Consumer Products and Retail Quarterly updatestock deal, representing an adjusted LTM EBITDA multiple of 16.5x. The resulting conglomerate is expected to produce about $11 billion

Consumer Products and RetailQuarterly update

Q2 2018

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com

Quarterly update | Q2 2018 | Consumer Products and Retail

www.investmentbanking.deloitte.com | Page 2

Consumer Products and Retail trends

Who we are

Deloitte Corporate Finance LLC is a leading global middle market M&A advisor. The firm’s professionals have extensive knowledge of and transaction experience in the Consumer Products and Retail space.

Contacts

Lorin DeMordauntManaging [email protected]+1 (704) 333-0591

Matt PreeceManaging [email protected]+1 (704) 731-7186

In the news

June 27, 20185,6,7 – Conagra Brands Inc. (Conagra) announced the acquisition of Pinnacle Foods Inc. (Pinnacle) for $8.2 billon in a cash and stock deal, representing an adjusted LTM EBITDA multiple of 16.5x. The resulting conglomerate is expected to produce about $11 billion in annual sales, positioning itself as the second-largest frozen-food business in the US behind Nestlé SA. The merger comes at a time when the frozen-foodsaisle has been a bright spot in an otherwise struggling packaged-foods industry and ConAgra management expects the combination of the two to result in approximately $215 million in annual synergies.

May 7, 20188,9 – Del Frisco’s Restaurant Group (Del Frisco’s) announced the acquisition of Barteca Restaurant Group, LLC (Barteca) from Rosser Capital Partners, General Atlantic LLC and others for $325 million in cash. The strategic move by Del Frisco’s to reach new customers and grow in scale adds a 20 year-old company in Barteca that features two brands, Bartaco and Barcelona. Specializing in small plates, atmosphere, and wine, the two brands are popular with young adults. While Bartecacurrently operates 15 Barcelona and 16 Bartaco locations, Del Frisco’s management expects that over time, they will be able to open 50 to 100 Barcelona restaurants as well as 200 to 300 Bartaco locations.

In this update

• Consumer trends

• Economic outlook

• Industry analysis

• Select M&A transactions

• Appendix

This update will focus on news and trends in the following areas:

• Beauty & Cosmetics

• Active Lifestyle & Apparel

• Food & Beverages

• Products & Durables

• Restaurant & FoodServices

• Specialty Retail

Voice ordering popularity4

While consumer products traditionally fought for consumers in brick-and-mortar stores, and, more recently, digital marketplaces, the popularity of voice ordering, or the ability to place orders using a voice command, is on the rise. As a result, consumer product companies are increasingly battling to gain ground within homes, targeting busy customers who have quickly adapted to voice ordering for the level of convenience and ease that it provides in their day-to-day lives.

Beauty landscape is changing1

When it comes to beauty and personal care products, overall sales are down by 1 percent and 2 percent, respectively. However, increased transparency at the consumer level has led to healthy growth in natural products and in the clean, simple ingredients categories. Additionally, consumers have knowledge of and improved access to a wider range of brands and options, leading companies to differentiate themselves through an increased variety of products. In the past five years, the number of colors available in facial cosmetics has grown 22 percent.

Blockchain technology usage3

Consumer goods companies are beginning to utilize blockchain technologies across the industry. Companies can use the technology in order to track products through the supply chain as well as to trace foods in order to help ensure that the ingredients are actually farm to table, certified organic, and/or humanely treated as they claim to be. As more companies begin to use this new technology, the consumer industry should become more efficient and have even more detailed and precise information at their fingertips.

Brand connection is key2

With an increased prevalence of consumers turning to online retailers, consumer connections with businesses have become crucial and increasingly challenging to develop. No longer are consumers only concerned with the surface level details of the product, but they are also searching for the background, mission, and values of the company behind the product. This has led many companies to allocate additional resources to the development and the branding of their story.


