Consumer and Retail Industry Update

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulatedby the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

CONSUMER AND RETAIL

INDUSTRY UPDATE │ JANUARY 2015

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a portfolio company of

has been acquired by







REPRESENTATIVE HW&CO. CONSUMER SERVICES TRANSACTIONS

HW&Co. continued to build on its leading position in the Consumer Services sector in 2014,having completed five transactions throughout the course of the year and in early 2015. TheConsumer Services vertical remains a key focus area for HW&Co., which has successfullycompleted recent transactions in the franchise, outsourced services, fitness & recreation, andautomotive services sectors. Deal flow and pitch activity in the sector remains strong andHW&Co. is engaged on a number opportunities that will be brought to market in 2015.

In 2014, HW&Co. advised on a range of Consumer Services transactions that drew broadbuyer interest and were highly competitive. Investors placed premium valuations onopportunities where the company’s (i) brand was important; (ii) product / service offering washighly differentiated; (iii) consumer base was loyal; (iv) offering was complemented by anabundance of geographic and product / service expansion opportunities; and (v)demonstrated an impressive cash flow profile.

HW&Co. expects a similar deal environment in 2015, as supportive economic fundamentalsremain intact and investors will continue to place premium valuations on market leaders withoutsized growth potential. In addition, broader market factors that have driven buyer interestand strong valuations remain strong, including significant amounts of private equity drypowder and aggressive financing markets.

1

HARRIS WILLIAMS & CO. CONSUMER SERVICES SPOTLIGHT

GROUP OVERVIEW

Harris Williams & Co. is a leadingadvisor to the Consumer market. Oursignificant experience covers a broadrange of end markets, industries, andbusiness models. This particular reportfocuses on trends and metrics in thefollowing areas:

Catalog and Direct Marketing

Consumer Durables

Consumer Electronics

Consumer Services

E-tailing

Footwear, Apparel, and Accessories

Franchise Platforms

Home Furnishings

Household Goods

Infant and Juvenile Products

Jewelry, Gifts, and Collectibles

Lawn, Garden, and Pet Products and Services

Leisure and Outdoor Products

Personal Care Products

Specialty and Mass Merchant Retailing

CONTACTS

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

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

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

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

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

Chip DugginsVice [email protected]+1 (804) 932-1340

CONSUMER AND RETAIL


2014 CONSUMER SERVICES YEAR IN REVIEW

Client: Yellowstone Landscape Group

Buyer: CIVC Partners

Description:

Leading provider of landscape design and maintenance services across the southeastern United States.

Client: Mister Car Wash

Buyer: Leonard Green & Partners

Description:

Operator of car wash centers across the United States.

Client: ABRA Auto Body & Glass

Buyer: Hellman & Friedman

Description:

Franchisor and operator of automotive collision repair centers throughout the United States.

Client: IXS (dba Line-X)

Buyer: Olympus Partners

Description:

Franchisor and operator of automotive aftermarket accessory installation centers and supplier of aftermarket accessories

Client: The Dwyer Group

Buyer: TZP Group

Description:

Franchisor of residential services across a variety of brands.

Client: Towne Park

Buyer: TA Associates

Description:

Provider of valet parking services.





and

http://www.harriswilliams.com/

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

mailto:[email protected]






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Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products

Apparel & Footwear 29 $1,942 5.5% 5.5% 1.5x 11.1x 1.3x 10.4x

Home & Office Furniture & Furnishings 10 1,584 10.8% 13.6% 1.0x 11.7x 0.9x 8.2x

Household Products 10 10,453 13.2% 15.4% 1.8x 13.1x 1.7x 11.2x

Lawn, Garden, and Pet 9 2,099 7.5% (3.5%) 1.5x 11.0x 1.5x 10.0x

Personal Care Products 13 3,997 3.3% 9.6% 1.6x 10.6x 1.4x 9.9x

Recreational & Leisure Products 20 684 7.3% (3.5%) 1.3x 9.6x 1.3x 10.3x

Retail

Apparel & Footwear Retail 38 1,371 6.3% (0.7%) 0.6x 8.0x 0.6x 7.1x

Catalog & Specialty Distribution 6 526 8.4% 19.1% 0.2x 10.5x 0.2x 7.0x

Department Chains 9 7,224 12.7% 13.4% 0.9x 7.9x 0.9x 7.1x

Discount Stores & Mass Merchants 10 11,739 13.4% 19.1% 0.9x 11.1x 0.8x 10.2x

Furniture & Furnishings Retailers 12 1,523 25.1% 11.6% 1.0x 10.0x 0.9x 8.5x

Internet Retail 13 1,234 5.0% (5.0%) 1.5x 16.4x 1.3x 10.1x

Specialty & Other Retail 27 1,694 23.2% 4.1% 0.9x 10.1x 0.8x 8.5x

Consumer Products 91 $2,021 7.4% 7.6% 1.5x 11.1x 1.4x 10.1x

Retail 115 $1,523 12.7% 11.6% 0.9x 10.1x 0.8x 8.5x

Consumer & Retail Index 206 $1,694 8.4% 9.6% 1.0x 10.6x 0.9x 9.9x

SectorNumber of

Companies

Median Enterprise

Value ($mm)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 6)

PUBLIC MARKETS OVERVIEW

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

CONSUMER AND RETAIL


2

Internet Retail

Recreational & Leisure Products

Lawn, Garden, and Pet

Apparel & Footwear Retail

Specialty & Other Retail

Apparel & Footwear

S&P 500

Consumer & Retail Index


Furniture & Furnishings Retailers

Department Chains

Home & Office Furniture & Furnishings

Household Products

Catalog & Specialty Distribution

Discount Stores & Mass Merchants

(15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%


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50

75

100

125

150

175

200

225

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Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15

Ind

ex

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

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

PUBLIC MARKETS OVERVIEW

RECENT EQUITY OFFERINGS

CONSUMER AND RETAIL


3

Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($mm) Underwriter(s) Use of Funds

12/10/14 12/10/14 Bright Horizons Family BFAM Follow-On $360.0 Barclays General Corp. Purp. / Working

Capital

12/10/14 12/10/14 Nielsen NV NLSN Follow-On 860.0 Citigroup Global Markets Inc General Corp. Purp.

11/19/14 11/19/14 Kingold Jewelry Inc KGJI - 10.0 Not Applicable General Corp. Purp.

11/06/14 11/06/14 Freshpet Inc FRPT IPO 179.7 Goldman Sachs & Co

Credit Suisse Securities (USA)

General Corp. Purp.

10/29/14 10/29/14 Boot Barn Holdings Inc BOOT IPO 92.0 JP Morgan, Piper Jaffray,

Jefferies LLC

General Corp. Purp. / Working

Capital

10/07/14 10/07/14 Burlington Stores Inc BURL Follow-On 306.0 JP Morgan General Corp. Purp.

10/06/14 10/06/14 Burlington Stores Inc BURL - 10.0 JP Morgan General Corp. Purp.

10/02/14 10/02/14 Sears Canada Inc SCC Follow-On 380.0 Not Applicable General Corp. Purp. / Acquisition

09/12/14 09/12/14 Freshpet Inc FRPT IPO 135.4 Goldman Sachs & Co

Credit Suisse

General Corp. Purp.

09/05/14 09/05/14 Michael Kors Holdings Ltd KORS Follow-On 892.6 JP Morgan General Corp. Purp.

09/04/14 09/04/14 Tumi Holdings Inc TUMI Follow-On 169.6 Credit Suisse Securities (USA) General Corp. Purp. / Working

Capital

09/04/14 09/04/14 Michael Kors Holdings Ltd KORS - 10.0 JP Morgan General. Corp. Purp. / Working

Capital

08/14/14 08/14/14 Priceline Group Inc PCLN Convertible 1,000.0 Wells Fargo Bank NA

Citi

General Corp. Purp. / Working

Capital


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13.1x

12.2x

11.1x

11.2x 11.3x

12.8x

13.3x

11.2x

13.2x

11.1x

12.4x

12.9x

12.1x

14.1x

10.9x

11.6x

11.2x

11.9x

14.2x

13.4x

11.6x 11.6x

14.3x

12.0x

13.6x13.8x

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

Me

dia

n T

rad

ing

Mu

ltip

les

Median LTM Trading Multiples

Consumer Products Retail

$22

$29 $30

$40 $38

$27 $28

0

50

100

150

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250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

2008 2009 2010 2011 2012 2013 2014

Nu

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er o

f Tran

sac

tion

s

Ave

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ran

sac

tio

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alu

e

($ in

bill

ion

s)

Announced Consumer Transactions

Aggregate Transaction Value # of Deals

CONSUMER AND RETAIL


M&A OVERVIEW

CONSUMER AND RETAIL M&A TRENDS

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

ANNOUNCED CONSUMER AND RETAIL M&A

Note: Transactions based on publicly available information

4

4763 66

98

127

77

57

77

43

66

35 39

67

18

1420

23

16

13

14

25

34

22

18 14

5

0

20

40

60

80

100

120

140

160

4Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q14

Nu

mb

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of

Tra

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cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

10.3x

8.9x 8.4x

10.7x 10.0x 9.8x

10.8x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2008 2009 2010 2011 2012 2013 2014

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

5459

71

48

28

5953

76

57

6973

97

111

72

3137

53

73

86

59

0

20

40

60

80

100

120

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Nu

mb

er

of

Tra

nsa

cti

on

s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

Announced Target Buyer

1/8/2015 Cycle Gear, Inc. J.W. Childs Associates, L.P.

1/7/2015 Surf Technicians, LLC Triple D Corporation Company Limited

1/7/2015 Stable Imaging Solutions, LLC Always Evolv ing Enterprises, LLC

1/7/2015 CHEMAID Laboratories, Inc. Knowlton Development Corporation

1/7/2015 Artifact Uprising LLC Visual Supply Co

1/6/2015 Kiva Kitchen & Bath Holdings, LLC Morrison Supply Company, LLC

1/6/2015 Product Club Corp. The Burmax Company, Incorporated

1/5/2015 Paris Presents Incorporated Wasserstein & Co. and others

1/5/2015 Power Systems, Inc. PlayCore Holdings, Inc.

