FOOD AND BEVERAGE - Harris Williams...FOOD AND BEVERAGE INDUSTRY UPDATE DECEMBER 2014 t f t & e E) r 4 h p t . ) e A r s s A e e A e A M) th s M E Food and Beverage Branded Processed

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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 authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

FOOD AND BEVERAGE

0

INDUSTRY UPDATE │ DECEMBER 2014

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www.harriswilliams.com

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. Is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

Agribusiness

Baked and Prepared Goods

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

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

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

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

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

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

Matt WhebbeVice [email protected]+1 (612) 359-2727

MARKET UPDATE

M&A activity in the food and beverage sector remained robust through

December. Favorable credit market conditions continue to support aggressive

valuations from financial buyers. Strategic buyers continue to look for attractive

assets to help fuel growth. On the strategic side, JBS acquired Primo Smallgoods to

increase its ability to serve the Asian market and Thai Union Frozen Products

acquired Bumble Bee Seafoods to establish itself as the global leader in the shelf-

stable seafood space. Meanwhile, sponsor activity was headlined by BC Partners’

$8.7 billion acquisition of Petsmart. The agribusiness segment also saw notable

activity, as Olam International sought to become a top-tier cocoa processor

through the acquisition of Archer Daniel Midland’s cocoa business.

FOOD AND BEVERAGE


CLOSED HW&CO. TRANSACTIONS

a portfolio company of

has been acquired by

has acquired

has divested selected assets to

and



WHAT WE’VE BEEN DOING



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http://www.harriswilliams.com/

mailto:[email protected]






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Bumble Bee Seafoods, North America’s largest branded shelf-stable seafood company announced it has been

acquired by Thai Union Frozen Products for a total purchase price of $1.51 billion. Once the transaction is finalized, the

companies will focus on enhancing operating efficiencies for material sourcing and production, innovation, and new

product development, primarily in North American markets.

Access to the full article here.

THAI UNION FROZEN PRODUCTS ACQUIRES BUMBLE BEE SEAFOODS

WHAT WE’RE READING

JBS S.A. is acquiring Australian processed foods producer Primo Smallgoods in an all-cash and debt free deal valuedat A$1.45 billion or $1.25 billion. JBS, the world’s largest processor of fresh meats, expects the acquisition to increase itssales to South Korea, Singapore, Hong Kong, and China. JBS expects incremental annual revenues and EBITDA of $1.6billion and $150 million, respectively.


2

JBS SA PLANS TO BOOST ASIAN SALES WITH ACQUISITION OF PRIMO SMALLGOODS

FOOD AND BEVERAGE


Pet supply retailer PetSmart agreed to be bought by a private equity consortium for $8.7 billion, in the largestleveraged buyout of the year. PetSmart has long been a target for private equity firms, given its strong cash flow. Thisbuyout also reminds the market that there is still significant value in high quality, service-oriented retail franchises, withclean balance sheets and superior vendor relationships.


PETSMART SOLD TO A CONSORTIUM LED BY PRIVATE EQUITY FIRM BC PARTNERS

VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

50

100

150

200

Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14

Co

mm

od

ity P

ric

e In

de

x

Corn Soybeans Wheat Crude Oil

Wheat:

(5.6%)

Crude Oil:

(9.0%)

Soybeans:

(17.5%)

Corn:

(25.0%)

90

100

110

120

130

140

Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Beef:

39.4%

Pork:

18.5%

Poultry:

5.4%

http://www.prnewswire.com/news-releases/bumble-bee-seafoods-acquired-by-thai-union-group-tuf-300012313.html

http://www.reuters.com/article/2014/11/21/us-primo-m-a-jbs-idUSKCN0J511S20141121

http://www.forbes.com/sites/antoinegara/2014/12/14/petsmarts-8-7-billion-buyout-a-second-mega-deal-for-jana-partners-in-2014/

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80

100

120

140

Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14

Sa

les

Ind

ex

Restaurant Grocery

VITAL SIGNS CONT.

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

24.9%

Grocery:

10.0%

-0.5

1.0

2.5

4.0

5.5

Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14

Infla

tio

n (

%)

Net Debt /

Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 3.7% 37.9% (3.8%) (11.1%) 14.2x 14.8x 7.8x 1.8x

Fruit and Vegetable (1.1%) 19.1% 2.0% 37.8% 16.4x 21.8x 15.4x 3.3x

Ingredients / Flavors 7.3% 24.2% 7.3% 13.4% 19.6x 28.9x 14.9x 1.5x

Agribusiness (0.6%) 4.7% (5.0%) (2.0%) 13.9x 15.6x 10.2x 0.9x

Branded Processed Foods 5.1% 10.3% (5.7%) (4.2%) 20.5x 24.0x 14.8x 2.2x

Private Label Foods 4.0% 5.1% 0.3% (17.5%) 21.4x 29.7x 12.4x 1.9x

Natural / Organic Foods 12.4% 20.5% (12.0%) 4.4% 25.0x 29.7x 13.8x 2.1x

Baked Goods / Snack Foods 4.4% 14.4% (1.5%) 7.7% 20.5x 26.9x 11.6x 2.8x

Dairy 14.5% 15.7% 22.3% 35.7% 21.0x 23.2x 14.1x 2.5x

Non-Alcoholic Beverages 3.1% 16.3% 4.1% 9.4% 20.9x 23.8x 13.8x 1.6x

Alcoholic Beverages 1.0% 17.9% 2.7% 11.9% 20.7x 24.1x 14.9x 3.1x

Food Retail 11.2% (1.8%) 5.2% (0.7%) 22.1x 22.9x 7.2x 2.2x

Grocery Distribution 17.1% 7.3% 3.6% 0.5% 25.0x 30.5x 10.9x 1.6x

Foodserv ice 6.5% (23.9%) 5.3% 10.4% 21.3x 26.6x 11.5x 3.5x

Quick Serv ice Restaurant 1.5% 0.1% 7.2% 9.1% 22.9x 25.1x 12.8x 2.5x

Casual Dining Restaurant 20.3% 3.3% 15.4% (2.2%) 22.7x 27.2x 11.9x 1.6x

Fast Casual 2.7% (1.7%) 2.9% (12.1%) 39.0x 26.8x 14.6x 0.8x

Pizza 26.9% 31.1% 17.6% 9.1% 28.3x 31.5x 17.1x 2.7x

Beverage / Snack Retail 4.9% 3.5% 9.8% (1.3%) 27.1x 30.8x 17.1x 1.6x

Family Restaurant 3.0% 3.7% 15.7% 18.6% 24.4x 21.9x 12.1x 2.4x

Overall Median 5.1% 11.2% 4.2% 4.9% 21.0x 25.0x 12.7x 1.9x

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

Fo

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Inp

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Co

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nd

Re

tail

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Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

12/04/14 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $2.2 General Corp. Purp.

11/27/14 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.3 Working Capital

Property Development

11/18/14 09/08/14 Pinnacle Foods Inc PF Follow-On $775.6 Secondary

10/31/14 10/31/14 Calavo Growers Inc CVGW Follow-On $64.0 Secondary

10/28/14 10/28/14 RiceBran Technologies RBIT Follow-On $10.8 General Corp. Purp.

10/23/14 10/23/14 Innovative Food Holdings Inc IVFH Follow-On $13.0 Secondary

09/30/14 09/30/14 Xylitol Canada Inc XYL Follow-On $1.5 Prod Dev / R&D General Corp.

Purp.

09/18/14 09/18/14 KonaRed Corp N/A Follow-On $14.0 Secondary

09/11/14 06/16/14 Inventure Foods Inc SNAK Follow-On $46.2 Secondary

08/04/14 08/04/14 Youngevity International Inc YGYI Convertible $4.4 General Corp. Purp.

07/30/14 07/30/14 Tyson Foods Inc TSN Convertible $1,500.0 Acquisition Fin.

Pay Fees & Expenses

07/30/14 07/30/14 Tyson Foods Inc TSN Follow-On $900.0 Acquisition Fin.

Pay Fees & Expenses

07/28/14 07/28/14 Avidus Management Group Inc AVD Follow-On $0.7 Future Acquisitions

General Corp. Purp.

