FOOD AND BEVERAGE - Harris Williams · On December 1, Taco Bueno, a portfolio company of Palladium Equity Partners, completed its sale to TPG Growth. Palladium and the management

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorisedand regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

FOOD AND BEVERAGE

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INDUSTRY UPDATE DECEMBER 2015

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www.harriswilliams.de

HARRIS WILLIAMS & CO. FOOD AND BEVERAGE SPOTLIGHT

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

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

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

2015 FOOD AND BEVERAGE YEAR IN REVIEW

FOOD AND BEVERAGE


HW&Co. capitalized on strong activity in the food and beverage sector in 2015,completing seven transactions over the course of the year. We continue to deepen ourexpertise across the full spectrum of food, from seed to plate. In 2015, our food andbeverage practice delivered successful outcomes for clients in the better-for-you foods,ingredients, restaurant, food processing, and food distribution segments. This month wereview highlights from our transactions along with broader M&A trends in food andbeverage over the last twelve months.

An Active Year for HW&Co.’s Food & Beverage Practice

HW&Co.’s 2015 food and beverage transactions garnered significant interest fromstrategic buyers, financial sponsors, and family offices. Throughout the year, a strongfinancing market enabled private equity firms to aggressively value quality middlemarket assets, driving competitive tension in processes and favorable outcomes forsellers. Strategic acquirers were also active in our processes as they continue to pursueassets that enhance growth or deliver significant synergies. Assets with (i) strong brands,(ii) diversified or loyal customer bases, (iii) category leadership, (iv) strong acquisitionplatforms, and/or (v) substantial white space for growth / expansion required investorsto ascribe premium valuations and transact with speed and certainty. Deal flowremained robust and consistent throughout all of 2015 and we expect the same in2016.

has been acquired by


a portfolio company of

A Private

Investor Group





a subsidiary of


A Year of Consolidation, Acquisitions of High Growth, On-trend Brands, and Divestitures

In 2015, the market saw a series of notable and “game-changing” food and beverageacquisitions. Whether the deals were large and transformational, or small and highlystrategic, the year will be remembered for numerous high profile consolidation plays;acquisitions of high growth, on-trend brands; and corporate divestitures of non-coreassets.

Over the last 12 months, some of the nation’s largest household names grew evenstronger through highly synergistic consolidation. In 2015, the market saw combinationsfrom Heinz and Kraft Foods, AB InBev and SABMiller, Synder’s-Lance and DiamondFoods, and Pinnacle Foods and Boulder Brands. While the integration of thesebusinesses may slow acquisition activity from this cohort, we expect additionalblockbuster deals over the next year as the economy continues to strengthen and foodand beverage kingpins continue to seek shareholder value creation.




http://www.harriswilliams.com/

mailto:[email protected]






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FOOD AND BEVERAGE


2015 FOOD AND BEVERAGE YEAR IN REVIEW (CONTINUED)

HARRIS WILLIAMS & CO. FOOD AND BEVERAGE SPOTLIGHT

Large deals weren’t the only transactions to make headlines in 2015. Major food and beverage companies also acquiredhigh growth, better-for-you brands. Although smaller in size, suitors expect these acquisitions to drive accelerated growth asthey cater toward consumer preferences for differentiated, healthful food and healthier lifestyles. Mondelez International’sacquisition of Enjoy Life exemplified this trend, adding a renowned brand and a full portfolio of free-from snack foods to theDeerfield-based company’s product offering. HW&Co. advised the shareholders of Enjoy Life on the transaction, which closedin early 2015, and saw deals with similar themes throughout the year.

While investing was a key priority for the food and beverage sector, the market also saw several corporate divestitures. In aneffort to allocate resources and investment to growing segments and divisions, several companies shed non-core assets.Among this cohort included Ornua Co-Operative Limited’s sale of DPI Specialty Foods to Chicago-based private equity firm,Arbor Investments, General Mills’ sale of Green Giant International to B&G Foods, and Cargill’s sale of its pork business to JBS.

Looking Ahead to 2016

While no one can predict the longevity of the favorable M&A market conditions of 2014 and 2015, HW&Co. expects a strongfirst quarter in 2016 as economic fundamentals continue to improve and buyers continue to seek high quality assets.Corporate cash reserves and private equity dry powder remain strong and financing markets are solid, further underpinning afavorable start to 2016. At HW&Co., deal flow and pitch activity remained robust through the fourth quarter, and we have astrong pipeline of opportunities that will enter the market in the first quarter of 2016.

Select 2015 Consolidation, High Growth, On-trend Brands, and Non-Core Divestiture Transactions

Acquirer Target

Pork Business

Canned Milk Business

CONSOLIDATION HIGH GROWTH, ON-TREND BRANDS NON-CORE DIVESTITURES

Acquirer Target Acquirer Target

a subsidiary of

a subsidiary of

Represents HW&Co. Transactions


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a subsidiary of

WHAT WE’VE BEEN DOING

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FOOD AND BEVERAGE


Overview

On December 14, Ireland-based Ornua Co-operative Limited completed its sale of a majority stake in subsidiary DPISpecialty Foods to Arbor Investments. The sale of DPI is consistent with Ornua’s strategy of re-allocating capital tosupport continuing investment in enhanced routes to market for Irish dairy produce through its businesses acrossglobal markets. Harris Williams & Co. served as the exclusive advisor to Ornua and DPI.

SALE OF DPI SPECIALTY FOODS TO ARBOR INVESTMENTS

SALE OF TACO BUENO TO TPG GROWTH

Company Description

DPI is one of the largest specialty food distributors in the United States with a leading position in perishable foods. Thecompany offers a unique and a differentiated service offering that simplifies the category for retailers and fosterslong-term customer partnerships. DPI provides sales and services to national retailers, regional retailers, independentoperators, and foodservice providers through eight distribution centers strategically located across the country.

Key Value Drivers for DPI Specialty Foods

• Leading position in the specialty foods distribution industry, serving over 1,700customers across the United States.

• Comprehensive portfolio of over 40,000 SKUs gives DPI the ability to supply themost sought-after specialty food products.

• Broad service offerings allows DPI to tailor its solutions to meet the uniqueneeds and requirements from each customer, substantially differentiating itselffrom competitors with standard “drop-and-run” service models.

• Critical link between suppliers and retailers.



Overview

On December 1, Taco Bueno, a portfolio company of Palladium Equity Partners, completed its sale to TPG Growth.Palladium and the management team have built a strong foundation from which TPG will grow Taco Bueno’sfootprint in new and existing markets. Harris Williams & Co. served as the lead advisor to Taco Bueno.

Company Description

Taco Bueno is a quick service restaurant plus (QSR+) chain committed to creating an authentic, fresher Tex-Mexexperience. Taco Bueno is passionate about providing better tasting Tex-Mex, prepared daily with fresh, hand-selected ingredients. Founded in 1967 in Abilene, Texas, Taco Bueno operates 177 restaurants in Texas, Oklahoma,Missouri, Kansas, Arkansas, Louisiana, and Colorado.

Key Value Drivers for Taco Bueno

• Exceptional unit economics, with strong cash-on-cash returns for new units.

• Significant white space for growth with recent success in the Colorado Springsmarket.

• Unique concept differentiated from others in the category based on freshpreparation, authenticity, and higher food quality.

• Iconic brand in its markets with a loyal customer base.

• Re-positioned brand message is attracting new customers and generatingstrong traffic growth.


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WHAT WE’RE READING

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FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

40

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100

120

140

160

Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15

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Corn Soybeans Wheat Crude Oil

90

100

110

120

130

140

150

Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15

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Ind

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Beef Pork Poultry

Beef:

33.5%

Pork:

9.7%

Poultry:

4.3%

Soybeans:

(25.6%)

Corn:

(39.5%)

Wheat:

(43.9%)

Crude Oil:

(59.1%)

With consumers’ increasing disfavor for artificial flavors, dyes, and preservatives, large players in the food industry arerevisiting their test kitchens and reconstructing traditional recipes. In a bid to incorporate natural ingredients andappeal to a growing set of consumers, food makers such as General Mills are contending with the unintendedconsequences of altered flavors, unfamiliar textures, strange colors, and higher costs.

Access to the full article here.

HOW BIG FOOD IS USING NATURAL FLAVORS TO WIN CONSUMER FAVOR

Chipotle, known for its widespread appeal driven by affordably priced, high quality, and sustainably sourced Mexicancuisine, has come under fire. In recent weeks, the company has struggled to manage a widespread E. coli outbreakthat has shuttered locations in several states including Washington, Illinois, and Maryland. The bout, which hasaffected hundreds across the country, has elicited widespread concerns related to food safety and supply chainoversight.


