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Consumer and Retail Industry Update July 2012

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Consumer and Retail Industry Update July 2012 Consumer and Retail Industry Update July 2012 Member FINRA/SIPC www.harriswilliams.com Consumer and Retail Industry Update July 2012 What We’ve Been Reading • The New York Times reports that the Regis Corporation has agreed to sell its hair restoration product line, Hair Club, to the Japanese wig maker Aderans for $163.5 million. “Regis, which bought Hair Club in 2004, expects to record an after-tax gain of $8 million to $12 million on the sale.” Read the article here. • The Wall Street Journal reports that LaCrosse Footwear has entered a definitive agreement to be purcahsed by ABC-Mart, a Japanese retail chain for $138 million. “The purchase price represents a premium of 82% over LaCrosse Footwear's average closing stock price over the last 30 days ended July 5, 2012, and an 82% premium over the closing price on July 5, 2012.” Read the article here. • The Wall Street Journal reports that retail sales in June grew by 2.5%, the slowest pace in more than two years.“Lower gasoline prices and steep promotions did little to get America's consumers out shopping last month. June retail sales grew at the slowest pace in more than two years, held back by flagging consumer confidence.” Read the article here. Contacts Richmond Boston Cleveland London Minneapolis Philadelphia San Francisco Phone: +1 (804) 648-0072 Phone: +1 (617) 482-7501 Phone: +1 (216) 689-2400 Phone: +44 203 170 8838 Phone: +1 (612) 359-2700 Phone: +1 (267) 675-5900 Phone: +1 (415) 288-4260 Fax: +1 (804) 648-0073 Fax: +1 (617) 482-7503 Fax: +1 (216) 689-2401 Fax: +44 207 681 1907 Fax: +1 (612) 359-2701 Fax: +1 (267) 675-5901 Fax: +1 (415) 288-4269 For more information regarding our consumer experience, please contact Glenn Gurtcheff ([email protected]), Tim Alexander ([email protected]), Jeff Cleveland ([email protected]), Ryan Budlong ([email protected]), or Brant Cash ([email protected]) at +1 (612) 359-2700. 1 of 16 Equity Trading Overview July 2012 Median Median TEV/ Median TEV/ Key Trading Number of Sector Ente rprise Change in Stock Price LTM Multiples Forward Mulitples Statistics Companies Value ($mm) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA (detail begins Consumer Products on page 6) Apparel & Footwear 36 $1,104 (7.5%) (11.3%) 1.05x 9.0x 0.98x 7.3x Automotive Products 12 2,390 (4.7%) 11.2% 0.54x 10.1x 0.49x 9.3x Home & Office Furniture & Furnishings 14 762 (5.1%) (17.1%) 0.56x 7.2x 0.63x 6.6x Household Products 11 4,379 2.6% (0.6%) 1.23x 8.2x 1.16x 7.7x Personal Care Products 16 2,341 0.0% (0.7%) 1.52x 8.8x 1.40x 8.9x Recreational & Leisure Products 21 409 (5.9%) 14.4% 0.98x 9.1x 1.12x 7.5x Retail Apparel & Footwear Retail 44 970 (0.5%) (5.1%) 0.59x 6.4x 0.56x 5.7x Catalog & Specialty Distribution 8 314 (2.6%) (22.2%) 0.17x 7.7x 0.16x 5.8x Department Chains 9 6,639 (4.0%) (4.9%) 0.57x 6.4x 0.55x 5.5x Discount Stores & Mass Merchants 12 5,340 6.4% 20.0% 0.73x 8.1x 0.70x 8.4x Furniture & Furnishings Retailers 13 1,148 (9.7%) 10.7% 0.85x 7.1x 0.84x 6.3x Internet Retail 13 715 3.6% 2.6% 1.28x 13.7x 1.14x 9.3x Specialty & Other Retail 30 1,250 (2.6%) 2.3% 0.56x 8.3x 0.56x 6.9x Consumer Products 110 $1,722 (4.9%) (0.7%) 1.01x 8.9x 1.05x 7.6x Retail 129 $1,148 (2.6%) 2.3% 0.59x 7.7x 0.56x 6.3x Consumer & Retail Index 239 $1,148 (2.6%) (0.6%) 0.73x 8.2x 0.70x 7.3x Public Company Discount Stores & Mass Merchants Sector Recreational & Leisure Products Performance Automotive Products (12-month % Furniture & Furnishings Retailers change in Internet Retail stock price) S&P 500 Specialty & Other Retail Consumer & Retail Index Household Products Personal Care Products Department Chains Apparel & Footwear Retail Apparel & Footwear Home & Office Furniture & Furnishings Catalog & Specialty Distribution (35.0%) (30.0%) (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 2 of 16 Equity Markets Overview July 2012 175 Consumer and Retail 50.1% Industry Stock 150 Performance 30.6% 10.5% 125 Index 100 75 50 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Dow Jones U.S. Consumer Goods Index Dow Jones Retail Index S&P 500 Index Recent Equity Transaction Gross Proceeds