food & beverage report q2 2017 - sdr ventures · financial buyer inv. date select corporate...

http://sdrventures.com/


https://www.1010data.com/company/blog/market-insights-series-amazon-s-advance-the-battle-of-batteries/

mailto:[email protected]



https://www.bevnet.com/news/2017/depth-amazon-scooped-whole-foods

https://research.rabobank.com/far/en/sectors/consumer-foods/Amazon_Moves_Offline.html

https://www.1010data.com/company/blog/bezos-s-best-bet-for-grocery-137-b-acquisition-of-whole-foods/

https://www.fmi.org/digital-shopper/?utm_source=fmi-pressrelease&utm_medium=pr&utm_campaign=DigitalShopper

https://www.1010data.com/company/blog/market-insights-series-amazon-s-advance-the-war-of-the-wipes/


http://sdrventures.com/newsletters/technology-reports/

14 4

33

4

10

3

10

-

18

1 - 5

10 15 20 25 30 35

Strategic72%

Financial28%

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/21/2017 Casamigos Spirits Co. (Casamigos Tequila) Diageo Plc Alcohol $1,000.00 - -

5/30/2017 ConAgra Brands, Inc. (Wesson Oil Brand) The J.M. Smucker Company Ingredients & Flavors 285.00 - 9.50x

5/10/2017 Rubicon Resources LLC High Liner Foods, Inc. Proteins 107.00 0.46x 6.69x

5/4/2017 The Lagunitas Brewing Co. (Remaining 50% Stake) Heineken NV Alcohol - - -

5/4/2017 Ohio Pizza Products, Inc. Performance Food Group Co. Ingredients & Flavors - - -

5/4/2017 Soylent Corporation Andreessen Horowitz LLC; GV; Lerer

Hippeau Ventures; Tao Capital Partners

CPG Foods 50.00 - -

5/2/2017 Karoun Dairies, Inc. Parmalat S.p.A. Dairy 130.00 2.36x -

4/25/2017 AdvancePierre Foods Holdings, Inc. Tyson Foods, Inc. CPG Foods 4,132.46 2.62x 15.24x

4/21/2017 Kensignton & Sons LLC (dba Sir Kensington) Unilever NV CPG Foods 140.00 7.00x -

4/11/2017 Atkins Nutritionals, Inc. Conyers Park Acquisition Corp. CPG Foods 730.13 - -

4/5/2017 Panera Bread Co. Agnaten SE; BDT Capital Partners LLC;

JAB Holdings BV; JAB Investments SARL;

Panera Bread Co. (Private Group)

Restaurants 7,486.08 2.64x 17.77x


Financial Buyer Inv. Date Select Corporate Investments

Levine Leichtman Capital Partners, Inc. 4/20/2017 ▪ Mountain Mike's Pizza LLC

10/5/2016 ▪ Denbra IP Holdings LLC (dba Nothing Bundt Cakes)

Arlon Group LLC 9/6/2016 ▪ CICI Enterprises, LP

7/6/2016 ▪ Idaho Pacific Holdings, Inc.

5/8/2015 ▪ The Coastal Companies

301 Inc. 4/3/2017 ▪ Purely Elizabeth (Series A Investment)

9/19/2016 ▪ good culture, LLC (2nd Investment)

5/9/2016 ▪ Lyrical Foods, Inc.

3/29/2016 ▪ Tio Foods, LLC

3/8/2016 ▪ good culture, LLC

1/13/2016 ▪ Rhythm Superfoods, LLC

L Catterton 6/20/2017 ▪ Punch Bowl Social

9/2/2016 ▪ Front Burner Restaurants LP

9/2/2016 ▪ Velvet Taco12/22/2015 ▪ The Piada Group, LLC7/30/2015 ▪ Lily's Kitchen Limited

7/14/2015 ▪ Snap Kitchen LLC7/14/2015

Advantage Capital Partners 6/7/2017 ▪ BeetNPath, LLC

6/6/2017 ▪ Fishpeople Seafood, Inc. (Series B Investment)

8/24/2016 ▪ Hip Chick Farms, Inc.

7/12/2016 ▪ Freed Foods, Inc.

2/18/2016 ▪ American Botanicals LLC

Strategic Buyer Inv. Date Select Corporate Acquisitions

Farmer Brother Co. (NasdaqGS:FARM) 2/7/2017 ▪ West Coast Coffee Co., Inc.

9/12/2016 ▪ China Mist Tea Company9/10/2015 ▪Saint Archer Brewing CompanyUS Foods, Inc. (NYSE: USFD) 6/2/2017 ▪ F. Christiana & Co

4/24/2017 ▪ First Class Foods, Inc.

10/19/2016 ▪ Save On Seafood Fishing, Inc.

Constellation Brands, Inc. (NYSE: STZ) 6/16/2017 ▪ Schrader Cellars LLC

1/5/2017 ▪ Catoctin Creek Distilling Co. LLC

10/17/2016 ▪ The Bardstown Bourbon Co. LLC

10/17/2016 ▪ Charles Smith Wines LLC

10/4/2016 ▪ High West Distillery & Saloon

5/3/2017 ▪ Wicked Weed Brewing LLC

11/3/2016 ▪ Karbach Brewing Co. LLC

10/13/2016 ▪ Northern Brewer LLC

10/10/2016 ▪ SABMiller plc

9/9/2016 ▪ Boathouse Beverage, LLC

4/12/2016 ▪ Devils Backbone Brewing Company LLC

3/31/2016 ▪ Breckenridge Brewery, LLC5/19/2016 ▪Fresh Unlimited, Inc.

2/26/2016 ▪Cara Donna Provision Co., Inc.Dean Foods Co. (NYSE: DF) 6/22/2017 ▪ Uncle Matt's Organic, Inc.