1/5/2015 Boardworks Inc. Confluence Outdoor

Last 10 Deals Announced

Aggregate Number Transaction Multiples

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

$28.0 134 0.66x 10.8x

LTM Deal Statistics


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0

2

4

6

8

10

12

4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14

Loa

n V

olu

me

by

Qu

art

er

($ i

n b

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

RECENT CONSUMER AND RETAIL DEBT OFFERINGS

KEY RETAIL CREDIT STATISTICS

5

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

2006 2007 2008 2009 2010 2011 2012 2013 2014

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Spread on Retail Loans

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

L + 1200

4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14

Ave

rag

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pre

ad

Ove

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BO

R

Average Secondary Spread

0

1

2

3

4

5

6

7

Debt/EBITDA Senior

Debt/EBITDA

EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ult

iple

Credit Statistics

2009 2010 2011 2012 2013 2014

Date Effective Borrower Name Description Deal Amount Type Rating Spread Arranger(s) Borrower Sponsor

12/26/14 New Balance Athletic Shoe Footwear, except rubber $225,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 100 HSBC, Wells Fargo & Co N/A

12/22/14 DELIA*s Inc Catalog and mail-order houses 20,000,000 Other Loan N/A / NR N/A Salus Capital Partners N/A

12/19/14 Jarden Corp Electric housewares and fans 250,000,000 Rev olv er/Line >= 1 Yr. N/A / Ba3 175 Barclays, Credit Agricole, others N/A

12/19/14 Jarden Corp Electric housewares and fans 660,000,000 Term Loan A N/A / Ba3 175 Barclays, Credit Agricole, others N/A

12/19/14 Brown Shoe Co Inc Men's footwear, except athletic 600,000,000 Rev olv er/Line >= 1 Yr. N/A / B1 150 Bank of America, Wells Fargo Bank N/A

12/17/14 Rocky Brands Inc Men's footwear, except athletic 80,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 175 PNC Bank N/A

12/11/14 Varsity Brands Inc Dance studios, schools, and halls 755,000,000 Term Loan B N/A / NR 500 Barclays, Goldman Sachs & Co, Jefferies & Co Charlesbank / Partners Group

12/11/14 Varsity Brands Inc Dance studios, schools, and halls 120,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 500 Barclays, Goldman Sachs & Co, Jefferies & Co Charlesbank / Partners Group

12/10/14 Werner Holding Aluminum extruded products 170,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 250 BAML, Citizens Financial Group Black Diamond Capital Management

12/10/14 Werner Holding Aluminum extruded products 140,000,000 Term Loan A N/A / NR 250 BAML, Citizens Financial Group Black Diamond Capital Management

12/08/14 Helen of Troy LP Electric housewares and fans 700,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 175 BAML, JP Morgan N/A

12/08/14 Fiskars Corp Machine tools, metal cutting types € 60,000,000 Rev olv er/Line >= 1 Yr. N/A / NR N/A N/A N/A

12/08/14 Fiskars Corp Machine tools, metal cutting types € 60,000,000 Rev olv er/Line >= 1 Yr. N/A / NR N/A N/A N/A

12/05/14 Christian Dior SA Apparel and accessories 635,000,000 Rev olv er/Line >= 1 Yr. N/A / NR N/A BNP Paribas, Commerzbank, others N/A

12/01/14 RollEase Drapery hardware & blinds & shades 10,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 450 US Bank NA ShoreView Capital Partners

12/01/14 RollEase Drapery hardware & blinds & shades 56,700,000 Term Loan A N/A / NR 450 US Bank NA ShoreView Capital Partners

12/01/14 Prada SpA Women's clothing stores € 315,000,000 Rev olv er/Line >= 1 Yr. N/A / NR N/A Bank of Tokyo-Mitsubishi, Barclays, others N/A

11/24/14 Burberry Group Plc Men's & boys' clothing stores £ 300,000,000 Rev olv er/Line >= 1 Yr. N/A / NR N/A Abbey National Treasury Serv ices, others N/A

11/10/14 Newell Rubbermaid Co Hardware 800,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 150 Barclays, Citibank, JP Morgan, others N/A


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

($ in m illions, except per share data) Ticker 1/15/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products

Apparel & Footwear

Carter's, Inc. CRI $85.49 97.0% $4,523 $586 $134 $4,975 $2,794 $401 9.2% 11.8% 41.2% 14.4% 27.5x 1.78x 12.4x 1.62x 10.8x

Cherokee Inc. CHKE 19.02 90.5% 160 27 5 182 34 18 19.7% 7.8% 100.0% 51.9% 17.8x 5.39x 10.4x 4.97x 9.6x

Coach, Inc. COH 36.96 68.3% 10,186 170 908 9,448 4,694 1,301 (7.3%) 3.0% 69.7% 27.7% 15.1x 2.01x 7.3x 2.24x 9.9x

Columbia Sportswear Company COLM 43.29 94.4% 3,017 18 186 2,849 1,957 230 18.4% 6.4% 45.3% 11.8% 25.8x 1.46x 12.4x 1.29x 11.4x

Crocs, Inc. CROX 11.04 65.6% 911 13 350 573 1,220 112 2.6% 7.7% 51.0% 9.2% NM 0.47x 5.1x 0.50x 5.8x

Deckers Outdoor Corp. DECK 89.65 89.8% 3,105 7 245 2,867 1,588 249 10.9% 14.8% 47.7% 15.7% 22.0x 1.81x 11.5x 1.51x 9.2x

Delta Apparel Inc. DLA 9.72 54.5% 77 130 1 206 453 12 (6.2%) (1.6%) 16.7% NM 0.46x NA

G-III Apparel Group, Ltd. GIII 97.52 94.5% 2,191 154 49 2,296 2,075 170 28.0% 19.8% 35.7% 8.2% 20.8x 1.11x 13.5x 0.99x 10.6x

DMG Mori Seiki Aktiengesellschaft GIL 28.32 89.2% 2,232 25 349 1,908 2,711 252 (4.5%) 5.4% 48.2% 9.3% 18.3x 0.70x 7.6x 0.71x 6.4x

Hanesbrands Inc. HBI 110.90 95.6% 11,078 2,292 216 13,154 5,088 808 13.2% 4.3% 36.3% 15.9% 32.5x 2.59x 16.3x 2.19x 13.6x

Iconix Brand Group, Inc. ICON 33.35 74.4% 1,600 1,402 130 2,872 454 276 10.1% 7.8% 100.0% 60.9% 12.6x 6.33x 10.4x 5.97x 11.4x

Journey Group plc JNY 1.96 76.9% 26 2 8 20 68 4 28.0% 4.9% 26.1% 6.3% 17.1x 0.30x 4.7x 0.33x 4.8x

Freedom Foods Group Limited FNP 2.56 91.3% 391 9 5 396 84 15 3.3% 20.0% 39.5% 17.6% 38.3x 4.71x NM 4.74x 22.7x

Nike, Inc. NKE 93.71 93.9% 80,960 1,287 4,717 77,530 29,759 4,583 13.2% 10.1% 45.5% 15.4% 27.9x 2.61x 16.9x 2.42x 15.1x

Oxford Industries Inc. OXM 55.36 66.8% 912 148 6 1,053 974 120 7.8% 10.7% 55.3% 12.3% 20.3x 1.08x 8.8x 1.00x 8.2x

Perry Ellis International Inc. PERY 26.80 99.3% 415 172 53 535 888 40 (6.9%) (2.5%) 34.1% 4.4% NM 0.60x 13.5x 0.57x 10.3x

PVH Corp. PVH 114.72 85.7% 9,459 3,758 365 12,852 8,225 1,200 5.8% 12.6% 52.6% 14.6% 27.2x 1.56x 10.7x 1.52x 10.4x

Ralph Lauren Corporation RL 172.30 91.9% 15,112 777 1,191 14,698 7,584 1,375 7.5% 5.8% 58.0% 18.1% 20.7x 1.94x 10.7x 1.82x 10.3x

Quiksilver Inc. ZQK 2.04 24.6% 349 829 47 1,131 1,570 (12) (13.3%) (6.4%) 48.6% NM NM 0.72x NM 0.75x 16.2x

Rocky Brands, Inc. RCKY 13.38 82.0% 101 51 4 147 269 19 11.3% 3.5% 33.7% 7.0% 14.1x 0.55x 7.8x 0.50x 6.6x

Skechers USA Inc. SKX 59.50 92.0% 3,088 120 441 2,767 2,268 242 26.1% 8.4% 45.2% 10.7% 23.0x 1.22x 11.4x 1.04x 9.1x

Steven Madden, Ltd. SHOO 33.15 87.9% 2,129 0 187 1,942 1,335 203 3.8% 16.3% 36.0% 15.2% 16.9x 1.45x 9.6x NA 10.4x

Summer Infant, Inc. SUMR 3.43 72.0% 62 60 1 121 199 7 (10.3%) (5.2%) 32.6% 3.5% NM 0.61x 17.1x 0.57x 7.5x

Tumi Holdings, Inc. TUMI 23.23 94.0% 1,577 0 25 1,552 511 105 14.3% 17.8% 58.0% 20.6% 28.7x 3.04x 14.7x 2.64x NA

Under Armour, Inc. UA 65.75 89.6% 14,051 192 249 13,993 2,872 373 33.3% 28.0% 49.3% 13.0% NM 4.87x 37.5x 3.93x 28.3x

V.F. Corporation VFC 74.05 96.3% 31,980 2,084 497 33,567 11,993 2,048 7.4% 11.4% 48.6% 17.1% 25.4x 2.80x 16.4x 2.59x 15.0x

Vera Bradley, Inc. VRA 18.62 62.1% 751 0 90 660 518 85 (3.6%) 5.9% 53.1% 16.3% 18.0x 1.27x 7.8x 1.19x 7.3x

Weyco Group Inc. WEYS 27.48 87.8% 296 24 16 305 304 32 1.2% 5.5% 38.6% 10.6% 17.0x 1.00x 9.5x 0.94x NA

Wolverine World Wide Inc. WWW 27.94 90.9% 2,838 1,097 232 3,703 2,693 312 3.5% 24.7% 39.7% 11.6% 23.6x 1.38x 11.9x 1.30x 11.1x

Mean 82.7% $7,020 $532 $369 $7,183 $3,282 $503 7.8% 8.9% 47.8% 16.3% 22.2x 1.98x 12.1x 1.80x 11.2x

Median 89.6% $2,129 $130 $134 $1,942 $1,570 $203 7.5% 7.8% 45.5% 14.4% 20.8x 1.46x 11.1x 1.30x 10.4x

