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Peakstone Food and Beverage Index - Trading Statistics

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Peakstone Food and Beverage Index - Trading Statistics www.peakstone.com Food and Beverage Industry M&A Update October 2016 Food and Beverage Industry M&A Update | October 2016 Food and Beverage Industry Update . For year-to-date 2016, total announced transactions of 281 deals are on pace with 2015 record levels. There were 351 transactions during 2015. For announced transactions, Food and Beverage (“F&B”) multiples saw a modest decrease from 13.4x Enterprise Value to EBITDA to 12.1x. Many F&B categories continue to outperform the S&P 500. Notable publicly announced recent M&A transactions: o ConAgra Foods acquired Frontera Foods including the Frontera, Red Fork and Salpica brands from the Frontera Hospitality Group for an undisclosed amount. o B&G Foods North America Inc. acquired ACH Food Companies, Inc., Spices and Seasonings Business for approximately $365 million. o Cott Corporation acquired S&D Coffee, Inc. for approximately $355 million. o UTZ Quality Foods, Inc. acquired Golden Enterprises Inc. for approximately $144 million. o Gores Holdings, Inc. acquired Hostess Brands, LLC for approximately $2.2 billion. o Dean Foods Company acquired Friendly's Ice Cream, LLC, Manufacturing and retail ice cream business for approximately $155 million. o Apollo Global Management, LLC entered into a definitive agreement to acquire The Fresh Market, Inc. for approximately $1.3 billion. o Peakstone advises PepperJax Grill on sale of company to TA Associates for an undisclosed amount. o Peakstone advises Clearbrook Farms on sale of company to Glencoe for an undisclosed amount. 1 Food and Beverage Industry M&A Update | October 2016 PepperJax Grill sold to TA Associates Peakstone served as exclusive M&A advisor to PepperJax Development Company (“PepperJax” or the “Company”) in connection with its sale to TA Associates. Peakstone also advised the Company on the acquisition of its franchisees and assisted in negotiating and structuring critical contracts and leases associated with the transaction. PepperJax is a rapidly growing fast-casual restaurant offering “America’s Best Philly” and other made-to-order, customizable sandwiches and flavorful entrees. PepperJax currently operates approximately 40 company-owned locations throughout the Midwest. M&A Advisor "It was a gut-wrenching decision to select an M&A Advisor. I had been approached by some potential buyers and wasn’t sure if I needed an M&A Advisor. I ultimately picked Peakstone because of their restaurant expertise and the hustle and thoughtfulness they demonstrated. I had high expectations, and in this deal Peakstone blew them away. They executed on a successful strategy to find the right partner that shares our strategic vision for PepperJax and can help drive continued growth for the business. They were very thoughtful in how they positioned the business to buyers, managed the sale process and negotiated a number of important terms in the transaction. Their expertise, daily commitment, and creativity were essential to getting a great deal done," said Gary Rohwer, Founder of PepperJax. Terms of the transaction were not disclosed. 2 Food and Beverage Industry M&A Update | October 2016 Peakstone Selected F&B Transactions F&B Information F&B Services Food F&B M&A Advisor M&A Advisor M&A Advisor M&A Advisor Verdesian Life Sciences, LLC F&B F&B F&B Agriculture M&A Advisor M&A Advisor Financial Advisor M&A Advisor 3 Food and Beverage Industry M&A Update | October 2016 U.S. F&B - M&A Market Overview U.S. F&B Industry transaction activity has been strong U.S. F&B Transactions by Buyer Type U.S. F&B Transaction Multiples 400 16.0x 13.4x 350 14.0x 43 12.1x 12.1x 11.9x 11.6x 300 11.0x 26 12.0x 32 250 15 9.7x 34 34 38 25 10.0x 8.3x 200 21 8.1x 8.0x 8.0x 150 18 308 262 240 249 221 214 100 196 200 189 6.0x 144 50 4.0x 2.1x 1.8x 2.0x 1.8x 1.5x 1.2x 1.6x 1.3x 0 2.0x 1.1x 0.7x 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 0.0x 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Strategic Financial YTD EV / Revenue EV / EBITDA Source: Peakstone & Capital