6/18/2017 ▪ The Fresh Ice Cream Co. LLC

5/5/2017 ▪ Good Karma Foods, Inc.

6/20/2016 ▪ Friendly's Ice Cream, LLC

Anheuser-Busch Companies, LLC


-20%

-10%

0%

10%

20%

30%

40%

50%

Alcohol Non-Alcohol CPG Foods Natural & Organic Foods

Dairy Proteins Produce Ingredients & Flavors

Co-Packers Restaurants Digitally Native S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Anheuser-Busch InBev SA/NV ABI-BE 186,769$ 110.30$ -6.2% -3.8% 82.2% 23.5% 35.4% 7.3x 20.1x 153.2x 5.5x 14.1x

Diageo Plc DGE-GB 74,189 29.47 -1.8% 7.5% 96.0% 10.3% 34.9% 6.0x 18.7x 23.8x 5.5x 15.7x

Constellation Brands, Inc. STZ-US 37,845 193.73 19.3% 26.4% 98.1% 5.5% 38.1% 6.3x 17.6x 27.1x 6.7x 18.5x

Brown-Forman Corp. BF.B-US 18,793 48.60 4.8% 8.2% 81.4% 7.1% 32.1% 7.0x 20.9x 28.4x 6.6x 18.6x

Molson Coors Brewing Co. TAP-US 17,053 86.34 -9.7% -11.3% 77.0% 67.3% 20.5% 4.6x 23.9x 9.2x 2.8x 12.5x

Boston Beer Co., Inc. SAM-US 1,222 132.15 -9.3% -22.2% 67.6% (1.9%) 10.4% 1.8x 8.7x 19.7x 1.8x 10.4x

MGP Ingredients, Inc. MGPI-US 855 51.17 -6.4% 2.4% 88.2% 5.6% 16.2% 2.7x 18.0x 26.8x 2.6x 15.3x

Craft Brew Alliance, Inc. BREW-US 325 16.85 24.4% -0.3% 75.2% 12.0% 0.2% 1.7x 25.4x 280.8x 1.5x NM

Castle Brands, Inc. ROX-US 281 1.72 14.7% 126.3% 77.5% NM 5.2% 4.1x 108.1x NM NM NM

Willamette Valley Vineyards, Inc. WVVI-US 40 8.09 1.1% 1.0% 92.5% NM 19.6% 2.6x 9.7x 20.7x NM NM

Truett-Hurst, Inc. THST-US 9 2.08 -9.2% 16.9% 55.8% NM 6.7% 1.0x 70.8x NM NM NM

Segment Average 16.2% 19.9% 4.1x 31.1x 65.5x 4.1x 15.0xSegment Median 8.7% 19.6% 4.1x 20.1x 26.8x 4.1x 15.3x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

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Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

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EBITDA

The Coca-Cola Co. KO 191,624$ 44.85$ 5.3% 8.2% 97.4% (19.0%) 27.4% 5.3x 19.7x 31.6x 6.7x 19.3x

PepsiCo, Inc. PEP 164,978 115.49 3.0% 10.4% 97.7% 3.1% 20.2% 3.0x 14.8x 24.9x 2.9x 13.9x

Monster Beverage Corp. MNST 28,209 49.68 7.4% 12.0% 89.5% 14.5% 39.8% 8.8x 22.2x 40.2x 7.9x 19.6x

Fomento Economico Mexicano SAB de CV FMX-US 21,253 98.34 8.6% 29.0% 97.8% 25.3% 11.6% 2.2x 15.4x 31.1x 1.6x 12.0x

Coca-Cola European Partners Plc CCE 19,652 40.67 7.9% 29.5% 97.9% 9.2% 15.0% 2.3x 13.4x 24.9x 1.8x 9.9x

Dr Pepper Snapple Group, Inc. DPS 16,747 91.11 -6.4% 0.5% 91.6% 4.1% 17.6% 3.3x 13.3x 20.1x 3.1x 12.3x

TreeHouse Foods, Inc. THS 4,651 81.69 -3.3% 13.2% 78.1% 0.3% 9.8% 1.1x 11.0x NM 1.1x 9.5x

Coca-Cola FEMSA SAB de CV KOF 4,462 84.67 16.7% 33.3% 99.0% 24.6% 17.8% 2.5x 12.4x 25.0x 1.8x 9.3x

National Beverage Corp. FIZZ 4,357 93.56 11.3% 83.2% 97.4% 16.2% 22.4% 5.1x 23.7x 40.9x 4.4x 20.2x

Hain Celestial Group, Inc. HAIN 4,026 38.82 4.5% -0.5% 68.1% 3.7% 9.0% 1.6x 20.2x NM 1.6x 13.6x

Cott Corp. (Canada) BCB-CA 2,003 14.42 13.0% 23.2% 82.9% 14.1% 9.3% 1.2x 11.5x NM 1.1x 8.8x

Coca-Cola Bottling Co. Consolidated COKE 1,634 228.87 12.3% 28.0% 95.2% NM 6.5% 1.0x 12.7x 38.8x NM NM

SodaStream International Ltd. SODA 1,161 53.52 11.9% 35.6% 92.8% 9.4% 17.4% 2.2x 12.7x 21.5x 2.0x 12.0x

Primo Water Corp. PRMW 380 12.70 -1.2% 3.4% 82.5% 70.7% 12.1% 3.8x 34.2x NM 2.3x 12.0x

Reed's, Inc. REED 34 2.45 -38.8% -40.2% 51.6% 7.5% (16.8%) 1.1x NM NM 1.1x NM

Coffee Holding Co., Inc. JVA 26 4.45 -3.1% -4.3% 72.4% NM 4.4% 0.4x 10.6x 21.2x NM NM

Crystal Rock Holdings, Inc. CRVP 18 0.82 1.2% 0.6% 78.1% NM 7.9% 0.5x 5.1x 18.1x NM NM

