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M&A Market Overview www.peakstone.com Consumer & Retail Industry M&A Update January 2017 Consumer & Retail M&A Update | January 2017 Consumer & Retail Industry Update . For 2016, strategic buyers accounted for 85% of Consumer and Retail M&A transactions. During 2015, strategic buyers accounted for 90% of the transactions. Many Consumer and Retail categories continue to outperform the S&P 500. Select recent notable publicly announced M&A transactions: o Symantec Corporation signed a definitive agreement to acquire LifeLock, Inc. for approximately $2.3 billion. o Samsung Electronics America, Inc. entered into a definitive agreement to acquire Harman International Industries, Incorporated for $8 billion in cash. o Bain Capital L.P. and Bow Street, LLC entered into a definitive agreement to acquire Blue Nile Inc. for approximately $490 million. o American Axle & Manufacturing Holdings Inc. entered into a definitive agreement to acquire Metaldyne Performance Group Inc. for approximately $1.5 billion. o Polaris Industries Inc. entered into an agreement to acquire Transamerican Auto Parts Company, LLC for approximately $670 million. o Bass Pro Group, LLC entered into a definitive agreement to acquire Cabela's Incorporated for $4.6 billion. o Eldorado Resorts, Inc. entered into a definitive merger agreement to acquire Isle of Capri Casinos, Inc. for approximately $990 million. 1 Consumer & Retail M&A Update | January 2017 U.S. Consumer & Retail Industry - M&A Market Overview U.S. Consumer & Retail transaction activity has been strong U.S. Consumer & Retail Transactions by Buyer Type U.S. Consumer & Retail Transaction Multiples 14.0x 120 12.3x 11.4x 12.0x 10.9x 10.7x 100 10.5x 10.6x 10.0x 9.1x 26 80 16 7.4x 29 8.0x 60 30 6 9 23 6.0x 40 10 72 72 4.0x 52 57 55 20 1.3x 34 40 39 2.0x 1.1x 1.0x 1.1x 0.5x 0.7x 0.9x 0.9x 0 0.0x 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 Strategic Financial EV / EBITDA EV / Revenue Source: Capital IQ As of 1/30/2017 2 Consumer & Retail M&A Update | January 2017 Peakstone Consumer & Retail Index – Trading Statistics Consumer & Retail categories performed well compared to the S&P 500 Relative Stock Performance – Group 1 250% 200% 150% Apparel & Accessories: +110% Consumer Electronics: +92% 100% Automotive: +84% 50% S&P 500: +73% Consumer Services: +39% 0% -50% Peakstone Apparel & Accessories Index: VFC, UA, HBI, PVH, RL Peakstone Automotive Index: F, GM, GT, BWA, LEA Peakstone Consumer Electronics Index: HAR, GPRO, UEIC Peakstone Consumer Services Index: MCD, LVS, CCL, YUM, ARMK Source: Capital IQ As of 1/30/2017 3 Consumer & Retail M&A Update | January 2017 Peakstone Consumer & Retail Index – Trading Statistics Consumer & Retail categories performed well compared to the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA – Group 1 30.0x 25.0x 20.0x Consumer Electronics: 17.2x 15.0x Consumer Services: 12.2x S&P 500: 11.8x 10.0x Apparel & Accessories: 11.6x 5.0x Automotive: 7.1x 0.0x Peakstone Apparel & Accessories Index: VFC, UA, HBI, PVH, RL Peakstone Automotive Index: F, GM, GT, BWA, LEA Peakstone Consumer Electronics Index: HAR, GPRO, UEIC Peakstone Consumer Services Index: MCD, LVS, CCL, YUM, ARMK Source: Capital IQ As of 1/30/2017 4 Consumer & Retail M&A Update | January 2017 Peakstone Consumer & Retail Index – Trading Statistics Consumer & Retail categories performed well compared to the S&P 500 Relative Stock Performance – Group 2 400% 350% 300% 250% Footwear: +161% 200% Retailing: +119% 150% Leisure Products: +95% 100% S&P 500: +73% 50% Home Improvement: +66% 0% -50% Peakstone Footwear Index: NKE, SKX, WWW, DECK Peakstone Home Improvement Index: FHD, LOW, SHOS, LL Peakstone Leisure Products Index: HAMAT, HAS, PII, BC Peakstone Retailing Index: AMZN, TGT, LOW, BBY, M Source: Capital IQ As of 1/30/2017 5 Consumer & Retail M&A Update | January 2017 Peakstone Consumer & Retail Index – Trading Statistics Consumer & Retail categories performed well compared to the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA – Group 2 25.0x 20.0x Retailing: 17.6x Footwear: 15.3x 15.0x Home Improvement: 11.9x 10.0x S&P 500: 11.8x Leisure Products: 11.6x 5.0x 0.0x Peakstone Footwear Index: NKE, SKX, WWW, DECK Peakstone Home Improvement Index: FHD, LOW, SHOS, LL Peakstone Leisure Products Index: HAMAT, HAS, PII, BC Peakstone Retailing Index: AMZN, TGT, LOW, BBY, M Source: Capital IQ As of 1/30/2017 6 Consumer & Retail M&A Update | January 2017 Public Trading Comparables by Sector Select Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Apparel, Accessories and Luxury V.F. Corporation $21,571 $23,922 1.9x 11.9x 13.8x 15.8x 48% 16% Under Armour, Inc. $12,339 $13,233 2.8x 23.2x 30.3x 47.6x 47% 12% Hanesbrands Inc. $8,640 $12,318 2.1x 12.5x 13.9x 10.9x 38% 17% PVH Corp. $7,517 $10,179 1.2x 9.5x 13.4x 13.3x 52% 13% Ralph Lauren Corporation $7,363 $7,396 1.0x 7.3x 10.6x 16.5x 57% 14% Apparel, Accessories and Luxury Median $8,640 $12,318 1.9x 11.9x 13.8x 15.8x 48% 14% Automotive and Componments Ford Motor Co. $50,109 $163,134 1.1x 9.4x 17.6x 7.8x 12% 10% General Motors Company $56,417 $114,308 0.7x 5.4x 9.6x 6.2x 13% 12% The Goodyear Tire & Rubber Company $8,043 $13,323 0.9x 5.7x 8.1x 7.6x 27% 15% Lear Corp. $9,957 $10,700 0.6x 5.4x 6.6x 9.6x 12% 10% BorgWarner Inc. $8,475 $10,652 1.2x 7.0x 9.3x 11.8x 21% 17% Automotive and Componments Median $9,957 $13,323 0.9x 5.7x 9.3x 7.8x 13% 12% Consumer Electronics Harman International Industries, Inc. $7,727 $8,542 1.2x 10.1x 13.6x 15.8x 31% 12% GoPro, Inc. $1,324 $1,099 1.0x NM NM NM 35% -32% Universal Electronics Inc. $959 $946 1.4x 16.1x 28.0x 20.2x 26% 9% Consumer Electronics Median $1,324 $1,099 1.2x 13.1x 20.8x 18.0x 31% 9% Consumer Services McDonald's Corp. $101,937 $125,677 5.0x 13.6x 16.3x 20.5x 41% 37% Las Vegas Sands Corp. $44,500 $53,690 4.8x 14.9x 21.0x 21.6x 78% 32% Carnival Corporation $38,544 $47,395 2.9x 10.0x 15.7x 14.8x 43% 29% Yum! Brands, Inc. $23,551 $29,906 2.3x 9.8x 12.9x 24.3x 29% 23% Aramark $8,236 $13,404 0.9x 10.8x 17.9x 17.7x 11% 9% Consumer Services Median $38,544 $47,395 2.9x 10.8x 16.3x 20.5x 41% 29% Source: Capital IQ As of 1/18/2017 7 Consumer & Retail M&A Update | January 2017 Public Trading Comparables by Sector Select Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Footwear NIKE, Inc. $88,763 $86,357 2.6x 16.7x 19.3x 22.1x 45% 15% Skechers U.S.A., Inc. $3,990 $3,477 1.0x 7.5x 8.8x 14.1x 46% 13% Wolverine World Wide Inc. $2,315 $2,845 1.1x 11.3x 13.8x 16.4x 39% 10% Deckers Outdoor Corp. $1,893 $2,093 1.1x 8.8x 11.2x 13.9x 46% 13% Footwear Median $3,152 $3,161 1.1x 10.0x 12.5x 15.2x 46% 13% Home Improvement The Home Depot, Inc. $165,585 $184,877 2.0x 12.4x 14.2x 19.6x 34% 16% Lowe's Companies, Inc. $62,960 $77,181 1.2x 10.2x 13.0x 16.3x 35% 12% Home Improvement Median $114,272 $131,029 1.6x 11.3x 13.6x 17.9x 34% 14% Leisure Products Mattel, Inc. $10,573 $12,709 2.3x 14.6x 20.9x 20.1x 48% 16% Hasbro Inc. $10,628 $11,536 2.4x 12.0x 14.2x 20.2x 53% 19% Polaris Industries Inc. $5,569 $5,883 1.3x 10.4x 14.6x 17.8x 26% 13% Brunswick Corporation $4,998 $5,012 1.1x 8.9x 10.9x 14.4x 27% 13% Leisure Products Median $8,071 $8,710 1.8x 11.2x 14.4x 19.0x 38% 14% Retailing Amazon.com, Inc. $384,752 $385,393 3.0x 35.5x 97.7x 113.2x 35% 9% Lowe's Companies, Inc. $62,960 $77,181 1.2x 10.2x 13.0x 16.3x 35% 12% Target Corp. $39,847 $51,442 0.7x 6.9x 9.8x 13.1x 30% 11% Macy's, Inc. $9,140 $16,186 0.6x 5.4x 8.3x 9.7x 39% 12% Retailing Median $51,403 $64,311 1.0x 8.6x 11.4x 14.7x 35% 11% Consumer and Retail Total Median $9,299 $12,821 1.4x 11.0x 13.7x 16.9x 36% 14% Source: Capital IQ As of 1/18/2017 8 Consumer & Retail M&A Update | January 2017 Selected Consumer & Retail Industry Transactions Selected Consumer and Retail Transactions Transaction EV / Date Target / Issuer Size ($mm) Buyers / Investors EBITDA Transaction Comments Textron Inc. (NYSE:TXT) signed a definitive agreement to acquire Arctic Cat Inc. 01/25/2017 Arctic Cat Inc. (NasdaqGS:ACAT) $315 Textron Inc.
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