Consumer Products Quarterly Update - Deloitte...across North America, announced its acquisition of Bai Brands LLC (“Bai”) for $1.7 billion. Bai produces fruity, antioxidant-infused

Consumer Products Quarterly Update

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

Q4 2016

Quarterly Update | Q4 2016 | Consumer Products

New business models focused on creating customized, individual units are disrupting tried-and-true mass production. According to a recent Deloitte study, approximately 42% of consumers are interested in technology to customize

products. One popular example of these new direct-to-consumer relationships is additive food manufacturing, or the process of 3D printing using edible materials.

www.investmentbanking.deloitte.com | Page 2

Consumer Products 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 space.

Contacts

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

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

In the News

November 22, 20163 – Dr Pepper Snapple Group, Inc. (“Dr Pepper”), producer and supplier of packaged beverages across North America, announced its acquisition of Bai Brands LLC (“Bai”) for $1.7 billion. Bai produces fruity, antioxidant-infused beverages, targeting healthy consumers. In regards to the transaction, Larry Young, chief executive officer of Dr Pepper, stated, “In a relatively short time, Bai has carved out a leadership position in the enhanced water category and has now extended

that success into other fast-growing and profitable categories.”

October 12, 20164 – Stanley Black & Decker Inc. (“Stanley”), U.S.-based provider of tools, storage, security, and industrial products, announced its acquisition of Newell Brands Inc.’s (“Newell Brands”) tools business for $2.0 billion. Newell Brands is a designer and distributor of consumer and commercial products worldwide. The sale of the tools division will allow Newell Brands to focus on new categories, in areas such as home fragrances and outdoor products, to drive growth and increase margins.

In This Update

• Consumer Products Trends

• Economic Outlook

• Industry Analysis

• Select M&A Transactions

• Appendix

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

• Beauty & Cosmetics

• Food & Beverages

• Products & Durables

• Restaurant & Food Services

• Specialty Retail

Product Customization1 Enabling Technology1

Premium Pet Care2Online Retail1

Online CPG sales are projected to increase to $36 billion by 2018, up from $8 billion in 2013. Understanding how CPG companies can operate in this channel successfully will continue to be crucial in 2017.

For example, food and beverage companies are currently developing solutions to simplify the logistics of selling and delivering perishable items through the internet.

CPG companies increasingly connect with and trace consumers using digital technologies, cloud, and in-memory computing, allowing companies to quickly collect and analyze large amounts of data, producing

meaningful consumer insights. Approximately $0.56 of every dollar spent in stores is influenced by a consumer’s digital interaction across

multiple devices.

Approximately 95% of pet owners in the U.S. consider their pets to be a part of the family. This trend directly translates to a demand for premium pet food and products, even if it means cutting back on discretionary items. Large conglomerates are

expanding into the pet care space through M&A activity, hoping to benefit from pet owners’ desires for GMO-free, nutrient-rich, and natural pet food products.


Macroeconomic and Consumer Products Sector Outlook

U.S. Treasury Yield Curve2

(Nominal vs. Real)U.S. Gross Domestic Product1


U.S. Per Capita Disposable Income5 Monthly Total U.S. Retail Sales6

$38.4

$44.0

$32.0

$34.0

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$ in

Th

ou

san

ds

U.S. Unemployment Rate3 ISM Non-Manufacturing Indexand Consumer Confidence Index4

55.0

65.0

75.0

85.0

95.0

105.0

115.0

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 Consumer Confidence

*An ISM Non-Manufacturing Index value above 50 signals economic expansion.

$300.0

$310.0

$320.0

$330.0

$340.0

$350.0

$360.0

$370.0

$380.0

$ in

Billion

s

Mean: $346.1

200

250

300

350

400

450

500

550

600

4.0%

6.0%

8.0%

10.0%

Job

less C

laim

s (

Th

ou

san

ds)

% U

nem

plo

yed

Initial Jobless Claims Unemployment Rate (%)

$0

$5

$10

$15

$20

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

$ in

Tril

lion

s

YoY

Percen

t C

han

ge

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

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

In

terest

Rate

Real Yield (%) Nominal Yield (%)


Consumer Products Sector Breakdown & Trading Statistics1

Public Comparables Three-Year Stock Market Performance2


Footnote:(1) Data as of December 31st, 2016.

Footnote:(1) Consumer Index companies listed on pages 6 and 7 in the Appendix.