Leading Brands, Inc. LBIX 5 1.68 -8.7% 9.8% 57.5% NM NM 1.6x NM NM NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

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Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Mondelez International, Inc. MDLZ 65,531$ 43.19$ -0.2% -2.6% 91.4% 0.7% 21.0% 3.2x 17.5x 38.9x 3.2x 15.8x

General Mills, Inc. GIS 31,971 55.40 -6.2% -10.3% 75.9% (1.9%) 20.7% 2.7x 12.2x 20.0x 2.8x 12.5x

Kellogg Co. K 24,330 69.46 -4.2% -5.8% 79.7% (2.0%) 58.3% 2.5x 9.2x 31.4x 2.6x 12.2x

Hormel Foods Corp. HRL 18,029 34.11 -0.3% -2.0% 85.3% (0.6%) 15.4% 1.9x 12.6x 20.8x 1.9x 12.2x

Campbell Soup Co. CPB 15,805 52.15 -8.7% -13.8% 76.8% 0.6% 21.0% 2.4x 13.5x 32.8x 2.4x 10.5x

Conagra Brands, Inc. CAG 15,216 35.76 -11.2% -9.6% 73.2% (2.5%) 17.9% 2.3x 15.2x 24.5x 2.4x 12.4x

McCormick & Co., Inc. MKC 12,151 97.51 0.0% 4.5% 90.4% 4.8% 14.8% 3.1x 17.5x 25.9x 3.0x 16.0x

Pinnacle Foods, Inc. PF 7,034 59.40 3.2% 11.1% 89.1% 2.4% 18.3% 3.1x 15.2x 33.6x 3.1x 13.7x

Post Holdings, Inc. POST 5,146 77.65 -11.0% -3.4% 87.2% 6.3% 17.7% 1.8x 10.1x 129.4x 1.7x 8.9x

Flowers Foods, Inc. FLO 3,622 17.31 -11.1% -13.3% 82.4% 0.4% 9.9% 1.2x 10.9x 21.9x 1.2x 9.8x

Lancaster Colony Corp. LANC 3,365 122.62 -5.0% -13.3% 82.1% 4.3% 15.8% 2.7x 14.6x 28.7x 2.6x 13.9x

J&J Snack Foods Corp. JJSF 2,472 132.07 -2.6% -1.0% 92.2% 7.5% 14.1% 2.3x 15.1x 32.2x 2.2x 13.8x

B&G Foods, Inc. BGS 2,366 35.60 -12.4% -18.7% 67.4% 14.3% 20.5% 2.8x 12.9x 21.4x 2.5x 11.1x

Cal-Maine Foods, Inc. CALM 1,734 39.60 7.6% -10.4% 84.8% NM NM 1.6x NM NM 1.3x 17.0x

Dean Foods Co. DF 1,545 17.00 -13.1% -21.9% 76.2% 1.5% 2.8% 0.3x 6.2x 21.8x 0.3x 5.5x

Amplify Snack Brands, Inc. BETR 740 9.64 16.1% 9.4% 55.0% 41.2% 25.7% 4.4x 16.2x 37.1x 3.0x 11.8x

Farmer Brothers Co. FARM 510 30.25 -13.6% -17.6% 80.6% 5.4% 7.2% 1.0x 14.5x 4.7x 0.9x 8.9x

Lifeway Foods, Inc. LWAY 151 9.34 -13.4% -18.9% 50.5% 7.4% 3.2% 1.2x 19.2x 54.9x 1.1x NM

Inventure Foods, Inc. SNAK 85 4.31 7.7% -56.2% 42.5% (15.5%) 5.7% 0.7x 31.3x NM 0.8x 12.1x

Rocky Mountain Chocolate Factory, Inc. RMCF 69 11.76 5.0% 15.4% 88.9% NM 17.3% 1.7x 9.4x 19.6x NM NM




($ in Mil)Price ($)

Quarter

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YTD

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NTM

EBITDA

Whole Foods Market, Inc. WFM 13,462$ 42.11$ 43.9% 36.9% 96.1% (16.6%) 8.6% 0.9x 8.0x 24.8x 0.8x 10.3x

Pinnacle Foods, Inc. PF 7,034 59.40 3.2% 11.1% 89.1% 2.4% 18.3% 3.1x 15.2x 33.6x 3.1x 13.7x

Hain Celestial Group, Inc. HAIN 4,026 38.82 4.5% -0.5% 68.1% 3.7% 9.0% 1.6x 20.2x NM 1.6x 13.6x

Sprouts Farmers Markets, Inc. SFM 3,117 22.67 -0.5% 19.8% 87.3% 16.2% 8.4% 0.8x 12.0x 26.4x 0.7x 10.9x

Darling Ingredients, Inc. DAR 2,593 15.74 9.3% 21.9% 94.8% 2.5% 11.4% 1.2x 9.8x 24.2x 1.2x 9.3x

United Natural Foods, Inc. UNFI 1,858 36.70 -14.0% -23.1% 70.3% 6.4% 3.8% 0.3x 7.3x 14.7x 0.2x 6.9x

Calavo Growers, Inc. CVGW 1,211 69.05 14.8% 12.5% 89.9% 15.5% 8.6% 1.2x 16.9x 30.0x 1.1x 15.0x

SunOpta, Inc. SOY-CA 874 10.16 45.2% 37.9% 99.6% 8.2% 1.8% 1.0x 36.9x NM 1.0x 14.1x

Amplify Snack Brands, Inc. BETR 740 9.64 16.1% 9.4% 55.0% 41.2% 25.7% 4.4x 16.2x 37.1x 3.0x 11.8x

Limoneira Co. LMNR 340 23.63 14.2% 9.9% 98.5% 0.4% 21.6% 3.7x 20.4x 29.2x 3.7x 18.8x

