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Food and Beverage Industry Update February 2014

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Food and Beverage Industry Update February 2014 Food and Beverage Industry Update February 2014 Member FINRA/SIPC www.harriswilliams.com Food and Beverage Industry Update February 2014 What We’re Seeing CONTENTS Market Update INDUSTRY VITAL SIGNS M&A activity in the food and beverage sector continues to maintain its momentum into 2014. We recently attended the Fancy Food Show and talked with many entrepreneurs, large corporations, and EQUITY MARKET OVERVIEW private equity owners about their strategic plans for the upcoming year. We have seen more business M&A MARKET OVERVIEW owners become very serious about the prospect of using the strong capital markets to exit their DEBT MARKET OVERVIEW investments or attract growth capital this year. The large corporations are expecting the M&A market in NOTABLE M&A ACTIVITY 2014 to be active, and they will be active acquirers this year. The interest from strategic buyers in PUBLIC COMPARABLES addition to strong financing markets and private equity interest in the space will drive elevated M&A activity in the food and beverage sector this year. EARNINGS CALENDAR Our Food and Beverage team will be in attendance at Expo West next month. We look forward to seeing GROUP OVERVIEW many of you at the show! Harris Williams & Co. is a leading advisor to the food and beverage What We’ve Been Doing market. Our significant experience Closed HW&Co. Transactions covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas: a portfolio company of a portfolio company of has divested a portfolio company of selected assets to has acquired • Agribusiness has been acquired by has been acquired by • Baked and Prepared Goods and has been acquired by has been acquired by and • Beverages • Branded and Private Label • Dairy a portfolio company of a portfolio company of a portfolio company of has divested a portfolio company of • Distribution selected assets to has been acquired by has been acquired by • Ingredients has been acquired by a portfolio company of and has been acquired by has been acquired by a portfolio company of a portfolio company of a portfolio company of • Meat and Protein a portfolio company of a portfolio company of and • Natural and Organic has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by • Processing has been acquired by • Produce • Restaurant and Retail a portfolio company of • Snacks a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of What We’re Reading and Suntory of Japan to Buy Beam Inc. has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by th On January 13 , Suntory of Japan agreed to purchase Beam Inc., the U.S. distiller of iconic whiskey CONTACTS brands including Jim Beam and Maker’s Mark, for $13.6 billion. Suntory is offering Jim Beam shareholders $83.50 a share in cash, which represented a 25% premium to the January 10th share price. Glenn Gurtcheff | Managing Director [email protected] Access to the full article here. +1 (612) 359-2702 Allens Inc. Acquired by Sankaty Advisors Tim Alexander | Managing Director On February 4th, Sankaty Advisors announced the acquisition of Allens, a family-owned vegetable [email protected] processor, for $160 million. Access to the full article here. +1 (612) 359-2716 Brynwood Partners to acquire Nestle Pasta Business Ryan Budlong | Director [email protected] th On January 6 , Brynwood Partners announced the acquisition of Joseph’s Pasta, a Massachusetts maker +1 (612) 359-2722 of frozen pastas, from Nestle. This is the third divestiture of Nestle’s in recent months as the company announced the sale of Jenny Craig in November and its sale of the company’s 10% stake in Givaudan in Brant Cash | Vice President [email protected] December. Access to the full article here. +1 (612) 359-2709 Apollo Global Management to Acquire CEC Entertainment www.harriswilliams.com On January 16th, Apollo Global Management announced it had agreed to acquire CEC Entertainment, which operates 577 Chuck