PUBLIC EQUITY MARKET OVERVIEW CONT.

4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE)

RECENT EQUITY OFFERINGS6

Foodserv ice

Food Retail

Fast Casual

Quick Serv ice Restaurant

Casual Dining Restaurant

Bev erage / Snack Retail

Family Restaurant

Agribusiness

Priv ate Label Foods

Grocery Distribution

Branded Processed Foods

S&P

Baked Goods / Snack Foods

Dairy

Non-Alcoholic Bev erages

Alcoholic Bev erages

Fruit and Vegetable

Natural / Organic Foods

Ingredients / Flav ors

Pizza

Protein Processing

-40.0% -27.5% -15.0% -2.5% 10.0% 22.5% 35.0% 47.5%

Inputs Food and Beverage Consumer and Retail

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TRADING STATISTICS DETAIL5

5

FOOD AND BEVERAGE


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

($ in millions, except per share data) Ticker 12/19/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

EV / LTM EV / 2014ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF $49.89 100.0% $39,251 $1,566 $842 $39,975 $20,219 $2,459 (2.8%) 5.4% 24.3% 12.2% 31.7x 1.98x 16.3x 1.90x 16.0x

Campbell Soup Company CPB 44.30 94.9% 13,881 4,021 243 17,659 8,358 1,571 4.3% 2.7% 35.1% 18.8% 18.8x 2.11x 11.2x 2.14x 11.2x

ConAgra Foods, Inc. CAG 36.86 100.0% 15,659 8,491 141 24,010 17,617 2,368 4.9% 11.0% 20.6% 13.4% NM 1.36x 10.1x 1.48x 10.7x

General Mills, Inc. GIS 53.81 96.7% 32,488 9,320 841 40,966 17,642 3,229 (2.5%) 3.8% 34.8% 18.3% 18.9x 2.32x 12.7x 2.24x 11.4x

Hormel Foods Corporation HRL 52.28 94.4% 13,783 250 531 13,502 9,316 1,044 6.5% 5.7% 16.8% 11.2% 25.0x 1.45x 12.9x 1.39x 11.5x

Kellogg Company K 66.82 96.1% 23,723 7,712 426 31,009 14,567 3,755 (1.9%) 3.8% 43.2% 25.8% 13.3x 2.13x 8.3x 2.09x 11.1x

McCormick & Company, Incorporated MKC 76.29 100.0% 9,853 1,368 101 11,120 4,240 728 3.4% 5.9% 40.7% 17.2% 22.8x 2.62x 15.3x 2.55x 14.8x

Mondelez International, Inc. MDLZ 37.30 94.3% 62,661 17,911 1,813 78,759 34,902 5,323 (1.1%) (13.2%) 37.1% 15.3% 36.0x 2.26x 14.8x 2.31x 13.8x

Nestlé S.A. NESN 73.62 98.1% 234,941 26,355 4,244 257,052 91,881 17,129 (2.2%) 1.2% 47.8% 18.6% 24.0x 2.80x 15.0x 2.60x 13.7x

The Hain Celestial Group, Inc. HAIN 116.50 100.0% 5,879 887 93 6,673 2,307 282 24.6% 26.6% 24.9% 12.2% 41.3x 2.89x 23.7x 2.37x 17.3x

The Hershey Company HSY 105.27 96.9% 23,251 2,462 580 25,133 7,368 1,603 6.2% 7.1% 44.9% 21.8% 26.1x 3.41x 15.7x 3.17x 14.0x

The J. M. Smucker Company SJM 102.79 93.7% 10,466 2,351 162 12,655 5,505 1,181 (5.2%) 1.9% 36.3% 21.5% 18.7x 2.30x 10.7x 2.26x 10.5x

The WhiteWave Foods Company WWAV 34.94 90.4% 6,092 1,555 226 7,421 3,205 366 29.7% 20.7% 34.0% 11.4% NM 2.32x 20.3x 1.98x 15.5x

Mean 4.9% 6.4% 33.9% 16.7% 25.1x 2.30x 14.4x 2.19x 13.2x

Median 3.4% 5.4% 35.1% 17.2% 24.0x 2.30x 14.8x 2.24x 13.7x

Private Label Foods

Flowers Foods, Inc. FLO $19.18 85.4% $4,026 817 8 $4,835 $3,730 $426 2.0% 11.5% 47.9% 11.4% 21.4x 1.30x 11.4x 1.27x 10.8x

Snyder's-Lance, Inc. LNCE 29.22 96.1% 2,053 452 113 2,392 1,821 192 18.1% 6.5% 33.6% 10.6% 29.7x 1.31x 12.4x 1.41x 11.9x

Treehouse Foods, Inc. THS 87.18 100.0% 3,690 1,563 31 5,222 2,703 340 21.4% 10.1% 21.4% 12.6% 40.5x 1.93x 15.4x 1.46x 11.4x

Mean 13.8% 9.4% 34.3% 11.5% 30.6x 1.51x 13.0x 1.38x 11.4x

Median 18.1% 10.1% 33.6% 11.4% 29.7x 1.31x 12.4x 1.41x 11.4x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $10.50 42.0% $377 $187 $41 $523 $609 $82 29.0% 44.3% 24.4% 13.5% 14.8x 0.86x 6.3x 0.74x 5.1x

Annie's, Inc. BNNY 0.00 #DIV/0! 0 0 2 (2) 208 21 19.2% 20.8% 34.6% 10.2% NA NM NM NM NM

SunOpta Inc. TSX:SOY 12.26 85.4% 822 151 7 966 1,276 70 9.3% 8.2% 11.6% 5.5% NM 0.76x 13.8x 0.71x 10.3x

The Hain Celestial Group, Inc. HAIN 116.50 100.0% 5,879 887 93 6,673 2,307 282 24.6% 26.6% 24.9% 12.2% 41.3x 2.89x 23.7x 2.37x 17.3x

United Natural Foods, Inc. UNFI 76.67 96.3% 3,834 449 16 4,267 7,185 275 14.8% 15.2% 16.6% 3.8% 29.2x 0.59x 15.5x 0.52x 13.5x

Whole Foods Market, Inc. WFM 48.80 81.7% 17,556 62 743 16,875 14,194 1,322 9.9% 12.0% 37.2% 9.3% 30.2x 1.19x 12.8x 1.07x 11.8x

Mean 17.8% 21.2% 24.9% 9.1% 28.9x 1.26x 14.4x 1.08x 11.6x

Median 17.0% 18.0% 24.6% 9.8% 29.7x 0.86x 13.8x 0.74x 11.8x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $80.25 87.2% $7,076 $3,150 $930 $9,296 $5,895 $813 6.8% 7.4% 27.8% 13.8% NM 1.58x 11.4x 1.39x 9.7x

Diamond Foods, Inc. DMND 28.59 80.4% 898 658 5 1,551 877 85 4.4% (4.3%) 24.1% 9.7% NM 1.77x 18.2x 1.68x 13.0x

Flowers Foods, Inc. FLO 19.18 85.4% 4,026 817 8 4,835 3,730 426 2.0% 11.5% 47.9% 11.4% 21.4x 1.30x 11.4x 1.27x 10.8x

George Weston Limited WN 84.70 100.0% 10,845 13,207 2,162 21,890 34,454 2,443 20.1% 7.7% 23.6% 7.1% NM 0.64x 9.0x 0.55x 6.4x

Golden Enterprises Inc. GLDC 3.46 70.6% 41 7 1 47 135 6 (2.1%) 0.6% 48.7% 4.7% NM 0.35x 7.3x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.72 85.1% 12,779 4,499 268 17,010 12,596 1,374 5.4% 14.6% 53.2% 10.9% 33.4x 1.35x 12.4x 1.14x 10.6x

Inventure Foods, Inc. SNAK 11.54 79.6% 225 89 1 314 271 23 35.2% 21.4% 18.0% 8.4% 29.7x 1.16x 13.9x 1.03x 10.7x

J&J Snack Foods Corp. JJSF 107.18 100.0% 2,001 1 92 1,909 919 145 6.0% 7.3% 31.3% 15.7% 26.9x 2.08x 13.2x 1.99x 12.3x

John B Sanfilippo & Son Inc. JBSS 45.85 100.0% 507 59 2 564 807 57 10.0% 5.7% 15.4% 7.1% 16.6x 0.70x 9.9x 0.67x NA

Lancaster Colony Corporation LANC 94.32 94.6% 2,579 0 228 2,351 1,053 172 8.4% (1.4%) 23.6% 16.3% 25.4x 0.71x 13.7x 2.16x 13.4x

Penford Corporation PENX 18.58 97.3% 238 77 0 314 444 27 (5.0%) 5.9% 12.2% 6.1% 31.4x 11.6x 0.65x 9.0x

Mean 8.3% 6.9% 29.6% 10.1% 26.4x 1.16x 12.0x 1.25x 10.7x

Median 6.0% 7.3% 24.1% 9.7% 26.9x 1.23x 11.6x 1.20x 10.7x

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TRADING STATISTICS DETAIL5 CONT.

