food and beverage industry update october 2013 · 2013-10-09 · 3 of 16 food and beverage industry...
TRANSCRIPT
www.harriswilliams.com
Member FINRA/SIPC
Food and Beverage Industry Update
October 2013
2 of 16
What We’re Seeing CONTENTS
INDUSTRY VITAL SIGNS
EQUITY MARKET OVERVIEW
M&A MARKET OVERVIEW
DEBT MARKET OVERVIEW
NOTABLE M&A ACTIVITY
PUBLIC COMPARABLES
EARNINGS CALENDAR
GROUP OVERVIEW
Harris Williams & Co. is a leading
advisor to the food and beverage
market. Our significant experience
covers a broad range of end
markets, industries, and business
models. This particular report
focuses on trends and metrics in the
following areas:
• Agribusiness
• Baked and Prepared Goods
• Beverages
• Branded & Private Label
• Dairy
• Distribution
• Ingredients
• Meat & Protein
• Natural & Organic
• Processing
• Produce
• Restaurant and Retail
• Snacks
CONTACTS
Glenn Gurtcheff | Managing Director
+1 (612) 359-2702
Tim Alexander | Managing Director
+1 (612) 359-2716
Ryan Budlong | Director
+1 (612) 359-2722
Jeff Cleveland | Director
+1 (612) 359-2703
Brant Cash | Vice President
+1 (612) 359-2709
www.harriswilliams.com
On September 26th, United Natural Foods, a leading U.S. national distributor of specialty foods, agreed to
acquire Trudeau Foods, a Minnesota-based regional distributor and wholesaler of natural, organic, and
specialty food products. The acquisition was the latest step in United Natural Foods’ strategy to grow
market share and deliver a more comprehensive specialty, natural, and organic product line to its
customers. Full terms of the transaction were not disclosed. Access to the full article here.
United Natural Foods Acquires Trudeau Foods
Tesco, the British supermarket chain, completed the sale of its Fresh & Easy convenience stores to an
affiliate of the money-management firm run by billionaire Ron Burkle on September 10th. The affiliate,
Yucaipa Companies, agreed to acquire more than 150 stores and have Tesco lend the new business $126
million. Full terms of the transaction were not disclosed. Access to the full article here.
Tesco Sells U.S. Grocery Chain to Burkle
What We’re Reading
Four of America’s best-known bread brands, Wonder, Merita, Home Pride, and Butternut, returned to
grocery shelves the week of September 23rd. The brands have been off the market since Hostess declared
bankruptcy 10 months ago. Flower Foods, a leading producer and marketer of packaged bakery foods,
acquired the brands in July 2013. Currently, the brands are being baked at Flower’s bakeries and are
available to 77% of the U.S. population through its direct-store-delivery. Access to the full article here.
Wonder Bread Returns to Store Shelves
Potbelly Corp. has invited the public to buy shares in the company and plans to raise at least $75 million
in its IPO. Potbelly’s SEC filing did not give a price range or public offering date, but the Chicago-based
firm plans to list on the NASDAQ under the ticker PBPB. Most of Potbelly’s proceeds, $50 million, will
be used to pay current investors a previously declared cash dividend. Access to the full article here.
Potbelly Corporation’s Planned IPO
Food & Beverage companies have been active players in the M&A markets in 2013 with over 150
completed transactions year-to-date. We continue to see strong interest in high-quality food and beverage
assets with over 65 deals closed in the third quarter of 2013. We expect the remainder of the year to be
strong across most sectors based on the strength of the current financing markets and high buyer appetite
from private equity firms looking to deploy capital and strategic buyers looking for growth opportunities.
Food & Beverage in the Marketplace
Food and Beverage Industry Update
October 2013
What We’ve Been Doing
Closed HW&Co. Transactions
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has been acquired by
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has been acquired by
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has been acquired by
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and
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3 of 16
Food and Beverage Industry Vital Signs
Consumer Food
Price Index
Inflation2
Commodity
Price Indices1
40
100
160
220
280
Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13
Co
mm
od
ity
Pri
ce I
nd
ex
Corn Wheat Soybeans Crude Oil
Protein Price
Indices2,3
Restaurant and
Grocery Store
Sales Indices4
80
100
120
140
160
Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13
Sa
les
Ind
ex
Restaurant Grocery
85
100
115
130
145
Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13
Pro
tein
Pric
e I
nd
ex
Beef Pork Poultry
-0.5
1.0
2.5
4.0
5.5
Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13
Infl
ati
on
(%
)
Restaurant:
23.8%
Grocery
16.2%
Beef:
24.8%
Pork:
18.6%
Poultry:
13.7%
Corn:
54.5%
Crude Oil:
50.9%
Soybeans:
15.2%
Wheat:
45.2%
Key Trading
Statistics5
4 of 16
Public Equity Market Overview
Public
Company
Sector
Performance5
(One year change
in stock price)
Net Debt /
Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing 2.4% 14.3% (0.8%) 20.6% 12.4x 18.5x 7.5x 1.9x
Fruit and Vegetable 6.8% 15.9% 1.7% 9.9% 15.0x 13.2x 10.8x 2.6x
Ingredients / Flavors 10.0% 30.6% 3.5% 18.7% 17.5x 23.8x 12.9x 1.4x
Agribusiness 10.9% 15.2% 9.4% 4.0% 11.4x 19.4x 9.3x 1.3x
Branded Processed Foods 3.6% 16.9% 3.5% (11.1%) 18.6x 22.3x 13.0x 2.3x
Private Label Foods 1.5% 27.3% (1.1%) (8.7%) 20.6x 27.4x 11.3x 2.6x
Natural / Organic Foods 21.6% 21.3% (10.0%) (5.6%) 26.0x 31.1x 16.7x 2.7x
Baked Goods / Snack Foods 6.4% 39.5% (0.3%) 20.8% 21.1x 23.7x 10.8x 1.9x
Dairy (2.6%) 22.4% (1.0%) 16.9% 17.1x 22.4x 12.7x 2.0x
Non-Alcoholic Beverages (0.8%) 9.6% (1.3%) 6.4% 19.5x 21.5x 11.7x 1.7x
Alcoholic Beverages 10.7% 16.2% 4.3% 19.2% 18.2x 20.2x 13.6x 3.0x
Food Retail 14.3% 38.5% 9.0% 20.4% 14.7x 19.9x 7.0x 2.0x
Grocery Distribution 19.6% 29.3% 11.5% 26.3% 14.1x 19.2x 6.8x 1.4x
Foodservice 26.8% 1.8% 7.4% 4.6% 20.0x 25.4x 8.6x 4.1x
Quick Service Restaurant 2.4% 41.1% 3.6% 16.2% 20.2x 24.1x 12.2x 2.2x
Casual Dining Restaurant (3.5%) 26.4% (5.0%) 9.8% 19.5x 22.6x 10.2x 2.5x
Fast Casual 16.6% 16.5% 1.0% 19.1% 34.7x 34.4x 16.9x 2.8x
Pizza 11.7% 52.3% 3.4% 28.6% 20.9x 23.5x 11.7x 2.0x
Beverage / Snack Retail 7.6% 51.8% 4.3% 39.4% 27.8x 33.8x 20.7x 3.0x
Family Restaurant 15.3% 23.9% 12.3% 40.3% 17.2x 21.6x 9.0x 0.9x
O verall Median 6.9% 22.4% 2.4% 15.8% 18.5x 22.2x 11.0x 2.0x
Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats
Fo
od
an
d B
ev
era
ge
Inp
uts
Co
nsu
mer a
nd
Reta
il
Foodservice
Non-Alcoholic Beverages
Protein Processing
Agribusiness
Fruit and Vegetable
Alcoholic Beverages
Fast Casual
S&P
Branded Processed Foods
Natural / Organic Foods
Dairy
Family Restaurant
Casual Dining Restaurant
Private Label Foods
Grocery Distribution
Ingredients / Flavors
Food Retail
Baked Goods / Snack Foods
Quick Service Restaurant
Beverage / Snack Retail
Pizza
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
140
150
160
Sep-12 Dec-12 Feb-13 May-13 Jul-13 Sep-13
Restaurant Protein Processing/Dairy
Natural/Organic Beverage
Private Label Food Manufacturing S&P 500
Close Date Filing Date Issuer Ticker Transaction Type
Gross Proceeds
($mm) Use of Funds
09/27/13 09/27/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp.
09/20/13 09/16/13 The Chefs' Warehouse Inc CHEF Follow-On $108.7 Debt repayment
General Corp. Purp.
