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The Food Newsletter - Production, Distribution & Ecommerce Q2 2021

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The Food Newsletter - Production, Distribution & Ecommerce Q2 2021 The Food Newsletter - Production, Distribution & Ecommerce Q2 2021 The Mufson Howe Hunter Food Newsletter - Production, Distribution & Ecommerce is designed to provide industry professionals and private equity sponsors with current market trends and important developments within the Food Production, Food Distribution & Food Ecommerce sectors. This quarterly report contains recent news, analysis, and M&A activity on selected companies and in-depth coverage of the primary sectors. Last Twelve Months Performance (Daily from March 31, 2020 to March 31, 2021) Price as Percent ofLast Base Twelve (March Months 31, 2020 = 0%) Daily from March 31, 2020 to March 31, 2021 Price as Percent of Base (MarchFood 31,Production 2020 = 0%) Index 90% 80% 70% 60% Primary Food Production, Distribution 50% & Ecommerce Contacts 40% 30% Michael J. Mufson 20% Managing Director 10% 215.399.5410 0% [email protected] -10% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jimmy Yu Last TwelveMHH Months Food Production NASDAQ S&P 500 Associate Daily from March 31, 2020 to March 31, 2021 215.399.5408 Price as Percent of Base (March 31, 2020 = 0%) Food Distribution & Ecommerce Index [email protected] 90% 80% Cole Testaiuti 70% Analyst 215.399.5408 60% [email protected] 50% 40% 30% 20% 10% 0% -10% Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 MHH Food Distribution & Ecommerce NASDAQ S&P 500 Mufson Howe Hunter & Company LLC is a middle-market focused investment bank providing M&A, capital raising and financial advisory services. Securities offered through Mufson Howe Hunter & Partners LLC Member SIPC | FINRA nhTABLE OF CONTENTS Section 1 Food Production ....................................................................... 2 Section 2 Food Distribution & Ecommerce ................................ ............... 6 Section 3 Significant M&A in the Food Space.………………………………… ……. 10 Section 4 Capital Market Activities …………….. …………………………………… …. 11 Section 5 Food Production, Distribution & Ecommerce Tombstones .….. 12 The Mufson Howe Hunter Food Production Index is currently comprised of ARYZTA AG, Associated British Foods plc, B&G Foods, Inc. Cal-Maine Foods, Inc., Campbell Soup Company, Conagra Brands, Inc., Flowers Foods, Inc., General Mills, Inc., George Weston Limited, Grupo Bimbo, S.A.B. de C.V., Hostess Brands, Inc., J & J Snack Foods Corp., JBS S.A., John B. Sanfilippo & Son, Inc., Kellogg Company, Lamb Weston Holdings, Inc., Lancaster Colony Corporation, McCormick & Company, Incorporated, Mondelez International, Inc., Nestlè S.A., Nomad Foods Limited, Post Holdings, Inc., Premium Brands Holdings Corporation, Sanderson Farms, Inc., Seaboard Corporation, Seneca Foods Corporation, The Hershey Company, The J.M. Smucker Company, TreeHouse Foods, Inc. and Tyson Foods, Inc. The Mufson Howe Hunter Food Distribution & Ecommerce Index is currently comprised of Albertsons Companies, Inc., Blue Apron Holdings, Inc., Carrefour SA, Core-Mark Holding Company, Inc., Costco Wholesale Corporation, Delivery Hero SE, DoorDash, Inc., Grubhub Inc., HelloFresh SE, Ingles Markets, Incorporated, Just Eat Takeaway.com N.V., Koninklijke Ahold Delhaize N.V., Ocado Group plc, Performance Food Group Company, SpartanNash Company, Sprouts Farmers Market, Inc., Sysco Corporation, Tesco PLC, The Chefs’ Warehouse, Inc. The Kroger Co., United Natural Foods, Inc., US Foods Holding Corp., Village Super Market, Inc., Walmart Inc., and Weis Markets, Inc. The companies that comprise each Index periodically change as a result of mergers, acquisitions, initial public offerings and other transactions; therefore, comparisons to historical time periods and historical performance for each Index do not entirely correspond and correlate to the Index’s current performance. Historical performance is not a guarantee or prediction of future results. The information and statistical data contained herein have been obtained from sources that Mufson Howe Hunter believes are reliable, but Mufson Howe Hunter makes no