Denver Investment Bank to the Middle Market - Health ......6/19/2017 Top Secret Nutrition LLC 10/5/2016 Tribravus Enterprises 10/5/2016 Prime Nutrition 4/28/2016 Gaspari Nutrition

http://sdrventures.com/

http://sdrventures.com/https://graphics.wsj.com/time-use/https://www.bls.gov/tus/charts.htmmailto:[email protected]:[email protected]

http://sdrventures.com/https://theworldgames2017.com/en/dyscyplina/korfball/

http://sdrventures.com/http://www.outdoorfoundation.org/pdf/ResearchParticipation2016.pdf

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/16/2017 Whole Foods Market, Inc. Amazon.com, Inc. Natural & Organic Foods 13,463.80 0.69x 7.98x

5/8/2017 Kate Spade & Co. Coach, Inc. Lifestyle Companies 2,349.78 - -

6/1/2017 Parfums de Coeur Ltd. CVC Capital Partners Ltd. Personal Care 1,425.00 - -

4/11/2017 Atkins Nutritionals, Inc. Conyers Park Acquisition Corp. Natural & Organic Foods 730.13 - -

5/22/2017 Nutraceutical International Corp. HGGC LLC Vitamins, Minerals, &

Supplements

416.87 1.77x 9.69x

5/16/2017 Limelight By Alcone L'Occitane International SA Personal Care 320.00 - -

6/29/2017 West Marine, Inc. Monomoy Capital Partners LLC Outdoor Products 280.89 - -

5/26/2017 Newell Brands, Inc. (Winter Sports Bus) Kohlberg & Co. LLC Outdoor Products 240.00 0.73x -

4/16/2017 Eastern Outfitters LLC Sports Direct International Plc Outdoor Products 101.00 - -

Strategic76%

Financial24%

3 1 4

6 5

9

6

-

2

4

6

8

10


Financial Buyer Inv. Date Select Corporate Acquisitions5/16/2016 ▪ SidelineSwap, LLC1/15/2016 ▪ Ample Foods Inc.11/5/2015 ▪ Clicky, Inc.7/31/2015 ▪ Pacifica Labs, Inc.1/27/2015 ▪ Remoov, Inc.10/18/2016 ▪ HME Products6/9/2016 ▪ Good Sportsman Marketing, L.L.C.5/17/2016 ▪ InterVision Systems, LLC5/10/2016 ▪ Systems, Inc.1/11/2016 ▪ Drake Automotive Group, Inc.

Earnest Bros. Logistics12/12/2016 ▪ Halo Innovations1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. 1/31/2014 ▪ Recochem, Inc. 1/6/2016 ▪ Turning Point10/2/2015 ▪ Brooklyn Boulders LLC7/28/2015 ▪ Barry's Bootcamp LLC7/14/2015 ▪ SmartyPants, Inc. 7/2/2015 ▪ Sprout Foods, Inc. 6/27/2016 ▪ Drybar Holdings LLC2/17/2016 ▪ Ultimate Fitness Group, LLC6/9/2015 ▪ Naf Naf Grill, LLC4/17/2015 ▪ Driven Brands

Huron Capital Partners

Swander Pace Capital

North Castle Partners, LLC

Roark Capital Group

500 Startups

Strategic Buyer Inv. Date Select Corporate Acquisitions6/8/2016 ▪ Trophy Taker, Inc. 3/24/2016 ▪ Ramcat Broadheads4/2/2015 ▪ Obsession Bows1/7/2015 ▪ Tink's Hunting Products, LLC11/17/2014 ▪ Dead Down Wind LLC6/19/2017 ▪ Top Secret Nutrition LLC10/5/2016 ▪ Tribravus Enterprises 10/5/2016 ▪ Prime Nutrition4/28/2016 ▪ Gaspari Nutrition Inc. 8/18/2015 ▪ LG Sciences LLC▪11/18/2016 ▪ Payne's Marine Supply, Inc.8/31/2016 ▪ Indoor Cycling Group7/5/2016 ▪ Thunder Jet Boats Inc.1/20/2016 ▪ Cybex International Inc.12/6/2015 ▪ Garelick Mfg. Co.1/9/2017 ▪ Jim Fletcher Archery Aids, Inc.1/21/2016 ▪ Thunder Jet Boats Inc. 9/30/2015 ▪ Goalsetter Systems, Inc. 9/11/2015 ▪ Counting Numbering Machine, Inc.7/29/2015 ▪ Onix Sports, Inc.

