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Food for Thought May 2015 Food for Thought Overview, Analysis, and Trends in the Food and Food Retailing Industries William Blair Table of Contents Case Study: Smucker’s $6 Billion Acquisition of Big Heart Pet Brands ............................................................................................................................ 1 Selected Monthly M&A Activity – April.......................................................................................................................................................................................... 3 Noteworthy M&A Activity – LTM ..................................................................................................................................................................................................... 8 Historical M&A Trends in the Food and Food Retailing Industries ................................................................................................................................. 11 Volume Trends .................................................................................................................................................................................................................................. 11 Participant Trends ........................................................................................................................................................................................................................... 12 Valuation Trends .............................................................................................................................................................................................................................. 13 Public Company Trading Statistics ................................................................................................................................................................................................ 14 Food Production Companies ....................................................................................................................................................................................................... 14 Food Ingredients Companies ...................................................................................................................................................................................................... 15 Beverage Production Companies .............................................................................................................................................................................................. 15 Food Retail Companies .................................................................................................................................................................................................................. 16 Convenience Store Companies ................................................................................................................................................................................................... 16 Same-Store Growth – Food & Convenience Retail .................................................................................................................................................................. 17 U.S. Public Equity Financing Summary – LTM .......................................................................................................................................................................... 18 IPOs ........................................................................................................................................................................................................................................................ 18 Follow-Ons .......................................................................................................................................................................................................................................... 18 Selected Upcoming Industry Events ............................................................................................................................................................................................. 19 General Market Update....................................................................................................................................................................................................................... 21 Domestic M&A Market Summary ................................................................................................................................................................................................... 22 U.S. Activity Trends ......................................................................................................................................................................................................................... 22 U.S. Valuation Trends ..................................................................................................................................................................................................................... 23 U.S. Equity Capital Markets Summary .......................................................................................................................................................................................... 24 Debt Capital Markets Summary ...................................................................................................................................................................................................... 25 William Blair Food & Beverage and Food Convenience & Retail Investment Banking ........................................................................................... 26 Recent William Blair Consumer & Retail Transactions ........................................................................................................................................................ 28 William Blair Consumer & Retail Coverage ............................................................................................................................................................................... 29 Notes .......................................................................................................................................................................................................................................................... 30 Disclosures ............................................................................................................................................................................................................................................... 31 Food For Thought Table of Contents William Blair Case Study: Smucker’s $6 Billion Acquisition of Big Heart Pet Brands As shoppers increasingly open up their wallets for their pets, acquiring Big Heart gives Smucker a strong presence in a fast-growing, center-of-the-store category. $6,000,000,000 Over the past two decades, The J.M. Smucker Company has executed on its strategy of owning leading center-of-the-store brands in North America by acquiring the Jif and Crisco brands in 2002, International has acquired Multifoods in 2004, and Folgers Coffee in 2008. For the next stage of Smucker’s growth, the company has Big Heart Pet Brands gone to the dogs—and cats. In February, Smucker announced that it was acquiring Big Heart Pet Brands for $6 billion. With brands such March 2015 as Meow Mix®, Milk-Bone®, and Natural Balance® and $2.3 billion of sales, Big Heart ranks No. 1 in pet snacks, No. 2 in cat food, and No. 3 in dog food. The acquisition, which is the 10th transaction that William Blair & Company has completed for Smucker since 2001, immediately establishes Smucker as a leading player in one of the fastest- growing center-of-the-store categories in the consumer packaged goods industry. Dogged Growth for Pet Food Industry With total U.S. sales of $22 billion in 2013 and a CAGR of 3.6% from Smucker's Projected Post-Merger Sales 2008 to 2013, pet food is one of the fastest-growing CPG categories, according to Euromonitor(1). In particular, the $3 billion dog snacks market (for which Big Heart ranks #1), is growing over 6% annually. In addition to the overall size and growth of the market, pet food sales have proven to be surprisingly resilient during the past two Coffee 32% recessions. 38% Pet Food The acquisition of Big Heart has added pet food as a third platform for growth for Smucker’s portfolio. With the addition of the Big Heart brands, pet food is projected to account for approximately 30% of Peanut Butter, Fruit Spreads, and Other Products Smucker’s total sales. 30% Humanization of Pets Drives Premium Prices Smucker is committed to “helping to bring families together to share The acquisition of Big Heart Pet Brands and its memorable meals and moments.” Increasingly in the United States, the projected $2.3 billion in sales gives Smucker a strong definition of “family” includes a dog, cat, or other pet. A 2014 survey presence in a fast-growing category and a third by Packaged Facts found that 83% of pet owners either strongly agree platform for growth. or somewhat agree with the statement, “I consider my pet(s) to be part of the family.”(2) Percentage of pet owners who consider The “humanization” of pets is reflected in pet owners’ growing concern 83% their pet to be “part of the family” over the quality of what they feed their pets. The trends of natural ingredients, premium
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