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FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2018 www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, 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 under company number 07078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. 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. 0 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2018 WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW The food & beverage M&A market remains active through January, with several . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY notable transactions. Ferrero entered into an agreement to acquire Nestlé's U.S. EARNINGS CALENDAR confectionary business, which includes more than 20 brands, for $2.8 billion. GROUP OVERVIEW Harris Williams & Co. is a leading Campbell Soup Company also entered into an agreement to acquire Snyder’s advisor to the food and beverage market. Our significant Lance for $4.9 billion in cash. The acquisition will expand Campbell’s business in the experience covers a broad range of end markets, industries, and business models. This particular faster-growing snacking category. report focuses on trends and metrics in the following areas: . Agribusiness . Bakery HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein . Natural and Organic a division of . Processing Established the a partnership of Burger King UK . Produce Mater Franchise Restaurant and Retail PizzaRev & . a has been acquired by a portfolio company of Founders . Snacks has been acquired by has been acquired by has been acquired by CONTACTS Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong The Soup & Infant Feeding Business of Managing Director [email protected] a portfolio company of a portfolio company of a portfolio company of +1 (415) 217-3409 and Brant Cash Director has been acquired by has been acquired by has been acquired by has been acquired by [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703 Andy Warczak Vice President [email protected] +1 (612) 359-2714 a portfolio company of a portfolio company of a subsidiary of a portfolio company of Brant Wilczek Vice President [email protected] has been acquired by has been acquired by has been acquired by has been acquired by +1 (612) 359-2732 PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2018 WHAT WE’VE BEEN READING PREPARED FOODS ARE THE HOT NEW ITEM Prepared foods are making a comeback. As grocery store operators consider ways to drive traffic and differentiate themselves, hot bars and stations have become a critical section of the store. Consumers are constantly searching for convenient solutions during mealtime, and made-to-order offerings represent a time-saving alternative to dining at home. Access the full article here. FOOD MADE FROM 'UGLY' PRODUCE COULD BE A BEAUTIFUL BUSINESS OPPORTUNITY Rather than throwing produce out, grocery stores have begun selling "ugly" over-ripe bananas, bruised apples and weirdly-shaped carrots at reduced prices. The majority of consumers reject fruits and vegetables that are irregular, contributing to the world's $1 trillion food waste crisis — last year, 6.7 billion pounds of fruits and vegetables went unharvested or unsold by growers. Still, consumers are growing more comfortable with the concept of ugly produce. According to a survey by the Harris Poll, 62% of Americans said they would be "somewhat comfortable" eating less- than-perfect fruits and vegetables. Access the full article here. PROTEIN TO REMAIN ON TREND IN 2018 Recent new product introductions highlight the range of protein-based ingredients being utilized by food manufacturers. As consumers shift to plant-based products, food manufacturers see additional opportunities to market alternative products that