THERE’S A CRISIS AT CHIPOTLE

PRIVATE LABEL PROFITING AT THE PERIMETER

As over 50% of consumers purchase more private label products today versus five years ago, manufacturers arepoised to broaden private label offerings. With the lack of dominant national brands at the perimeter, namely in thedeli, dairy, and bakery departments, store brands are keen to target these areas with an eye on consumers’ keypurchasing criterion: convenience, freshness, and health.


http://www.wsj.com/articles/how-big-food-is-using-natural-flavors-to-win-consumer-favor-1448989427

https://www.washingtonpost.com/news/wonk/wp/2015/12/09/chipotle-food-outbreak-ecoli-reputation/

http://www.foodbusinessnews.net/articles/news_home/Food-Service-Retail/2015/11/Private_label_profiting_at_the.aspx?ID=68C18336-0725-46DC-B246-8F49C6AEC710

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VITAL SIGNS

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FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

(0.5)

1.0

2.5

4.0

5.5


Infla

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%)

80

100

120

140


Sa

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Ind

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Restaurant Grocery

Restaurant:

18.5%

Grocery:

9.6%

Net Debt /

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

Protein Processing (9.5%) 8.7% (0.7%) (24.4%) 11.5x 8.0x 6.1x 2.6x

Fruit and Vegetable 4.9% 19.9% (0.3%) (3.1%) 14.6x 16.5x 10.5x 1.0x

Ingredients / Flavors 10.4% 16.2% 8.0% 9.9% 21.2x 25.4x 15.2x 1.8x

Agribusiness (20.2%) (31.4%) (8.3%) (24.2%) 11.2x 15.1x 7.8x 1.9x

Branded Processed Foods 3.5% 14.4% 2.5% 13.7% 20.3x 27.9x 14.1x 2.6x

Private Label Foods and Beverages (4.5%) 4.2% (4.8%) (12.7%) 32.1x 31.3x 11.8x 5.3x

Natural / Organic Foods / BFY (12.4%) (9.9%) (2.9%) (4.0%) 22.1x 32.6x 19.8x 5.0x

Baked Goods (3.2%) 15.7% 2.4% 10.7% 21.2x 27.9x 12.5x 3.1x

Dairy 3.5% 2.4% 1.6% (4.5%) 20.2x 23.8x 11.5x 1.6x

Non-Alcoholic Beverages 12.7% 23.1% 5.4% 17.0% 21.7x 28.4x 13.6x 1.8x

Alcoholic Beverages 12.4% 16.4% 4.8% 8.4% 24.1x 24.6x 14.2x 2.7x

Snacks 5.0% 15.6% 1.2% 5.5% 26.3x 29.1x 14.6x 2.0x

Grocery Distribution (17.7%) (13.3%) (12.0%) (17.7%) 13.7x 14.3x 7.1x 2.1x

Food Retail 1.5% (12.6%) 2.0% (0.5%) 19.3x 20.5x 7.5x 1.9x

Foodserv ice 3.2% (6.7%) 1.0% (6.5%) 21.3x 33.6x 11.1x 5.5x

Quick Serv ice Restaurant (1.4%) 4.2% (4.0%) 3.4% 22.9x 26.2x 12.5x 2.5x

Fast Casual (12.0%) (29.5%) (13.7%) (46.4%) 36.7x 28.6x 12.1x 0.8x

Differentiated Casual (15.5%) (5.7%) (17.9%) (10.5%) 25.6x 33.5x 11.2x 1.1x

Casual Dining Restaurant (18.4%) (15.5%) (11.8%) (26.8%) 17.6x 23.9x 8.0x 2.3x

Fine Dining (1.3%) (8.7%) (1.6%) (19.3%) 15.7x 19.0x 10.1x 0.3x

Pizza (17.0%) 5.8% (17.2%) (10.3%) 25.1x 34.7x 14.5x 3.7x

Beverage / Snack Retail (11.3%) (8.0%) (7.6%) (13.3%) 29.3x 28.9x 18.1x 2.8x

Family Restaurant (16.0%) (9.8%) (18.4%) (20.9%) 20.4x 22.0x 9.5x 2.0x

Overall Median (1.4%) 4.2% (2.6%) (1.3%) 21.3x 25.4x 11.9x 2.1x

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

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Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

12/04/15 12/04/15 Vitamin Shoppe Inc VSI Convertible $143.8 Stock Repurchase

11/23/15 11/23/15 The JM Smucker Co SJM Follow-On $468.3 Secondary

11/06/15 11/06/15 The Habit Restaurants HABT Follow-On $119.8 Secondary

10/26/15 07/02/15 Del Taco Restaurants Inc TACO Follow-On $46.5 Secondary

10/19/15 09/15/15 GreenSpace Brands Inc JTR Follow-On $1.1 Acquisition Fin.

Working Capital

10/19/15 10/19/15 Ballast Point Brewing PINT IPO $172.5 General Corp. Purp.

10/06/15 10/06/15 Spot Coffee (Canada) Ltd SPP Follow-On $1.6 General Corp. Purp.

Reduce Indebtedness

10/01/15 09/09/15 Performance Food Group Co PFGC IPO $275.5 General Corp. Purp.

09/24/15 09/15/15 SunOpta Inc STKL Follow-On $100.0 Acquisition Fin.

Reduce Indebtedness

09/21/15 09/21/15 The JM Smucker Co SJM Follow-On $964.9 Secondary

08/17/15 08/17/15 Aramark ARMK Follow-On $729.1 Secondary

Pay Fees & Expenses

08/12/15 03/10/14 Post Holdings Inc POST Follow-On $351.0 Reduce Indebtedness

08/12/15 07/20/15 Shake Shack Inc SHAK Follow-On $240.0 Secondary

Pay Fees & Expenses


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FOOD AND BEVERAGE


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

RECENT EQUITY OFFERINGS6

Agribusiness

Fast Casual

Casual Dining Restaurant

Grocery Distribution

Food Retail

Natural / Organic / BFY

Family Restaurant

Fine Dining

Bev erage / Snack Retail

Foodserv ice

Differentiated Casual

Dairy

Priv ate Label

Quick Serv ice Restaurant

Pizza

Protein Processing

S&P

Branded Processed Foods

Snacks

Baked Goods

Ingredients / Flav ors

Alcoholic Bev erages

Fruit and Vegetable

Non-Alcoholic Bev erages

(45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0%

Inputs Food and Beverage Consumer and Retail

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

($ in millions, except per share data) Ticker 12/14/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF $50.39 92.8% $39,721 $1,349 $1,057 $40,013 $19,266 $2,216 (1.1%) 1.5% 23.7% 11.5% 50.5x 2.08x 18.1x 2.00x 17.5x

B&G Foods Inc. BGS 34.67 90.6% 2,010 979 46 2,943 862 190 4.9% 12.2% 30.5% 22.0% 27.9x 3.41x 15.5x 2.21x 10.3x

Campbell Soup Company CPB 53.25 96.7% 16,509 4,112 263 20,358 8,030 1,480 (3.9%) 3.6% 34.4% 18.4% 26.0x 2.54x 13.8x 2.52x 12.0x

ConAgra Foods, Inc. CAG 39.29 86.4% 17,009 7,870 114 24,765 15,863 2,205 6.5% 5.4% 21.8% 13.9% NM 1.56x 11.2x 2.10x 12.3x

General Mills, Inc. GIS 58.43 97.6% 34,923 9,434 451 43,906 17,570 3,446 (1.3%) 1.4% 35.1% 19.6% 27.7x 2.50x 12.7x 2.57x 12.8x

Hormel Foods Corporation HRL 77.98 99.1% 20,605 435 347 20,692 9,264 1,198 (0.6%) 4.0% 19.5% 12.9% 30.7x 2.23x 17.3x 2.15x 15.2x

Kellogg Company K 71.08 98.3% 25,191 7,949 299 32,841 13,897 1,619 (4.6%) 0.6% 34.7% 11.6% NM 2.36x 20.3x 2.44x 13.3x

McCormick & Company, Incorporated MKC 84.59 96.7% 10,830 1,492 112 12,210 4,268 687 0.7% 2.4% 40.4% 16.1% 27.4x 2.86x 17.8x 2.76x 15.9x

Nestlé S.A. NESN 72.25 92.9% 230,390 23,042 4,777 248,655 92,648 17,642 1.8% 2.3% 49.0% 19.0% 16.2x 2.68x 14.1x 2.68x 14.2x

Post Holdings, Inc. POST 62.67 87.8% 3,891 4,664 841 7,713 4,648 595 NM 69.2% 25.3% 12.8% NM 1.66x 13.0x 1.46x 9.5x

The Hershey Company HSY 89.91 80.7% 19,492 2,769 344 21,917 7,487 1,702 1.6% 5.0% 45.8% 22.7% 39.7x 2.93x 12.9x 2.90x 12.4x

The J. M. Smucker Company SJM 120.17 96.3% 14,381 5,865 139 20,107 6,917 1,422 25.6% 5.9% 36.6% 20.6% 35.3x 2.91x 14.1x 2.56x 11.8x

Mean 2.7% 9.5% 33.1% 16.8% 31.3x 2.48x 15.1x 2.36x 13.1x

Median 0.7% 3.8% 34.6% 17.3% 27.9x 2.52x 14.1x 2.48x 12.6x

Private Label Foods and Beverages

Cott Corporation TSX:BCB $10.33 90.8% $1,132 $1,704 $64 $2,772 $2,789 $312 36.6% 6.9% 26.8% 11.2% 54.2x 0.99x 8.9x 0.94x 7.6x

Seneca Foods Corp. SENE.A 27.03 85.5% 277 344 9 612 1,274 52 (3.8%) 0.2% 7.8% 4.1% 14.1x 0.48x 11.8x NA NA

Treehouse Foods, Inc. THS 80.07 86.2% 3,451 1,324 31 4,744 3,245 368 20.0% 15.1% 19.8% 11.3% 31.3x 1.46x 12.9x 1.17x 9.7x

Mean 17.6% 7.4% 18.1% 8.9% 33.2x 0.98x 11.2x 1.05x 8.6x

Median 20.0% 6.9% 19.8% 11.2% 31.3x 0.99x 11.8x 1.05x 8.6x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands, Inc. BETR $11.35 66.0% $786 $205 $7 $984 $171 $38 206.2% NA 56.1% 22.1% NM 5.77x 26.1x 4.51x 11.9x

