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Consumer and Retail CONSUMER AND RETAIL INDUSTRY UPDATE │ JUNE 2015 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. CONSUMER AND RETAIL INDUSTRY UPDATE │ JUNE 2015 PUBLIC MARKETS OVERVIEW GROUP OVERVIEW KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 5) Harris Williams & Co. is a leading advisor to the Consumer market. Our Median TEV/ Median TEV/ Number of Median Enterprise significant experience covers a broad Sector Change in Stock Price LTM Multiples Forward Mulitples Companies Value ($mm) range of end markets, industries, and 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA business models. This particular report Consumer Products focuses on trends and metrics in the following areas: Apparel & Footwear 29 $2,624 4.8% 12.1% 1.5x 13.6x 1.6x 11.4x Home & Office Furniture & Furnishings 10 1,742 13.1% 24.3% 1.0x 12.9x 1.0x 9.9x . Catalog and Direct Marketing Household Products 10 11,830 7.4% 34.1% 2.0x 13.3x 1.9x 11.9x . Consumer Durables Lawn, Garden, and Pet 9 2,014 (2.8%) 5.4% 1.6x 12.6x 1.7x 10.9x . Consumer Electronics Personal Care Products 13 5,235 1.4% (1.0%) 1.7x 10.7x 1.7x 10.1x Recreational & Leisure Products 21 899 0.5% 4.6% 1.7x 11.3x 1.6x 11.2x . Consumer Services Retail . E-tailing Apparel & Footwear Retail 38 1,503 (6.7%) (1.3%) 0.6x 7.8x 0.6x 7.0x . Footwear, Apparel, and Catalog & Specialty Distribution 6 627 (1.6%) 18.8% 0.3x 12.8x 0.3x 10.3x Accessories Department Chains 9 6,872 (15.7%) (4.9%) 0.7x 7.4x 0.7x 7.1x . Franchise Platforms Discount Stores & Mass Merchants 10 16,304 (3.7%) 17.9% 0.7x 11.8x 0.7x 11.2x . Home Furnishings Furniture & Furnishings Retailers 12 1,384 (0.8%) 12.3% 0.9x 8.8x 0.9x 8.1x Internet Retail 13 1,386 1.8% 29.1% 1.9x 17.1x 1.8x 11.8x . Household Goods Specialty & Other Retail 25 2,187 (1.0%) 22.0% 0.9x 9.8x 0.8x 8.1x . Infant and Juvenile Products Consumer Products 92 $2,319 3.1% 8.8% 1.7x 12.7x 1.6x 11.1x . Jewelry, Gifts, and Collectibles Retail 113 $1,503 (1.6%) 17.9% 0.7x 9.8x 0.7x 8.1x . Lawn, Garden, and Pet Products Consumer & Retail Index 205 $2,014 (0.8%) 12.3% 1.0x 11.8x 1.0x 10.3x and Services . Leisure and Outdoor Products . Personal Care Products PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE) . Specialty and Mass Merchant Retailing Household Products CONTACTS Internet Retail John Neuner Managing Director Home & Office [email protected] Furniture & Furnishings +1 (804) 915-0125 Specialty & Other Red Norrie Retail Managing Director Catalog & Specialty [email protected] Distribution +44 (0) 20 7518-8906 Discount Stores & Ryan Budlong Mass Merchants Director [email protected] Consumer & Retail +1 (415) 217-3409 Index Brent Spiller Furniture & Furnishings Director Retailers [email protected] +1 (804) 915-0183 Apparel & Footwear Corey Benjamin Vice President S&P 500 [email protected] +1 (804) 932-1342 Lawn, Garden, and Pet Matt Conaty Vice President Recreational & Leisure [email protected] Products +1 (415) 217-3423 Personal Care Chip Duggins Products Vice President Apparel & Footwear [email protected] Retail +1 (804) 932-1340 Department Chains (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% www.harriswilliams.com PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ JUNE 2015 PUBLIC MARKETS OVERVIEW CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE 250 225 200 175 150 Index 125 100 75 50 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index RECENT EQUITY OFFERINGS Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($M) Underwriter(s) 06/15/15 06/15/15 Restoration Hardware Hldg Inc RH Convertible $250.0 Goldman Sachs, Merrill Lynch, Pierce, Fenner 05/27/15 03/25/14 Bright Horizons Family BFAM Follow-On 166.8 Credit Suisse Credit Suisse, JP Morgan, Goldman Sachs, Morgan Stanley, 05/27/15 03/20/15 ServiceMaster Global Holdings Inc. SERV Follow-On 782.0 Jefferies, Merrill Lynch, Pierce, Fenner, others 05/20/15 05/08/15 Malibu Boats Inc MBUU Follow-On 69.5 Raymond James, Wells Fargo, SunTrust, B Riley 05/19/15 03/04/14 Norwegian Cruise Line Holdings NCLH Follow-On 1,097.0 Goldman Sachs 05/19/15 12/13/13 Roundy's Inc RNDY Follow-On 12.3 Credit Suisse Goldman Sachs, Morgan Stanley, Credit Suisse, Wells 05/14/15 04/30/15 Houghton Mifflin Harcourt Co HMHC Follow-On 243.2 Fargo, BMO, Houlihan, Piper Jaffray, Stifel Nicolaus Credit Suisse, Deutsche Bank, Jefferies, Barclays, Wells 05/13/15 05/06/15 Spectrum Brands Holdings Inc SPB Follow-On 