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CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015 www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company incorporated under English law having 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. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority. 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. CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015 HARRIS WILLIAMS & CO. CONSUMER UPDATE GROUP OVERVIEW HW&CO’S RECENT INDUSTRY OBSERVATIONS Harris Williams & Co. is a leading advisor to the Consumer market. Our The Harris Williams Consumer team continued its strong Q1 momentum into April, with significant experience covers a broad several new deals coming to market and dialogues with other potential opportunities range of end markets, industries, and accelerating as shareholders look to capitalize on a historically strong Consumer business models. This particular report M&A environment. Deal flow and buyer interest remain robust across diverse focuses on trends and metrics in the following areas: Consumer verticals and based on our backlog and visibility, we anticipate that 2015 will be another active year for us and for investors in the space. Catalog and Direct Marketing . Consumer Durables Following up on last month’s update on our work in the global pet . Consumer Electronics market, we highlight our activity in the Consumer Durables and a portfolio company of . Consumer Services Household Goods sectors. HW&Co. recently advised the shareholders of U-Line Corporation, the American leader in the . E-tailing undercounter modular ice making, refrigeration, and wine . Footwear, Apparel, and preservation market, in its sale to The Middleby Corporation. We has been acquired by Accessories also recap our recent trip to the International Home + Housewares . Franchise Platforms Show, where we walked the floor and held productive meetings . Home Furnishings with a number of industry participants, PEG-backed platforms, and financial sponsors seeking new investment opportunities in the . Household Goods sector. These meetings, coupled with our own activity and industry . Infant and Juvenile Products observations, suggest that M&A activity is likely to accelerate over . Jewelry, Gifts, and Collectibles the near-to-mid-term. Lawn, Garden, and Pet Products and Services Key Market Dynamics . Leisure and Outdoor Products Residential New Housing Starts (in '000s) . Personal Care Products Growing Interest in the Sector as a 2,500 Whole: We have attended the show 2014 Housing Starts: ~30% . Specialty and Mass below 50-Year Avg. Merchant Retailing for several years and found our most 2,000 recent trip to be one of the busier ones in recent memory, with the ~1.4M CONTACTS ability to meet with a wide variety of 1,500 sponsors, including a number of first- John Neuner time attendees. We believe this Managing Director 1,000 [email protected] dynamic illustrates the growing level +1 (804) 915-0125 of interest in the sector and is 500 perhaps a leading indicator of Ryan Budlong Director increased investment activity. [email protected] 0 HW&Co. as a firm continues to see 1960 1968 1976 1984 1992 2000 2008 2016P +1 (415) 217-3409 strong interest in assets whose Single Family Multi-Family 50-Year Average Brent Spiller performance is correlated to the still- Director Improvingimproving housing market, and we expect this trend to benefit consumer durables [email protected] and household goods companies for the foreseeable future. +1 (804) 915-0183 Corey Benjamin All Eyes on e-Commerce: The shift toward omnichannel retailing was a key topic of Vice President [email protected] conversation at the show as retailers continue to seek ways to serve an increasingly- +1 (804) 932-1342 connected consumer and drive growth. While consumers embrace the enhanced convenience and choice afforded by a robust online “endless aisle”, the trend Matt Conaty Vice President introduces operational challenges for retailers and vendors alike. Supply chain [email protected] management is always critical when serving mass market and other big box retailers, +1 (415) 217-3423 and while HW&Co. believes that certain product categories are better insulated from Chip Duggins the shift to online than others, this dynamic will further reward those vendors with Vice President sophisticated supply chain management capabilities. [email protected] Same Store Sales and E-Commerce Growth Comparison +1 (804) 932-1340 Most Recent Quarter a Year