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Food and Beverage FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, 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 under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. 0 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW With nearly 300 transactions so far this year, the food and beverage M&A market . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY remains robust. Recent notable transactions include: Lavazza’s acquisition of . EARNINGS CALENDAR Kicking Horse Coffee Co., HGGC’s acquisition of Nutraceutical International, and GROUP OVERVIEW Harris Williams & Co. is a leading J.M. Smucker Company’s acquisition of Wesson Oil. The divestiture of Wesson Oil advisor to the food and beverage market. Our significant by Conagra Brands points to the food giant’s continued efforts to reshape its experience covers a broad range of end markets, industries, and business models. This particular portfolio. report focuses on trends and metrics in the following areas: . Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein The Soup & Infant . Natural and Organic Feeding Business of . Processing a partnership of a portfolio company of a portfolio company of . Produce Restaurant and Retail PizzaRev & . Founders . Snacks has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 a portfolio company of a portfolio company of a portfolio company of a subsidiary of Ryan Budlong and Managing Director [email protected] has been acquired by has been acquired by has been acquired by has been acquired by +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703 a portfolio company of a portfolio company of a portfolio company of Andy Warczak Vice President [email protected] has been acquired by +1 (612) 359-2714 has been acquired by has been acquired by has been acquired by A Private Investor Group www.harriswilliams.de PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 WHAT WE’VE BEEN DOING (CONTINUED) HW&CO. ADVISES ON THE SALE OF PIZZAREV Overview On May 22, 2017, Cleveland Avenue acquired PizzaRev, adding to the continued momentum of HW&Co.’s food and beverage group. Company Description PizzaRev franchises and operates over 45 fast casual build-your-own pizza restaurants in the United States and Mexico, offering highly-customizable and high-quality pizzas cooked in under three minutes. The concept, which also offers salads, desserts, and alcoholic and non-alcoholic beverages, differentiates itself from fast casual competitors through customization, atmosphere, food quality, and innovation. Key Value Drivers for PizzaRev Rev-olutionary Concept . Growing franchise system with base of experienced, enthusiastic, and well-capitalized franchise partners. Significant white space for growth both domestically a partnership of and internationally. PizzaRev & . Differentiated concept offering a fully customizable, Founders better-for-you offering, and an attractive, “stay and enjoy” atmosphere. has been acquired by . Category innovator with industry-leading offerings, menu enhancements, and technology integration. VITAL SIGNS COMMODITY PRICE INDICES1 120 Soybeans: 100 (35.4%) 80 Corn: 60 (46.3%) 40 Wheat: 20 (47.1%) CommodityPriceIndex - Crude Oil: May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 (49.8%) Soybeans Wheat Corn Crude Oil PROTEIN PRICE INDICES2,3 140 130 Beef: 120 10.7% 110 Pork 3.1% ProteinPriceIndex 100 Poultry: 90 (3.4%) Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Beef Pork Poultry PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 VITAL SIGNS RESTAURANT AND GROCERY STORE SALES INDICES4 140 Restaurant: 20.7% 120 Grocery: 100 9.3% SalesIndex 80 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION2 4.0 3.0 2.0 1.0 Infational (%) Infational - (1.0) May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 PUBLIC EQUITY MARKET OVERVIEW KEY TRADING STATISTICS5 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 (0.9%) (0.9%) (5.8%) (0.9%) 12.5x 12.9x 6.5x 3.0x Fruit and Vegetable 2.0% 3.3% 13.6% 17.2% 16.4x 24.5x 11.5x 0.7x Ingredients / Flavors 10.9% 5.2% 5.9% 0.7% 23.0x 27.3x 16.1x 1.4x Inputs Agribusiness (2.3%) 0.9% 0.8% (0.8%) 21.7x 24.5x 11.6x 2.5x Branded Processed Foods (0.4%) (6.5%) (5.1%) (5.9%) 20.6x 28.1x 12.8x 2.2x Private Label Foods and Beverages (9.0%) (14.7%) 6.5% 26.5% 33.6x 25.0x 11.3x 5.7x Natural / Organic Foods / BFY 0.8% (30.3%) 25.2% (12.6%) 17.7x 25.4x 15.2x 7.1x Baked Goods 1.7% (2.6%) (1.1%) (1.0%) 19.9x 28.3x 9.9x 2.4x Dairy 5.8% 5.3% 8.8% 16.9% 19.6x 24.0x 13.3x 1.3x Non-Alcoholic Beverages 10.8% 4.0% 9.4% 9.9% 22.7x 25.0x 14.2x 1.7x Alcoholic Beverages 16.9% 10.8% 3.4% 3.6% 21.3x 26.1x 15.3x 2.6x Food and BeverageFood and Snacks 1.0% 12.1% (0.1%) 10.1% 21.8x 32.9x 15.5x 3.3x Grocery Distribution 9.4% (1.6%) (6.4%) 7.2% 15.2x 17.5x 7.9x 2.1x Food Retail 3.8% (5.1%) (7.4%) (7.9%) 15.6x 18.2x 7.1x 1.5x Foodservice 5.3% 0.4% (3.1%) 1.2% 20.1x 17.0x 12.5x 4.0x Quick Service Restaurant 14.6% 23.4% 4.3% 8.3% 23.0x 26.4x 13.1x 3.2x Fast Casual 15.7% (0.4%) 0.9% 25.5% 41.7x 43.1x 15.7x 1.4x Differentiated Casual (3.4%) (4.6%) 3.7% (2.0%) 23.2x 26.3x 9.6x 1.0x Casual Dining Restaurant 22.5% 7.9% 6.9% 1.9% 17.7x 23.5x 8.6x 2.4x Fine Dining 1.1% 6.9% 2.2% 1.1% 19.1x 22.8x 9.4x 1.3x Consumer and Retail and Consumer Pizza 10.8% 21.6% 3.1% 22.1% 26.3x 36.1x 19.8x 4.0x Beverage / Snack Retail 0.8% (13.2%) 9.5% 5.4% 24.6x 28.2x 17.4x 2.4x Family Restaurant (2.5%) (1.0%) (5.9%) 3.9% 19.7x 35.4x 11.0x 2.6x Overall Median 5.9% 0.9% 2.2% 2.6% 21.1x 25.0x 12.1x 2.2x PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017 PUBLIC EQUITY MARKET OVERVIEW PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5 Quick Serv ice Restaurant Pizza S&P Snacks Alcoholic Bev erages Casual Dining Restaurant Fine Dining Dairy Ingredients / Flav ors Non-Alcoholic Bev erages Fruit and Vegetable Agribusiness Foodserv ice Fast Casual Protein Processing Family Restaurant Grocery Distribution Baked Goods Differentiated Casual Food Retail Branded Processed Foods Bev erage / Snack Retail Priv ate Label Natural / Organic / BFY (35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0% Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6 Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 05/18/17 05/15/17 Performance Food Group Co PFGC Follow-On $387.5 Liquidity for Private Owners 05/11/17 05/11/17 Organto Foods Inc OGO Follow-On $2.5 Working Capital General Corporate Purposes 05/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners 04/24/17 04/24/17 Noble Romans Inc NROM Follow-On $3.7 Liquidity for Private Owners 04/12/17 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners 03/14/17 03/13/17 Noodles & Co NDLS Follow-On $31.5 Pay Fees & Expenses 03/07/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital 03/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners 02/23/17 02/16/17 Performance Food Group Co. PFGC Follow-On $317.3 Liquidity for Private Owners 02/23/17 02/22/17 LeGall Holdings Inc. - IPO $0.1 Liquidity for Private Owners 02/14/17 02/13/17 New Age Bev Corp.
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