FOOD AND BEVERAGE - Harris Williams€¦ · Large food and beverage companies are moving away from third-party certifications and labels in favor of their own ... Pork 0.8% Poultry:

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FOOD AND BEVERAGE

INDUSTRY UPDATE │ SEPTEMBER 2017

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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

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

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

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

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

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

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

MARKET UPDATE

FOOD AND BEVERAGE


a portfolio company of

has been acquired by

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING





a subsidiary of







and

The food & beverage M&A market remains active through September, with

several notable transactions. B&G Foods announced its acquisition of Back To

Nature Foods Company, demonstrating the continued trends toward for better-

for-you brands in the snacking category and more broadly across categories. Also

notable is Nestle USA’s announced acquisition of Sweet Earth. Often thought of as

a confectionery company, Nestle is executing on its strategy of entering the

better-for-you segment to attract the increasingly health-conscious consumer.




has been acquired byhas been acquired by

The Soup & Infant

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http://www.harriswilliams.com/

mailto:[email protected]





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WHAT WE’VE BEEN READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

LARGE FOOD AND BEVERAGE COMPANIES ARE ESTABLISHING THEIR OWN SOURCING CREDENTIALS

The growth of clean label is not limited to natural and specialty retailers, but has become a mainstream movement.With over 90% of U.S. households purchasing clean label products, sales of products marketed as being sustainableand free from artificial ingredients are increasing, while sales of conventional products are declining.

Access the full article here.

NEARLY HALF OF ALL SHOPPING TRIPS INCLUDE THE PURCHASE OF CLEAN LABEL PRODUCTS

SALES OF PLANT-BASED FOODS HAVE EXPERIENCED SIGNIFICANT GROWTH OVER THE PAST YEAR

Large food and beverage companies are moving away from third-party certifications and labels in favor of their ownset of sourcing standards. While critics argue that what is deemed ethical and sustainable could become moreambiguous, companies instituting internal standards maintain their criteria are more comprehensive.


Plant-based foods have experienced 8.1% year-over-year sales growth as consumer preferences shift toward better-for-you and natural options. The introduction of plant-based meats has ignited much of the growth, along with dairyalternatives which include plant-based cheeses, yogurts, and ice cream. The market is currently relatively small at $1.3billion, but growing rapidly and establishing itself as a frontier for growth.


-

20

40

60

80

100

120

Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17

Co

mm

od

ity P

ric

e In

de

x

Soybeans Wheat Corn Crude Oil

Soybeans:

(35.9%)

Corn:

(46.5%)

Wheat:

(43.3%)

Crude Oil:

(53.6%)

Beef:

14.6%

Pork

0.8%

Poultry:

(5.1%)90

100

110

120

130

140

Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poult ry

Note: July Commodity Price Indices data unavailable.

http://www.nielsen.com/us/en/insights/news/2017/whos-buying-clean-label-products.html

http://www.reuters.com/article/us-food-fairtrade-sustainability-insight/how-fair-is-our-food-big-companies-take-reins-on-sourcing-schemes-idUSKCN1BE0GI

http://www.prweb.com/releases/2017/09/prweb14683840.htm

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VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

19.1%

Grocery:

8.3%

80

100

120

140


Sa

les

Ind

ex

Restaurant Grocery

Net Debt /

3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 5.9% (10.2%) 3.0% (1.4%) 12.8x 13.0x 7.1x 2.8x

Fruit and Vegetable (3.6%) 7.1% 5.6% 19.2% 16.7x 23.3x 12.7x 0.7x

Ingredients / Flavors 5.0% 2.6% 4.8% 1.3% 21.9x 28.4x 17.0x 1.4x

Agribusiness (0.5%) 10.7% 5.1% 7.8% 18.3x 25.4x 13.2x 2.9x

Branded Processed Foods (5.7%) (12.2%) (7.8%) (19.4%) 19.3x 23.2x 12.4x 2.1x

Private Label Foods and Beverages (0.2%) 3.1% 0.5% 32.1% 42.8x 26.7x 11.4x 5.5x

Natural / Organic Foods / BFY (4.5%) 14.4% (13.4%) (19.0%) 23.6x 44.0x 14.0x 7.4x

Baked Goods (4.8%) (10.0%) (6.8%) (9.7%) 20.0x 26.1x 9.8x 2.4x

Dairy (3.3%) 4.9% 11.3% 15.9% 19.2x 21.7x 14.3x 1.3x

Non-Alcoholic Beverages 5.2% 14.2% 5.6% 5.3% 22.5x 24.4x 13.4x 1.7x

Alcoholic Beverages 7.9% 20.5% 10.6% 5.4% 21.4x 26.1x 15.5x 2.5x

Snacks (3.6%) 7.3% (6.9%) 5.3% 24.6x 31.3x 14.8x 3.2x

Grocery Distribution (17.3%) (13.9%) (1.0%) (3.5%) 13.6x 18.6x 7.7x 2.2x

Food Retail (16.6%) (22.4%) (21.2%) (6.7%) 12.1x 16.3x 6.5x 1.7x

Foodserv ice 6.4% 18.5% 1.9% 6.7% 18.9x 25.4x 12.0x 4.2x

Quick Serv ice Restaurant (2.9%) 0.2% (5.0%) (3.2%) 22.9x 22.2x 13.3x 3.3x

Fast Casual (17.5%) (12.4%) (13.8%) (5.4%) 37.7x 52.7x 12.8x 1.7x

Differentiated Casual (26.3%) (22.0%) (24.2%) (21.8%) 16.9x 18.6x 7.1x 0.6x

Casual Dining Restaurant (7.3%) (3.7%) (8.1%) (4.1%) 14.7x 19.2x 8.4x 2.7x

Fine Dining (9.8%) 5.3% (20.3%) 2.1% 16.9x 19.7x 8.6x 1.3x

Pizza (6.7%) (3.1%) (4.2%) 18.5% 25.7x 32.0x 15.3x 3.9x

Beverage / Snack Retail (9.2%) (0.4%) (6.7%) 4.4% 22.9x 24.9x 15.1x 2.4x

Family Restaurant (7.7%) 0.4% (12.4%) (15.4%) 18.0x 20.4x 9.1x 2.1x

Overall Median (5.1%) 2.4% (5.4%) (2.5%) 20.1x 22.7x 11.5x 2.2x

Co

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nd

Re

tail

Industry and Segment

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

Inp

uts

Fo

od

an

d B

ev

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(1.0)

-

1.0

2.0

3.0

4.0


Infa

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n (

%)

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4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5

RECENT EQUITY OFFERINGS6

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

9/25/17 05/11/14 Organto Foods Inc OGO Follow-On $4.1 Pursue Growth Opportunities

8/8/17 08/08/17 McCormick & Co Inc MKC Follow-On $482.0 Acquisition Financing

General Corporate Purposes8/4/17 08/04/17 Organto Foods Inc OGO Follow-On $0.3 Product Development / R&D

7/13/17 07/13/17 GreenSpace Brands Inc JTR Follow-On $7.9 Working Capital

General Corporate Purposes

7/13/17 07/07/17 Long Island Iced Tea Corp LTEA Follow-On $2.2 Working Capital

General Corporate Purposes

6/21/17 06/21/17 Organto Foods Inc OGO Follow-On $1.4 Pursue Growth Opportunities

5/18/17 05/15/17 Performance Food Group Co PFGC Follow-On $387.5 Liquidity for Private Owners

5/11/17 05/11/17 Organto Foods Inc OGO Follow-On $2.5 Working Capital

Genereal Corporate Purposes

5/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners

4/24/17 04/24/17 Noble Romans Inc NROM Follow-On $3.7 Liquidity for Private Owners