IQ 4 Food and Beverage Industry M&A Update | October 2016 International F&B - M&A Market Overview International F&B Industry transaction activity has been strong International F&B Transactions by Buyer Type International F&B Transaction Multiples 2,000 14.0x 1,800 11.6x 12.0x 11.1x 200 1,600 137 10.0x 9.6x 180 9.0x 1,400 178 10.0x 146 1,200 8.0x 1,000 6.0x 800 1,492 1,528 1,283 1,406 600 1,160 4.0x 400 0.9x 0.9x 0.9x 1.2x 0.9x 200 2.0x - 0.0x 2012 2013 2014 2015 2016 YTD 2012 2013 2014 2015 2016 YTD Strategic Financial EV / Revenue EV / EBITDA Source: Peakstone & Capital IQ 5 Food and Beverage Industry M&A Update | October 2016 Peakstone Food and Beverage Index - Trading Statistics F&B categories performed well compared to the S&P 500 Relative Stock Performance Food Ingredients: +129% S&P 500: +78% Beverage Production: +77% Food Retail: +58% Food Production: +56% Peakstone F&B Index: (as of September 17, 2016) Food Production: ABF, ARYN, BGS, BIMBO A, BN, BRID, CAG, CALM, CPB, CVGW, DF, FDP, FLO, GIS, GLDC, HAIN, HRL, HSY, JBSS, JBSS3, JJSF, K, KHC, LANC, LNCE, LOTB, MDLZ, MKC, NESN, POST, PPC, SAFM, SAP, SENE.A, SJM, SNAK, THS, TR, TSN, UNA, WN. Food Ingredients: BARN, FRUT, GIVN, IFF, KRZ, SXT, SY1, 4914, 4958. Beverage Production: ABI, BCB, BF.B, COKE, DGE, DPS, FARM, FIZZ, JSDA, KO, LWAY, MNST, PEP, SAB, SAM, STZ, TAP, WWAV. Food Retail IMKT.A, KR, NGVC, SFM, SFS, SPTN, SVU, UNFI, VLGE.A, WFM, WMK. 6 Food and Beverage Industry M&A Update | October 2016 Peakstone Food and Beverage Index - Trading Statistics F&B categories performed well compared to the S&P 500 Comparable Valuation Trends – Enterprise Value/EBITDA Food Ingredients: 17.3x Beverage Production: 16.2x Food Production: 13.6x S&P 500: 11.5x Food Retail: 7.0x Peakstone F&B Index: (as of September 17, 2016) Food Production: ABF, ARYN, BGS, BIMBO A, BN, BRID, CAG, CALM, CPB, CVGW, DF, FDP, FLO, GIS, GLDC, HAIN, HRL, HSY, JBSS, JBSS3, JJSF, K, KHC, LANC, LNCE, LOTB, MDLZ, MKC, NESN, POST, PPC, SAFM, SAP, SENE.A, SJM, SNAK, THS, TR, TSN, UNA, WN. Food Ingredients: BARN, FRUT, GIVN, IFF, KRZ, SXT, SY1, 4914, 4958. Beverage Production: ABI, BCB, BF.B, COKE, DGE, DPS, FARM, FIZZ, JSDA, KO, LWAY, MNST, PEP, SAB, SAM, STZ, TAP, WWAV. Food Retail IMKT.A, KR, NGVC, SFM, SFS, SPTN, SVU, UNFI, VLGE.A, WFM, WMK. 7 Food and Beverage Industry M&A Update | October 2016 Selected Public Trading Comparables Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Food Production Nestlé S.A. $235,815 $258,534 2.8x 14.1x 16.9x 21.8x 50% 19% Unilever N.V. $127,466 $142,197 2.4x 14.6x 16.8x 20.6x 41% 16% The Kraft Heinz Company $108,298 $137,035 5.2x 17.1x 20.4x 24.2x 38% 30% Mondelez International, Inc. $66,748 $82,334 3.1x 18.5x 22.8x 21.9x 39% 16% Danone $43,624 $53,175 2.2x 12.4x 15.5x 19.8x 51% 17% General Mills, Inc. $39,085 $47,975 2.9x 13.8x 16.3x 21.1x 36% 20% Tyson Foods, Inc. $27,986 $33,978 0.9x 9.1x 11.3x 15.5x 13% 10% Associated British Foods plc $27,957 $28,760 1.7x 14.6x 21.1x 24.6x 24% 12% Kellogg Company $27,327 $35,007 2.7x 17.3x 23.3x 20.5x 37% 15% The Hershey Company $20,355 $23,220 3.2x 13.3x 15.9x 21.6x 46% 24% Hormel Foods Corporation $19,247 $19,266 2.1x 13.6x 15.0x 21.9x 22% 15% ConAgra Foods, Inc. $19,002 $23,776 2.0x 13.8x 17.5x 18.0x 27% 14% Campbell Soup Company $17,093 $20,330 2.6x 13.9x 17.6x 18.1x 35% 18% The J. M. Smucker Company $15,953 $21,195 2.8x 12.4x 16.4x 17.6x 39% 22% Saputo Inc. $13,230 $14,225 1.7x 15.2x 18.2x 23.5x 11% 11% Grupo Bimbo, S.A.B. de C.V. $12,233 $16,032 1.4x 11.3x 15.5x 27.1x 54% 12% McCormick & Company, Incorporated $12,136 $13,588 3.1x 17.9x 20.3x 24.6x 41% 17% George Weston Limited $10,593 $24,593 0.7x 9.2x 15.4x 15.8x 29% 8% JBS S.A. $9,869 $25,077 0.5x 7.2x 11.6x 6.5x 12% 6% Pilgrim's Pride Corporation $5,294 $6,374 0.8x 6.8x 8.3x 10.1x 12% 12% Post Holdings, Inc. $5,221 $8,998 1.8x 10.5x 16.3x 34.7x 30% 17% Treehouse Foods, Inc. $4,878 $7,726 1.7x 16.6x 28.0x 23.9x 19% 10% The Hain Celestial Group, Inc. $3,670 $4,462 1.5x 12.1x 14.4x 17.1x 23% 13% Lancaster Colony Corporation $3,580 $3,462 2.9x 16.6x 18.8x 28.3x 25% 18% ARYZTA AG $3,509 $5,595 1.3x 12.7x 49.6x 9.9x 19% 10% Snyder's-Lance, Inc.
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