Last Twelve Months (LTM) EV / LTM EV / 2015ERevenue Growth LTM Margins

CONSUMER AND RETAIL INDUSTRY UPDATE

6

CONSUMER AND RETAIL


PAGE |



Home & Office Furniture & Furnishings

Herman Miller Inc. MLHR $28.54 87.2% $1,698 $327 $71 $1,953 $2,019 $226 10.8% 4.7% 36.7% 11.2% 19.0x 0.97x NM 0.86x 7.8x

HNI Corp. HNI 50.05 94.6% 2,222 167 35 2,354 2,117 169 3.5% 5.6% 35.4% 8.0% 29.6x 1.11x 13.9x 0.99x 10.5x

Hooker Furniture Corp. HOFT 17.30 96.8% 186 0 33 153 237 18 2.9% 2.0% 25.0% 7.7% 18.1x 0.64x 8.4x 0.59x 7.0x

Kimball International, Inc. KBAL 9.46 47.1% 368 0 113 255 1,316 74 6.8% 3.7% 20.3% 5.6% 11.5x 0.19x 3.4x 0.45x NA

Knoll, Inc. KNL 19.89 90.9% 968 262 16 1,214 994 92 12.8% 1.9% 34.5% 9.3% 26.8x 1.22x 13.2x 1.10x 9.4x

Leggett & Platt, Incorporated LEG 44.35 96.9% 6,104 1,001 243 6,862 3,957 444 14.1% 3.4% 19.9% 11.2% 33.3x 1.73x 15.5x 1.72x 12.4x

Libbey Inc. LBY 32.99 99.7% 715 455 24 1,145 846 123 3.1% 0.7% 23.5% 14.6% NM 1.35x 9.3x 1.30x 8.2x

Steelcase Inc. SCS 17.36 92.1% 2,109 285 216 2,177 3,089 254 5.4% 4.8% 31.2% 8.2% 25.1x 0.70x 8.6x 0.68x 7.6x

Tempur Sealy International Inc. TPX 54.83 88.4% 3,340 1,648 82 4,906 2,922 353 37.4% 29.6% 38.4% 12.1% 37.8x 1.68x 13.9x 1.57x 10.6x

The Dixie Group, Inc. DXYN 8.29 45.0% 131 125 0 255 399 22 24.4% 13.9% 24.9% 5.5% 22.9x 0.64x 11.7x 0.57x 8.0x

Mean 83.9% $1,784 $427 $83 $2,127 $1,790 $178 12.1% 7.0% 29.0% 9.3% 24.9x 1.02x 10.9x 0.98x 9.0x

Median 91.5% $1,333 $273 $53 $1,584 $1,667 $146 8.8% 4.2% 28.1% 8.7% 25.1x 1.04x 11.7x 0.93x 8.2x

Household Products

Helen of Troy Limited HELE $74.24 97.5% $2,110 $556 $21 $2,645 $1,380 $199 3.7% 7.1% 40.6% 14.4% 21.9x 1.92x 13.3x 1.80x 12.3x

iRobot Corporation IRBT 31.22 64.6% 923 0 187 736 524 57 13.4% 5.3% 45.9% 10.9% 29.9x 1.41x 12.9x 1.18x 8.5x

Jarden Corp. JAH 45.95 94.3% 8,836 5,096 706 13,226 8,065 930 15.9% 6.8% 31.2% 11.5% 43.5x 1.64x 14.2x 1.58x 11.2x

Newell Rubbermaid Inc. NWL 37.63 97.2% 10,201 2,210 133 12,279 5,752 899 2.9% (0.3%) 38.7% 15.6% 23.8x 2.13x 13.7x 2.07x 12.2x

Prestige Brands Holdings, Inc. PBH 35.28 92.5% 1,841 1,692 22 3,511 619 202 (0.8%) 16.9% 56.3% 32.7% 35.5x 5.67x 17.4x 4.45x 12.2x

Snap-on Incorporated SNA 134.79 96.1% 7,832 919 125 8,627 3,421 722 7.3% 5.4% 49.6% 21.1% 19.9x 2.52x 11.9x 2.54x 10.9x

Stanley Black & Decker, Inc. SWK 93.59 95.8% 14,661 4,347 508 18,500 11,337 1,679 5.4% 4.5% 36.2% 14.8% 21.6x 1.63x 11.0x 1.60x 10.4x

The Clorox Company CLX 106.95 99.1% 13,840 2,240 355 15,725 5,600 1,129 (0.5%) 2.0% 42.0% 20.2% 24.8x 2.81x 13.9x 2.82x 13.3x

Tupperware Brands Corporation TUP 61.26 67.4% 3,086 931 89 3,927 2,643 444 (0.8%) 1.0% 66.0% 16.8% 14.1x 1.49x 8.9x 1.57x 8.9x

Whirlpool Corp. WHR 198.75 96.9% 15,477 3,149 987 17,639 18,959 1,968 2.6% 0.3% 17.3% 10.4% 21.1x 0.93x 9.0x 0.75x NA

Mean 90.1% $7,881 $2,114 $313 $9,681 $5,830 $823 4.9% 4.9% 42.4% 16.8% 25.6x 2.21x 12.6x 2.04x 11.1x

Median 96.0% $8,334 $1,951 $160 $10,453 $4,510 $811 3.3% 4.9% 41.3% 15.2% 22.8x 1.78x 13.1x 1.70x 11.2x

Lawn, Garden, and Pet

Central Garden & Pet Company CENT $9.25 92.4% $504 $450 $89 $865 $1,604 $102 (3.0%) (0.5%) 28.3% 6.4% NM 0.54x 8.5x 0.54x 7.9x

DuluxGroup Limited ASX:DLX 4.72 95.5% 1,797 333 31 2,099 1,412 188 1.6% 13.3% 47.3% 13.3% 21.0x 1.49x 11.2x 1.52x 10.9x

Echo Trading Co., Ltd. TSE:7427 5.65 88.4% 34 30 27 37 635 3 (13.3%) (13.1%) 12.7% 0.4% NM 0.06x 14.4x NA NA

Maabarot Products Ltd. TASE:MABR 9.86 77.0% 96 8 37 67 99 8 (2.3%) 4.3% 40.3% 8.1% 15.0x 0.68x 8.4x NA NA

Oil-Dri Corp. of America ODC 30.24 82.8% 214 19 10 223 269 23 6.4% 5.3% 21.2% 8.4% 28.5x 0.83x 9.8x 0.79x NA

Spectrum Brands Holdings, Inc. SPB 97.65 98.8% 5,143 2,991 195 7,940 4,429 664 8.4% 11.6% 35.5% 15.0% 24.3x 1.79x 12.0x 1.72x 10.2x

The Scotts Miracle-Gro Company SMG 61.12 95.6% 3,726 784 89 4,421 2,841 417 2.4% 0.5% 36.3% 14.7% 23.2x 1.56x 10.6x 1.49x 9.7x

The Toro Company TTC 61.70 91.6% 3,440 375 315 3,500 2,173 317 6.4% 4.9% 35.6% 14.6% 20.4x 1.61x 11.0x 1.47x 9.7x

Uni-Charm Corp. TSE:8113 25.70 99.4% 15,440 249 1,053 14,637 6,104 977 9.4% 6.1% 44.2% 16.0% 42.3x 2.40x 15.0x 2.18x 14.0x

Mean 91.3% $3,377 $582 $205 $3,754 $2,174 $300 1.8% 3.6% 33.5% 10.8% 25.0x 1.22x 11.2x 1.39x 10.4x

Median 92.4% $1,797 $333 $89 $2,099 $1,604 $188 2.4% 4.9% 35.6% 13.3% 23.2x 1.49x 11.0x 1.49x 10.0x

Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2015ERevenue Growth


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Recreational & Leisure Products

Arctic Cat Inc. ACAT $36.45 64.3% $471 $0 $24 $447 $777 $61 12.6% 15.4% 18.8% 7.8% 16.4x 0.58x 7.4x 0.59x 7.5x

Black Diamond, Inc. BDE 7.39 52.0% 241 26 43 224 223 10 36.9% 16.0% 39.7% 4.5% NM 1.01x NM 1.07x 32.3x

Brunswick Corporation BC 52.77 95.5% 4,905 460 599 4,766 4,015 452 11.4% 2.9% 26.6% 11.3% 6.3x 1.19x 10.5x 1.17x 9.4x

Callaway Golf Co. ELY 7.96 76.9% 617 109 33 693 880 54 5.3% (1.4%) 40.3% 6.1% NM 0.79x NM 0.79x 22.4x

Columbia Sportswear Company COLM 43.29 94.4% 3,017 18 186 2,849 1,957 230 18.4% 6.4% 45.3% 11.8% 25.8x 1.46x 12.4x 1.29x 11.4x

Escalade Inc. ESCA 15.25 88.7% 213 21 3 230 166 18 22.5% 8.9% 29.9% 10.6% 23.0x 1.38x 13.0x 1.57x 10.6x

Harley-Davidson, Inc. HOG 63.49 85.6% 13,604 5,444 688 18,360 6,219 1,481 5.8% 6.1% 39.4% 23.8% 16.5x 2.95x 12.4x 3.09x 11.4x

Hasbro Inc. HAS 52.20 87.8% 6,561 1,638 476 7,722 4,260 812 4.3% 0.2% 51.3% 19.1% 18.2x 1.81x 9.5x 1.76x 9.0x

JAKKS Pacific, Inc. JAKK 6.49 68.5% 151 254 89 316 694 37 10.4% (1.9%) 28.1% 5.3% NM 0.46x 8.6x 0.41x 5.0x

Johnson Outdoors Inc. JOUT 29.42 92.7% 293 8 71 230 425 34 (0.2%) 1.5% 39.6% 7.9% 32.1x 0.54x 6.8x 0.53x NA

LeapFrog Enterprises Inc. LF 4.10 51.5% 288 0 232 56 528 34 (10.9%) 7.1% 38.6% 6.4% 3.9x 0.11x 1.6x 0.12x 1.9x

Life Time Fitness, Inc. LTM 54.63 94.8% 2,137 1,175 10 3,303 1,266 356 6.4% 8.7% 44.9% 28.1% 18.4x 2.61x 9.3x 2.41x 8.4x

Marine Products Corp. MPX 8.23 84.9% 314 0 17 297 173 13 6.6% 20.4% 19.0% 7.5% 35.8x 1.71x NM 1.49x 17.3x