4/12/17 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners

3/7/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital

Food Retail

Differentiated Casual

Grocery Distribution

Fast Casual

Branded Processed Foods

Protein Processing

Baked Goods

Casual Dining Restaurant

Pizza

Bev erage / Snack Retail

Quick Serv ice Restaurant

Family Restaurant

Ingredients / Flav ors

Priv ate Label

Dairy

Fine Dining

Fruit and Vegetable

Snacks

Agribusiness

Non-Alcoholic Bev erages

Natural / Organic / BFY

S&P

Foodserv ice

Alcoholic Bev erages

(35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0%

Inputs Food and Beverage Consumer and Retail

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PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE


Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 9/13/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF-GB $41.87 95.8% $33,001 $32,710 $19,036 $2,259 (0.2%) (2.8%) 8.4% 11.9% 22.6x 1.72x 14.5x 1.59x 13.0x

B&G Foods, Inc. BGS 32.13 63.2% 2,088 3,858 1,518 300 25.1% 24.1% 29.0% 19.8% 20.7x 2.54x 12.8x 2.33x 10.7x

Campbell Soup Company CPB 47.78 74.4% 14,359 17,582 7,890 1,736 (0.9%) (1.5%) 43.0% 22.0% 16.4x 2.23x 10.1x 2.23x 9.8x

Conagra Brands, Inc. CAG 34.91 71.4% 14,473 17,305 7,827 1,391 (9.7%) (20.9%) 28.8% 17.8% 23.8x 2.21x 12.4x 2.24x 11.7x

General Mills, Inc. GIS 55.76 83.8% 32,064 42,045 15,620 3,393 (5.7%) (4.5%) 34.8% 21.7% 20.1x 2.69x 12.4x 2.72x 12.3x

Hormel Foods Corporation HRL 31.56 81.2% 16,769 16,389 9,303 1,406 0.1% 0.8% 20.4% 15.1% 19.6x 1.76x 11.7x 1.78x 11.6x

Kellogg Company K 68.62 86.8% 23,638 31,578 12,798 3,574 (2.6%) (4.4%) 40.8% 27.9% 31.0x 2.47x 8.8x 2.49x 12.1x

McCormick & Company, Incorporated MKC 98.95 92.9% 12,919 14,511 4,476 787 2.8% 2.0% 39.8% 17.6% 26.2x 3.24x 18.4x 2.93x 16.3x

Nestle S.A. NESN-CH 84.30 94.0% 263,981 285,769 90,161 17,410 (0.8%) (3.2%) 50.2% 19.3% 27.0x 3.17x 16.4x 3.04x 15.9x

Pinnacle Foods, Inc. PF 59.48 89.2% 7,057 9,905 3,128 675 9.0% 7.1% 25.9% 21.6% 38.8x 3.17x 14.7x 3.14x 14.3x

Post Holdings, Inc. POST 85.23 95.7% 5,660 9,572 5,038 928 NM 44.8% 27.5% 18.4% NA 1.90x 10.3x 1.79x 9.3x

Hershey Company HSY 109.83 94.3% 16,637 19,410 7,516 1,768 2.5% 1.2% 48.2% 23.5% 34.9x 2.58x 11.0x 2.58x 10.6x

J. M. Smucker Company SJM 107.47 74.8% 12,239 17,284 7,325 1,631 (4.6%) 9.5% 34.6% 22.3% 22.6x 2.36x 10.6x 2.34x 10.3x

Mean 1.2% 4.0% 33.2% 19.9% 25.3x 2.46x 12.6x 2.40x 12.1x

Median (0.5%) 0.8% 34.6% 19.8% 23.2x 2.47x 12.4x 2.34x 11.7x

Private Label Foods and Beverages

Cott Corporation BCB-CA $15.37 95.0% $2,134 $4,318 $3,729 $379 30.1% 22.1% 33.7% 10.2% NA 1.16x 11.4x 1.11x 9.8x

Seneca Foods Corporation SENEA 31.85 74.7% 310 687 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 26.7x 0.54x 12.6x NA NA

TreeHouse Foods, Inc. THS 67.04 74.1% 3,845 6,298 6,432 727 43.7% 37.5% 16.2% 11.3% NA 0.98x 8.7x 1.00x 9.1x

Mean 23.9% 19.2% 18.5% 8.6% 26.7x 0.89x 10.9x 1.05x 9.5x

Median 30.1% 22.1% 16.2% 10.2% 26.7x 0.98x 11.4x 1.05x 9.5x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $7.12 41.9% $540 $1,115 $345 $79 67.0% 83.6% 36.3% 22.9% 44.0x 3.23x 14.1x 2.85x 11.8x

Hain Celestial Group, Inc. HAIN 40.85 89.6% 4,178 4,781 2,977 343 3.2% 11.4% 23.6% 11.5% NM 1.61x 13.9x 1.64x 15.3x

The Simply Good Foods Company SMPL 12.14 97.2% 858 858 345 74 NA NA NA 21.4% NA NA 11.6x NA NA

SunOpta Inc. SOY-CA 8.51 83.5% 738 1,206 1,323 47 8.3% 1.6% 11.3% 3.6% NA 0.91x 25.6x 0.87x 15.0x

Mean 26.2% 32.2% 23.7% 14.9% 44.0x 1.92x 16.3x 1.79x 14.0x

Median 8.3% 11.4% 23.6% 16.5% 44.0x 1.61x 14.0x 1.64x 15.0x

Baked Goods

Aryzta AG ARYN-CH $31.05 66.9% $2,840 $5,617 $4,225 $584 15.7% (11.2%) 29.7% 13.8% NA 1.33x 9.6x 1.23x 10.5x

Flowers Foods, Inc. FLO 18.16 86.5% 3,779 4,632 3,902 411 0.5% 1.2% 45.8% 10.5% 24.1x 1.19x 11.3x 1.19x 10.5x

George Weston Limited WN-CA 86.52 92.6% 11,132 24,701 36,458 3,221 1.6% 2.2% 29.6% 8.8% 22.4x 0.68x 7.7x 0.61x 7.3x

Grupo Bimbo SAB de CV BIMBOA-MX 2.45 85.2% 11,711 15,577 13,710 1,590 1.3% 0.0% 54.1% 11.6% 40.6x 1.14x 9.8x 1.03x 9.6x

Lancaster Colony Corporation LANC 117.58 78.8% 3,235 3,092 1,202 217 0.9% 4.9% 24.7% 18.1% 28.1x 2.57x 14.2x 2.54x 14.1x

Mean 4.0% (0.6%) 36.8% 12.6% 28.8x 1.38x 10.5x 1.32x 10.4x

Median 1.3% 1.2% 29.7% 11.6% 26.1x 1.19x 9.8x 1.19x 10.5x

LTM EV / LTM EV / 2017ERevenue Growth LTM Margins

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PUBLIC COMPARABLES5

FOOD AND BEVERAGE


6



Dairy

Danone SA BN-FR $80.88 98.6% $54,558 $75,446 $25,080 $4,399 2.4% (3.7%) 49.6% 17.5% 23.1x 3.01x 17.1x 2.53x 14.5x

Dean Foods Company DF 11.33 50.8% 1,021 1,894 7,905 362 1.6% (5.0%) 24.0% 4.6% 18.6x 0.24x 5.2x 0.24x 5.4x

Emmi AG EMMN-CH 683.62 85.6% 3,679 4,086 3,295 354 (0.5%) (3.9%) 18.1% 10.8% 24.3x 1.24x 11.5x 1.19x 11.7x

Glanbia Plc GL9-IE 19.02 90.2% 5,607 6,500 3,232 401 20.5% (0.8%) 26.3% 12.4% 21.5x 2.01x 16.2x 2.18x 16.1x

Lifeway Foods, Inc. LWAY 8.45 45.7% 133 130 124 7 1.0% 4.5% 28.7% 5.2% NM 1.05x 20.0x 1.02x NA

Parmalat S.p.A. PLT-IT 3.65 98.2% 6,830 6,416 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.89x 13.9x 0.76x 11.2x

Saputo Inc. SAP-CA 34.87 93.3% 13,478 14,548 8,613 994 3.4% (1.6%) 19.0% 11.5% 21.9x 1.69x 14.6x 1.54x 12.8x

