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Consumer and Retail CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017 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 7078852). 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 │ MARCH 2017 HARRIS WILLIAMS & CO. CONSUMER UPDATE CONSUMER Q1 UPDATE - CONTINUED MOMENTUM ACROSS SECTORS GROUP OVERVIEW Harris Williams & Co. is a leading The first quarter of each year is always a busy period and 2017 has been no different for advisor to the Consumer market. Our the HW&Co. Consumer team. The year started with a strong slate of deals that touched significant experience covers a broad each of our key focus sectors: (i) consumer products, (ii) food and beverage, (iii) range of end markets, industries, and business models. This particular report consumer services, and (iv) retail and restaurants. While market stats and metrics point focuses on trends and metrics in the to fewer closed consumer deals in the quarter, we continue to see strong global interest following areas: in high quality consumer companies and brands at valuations that remain at or above historical highs. Valuations have been particularly high for companies that are either . Consumer Durables benefitting from or indifferent to consumers’ increased preference for purchasing . Consumer Electronics products online. While there are a variety of factors that influence overall valuation . Consumer Services trends (e.g., supply/demand of assets, strong corporate balance sheets, availability and . Footwear, Apparel, and pricing of financing, etc.), one of the biggest drivers is the expanding group of potential Accessories buyers from across the globe for consumer assets. Over the past few years, our team . Franchise Platforms has traveled throughout the U.S., Europe, and Asia talking to an expanding group of strategic, financial, family office, institutional and sovereign wealth buyers who are . Internet Retail looking to invest in the consumer sector. Home Furnishings . Household Goods During 2016 and in 2017, we continued to see interest from this expanding group of potential buyers factor into how we advise our clients as well as high valuations for . Infant and Juvenile Products recently closed deals. Through the first quarter of 2017, the HW&Co. Consumer team has . Jewelry, Gifts, and Collectibles closed six sell-side transactions, and while numerous considerations go into identifying . Omni / Multi-Channel Brands and selecting the right partner for our clients, growing interest levels from a more diverse . Outdoor and Lifestyle buyer universe is increasingly important. From the strategics, we continue to see corporate Boards focus on what fits their long term strategic priorities, which often . Personal Care Products includes a strong appetite to extend reach into new products and brands, channels, . Pet Care and/or geographies as a means to drive growth. These were key valuation drivers . Specialty and Mass behind our recent sales of Skip Hop, a leading provider of branded products and Merchant Retailing accessories for parents, babies and kids worldwide, to Carter’s (NYSE: CRI) as well as the sale of Ready Pac, a provider of ready-to-eat salads, packaged salads, snacks and pre- CONTACTS cut fruit and vegetables, to French strategic acquirer Bonduelle (Euronext: BON). Similarly, financially oriented buyers (this includes traditional private equity, family North America offices, and other forms of patient capital) have continued to refine their investment John Neuner theses and align around characteristics such as growth around shifts in consumer trends Managing Director [email protected] and channels, stability in consumables, and consolidation of fragmented markets. +1 (804) 915-0125 While not all of our deals have been publicly announced, we are excited to have helped Andy Singer, the founder of Visual Comfort, a leading provider of signature, Ryan Budlong Managing Director high-end designer lighting, find a new partner with AEA Investors and the partnership for [email protected] Country Fresh, a leading