Mattel, Inc. MAT 27.95 62.8% 9,470 2,153 262 11,361 6,143 1,169 (7.3%) (0.5%) 51.2% 19.0% 13.4x 1.85x 9.7x 1.82x 9.6x

Nautilus Inc. NLS 15.27 94.3% 478 0 42 436 257 30 24.1% 13.8% 50.2% 11.8% 26.3x 1.70x 14.4x 1.48x 11.2x

Polaris Industries Inc. PII 140.90 88.4% 9,355 228 169 9,414 4,343 793 19.4% 20.0% 30.5% 18.2% 22.6x 2.17x 11.9x 1.94x 10.3x

Pool Corp. POOL 63.65 97.3% 2,764 395 15 3,144 2,211 198 8.1% 7.8% 28.6% 9.0% 27.1x 1.42x 15.9x 1.32x 13.8x

Quiksilver Inc. ZQK 2.04 24.6% 349 829 47 1,131 1,570 (12) (13.3%) (6.4%) 48.6% NM NM 0.72x NM 0.75x 16.2x

Smith & Wesson Holding Corporation SWHC 10.07 58.3% 541 175 64 651 557 133 (11.0%) 15.1% 38.2% 23.9% 8.8x 1.17x 4.9x 1.19x 6.3x

Sturm, Ruger & Co. Inc. RGR 37.56 43.7% 702 0 28 674 604 156 (6.8%) 26.3% 33.0% 25.8% 9.3x 1.12x 4.3x 2.04x 6.3x

Mean 75.4% $2,824 $647 $155 $3,315 $1,863 $303 7.1% 8.3% 37.1% 13.6% 19.0x 1.34x 9.5x 1.34x 11.6x

Median 85.3% $579 $142 $56 $684 $828 $97 6.5% 7.4% 39.0% 11.3% 18.3x 1.29x 9.6x 1.30x 10.3x


All for One Steeb AG XTRA:A1OS $40.02 91.6% $199 $49 $42 $206 $275 $26 8.6% 31.3% 22.8% 9.3% 20.8x 0.75x 8.0x 0.74x 8.0x

Avon Products Inc. AVP 7.73 46.0% 3,360 3,251 1,009 5,602 11,427 1,518 11.6% 0.0% 61.8% 13.3% NM 0.49x 3.7x 0.67x 6.6x

Elizabeth Arden, Inc. RDEN 18.24 48.4% 544 503 51 996 1,091 27 (18.8%) (3.0%) 43.9% 2.4% NM 0.91x 37.5x 0.91x 12.5x

The Estée Lauder Companies Inc. EL 74.12 95.1% 28,137 1,333 1,395 28,075 10,925 2,121 6.0% 5.9% 80.3% 19.4% 25.6x 2.57x 13.2x 2.54x 12.7x

Herbalife Ltd. HLF 31.01 40.6% 2,847 1,828 678 3,997 5,094 649 10.4% 15.5% 50.3% 12.7% 9.1x 0.78x 6.2x 0.81x 4.9x

Kimberly-Clark Corporation KMB 116.23 97.8% 43,290 6,984 1,431 48,843 21,368 4,448 1.0% 1.0% 34.7% 20.8% 20.6x 2.29x 11.0x 2.49x 11.8x

Medifast Inc. MED 31.91 88.5% 385 1 56 330 319 44 (12.2%) 3.0% 74.3% 13.7% 19.3x 1.03x 7.6x 1.07x 8.0x

Nu Skin Enterprises Inc. NUS 41.65 42.7% 2,469 189 207 2,451 3,016 499 12.9% 22.3% 82.2% 16.6% 9.5x 0.81x 4.9x 1.00x 5.9x

The Procter & Gamble Company PG 89.99 95.8% 243,164 33,232 10,846 265,550 83,024 19,175 0.4% 0.2% 49.5% 23.1% 24.7x 3.20x 13.8x 3.26x 13.7x

Revlon, Inc. REV 33.06 92.4% 1,731 1,873 178 3,426 1,931 305 41.4% 11.6% 65.2% 15.8% NM 1.77x 11.2x 1.78x 9.9x

Sally Beauty Holdings Inc. SBH 28.93 90.9% 4,568 1,812 107 6,273 3,753 593 3.6% 4.7% 49.6% 15.8% 19.2x 1.67x 10.6x 1.60x 9.9x

ULTA Salon, Cosmetics & Fragrance, Inc. ULTA 128.75 95.7% 8,287 0 395 7,892 3,062 512 19.5% 22.5% 35.3% 16.7% 34.5x 2.58x 15.4x 2.22x 13.2x

USANA Health Sciences Inc. USNA 102.83 86.5% 1,266 10 88 1,189 749 121 6.9% 9.3% 81.7% 16.2% 19.2x 1.59x 9.8x 1.44x 8.6x

Mean 77.8% $26,173 $3,928 $1,268 $28,833 $11,233 $2,310 7.0% 9.6% 56.3% 15.1% 20.2x 1.57x 11.8x 1.58x 9.7x

Median 90.9% $2,847 $1,333 $207 $3,997 $3,062 $512 6.9% 5.9% 50.3% 15.8% 19.9x 1.59x 10.6x 1.44x 9.9x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E


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Retail

Apparel & Footwear Retail

Abercrombie & Fitch Co. ANF $28.35 62.3% $1,966 $349 $321 $1,995 $3,924 $420 (8.5%) (0.5%) 61.1% 10.7% 29.4x 0.51x 4.8x 0.54x NA

Aéropostale, Inc. ARO 2.92 36.9% 231 136 109 258 1,915 (112) (13.7%) (6.9%) 27.2% NM NM 0.13x NM 0.15x NM

American Apparel, Inc. APP 0.85 65.4% 149 253 9 392 624 9 (2.1%) 5.4% 50.3% 1.5% NM 0.63x 42.6x 0.61x 7.7x

American Eagle Outfitters, Inc. AEO 14.51 95.8% 2,822 0 280 2,542 3,253 321 (3.8%) 2.6% 34.2% 9.9% NM 0.78x 7.9x 0.77x NA

ANN INC. ANN 35.50 81.4% 1,623 0 110 1,513 2,509 245 1.3% 5.1% 51.9% 9.8% 22.9x 0.60x 6.2x 0.59x 5.9x

Ascena Retail Group Inc. ASNA 11.06 54.5% 1,798 236 169 1,865 4,788 444 0.3% 17.3% 55.6% 9.3% 13.3x 0.39x 4.2x 0.38x 4.5x

Bebe Stores, Inc. BEBE 3.26 46.4% 260 0 88 172 418 (34) (8.2%) (6.1%) 31.4% NM NM 0.41x NM 0.40x NM

Brown Shoe Co. Inc. BWS 31.08 92.3% 1,360 213 39 1,534 2,556 166 1.0% (0.0%) 40.5% 6.5% 18.7x 0.60x 9.2x 0.58x 7.9x

The Buckle, Inc. BKE 48.94 87.2% 2,368 0 208 2,160 1,139 289 (1.0%) 3.4% 49.9% 25.4% 14.5x 1.90x 7.5x 1.85x 7.4x

Body Central Corp. BODY 0.16 0.4% 0 20 5 16 226 (41) (24.3%) (7.2%) 35.7% NM NM 0.07x NM NA NA

Cabela's Incorporated CAB 54.22 74.8% 3,854 3,713 61 7,507 3,562 453 0.9% 8.9% 43.8% 12.7% 19.2x 2.11x 16.6x 1.91x 15.0x

Destination XL Group, Inc. DXLG 5.24 81.9% 266 74 6 333 401 7 1.5% 0.4% 45.2% 1.7% NM 0.83x 49.2x 0.76x 16.1x

The Cato Corporation CATO 43.59 97.7% 1,217 0 241 975 964 107 2.9% 1.1% 38.8% 11.1% 22.5x 1.01x 9.1x 0.96x NA

Chico's FAS Inc. CHS 16.71 91.8% 2,556 0 191 2,364 2,629 281 0.0% 7.7% 53.6% 10.7% NM 0.90x 8.4x 0.86x 7.6x

Christopher & Banks Corporation CBK 5.45 48.6% 201 0 39 163 426 27 (4.8%) (1.7%) 36.0% 6.4% 13.9x 0.38x 6.0x 0.37x 5.7x

Citi Trends, Inc. CTRN 24.81 92.6% 387 0 80 307 647 30 1.0% 0.6% 37.5% 4.7% NM 0.47x 10.1x 0.45x 7.9x

Destination Maternity Corporation DEST 15.92 53.3% 220 0 13 207 517 34 (4.3%) (1.8%) 52.1% 6.6% 20.7x 0.40x 6.0x 0.39x NA

DSW Inc. DSW 36.90 89.8% 3,256 0 225 3,031 2,428 311 1.6% 7.1% 38.0% 12.8% 22.4x 1.25x 9.7x 1.16x 9.2x

Express Inc. EXPR 14.77 77.8% 1,245 273 218 1,300 2,156 226 (3.8%) 2.2% 40.7% 10.5% 16.9x 0.60x 5.8x 0.59x 6.1x

Finish Line Inc. FINL 24.05 75.4% 1,123 0 85 1,037 1,788 166 12.2% 11.3% 39.0% 9.3% 13.9x 0.58x 6.3x 0.55x 6.0x

Foot Locker, Inc. FL 53.21 89.9% 7,560 135 916 6,779 7,031 915 9.4% 8.4% 43.5% 13.0% 15.8x 0.96x 7.4x 0.92x 6.8x

The Gap, Inc. GPS 41.29 88.1% 17,489 1,380 954 17,915 16,302 2,619 0.0% 3.7% 46.0% 16.1% 14.8x 1.10x 6.8x 1.06x 6.8x

Genesco Inc. GCO 75.42 84.2% 1,816 115 38 1,893 2,760 235 5.0% 9.0% 49.3% 8.5% 19.9x 0.69x 8.1x 0.64x 6.8x

Guess? Inc. GES 20.38 65.2% 1,737 9 375 1,371 2,489 264 (4.9%) (2.3%) 36.5% 10.6% 15.8x 0.55x 5.2x 0.58x 6.1x

L Brands, Inc. LTD 82.36 94.3% 0 4,982 745 4,237 11,203 2,294 3.6% 2.8% 46.6% 20.5% NA 0.38x 1.8x 0.36x 1.7x

Lululemon Athletica Inc. LULU 63.40 98.6% 9,002 0 634 8,369 1,716 427 10.3% 25.2% 51.5% 24.9% 38.8x 4.88x 19.6x 4.23x 18.5x