Savencia SA SAVE-FR 97.13 93.9% 1,376 1,909 5,106 262 5.7% (5.6%) 4.3% 5.1% 8.5x 0.37x 7.3x 0.33x 4.9x

Mean 4.4% (2.0%) 23.7% 9.2% 19.6x 1.31x 13.2x 1.22x 10.9x

Median 2.0% (2.7%) 21.8% 8.6% 21.7x 1.15x 14.3x 1.10x 11.7x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $8.24 96.2% $957 $945 $343 $71 (12.9%) (4.9%) 46.4% 20.6% 20.1x 2.76x 13.4x 2.69x 13.4x

Cott Corporation BCB-CA 15.37 95.0% 2,134 4,318 3,729 379 30.1% 22.1% 33.7% 10.2% NA 1.16x 11.4x 1.11x 9.8x

Dr Pepper Snapple Group, Inc. DPS 91.84 92.3% 16,762 21,075 6,691 1,580 6.0% 3.5% 59.0% 23.6% 22.2x 3.15x 13.3x 3.12x 12.8x

Lassonde Industries, Inc. LAS.A 193.15 98.3% 630 826 1,144 128 0.3% 4.9% 28.8% 11.2% 22.9x 0.72x 6.4x 0.66x 5.6x

Monster Beverage Corporation MNST 56.23 98.2% 31,863 30,761 3,202 1,283 11.8% 10.8% 64.6% 40.1% 42.2x 9.61x 24.0x 9.09x 22.8x

National Beverage Corp. FIZZ 123.05 94.8% 5,684 5,508 870 117 18.1% 10.6% 33.3% 13.5% 49.0x 6.33x NM 5.96x 26.9x

PepsiCo, Inc. PEP 114.99 96.3% 164,278 186,728 63,302 12,629 1.8% (1.7%) 55.0% 20.0% 24.4x 2.95x 14.8x 2.93x 14.2x

Coca-Cola Company KO 46.98 100.0% 199,275 221,777 38,431 10,992 (10.0%) (5.9%) 61.9% 28.6% 48.7x 5.77x 20.2x 6.34x 20.3x

Mean 5.7% 4.9% 47.8% 21.0% 32.8x 4.06x 14.8x 3.99x 15.7x

Median 3.9% 4.2% 50.7% 20.3% 24.4x 3.05x 13.4x 3.03x 13.8x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $121.91 90.8% $205,843 $325,611 $52,415 $19,107 20.2% 6.7% 60.6% 36.5% 54.5x 6.21x 17.0x 5.71x 14.8x

Brown-Forman Corporation BF.B 54.28 90.9% 21,310 23,300 3,026 1,047 1.0% 0.2% 68.2% 34.6% 30.2x 7.70x 22.3x 7.46x 21.0x

Carlsberg A/S CARL.B-DK 115.63 98.4% 17,599 21,521 9,251 1,966 (4.8%) (6.9%) 50.8% 21.3% 22.4x 2.33x 10.9x 2.12x 10.1x

Constellation Brands, Inc. STZ 204.28 99.6% 39,950 48,971 7,394 2,656 9.0% 9.0% 52.0% 35.9% 28.6x 6.62x 18.4x 6.47x 18.2x

Diageo plc DGE-GB 33.88 98.2% 86,198 98,757 15,278 4,970 (1.6%) (2.9%) 60.7% 32.5% 24.3x 6.46x 19.9x 6.06x 18.0x

Heineken NV HEIA-NL 105.58 99.1% 60,921 76,798 23,084 5,150 0.5% (3.8%) 15.6% 22.3% 27.7x 3.33x 14.9x 2.92x 12.2x

Kirin Holdings Company, Limited 2503-JP 22.41 95.6% 20,652 26,636 18,614 2,121 1.8% (5.3%) 45.7% 11.4% 13.5x 1.43x 12.6x 1.48x 11.5x

Pernod Ricard SA RI-FR 139.30 98.4% 36,724 44,108 9,822 2,848 2.0% (3.0%) 61.9% 29.0% 22.1x 4.49x 15.5x 4.09x 14.0x

Sapporo Holdings Limited 2501-JP 28.03 92.2% 2,219 4,234 5,050 432 9.8% (0.6%) 35.6% 8.6% 26.1x 0.84x 9.8x 0.84x 9.6x

Mean 4.2% (0.7%) 50.1% 25.8% 27.7x 4.38x 15.7x 4.13x 14.4x

Median 1.8% (2.9%) 52.0% 29.0% 26.1x 4.49x 15.5x 4.09x 14.0x

Snacks

Inventure Foods, Inc. SNAK $4.15 40.9% $66 $154 $255 $3 0.6% 0.3% 19.7% 1.0% NA 0.60x NM 0.76x 11.7x

J & J Snack Foods Corp. JJSF 125.26 87.5% 2,353 2,211 1,030 153 4.0% 4.4% 32.1% 14.9% 31.3x 2.15x 14.4x 2.08x 13.8x

John B. Sanfilippo & Son, Inc. JBSS 63.81 85.4% 553 610 847 74 (11.1%) 2.8% 16.7% 8.7% 20.0x 0.72x 8.3x 0.71x NA

Mondelez International, Inc. MDLZ 41.20 87.2% 61,783 79,239 25,566 4,782 (5.2%) (10.0%) 40.0% 18.7% 36.0x 3.10x 16.6x 3.08x 15.6x

PepsiCo, Inc. PEP 114.99 96.3% 164,278 186,728 63,302 12,629 1.8% (1.7%) 55.0% 20.0% 24.4x 2.95x 14.8x 2.93x 14.2x

Snyder's-Lance, Inc. LNCE 36.71 89.9% 3,528 4,663 2,211 250 20.7% 9.7% 36.3% 11.3% 51.9x 2.11x 18.7x 2.09x 15.0x

Mean 1.8% 0.9% 33.3% 12.4% 32.7x 1.94x 14.5x 1.94x 14.1x

Median 1.2% 1.6% 34.2% 13.1% 31.3x 2.13x 14.8x 2.09x 14.2x

LTM EV / LTMRevenue Growth LTM Margins EV / 2017E

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PUBLIC COMPARABLES5

FOOD AND BEVERAGE


7



Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $37.95 82.2% $1,661 $1,518 $1,075 ($77) (43.7%) (9.3%) 4.4% NM NA 1.41x NM 1.30x NM

JBS S.A. JBSS3-BR 2.58 63.7% 7,096 22,719 50,166 3,700 4.6% 2.4% 14.8% 7.4% 9.6x 0.45x 6.1x 0.43x 5.4x

Sanderson Farms, Inc. SAFM 153.96 99.7% 3,479 3,081 3,213 527 18.8% 5.4% 25.7% 16.4% 12.4x 0.96x 5.8x 0.91x 5.8x

Seaboard Corporation SEB 4,480.00 98.6% 5,275 4,482 5,524 368 2.5% (5.7%) 9.1% 6.7% 16.4x 0.81x 12.2x NA NA

Tyson Foods, Inc. TSN 65.92 85.7% 19,040 29,649 37,200 3,679 (2.9%) 0.8% 12.4% 9.9% 13.7x 0.80x 8.1x 0.77x 7.6x

Mean (4.1%) (1.3%) 13.3% 10.1% 13.0x 0.89x 8.1x 0.86x 6.2x

Median 2.5% 0.8% 12.4% 8.6% 13.0x 0.81x 7.1x 0.84x 5.8x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $69.70 90.7% $1,212 $1,242 $1,046 $70 16.7% 10.6% 8.2% 6.7% 33.4x 1.19x 17.8x 1.10x 17.9x

Fresh Del Monte Produce Inc. FDP 46.32 69.3% 2,306 2,533 4,078 285 0.0% 1.9% 10.7% 7.0% 14.5x 0.62x 8.9x 0.61x 8.0x

Seneca Foods Corporation SENEA 31.85 74.7% 310 687 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 26.7x 0.54x 12.6x NA NA