Arcus Hunting, LLC

Hi-Tech Pharmaceuticals

Brunswick Corporation

Escalade, Inc.


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

Health & Fitness Lifestyle Companies Activewear

Natural & Organic Foods Outdoor Products Personal Care

Vitamins, Minerals, & Supplements S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Fitbit, Inc. FIT 983$ 5.31$ -9.1% -27.5% 30.9% (14.1%) (24.9%) 0.3x NM NM 0.3x NM

Planet Fitness, Inc. PLNT 1,694 23.34 19.9% 16.1% 93.0% 11.7% 45.1% 5.9x 14.8x 42.4x 4.8x 11.1x

Weight Watchers International, Inc. WTW 2,145 33.42 116.2% 191.9% 97.7% 7.1% 13.5% 3.4x 14.1x 24.6x 3.2x 12.5x

Nutrisystem, Inc. NTRI 1,556 52.05 -6.7% 50.2% 90.5% 17.5% 6.2% 2.5x 20.0x 38.6x 2.1x 15.0x

Nautilus, Inc. NLS 588 19.15 7.3% 3.5% 76.6% 12.7% 13.2% 1.4x 10.2x 20.2x 1.3x 8.2x

Medifast, Inc. MED 495 41.47 -5.5% -0.4% 87.6% 13.5% 13.7% 1.5x 10.4x 25.3x 1.4x NM

Segment Average $1,243 20.3% 39.0% 79.4% 8.1% 11.1% 2.5x 13.9x 30.2x 2.2x 11.7xSegment Median $1,270 0.9% 9.8% 89.1% 12.2% 13.4% 2.0x 14.1x 25.3x 1.7x 11.8x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Garmin Ltd. GRMN 9,598$ 51.03$ -0.1% 5.2% 90.8% (0.1%) 21.6% 2.8x 11.7x 14.6x 2.8x 12.0x

Polaris Industries Inc. PII 5,810 92.23 10.3% 11.9% 93.2% 10.6% 7.9% 1.5x 15.8x 36.7x 1.3x 10.0x

Vail Resorts, Inc. MTN 8,115 202.83 6.7% 25.7% 94.0% 8.5% 49.2% 5.0x 15.7x 41.1x 4.7x 14.4x

Brunswick Corp. BC 5,602 62.73 2.5% 15.0% 98.3% 8.4% 11.6% 1.3x 10.7x 20.8x 1.2x 8.4x

Vista Outdoor, Inc. VSTO 1,284 22.51 12.1% -39.0% 43.2% (5.1%) 6.2% 0.9x 7.2x (4.8x) 1.0x 9.1x

GoPro, Inc. GPRO 871 8.13 -6.1% -6.7% 46.0% 9.7% (28.2%) 0.9x NM (2.7x) 0.8x 17.5x

Intrawest Resorts Holdings, Inc. SNOW 944 23.74 -3.9% 33.0% 92.1% 2.2% 51.9% 2.2x 10.4x 24.2x 2.2x 8.8x

Black Diamond, Inc. BDE 200 6.65 20.9% 24.3% 93.7% 5.8% 0.7% 0.8x NM (30.9x) 0.8x 21.0x

Peak Resorts, Inc. SKIS 57 4.10 -25.5% -26.1% 66.1% NM NM 1.9x 9.3x NM 1.8x 7.2x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

NIKE, Inc. NKE 78,188$ 59.00$ 5.3% 16.1% 97.8% 6.6% NM 2.8x 19.9x 23.5x 2.7x 17.0x

VF Corp. VFC 23,066 57.60 6.4% 8.0% 88.3% (1.0%) 13.1% 2.1x 19.8x 20.5x 2.2x 13.5x

Under Armour, Inc. UA 8,443 20.16 9.7% -19.9% 46.9% 16.1% 4.4% 2.1x 18.3x 50.4x 1.8x 19.5x

lululemon athletica, inc. LULU 7,574 59.67 17.6% -8.2% 72.9% 12.3% 15.5% 3.1x 14.0x 28.3x 2.8x 12.9x