Boulder Brands, Inc. BDBD 10.97 92.5% 677 290 24 943 508 44 (1.0%) 14.3% 36.5% 8.6% NM 1.86x 21.5x 1.78x 12.2x

SunOpta Inc. TSX:SOY 6.77 61.7% 577 149 99 627 1,201 51 0.0% 4.2% 10.4% 4.2% NM 0.52x 12.3x 0.40x 5.6x

The Hain Celestial Group, Inc. HAIN 38.42 54.4% 3,956 889 148 4,697 2,744 347 18.9% 23.7% 23.5% 12.6% 22.1x 1.71x 13.6x 1.55x 11.1x

The WhiteWave Foods Company WWAV 36.56 69.6% 6,442 2,233 29 8,645 3,750 437 17.0% 19.0% 34.3% 11.6% 43.0x 2.31x 19.8x 2.04x 15.0x

Mean 48.2% 15.3% 32.2% 11.9% 32.6x 2.43x 18.7x 2.06x 11.2x

Median 17.0% 16.7% 34.3% 11.6% 32.6x 1.86x 19.8x 1.78x 11.9x

Baked Goods

ARYZTA AG SWX:ARYN $46.81 58.3% $4,155 $2,241 $346 $6,050 $4,174 $381 (18.3%) (1.9%) 18.4% 9.1% NM 1.45x 15.9x 1.38x 8.4x

Flowers Foods, Inc. FLO 21.90 80.2% 4,646 897 9 5,535 3,797 444 2.7% 8.8% 48.4% 11.7% 25.2x 1.46x 12.5x 1.38x 11.3x

George Weston Limited WN 76.48 91.4% 9,781 9,992 1,959 17,814 34,510 2,363 18.1% 13.2% 26.6% 6.8% 27.3x 0.52x 7.5x 0.51x 6.0x

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.66 92.6% 12,506 4,195 234 16,467 12,271 1,410 15.4% 7.5% 53.3% 11.5% 46.2x 1.34x 11.7x 1.24x 11.5x

Lancaster Colony Corporation LANC 110.69 93.2% 3,029 0 199 2,830 1,139 185 8.1% (0.3%) 23.6% 16.2% 28.4x 2.49x 15.3x 2.33x 14.3x

Mean 5.2% 5.5% 34.0% 11.1% 31.8x 1.45x 12.6x 1.37x 10.3x

Median 8.1% 7.5% 26.6% 11.5% 27.9x 1.45x 12.5x 1.38x 11.3x

Last Twelve Months (LTM) EV / LTM EV / 2015ERevenue Growth LTM Margins

PUBLIC COMPARABLES5

7

FOOD AND BEVERAGE


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Dairy

Danone BN $66.60 90.0% $40,829 $13,272 $4,100 $50,001 $24,115 $3,893 6.6% 3.2% 49.0% 16.1% 40.4x 2.07x 12.8x 2.01x 12.0x

Dean Foods Company DF 17.04 86.3% 1,557 841 64 2,334 8,494 362 (9.7%) (0.8%) 22.5% 4.3% NM 0.27x 6.4x 0.29x 5.8x

Emmi AG SWX:EMMN 419.04 91.9% 2,242 576 291 2,526 3,375 300 (0.4%) 6.7% 33.8% 8.9% 19.6x 0.75x 8.4x 0.76x 8.4x

Glanbia plc GL9 18.20 85.0% 5,374 734 103 6,005 2,924 290 9.7% 13.9% 29.6% 9.9% 31.4x 2.05x 20.7x 1.91x 16.7x

Lifeway Foods Inc. LWAY 11.55 51.6% 188 8 8 188 119 6 3.6% 15.5% 28.2% 5.4% NM 1.58x 29.2x 1.49x 15.1x

Parmalat SpA BIT:PLT 2.61 94.2% 4,800 407 513 4,695 6,937 462 16.3% 8.6% 18.8% 6.7% 26.3x 0.68x 10.2x 0.62x 8.3x

Saputo Inc. TSX:SAP 23.24 96.1% 9,127 1,374 160 10,342 7,788 766 5.3% 15.5% 9.8% 9.8% 21.3x 1.33x 13.5x 1.26x 12.0x

Savencia SA ENXTPA:SAVE 62.94 88.8% 883 961 497 1,347 4,976 293 1.7% 3.7% 33.4% 5.9% 16.0x 0.27x 4.6x 0.27x 4.4x

Mean 4.1% 8.3% 28.1% 8.4% 25.8x 1.13x 13.2x 1.08x 10.3x

Median 4.5% 7.6% 28.9% 7.8% 23.8x 1.04x 11.5x 1.01x 10.2x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $7.89 75.0% $912 $46 $16 $942 $384 $73 (2.2%) 5.0% 48.2% 18.9% 19.8x 2.45x 13.0x 2.40x 12.5x

Cott Corporation BCB 10.33 90.8% 1,132 1,704 64 2,772 2,789 312 36.6% 6.9% 26.8% 11.2% 54.2x 0.99x 8.9x 0.94x 7.6x

Dr Pepper Snapple Group, Inc. DPS 91.83 98.9% 17,346 2,648 216 19,778 6,245 1,442 2.8% 1.5% 59.0% 23.1% 24.4x 3.17x 13.7x 3.11x 12.7x

Keurig Green Mountain, Inc. GMCR 89.27 63.5% 13,301 452 59 13,693 4,520 1,066 (4.0%) 5.4% 35.9% 23.6% 28.4x 3.03x 12.9x 3.04x 13.3x

Lassonde Industries Inc. LAS.A 116.54 95.2% 814 272 0 1,086 1,018 113 25.3% 11.3% 28.5% 11.1% 21.1x 1.07x 9.6x NA NA

Monster Beverage Corporation MNST 151.91 94.6% 30,795 0 2,785 28,010 2,683 958 11.8% 10.3% 58.2% 35.7% 52.7x 10.44x 29.2x 9.08x 23.3x

National Beverage Corp. FIZZ 43.33 90.8% 2,012 0 76 1,936 672 93 5.1% 1.0% 33.5% 13.9% 38.0x 2.88x 20.8x NA NA

Pepsico, Inc. PEP 97.95 94.7% 142,699 32,191 10,679 164,211 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 29.1x 2.55x 13.6x 2.61x 13.0x

The Coca-Cola Company KO 42.45 96.8% 184,614 46,465 22,798 208,281 45,166 12,369 (2.2%) (1.7%) 60.6% 27.4% 27.1x 4.61x 16.8x 4.68x 16.8x

Mean 7.7% 4.3% 45.0% 20.4% 32.8x 3.47x 15.4x 3.69x 14.2x

Median 2.8% 5.0% 48.2% 18.9% 28.4x 2.88x 13.6x 3.04x 13.0x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $120.64 88.9% $193,851 $51,504 $6,784 $238,571 $44,899 $17,276 (4.0%) 4.5% 60.5% 38.5% 24.6x 5.31x 13.8x 5.27x 13.4x

Brown-Forman Corporation BF.B 101.01 91.0% 21,116 1,782 195 22,703 3,103 1,102 1.6% 4.1% 69.4% 35.5% 31.0x 7.32x 20.6x 5.46x 19.8x

Carlsberg A/S CPSE:CARL B 83.03 86.9% 12,754 5,514 443 17,825 9,522 1,869 (0.5%) (0.3%) 49.4% 19.6% NM 1.87x 9.5x 1.85x 9.2x

Constellation Brands Inc. STZ 137.69 95.1% 27,138 7,441 333 34,247 6,263 1,953 6.8% 33.0% 44.9% 31.2% 28.5x 5.47x 17.5x 5.10x 15.7x

Diageo plc DGE 27.03 87.4% 67,996 15,202 710 82,487 16,275 5,057 5.4% 1.4% 57.6% 31.1% 19.2x 5.07x 16.3x 5.15x 15.7x

Heineken NV ENXTAM:HEIA 84.65 90.2% 48,642 12,524 946 60,220 21,722 4,611 4.0% 4.3% 38.8% 21.2% 22.4x 2.77x 13.1x 2.64x 11.2x

Kirin Holdings Company, Limited TSE:2503 14.26 90.6% 13,011 6,778 1,486 18,303 18,237 2,337 1.5% 7.1% 44.1% 12.8% 23.7x 1.00x 7.8x 1.01x 8.5x

Pernod-Ricard SA RI 109.76 85.3% 29,008 10,392 596 38,804 9,351 2,659 7.7% 1.9% 61.9% 28.4% 31.6x 4.15x 14.6x 4.00x 13.8x

SABMiller plc LSE:SAB 60.28 97.9% 97,108 12,010 629 108,489 15,555 4,676 10.6% (7.9%) 70.4% 30.1% 33.3x 6.97x 23.2x 7.07x 17.7x

Sapporo Holdings Ltd. TSE:2501 4.47 97.3% 1,742 1,912 84 3,570 4,336 329 1.5% 2.9% 34.0% 7.6% 23.4x 0.82x 10.8x 0.80x 10.0x

Mean 3.5% 5.1% 53.1% 25.6% 26.4x 4.08x 14.7x 3.84x 13.5x

Median 2.8% 3.5% 53.5% 29.2% 24.6x 4.61x 14.2x 4.55x 13.6x

Snacks

Diamond Foods, Inc. DMND $39.33 93.4% $1,240 $652 $7 $1,885 $842 $109 (4.0%) (4.0%) 27.2% 13.0% 37.9x 2.24x 17.2x 2.13x 13.6x

