CONSUMER & RETAIL · Fashion M&A, like a Crop Top, Is Hard to Pull Off ... Discount Stores & Mass Merchants Pet Care Consumer Durables Outdoor & Lifestyle S&P 500 Housewares Household

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 a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

CONSUMER & RETAIL

INDUSTRY UPDATE │ JULY 2017

PAGE |

www.harriswilliams.com

HARRIS WILLIAMS & CO. CONSUMER UPDATE

1

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:

Consumer Durables

Consumer Electronics

Consumer Services

Footwear, Apparel, andAccessories

Franchise Platforms

Internet Retail

Home Furnishings

Household Goods

Infant and Juvenile Products

Jewelry, Gifts, and Collectibles

Omni / Multi-Channel Brands

Outdoor and Lifestyle

Personal Care Products

Pet Care

Specialty and MassMerchant Retailing

CONTACTS

North America

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

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

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

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

Zach EnglandVice [email protected]+1 (415) 217-3429

Beau PierceVice [email protected]+1 (804) 887-6113

Europe

Edward ArkusManaging [email protected]+44 207 518 8905

Will [email protected]+44 207 518 8906

CONSUMER AND RETAIL


The Harris Williams Consumer team continues to build momentum in 2017 with 13 closedor pending sell-side transactions year-to-date and over a dozen live engagements thatare expected to close in due course. In addition to executing our current assignments,we look for opportunities to stay close to our core industry verticals with attendance atselect consumer trade shows. This month we highlight our observations from OutdoorRetailer and the broader trends in the global outdoor and lifestyle.

OUTDOOR RETAILER – KEY THEMES AND OBSERVATIONS

Following months of threats and commitments from both largeand small outdoor companies to boycott Outdoor Retailerbecause of the Bears Ears National Monument controversy, theOutdoor Retailer trade show announced that 2017 will be thefinal year for the Summer Market to take place in Salt Lake City as the show will move toDenver in 2018. While there are a plethora of reasons to like Salt Lake City as the host forOutdoor Retailer (e.g., vibrant outdoor culture, easy access to outdoor activities,tradition, etc.), it’s a fact that the show had outgrown the venue a number of years ago.We look forward to seeing many of you in Denver next summer.

KEY OBSERVATIONS

Emphasis on E-Commerce

Underscored by Nike’s recent announcement that it would begin selling products onAmazon and Walmart’s recent acquisition of Moosejaw, e-commerce was a central topicin discussions with most outdoor investors and management teams at Outdoor Retailer. Aswe discussed new placements and growth drivers with various suppliers, it was amazinghow many of these discussions began with a discussion of expanded e-commerceprograms. While many brands were seeing significant top-line growth in these e-commerce accounts, the “winners” of this ongoing channel shift will be companies thatcan effectively communicate directly with consumers and not require brick and mortarsales associates to spread their gospel. Brands that are able to successfully grow up withe-commerce channels are increasingly of interest to strategic buyers who are looking toacquire online DNA.

Social Media and the Growing Importance of Influencers

While the importance of appropriately leveraging social media has been an importanttrend for a number of years, the role of influencers has continued to become moreimportant. Today’s Millennial consumer is less influenced by Madison Avenue and moresusceptible to brand messaging from social media personalities that are viewed as beingon the cutting edge of leading and emerging brands. While this trend can beoverwhelming to some established brands, it is viewed as a cost effective and highlytargeted approach to introducing consumers to new products and brands for companiesthat have a keen understanding of their core audience.

Focus on Accessories and Consumables

As investors start to turn the calendar forward, many are starting to make the assumptionthat there will be an economic downturn in the next couple of years. While the outdoorand lifestyle category as a whole has many secular growth trends that will allow it toperform during a number of different economic environments, it’s no secret that lowerprice point accessories and consumables tend to perform better during periods ofreduced discretionary spending.

http://www.harriswilliams.com/

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

mailto:[email protected]








PAGE |

HARRIS WILLIAMS & CO. CONSUMER UPDATE

2

CONSUMER AND RETAIL


WHAT WE’RE READING

Retailers Cheer the Death of the Border Adjustment Tax

“Just last week, it looked like retailers' fight against BAT was heating back up, with the National Retail Federation sending aletter to Congress, titled, "Congress Should Focus on Income Tax Reform, Not BAT." The border tax, originally devised andbacked by House Speaker Paul Ryan, had since divided Republicans in Congress, and some of America's biggest retailerswere looking to tear it apart. The proposal would have hiked prices of imported goods to the United States.”

CNBC

Fashion M&A, like a Crop Top, Is Hard to Pull Off

“Successful deals in the mercurial world of U.S. fashion are rare, and now look even less likely to succeed as sales dip acrossthe board. Cost savings can be counterproductive if it means squeezing money out of marketing and design, and buyersare taking a risk on a style that can easily go out of favor.”

Reuters

Bonfire of the Retail Stocks Brings Traders Running

“Retail’s retreat and the accompanying debate have created fertile ground for investors who buy unloved stocks,whether for a brief bounce and quick sale or in some cases a bet that the doomsday talk is overdone. This onslaught ofbargain-seeking value investors, trend-playing hedge-fund portfolio managers and quick-turnaround day traders is fuelinga surge in trading volume and sharp price swings in an industry that for years was a backwater to hotter industries such astechnology and financial services.”

WSJ

Why the Grim Reaper of Retail Hasn't Come to Claim Best Buy

“Best Buy also was struggling with executive turmoil and facing a buyout threat from a major stockholder. The chain in 2012named a new chief executive, Hubert Joly, but the Frenchman came from the hospitality field and had no retailexperience. His appointment stunned analysts, with one saying that fixing Best Buy was “a herculean task even for anaccomplished retail executive.” But Joly has proved up to the task so far. Under his turnaround plan, Best Buy hasrebounded to remain one major U.S. retailer that’s holding its own in the face of Amazon’s relentless growth and theconventional retail industry’s slump.”

Los Angeles Times

Retail Apocalypse Can Lead to Suburban Renaissance

“As technology changes, a country’s industrial mix changes. A century and a half ago, most Americans -- and indeed,most human beings -- worked on farms. Today almost nobody does. Nowadays, a substantial number of Americans work inretail, ringing up purchases, stocking shelves or helping customers find what they need. But in a decade or two, it’sanyone’s guess as to whether brick-and-mortar retail will continue to dominate the urban, industrial and occupationallandscape of the U.S.”

Bloomberg

From Diapers to Soda, Big Brands Feel Pinch as Consumers Pull Back

“Overall purchases of consumer packaged goods in the U.S. declined 2.5% in unit terms in the first quarter, according toNielsen. Big brands are struggling the most. The 20 largest consumer packaged-goods companies last year had flat saleswhile smaller ones posted sales growth of 2.4%, Nielsen says.”

WSJ

2

http://www.cnbc.com/2017/07/27/retailers-cheer-the-death-of-the-border-adjustment-tax.html

https://www.reuters.com/article/us-usa-m-a-fashion-idUSKBN19V2SX

https://www.wsj.com/articles/bonfire-of-the-retail-stocks-brings-traders-running-1499938202

http://www.latimes.com/business/la-fi-agenda-best-buy-20170717-htmlstory.html?utm_source=ConstantContactMaster&utm_campaign=f008345d7b-EMAIL_CAMPAIGN_2017_07_17&utm_medium=email&utm_term=0_0f8fe38cba-f008345d7b-147918617

https://www.bloomberg.com/view/articles/2017-07-05/retail-apocalypse-can-lead-to-suburban-renaissance?utm_source=ConstantContactMaster&utm_campaign=25ea66f124-EMAIL_CAMPAIGN_2017_07_05&utm_medium=email&utm_term=0_0f8fe38cba-25ea66f124-147918617

https://www.wsj.com/articles/from-diaper-to-soda-makers-big-brands-feel-the-pinch-of-a-consumer-pullback-1493223098?emailToken=JRrydPB5YnSXhtw8ZswyzlotK6UJAveEXBbLKzXRPUTF8Xncou+73OA/htTyq3mmQ0phot4J4mp6WT3cxXJrWsSR3rlx1F7hcH5btYzB3BfOIlnfmESDdulZ7/WEpXMztfEKSg

PAGE |

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL


3

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 24 $2,754 5.8% (14.9%) 1.4x 11.6x 1.6x 10.8x

Consumer Durables 6 7,121 13.5% 14.6% 1.0x 11.0x 1.1x 11.9x

Consumer Serv ices and Retail Franchisors 7 2,913 8.0% (22.3%) 2.2x 10.9x 1.5x 7.5x

Home & Office Furniture & Furnishings 10 1,583 (2.4%) 2.9% 0.9x 8.8x 1.1x 13.1x

Household Products 5 19,195 (0.1%) 22.6% 4.1x 15.7x 4.0x 16.6x

Housewares 7 3,145 (11.7%) 22.4% 1.8x 12.0x 1.9x 12.7x

Infant & Juvenile 12 1,296 (4.2%) (3.7%) 0.8x 9.0x 0.9x 10.4x

Outdoor & Lifestyle 20 1,166 2.4% 6.2% 1.3x 11.8x 1.5x 13.5x

Personal Care Products 13 3,729 2.3% 13.5% 1.5x 12.4x 1.4x 9.0x

Pet Care 8 1,385 (5.2%) 30.0% 1.9x 15.5x 2.0x 17.5x

Retail

Apparel & Footwear Retail 30 771 (16.8%) (50.8%) 0.4x 4.9x 0.4x 3.5x

Department Chains 8 5,403 0.0% (47.3%) 0.5x 6.2x 0.5x 4.1x

Discount Stores & Mass Merchants 13 23,284 (5.3%) (3.9%) 0.6x 9.5x 0.7x 11.1x

Furniture & Furnishings Retailers 14 1,527 3.8% (11.9%) 0.9x 8.6x 1.1x 9.2x

Internet Retail 10 9,534 14.2% 80.4% 4.1x 17.7x 6.7x 38.5x

Specialty & Other Retail 15 3,477 (10.1%) (36.9%) 0.5x 5.7x 0.6x 5.8x

Consumer Products & Services 112 $2,833 1.1% 9.9% 1.4x 11.7x 1.5x 12.3x

Retail 90 $4,440 (2.6%) (24.4%) 0.5x 7.4x 0.7x 7.5x

Consumer & Retail Index 202 $3,029 (0.1%) (0.4%) 1.2x 11.0x 1.3x 11.0x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Department Chains

Apparel & Footwear Retail

Specialty & Other Retail

Consumer Serv ices and Retail Franchisors

Furniture & Furnishings Retailers

Apparel & Footwear

Infant & Juvenile

Home & Office Furniture &

Furnishings

Consumer & Retail Index

Discount Stores & Mass Merchants

Pet Care

Consumer Durables

Outdoor & Lifestyle

S&P 500

Housewares

Household Products


Internet Retail

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7)2

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)2

PAGE |

PUBLIC MARKETS OVERVIEW

4

CONSUMER AND RETAIL


Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($ M) Primary Industry

07/20/17 07/17/17 Floor & Décor Holdings Inc. FND-US Follow-On $428.7 Home Improvement Chains