Macroeconomic and Consumer Products and Retail Sector Outlook


Macroeconomic and Consumer Products and Retail sector outlook

US Treasury yield curve2

(nominal vs. real)US gross domestic product1

US per capita disposable income5 Monthly total US retail sales6

US unemployment rate3 ISM non-manufacturing indexand consumer confidence index4

Initial jobless claims Unemployment rate (%)

55.0

65.0

75.0

85.0

95.0

105.0

115.0

125.0

135.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

62.0

64.0

Con

su

mer c

on

fid

en

ce

IS

M n

on

-man

ufa

ctu

rin

g

ISM Non-Manufacturing

200

250

300

350

400

450

500

550

600

4.0%

6.0%

8.0%

10.0%

Job

less c

laim

s (

thou

san

ds)

% u

nem

plo

yed

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

In

terest

rate

Real Yield (%) Nominal Yield (%)

$0.0

$5.0

$10.0

$15.0

$20.0

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

$ in

tril

lion

s

YoY

percen

t ch

an

ge

GDP ($ in Trillions) YoY % Growth (Adj. for Inflation)

$320.0

$330.0

$340.0

$350.0

$360.0

$370.0

$380.0

$390.0

$400.0

$410.0

$ in

billion

s

$40.0

$44.0

$32.0

$34.0

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$ in

th

ou

san

ds


(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

S&P 500 Index NASDAQ Composite Index Consumer Index

Consumer Products and Retail sector breakdown and trading statistics1

Public comparables three-year stock market performance2


*Consumer Index companies listed on pages 6 and 7 in the Appendix.

S&P 500 Index 23.81%

NASDAQ Composite Index 36.56%

Consumer Index* 7.30%

Last twelve months NTM

SectorNumber of

companies

% of 52

Week high

Median

revenue

CAGR (3 Yr)

Median LTM

EBITDA

($M)

Median

EBITDA

margin

Median

enterprise

value ($M)

EV/

Revenue

EV/

EBITDA

EV/

EBITDA

Beauty & cosmetics 12 77.2 % 3.7 % $833.1 15.4 % $8,980.5 1.9 x 12.5 x 11.5 x

Food & beverage 10 88.5 (0.9) 2,507.9 19.3 18,706.3 2.2 13.2 12.5

Home & garden 10 79.0 4.1 726.0 15.5 8,318.6 1.9 12.4 10.9

Restaurant & food services 18 90.5 3.2 377.8 13.0 3,712.0 1.6 12.8 10.8

Apparel & specialty retail 11 86.5 4.2 335.2 13.3 5,516.1 1.5 11.2 10.1

Consumer products index 61 87.2 % 3.5 % $495.7 15.0 % $5,560.9 1.8 x 12.2 x 11.1 x


Select recent Consumer Products and Retail M&A transactions1


Annual Consumer Products and Retail M&A transaction volume2

1,983

2,479

2,772

3,041 2,874

3,213 3,199

2,603

2,369

1,194

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2017

YTD

2018

YTD

Num

ber

of deals

Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M

1,075

Announce date Target/acquiror Target business description

Enterprise

value

("EV")

Jul-18Spice World, Inc.

Palladium Equity partners, LLC

Spice World, Inc. produces and supplies garlic, shallots, ginger, and

specialty spices. It serves supermarkets in the United States. N/A N/A

Jun-18Pinnacle Foods Inc.

Conagra Brands, Inc.

Pinnacle Foods Inc. manufactures, markets, and distributes branded

convenience food products in North America. It operates through

four segments: Frozen, Grocery, Boulder, and Specialty.

$10,904.1 16.5 x

Jun-18Chobani, LLC

Healthcare of Ontario Pension Plan Chobani, LLC produces and markets Greek yogurt. N/A N/A

Jun-18Varsity Brands, Inc.

Bain Capital Private Equity, LP

Varsity Brands, Inc. manufactures cheerleading uniforms and school

spirit merchandise. 2,500.0 N/A

Jun-18Geoffrey Beene, LLC

PVH Corp.

Geoffrey Beene, LLC manufactures and sells apparel and

accessories for women and men.N/A N/A

Jun-18

Sara Lee Frozen Bakery & Van's Businesses of

Tyson Food Inc.

Kohlberg & Company, L.L.C.

Sara Lee Frozen Bakery & Van's Businesses of Tyson Foods Inc.

comprises food restaurant brands. The asset is located in the United

States.

N/A N/A

May-18

Marketing and Distribution Rights of Various

Brands of Starbucks Corporation

Nestlé S.A.

Marketing and Distribution Rights of Various Brands of Starbucks

Corporation comprises marketing and distribution rights of various

brands of food products.

7,150.0 N/A

May-18Barteca Resturant Group, LLC

Del Frisco's Resturant Group, Inc.

Barteca Restaurant Group, LLC operates a chain of restaurants

under the name Barcelona Wine Bar & Restaurant.325.0 10.3

May-18Tate's Bake Shop, Inc.

Mondelez International, Inc.

