inc. (NasdaqGS:BDBD)11/6/2014 Flowers Foods, Inc. (NYSE:FLO)11/6/2014 Kerry Group (ISE:KRZ)11/6/2014 Whole Foods Market, Inc. (NasdaqGS:WFM)11/6/2014 Ajinomoto Co., Inc. (TSE:2802)11/6/2014 Coca-Cola HBC AG (LSE:CCH)11/6/2014 Dairy Crest Group plc (LSE:DCG)11/6/2014 Tate & Lyle plc (LSE:TATE)11/7/2014 Annie's, Inc. (NYSE:BNNY)11/10/2014 ARIAKE JAPAN Co., Ltd. (TSE:2815)

Sources: 1. IMF2. U.S. Bureau of Labor Statistics3. Unweighted Average4. U.S. Census Bureau5. Capital IQ6. Thomson Financial7. S&P8. Reuters

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food and beverage industry update august 2014 · 2014. 8. 29. · this bid would offer shareholders...

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