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Capstone Headwaters Capstone Headwaters RECREATIONAL PRODUCTS Q2 2019 TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW M&A Overview US outdoor activity has been robust in recent years, as consumers with heightened levels of disposable income pursue activities that promote healthy Trend Highlight lifestyle trends. As a result of rising disposable incomes and increased Select Transactions consumer confidence, retail sales in March increased 1.6% compared to 1 Public Company Data February and 3.6% year-over-year (YOY), according to the US Census Bureau. Continued sales growth and the pervasive impact of the health-conscious Firm Track Record consumer are expected to bolster the Recreational Products industry by driving demand for products that support active, outdoor enthusiast lifestyles. Strategic operators have continued to account for the majority of transaction volume in the Recreational Products industry, accounting for 79.2% of the 53 total transactions announced or completed year-to-date (YTD) 2019. The buyer breakdown in 2019 follows levels seen in the same period 2018, with strategic CONTRIBUTORS buyers accounting for approximately 80% of YTD 2018 deal volume. However, companies that appeal to a broader customer base and have established brand Sophea Chau recognition and trust have also attracted interest from private equity buyers. Director For example, KPS Capital Partners has acquired the fitness business of 617-619-3307 Brunswick Corporation (May 2019, $490 million). Brunswick’s fitness operations [email protected] consists of five brands, including Life Fitness, a global leader in commercial fitness and game tables. The acquired brands provide KPS with a holding that Jacob Voorhees has strong established brand-positioning, sales channels, and customer bases. Head of Global M&A 617-619-3323 Buyer Breakdown: Recreational Products [email protected] 5.7% STRATEGIC 17.0% Public 15.1% Private FINANCIAL Direct Add-on 62.2% Year-to-date (YTD) ended May 6 Source: Capital IQ, Pitchbook, FactSet, and Capstone Headwaters Research www.capstoneheadwaters.com May 2019 Recreational Products | Q2 2019 TREND HIGHLIGHT: OUTDOOR ENTHUSIASM AVERAGE YEAR-OVER-YEAR GROWTH Steady demand and subsequent sales in the Outdoor 4.7% IN LEADING OUTDOOR ACTIVITIES Activity industry have promoted acquisitions by leading operators seeking to expand and diversify their current product offerings in high-growth segments. Notably in A growing number of consumers have placed health at January, golf-centric company Callaway Golf Company the forefront of their lives, influencing spending habits (NYSE:ELY) closed its largest acquisition to-date, acquiring and leisure activities across the Recreational Products Jack Wolfskin for $473.3 million, equating to industry. Outdoor activity participation rates in the US are approximately 12.0x LTM EBITDA. Founded in 1981 and indicative of this as leading outdoor activities include based in Germany, Jack Wolfskin is a premium outdoor running, jogging, and trail running (19%), fishing (17%), apparel, footwear, and equipment brand.4 The purchase biking (16%), hiking (15%), and camping (14%), according allows Callaway to penetrate the outdoor activity end- to the Outdoor Industry Association’s 2018 Participation markets as well as reduce the seasonality of their Report.2 Notably, the most recent data reveals that these business. The acquisition is also indicative of Callaway’s YOY participation rates grew at a combined average of strategic initiative to expand beyond their primary 4.7% from 2016 to 2017. The expected expansion in segment in order to diversify both their customer and participants along with favorable macro dynamics have product base as well as capitalize on consumer trends. contributed to the robust state of the Recreational Products industry. Outdoor recreational products companies have utilized acquisition strategies to complement existing products, Further reflecting healthy participation and demand in the expand into new markets, and broaden their customer Outdoor Recreational Products industry was Clarus demographics. Notably, SRAM, a bicycle manufacturer, Corporation’s (Nasdaq:CLAR) Q1 2019 earnings report acquired the power meter brand PowerTap (April, which indicated a 15% YOY increase in revenue.3 Clarus is undisclosed) to expand its technology bicycle component an outdoor and consumer-branded products company business; Hala Gear, a designer of paddle boards for with brands that serve the outdoor enthusiast such as surfing, acquired e-commerce retailer Colorado Kayak Black Diamond (outdoor performance equipment and Supply (February, undisclosed) to expand its operations apparel), PIEPS (beacon technology for avalanche safety), beyond B2C sales; and power sport vehicle provider and Sierra (bullet manufacturer). Revenue of $61.2 Polaris Industries (NYSE:PII) acquired Larson Boat Group million, largely driven by 16% growth in Black Diamond, (January, undisclosed) to further establish itself in the and the subsequent 69% increase in adjusted EBITDA boating industry after its market entrance in 2018. were record-breaking figures for the company in Q1 2019. Outdoor Activities Participation Rates Key Investment Considerations (% of US Population) Capstone Headwaters has identified key characteristics below that support improved valuation and attractiveness to potential buyers. 