The Men's Wearhouse, Inc. MW 45.18 76.5% 2,173 1,690 65 3,798 2,885 303 14.4% 6.9% 43.3% 10.5% NM 1.32x 12.5x 1.04x 8.0x

New York & Company Inc. NWY 2.45 48.0% 156 15 56 115 927 30 (3.4%) (2.1%) 38.1% 3.3% NM 0.12x 3.8x 0.12x 4.3x

Pacific Sunwear of California Inc. PSUN 2.95 89.4% 204 88 12 281 814 2 3.2% 1.9% 42.0% 0.3% NM 0.34x NM 0.34x 20.8x

Ross Stores Inc. ROST 92.63 94.7% 19,312 398 572 19,139 10,750 1,664 4.9% 8.8% 32.2% 15.5% 21.8x 1.78x 11.5x 1.67x 10.6x

Shoe Carnival Inc. SCVL 24.24 88.3% 492 0 29 463 913 59 2.5% 6.3% 29.1% 6.5% 21.2x 0.51x 7.9x 0.47x 6.7x

Stage Stores Inc. SSI 22.39 88.2% 708 128 21 815 1,630 102 (0.9%) 3.1% 26.4% 6.3% 46.6x 0.50x 8.0x 0.49x 5.9x

Stein Mart Inc. SMRT 15.10 97.7% 679 0 65 614 1,291 66 1.6% 2.4% 29.8% 5.1% 31.2x 0.48x 9.3x 0.45x 6.8x

The Children's Place, Inc. PLCE 62.48 97.4% 1,324 19 210 1,134 1,750 151 (3.2%) 0.7% 35.5% 8.6% 25.0x 0.65x 7.5x 0.64x 6.8x

The TJX Companies, Inc. TJX 66.23 94.8% 45,626 1,624 2,431 44,819 28,583 4,091 4.6% 7.8% 28.4% 14.3% 21.9x 1.57x 11.0x 1.47x 10.0x

Urban Outfitters Inc. URBN 33.85 83.2% 4,456 0 243 4,213 3,218 498 5.9% 10.1% 36.0% 15.5% 20.0x 1.31x 8.5x 1.20x 7.8x

Zumiez, Inc. ZUMZ 39.18 93.7% 1,145 3 109 1,039 780 103 8.0% 13.9% 35.5% 13.3% 21.9x 1.33x 10.0x 1.20x 9.2x

Mean 77.8% $3,805 $428 $269 $3,964 $3,565 $464 0.2% 4.2% 40.9% 10.4% 21.7x 0.89x 10.6x 0.85x 8.4x

Median 87.2% $1,324 $19 $109 $1,371 $1,915 $226 1.0% 3.1% 39.0% 10.2% 20.7x 0.60x 8.0x 0.60x 7.1x

EV / 2015ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM


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Catalog & Specialty Distribution

HSN, Inc. HSNI $74.04 93.4% $3,877 $231 $93 $4,016 $3,490 $303 3.7% 4.5% 35.6% 8.7% 24.7x 1.15x 13.2x 1.10x 11.2x

Insight Enterprises Inc. NSIT 23.90 74.8% 979 55 127 907 5,265 183 3.3% (0.0%) 13.5% 3.5% 13.3x 0.17x 5.0x 0.16x 4.5x

Nutrisystem, Inc. NTRI 18.54 92.8% 534 0 39 495 394 30 12.3% (2.3%) 49.9% 7.7% 35.8x 1.26x 16.3x 1.15x 10.8x

PC Connection, Inc. PCCC 23.08 78.2% 607 0 66 541 2,411 76 9.6% 4.6% 13.1% 3.1% 15.4x 0.22x 7.1x 0.22x 6.9x

Systemax Inc. SYX 13.75 72.9% 506 4 134 376 3,404 21 (0.3%) (2.8%) 14.7% 0.6% NM 0.11x 18.2x 0.10x NA

EVINE Live Inc. EVLV 6.49 92.7% 366 43 24 385 667 14 6.7% 4.2% 36.2% 2.2% NM 0.58x 26.8x 0.53x 11.8x

Mean 84.1% $1,145 $55 $80 $1,120 $2,605 $105 5.9% 1.4% 27.2% 4.3% 22.3x 0.58x 14.4x 0.54x 9.0x

Median 85.5% $570 $23 $80 $518 $2,908 $53 5.2% 2.1% 25.2% 3.3% 20.1x 0.40x 14.7x 0.37x 10.8x

Department Chains

Bon-Ton Stores Inc. BONT $5.78 46.5% $118 $1,029 $8 $1,139 $2,794 $147 (4.8%) (2.1%) 37.6% 5.3% NM 0.41x 7.7x 0.40x 7.0x

Dillard's Inc. DDS 114.43 90.2% 4,712 885 92 5,505 6,679 795 (1.3%) 1.6% 36.9% 11.9% 16.1x 0.82x 6.9x 0.83x 6.7x

J. C. Penney Company, Inc. JCP 7.72 68.3% 2,353 5,427 684 7,096 12,146 30 1.5% (11.5%) 33.1% 0.2% NM 0.58x 236.5x 0.57x 13.6x

Kohl's Corp. KSS 58.55 92.1% 11,828 4,788 631 15,985 18,785 2,533 (2.5%) (0.1%) 36.5% 13.5% 14.9x 0.85x 6.3x 0.84x 6.2x

Macy's, Inc. M 62.34 91.3% 21,525 7,219 1,048 27,696 27,943 3,896 (0.5%) 2.5% 40.1% 13.9% 15.3x 0.99x 7.1x 0.97x 7.1x

Nordstrom Inc. JWN 75.78 94.1% 14,417 3,127 433 17,111 13,174 1,823 5.2% 7.8% 37.0% 13.8% 20.4x 1.30x 9.4x 1.23x 8.9x

Shanks Group plc SKS 1.56 84.8% 621 702 146 1,178 1,002 121 (1.7%) (5.8%) 16.0% 12.0% NM 1.18x 9.8x 1.29x 9.9x

Sears Holdings Corporation SHLD 33.98 65.3% 3,619 4,940 326 8,233 33,692 (944) (11.0%) (6.8%) 23.0% NM NM 0.24x NM 0.29x NM

Stage Stores Inc. SSI 22.02 86.7% 696 128 21 804 1,630 102 (0.9%) 3.1% 26.4% 6.3% 46.6x 0.49x 7.9x 0.48x 5.8x

Mean 79.9% $6,654 $3,138 $376 $9,416 $13,094 $945 (1.8%) (1.3%) 31.9% 9.6% 22.7x 0.76x 36.5x 0.77x 8.1x

Median 86.7% $3,619 $3,127 $326 $7,096 $12,146 $147 (1.3%) (0.1%) 36.5% 12.0% 16.1x 0.82x 7.8x 0.83x 7.0x

Discount Stores & Mass Merchants

Big Lots Inc. BIG 44.73 86.4% 2,391 283 62 2,612 5,333 282 1.1% 1.8% 38.7% 5.3% 23.3x 0.49x 9.3x 0.50x 7.2x

Costco Wholesale Corporation COST 139.31 94.9% 61,367 5,034 7,619 58,782 114,489 4,374 7.5% 7.8% 12.6% 3.8% 29.0x 0.51x 13.4x 0.48x 12.4x

Dollar General Corporation DG 65.87 91.8% 19,987 2,769 216 22,540 18,464 2,082 7.2% 9.4% 30.7% 11.3% 20.2x 1.22x 10.8x 1.12x 9.8x

Dollar Tree, Inc. DLTR 66.41 92.8% 13,657 757 408 14,007 8,362 1,229 6.5% 9.3% 35.2% 14.7% 23.1x 1.68x 11.4x 1.53x 10.2x

Family Dollar Stores Inc. FDO 75.14 92.8% 8,600 754 213 9,141 10,546 754 0.7% 6.6% 33.6% 7.1% 35.2x 0.87x 12.1x 0.83x 11.6x

Gordmans Stores, Inc. GMAN 3.34 40.8% 65 51 12 104 639 12 1.5% 5.7% 41.3% 1.9% NM 0.16x 8.6x 0.16x 9.1x

PriceSmart Inc. PSMT 82.79 73.9% 2,501 114 121 2,494 2,568 172 8.3% 12.5% 16.2% 6.7% 27.4x 0.97x 14.5x 0.88x 12.6x

Target Corp. TGT 75.67 97.3% 48,199 14,332 780 61,751 73,703 5,720 (0.1%) 2.1% 28.8% 7.8% 31.2x 0.84x 10.8x 0.81x 9.1x

Tuesday Morning Corporation TUES 19.56 85.5% 856 0 9 847 883 15 4.0% 2.6% 35.2% 1.7% NM 0.96x NM 0.90x 22.8x

Wal-Mart Stores Inc. WMT 87.38 96.1% 281,642 55,830 6,718 330,754 483,792 35,696 2.0% 3.2% 24.8% 7.4% 18.2x 0.68x 9.3x 0.67x 8.8x

Mean 85.2% $43,926 $7,993 $1,616 $50,303 $71,878 $5,034 3.9% 6.1% 29.7% 6.8% 26.0x 0.84x 11.1x 0.79x 11.4x

Median 92.3% $11,129 $756 $215 $11,574 $9,454 $991 3.0% 6.2% 32.1% 6.9% 25.4x 0.85x 10.8x 0.82x 10.0x

EV / 2015ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM


10

CONSUMER AND RETAIL


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Furniture & Furnishings Retailers

Aaron's, Inc. AAN $29.99 81.6% $2,174 $557 $32 $2,699 $2,519 $225 12.5% 8.3% 51.3% 8.9% 28.0x 1.07x 12.0x 0.86x 8.5x

Bed Bath & Beyond Inc. BBBY 74.15 93.1% 13,762 1,500 1,179 14,084 11,748 1,786 0.4% 8.2% 39.1% 15.2% 15.0x 1.20x 7.9x 1.15x 7.8x

Ethan Allen Interiors Inc. ETH 31.72 97.9% 918 131 127 922 756 93 4.5% 2.6% 54.6% 12.2% 20.2x 1.22x 10.0x 1.16x 8.6x

Haverty Furniture Companies Inc. HVT 24.06 76.8% 545 37 79 503 752 69 2.6% 6.9% 53.8% 9.1% 19.4x 0.67x 7.3x 0.63x 6.6x