06/29/17 06/28/17 Blue Apron APRN-US IPO 300.0 Internet Retail

06/21/17 06/21/17 Taylor Morrison Home Corp. TMHC-US Follow-On 233.0 Homebuilding

06/07/17 06/08/17 Hilton Worldwide Holdings Inc. HLT-US Follow-On 987.3 Hotels/Resorts/Cruiselines

06/07/17 06/07/17 Calatlantic Group Inc. CAA-US Follow-On 393.9 Homebuilding

05/22/17 05/23/17 Hyatt Hotels Corp. H-US Follow-On 230.1 Hotels/Resorts/Cruiselines

06/01/17 05/08/17 GMS, Inc. GMS-US Follow-On 165.0 Home Improvement Chains

05/04/17 05/04/17 Planet Fitness, Inc. PLNT Follow-On 326.2 Other Consumer Serv ices

04/28/17 04/28/17 Carvana Co. CVNA IPO 225.0 E-Commerce

04/05/17 04/05/17 Winnebago Industries WGO Follow-On 61.5 Recreational Products

03/31/17 03/31/17 Elf Beauty ELF Follow-On 225.2 Household/Personal Care

03/15/07 03/15/17 Canada Goose GOOS IPO 250.0 Apparel

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE2

RECENT EQUITY OFFERINGS3

50

75

100

125

150

175

200

Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17

Ind

ex

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

PAGE |

9.3x 9.0x 9.2x 9.4x 9.1x 9.3x 9.5x 9.9x 9.8x 9.6x10.0x10.0x

6.7x 6.9x 6.5x7.1x 6.9x 6.6x 6.4x 6.4x 6.6x 6.3x 6.6x 6.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Median LTM Trading Multiples

Consumer Products & Services Retail

5

CONSUMER AND RETAIL


M&A OVERVIEW

Note: Transactions based on publicly available information

$30

$40 $38

$27 $28

$92

$72.9

$55

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

$105

2010 2011 2012 2013 2014 2015 2016 2017

YTD

Nu

mb

er o

f Tran

sac

tion

s

Ave

rag

e T

ran

sac

tio

n V

alu

e

($ in

bill

ion

s)

Announced Consumer Transactions

Aggregate Transaction Value # of Deals

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.9x11.3x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

43

66

35 39

68 7183

66

95

63 5767

3920 26

34

21

18 13

512

26

12

16

1410

13

5

8

26

0

20

40

60

80

100

120

Nu

mb

er

of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

31

37

53

73

86

57

66

42

34

28

59

53

76

57

68

84

34

14

0

10

20

30

40

50

60

70

80

90

100

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

CONSUMER AND RETAIL M&A TRENDS2,3

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY2,3

ANNOUNCED CONSUMER AND RETAIL M&A2,3

Announced Target Buyer

7/25/2017 Reynolds American British American Tobacco

7/20/2017 Hydro-Photon Katadyn Group

7/18/2017 Friendly Robotics MTD Products

7/18/2017 EbLens J.W. Childs Associates

7/10/2017 Kate Spade & Company Coach

7/6/2017 Cobalt Boats Malibu Boats

6/30/2017 Viv id Seats Vista Equity Partners

6/30/2017 Superior Recreational Products PlayCore

6/29/2017 West Marine Monomoy Capital Partners

6/29/2017 BathWraps Jacuzzi

6/28/2017 Staples Sycamore Partners Management

6/28/2017 Nov aCopy Triv est Partners

6/28/2017 Globe Holding Company MSA Safety

6/28/2017 CST Brands Alimentation Couche Tard

6/26/2017 Spot Canine Club American Kennel Club

6/16/2017 Bonobos Wal-Mart Store

6/14/2017 Custom Lighting & Hardware Ferguson Enterprises

6/11/2017 Campbell Mattress Mattress Direct

6/9/2017 Pacific Coast Feather Company Hollander (Sentinel Capital Partners)

6/7/2017 Mary's Bridal Rachel Allan

Last 20 Deals Announced

PAGE |

0

2

4

6

8

10

12

14

1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

n V

olu

me

by

Qu

art

er

($ i

n b

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

6

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

4Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q16

Loa

nV

olu

me

by

Qu

art

er

($ i

nb

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2008 2009 2010 2011 2012 2013 2014 2015 2016 4Q16

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 + 500

L + 1000

L + 1500

L + 2000

L + 2500

4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Secondary Spread

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Debt/EBITDA Senior

Debt/EBITDA

EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ult

iple

Credit Statistics

2010 2011 2012 2013 2014 2015 2016

• Arrangers have launched a $260 million covenant-lite B term loan for Melissa & Doug, with commitments due byWednesday, June 21. Price talk on the seven-year loan is making the rounds at L+500, with a 1% LIBOR floor and anOID of 99. Lenders are offered six months of 101 soft call protection.

• Accounts have received allocations of a $205 million first-lien term loan for Rough Country. Golub Capital was solelead arranger. The covenant-lite term loan due 2023 (L+450, 1% LIBOR floor) priced in line with talk and broke to a99.5/100.25 market, from issuance at 99. The loan backs the buyout of the company by Gridiron Capital. First-lienfinancing also includes a $20 million, five-year revolver. An $85 million, second-lien term loan was privately placed.Carlyle Private Credit led the second-lien tranche. Dyersburg, Tenn.–based Rough Country is a provider of after-market auto products, focused on lift and level kits catered to off-road enthusiasts.

• The term debt of clothing retailer Eddie Bauer has been marked at 45.5/50 in the wake of the private release of a2017 budget which forecast a profit of half the previous forecast. Eddie Bauer placed a $225 million, six-year termloan (L+525) at 98.5 in May 2014. Proceeds from the loan were used to refinance secured notes and fund apayment to sponsor Golden Gate Capital. Goldman Sachs, Guggenheim, and MCS Capital Markets werearrangers.

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS4,5

KEY RETAIL CREDIT STATISTICS2,5

PAGE |

PUBLIC COMPARABLES(1)

CONSUMER AND RETAIL


7

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

($ in millions, except per share data) Ticker 7/26/17 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

EV / LTM EV / 2017ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Consumer Products & Services

Apparel & Footwear

Coach, Inc. COH 47.89 98.0% 13,463 592 1,892 12,163 4,509 994 3.9% (2.7%) 69.0% 22.0% 25.9x 2.70x 12.2x 2.46x 7.8x

Columbia Sportswear Company COLM 57.81 91.0% 4,027 14 590 3,451 2,396 314 1.0% 10.8% 44.5% 13.1% 20.9x 1.44x 11.0x 2.05x 19.0x

Carter's, Inc. CRI 88.64 82.7% $4,289 $582 $154 $4,717 $3,208 $446 5.1% 5.9% 43.1% 13.9% 17.7x 1.47x 10.6x 1.79x 12.5x

Crocs, Inc. CROX 7.86 67.0% 582 5 91 495 1,025 32 (7.5%) (4.9%) 46.6% 3.1% NA 0.48x 15.5x 0.42x 3.7x

Deckers Outdoor Corporation DECK 63.75 87.7% 2,039 33 292 1,780 1,783 172 (5.0%) 3.9% 46.4% 9.6% NM 1.00x 10.4x 1.43x 8.9x

Fossil Group, Inc. FOSL 10.83 29.4% 525 616 321 820 2,964 213 (6.3%) (4.0%) 51.3% 7.2% 21.2x 0.28x 3.9x 0.25x 1.3x

G-III Apparel Group, Ltd. GIII 25.21 56.2% 1,227 493 67 1,652 2,458 128 3.8% 10.7% 34.3% 5.2% 30.0x 0.67x 12.9x 0.98x 11.5x

Hanesbrands Inc. HBI 23.39 82.8% 8,518 4,140 464 12,194 6,189 1,030 7.8% 9.3% 38.7% 16.6% 16.8x 1.97x 11.8x 2.63x 17.7x

Iconix Brand Group, Inc. ICON 6.93 64.2% 395 1,160 208 1,347 333 158 (11.9%) (7.8%) 0.0% 47.6% NA 4.05x 8.5x 3.11x 5.1x

Kate Spade & Co KATE 18.49 76.3% 0 393 422 (30) 1,378 231 9.2% 4.1% 60.2% 16.7% 16.8x NM NM NM NM

NIKE, Inc. Class B NKE 58.36 96.7% 95,883 3,802 6,179 93,506 34,254 5,020 5.5% 7.2% 43.4% 14.7% 23.3x 2.73x 18.6x 3.49x 23.3x

Oxford Industries, Inc. OXM 63.00 82.7% 1,059 93 7 1,146 1,039 116 7.6% 3.4% 56.6% 11.2% 21.2x 1.10x 9.8x 1.26x 10.0x

Perry Ellis International, Inc. PERY 19.30 66.6% 303 147 43 407 842 34 (5.9%) (2.5%) 35.6% 4.0% 23.0x 0.48x 12.1x 0.44x 12.5x

PVH Corp. PVH 118.41 98.9% 9,218 3,200 491 11,926 8,274 1,049 2.7% 0.1% 53.6% 12.7% 24.6x 1.44x 11.4x 1.49x 9.8x

Ralph Lauren Corporation Class A RL 74.66 65.5% 6,068 862 1,386 5,544 6,652 969 (10.2%) (3.7%) 57.3% 14.6% NA 0.83x 5.7x 0.76x 4.0x

Steven Madden, Ltd. SHOO 41.15 99.5% 2,446 0 140 2,306 1,437 179 1.8% 2.3% 37.5% 12.4% 20.6x 1.61x 12.9x 1.76x 10.7x

Skechers U.S.A., Inc. Class A SKX 28.67 95.6% 4,539 77 608 4,008 3,657 425 8.9% 23.5% 43.6% 11.6% 18.6x 1.10x 9.4x 2.17x 30.2x

Gildan Activewear Inc. GIL-CA 30.52 95.8% 6,870 771 82 7,558 2,655 552 5.4% 6.3% 28.1% 20.8% 19.5x 2.85x 13.7x 3.58x 17.6x

Tumi Holdings, Inc. TUMI 0.00 0.0% 0 7 113 (106) 565 116 4.0% 9.2% 59.4% 20.6% NA NM NM NM NM

Under Armour, Inc. Class C UA 17.55 40.9% 8,157 861 172 8,846 4,898 549 16.4% 25.1% 46.4% 11.2% 44.1x 1.81x 16.1x 3.79x 28.0x

V.F. Corporation VFC 60.87 93.4% 24,376 2,594 604 26,365 11,813 1,722 (4.9%) 0.7% 48.6% 14.6% 21.6x 2.23x 15.3x 2.31x 13.9x