6

FOOD AND BEVERAGE





Dairy

Danone BN $66.34 92.6% $39,760 $16,239 $4,208 $51,791 $25,384 $3,854 (3.5%) 4.1% 47.2% 15.2% 30.1x 2.04x 13.4x 1.89x 11.6x

Dean Foods Company DF 18.69 99.9% 1,754 978 30 2,701 9,404 220 2.5% (10.0%) 17.8% 2.3% NM 0.29x 12.3x 0.29x 8.6x

Glanbia plc GL9 15.75 100.0% 4,655 762 121 5,296 2,991 260 3.8% 1.7% 29.0% 8.7% 22.1x 1.77x 20.4x 1.61x 16.5x

Lifeway Foods Inc. LWAY 18.07 100.0% 295 9 6 299 115 7 25.0% 19.2% 25.4% 6.2% NM 2.60x 42.1x 2.11x 19.6x

Saputo Inc. TSX:SAP 29.18 95.3% 11,397 1,811 45 13,163 8,721 936 22.9% 16.3% 10.7% 10.7% 23.2x 1.51x 14.1x 1.42x 12.7x

Mean 10.2% 6.3% 26.0% 8.6% 25.1x 1.64x 20.5x 1.46x 13.8x

Median 3.8% 4.1% 25.4% 8.7% 23.2x 1.77x 14.1x 1.61x 12.7x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $9.35 88.9% $1,080 $25 $19 $1,086 $408 $75 6.7% 4.8% 46.2% 18.3% 21.8x 2.66x 14.6x 2.56x 13.6x

Cott Corporation BCB 6.69 80.1% 622 609 47 1,184 2,043 176 (4.1%) (4.1%) 11.8% 8.6% NM 0.58x 6.7x 0.57x 6.9x

Dr Pepper Snapple Group, Inc. DPS 71.66 100.0% 13,931 2,555 280 16,206 6,075 1,460 0.9% 1.2% 59.5% 24.0% 19.7x 2.67x 11.1x 2.63x 11.1x

Keurig Green Mountain, Inc. GMCR 137.17 87.4% 22,223 278 1,204 21,297 4,708 1,208 8.0% 21.1% 38.2% 25.7% 41.6x 4.52x 17.6x 4.04x 17.1x

Lassonde Industries Inc. LAS.A 111.69 95.1% 780 374 0 1,154 958 101 7.8% 20.9% 27.3% 10.5% 20.4x 1.20x 11.5x NA NA

Monster Beverage Corporation MNST 111.63 100.0% 18,713 0 996 17,717 2,400 721 10.2% 14.2% 53.5% 30.0% 43.2x 7.38x 24.6x 6.45x 20.7x

National Beverage Corp. FIZZ 23.05 84.4% 1,068 25 37 1,056 639 81 (2.0%) 1.5% 34.0% 12.6% 26.6x 1.65x 13.1x 1.61x NA

Pepsico, Inc. PEP 95.44 96.4% 142,836 32,742 12,906 162,672 66,853 12,787 0.9% 1.2% 53.5% 19.1% 21.6x 2.43x 12.7x 2.43x 12.3x

Starbucks Corporation SBUX 79.44 96.4% 59,445 2,048 1,844 59,649 16,448 3,541 10.6% 12.0% 58.3% 21.5% 28.8x 3.63x 16.8x 3.11x 13.5x

The Coca-Cola Company KO 41.95 93.5% 183,746 41,817 23,738 201,825 46,166 13,132 (2.3%) 0.1% 61.3% 28.4% 23.8x 4.37x 15.4x 4.36x 15.6x

Mean 3.7% 7.3% 44.4% 19.9% 27.5x 3.11x 14.4x 3.08x 13.9x

Median 3.8% 3.1% 49.9% 20.3% 23.8x 2.66x 13.8x 2.63x 13.5x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $114.70 100.0% $184,312 $55,511 $8,845 $230,978 $46,756 $18,010 11.9% 6.6% 60.2% 38.5% 20.2x 4.94x 12.8x 4.72x 11.7x

Brown-Forman Corporation BF.B 88.12 90.7% 18,539 1,011 460 19,090 3,053 1,015 4.3% 3.7% 69.6% 33.2% 30.1x 6.25x 18.8x 4.90x 17.0x

Constellation Brands Inc. STZ 94.80 99.7% 18,296 7,202 108 25,389 5,865 1,699 63.1% 24.9% 43.2% 29.0% 24.1x 4.33x 14.9x 4.11x 13.7x

Diageo plc DGE 28.67 89.7% 71,837 16,258 1,064 87,030 16,024 5,319 (9.2%) 1.2% 60.9% 33.2% 20.4x 5.43x 16.4x 5.08x 15.2x

Heineken NV ENXTAM:HEIA 72.80 94.1% 41,862 14,741 1,147 55,456 23,442 4,911 0.9% 4.1% 38.6% 20.9% 25.7x 2.37x 11.3x 2.25x 9.8x

Kirin Holdings Company, Limited TSE:2503 12.61 92.3% 11,511 7,138 482 18,167 18,231 2,229 12.5% 7.0% 42.7% 12.2% NM 1.00x 8.2x 0.95x 7.5x

Pernod-Ricard SA RI 112.46 97.3% 29,671 12,175 653 41,193 9,740 2,747 (7.3%) 1.5% 62.8% 28.2% 23.8x 4.23x 15.0x 3.96x 13.7x

SABMiller plc LSE:SAB 52.72 87.4% 84,699 16,581 3,015 98,265 16,967 5,839 (0.9%) 2.1% 70.8% 34.4% 25.2x 5.79x 16.8x 5.10x 14.2x

Sapporo Holdings Ltd. TSE:2501 4.50 100.0% 1,752 2,162 99 3,816 4,336 357 2.5% 6.6% 35.1% 8.2% NM 0.88x 10.7x 0.83x 10.1x

Mean 8.6% 6.4% 53.8% 26.4% 24.2x 3.91x 13.9x 3.54x 12.5x

Median 2.5% 4.1% 60.2% 29.0% 24.1x 4.33x 14.9x 4.11x 13.7x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $43.63 90.3% $2,111 $58 $211 $1,958 $1,478 $218 10.8% 14.1% 22.9% 14.7% 15.7x 1.32x 9.0x 1.28x 8.6x

JBS S.A. BOVESPA:JBSS3 4.60 98.7% 13,309 15,659 5,126 23,842 42,661 3,520 29.5% 24.2% 15.0% 8.3% 20.4x 0.56x 6.8x 0.50x 6.6x

Sanderson Farms, Inc. SAFM 89.43 86.1% 2,070 20 139 1,951 2,775 446 3.4% 11.9% 16.1% 16.1% 9.6x 0.70x 4.4x 0.70x 4.1x

Seaboard Corp. SEB 3,756.01 100.0% 4,398 35 465 3,968 6,553 442 (1.3%) 5.7% 9.3% 6.7% 12.5x 0.61x 9.0x 0.60x NA

Tyson Foods, Inc. TSN 40.22 90.9% 15,109 1,825 589 16,345 37,580 2,093 9.3% 5.5% 7.4% 5.6% 14.8x 0.43x 7.8x 0.40x 5.4x

