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FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company 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 (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 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 February, with several . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY notable transactions. Keurig Green Mountain Inc, a subsidiary of Acorn Holdings . EARNINGS CALENDAR BV, entered into a definitive agreement to acquire Dr Pepper Snapple Group for GROUP OVERVIEW Harris Williams & Co. is a leading $25 billion. The acquisition allows Dr. Pepper Snapple to continue broadening its advisor to the food and beverage market. Our significant portfolio of beverage brands. General Mills announced its acquisition of Blue experience covers a broad range of end markets, industries, and business models. This particular Buffalo Pet Products for $8 billion. This is General Mills’ first acquisition in the pet report focuses on trends and metrics in the following areas: food space. 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 . Processing a portfolio company of Established the Burgar King UK . Produce a portfolio company of Mater Franchise . Restaurant and Retail has been acquired by . Snacks has been acquired by has been acquired by has been acquired by A Family office CONTACTS investor Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong The Soup & Infant Feeding Business of Managing Director [email protected] a division of a portfolio company of a partnership of +1 (415) 217-3409 Brant Cash PizzaRev & a portfolio company of Founders Director has been acquired by has been acquired by [email protected] has been acquired by +1 (612) 359-2709 has been acquired by 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 portfolio company of a portfolio company of Brant Wilczek and Vice President has been acquired by has been acquired by has been acquired by has been acquired by [email protected] +1 (612) 359-2732 www.harriswilliams.com PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018 WHAT WE’VE BEEN READING FOUR IN 10 AMERICANS WILLING TO EAT LAB-GROWN MEAT As demand for alternative protein sources continues to increase, 4 in 10 Americans say they are willing to eat lab- grown or “cultured” meat. While non-GMO and natural trends continue to shape American dietary habits, a growing portion of the population is turning to lab-grown proteins that can be produced with fewer inputs than are requited for raising traditional livestock. Access the full article here. HUNGRY FOR GROWTH: FOOD COMPANIES KEEP M&A ON THE MENU IN 2018 Food manufacturers, struggling with slowing demand and rapidly changing consumer tastes, will make acquisitions a major part of their business plans in 2018 as they jump-start growth and give their companies a bigger stake in popular trends. "This is a big part of our strategy and will continue to be," Sean Connolly, CEO of Conagra brands, told analysts. "M&A provides upside. When it comes to acquisitions, the key, of course, is [finding] that proper balance between being aggressive and being disciplined.