09/19/13 09/19/13 Avidus Management Group Inc AVD Private Placement $0.5 Working Capital
General Corp. Purp.
09/18/13 09/18/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp.
09/12/13 09/12/13 Premium Brands Holdings Corp PBH Convertible $484.4 Debt repayment
General Corp. Purp.
Future Acquisitions
09/03/13 09/03/13 Hain Celestial Group Inc HAIN Follow-On $290.2 General Corp. Purp.
08/20/13 08/20/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp.
08/13/13 07/12/13 MamaMancini's Holdings Inc MMMB Follow-On $2.6 General Corp. Purp.
07/17/13 06/14/13 The WhiteWave Foods Co WWAV Follow-On $502.8 General Corp. Purp.
06/27/13 05/23/13 Noodles & Company NDLS IPO $89.7 General Corp. Purp.
06/19/13 03/11/13 Truett-Hurst Inc THST IPO $37.7 Working Capital
General Corp. Purp.
05/17/13 03/18/13 Russell Breweries Inc RB Follow-On $0.5 General Corp. Purp.
05/14/13 05/14/13 MyCause Beverages Inc N/A IPO $1.0 General Corp. Purp. / Working
Capital
Recent Equity
Offerings6
5 of 16
Public Equity Market Overview
Food and
Beverage
Industry Stock
Performance5
43.9%
30.2%
17.1%
13.0%
13.0%
11.5%
Last 10 Deals Announced Private Equity Investments and Exits
Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions North American
Food and
Beverage M&A
Trends5
6 of 16
M&A Market Overview
Latest Deals
and Announced
Private Equity
Activity5
Highlighted
Food and
Beverage M&A
Transactions
Ent. Value: $542 million
Revenue Multiple: 1.02x
EBITDA Multiple1: 7.1x
(1) EBITDA adjusted for impairment charges.
Campbell Foods Selling European Simple Meals Business to CVC Capital Partners
• CVC Capital Partners agreed to purchase Campbell Soup’s European simple meals
business for €400 million ($542 million).
• The deal includes Campbell’s national brands of soups, sauces, and simple meals,
including Liebig and Royco in France, Erasco in Germany, Blå Band in Sweden,
and Devos Lemmens and Royco in Belgium. Additionally, CVC will acquire the
four Campbell plants in Belgium, France, Germany, and Sweden.
• The businesses included in the deal had annual sales of approximately $530
million. The deal is expected to close in 4Q 2013, after clearance from European
competition law authorities.
28
36
27
46
21
14
32
25 2623
1315
27 26 27
17
34
18
36
28
0
5
10
15
20
25
30
35
40
45
50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
Num
be
r of
Inv
est
me
nts
Number of Investments Number of Exits
11.0x 10.5x
9.9x 8.8x
8.3x 8.0x
11.3x
9.2x
0.00x
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
0x
2x
4x
6x
8x
10x
12x
14x
16x
2006 2007 2008 2009 2010 2011 2012 2013
YTD
EV
/ LT
M S
ale
s Mu
ltiple
EV
/ L
TM
EB
ITD
A M
ultip
le
EV / LTM EBITDA EV / LTM Sales
$12.0
$25.5
$110.2
$9.3
$67.2
$8.2
$24.0
$43.6
0
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
2006 2007 2008 2009 2010 2011 2012 2013
YTD
Nu
mb
er o
f Tra
nsa
ctio
ns
Ag
gre
ga
te T
ran
sac
tio
n V
alu
e (
$ i
n b
illi
on
s)
Aggregate Deal Value # of deals
Announced Target Buyer1/0/1900 0 JAB Holdings B.V.
9/26/2013 Trudeau Foods, LLC United Natural Foods, Inc.
9/26/2013 Tumbleweed Tex Mex Grill Site American Realty Capital, LLC
9/24/2013 H&N Distribution, Inc. RiceBran Technologies
9/24/2013 Belle Foods, LLC Associated Wholesale Grocers, Inc.
9/23/2013 Génétiporc, Inc. Genus plc
9/16/2013 Lightlife Foods, Inc. Brynwood Partners
9/15/2013 Dakota Growers Pasta Company, Inc. Post Holdings, Inc.
9/11/2013 Sweetpea Baby Food Ltd. One Earth Farms Corp.
9/10/2013 The Sugar Lab 3D Systems Corp.
9/10/2013 Fresh & Easy Neighborhood Market Inc. The Yucaipa Companies, LLC
Ent. Value: $370 million
Revenue Multiple1: 1.23x
EBITDA Multiple1: 8.4x
(1) Revenue and EBITDA based on management’s
full year assumptions.
Post Holdings to Acquire Dakota Growers Pasta Company
• Post Holdings, Inc. will be acquiring Dakota Growers Pasta Company from
Glencore Xstrata PLC for $370 million, with a close date targeted in January 2014.
The transaction will be funded through cash and up to $200 million in debt
financing.
• Post Holdings anticipates that on a full-year basis the acquisition will contribute
approximately $300 million in sales and between $42 and $46 million in EBITDA.
Credit Statistics Average Secondary Spreads
Quarterly Loan Volume Average Spread on Food and Beverage Loans Food and
Beverage Loan
Activity7
Recent Debt
Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread
10/01/13 KLN Enterprises Inc Potato chips and similar snacks 30,000,000 Term Loan N/A / NR 200
10/01/13 KLN Enterprises Inc Potato chips and similar snacks 35,000,000 Other Loan N/A / NR 200
10/01/13 KLN Enterprises Inc Potato chips and similar snacks 35,000,000 Term Loan N/A / NR 200
09/30/13 Ajinomoto Co Inc Food preparations JPY 18,000,000,000 Term Loan B A-1+ / NR N/A
09/30/13 Brown-Forman Corp Wines, brandy, and brandy spirits 800,000,000 Revolver/Line >= 1 Yr. N/A / NR 75
09/30/13 Fuji Oil Co Ltd Vegetable oil mills JPY 15,000,000,000 Term Loan A N/A / NR N/A
09/30/13 Mars Inc Chocolate and cocoa products 2,650,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
09/30/13 Miyoshi Oil & Fat Co Ltd Vegetable oil mills JPY 1,500,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
09/30/13 Mondelez International Inc Cookies and crackers 4,500,000,000 Term Loan N/A / NR 112.5
09/30/13 Southern Wine & Spirits Wines, brandy, and brandy spirits 1,000,000,000 Term Loan B N/A / NR 175
09/30/13 Southern Wine & Spirits Wines, brandy, and brandy spirits 1,650,000,000 Term Loan B N/A / NR 175
