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Food and Beverage Industry Update November 2013

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Food and Beverage Industry Update November 2013 Food and Beverage Industry Update November 2013 Member FINRA/SIPC www.harriswilliams.com Food and Beverage Industry Update November 2013 What We’re Seeing CONTENTS Food & Beverage in the Marketplace INDUSTRY VITAL SIGNS After an active finish to 2012 and a slow start to 2013, HW&Co. has seen pitch activity increase EQUITY MARKET OVERVIEW substantially across the food & beverage sector in the back half of 2013. Both strategic and private equity M&A MARKET OVERVIEW buyers continue to covet high quality food & beverage assets, and we expect that M&A activity at the beginning of 2014 with be at a “normal” level. The combination of strong financing markets, growth DEBT MARKET OVERVIEW oriented strategic buyers, and private equity fund expirations is fueling the strengthening market for food NOTABLE M&A ACTIVITY & beverage transactions. PUBLIC COMPARABLES What We’ve Been Doing EARNINGS CALENDAR Closed HW&Co. Transactions GROUP OVERVIEW Harris Williams & Co. is a leading advisor to the food and beverage a portfolio company of a portfolio company of a portfolio company of market. Our significant experience has divested a portfolio company of selected assets to covers a broad range of end has been acquired by has been acquired by has been acquired by markets, industries, and business has been acquired by and has been acquired by models. This particular report and focuses on trends and metrics in the following areas: • Agribusiness • Baked and Prepared Goods a portfolio company of • Beverages a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of • Branded & Private Label and • Dairy has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by • Distribution • Ingredients • Meat & Protein What We’re Reading • Natural & Organic • Processing Duvel Moortgat Brewery acquires Boulevard Brewing Company • Produce Duvel Moortgat, the Belgian owners of Brewery Ommegang in Cooperstown, NY will purchase • Restaurant and Retail Boulevard Brewing Company of Kansas City, MO in a deal that will expand Boulevard’s distribution • Snacks capabilities and increase Duvel’s foothold in the burgeoning U.S. craft beer market. Access to the full article here. David Murdock Completes Acquisition of Dole Food Company CONTACTS Dole Food Company announced that David Murdock, Dole’s Chairman and Chief Executive Officer, has Glenn Gurtcheff | Managing Director completed his acquisition of Dole Food Company, Inc. The $13.50 per share purchase price represents a [email protected] total valuation of over $1.6 billion. Dole announced that its shares of common stock will cease to be +1 (612) 359-2702 traded on the NYSE effective at the close of business on November 1, 2013. Access to the full article Tim Alexander | Managing Director here. [email protected] McDonald’s and Kraft to Test Grocery Coffee Sales in 2014 +1 (612) 359-2716 McDonald’s Corp and Kraft Foods Group plan to sell McCafe branded coffee products at grocery stores Ryan Budlong | Director in test locations across the U.S. The test will include both packaged whole bean and ground coffee [email protected] +1 (612) 359-2722 options as well as “single-cup” products, which typically include K-cups for Green Mountain Coffee Roasters’ popular Keurig brewer. Kraft will handle the marketing and distribution of the McDonald’s Brant Cash | Vice President brand coffee. Access to the full article here. [email protected] +1 (612) 359-2709 Del Monte Foods Sells Consumer Products Division for $1.68 Billion Del Monte Foods has agreed to sell its long-held canned fruits and vegetables business to Del Monte www.harriswilliams.com Pacific, the Asian company that already sells food under the Del Monte brand in the Philippines and India. The deal allows Del Monte Foods to focus on its biggest business, pet foods, and gives Del Monte Pacific access to the United States food and beverage market. Access to the full article here. 2 of 16 Food and Beverage Industry Vital Signs Commodity 280 Wheat: 60.9% Price Indices1 220 Crude Oil: 59.1% 160 Soybeans: 44.2% 100 Corn: 37.7% Commodity Price IndexPrice Commodity 40 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Corn Wheat Soybeans Crude Oil Protein Price 145 Indices2,3 130 Beef: 24.1% 