Ago Most Recent Quarter 225.0% 207.0% 204.8% 150.0% 75.0% 40.0% 2.7% 11.4% 6.9% 1.3% – 1.6% 9.0% 2.5% 1.7% 0.0% WSM PIR BBBY WSM PIR BBBY Same Store Sales Growth E-Commerce Growth www.harriswilliams.de PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015 HARRIS WILLIAMS & CO. CONSUMER UPDATE M&A HIGHLIGHTS Both Strategic and Financial Buyers Remain Hungry for Deal Flow: Our conversations during the U-Line process and beyond demonstrated a healthy level of strategic and financial buyer appetite for investment opportunities. Strategic consolidators are particularly aggressive, with many maintaining active outbound calling efforts as they search for assets to fill white spaces in their portfolios and help drive earnings growth. We have also seen private equity groups increase their activity levels, particularly sponsor-backed platforms looking for add-on’s. This increased level of activity is evident in the chart below, which shows broad-based acceleration in deal flow. Relative Dearth of Supply, but We Anticipate Opportunities to Emerge: Both strategic and financial buyers have expressed the need to be opportunistic as they search for acquisition opportunities. Based on our dialogue, we expect several attractive assets of scale to become actionable in 2015. We believe these companies will command significant attention in the marketplace and may serve as a catalyst for further activity. Taylor Precision Products La Cafetiere / Lifetime Brands Hoffmaster Group / Kaz / Helen / Centre Partners Kohlberg & Co. of Troy Candle Lamp / Viking Range / Compass Diversified Brasmotor / Creative Tops / Jarden Consumer Middleby Whirlpool Lifetime Brands Solutions (Europe) / Homax Cleaning … Jarden Defy Appliances Water Pik / Homax / Anchor Hocking / / Ardutch Fisher & MidOcean PPG Monomoy Denby Pottery / Paykel / Haier Weiman / Russell Hobbs / Vinturi / Focus Valco Investments Lincat Group / Cortec Products Dinex / Carlisle Spectrum Brands Braun brand / Middleby EveryWare / ROI Foodservice De'Longhi Acq. Corp. Lancaster Colony CST / Robert Snapware / Candle / Centre Lane Bosch Tool World Kitchen WMF AG / Lifoam / Home Décor / CTI Compañia / Novelis / Reynolds KKR Jarden NBG Home Atwood Mobile / Electrolux Insight Equity PUR Water Purification / Metrokane / Taylor U-Line / Quickie Helen of Troy Food of Love / Lenox Corp / Zelmer Spolka Precision Products Middleby Clarion Capital Manufacturing / Akcyjna / Bosch Martha Stewart Jarden Focus Products / Ignite / Centre Lane Newell Hoffmaster Group / Metalmark Ittala / Fiskars Arcelik AS / Yankee Candle KOC Holdings /Jarden Dometic Group / Sullivans / Fort Mikasa / EQT Partners AB Snaige / Point Capital International Lifetime Brands Polaire Central Coway Co. / MBK Newell Hardware / Cookware / Aurora Nova Capital Haier Electronics / Qindao Haier Bloomingville / Supor Cookware / SEB Easy Aces / Thomas Plant / Creative Co-Op Lifetime Brands Lifetime Brands KAVALIERGLASS / Ojgar ICA Home Décor / Annex Capital EK Success / Wilton Brands Pulse Home Bubba Brands / Spectrum Brands / Harbinger Capital Incognito / Empire Silver / Products / Jarden North Castle Lifetime Brands Newell 2007 2008 2009 2010 2011 2012 2013 2014 2015 Financial Buyer Strategic Buyer PUBLIC MARKET OVERVIEW EV / EBITDA Consumer Durables and Household Goods Consumer Durables and Household Goods EV / EBITDA Index Performance (’12 – ’15 YTD) 20.0x 18.3x 15.0x 10.5x 10.0x 10.4x 10.0x 5.0x 7.8x 0.0x 7.0x Consumer Durables and Household Goods S&P 500 PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015 PUBLIC MARKETS OVERVIEW KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7) Median TEV/ Median TEV/ Number of Median Enterprise Sector Change in Stock Price LTM Multiples Forward Mulitples Companies Value ($mm) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA Consumer Products Apparel & Footwear 29 $2,482 12.0% 19.1% 1.4x 12.5x 1.4x 11.0x Home & Office Furniture & Furnishings 10 1,674 15.0% 16.7% 1.1x 12.1x 1.0x 9.5x Household Products 10 10,999 4.8% 23.5% 1.8x 13.0x 1.8x 12.1x Lawn, Garden, and Pet 9 2,199 6.3% 8.7% 1.6x 12.4x 1.7x 11.1x Personal Care Products 13 5,282 15.8% (1.3%) 1.7x 10.9x 1.5x 10.2x Recreational & Leisure Products 21 921 12.8% 4.4% 1.7x 11.0x 1.6x 11.3x Retail Apparel & Footwear Retail 38 1,354 1.2% 5.9% 0.6x 7.6x 0.6x 6.8x Catalog & Specialty Distribution 6 567 2.8% 15.4% 0.4x 12.6x 0.4x 9.1x Department Chains 9 6,756 18.6% 11.7% 0.9x 7.3x 0.9x 7.1x Discount Stores & Mass Merchants
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