09/27/13 King's Hawaiian Holding Co Bread, cake, and related products 20,000,000 Revolver/Line >= 1 Yr. N/A / NR 300
09/27/13 King's Hawaiian Holding Co Bread, cake, and related products 25,000,000 Term Loan N/A / NR 300
09/27/13 King's Hawaiian Holding Co Bread, cake, and related products 30,000,000 Revolver/Line >= 1 Yr. N/A / NR 300
09/26/13 Kato Brothers Honey Co Ltd Food preparations JPY 3,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
09/26/13 Tochu Corp Food preparations JPY 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
7 of 16
Debt Market Overview
0.0x
2.0x
4.0x
6.0x
Debt/
EBITDA
Senior Debt/
EBITDA
EBITDA/
Cash Interest
EBITDA - Capex/
Cash Interest
EB
ITD
A M
ult
iple
2007 2008 2009 2010 2011 2012
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000A
ver
age
Sp
read
Ov
er L
IBO
R
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
L + 600
2006 2007 2008 2009 2010 2011 2012
Aver
age
Spre
ad O
ver
LIB
OR
Revolving Credit / Term Loan A Weighted-Average Institutional
$0
$2
$4
$6
$8
$10
$12
$14
$16
2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13
Loan
Volu
me
by
Quar
ter
($ i
n b
illi
on
s)
Institutional Pro Rata
8 of 16
Recent North
American Food
and Beverage
M&A5
Recent North American Food
and Beverage M&A Activity
Quarterly M&A Activity Median LTM
Trading
Multiples and
Quarterly Food
and Beverage
M&A5
Median LTM Trading Multiples
46 47 47 48 47
35
25
36
22
34 36
46 47
25
33
49
34
42
53 5248
3933
51 51
158 7 3 6
5
5
2
3
4
7
57
13
6
7
7
5
4 79
6
10
8 5
0
10
20
30
40
50
60
70
Q30
7
Q40
7
Q10
8
Q2
08
Q30
8
Q40
8
Q10
9
Q20
9
Q3
09
Q40
9
Q11
0
Q21
0
Q3
10
Q41
0
Q11
1
Q21
1
Q31
1
Q4
11
Q11
2
Q21
2
Q31
2
Q4
12
Q11
3
Q21
3
Q31
3
Num
be
r of
Tra
nsa
ction
s
Strategic Acquirer Private Equity Acquirer
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
9/26/2013 Trudeau Foods, LLC Trudeau Distributing Company, Inc. United Natural Foods, Inc. - - - -
9/24/2013 H&N Distribution, Inc. Management Associates Int'l RiceBran Technologies $5.0 - - -
9/24/2013 Belle Foods, LLC C&S Wholesale Grocers, Inc. Associated Wholesale Grocers, Inc. $16.1 - - -
9/23/2013 Génétiporc, Inc. Aliments Breton Canada Inc. Genus plc $35.8 - - -
9/16/2013 Lightlife Foods, Inc. ConAgra Foods, Inc. Brynwood Partners - - - - P
9/15/2013 Dakota Growers Pasta Company, Inc. Viterra, Inc. Post Holdings, Inc. $370.0 - - -
9/11/2013 Sweetpea Baby Food Ltd. - One Earth Farms Corp. - - - -
9/10/2013 The Sugar Lab - 3D Systems Corp. - - - -
9/10/2013 Fresh & Easy Neighborhood Market Inc. Tesco PLC The Yucaipa Companies, LLC - - - - P
9/9/2013 Xtreme Technologies, Inc. - Pinacle Enterprise, Inc. $2.0 - - -
9/9/2013 United Supermarkets, L.L.C. - Cerberus Capital Management - - - -
9/7/2013 GOFoods Global, LLC - Youngevity Essential Life Sciences - - - -
9/6/2013 Wine On High - Taste Hospitality Group Ltd. - - - -
9/6/2013 West Coast Fishculture (Lois Lake) Ltd. - AgriMarine Industries Inc. - - - -
9/6/2013 Rockn' Joe Coffeehouse and Bistro - Ablak Holdings, LLC - - - -
9/5/2013 Cobscook Bay Company, LLC - Craig's All Natural, LLC - - - -
9/4/2013 Dairy Maid Dairy, Inc. - Dairy Farmers of America, Inc. - - - -
9/3/2013 Golden Island Jerky Co - The Hillshire Brands Company - - - -
9/3/2013 Red Lion Beef Corporation - Millstone Capital Advisors, LLC - - - - P
9/2/2013 Uplift Nutrition Inc Uplift Holdings, LLC Private Investors $0.1 - - -
9/2/2013 B-29 Energy Inc. - Puget Technologies,Inc $18.0 - - -
9/1/2013 Wild Wings Pizza & Things Inc. - Private Investors - - - -
9/1/2013 Greenwood Steak House - Private Investors - - - -
8/26/2013 American Roland Food Corp. - Vestar Capital Partners - - - - P
8/23/2013 Rothsay Ltd. Maple Leaf Foods Inc. Darling International Inc. $612.4 - 7.6x -
8/21/2013 Enray Inc. - The J. M. Smucker Company - - - -
8/16/2013 Juice Tyme, Inc. Encore Consumer Capital Highlander Partners, L.P. - - - - P
8/13/2013 American Roadside Burgers, Inc. - Chanticleer Holdings, Inc. $3.3 - - -
8/13/2013 The Wendy's Company, 30 Restaurants The Wendy's Company BB St. Louis - - - -
8/12/2013 Dole Food Company Inc. - David Murdock $1,340.0 0.31x 9.1x -
8/9/2013 YoFarm Yogurt Company Catterton Partners Corporation Danone - - - - P
8/7/2013 Associated Brands, Inc. TorQuest Partners, Inc. Treehouse Foods, Inc. $180.6 0.94x - - P
8/7/2013 4U2U Brands, LLC - Sun Orchard, Inc. - - - -
8/5/2013 T-Bird Nevada LLC - Bloomin' Brands, Inc. - - - -
8/5/2013 The Harris Soup Company Sun Capital Partners, Inc. Joshua Green Corporation - - - - P
7/31/2013 Gator Apple, 38 Applebee Restaurants Gator Apple LLC Doherty Enterprises, Inc. - - - -
7/30/2013 Fine Line Music Café - Entourage Events Group, Inc. - - - -
7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management - - - - P
7/25/2013 Monogram Food Solutions - Steidinger Meat Processing, Inc. - - - -
7/24/2013 DS Waters of America, Inc. Kelso & Company Crestview Partners, L.P. - - - - P
10.2x 10.2x
10.5x10.6x
11.0x
11.3x
12.6x12.4x
12.3x
12.1x
12.5x
11.3x
11.6x
9.5x
8.9x8.7x
9.0x9.2x 9.1x
9.5x
9.7x
10.0x10.1x
10.4x10.5x
10.9x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
Jul-
12
Au
g-1
2
Sep
-12
Oct-
12
No
v-1
2
Dec
-12
Jan
-13
Feb
-13
Mar-
13
Ap
r-1
3
May-1
3
Jun-1
3
Jul-
13
Med
ian
Tra
din
g M
ultip
le
Food Products, Processing, and Ingredients Retail and Restaurants
Recent North
American Food
and Beverage
M&A5
(continued)
9 of 16
Recent North American Food
and Beverage M&A Activity