Vera Bradley, Inc. VRA 9.65 56.1% 350 0 84 267 477 48 (5.9%) (3.2%) 56.4% 10.1% 26.8x 0.56x 5.5x 0.50x 2.4x

Weyco Group, Inc. WEYS 28.01 86.7% 291 0 26 265 287 27 (10.7%) (1.6%) 36.9% 9.3% 18.4x 0.92x 9.9x 0.88x NA

Wolverine World Wide, Inc. WWW 27.79 98.5% 2,693 813 304 3,202 2,508 256 (4.9%) (2.1%) 38.6% 10.2% 31.6x 1.28x 12.5x 1.19x 10.8x

Mean 75.5% $8,222 $886 $614 $8,493 $4,400 $616 0.4% 3.8% 44.8% 13.9% 23.3x 1.50x 11.4x 1.76x 12.4x

Median 82.8% $2,570 $537 $250 $2,754 $2,483 $243 2.3% 2.9% 45.4% 12.6% 21.2x 1.36x 11.6x 1.62x 10.8x

Consumer Durables

Arcelik A.S. ARCLK-TR 7.49 96.1% 5,064 1,833 794 6,104 5,354 555 2.7% (2.1%) 32.6% 10.4% 11.7x 1.14x 11.0x 1.18x 11.3x

Electrolux AB Class B ELUX.B-SE 34.38 94.9% 10,626 1,195 1,224 10,597 13,986 1,214 (2.9%) (5.5%) 21.0% 8.7% 17.7x 0.76x 8.7x 0.62x 10.8x

iRobot Corporation IRBT 106.49 97.3% 2,920 0 276 2,644 698 89 10.9% 12.1% 49.6% 12.8% NM 3.79x 29.6x 5.42x 45.8x

Middleby Corporation MIDD 130.11 86.2% 7,485 729 77 8,138 2,282 530 17.8% 15.7% 40.0% 23.2% 24.7x 3.57x 15.4x 5.70x 27.7x

Haier Electronics Group Co., Ltd. 1169-HK 2.66 95.6% 7,450 197 1,889 5,757 9,600 523 (4.0%) (1.8%) 17.3% 5.5% 17.7x 0.60x 11.0x 0.56x 12.6x

Whirlpool Corporation WHR 190.19 93.7% 14,068 5,033 951 18,150 20,888 2,159 1.1% 3.4% 17.3% 10.3% 16.4x 0.87x 8.4x 0.97x 9.9x

Mean 94.0% $7,936 $1,498 $868 $8,565 $8,801 $845 4.3% 3.6% 29.6% 11.8% 17.6x 1.79x 14.0x 2.41x 19.7x

Median 95.3% $7,468 $962 $872 $7,121 $7,477 $542 1.9% 0.8% 26.8% 10.4% 17.7x 1.00x 11.0x 1.07x 11.9x

PAGE |


CONSUMER AND RETAIL


8




Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC 9.37 33.5% 641 1,515 40 2,116 2,516 309 (4.6%) (1.6%) 33.3% 12.3% NA 0.84x 6.8x 0.80x 4.0x

H&R Block, Inc. HRB 30.18 95.2% 6,253 1,494 1,118 6,629 3,036 898 (0.1%) 0.1% 45.5% 29.6% 15.0x 2.18x 7.4x 2.22x 7.5x

Planet Fitness, Inc. Class A PLNT 23.00 91.6% 2,267 708 63 2,913 386 154 14.6% 22.3% 45.0% 39.9% NM 7.55x 18.9x NA NA

Regis Corporation RGS 10.41 66.7% 482 120 169 434 1,715 69 (5.0%) (3.5%) 37.7% 4.0% NA 0.25x 6.3x 0.22x 3.9x

Realogy Holdings Corp. RLGY 33.45 97.8% 4,616 3,783 210 8,189 5,879 751 1.5% 3.2% 19.2% 12.8% 21.4x 1.39x 10.9x 1.55x 10.3x

Serv iceMaster Global Holdings, Inc. SERV 42.18 98.2% 5,653 2,833 359 8,127 2,781 655 5.7% (3.7%) 46.1% 23.6% 36.8x 2.92x 12.4x 3.54x 17.5x

Winmark Corporation WINA 135.00 98.0% 569 31 1 599 68 40 4.7% 6.2% 92.8% 57.8% 25.3x 8.75x 15.1x NA NA

Mean 83.0% $2,926 $1,498 $280 $4,144 $2,340 $411 2.4% 3.3% 45.7% 25.7% 24.6x 3.41x 11.1x 1.67x 8.7x

Median 95.2% $2,267 $1,494 $169 $2,913 $2,516 $309 1.5% 0.1% 45.0% 23.6% 23.4x 2.18x 10.9x 1.55x 7.5x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 4.40 79.1% 71 121 0 191 406 16 (2.4%) 4.6% 24.9% 4.0% NA 0.47x 11.9x 0.55x NA

HNI Corporation HNI 36.63 64.3% 1,615 292 30 1,876 2,180 262 (4.5%) 1.7% 38.8% 12.0% 21.2x 0.86x 7.2x 0.91x 12.2x

Hooker Furniture Corporation HOFT 43.50 93.3% 504 46 54 496 586 49 90.4% 35.9% 21.5% 8.4% 18.3x 0.85x 10.1x 2.18x 32.9x

Kimball International, Inc. Class B KBAL 16.79 88.6% 623 0 84 539 663 66 5.3% (19.4%) 33.1% 9.9% 19.1x 0.81x 8.2x 0.43x NA

Knoll, Inc. KNL 19.25 67.8% 943 243 3 1,183 1,136 150 1.2% 8.4% 38.2% 13.2% 11.8x 1.04x 7.9x 1.37x 15.7x

Leggett & Platt, Incorporated LEG 51.83 94.3% 6,857 1,123 269 7,712 3,781 597 (2.9%) 0.4% 23.3% 15.8% 18.8x 2.04x 12.9x 2.06x 16.3x

LaZBoy Incorporated LZB 32.85 98.8% 1,596 1 168 1,428 1,520 162 (0.3%) 3.4% 40.0% 10.6% 18.9x 0.94x 8.8x 1.06x 13.1x

Herman Miller, Inc. MLHR $33.30 91.3% $1,991 $235 $86 $2,139 $2,284 $257 2.3% 7.2% 38.0% 11.3% 15.3x 0.94x NM 1.16x 10.8x

Steelcase Inc. Class A SCS 13.75 75.8% 1,623 297 181 1,738 3,049 258 (0.8%) 0.0% 33.6% 8.5% 13.6x 0.57x 6.7x 0.59x 7.2x

Tempur Sealy International Inc TPX 56.85 69.1% 3,064 1,857 43 4,878 3,128 471 (0.1%) 4.1% 42.2% 15.1% 16.7x 1.56x 10.4x 1.98x 13.0x

Mean 82.2% $1,889 $421 $92 $2,218 $1,873 $229 8.8% 4.6% 33.4% 10.9% 17.1x 1.01x 9.3x 1.23x 15.2x

Median 83.9% $1,605 $239 $69 $1,583 $1,850 $210 (0.2%) 3.7% 35.8% 11.0% 18.3x 0.90x 8.8x 1.11x 13.1x

Household Products

Church & Dwight Co., Inc. CHD 53.67 99.1% 13,378 1,279 140 14,517 3,521 858 2.6% 3.3% 45.9% 24.4% 29.4x 4.12x 16.9x 4.54x 20.4x

Colgate-Palmolive Company CL $73.00 94.5% $64,301 $6,519 $1,396 $69,424 $15,176 $4,416 (2.1%) (4.5%) 60.5% 29.1% 27.1x 4.57x 15.7x 3.99x 15.1x

Clorox Company CLX 133.43 94.1% 17,186 2,440 431 19,195 5,926 1,245 3.6% 1.7% 44.8% 21.0% 26.4x 3.24x 15.4x 3.42x 16.6x

Prestige Brands Holdings, Inc. PBH 52.63 88.3% 2,789 2,194 42 4,941 882 283 9.4% 13.6% 53.8% 32.1% 40.5x 5.60x 17.5x 8.20x 23.6x

Procter & Gamble Company PG 89.30 97.1% 228,395 30,414 14,327 244,482 65,081 16,832 (2.8%) (8.4%) 50.5% 25.9% 25.4x 3.76x 14.5x 2.92x 12.8x

Mean 94.6% $65,210 $8,569 $3,267 $70,512 $18,117 $4,727 2.1% 1.1% 51.1% 26.5% 29.8x 4.26x 16.0x 4.61x 17.7x

Median 94.5% $17,186 $2,440 $431 $19,195 $5,926 $1,245 2.6% 1.7% 50.5% 25.9% 27.1x 4.12x 15.7x 3.99x 16.6x

Housewares

Helen of Troy Limited HELE 99.45 98.3% 2,708 454 17 3,145 1,549 224 (0.1%) 5.4% 43.9% 14.4% 21.7x 2.03x 14.1x 2.40x 16.3x

Libbey Inc. LBY 8.38 40.4% 184 402 34 552 786 85 (4.2%) (1.4%) 20.0% 10.8% NM 0.70x 6.5x 0.67x 4.1x

Lifetime Brands, Inc. LCUT 19.50 92.0% 284 89 6 367 595 45 2.4% 4.4% 37.0% 7.6% 15.4x 0.62x 8.1x 0.73x 9.2x

NACCO Industries, Inc. Class A NC 69.15 69.5% 473 158 56 574 852 25 (4.9%) (2.3%) 23.6% 3.0% 14.9x 0.67x 22.7x NA NA

Newell Brands Inc NWL 52.75 95.1% 25,484 11,185 688 35,981 15,215 1,838 155.0% 38.8% 32.8% 12.1% 22.6x 2.36x 19.6x 6.32x 39.1x

Spectrum Brands Holdings, Inc. SPB 122.97 84.2% 7,234 3,781 137 10,878 5,009 904 0.3% 4.8% 38.6% 18.0% 23.2x 2.17x 12.0x 2.61x 16.3x

Tupperware Brands Corporation TUP 63.91 85.9% 3,242 783 98 3,926 2,199 344 (1.3%) (6.3%) 66.8% 15.6% 14.3x 1.79x 11.4x 1.47x 8.3x

Mean 80.8% $5,658 $2,407 $148 $7,918 $3,744 $495 21.0% 6.2% 37.5% 11.7% 18.7x 1.48x 13.5x 2.37x 15.6x

Median 85.9% $2,708 $454 $56 $3,145 $1,549 $224 (0.1%) 4.4% 37.0% 12.1% 18.5x 1.79x 12.0x 1.93x 12.7x

PAGE |


CONSUMER AND RETAIL


9




Infant & Juvenile

Carter's, Inc. CRI 88.64 82.7% 4,289 582 154 4,717 3,208 446 5.1% 5.9% 43.1% 13.9% 17.7x 1.47x 10.6x 1.79x 12.5x