Golden Enterprises Inc. GLDC 4.42 89.3% 50 8 1 56 131 7 (2.6%) (1.5%) 50.0% 5.7% 27.3x 0.43x 7.6x NA NA

Inventure Foods, Inc. SNAK 7.19 54.9% 141 108 1 248 288 13 6.2% 15.6% 14.2% 4.5% NM 0.86x 19.3x 0.79x 12.3x

J&J Snack Foods Corp. JJSF 114.70 91.3% 2,143 1 134 2,011 976 149 6.2% 5.5% 30.8% 15.2% 30.8x 2.06x 13.5x 2.00x 12.4x

John B Sanfilippo & Son Inc. JBSS 54.83 82.7% 611 64 2 674 908 68 12.5% 8.0% 14.8% 7.5% 19.7x 0.74x 9.9x 0.72x NA

Mondelez International, Inc. MDLZ 43.32 89.2% 68,843 16,457 2,105 83,195 31,102 4,835 (10.9%) 12.8% 38.0% 15.5% 8.4x 2.67x 17.2x 2.97x 16.1x

Pepsico, Inc. PEP 97.95 94.7% 142,699 32,191 10,679 164,211 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 29.1x 2.55x 13.6x 2.61x 13.0x

Snyder's-Lance, Inc. LNCE 35.25 90.2% 2,496 443 64 2,874 1,690 185 8.0% 1.6% 35.0% 10.9% 35.7x 1.70x 15.5x 1.47x 11.2x

Mean 1.5% 4.7% 33.1% 11.4% 27.0x 1.66x 14.2x 1.81x 13.1x

Median 1.8% 3.6% 32.9% 12.0% 29.1x 1.88x 14.6x 2.00x 12.7x

Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2015E

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Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $45.76 72.3% $2,219 $43 $356 $1,906 $1,829 $457 23.7% 17.0% 31.6% 25.0% 8.0x 1.04x 4.2x 0.89x 3.0x

JBS S.A. BOVESPA:JBSS3 3.27 72.6% 9,336 16,857 6,158 20,034 38,491 3,297 32.3% 28.5% 14.9% 8.6% 6.4x 0.52x 6.1x 0.39x 4.6x

Sanderson Farms, Inc. SAFM 73.42 80.2% 1,646 10 181 1,475 2,885 507 5.2% 7.9% 20.4% 17.6% 6.0x 0.51x 2.9x 0.51x 5.6x

Seaboard Corp. SEB 3,018.00 65.0% 3,534 113 739 2,909 5,967 302 (8.9%) 0.6% 8.0% 5.1% 19.1x 0.49x 9.6x NA NA

Tyson Foods, Inc. TSN 52.71 97.6% 21,105 6,725 690 27,140 41,373 3,098 10.1% 7.8% 10.0% 7.5% 17.9x 0.66x 8.8x 0.68x 8.5x

Mean 12.5% 12.3% 17.0% 12.7% 11.5x 0.64x 6.3x 0.62x 5.4x

Median 10.1% 7.9% 14.9% 8.6% 8.0x 0.52x 6.1x 0.60x 5.1x

Fruit and Vegetable

Calavo Growers Inc. CVGW $50.28 80.9% $874 $40 $6 $908 $850 $54 10.0% 15.1% 10.1% 6.4% 41.1x 1.07x 16.7x 0.98x 14.4x

Fresh Del Monte Produce Inc. FDP 41.83 88.1% 2,186 212 43 2,355 4,008 258 3.3% 5.4% 9.0% 6.4% 16.7x 0.59x 9.1x 0.58x 9.3x

Seneca Foods Corp. SENE.A 27.03 85.5% 277 344 9 612 1,274 52 (3.8%) 0.2% 7.8% 4.1% 14.1x 0.48x 11.8x NA NA

Total Produce plc ISE:T7O 1.56 95.4% 462 200 108 554 3,032 67 7.3% 6.7% 13.9% 2.2% 16.2x 0.18x 8.3x 0.18x 8.0x

Mean 4.2% 6.8% 10.2% 4.8% 22.0x 0.58x 11.5x 0.58x 10.6x

Median 5.3% 6.0% 9.5% 5.2% 16.5x 0.53x 10.5x 0.58x 9.3x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,793.27 91.2% $16,519 $1,278 $290 $17,508 $4,440 $927 1.4% 2.9% 46.0% 20.9% 28.5x 3.94x 18.9x 3.89x 16.0x

Ingredion Incorporated INGR $95.25 95.7% 6,815 2,267 731 8,351 5,584 874 (3.7%) (4.6%) 21.5% 15.6% 19.3x 1.50x 9.6x 1.46x 8.8x

International Flavors & Fragrances Inc. IFF 116.32 94.5% 9,335 1,196 277 10,254 3,064 674 0.2% 3.2% 44.8% 22.0% 22.0x 3.35x 15.2x 3.26x 13.9x

Kerry Group plc ISE:KRZ 82.72 97.7% 14,549 1,752 194 16,106 6,437 823 1.9% 1.9% 45.8% 12.8% 25.2x 2.50x 19.6x 2.39x 17.5x

Sensient Technologies Corporation SXT 62.17 88.1% 2,811 630 24 3,417 1,380 263 (5.2%) (1.5%) 33.7% 19.1% 25.6x 2.48x 13.0x 2.43x 12.1x

Symrise AG XTRA:SY1 64.91 92.1% 8,426 1,547 245 9,728 2,805 595 31.0% 14.8% 42.3% 21.2% 35.4x 3.47x 16.4x 3.16x 13.9x

Tate & Lyle plc TATE 8.84 86.0% 4,121 1,172 361 4,932 3,510 450 (10.2%) (8.9%) 38.0% 12.8% NM 1.41x 11.0x 1.36x 10.2x

Mean 2.2% 1.1% 38.9% 17.8% 26.0x 2.66x 14.8x 2.57x 13.2x

Median 0.2% 1.9% 42.3% 19.1% 25.4x 2.50x 15.2x 2.43x 13.9x

Agribusiness

Archer-Daniels-Midland Company ADM $34.18 63.7% $20,397 $6,782 $1,137 $26,042 $72,151 $3,347 (14.6%) (6.7%) 6.4% 4.6% 11.8x 0.36x 7.8x 0.36x 7.7x

Bunge Limited BG 61.81 66.4% 8,805 4,230 731 12,304 45,581 1,815 (24.4%) (7.6%) 6.2% 4.0% 19.7x 0.27x 6.8x 0.27x 6.1x

CF Industries Holdings, Inc. CF 40.07 57.0% 9,339 5,593 943 13,989 4,409 1,901 (9.1%) (11.4%) 38.8% 43.1% 10.5x 3.17x 7.4x 2.73x 6.0x

Darling Ingredients Inc. DAR 9.56 51.2% 1,575 2,024 149 3,450 3,588 429 3.6% 28.1% 21.4% 12.0% 25.2x 0.96x 8.0x 1.00x 7.5x

Monsanto Company MON 93.75 74.4% 41,275 9,044 3,638 46,681 15,001 4,732 (5.4%) 3.6% 55.2% 31.5% 19.7x 3.11x 9.9x 3.19x 11.0x

The Andersons, Inc. ANDE 31.48 56.2% 873 523 41 1,356 4,366 125 (10.0%) (3.7%) 8.9% 2.9% 15.1x 0.31x 10.9x 0.30x 6.7x

The Mosaic Company MOS 28.70 53.3% 10,117 3,798 1,285 12,631 9,111 2,268 13.8% (6.4%) 22.2% 24.9% 8.7x 1.39x 5.6x 1.43x 6.1x

Mean (6.6%) (0.6%) 22.7% 17.6% 15.8x 1.37x 8.0x 1.33x 7.3x

Median (9.1%) (6.4%) 21.4% 12.0% 15.1x 0.96x 7.8x 1.00x 6.7x

Consumer and Retail

Grocery Distribution

AMCON Distributing Co. DIT $81.27 92.2% $52 $25 $0 $76 $891 $14 5.0% 3.5% 8.6% 1.5% 9.5x 0.09x 5.5x NA NA

Core-Mark Holding Company, Inc. CORE 87.25 97.8% 2,011 47 9 2,049 8,688 119 7.8% 8.3% 7.2% 1.4% 42.2x 0.24x 17.3x 0.16x 13.6x

Performance Food Group Company PFGC 22.87 95.5% 2,346 1,506 12 3,841 15,501 291 20.9% NA 12.1% 1.9% 32.7x 0.25x 13.2x 0.23x 10.4x

SpartanNash Company SPTN 21.65 63.9% 814 548 9 1,353 7,847 223 6.7% 43.8% 14.5% 2.8% 14.1x 0.17x 6.1x 0.18x 5.6x

SUPERVALU Inc. SVU 6.45 53.8% 1,715 2,713 247 4,181 17,984 802 4.1% 37.1% 15.1% 4.5% 13.1x 0.23x 5.2x 0.23x 5.3x

United Natural Foods, Inc. UNFI 39.27 46.8% 1,976 500 12 2,463 8,269 306 15.1% 15.1% 15.2% 3.7% 14.5x 0.30x 8.1x 0.29x 7.6x