Tate's Bake Shop, Inc. produces baking products. Its products

include cookies, cookie and bar towers, gift baskets, gluten-free

desserts, bars and brownies, pies and cakes, breakfast treats, and

cookbooks and accessories.

500.0 N/A

Apr-18Old Orchard Brands, LLC

Lassonde Industries Inc.

Old Orchard Brands, LLC produces fruit juices. It offers bottled

juices, fruit juice concentrates, and frozen juice concentrates. 158.9 10.1

Apr-18Ainsworth Pet Nutrition Parent, LLC

NU Pet Company

Ainsworth Pet Nutrition Parent, LLC manufactures and distributes

healthy pet foods and treats.1,900.0 N/A

EV/

EBITDA


Appendix

Consumer Products and Retail trading multiples1


Historical Last twelve months NTM

Company (ticker)

% of 52

Week high LTM revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

margin

Enterprise

value ("EV")

EV/

EBITDA

EV/

EBITDA

($ in millions)

Beauty & cosmetics (12)

Avon Products, Inc. (NYSE:AVP) 42.2 % $5,776.0 (6.3) % $432.2 7.5 % $1,852.3 0.3 x 4.3 x 4.0 x

Coty Inc. (NYSE:COTY) 63.9 9,339.9 28.4 1,225.6 13.1 17,803.7 1.9 14.5 11.6

L'Occitane International S.A. (SEHK:973) 70.0 1,625.4 3.9 252.2 15.5 2,079.7 1.3 8.2 7.9

L'Oréal S.A. (ENXTPA:OR) 98.7 31,248.4 4.9 6,973.6 22.3 134,913.5 4.3 19.3 19.1

Nu Skin Enterprises, Inc. (NYSE:NUS) 92.9 2,396.2 (0.6) 360.1 15.0 4,377.5 1.8 12.2 11.0

Oriflame Holding AG (OM:ORI) 63.7 1,667.9 2.8 229.5 13.8 1,765.6 1.1 7.7 7.2

Revlon, Inc. (NYSE:REV) 62.4 2,659.5 11.7 150.9 5.7 3,790.8 1.4 25.1 13.3

Sally Beauty Holdings, Inc. (NYSE:SBH) 72.1 3,942.5 1.3 600.4 15.2 3,663.0 0.9 6.1 6.3

The Estée Lauder Companies Inc. (NYSE:EL) 90.1 13,282.0 6.5 2,834.0 21.3 53,661.9 4.0 18.9 17.6

The Procter & Gamble Company (NYSE:PG) 83.0 66,408.0 (3.5) 18,033.0 27.2 217,412.5 3.3 12.1 12.4

Ulta Beauty, Inc. (NasdaqGS:ULTA) 82.2 6,113.3 21.7 1,065.8 17.4 13,583.5 2.2 12.7 11.4

Unilever PLC (LSE:ULVR) 92.6 64,499.3 3.5 11,977.7 18.6 173,613.2 2.7 14.5 13.7

Median 77.2 % 3.7 % $833.1 15.4 % $8,980.5 1.9 x 12.5 x 11.5 x

Mean 76.2 % 6.2 % $3,677.9 16.1 % $52,376.4 2.1 x 13.0 x 11.3 x

Food & beverage (10)

Conagra Brands, Inc. (NYSE:CAG) 88.7 % $7,938.3 (4.2) % $1,500.0 18.9 % $17,362.9 2.2 x 11.6 x 11.7 x

General Mills, Inc. (NYSE:GIS) 71.9 15,740.4 (3.7) 3,340.3 21.2 41,320.1 2.6 12.4 11.5

Hormel Foods Corporation (NYSE:HRL) 96.7 9,361.8 (0.5) 1,317.0 14.1 20,049.6 2.1 15.2 14.0

Mondelez International, Inc. (NasdaqGS:MDLZ) 88.2 26,247.0 (7.7) 4,945.0 18.8 98.0 0.0 0.0 0.0

Nestlé S.A. (SWX:NESN) 91.2 92,473.5 (0.6) 18,192.8 19.7 261,026.9 2.8 14.3 13.6

PepsiCo, Inc. (NasdaqGS:PEP) 88.9 64,038.0 (1.1) 12,669.0 19.8 177,338.9 2.8 14.0 13.2

The Coca-Cola Company (NYSE:KO) 91.0 33,918.0 (9.7) 10,908.0 32.2 215,894.1 6.4 19.8 18.9