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
7/22/2013 Miller's Ale House, Inc. KarpReilly Roark Capital Group - - - - P
7/21/2013 Nash Finch Co. - Spartan Stores Inc. $739.0 0.20x 6.7x 10.2x
7/18/2013 Carmela's Pizza - Greenfield Farms Food, Inc. - - - -
7/16/2013 Sundown Foods USA, Inc. - A.V.O.D Kurutulmus - - - -
7/15/2013 Dining Express Delivery Inc. - Restaurants on the Run, Inc. - - - -
7/10/2013 Red Phoenix Extracts, Inc. - Acacia Diversified Holdings, Inc. $0.5 - - -
7/9/2013 Morris Hatchery Inc., Select Assets - Industrias Bachoco S.A.B. de C.V. - - - -
7/8/2013 Harris Teeter Supermarkets, Inc. - The Kroger Co. $2,487.5 0.54x 8.0x 14.7x
7/5/2013 Tri-Us LLC Highland Capital Partners PDK Energy Inc. - - - - P
7/3/2013 Old HB, Inc., Select Assets - Hackman Capital Acquisition Company $58.3 - - - P
7/2/2013 ZD Bottling, LLC - Flagship Food Group - - - -
7/2/2013 Black River Juice Company Ltd. - Ontario Fed. of Food Co-Operatives - - - -
7/2/2013 Aroostook Starch Co., LLC - Western Polymer Corp - - - -
7/1/2013 Bruce Bio Energy LP - Bruce Agra Dehy Inc. - - - -
6/27/2013 Tulocay & Company, Inc., Certain Brands - Robert Rothschild Farm, LLC - - - -
6/26/2013 Snapfinger Kudzu Interactive, Inc. EMN8, Inc. - - - -
6/25/2013 The New French Bakery Inc. - Arbor Private Investment Company - - - - P
6/24/2013 Cains Foods, L.P. - Treehouse Foods, Inc. $35.0 0.44x - -
6/20/2013 Value Foods Company, LLC, 13 Wendy's - NPC Quality Burgers, Inc. $11.0 0.70x - -
6/20/2013 Primera Foods Corporation E.S.I. Holding Corp. M.G. Waldbaum Company $35.7 - - -
6/20/2013 Cook's Dairy Farm Ltd. - Agropur Cooperative - - - -
6/20/2013 Value Foods Company - NPC Quality Burgers, Inc. $11.0 0.70x - -
6/19/2013 Austin Packaging Company - Bellisio Foods, Inc. $6.4 - - - P
6/18/2013 Heartland Food Corp. - Redberry Investments Corp. $19.6 - - -
6/18/2013 The Johnny Rockets Group, Inc. Red Zone Capital Sun Capital Partners, Inc. - - - - P
6/17/2013 Labriola, Inc. - C3 Capital - - - - P
6/13/2013 Long Grove Confectionery Co. - Baldi Candy Company - - - -
6/13/2013 RMH Foods, LLC - Sandridge Food Corporation - - - -
6/11/2013 American Restaurants, LLC - Focus Entertainment Holdings - - - -
6/7/2013 Robert's American Gourmet Food VMG Partners B&G Foods North America, Inc. $195.0 - - - P
6/7/2013 VPS Convenience Store Group - GPM Investments, LLC. - - - - P
6/6/2013 Esquires Coffee International, Inc. - Franchise Development Limited - - - -
6/1/2013 Circle Foods, LLC Claridge, Inc. Tyson Foods, Inc. (NYSE:TSN) - - - - P
5/28/2013 Smithfield Foods, Inc. - Shuanghui International $7,100.0 0.50x 9.2x 13.3x P
5/28/2013 Extreme Brandz, Extreme Pita, and PurBlendz - MTY Tiki Ming Enterprises, Inc. - - - -
5/23/2013 Plum Organics, Inc. Catterton Partners Corporation Campbell Soup Company - - - - P
5/21/2013 Natural Balance Pet Foods, Inc. VMG Partners Del Monte Corporation - - - - P
5/16/2013 Goosecross Cellars - Golden Equity Investments - - - - P
5/15/2013 Panther Creek Cellars LLC - Bacchus Capital Management - - - - P
5/15/2013 Adia Nutrition, Inc., Production Assets Adia Nutrition, Inc Livewire Ergogenics, Inc. - - - -
5/14/2013 Overhill Farms, Inc. Lord, Abbett & Co.; Greenwood Inv. Bellisio Foods, Inc. $86.9 0.44x 12.0x 22.5x P
5/14/2013 Golden Guernsey Dairy, LLC OpenGate Capital Lifeway Foods Inc. $7.4 - - - P
5/14/2013 Yamhela Vineyard in Yamhill - Precept Wine - - - -
5/13/2013 Nurture, Inc. dba Happy Family - Danone - - - -
5/10/2013 Florida Chemical Company, Inc. - Flotek Industries Inc. $102.2 1.00x 10.3x 11.5x
5/10/2013 Additional Willamette Valley Property - Jackson Family Wines, Inc. - - - -
5/9/2013 CTI Foods, Inc. Littlejohn & Co. LLC THL; Goldman Sachs Group - - - - P
5/9/2013 Hearthside Granola and Snacks Business - Attune Foods, Inc. $158.0 - - - P
5/6/2013 DeMet's Candy Company, TrueNorth Brand DeMet's Candy Company B&G Foods Inc. - - - - P
5/6/2013 Matilija Water and Coffee, Select Assets - DS Waters of America, Inc. - - - - P
5/6/2013 Tru Meals-Diet Gourmet - Snap Kitchen LLC - - - -
5/5/2013 Voda Technologies, Inc. - Novus Acquisition & Development Corp. - - - -
5/1/2013 Nestlé USA, Inc., Bit-O-Honey Confectionery Brand Nestle USA, Inc. Pearson's Candy Company - - - - P
4/30/2013 R.E.H Fish Farm Ltd - Vertical Designs Ltd. - - - -
4/30/2013 Healthy & Tasty Ventures, LLC - Grillit, Inc. - - - -
4/29/2013 Silk City LLC - Herr Foods Inc. - - - -
4/25/2013 Willamette Berry Processing Business Willamette Valley Fruit Company, LLC Inventure Foods, Inc. - - - -
4/25/2013 Mekonza Corp. - Latteno Food Corp. - - - -
4/23/2013 The Hunt Club LLC - The Bros. Houligan - - - -
4/23/2013 Brasserie Mcauslan Inc. - Les Brasseurs RJ, Inc. - - - -
4/23/2013 Blue Smoke, Inc. - National Fruit Product Company, Inc. - - - -
4/22/2013 Burger King Restaurants Of Canada Inc. Burger King Worldwide, Inc. Redberry Investments Corp. - - - -
10 of 16
Member FINRA/SIPC
Trading Statistics Detail5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 9/30/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Food and Beverage
Branded Processed Foods
Associated British Foods plc ABF $30.37 95.6% $23,962 $2,335 $327 $25,970 $19,252 $2,409 4.5% 9.3% 23.9% 12.5% 24.2x 1.35x 10.8x 1.23x 10.1x
Campbell Soup Company CPB 40.71 83.4% 12,763 4,453 333 16,883 8,052 1,675 4.5% 1.6% 37.3% 20.8% 19.9x 2.10x 10.1x 1.99x 10.2x
ConAgra Foods, Inc. CAG 30.34 81.4% 12,806 9,694 184 22,316 15,491 2,054 15.9% 8.8% 23.2% 13.3% 18.3x 1.44x 10.9x 1.23x 9.1x