Mean 9.9% 21.6% 12.1% 2.6% 21.0x 0.21x 9.2x 0.22x 8.5x

Median 7.3% 15.1% 13.3% 2.4% 14.3x 0.23x 7.1x 0.23x 7.6x

LTM Margins EV / 2015ELast Twelve Months (LTM) Revenue Growth EV / LTM

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Food Retail

Costco Wholesale Corporation COST $161.84 95.4% $71,174 $6,126 $6,283 $71,017 $116,553 $4,776 1.8% 4.8% 13.1% 4.1% 30.3x 0.61x 14.9x 0.57x 13.9x

Establishments Delhaize Freres DELB 94.47 90.1% 9,725 2,793 1,592 10,926 26,083 1,506 16.4% 3.9% 24.3% 5.8% 32.8x 0.42x 7.3x 0.40x 6.3x

Fairway Group Holdings Corp. FWM 0.64 8.2% 28 257 30 256 779 15 (2.4%) 9.9% 31.5% 2.0% NM 0.33x 16.5x 0.33x 6.6x

Ingles Markets, Incorporated IMKT.A 43.93 76.2% 890 895 8 1,778 3,779 240 (1.5%) 0.5% 23.6% 6.3% 15.0x 0.47x 7.4x 0.46x 7.1x

J Sainsbury plc LSE:SBRY 3.57 82.1% 6,838 3,877 1,905 8,810 35,411 2,849 (1.7%) 1.1% 7.5% 8.0% 11.0x 0.25x 3.1x 0.25x 4.5x

Koninklijke Ahold N.V. ENXTAM:AH 20.56 89.9% 16,827 3,619 2,357 18,089 39,860 2,416 13.3% 4.1% 27.0% 6.1% 20.2x 0.45x 7.5x 0.42x 6.6x

Natural Grocers by Vitamin Cottage NGVC 20.08 57.4% 452 28 3 476 625 50 20.0% 22.9% 29.2% 8.0% 27.9x 0.76x 9.5x 0.64x 8.1x

Roundy's, Inc. RNDY 3.60 58.9% 178 647 33 792 4,028 115 10.9% 1.3% 26.3% 2.9% NM 0.20x 6.9x 0.19x 6.5x

Sprouts Farmers Market, Inc. SFM 25.41 66.1% 3,903 291 132 4,062 3,397 282 19.6% 39.2% 29.3% 8.3% 33.0x 1.20x 14.4x 1.01x 12.2x

SUPERVALU Inc. SVU 6.45 53.8% 1,715 2,713 247 4,181 17,984 802 4.1% 37.1% 15.1% 4.5% 13.1x 0.23x 5.2x 0.23x 5.3x

Tesco PLC LSE:TSCO 2.15 56.6% 17,401 18,970 2,911 33,461 91,954 1,005 4.0% (1.2%) 2.3% 1.1% NM 0.36x 33.3x 0.40x 9.1x

The Kroger Co. KR 41.86 100.0% 40,437 11,259 274 51,422 108,872 5,686 2.2% 5.0% 22.7% 5.2% 20.7x 0.47x 9.0x 0.45x 8.7x

Village Super Market Inc. VLGE.A 25.29 73.1% 358 46 56 347 1,594 67 3.4% 3.5% 27.3% 4.2% 11.5x 0.22x 5.2x NA NA

Weis Markets, Inc. WMK 39.48 76.1% 1,062 0 104 958 2,828 155 3.7% 0.9% 27.3% 5.5% 18.6x 0.34x 6.2x NA NA

Whole Foods Market, Inc. WFM 33.34 57.9% 11,378 65 392 11,051 15,389 1,397 8.4% 9.6% 35.2% 9.1% 22.5x 0.72x 7.9x 0.69x 8.4x

Mean 6.8% 9.5% 22.8% 5.4% 21.4x 0.47x 10.3x 0.46x 7.9x

Median 4.0% 4.1% 26.3% 5.5% 20.5x 0.42x 7.5x 0.42x 7.1x

Foodservice

Colabor Group Inc. TSX:GCL $0.67 25.2% $18 $140 $0 $159 $1,091 $19 4.9% 1.5% 1.8% 1.8% NM 0.15x 8.3x 0.14x 7.3x

Sysco Corporation SYY 41.21 98.0% 23,264 3,088 388 25,964 48,798 2,344 3.3% 4.4% 17.6% 4.8% 37.7x 0.53x 11.1x 0.51x 10.4x

The Chefs' Warehouse, Inc. CHEF 17.11 71.0% 450 292 1 740 988 53 23.2% 29.5% 25.3% 5.4% 29.5x 0.75x 13.9x 0.64x 10.0x

Mean 10.5% 11.8% 14.9% 4.0% 33.6x 0.48x 11.1x 0.43x 9.2x

Median 4.9% 4.4% 17.6% 4.8% 33.6x 0.53x 11.1x 0.51x 10.0x

Quick Service Restaurant

Bojangles', Inc. BOJA $15.41 54.2% $554 $243 $15 $782 $477 $65 15.9% NA 22.5% 13.7% 21.7x 1.64x 11.9x 1.48x 9.5x

Jack in the Box Inc. JACK 77.19 77.2% 2,763 742 18 3,487 1,540 299 3.8% 0.7% 28.1% 19.4% 26.2x 2.26x 11.7x 2.14x 10.7x

McDonald's Corp. MCD 116.26 98.9% 106,753 17,991 2,453 122,291 25,644 8,909 (8.3%) (2.2%) 38.0% 34.7% 25.2x 4.77x 13.7x 5.00x 13.4x

Popeyes Louisiana Kitchen, Inc. PLKI 57.43 86.4% 1,291 110 8 1,392 257 83 13.1% 15.3% 64.9% 32.2% 30.9x 5.42x 16.8x 4.93x 15.1x

Restaurant Brands International Inc. QSR 35.04 76.7% 7,097 8,788 976 14,910 3,412 1,054 226.1% 16.7% 44.8% 30.9% NM 4.37x 14.2x 3.59x 8.7x

Sonic Corp. SONC 30.45 82.9% 1,516 462 27 1,951 606 164 9.7% 3.7% 54.9% 27.0% 25.4x 3.22x 11.9x 3.12x 11.1x

The Wendy's Company WEN 10.54 90.0% 2,882 2,403 176 5,110 1,956 390 (7.0%) (7.7%) 34.5% 19.9% 47.7x 2.61x 13.1x 3.50x 13.0x

Yum! Brands, Inc. YUM 71.65 74.7% 30,898 3,217 861 33,254 13,151 2,790 (2.3%) (1.1%) 26.2% 21.2% 34.2x 2.53x 11.9x 2.47x 11.4x

Mean 31.4% 3.6% 39.2% 24.9% 30.2x 3.35x 13.2x 3.28x 11.6x

Median 6.8% 0.7% 36.3% 24.1% 26.2x 2.92x 12.5x 3.31x 11.3x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $558.16 73.6% $17,408 $0 $960 $16,448 $4,574 $984 17.8% 20.3% 38.4% 21.5% 33.3x 3.60x 16.7x 3.41x 18.1x

El Pollo Loco Holdings, Inc. LOCO 12.32 42.2% 472 126 8 589 359 64 8.3% 17.9% 26.0% 17.9% 20.7x 1.64x 9.2x 1.53x 8.6x

Fiesta Restaurant Group, Inc. FRGI 35.30 51.2% 938 70 1 1,007 664 91 17.3% 36.0% 25.7% 13.7% 24.5x 1.52x 11.0x 1.35x 8.8x

The Habit Restaurants, Inc. HABT 23.43 57.9% 322 2 52 273 218 23 17.3% 36.0% 21.8% 10.4% NM 1.25x 12.1x 0.99x 8.4x

Noodles & Company NDLS 10.14 36.2% 281 60 2 339 447 42 17.3% 36.0% 18.4% 9.5% NM 0.76x 8.0x 0.69x 9.9x

Panera Bread Company PNRA 191.94 92.3% 5,130 411 275 5,266 2,662 387 17.3% 36.0% 32.6% 14.5% 32.6x 1.98x 13.6x 1.93x 13.3x

Potbelly Corporation PBPB 11.67 70.1% 354 0 43 311 363 33 17.3% 36.0% 30.2% 9.1% NM 0.86x 9.4x 0.76x 8.3x

Shake Shack Inc. SHAK 40.16 41.5% 611 0 70 541 174 24 17.3% 36.0% 39.4% 13.8% NM 3.11x 22.5x 2.44x 14.7x

Zoe's Kitchen, Inc. ZOES 32.61 70.0% 632 27 20 638 214 18 33.3% NA 21.1% 8.6% NM 2.98x 34.9x 2.43x 29.7x

Mean 18.2% 31.8% 28.2% 13.2% 27.8x 1.97x 15.3x 1.73x 13.3x

Median 17.3% 36.0% 26.0% 13.7% 28.6x 1.64x 12.1x 1.53x 9.9x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

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Differentiated Casual

BJ's Restaurants, Inc. BJRI $43.51 78.5% $1,097 $68 $27 $1,138 $900 $116 8.3% 9.0% 19.5% 12.9% 27.2x 1.26x 9.8x 1.15x 8.7x

Buffalo Wild Wings Inc. BWLD 159.60 77.5% 3,040 108 20 3,128 1,731 255 19.5% 21.8% 23.0% 14.7% 33.9x 1.81x 12.3x 1.47x 9.6x

Chuy's Holdings, Inc. CHUY 30.80 86.1% 508 0 11 497 278 34 18.7% 20.4% 19.9% 12.3% 34.2x 1.79x 14.6x 1.55x 12.6x