Crown Crafts, Inc. CRWS 5.70 55.7% 57 0 8 49 66 10 (21.8%) (6.7%) 28.3% 15.2% 10.2x 0.75x 4.9x 0.61x 4.7x

Dorel Industries Inc. Class B DII.B 27.07 87.3% 877 496 38 1,335 2,604 163 (2.2%) 1.5% 23.7% 6.3% NA 0.51x 8.2x 0.55x 7.9x

Hasbro, Inc. HAS 106.10 91.3% 13,263 1,614 1,487 13,390 5,030 964 10.0% 7.1% 51.7% 19.2% 23.6x 2.66x 13.9x 3.28x 18.0x

JAKKS Pacific, Inc. JAKK 3.50 35.9% 94 175 68 201 705 38 (3.0%) 3.4% 31.5% 5.4% NA 0.28x 5.3x 0.32x NM

Mattel, Inc. MAT 20.92 61.1% 7,166 2,315 382 9,099 5,323 780 (5.8%) (6.1%) 45.9% 14.6% 26.5x 1.71x 11.7x 1.40x 6.6x

Mothercare plc MTC-GB 1.36 73.4% 233 20 11 242 869 58 (15.4%) (8.9%) 9.6% 6.7% 21.8x 0.28x 4.2x 0.20x 4.3x

Newell Brands Inc NWL 52.75 95.1% 25,484 11,185 688 35,981 15,215 1,838 155.0% 38.8% 32.8% 12.1% 22.6x 2.36x 19.6x 6.32x 39.1x

Children's Place, Inc. PLCE 104.05 83.0% 1,838 27 231 1,634 1,803 225 3.6% 0.9% 33.9% 12.5% 17.1x 0.91x 7.2x 0.92x 9.2x

Goodbaby International Holdings Ltd. 1086-HK 0.48 83.3% 537 158 101 595 804 52 (10.4%) 14.2% 33.8% 6.5% 19.6x 0.74x 11.5x 1.10x 17.1x

Summer Infant, Inc. SUMR 1.68 68.9% 31 47 1 77 192 8 (4.9%) (1.2%) 29.6% 4.1% NA 0.40x 9.8x 0.37x 10.4x

Tomy Company, Ltd. 7867-JP 12.13 91.3% 1,168 615 526 1,256 1,548 152 14.0% (0.2%) 38.1% 9.8% 21.1x 0.81x 8.3x 0.82x 11.0x

Mean 75.8% $4,586 $1,436 $308 $5,715 $3,114 $395 10.4% 4.1% 33.5% 10.5% 20.0x 1.07x 9.6x 1.47x 12.8x

Median 82.9% $1,023 $335 $128 $1,296 $1,675 $157 (2.6%) 1.2% 33.3% 10.9% 21.1x 0.78x 9.0x 0.87x 10.4x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $0.00 0.0% $0 $79 $10 $69 $508 ($61) (16.7%) (10.1%) 7.6% NM NA 0.13x NM 0.10x 0.9x

Brunswick Corporation BC 60.02 94.0% 5,360 442 285 5,517 4,579 538 9.3% 5.8% 27.2% 11.7% 20.0x 1.20x 10.3x 1.42x 13.6x

Black Diamond, Inc. BDE 6.65 93.7% 200 0 74 126 151 (0) (1.8%) (9.8%) 27.5% NM NA 0.83x NM 0.62x 16.3x

Columbia Sportswear Company COLM 57.81 91.0% 4,027 14 590 3,451 2,396 314 1.0% 10.8% 44.5% 13.1% 20.9x 1.44x 11.0x 2.05x 19.0x

Callaway Golf Company ELY 12.79 95.8% 1,201 77 48 1,230 907 63 8.8% 0.0% 44.3% 6.9% 6.9x 1.36x NM 1.46x 37.2x

Escalade, Incorporated ESCA 12.75 86.7% 183 24 3 205 164 17 4.6% (0.4%) 24.2% 10.2% 16.1x 1.25x 12.2x NA NA

Fox Factory Holding Corp. FOXF 38.05 99.1% 1,417 66 43 1,440 429 69 13.2% 16.1% 31.7% 16.1% 33.7x 3.36x 20.9x 5.28x 29.1x

GoPro, Inc. Class A GPRO 8.18 46.3% 1,177 0 75 1,102 1,221 (262) (15.3%) 8.1% 39.7% NM NA 0.90x NM 1.12x 8.6x

Amer Sports Oyj Class A AMEAS-FI 25.66 80.8% 3,041 917 316 3,642 2,905 287 1.5% 0.4% 45.7% 9.9% 22.3x 1.25x 12.7x 1.24x 13.4x

Rapala VMC Oyj RAP1V-FI 4.68 84.6% 182 138 27 293 282 13 (8.7%) (9.5%) 21.2% 4.7% NA 1.04x 22.2x 0.74x 6.3x

Harley-Davidson, Inc. HOG 48.64 76.7% 8,514 6,971 920 14,565 5,748 922 (5.3%) (1.7%) 32.1% 16.0% 13.9x 2.53x 15.8x 2.77x 10.8x

Johnson Outdoors Inc. Class A JOUT 50.50 99.7% 505 5 29 480 458 49 2.6% 3.7% 41.4% 10.7% 22.2x 1.05x 9.8x 1.13x NA

Malibu Boats Inc Class A MBUU 28.65 97.1% 514 55 32 537 274 45 10.7% 13.6% 28.0% 16.6% 22.9x 1.96x 11.8x NA NA

Marine Products Corporation MPX 14.26 87.8% 498 0 10 489 249 26 13.0% 13.1% 21.2% 10.3% 29.1x 1.96x NM 2.91x 45.4x

Nautilus Inc NLS 19.05 76.2% 585 60 89 556 398 55 10.5% 19.8% 52.3% 13.8% 20.1x 1.40x 10.1x 2.54x 29.0x

Polaris Industries Inc. PII 89.99 90.8% 5,630 1,068 127 6,570 4,922 435 4.1% 6.4% 23.6% 8.8% 37.7x 1.33x 15.1x 1.74x 10.0x

Sturm, Ruger & Company, Inc. RGR 56.80 81.1% 1,003 0 35 968 659 168 12.1% (2.1%) 32.8% 25.6% 12.5x 1.47x 5.7x 1.41x 4.9x

American Outdoor Brands Corporation SWHC 20.76 66.6% 1,119 218 62 1,275 903 253 24.9% 13.0% 41.5% 28.1% 9.4x 1.41x 5.0x 2.08x 7.6x

Shimano Inc. 7309-JP 145.29 82.5% 13,471 80 1,756 11,795 2,962 737 (2.0%) 1.5% 41.1% 24.9% 26.9x 3.98x 16.0x 4.57x 24.1x

Vista Outdoor Inc VSTO 22.96 44.1% 1,310 1,121 45 2,386 2,547 306 12.2% 10.8% 26.3% 12.0% NA 0.94x 7.8x NA NA

Mean 78.7% $2,497 $567 $229 $2,835 $1,633 $199 3.9% 4.5% 32.7% 14.1% 21.0x 1.54x 12.4x 1.95x 17.3x

Median 85.7% $1,148 $72 $55 $1,166 $781 $66 4.3% 4.8% 31.9% 12.0% 20.9x 1.35x 11.8x 1.46x 13.5x

PAGE |


CONSUMER AND RETAIL


10





Avon Products, Inc. AVP 3.70 53.2% 1,627 1,895 560 2,962 5,744 500 (10.3%) (16.0%) 60.7% 8.7% NA 0.52x 5.9x 0.30x 2.9x

Estee Lauder Companies Inc. Class A EL 98.92 99.8% 36,386 3,896 1,840 38,442 11,576 2,250 3.9% 2.8% 79.8% 19.4% 33.1x 3.32x 17.1x 3.63x 18.7x

Herbalife Ltd. HLF 68.01 91.3% 6,345 2,303 1,783 6,864 4,471 453 (0.3%) (3.4%) 80.9% 10.1% 23.7x 1.54x 15.2x 1.42x 8.0x

Kimberly-Clark Corporation KMB 122.24 89.7% 43,188 8,023 1,051 50,160 18,175 4,049 (0.8%) (5.0%) 36.6% 22.3% 20.4x 2.76x 12.4x 2.37x 11.9x

Medifast, Inc. MED 43.13 91.1% 514 0 79 435 273 46 0.4% (7.7%) 75.3% 16.9% 26.1x 1.60x 9.4x 1.22x 8.2x

Nu Skin Enterprises, Inc. Class A NUS 63.81 96.6% 3,372 428 347 3,453 2,237 344 2.9% (12.1%) 78.8% 15.4% 21.5x 1.54x 10.0x 1.09x 5.9x

Procter & Gamble Company PG 89.30 97.1% 228,395 30,414 14,327 244,482 65,081 16,832 (2.8%) (8.4%) 50.5% 25.9% 25.4x 3.76x 14.5x 2.92x 12.8x

Elizabeth Arden, Inc. RDEN 0.00 0.0% 0 422 45 377 966 17 (1.6%) (10.4%) 40.7% 1.7% NA 0.39x 22.3x 0.30x 3.8x

Revlon, Inc. Class A REV 21.30 56.1% 1,120 2,731 122 3,729 2,489 329 30.0% 15.1% 58.7% 13.2% NA 1.50x 11.3x 2.50x 14.3x

Sally Beauty Holdings, Inc. SBH 20.42 67.2% 2,806 1,790 49 4,548 3,950 621 0.1% 2.4% 47.2% 15.7% 12.7x 1.15x 7.3x 1.24x 7.6x

Ulta Beauty Inc ULTA 247.24 78.5% 15,337 0 472 14,865 5,096 921 23.4% 22.1% 36.0% 18.1% 34.7x 2.92x 16.1x 5.65x 35.0x

USANA Health Sciences, Inc. USNA 57.45 76.6% 1,408 0 176 1,231 1,030 161 9.6% 12.1% 47.8% 15.6% 14.5x 1.20x 7.7x 1.71x 9.8x

All for One Steeb AG A1OS-DE $75.42 98.0% $376 $26 $20 $382 $307 $28 8.2% 3.3% 19.0% 9.2% 26.4x 1.24x 13.6x 1.43x NA

Mean 76.5% $26,221 $3,994 $1,605 $28,610 $9,338 $2,042 4.8% (0.4%) 54.8% 14.8% 23.9x 1.80x 12.5x 1.98x 11.6x

Median 89.7% $2,806 $1,790 $347 $3,729 $3,950 $453 0.4% (3.4%) 50.5% 15.6% 24.5x 1.54x 12.4x 1.43x 9.0x