The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 65.4 2,950.7 4.7 259.0 8.8 3,865.1 1.3 14.9 14.4

The J. M. Smucker Company (NYSE:SJM) 79.7 7,357.1 8.9 1,675.4 22.8 16,706.5 2.3 10.0 9.6

TreeHouse Foods, Inc. (NYSE:THS) 60.3 6,252.1 26.2 548.6 8.8 5,350.3 0.9 9.8 9.6

Median 88.5 % (0.9) % $2,507.9 19.3 % $18,706.3 2.2 x 13.2 x 12.5 x

Mean 82.2 % 1.2 % $5,535.5 18.5 % $75,901.2 2.3 x 12.2 x 11.7 x

Home & garden (10)

Central Garden & Pet Company (NasdaqGS:CENT) 98.6 % $2,120.2 9.4 % $207.6 9.8 % $2,843.8 1.3 x 13.7 x 12.5 x

Helen of Troy Limited (NasdaqGS:HELE) 96.0 1,489.7 1.0 223.7 15.0 2,869.8 1.9 12.8 11.8

iRobot Corporation (NasdaqGS:IRBT) 69.6 932.5 18.5 105.7 11.3 1,939.0 2.1 18.3 13.8

Newell Brands Inc. (NYSE:NWL) 48.4 14,493.3 35.9 1,974.3 13.6 23,449.2 1.6 11.9 9.5

Snap-on Incorporated (NYSE:SNA) 86.7 4,054.9 4.6 1,018.9 25.1 10,097.4 2.5 9.9 9.4

Stanley Black & Decker, Inc. (NYSE:SWK) 75.2 13,100.2 4.9 2,107.1 16.1 24,320.3 1.9 11.5 10.0

The Clorox Company (NYSE:CLX) 88.3 6,080.0 2.8 1,251.0 20.6 18,881.0 3.1 15.1 13.8

The Toro Company (NYSE:TTC) 82.8 2,540.1 3.6 433.0 17.0 6,539.8 2.6 15.1 13.8

Tupperware Brands Corporation (NYSE:TUP) 57.9 2,243.6 (3.9) 402.7 17.9 2,775.8 1.2 6.9 6.5

Whirlpool Corporation (NYSE:WHR) 73.7 21,378.0 1.6 2,009.0 9.4 14,375.5 0.7 7.2 6.3

Median 79.0 % 4.1 % $726.0 15.5 % $8,318.6 1.9 x 12.4 x 10.9 x

Mean 77.7 % 7.9 % $973.3 15.6 % $10,809.2 1.9 x 12.2 x 10.7 x

EV/

Revenue


Consumer Products and Retail trading multiples (cont.)1


Historical Last twelve months NTM

Company (ticker)

% of 52

Week high LTM revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

margin

Enterprise

value ("EV")

EV/

EBITDA

EV/

EBITDA

($ in millions)

Restaurant & food services (18)

Aramark (NYSE:ARMK) 81.0 % $15,151.8 0.6 % $1,312.1 8.7 % $16,834.4 1.1 x 12.8 x 9.7 x

Bloomin' Brands, Inc. (NasdaqGS:BLMN) 76.4 4,175.1 (2.4) 370.6 8.9 2,808.5 0.7 7.6 7.0

Brinker International, Inc. (NYSE:EAT) 87.7 3,129.0 1.4 422.5 13.5 3,437.8 1.1 8.1 8.3

Chipotle Mexican Grill, Inc. (NYSE:CMG) 93.0 4,556.0 2.0 476.0 10.4 11,730.1 2.6 24.6 20.7

Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 59.3 12,452.9 14.4 96.0 0.8 1,476.5 0.1 15.4 9.2

Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 87.5 2,962.8 1.7 385.0 13.0 3,986.1 1.3 10.4 9.8

Darden Restaurants, Inc. (NYSE:DRI) 98.7 8,080.1 6.1 1,083.3 13.4 14,188.5 1.8 13.1 12.2

Dine Brands Global, Inc. (NYSE:DIN) 88.9 601.5 (3.2) 203.0 33.8 2,605.8 4.3 12.8 11.6

Domino's Pizza, Inc. (NYSE:DPZ) 95.5 2,949.1 13.0 565.8 19.2 14,974.2 5.1 26.5 21.9

Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 97.5 865.5 4.3 479.1 55.4 8,438.1 9.7 17.6 18.1