General Mills, Inc. GIS 47.92 90.3% 30,394 7,969 741 37,622 17,774 3,477 6.7% 6.7% 36.2% 19.6% 17.7x 2.12x 10.8x 2.05x 10.2x
Hormel Foods Corporation HRL 42.12 95.7% 11,117 250 329 11,037 8,599 863 5.3% 8.0% 16.0% 10.0% 22.3x 1.28x 12.8x 1.23x 10.9x
Kellogg Company K 58.73 86.4% 21,286 7,825 262 28,849 14,858 2,213 12.2% 5.8% 37.4% 14.9% 23.3x 1.94x 13.0x 1.92x 10.7x
McCormick & Company, Incorporated MKC 64.70 86.0% 8,547 1,326 91 9,783 4,060 678 3.5% 7.4% 40.1% 16.7% 22.2x 2.41x 14.4x 2.26x 13.1x
Mondelez International, Inc. MDLZ 31.42 73.9% 55,950 18,106 2,694 71,362 35,160 4,910 32.4% (6.9%) 37.4% 14.0% 28.9x 2.03x 14.5x 1.95x 12.5x
Nestlé S.A. NESN 69.94 93.3% 223,084 30,216 6,737 246,563 99,988 18,947 10.6% 1.0% 48.1% 18.9% 18.2x 2.47x 13.0x 2.37x 12.4x
The Hain Celestial Group, Inc. HAIN 77.12 90.2% 3,679 666 41 4,303 1,735 233 25.9% 24.9% 27.6% 13.4% 32.5x 2.48x 18.5x 2.11x 14.8x
The Hershey Company HSY 92.50 94.4% 20,645 1,897 568 21,974 6,834 1,464 7.8% 7.3% 45.0% 21.4% 28.7x 3.22x 15.0x 3.01x 13.4x
The J. M. Smucker Company SJM 105.04 91.6% 11,042 2,102 158 12,987 5,879 1,215 3.0% 8.5% 35.0% 20.7% 20.4x 2.21x 10.7x 2.20x 10.1x
The WhiteWave Foods Company WWAV 19.97 99.8% 3,459 771 72 4,158 2,407 294 11.6% NA 35.7% 12.2% 32.8x 1.73x 14.1x 1.59x 13.7x
Mean 11.1% 6.9% 34.1% 16.0% 23.8x 2.06x 13.0x 1.93x 11.6x
Median 7.8% 7.3% 36.2% 14.9% 22.3x 2.10x 13.0x 1.99x 10.9x
Private Label Foods
Flowers Foods, Inc. FLO $21.44 87.5% $4,466 122 $9 $4,580 $3,496 $404 20.2% 10.6% 47.6% 11.6% 19.0x 1.31x 11.3x 1.13x 9.6x
Snyder's-Lance, Inc. LNCE 28.83 88.7% 2,001 536 6 2,531 1,684 178 3.6% 22.2% 34.0% 10.6% 32.4x 1.50x 14.2x 1.39x 11.7x
Treehouse Foods, Inc. THS 66.83 89.5% 2,431 815 36 3,210 2,197 305 3.9% 10.5% 21.9% 13.9% 27.4x 1.46x 10.5x 1.35x 9.4x
Mean 9.2% 14.5% 34.5% 12.0% 26.3x 1.42x 12.0x 1.29x 10.3x
Median 3.9% 10.6% 34.0% 11.6% 27.4x 1.46x 11.3x 1.35x 9.6x
Natural / Organic Foods
Amira Nature Foods Ltd. ANFI $12.94 100.0% $462 $140 $33 $569 $444 $56 29.6% NA 22.9% 12.5% 13.5x 1.28x 10.2x 1.11x 8.5x
Annie's, Inc. BNNY 49.10 100.0% 829 0 2 828 175 21 18.9% NA 38.0% 12.0% NM 4.74x 39.5x 3.93x 26.2x
SunOpta Inc. TSX:SOY 9.72 100.0% 645 196 6 834 1,143 64 9.8% 9.9% 11.7% 5.6% NM 0.73x 13.1x 0.68x 9.4x
The Hain Celestial Group, Inc. HAIN 77.12 90.2% 3,679 666 41 4,303 1,735 233 25.9% 24.9% 27.6% 13.4% 32.5x 2.48x 18.5x 2.11x 14.8x
United Natural Foods, Inc. UNFI 67.26 100.0% 3,318 176 14 3,480 5,766 216 14.1% 16.8% 16.9% 3.7% 29.7x 0.60x 16.1x 0.53x 13.9x
Whole Foods Market, Inc. WFM 58.50 100.0% 21,792 27 989 20,830 12,852 1,212 15.3% 13.7% 35.8% 9.4% 36.4x 1.62x 17.2x 1.45x 15.1x
Mean 18.9% 16.3% 25.5% 9.4% 28.0x 1.91x 19.1x 1.63x 14.6x
Median 17.1% 15.2% 25.3% 10.7% 31.1x 1.45x 16.7x 1.28x 14.3x
Baked Goods / Snack Foods
ARYZTA AG SWX:ARYN $66.84 100.0% 5,884 $2,166 $719 $7,331 $5,928 $748 16.4% 12.0% 27.5% 12.6% 35.4x 1.24x 9.8x 1.20x 9.3x
Diamond Foods, Inc. DMND 23.55 100.0% 524 585 7 1,102 888 55 (10.5%) 12.9% 21.9% 6.1% NM 1.24x NA 1.26x 10.0x
Flowers Foods, Inc. FLO 21.44 87.5% 4,466 582 12 5,036 3,496 404 20.2% 10.6% 47.6% 11.6% 19.0x 1.44x 12.5x 1.24x 10.6x
George Weston Limited WN 78.75 92.3% 10,071 7,977 3,425 14,623 32,607 2,366 2.5% 1.5% 24.6% 7.3% 24.4x 0.45x 6.2x 0.45x 5.4x
Golden Enterprises Inc. GLDC 3.95 100.0% 46 7 1 53 137 6 0.9% 2.3% 48.5% 4.3% 37.1x 0.39x 9.0x NA NA
Grupo Bimbo, S.A.B. de C.V. BIMBO A 3.09 86.8% 14,548 3,254 381 17,421 13,895 1,313 18.0% 15.3% 51.4% 9.4% NM 1.25x 13.3x 1.30x 12.2x
Inventure Foods, Inc. SNAK 10.50 100.0% 204 26 0 230 192 15 8.7% 15.7% 18.9% 7.7% 26.5x 1.20x 15.6x 1.06x 11.7x
J&J Snack Foods Corp. JJSF 80.72 95.5% 1,515 0 83 1,433 872 130 7.9% 8.7% 30.4% 14.9% 22.9x 1.64x 11.0x 1.58x 10.2x
John B Sanfilippo & Son Inc. JBSS 23.19 88.2% 253 75 1 328 734 57 4.8% 9.3% 16.3% 7.7% 10.9x 0.45x 5.8x NA NA
Lancaster Colony Corporation LANC 78.29 90.9% 2,139 0 123 2,016 1,166 182 3.1% 3.3% 22.9% 15.6% 18.5x 1.73x 11.1x 1.68x 10.4x
Penford Corporation PENX 14.25 89.2% 177 84 0 261 460 25 (1.0%) 20.6% 10.6% 5.4% NM 0.57x 10.5x 0.53x 7.8x
Mean 6.4% 10.2% 29.1% 9.3% 24.4x 1.05x 10.5x 1.14x 9.7x
Median 4.8% 10.6% 24.6% 7.7% 23.7x 1.24x 10.8x 1.24x 10.2x
Last Twelve Months (LTM) EV / LTM EV / 2013ERevenue Growth LTM Margins
Member FINRA/SIPC
11 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 9/30/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone BN $75.31 94.4% $44,136 $14,418 $3,522 $55,033 $27,887 $4,624 9.6% 12.8% 49.7% 16.6% 19.3x 1.97x 11.9x 1.84x 10.9x
Dean Foods Company DF 19.30 45.8% 1,813 1,240 585 2,468 11,400 658 15.4% (0.8%) 24.5% 5.8% 40.5x 0.22x 3.8x 0.28x 5.6x
Glanbia plc GL9 13.10 88.2% 3,859 673 95 4,437 3,055 265 26.6% 6.5% 36.4% 8.7% 22.4x 1.45x 16.7x 1.38x 14.6x
Lifeway Foods Inc. LWAY 13.51 67.6% 221 5 8 219 89 12 19.4% 17.4% 35.3% 14.0% 37.1x 2.46x 17.6x 1.99x 13.5x
Saputo, Inc. TSX:SAP 47.50 91.7% 9,258 1,639 26 10,871 7,376 854 7.6% 10.5% 11.6% 11.6% 18.7x 1.47x 12.7x 1.31x 11.1x
Mean 15.7% 9.3% 31.5% 11.3% 27.6x 1.52x 12.5x 1.36x 11.1x
Median 15.4% 10.5% 35.3% 11.6% 22.4x 1.47x 12.7x 1.38x 11.1x
Non-Alcoholic Beverages
A.G.Barr p.l.c. LSE:BAG $8.54 93.3% $987 $42 $1 $1,028 $375 $66 7.3% 5.2% 45.5% 17.6% 24.5x 2.74x 15.5x 2.65x 14.3x
Cott Corporation BCB 7.69 70.8% 725 605 67 1,262 2,170 198 (6.1%) 11.2% 12.3% 9.1% 23.0x 0.58x 6.4x 0.59x 5.9x
Dr Pepper Snapple Group, Inc. DPS 44.82 89.0% 9,124 2,590 125 11,589 6,003 1,290 0.5% 2.6% 58.4% 21.5% 15.3x 1.93x 9.0x 1.88x 8.5x