Total Produce Plc T7O-IE 2.60 96.2% 844 1,104 3,638 86 8.1% 1.2% 13.1% 2.4% 19.9x 0.30x 12.9x 0.24x 11.1x

Mean 5.7% 2.9% 9.4% 5.1% 23.6x 0.66x 13.0x 0.65x 12.3x

Median 4.0% 1.5% 9.5% 5.5% 23.3x 0.58x 12.7x 0.61x 11.1x

Ingredients / Flavors

Givaudan SA GIVN-CH $2,104.33 98.4% $19,600 $21,065 $4,855 $1,099 4.7% 0.4% 43.9% 22.6% 28.4x 4.34x 19.2x 4.08x 18.2x

Ingredion Incorporated INGR 125.00 90.8% 8,939 10,464 5,799 1,064 2.5% (0.9%) 25.5% 18.3% 18.8x 1.80x 9.8x 1.76x 9.6x

International Flavors & Fragrances Inc. IFF 143.30 99.4% 11,310 12,719 3,211 694 5.0% 2.0% 43.3% 21.6% 28.9x 3.96x 18.3x 3.81x 16.7x

Kerry Group Plc KRZ-IE 93.75 97.6% 16,635 18,091 6,840 968 0.9% (4.5%) 9.9% 14.1% 26.0x 2.65x 18.7x 2.38x 16.6x

Sensient Technologies Corporation SXT 74.18 87.3% 3,244 3,826 1,360 270 (2.0%) (2.5%) 35.2% 19.9% 29.8x 2.81x 14.2x 2.77x 15.1x

Symrise AG SY1-DE 76.03 98.6% 9,995 11,574 3,211 680 11.3% 9.7% 40.7% 21.2% 33.0x 3.60x 17.0x 3.24x 15.2x

Tate & Lyle PLC TATE-GB 8.73 82.4% 4,090 4,586 3,586 529 1.1% (6.4%) 8.7% 14.7% 12.1x 1.28x 8.7x 1.23x 8.4x

Mean 3.4% (0.3%) 29.6% 18.9% 25.3x 2.92x 15.1x 2.75x 14.2x

Median 2.5% (0.9%) 35.2% 19.9% 28.4x 2.81x 17.0x 2.77x 15.2x

Agribusiness

Andersons, Inc. ANDE $31.85 70.9% $892 $1,433 $3,818 $183 (4.3%) (8.5%) 13.1% 4.8% NA 0.38x 7.8x 0.36x 9.3x

Archer-Daniels-Midland Company ADM 43.35 90.5% 24,307 30,116 62,326 2,276 (1.1%) (10.8%) 5.8% 3.7% 18.2x 0.48x 13.2x 0.47x 9.5x

Bunge Limited BG 73.00 87.2% 10,044 13,602 45,988 377 11.3% (9.1%) 3.0% 0.8% 21.1x 0.30x 36.1x 0.29x 9.1x

CF Industries Holdings, Inc. CF 32.16 86.5% 7,508 14,406 3,708 976 (11.3%) (9.7%) 16.9% 26.3% NA 3.89x 14.8x 3.74x 15.8x

Darling Ingredients Inc. DAR 17.93 99.6% 2,927 4,652 3,518 429 5.9% 8.0% 13.5% 12.2% 35.1x 1.32x 10.8x 1.32x 10.6x

Monsanto Company MON 117.49 98.8% 51,594 59,847 14,514 4,160 9.4% (2.0%) 56.0% 28.7% 25.4x 4.12x 14.4x 4.10x 14.3x

Mosaic Company MOS 20.18 58.7% 7,111 10,397 7,147 1,070 (6.2%) (7.6%) 11.0% 15.0% 48.5x 1.45x 9.7x 1.46x 10.1x

Mean 0.5% (5.7%) 17.1% 13.1% 29.7x 1.71x 15.3x 1.68x 11.2x

Median (1.1%) (8.5%) 13.1% 12.2% 25.4x 1.32x 13.2x 1.32x 10.1x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $87.55 71.2% $59 $73 $1,280 $9 (1.3%) 1.6% 5.3% 0.7% 17.1x 0.06x 8.1x NA NA

Core-Mark Holding Company, Inc. CORE 28.49 64.6% 1,296 1,486 15,136 116 21.0% 14.7% 4.8% 0.8% 31.3x 0.10x 12.8x 0.09x 9.8x

Performance Food Group Company PFGC 29.35 100.0% 2,998 4,288 16,762 340 9.8% 7.0% 13.0% 2.0% 31.1x 0.26x 12.6x 0.25x 10.4x

SpartanNash Company SPTN 24.43 60.5% 891 1,528 7,925 231 3.6% 0.0% 14.3% 2.9% 13.7x 0.19x 6.6x 0.19x 6.2x

SUPERVALU INC. SVU 20.50 53.3% 761 2,007 12,719 416 12.9% (9.6%) 12.3% 3.3% 20.0x 0.16x 4.8x 0.13x 4.2x

United Natural Foods, Inc. UNFI 37.06 74.5% 1,851 2,304 9,147 316 10.0% 11.1% 15.5% 3.5% 14.7x 0.25x 7.3x 0.24x 7.0x

Mean 9.3% 4.1% 10.9% 2.2% 21.3x 0.17x 8.7x 0.18x 7.5x

Median 9.9% 4.3% 12.6% 2.5% 18.6x 0.18x 7.7x 0.19x 7.0x

LTM Margins EV / 2017ELTM Revenue Growth EV / LTM

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


8



Food Retail

Costco Wholesale Corporation COST $163.20 89.1% $70,192 $68,733 $123,285 $4,927 (14.4%) 4.5% 13.5% 4.0% 27.7x 0.56x 14.0x 0.54x 12.5x

Ingles Markets, Incorporated IMKTA 24.25 46.3% 335 1,198 3,876 236 2.4% 0.4% 24.1% 6.1% 9.8x 0.31x 5.1x 0.31x 5.2x

J Sainsbury plc SBRY-GB 3.17 86.9% 6,947 9,151 34,171 1,316 (3.4%) (3.5%) 6.2% 3.9% 13.7x 0.27x 7.0x 0.25x 5.1x

Kroger Co. KR 21.91 60.1% 19,365 31,617 118,050 5,306 5.0% 4.4% 19.7% 4.5% 13.0x 0.27x 6.0x 0.26x 5.5x

Natural Grocers by Vitamin Cottage NGVC 5.74 41.6% 126 180 752 44 9.4% 14.5% 23.4% 5.8% 17.5x 0.24x 4.1x 0.23x 4.1x

Royal Ahold Delhaize N.V. AD-NL 18.12 76.0% 22,920 26,280 54,973 4,063 NM NM 29.8% 7.4% 18.5x 0.48x 6.5x 0.35x 5.3x

Sprouts Farmers Markets, Inc. SFM 19.69 75.8% 2,652 3,087 4,336 296 12.4% 17.0% 26.9% 6.8% 21.7x 0.71x 10.4x 0.67x 10.1x

SUPERVALU INC. SVU 20.50 53.3% 761 2,007 12,719 416 12.9% (9.6%) 12.3% 3.3% 20.0x 0.16x 4.8x 0.13x 4.2x

Tesco PLC TSCO-GB 2.40 86.7% 20,105 25,788 73,745 3,404 (9.6%) (9.7%) 5.5% 4.6% NA 0.35x 7.6x 0.34x 7.0x

Village Super Market, Inc. VLGEA 24.26 66.6% 239 7 1,631 68 1.7% 2.9% 26.1% 4.2% 15.0x 0.00x 0.1x NA NA

Weis Markets, Inc. WMK 43.78 63.6% 1,154 1,131 3,397 174 16.5% 7.6% 24.9% 5.1% 14.0x 0.33x 6.5x NA NA