“ Access the full article here. SNACK FOOD DEMAND ON THE RISE US snack food demand is forecast to total $93.2 billion in 2022. Demand for chocolate confections is projected to remain the largest of any segment through 2022. Demand for nuts and seeds is expected to grow the fastest of all segments through 2022, as consumers become increasingly health-conscious. Access the full article here. VITAL SIGNS COMMODITY PRICE INDICES4 120 Soybeans: 100 (27.8%) 80 Wheat: 60 (28.5%) 40 Crude Oil: (39.7%) 20 Corn: Commodity PriceIndex Commodity Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 (47.7%) Crude Oil Soybeans Wheat Corn PROTEIN PRICE INDICES1,2 130 Beef: 120 12.3% 110 Pork 100 (6.2%) 90 Poultry: (11.4%) Protein PriceIndexProtein 80 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Beef Pork Poultry PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018 VITAL SIGNS RESTAURANT AND GROCERY STORE SALES INDICES3 140 Restaurant: 130 25.3% 120 Grocery: 110 10.5% 100 SalesIndex 90 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION1 4.0 3.0 2.0 1.0 Inflation(%) - (1.0) Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 PUBLIC EQUITY MARKET OVERVIEW 4 KEY TRADING STATISTICS 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 (10.5%) 16.4% (13.6%) (3.9%) 11.6x 12.5x 7.1x 3.2x Fruit and Vegetable (3.5%) 12.2% 9.6% 49.0% 17.4x 21.2x 16.6x 1.0x Ingredients / Flavors (7.1%) 9.5% (1.5%) 11.8% 21.7x 27.4x 16.4x 1.6x Inputs Agribusiness 9.9% (7.2%) 7.5% 8.6% 18.1x 22.8x 14.1x 3.3x Branded Processed Foods (8.7%) (8.7%) (5.7%) (7.6%) 16.9x 18.5x 11.8x 2.7x Private Label Foods and Beverages (10.9%) 7.9% (11.6%) (9.5%) 19.4x 25.2x 11.8x 4.5x Natural / Organic Foods / BFY (9.3%) 16.5% (20.4%) (20.2%) 23.7x 36.9x 16.8x 4.8x Baked Goods (5.4%) (3.3%) 3.1% (1.9%) 18.9x 28.1x 11.1x 2.5x Dairy (6.1%) 4.0% 2.8% 11.7% 17.7x 17.4x 14.3x 1.3x Non-Alcoholic Beverages (5.4%) 23.3% 16.4% 30.4% 21.2x 27.6x 14.8x 2.8x Alcoholic Beverages 1.7% 38.8% 6.3% 6.9% 21.4x 23.4x 16.3x 2.9x Food and BeverageFood and Snacks (3.8%) 1.6% (2.3%) (4.7%) 18.7x 24.9x 14.4x 2.4x Grocery Distribution (12.9%) (22.8%) (4.7%) (3.0%) 14.3x 18.5x 9.2x 3.4x Food Retail 5.4% (10.8%) 14.5% (11.7%) 12.7x 16.3x 6.8x 1.7x Foodservice 8.6% 17.7% 6.3% 1.8% 17.1x 26.5x 12.1x 4.2x Quick Service Restaurant (3.7%) 4.8% (7.7%) 1.7% 21.0x 21.1x 13.3x 4.1x Fast Casual (2.1%) (12.0%) 7.8% (21.7%) 45.7x 47.5x 13.2x 1.8x Differentiated Casual 5.0% (10.7%) 19.7% (14.2%) 20.2x 19.1x 9.0x 0.9x Casual Dining Restaurant 11.4% 30.3% 8.4% 5.3% 16.9x 23.6x 10.2x 2.5x Fine Dining 28.4% 13.9% 17.6% 18.1% 18.7x 25.6x 10.2x 2.1x Consumer and Retail and Consumer Pizza 4.2% 15.8% (9.0%) 12.1% 23.4x 29.7x 12.8x 5.2x Beverage / Snack Retail (1.1%) (6.1%) (4.4%) (9.8%) 21.5x 17.0x 14.3x 2.2x Family Restaurant 1.5% (3.7%) (0.7%) (2.8%) 19.6x 21.4x 10.2x 2.1x Overall Median (2.3%) 4.8% 0.5% (1.4%) 18.9x 21.7x 12.3x 2.5x PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018 PUBLIC EQUITY MARKET OVERVIEW PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)4 Alcoholic Bev erages Casual Dining Restaurant Non-Alcoholic Bev erages Foodserv ice Natural / Organic / BFY Protein Processing Pizza Fine Dining S&P Fruit and Vegetable Ingredients / Flav ors Priv ate Label Quick Serv ice Restaurant Dairy Snacks Baked Goods Family Restaurant Bev erage / Snack Retail Agribusiness Branded Processed Foods Differentiated Casual Food Retail Fast Casual Grocery Distribution (35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0% 45.0% Inputs Food and Beverage Consumer and Retail 5 RECENT EQUITY OFFERINGS Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type Use of Funds ($mm) Secondary 2/14/18 02/14/18 Reed's Inc REED Follow-On - Pay Fees & Expenses Secondary 2/6/18 02/06/18 Simply Good Foods Co SMPL Follow-On $112.8 Pay Fees & Expenses 1/31/18 12/13/17 Ipic Entertainment Inc IPIC IPO $15.1 General Corp. Purp. General Corp. Purp. 1/26/18 01/26/18 Naturally Splendid Enterprises Ltd. NSP Follow-On $2.6 Prod Dev / R&D Working Capital General Corp. Purp. 1/19/18 09/25/17 Feronia Inc FRN Follow-On $19.8 Working Capital General Corp.
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