S&P 500 Index 21.13%

NASDAQ Composite Index 28.89%

Consumer Index1 9.38%

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

S&P 500 Index NASDAQ Composite Index Consumer Index

Last Twelve Months NTM

Sector

(Number of Companies

Included)

Number of

Companies

% of 52

Week High

Median

Revenue

CAGR (3 Yr)

Median LTM

EBITDA

($M)

Median

EBITDA

Margin

Median EV

($M)

EV/

Revenue

EV/

EBITDA

EV/

EBITDA

Beauty & Cosmetics (12) 12 75.4 % 1.8 % $673.6 16.4 % $10,707.3 2.2 x 13.5 x 11.5 x

Food & Beverages (11) 11 83.7 (1.0) 1,826.1 16.3 20,481.9 2.7 13.4 13.0

Products & Durables (10) 10 93.6 4.2 651.9 16.6 8,707.3 2.1 13.2 11.2

Restaurant & Food Services (19) 19 90.2 4.8 334.6 13.3 3,760.9 1.4 10.9 9.6

Specialty Retail (11) 11 75.4 3.5 304.9 13.9 3,745.7 1.2 9.7 9.3

Consumer Products Index 63 83.7 % 3.5 % $651.9 16.3 % $8,707.3 2.1 x 13.2 x 11.2 x


Announce Date Target/Acquiror Target Business DescriptionEnterprise

Value ("EV")

Dec-16 Allen Edmonds

Caleres

Designs and manufactures footwear, clothing, and accessories for

men.

$255.0 NA x

Nov-16 Bai Brands

Mott's (Dr Pepper Snapple Group, Inc.)

Produces antioxidant infused drinks. 1,700.0 NA

Nov-16 Bellisio Foods

Charoen Pokphand Foods

Manufactures and markets frozen food products. 1,075.0 NA

Nov-16 Harman International Industries, Inc.

Samsung Electonics America, Inc.

Designs and engineers connected products and solutions for

automakers, consumers, and enterprises worldwide.

8,854.4 10.4

Nov-16 Peacock Foods

Greencore Group

Manufactures and markets ambient, chilled, and frozen food

products.

747.5 15.8

Nov-16 Too Faced Cosmetics

The Estée Lauder Companies

Manufactures cosmetic products for women. 1,450.0 NA

Nov-16 JemPak GK Inc.

Acasta Enterprises Inc.

Develops, manufactures, and distributes laundry care and

household cleaning products.

94.3 12.4

Nov-16 Moran Foods

Onex Corporation

Grocery wholesaler and retailer in the United States. 21.0 8.5

Oct-16 Newell Brands, Inc., Tool Businesses

Stanley Black & Decker, Inc.

Comprises cutting, hand tool, and power tool accessories. 1,950.0 13.0

Oct-16 Glacier Water Services, Inc.

Primo Water Corporation

Owns and operates self-service water vending machines that

dispense filtered drinking water to the consumers in the United

States and Canada.

249.6 11.1

Oct-16 Red Lobster

Thai Union Group Public Company Limited

Owns and operates a chain of restaurants and Red Lobster

consumer packaged goods business.

1,265.0 8.8

Oct-16 Cabela's

Bass Pro Shops

Operates as a specialty retailer and direct marketer of hunting,

fishing, camping, and related outdoor merchandise.

9,343.0 19.9

EV/

EBITDA

2,397

1,983

2,479

2,772

3,041 2,874

3,213 3,199

2,474

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2008(A) 2009(A) 2010(A) 2011(A) 2012(A) 2013(A) 2014(A) 2015(A) 2016(A)

Nu

mb

er o

f D

eals

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

Select Recent Consumer Products M&A Transactions1

Annual Consumer Products M&A Transaction Volume2



Appendix

Public Comparables Analysis1


Historical Last Twelve Months

Company (Ticker)

% of 52

Week High

LTM

Revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

Margin

Enterprise

Value ("EV")($ in Millions)

Beauty & Cosmetics (12)

Avon Products Inc. (NYSE:AVP) 79.3 % $5,632.8 (17.5) % $468.8 8.3 % $4,304.1 0.8 x 9.2 x 8.4 x

Coty Inc. (NYSE:COTY) 59.2 4,317.0 (2.2) 748.0 17.3 18,068.6 4.2 24.2 7.5

L'Occitane International S.A. (SEHK:973) 86.9 1,364.9 7.4 226.2 16.6 2,473.0 1.8 10.9 9.3