Mean 3.3% 2.9% 19.3% 5.1% 17.1x 0.33x 6.5x 0.34x 6.5x

Median 3.7% 3.6% 23.4% 4.6% 16.3x 0.31x 6.5x 0.31x 5.3x

Foodservice

Chefs' Warehouse, Inc. CHEF $16.70 91.3% $439 $722 $1,260 $58 12.8% 18.1% 24.9% 4.6% 35.4x 0.57x 12.5x 0.56x 11.1x

Colabor Group Inc. GCL-CA 0.74 64.7% 77 175 1,033 21 1.8% (8.3%) 2.0% 2.1% 9.3x 0.17x 8.2x 0.16x 7.2x

Sysco Corporation SYY 53.23 93.3% 27,899 35,307 55,371 2,931 9.9% 6.0% 19.1% 5.3% 25.4x 0.64x 12.0x 0.63x 10.7x

Mean 8.2% 5.3% 15.3% 4.0% 23.4x 0.46x 10.9x 0.45x 9.7x

Median 9.9% 6.0% 19.1% 4.6% 25.4x 0.57x 12.0x 0.56x 10.7x

Quick Service Restaurant

Bojangles, Inc. BOJA $13.25 59.3% $488 $651 $539 $79 5.1% NA 17.5% 14.6% 13.9x 1.21x 8.3x 1.18x 8.8x

Jack in the Box Inc. JACK 97.65 86.2% 2,845 4,023 1,614 354 3.8% 3.0% 27.5% 22.0% 22.2x 2.49x 11.4x 2.64x 11.7x

McDonald's Corporation MCD 157.36 97.3% 126,627 152,595 24,179 9,320 (3.8%) (5.1%) 44.8% 38.5% 25.6x 6.31x 16.4x 6.77x 15.1x

Restaurant Brands International Inc QSR 63.27 97.4% 14,963 25,040 4,240 1,878 3.6% NA 48.9% 44.3% 43.2x 5.91x 13.3x 5.44x 11.9x

Sonic Corp. SONC 23.95 79.7% 999 1,556 516 153 (16.7%) (2.0%) 44.9% 29.7% 15.9x 3.02x 10.1x 3.29x 10.4x

Wendy's Company WEN 15.03 90.2% 3,635 6,059 1,280 366 (24.3%) (17.5%) 43.0% 28.6% 39.6x 4.73x 16.6x 4.95x 14.8x

Yum! Brands, Inc. YUM 76.98 83.8% 26,606 35,271 3,604 1,905 (1.7%) NM 44.6% 52.9% 21.3x 9.79x 18.5x 6.05x 17.8x

Mean (4.8%) (5.4%) 38.7% 32.9% 26.0x 4.78x 13.5x 4.33x 12.9x

Median (1.7%) (3.5%) 44.6% 29.7% 22.2x 4.73x 13.3x 4.95x 11.9x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $313.50 62.8% $8,805 $8,236 $4,310 $397 6.5% 5.9% 15.3% 9.2% NM 1.91x 20.8x 1.82x 16.0x

El Pollo Loco Holdings Inc LOCO 11.60 78.1% 439 529 394 59 7.3% 7.7% 21.4% 15.0% 24.7x 1.34x 8.9x 1.30x 8.2x

Fiesta Restaurant Group, Inc. FRGI 17.59 57.4% 474 533 702 82 (1.1%) 6.8% 19.4% 11.6% NA 0.76x 6.5x 0.79x 6.5x

Habit Restaurants, Inc. HABT 13.45 68.1% 270 263 308 29 19.6% NA 14.3% 9.6% 53.2x 0.85x 8.9x 0.78x 8.2x

Noodles & Co. NDLS 4.70 75.1% 186 244 482 13 2.5% 9.2% 10.3% 2.6% NA 0.51x 19.5x 0.53x 8.5x

Potbelly Corp. PBPB 11.40 78.4% 285 264 416 38 6.1% 10.3% 13.8% 9.2% NM 0.63x 6.9x 0.61x 6.8x

Shake Shack, Inc. SHAK 31.40 79.1% 1,202 1,180 316 50 40.4% NA 25.6% 15.7% 58.4x 3.73x 23.8x 3.33x 21.8x

Wingstop, Inc. WING 33.76 94.0% 969 1,103 98 35 15.7% NA 69.0% 35.9% 52.2x 11.28x 31.4x 10.62x 27.9x

Zoe's Kitchen, Inc. ZOES 12.99 47.4% 250 288 294 23 15.0% 26.3% 13.0% 7.7% NA 0.98x 12.8x 0.91x 13.7x

Mean 12.4% 11.0% 22.5% 13.0% 47.1x 2.44x 15.5x 2.30x 13.1x

Median 7.3% 8.5% 15.3% 9.6% 52.7x 0.98x 12.8x 0.91x 8.5x

LTM Revenue Growth LTM Margins EV / LTM EV / 2017E

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


9



Differentiated Casual

BJ's Restaurants, Inc. BJRI $29.63 62.3% $625 $775 $1,023 $122 7.0% 7.9% 11.4% 11.9% 17.0x 0.76x 6.3x 0.75x 6.6x

Buffalo Wild Wings, Inc. BWLD 104.75 59.8% 1,600 1,985 2,023 261 4.1% 13.3% 10.4% 12.9% 26.5x 0.98x 7.6x 0.96x 7.5x

Chuy's Holdings, Inc. CHUY 18.90 53.5% 312 292 346 41 11.3% 15.7% 15.3% 11.9% 18.6x 0.84x 7.1x 0.79x 6.8x

Dave & Buster's Entertainment, Inc. PLAY 52.35 71.2% 2,097 2,378 1,084 264 16.1% 16.2% 21.5% 24.4% 19.9x 2.19x 9.0x 2.06x 8.7x

Cheesecake Factory Incorporated CAKE 40.90 60.9% 1,888 1,926 2,296 284 17.3% 36.0% 15.3% 12.4% 14.1x 0.84x 6.8x 0.85x 7.3x

Mean 11.2% 17.8% 14.8% 14.7% 19.2x 1.12x 7.4x 1.08x 7.4x

Median 11.3% 15.7% 15.3% 12.4% 18.6x 0.84x 7.1x 0.85x 7.3x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $17.64 79.6% $1,611 $2,646 $4,186 $404 (3.1%) (0.8%) 11.6% 9.6% 19.2x 0.63x 6.6x 0.63x 6.3x

Brinker International, Inc. EAT 33.01 59.1% 1,570 2,891 3,151 435 (3.3%) 2.7% 14.8% 13.8% 10.9x 0.92x 6.6x 0.92x 6.8x

Darden Restaurants, Inc. DRI 83.76 88.0% 10,181 11,039 7,170 925 3.4% 4.5% 18.8% 12.9% 21.4x 1.54x 11.9x 1.44x 10.4x

DineEquity, Inc. DIN 41.71 47.4% 730 1,990 622 236 (5.5%) (1.3%) 57.6% 38.0% 9.1x 3.20x 8.4x 3.28x 8.9x

Red Robin Gourmet Burgers, Inc. RRGB 60.93 82.2% 769 1,040 1,629 165 28.8% 15.7% 14.1% 10.2% NM 0.64x 6.3x 0.76x 7.0x

Ruby Tuesday, Inc. RT 2.25 61.1% 133 299 952 29 (12.8%) (6.6%) 14.7% 3.1% NA 0.31x 10.2x NA NA

Texas Roadhouse, Inc. TXRH 48.99 94.4% 3,408 3,356 2,100 278 9.6% 11.8% 15.4% 13.2% 28.9x 1.60x 12.1x 1.52x 11.4x

Mean 2.5% 3.7% 21.0% 14.4% 17.9x 1.26x 8.9x 1.42x 8.5x

Median (3.1%) 2.7% 14.8% 12.9% 19.2x 0.92x 8.4x 1.18x 8.0x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $13.90 73.9% $292 $312 $357 $41 3.8% 7.7% 16.4% 11.5% 24.6x 0.88x 7.6x 0.86x 6.7x