Mean 10.3% 12.3% 14.1% 10.3% 14.6x 0.73x 7.4x 0.69x 6.2x

Median 9.3% 11.9% 15.0% 8.3% 14.8x 0.61x 7.8x 0.60x 6.0x

PAGE |


7

FOOD AND BEVERAGE





Fruit and Vegetable

Calavo Growers Inc. CVGW $46.07 93.2% $797 $38 $9 $825 $772 $42 20.3% 17.0% 9.3% 5.4% 21.8x 1.07x 19.7x 0.97x 15.1x

Chiquita Brands International Inc. CQB 14.47 100.0% 682 640 45 1,276 3,074 101 0.9% (1.2%) 10.4% 3.3% NM 0.42x 12.7x 0.42x 7.6x

Fresh Del Monte Produce Inc. FDP 31.90 94.2% 1,795 140 37 1,897 3,878 233 8.3% 2.3% 8.7% 6.0% NM 0.49x 8.2x 0.48x 7.7x

Seneca Foods Corp. SENE.A 26.75 77.0% 295 349 14 631 1,324 35 2.1% 2.2% 6.2% 2.6% NM 0.48x 18.1x NA NA

Mean 7.9% 5.1% 8.6% 4.3% 21.8x 0.61x 14.7x 0.62x 10.1x

Median 5.2% 2.2% 9.0% 4.3% 21.8x 0.48x 15.4x 0.48x 7.7x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,823.04 100.0% $16,782 $1,603 $401 $17,984 $4,417 $905 (0.5%) 2.3% 45.9% 20.5% 28.9x 4.07x 19.9x 3.83x 16.2x

International Flavors & Fragrances Inc. IFF 102.49 96.8% 8,299 944 405 8,838 3,058 660 5.1% 3.3% 44.4% 21.6% 20.9x 2.89x 13.4x 2.81x 12.3x

Kerry Group plc ISE:KRZ 70.55 97.5% 12,403 1,861 317 13,946 7,086 852 (1.7%) 3.7% 43.2% 12.0% NM 1.97x 16.4x 1.86x 14.0x

Sensient Technologies Corporation SXT 61.15 100.0% 2,945 461 26 3,380 1,461 269 (0.5%) 0.7% 33.9% 18.4% 35.2x 2.31x 12.6x 2.30x 12.0x

Symrise AG XTRA:SY1 60.70 100.0% 7,880 1,818 266 9,432 2,402 512 7.9% 7.6% 43.5% 21.3% 29.9x 3.93x 18.4x 3.19x 14.7x

Tate & Lyle plc TATE 9.34 72.3% 4,333 1,291 527 5,097 4,422 586 (11.5%) 0.2% 26.2% 13.2% 16.5x 1.15x 8.7x 1.21x 8.5x

Mean (0.2%) 3.0% 39.5% 17.8% 26.3x 2.72x 14.9x 2.53x 12.9x

Median (0.5%) 2.8% 43.3% 19.4% 28.9x 2.60x 14.9x 2.55x 13.2x

Agribusiness

Archer-Daniels-Midland Company ADM $52.24 99.8% $33,631 $5,545 $4,887 $34,289 $84,450 $3,650 (6.8%) (1.4%) 5.3% 4.3% 17.7x 0.41x 9.4x 0.40x 7.9x

Bunge Limited BG 90.39 100.0% 13,111 6,885 3,380 16,616 60,305 1,757 (2.8%) 3.1% 4.6% 2.9% 21.6x 0.28x 9.5x 0.27x 7.3x

CF Industries Holdings, Inc. CF 265.95 91.6% 13,227 4,592 2,651 15,168 4,853 2,151 (13.8%) (4.8%) 39.7% 44.3% 9.6x 3.13x 7.1x 3.42x 7.1x

Darling Ingredients Inc. DAR 18.34 83.9% 3,020 2,283 193 5,110 3,323 462 93.2% 27.8% 25.2% 13.9% NM 1.54x 11.1x 1.34x 8.7x

Monsanto Company MON 121.12 94.0% 58,574 7,761 2,289 64,046 15,855 4,812 6.7% 10.3% 54.3% 30.4% 22.9x 4.04x 13.3x 3.94x 12.6x

Omega Protein Corporation OME 9.26 58.2% 200 22 40 182 272 77 12.7% 8.1% 34.0% 28.3% 8.2x 0.67x 2.4x 0.52x 3.1x

The Andersons, Inc. ANDE 53.82 77.0% 1,538 367 327 1,577 4,853 144 (14.9%) 3.1% 8.1% 3.0% 13.5x 0.33x 11.0x 0.33x 6.6x

The Mosaic Company MOS 46.01 89.8% 17,084 3,816 2,971 17,929 8,007 1,443 (20.7%) (9.6%) 13.9% 18.0% NM 2.24x 12.4x 1.90x 7.7x

Mean 6.7% 4.6% 23.1% 18.1% 15.6x 1.58x 9.5x 1.52x 7.6x

Median (4.8%) 3.1% 19.5% 16.0% 15.6x 1.10x 10.2x 0.93x 7.5x

Consumer and Retail

Food Retail

Costco Wholesale Corporation COST 141.77 100.0% 62,450 5,286 7,315 60,421 114,489 4,377 7.5% 7.8% 12.6% 3.8% 29.8x 0.53x 13.8x 0.50x 13.1x

Establishments Delhaize Freres DELB 72.80 100.0% 7,399 3,434 1,769 9,063 26,127 1,448 1.6% 0.9% 24.0% 5.5% 24.8x 0.35x 6.3x 0.33x 5.3x

Fairway Group Holdings Corp. FWM 2.83 12.7% 123 257 37 342 798 29 11.5% NA 31.5% 3.7% NM 0.43x 11.6x 0.41x 7.7x

Ingles Markets, Incorporated IMKT.A 33.97 100.0% 688 909 4 1,594 3,836 220 2.6% 2.4% 21.9% 5.7% 12.7x 0.42x 7.2x 0.40x 7.3x

J. Sainsbury plc LSE:SBRY 3.75 57.8% 7,163 4,981 2,304 9,840 37,385 2,168 0.4% 3.2% 6.2% 5.8% NM 0.26x 4.5x 0.26x 5.0x

Koninklijke Ahold N.V. ENXTAM:AH 17.66 91.3% 14,549 3,993 2,219 16,324 39,454 2,620 (1.9%) 2.4% 26.5% 6.6% 16.1x 0.41x 6.2x 0.39x 6.0x

Natural Grocers by Vitamin Cottage NGVC 26.39 59.2% 593 20 7 607 521 41 20.9% 25.3% 29.2% 8.0% 34.2x 1.16x 14.6x 1.02x 13.3x

Roundy's, Inc. RNDY 4.69 42.8% 226 657 47 836 4,229 142 21.5% 3.4% 26.8% 3.3% NM 0.20x 5.9x 0.21x 6.4x

Safeway Inc. SWY 34.77 86.4% 8,014 2,817 1,415 9,417 36,542 1,516 6.1% (5.2%) 27.2% 4.1% NM 0.26x 6.2x 0.25x NA

Sprouts Farmers Market, Inc. SFM 32.08 74.3% 4,853 385 118 5,119 2,841 244 23.1% NA 29.9% 8.6% 49.5x 1.80x 21.0x 1.51x 17.1x

SUPERVALU Inc. SVU 9.43 96.4% 2,462 2,746 88 5,120 17,219 805 0.5% (22.4%) 14.8% 4.7% 16.0x 0.30x 6.4x 0.29x 6.8x

The Kroger Co. KR 63.55 100.0% 31,224 11,200 248 42,176 106,480 4,883 7.4% 6.2% 21.2% 4.6% 18.9x 0.40x 8.6x 0.38x 8.3x

The Pantry, Inc. PTRY 36.37 100.0% 853 937 50 1,739 6,765 221 (3.5%) (2.4%) 11.9% 3.3% NM 0.26x 7.9x 0.23x 7.7x

Village Super Market Inc. VLGE.A 24.84 63.9% 349 46 77 318 1,541 55 4.5% 4.9% 26.9% 3.5% NM 0.21x 5.8x 0.21x NA

Weis Markets, Inc. WMK 46.55 86.1% 1,252 0 94 1,158 2,749 160 1.8% 0.9% 27.0% 5.8% 21.0x 0.42x 7.3x 0.41x NA