Green Mountain Coffee Roasters, Inc. GMCR 75.33 84.0% 11,355 324 352 11,327 4,258 962 17.5% 53.0% 36.6% 22.6% 29.7x 2.66x 11.8x 2.44x 10.1x
Lassonde Industries Inc. LAS.A 86.50 96.8% 604 291 3 893 979 111 2.9% 25.6% 27.9% 11.3% 13.8x 0.91x 8.1x NA NA
Monster Beverage Corporation MNST 52.25 79.0% 8,747 0 432 8,315 2,129 558 10.2% 21.0% 51.9% 26.2% 31.3x 3.91x 14.9x 3.49x 12.9x
National Beverage Corp. FIZZ 17.86 95.7% 827 50 18 859 662 82 5.3% 3.7% 32.8% 12.4% 15.9x 1.30x 10.5x NA NA
Pepsico, Inc. PEP 79.50 91.3% 122,606 29,510 8,139 143,977 65,994 12,418 (0.9%) 10.8% 52.7% 18.8% 18.8x 2.18x 11.6x 2.12x 11.0x
Starbucks Corporation SBUX 76.97 100.0% 57,835 550 2,044 56,341 14,461 2,724 11.5% 12.0% 57.1% 18.8% 33.8x 3.90x 20.7x 3.48x 16.3x
The Coca-Cola Company KO 37.88 87.2% 167,928 35,689 19,265 184,352 47,579 13,127 0.1% 14.4% 60.5% 27.6% 20.1x 3.87x 14.0x 3.85x 13.4x
Mean 4.8% 15.9% 43.6% 18.6% 22.6x 2.40x 12.2x 2.56x 11.5x
Median 4.1% 11.6% 48.7% 18.8% 21.5x 2.42x 11.7x 2.55x 12.0x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV ENXTBR:ABI $99.59 94.8% $159,702 $50,350 $6,920 $203,132 $40,312 $15,526 2.6% 3.3% 58.4% 38.5% 11.7x 5.04x 13.1x 4.37x 11.2x
Brown-Forman Corporation BF.B 68.13 91.7% 14,402 1,003 217 15,188 2,869 939 4.3% 5.2% 68.6% 32.7% 24.6x 5.29x 16.2x 3.70x 14.6x
Constellation Brands Inc. STZ 57.40 100.0% 10,812 5,115 613 15,313 2,835 675 6.8% (5.5%) 39.6% 23.8% 27.7x 5.40x 22.7x 2.69x 9.7x
Corby Distilleries Limited CDL.A 20.02 96.0% 563 0 103 460 126 39 (12.4%) (6.3%) 62.6% 31.1% 22.1x 3.65x 11.7x 3.44x 11.0x
Diageo plc DGE 31.81 95.1% 79,686 15,776 2,693 92,769 17,377 5,859 7.6% 5.0% 61.1% 33.7% 20.2x 5.34x 15.8x 4.86x 14.2x
Heineken NV ENXTAM:HEIA 70.91 89.3% 40,780 17,789 1,037 57,531 25,014 4,974 12.5% 7.9% 37.7% 19.9% 10.7x 2.30x 11.6x 2.14x 9.7x
Kirin Holdings Company, Limited TSE:2503 14.65 77.9% 13,768 8,374 503 21,639 19,381 3,068 (26.7%) 1.0% 49.1% 15.8% 13.3x 1.12x 7.1x 0.94x NA
Pernod-Ricard SA RI 124.23 93.1% 32,705 12,377 806 44,276 11,147 3,123 3.3% 6.3% 62.4% 28.0% NA 3.97x 14.2x 3.82x 13.1x
SABMiller plc LSE:SAB 50.89 88.9% 81,177 18,689 2,196 97,670 17,458 5,499 4.5% 7.1% 69.2% 31.5% 23.2x 5.59x 17.8x 4.57x 14.6x
Sapporo Holdings Ltd. TSE:2501 4.36 95.4% 1,695 2,617 101 4,210 5,040 465 (16.5%) 9.4% 36.0% 9.2% 17.5x 0.84x 9.1x 0.82x 9.9x
Mean (1.4%) 3.3% 54.5% 26.4% 19.0x 3.85x 13.9x 3.14x 12.0x
Median 3.8% 5.1% 59.8% 29.6% 20.2x 4.51x 13.6x 3.57x 11.2x
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $48.07 91.7% $1,159 $65 $183 $1,041 $1,288 $121 15.7% 12.3% 16.7% 9.4% 21.7x 0.81x 8.6x 0.79x 6.5x
JBS S.A. BOVESPA:JBSS3 3.48 100.0% 9,989 11,021 3,250 17,760 37,309 2,304 12.9% 16.4% 12.0% 6.2% 21.1x 0.48x 7.7x 0.45x 6.9x
Sanderson Farms, Inc. SAFM 65.24 86.4% 1,501 88 63 1,526 2,604 211 13.4% 11.8% 9.2% 8.1% 15.9x 0.59x 7.2x 0.58x 4.3x
Seaboard Corp. SEB 2,748.00 93.2% 3,276 187 436 3,026 6,474 365 10.4% 18.6% 8.2% 5.6% 13.0x 0.47x 8.3x 0.47x NA
Smithfield Foods, Inc. SFD 0.86 2.5% 8 2,505 311 2,203 13,221 744 1.0% 5.7% 10.0% 5.6% 26.6x 0.17x 3.0x 0.16x 2.4x
Tyson Foods, Inc. TSN 28.28 87.3% 9,961 2,407 1,024 11,344 34,018 1,771 2.6% 6.4% 6.6% 5.2% 13.9x 0.33x 6.4x 0.32x 5.2x
Mean 9.3% 11.9% 10.4% 6.7% 18.7x 0.47x 6.9x 0.46x 5.1x
Median 11.7% 12.0% 9.6% 5.9% 18.5x 0.47x 7.5x 0.46x 5.2x
Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2013E
Member FINRA/SIPC
12 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 9/30/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fruit and Vegetable
Calavo Growers Inc. CVGW $30.24 92.9% $445 $52 $7 $490 $601 $32 5.6% 18.2% 9.8% 5.3% 21.9x 0.82x 15.3x 0.71x 12.0x
Chiquita Brands International Inc. CQB 12.66 96.6% 589 602 67 1,124 3,038 104 (1.1%) (3.7%) 11.9% 3.4% NM 0.37x 10.8x 0.36x 7.1x
Dole Food Company Inc. DOLE 13.62 89.7% 1,205 683 425 1,463 4,323 98 29.3% (14.1%) 8.4% 2.3% NM 0.34x 15.0x 0.33x 9.6x
Fresh Del Monte Produce Inc. FDP 29.68 99.5% 1,644 123 31 1,736 3,508 213 2.2% (0.7%) 9.1% 6.1% 13.2x 0.49x 8.1x 0.48x 7.7x
Seneca Foods Corp. SENE.A 30.09 82.8% 326 231 6 552 1,277 85 3.8% 0.2% 10.3% 6.7% 9.7x 0.43x 6.5x NA NA
Mean 8.0% (0.0%) 9.9% 4.8% 14.9x 0.49x 11.1x 0.47x 9.1x
Median 3.8% (0.7%) 9.8% 5.3% 13.2x 0.43x 10.8x 0.42x 8.7x
Ingredients / Flavors
Givaudan SA SWX:GIVN $1,460.65 99.6% $13,421 $1,755 $469 $14,707 $4,603 $898 8.1% 6.0% 43.3% 19.5% 24.3x 3.20x 16.4x 3.02x 13.6x
International Flavors & Fragrances Inc. IFF 82.30 96.8% 6,727 1,033 366 7,394 2,875 596 3.0% 4.5% 43.0% 20.7% 23.4x 2.57x 12.4x 2.47x 11.4x
Kerry Group plc ISE:KRZ 60.84 94.9% 10,692 2,043 342 12,393 7,646 908 8.3% 10.0% 43.0% 11.9% 30.0x 1.62x 13.6x 1.57x 12.5x
Sensient Technologies Corporation SXT 47.89 100.0% 2,397 373 27 2,743 1,470 245 2.3% 5.2% 31.9% 16.6% 18.1x 1.87x 11.2x 1.79x 9.7x
Symrise AG XTRA:SY1 44.32 94.0% 5,237 859 142 5,954 2,337 447 12.2% 8.9% 41.1% 19.1% 24.2x 2.55x 13.3x 2.39x 11.6x
Tate & Lyle plc TATE 11.92 86.2% 5,524 1,376 692 6,207 4,944 694 0.1% (0.1%) 36.5% 14.0% 14.9x 1.26x 8.9x 1.14x 8.1x
Mean 5.7% 5.8% 39.8% 17.0% 22.5x 2.18x 12.6x 2.06x 11.2x
Median 5.6% 5.6% 42.1% 17.9% 23.8x 2.21x 12.9x 2.09x 11.5x
Agribusiness
Archer Daniels Midland Company ADM $36.84 94.9% $24,284 $7,524 $2,029 $29,779 $90,997 $2,497 2.3% 12.7% 3.7% 2.7% 19.7x 0.33x 11.9x 0.32x 7.8x
Bunge Limited BG 75.91 93.7% 11,177 11,805 5,586 17,396 63,859 1,708 12.4% 14.0% 4.2% 2.7% 42.1x 0.27x 10.2x 0.27x 7.4x