Natural Grocers by Vitamin Cottage, Inc. NGVC 186 8.27 -20.0% -30.4% 58.2% 11.0% 6.7% 0.3x 5.7x 20.2x 0.3x 4.6x


Inventure Foods, Inc. SNAK 85 4.31 7.7% -56.2% 42.5% (15.5%) 5.7% 0.7x 31.3x NM 0.8x 12.1x

AMCON Distributing Co. DIT 71 105.18 6.2% -8.8% 85.6% NM 0.6% 0.1x 7.0x 14.7x NM NM

Reed's, Inc. REED 34 2.45 -38.8% -40.2% 51.6% 7.5% (16.8%) 1.1x NM NM 1.1x NM

RiceBran Technologies RIBT 10 0.96 10.3% -6.8% 54.2% 11.5% 0.6% 0.5x NM NM 0.4x 10.5x

Tofutti Brands, Inc. TOF 10 1.98 2.5% 20.4% 51.3% NM (4.9%) 0.7x 58.9x 98.8x NM NM



($ in Mil)Price ($)

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Danone SA BN-FR 50,343$ 75.06$ 3.6% 9.3% 95.1% 20.2% 17.7% 2.2x 12.8x 24.3x 1.8x 10.2x

Dean Foods Co. DF 1,545 17.00 -13.1% -21.9% 76.2% 1.5% 2.8% 0.3x 6.2x 21.8x 0.3x 5.5x




($ in Mil)Price ($)

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NTM

EBITDA

Tyson Foods, Inc. TSN 18,049 62.63 1.6% 1.5% 81.3% 2.9% 9.1% 0.8x 7.7x 12.8x 0.8x 7.5x

Hormel Foods Corp. HRL 18,029$ 34.11$ -0.3% -2.0% 85.3% (0.6%) 15.4% 1.9x 12.6x 20.8x 1.9x 12.2x

Pilgrim's Pride Corp. PPC 5,453 21.92 -2.2% 15.4% 83.6% 7.4% 10.2% 0.8x 7.7x 13.3x 0.8x 6.4x

Post Holdings, Inc. POST 5,146 77.65 -11.0% -3.4% 87.2% 6.3% 17.7% 1.8x 10.1x 129.4x 1.7x 8.9x

Seaboard Corp. SEB 4,678 3,995.00 -2.2% 1.1% 87.9% NM 6.9% 0.7x 11.3x 13.6x NM NM

Sanderson Farms, Inc. SAFM 2,630 115.65 11.9% 22.7% 89.3% 11.2% 15.9% 0.8x 5.5x 11.9x 0.7x 5.2x

Nomad Foods Ltd. NOMD 2,518 14.11 21.6% 47.4% 95.9% 5.5% 16.5% 1.7x 10.7x 57.7x 1.7x 9.7x

Premium Brands Holdings Corp. PBH-CA 2,139 71.64 10.6% 34.9% 97.9% 18.0% 8.0% 1.6x 18.9x 36.8x 1.4x 14.8x

Cal-Maine Foods, Inc. CALM 1,734 39.60 7.6% -10.4% 84.8% NM NM 1.6x NM NM 1.3x 17.0x

Pingtan Marine Enterprise Ltd. PME 312 3.95 -15.4% 127.0% 76.3% NM 12.4% 17.5x NM 197.5x NM NM

Bridgford Foods Corp. BRID 127 14.03 27.5% 23.4% 77.9% NM 8.2% 0.8x 8.6x 15.4x NM NM

Aoxin Tianli Group, Inc. ABAC 17 2.10 -9.9% -41.9% 51.6% NM 11.1% (1.2x) NM NM NM NM




($ in Mil)Price ($)

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Monsanto Co. MON 51,998$ 118.36$ 4.4% 12.5% 99.5% 2.4% 31.7% 4.2x 14.5x 25.5x 4.1x 13.8x

Fresh Del Monte Produce, Inc. FDP 2,602 50.91 -13.6% -16.0% 76.1% 5.2% 6.8% 0.7x 9.4x 13.9x 0.7x 8.9x

Calavo Growers, Inc. CVGW 1,211 69.05 14.8% 12.5% 89.9% 15.5% 8.6% 1.2x 16.9x 30.0x 1.1x 15.0x

Limoneira Co. LMNR 340 23.63 14.2% 9.9% 98.5% 0.4% 21.6% 3.7x 20.4x 29.2x 3.7x 18.8x

S&W Seed Co. SANW 75 4.15 -14.4% -9.8% 77.6% 6.4% 9.6% 1.3x 18.7x NM 1.2x 13.5x

China Green Agriculture, Inc. CGA 49 1.28 -0.8% 6.7% 76.2% NM 15.4% (0.2x) NM 1.9x NM NM

Origin Agritech Ltd. SEED 33 1.43 -29.9% -39.4% 44.8% NM NM 1.2x NM NM NM NM



($ in Mil)Price ($)

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McCormick & Co., Inc. MKC 12,151$ 97.51$ 0.0% 4.5% 90.4% 4.8% 14.8% 3.1x 17.5x 25.9x 3.0x 16.0x

Ingredion, Inc. INGR 8,545 119.21 -1.0% -4.6% 85.2% 3.9% 17.8% 1.7x 9.5x 18.5x 1.7x 9.3x

Sensient Technologies Corp. SXT 3,564 80.53 1.4% 2.5% 95.2% 3.9% 19.7% 3.0x 15.6x 33.1x 2.9x 15.2x

Darling Ingredients, Inc. DAR 2,593 15.74 9.3% 21.9% 94.8% 2.5% 11.4% 1.2x 9.8x 24.2x 1.2x 9.3x

SunOpta, Inc. SOY-CA 874 10.16 45.2% 37.9% 99.6% 8.2% 1.8% 1.0x 36.9x NM 1.0x 14.1x