Kirkland's Inc. KIRK 24.40 98.5% 418 0 57 362 485 42 3.8% 4.8% 39.4% 8.6% 29.9x 0.75x 8.7x 0.68x 7.2x

La-Z-Boy Incorporated LZB 26.87 91.8% 1,391 0 136 1,255 1,392 122 5.0% 4.5% 34.9% 8.8% 23.4x 0.90x 10.3x 0.85x 8.9x

Lifetime Brands, Inc. LCUT 15.83 79.3% 217 162 5 373 561 37 13.8% 7.7% 37.0% 6.7% NM 0.67x 10.0x 0.62x 10.3x

Pier 1 Imports, Inc. PIR 16.61 80.3% 1,495 219 33 1,681 1,838 196 1.7% 7.4% 56.5% 10.7% 19.0x 0.91x 8.6x 0.86x 7.6x

Rent-A-Center, Inc. RCII 33.92 90.5% 1,794 975 62 2,708 3,146 268 1.7% 3.7% 69.0% 8.5% 21.3x 0.86x 10.1x 0.83x 8.5x

Select Comfort Corporation SCSS 28.13 97.0% 1,499 0 134 1,365 1,065 121 12.2% 14.9% 61.3% 11.3% 27.7x 1.28x 11.3x 1.12x 8.5x

The Sherwin-Williams Company SHW 269.22 97.7% 25,845 1,681 261 27,264 11,017 1,466 10.7% 8.6% 46.0% 13.3% 31.7x 2.47x 18.6x 2.30x 15.7x

Williams-Sonoma Inc. WSM 76.99 98.6% 7,090 92 108 7,074 4,623 645 6.8% 8.2% 38.5% 14.0% 25.1x 1.53x 11.0x 1.43x 10.2x

Mean 90.3% $4,762 $446 $184 $5,024 $3,325 $422 6.3% 7.2% 48.4% 10.6% 23.7x 1.13x 10.5x 1.04x 9.0x

Median 92.4% $1,497 $146 $93 $1,523 $1,615 $159 4.7% 7.5% 48.7% 9.9% 23.4x 0.99x 10.0x 0.86x 8.5x

Internet Retail

1-800-Flowers.com Inc. FLWS $7.51 80.7% $482 $62 $2 $542 $760 $45 2.8% 3.4% 41.8% 5.9% 33.5x 0.71x 12.0x 0.46x 7.1x

Amazon.com Inc. AMZN 293.27 71.9% 135,786 3,099 6,883 132,002 85,246 3,890 21.5% 25.1% 28.6% 4.6% NM 1.55x 33.9x 1.32x 17.8x

Blue Nile Inc. NILE 33.70 76.8% 399 1 32 367 462 16 5.0% 9.6% 18.5% 3.6% 42.9x 0.80x 22.3x 0.72x 14.5x

eBay Inc. EBAY 54.03 90.5% 67,125 7,606 10,391 64,340 17,511 4,962 12.9% 17.6% 68.1% 28.3% NM 3.67x 13.0x 3.32x 10.6x

IAC/InterActiveCorp IACI 61.41 76.2% 5,146 1,080 1,051 5,175 3,003 472 (2.0%) 16.2% 71.1% 15.7% 21.9x 1.72x 11.0x 1.60x 9.0x

Netflix, Inc. NFLX 324.24 66.3% 19,534 900 1,667 18,767 5,195 472 25.3% 21.1% 32.1% 9.1% NM 3.61x NM 2.91x 33.6x

Orbitz Worldwide, Inc. OWW 9.34 93.8% 1,034 451 250 1,234 909 127 8.3% 5.6% 80.8% 14.0% NM 1.36x 9.7x 1.27x 7.6x

Overstock.com Inc. OSTK 23.53 77.6% 565 0 113 453 1,424 18 14.1% 9.4% 18.6% 1.3% 7.0x 0.32x 24.9x 0.28x 9.8x

PetMed Express, Inc. PETS 14.27 90.9% 289 0 50 239 229 29 (2.8%) 0.1% 33.5% 12.6% 17.0x 1.04x 8.3x 1.04x 8.5x

The Priceline Group Inc. PCLN 1,035.67 75.1% 54,224 3,926 6,237 51,912 8,143 3,169 26.4% 25.7% 88.9% 38.9% 23.4x 6.38x 16.4x 5.45x 13.4x

Shutterfly, Inc. SFLY 42.72 77.5% 1,655 255 249 1,662 849 73 17.2% 31.2% 51.2% 8.6% NM 1.96x 22.6x 1.69x 9.3x

Stamps.com Inc. STMP 46.17 90.4% 735 0 32 703 138 39 9.8% 12.4% 78.4% 28.3% 16.2x 5.10x 18.0x 4.37x 14.3x

U.S. Auto Parts Network, Inc. PRTS 2.29 56.0% 77 20 1 96 273 6 5.7% (6.2%) 28.4% 2.2% NM 0.35x NM 0.32x 10.1x

Mean 78.7% $22,081 $1,338 $2,074 $21,346 $9,549 $1,025 11.1% 13.2% 49.2% 13.3% 23.1x 2.20x 17.5x 1.90x 12.7x

Median 77.5% $1,034 $255 $249 $1,234 $909 $73 9.8% 12.4% 41.8% 9.1% 21.9x 1.55x 16.4x 1.32x 10.1x



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Specialty & Other Retail

Barnes & Noble, Inc. BKS $23.88 95.7% $1,436 $247 $285 $1,398 $6,242 $314 (4.9%) (3.8%) 30.0% 5.0% NM 0.22x NM 0.23x 3.9x

Best Buy Co., Inc. BBY 39.91 99.7% 13,999 1,635 3,138 12,496 41,781 1,728 (1.2%) (6.2%) 21.2% 4.1% 13.8x 0.30x 7.2x 0.30x 5.6x

Big 5 Sporting Goods Corp. BGFV 12.48 63.4% 277 58 6 329 976 51 (1.3%) 2.6% 32.3% 5.3% 16.0x 0.34x 6.4x 0.32x 6.0x

Books-A-Million Inc. BAMM 1.68 61.1% 25 71 7 90 471 17 (0.8%) 1.4% 29.1% 3.7% NM 0.19x 5.2x NA NA

Build-A-Bear Workshop Inc. BBW 21.76 96.4% 379 0 40 338 369 32 (5.2%) (2.7%) 43.6% 8.8% 47.4x 0.92x 10.5x 0.85x 8.3x

Conns Inc. CONN 18.26 25.6% 663 697 6 1,354 1,420 134 31.1% 21.4% 49.5% 9.5% 9.5x 0.95x 10.1x 0.82x 10.5x

CVS Health Corporation CVS 97.33 98.2% 112,221 13,056 1,210 124,067 135,142 10,609 7.8% 9.3% 18.6% 7.9% 25.1x 0.92x 11.7x 0.85x 11.1x

Dick's Sporting Goods Inc. DKS 53.58 92.6% 6,410 287 78 6,620 6,602 720 8.7% 8.8% 30.7% 10.9% 20.0x 1.00x 9.2x 0.92x 8.5x

Fossil Group, Inc. FOSL 101.30 81.0% 5,175 626 218 5,583 3,507 672 11.5% 12.9% 57.2% 19.2% 14.8x 1.59x 8.3x 1.52x 8.2x

hhgregg, Inc. HGG 6.21 53.4% 176 0 41 136 2,223 11 (10.7%) 0.2% 28.3% 0.5% NM 0.06x 12.1x NA 15.1x

Hibbett Sports, Inc. HIBB 49.20 77.1% 1,230 4 72 1,162 892 129 4.7% 7.6% 35.8% 14.4% 18.0x 1.30x 9.0x 1.21x 8.5x

Lowe's Companies Inc. LOW 67.39 96.3% 65,564 11,357 1,773 75,148 55,342 6,251 4.8% 4.1% 34.8% 11.3% 26.7x 1.36x 12.0x 1.30x 10.9x

Lumber Liquidators Holdings, Inc. LL 63.00 56.4% 1,705 0 11 1,694 1,034 121 8.5% 16.1% 40.4% 11.7% NM 1.64x 14.0x 1.49x 12.0x

Marinemax Inc. HZO 20.37 96.4% 511 124 28 607 625 23 6.9% 9.1% 25.9% 3.6% 44.3x 0.97x 26.8x 0.87x 18.2x

Movado Group, Inc. MOV 26.49 54.9% 667 0 158 509 585 79 4.2% 9.4% 52.7% 13.5% 13.9x 0.87x 6.4x 0.84x 6.1x

Office Depot, Inc. ODP 8.14 91.3% 4,382 1,554 965 4,971 15,749 453 51.7% 11.1% 23.3% 2.9% NM 0.32x 11.0x 0.32x 7.1x

PetSmart, Inc. PETM 81.22 99.1% 8,077 521 180 8,418 7,003 954 0.2% 5.3% 30.3% 13.6% 19.2x 1.20x 8.8x 1.16x 8.2x

RadioShack Corp. RSH 0.41 14.7% 41 842 43 839 2,300 (427) (33.0%) (17.1%) 39.1% NM NM 0.37x NM 0.31x NM

Regis Corp. RGS 17.00 95.7% 939 120 186 873 1,888 90 (4.7%) (6.1%) 33.5% 4.7% NM 0.46x 9.8x 0.46x 8.4x

Rite Aid Corporation RAD 7.55 87.6% 7,410 5,851 233 13,028 26,278 1,224 3.5% 1.1% 28.6% 4.7% 23.0x 0.50x 10.6x 0.48x 9.8x

Staples, Inc. SPLS 17.33 94.5% 11,088 1,118 770 11,436 22,709 1,464 (4.6%) (2.8%) 25.8% 6.4% 18.6x 0.50x 7.8x 0.51x 8.0x

Steiner Leisure Ltd. STNR 44.41 84.4% 602 96 34 664 867 72 2.5% 8.5% 21.3% 8.4% 15.8x 0.77x 9.2x 0.76x 8.2x

The Home Depot, Inc. HD 102.64 95.9% 135,262 16,727 2,181 149,808 81,710 11,809 3.0% 5.5% 34.8% 14.5% 23.4x 1.83x 12.7x 1.75x 11.6x

Tiffany & Co. TIF 86.74 78.4% 11,220 1,086 383 11,923 4,263 1,093 7.4% 6.2% 59.6% 25.6% NM 2.80x 10.9x 2.76x 10.7x