CF Industries Holdings, Inc. CF 210.83 90.3% 12,077 3,098 1,934 13,241 5,892 3,142 (7.7%) 29.0% 49.2% 53.3% 6.7x 2.25x 4.2x 2.57x 5.5x
Darling International Inc. DAR 21.16 95.3% 2,501 250 134 2,618 1,747 312 2.1% 39.9% 27.0% 17.8% 19.1x 1.50x 8.4x 1.49x 7.5x
Monsanto Company MON 104.37 95.5% 55,641 2,223 2,889 54,975 14,757 4,286 8.1% 12.3% 51.6% 29.0% 21.2x 3.73x 12.8x 3.45x 11.3x
Omega Protein Corp. OME 10.17 90.7% 210 31 21 219 238 46 (0.8%) 13.8% 21.7% 19.5% 28.3x 0.92x 4.7x 0.92x 4.1x
The Andersons, Inc. ANDE 69.90 100.0% 1,295 504 76 1,723 5,658 157 20.7% 22.9% 6.2% 2.8% 16.7x 0.30x 11.0x 0.31x 8.4x
The Mosaic Company MOS 43.02 66.5% 18,319 1,079 3,697 15,701 9,974 2,917 (10.2%) 13.8% 27.7% 29.2% 9.4x 1.57x 5.4x 1.62x 5.6x
Mean 3.4% 19.8% 23.9% 19.6% 20.4x 1.36x 8.6x 1.37x 7.2x
Median 2.2% 13.9% 24.4% 18.6% 19.4x 1.21x 9.3x 1.21x 7.4x
Consumer and Retail
Food Retail
Arden Group Inc. ARDN.A $130.00 96.0% $399 $1 $26 $374 $449 $39 3.4% 2.1% 43.6% 8.7% 20.1x 0.83x 9.6x NA NA
Costco Wholesale Corporation COST 115.17 95.8% 50,293 4,887 6,510 48,670 104,887 3,991 10.3% 11.2% 12.5% 3.8% 24.2x 0.46x 12.2x 0.44x 11.2x
Establishments Delhaize Freres DELB 63.06 89.6% 6,368 3,799 1,305 8,862 29,746 1,888 10.3% 6.5% 24.5% 6.3% 19.9x 0.30x 4.7x 0.30x 4.7x
Fairway Group Holdings Corp. FWM 25.56 88.5% 1,058 256 70 1,243 693 (4) 25.0% NA 32.7% NM NM 1.79x NM 1.47x 19.8x
Ingles Markets, Incorporated IMKT.A 28.73 98.0% 654 935 5 1,584 3,775 220 4.2% 3.9% 22.1% 5.8% 32.7x 0.42x 7.2x 0.40x 6.9x
J. Sainsbury plc LSE:SBRY 6.34 100.0% 12,015 4,313 891 15,438 35,257 2,117 (0.1%) 5.6% 5.5% 6.0% 12.1x 0.44x 7.3x 0.41x 7.0x
Koninklijke Ahold N.V. ENXTAM:AH 17.33 100.0% 17,463 4,118 5,244 16,336 43,489 2,851 12.7% 5.4% 26.1% 6.6% 17.1x 0.38x 5.7x 0.36x 5.4x
Natural Grocers by Vitamin Cottage NGVC 39.70 100.0% 891 16 7 899 405 28 28.1% NA 29.3% 6.9% NM 2.22x 32.1x 1.77x 23.5x
Roundy's, Inc. RNDY 8.60 87.1% 402 690 76 1,017 3,919 180 1.0% (6.2%) 26.5% 4.6% NM 0.26x 5.7x 0.25x 5.7x
Safeway Inc. SWY 31.99 100.0% 7,719 5,694 542 12,871 44,072 2,228 7.5% 2.4% 27.7% 5.1% 10.4x 0.29x 5.8x 0.34x 7.7x
Sprouts Farmers Market, Inc. SFM 44.39 100.0% 6,500 802 66 7,237 2,185 178 97.6% NA 29.5% 8.1% NM 3.31x 40.7x NA NA
SUPERVALU Inc. SVU 8.23 99.6% 2,127 3,083 76 5,134 17,018 439 48.5% (24.4%) 14.0% 2.6% NM 0.30x 11.7x 0.30x 6.5x
The Kroger Co. KR 40.34 100.0% 20,994 7,946 247 28,693 97,729 4,517 6.3% 7.5% 21.1% 4.6% 12.6x 0.29x 6.4x 0.29x 6.6x
The Pantry, Inc. PTRY 11.08 72.1% 261 948 44 1,165 7,075 207 (5.4%) 3.1% 11.4% 2.9% NM 0.16x 5.6x 0.15x 5.0x
Village Super Market Inc. VLGE.A 38.00 96.7% 525 43 103 465 1,470 69 5.2% 6.1% 27.0% 4.7% 25.0x 0.32x 6.8x 0.31x NA
Weis Markets, Inc. WMK 48.94 94.3% 1,316 0 112 1,205 2,707 184 (1.7%) 1.2% 27.8% 6.8% 15.1x 0.44x 6.6x 0.43x NA
Whole Foods Market, Inc. WFM 58.50 100.0% 21,792 27 989 20,830 12,852 1,212 15.3% 13.7% 35.8% 9.4% 36.4x 1.62x 17.2x 1.45x 15.1x
Mean 15.8% 2.7% 24.5% 5.8% 20.5x 0.81x 11.6x 0.58x 9.6x
Median 7.5% 4.7% 26.5% 5.9% 19.9x 0.42x 7.0x 0.36x 6.9x
LTM Margins EV / 2013ELast Twelve Months (LTM) Revenue Growth EV / LTM
Member FINRA/SIPC
13 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 9/30/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Grocery Distribution
AMCON Distributing Co. DIT $81.89 96.9% $51 $33 $0 $84 $816 $15 1.1% 7.6% 9.6% 1.9% 8.6x 0.10x 5.6x NA NA
Core-Mark Holding Company, Inc. CORE 66.44 97.7% 766 88 20 833 7,190 87 6.9% 11.1% 6.9% 1.2% 21.3x 0.12x 9.6x 0.08x 7.0x
Nash Finch Co. NAFC 26.41 89.5% 325 433 1 757 4,946 112 2.4% (1.6%) 8.5% 2.3% NM 0.15x 6.8x 0.16x 7.5x
Spartan Stores Inc. SPTN 22.06 90.4% 483 152 4 631 2,617 103 (0.7%) 1.1% 21.0% 3.9% 17.0x 0.24x 6.1x 0.24x 5.8x
United Natural Foods, Inc. UNFI 67.26 100.0% 3,318 176 14 3,480 5,766 216 14.1% 16.8% 16.9% 3.7% 29.7x 0.60x 16.1x 0.53x 13.9x
Mean 4.8% 7.0% 12.6% 2.6% 19.2x 0.24x 8.8x 0.25x 8.6x
Median 2.4% 7.6% 9.6% 2.3% 19.2x 0.15x 6.8x 0.20x 7.3x
Foodservice
Colabor Group Inc. TSX:GCL $4.15 50.6% $112 $155 $0 $268 $1,429 $34 3.8% 9.6% 2.4% 2.4% NM 0.19x 7.8x 0.19x 7.5x
Sysco Corporation SYY 31.83 88.3% 18,891 2,889 415 21,364 44,411 2,478 4.8% 6.0% 17.7% 5.6% 19.2x 0.48x 8.6x 0.46x 8.8x
The Chefs' Warehouse, Inc. CHEF 23.10 97.7% 578 162 2 738 577 39 33.8% 27.0% 25.6% 6.8% 31.6x 1.28x 18.9x 1.04x 14.0x
Mean 14.1% 14.2% 15.2% 4.9% 25.4x 0.65x 11.8x 0.56x 10.1x
Median 4.8% 9.6% 17.7% 5.6% 25.4x 0.48x 8.6x 0.46x 8.8x
Quick Service Restaurant
AFC Enterprises Inc. AFCE $43.59 100.0% $1,040 $68 $15 $1,093 $195 $61 18.6% 11.0% 68.2% 31.5% 29.7x 5.62x 17.8x 4.91x 15.7x
Burger King Worldwide, Inc. BKW 19.52 89.8% 6,854 3,045 654 9,244 1,462 628 (36.4%) (16.0%) 54.5% 43.0% 45.4x 6.32x 14.7x 8.81x 13.6x
Jack in the Box Inc. JACK 39.99 93.9% 1,732 380 10 2,102 1,537 228 35.5% (12.3%) 23.5% 14.9% 24.5x 1.37x 9.2x 1.42x 8.2x
McDonald's Corp. MCD 96.21 92.8% 96,176 13,370 2,278 107,267 27,794 9,923 1.2% 5.6% 39.0% 35.7% 17.3x 3.86x 10.8x 3.71x 10.1x
Sonic Corp. SONC 17.75 100.0% 992 479 54 1,417 535 131 (1.7%) (2.0%) 52.7% 24.4% 23.6x 2.65x 10.9x 2.59x 10.4x
The Wendy's Company WEN 8.48 100.0% 3,335 1,471 494 4,312 2,520 354 2.2% (5.6%) 25.5% 14.1% NM 1.71x 12.2x 1.82x 11.8x
Yum! Brands, Inc. YUM 71.39 95.0% 31,856 2,986 500 34,342 13,161 2,728 (1.0%) 6.0% 26.4% 20.7% 22.9x 2.61x 12.6x 2.40x 11.1x
Mean 2.6% (1.9%) 41.4% 26.3% 27.2x 3.45x 12.6x 3.67x 11.5x
Median 1.2% (2.0%) 39.0% 24.4% 24.1x 2.65x 12.2x 2.59x 11.1x
Casual Dining Restaurant