Feronia, Inc. FRN-CA 57 0.16 -3.2% 18.3% 61.9% NM (130.7%) 5.3x NM NM NM NM

TerraVia Holdings, Inc. TVIA 25 0.23 -69.0% -79.7% 7.8% 119.1% (259.0%) 6.8x NM NM 4.0x NM

LTM Multiples NTM Multiples Market Stats Operating Stats


($ in Mil)Price ($)

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Pilgrim's Pride Corp. PPC 5,453$ 21.92$ -2.2% 15.4% 83.6% 7.4% 10.2% 0.8x 7.7x 13.3x 0.8x 6.4x

John B. Sanfilippo & Son, Inc. JBSS 548 63.11 -13.0% -10.3% 84.5% (3.9%) 8.3% 0.9x 10.7x 19.6x 1.0x NM

High Liner Foods, Inc. HLF-CA 449 13.47 -1.1% -12.3% 65.0% 18.4% 8.1% 0.7x 9.4x 14.0x 0.6x 7.5x

Landec Corp. LNDC 405 14.85 21.2% 7.6% 95.8% NM NM 0.8x 13.3x NM 0.8x 11.1x

Amira Nature Foods Ltd. ANFI 205 5.54 4.3% -9.9% 61.6% NM NM 0.8x 6.7x NM 0.7x 5.1x

Bridgford Foods Corp. BRID 127 14.03 27.5% 23.4% 77.9% NM 8.2% 0.8x 8.6x 15.4x NM NM

Coffee Holding Co., Inc. JVA 26 4.45 -3.1% -4.3% 72.4% NM 4.4% 0.4x 10.6x 21.2x NM NM

RiceBran Technologies RIBT 10 0.96 10.3% -6.8% 54.2% 11.5% 0.6% 0.5x NM NM 0.4x 10.5x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Darden Restaurants, Inc. DRI-US 11,245$ 90.44$ 9.2% 24.4% 95.0% 12.4% 12.4% 1.7x 12.7x 23.8x 1.5x 10.7x

Cracker Barrel Old Country Store, Inc. CBRL-US 4,021 167.25 4.8% 0.2% 95.5% 3.7% 13.3% 1.4x 10.8x 20.3x 1.4x 10.2x

Ruth's Hospitality Group, Inc. RUTH-US 668 21.75 8.7% 18.9% 96.0% 9.0% 18.7% 1.7x 11.1x 22.4x 1.6x 10.1x

Fogo de Chão, Inc. FOGO-US 392 13.90 -13.9% -3.1% 81.5% 13.3% 16.5% 1.7x 9.4x 17.2x 1.5x 8.1x

Del Frisco's Restaurant Group, Inc. DFRG-US 351 16.10 -10.8% -5.3% 85.6% 6.7% 11.0% 1.0x 8.6x 24.0x 1.0x 7.8x

J. Alexander's Holdings, Inc. JAX-US 180 12.25 24.4% 14.0% 100.0% 7.5% 10.6% 0.9x 9.7x 24.5x 0.8x 7.7x

Bravo Brio Restaurant Group, Inc. BBRG-US 70 4.60 -9.8% 21.1% 53.0% (1.0%) 7.8% 0.3x 4.8x NM 0.3x 4.0x

The ONE Group Hospitality, Inc. STKS-US 55 2.17 29.9% -2.3% 63.3% 3.4% 3.0% 0.9x NM NM 0.9x 8.6x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Starbucks Corp. SBUX-US 84,439$ 58.31$ 0.3% 5.0% 89.9% 11.0% 21.1% 3.9x 17.0x 28.9x 3.6x 14.1x

Chipotle Mexican Grill, Inc. CMG-US 11,927 416.10 -6.3% 10.3% 83.4% 19.2% 10.8% 2.7x 34.4x 128.0x 2.3x 18.2x

Panera Bread Co. PNRA-US 6,713 314.64 23.2% 53.4% 99.5% 8.8% 15.4% 2.6x 17.8x 47.6x 2.4x 15.9x

Shake Shack, Inc. SHAK-US 896 34.88 4.3% -2.5% 81.2% 37.2% 13.5% 3.0x 19.6x 63.4x 2.2x 14.8x

Bojangles', Inc. BOJA-US 595 16.25 -20.5% -12.9% 72.7% 7.7% 13.6% 1.4x 9.2x 16.4x 1.4x 9.4x

El Pollo Loco Holdings, Inc. LOCO-US 532 13.85 14.5% 12.6% 93.3% 11.6% 14.8% 1.6x 10.6x 30.8x 1.5x 9.3x

Zoe's Kitchen, Inc. ZOES-US 232 11.91 -35.0% -50.4% 31.3% 20.2% 8.3% 0.9x 11.5x 567.1x 0.8x 10.4x

The Habit Restaurants, Inc. HABT-US 319 15.80 -8.8% -8.4% 80.0% 26.1% 10.9% 1.0x 10.3x 60.8x 0.8x 8.4x

Potbelly Corp. PBPB-US 288 11.50 -16.4% -10.9% 79.0% 10.0% 8.2% 0.6x 6.4x 38.3x 0.6x 6.6x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Restaurant Brands International, Inc. QSR-US 14,721$ 62.54$ 11.8% 31.2% 99.4% 12.5% 42.1% 6.9x 15.5x 42.5x 9.2x 20.0x

Texas Roadhouse, Inc. TXRH-US 3,614 50.95 14.9% 5.6% 98.2% 12.9% 15.2% 1.7x 13.1x 31.6x 1.5x 11.5x

Dave & Buster's Entertainment, Inc. PLAY-US 2,798 66.51 7.5% 18.1% 90.5% 17.5% 29.0% 2.9x 11.8x 28.2x 2.5x 10.6x

Cheesecake Factory, Inc. CAKE-US 2,413 50.30 -20.1% -16.0% 74.9% 4.2% 12.0% 1.1x 8.6x 17.6x 1.1x 8.8x

