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Health & Wellness Report Q3 2017

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Health & Wellness Report Q3 2017 1400 16% 14% 1200 14% 1,097 12% 1000 10% 800 7% 8% ($mm) 600 6% 487 6% 415 400 3% 4% 200 2% 34 0 0% Cognitive Cardiovascular Eye Health Digestive Health Health Health Size Expected CAGR 8 6 7 Financial 6 18% 4 4 2 3 - 1 1 - Strategic 82% Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 9/29/2017 Koios LLC Super Nova Petroleum Corp. Vitamins, Minerals, & $3.00 - - Supplements 9/27/2017 Bird & Cronin, Inc. Dynatronics Corp. Personal Care $15.50 - - 9/21/2017 iGalen International, Inc. Holista CollTech Ltd. Vitamins, Minerals, & $0.00 - - Supplements 9/5/2017 Therapeutic Research Center LLC Levine Leichtman Capital Partners, Lifestyle Companies $172.00 - - Inc.; Therapeutic Research Center LLC 8/20/2017 Back To Nature Foods Co. LLC B&G Foods North America, Inc. Natural & Organic Foods $162.50 - - 8/14/2017 Williamson-Dickie Mfg. Co. VF Corp. Lifestyle Companies $820.00 0.94x - 8/1/2017 Novel Ingredient Services LLC Innophos Holdings, Inc. Natural & Organic Foods $125.00 - - 7/26/2017 ZEN HERO, Inc. Michael James Enterprises, Inc. Natural & Organic Foods $0.85 - - 7/14/2017 Lucille Roberts Health Clubs, Inc. Town Sports International Holdings, Lifestyle Companies $0.95 - - Inc. Strategic Buyer Inv. Date Select Corporate Acquisitions Brunswick Corporation 7/20/2017 ▪ Lankhorst Taselaar BV 11/18/2016 ▪ Payne's Marine Supply, Inc. 8/31/2016 ▪ Indoor Cycling Group 7/5/2016 ▪ Thunder Jet Boats Inc. 1/20/2016 ▪ Cybex International Inc. Hi-Tech Pharmaceuticals 6/19/2017 ▪ Top Secret Nutrition LLC 10/5/2016 ▪ Tribravus Enterprises 10/5/2016 ▪ Prime Nutrition 4/28/2016 ▪ Gaspari Nutrition Inc. 8/18/2015 ▪ LG Sciences LLC Estee Lauder Cos. 6/15/2017 ▪ Deciem, Inc. 11/14/2016 ▪ Too Faced Cosmetics LLC 10/21/2016 ▪ Becca, Inc. 10/25/2015 ▪ Have & Be Co., Ltd. 12/19/2014 ▪ GlamGlow, Inc. Escalade, Inc. 1/9/2017 ▪ Jim Fletcher Archery Aids, Inc. 1/21/2016 ▪ Thunder Jet Boats Inc. 9/30/2015 ▪ Goalsetter Systems, Inc. 9/11/2015 ▪ Counting Numbering Machine, Inc. 7/29/2015 ▪ Onix Sports, Inc. Financial Buyer Inv. Date Select Corporate Acquisitions Swander Pace Capital 12/12/2016 ▪ Halo Innovations 1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. 1/31/2014 ▪ Recochem, Inc. Huron Capital Partners 10/18/2016 ▪ HME Products 6/9/2016 ▪ Good Sportsman Marketing, L.L.C. 5/17/2016 ▪ InterVision Systems, LLC 5/10/2016 ▪ Systems, Inc. 1/11/2016 ▪ Drake Automotive Group, Inc. Roark Capital Group 6/27/2016 ▪ DrybarEarnest Holdings Bros. Logistics LLC 2/17/2016 ▪ Ultimate Fitness Group, LLC 6/9/2015 ▪ Naf Naf Grill, LLC 4/17/2015 ▪ Driven Brands 500 Startups 5/16/2016 ▪ SidelineSwap, LLC 1/15/2016 ▪ Ample Foods Inc. 11/5/2015 ▪ Clicky, Inc. 7/31/2015 ▪ Pacifica Labs, Inc. 1/27/2015 ▪ Remoov, Inc. North Castle Partners, LLC 1/6/2016 ▪ Turning Point 10/2/2015 ▪ Brooklyn Boulders LLC 7/28/2015 ▪ Barry's Bootcamp LLC 7/14/2015 ▪ SmartyPants, Inc. 7/2/2015 ▪ Sprout Foods, Inc. 20% 15% 10% 5% 0% -5% -10% -15% Health & Fitness Lifestyle Companies Activewear Natural & Organic Foods Outdoor Products Personal Care Vitamins, Minerals, & Supplements S&P 500 Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Weight Watchers