L'Oreal SA (ENXTPA:OR) 96.0 26,853.0 3.9 5,588.1 20.8 101,770.7 3.8 18.2 16.5

Nu Skin Enterprises Inc. (NYSE:NUS) 77.8 2,248.7 (5.6) 336.1 14.9 2,693.1 1.2 8.0 9.8

Oriflame Holding AG (OM:ORI) 80.2 1,307.8 (5.2) 145.2 11.1 1,766.6 1.4 12.2 11.5

The Procter & Gamble Company (NYSE:PG) 93.0 65,290.0 (7.3) 17,517.0 26.8 243,582.1 3.7 13.9 14.6

Revlon, Inc. (NYSE:REV) 84.6 2,055.2 14.6 334.1 16.3 4,352.2 2.1 13.0 N/A

Sally Beauty Holdings Inc. (NYSE:SBH) 78.3 3,952.6 3.0 599.3 15.2 5,390.0 1.4 9.0 8.7

The Estée Lauder Companies Inc. (NYSE:EL) 80.8 11,292.3 3.1 2,150.5 19.0 30,186.9 2.7 14.0 14.1

ULTA Salon, Cosmetics & Fragrance, Inc. (NasdaqGS:ULTA) 93.8 4,542.5 21.0 797.1 17.5 16,024.5 3.5 20.1 16.2

Unilever PLC (LSE:ULVR) 89.4 55,717.6 0.7 9,088.4 16.3 129,742.5 2.3 14.3 13.8

Median 82.7 % $4,429.7 1.8 % $673.6 16.4 % $10,707.3 2.2 x 13.5 x 11.5 x

Mean 83.3 % $15,381.2 1.3 % $3,166.6 16.7 % $46,696.2 2.4 x 13.9 x 11.9 x

Food & Beverages (11)

The Coca-Cola Company (NYSE:KO) 86.7 % $42,454.0 (3.5) % $11,692.0 27.5 % $198,286.8 4.7 x 17.0 x 17.5 x

ConAgra Foods, Inc. (NYSE:CAG) 78.8 11,215.1 (11.8) 1,826.1 16.3 18,849.6 1.7 10.3 12.5

General Mills, Inc. (NYSE:GIS) 83.7 15,950.3 (4.1) 3,383.3 21.2 45,235.6 2.8 13.4 12.6

Hormel Foods Corporation (NYSE:HRL) 77.7 9,523.2 2.9 1,418.2 14.9 18,626.5 2.0 13.1 13.4

Mondelez International, Inc. (NasdaqGS:MDLZ) 96.1 26,517.0 (9.1) 4,317.0 16.3 84,374.8 3.2 19.5 16.3

Nestlé S.A. (SWX:NESN) 92.5 88,077.1 (1.0) 16,904.2 19.2 242,198.5 2.7 14.3 14.4

Pepsico, Inc. (NYSE:PEP) 91.5 61,869.0 (2.3) 12,084.0 19.5 166,435.3 2.7 13.8 N/A

The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 70.0 2,887.8 21.2 370.1 12.8 4,919.6 1.7 13.3 11.0

The J. M. Smucker Company (NYSE:SJM) 83.3 7,511.2 8.9 1,686.0 22.4 20,481.9 2.7 12.1 11.9

The WhiteWave Foods Company (NYSE:WWAV) 97.6 4,170.6 19.1 538.9 12.9 11,904.5 2.9 22.1 18.7

Treehouse Foods, Inc. (NYSE:THS) 68.3 5,263.8 33.2 531.8 10.1 6,898.0 1.3 13.0 10.7

Median 83.7 % $11,215.1 (1.0) % $1,826.1 16.3 % $20,481.9 2.7 x 13.4 x 13.0 x

Mean 84.2 % $25,039.9 4.9 % $4,977.4 17.6 % $74,382.8 2.6 x 14.7 x 13.9 x

Products & Durables (10)

Central Garden & Pet Company (NasdaqGS:CENT) 93.0 % $1,829.0 3.4 % $174.6 9.5 % $1,875.7 1.0 x 10.7 x 9.5 x

Helen of Troy Limited (NasdaqGS:HELE) 86.8 1,546.2 5.1 214.2 13.9 3,035.0 2.0 14.2 12.0

iRobot Corporation (NasdaqGS:IRBT) 97.3 654.5 12.3 77.1 11.8 1,404.1 2.1 18.2 10.7