Bloomin' Brands, Inc. BLMN-US 2,128 21.23 8.2% 17.7% 95.8% 1.1% 11.5% 0.7x 7.3x 43.3x 0.7x 7.4x

Buffalo Wild Wings, Inc. BWLD-US 2,045 126.70 -16.1% -17.9% 72.4% 5.3% 13.9% 1.2x 8.3x 27.3x 1.2x 8.2x

Brinker International, Inc. EAT-US 1,864 38.10 -13.3% -23.1% 68.2% (1.2%) 14.7% 1.0x 7.0x 12.6x 1.0x 7.4x

Bob Evans Farms, Inc. BOBE-US 1,431 71.83 11.1% 35.0% 95.3% 20.8% 16.4% 3.1x 17.1x NM 2.6x 11.6x

Red Robin Gourmet Burgers, Inc. RRGB-US 840 65.25 13.4% 15.7% 88.0% 5.1% 10.9% 0.9x 8.5x 89.4x 0.8x 7.2x

Denny's Corp. DENN-US 822 11.77 -4.6% -8.3% 82.6% 5.0% 16.2% 2.1x 11.6x 51.2x 2.1x 10.8x

BJ's Restaurants, Inc. BJRI-US 803 37.25 -6.3% -5.2% 78.3% 6.9% 11.8% 1.0x 7.6x 20.4x 0.9x 7.6x

DineEquity, Inc. DIN-US 792 44.05 -18.4% -42.8% 50.1% (0.4%) 36.0% 3.3x 8.5x 9.3x 3.2x 8.5x

Fiesta Restaurant Group, Inc. FRGI-US 559 20.65 -13.8% -30.8% 67.4% (1.5%) 10.9% 0.9x 7.4x NM 0.9x 6.6x

Carrols Restaurant Group, Inc. TAST-US 443 12.25 -12.5% -19.7% 69.8% 12.2% 5.1% 0.7x 8.2x 15.3x 0.6x 6.9x

Chuy's Holdings, Inc. CHUY-US 396 23.40 -21.5% -27.9% 61.9% 19.6% 12.2% 1.1x 9.2x 22.9x 0.9x 8.1x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

McDonald's Corp. MCD-US 124,836$ 153.16$ 18.4% 25.8% 98.5% (13.2%) 39.3% 6.1x 15.8x 27.0x 7.1x 15.2x

Yum! Brands, Inc. YUM-US 25,685 73.76 15.2% 16.5% 80.2% (16.9%) 30.8% 3.5x 21.0x 18.7x 6.7x 17.3x

Domino's Pizza, Inc. DPZ-US 10,173 211.53 14.9% 32.8% 95.5% 12.6% 20.1% 4.7x 23.7x 45.3x 4.3x 20.9x

Dunkin' Brands Group, Inc. DNKN-US 5,080 55.12 -0.4% 5.1% 92.3% 4.0% 51.6% 8.6x 16.2x 24.8x 8.3x 14.7x

The Wendy's Co. WEN-US 3,807 15.51 13.4% 14.7% 93.1% (8.9%) 38.5% 4.5x 15.6x 31.9x 5.1x 14.6x

Jack in the Box, Inc. JACK-US 2,898 98.50 -3.2% -11.8% 86.9% (8.7%) 22.6% 2.5x 11.4x 24.4x 2.9x 11.6x

Papa John's International, Inc. PZZA 2,638 71.76 -9.9% -16.1% 79.3% 5.7% 12.1% 1.7x 14.9x 25.4x 1.6x 13.8x

Four Corners Property Trust, Inc. FCPT-US 1,507 25.11 11.9% 22.4% 96.8% 13.9% 76.5% 15.9x 20.4x 19.6x 13.9x 18.0x

Sonic Corp. SONC-US 1,108 26.49 5.6% -0.1% 88.2% (9.8%) 35.8% 3.2x 10.9x 17.9x 3.7x 11.2x

Wingstop, Inc. WING-US 895 30.90 9.6% 4.4% 92.5% 11.5% 36.5% 10.8x 30.7x 51.5x 9.8x 24.4x

Del Taco Restaurants, Inc. TACO-US 530 13.75 2.9% -2.6% 89.8% 6.9% 13.0% 1.5x 10.2x 25.0x 1.5x 9.5x

Papa Murphy's Holdings, Inc. FRSH-US 74 4.37 -5.4% 3.6% 56.0% (4.6%) (15.1%) 1.4x 15.1x NM 1.5x 7.8x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

JUST EAT Plc JE-GB 5,782$ 8.51$ 15.7% 12.3% 96.9% 46.1% 29.2% 11.5x 38.6x 58.9x 7.9x 22.6x

Delivery Hero AG DHER-DE 5,454 31.71 NA NA 100.0% NM NM NM NM NM NM NM

GrubHub, Inc. GRUB-US 3,758 43.60 31.6% 15.9% 91.1% 35.1% 22.7% 6.3x 25.9x 66.1x 4.7x 16.8x

Yelp, Inc. YELP-US 2,419 30.02 -7.7% -21.3% 69.2% 23.6% 2.6% 2.6x 43.0x 375.3x 2.1x 11.8x

Blue Apron Holdings, Inc. APRN-US 281 9.34 NA NA 84.9% NM (19.4%) 2.4x NM NM NM NM




($ in Mil)

TEV/

Rev

TEV/

EBITDA6/30/2017 Kraft Heinz Co. (Cheese Plant) Upstate Niagara Cooperative, Inc. Dairy - - -

6/28/2017 Sonmundo, Inc. Cultivate Ventures CPG Foods - - -

6/28/2017 Stampede Meat, Inc. Wynnchurch Capital Ltd. Proteins - - -

6/27/2017 Illinois Corn Processing LLC Aventine Renewable Energy Holdings, Inc. Ingredients & Flavors 76.69 - -