International, Inc. WTW $ 2,804 $ 43.55 30.3% 280.3% 88.3% 9.2% 32.7% 3.8x 14.9x 27.9x 3.5x 13.0x Planet Fitness, Inc. PLNT 2,311 26.98 15.6% 34.2% 99.2% 10.7% 43.4% 7.3x 17.7x 45.0x 6.2x 14.0x Nutrisystem, Inc. NTRI 1,679 55.90 7.4% 61.3% 82.3% 18.7% 20.3% 2.5x 18.5x 34.7x 2.1x 13.7x Fitbit, Inc. FIT 1,367 6.96 31.1% -4.9% 45.8% 0.8% (14.3%) 0.6x NM (6.6x) 0.5x (20.4x) Medifast, Inc. MED 708 59.37 43.2% 42.6% 98.7% 15.3% 16.3% 2.2x 15.0x 29.8x 2.0x 11.9x Nautilus, Inc. NLS 520 16.90 -11.7% -8.6% 73.0% 14.9% 7.9% 1.2x 9.3x 18.4x 1.1x 7.1x Segment Average $1,565 19.3% 67.5% 81.2% 11.6% 17.7% 2.9x 15.1x 24.9x 2.6x 6.5x Segment Median $1,523 23.0% 38.4% 85.3% 12.8% 18.3% 2.4x 15.0x 28.9x 2.0x 12.4x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Garmin Ltd. GRMN $ 10,150 $ 53.97 5.8% 11.3% 96.8% 0.5% 27.5% 3.0x 12.4x 15.2x 3.0x 12.3x Vail Resorts, Inc. MTN 9,129 228.12 12.5% 41.4% 98.0% 8.8% (24.4%) 5.5x 17.7x 43.7x 5.1x 15.7x Polaris Industries Inc. PII 6,546 104.63 13.4% 27.0% 96.5% 7.6% 10.1% 1.5x 17.3x 43.8x 1.4x 10.6x Brunswick Corp. BC 4,966 55.97 -10.8% 2.6% 87.7% 8.0% 15.1% 1.1x 8.2x 17.7x 1.0x 7.1x Vista Outdoor, Inc. VSTO 1,309 22.94 1.9% -37.8% 55.6% (2.0%) 10.9% 0.9x 7.7x (4.7x) 1.0x 8.6x GoPro, Inc. GPRO 1,179 11.01 35.4% 26.4% 62.3% 9.1% (3.0%) 1.2x NM (4.3x) 1.0x 14.8x Black Diamond, Inc. BDE 225 7.50 12.8% 40.2% 96.2% 7.6% (10.1%) 1.1x NM (31.9x) 1.0x 21.6x Peak Resorts, Inc. SKIS 61 4.35 6.1% -21.6% 70.2% 6.0% (110.4%) 1.8x 9.0x (97.3x) 1.7x 7.7x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA NIKE, Inc. NKE $ 68,128 $ 51.85 -12.1% 2.0% 85.7% 6.8% 14.6% 2.4x 16.4x 22.1x 2.3x 15.2x VF Corp. VFC 25,022 63.57 10.4% 19.2% 98.5% 3.4% 10.1% 2.3x 15.2x 24.1x 2.2x 14.5x lululemon athletica, inc. LULU 7,819 62.25 4.3% -4.2% 85.6% 13.1% 16.0% 3.2x 14.7x 30.1x 2.8x 12.8x Gildan Activewear, Inc. GIL-CA 6,998 31.18 -2.2% 14.4% 97.7% 0.3% 23.2% 2.7x 12.5x 18.8x 2.7x 12.6x Under Armour, Inc. UA 6,340 15.02 -25.5% -40.3% 43.8% 13.5% 3.4% 1.6x 14.8x 30.8x 1.4x 16.0x Foot Locker, Inc. FL 4,367 35.22 -28.5% -50.3% 44.3% (0.2%) 9.6% 0.4x 3.2x 8.1x 0.5x 4.0x Wolverine World Wide, Inc. WWW 2,788 28.85 3.0% 31.4% 98.8% (8.5%) 10.6% 1.3x 11.1x 33.9x 1.4x 10.3x Deckers Outdoor Corp. DECK 2,189 68.41 0.2% 23.5% 94.1% (1.5%) (19.6%) 1.1x 8.6x NM 1.1x 7.8x Iconix Brand Group, Inc. ICON 325 5.69 -17.7% -39.1% 52.7% (36.2%) 60.6% 3.6x 6.9x (0.9x) 4.8x 9.1x Sequential Brands Group, Inc. SQBG 189 2.99 -25.1% -36.1% 35.2% 7.8% 60.2% 5.2x 9.8x NM 4.8x 8.0x Cherokee, Inc. CHKE 38 2.75 -60.4% -73.8% 23.2% 11.8% 8.5% 1.8x 13.1x (1.4x) 1.5x 5.7x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Pinnacle Foods, Inc. PF $ 6,792 $ 57.17 -3.8% 7.0% 85.8% 1.0% 21.4% 3.1x 14.3x 37.1x 3.1x 13.2x Hain Celestial Group, Inc. HAIN 4,268 41.15 6.0% 5.4% 90.2% 5.4% 9.9% 1.7x 22.2x NM 1.6x 13.7x Darling Ingredients, Inc. DAR 2,886 17.52 11.3% 35.7% 93.9% 3.4% 12.2% 1.3x 10.7x 34.4x 1.3x 9.9x United Natural Foods, Inc. UNFI 2,105 41.59 13.3% -12.8% 83.6% 5.8% 3.7% 0.3x 7.8x 16.2x 0.3x 7.3x Amplify Snack Brands, Inc. BETR 544 7.09 -26.5% -19.5% 43.2% 21.1% 22.7% 3.2x 14.2x 47.3x 2.6x 10.9x Inventure Foods, Inc. SNAK 93 4.69 8.8% -52.4% 46.2% (16.1%) 5.8% 0.8x 45.8x NM 0.8x 10.9x Market Stats Operating Stats LTM Multiples NTM Multiples Est.
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