115 Pork: 22.8% 100 Poultry: Protein Price Price IndexProtein 20.8% 85 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Beef Pork Poultry Restaurant and 160 Grocery Store Sales Indices4 140 Restaurant: 31.5% 120 Grocery: 18.6% Sales Index Sales 100 80 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Restaurant Grocery Consumer Food 5.5 Price Index 4.0 Inflation2 2.5 Inflation(%) 1.0 -0.5 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 3 of 16 Public Equity Market Overview Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats Net Debt / Key Trading Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Statistics5 Protein Processing (2.6%) 19.1% (8.8%) 29.0% 12.7x 16.1x 7.9x 0.8x Fruit and Vegetable (10.8%) 13.1% 3.3% 22.0% 13.8x 13.9x 9.6x 2.8x Ingredients / Flavors 0.4% 21.9% (3.1%) 7.4% 18.1x 23.3x 12.2x 1.3x Inputs Agribusiness 10.0% 30.6% 9.5% 16.4% 13.5x 19.3x 9.8x 0.8x Branded Processed Foods 0.9% 25.2% 2.2% (18.3%) 19.9x 23.2x 13.0x 2.4x Private Label Foods 2.2% 33.7% 0.5% (12.7%) 22.8x 30.9x 13.1x 2.6x Natural / Organic Foods 17.2% 36.6% (13.3%) (17.1%) 28.2x 33.0x 17.4x 2.7x Baked Goods / Snack Foods 5.0% 43.8% (0.9%) 32.4% 23.6x 25.1x 11.6x 1.9x Dairy (9.6%) 16.9% (0.7%) 12.5% 18.1x 23.7x 13.1x 2.0x Non-Alcoholic Beverages (0.2%) 20.4% (0.7%) 14.7% 18.5x 21.3x 11.8x 1.6x Food and Beverage Alcoholic Beverages (2.1%) 17.4% (8.3%) 9.0% 19.4x 19.8x 12.0x 3.0x Food Retail 0.4% 43.2% 1.6% 19.8% 15.5x 19.3x 6.9x 2.0x Grocery Distribution 19.5% 45.2% 9.0% 33.6% 15.8x 21.7x 7.0x 1.3x Foodservice 4.7% 3.1% 1.6% 6.6% 18.0x 26.3x 8.7x 2.3x Quick Service Restaurant 2.8% 46.0% (2.2%) 18.9% 21.6x 29.5x 12.2x 2.2x Casual Dining Restaurant 3.2% 41.6% 6.2% 26.4% 20.7x 25.1x 10.8x 2.5x Fast Casual 5.5% 55.7% 4.6% 61.6% 44.2x 24.5x 18.4x 2.7x Pizza 8.4% 50.0% 4.6% 26.5% 23.6x 26.4x 12.5x 2.0x Beverage / Snack Retail 6.9% 53.2% 5.5% 14.8% 30.2x 35.6x 18.9x 2.6x Consumer Consumer and Retail Family Restaurant 9.2% 32.1% 6.5% 31.8% 19.1x 21.8x 9.2x 0.9x Overall Median 3.9% 33.7% 1.3% 17.5% 19.5x 22.9x 11.4x 1.9x Fast Casual Beverage / Snack Retail Public Pizza Company Quick Service Restaurant Sector Grocery Distribution 5 Performance Baked Goods / Snack Foods (One year change Casual Dining Restaurant in stock price) Food Retail Natural / Organic Foods Private Label Foods Family Restaurant Agribusiness Branded Processed Foods S&P Ingredients / Flavors Protein Processing Non-Alcoholic Beverages Alcoholic Beverages Dairy Fruit and Vegetable Foodservice 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Inputs Food and Beverage Consumer and Retail 4 of 16 Public Equity Market Overview Gross Recent Equity Close Transaction Proceeds Offerings6 Date Filing Date Issuer Ticker Type ($mm) Use of Funds 10/21/13 10/21/13 Castle Brands Inc ROX Convertible $2.1 General Corp. Purp. 10/16/13 10/16/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp. 10/03/13 08/29/13 Potbelly Corporation PBPB IPO $105.0 General Corp. Purp. 09/27/13 09/27/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp. 09/20/13 09/16/13 The Chefs' Warehouse Inc CHEF Follow-On $108.7 General Corp. Purp. 09/19/13 09/19/13 Avidus Management Group Inc AVD Private Placement $0.5 Working Capital General Corp. Purp. 09/18/13 09/18/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp. 09/12/13 09/12/13 Premium Brands Holdings Corp PBH Convertible $484.4 Debt Repayment General Corp. Purp. 09/03/13 09/03/13 Hain Celestial Group Inc HAIN Follow-On $290.2 General Corp. Purp. 08/20/13 08/20/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp. 08/13/13 07/12/13 MamaMancini's Holdings Inc MMMB Follow-On $2.6 General Corp. Purp. 07/17/13 06/14/13 The WhiteWave Foods Co WWAV Follow-On $502.8 General Corp. Purp. 06/27/13 05/23/13 Noodles & Company NDLS IPO $89.7 General Corp. Purp. 160 57.8% Food and 150 Beverage 36.4% Industry Stock 140 31.7% Performance5 23.4% 130 19.9% 120 17.9% 110 100 90 80 Oct-12 Jan-13 Mar-13 Jun-13 Aug-13 Oct-13 Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500 5 of 16 M&A Market Overview Highlighted Del Monte Foods Agrees to Sell Consumer Products Business To Del Monte Pacific Food and • Del Monte Foods has announced it is selling its consumer products business, which Beverage M&A includes canned Del Monte pineapple and Contadina tomatoes, to Del Monte Transactions Pacific in Asia for $1.68 billion.
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