6/26/2017 The Big Salad Franchise Co. LLC First Foods Group, Inc. Restaurants 0.85 - -

6/22/2017 MHD LLC Freshii, Inc. Restaurants 4.15 - -

6/22/2017 That's It Nutrition, LLC Opus Equity Partners CPG Foods - - -

6/22/2017 Uncle Matt's Organic, Inc. Dean Foods Co. Non-Alcohol - - -

6/21/2017 Casamigos Spirits Co. (Casamigos Tequila) Diageo Plc Alcohol 1,000.00 - -

6/20/2017 Punch Bowl Social L Catterton Restaurants - - -

6/19/2017 Robert Rothschild Farm LLC Glencoe Capital LLC CPG Foods - - -

6/18/2017 The Fresh Ice Cream Co. LLC Dean Foods Co. Dairy 1.00 - -

6/16/2017 IT’SUGAR, LLC (93% Stake) BBX Capital Corporation CPG Foods 57.00 - -

6/16/2017 Schrader Cellars LLC (Schrader Cabernet Sauvignon

Portfolio)

Constellation Brands, Inc. Alcohol - - -

6/16/2017 Tin Man Brewing LLC Neace Ventures, Inc. Alcohol 2.40 - -

6/15/2017 Healthy Foods Markets LLC Pacific Ventures Group, Inc. CPG Foods - - -

6/14/2017 Agilex Flavors & Fragrances, Inc. Firemenich International SA Ingredients & Flavors - - -

6/14/2017 True Me Brands LLC Suntory Spirits Ltd.; Suntory International

Corp.

Non-Alcohol - - -

6/13/2017 A&R Wholesale Distributors, Inc. Castle Harlan, Inc.; Gold Star Food Service,

Inc.

CPG Foods - - -

6/13/2017 Bell Fish Co. LLC (Aquaculture Facility) AquaBounty Technologies, Inc. Proteins 14.00 - -

6/12/2017 Republic Foods, Inc. Carrols Restaurant Group, Inc. Restaurants - - -

6/8/2017 Firesteed Corp. (Oregon Winery) Pacific Rim & Co. Alcohol - - -

6/8/2017 Foodler, Inc. GrubHub, Inc. Digitally Native - - -

6/8/2017 Rao's Specialty Foods, Inc. Advent International Corp.; Grand Prix

Intermediate, Inc.;Sovos Brands

Intermediate, Inc.

Ingredients & Flavors - - -

6/7/2017 BeetNPath, LLC Advantage Capital Partners CPG Foods - - -

6/7/2017 Cook San Francisco LLC (dba Nona Lim) Cambridge Cos. SPG CPG Foods - - -

6/6/2017 Fishpeople Seafood, Inc. Advantage Capital Partners; 3x5 Special

Opportunity Partners: Blueberry Ventures;

Collaborative Fund; Encourage Capital

CPG Foods 12.00 - -

6/6/2017 Ignite Restaurant Group, Inc. (2 Subsidiaries) Kelly Restaurant Group LLC Restaurants - - -

6/6/2017 The Antler's Restaurant LLC 4B's Restaurants, Inc. Restaurants - - -

6/5/2017 Fresh & Healthy Markets LLC Pacific Ventures Group, Inc. CPG Foods - - -

6/3/2017 Wise Owl Holdings LLC (dba Owl's Brew) Cambridge Cos. SPG Non-Alcohol - - -

6/2/2017 F. Christiana & Co US Foods Holding Corp. Proteins - - -

6/2/2017 Innovative Food Processors, Inc. Balchem Corp. Ingredients & Flavors - - -

6/1/2017 BluDog Products LLC International Consolidated Cos., Inc. CPG Foods - - -

6/1/2017 DavCo Restaurants LLC (140 Wendy'S Restaurants) NPC Quality Burgers, Inc. Restaurants - - -

6/1/2017 Edrington Webb Travel Retail Americas LLC The Edrington Group Ltd. Alcohol - - -

5/31/2017 MaMa Rosa's LLC Schwan's Co. CPG Foods - - -

5/31/2017 Oregon Cherry Growers, Inc. (Processing portion) Pacific Coast Producers, Inc. CPG Foods - - -

5/30/2017 ConAgra Brands, Inc. (Wesson Oil Brand) The J.M. Smucker Company Ingredients & Flavors 285.00 - 9.50x

5/24/2017 Appetito Provisions Co., Inc. Premio Foods, Inc. Proteins - - -

5/24/2017 Bulletproof 360, Inc. CAVU Venture Partners CPG Foods - - -

5/23/2017 Gypsy Crunch LLC Hispanica International Delights of America,

Inc.

CPG Foods - - -

5/23/2017 Riverbend Foods LLC Insight Equity CPG Foods - - -

5/23/2017 Tabor Hill Winery & Restaurant Entente Spirits LLC Alcohol - - -

5/23/2017 Tillamook Country Smoker, Inc. Insignia Capital Group LLC; Tillamook

Country Smoker, Inc. (Private Group)

Proteins - - -

5/22/2017 Nutraceutical International Corporation HGGC, LLC CPG Foods 417.00 1.79x 9.61x

5/22/2017 Pie Squared Holdings LLC Cleveland Avenue LLC Restaurants - - -



($ in Mil)

TEV/

Rev

TEV/

EBITDA5/17/2017 Norcal Nursery, Inc. Plantas de Navarra SA Produce - - -

5/15/2017 Roasting Plant, Inc. (Michigan) Roasting Plant Inc (Harper) Restaurants - - -

5/12/2017 Mushroom Wisdom, Inc. Hokuto Corp. CPG Foods - - -

5/10/2017 Rubicon Resources LLC High Liner Foods, Inc. Proteins 107.00 0.46x 6.69x