Whole Foods Market, Inc. WFM 48.80 81.7% 17,556 62 743 16,875 14,194 1,322 9.9% 12.0% 37.2% 9.3% 30.2x 1.19x 12.8x 1.07x 11.8x

Mean 7.1% 2.8% 23.4% 5.4% 25.3x 0.54x 9.1x 0.49x 8.9x

Median 5.3% 2.8% 26.6% 5.1% 22.9x 0.40x 7.2x 0.38x 7.7x

PAGE |


8

FOOD AND BEVERAGE





Grocery Distribution

AMCON Distributing Co. DIT $77.26 83.1% $48 $19 $0 $67 $849 $12 2.9% 6.6% 9.0% 1.4% 12.7x 0.08x 5.7x NA NA

Core-Mark Holding Company, Inc. CORE 61.68 99.3% 1,426 65 24 1,466 8,056 104 8.0% 10.8% 7.0% 1.3% 31.8x 0.18x 14.1x 0.13x 11.0x

SpartanNash Company SPTN 26.08 100.0% 978 557 8 1,527 7,355 201 NA 40.8% 14.8% 2.7% 33.3x 0.21x 7.6x 0.19x 6.6x

United Natural Foods, Inc. UNFI 76.67 96.3% 3,834 449 16 4,267 7,185 275 14.8% 15.2% 16.6% 3.8% 29.2x 0.59x 15.5x 0.52x 13.5x

Mean 8.6% 18.4% 11.8% 2.3% 26.8x 0.27x 10.7x 0.28x 10.4x

Median 8.0% 13.0% 11.9% 2.1% 30.5x 0.19x 10.9x 0.19x 11.0x

Foodservice

Colabor Group Inc. TSX:GCL $2.92 60.0% $80 $170 $0 $250 $1,227 $26 (1.3%) 5.1% 2.2% 2.1% NM 0.20x 9.5x 0.19x 6.8x

Sysco Corporation SYY 40.47 93.2% 23,792 3,040 385 26,446 47,248 2,309 4.9% 5.6% 17.6% 4.9% 24.6x 0.56x 11.5x 0.53x 10.8x

The Chefs' Warehouse, Inc. CHEF 20.11 67.1% 504 145 5 644 802 40 28.7% 28.7% 24.7% 5.0% 28.6x 0.80x 16.0x 0.71x 13.4x

Mean 10.8% 13.2% 14.8% 4.0% 26.6x 0.52x 12.3x 0.48x 10.3x

Median 4.9% 5.6% 17.6% 4.9% 26.6x 0.56x 11.5x 0.53x 10.8x

Quick Service Restaurant

Burger King Worldwide, Inc. BKW 9.85 28.8% 1,462 3,017 1,037 3,442 546 63 10.5% 1.8% 79.1% 11.6% NM 6.31x 54.2x 3.09x 4.5x

Jack in the Box Inc. JACK 77.32 100.0% 2,987 535 10 3,512 1,484 269 (0.4%) (3.1%) 25.8% 18.1% 30.4x 2.37x 13.0x 2.34x 12.7x

McDonald's Corp. MCD 93.22 89.8% 90,722 15,130 3,233 102,619 27,962 9,917 (0.0%) 1.9% 38.4% 35.5% 18.9x 3.67x 10.3x 3.70x 10.2x

Sonic Corp. SONC 26.05 100.0% 1,392 464 36 1,820 552 141 1.8% 0.4% 53.6% 25.5% 29.5x 3.30x 12.9x 3.12x 11.7x

The Wendy's Company WEN 8.64 84.1% 3,156 1,447 342 4,260 2,152 336 (14.8%) (3.6%) 30.2% 15.6% 25.1x 1.98x 12.7x 2.18x 10.6x

Yum! Brands, Inc. YUM 71.17 85.2% 31,136 3,387 1,011 33,512 13,461 2,930 3.1% 3.7% 26.6% 21.8% 23.4x 2.49x 11.4x 2.33x 11.0x

Mean 0.0% 0.2% 42.3% 21.4% 25.5x 3.35x 19.1x 2.79x 10.1x

Median 0.9% 1.1% 34.3% 20.0% 25.1x 2.89x 12.8x 2.72x 10.8x

Casual Dining Restaurant

BJ's Restaurants, Inc. BJRI $47.66 99.2% $1,243 $32 $24 $1,251 $831 $84 9.4% 12.6% 17.1% 10.1% NM 1.50x 14.8x 1.38x 12.3x

Bloomin' Brands, Inc. BLMN 23.50 86.2% 2,953 1,414 145 4,222 4,385 426 7.5% 6.5% 16.3% 9.7% 21.8x 0.96x 9.9x 0.91x 8.7x

Brinker International, Inc. EAT 57.11 100.0% 3,630 893 64 4,459 2,932 431 3.0% 1.9% 19.3% 14.7% 23.4x 1.52x 10.3x 1.47x 9.5x

Buffalo Wild Wings Inc. BWLD 178.41 100.0% 3,377 0 100 3,276 1,449 236 17.9% 25.8% 25.0% 16.3% 32.6x 2.26x 13.9x 1.89x 12.1x

Chuy's Holdings, Inc. CHUY 19.90 45.9% 327 9 3 332 234 26 16.9% 23.6% 18.5% 11.1% 31.5x 1.42x 12.8x 1.19x 9.8x

Darden Restaurants, Inc. DRI 57.37 100.0% 7,610 1,635 414 8,831 6,423 593 16.6% (6.0%) 20.2% 9.2% NM 1.37x 14.9x 1.31x 11.4x

Del Frisco's Restaurant Group, Inc. DFRG 23.02 77.7% 539 6 1 544 293 41 15.0% 16.8% 24.4% 14.0% 35.1x 1.85x 13.2x 1.60x 10.9x

DineEquity, Inc. DIN 101.27 100.0% 1,920 1,365 133 3,152 648 272 1.1% (17.0%) 60.2% 41.9% 23.7x 4.86x 11.6x 4.78x 11.5x

Ignite Restaurant Group, Inc. IRG 8.15 50.0% 214 163 33 343 847 24 23.3% 28.5% 29.9% 2.8% NM 0.41x 14.4x 0.41x 8.9x

Red Robin Gourmet Burgers Inc. RRGB 73.52 89.4% 1,031 156 20 1,166 1,106 115 8.9% 7.1% 22.7% 10.4% 28.1x 1.05x 10.1x 0.92x 8.8x

Ruby Tuesday, Inc. RT 6.43 78.2% 398 258 57 599 1,160 69 (4.4%) (3.5%) 16.7% 5.9% NM 0.52x 8.7x 0.52x 9.3x

Ruth's Hospitality Group Inc. RUTH 13.88 90.7% 491 30 3 517 418 49 2.9% 4.8% 21.6% 11.8% 33.4x 1.24x 10.5x 1.18x 9.3x

Texas Roadhouse, Inc. TXRH 32.63 99.5% 2,266 53 59 2,259 1,554 186 14.6% 13.0% 33.0% 12.0% 26.3x 1.45x 12.1x 1.32x 10.6x

The Cheesecake Factory Incorporated CAKE 48.62 97.7% 2,320 102 22 2,400 1,952 233 4.5% 4.8% 43.0% 12.0% 22.6x 1.23x 10.3x 1.15x 9.3x

Mean 9.8% 8.5% 26.3% 13.0% 27.9x 1.55x 12.0x 1.43x 10.2x

Median 9.1% 6.8% 22.1% 11.5% 27.2x 1.40x 11.9x 1.25x 9.7x

PAGE |


9

FOOD AND BEVERAGE





Fast Casual

Chipotle Mexican Grill, Inc. CMG $651.42 93.3% $20,202 $0 $790 $19,413 $3,883 $764 26.5% 21.7% 37.8% 19.7% NM 5.00x 25.4x 4.17x 19.8x

Einstein Noah Restaurant Group, Inc. BAGL 0.00 0.0% 0 101 1 100 445 47 3.2% 2.4% 20.5% 10.5% 28.6x 0.22x 2.1x NA NA

Fiesta Restaurant Group, Inc. FRGI 56.51 94.5% 1,489 69 2 1,556 591 79 9.1% 8.1% 25.2% 13.4% NM 2.63x 19.7x 2.33x 16.6x