Tractor Supply Company TSCO 77.36 94.7% 10,516 153 48 10,622 5,543 670 10.1% 11.3% 34.1% 12.1% 30.6x 1.92x 15.8x 1.74x 14.1x

Vitamin Shoppe, Inc. VSI 42.10 84.5% 1,300 0 32 1,268 1,179 144 12.3% 12.8% 42.1% 12.2% 21.2x 1.07x 8.8x 0.96x 8.0x

Walgreens Boots Alliance, Inc. WBA 74.99 96.2% 70,914 14,530 12,861 72,583 77,617 5,200 6.0% 2.1% 28.0% 6.7% 35.2x 0.94x 14.0x 0.66x 9.9x

Mean 80.2% $17,488 $2,621 $925 $19,184 $18,678 $1,616 4.4% 4.8% 34.5% 9.3% 23.0x 0.94x 10.7x 0.93x 9.5x

Median 91.3% $1,705 $287 $158 $1,694 $3,507 $314 4.2% 5.5% 32.3% 8.6% 20.0x 0.92x 10.1x 0.85x 8.5x



12

CONSUMER AND RETAIL


PAGE |

M&A ACTIVITY

13

RECENT NORTH AMERICAN CONSUMER M&A

CONSUMER AND RETAIL


Private Equity

Announced Target Seller Buyer Involvement

1/8/2015 Cycle Gear, Inc. Harvest Partners, LP J.W. Childs Associates, L.P. P

1/7/2015 Surf Technicians, LLC - Triple D Corporation Company Limited P

1/7/2015 Stable Imaging Solutions, LLC - Always Evolving Enterprises, LLC

1/7/2015 CHEMAID Laboratories, Inc. Wellspring Capital Management LLC Knowlton Development Corporation P

1/7/2015 Artifact Uprising LLC - Visual Supply Co

1/6/2015 Kiva Kitchen & Bath Holdings, LLC Rock Hill Capital Group, LLC Morrison Supply Company, LLC P

1/6/2015 Product Club Corp. - The Burmax Company, Incorporated

1/5/2015 Paris Presents Incorporated Mason Wells Wasserstein & Co. and others P

1/5/2015 Power Systems, Inc. - PlayCore Holdings, Inc.

1/5/2015 Boardworks Inc. - Confluence Outdoor

1/5/2015 Reyn Spooner Inc. Wedbush Capital Partners Aloha Brands LLC P

1/2/2015 Quest Cleaners, LLC - True Blue Cleaners, Inc.

12/26/2014 Burke Enterprise, LLC, Chip Burke Shutters Burke Enterprise, LLC Van Gogh Window Fashions Franchise Systems

12/23/2014 Hart Stores Inc. H & N Family Subco, Inc. 9102221 Canada Inc.

12/23/2014 The Chef'n Corporation Capitala Finance Corp and others Taylor Precision Products, Inc. P

12/23/2014 3P Safety, LLC - RJR Safety, Inc.

12/22/2014 Eagle Nonwovens Inc. - AstenJohnson Inc.

12/21/2014 Poythress Tent Rentals, Inc. - Party Reflections, Inc.

12/19/2014 Primary PDC, Inc. Knight's Bridge Capital Partners Inc. Pohlad Companies, Inc. P

12/19/2014 Zalemark Holding Company Inc. - Bergio International, Inc.

12/19/2014 GLAMGLOW Inc. - The Estée Lauder Companies Inc.

12/19/2014 Handi Quilter, Inc. High Road Capital Partners Blue Point Capital Partners P

12/18/2014 Ashford.com, Inc. Luxi Group, LLC Prudential Capital Group, L.P. P

12/17/2014 FoodState Inc. The Riverside Company; 2x Consumer Products Pharmavite LLC P

12/17/2014 K&B Innovations, Inc. - Alex Brands

12/17/2014 Neoporter LLC - LifeSquire

12/16/2014 Fox Pest Control LLC - Truly Nolen of America, Inc.

12/16/2014 Weston Products LLC Highgate Capital LLC Hamilton Beach Brands, Inc. P

12/15/2014 Shoes.com, Inc. Brown Shoe Co. Inc. ShoeMe Technologies Limited

12/15/2014 Gravity Nutritionals Inc. - Hantian Labs Limited

12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) JANA Partners and others BC Partners and others P

12/12/2014 Jewel Kade, Inc. - Thirty-One Gifts, LLC

12/12/2014 Jewell LLC - Thirty-One Gifts, LLC

12/11/2014 SmallHD, LLC - Vitec Videocom Ltd

12/9/2014 St. Louis CompuTronics, LLC - The Sound Room, Inc.

12/9/2014 Macbeth, Inc. - Saban Brands LLC

12/8/2014 NüRoo, Inc. - BROWNMED Inc.

12/8/2014 Crescom Engineering, AAA Alarms, & Bardstown Alarm - Select Security, Inc.

12/5/2014 Race Face Performance Products, Inc. - Fox Factory Holding Corp

12/4/2014 L.A. Spas, Inc. - Maax Spas (Arizona), Inc.

12/3/2014 Shape Medical Weight Loss Center, LLC - Life Time Fitness, Inc.

12/3/2014 InboxFitness.com LLC - O2 Media, Inc.

12/1/2014 Bad Love Cosmetics Company, LLC - VIASPACE Inc.

12/1/2014 BPG Holdings, LLC - Fidelity National Home Warranty Company

12/1/2014 Baby Jogger, LLC The Riverside Company Newell Rubbermaid Inc. P

12/1/2014 Gaetano, Ltd - Duralee Fabrics Ltd.

11/28/2014 Crittenden and Company LLC - Prospect Brands, LLC

11/28/2014 CCS Direct LLC Foot Locker, Inc. Daddies Board Shop, LLC

11/28/2014 Glentel Inc. TCG International and others BCE Inc.

11/26/2014 Missy Swimwear Portfolio A. H. Schreiber Co. Incorporated A & H Sportswear; Mainstream Swimsuits

11/25/2014 Battenfeld Technologies, Inc. Clearview Capital, LLC; PNC Erieview Capital Smith & Wesson Holding Corporation P

11/25/2014 Landau Brothers LLC Detroit Venture Partners and others Global Office Solutions, LLC P

11/21/2014 Alpha Helix Inc. - Nutroganics, Inc.

11/19/2014 Kidrobot, Inc. Syntek Capital Gmbh National Entertainment Collectibles Assoc. P

11/19/2014 Drs. Foster & Smith, Inc. - PETCO Animal Supplies, Inc.

11/19/2014 Garry Gribble's Running Sports, LLC - The Running Specialty Group Acquisitions

11/17/2014 Dead Down Wind LLC - Arcus Hunting LLC

11/14/2014 Pugs, Inc. - Pugs Holdings, LLC

11/14/2014 Alcoa Heating & Cooling - MK Russell & Abbott

11/13/2014 Nuforce, Inc. NuPrime Audio, Inc. Optoma Technology, Inc.

11/11/2014 Stoneridge Cycle Ltd. - Kent International, Inc.

11/10/2014 Natrol, Inc. Plethico Pharmaceuticals Limited Aurobindo Pharma USA Inc.

11/10/2014 Heroes Apparel, LLC - Witmer Associates, Inc.

11/7/2014 Dry Cleaning Station and Martinizing International LLC Martin Franchises Inc. The Huntington Company, LLC

11/7/2014 I Love Blue Sea, Inc. - Vital Choice Wild Seafood & Organics, Inc.

11/5/2014 Sleep America, LLC Sleep Country Canada Income Fund Mattress Firm Holding Corp.

11/4/2014 Household Termite and Pest Control Inc. - Arrow Exterminators, Inc.

11/3/2014 Fanhattan, Inc. New Enterprise Associates; Redpoint Ventures Rovi Corporation P

10/31/2014 L Rodin LLC - Estée Lauder

10/28/2014 Cue & Case Sales Inc. - Escalade Sports, Inc.

10/27/2014 Swimsuits For All Inc. - OSP Group, Inc.

10/20/2014 Quench USA, Inc. Pohlad Companies; Gladstone Investment Seven Seas Water Corporation P

10/20/2014 Carol's Daughter Holdings, LLC Pegasus Capital Advisors, L.P. L'Oreal USA, Inc. P

10/17/2014 bubba brands, Inc. In Zone Holdings, Inc. Newell Rubbermaid Inc.

10/15/2014 Le Labo Inc. - The Estée Lauder Companies

10/14/2014 O.W.A., Inc. - Gladstone Inv. Corp.

PAGE |

M&A ACTIVITY

14

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

CONSUMER AND RETAIL


Private Equity


10/14/2014 U-Line Corporation Linsalata Capital Partners Middleby Corp. P

10/13/2014 Folio 21 Furniture, LLC - The H.T. Hackney Co.

10/7/2014 Jack Vinales Antiques - Ford Art and Antiques, Inc.

10/6/2014 Appleseed Lane - Green Kid Crafts, Inc.

10/3/2014 Nutri-Health Supplements, L.L.C. Atrium Innovations Inc. Nature's Products, Inc.

10/2/2014 Dazzle Style Bar & Boutique - Shirin's Events LLC

10/1/2014 Pool Cover Specialist National, Inc. - Latham Pool Products, Inc. P

10/1/2014 Vermont Castings Group - Hearth & Home Technologies LLC

9/30/2014 Mirror Masters Company LLC - ELK Lighting, Inc.

9/27/2014 Fountain People, Inc. - PlayCore Holdings, Inc. P

9/26/2014 Dairy Association Company, Inc. - Vermont's Original LLC

9/26/2014 Riverside Manufacturing Company, Inc. - Affinity Specialty Apparel, Inc.

9/26/2014 Hollander Home Fashions Corporation HGGC, LLC Sentinel Capital Partners, L.L.C. P

9/24/2014 Silber Brush Manufacturing Co., Inc. - Braun Brush Co.

9/16/2014 Patch Products, Inc. - First New England Capital; Topspin Partners LP P

9/16/2014 Pedigree Perfection International, Inc. - Ultra Paws, LLC

9/15/2014 Tropitone Furniture Company, Inc. HarbourVest Partners; Pfingsten Partners Brown Jordan International, Inc. P

9/15/2014 Hokanson Incorporated - Scott Group, Inc.

9/11/2014 Bosch Garden and Watering Business Robert Bosch Tool Corporation Fiskars Brands, Inc.