Gildan Activewear, Inc. GIL-CA 6,908 30.68 11.5% 16.9% 96.3% 6.9% 21.1% 2.8x 13.6x 19.5x 2.7x 13.1x

Foot Locker, Inc. FL 6,471 49.28 -34.6% -30.5% 62.0% 5.3% 15.4% 0.7x 4.9x 10.1x 0.7x 4.7x

Wolverine World Wide, Inc. WWW 2,714 28.01 10.7% 27.6% 99.6% (6.9%) 11.2% 1.3x 11.9x 31.8x 1.4x 10.7x

Deckers Outdoor Corp. DECK 2,184 68.26 14.4% 23.2% 93.9% 0.2% (5.1%) 1.1x 9.4x NM 1.1x 8.0x

Sequential Brands Group, Inc. SQBG 251 3.99 6.7% -14.7% 47.0% 10.9% 43.9% 5.8x 12.0x NM 5.2x 8.7x

Iconix Brand Group, Inc. ICON 394 6.91 -7.0% -26.0% 64.0% (32.0%) 60.5% 4.6x 9.0x (1.3x) 6.2x 11.9x

Cherokee, Inc. CHKE 90 6.95 -18.2% -33.8% 58.0% 53.4% NM 3.2x 68.8x (5.0x) 2.0x 6.5x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The WhiteWave Foods Co. WWAV NA NA NA NA NA NM NM NM NM NM NM NM

Pinnacle Foods, Inc. PF 7,034 59.40 3.2% 11.1% 89.1% 2.4% 18.3% 3.1x 15.2x 33.6x 3.1x 13.7x

Hain Celestial Group, Inc. HAIN 4,026 38.82 4.5% -0.5% 68.1% 3.7% 9.0% 1.6x 20.2x NM 1.6x 13.6x

Darling Ingredients, Inc. DAR 2,593 15.74 9.3% 21.9% 94.8% 2.5% 11.4% 1.2x 9.8x 24.2x 1.2x 9.3x

United Natural Foods, Inc. UNFI 1,858 36.70 -14.0% -23.1% 70.3% 6.4% 3.8% 0.3x 7.3x 14.7x 0.2x 6.9x

Amplify Snack Brands, Inc. BETR 740 9.64 16.1% 9.4% 55.0% 41.2% 25.7% 4.4x 16.2x 37.1x 3.0x 11.8x

Inventure Foods, Inc. SNAK 85 4.31 7.7% -56.2% 42.5% (15.5%) 5.7% 0.7x 31.3x NM 0.8x 12.1x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Unilever Plc ULVR-GB 68,744$ 53.97$ 4.0% 26.2% 95.0% 14.3% 18.1% 3.0x 16.6x 26.7x 2.6x 13.5x

Estee Lauder Cos., Inc. EL 21,487 95.98 12.5% 25.5% 97.5% 8.4% 21.1% 3.2x 15.6x NM 3.0x 15.2x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 17,825 287.34 0.6% 12.7% 91.3% 21.9% 19.1% 3.4x 18.8x 40.4x 2.8x 15.4x

Coty, Inc. COTY 14,026 18.76 3.0% 2.5% 62.3% 34.4% 14.4% 3.2x 21.3x (67.0x) 2.4x 13.5x

Sally Beauty Holdings, Inc. SBH 2,783 20.25 -0.5% -23.4% 65.9% 2.0% 16.4% 1.1x 7.8x 12.6x 1.1x 7.3x

Nu Skin Enterprises, Inc. NUS 3,320 62.84 13.6% 31.5% 95.2% 3.1% 12.8% 1.5x 9.9x 20.9x 1.5x 9.8x

Revlon, Inc. REV 1,246 23.70 -15.2% -18.7% 62.4% NM 2.2% 1.5x 11.6x (17.7x) NM NM

Avon Products, Inc. AVP 1,671 3.80 -13.0% -24.6% 54.6% 1.6% 5.7% 0.6x 6.4x NM 0.6x 6.7x

USANA Health Sciences, Inc. USNA 1,571 64.10 9.9% 4.7% 85.5% 8.9% 14.2% 1.4x 9.2x 16.2x 1.3x 8.3x