Pet Care

Blue Buffalo Pet Products Inc BUFF 22.42 81.5% 4,413 382 338 4,457 1,172 271 10.7% 17.7% 45.3% 23.1% 33.0x 3.80x 16.4x NA NA

Central Garden & Pet Company CENT $33.69 85.7% $1,692 $496 $17 $2,171 $1,917 $189 9.8% 5.0% 30.7% 9.9% 27.6x 1.13x 11.5x 1.32x 26.6x

Freshpet Inc FRPT $17.45 95.6% $595 $6 $2 $599 $136 $7 12.9% 29.2% 40.6% 5.5% NA 4.40x 80.3x NA NA

Oil-Dri Corporation of America ODC 43.02 98.1% 290 12 32 270 261 29 (0.6%) (0.3%) 29.3% 10.9% 21.3x 1.03x 9.4x NA NA

Spectrum Brands Holdings, Inc. SPB 122.97 84.2% 7,234 3,781 137 10,878 5,009 904 0.3% 4.8% 38.6% 18.0% 23.2x 2.17x 12.0x 2.61x 16.3x

Maabarot Products Ltd. MABR-IL 18.03 87.4% 177 4 37 144 89 5 1.3% (4.6%) 40.9% 5.8% 15.8x 1.61x 27.7x NA NA

Echo Trading Co., Ltd. 7427-JP 6.10 92.7% 37 51 32 56 718 3 11.3% (1.2%) 12.0% 0.4% 22.0x 0.08x 17.9x 0.08x NA

Unicharm Corporation 8113-JP 25.15 89.4% 15,612 596 1,007 15,201 6,318 1,038 3.3% 1.8% 45.0% 16.4% 34.2x 2.41x 14.6x 2.78x 17.5x

Mean 89.3% $3,756 $666 $200 $4,222 $1,953 $306 6.1% 6.5% 35.3% 11.3% 25.3x 2.08x 23.8x 1.70x 20.1x

Median 88.4% $1,143 $216 $35 $1,385 $945 $109 6.5% 3.3% 39.6% 10.4% 23.2x 1.89x 15.5x 1.96x 17.5x

PAGE |


CONSUMER AND RETAIL


11




Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 11.52 58.9% 2,039 0 225 1,814 3,622 496 1.4% 3.4% 32.9% 13.7% 10.7x 0.50x 3.7x 0.55x 4.9x

Abercrombie & Fitch Co. Class A ANF $9.54 41.0% $649 $310 $421 $538 $3,302 $170 (5.5%) (7.0%) 54.5% 5.1% NA 0.16x 3.2x 0.13x 1.2x

Ascena Retail Group, Inc. ASNA 2.22 24.4% 433 1,608 300 1,740 6,804 570 7.1% 12.3% 52.4% 8.4% NA 0.26x 3.1x 0.37x 3.7x

Buckle, Inc. BKE 16.60 57.9% 811 0 261 550 944 174 (13.6%) (5.8%) 40.7% 18.4% 8.8x 0.58x 3.2x 0.49x 1.9x

Cabela's Incorporated CAB 58.07 91.3% 4,002 5,582 305 9,278 4,100 435 1.6% 5.2% 37.6% 10.6% 27.9x 2.26x 21.3x 2.58x 20.2x

Caleres, Inc. CAL 27.14 74.1% 1,167 282 72 1,377 2,626 193 2.6% 1.4% 41.3% 7.3% 18.5x 0.52x 7.1x 0.55x 8.7x

Cato Corporation Class A CATO 16.96 46.3% 437 0 235 202 908 42 (10.5%) (1.0%) 33.3% 4.6% 13.6x 0.22x 4.8x 0.22x 2.0x

Chico's FAS, Inc. CHS 8.95 53.1% 1,159 80 170 1,069 2,417 279 (6.7%) (2.4%) 38.1% 11.5% NM 0.44x 3.8x 0.41x 3.2x

Citi Trends, Inc. CTRN 21.63 95.2% 323 0 107 216 701 36 2.8% 3.7% 35.9% 5.1% 23.8x 0.31x 6.0x 0.35x 10.1x

Destination Maternity Corporation DEST 2.91 34.6% 41 39 2 77 416 15 (13.7%) (8.3%) 52.5% 3.7% NA 0.19x 5.0x 0.15x NA

DSW Inc. Class A DSW 17.84 68.0% 1,427 0 257 1,171 2,721 256 2.8% 4.8% 28.0% 9.4% 12.5x 0.43x 4.6x 0.50x 3.5x

Destination XL Group, Inc. DXLG 1.85 33.2% 91 79 8 162 450 26 1.0% 4.8% 38.4% 5.7% NA 0.36x 6.3x 0.42x 13.8x

Express, Inc. EXPR 5.99 36.6% 470 68 191 346 2,157 161 (8.3%) (0.1%) 29.1% 7.5% 11.7x 0.16x 2.2x 0.16x 1.2x

Finish Line, Inc. Class A FINL 13.47 54.9% 541 0 76 465 1,868 116 (1.6%) 2.7% 26.6% 6.2% 42.7x 0.25x 4.0x 0.28x 2.9x

Foot Locker, Inc. FL 46.10 58.0% 6,053 127 1,050 5,130 7,780 1,139 4.0% 4.9% 31.6% 14.6% 9.4x 0.66x 4.5x 0.79x 6.4x

Genesco Inc. GCO 31.30 42.2% 613 178 43 748 2,863 196 (4.9%) 2.4% 49.1% 6.9% 7.0x 0.26x 3.8x 0.29x 2.9x

Guess?, Inc. GES 12.39 66.3% 1,031 24 316 739 2,219 129 2.1% (4.4%) 33.5% 5.8% 40.0x 0.33x 5.7x 0.29x 2.3x

Gap, Inc. GPS 23.96 77.9% 9,482 1,315 1,583 9,214 15,518 1,859 (0.4%) (1.4%) 36.7% 12.0% 13.8x 0.59x 5.0x 0.57x 3.5x

J.Jill, Inc. JILL 12.40 86.1% 542 267 15 794 639 96 13.7% 11.9% 67.0% 15.0% 22.5x 1.24x 8.3x NA NA

L Brands, Inc. LB 45.01 56.5% 12,911 5,746 1,555 17,102 12,397 2,426 1.2% 4.4% 40.2% 19.6% 11.8x 1.38x 7.1x 1.59x 8.1x

Lululemon Athletica Inc LULU 61.47 75.1% 8,404 0 698 7,705 2,369 508 11.1% 13.3% 51.6% 21.5% 29.1x 3.25x 15.2x 4.90x 17.5x

Tailored Brands, Inc. TLRD 12.22 42.5% 599 1,588 67 2,121 3,333 323 (3.1%) 10.2% 42.5% 9.7% NM 0.64x 6.6x 0.86x 8.1x

New York & Company, Inc. NWY 1.56 57.6% 100 12 75 37 923 9 (2.1%) (0.3%) 29.1% 1.0% NA 0.04x 3.9x 0.04x 1.0x

Children's Place, Inc. PLCE 104.05 83.0% 1,838 27 231 1,634 1,803 225 3.6% 0.9% 33.9% 12.5% 17.1x 0.91x 7.2x 0.92x 9.2x

Ross Stores, Inc. ROST 53.96 77.3% 21,000 397 1,258 20,139 13,084 2,133 8.2% 8.1% 28.7% 16.3% 18.5x 1.54x 9.4x 1.98x 13.2x

Shoe Carnival, Inc. SCVL 18.31 57.6% 316 0 25 291 994 63 0.2% 3.8% 28.8% 6.3% 15.4x 0.29x 4.6x 0.33x 4.8x

Stein Mart, Inc. SMRT 1.35 14.6% 64 157 16 206 1,342 24 (1.5%) 1.8% 23.3% 1.8% NA 0.15x 8.5x 0.16x 2.8x

Stage Stores, Inc. SSI 1.95 29.7% 54 223 22 255 1,419 36 (9.5%) (4.5%) 21.1% 2.5% NA 0.18x 7.1x 0.16x 2.0x

Urban Outfitters, Inc. URBN 18.64 45.7% 2,158 0 371 1,787 3,544 446 2.2% 4.3% 34.6% 12.6% 10.9x 0.50x 4.0x 0.58x 3.2x

Zumiez Inc. ZUMZ 12.45 46.9% 314 0 76 237 844 65 5.6% 4.6% 31.2% 7.7% 13.0x 0.28x 3.7x 0.33x 2.4x

Mean 56.2% $2,636 $604 $334 $2,905 $3,470 $422 (0.3%) 2.5% 37.5% 9.4% 18.0x 0.63x 6.1x 0.72x 5.9x

Median 57.0% $631 $73 $208 $771 $2,294 $183 1.1% 3.1% 35.2% 8.0% 13.8x 0.40x 4.9x 0.41x 3.5x

Department Chains

Bon-Ton Stores, Inc. BONT $0.63 31.6% $13 $1,034 $7 $1,040 $2,619 $100 (5.5%) (2.0%) 33.3% 3.8% NA 0.40x 10.5x 0.37x 6.3x

Dillard's, Inc. Class A DDS 73.51 94.6% 2,146 820 301 2,665 6,332 552 (5.2%) (1.3%) 31.4% 8.7% 15.1x 0.42x 4.8x 0.40x 3.3x

J. C. Penney Company, Inc. JCP 5.38 47.6% 1,668 4,602 363 5,907 12,442 917 (1.1%) 1.1% 30.9% 7.4% NA 0.47x 6.4x 0.49x NM

Nordstrom, Inc. JWN 47.86 76.2% 7,947 2,742 653 10,036 14,863 1,699 2.7% 5.3% 36.1% 11.4% 22.5x 0.68x 5.9x 0.80x 5.6x

Kohl's Corporation KSS 40.25 67.5% 6,862 4,586 625 10,823 18,557 2,326 (2.6%) (0.6%) 31.2% 12.5% 11.8x 0.58x 4.7x 0.57x 4.1x

Macy's Inc M 23.54 51.8% 7,168 6,725 1,201 12,692 25,345 2,743 (4.8%) (3.1%) 35.1% 10.8% 12.7x 0.50x 4.6x 0.45x 3.4x

Stage Stores, Inc. SSI 1.95 29.7% 54 223 22 255 1,419 36 (9.5%) (4.5%) 21.1% 2.5% NA 0.18x 7.1x 0.16x 2.0x

Hudson's Bay Co. HBC-CA 8.85 61.7% 1,612 3,359 72 4,899 10,896 257 15.7% 23.1% 36.3% 2.4% NA 0.45x 19.1x 1.02x 13.3x

Mean 57.6% $3,434 $3,011 $406 $6,040 $11,559 $1,079 (1.3%) 2.3% 31.9% 7.4% 15.5x 0.46x 7.9x 0.53x 5.4x

Median 56.8% $1,907 $3,051 $332 $5,403 $11,669 $735 (3.7%) (0.9%) 32.4% 8.0% 13.9x 0.46x 6.2x 0.47x 4.1x