Dave & Buster's Entertainment, Inc. PLAY 39.41 90.9% 1,636 355 19 1,972 840 177 18.1% 14.7% 28.4% 21.0% 33.5x 2.35x 11.2x 2.09x 9.1x

Ignite Restaurant Group, Inc. IRG 4.04 48.5% 106 162 52 216 830 32 17.3% 36.0% 29.9% 3.9% NM 0.26x 6.7x 0.43x 6.8x

The Cheesecake Factory Incorporated CAKE 45.90 78.0% 2,171 85 30 2,227 2,073 252 17.3% 36.0% 43.1% 12.2% 20.5x 1.07x 8.8x 1.00x 8.3x

Wingstop Inc. WING 21.88 60.8% 625 96 6 715 75 26 27.9% NA 71.0% 33.9% NM 9.48x 28.0x 8.65x 24.6x

Mean 18.2% 23.0% 33.5% 15.8% 29.8x 2.57x 13.0x 2.34x 11.4x

Median 18.1% 21.1% 28.4% 12.9% 33.5x 1.79x 11.2x 1.47x 9.1x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $16.21 61.8% $1,942 $1,407 $136 $3,214 $4,437 $456 1.2% 4.0% 16.9% 10.3% 15.6x 0.72x 7.0x 0.73x 6.7x

Brinker International, Inc. EAT 44.75 70.6% 2,665 1,129 66 3,728 3,054 465 4.0% 2.5% 19.7% 15.2% 14.3x 1.22x 8.0x 1.11x 7.3x

Darden Restaurants, Inc. DRI 58.59 77.5% 7,508 1,453 690 8,270 6,855 834 8.0% (5.4%) 21.7% 12.2% 25.5x 1.21x 9.9x 1.18x 9.0x

DineEquity, Inc. DIN 84.30 73.8% 1,571 1,446 106 2,911 674 255 4.0% (10.3%) 57.2% 37.8% 28.1x 4.32x 11.4x 4.37x 10.3x

Red Robin Gourmet Burgers Inc. RRGB 62.05 65.3% 864 172 22 1,015 1,253 144 13.3% 10.0% 23.3% 11.5% 22.2x 0.81x 7.1x 0.75x 6.3x

Ruby Tuesday, Inc. RT 5.22 62.8% 323 232 57 499 1,125 78 (3.1%) (4.9%) 16.7% 6.9% NM 0.44x 6.4x 0.44x 5.6x

Texas Roadhouse, Inc. TXRH 34.72 85.1% 2,435 71 73 2,434 1,757 205 13.1% 12.6% 18.4% 11.7% 26.5x 1.38x 11.9x 1.24x 10.1x

Mean 5.8% 1.2% 24.9% 15.1% 22.1x 1.44x 8.8x 1.40x 7.9x

Median 4.0% 2.5% 19.7% 11.7% 23.9x 1.21x 8.0x 1.11x 7.3x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $13.28 51.2% $310 $15 $1 $323 $323 $42 10.2% 13.1% 24.0% 13.0% 23.3x 1.00x 7.7x 0.90x 6.7x

Fogo de Chao, Inc. FOGO 14.99 55.1% 420 165 22 564 263 49 3.3% NA 31.3% 18.6% 17.3x 2.14x 11.5x 1.91x 9.3x

Ruth's Hospitality Group Inc. RUTH 16.15 90.6% 565 5 3 568 368 56 32.3% (1.2%) 26.2% 15.3% 19.0x 1.54x 10.1x 1.45x 9.3x

Mean 15.3% 5.9% 27.2% 15.6% 19.8x 1.56x 9.8x 1.42x 8.5x

Median 10.2% 5.9% 26.2% 15.3% 19.0x 1.54x 10.1x 1.45x 9.3x

Pizza

Domino's Pizza, Inc. DPZ $109.38 91.4% $5,977 $1,528 $33 $7,473 $2,118 $407 10.5% 8.9% 30.3% 19.2% 34.7x 3.53x 18.4x 3.27x 16.1x

Papa John's International Inc. PZZA 57.85 72.9% 2,257 239 24 2,472 1,646 170 5.5% 8.7% 24.6% 10.3% 32.3x 1.50x 14.5x 1.44x 13.1x

Papa Murphy's Holdings, Inc. FRSH 11.18 49.2% 190 112 5 296 115 26 25.0% NA 47.6% 22.3% 37.2x 2.58x 11.6x 2.23x 10.5x

Mean 13.6% 8.8% 34.2% 17.3% 34.7x 2.54x 14.8x 2.31x 13.2x

Median 10.5% 8.8% 30.3% 19.2% 34.7x 2.58x 14.5x 2.23x 13.1x

Beverage / Snack Retail

DAVIDsTEA Inc. DTEA $11.80 39.4% $283 $0 $35 $248 $121 $11 31.5% NA 52.8% 8.9% NM 2.04x 22.9x 1.71x 13.0x

Dunkin' Brands Group, Inc. DNKN 42.15 74.2% 3,905 2,496 325 6,077 800 399 8.3% 6.4% 80.0% 49.8% 25.4x 7.59x 15.2x 7.25x 14.1x

Jamba, Inc. JMBA 12.79 75.7% 192 0 25 167 186 (2) (14.7%) (6.7%) 35.0% NM 21.6x 0.90x NM 2.29x 14.9x

Krispy Kreme Doughnuts, Inc. KKD 14.90 66.8% 939 12 37 914 514 69 7.5% 7.0% 19.5% 13.4% 32.4x 1.78x 13.3x 1.67x 11.3x

Starbucks Corporation SBUX 59.92 93.6% 88,969 2,383 1,611 89,741 19,163 4,297 16.5% 13.0% 31.1% 22.4% 32.9x 4.68x 20.9x 4.15x 17.1x

Mean 9.8% 4.9% 43.7% 23.6% 28.1x 3.40x 18.1x 3.41x 14.1x

Median 8.3% 6.7% 35.0% 17.9% 28.9x 2.04x 18.1x 2.29x 14.1x

Family Restaurant

Bob Evans Farms, Inc. BOBE $40.27 66.9% $840 $475 $5 $1,310 $1,336 $141 0.8% (3.7%) 36.5% 10.6% 41.9x 0.98x 9.3x 0.99x 8.7x

Cracker Barrel Old Country Store, Inc. CBRL 127.39 78.5% 3,049 412 128 3,334 2,861 342 5.3% 3.1% 32.9% 12.0% 17.9x 1.17x 9.7x 1.13x 9.3x

Denny's Corporation DENN 9.45 73.8% 761 172 9 925 496 89 8.3% (0.4%) 39.8% 17.9% 22.0x 1.86x 10.4x 1.83x 10.1x

Luby's, Inc. LUB 4.36 73.5% 125 38 2 161 394 17 (0.1%) 4.0% 30.9% 4.4% NM 0.41x 9.2x NA NA

Mean 3.6% 0.8% 35.1% 11.2% 27.3x 1.10x 9.7x 1.31x 9.4x

Median 3.0% 1.3% 34.7% 11.3% 22.0x 1.07x 9.5x 1.13x 9.3x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

PUBLIC COMPARABLES5

11

FOOD AND BEVERAGE


PAGE |

19.5%

14.2%

12.1%

11.1%

2.8%

(22.8%)


12

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

JAB HOLDING CO. TO ACQUIRE KEURIG GREEN MOUNTAIN

Pinnacle Foods announced that it will acquire Boulder Brands for $967 million.

Boulder Brands produces better-for-you snacks, baked goods, spreads, anddressings sold under Udi’s, Glutino, EVOL, and other brands.

The acquisition is intended to significantly expand Pinnacle’s health & wellnessportfolio, which is currently anchored by the Birds Eye and Gardein brands.

Enterprise Value: $967mmRevenue Multiple: 1.8xEBITDA Multiple: 17.8xAnnounced: November 24, 2015

CONSTELLATION BRANDS TO ACQUIRE BALLAST POINT BREWING & SPIRITS

PINNACLE FOODS TO ACQUIRE BOULDER BRANDS

Constellation Brands announced that it will acquire Ballast Point.

Ballast Point is a craft brewer headquartered in San Diego, CA best known forits beers, ales, and spirits.

The transaction will enable Constellation to better leverage its growing beerdistribution business with an additional brand that boasts an avid following.

Enterprise Value: $1.0bnRevenue Multiple: NAEBITDA Multiple: NAAnnounced: November 16, 2015

70

80

90

100

110

120

130

140

Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15

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

JAB Holding Co., through its subsidiary Acorn Holdings, announced that itwould acquire Keurig Green Mountain for $14.1 billion.

Keurig Green Mountain produces and sells coffeemakers and specialty coffeeworldwide, though namely in the United States and Canada.

The transaction will allow JAB to continue to expand its global coffee offering,which includes Gevalia and Pilão.

Enterprise Value: $14.1bnRevenue Multiple: 3.1xEBITDA Multiple: 13.2xAnnounced: December 7, 2015

PAGE |

M&A MARKET OVERVIEW*

13

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

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

12/17/2015 Urban Fresh Foods Limited Lotus Bakeries NV (ENXTBR:LOTB)

12/16/2015 Elburn Cooperative Company, Inc. CHS, Inc.

12/16/2015 Central Roast Inc. GreenSpace Brands Inc. (TSXV:JTR)

12/15/2015 Togo's Franchised Eateries, LLC Nimes Capital, LLC

12/15/2015 Hemp Oil Canada Inc. Fresh Hemp Foods Ltd.