E. Cheese restaurants, for $1.3 billion. The offer of $54 a share represents a premium of 25% over CEC’s January 7th closing price of $48.43. Access to the full article here. 2 of 16 Food and Beverage Industry Vital Signs Commodity 250 Crude Oil: 36.6% Price Indices1 200 Wheat: 33.6% 150 Soybeans: 25.5% 100 Corn: 20.7% Commodity Price IndexPrice Commodity 50 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Corn Wheat Soybeans Crude Oil Protein Price 140 2,3 Indices 130 Beef: 120 25.3% Pork: 110 22.2% 100 Poultry: Protein Price Price IndexProtein 16.5% 90 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Beef Pork Poultry Restaurant and 160 Grocery Store Sales Indices4 140 Restaurant: 27.2% 120 Grocery: 11.3% Sales Index Sales 100 80 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Restaurant Grocery Consumer Food 5.5 Price Index 4.0 Inflation2 2.5 Inflation(%) 1.0 -0.5 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 3 of 16 Public Equity Market Overview Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats Net Debt / Key Trading Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Statistics5 Protein Processing (3.8%) 20.7% (8.1%) 6.1% 12.3x 14.8x 7.9x 2.4x Fruit and Vegetable (2.4%) 4.5% 3.2% 16.1% 14.6x 17.4x 9.8x 2.8x Ingredients / Flavors 1.7% 22.9% (2.3%) 10.0% 18.3x 24.9x 12.6x 1.1x Inputs Agribusiness (0.9%) 9.3% 4.3% 8.6% 12.9x 19.1x 10.2x 1.1x Branded Processed Foods (4.0%) 12.4% 2.8% (7.9%) 19.0x 20.8x 13.3x 2.2x Private Label Foods (13.7%) 7.2% 4.0% (4.9%) 19.3x 26.7x 12.5x 2.6x Natural / Organic Foods (10.7%) 23.1% 5.1% (11.8%) 25.3x 29.7x 15.0x 2.2x Baked Goods / Snack Foods (3.4%) 18.8% 0.3% 14.6% 20.3x 21.5x 11.2x 2.1x Dairy (6.5%) (2.7%) (1.4%) 1.3% 17.4x 20.6x 11.9x 1.8x Non-Alcoholic Beverages 2.7% 21.7% 2.3% 14.6% 18.0x 20.4x 11.7x 1.4x Food and Beverage Alcoholic Beverages (8.6%) 4.6% (4.5%) (3.4%) 18.0x 14.0x 12.4x 3.0x Food Retail (13.9%) 17.2% (7.8%) 9.9% 13.7x 19.4x 6.2x 2.0x Grocery Distribution (1.0%) 29.5% 5.1% 27.4% 17.3x 20.8x 9.6x 1.2x Foodservice (6.2%) 10.8% (4.9%) 16.7% 22.6x 25.6x 9.5x 2.2x Quick Service Restaurant (1.7%) 47.0% 4.9% 23.7% 21.1x 26.9x 11.3x 2.1x Casual Dining Restaurant (10.9%) 23.8% (4.4%) 19.9% 19.0x 21.3x 9.6x 2.8x Fast Casual (11.6%) 44.7% (6.8%) 46.4% 38.7x 22.5x 19.9x 2.4x Pizza 18.9% 64.5% 15.5% 32.8% 25.0x 28.5x 15.0x 2.0x Beverage / Snack Retail (14.0%) 25.4% (4.8%) 6.8% 27.7x 34.8x 17.3x 0.6x Consumer Consumer and Retail Family Restaurant (8.2%) 18.0% (1.7%) 18.7% 19.0x 18.3x 9.1x 1.4x Overall Median (5.8%) 18.3% (1.4%) 9.6% 18.8x 20.8x 11.2x 2.0x Pizza Quick Service Restaurant Public Fast Casual Company Grocery Distribution Sector Beverage / Snack Retail 5 Performance Casual Dining Restaurant (One year change Natural / Organic Foods in stock price) Ingredients / Flavors Non-Alcoholic Beverages Protein Processing Baked Goods / Snack Foods Family Restaurant Food Retail S&P Branded Processed Foods Foodservice Agribusiness Private Label Foods Alcoholic Beverages Fruit and Vegetable Dairy -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Inputs Food and Beverage Consumer and Retail 4 of 16 Public Equity Market Overview Gross Recent Equity Close Transaction Proceeds Offerings6 Date Filing Date Issuer Ticker Type ($mm) Use of Funds 02/03/14 02/03/14 American Brewing Co Inc NA IPO $2.4 General Corp. Purp. 12/19/13 12/19/13 Tootie Pie Co Inc TOOT.Q Follow-On $0.5 General Corp. Purp. 12/17/13 12/17/13 Sunora Foods Inc SNF Follow-On $1.8 General Corp. Purp. 12/13/13 12/13/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp. 12/12/13 11/18/13 RiceBran Technologies RIBT Follow-On $9.0 General Corp. Purp. 12/12/13 12/12/13 Darling International Inc DAR Follow-On $760.0 Working Capital General Corp. Purp. 12/11/13 11/26/13 Pinnacle Foods Inc PF Follow-On $523.0 General Corp. Purp. 12/10/13 12/10/13 Post Holdings Inc POST Convertible $300.0 Working Capital Acquisitions 11/18/13 11/18/13 Z Trim Holdings Inc ZTHO Follow-On $1.4 General Corp. Purp. 11/13/13 11/13/13 Castle Brands Inc ROX Follow-On $6.0 General Corp.
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