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Consumer and Retail CONSUMER AND RETAIL INDUSTRY UPDATE │ FEBRUARY 2018 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 a private limited company 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 (registration number 07078852). Harris Williams & Co. Ltd is authorized 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 │ FEBRUARY 2018 HARRIS WILLIAMS & CO. CONSUMER UPDATE GROUP OVERVIEW HARRIS WILLIAMS & CO. 2017 HEALTH, WELLNESS, AND FITNESS RECAP Harris Williams & Co. is a leading advisor to the Consumer market. Our Harris Williams & Co.’s Consumer Group has significant experience covers a broad continued to cement its position as a leading HW&Co. will be range of end markets, industries, and advisor to premier assets in the health, wellness, attending IHRSA business models. This particular report and fitness sector. In the 4th quarter of 2017, we 2018 in March in focuses on trends and metrics in the following areas: advised Pure Gym in its sale to Leonard Green & San Diego Partners, Precision Nutrition on a strategic . Consumer Durables To schedule a meeting, please investment from BV Investment Partners, and Sky . Consumer Electronics reach out to Ryan Budlong, Ed Arkus Zone in its sale to CircusTrix. Our team remains . Consumer Services very active with a number of opportunities in the or Zach England sector and we expect that 2018 will be another very busy year for us in health, wellness, . Footwear, Apparel, and Accessories and fitness sectors. In addition, our annual attendance at IHRSA provides us an opportunity to talk through various industry trends with many of the leading companies . Franchise Platforms within the sector. Internet Retail . Health & Fitness . Home Furnishings . Household Goods a portfolio company of a portfolio company of . Infant and Juvenile Products has received a Jewelry, Gifts, and Collectibles strategic . investment from . Omni / Multi-Channel Brands has been acquired by has been acquired by . Outdoor and Lifestyle . Personal Care Products . Pet Care Industry pioneer and Provider of online nutrition The leading gym operator in . Specialty and Mass leading franchisor and coaching and certification the UK providing low-cost and Merchant Retailing operator of trampoline for personal trainers and high-quality fitness facilities to CONTACTS parks consumers more than 950,000 members North America SPOTLIGHT ON M&A IN THE HVLP SEGMENT John Neuner Managing Director [email protected] The high-value, low-price (“HVLP”) segment has been HVLP M&A Activity +1 (804) 915-0125 one of the most active sub-sectors within health, Ryan Budlong wellness, and fitness M&A in recent years. The model Managing Director has disrupted the traditional gym market, bringing 2013 [email protected] numerous first time gym users into the market and +1 (415) 217-3409 creating a highly profitable and attractive unit Brent Spiller Managing Director economic model for operators. Further evidence of 2014 [email protected] the attractiveness of the model can be seen within the +1 (804) 915-0183 Planet Fitness system, where over the course of the last Corey Benjamin five years 11 private equity groups have acquired and Director grown leading Planet Fitness area developers. The 2014 [email protected] outlook for the HVLP segment continues to be bright +1 (804) 932-1342 for many years to come. Zach England Vice President 2014 [email protected] # of Private Equity groups invested in Planet Fitness 11 +1 (415) 217-3429 franchisees Beau Pierce Vice President [email protected] 2015 +1 (804) 887-6113 6 Europe Edward Arkus Managing Director 2016 [email protected] 3 3 +44 207 518 8905 2 Will Bain Director 2017 [email protected] +44 207 518 8906 2013 2014 2015 2016 2017 www.harriswilliams.com PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ FEBRUARY 2018 HARRIS WILLIAMS & CO. CONSUMER UPDATE SELECT U.S. HEALTH & FITNESS DEALS FROM 2017 Target Acquirer Date Description Atlantic Street Capital made a significant investment in PF Indy 10, a franchisee of March ‘17 PF Indy Planet Fitness clubs in the greater Indianapolis area Wanda Group/World Triathlon Corp. acquired Competitor Group, forming one of June ‘17 the world’s largest endurance sports organization L Catterton made a significant investment in Equinox, a leader in high performance July ’17 lifestyle luxury fitness clubs Apollo acquired ClubCorp, the Dallas-based owner and operator of private golf July ‘17 and country clubs and private business clubs Town Sports acquired Lucille Roberts, a leading owner and operator of women’s July ‘17 fitness clubs in the Northeast and mid-Atlantic TPG Growth has acquired StretchLab, Club Pilates, Row House, and CycleBar and September ’17 combined them under new parent company, Xponential Fitness Celerity Partners recapitalized Tru Fit and acquired Freedom Fitness, the two largest