Newell Brands Inc. (NYSE:NWL) 84.8 10,688.9 24.1 1,780.5 16.7 34,817.7 3.3 19.6 13.2

Snap-on Incorporated (NYSE:SNA) 99.2 3,392.3 4.7 905.4 26.7 11,074.8 3.3 12.2 9.7

Stanley Black & Decker, Inc. (NYSE:SWK) 94.2 11,331.9 1.8 1,881.2 16.6 21,627.1 1.9 11.5 11.7

The Clorox Company (NYSE:CLX) 85.1 5,814.0 1.1 1,198.0 20.6 17,387.7 3.0 14.5 13.9

The Toro Company (NYSE:TTC) 99.4 2,392.2 5.4 398.5 16.7 6,339.8 2.7 15.9 12.4

Tupperware Brands Corporation (NYSE:TUP) 81.8 2,204.3 (6.1) 372.0 16.9 3,474.5 1.6 9.3 9.7

Whirlpool Corp. (NYSE:WHR) 95.2 20,622.0 3.7 2,176.0 10.6 19,204.7 0.9 8.8 6.6

Median 93.6 % $2,892.2 4.2 % $651.9 16.6 % $8,707.3 2.1 x 13.2 x 11.2 x

Mean 91.7 % $6,047.5 5.6 % $917.8 16.0 % $12,024.1 2.2 x 13.5 x 10.9 x

NTM

EV/

Revenue

EV/

EBITDA

EV/

EBITDA


Public Comparables Analysis1 (Cont.)


Historical Last Twelve Months

Company (Ticker)

% of 52

Week High

LTM

Revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

Margin

Enterprise

Value ("EV")

($ in Millions)

Restaurant & Food Services (19)

Aramark (NYSE:ARMK) 88.5 % $14,415.8 1.1 % $1,242.7 8.6 % $13,499.9 0.9 x 10.9 x 10.1 x

Bloomin' Brands, Inc. (NasdaqGS:BLMN) 86.8 4,271.6 1.8 430.4 10.1 3,006.6 0.7 7.0 6.8

Brinker International, Inc. (NYSE:EAT) 84.7 3,253.4 4.5 480.3 14.8 3,760.9 1.2 7.8 8.3

Buffalo Wild Wings Inc. (NasdaqGS:BWLD) 85.7 1,982.8 17.3 307.6 15.5 2,817.1 1.4 9.2 8.1

Cara Operations Limited (TSX:CAO) 77.6 281.2 0.0 94.4 33.6 1,430.1 5.1 15.1 9.6

Chipotle Mexican Grill, Inc. (NYSE:CMG) 75.7 3,867.3 8.0 277.6 7.2 11,532.1 3.0 41.5 23.3

Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 85.8 10,734.5 12.9 129.3 1.2 2,274.6 0.2 17.6 11.5

Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 90.2 2,919.7 3.1 371.0 12.7 4,084.4 1.4 11.0 8.9

Darden Restaurants, Inc. (NYSE:DRI) 92.4 6,994.6 12.3 930.2 13.3 9,433.7 1.3 10.1 7.9

DineEquity, Inc. (NYSE:DIN) 76.5 641.5 0.5 262.2 40.9 2,668.7 4.2 10.2 10.1

Domino's Pizza, Inc. (NYSE:DPZ) 96.8 2,394.4 10.5 468.8 19.6 10,237.6 4.3 21.8 18.7

Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 92.4 764.8 5.7 422.8 55.3 6,924.6 9.1 16.4 14.6

Jack in the Box Inc. (NasdaqGS:JACK) 95.3 1,599.3 2.4 334.6 20.9 4,467.9 2.8 13.4 11.1

SpartanNash Company (NasdaqGS:SPTN) 97.9 7,674.4 0.0 226.7 3.0 1,950.3 0.3 8.6 6.4

Sysco Corporation (NYSE:SYY) 96.3 51,773.0 4.8 2,807.1 5.4 37,241.3 0.7 13.3 10.3

Texas Roadhouse, Inc. (NasdaqGS:TXRH) 93.0 1,960.4 13.1 261.9 13.4 3,290.3 1.7 12.6 9.5

The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 93.8 2,199.4 5.6 279.1 12.7 2,783.2 1.3 10.0 7.9

United Natural Foods, Inc. (NasdaqGS:UNFI) 90.9 8,672.0 11.5 304.0 3.5 2,982.7 0.3 9.8 7.9