PAGE |


CONSUMER AND RETAIL


12




Discount Stores & Mass Merchants

Big Lots, Inc. BIG 48.85 86.4% 2,160 116 66 2,210 5,185 381 (0.7%) (0.6%) 38.3% 7.3% 13.3x 0.43x 5.8x 0.42x 7.1x

Costco Wholesale Corporation COST 152.09 83.0% 66,706 3,979 5,725 64,960 123,285 5,189 4.5% 4.0% 13.3% 4.2% 26.4x 0.53x 12.5x 0.60x 15.9x

CVS Health Corporation CVS 78.29 79.4% 79,761 27,433 2,302 104,892 178,825 12,913 11.6% 11.6% 16.1% 7.2% 16.3x 0.59x 8.1x 0.83x 10.7x

Dollar General Corporation DG 74.60 77.0% 20,457 3,033 206 23,284 22,331 2,454 7.8% 7.9% 30.8% 11.0% 16.8x 1.04x 9.5x 1.34x 11.3x

Dollar Tree, Inc. DLTR 70.92 71.0% 16,786 6,298 1,159 21,925 20,920 2,355 13.7% 37.9% 30.9% 11.3% 19.5x 1.05x 9.3x 2.81x 19.0x

Ollie's Bargain Outlet Holdings Inc OLLI 44.10 98.7% 2,694 128 34 2,789 924 120 16.5% 19.6% 39.6% 12.9% 41.6x 3.02x 23.3x NA NA

PriceSmart, Inc. PSMT 83.55 88.5% 2,540 125 193 2,472 2,974 185 2.8% 6.2% 15.9% 6.2% 27.2x 0.83x 13.3x 1.04x 15.5x

Rite Aid Corporation RAD 2.39 27.3% 2,517 7,240 221 9,536 32,442 1,000 0.5% 8.1% 23.5% 3.1% NA 0.29x 9.5x 0.37x 7.4x

Target Corporation TGT 54.96 69.3% 30,322 12,803 2,680 40,445 69,317 6,647 (4.9%) (1.7%) 26.2% 9.6% 11.2x 0.58x 6.1x 0.56x 6.4x

TJX Companies Inc TJX 68.47 81.9% 44,045 2,228 3,127 43,147 33,425 4,521 5.7% 6.4% 28.9% 13.5% 19.5x 1.29x 9.5x 1.58x 11.1x

Tuesday Morning Corporation TUES 1.85 22.8% 83 41 4 121 966 (1) 2.0% 4.2% 34.1% NM NA 0.12x NM 0.14x NA

Walgreens Boots Alliance Inc WBA 78.68 89.4% 84,195 19,210 12,253 91,152 116,701 7,118 (0.5%) 15.7% 23.4% 6.1% 19.8x 0.78x 12.8x 1.24x 16.4x

Wal-Mart Stores, Inc. WMT 78.90 98.0% 237,844 46,497 6,545 277,796 486,890 32,348 0.8% 0.7% 25.6% 6.6% 17.9x 0.57x 8.6x 0.58x 7.6x

Mean 74.8% $45,393 $9,933 $2,655 $52,671 $84,168 $5,787 4.6% 9.2% 26.7% 8.3% 20.9x 0.86x 10.7x 0.96x 11.7x

Median 81.9% $20,457 $3,979 $1,159 $23,284 $32,442 $2,454 2.8% 6.4% 26.2% 7.3% 19.5x 0.59x 9.5x 0.72x 11.1x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $39.74 97.2% $2,808 $485 $370 $2,923 $3,198 $346 (0.5%) 12.9% 47.3% 10.8% 20.2x 0.91x 8.5x 1.31x 10.7x

At Home Group, Inc. HOME 23.24 88.0% 1,403 450 11 1,842 805 114 23.3% 25.9% 31.8% 14.2% 47.8x 2.29x 16.1x NA NA

Bed Bath & Beyond Inc. BBBY 29.24 59.9% 4,214 1,492 469 5,236 12,220 1,365 1.0% 1.9% 37.3% 11.2% 6.8x 0.43x 3.8x 0.46x 2.8x

Conn's, Inc. CONN 22.25 97.4% 690 1,208 273 1,625 1,564 107 (4.5%) 6.9% 49.4% 6.9% NA 1.04x 15.1x 1.39x 9.2x

Ethan Allen Interiors Inc. ETH 30.80 79.4% 853 30 64 819 774 85 (1.0%) 2.0% 55.2% 11.0% 21.0x 1.06x 9.7x 1.11x 9.3x

Haverty Furniture Companies, Inc. HVT 22.50 85.6% 476 56 70 462 827 75 2.4% 3.7% 54.2% 9.0% 16.1x 0.56x 6.2x 0.62x 6.3x

Kirkland's, Inc. KIRK 9.55 54.9% 152 0 60 92 597 39 4.2% 8.5% 13.8% 6.5% 17.7x 0.15x 2.4x 0.20x 2.4x

LaZBoy Incorporated LZB 32.85 98.8% 1,596 1 168 1,428 1,520 162 (0.3%) 3.4% 40.0% 10.6% 18.9x 0.94x 8.8x 1.06x 13.1x

Pier 1 Imports, Inc. PIR 4.53 46.8% 383 201 162 422 1,820 118 (2.3%) 0.4% 35.5% 6.5% 11.0x 0.23x 3.6x 0.24x 1.9x

Rent-A-Center Inc RCII 12.78 93.1% 680 653 58 1,275 2,870 148 (11.3%) (2.7%) 35.3% 5.2% NA 0.44x 8.6x 0.41x 3.8x

RH RH 70.99 88.8% 2,348 803 80 3,071 2,241 141 4.6% 11.5% 32.2% 6.3% NM 1.37x 21.8x 2.02x 21.4x

Select Comfort Corporation SCSS 32.67 88.9% 1,342 0 36 1,305 1,352 152 11.1% 11.4% 62.9% 11.2% 23.3x 0.97x 8.6x 1.36x 10.8x

Sherwin-Williams Company SHW 350.60 96.7% 32,651 11,504 210 43,945 12,559 2,096 8.7% 5.4% 48.4% 16.7% 28.9x 3.50x 21.0x 4.31x 32.1x

Williams-Sonoma, Inc. WSM 45.08 78.5% 3,906 45 94 3,857 5,098 656 1.1% 4.4% 37.0% 12.9% 13.1x 0.76x 5.9x 0.89x 6.4x

Mean 82.4% $3,821 $1,209 $152 $4,879 $3,389 $400 2.6% 6.8% 41.5% 9.9% 20.4x 1.05x 10.0x 1.18x 10.0x

Median 88.4% $1,372 $325 $87 $1,527 $1,692 $144 1.0% 4.9% 38.6% 10.7% 18.9x 0.93x 8.6x 1.06x 9.2x

PAGE |


CONSUMER AND RETAIL


13




Internet Retail

Amazon.com, Inc. AMZN 1,052.80 100.0% 503,212 21,599 22,392 502,419 142,573 12,540 25.7% 22.2% 35.6% 8.8% NM 3.52x 40.1x 6.75x 97.5x

Alibaba Group Holding Ltd. Sponsored ADR BABA $155.79 99.6% $394,050 $13,310 $22,266 $385,093 $23,398 $8,424 47.4% 39.7% 59.2% 36.0% NM 16.46x 45.7x 55.65x 95.4x

Cimpress N.V. CMPR 93.39 89.6% 2,904 1,052 43 3,912 2,050 166 21.4% 19.1% 51.4% 8.1% NA 1.91x NM 3.21x 23.4x

eBay Inc. EBAY 37.04 98.8% 39,645 11,466 9,017 42,094 9,157 2,870 4.2% (18.8%) 76.5% 31.3% 5.6x 4.60x 14.7x 2.62x 7.8x

MercadoLibre, Inc. MELI 286.02 96.0% 12,630 321 567 12,384 961 259 45.3% 25.6% 62.8% 27.0% NM 12.89x NM 26.20x 73.0x

Overstock.com, Inc. OSTK 16.85 82.2% 421 58 137 343 1,819 19 8.7% 10.9% 17.0% 1.1% NA 0.19x 17.7x 0.26x 10.6x

Priceline Group Inc PCLN 2,033.21 99.8% 99,973 8,283 5,371 102,885 11,014 4,173 15.6% 15.6% 81.0% 37.9% 45.9x 9.34x 24.7x 15.15x 38.5x

Shutterfly, Inc. SFLY 50.55 92.6% 1,685 400 207 1,879 1,144 162 5.9% 12.5% 48.8% 14.2% NM 1.64x 11.6x 2.40x 12.4x

Stamps.com Inc. STMP 156.20 99.9% 2,646 136 118 2,663 388 153 53.9% 44.3% 79.0% 39.4% 29.8x 6.87x 17.5x 20.84x 65.0x

Wayfair, Inc. Class A W 79.36 98.7% 6,920 42 277 6,685 3,594 (145) 39.7% 52.4% 24.1% NM NA 1.86x NM NA NA

Mean 95.7% $106,408 $5,667 $6,040 $106,036 $19,610 $2,862 26.8% 22.4% 53.5% 22.6% 27.1x 5.93x 24.5x 14.79x 47.1x

Median 98.8% $9,775 $726 $422 $9,534 $2,822 $212 23.5% 20.7% 55.3% 27.0% 29.8x 4.06x 17.7x 6.75x 38.5x

Specialty & Other Retail

Best Buy Co., Inc. BBY 55.57 89.7% 16,947 1,347 3,782 14,512 39,488 2,441 0.2% (2.1%) 23.6% 6.2% 14.9x 0.37x 5.9x 0.34x 7.6x

Big 5 Sporting Goods Corporation BGFV 11.05 54.3% 245 25 6 264 1,039 58 1.9% 2.0% 32.4% 5.6% 10.3x 0.25x 4.6x 0.27x 3.8x

Barnes & Noble, Inc. BKS $8.00 58.7% $581 $65 $12 $634 $3,895 $176 (11.5%) (15.2%) 28.1% 4.5% 28.6x 0.16x NM 0.10x 3.8x

Dick's Sporting Goods, Inc. DKS 36.21 57.6% 4,073 98 108 4,062 8,087 729 9.8% 8.6% 29.8% 9.0% 14.0x 0.50x 5.6x 0.66x 5.8x

Home Depot, Inc. HD 146.69 91.2% 175,376 22,937 3,565 194,748 95,720 15,716 5.9% 6.4% 32.3% 16.4% 22.0x 2.03x 12.4x 2.48x 18.1x

Hibbett Sports, Inc. HIBB 14.65 32.0% 304 3 76 232 967 107 1.2% 3.4% 32.2% 11.0% 6.0x 0.24x 2.2x 0.27x 1.8x