12/15/2015 Ensaladas Verdes S.A. Primaflor SL

12/14/2015 Pinkberry, Inc. Kahala Brands, Ltd.

12/14/2015 DPI Specialty Foods Arbor Private Investment Company

12/10/2015 Salad Signature NV IK Investment Partners

12/10/2015 Lunch Garden SNC Bregal Freshstream LLP

9.9x

8.8x 8.3x

8.0x

11.3x

9.2x 9.7x

8.8x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2008 2009 2010 2011 2012 2013 2014 YTD

2015

EV

/ LTM

Sa

les M

ultip

leEV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBIT DA EV / LTM Sales

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$247.6

0

100

200

300

400

500

600

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

$240

$260

2008 2009 2010 2011 2012 2013 2014 YTD

2015

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

alu

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$ in

billio

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Aggregate Deal Value # of deals

27

46

2114

3225 26

3831

63

27 26 27

17

34

18

3643

48

65

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

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

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

12/22/15 Shearer's Foods Inc Potato chips and similar snacks USD 125 Revolver/Line >= 1 Yr. N/A N/A

12/08/15 Pinnacle Foods Finance LLC Food preparations, nec USD 265 Other Loan N/A N/A

12/02/15 Shearer's Foods Inc Potato chips and similar snacks USD 225 Term Loan N/A 425

11/30/15 Maruha Nichiro Corp Canned/cured fish and seafoods JPY 5,000 Term Loan N/A N/A

11/28/15 Nippon Flour Mills Co Ltd Flour/other grain mill products JPY 5,000 Revolver/Line >= 1 Yr. N/A N/A

11/26/15 IIF2 Co Ltd Food preparations, nec JPY 1,300 Term Loan N/A N/A

11/26/15 IIF2 Co Ltd Food preparations, nec JPY 1,600 Term Loan N/A N/A

11/26/15 IIF2 Co Ltd Food preparations, nec JPY 300 Revolver/Line < 1 Yr. N/A N/A

11/26/15 Molson Coors Brewing Co Malt beverages USD 1,500 Term Loan N/A N/A

11/26/15 Molson Coors Brewing Co Malt beverages USD 1,500 Term Loan N/A N/A

11/26/15 Molson Coors Brewing Co Malt beverages USD 9,300 Bridge Loan N/A N/A

11/26/15 Nichiwa Sangyo Co Ltd Prepared feeds, nec JPY 2,630 Revolver/Line >= 1 Yr. N/A N/A

11/26/15 Nichiwa Sangyo Co Ltd Prepared feeds, nec JPY 2,600 Revolver/Line >= 1 Yr. N/A N/A

11/24/15 Symrise GmbH & Co KG Flavoring extracts/syrups, nec EUR 167 Schuldschein N/A N/A

11/24/15 Symrise GmbH & Co KG Flavoring extracts/syrups, nec EUR 167 Schuldschein N/A N/A

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

14

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

2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15

Loa

n V

olu

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er

($ in

bill

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Institut ional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2009 2010 2011 2012 2013 2014 1H15

Av

era

ge

Sp

rea

d O

ve

r LI

BO

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

2011 2012 2013 2014 LTM 1H15

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

12/17/2015 Urban Fresh Foods Limited - Lotus Bakeries NV (ENXTBR:LOTB) $104.2 - - - EU

12/16/2015 Elburn Cooperative Company, Inc. - CHS, Inc. - - - - N.A.

12/16/2015 Central Roast Inc. - GreenSpace Brands Inc. (TSXV:JTR) $12.4 1.5x - - N.A.

12/15/2015 Togo's Franchised Eateries, LLC Mainsail Partners Nimes Capital, LLC - - - - P N.A.

12/15/2015 Hemp Oil Canada Inc. - Fresh Hemp Foods Ltd. $30.6 2.3x 8.4x - N.A.

12/15/2015 Ensaladas Verdes S.A. - Primaflor SL - - - - EU

12/14/2015 Pinkberry, Inc. Highland Capital Partners Kahala Brands, Ltd. - - - - P N.A.

12/14/2015 DPI Specialty Foods Ornua Co-Operative Ltd. Arbor Private Investment Company - - - - P N.A.

12/10/2015 Salad Signature NV AAC Capital Partners IK Investment Partners - - - - P EU

12/10/2015 Lunch Garden SNC H2 Equity Partners B.V. Bregal Freshstream LLP - - - - P EU

12/9/2015 Hopen Fisk AS - Brødrene Sperre AS - - - - EU

12/8/2015 Stone Wolf Vineyards Inc. - Integrated Beverage Group LLC - - - - N.A.

12/8/2015 Aquaterra Corporation Ltd. Birch Hill Equity Partners Cott Corporation (TSX:BCB) $45.9 - - - P N.A.

12/6/2015 Keurig Green Mountain, Inc. - JAB Holdings; BDT Capital Partners $14,097.9 3.1x 13.2x 17.6x P Cross Border

12/3/2015 Striped Pig Dist illery, LLC - South Beach Spirits, Inc. $0.3 - - - N.A.

12/3/2015 Slaney Foods International Ltd - ABP Food Group - - - - EU

12/3/2015 Le Grand Lejon SAS - Gendreau SAS - - - - EU

12/2/2015 European United Bakeries S.A. - Moulins de Kleinbett ingen SA - - - - EU

12/2/2015 Taco Bueno Restaurants, L.P. Palladium Equity Partners TPG Growth - - - - P N.A.

12/1/2015 Universal Meats (UK) Ltd - BRF Invicta Limited $50.8 - - - EU

12/1/2015 Redwood Hill Farm, LLC - Emmi AG (SWX:EMMN) - - - - Cross Border

12/1/2015 Sørwi A/S FoodService Danmark A/S Delika Food Group A/S - - - - EU

11/30/2015 Daloon A/S - Izico Bocholt N.V. - - - - EU

11/30/2015 Beam Suntory Inc., Brandy and Sherry Business Beam Suntory Inc. Emperador Inc. (PSE:EMP) $290.5 - - - Cross Border

11/30/2015 neat foods, LLC. - At lant ic Natural Foods, LLC - - - - N.A.

11/30/2015 Kalmar Lantmän Ek.För - Swedish Agro AB - - - - EU

11/30/2015 The Original Cakerie, Ltd. - Gryphon Investors - - - - P N.A.

11/30/2015 EARL Tour Trencavel - Les Grands Chais De France SA - - - - EU

11/25/2015 Berner Food and Beverage Inc. - Peak Rock Capital - - - - P N.A.

11/25/2015 French Creek Seafood Ltd. - ShangHai Kaichuang Marine $8.3 - - - Cross Border

11/25/2015 Chateau Mirefleurs Castel Chateau Co Yantai Changyu Pioneer Wine $3.9 - - - Cross Border

11/24/2015 Boulder Brands, Inc. (NasdaqGS:BDBD) - Pinnacle Foods Inc. (NYSE:PF) $967.5 1.8x 17.8x 40.5x N.A.

11/23/2015 TruSweets, LLC - Wholesome Sweeteners, Inc. - - - - N.A.

11/23/2015 ABL Management, Inc. - TrustHouse Services Group, Inc. - - - - N.A.

11/23/2015 Stauber Performance Ingredients, Inc. ICV Partners, LLC Hawkins Inc. (NasdaqGS:HWKN) $157.0 1.3x - - P N.A.

11/23/2015 Castro Baroña, S.L. - Terra de Asorei, A.I.E. - - - - EU

11/23/2015 Conservas Mart inez S.A. Marcove Alimentación S.L. Compre y Compare S.A. - - - - EU

11/21/2015 Chapel Foods Limited Abbeydale Food Group Limited Genius Foods Ltd $5.3 - - - EU

11/19/2015 Suntree, LLC - Satori Capital, LLC $20.0 - - - P N.A.

11/18/2015 DairiConcepts, L.P. Fonterra Co-Operative Group Ltd. Dairy Farmers of America, Inc. $126.1 - - - N.A.

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

No

v-1

4

De

c-1

4

Ja

n-1

5

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Ap

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Mu

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Food Products, Processing, and Ingredients Retail and Restaurants

46 47

2533

49

3442

53 52 4839

33

46 47 52

70

89

58 57

82

141

118

84

5 7

136

7

7

5

4 79

610

13 87

10

6

105

20

18

8

17

0

20

40

60

80

100

120

140

160

180

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

Q1

15

Q2

15

Q3

15

Q4

15

Nu

mb

er

of

Tra

nsa

ctio

ns

Strategic Acquirer Private Equity Acqu irer

M&A OVERVIEW*

15

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


PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

11/18/2015 Small Batch Coffee Company Limited - Risk Capital Partners Limited - - - - P EU

11/18/2015 McKinley Vintners Ltd - New Generation Wines Limited - - - - EU

11/17/2015 Ko-Ed Candies, Inc. - Platter's Chocolates Inc. - - - - N.A.

11/17/2015 Sobraques Distribut ion S.A.S. - Groupe Even SCA - - - - EU

11/17/2015 Spice It Up LLC - Ignyte Lab LLC - - - - N.A.

11/16/2015 Farmer Brothers Co., Spice Products Division Farmer Brothers Co. Harris Spice Company Inc. $11.0 - - - N.A.

11/16/2015 Organic Meadow Inc. Organic Meadow Co-Operative Meadowfresh Dairy Corporation - - - - N.A.