Yum! Brands, Inc. (NYSE:YUM) 70.3 12,894.0 (0.4) 2,995.0 23.2 30,085.6 2.3 10.0 12.5

Median 90.2 % $3,253.4 4.8 % $334.6 13.3 % $3,760.9 1.4 x 10.9 x 9.6 x

Mean 87.9 % $7,331.3 6.0 % $664.5 16.6 % $8,130.1 2.2 x 13.5 x 10.7 x

Specialty Retail (11)

Carter's, Inc. (NYSE:CRI) 75.4 % $3,131.5 7.0 % $477.4 15.2 % $4,631.5 1.5 x 9.7 x 9.3 x

Columbia Sportswear Company (NasdaqGS:COLM) 88.6 2,359.0 12.6 304.9 12.9 3,745.7 1.6 12.3 10.8

G-III Apparel Group, Ltd. (NasdaqGS:GIII) 48.5 2,310.6 12.5 160.8 7.0 1,364.0 0.6 8.5 6.0

Guess?, Inc. (NYSE:GES) 54.4 2,188.4 (5.8) 147.4 6.7 737.6 0.3 5.0 4.7

Hanesbrands Inc. (NYSE:HBI) 70.3 5,862.4 9.3 986.8 16.8 12,015.7 2.0 12.2 10.9

Iconix Brand Group, Inc. (NasdaqGS:ICON) 98.4 376.0 (3.0) 176.9 47.0 1,937.6 5.2 11.0 10.3

Oxford Industries Inc. (NYSE:OXM) 69.9 1,021.1 4.2 141.6 13.9 1,050.7 1.0 7.4 8.3

Perry Ellis International Inc. (NasdaqGS:PERY) 85.4 871.3 (3.0) 31.6 3.6 449.3 0.5 14.2 5.7

PVH Corp. (NYSE:PVH) 77.4 8,207.9 1.8 1,066.2 13.0 9,741.9 1.2 9.1 10.4

Ralph Lauren Corporation (NYSE:RL) 74.5 7,190.0 0.6 1,018.0 14.2 7,128.2 1.0 7.0 8.4

V.F. Corporation (NYSE:VFC) 76.5 12,368.8 3.5 2,013.0 16.3 23,586.4 1.9 11.7 11.6

Median 75.4 % $2,359.0 3.5 % $304.9 13.9 % $3,745.7 1.2 x 9.7 x 9.3 x

Mean 74.5 % $4,171.5 3.6 % $593.2 15.2 % $6,035.3 1.5 x 9.8 x 8.8 x

EV/

Revenue

EV/

EBITDA

NTM

EV/

EBITDA


Target/Acquiror Sub-Sector

Announce

Date

LTM

Revenue

LTM

EBITDA

EBITDA

Margin

Enterprise

Value ("EV")

EV/

Revenue

EV/

EBITDA

($ in Millions)

Allen Edmonds Specialty Retail Dec-16 $NA $NA NA % $255.0 NA x NA x

Caleres

Smith Mountain Industries, Inc. Products and Durables Dec-16 NA NA NA 100.0 NA NA

Newell Brands Inc.

Victoria Fine Foods Food & Beverages Dec-16 NA NA NA 70.0 NA NA

B&G Foods, Inc.

BAI Brands Food & Beverages Nov-16 NA NA NA 1,700.0 NA NA

Mott's (Dr Pepper Snapple Group)

Bellisio Foods Food & Beverages Nov-16 NA NA NA 1,075.0 NA NA

Charoen Pokphand Foods

Harman International Industries, Inc. Products and Durables Nov-16 7,040.3 848.6 12.1 8,854.4 1.3 10.4

Samsung Electronics America, Inc.

Peacock Foods Food & Beverages Nov-16 993.1 47.3 4.8 747.5 0.8 15.8

Greencore Group

American Apparel, Inc. Specialty Retail Nov-16 NA NA NA 66.0 NA NA

Gildan Activewear

Too Faced Cosmetics Beauty & Cosmetics Nov-16 NA NA NA 1,450.0 NA NA

The Estée Lauder Companies Inc.

Apollo Health And Beauty Care Corporation Beauty & Cosmetics Nov-16 NA NA NA 289.2 NA NA


JemPak GK Inc. Products and Durables Nov-16 39.9 7.6 19.0 94.3 NA 12.4


Golfsmith International Holdings Inc. Specialty Retail Nov-16 NA NA NA 43.0 NA NA

Dick's Sporting Goods, Inc.