MarineMax, Inc. HZO 14.70 62.2% 386 242 59 569 1,029 54 13.8% 19.0% 24.8% 5.2% 14.6x 0.55x 10.5x 0.96x 36.3x

Lumber Liquidators Holdings, Inc. LL 25.30 82.5% 718 72 11 779 975 (38) 2.4% (1.4%) 32.2% NM NM 0.80x NM 0.78x 5.7x

Lowe's Companies, Inc. LOW 75.98 88.1% 65,195 16,065 2,047 79,213 66,643 7,414 10.7% 7.4% 32.2% 11.1% 23.9x 1.19x 10.7x 1.49x 14.0x

Movado Group, Inc. MOV 24.80 77.6% 570 30 235 365 539 64 (8.4%) (2.5%) 52.9% 11.8% 21.0x 0.68x 5.7x 0.65x 4.2x

Office Depot, Inc. ODP 5.88 95.6% 3,048 1,173 744 3,477 11,455 642 (19.1%) (3.8%) 24.5% 5.6% 7.1x 0.30x 5.4x 0.31x 8.9x

Staples, Inc. SPLS 10.14 98.9% 6,659 1,047 1,290 6,416 18,816 1,301 (10.0%) (6.4%) 26.0% 6.9% NA 0.34x 4.9x 0.28x 3.7x

Tiffany & Co. TIF 95.09 97.7% 11,853 1,071 960 11,964 4,010 954 (0.6%) (1.1%) 62.8% 23.8% 26.4x 2.98x 12.5x 2.98x 12.5x

Tractor Supply Company TSCO 53.40 58.0% 6,865 638 73 7,431 6,876 831 8.1% 9.3% 32.0% 12.1% 16.5x 1.08x 8.9x 1.44x 12.1x

Vitamin Shoppe, Inc. VSI 10.80 33.4% 257 122 2 377 1,269 114 0.2% 4.4% 29.3% 9.0% 14.0x 0.30x 3.3x 0.35x 2.7x

Mean 71.8% $19,539 $2,996 $865 $21,670 $17,387 $2,037 0.3% 1.9% 33.0% 9.9% 16.9x 0.79x 7.1x 0.89x 9.4x

Median 77.6% $3,048 $242 $108 $3,477 $4,010 $642 1.2% 2.0% 32.0% 9.0% 14.9x 0.50x 5.7x 0.65x 5.8x

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A1

CONSUMER AND RETAIL


14

Private Equity

Announced Target Seller Buyer Involvement

7/25/2017 Reynolds American - British American Tobacco

7/20/2017 Hydro-Photon - Katadyn Group P

7/18/2017 Friendly Robotics CDIB Capital Group MTD Products P

7/18/2017 EbLens Fidus Investment, KarpReilly J.W. Childs Associates P

7/10/2017 Kate Spade & Company - Coach

7/6/2017 Cobalt Boats Rosewood Capital Malibu Boats P

6/30/2017 Vivid Seats - Vista Equity Partners P

6/30/2017 Superior Recreational Products Antares Capital PlayCore P

6/29/2017 West Marine - Monomoy Capital Partners P

6/29/2017 BathWraps - Jacuzzi P

6/28/2017 Staples - Sycamore Partners Management P

6/28/2017 NovaCopy - Trivest Partners P

6/28/2017 Globe Holding Company - MSA Safety

6/28/2017 CST Brands - Alimentation Couche Tard P

6/26/2017 Spot Canine Club Drayton Park Capital, Mistral Equity Partners American Kennel Club P

6/16/2017 Bonobos - Wal-Mart Store

6/14/2017 Custom Lighting & Hardware - Ferguson Enterprises

6/11/2017 Campbell Mattress - Mattress Direct

6/9/2017 Pacific Coast Feather Company - Hollander (Sentinel Capital Partners) P

6/7/2017 Mary's Bridal - Rachel Allan

6/2/2017 Crosman Wellspring Capital Management LLC Compass Group Management P

5/29/2017 Assured Automotive, Inc. - Boyd Group Income Fund P

5/26/2017 Newell Brands Winter Sports Newell Brands, Inc. Kohlberg & Co. LLC P

5/22/2017 Petmate Wind Point Partners Olympus Partners P

5/18/2017 Deva Concepts LLC Tengram Capital Partners Ares Management P

5/17/2017 Uncle Milton Industries, Inc. - Tech 4 Kids

5/15/2017 Mathis Tire & Auto Service, Inc. - The Pep Boys

5/15/2017 CIBT, Inc. ABRY Partners Kohlberg & Co. LLC P

5/10/2017 AFCO Systems, Inc. Ultimate Precision Metal Products, Inc. Legrand North America LLC

5/10/2017 Taylor Made Golf Co., Inc. adidas AG KPS Capital Partners LP P

5/8/2017 Kate Spade & Co. - Coach, Inc.

5/8/2017 Supreme Brands LLC - Roustan Capital P

5/8/2017 WRB Communications, Inc. - Diplomat Pharmacy, Inc.

5/6/2017 Yummly, Inc. Bauer Venture Partners Whirlpool Corp. P

5/4/2017 Northern Lite Manufacturing Ltd. - KV Private Equity, Inc. P

5/3/2017 Park Plus Parking, Inc. - TA Associates Management / Towne Park P

5/1/2017 K&H Manufacturing LLC Benford Capital Partners Central Garden & Pet Co. P

4/28/2017 PetMatrix LLC - Spectrum Brands Holdings, Inc. P

4/27/2017 NBGroup LLC Kohlberg & Company, L.L.C. Sycamore Partners Management LP P

4/25/2017 Lifted Research Group, Inc. - Mad Engine LLC

4/25/2017 GSC Technologies Corp. - Ameriform Acquisition Co., LLC P

4/20/2017 MooreCo, Inc. - Prudential Capital Group (Private Equity); Mooreco, Inc. /Private Group/P

4/20/2017 TheSockGame.com - Hoopswagg LLC

4/19/2017 Merle's Automotive Supply, Inc. - Genuine Parts Co.

4/19/2017 Distinctive Diamonds, Inc. - Blackstone Corporate Private Equity; Diamonds Direct USA, Inc.

4/19/2017 Chewy.com Volition Capital, T. Rowe Price PetSmart P

4/10/2017 Marbles LLC Marbles LLC Spin Master Ltd.

4/6/2017 Mizzen + Main - L Catterton P

4/6/2017 Sunoco LP Sunoco LP 7-Eleven, Inc.

4/6/2017 eBags, Inc. - Samsonite LLC

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

4/4/2017 TCG International, Inc. Skidmore Group Holdings, Inc. Fix Auto Canada, Inc. P

4/4/2017 VF Licensed Sports Group LLC VF Corp. Fanatics, Inc.

4/4/2017 I and Love and You - L Catterton P

4/3/2017 Velvet LLC - Adastria Co., Ltd.

4/3/2017 Kimmel Athletic Supply Co., Inc. - Herff Jones LLC; BSN Sports LLC P

4/3/2017 World Kitchen LLC - Cornell Capital LLC P

4/3/2017 Scivation, Inc. - MidOcean Partners P

3/31/2017 Duralee Fabrics Ltd. - The Robert Allen Group / Altamont Capital Management LLC P

3/30/2017 Gander Mountain Co. - Gordon Brothers Group P

3/21/2017 Professional Carwash Systems, Inc. - Lubrication Technologies, Inc.

3/20/2017 Arctic Glacier Group Holdings, Inc. H.I.G. Capital, LLC The Carlyle Group LP P

3/16/2017 Eastman Outdoors, Inc. - Snow Phipps Group / FeraDyne P

3/15/2017 1-800-FLOWERS.COM, Inc. (Sub) 1-800-FLOWERS.COM, Inc. Ferrero International SA

3/13/2017 Lifetime Brands, Inc. - Mill Road Capital Management LLC P

3/9/2017 Valenti Mid South Management Valenti Mid-South Management LLC NPC Quality Burgers, Inc.

3/2/2017 O Olive Oil, Inc. - Landec Corp.

2/22/2017 Skip Hop Fireman Capital Carter's P

2/21/2017 Popeyes Louisiana Kitchen, Inc. - Restaurant Brands International, Inc.

2/16/2017 Kohler Interiors Group Ltd. Kohler Co. Samson Investment Holding Co.

2/10/2017 Summit Research Labs, Inc. - Elementis Plc

2/7/2017 West Coast Coffee Co., Inc. - Farmer Brothers Co.

2/6/2017 Anova Applied Electronics, Inc. - Electrolux AB

2/2/2017 Mead Johnson Nutrition Co. - Reckitt Benckiser Group Plc P

2/1/2017 Calbee North America LLC - Calbee America, Inc.

1/26/2017 Belden, Inc. Belden, Inc. WIKA Alexander Wiegand SE & Co. KG

PAGE |

M&A TRANSACTIONS

15

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

CONSUMER AND RETAIL


Private Equity


12/12/2016 Smith Mountain Industries, Inc. - Newell Brands, Inc.

12/7/2016 Pebble Technology Corp. - Fitbit, Inc.

12/7/2016 Hyatt Regency Pier Sixty-Six Boca Resorts LLC Tavistock Development Co. P

12/2/2016 Victoria Fine Foods LLC - B&G Foods, Inc.

12/2/2016 Cosi, Inc. - Milfam LLC; AB Opportunity Fund LLC; Cosi, Inc. /Private Group/

11/25/2016 REINS International (USA) Co. Ltd. - Reins International, Inc.

11/22/2016 KeVita, Inc. - PepsiCo, Inc. P

11/22/2016 Bai Brands LLC - Dr Pepper Snapple Group, Inc.

11/18/2016 Natural Essence Group SPV - LifeBrandz Ltd.

11/17/2016 Bellisio Foods, Inc. - Charoen Pokphand Foods Public Co. Ltd.

11/17/2016 Ryeson Corp. - Snap-On, Inc.

11/16/2016 Elore Enterprises LLC - The Carlyle Group LP (Corporate Private Equity); Grupo Empresarial Palacios Alimentación SAP

11/14/2016 Harman International Industries, Inc. - Samsung Electronics America, Inc.

11/14/2016 Too Faced Cosmetics LLC - Estee Lauder Cos., Inc.

11/14/2016 American Apparel LLC /American Apparel Brand/ American Apparel, Inc. Gildan Activewear, Inc.

11/10/2016 JemPak GK, Inc. - Acasta Enterprises, Inc.

11/9/2016 Kimpton Hotel Allegro - Hospitality Properties Trust

11/8/2016 GlassMasters Autoglass Ltd. - The Western Investment Co. of Canada Ltd. P

11/8/2016 ARG Wholesale Ltd. - Alberta Treasury Branches Financial; The Western Investment Co. of Canada Ltd.; Arg Wholesale Ltd. /Private Group/P

11/7/2016 Coleman Homes LLC - Toll Brothers, Inc.