Noodles & Company NDLS 26.03 60.0% 775 22 2 795 387 43 17.3% 36.0% 20.2% 11.2% NM 2.06x 18.4x 1.72x 14.6x

Potbelly Corporation PBPB 11.86 38.9% 344 1 69 275 317 32 17.3% 36.0% 30.3% 10.0% NM 0.87x 8.7x 0.78x 8.4x

Panera Bread Company PNRA 165.60 85.7% 4,466 100 146 4,420 2,518 406 9.7% 12.8% 34.4% 16.1% 25.0x 1.76x 10.9x 1.63x 10.7x

Mean 13.9% 19.5% 28.1% 13.5% 26.8x 2.09x 14.2x 2.13x 14.0x

Median 13.5% 17.2% 27.8% 12.3% 26.8x 1.91x 14.6x 1.72x 14.6x

Pizza

Domino's Pizza, Inc. DPZ 95.69 100.0% 5,263 1,524 31 6,757 1,917 364 8.0% 5.6% 30.1% 19.0% 32.8x 3.52x 18.6x 3.31x 16.6x

Papa John's International Inc. PZZA 53.80 97.8% 2,160 225 17 2,368 1,561 151 10.0% 9.2% 33.5% 9.7% 30.3x 1.52x 15.7x 1.43x 13.4x

Mean 9.0% 7.4% 31.8% 14.3% 31.5x 2.52x 17.1x 2.37x 15.0x

Median 9.0% 7.4% 31.8% 14.3% 31.5x 2.52x 17.1x 2.37x 15.0x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $41.67 78.5% $4,358 $1,817 $156 $6,019 $739 $358 6.7% 6.6% 78.8% 48.4% 30.9x 8.15x 16.8x 7.63x 14.8x

Jamba, Inc. JMBA 14.14 94.6% 246 0 30 216 218 6 (4.9%) (0.9%) 36.2% 3.0% NM 0.99x 33.4x 1.10x 12.0x

Krispy Kreme Doughnuts, Inc. KKD 19.29 72.4% 1,249 6 36 1,219 478 60 2.6% 6.7% 18.6% 12.6% 38.7x 2.55x 20.2x 2.33x 16.1x

Starbucks Corporation SBUX 79.44 96.4% 59,445 2,048 1,844 59,649 16,448 3,541 10.6% 12.0% 58.3% 21.5% 28.8x 3.63x 16.8x 3.11x 13.5x

Tim Hortons Inc. THI 85.05 100.0% 11,249 1,290 105 12,435 2,963 729 8.8% 8.3% 24.8% 24.6% 30.7x 4.20x 17.1x 3.82x 15.3x

Mean 4.8% 6.5% 43.3% 22.0% 32.3x 3.90x 20.9x 3.60x 14.3x

Median 6.7% 6.7% 36.2% 21.5% 30.8x 3.63x 17.1x 3.11x 14.8x

Family Restaurant

Bob Evans Farms, Inc. BOBE $50.35 88.5% $1,188 $463 $4 $1,647 $1,326 $112 (1.0%) (7.2%) 35.2% 8.5% NM 1.24x 14.7x 1.18x 10.0x

Denny's Corporation DENN 9.86 100.0% 835 172 1 1,006 458 77 (1.4%) (5.6%) 37.6% 16.9% 29.9x 2.20x 13.0x 2.12x 11.4x

Frisch's Restaurants, Inc. FRS 25.50 82.5% 131 6 3 133 211 21 3.0% 7.4% 10.5% 10.2% 14.0x 0.63x 6.2x 0.63x NA

Luby's, Inc. LUB 4.58 50.1% 131 42 3 170 395 15 1.2% 3.9% 31.2% 3.9% NM 0.43x 11.1x 0.42x NA

Mean 0.5% (0.4%) 28.6% 9.9% 21.9x 1.13x 11.3x 1.09x 10.7x

Median 0.1% (0.9%) 33.2% 9.3% 21.9x 0.94x 12.1x 0.90x 10.7x

PAGE |

The $1.3 billion purchase of Archer Daniel Midland’s cocoa business represents Olam’s largest transaction ever.

Olam said the purchase of the ADM business would lift its EBITDA by $180-200 million for its 2018 fiscal year, including $35-40 million in synergies.

The purchase will lift Olam’s cocoa processing capacity from 100,000 tonnes per year to 700,000 tonnes.

Enterprise Value: $1,300.0 mm Revenue Multiple: N/AEBITDA Multiple: 7.6xAnnounced: December 15, 2014

PUBLIC EQUITY MARKET OVERVIEW CONT.

10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

OLAM INTERNATIONAL ACQUIRES ARCHER DANIELS MIDLAND’S COCOA BUSINESS

Highlighted Food and Beverage M&A Transactions

PETSMART BOUGHT OUT BY PRIVATE EQUITY GROUPS

THAI UNION FROZEN PRODUCTS AQUIRES BUMBLE BEE SEAFOODS

PetSmart agreed to be bought by a private equity consortium for $8.7 billion.

The buyout price of $83 a share represents a 39% premium to PetSmart’s closing price of $59.81 on July 2, the day before the group called to explore a sale.

$6.2 billion of committed acquisition debt has been secured along with a $750 million senior secured ABL facility.

Enterprise Value: $8,706.5 mmRevenue Multiple: 1.2xEBITDA Multiple: 9.1xAnnounced: December 14, 2014

M&A MARKET OVERVIEW

80

90

100

110

120

130

Jan-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14

Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500

23.0%

11.4%

8.8%

6.9%

3.4%

(14.4%)

Thai Union Frozen Products agreed to buy U.S. peer Bumble Bee Seafoods for $1.51 billion.

The company expects to realize $30 million in synergies from the deal.

The transaction is the largest in TUF’s history and would be immediately accretive to the groups earnings and cash flow.

Enterprise Value: $1,510.0 mmRevenue Multiple: 1.5xEBITDA Multiple: 8.6x Announced: December 19, 2014

PAGE |

M&A MARKET OVERVIEW CONT.

11

FOOD AND BEVERAGE


North American Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

12/19/2014 Bumble Bee Foods, LLC Thai Union Frozen Products PCL

12/18/2014 The Pantry, Inc. (NasdaqGS:PTRY) Alimentation Couche-Tard (TSX:ATD.B)

12/18/2014 Saputo Bakery Group, Inc. Canada Bread Company Ltd.

12/17/2014 Freedom Seed and Feed, LLC IMD Companies, Inc. (OTCPK:ICBU)

12/17/2014 Matt ingly Foods of Louisville, LLC Creation Gardens, Inc.

12/15/2014 ADM's Global Cocoa Business Olam International Limited (SGX:O32)

12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) BC Partners, Apollo Global Management, LLC

12/4/2014 Laughing Man Coffee and Tea Brand Keurig Green Mountain, Inc.

12/4/2014 Bread & Company First Watch Restaurants, Inc.

