Consumer Monthly August 2017 - TM Capital Corp.web.tmcapital.com/tmc/TMC_IMG/TMCC/consumer... · (OM:ELUX B) Electrolux, a Swedish provider of household appliances, agreed to acquire

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2.0%1.7%

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Gift & HomeDécor

Food &Beverage

Apparel &Accessories

RecreationalProducts

Personal Care Home, Garden &Pet

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Target Acquiror Acquisition Synopsis

Food & Beverage •

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Groupe Lactalis, the world's largest dairy provider and holding company for cheese brands such as President and Sargento, acquired Stonyfield Farm for $875 million, representing an EV / Revenue multiple of approximately 2.4xDanone divested of Stonyfield, a provider of organic yogurt, to comply with the antitrust stipulations of its $10 billion acquisition of WhiteWave foods in April 2017

Gift & Home Décor •

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QVC Group (NasdaqGS: QVCA), a marketer of consumer products through television programs, agreed to acquire HSN, Inc. (NasdaqGS: HSNI) for $2.1 billion, representing an EV / EBITDA multiple of 9.2xHSN is a multi-channel retailer specializing in online and television channels

Apparel & Accessories

•

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Michael Kors Holdings Limited (NYSE: KORS), a provider of luxury apparel and accessories, has agreed to acquire Jimmy Choo PLC (LSE: CHOO) for $1.2 billion, representing an EV / EBITDA multiple of 15.2xJimmy Choo is a U.K.-based provider of shoes and accessories for men and women and was a subisidiary of JAB Holding Company

Recreational Products •

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Birch Hill Equity Partners, a private equity firm, agreed to acquire CCM Hockey, Inc. for $110 millionCCM is a provider of hockey equipment and was a subsidiary of Adidas AG (DB: ADS)

Personal Care•

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Church & Dwight Co. (NYSE: CHD), a provider of household and personal products, agreed to acquire Water Pik, Inc. for $1 billion, representing an EV / EBITDA multiple of 12.9xWater Pik manufactures and markets oral healthcare products

Home, Garden & Pet •

•Thermos LLC, a provider of insulated food and beverage containers, acquired Lifefactory, Inc.Lifefactory is a provider of bottles and reusable beverage containers, and received investments from Big Sky Partners, Greenhouse Capital Partners, Silas Capital, dCapital LLC, and FOFM LLC

Consumer Headline Transactions

LTM Gross & EBITDA Margins

Enterprise Value / LTM EBITDAEnterprise Value / LTM Revenue

Consumer MonthlyAugust 2017

Note: EBITDA Margins in green

LTM Revenue Growth

37.7% 39.0%

46.4%

38.7%

56.1%

36.5%

9.5%

18.4%

12.9% 11.5%

18.7%16.2%

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60.0%

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60.0%

Gift & HomeDécor

Food &Beverage



Personal Care Home, Garden& Pet

LTM EB

ITDA

Margin

LTM

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ss M

argi

n

0.7x

2.7x

1.2x 1.2x

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Gift & HomeDécor

Food &Beverage




EV /

LTM

Rev

enu

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8.0x

14.8x

10.2x 11.3x

14.2x 13.1x

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15.0x

20.0x

Gift & HomeDécor

Food &Beverage




EV /

LTM

EB

ITD

A

80%

90%

100%

110%

120%

130%

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

Shar

e Pr

ice

Inde

x

Recreational Products

Personal Care

Food & Beverage

Home, Garden & Pet

Gift & Home Décor

Apparel & Accessories

S&P 500

108%

103%

108%

114%

101%

103%

89%

New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360

Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200

Atlanta1230 Peachtree Street NESuite 550Atlanta, GA 30305 Tel: 404.995.6230

www.tmcapital.com

TM Capital’s Consumer Industry Contacts

David M. Felts

Managing Director [email protected]

404-995-6252

Craig M. Gibson


617-259-2204

James S. Grien


404-995-6235

Gift & Home Décor

Selected TM Capital Consumer Experience

Target Acquiror Transaction Description

JLB Brands Limited Movado Group, Inc. (NYSE: MOV)

Movado Group, a provider of luxury wristwatches, acquired JLB Brands, a provider of watches and fashion jewelry operating under the trade name Olivia Burton, for $78 million

O2 Partners, LLC Trilantic Capital Management LLC

Trilantic Capital, a private equity firm, agreed to acquire O2 Partners, a provider of foam insoles and lining for shoes and boots operating under the Ortholite brand; O2 Partners is a portfolio company of Blue Point Capital Partners


Aerobie, Inc. Swimways Corporation

Swimways, a provider of leisure and recreational water products and subsidiary of Spin Master Corp (TSX: TOY), acquired Aerobie, a provider of flying disc toys

Superior International Industries, Inc.

PlayCore Holdings, Inc.

PlayCore, a provider of playscapes and playground equipment, acquired Superior International Industries, a provider of playground and park structures and components

LTM Stock Price Index

Food & Beverage

Apparel & Accessories Recreational Products

Personal Care Home, Garden & PetTarget Acquiror Transaction Description

Mineral Fusion Natural Brands, LLC

BWX Limited (ASX:BWX)

BWX Limited, an Australian provider of hair and skin care products, acquired Mineral Fusion Natural Brands, a provider of mineral-based cosmetics, for $38.4 million; the Company was owned by North Castle Partners

Woodbury Products Inc.

Convatec Group Plc (LSE:CTEC)

Convatec Group, a UK-based provider of medical products, agreed to acquire WPI Holdings, a distributor of healthcare products doing business as Woodbury Products, for $120.5 million; Woodbury Products was a portfolio company of MTS Health Investors


Best S.p.A. AB Electrolux (OM:ELUX B)

Electrolux, a Swedish provider of household appliances, agreed to acquire Best S.p.A., an Italian provider of kitchen cooking hoods

Chemsyn Chemical Corporation

Citron Hygiene Canada Limited

Citron Hygiene, a provider of washroom hygiene chemicals and services, acquired Chemsyn Chemical Corporation, a provider of commercial warewash and laundry products


Albertville Quality Foods

OK Foods OK Foods, a subsidiary of Industrias Bachoco SAB (NYSE: IBA) and a provider of frozen chicken products, agreed to acquire Albertville Quality Foods, a provider of processed meats and portfolio company of H.I.G. Capital, for $140 million

Creekstone Farms Premium Beef, LLC

Marubeni Corporation (TSE: 8002)

Marubeni, a Japanese trading company, acquired Creekstone Farms Premium Beef, a producer and exporter of Black Angus beef and other high value meat products for $170 million; Creekstone Farms was a portfolio company of Sun Capital Partners

Selected Consumer Transactions


BK Home Furniture, LLC

M Design Village, LLC M Design Village, a provider of household furniture, acquired BK Home Furniture, a provider of home furnishings

Brintons Carpets Limited

Argand Partners, LLC Argand Partners, a private equity firm, acquired Brintons Carpets, a UK-based provider of carpets for residential and commercial markets; Brintons was a portfolio company of The Carlyle Group

Philip S. Krieger

Principal [email protected]

404-995-6242

Kevin Atchue

Vice President [email protected]

617-259-2209

Documents

Consumer Monthly August 2017 - TM Capital Corp.web.tmcapital.com/tmc/TMC_IMG/TMCC/consumer... · (OM:ELUX B) Electrolux, a Swedish provider of household appliances, agreed to acquire