representation or warranty as to the accuracy or completeness of any such information and data and expressly disclaims any and all liability relating to or resulting from your use of these materials. The information and data contained herein are current and only as of the date(s) indicated and Mufson Howe Hunter has no intention, obligation or duty to update these materials after such date(s). These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities. Copyright April 2021 Mufson Howe Hunter & Company LLC. All rights reserved. Food Production, Distribution & Ecommerce Update is produced monthly by Mufson Howe Hunter. Mufson Howe Hunter provides a full range of investment banking services to Food Production and Services companies. For more information, visit www.mhhco.com. 1 Food Production Baked Goods, Branded Foods, Private Label Foods, Snacks and Protein Processing for a variety of end-user markets. Comparative Index Performance The MHH Food Production Index (a) increased by 6.9% in March of 2021. Last Three Years Last Twelve Months Daily from March 31, 2018 to March 31, 2021 Daily from March 31, 2020 to March 31, 2021 Price as Percent of Base (March 31, 2018 = 0%) Price as Percent of Base (March 31, 2020 = 0%) 120% 90% 100% 80% 70% 80% 60% 60% 50% 40% 40% 20% 30% 20% 0% 10% -20% 0% -40% -10% Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 MHH Food Production NASDAQ S&P 500 MHH Food Production NASDAQ S&P 500 Price Appreciation 3-Year LTM 1-Month (a) MHH Food Production Index 31.2% 15.9% 6.9% NASDAQ 87.5% 72.0% (2.5%) S&P 500 50.4% 53.7% 1.8% (a) Market cap weighted index assuming no dividend reinvestment. Mufson Howe Hunter Food Production Index is comprised of all companies listed on the following page. 2 Food Production Selected Valuation Metrics (3) ($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins Equity Enterprise Enterprise Value/ Price/ Gross Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA Baked Goods George Weston Limited (TSX:WN) $88.47 $13,459.5 $32,402.4 $42,932.8 $3,466.5 $4.68 0.75 x 9.3 x 18.9 x 31.3% 8.1% Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A) 2.10 9,449.8 14,878.0 16,435.9 2,200.1 0.13 0.91 x 6.8 x 15.7 x 54.2% 13.4% Flowers Foods, Inc. (FLO) 23.80 5,038.5 6,053.7 4,388.0 489.3 0.72 1.38 x 12.4 x 33.1 x 50.0% 11.2% Lancaster Colony Corporation (LANC) 175.36 4,830.3 4,636.4 1,402.4 223.5 5.11 3.31 x 20.7 x 34.3 x 27.0% 15.9% Hostess Brands, Inc. (TWNK) 14.34 1,881.3 2,848.8 1,016.6 219.6 0.51 2.80 x 13.0 x 28.1 x 36.3% 21.6% ARYZTA AG (SWX:ARYN) 1.12 1,106.0 2,161.5 3,315.4 51.6 (1.04) 0.65 x NM NM 11.5% 1.6% Mean $5,960.9 $10,496.8 $11,581.8 $1,108.4 $1.68 1.63 x 12.4 x 26.0 x 35.1% 12.0% Median 4,934.4 5,345.1 3,851.7 356.4 0.61 1.14 x 12.4 x 28.1 x 33.8% 12.3% Branded Foods General Mills, Inc. (GIS) $61.32 $37,403.4 $49,393.8 $18,626.4 $4,167.9 $4.12 2.65 x 11.9 x 14.9 x 35.6% 22.4% Nestlé S.A. (SWX:NESN) 111.77 314,792.3 351,131.4 95,711.8 19,311.7 4.85 3.67 x 18.2 x 23.1 x 49.4% 20.2% The Hershey Company (HSY) 158.16 32,738.6 36,342.3 8,408.4 2,265.3 6.72 4.32 x 16.0 x 23.5 x 46.3% 26.9% Kellogg Company (K) 63.30 21,544.5 29,995.5 13,942.0 2,372.0 3.69 2.15 x 12.6 x 17.2 x 34.2% 17.0% Associated British Foods plc (LSE: ABF) 33.27 26,283.4 30,160.3 17,551.9 1,715.6 0.70 1.72 x 17.6 x NM 22.4% 9.8% Conagra Brands, Inc. (CAG) 37.60 18,046.0 27,549.5 11,733.1 2,530.1 2.43 2.35 x 10.9 x 15.5 x 29.3% 21.6% McCormick & Company, Incorporated (MKC) 89.16 23,808.9 29,188.7 5,870.8 1,253.9 2.84 4.97 x 23.3 x 31.4 x 41.1% 21.4% Hormel Foods Corporation (HRL) 47.78 25,808.3 25,346.2 9,685.2 1,340.1 1.62 2.62 x 18.9 x 29.5 x 19.6% 13.8% Campbell Soup Company (CPB) 50.27 15,232.3 20,547.3 8,965.0 1,728.0 2.65 2.29 x 11.9 x 19.0 x 34.8% 19.3% The J. M. Smucker Company (SJM) 126.53 13,704.5 18,203.8 8,174.5 1,921.6 8.41 2.23 x 9.5 x 15.0 x 39.0% 23.5% Post Holdings, Inc. (POST) 105.72 6,726.9 13,499.7 5,689.0 1,060.1 4.18 2.37 x 12.7 x 25.3 x 31.3% 18.6% Nomad Foods Limited (NOMD) 27.46 4,850.1 6,690.4 2,981.7 526.2 1.40 2.24 x 12.7 x 19.6 x 30.6% 17.6% Premium Brands Holdings Corporation (TSX: PBH) 95.19 4,149.9 5,652.6 3,295.3 232.3 1.79 1.72 x 24.3 x NM 19.1% 7.0% B&G Foods, Inc.
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