12/3/2014 Varied Industries Corporation Church & Dwight Co. Inc. (NYSE:CHD)

10.5x

9.9x

8.8x

8.3x 8.0x

11.3x

9.2x

10.3x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2007 2008 2009 2010 2011 2012 2013 2014

EV

/ LTM

Sa

les M

ultip

leEV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$25.5

$110.2

$9.3

$67.2

$8.2$24.0

$55.7

$120.4

0

50

100

150

200

250

300

350

$0

$20

$40

$60

$80

$100

$120

$140

2007 2008 2009 2010 2011 2012 2013 2014

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

alu

e (

$ in

billio

ns)

Aggregate Deal Value # of deals

36

27

46

21

14

32

25 26

38

30

15

27 26 27

17

34

18

36

43 46

0

10

20

30

40

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

12/17/14 Top Food Industry Corp Food preparations TWD 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 150

12/17/14 Top Food Industry Corp Food preparations TWD 400,000,000 Term Loan N/A / NR 48

12/17/14 Top Food Industry Corp Food preparations USD 10,000,000 Standby Letter of Credit N/A / NR N/A

12/12/14 Archer Daniels Midland Co Wet corn milling USD 1,000,000,000 364-Day Facility N/A / NR N/A

12/12/14 Archer Daniels Midland Co Wet corn milling USD 1,500,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

12/12/14 Hain Celestial Group Food preparations USD 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

12/11/14 Ajinomoto Co Inc Food preparations JPY 100,000,000,000 Revolver/Line >= 1 Yr. A-1+ / NR N/A

12/11/14 Cott Corp, Cliffstar Corp, Cott Beverages Inc, Cott Beverages LtdBottled and canned soft drinks USD 400,000,000 Revolver/Line >= 1 Yr. N/A / B2 200

12/08/14 Fraser & Neave Ltd Bottled and canned soft drinks SGD 650,000,000 Bridge Loan N/A / NR N/A

12/08/14 Fraser & Neave Ltd Bottled and canned soft drinks SGD 650,000,000 Term Loan N/A / NR N/A

12/04/14 Megmilk Snow Brand Co Ltd Fluid milk JPY 7,000,000,000 Term Loan N/A / NR N/A

12/03/14 Louis Dreyfus Suisse SA Vegetable oil mills USD 400,000,000 Revolver/Line >= 1 Yr. N/A / NR 90

12/03/14 Louis Dreyfus Suisse SA Vegetable oil mills USD 400,000,000 Revolver/Line >= 1 Yr. N/A / NR 100

12/01/14 Archer Daniels Midland Co Wet corn milling USD 1,500,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

12/01/14 Grupo alimentario Argal SA Meat packing plants EUR 26,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

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Sp

rea

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BO

R

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

$0

$2

$4

$6

$8

$10

$12

$14

$16

3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14

Loa

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($ in

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Inst itutional Pro Rata

L + 0

L + 100

L + 200

L + 300

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2007 2008 2009 2010 2011 2012 2013

Av

era

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Sp

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d O

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R

Revolving Credit / Term Loan A Weighted-Average Institutional

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA - Capex/

Cash Interest

EB

ITD

A M

ult

iple

2010 2011 2012 2013 2014

PAGE |

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement

12/19/2014 Bumble Bee Seafoods - Thai Union Frozen Products PCL $1,510.0 1.50x 8.6x -

12/18/2014 The Pantry, Inc. (NasdaqGS:PTRY) - Alimentation Couche-Tard (TSX:ATD.B) $1,713.2 0.25x 7.8x 15.8x

12/18/2014 Saputo Bakery Group, Inc. Saputo Inc. (TSX:SAP) Canada Bread Company Ltd. $103.4 - - -

12/17/2014 Freedom Seed and Feed, LLC - IMD Companies, Inc. (OTCPK:ICBU) $1.9 - - -

12/17/2014 Matt ingly Foods of Louisville, LLC Matt ingly Foods, Inc. Creation Gardens, Inc. - - - -

12/15/2014 ADM's Global Cocoa Business Archer-Daniels-Midland (NYSE:ADM) Olam International Limited (SGX:O32) $1,300.0 - 7.6x -

12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) - BC Partners, Apollo Global Management, LLC$8,706.5 1.20x 9.1x - P

12/4/2014 Laughing Man Coffee and Tea Brand Laughing Man Worldwide, LLC Keurig Green Mountain, Inc. - - - -

12/4/2014 Bread & Company - First Watch Restaurants, Inc. - - - -

12/3/2014 Varied Industries Corporation - Church & Dwight Co. Inc. (NYSE:CHD) - - - -

12/2/2014 734 Citrus Holdings, LLC 734 Agriculture, LLC Alico Inc. (NasdaqGS:ALCO) $72.0 - - -

12/2/2014 Talent i Gelato e Sorbetto - Unilever plc (LSE:ULVR) - - - -

12/2/2014 Limestone Branch Dist illery, Inc. - Luxco, Inc. - - - -

12/2/2014 Legend Distribut ing, LLC - Lipman Produce, Inc. - - - -

12/1/2014 Orange-Co LP., Certain Assets and Liabilit ies Orange-Co, LP Alico Inc. (NasdaqGS:ALCO) $274.0 - - -

11/24/2014 Mult ibar, Inc. Bank of Montreal (TSX:BMO); Novacap Nellson Nutraceutical, LLC - - - - P

11/21/2014 Noosa Yoghurt, LLC - Advent International Corporation - - - - P

11/20/2014 Primo Smallgoods Group Affinity Equity Partners JBS S.A. $1,250.0 0.90x 8.1x - P

11/19/2014 Chief Super Market, Inc. - Fresh Encounter, Inc. - - - -

11/17/2014 Pro View Foods, LLC - John Soules Foods, Inc. - - - -

11/16/2014 Mitchell's Restaurants Ruth's Hospitality Group Landry's, Inc. $10.0 - - -

11/14/2014 Garden Protein International, Inc. TSG Consumer Partners Pinnacle Foods Inc. $154.8 - - - P

11/12/2014 Poppy's Teas LLC - Lexaria Corp. $0.1 - - -

11/12/2014 Puget Technologies,Inc Allanwater Enterprises Corp. Qest Acquisit ion Corporation - - - -

11/10/2014 De Sousa Wine Cellars Corporation Diamond Estates Wines & Spirits Inc. Oakwest Corporation Limited $1.6 - - -

11/10/2014 Dahl's Foods Inc. - Associated Wholesale Grocers, Inc. - - - -

11/10/2014 The Alpine Beer Company - Green Flash Brewing Co. - - - -

11/7/2014 Nature's Pantry, Inc. - Natural Grocers by Vitamin Cottage, Inc. - - - -

11/7/2014 Van Houtte Café Franchise Network Keurig Canada Inc. MTY Food Group Inc. - - - -

11/7/2014 Henry's Foods, Inc. - Crosby's Markets, Inc. - - - -

11/6/2014 DSS Group, Inc. Crestview Partners, L.P. Cott Corporation $1,246.5 - - - P

11/6/2014 McAlister's Deli of Georgetown - The Saxton Group, Inc. - - - -

11/5/2014 10 Barrel Brewing Company - Anheuser-Busch Companies, LLC - - - -

11/3/2014 Best Maid Cookie Co., Inc. - Arbor Private Investment Company - - - - P

11/3/2014 Howard and Associates, Inc. - Acosta, Inc. - - - -

10/31/2014 McArthur's Bakery & Cafe - Live to Venture Holdings, LLC $3.5 - - -

10/31/2014 Harrell Nut Company - Golden Peanut and Tree Nuts - - - -

10/31/2014 Maui Beverages, Inc. Thirsty Ventures, Inc. Lyons-Magnus, Inc. - - - -

10/28/2014 Teasdale Foods Inc. Palladium Equity Partners Snow Phipps Group, LLC - - - - P

10/28/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. - - - -

12.0x12.2x

12.0x

12.6x12.6x 12.6x 12.6x12.8x

12.4x

13.2x13.3x13.4x

13.8x

11.9x

12.3x

11.8x

12.4x

12.1x11.9x

11.8x12.0x

11.4x

11.9x

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Food Products, Processing, and Ingredients Retail and Restaurants

35

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22

34 36

46 47

2533

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3442

53 5248

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60

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80

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Strategic Acquirer Private Equity Acquirer

RECENT NORTH AMERICAN FOOD AND BEVERAGE M&A ACTIVITY

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

Recent North American Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES

PAGE |

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement

10/26/2014 High Country Shrimp Company - Alkame Holdings, Inc. $0.0 - - -

10/24/2014 Gloria Jean's Gourmet Coffees Corp. - Retail Food Group Limited $158.4 - - -

10/23/2014 Café de Coral Holdings Limited, North America Café de Coral Holdings Limited MTY Food Group Inc. $7.0 - - -

10/21/2014 The Filling Stat ion - Messenger Coffee Co. - - - -

10/16/2014 Peter Piper, Inc. Acon Investments, L.L.C. CEC Entertainment Inc. - - - - P

10/15/2014 Hewitt 's Dairy Limited - Gay Lea Foods Co-operative Ltd. - - - -

10/14/2014 Penford Corporation Equity Group Investments Ingredion Incorporated $339.1 0.75x 16.2x 42.1x P