11/16/2015 thinkThin LLC TSG Consumer Partners Glanbia plc (ISE:GL9) $217.0 2.6x - - P Cross Border

11/16/2015 Ballast Point Brewing & Spirits, Inc. - Constellat ion Brands Inc. (NYSE:STZ) $1,000.0 - - - N.A.

11/16/2015 Sparkletts - DS Services of America, Inc. - - - - N.A.

11/12/2015 Cigierre Compagnia Generale Ristorazione Spa L Capital Management SAS BC Partners - - - - P EU

11/11/2015 MillerCoors LLC Miller Brewing Company, Inc. Molson Coors Brewing Company $12,000.0 1.6x 7.3x 8.8x N.A.

11/11/2015 SABMiller plc - Anheuser-Busch InBev SA/NV $117,400.0 7.1x 18.0x - EU

11/9/2015 Houlihan's Restaurants, Inc. Goldner Hawn York Capital Management - - - - P N.A.

11/5/2015 C+C Pfeiffer GmbH Pfeiffer HandelsgmbH Transgourmet Holding AG - - - - EU

11/4/2015 Epicéa SA - La Bovida SA - - - - EU

11/3/2015 J. M. Smucker, Canned Milk Brands The J. M. Smucker Company Eagle Family Foods Group LLC - - - - N.A.

11/2/2015 Findus Sverige AB LionGem Sweden 1 AB Nomad Foods Limited $739.5 1.0x - - Cross Border

11/2/2015 Tropics Mixology Beverage Innovations, Inc. Bevolut ion Group - - - - N.A.

11/2/2015 Tican A/S Tican Fresh Meat A/S Tönnies Lebensmittel - - - - EU

11/1/2015 Ralcorp Holdings Inc. ConAgra Foods, Inc. Treehouse Foods, Inc. $2,700.0 0.9x 9.1x - N.A.

10/31/2015 Valdycomer S.A. - Promociones Cullar S.L. - - - - EU

10/31/2015 Hijos De Julio De La Vega S.L. - La Compañía - - - - EU

10/31/2015 Kornicis Group Limited NBGI Private Equity Limited Isfield Investments LLP - - - - P EU

10/30/2015 Intelligentsia Coffee & Tea, Inc. - Peet's Coffee & Tea, Inc. - - - - N.A.

10/29/2015 Viotros S.A. Elgeka S.A. Arista S.A. - - - - EU

10/27/2015 Diamond Foods, Inc. Oaktree Capital Management Snyder's-Lance, Inc. $1,929.6 2.1x 16.5x - P N.A.

10/27/2015 Izarra - Dist illerie de la Côte Basque SA Rémy Cointreau SA Spirited Brands Limited - - - - EU

10/27/2015 FineFrance UK Limited - Vestey Group Limited - - - - EU

10/26/2015 Coolen International B.V. - Hendrix Genetics BV - - - - EU

10/24/2015 Bodegas Valdivia de Cádiz S.L. Nueva Rumasa S.A. José Y Miguel Mart ín S.L. - - - - EU

10/22/2015 Amador Dist illery, LLC - ROK Drinks Ltd. - - - - Cross Border

10/22/2015 Wonderfully Raw Gourmet Delights, LLC - Fresca Foods, Inc. - - - - N.A.

10/21/2015 The Greene Turt le Franchising Corporation JPB Capital Partners Stone-Goff Partners - - - - P N.A.

10/21/2015 SIBELL SA - Europe Snacks S.A. - - - - EU

10/20/2015 Wirtz Beverage Group, LLC Wirtz Corporation The Charmer Sunbelt Group - - - - N.A.

10/20/2015 Tropical Blossom Honey Co., Inc. - North Dallas Honey Company, LP - - - - N.A.

10/19/2015 The SeaWolf Group LLC - The Grilled Cheese Truck, Inc. - - - - N.A.

10/19/2015 Quality Meat Gothenburg AB - Gourmet Food AB - - - - EU

10/16/2015 MOJO Colors Corporation - Tekweld Solut ions Inc. - - - - N.A.

10/16/2015 Premier Is - Mejerigaarden A/S Erhvervsinvest Management A/S Food Union - - - - P EU

10/15/2015 Red Arrow Products Company LLC - Kerry Group plc - - - - Cross Border

10/15/2015 Island Oasis, Inc. TSG Consumer Partners Kerry Group plc - - - - P Cross Border

10/14/2015 Voortman Cookies Limited - Swander Pace Capital - - - - P N.A.

10/14/2015 La Terra Fina USA, Inc. Claridge, Inc. HP Hood LLC - - - - N.A.

10/13/2015 US And UK Wine Operations Diageo plc (LSE:DGE) Treasury Wine Estates Limited $600.0 - 7.9x - Cross Border

10/9/2015 Macduff Shellfish Group Change Capital Partners Clearwater Seafoods $144.5 1.8x 8.2x - P Cross Border

10/9/2015 Mill Street Brewery XDL Capital Group; HMW Capital Labatt Brewing Company Limited - - - - P N.A.

10/8/2015 Grupo Ibérica de Congelados, S.A. - Portobello Capital Gest ión - - - - P EU

10/7/2015 Biocentury, S.L.U. Agrolimen SA Nutrit ion & Santé SAS - - - - EU

10/7/2015 Comptoir du Caviar SAS - Gardinier & Fils SAS - - - - EU

10/6/2015 Stumptown Coffee Roasters, Inc. TSG Consumer Partners Peet's Coffee & Tea, Inc. - - - - P N.A.

10/6/2015 Barrel O' Fun Snack Foods Co., Inc. - Shearer's Foods, Inc. - - - - N.A.

10/5/2015 Woolwich Dairy Inc. Nova Cheese Inc. Saputo Inc. (TSX:SAP) $61.1 - - - N.A.

10/5/2015 Bite Group Ltd. - Adelie Foods Group Ltd - - - - EU

10/5/2015 Whole Harvest Foods, LLC - Bunge North America, Inc. - - - - N.A.

10/1/2015 Solina Group SAS IK Investment Partners Ardian - - - - P EU

10/1/2015 GROMART S.p.A. - Unilever plc (LSE:ULVR) - - - - EU

10/1/2015 Eatem Foods Co. Linsalata Capital Partners Archer-Daniels-Midland - - - - P N.A.

10/1/2015 Agrial S.A., Poultry Processing Assets Agrial S.A. L.D.C. S.A. (ENXTPA:LOUP) - - - - EU

10/1/2015 Past ificio di Chiavenna S.r.l. - Alto Partners SGR Spa - - - - P EU

9/30/2015 Marlow Foods Limited Intermediate Capital Group plc Monde Nissin Corporation $832.3 - - - P Cross Border

9/28/2015 VitaminFizz, L.P. Big Red and Power Brands Athena Brands, Inc. - - - - N.A.

9/23/2015 R2 Group A/S Maj Invest Equity Caldic B.V. - - - - P EU

9/23/2015 Avanta Serviced Office Group plc - Regus plc (LSE:RGU) - - - - EU

M&A OVERVIEW*

16

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

January 2016

Date Company

1/7/2016 Walgreens Boots Alliance, Inc. (NasdaqGS:WBA)

1/12/2016 Suedzucker AG (DB:SZU)

1/21/2016 Starbucks Corporation (NasdaqGS:SBUX)

February 2016

Date Company

2/1/2016 Sysco Corporation (NYSE:SYY)

2/1/2016 Archer-Daniels-Midland Company (NYSE:ADM)

2/2/2016 Yum! Brands, Inc. (NYSE:YUM)

2/5/2016 Tyson Foods, Inc. (NYSE:TSN)

2/9/2016 Carlsberg A/S (CPSE:CARL B)

2/9/2016 Heineken Holding NV (ENXTAM:HEIO)

2/10/2016 Molson Coors Brewing Company (NYSE:TAP)

2/10/2016 Pernod-Ricard SA (ENXTPA:RI)

2/16/2016 High Liner Foods Inc. (TSX:HLF)

2/17/2016 Cloetta AB (publ) (OM:CLA B)

2/17/2016 Wal-Mart Stores Inc. (NYSE:WMT)

2/18/2016 Nestlé S.A. (SWX:NESN)

2/18/2016 Koninklijke Wessanen N.V. (ENXTAM:WES)

2/22/2016 Danone (ENXTPA:BN)

2/23/2016 Papa John's International Inc. (NasdaqGS:PZZA)

2/24/2016 Domino's Pizza, Inc. (NYSE:DPZ)

2/25/2016 Campbell Soup Company (NYSE:CPB)

2/29/2016 Ito En, Ltd. (TSE:2593)

2/29/2016 Royal Unibrew A/S (CPSE:RBREW)

March 2016

Date Company

3/1/2016 Bonduelle SA (ENXTPA:BON)

3/2/2016 The Kroger Co. (NYSE:KR)

3/2/2016 Costco Wholesale Corporation (NasdaqGS:COST)

3/7/2016 Chocoladefabriken Lindt & Sprüngli AG (SWX:LISN)

3/13/2016 ARYZTA AG (SWX:ARYN)

3/30/2016 Naturex Société Anonyme (ENXTPA:NRX)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

17

FOOD AND BEVERAGE


Earnings Release Calendar5

Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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OUR FIRM

FOOD AND BEVERAGE


18

PAGE |

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


Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) 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.

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FOOD AND BEVERAGE - Harris Williams · On December 1, Taco Bueno, a portfolio company of Palladium Equity Partners, completed its sale to TPG Growth. Palladium and the management