Inter Parfums, Inc. IPAR 1,142 36.65 -0.5% 11.9% 87.9% 5.5% 20.1% 2.0x 12.8x 29.1x 1.9x 12.2x

Natural Health Trends Corp. NHTC 316 27.85 -3.2% 12.1% 79.1% NM 21.9% 0.7x 2.8x 5.8x NM NM

LifeVantage Corp. LFVN 62 4.33 -19.5% -46.9% 27.1% NM 1.4% 0.3x 7.0x 16.7x NM NM

United-Guardian, Inc. UG 71 15.45 3.7% -0.3% 85.6% NM 33.0% 5.3x 15.9x 26.2x NM NM

Perfumania Holdings, Inc. PERF 26 1.67 39.2% 11.3% 55.7% NM (6.1%) 0.3x NM (1.0x) NM NM

CCA Industries, Inc. CAW 21 3.40 6.4% 30.8% 85.2% NM NM 1.4x 9.8x NM NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Mead Johnson Nutrition Co. MJN NA 89.98$ 1.1% 27.2% 95.3% 1.0% 22.8% 4.8x 18.6x 28.3x 4.8x 17.9x

Herbalife Ltd. HLF 6,654 71.33 21.8% 48.2% 95.8% 6.4% 15.3% 1.6x 15.8x 24.8x 1.4x 9.1x

GNC Holdings, Inc. GNC 577 8.43 14.9% -23.6% 30.0% (1.4%) 11.0% 0.8x 6.4x (1.9x) 0.8x 7.6x

Vitamin Shoppe, Inc. VSI 277 11.65 -42.0% -50.9% 36.1% (4.1%) 7.4% 0.3x 3.4x 14.6x 0.3x 3.7x

Medifast, Inc. MED 495 41.47 -5.5% -0.4% 87.6% 13.5% 13.7% 1.5x 10.4x 25.3x 1.4x NM

Nutraceutical International Corp. NUTR 385 41.65 31.8% 19.2% 98.2% NM 17.4% 1.8x 9.7x 20.8x NM NM

LifeVantage Corp. LFVN 62 4.33 -19.5% -46.9% 27.1% NM 1.4% 0.3x 7.0x 16.7x NM NM

Nature's Sunshine Products, Inc. NATR 250 13.25 38.0% -11.7% 80.5% NM 4.2% 0.7x 15.2x NM NM NM

Mannatech, Inc. MTEX 42 15.60 -4.3% -23.2% 65.5% NM (3.8%) 0.1x 157.7x (17.5x) NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Brunswick Corp. BC 5,479$ 61.20$ 12.2% 12.2% 99.1% 8.7% 5.5% 1.2x 10.3x 20.4x 1.1x 8.2x

Vista Outdoor, Inc. VSTO 1,175 20.59 -44.2% -44.2% 38.8% (5.1%) 13.6% 0.9x 6.4x NM 0.9x 7.6x

Sturm, Ruger & Co., Inc. RGR 946 53.55 1.6% 1.6% 74.5% (3.4%) 25.8% 1.3x 5.1x 11.7x 1.5x 5.9x

Callaway Golf Co. ELY 1,038 11.07 1.0% 1.0% 88.1% 7.4% (7.2%) 1.1x 14.8x 5.6x 1.0x 14.4x

Johnson Outdoors, Inc. JOUT 320 36.50 -8.0% -8.0% 80.5% 5.0% 3.8% 0.7x 7.6x 20.2x 0.7x 6.8x

Performance Sports Group Ltd. PSG-CA 38 NA NA NA NA NM NM 0.8x 14.1x NM 0.9x 8.8x

Escalade, Inc. ESCA 185 12.90 -2.3% -2.3% 87.8% 1.0% 9.9% 1.2x 9.4x 16.1x 1.2x 9.9x



http://sdrventures.com/mailto:[email protected]:[email protected]

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/29/2017 West Marine, Inc. Monomoy Capital Partners LLC Outdoor Products $280.89 - -

6/28/2017 Ironclad Performance Wear Corp. Safety Supply Corp. Outdoor Products $27.75 1.14x -24.37x