BJ's Restaurants, Inc. BJRI $28.67 62.8% $808 $0 $35 $774 $747 $86 11.3% 16.8% 19.0% 11.5% 29.5x 1.04x 9.0x 0.91x 7.9x
Bloomin' Brands, Inc. BLMN 23.61 88.4% 2,932 1,464 222 4,173 4,062 362 3.6% NA 16.8% 8.9% 23.3x 1.03x 11.5x 0.98x 9.1x
Brinker International, Inc. EAT 40.53 91.5% 2,684 808 59 3,432 2,846 403 0.9% (0.1%) 19.0% 14.2% 18.2x 1.21x 8.5x 1.17x 7.8x
Buffalo Wild Wings Inc. BWLD 111.18 100.0% 2,088 0 30 2,058 1,160 164 27.7% 26.3% 23.3% 14.1% 32.4x 1.77x 12.6x 1.49x 9.8x
Chuy's Holdings, Inc. CHUY 35.89 81.5% 586 5 4 586 192 24 28.3% 54.6% 20.7% 12.5% NM 3.06x 24.5x 2.59x 19.9x
Darden Restaurants, Inc. DRI 46.29 79.9% 6,044 2,713 90 8,667 8,552 1,037 6.9% 6.3% 22.1% 12.1% 14.7x 1.01x 8.4x 0.95x 8.2x
Del Frisco's Restaurant Group, Inc. DFRG 20.15 86.3% 479 0 14 465 249 38 14.8% 17.7% 25.5% 15.4% 31.9x 1.87x 12.1x 1.57x 9.8x
DineEquity, Inc. DIN 69.00 88.0% 1,321 1,391 76 2,636 696 265 (29.1%) (20.5%) 55.7% 38.1% 11.3x 3.79x 9.9x 4.12x 9.9x
Ignite Restaurant Group, Inc. IRG 15.52 72.9% 398 105 1 502 588 42 34.3% 29.1% 32.9% 7.1% NM 0.85x 12.1x 0.56x 7.8x
Red Robin Gourmet Burgers Inc. RRGB 71.10 100.0% 1,018 82 17 1,084 999 104 6.8% 5.7% 22.6% 10.5% 30.6x 1.09x 10.4x 1.01x 9.5x
Ruby Tuesday, Inc. RT 7.50 75.8% 448 299 53 694 1,251 96 (4.6%) 1.6% 18.5% 7.7% NM 0.55x 7.2x 0.58x 7.8x
Ruth's Hospitality Group Inc. RUTH 11.85 86.1% 415 40 6 450 410 50 8.8% 6.0% 22.6% 12.1% 19.9x 1.10x 9.0x 1.06x 9.0x
Texas Roadhouse, Inc. TXRH 26.30 100.0% 1,848 55 100 1,803 1,330 168 11.7% 11.1% 34.0% 12.6% 22.6x 1.36x 10.8x 1.19x 9.5x
The Cheesecake Factory Incorporated CAKE 43.95 98.1% 2,305 60 131 2,234 1,852 233 2.9% 4.4% 43.2% 12.6% 22.2x 1.21x 9.6x 1.14x 8.8x
Mean 8.9% 12.2% 26.8% 13.5% 23.3x 1.49x 11.1x 1.38x 9.6x
Median 7.9% 6.3% 22.6% 12.3% 22.6x 1.15x 10.2x 1.10x 9.0x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
14 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 9/30/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fast Casual
Chipotle Mexican Grill, Inc. CMG $428.80 100.0% $13,237 $0 $484 $12,753 $2,943 $581 16.8% 21.2% 37.3% 19.8% 43.1x 4.33x 21.9x 3.72x 18.1x
Einstein Noah Restaurant Group, Inc. BAGL 17.32 93.2% 301 126 12 415 430 47 0.1% 1.8% 20.7% 10.9% 22.9x 0.97x 8.9x 0.93x 7.3x
Fiesta Restaurant Group, Inc. FRGI 37.63 96.9% 890 204 7 1,086 529 64 7.3% NA 24.1% 12.1% 48.3x 2.05x 16.9x 1.87x 14.5x
Noodles & Company NDLS 42.86 82.5% 1,260 0 1 1,260 326 37 17.3% 36.0% 20.9% 11.2% NM 3.87x 34.4x 3.30x 26.3x
Panera Bread Co. PNRA 158.53 81.4% 4,673 0 341 4,332 2,252 400 13.8% 16.0% 35.6% 17.8% 25.8x 1.92x 10.8x 1.69x 9.5x
Mean 11.1% 18.7% 27.7% 14.4% 35.0x 2.63x 18.6x 2.30x 15.1x
Median 13.8% 18.6% 24.1% 12.1% 34.4x 2.05x 16.9x 1.87x 14.5x
Pizza
CEC Entertainment Inc. CEC $45.86 100.0% $778 $374 $20 $1,131 $822 $173 1.7% 0.4% 27.8% 21.1% 14.8x 1.38x 6.5x 1.33x 6.3x
Domino's Pizza, Inc. DPZ 67.95 100.0% 3,782 1,549 41 5,289 1,749 316 6.7% 5.0% 30.2% 18.1% 27.2x 3.02x 16.7x 2.88x 15.3x
Papa John's International Inc. PZZA 69.88 97.4% 1,519 133 28 1,624 1,398 139 10.8% 8.5% 30.7% 9.9% 23.5x 1.16x 11.7x 1.11x 11.0x
Mean 6.4% 4.6% 29.6% 16.4% 21.8x 1.85x 11.7x 1.78x 10.9x
Median 6.7% 5.0% 30.2% 18.1% 23.5x 1.38x 11.7x 1.33x 11.0x
Beverage / Snack Retail
Dunkin' Brands Group, Inc. DNKN $45.26 100.0% $4,814 $1,835 $177 $6,472 $678 $311 3.2% 7.5% 78.9% 45.9% 36.8x 9.55x 20.8x 8.90x 17.1x
Jamba, Inc. JMBA 13.38 76.5% 228 0 33 196 232 13 5.2% (6.5%) 37.7% 5.7% NM 0.84x 14.8x 0.79x 9.2x
Krispy Kreme Doughnuts, Inc. KKD 19.34 82.1% 1,273 1 60 1,214 459 54 11.5% 9.4% 17.4% 11.8% NM 2.65x 22.4x 2.49x 18.2x
Starbucks Corporation SBUX 76.97 100.0% 57,835 550 2,044 56,341 14,461 2,724 11.5% 12.0% 57.1% 18.8% 33.8x 3.90x 20.7x 3.48x 16.3x
Tim Hortons Inc. THI 58.07 99.6% 8,768 517 82 9,202 2,985 724 1.0% 8.3% 24.6% 24.3% 21.3x 3.08x 12.7x 2.95x 11.9x
Mean 6.5% 6.1% 43.1% 21.3% 30.6x 4.00x 18.3x 3.72x 14.5x
Median 5.2% 8.3% 37.7% 18.8% 33.8x 3.08x 20.7x 2.95x 16.3x
Family Restaurant
Bob Evans Farms, Inc. BOBE $57.27 100.0% $1,562 $202 $9 $1,755 $1,615 $179 (2.6%) (1.9%) 37.6% 11.1% NM 1.09x 9.8x 1.26x 9.1x
Denny's Corporation DENN 6.11 97.9% 553 177 2 727 468 78 (9.7%) (5.8%) 37.7% 16.6% 21.6x 1.55x 9.3x 1.56x 9.0x
Frisch's Restaurants, Inc. FRS 24.13 72.7% 123 17 4 135 204 21 (0.7%) 2.1% 8.7% 10.4% 14.1x 0.66x 6.4x 0.65x NA
Luby's, Inc. LUB 7.18 78.1% 203 20 2 221 372 25 4.3% 15.6% 37.6% 6.9% 30.6x 0.59x 8.7x 0.54x 7.2x
Mean (2.2%) 2.5% 30.4% 11.3% 22.1x 0.97x 8.5x 1.01x 8.4x
Median (1.7%) 0.1% 37.6% 10.8% 21.6x 0.87x 9.0x 0.96x 9.0x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Earnings
Release
Calendar5
15 of 16
Food and Beverage Earnings Release Calendar
October 2013
Date Company
10/9/2013 Costco Wholesale Corporation (NasdaqGS:COST)
10/24/2013 Unilever plc (LSE:ULVR)
10/30/2013 Kraft Foods Group, Inc. (NasdaqGS:KRFT)
10/30/2013 The Kroger Co. (NYSE:KR)
10/31/2013 Kellogg Company (NYSE:K)
November 2013
Date Company
11/6/2013 Molson Coors Brewing Company (NYSE:TAP)
11/7/2013 Darling International Inc. (NYSE:DAR)
11/7/2013 Treehouse Foods, Inc. (NYSE:THS)
11/18/2013 Tyson Foods Inc. (NYSE:TSN)
11/19/2013 Campbell Soup Company (NYSE:CPB)
11/21/2013 SABMiller plc (LSE:SAB)
December 2013
Date Company
12/4/2013 Brown-Forman Corporation (NYSE: BF.B)
12/18/2013 General Mills, Inc. (NYSE:GIS)
Sources:
1. IMF
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. U.S. Census Bureau
5. Capital IQ
6. Thomson Financial
7. S&P
8. Reuters
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