provider of fresh-cut fruit, apple slices, vegetable and snacking +1 (415) 217-3409 solutions, with Kainos Capital. Brent Spiller Managing Director INDUSTRY CONFERENCES AND TRADE SHOWS [email protected] +1 (804) 915-0183 In addition to the activity on our deals, our first quarter includes a busy travel schedule Corey Benjamin Director as we crisscross the globe attending various conferences and trade shows that serve as [email protected] an annual kickoff to the year. Each of these events provides an opportunity to talk to +1 (804) 932-1342 companies at the forefront of consumer trends and to add to our knowledge and Zach England expertise that informs our perspective as we advise our clients. Vice President [email protected] +1 (415) 217-3429 Q1 Industry Conferences and Shows Attended Beau Pierce Vice President [email protected] +1 (804) 887-6113 Europe Edward Arkus Managing Director [email protected] +44 207 518 8905 Will Bain Director [email protected] +44 207 518 8906 www.harriswilliams.com PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017 PUBLIC MARKETS OVERVIEW KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 5)1 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 24 $2,955 (8.7%) (14.2%) 1.2x 10.3x 1.6x 9.7x Consumer Durables 6 6,289 5.5% (9.8%) 0.9x 8.1x 0.9x 9.0x Consumer Services and Retail Franchisors 7 2,784 0.2% (32.6%) 2.2x 10.2x 1.4x 7.4x Home & Office Furniture & Furnishings 10 1,616 0.0% (4.0%) 0.8x 8.7x 1.1x 12.9x Household Products 5 19,683 11.2% 18.2% 3.9x 15.7x 4.0x 17.0x Housewares 10 2,306 3.9% (3.8%) 0.9x 9.8x 1.3x 9.8x Infant & Juvenile 12 1,283 (4.3%) 0.7% 0.9x 8.9x 0.9x 10.6x Outdoor & Lifestyle 20 931 (6.4%) 3.6% 1.2x 10.0x 1.4x 12.3x Personal Care Products 13 4,269 7.6% 6.5% 1.3x 11.5x 1.3x 9.2x Pet Care 8 1,194 8.5% 10.7% 1.9x 16.0x 1.8x 17.3x Retail Apparel & Footwear Retail 31 1,306 (16.4%) (38.0%) 0.5x 6.1x 0.6x 5.2x Department Chains 8 5,799 (22.6%) (49.2%) 0.5x 5.8x 0.6x 4.5x Discount Stores & Mass Merchants 13 24,448 (2.5%) (0.1%) 0.6x 10.6x 0.7x 11.0x Furniture & Furnishings Retailers 14 1,137 (10.7%) (43.2%) 0.7x 6.8x 0.9x 7.5x Internet Retail 12 6,308 8.6% 41.6% 2.9x 17.1x 3.1x 20.8x Specialty & Other Retail 15 2,569 (8.4%) (16.2%) 0.6x 6.1x 0.6x 6.2x Consumer Products & Services 115 $2,545 2.1% (1.6%) 1.2x 10.1x 1.4x 10.2x Retail 93 $4,184 (9.6%) (27.1%) 0.6x 6.4x 0.6x 6.8x Consumer & Retail Index 208 $2,677 (1.2%) (3.9%) 0.9x 9.9x 1.2x 9.8x PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)1 Internet Retail Household Products S&P 500 Personal Care Products Outdoor & Lifestyle Pet Care Infant & Juvenile Discount Stores & Mass Merchants Housewares Consumer & Retail Index Home & Office Furniture & Furnishings Consumer Durables Apparel & Footwear Specialty & Other Retail Consumer Services and Retail Franchisors Apparel & Footwear Retail Furniture & Furnishings Retailers Department Chains (60.0%) (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017 PUBLIC MARKETS OVERVIEW CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE1 250 225 200 175 Index 150 125 100 75 50 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index RECENT EQUITY OFFERINGS2 Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($ M) Primary Industry 03/15/07 03/15/17 Canada Goose GOOS IPO $250.0 Apparel 01/27/17 01/27/17 Horizon Global HZN Follow-On 74.0 Automotive Aftermarket 12/12/16 12/12/16 The Michaels Companies, Inc. MIK Follow-On 264.5 Specialty Stores 12/08/16 12/08/16 MCBC Holdings MCFT Follow-On 20.0 Recreational Products 11/16/16 11/16/16 Planet Fitness, Inc. PLNT Follow-On 348.3 Other Consumer Services 11/16/16 11/16/16 Fox Factory Holding Corp. FOXF Follow-On 82.6 Recreational Products 11/01/16 11/01/16 Walgreens Boots Alliance WBA Follow-On 1,667.6 Drugstore Chains 10/28/16 10/28/16 Acushnet Holdings Corp. GOLF IPO 378.0 Recreational Products 10/06/16 10/06/16 Camping World Holdings, Inc. CWH IPO 261.2 Specialty Stores 09/22/16 09/22/16 Planet Fitness, Inc. PLNT Follow-On 157.0 Other Consumer Services 09/21/16 09/21/16 e.l.f. Beauty, Inc.
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