9/11/2014 Elmhurst Metered Appliance, Inc. - Hercules Corporation

9/8/2014 GE Consumer Products General Electric Company Electrolux AB

9/5/2014 Southeast Ribbon and Badge Co. - Hodges Badge Company, Inc.

9/5/2014 Bond Street Ltd. - Bugatti-Sedona Inc.

9/4/2014 Simcoe Bicycles Inc. - Cycles Lambert, Inc.; Hawley, LLC

9/3/2014 Quikfletch LLC and New Archery Products Corporation - BRS Outdoor Sports Holdings, LLC

9/3/2014 Best Friends Pet Care, Inc. Webster Capital Belvoir Investments Corporation P

9/2/2014 Closet Systems of Hawaii, LLC - A Plus Interiors LLC

9/2/2014 Ellsworth Handcrafted Bicycles, Inc. - Iso Nano International LLC

8/30/2014 Harry & David Holdings, Inc. Wasserstein & Co., LP 1-800-Flowers.com Inc. P

8/29/2014 Sher-Wood Hockey Inc. Callidus Capital Corporation Sherwood Athletics Group Inc. P

8/27/2014 Cobra Electronics Corp. Franklin Advisory Services, LLC Monomoy Capital Partners P

8/27/2014 Easton Hockey, Inc. BRG Sports, Inc. Chartwell Investments Inc. P

8/25/2014 Green Pest Services TX, LLC - Massey Services, Inc.

8/25/2014 Left Hand Studios LLC - Succession Capital Inc.

8/25/2014 Days of Wonder, Inc. - Asmodée Editions SAS

8/20/2014 Massif Mountain Gear Company, LLC Tactical Holdings Operations, Inc. Samtech, LLC

8/20/2014 TOMS Shoes, Inc. - Bain Capital Private Equity P

8/20/2014 XO Athletic Co. - EZ GARD Industries, Inc.

8/19/2014 Pet360 Inc. LLR Partners Inc.; Updata Partners PetSmart, Inc. P

8/18/2014 The Dwyer Group, Inc. TZP Group The Riverside Company P

8/17/2014 Pro Peloton, LLC - Boulder Cycle Sport, LLC

8/15/2014 Home Décor Holding Company Linsalata Capital Partners NBGHome P

8/18/2014 The Dwyer Group, Inc. TZP Group The Riverside Company P

8/15/2014 NBGHome Linsalata Capital Partners Nielsen & Bainbridge, LLC P

8/14/2014 Dolce Vita Holdings, Inc. - Steven Madden, Ltd.

8/6/2014 Artistic Studios, LTD - Bendon Publishing International, Inc. P

8/5/2014 TRG Accessories, LLC Centric Group, LLC Victorinox Swiss Army, Inc. P

7/28/2014 Pressman Toy Corporation - Goliath B.V.

7/25/2014 Good Vibrations Shoes Inc. - Bitcoin Collect, Inc.

7/23/2014 Virga Botanicals, LLC - 400 Beverly, Inc.

7/18/2014 Rachel Roy IP Company LLC Nine West Holdings, Inc. Topson Downs Of California Inc.

7/17/2014 Design Within Reach, Inc. Glenhill Capital Management LLC Herman Miller Inc. P

7/17/2014 FASTSIGNS International, Inc. Roark Capital Group Levine Leichtman Capital Partners P

7/15/2014 Gerler & Son, Inc. - Hardy Capital Partners P

7/15/2014 ShoeMe Technologies Limited - Hardy Capital Partners P

7/14/2014 Milk and Honey Shoes LLC - Upper Street Limited

7/14/2014 Engraving Bench and Fine Gifts, Inc. - Vermont Trophy & Engraving, Inc.

7/7/2014 Snakeguard, LLC - Wildlife Control Supplies, LLC

7/3/2014 The Schawbel Corporation, Repellent Division The Schawbel Corporation Kinderhook Industries P

7/2/2014 Valley Hydroponics and Organics - Green Universe Inc

7/2/2014 Home Sew Inc. - MAD Holdings Inc.

6/30/2014 Sport Chalet Inc. - Vestis Retail Group, LLC

6/27/2014 Marucci Sports LLC - Envisage Equity, LLC

6/23/2014 Embroiderymasters & Sportswear - Promotional Bridge Inc.

6/20/2014 Jay Gress, Inc. - Shipley Energy Company, Inc.

6/19/2014 Doris Inc. - Gildan Activewear Inc.

6/18/2014 Gregory Mountain Products, Inc. Black Diamond, Inc. Samsonite LLC

6/17/2014 Hearts On Fire Company, LLC Fine Diamonds S.A. Chow Tai Fook Jewellery Group Ltd.

6/16/2014 The Lerado Group (Juvenile Business) Lerado Group Dorel Industries Inc.

6/11/2014 Weyhing Bros Manufacturing - American Badge Inc.

6/10/2014 The Laces Company - Novacap Investments, Inc. P

6/9/2014 Elly Preston, LLC - Mad By Design LLC

6/6/2014 WP Evenflo Holdings Inc. Weston Presidio; Gladstone Capital Goodbaby International P

6/6/2014 Itzbeen Innovated, Inc. - SCS Direct Inc.

6/5/2014 The Homax Group, Inc. Olympus Partners PPG Architectural Coatings LLC P

6/3/2014 AeroGroup International LLC Grumman Hill LLC Palladin Consumer Retail Partners, LLC P

PAGE | 15

HW&CO. CONSUMER TEAM

M&A ACTIVITY

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity


6/3/2014 N.V. Perricone M.D., Ltd. TSG Consumer Partners Lion Capital LLP P

6/3/2014 Blooming Creations - St. Cloud Floral Inc

6/2/2014 Brookstone Inc. J.W. Childs Associates, L.P. Sailing Capital; Sanpower P

6/2/2014 C.J. Foods Trinity Hunt Partners J.H. Whitney P

5/30/2014 24 Hour Fitness USA, Inc. Forstmann Little & Co. AEA Investors LP; Ontario Teachers' Pension Plan P

5/30/2014 PlayCore, Inc. Irving Place Capital Sentinel Capital Partners, L.L.C. P

5/28/2014 Speculative Product Design, LLC VMG Partners Samsonite LLC P

5/28/2014 Beats Electronics, LLC The Carlyle Group LP Apple Inc. P

5/22/2014 SmartPak Equine, LLC CEI Ventures; North Bridge Oak Hill Capital Partners; Henry Schein P

5/21/2014 Hess Retail Corporation Hess Corporation Speedway LLC

5/21/2014 BonWorth, Inc. - San USA LLC

5/21/2014 Barefoot Tess LLC - Long Tall Sally Ltd.

5/21/2014 Joy & Revelry, Inc. Signia Venture Partners Bryght.com P

5/20/2014 Vapor Town USA - AV1 Group, Inc.

5/18/2014 Schleich GmbH HgCapital Ardian P

5/16/2014 Stella+Jack - Moxie Jean

5/6/2014 Fender, Guild Guitar Brand and Assets Fender Musical Instruments Corp. Cordoba Music Group Inc. P

5/5/2014 Learning Care Group, Inc. Morgan Stanley Private Equity American Securities P

4/29/2014 prAna Living, LLC Steelpoint Capital Partners, LP Columbia Sportswear P

4/28/2014 DreamTime, Inc. - Evriholder Products, LLC P

4/25/2014 Mattress Liquidators, Inc. - Mattress Firm, Inc.

4/22/2014 Confluence Watersports Company American Capital J.H. Whitney P

4/22/2014 totes ISOTONER Corp BRS; MidOcean Partners Freeman Spogli & Co.; Investcorp Bank B.S.C. P

4/22/2014 DDF Skincare Business Procter & Gamble SA Designer Parfums Limited

4/18/2014 Feradyne Outdoors, LLC Kamylon Capital, LLC Snow Phipps Group, LLC; Shockey Enterprises P

4/17/2014 O2 Partners, LLC - Blue Point Capital Partners P

4/15/2014 Artwears Unlimited - Bergman Incentives, Inc.

4/14/2014 Ultimate Pet Products Ultimate Pet Products, Inc. G That's Awesome Brands, Inc.

4/11/2014 Coldwater Creek Inc. Golden Gate Capital Gordon Brothers Retail Partners P

4/10/2014 Marketplace Design Center Loeb Partners Corp. Lubert-Adler Partners P

4/10/2014 Northwest Cosmetic Laboratories, LLC - Clearview Capital P

4/5/2014 Golf Dimensions, Inc. - Golfsmith International, Inc.

4/4/2014 Hunter's Specialties, Inc. Centerfield Capital Partners Peak Rock Capital P

4/3/2014 Cafinasa Corporation S.A. - Definitive Rest Mattress Company

4/1/2014 The Judith Ripka Companies, Inc. - JR Licensing, LLC

4/1/2014 Avani Holdings, LLC - Premiere Opportunities Group, Inc.

4/1/2014 Kolpin Outdoors, Inc. Facilitator Capital Fund Polaris Industries, Inc. P

4/1/2014 AIF Trading Group, LLC - Elements International Group, LLC

3/31/2014 May Holdings, LLC - Catamount International, Inc.

3/31/2014 Igloo Products Corp. J.H. Whitney & Co., LLC Acon Investments, L.L.C. P

3/28/2014 Ashley Stewart Holdings, Inc GB Merchant Partners, LLC Clearlake Capital Group, LLC P

3/25/2014 Oculus VR, Inc. Spark Capital; Andreessen Horowitz Facebook, Inc. P

3/24/2014 ZMJ Denim, Inc. - Bitzio, Inc.

3/17/2014 Shock Doctor, Inc. Norwest Equity Partners Bregal Investments Inc. P

3/14/2014 Uppercase Living, LLC - CVSL Inc.

3/14/2014 Atlas Carpet Mills, Inc. - Masland Carpets LLC

3/14/2014 Uniroyal Engineered Products, LLC Aurify Brands, LLC Invisa, Inc.

3/13/2014 Flexi Compras Corp. - Artisan Consumer Services, LLC

3/12/2014 BRIARPATCH, Inc. - University Games Corporation

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

Red NorrieManaging [email protected]+44 (0) 20 7518-8906

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

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

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

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

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

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

Chip DugginsVice [email protected]+1 (804) 932-1340

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

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

Matt WhebbeVice [email protected]+1 (612) 359-2727













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Reuters.

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Consumer and Retail Industry Update