Fogo de Chao, Inc. FOGO 12.60 73.9% 352 465 304 54 9.8% 11.5% 22.5% 17.7% 15.8x 1.53x 8.6x 1.46x 7.8x

Ruth's Hospitality Group, Inc. RUTH 20.15 89.0% 605 621 397 63 4.6% (1.1%) 23.2% 15.8% 19.7x 1.56x 9.9x 1.50x 9.3x

Mean 6.0% 6.0% 20.7% 15.0% 20.0x 1.32x 8.7x 1.27x 7.9x

Median 4.6% 7.7% 22.5% 15.8% 19.7x 1.53x 8.6x 1.46x 7.8x

Pizza

Domino's Pizza, Inc. DPZ $187.80 84.8% $9,165 $11,131 $2,630 $513 13.3% 11.9% 30.7% 19.5% 37.8x 4.23x 21.7x 4.01x 19.9x

Papa John's International, Inc. PZZA 74.68 82.5% 2,728 3,033 1,746 198 5.3% 4.8% 18.2% 11.3% 26.1x 1.74x 15.3x 1.69x 14.5x

Papa Murphy's Holdings, Inc. FRSH 5.49 79.8% 93 196 125 14 0.2% NA 26.1% 10.8% NA 1.57x 14.5x 1.72x 9.9x

Mean 6.3% 8.4% 25.0% 13.9% 32.0x 2.51x 17.2x 2.47x 14.8x

Median 5.3% 8.4% 26.1% 11.3% 32.0x 1.74x 15.3x 1.72x 14.5x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $4.95 38.4% $144 $99 $169 $5 12.6% NA 38.6% 3.1% NA 0.58x 19.0x 0.52x 8.0x

Dunkin' Brands Group, Inc. DNKN 52.39 87.8% 4,692 6,778 832 449 1.5% 4.3% 78.5% 53.9% 22.7x 8.15x 15.1x 8.08x 14.4x

Jamba, Inc. JMBA 10.25 92.8% 153 139 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.69x NM NA NA

Starbucks Corporation SBUX 54.51 84.0% 77,306 78,242 22,397 5,181 9.2% 11.7% 24.4% 23.1% 27.2x 3.49x 15.1x 3.39x 13.9x

Mean (5.7%) (1.9%) 39.8% 23.6% 24.9x 3.48x 16.4x 4.00x 12.1x

Median 4.3% 4.8% 38.6% 18.6% 24.9x 2.59x 15.1x 3.39x 13.9x

Family Restaurant

Cracker Barrel Old Country Store, Inc. CBRL $151.20 86.4% $3,568 $3,807 $2,926 $399 0.5% 2.9% 16.1% 13.7% 17.7x 1.30x 9.5x 1.28x 9.4x

Denny's Corporation DENN 11.98 84.1% 789 1,052 519 116 4.5% 4.3% 26.7% 22.4% 23.0x 2.03x 9.1x 1.99x 10.4x

Luby's, Inc. LUB 2.66 59.1% 77 116 387 14 (9.3%) (1.0%) 9.4% 3.6% NA 0.30x 8.3x NA NA

Mean (1.4%) 2.1% 17.4% 13.2% 20.4x 1.21x 9.0x 1.63x 9.9x

Median 0.5% 2.9% 16.1% 13.7% 20.4x 1.30x 9.1x 1.63x 9.9x

LTM Revenue Growth LTM Margins EV / LTM EV / 2017E

PAGE |


10


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

B&G FOODS, INC. TO ACQUIRE BACK TO NATURE FOODS COMPANY, LLC

Enterprise Value: $162.5 mmRevenue Multiple: 2.0xEBITDA Multiple: 11.9xAnnounced: August 20, 2017

NESTLE USA, INC. TO ACQUIRE SWEET EARTH, INC.

PILGRIM’S PRIDE CORPORATION TO ACQUIRE MOY PARK

Pilgrim’s Pride has agreed to acquire Moy Park, a subsidiary of JBS.

Moy Park is a leading UK-based poultry and prepared foods supplier thatserves the European market.

The acquisition will allow Pilgrim’s Pride to expand its geographic reachacross the UK and into continental Europe, becoming one of the largestglobal poultry and prepared foods companies.

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: September 7, 2017

B&G Foods, Inc. has agreed to acquire Back to Nature Foods Company, LLCfrom Brynwood Partners and Mondelez International.

Back to Nature is a leading better-for-you producer of cookies, crackers,granolas, juices, soups, and nuts.

The acquisition will allow B&G to expand its portfolio of brands and furtherpenetrate the on-trend better-for-you category.

Enterprise Value: $1,300 mmRevenue Multiple: NDEBITDA Multiple: 7.1xAnnounced: September 11, 2017

Nestle USA, Inc., the U.S.-based subsidiary of Nestle S.A., has agreed toacquire Sweet Earth, Inc.

Sweet Earth is a plant-based foods manufacturer with a product portfolio thatincludes tofu, legumes, chickpeas, beans, and seitan.

The acquisition will allow Nestle to enter the plant-based food market in theU.S., and further executes on its strategy to provide products in line withbetter-for-you health trends.

70

80

90

100

110

120

130

140

Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17

Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

18.5%

14.5%

13.1%

6.5%

(3.7%)

(6.1%)

FOOD AND BEVERAGE

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


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

* M&A transactions include European and cross-border deals since 2015.

8.8x 8.3x 8.0x

11.3x

9.2x

9.7x

8.8x

10.0x 10.3x

0.00x

0.40x

0.80x

1.20x

1.60x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM

Sa

les M

ultip

le

EV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$9.3

$67.2

$8.2$24.0

$55.7

$120.7

$247.7

$52.9 $53.4

0

100

200

300

400

500

600

700

$0

$40

$80

$120

$160

$200

$240

$280

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

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

14

3225 26

3831

65

122

94

17

34

18

3643 48

65 67 65

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

9/11/2017 Moy Park Ltd. Pilgrim's Pride Corp.

9/7/2017 Gertrude Hawk Ingredients LLC Barry Callebaut AG

9/7/2017 Sweet Earth, Inc. Nest le USA, Inc.

9/7/2017 Delta Future Beet Equipment Ltd.

9/6/2017 HomeStyle Dining LLC FAT Brands, Inc.

9/4/2017 Admiral Taverns Ltd. C&C Group Plc

9/2/2017 Healthy Kids Ltd. Profile Capital Management LLC

9/1/2017 Zwanenberg Food Group Ter Beke NV

9/1/2017 Caroli Foods Group BV Sigma Alimentos SA de CV

8/31/2017 Southeast Milk, Inc. Saputo, Inc.

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

9/9/17 PureCircle Ltd Candy/other confectionery prod'ts $100 USD Term Loan Senior

9/9/17 PureCircle Ltd Candy/other confectionery prod'ts $100 USD Term Loan Senior

9/5/17 Dansk Landbrugs Grovvareselskab Prepared feeds, nec $357 USD Term Loan Senior

9/5/17 Dansk Landbrugs Grovvareselskab Prepared feeds, nec $387 USD Revolver/Line >= 1 Yr. Senior

9/1/17 JM Smucker Canned fruits and vegetables $1,750 USD Revolver/Line >= 1 Yr. Senior 125 BPS

8/28/17 Ikedenkanzai Corp Candy/other confectionery prod'ts $25 USD Revolver/Line >= 1 Yr. Senior

8/28/17 Omnica Co Ltd Food preparations, nec $18 USD Term Loan Senior

8/28/17 Rokko Butter Co Ltd Cheese, natural and processed $55 USD Revolver/Line >= 1 Yr. Senior

8/25/17 PT Sinar Sosro Bottled and canned soft drinks $82 USD Term Loan Senior

8/23/17 Give & Go Prepared Foods Cookies and crackers $485 USD Term Loan B Senior 425 BPS

8/22/17 Karamolengos Bakery Industry SA Bread, cake and related products $53 USD Undisclosed Senior

