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Packaged Food and Beverage Distribution February 2018 SECTORWATCH

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Packaged Food and Beverage Distribution February 2018 SECTORWATCH SECTORWATCH: Packaged Food and Beverage Distribution February 2018 SECTORWATCH: Packaged Food and 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or Beverage Distribution representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please February 2018 notify 7 Mile Advisors if it was distributed in error. Sector Dashboard . Public Basket Performance . Operational Metrics . Valuation Comparison . Recent Deals . Appendix OVERVIEW Dashboard summary metrics on the sector, with commentary on About Us market momentum by comparing the most recent 12- 7MA provides Investment Banking & Advisory Services to the month performance against the last 3-year averages Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we Public Basket Performance help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. summary valuation and operating metrics for a basket of comparable public companies Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison a more graphical, detailed comparison of valuation multiples for the public basket Let us know if we can help Contact us if there are ways we can assist your M&A or financing strategy. Recent Deals the most recently announced sector deals 3 3 All Rights Reserved to 7 Mile Advisors All Rights Reserved to 7 Mile Advisors Operating Metrics DASHBOARD Revenue Growth Momentum Median LTM GP Margin % 38.0% 1 - year revenue growth compared to revenue growth -7.5% average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 11.0% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % 0.9% average for last 3 years Median LTM Rev. Growth % 2.1% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power 0% 8% 16% 24% 32% 40% Profitability Momentum Valuation 0.6% 1 - year EBITDA % compared to EBITDA % average for last 3 years Median TEV / LTM EBIT Current EBITDA margin exceeds the average of the last 3 years EBITDA margin 15.6x by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 11.5x PUBLIC BASKET CONSTITUENTS NasdaqGS:FARM NYSE:SJM Median Price / LTM Earnings 9.4x NYSE:DF NYSE:DPS TSX:BCB NasdaqGS:KHC NYSE:THS Median TEV / LTM Revenue 1.1x 0x 4x 8x 12x 16x 4 All Rights Reserved to 7 Mile Advisors PUBLIC BASKET PERFORMANCE Rev LTM Rev Growth TEV / Rev TEV / Rev / FTE Company TEV $m $m YoY GP % EBITDA % X EBITDA X # FTEs $k Farmer Bros. Co. 606 571 6% 39% 7% 1.1 14.2 1,610 355 Dean Foods Company 1,806 7,878 2% 24% 4% 0.2 5.3 17,000 463 Cott Corporation 3,612 3,832 113% 35% 11% 1.0 8.7 14,210 270 Treehouse Foods, Inc. 4,679 6,307 2% 18% 9% 0.7 7.9 - NA The J. M. Smucker Company 18,828 7,360 -1% 38% 22% 2.6 11.5 7,140 1,031 Dr Pepper Snapple Group, Inc. 25,287 6,690 4% 60% 24% 3.8 16.0 21,000 319 The Kraft Heinz Company 113,840 26,232 -1% 38% 32% 4.3 13.7 39,000 673 Average 24,094 8,410 18% 36% 16% 2.0 11.0 14,280 518 Median 4,679 6,690 2% 38% 11% 1.1 11.5 14,210 409 share price as of 22Feb18 5 All Rights Reserved to 7 Mile Advisors PUBLICBASKETVALUATIONTRENDS 10x 12x 14x 0x 2x 4x 6x 8x May-13 Aug-13 Nov-13 Feb-14 TEV/EBITDA -Average TEV/EBITDA -Median TEV/EBITDA May-14 Aug-14 Nov-14 Feb-15 1.3x 11.4x May-15 Aug-15 Nov-15 TEV/Revenue -Average TEV/Revenue -Median TEV/Revenue Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 14x 10x 12x 0x 2x 4x 6x 8x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x May-13 PublicRevenueMultiples OverTime May-13 PublicEBITDAMultiples OverTime Aug-13 Aug-13 Nov-13 Nov-13 TEV/Revenue -Median TEV/Revenue TEV/EBITDA -Median Feb-14 Feb-14 May-14 May-14 Aug-14 Aug-14 Nov-14 Nov-14 Feb-15 Feb-15 May-15 May-15 Aug-15 Aug-15 Nov-15 Nov-15 TEV/EBITDA -Average TEV/EBITDA TEV/Revenue -Average Feb-16 Feb-16 May-16 May-16 Aug-16 Aug-16 All Rights Reserved to 7 Mile Advisors Mile 7 to Reserved Rights All Nov-16 Nov-16 Feb-17 Feb-17 May-17 May-17 Aug-17 Aug-17 Nov-17 Nov-17 6 Feb-18 Feb-18 OPERATIONAL METRICS LTM Revenue Growth % LTM Gross Profit Margin % Cott Corporation Dr Pepper Snapple Group, Inc. Farmer Bros. Co. Farmer Bros. Co. Dr Pepper Snapple Group, Inc. The Kraft Heinz Company Treehouse Foods, Inc. The J. M. Smucker Company Dean Foods Company Cott Corporation The J. M. Smucker Company Dean Foods Company The Kraft Heinz Company Treehouse Foods, Inc. Median Median (5.0%) 36.7% 78.3% 120.0% - 15.0% 30.0% 45.0% 60.0% 7 All Rights Reserved to 7 Mile Advisors OPERATIONAL METRICS Accounts Receivable Turnover Average Days Sales Outstanding The Kraft Heinz Company Cott Corporation The J. M. Smucker Company Dr Pepper Snapple Group, Inc. Treehouse Foods, Inc. Farmer Bros. Co. Dean Foods Company Dean Foods Company Farmer Bros. Co. Treehouse Foods, Inc. Dr Pepper Snapple Group, Inc. The J. M. Smucker Company Cott Corporation The Kraft Heinz Company Median Median 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x - 8 16 24 32 40 8 All Rights Reserved to 7 Mile Advisors OPERATIONAL METRICS LTM Revenue per Full Time Employee x 000's LTM EBITDA % The Kraft Heinz Company The J. M. Smucker Company Dr Pepper Snapple Group, Inc. The Kraft Heinz Company The J. M. Smucker Company Dean Foods Company Cott Corporation Farmer Bros. Co. Treehouse Foods, Inc. Dr Pepper Snapple Group, Inc. Farmer Bros. Co. Cott Corporation Dean Foods Company Median Median $- $220 $440 $660 $880 $1,100 - 8.0% 16.0% 24.0% 32.0% 9 All Rights Reserved to 7 Mile Advisors VALUATION TEV / LTM Revenue TEV / LTM EBITDA The Kraft Heinz Company Dr Pepper Snapple Group, Inc. Dr Pepper Snapple Group, Inc. Farmer Bros. Co. The J. M. Smucker Company The Kraft Heinz Company Farmer Bros. Co. The J. M. Smucker Company Cott Corporation Cott Corporation Treehouse Foods, Inc. Treehouse Foods, Inc. Dean Foods Company Dean Foods Company Median Median 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 0x 4x 8x 12x 16x 10 All Rights Reserved to 7 Mile Advisors VALUATION TEV / LTM EBIT Price / LTM Earnings Farmer Bros. Co. Dean Foods Company Cott Corporation Dr Pepper Snapple Group, Inc. Dr Pepper Snapple Group, Inc. The Kraft Heinz Company The J. M. Smucker Company The J. M. Smucker Company Treehouse Foods, Inc. The Kraft Heinz Company Dean Foods Company Median Median 0x 9x 18x 27x 36x 45x 0x 8x 16x 24x 32x 11 All Rights Reserved to 7 Mile Advisors VALUATION Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate 18x 70% 18x 112.8% 120% 59.7% 16x 16x 60% 100% 14x 14x 50% 80% 12x 12x 38.0% 38.2% 10x 34.7% 40% 10x 60% 38.9% (0.8%) 8x 30% 8x 40% 23.8% 6x 6x 20% 20% 6.1% 4x 17.9% 4x 2.1% (1.0%) 10% 0% 2x 2x 2.1% 3.9% 5x 8x 9x 12x 14x 14x 16x 5x 8x 9x 12x 14x 14x 16x EBITDA(x) LTM GP% LTM EBITDA(x) 0x 0% 0x -20% RGR% LTM Series1 Series2 Series1 Series2 12 All Rights Reserved to 7 Mile Advisors RECENT TRANSACTIONS Total Transaction Target TEV / TEV / Date Target Buyer Value Revenue Revenue EBITDA 21Feb18 Kretam Holdings Berhad Hap Seng Plantations Holdings Berhad 333.11 - 3.9x 24.9x 21Feb18 Kretam Holdings Berhad Hap Seng Plantations Holdings Berhad 162.98 - 3.9x 24.9x 15Feb18 Future Consumer Limited - 31.29 - - - 14Feb18 Astral Foods Limited - - 1,051.50 - - 14Feb18 Friesland Huishan Dairy Koninklijke FrieslandCampina N.V. - - - - 9Feb18 Crystal Rock Holdings, Inc. Cott Corporation 35.35 59.07 0.6x 6.7x 12Feb18 Greater Good Foods, LLC - 0.50 - - - 1Feb18 Cakovecki mlinovi d.d Allianz ZB d.o.o. - - - - 2Feb18 Wandering Bear LLC AccelFoods, LLC; M3 Ventures 8.00 - - - 1Feb18 Harmless Harvest, Inc. Mousse Partners, Ltd.; AccelFoods, LLC; Danone Manifesto Ventures 30.00 - - - 30Jan18 California Natural Products Inc. Gehl Foods, LLC - - - - 30Jan18 Dhampure Speciality Sugars Limited - 0.08 - - - 29Jan18 Dr Pepper Snapple Group, Inc. Keurig Green Mountain, Inc. - 6,690.00 - - 25Jan18 Astral Foods Limited - - 1,043.84 - - 22Jan18 AVT Natural Products Limited - - 49.28 - - 22Jan18 Mode Cold Brew AB Paulig Oy - - - - 21Jan18 China Huiyuan Juice Group Limited SDF III Holdings Limited 127.93 926.77 - - 18Jan18 MONVISO SPA Altabread S.r.l.
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