6/22/2017 Uncle Matt's Organic, Inc. Dean Foods Co. Natural & Organic Foods - - -

6/19/2017 Kingdom Animalia LLC Unilever Plc Personal Care - - -

6/19/2017 Sorvana International, Inc. Youngevity International, Inc. Personal Care - - -

6/19/2017 Robert Rothschild Farm LLC Glencoe Capital LLC Natural & Organic Foods - - -

6/19/2017 Top Secret Nutrition LLC Hi-Tech Pharmaceuticals, Inc. Vitamins, Minerals, &

Supplements

$0.00 0.00x 0.00x

6/16/2017 Infused Mfg LLC QuikFlo Health, Inc. Personal Care - - -

6/16/2017 Whole Foods Market, Inc. Amazon.com, Inc. Natural & Organic Foods $13,463.80 0.69x 7.98x

6/14/2017 True Me Brands LLC Suntory Spirits Ltd.; Suntory

International Corp.

Natural & Organic Foods - - -

6/8/2017 Gents Co. LifeApps Brands, Inc. Activewear $0.20 - -

6/2/2017 Innovative Food Processors, Inc. Balchem Corp. Vitamins, Minerals, &

Supplements

- - -

6/1/2017 Parfums de Coeur Ltd. CVC Capital Partners Ltd. Personal Care $1,425.00 - -

5/31/2017 A Bee Organic LLC Where Food Comes From, Inc. Natural & Organic Foods - - -

5/31/2017 ME Bath Experience, Inc. Parfums de Coeur Ltd.; Yellow Wood

Partners LLC

Personal Care - - -

5/30/2017 Bowes Dermatology, Inc. GTCR LLC; Riverchase Dermatology

& Cosmetic Surgery LLC

Personal Care - - -

5/26/2017 Newell Brands, Inc. (Winter Sports Bus) Kohlberg & Co. LLC Outdoor Products $240.00 0.73x -

5/24/2017 Seguin Natural Hair Products, Inc. Seguin Natural Hair Products, Inc. Personal Care $0.27 - -5.97x

5/22/2017 Nutraceutical International Corp. HGGC LLC Vitamins, Minerals, &

Supplements

$416.87 1.77x 9.69x

5/19/2017 Oxyfresh Worldwide, Inc. Young Living Essential Oils LC Health & Fitness - - -

5/17/2017 GNT Holdings LLC (12 Planet Fitness Clubs) Argonne Capital Group LLC; National

Fitness Partners

Health & Fitness - - -

5/16/2017 Neff, Inc. Mad Engine LLC Activewear - - -

5/16/2017 Limelight By Alcone L'Occitane International SA Personal Care $320.00 - -

5/9/2017 Nuelle, Inc. Aytu BioScience, Inc. Health & Fitness $25.73 - -

5/8/2017 Kate Spade & Co. Coach, Inc. Lifestyle Companies $2,349.78 - -

5/4/2017 Options Services, Inc. Addus HomeCare Corp. Personal Care - - -

5/1/2017 EZ Health Solutions LLC Acology, Inc. Vitamins, Minerals, &

Supplements

- - -

4/20/2017 TheSockGame.com HoopSwagg LLC Activewear - - -

4/16/2017 Eastern Outfitters LLC Sports Direct International Plc Outdoor Products $101.00 - -

4/11/2017 Atkins Nutritionals, Inc. Conyers Park Acquisition Corp. Natural & Organic Foods $730.13 - -

4/10/2017 Omega Sports, Inc. Omega Sports, Inc. (Carlock) Outdoor Products - - -

4/4/2017 Absorbent Products Co., Inc. Principle Business Enterprises, Inc. Activewear - - -

4/3/2017 Gimbal Brothers LLC Highlander Partners LP; Bettera

Brands LLC

Vitamins, Minerals, &

Supplements

- - -

4/3/2017 Scivation, Inc. MidOcean US Advisor LP; Woodbolt

Distribution LLC

Vitamins, Minerals, &

Supplements

- - -

Documents

Denver Investment Bank to the Middle Market - Health ......6/19/2017 Top Secret Nutrition LLC 10/5/2016 Tribravus Enterprises 10/5/2016 Prime Nutrition 4/28/2016 Gaspari Nutrition