Moran Foods Food & Beverages Oct-16 NA NA NA 1,365.0 NA NA

Onex Corporation

Constellation Brands Canada, Inc. Food & Beverages Oct-16 NA 2.5 NA 21.0 NA 8.5

Ontario Teachers' Pension Plan

Belmont Meat Products Ltd. Food & Beverages Oct-16 90.7 NA NA 37.8 NA NA

Premium Brands Holdings Corporation

Newell Brands Inc., Tool Business Products and Durables Oct-16 760.0 150.0 19.7 1,950.0 2.6 13.0

Stanley Black & Decker, Inc.

Glacier Water Services, Inc. Food & Beverages Oct-16 140.1 22.5 16.1 249.6 NA 11.1

Primo Water Corporation

Red Lobster Master Holdings Restaurant & Food Services Oct-16 2,479.0 144.0 5.8 1,265.0 NA 8.8

Thai Union Group Public Company Limited

High West Distillery Food & Beverages Oct-16 NA NA NA 160.0 NA NA

Constellation Brands, Inc.

Cabela's Specialty Retail Oct-16 4,198.9 470.0 11.2 9,343.0 2.2 19.9

Bass Pro Shops

Tri-Union Frozen Products, Inc. Food & Beverages Oct-16 NA NA NA 256.4 NA NA

Tri-Invest

Fleischmann's Vinegar Company, Inc. Food & Beverages Oct-16 NA NA NA 250.0 NA NA

Green Plains

Median $876.6 $95.7 12.1 % $255.7 1.7 x 11.8 x

Mean $1,967.8 $211.6 12.7 % $1,347.4 1.7 x 12.5 x

Last Twelve Months

Recent Consumer Products M&A Transactions1



Select Deloitte Corporate Finance Consumer Products Transactions



Page 2:

1. “2017 Consumer Products Industry Outlook,” Deloitte Center for Industry Insights. January 3, 2017.

2. “The Humanization of Pet Food,” Nielsen. March 7, 2016.

3. “Dr Pepper Snapple Agrees to Buy Bai Brands for $1.7 Billion,” Bloomberg. November 22, 2016.

4. “Stanley Black & Decker to Buy Newell Tools for $1.95 Billion,” Bloomberg. October 12, 2016.

Page 3:

1. U.S. Bureau of Economic Analysis. Accessed January 16, 2017. Data as of December 31, 2016.

2. U.S. Department of the Treasury. Accessed January 16, 2017. Data as of January 16, 2017.

3. Bureau of Labor Statistics. Accessed January 17, 2017. Data as of December 31, 2016.

4. Capital IQ. Accessed January 17, 2017. Data as of December 31, 2016.

5. IBISWorld. Accessed January 17, 2017. Data as of December 31, 2016.

6. U.S. Census. Accessed January 17, 2017. Data as of December 31, 2016.

Page 4:



Page 5:



Page 6:


Page 7:


Page 8:



Sources Cited


Deloitte Corporate Finance LLC (“DCF”)

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Jamie [email protected]+1 214 840 7057

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James [email protected]+1 704 731 8230

Jonathan Ohm [email protected]+1 212 436 2287

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Matt [email protected]+1 704 731 7186

Ron [email protected]+1 404 631 3710

Justin [email protected]+1 404 942 6960

Tom [email protected]+1 214 840 7014

Charlie [email protected]+1 704 731 7201

Brad [email protected]+1 704 333 0568

DCF provides deal execution and lead financial advisory services to large corporate, middle market, private equity and venture capital firms. DCF and its affiliates maintain a presence in key U.S. financial centers.

For additional information or to find out more about how DCF can assist the deal initiation and execution process, please contact one of our DCF Managing Directors:

Brad HestonSenior Vice President [email protected]+1 404 631 3839

Deloitte Corporate Finance Business Development Group:

www.investmentbanking.deloitte.com

Bill PucciSenior Vice President [email protected]+1 973 602 4542



This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Anyreference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients andfriends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC.

About Deloitte

Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Copyright © 2017 Deloitte Development LLC. All rights reserved.


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Documents

Consumer Products Quarterly Update - Deloitte...across North America, announced its acquisition of Bai Brands LLC (“Bai”) for $1.7 billion. Bai produces fruity, antioxidant-infused