8/10/17 AAA Oils & Fats Pte Ltd Edible fats and oils, nec $150 USD Term Loan Senior 260 BPS

8/10/17 AAA Oils & Fats Pte Ltd Edible fats and oils, nec $600 USD Revolver/Line >= 1 Yr. Senior 225 BPS

8/9/17 Valeo Foods Ltd Food preparations, nec $81 USD Term Loan B Senior 425 BPS

8/9/17 Valeo Foods Ltd Food preparations, nec $517 USD Term Loan B Senior 375 BPS

8/9/17 Valeo Foods Ltd Food preparations, nec $129 USD Revolver/Line >= 1 Yr. Senior

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

$0

$2

$4

$6

$8

$10

$12

$14

$16

2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Inst itutional Pro Rata

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

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA -

Capex/

Cash Interest

EBIT

DA

Mult

iple

2013 2014 2015 2016 1H17

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2011 2012 2013 2014 2015 2016 1H17

Av

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R

Revolving Credit / Term Loan A Weighted-Average Institutional

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

9/11/2017 Moy Park Ltd. JBS SA Pilgrim's Pride Corp. $1,300.0 - 7.1x - Cross Border

9/7/2017 Gertrude Hawk Ingredients LLC Gertrude Hawk Chocolates, Inc. Barry Callebaut AG - - - - Cross Border

9/7/2017 Sweet Earth, Inc. - Nest le USA, Inc. - - - - P N.A.

9/7/2017 Delta Future Food Empire Holdings Ltd. Beet Equipment Ltd. $0.1 - - - EU

9/6/2017 HomeStyle Dining LLC Metromedia Corp. FAT Brands, Inc. $10.5 - - - N.A.

9/4/2017 Admiral Taverns Ltd. - C&C Group Plc - - - - P Cross Border

9/2/2017 Healthy Kids Ltd. - Profile Capital Management LLC $22.1 - - - P Cross Border

9/1/2017 Zwanenberg Food Group Vleesexport Centrale Eindhoven BV Ter Beke NV - - - - EU

9/1/2017 Caroli Foods Group BV - Sigma Alimentos SA de CV - - - - EU

8/31/2017 Southeast Milk, Inc. Southeast Milk, Inc. Saputo, Inc. - - - - Cross Border

8/29/2017 Dale & Thomas Popcorn LLC - Kelso & Co. LP; / Eagle Family Foods - - - - N.A.

8/28/2017 Kinga Pieninska GFT Goldfruct Sp zoo Oshee Polska Sp zoo - - - - EU

8/28/2017 ACTIVcatering für Kinder - API Restauration SA - - - - EU

8/25/2017 The Foreign Affair Winery - Corby Spirit & Wine Ltd. $5.0 - - - Cross Border

8/24/2017 Bruegger's Enterprises, Inc. Holding Le Duff SAS Caribou Coffee Co., Inc. - - - - N.A.

8/23/2017 Naturalicious Holdings BV - TechCare Corp. $5.5 - - - EU

8/22/2017 Mühlehof-Gewürze AG - Frutarom Industries Ltd. $7.0 - - - EU

8/22/2017 Joseph Epstein Food Enterprises, Inc. - MamaMancini's Holdings, Inc. - - - - N.A.

8/21/2017 Boyd Coffee Co. - Farmer Brothers Co. $42.0 - - - N.A.

8/21/2017 S. Clift (Grimsby) Ltd. - Stuart 's Foods Ltd. $0.6 - - - EU

8/21/2017 The Plaza Midtown - InvenTrust Propert ies Corp. $31.8 - - - N.A.

8/21/2017 Cyclone Anaya's - Heritage Restaurant Group LLC - - - - N.A.

8/21/2017 Kalimba NV - Halder Beteiligungsberatung - - - - EU

8/20/2017 Back To Nature Foods Co. LLC Brynwood Partners / Mondelez B&G Foods, Inc. $162.5 2.0x 11.9x - P N.A.

8/18/2017 Kükre AS - Ajinomoto Co., Inc. $102.9 5.2x - - EU

8/18/2017 Vision International People Group - Ann International Group Ltd. - - - - EU

8/17/2017 The Cold Press Corp. - GreenSpace Brands, Inc. $5.0 - - - Cross Border

8/17/2017 Labriola Baking Co. LLC - J&J Snack Foods Corp. - - - - P N.A.

8/17/2017 Premier Catering Ltd. - Wright's Pies (Shelton) Ltd. - - - - EU

8/17/2017 Alchemist ApS - Seier Capital A/S - - - - P EU

8/17/2017 Myfresh Prepared Produce Ltd. William Jackson & Son Ltd. Société Cooperative Agricole - - - - EU

8/17/2017 Schokoladenfabrik Gustav Berning - Prinsen Food Group BV - - - - P EU

8/16/2017 Germain-Robin Alambic, Inc. - E.&J. Gallo Winery, Inc. - - - - P N.A.

8/16/2017 Louis Dreyfus Armateurs Louis Dreyfus Holding BV Berezovsky International Ltd. - - - - Cross Border

8/15/2017 Revolut ion Bars Group Plc - The Delt ic Group Ltd. - - - - EU

8/15/2017 Flavours & Essences Ltd. - Frutarom Industries Ltd. $19.5 - - - EU

8/15/2017 RichGood Gourmet LLC - Royal Cup, Inc. - - - - N.A.

8/15/2017 Calera Wine Co. - TSG Consumer Partners LLC - - - - N.A.

8/15/2017 Vogt Ice LLC Henry Vogt Machine Co. Weller Equity Management LLC - - - - P N.A.

8/14/2017 Preferred Brands International, Inc. - Mars Food US LLC - - - - P N.A.

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

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

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


52 4839 33

46 47 52

70

89

58 57

82

141

118

92 94107

139

166

126 119104

7 9

610

13 87

10

6

10 5

20

18

8

19 19

17

46

40

3534

25

0

40

80

120

160

200

240

Q21

2

Q31

2

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Q11

7

Q21

7

Q31

7

Num

be

r o

f Tr

an

sac

tio

ns

Strategic Acquirer Private Equity Acquirer

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

Au

g-1

6

Se

p-1

6

Oc

t-1

6

No

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6

De

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6

Ja

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Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

8/14/2017 Kansas City Sausage Co. LLC - Smithfield Foods, Inc. - - - - P N.A.

8/11/2017 PROsnack Natural Foods, Inc. iCream Capital, Inc. Naturally Splendid Enterprises Ltd. $1.2 - - - P Cross Border

8/10/2017 Funky Buddha Brewery LLC - Constellat ion Brands, Inc. - - - - N.A.

8/10/2017 Magnolia Brewing Co. LLC - New Belgium Brewing Co., Inc. $2.7 - - - P N.A.

8/10/2017 Jax Cafe, Inc. - Oliver's Real Food Ltd. $1.6 - - - Cross Border

8/10/2017 Bonbon's Wholesale Ltd. - Lanchester Wine Cellars Ltd. - - - - EU

8/9/2017 Kulinaria S A - Prymat Sp zoo - - - - EU

8/9/2017 Anheuser Busch Inbev - Russia & Ukraine Anheuser-Busch InBev SA Anadolu Efes Biracilik Ve Malt Sanayi - - - - EU

8/8/2017 Conjunts D'Immobles SL - GPF Capital - - - - P EU

8/8/2017 Artemida-Don OOO - Sigma-Finans $15.0 - - - EU

8/8/2017 Strack & Van Til Super Market, Inc. Central Grocers, Inc. Indiana Grocery Group LLC - - - - N.A.

8/7/2017 La Civette SNC - La Civette SNC - - - - P EU

8/7/2017 Cereco SARL - Triballat Noyal SAS - - - - EU

8/7/2017 Mas Perinet SL - Alpha Omega Winery LLC - - - - Cross Border

8/7/2017 Garden Fresh Restaurant LLC - Perpetual Capital LLC - - - - P N.A.

8/6/2017 Kountry Korner Grocery & Deli - Noo-Kayet Development Corp. $2.3 - - - N.A.