September ‘17 HVLP fitness club chains in the Rio Grande Valley Freeman Spogli & Co. acquired PF Baseline, a franchisee of Planet Fitness clubs in PF September ’17 Baseline Iowa, SD, ND, Minnesota, Illinois, and California Mongram Capital Partners acquired a controlling stake in Atlantic Holdings, a Atlantic October ‘17 Holdings franchisee of Planet Fitness clubs in South Florida and Central California Sunshine TSG Consumer Partners acquired a majority stake in Sunshine Fitness, a franchisee of December ‘17 Fitness operator of Planet Fitness clubs in Florida, Georgia, and Alabama UPDATE ON EUROPEAN AND ASIAN HEALTH, WELLNESS, AND FITNESS M&A ACTIVITY The European health & fitness market continues to grow, with HVLP gyms driving the majority of growth in both members and club count. • In the UK, the two largest value operators both had a strong 2017, with Pure Gym being acquired by Leonard Green in an HW&Co. process in November, and The Gym Group acquiring 18 sites from Lifestyle Fitness in September. • On the continent, Basic Fit continues to consolidate, with rollout efforts focused on the French market. • By merging in January 2018, Fitness Hut and Viva Gym created the largest value operator in the Iberian market Some premium operators are also expanding, with both Gymbox and Third Space growing their footprint in central London. On the other hand, Virgin Active continues to Recent International M&A Activity rationalise their estate, with the sale of 16 clubs to David Lloyd in February following the disposal of 35 clubs to Nuffield in June 2016. • Premium studio-based concepts also continue to experience rapid growth, particularly in London, though no operators have yet achieved significant scale. • Psycle, an indoor spinning concept, raised £3m in January 2018 to double the number of studios from three to six. • Consumer private equity group Piper invested £6m in Frame, a class-based studio concept with four sites in Central London. • 1Rebel, which offers high intensity classes in two nightclub-inspired studios, raised £6.6m from Codex Capital Partners in October 2017 to fund additional expansion in London (with three openings planned in Q1 2018). In Asia, M&A in the fitness space was active in Taiwan, Hong Kong, and South East Asia. Most notably, in part of a cross-border transaction, Ontario Teachers’ Pension Plan (along with FountainVest) acquired the Pure Group, one of Asia’s leading wellness and fitness brands. PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ FEBRUARY 2018 PUBLIC MARKETS OVERVIEW 1 KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 6) Median TEV/ Median TEV/ Number of Median Enterprise Change in Stock Price Sector LTM Multiples Forward Mulitples Companies Value ($ M) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA Consumer Products & Services Apparel & Footwear 22 $3,818 8.9% 11.9% 1.5x 12.1x 1.5x 10.3x Consumer Durables 6 7,527 0.7% 7.8% 0.8x 11.3x 0.7x 8.2x Consumer Services and Retail Franchisors 7 4,247 (2.1%) (14.1%) 2.1x 14.1x 1.6x 8.4x Home & Office Furniture & Furnishings 10 1,464 (10.4%) (0.4%) 0.8x 8.7x 0.8x 7.7x Household Products 5 18,497 (7.3%) (1.7%) 3.7x 14.5x 3.5x 13.7x Housewares 7 2,834 (14.2%) (12.4%) 1.4x 10.2x 1.5x 9.4x Infant & Juvenile 12 1,160 (7.4%) (25.0%) 1.1x 9.7x 0.9x 7.5x Outdoor & Lifestyle 19 729 (7.3%) (0.3%) 1.3x 12.4x 1.2x 10.3x Personal Care Products 12 3,893 0.8% 37.4% 1.8x 11.8x 1.7x 10.8x Pet Care 8 1,505 2.5% 15.4% 2.2x 15.2x 3.0x 14.0x Retail Apparel & Footwear Retail 29 1,107 (2.8%) (45.0%) 0.5x 6.1x 0.5x 5.6x Department Chains 8 5,405 17.2% (50.3%) 0.5x 6.5x 0.5x 6.4x Discount Stores & Mass Merchants 13 29,658 (1.4%) 1.6% 0.7x 11.0x 0.6x 10.2x Furniture & Furnishings Retailers 14 1,664 (4.7%) (14.2%) 0.8x 8.7x 0.8x 7.7x Internet Retail 10 11,799 21.0% 138.9% 4.6x 20.7x 3.8x 18.2x Specialty & Other Retail 15 828 (0.8%) (40.4%) 0.6x 8.8x 0.5x 7.7x Consumer Products & Services 108 $3,326 (4.7%) (0.4%) 1.4x 12.0x 1.5x 9.9x Retail 89 $3,534 (1.1%) (27.3%) 0.6x 8.8x 0.6x 7.7x Consumer & Retail Index 197 $3,326 (1.8%) (1.1%) 1.2x 11.1x 1.1x 8.9x 1 PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE) Internet Retail Outdoor & Lifestyle Personal Care Products S&P 500 Apparel & Footwear Consumer Durables Discount Stores & Mass Merchants Pet Care Home & Office Furniture & Furnishings Consumer & Retail Index Household Products Housewares Consumer Services and Retail Franchisors Furniture & Furnishings Retailers Infant & Juvenile Specialty & Other Retail Apparel & Footwear Retail Department Chains (100.0%) (50.0%) 0.0% 50.0% 100.0% 150.0% PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ FEBRUARY 2018 PUBLIC MARKETS OVERVIEW CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE1 180 170 160 150 140 Index 130 120 110 100 90 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Dow Jones U.S.
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