575.0 Fargo, Merrill Lynch. Pierce, Fenner 05/11/15 05/11/15 Hilton Worldwide Holdings Inc HLT Follow-On 2,686.5 Citigroup, Deutsche Bank, Merrill Lynch, Pierce, Fenner 05/07/15 04/02/15 Hemisphere Media Group, Inc. HMTV Follow-On 36.1 Stifel Nicolaus, Maxim, RBC Capital Markets, Guggenheim Goldman Sachs, Jefferies, Citigroup, JP Morgan, BAML, 05/05/15 05/04/15 ClubCorp Holdings, Inc. MYCC Follow-On 239.7 Stifel Nicolaus, others 04/29/15 04/10/15 Freshpet Inc FRPT Follow-On 131.2 Goldman Sachs, Credit Suisse PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ JUNE 2015 M&A OVERVIEW ANNOUNCED CONSUMER AND RETAIL M&A Quarterly Consumer M&A Activity Last 10 Deals Announced Announced Target Buyer 160 6/12/2015 Serv ice Brands International, LLC The Dwyer Group, Inc. 140 6/11/2015 Vanity Fair Brands, LP Percev a Capital 16 6/11/2015 VKGS, LLC Global Lev eraged Cap Mgmt 120 6/11/2015 Nebraska Book (Retail Store Div .) Follett Corporation 23 6/11/2015 Fineline Industries, Inc. Nautique Boat Company, Inc. 100 6/10/2015 Brav o Sports Corporation One Industries Corp. 25 6/10/2015 Cardinal Industries, Inc. Spin Master Ltd. 80 13 6/9/2015 Sequel Natural Ltd. The WhiteWav e Foods Company 20 22 12 14 5 6/9/2015 Red Earth Trading Co. LLC Nisolo, LLC 60 127 14 34 6/8/2015 Aurora Casket Company, Inc. The York Group, Inc. 98 18 13 40 77 77 66 66 68 71 Number of Transactions 63 57 LTM Deal Statistics 20 43 39 35 Aggregate Number Transaction Multiples 0 Value ($bn) of Deals EV / Revenue EV / EBITDA 1Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q15 $27.3 20 0.80x 10.6x Strategic Buyer PEG Acquirer Note: Transactions based on publicly available information CONSUMER AND RETAIL M&A TRENDS Announced Consumer Transactions Median Consumer Transaction Multiples $90 450 20.0x 1.40x 400 Number of Transactions $75 1.20x EV / LTMSales Multiple 350 16.0x $60 300 1.00x 250 12.0x 10.7x 10.8x 10.7x 10.0x 0.80x $45 $40 $38 9.8x 200 8.9x 8.4x $30 0.60x $29 $27 $28 8.0x ($ ($ in billions) $30 150 $13 100 0.40x $15 4.0x EV / LTMEBITDA Multiple Average TransactionValue 50 0.20x $0 0 2009 2010 2011 2012 2013 2014 2015 0.0x 0.00x YTD 2009 2010 2011 2012 2013 2014 2015 YTD Aggregate Transaction Value # of Deals EBITDA Mult Rev Mult TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY Median LTM Trading Multiples Consumer Private Equity Investments and Exits 18.0x 120 111 15.6x 16.0x 14.8x 14.3x 14.0x 14.0x 97 13.6x13.6x 13.0x 13.6x 13.7x 100 14.0x 13.2x 12.7x 13.6x 12.9x 12.4x 12.6x 12.5x 12.3x 12.4x 12.1x 86 12.2x 12.4x 11.6x 11.7x 11.8x 12.0x 76 80 72 73 10.0x 71 68 10.0x 59 59 57 57 8.0x 60 53 53 48 6.0x 37 40 40 35 MedianMultiples Trading 31 4.0x 28 2.0x Number of Transactions 20 0.0x 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Consumer Products Retail YTD Number of Investments Number of Exits PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ JUNE 2015 DEBT MARKET OVERVIEW KEY RETAIL CREDIT STATISTICS Quarterly Retail Loan Volume Average Spread on Retail Loans 14 L + 500 12 L + 400 10 L + 300 8 6 L + 200 4 L + 100 2 Average SpreadOver LIBOR Loan Volume byQuarter ($ inbillions) Loan Volume byQuarter ($ inbillions) NA 0 L + 0 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 2007 2008 2009 2010 2011 2012 2013 2014 1Q15 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional Credit Statistics Average Secondary Spread 6.0x L + 1200 5.0x L + 1000 4.0x L + 800 3.0x L + 600 2.0x EBITDAMultiple 1.0x L + 400 0.0x Average SpreadOver LIBOR Debt/EBITDA Senior EBITDA/Cash EBITDA - L + 200 Debt/EBITDA Interest Capex/Cash Interest L + 0 2010 2011 2012 2013 2014 1Q15 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 RECENT CONSUMER AND RETAIL DEBT OFFERINGS Date Effective Borrower Name Description Deal Amount Type Rating Spread Arranger(s) Borrower Sponsor 06/25/15 Nordic Cinema Group AB Leisure and Entertainment $540,000,000 Term Loan A N/A / NR 375 Bank of Ireland, Danske Bank, GE Capital, others Bridgepoint Capital Ltd 06/25/15 Nordic Cinema Group AB Leisure and Entertainment $156,000,000 Term Loan B N/A / NR 400 Bank of Ireland, Danske Bank, GE Capital, others Bridgepoint Capital Ltd 06/25/15 Nordic Cinema Group AB Leisure and Entertainment $810,000,000 Term Loan B N/A / NR 450 Bank of Ireland, Danske Bank, GE Capital, others Bridgepoint Capital Ltd 06/25/15 Nordic Cinema Group AB Leisure and Entertainment $250,000,000 Rev olv er/Line >= 1 Yr.
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