8/3/2017 Anchor Brewing Co. LLC The Griffin Group LLC Sapporo Holdings Ltd. - - - - Cross Border

8/3/2017 Cold Spring Brewing Co. - Brynwood Partners - - - - P N.A.

8/1/2017 Novel Ingredient Services LLC GenNx360 Capital Partners Innophos Holdings, Inc. $125.0 1.3x 12.1x - P N.A.

8/1/2017 Casademont SA Princa SL Piensos Costa SA $5.9 - - - EU

8/1/2017 Reißenweber GmbH & Co. KG - Mühlenbäckerei GmbH - - - - EU

7/31/2017 Revolut ion Bars Group Plc - Stonegate Pub Co. Ltd. $131.3 0.8x 6.3x 11.4x EU

7/27/2017 Daiya Foods, Inc. - Otsuka Pharmaceutical Co., Ltd. $323.1 - - - P Cross Border

7/27/2017 First Watch Restaurants, Inc. - Advent International Corp. - - - - P N.A.

7/27/2017 Ingapan SL - MCH Private Equity Investments - - - - EU

7/27/2017 Punch Pub Co. Ltd. Punch Taverns Plc Stonegate Pub Co. Ltd. - - - - EU

7/26/2017 Bestowed LLC - Urthbox, Inc. - - - - N.A.

7/26/2017 Globe Export SARL - Arkéa Capital Gest ion SAS - - - - EU

7/26/2017 Secret Barrel Dist illery Corp. - White Pine Resources, Inc. - - - - Cross Border

7/26/2017 ZEN HERO, Inc. - Michael James Enterprises, Inc. $0.9 - - - N.A.

7/25/2017 Ascenta Health - Non-Manufacturing Pet Bend Beauty, Inc. Dane Creek Capital Corp. - - - - P Cross Border

7/25/2017 Cott Corp. - Bott ling Activit ies Cott Corp. (Canada) Refresco Group NV $1,250.0 - - - Cross Border

7/25/2017 The Hatchet Inn Ltd. - The Liberat ion Group Ltd. - - - - EU

7/24/2017 Campari Davide Milano SpA Davide Campari-Milano SpA Heaven Hill Dist illeries, Inc. $164.9 - - - Cross Border

7/24/2017 Cooperativa Nuestra Señora de la Muela - Cooperativa Nuestra Señora de la Paz - - - - EU

7/24/2017 NE Foods, Inc. (2 Subsidiaries) NE Foods, Inc. Schwan's Co. - - - - N.A.

7/24/2017 The Nature's Bounty Co. - Kohlberg Kravis Roberts & Co. LP - - - - P N.A.

7/23/2017 Cuisine Royale Manufacturing Ltd. - Mayfair Equity Partners LLP - - - - P EU

7/23/2017 Hulleras del Norte SA - Company Store Bus Hulleras del Norte SA Alimentos El Arco SA - - - - EU

7/21/2017 B1 Swiss Gastro Company GmbH - Ufenau Capital Partners AG - - - - P EU

7/21/2017 Cookie Creations SAS - Galapagos SA - - - - P EU

7/21/2017 Dj Drink Solut ions Ltd. - Nichols Plc - - - - EU

7/20/2017 Creekstone Farms Premium Beef - Marubeni Corp. $170.0 - - - P Cross Border

7/20/2017 Domaines Listel SAS - Groupe Castel - - - - EU

7/20/2017 D'Orsogna Dolciaria SRL - Barry Callebaut AG - - - - EU

7/20/2017 Dupont Restaurat ion SAS - CM-CIC Invest issement SCR SASU - - - - P EU

7/20/2017 East Balt , Inc. One Equity Partners LLC Grupo Bimbo SAB de CV $650.0 1.5x 9.3x - P Cross Border

7/20/2017 Hiball, Inc. - Anheuser-Busch InBev - - - - Cross Border

7/20/2017 Labeyrie Traiteur Surgeles Labeyrie Fine Foods SAS Ajinomoto Foods Europe SAS - - - - EU

7/19/2017 PDQ Food Stores, Inc. - Kwik Trip, Inc. - - - - N.A.

7/19/2017 Pivara Tuzla dd - RK Invest - - - - EU

7/18/2017 FSC Franchise Co. LLC - CapitalSpring LLC - - - - P N.A.

7/18/2017 Reckitt Benckiser Group Plc - Food Division Reckitt Benckiser Group Plc McCormick & Co., Inc. $4,200.0 - - - N.A.

7/17/2017 BakeMark CSM Bakery Solut ions LLC Pamplona Capital Management LLP - - - - P Cross Border

7/17/2017 Butterkist Ltd (United Kingdom) Tangerine Confectionery Ltd. KP Snacks Ltd. - - - - EU

7/17/2017 Gold Coast Bakeries LLC - Peak Rock Capital LLC - - - - P N.A.

7/14/2017 Cafe De Paris SARL - Cafe De Paris SARL - - - - P EU

7/14/2017 Café København ApS - Café København ApS - - - - P EU

7/14/2017 Caffitaly System SpA - Compagnie Nationale à Portefeuille - - - - P EU

7/14/2017 Caviar Volga SA - Noctis Event SAS - - - - EU

7/14/2017 Kaiser-Brauerei Geislingen - Aitedian International Holding GmbH - - - - EU

7/13/2017 Uniekaas (Brand & Productionfacility) UnieKaas Group BV DOC Dairy Partners BV - - - - EU

7/12/2017 Chivas Bros Ltd. Pernod Ricard SA Chivas Bros Ltd. - - - - EU

7/12/2017 Glenallachie Dist illery Ltd. Pernod Ricard SA Glenallachie Dist illery Ltd. - - - - P EU

7/12/2017 Novastell SAS - Sofiprotéol SA - - - - EU

M&A OVERVIEW*

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

September 2017

Date Company

9/7/2017 Savencia SA (SAVE-FR)

9/8/2017 The Kroger Co. (KR-US)

9/11/2017 Associated British Foods Plc (ABF-GB)

9/11/2017 Sato Foods Co., Ltd. (Niigata) (2923-JP)

9/12/2017 Hilton Food Group Plc (HFG-GB)

9/12/2017 Parmalat SpA (PLT-IT)

9/25/2017 Aryzta AG (ARYN-CH)

October 2017

Date Company

10/3/2017 Bonduelle SA (BON-FR)

10/5/2017 Costco Wholesale Corp. (COST-US)

10/17/2017 Danone SA (BN-FR)

10/19/2017 Nestle SA (NESN-CH)

10/19/2017 Axfood AB (AXFO-SE)

10/25/2017 Heineken NV (HEIA-NL)

10/26/2017 Anheuser-Busch InBev SA/NV (ABI-BE)

November 2017

Date Company

11/2/2017 Kikkoman Corp. (2801-JP)

11/2/2017 Tate & Lyle Plc (TATE-GB)

11/2/2017 Carlsberg A/S (CARL.B-DK)

11/7/2017 Marie Brizard Wine & Spirits SA (MBWS-FR)

11/8/2017 Royal Ahold Delhaize NV (AD-NL)

11/9/2017 Dairy Crest Group Plc (DCG-GB)

11/9/2017 Leroy Seafood Group ASA (LSG-NO)

11/9/2017 J Sainsbury Plc (SBRY-GB)

11/9/2017 Refresco Group NV (RFRG-NL)

11/13/2017 JBS SA (JBSS3-BR)

11/13/2017 Tyson Foods, Inc. (TSN-US)

11/14/2017 Premier Foods Plc (PFD-GB)

11/27/2017 Aryzta AG (ARYN-CH)

11/27/2017 Tiger Brands Ltd. (TBS-ZA)

11/30/2017 The Kroger Co. (KR-US)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

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Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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OUR FIRM

FOOD AND BEVERAGE


16

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 at www.harriswilliams.com/industries.

PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Factset

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


DISCLOSURES

17

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.

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