are traditionally formulated with animal-sourced proteins. Access the full article here. VITAL SIGNS COMMODITY PRICE INDICES1 120 Soybeans: 100 (38.3%) 80 Crude Oil: 60 (41.9%) Wheat: 40 (46.5%) Commodity PriceIndex Commodity 20 Corn: Jan-13 Aug-13 Mar-14 Sep-14 Apr-15 Oct-15 May-16 Nov-16 Jun-17 Jan-18 (54.8%) Crude Oil Soybeans Wheat Corn PROTEIN PRICE INDICES1,2 130 120 Beef: 12.7% 110 Pork 100 (3.5%) 90 Protein PriceIndexProtein Poultry: 80 (8.0%) Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Beef Pork Poultry PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2018 VITAL SIGNS RESTAURANT AND GROCERY STORE SALES INDICES3 130 Restaurant: 120 26.6% 110 Grocery: 100 15.0% 90 SalesIndex 80 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION4 4.0 3.0 2.0 1.0 Infation(%) - (1.0) Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 PUBLIC EQUITY MARKET OVERVIEW KEY TRADING STATISTICS1 Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Protein Processing 1.8% 13.6% 0.5% 0.6% 13.0x 15.3x 7.5x 3.2x Fruit and Vegetable 5.3% 18.4% 9.8% 42.8% 17.4x 21.2x 15.0x 0.7x Ingredients / Flavors 9.7% 29.8% 12.4% 25.7% 23.9x 29.3x 18.5x 1.4x Inputs Agribusiness 11.7% 11.6% 5.4% 14.1% 20.3x 26.1x 13.1x 2.9x Branded Processed Foods 3.2% (3.6%) 2.1% (2.5%) 19.2x 24.1x 12.5x 2.1x Private Label and Foodservice 16.1% 59.0% (16.3%) (13.6%) 21.8x 27.9x 9.2x 4.1x Natural / Organic Foods / BFY 13.5% 9.8% 1.0% (0.1%) 34.2x 52.6x 19.0x 7.2x Baked Goods 5.1% (1.7%) 8.1% 0.5% 20.2x 40.3x 12.6x 2.4x Dairy 2.6% 10.3% 4.0% 11.9% 19.0x 23.1x 14.7x 1.3x Non-Alcoholic Beverages 9.4% 37.0% 4.0% 15.9% 22.5x 25.1x 15.3x 1.7x Alcoholic Beverages 6.7% 42.8% 15.5% 17.2% 22.2x 26.4x 16.5x 2.6x Food and BeverageFood and Snacks 8.8% 16.8% 5.3% 8.6% 21.3x 27.9x 16.4x 2.4x Grocery Distribution 3.3% (27.0%) 2.6% (8.6%) 16.9x 19.1x 9.6x 2.5x Food Retail 19.7% (11.6%) 17.9% (11.0%) 14.2x 19.7x 7.1x 1.7x Foodservice Distribution 9.9% 24.4% 8.8% 10.9% 19.8x 28.9x 12.6x 4.5x Quick Service Restaurant 4.2% 23.7% (6.4%) 7.4% 22.8x 23.4x 13.9x 3.6x Fast Casual 15.0% (19.1%) 10.4% (18.7%) 44.6x 42.6x 14.6x 1.8x Differentiated Casual 17.9% (8.6%) 15.3% (3.4%) 23.2x 25.3x 8.8x 0.6x Casual Dining Restaurant 18.2% 15.7% 10.2% 2.1% 17.4x 28.2x 9.0x 2.6x Fine Dining 23.8% 0.9% 15.7% 20.3% 20.1x 24.4x 10.4x 1.2x Consumer and Retail and Consumer Pizza 1.3% 29.2% (2.3%) 14.7% 23.3x 32.3x 13.8x 3.7x Beverage / Snack Retail 12.2% 2.3% 11.9% 6.7% 23.9x 29.7x 17.1x 2.3x Family Restaurant 17.8% 9.5% 11.9% (11.9%) 21.5x 25.4x 11.0x 2.1x Overall Median 8.9% 8.1% 6.5% 5.5% 21.0x 25.4x 12.6x 2.3x PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2018 PUBLIC EQUITY MARKET OVERVIEW PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)1 Priv ate Label Alcoholic Bev erages Non-Alcoholic Bev erages Ingredients / Flav ors Pizza Foodserv ice Distribution Quick Serv ice Restaurant S&P Fruit and Vegetable Snacks Casual Dining Restaurant Protein Processing Agribusiness Dairy Natural / Organic / BFY Family Restaurant Bev erage / Snack Retail Fine Dining Baked Goods Branded Processed Foods Differentiated Casual Food Retail Fast Casual Grocery Distribution (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS5 Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type Use of Funds ($mm) General Corp. Purp. 1/19/18 09/25/17 Feronia Inc FRN Follow-On $19.8 Working Capital General Corp. Purp. 1/17/18 01/17/18 Tal Consolidated Inc TCL IPO - Reduce Indebtedness Secondary 1/3/18 01/03/18 Success Entertainment Group International SEGNInc Follow-On $59.2 Pay Fees & Expenses General Corp. Purp. 12/18/17 12/14/17 The Chefs Warehouse Inc CHEF Follow-On $34.2 Working Capital Pay Fees & Expenses 12/13/17 12/13/17 Ipic Entertainment Inc IPIC IPO $40.1 General Corp.
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