10/14/2014 Masada Bakery, Inc. - Nashville Bun Company, LLC - - - -

10/14/2014 Savor Coffee Inc. - American Diversified Holdings Corp. - - - -

10/13/2014 The Chocolate Gecko - Uncle Sam's All American Chocolate - - - -

10/10/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. $3.8 - - -

10/8/2014 The Toffee Box, LLC - BBX Sweet Holdings - - - -

10/8/2014 Heinold Feed Company and Farmers Pellet Mill - Belstra Milling Co., Inc. - - - -

10/3/2014 Merisant Company, Inc. MSD Capital, L.P. Flavors Holdings Inc. - - - - P

10/2/2014 Anastasia Confections, Inc. - BBX Sweet Holdings - - - -

10/1/2014 SALOV S.p.A. - ShangHai YiMin NO.1 Foods Co.,Ltd. - - - -

9/29/2014 Einstein Noah Restaurant Group, Inc. GreenLight Capital BDT Capital Partners; JAB Beech Inc. $463.1 1.05x 10.3x 16.9x P

9/29/2014 Mountaire Farms Statesville Breeder - Mountaire Farms, Inc. - - - -

9/26/2014 Rivertown Brewing Company, LLC - Individuals - - - -

9/26/2014 Daily's Foods, Inc. Seaboard Foods LLC Triumph Foods, LLC $145.0 - - -

9/26/2014 Crunchies Food Company, LLC - Family Trust and DD Revocable Trust $3.1 - - -

9/25/2014 Fasta Pasta Restaurant Concept - SCS Direct Inc. - - - -

9/25/2014 English Bay Batter (Vancouver), Inc. - Kilmer Van Nostrand Co. Limited - - - -

9/23/2014 P&G, European Pet Food Business The Procter & Gamble Company Spectrum Brands Holdings, Inc. - - - -

9/19/2014 Shine Coffee LLC - Short Leash, LLC - - - -

9/19/2014 Tea Stat ion Chinese Bistro, Inc. - Individuals $0.8 - - -

9/18/2014 Guilliams Vineyards - Kieu Hoang Winery, LLC - - - -

9/18/2014 Pabst Brewing Company, Inc. C. Dean Metropoulos & Co. TSG Consumer Partners - - - -

9/17/2014 Hispanic Specialty Brands, LLC - Dream Foods International, LLC - - - -

9/17/2014 Turt le Mountain, LLC Wasserstein & Co., LP The WhiteWave Foods Company $195.0 1.70x - - P

9/16/2014 Grocery Outlet Inc. Berkshire Partners; Prospect Capital Hellman & Friedman LLC - - - - P

9/15/2014 Pine Mountain Springs, Inc. - DS Services of America, Inc. - - - -

9/15/2014 Rockside Vineyards LLC - Wyandotte Winery LLC - - - -

9/15/2014 981,000-Bushel Grain Facility in Silica - Gavilon Grain, LLC - - - -

9/12/2014 The Isopure Company, LLC Encore Consumer Capital Glanbia plc $153.0 2.05x - - P

9/10/2014 Windsor Quality Food Company, Ltd - Ajinomoto North America, Inc. $800.0 1.19x - -

9/9/2014 The Burger Company LLC - American Roadside Burgers, Inc. $0.6 - - -

9/8/2014 Annie's, Inc. - General Mills, Inc. $821.4 3.95x 38.6x 41.9x

9/2/2014 Harry & David Holdings, Inc. Wasserstein & Co., LP 1-800-Flowers.com Inc. $101.8 0.27x 5.0x 8.4x P

9/2/2014 ADM Global Chocolate Business Archer-Daniels-Midland Company Cargill, Incorporated $440.0 - - -

9/2/2014 Inko's LLC - Braintrust Investments, LLC - - - -

9/2/2014 Manzen, LLC Manchester Consolidated Corp. Big Red, Inc. - - - -

8/29/2014 SC Zaharul Liest i SA Lemarco SA AGRANA Zucker GmbH - - - -

8/26/2014 CCA Industries, Inc., Mega-T Brand CCA Industries Inc. Casla Partners $2.3 - - - P

8/26/2014 Tim Hortons Inc. - Burger King Worldwide, Inc. $13,351.0 4.35x 17.4x 21.5x

8/26/2014 The Cook & Baker, LLC - Portable Pantry LLC - - - -

8/25/2014 Rusty Taco, Inc. - Buffalo Wild Wings Inc. - - - -

8/21/2014 HDOS Enterprises - Global Franchise Group, LLC - - - -

8/20/2014 Nice N Easy Grocery Shoppes, Inc. - CST Brands, Inc. - - - -

8/20/2014 McCain Foods, N. American Frozen Pizza Business McCain Foods Limited Dr. Oetker GmbH - - - -

8/19/2014 Lodi Olive Oil Company, LLC - Coldani Olive Ranch LLC - - - -

8/18/2014 Drake Enterprises Incorporated, Certain Assets Drake Enterprises Incorporated Papa Murphy's Company Stores, Inc. $3.4 - - -

8/18/2014 Cookie Commissary LLC - The Riverside Company - - - - P

8/18/2014 The Marshall Retail Group, LLC ICV Partners Brentwood Associates, Inc. - - - - P

8/14/2014 Coca-Cola Company, Worldwide Energy Business The Coca-Cola Company Monster Beverage Corporation $12,900.0 5.50x 18.8x -

8/13/2014 Casa Noble Tequila Casa Noble Holdings LLC Constellat ion Brands Inc. - - - -

8/11/2014 Chiquita Brands International Inc. BlackRock, Inc. Sucocitrico Cutrale Ltda $1,193.1 0.39x 12.4x 51.6x P

8/11/2014 Continental Seasoning, Inc. - Newly Weds Foods, Inc. - - - -

8/8/2014 John Conti Coffee Co. Inc. - Canteen Service Co. of Kentuckiana, Inc. - - - -

8/7/2014 American Blanching Co., Inc. Ironwood Capital Nuts Distributor of America Inc. $128.0 - - - P

8/1/2014 Mighty Leaf Tea Company VMG Partners Peet's Coffee & Tea - - - - P

8/1/2014 Faribault Foods, Inc. - Arizona Canning Company, LLC - - - -

7/28/2014 M&M Meat Shops Ltd. - Searchlight Capital Partners - - - - P

7/24/2014 Market Basket - Arthur DeMoulas - - - -

RECENT NORTH AMERICAN FOOD AND BEVERAGE M&A ACTIVITY CONT.

14

FOOD AND BEVERAGE


Recent North American Food and Beverage M&A5 cont.

PAGE |

January 2015

Date Company

01/08/2015 Constellation Brands Inc. (NYSE:STZ)

01/08/2015 Ruby Tuesday, Inc. (NYSE:RT)

01/08/2015 Tesco PLC (LSE:TSCO)

01/22/2015 Starbucks Corporation (NasdaqGS:SBUX)

01/23/2015 McDonald's Corp. (NYSE:MCD)

01/28/2015 Brinker International, Inc. (NYSE:EAT)

01/29/2015 Diageo plc (LSE:DGE)

01/30/2015 Tyson Foods, Inc. (NYSE:TSN)

February 2015

Company

02/03/2015 Archer-Daniels-Midland Company (NYSE:ADM)

02/04/2015 Yum! Brands, Inc. (NYSE:YUM)

02/10/2015 MillerCoors LLC

02/10/2015 Molson Coors Brewing Company (NYSE:TAP)

02/12/2015 Kellogg Company (NYSE:K)

02/24/2015 Papa John's International Inc. (NasdaqGS:PZZA)

02/25/2015 Campbell Soup Company (NYSE:CPB)

02/25/2015 Glanbia plc (ISE:GL9)

02/26/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

Transportation & Logistics

Aerospace, Defense & Government

Services

IndustrialsBusiness Services

Building Products & Materials

Energy & Power

Technology, Media & Telecom

Specialty Distribution

Healthcare & Lifesciences

Consumer

PAGE |

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FOOD AND BEVERAGE


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HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


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FOOD AND BEVERAGE - Harris Williams...FOOD AND BEVERAGE INDUSTRY UPDATE DECEMBER 2014 t f t & e E) r 4 h p t . ) e A r s s A e e A e A M) th s M E Food and Beverage Branded Processed