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Food and Beverage FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 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. FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017 WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW The M&A market continues to benefit from strong momentum, with over 200 food . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY and beverage transactions announced so far in 2017. Recent transactions of note . EARNINGS CALENDAR include: SuperValu’s acquisition of Unified Grocers, Darden Restaurants’ GROUP OVERVIEW Harris Williams & Co. is a leading acquisition of Cheddar’s Scratch Kitchen, and JAB Holdings acquisition of Panera advisor to the food and beverage market. Our significant Bread. The latter transaction adds to JAB’s growing portfolio of brands that experience covers a broad range of end markets, industries, and business models. This particular includes Krispy Kreme, Caribou Coffee, Peet’s Coffee, Keurig Green Mountain, report focuses on trends and metrics in the following areas: and others. Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein . Natural and Organic . Processing a portfolio company of a portfolio company of a portfolio company of a portfolio company of . Produce . Restaurant and Retail and . Snacks has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 a portfolio company of a subsidiary of a portfolio company of a portfolio company of Ryan Budlong Managing Director [email protected] has been acquired by has been acquired by has been acquired by has been acquired by +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703 a portfolio company of a portfolio company of Andy Warczak Vice President has been acquired by [email protected] has been acquired by has been acquired by +1 (612) 359-2714 has been acquired by A Private Investor Group www.harriswilliams.com PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017 WHAT WE’VE BEEN DOING (CONTINUED) HW&CO. ADVISES ON THE SALE OF COUNTRY FRESH Overview On March 31, 2017 Country Fresh, a portfolio company of Eos Partners, was successfully sold to Kainos Capital. Building on the sale of Ready Pac Foods to Bonduelle, the sale represents the latest in HW&Co.’s growing list of better-for-you fresh produce transactions. Company Description Country Fresh is a leader in fresh-cut fruit and vegetable and snacking solutions, providing blue-chip retailers and select foodservice customers with innovative, fresh, healthy, and convenient products. The Company serves as a critical innovation partner to its customers, with customized merchandising and packaging solutions. Key Value Drivers for Country Fresh Representative Products . Well positioned to capitalize on consumers’ demand for healthy and convenient foods. Blue-chip customer base consisting of well-known grocery a portfolio company of retailers. Efficient operations featuring longstanding relationships with a diverse set of growers and best-in-class processing Fresh-Cut Fruit Fresh-Cut Veg. has been acquired by capabilities. Strong free cash flow generation and high return on investment for capacity and greenfield expansions. Sliced Apples Snacks VITAL SIGNS COMMODITY PRICE INDICES1 120 Soybeans: 100 (31.7%) 80 Wheat: (44.4%) 60 Corn: 40 (48.6%) Crude Oil: Commodity PriceIndex Commodity 20 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 (50.4%) Corn Soybeans Wheat Crude Oil PROTEIN PRICE INDICES2,3 140 130 Beef: 120 7.8% 110 Pork (0.0%) ProteinPriceIndex 100 Poultry: 90 (4.5%) Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Beef Pork Poultry PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017 VITAL SIGNS RESTAURANT AND GROCERY STORE SALES INDICES4 140 Restaurant: 21.4% 120 Grocery: 100 8.7% SalesIndex 80 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION2 4.0 3.0 2.0 Inflation(%) 1.0 0.0 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 PUBLIC EQUITY MARKET OVERVIEW KEY TRADING STATISTICS5 Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Protein Processing 1.8% 16.6% 3.8% 8.4% 12.7x 12.5x 6.9x 3.1x Fruit and Vegetable 0.7% 14.1% (4.9%) 10.8% 15.2x 17.8x 9.7x 0.6x Ingredients / Flavors 11.3% 9.1% 1.7% 0.4% 22.5x 26.4x 16.0x 1.4x Inputs Agribusiness (0.0%) 20.7% (3.7%) 15.0% 21.0x 23.9x 11.8x 2.9x Branded Processed Foods 0.8% (3.3%) (3.9%) (3.5%) 20.4x 26.9x 12.9x 2.2x Private Label Foods and Beverages 14.2% (0.1%) 3.8% 23.2% 37.8x 12.3x 11.0x 4.2x Natural / Organic Foods / BFY (8.4%) 33.1% 0.2% 1.9% 22.4x 29.0x 16.3x 4.4x Baked Goods 0.3% 1.4% (4.3%) (8.7%) 21.1x 28.0x 9.6x 2.4x Dairy 4.1% 12.9% 1.1% 9.6% 20.4x 25.4x 13.0x 1.3x Non-Alcoholic Beverages 9.4% 5.7% 4.0% 3.4% 21.9x 25.6x 13.5x 1.6x Alcoholic Beverages 8.9% 6.1% 0.4% 2.8% 20.3x 24.0x 13.9x 2.6x Food and BeverageFood and Snacks 3.7% 6.9% 0.2% 5.1% 21.3x 29.2x 15.2x 3.3x Grocery Distribution (16.9%) 9.4% (7.7%) 16.1% 15.7x 19.9x 8.0x 2.1x Food Retail (8.8%) (16.7%) (2.0%) (5.8%) 17.8x 18.9x 7.1x 1.7x Foodservice (13.7%) 11.1% (8.1%) (4.8%) 19.4x 28.3x 12.0x 3.9x Quick Service Restaurant 0.6% 15.5% (1.5%) 5.5% 21.5x 24.1x 12.2x 3.2x Fast Casual (0.1%) (5.4%) (3.7%) 23.8% 45.7x 44.5x 16.3x 1.4x Differentiated Casual 1.3% 0.1% (4.5%) (11.0%) 23.9x 28.1x 9.5x 1.0x Casual Dining Restaurant 7.4% (6.3%) 1.2% (0.8%) 16.5x 21.2x 8.8x 2.4x Fine Dining 8.4% 13.1% 5.5% (4.9%) 18.6x 21.2x 10.4x 1.3x Consumer and Retail and Consumer Pizza 5.5% 28.3% (0.3%) 19.2% 27.9x 38.4x 19.1x 4.1x Beverage / Snack Retail 2.1% (17.7%) 2.1% (11.6%) 23.4x 28.8x 16.1x 2.5x Family Restaurant (1.8%) 2.1% (6.6%) 4.9% 19.5x 34.4x 10.4x 2.4x Overall Median 2.9% 4.3% (1.8%) 1.9% 21.0x 25.0x 11.8x 2.2x PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017 PUBLIC EQUITY MARKET OVERVIEW PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5 Natural / Organic / BFY Pizza Agribusiness Protein Processing Quick Serv ice Restaurant S&P Fruit and Vegetable Fine Dining Dairy Foodserv ice Grocery Distribution Ingredients / Flav ors Snacks Alcoholic Bev erages Non-Alcoholic Bev erages Family Restaurant Baked Goods Differentiated Casual Priv ate Label Branded Processed Foods Fast Casual Casual Dining Restaurant Food Retail Bev erage / Snack Retail (25.0%) (10.0%) 5.0% 20.0% 35.0% 50.0% Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6 Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds NA 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners 03/14/17 03/13/17 Noodles & Co NDLS Follow-On $31.5 Pay Fees & Expenses 03/07/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital 03/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners 02/23/17 02/16/17 Performance Food Group Co. PFGC Follow-On $317.3 Liquidity for Private Owners 02/23/17 02/22/17 LeGall Holdings Inc. - IPO $0.1 Liquidity for Private Owners 02/14/17 02/13/17 New Age Bev Corp. NBEV Follow-On $15.0 Pursue Growth Opportunities General Corporate Purposes Working Capital 02/09/17 02/09/17 Noodles & Co. NDLS Convertible - Debt Repayment 01/30/17 01/25/17 Long Island Iced Tea Corp. LTEA Follow-On $17.4 General Corporate Purposes 02/01/17 02/01/17 Eastside Distilling Inc. EURC Follow-On - Working Capital Debt Repayment General Corporate Purposes 01/31/17 01/25/17 Freshii Inc.
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