Offerings Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds 06/29/12 06/29/12 Coty US Inc COTY IPO $700.0 Secondary 06/29/12 06/29/12 Northwest Biotherapeutics Inc NWBO Follow-On 28.8 Prod Dev / R&D 06/21/12 12/02/11 Chanticleer Holdings Inc HOTR Follow-On 11.0 Payment on Borrowings 06/15/12 06/15/12 AutoTrader Group Inc ATG IPO 300.0 Payment on Borrowings 06/13/12 06/13/12 Bauer Performance Sports Ltd BAU Follow-On 25.0 Acquisition Fin. 06/05/12 03/01/10 Dollar General Corp DG Follow-On 1,612.9 General Corp. Purp. 05/25/12 04/05/12 Gordmans Stores Inc GM A N Follow-On 51.0 General Corp. Purp. 05/09/12 04/25/11 WageWorks Inc W A GE IPO 58.5 General Corp. Purp. 05/03/12 07/01/11 Tilly's Inc TLYS IPO 142.6 General Corp. Purp. 05/03/12 02/28/12 TAL International Group Inc TAL Follow-On 193.8 General Corp. Purp. 04/18/12 12/13/11 Tumi Holdings Inc TUMI IPO 388.7 General Corp. Purp. 04/17/12 04/04/12 Francesca's Holdings Corp FRAN Follow-On 248.4 General Corp. Purp. 03/29/12 12/23/11 Oncothyreon Inc ONTY Follow-On 54.1 General Corp. Purp. and Reduce Indebtedness 03/28/12 06/10/11 CafePress Inc PRSS IPO 85.5 General Corp. Purp. 3 of 16 M&A Overview July 2012 Announced Quarterly Consumer M&A Activity Last 10 Deals Announced 100 Consumer Announced Target Buyer 90 7/5/2012 Stephen L. LaFrance Pharmacy Walgreen Co. and Retail 7/5/2012 Lacrosse Footwear Inc. ABC-Mart, Inc. 80 19 9 6/30/2012 Gaikai, Inc. Sony Computer Ent. M&A 5 11 6/29/2012 Sundance Holdings Group, LLC Brentwood Associates, Inc. __ 70 6 9 10 6/29/2012 Only Natural, Inc. Union Equity Inc. 15 13 13 60 13 6/27/2012 Bari Leather Furniture Luxeyard, Inc. 19 11 9 6/26/2012 T he Sun Product s Corp. High Ridge Brands Co. 50 6/25/2012 Alexander Doll Company, Inc. Kahn Lucas Lancaster, Inc. 6/25/2012 Cutters Gloves LLC EZ GARD Industries, Inc. 40 4 6/22/2012 WM Holdings, LLC Full Motion Beverage, Inc. 72 72 70 65 66 30 61 64 55 56 56 54 50 Number of Transactions 48 46 20 37 LTM Deal Statistics 10 Aggregate Number Transaction Multiples 0 2 Value ($bn) of Deals EV / Revenue EV / EB ITDA 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 PEG Acquirer Strategic Acquirer $25.3 291 0.70x 10.2x Note: Transactions based on publicly available information Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples Retail M&A 16.0x 1.75x $100 500 Trends 450 14.0x 1.50x $84.9 $79.7 __ $80 400 Number of Transactions 12.0x 11.2x / LTM SalesEV Multiple 11.0x 10.7x 10.0x 10.3x 1.25x 350 10.0x 8.9x $60 300 8.4x 1.00x 250 8.0x $40.3 0.75x $40 200 6.0x $28.6 $29.6 150 0.50x $22.1 __ $21.2 4.0x __ $20 100 EV / LTM EBITDA Multiple 2.0x 0.25x 50 Aggregate billions) in ($ Value Transaction $0 0 0.0x 0.00x 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 YTD YTD Aggregate Deal Value # of deals EV / LTM EBITDA EV / LTM Sales Median LTM Median LTM Trading Multiples Consumer Private Equity Investments and Exits Trading 12.0x 120 Multiples and 110 10.3x 10.4x 10.3x 9.9x 10.0x 9.7x 9.8x 97 Announced 10.0x 9.4x 9.5x 100 9.3x 9.4x 9.2x 8.9x 8.6x 8.7x Private Equity 8.4x 8.1x 8.2x 8.3x 8.3x ' 81 7.7x 7.8x M&A Activity 8.0x 7.6x 80 73 71 73 6.5x 59 59 59 6.0x 60 53 54 54 53 49 37 36 4.0x 40 33 30 30 Number of Investments Median Trading Multiples 27 2.0x 20 0.0x 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Number of Investments Number of Exits Consumer Products Retail 4 of 16 Debt Market Overview July 2012 Key Retail Quarterly Retail Loan Volume Average Spread on Retail Loans Credit Statistics $12 L + 500 ___ $10 __ L + 400 $8 L + 300 $6 L + 200 $4 Average Spread Average Spread Over LIBOR L + 100 $2 LoanVolumeQuarter by ($billions) in $0 L + 0 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional Credit Statistics Average Secondary Spread 8.0x L + 1200 2007 2008 2009 2010 2011 2012 YTD L + 1000 6.0x L + 800 4.0x L + 600 L + 400 EBITDA Multiple EBITDA 2.0x Average Spread Average Spread Over LIBOR L + 200 0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest Recent Date Effective Borrower Name Description Deal Amount Type Rating Spread 07/25/12 Inteva Products LLC Motor vehicles and car bodies $225,000,000 Term Loan B NR / NR 700 Consumer and 07/25/12 Inteva Products LLC Motor vehicles and car bodies 125,000,000 Revolver/Line >= 1 Yr.
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