5/9/2017 Raigon Natural Beef (Import Division) Verde Farms LLC Proteins - - -




CPG Foods 50.00 - -


5/8/2017 Pizza Hut, Inc. (16 Restaurants) PCF Restaurant Group, LLC Restaurants - - -

5/5/2017 Good Karma Foods, Inc. Dean Foods Company Dairy - - -




CPG Foods 50.00 - -


5/4/2017 Wawona Packing Co., LLC Paine Schwartz Partners Produce - - -

5/3/2017 Wicked Weed Brewing LLC Anheuser-Busch Cos. LLC Alcohol - - -

5/2/2017 Borton & Son's, Inc. Altafresh LLC Produce - - -

5/2/2017 Karoun Dairies, Inc. Parmalat S.p.A. Dairy 130.00 2.36x -

5/1/2017 Big Bottom Distilling LLC Eastside Distilling, Inc. Alcohol 0.13 - -

4/28/2017 Bloomin' Brands, Inc. (45 Outback Steakhouses) H.I.G. Capital LLC; T-Bird Restaurant Group,

Inc.

Restaurants - - -

4/28/2017 MOOYAH Franchise LLC Balmoral Funds LLC; Gala Capital Partners

LLC; Mooyah Franchise LLC (Private Group)

Restaurants - - -

4/26/2017 Cargill Cattle Feeders LLC ( 2 Beef Cattle-Feeding

Yard Ops)

Green Plains Cattle Co. LLC Proteins 36.70 - -

4/25/2017 AdvancePierre Foods Holdings, Inc. Tyson Foods, Inc. CPG Foods 4,132.46 2.62x 15.24x

4/25/2017 Cafesa Co. JunkieDog.com, Inc. CPG Foods 0.60 - -

4/25/2017 Cafesa Coffee Co. Grand Havana Master LLC CPG Foods 0.42 - -

4/25/2017 Fat Point Brewing LLC Big Storm Brewing Co. Alcohol - - -

4/25/2017 Souto Foods LLC Alex Lee, Inc. CPG Foods - - -

4/25/2017 Treehouse Foods, Inc. (Soup & Infant Feeding

Business)

Insight Equity Holdings LLC; Riverbend

Foods LLC

CPG Foods - - -

4/24/2017 Ellison Bakery, Inc. Blackford Capital LLC CPG Foods - - -

4/24/2017 First Class Foods, Inc. US Foods Holding Corp. Proteins - - -

4/24/2017 KF Wholesale LLC Emil Capital Partners, LLC; AccelFoods, LLC;

Monogram Capital Partners

CPG Foods 10.00 - -

4/23/2017 Pegasus Coffee House, Inc. Pegasus Coffee Roaster, Inc. Restaurants - - -

4/21/2017 Kensignton & Sons LLC (dba Sir Kensington) Unilever NV CPG Foods 140.00 7.00x -

4/20/2017 Acesur de Prado North America, Inc. Aceites del Sur SA Ingredients & Flavors - - -

4/20/2017 Mountain Mike's Pizza LLC Levine Leichtman Capital Partners, Inc.;

Jupiter Holdings LLC; Mountain Mike's Pizza

LLC (Private Group); Britt Private Capital LLC

Restaurants - - -

4/19/2017 Baylaurel Corp. Baylaurel Corp. (Van Der Wallen) Alcohol - - -

4/19/2017 Osha Thai Restaurant & Bar ( 4 Subsidiaries ) Food Capitals (USA) Inc. Restaurants 8.50 - -

4/18/2017 Tuthilltown Spirits William Grant & Sons Ltd. Alcohol - - -

4/17/2017 Beaux Frères Maisons & Domaines Henriot France SASU Alcohol - - -

4/13/2017 Coca Cola Refreshments Usa, Inc. (Twinsburg

Manufacturing)

Coca-Cola Bottling Co. Consolidated Non-Alcohol - - -

4/13/2017 The Wendys Co. (4 Restaurants) Meritage Hospitality Group, Inc. Restaurants - - -

4/11/2017 Atkins Nutritionals, Inc. Conyers Park Acquisition Corp. CPG Foods 730.13 - -

4/10/2017 Rupari Food Services, Inc. Carl Buddig & Company Ingredients & Flavors 26.00 - -

4/7/2017 Columbia Phytotechnology LLC International Flavors & Fragrances Inc Ingredients & Flavors 55.00 - -

4/6/2017 Passport Food Group LLC Swander Pace Capital LLC CPG Foods - - -



($ in Mil)

TEV/

Rev

TEV/

EBITDA4/5/2017 Panera Bread Co. Agnaten SE; BDT Capital Partners LLC; JAB

Holdings BV; JAB Investments SARL; Panera

Bread Co. (Private Group)

Restaurants 7,486.08 2.64x 17.77x

4/5/2017 Treasury Wine Estates Ltd. (Blossom Hill Winery) Delicato Family Vineyards LLC Alcohol - - -

4/4/2017 Custom Made Meals LLC New Water Capital LP CPG Foods - - -

4/4/2017 Jacqueline's Wholesale Bakery, Inc. Rich Holdings, Inc. Ingredients & Flavors - - -

4/3/2017 Gimbal's Fine Candies Bettera Brands, LLC CPG Foods - - -

4/3/2017 Guckenheimer Enterprises, Inc. ISS A/S Restaurants 222.79 0.67x -

4/3/2017 Scivation, Inc. MidOcean US Advisor LP; Woodbolt

Distribution LLC

CPG Foods - - -

4/3/2017 Sherwood Food Distributors LLC Harvest Meat Co., Inc. Proteins - - -

4/3/2017 Truitt Bros., Inc. Seneca Foods Corp. CPG Foods - - -


food & beverage report q2 2017 - sdr ventures · financial buyer inv. date select corporate...

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