Jack in the Box Inc. (NasdaqGS:JACK) 78.4 1,439.1 (1.8) 320.5 22.3 3,360.8 2.3 10.5 12.8

Recipe Unlimited Corporation (TSX:RECP) 92.2 638.4 42.2 150.3 23.5 1,708.0 2.7 11.4 10.0

SpartanNash Company (NasdaqGS:SPTN) 92.2 8,159.5 1.1 213.9 2.6 1,656.4 0.2 7.7 7.1

Sysco Corporation (NYSE:SYY) 99.3 57,832.5 6.0 3,107.4 5.4 43,918.3 0.8 14.1 12.8

Texas Roadhouse, Inc. (NasdaqGS:TXRH) 94.2 2,279.6 11.5 298.2 13.1 4,525.4 2.0 15.2 13.9

The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 92.5 2,287.8 4.4 243.9 10.7 2,560.5 1.1 10.5 10.1

United Natural Foods, Inc. (NasdaqGS:UNFI) 82.3 9,975.5 8.1 341.4 3.4 2,647.3 0.3 7.8 7.5

YUM! Brands, Inc. (NYSE:YUM) 88.7 5,832.0 (23.8) 1,982.0 34.0 33,724.0 5.8 17.0 17.2

Median 90.5 % 3.2 % $377.8 13.0 % $3,712.0 1.6 x 12.8 x 10.8 x

Mean 88.1 % 4.8 % $669.5 16.2 % $9,698.9 2.4 x 13.5 x 12.2 x

Apparel & specialty retail (11)

Carter's, Inc. (NYSE:CRI) 84.6 % $3,423.4 5.4 % $495.7 14.5 % $5,560.9 1.6 x 11.2 x 11.1 x

Columbia Sportswear Company (NasdaqGS:COLM) 95.8 2,529.6 5.5 % 335.2 13.3 5,516.1 2.2 16.5 14.7

G-III Apparel Group, Ltd. (NasdaqGS:GIII) 84.5 2,889.6 9.8 % 228.5 7.9 2,504.8 0.9 11.0 10.1

Guess?, Inc. (NYSE:GES) 82.6 2,430.7 0.8 % 162.0 6.7 1,556.5 0.6 9.6 7.8

Hanesbrands Inc. (NYSE:HBI) 85.8 6,562.6 6.2 % 1,050.2 16.0 12,105.6 1.8 11.5 10.8

Iconix Brand Group, Inc. (NasdaqGS:ICON) 8.9 215.7 (16.9) % 107.4 49.8 747.7 3.5 7.0 7.4

Oxford Industries, Inc. (NYSE:OXM) 89.4 1,086.5 5.0 % 129.8 12.0 1,482.5 1.4 11.4 10.0

Perry Ellis International, Inc. (NasdaqGS:PERY) 100.0 888.0 (0.4) % 54.3 6.1 539.2 0.6 9.9 9.2

PVH Corp. (NYSE:PVH) 87.2 9,240.4 4.2 % 1,119.8 12.1 14,207.0 1.5 12.7 10.8

Ralph Lauren Corporation (NYSE:RL) 86.5 6,182.3 (6.7) % 944.9 15.3 9,167.2 1.5 9.7 9.5

V.F. Corporation (NYSE:VFC) 95.5 12,356.3 0.3 % 1,886.5 15.3 35,124.7 2.8 18.6 16.6

Median 86.5 % 4.2 % $335.2 13.3 % $5,516.1 1.5 x 11.2 x 10.1 x

Mean 81.9 % 1.2 % $592.2 15.3 % $8,046.6 1.7 x 11.7 x 10.7 x

EV/

Revenue


Recent Consumer Products and Retail M&A transactions1


Target/acquiror Close date

LTM

revenue

LTM

EBITDA

EBITDA

margin

Enterprise

value ("EV")

EV/

Revenue

EV/

EBITDA

($ in Millions)

Spice World, Inc. Pending N/A N/A N/A % N/A N/A x N/A x

Palladium Equity Partners, LLC

Pinnacle Foods Inc. Pending 3,156.8 659.7 20.9 10,904.1 3.5 16.5

Conagra Brands, Inc.

Zipfizz Corporation Pending 54.1 N/A N/A 80.0 1.5 N/A

KUC Holding

Marketing and Distribution Rights of Various Brands of Starbucks Corp. Pending N/A N/A N/A 7,150.0 N/A N/A

Nestlé S.A.

