Market Analysis Spring 2012 Health, Nutrition & Fitness Report Growth Opportunities Presented by the Current Focus on Healthier Living Kurt Roth Christopher Harned W. Andrew Martin Joseph Pellegrini Director Managing Director Managing Director Managing Director
[email protected] [email protected] [email protected] [email protected] +1.312.609.4689 +1.414.765.3908 +1.704.553.6615 +1.704.553.6612 Christopher Sciortino Peter Kies Vinay Ghai Anthony Siu Managing Director Managing Director Managing Director Managing Director
[email protected] Co-Head of Equity Capital Markets European Investment Banking Head of Asia Investment Banking +1.312.609.4923
[email protected] [email protected] [email protected] +1.414.765.7262 +44.207.667.8225 +86.21.6182.0980 Please refer to Appendix – Disclaimers and Other Disclosures on page 34. Table of Contents Page Investment Thesis.............................................................................................. 1 Growth Trends in Health, Nutrition & Fitness ..................................................... 2 Factors Driving the Trend Toward Healthier Living .......................................... 17 Selected Health, Nutrition & Fitness Companies ............................................... 24 Comparable Company Analysis ......................................................................... 28 Health, Nutrition & Fitness Deal Activity .......................................................... 31 Baird’s Health, Nutrition & Fitness Transaction Experience .............................