11/4/2016 Dick Clark Productions, Inc. - Dalian Wanda Group Co., Ltd.

11/4/2016 Ultimate Survival Technologies, Inc. - Battenfeld Technologies, Inc.

11/3/2016 Angelic Bakehouse, Inc. - T. Marzetti Co., Inc.

10/31/2016 Performance Sports Group Ltd. - Fairfax Financial Holdings Ltd.; Sagard Capital Partners Management Corp.; Performance Sports Group Ltd. /Private Group/P

10/31/2016 Grupo Modelo Sab De Cv /Obregon Brewery/ Anheuser-Busch InBev SA/NV Constellation Brands, Inc.

10/26/2016 Pacific Island Restaurants, Inc. - Restaurant Brands New Zealand Ltd.

10/25/2016 Courtyard By Marriott (Sunnyvale) Marriott International, Inc. Hersha Hospitality Trust

10/24/2016 Mactac Americas, LLC - LINTEC Corp.

10/17/2016 Constellation Brands Canada, Inc. Constellation Brands, Inc. Ontario Teachers' Pension Plan Board; Province of Ontario

10/17/2016 International Palms Resort & Conference Center Orlando Lone Star Funds Empresas Brasif SA P

10/17/2016 Charles Smith Wines LLC /Wines Business/ Charles Smith Wines LLC Constellation Brands, Inc.

10/12/2016 Newell Brands, Inc. /Tools Business/ Newell Brands, Inc. Stanley Black & Decker, Inc.

10/5/2016 Pocahontas Parkway Holdings LLC - Optrust Private Equity; GlobalVia Infraestructuras SA; PGGM Vermogensbeheer BV (Private Equity)

10/4/2016 High West Distillery & Saloon - Constellation Brands, Inc.

10/3/2016 Point Grey Research, Inc. - FLIR Systems, Inc.

10/3/2016 EPS Financial LLC Drake Enterprises Ltd. MetaBank

10/3/2016 Stone Canyon Industries LLC /2 Subsidiaries/ - Green Plains, Inc.

9/28/2016 Lafayette Puzzle Factory LLC - Cra-Z-Art LLC

9/23/2016 Fanlogic LLC - HeadsUp Entertainment

9/21/2016 Corby LLC - US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. - Visual Promotions LLC

9/13/2016 David Michael & Co., Inc. - International Flavors & Fragrances

9/13/2016 SalonQuest LLC - Conair Corp.

9/12/2016 CID Entertainment LLC - Clearlake Capital Group LP P

9/9/2016 SRP Companies Seidler Equity Partners Aurora Capital Partners

9/6/2016 SharpShooter Imaging LLC - Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. - Vista Outdoor, Inc.

9/1/2016 Amety Ltd. - Park Lawn Corp.

9/1/2016 Jones Media, Inc. - Adams Publishing Group LLC

9/1/2016 New Homes Guide - NewPoint Media Group LLC

9/1/2016 Diversified Industrial Services - Orion Industries

8/31/2016 Focus Products Group International LLC /Kitchen Division/ - Lifetime Brands, Inc.

8/31/2016 Promax Nutrition Corp. /Sport Perfomance Brand/ - NuGo Nutrition

8/31/2016 Boomerang Carwash LLC - Zips Car Wash LLC

8/30/2016 Plus II Sanitation Supplies, Inc. - Bunzl Plc

8/30/2016 Apex Sanitation Products Ltd. - Bunzl Plc P

8/30/2016 800Razors.com LLC - Shave Mob LLC

8/30/2016 The River Club - Landeavor LLC

8/30/2016 Coast Apparel LLC - Delta Apparel, Inc.

8/30/2016 Heritage Golf Club - ClubCorp Holdings, Inc.

8/30/2016 True Contact - Appsbuyout P

8/29/2016 Playworld Systems, Inc. - Littlejohn & Co. LLC; PlayPower, Inc.

8/29/2016 Toulon Design - Callaway Golf Co.

8/19/2016 Affinity Sports - Dick's Sporting Goods, Inc.

8/17/2016 Ecodesarrollo Papagayo SA - Gencom Group

8/16/2016 RunHaven Moko Social Media Ltd. Calera Capital Advisors P

8/16/2016 RCL Benziger Publishing LLC New Mountain Learning LLC Kendall/Hunt Publishing Co.

8/16/2016 Alienation, Inc. - J&B Importers, Inc.

8/16/2016 LeftField Media LLC - Urban Exposition LLC

8/2/2016 Swimways Corp. - Spin Master Corp.

8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG

8/15/2016 Wisconsin Cemeteries - StoneMor Partners LP

8/15/2016 Pounds Media LLC - Snapshot Interactive LLC

8/12/2016 Edwards & Zuck DPC - Stantec, Inc.

8/12/2016 The Car Wash Barn - Car Wash Partners, Inc.

8/11/2016 Canada à la Carte Viad Corp. VBR Tours LLC

PAGE |

HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

16

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

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

Ed ArkusManaging [email protected]+44 20 7518 8905

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

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

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

Andy WarczakVice [email protected]+1 (612) 359-2714

Zach EnglandVice [email protected]+1 (415) 217-3429

Beau PierceVice [email protected]+1 (804) 887-6113

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

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

Will [email protected]+44 20 7518 8906

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

Private Equity


8/10/2016 Preptix LLC - Huddle, Inc.

8/10/2016 Dacor, Inc. - Samsung Electronics America, Inc.

8/10/2016 Sina Pearson Textiles, Inc. - Riverside Partners LLC (New York); Momentum Textiles, Inc.; Momentum GroupP

8/10/2016 ECM Publishers, Inc. - Adams Publishing Group LLC

8/10/2016 Mocean Holding Co. Llc - SNC Technical Services LLC

8/9/2016 Stefano A, Inc. - JN Phillips Auto Glass, Inc.

8/9/2016 Hope River Entertainment - Moonstruck Management LLC

8/9/2016 Herington Times-Sun Printing & Publishing - Kansas Publishing Ventures LLC

8/8/2016 Becker & Mayer LLC The McEvoy Group LLC Quarto Publishing Group USA, Inc.

8/8/2016 Whistler Blackcomb Holdings, Inc. - Vail Resorts, Inc.

8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water Technologies LLCP

8/8/2016 Flick Brothers Auto Body - 3-D Body Works, Inc.

8/8/2016 Rooftop2 Productions, Inc. - Lagardère Sports SAS

8/5/2016 Pokervision Media, Inc. - Network Life Sciences, Inc.

8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada)

8/3/2016 Stein World Operating Co. - ELK Group International, Inc.

8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP; Give & Go Prepared Foods Corp. P

8/2/2016 Oak State Products, Inc. - Vestar Capital Partners, Inc.; Goldman Sachs Private Equity Group; Hearthside Food Solutions LLCP

8/2/2016 HC Operating Co. LLC - Avista Capital Holdings LP; WideOpenWest Finance LLC; Constitution Capital Partners LLC

8/2/2016 The GameTV Corp. Kilmer Group Anthem Sports & Entertainment Corp.

8/1/2016 Carstar Collision Care of Kings, Inc. /Cincinnati 10 Shops/ Carstar Collision Care of Kings, Inc. The Boyd Group, Inc.

7/29/2016 Dr. Smoothie Brands, Inc. Dr. Smoothie Enterprises Highlander Partners LP; Bevolution Group P

7/27/2016 Peds Legwear, Inc. - Gildan Activewear, Inc.

7/26/2016 Vizio Holdings, Inc. - Leshi Internet Information & Technology

7/26/2016 Legion Industries, Inc. - The Legacy Cos.

7/25/2016 Donna Karan International, Inc. LVMH Moët Hennessy Louis Vuitton SE G-III Apparel Group Ltd.

7/22/2016 Model in a Bottle - American International Industries P

7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc.

7/13/2016 Tessive LLC - RealD, Inc.; Rizvi Traverse Management LLC P

7/7/2016 Erno Laszlo, Inc. - CITIC Capital Partners Ltd. P

7/6/2016 First Act, Inc. - Alleghany Capital Partners LLC P

7/6/2016 Idaho Pacific Holdings, Inc. - Arlon Group LLC

7/5/2016 Source Media LLC /Traders Magazine/ Source Media LLC Markets Media LLC

7/5/2016 Hostess Brands LLC - The Gores Group LLC; Gores Holdings, Inc. P

7/5/2016 Thunder Jet - Brunswick Corp.

7/5/2016 Sea Crest Resort & Conference Center Scout Real Estate Capital LLC Delaware North Cos., Inc.

7/5/2016 D.K. Shifflet & Associates Ltd. - Peninsula Capital Partners LLC; MMGY Global Inc.

7/1/2016 Oliva Cigar Co. - V.D.M. Invest CVA; J. Cortès Cigars NV

7/1/2016 Harris Publications, Inc. - Athlon Media Group

7/1/2016 Supplies On The Fly Instawares Holding Co. LLC Sysco Corp.

7/1/2016 Heartland Habitat for Humanity, Inc. - Habitat For Humanity Kansas City, Inc.

6/30/2016 VF Corp. /Contemporary Premium Brand Business/ VF Corp. Delta Galil Industries Ltd.

6/30/2016 The Hershey Co. - Mondelez International, Inc.

6/28/2016 Peekaboo Child Care Centre, Inc. /Child Care Centres (20)/Peekaboo Child Care Centre, Inc. BrightPath Early Learning, Inc.

6/28/2016 Mile High Hoodies LLC - Vaprwear Gear LLC

6/28/2016 ABT Power Management, Inc. - Total Fleet Solutions Ltd.

6/27/2016 Clean Ones Corp. - Butler Home Products LLC

6/26/2016 Bromeland Publishing, Inc. /Scuttlebutt Magazine/ Bromeland Publishing, Inc. Forum Communications Co.

6/24/2016 The Sun Products Corp. - Henkel AG & Co. KGaA

6/24/2016 Skullcandy, Inc. - Incipio Technologies, Inc.

6/23/2016 HDMI Digital Media, Inc. - 8020 Connect, Inc.

6/22/2016 Hillcrest Golf & Country Club LP - PulteGroup, Inc.

6/22/2016 Binder Casting - RWS & Associates Entertainment, Inc.














Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonOne International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

PAGE |

Consumer

OUR FIRM

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.


CONSUMER AND RETAIL

17

PAGE |

HARRIS WILLIAMS & CO.

18

SOURCES

1) Pitch Book

2) FactSet

3) Thomson Financial

4) Reuters

5) S&P Capital IQ LCD

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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 a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2017 Harris Williams & Co., all rights reserved.

CONSUMER AND RETAIL


DISCLOSURES

http://www.harriswilliams.com/

Documents

CONSUMER & RETAIL · Fashion M&A, like a Crop Top, Is Hard to Pull Off ... Discount Stores & Mass Merchants Pet Care Consumer Durables Outdoor & Lifestyle S&P 500 Housewares Household