Varsity Brands, Inc. Pending N/A N/A N/A N/A N/A N/A

Bain Capital Private Equity, LP

Sara Lee Frozen Bakery & Van's Businesses of Tyson Foods Inc. Pending N/A N/A N/A N/A N/A N/A

Kohlberg & Company, L.L.C.

Bare Foods Co. Pending N/A N/A N/A N/A N/A N/A

Frito-Lay North America, Inc.

Nine West and Bandolino Footwear and Handbag Business Pending N/A N/A N/A N/A N/A N/A

Authentic Brands Group LLC

Tilted Kilt Pub And Eatery LLC Pending N/A N/A N/A N/A N/A N/A

ARC Group

New Milani Group, Inc. Pending N/A N/A N/A N/A N/A N/A

Gryphon Investors Inc

Good Eats Food Co. Pending N/A N/A N/A N/A N/A N/A

Lakeside Foods Inc.

Chobani, LLC Jun-18 N/A N/A N/A N/A N/A N/A

Healthcare of Ontario Pension Plan

Barteca Restaurant Group, LLC Jun-18 127.9 31.7 N/A 325.0 2.5 10.3

Del Frisco's Restaurant Group, Inc.

Relish Labs LLC Jun-18 250.0 N/A N/A 700.0 2.8 N/A

The Kroger Co.

Geoffrey Beene, LLC Jun-18 N/A N/A N/A N/A N/A N/A

PVH Corp.

b8ta, Inc. Jun-18 N/A N/A N/A N/A N/A N/A

Macy's, Inc.

Tate's Bake Shop, Inc. Jun-18 N/A N/A N/A 500.0 N/A N/A

Mondelez International, Inc.

Tecumseh Poultry, LLC Jun-18 N/A N/A N/A N/A N/A N/A

Tyson Foods, Inc.

Flip Flop Shops Inc. Jun-18 N/A N/A N/A N/A N/A N/A

Bearpaw Holdings, LLC

Top Shelf Beverages, Inc. Jun-18 N/A N/A N/A N/A N/A N/A

Tenth and Blake Beer Company

New England Confectionery Company, Inc. May-18 50.6 N/A N/A 17.3 0.3 N/A

Round Hill Investments, LLC

Old Orchard Brands, LLC May-18 103.3 15.8 N/A 158.9 1.5 10.1

Lassonde Industries Inc.

Pulp Riot May-18 11.0 N/A N/A N/A N/A N/A

L'Oréal S.A.

Ainsworth Pet Nutrition Parent, LLC May-18 N/A N/A N/A 1,900.0 N/A N/A

NU Pet Company

Vornado Air, LLC May-18 N/A N/A N/A N/A N/A N/A

MerchSource, LLC

Median 20.9 % 2.0 x 10.3 x

Mean 20.9 % 2.0 x 12.3 x

Last twelve months


Select Deloitte Corporate Finance Consumer transactions


Hearthside Food Solutions

has been acquired by

Kar Nut Products Company

has completed a recapitalization

The undersigned acted as exclusive financial advisor to Spice World, Inc.

has been acquired

Deloitte Corporate Finance LLC

Spice World, Inc.


Sources cited

Page 2:

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http://www.nielsen.com/us/en/insights/news/2018/the-three-systemic-shifts-shaping-the-us-beauty-landscape.print.html,

accessed August 13, 2018.

2. “The CPG Industry Trends of 2018 That Brands and Retailers Must Prepare For.” Shopkick Insights.

https://www.shopkick.com/partners/blog/the-cpg-industry-trends-of-2018-that-brands-and-retailers-must-prepare-for/,

accessed August 13, 2018.

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watch-2018 , accessed August 13, 2018.

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Page 3:

1. U.S. Bureau of Economic Analysis. July 3, 2018. Data as of July 3, 2018.

2. U.S. Department of the Treasury. July 3, 2018. Data as of July 3, 2018.

3. Bureau of Labor Statistics. July 3, 2018. Data as of July, 3 2018.


5. IBISWorld. July 3, 2018. Data as of March 31, 2018.

6. U.S. Census. July 16, 2018. Data as of July 16, 2018.

Page 4:



Page 5:


2. S&P Capital IQ. July 3, 2018. Data as of June 30, 2018.

Page 6:


Page 7:


Page 8:




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Consumer Products and Retail Quarterly updatestock deal, representing an adjusted LTM EBITDA multiple of 16.5x. The resulting conglomerate is expected to produce about $11 billion