24.0% 20.0% 16.0% Brand Reputation Capturing Trends Brands with strong social media Capturing consumer trends and presences and renown product the ability to appeal to a 12.0% quality and durability. broadened customer base. 8.0% 2007 2009 2011 2013 2015 2017 Running/Jogging/Trail Running Bicycling Omnichannel Sales Inventory Management Fishing Hiking Diversified sales channels with a Minimal seasonality and Camping strong e-commerce network are efficient inventory management preferred for buyers looking to can reduce uncertainty of Source: Outdoor Industry Association (left) expand into new segments. projected earnings. 2 Recreational Products | Q2 2019 SELECT TRANSACTIONS Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA Fitness Operations Produces branded commercial fitness equipment and 05/06/19 KPS Capital $490.0 - - of Brunswick game tables. Develops golf-centric technology, including GPS tablets in 05/03/19 IZON Network SoMo Audience - - - golf carts. 04/18/19 Parker Marine Correct Craft Manufactures and supplies boats. - - - Operates four stores in Texas, selling boats, water sports 04/17/19 Sail & Ski Center MarineMax - - - products, and snow sports products. 04/15/19 Roadtrek RV Rapido Manufactures branded recreation vehicles. - - - PowerTap brand Produces bicycle power meters, pedals, chainrings, and 04/11/19 SRAM - - - of Saris Cycling wheelsets. Grant Hill Partners; 04/04/19 Custom Ink Offers custom apparel for teams and groups. - - - HarbourVest Designs, markets, and distributes branded active and 04/02/19 VOLCOM Authentic Brands - - - streetwear products as well as boardsport products. 03/28/19 Labellamafia Pacífico Sul Provides activewear internationally for men and women. - - - Operates retail stores as well as an e-commerce platform, 03/25/19 Kicks USA Deichmann - - - selling athletic apparel and footwear. Sugar Wheel 03/12/19 Breadwinner Cycles Manufactures bicycle wheels. - - - Works 03/08/19 Fly Pedals Spin Ventures Produces clipless bicycle pedals. - - - Lake Union 03/07/19 Pacific Nautiques Manufactures wake boats and other water sport products. - - - Sea Ray Produces electric-powered two-wheel bikes designed for 03/05/19 StaCyc Harley-Davidson - - - children. Blue Ridge Operates shooting sports stores, providing firearms and 02/26/19 Blackfish Armory - - - Arsenal firearm accessories. 02/19/19 CytoSport Pepsi Produces sports-oriented nutritional products. $465.0 1.6x - Colorado Kayak Twitch (dba: Hala Operates an e-commerce website which sells paddle 02/14/19 - - - Supply Gear) boards, kayaks, and other hiking and camping products. Levine Leichtman 02/05/19 Club Champion Provides nationwide club fitting services for golfers. - - - Capital 02/04/19 All Ball Pro Gladiator Lacrosse Manufactures and sells sports equipment for ball sports. - - - 02/01/19 Sports Illustrated TPG Capital Publishes a leading sports magazine. - - - 01/22/19 Larson Boat Group Polaris Industries Manufactures boats under five brands. - - - Racetrackers Running Awards Supplies customized technical apparel as well as golf 01/17/19 - - - Enterprises and Apparel apparel. Designs and sells premium bicycle brands through a global 01/17/19 Advanced Sports HTM USA $21.8 - - distribution network. Camping World 01/08/19 Coates RV Center Operates as a recreation vehicles dealer. - - - Holdings Kialoa Canoe Produces canoe and paddle board paddles as well as water 01/05/19 Werner Paddles - - - Paddles board apparel. Source: Capital IQ, Pitchbook, FactSet and Capstone Headwaters Research 3 Recreational Products | Q2 2019 PUBLIC COMPANY TRADING & OPERATING DATA Price % 52 Wk Market Enterprise LTM EV / LTM Company 05/06/19 High Cap Value Revenue EBITDA Margin Revenue EBITDA Brunswick Corporation $52.78 75.6% $4,595.9 $5,827.7 $5,223.7 $673.2 12.9% 1.1x 8.7x Callaway Golf Co. $17.37 70.4% $1,1647.0 $1,643.2 $1,242.8 $152.1 12.2% 1.3x 10.8x Clarus Corporation $13.83 98.9% $411.5 $431.2 $212.1 $18.2 8.6% 2.0x 23.7x Dorel Industries Inc. $8.79 43.5% $288.7 $749.3 $2,619.5 $119.0 4.5% 0.3x 6.3x Escalade Inc. $12.05 79.0% $174.4 $174.6 $175.7 $16.5 9.4% 1.0x 10.6x Johnson Outdoors Inc. $86.70
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