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Consumer and Retail Industry Update August 2012

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Consumer and Retail Industry Update August 2012 Consumer and Retail Industry Update August 2012 Member FINRA/SIPC www.harriswilliams.com Consumer and Retail Industry Update August 2012 What We’ve • The Wall Street Journal reports that same-store sales are coming in mixed for U.S. retailers. Been Reading “The 18 retailers tracked by Thomson Reuters are expected to show 3.1% same-store sales growth for July. The figure compares with 4.8% growth last year.” However, “Average back-to-school spending for a person with school-age children is projected to jump to $688 this year, according to a National Retail Federation survey last month. That is up from $603 in last year's survey. One reason for the bump is that this year will see the most children entering elementary and middle schools since 2008.” Read the article here. • Cortec Group, a New York based private equity firm, announced that it has completed the purchase of YETI Coolers, LLC. Based in Austin, Texas, YETI is the leading provider of premium coolers. Harris Williams & Co. acted as the exclusive financial advisor to YETI. Read the press release here. • Pfingsten Partners, L.L.C., a Chicago based private equity firm, announced that it has completed the sale of the Suzo-Happ Group. Based in Mount Prospect, IL, Suzo-Happ is a leading global supplier of components and accessories to the gaming, amusement, and industrial markets. Harris Williams & Co. acted as the exclusive financial advisor to Suzo- Happ. Read the press release here. • The New York Times reports that while spending among males is rising, slower spending among women is signaling a potential weak holiday season. “Over all, holiday spending is expected to grow just 4 percent this year, the slowest growth rate in five years, according to the National Retail Federation, a trade group. MasterCard estimates that roughly 60 percent of holiday purchases, or about $285 billion, have already been made.’” Read the article here. Contacts Richmond Boston Cleveland London Minneapolis Philadelphia San Francisco Phone: +1 (804) 648-0072 Phone: +1 (617) 482-7501 Phone: +1 (216) 689-2400 Phone: +44 203 170 8838 Phone: +1 (612) 359-2700 Phone: +1 (267) 675-5900 Phone: +1 (415) 288-4260 Fax: +1 (804) 648-0073 Fax: +1 (617) 482-7503 Fax: +1 (216) 689-2401 Fax: +44 207 681 1907 Fax: +1 (612) 359-2701 Fax: +1 (267) 675-5901 Fax: +1 (415) 288-4269 For more information regarding our consumer experience, please contact Glenn Gurtcheff ([email protected]), Tim Alexander ([email protected]), Jeff Cleveland ([email protected]), Ryan Budlong ([email protected]), or Brant Cash ([email protected]) at +1 (612) 359-2700. 1 of 16 Equity Trading Overview August 2012 Median Median TEV/ Median TEV/ Key Trading Number of Sector Ente rprise Change in Stock Price LTM Multiples Forward Mulitples Statistics Companies Value ($mm) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA (detail begins Consumer Products on page 6) Apparel & Footwear 36 $1,186 2.1% 2.9% 1.04x 9.4x 1.00x 7.8x Automotive Products 12 2,637 (0.5%) 32.5% 0.54x 9.7x 0.50x 9.0x Home & Office Furniture & Furnishings 14 803 (4.4%) (0.7%) 0.57x 7.1x 0.64x 6.5x Household Products 11 4,807 5.4% 21.8% 1.19x 8.4x 1.17x 7.8x Personal Care Products 16 2,178 5.0% 11.4% 1.34x 8.6x 1.35x 9.1x Recreational & Leisure Products 21 513 (0.1%) 34.1% 0.94x 8.4x 1.07x 7.4x Retail Apparel & Footwear Retail 44 890 6.3% 17.5% 0.63x 6.2x 0.60x 5.5x Catalog & Specialty Distribution 8 270 3.7% (6.1%) 0.15x 7.5x 0.15x 5.5x Department Chains 9 7,378 5.9% 23.5% 0.62x 6.7x 0.58x 5.7x Discount Stores & Mass Merchants 12 5,101 7.9% 30.3% 0.74x 8.2x 0.70x 8.0x Furniture & Furnishings Retailers 13 1,431 0.3% 28.2% 0.89x 7.2x 0.86x 6.5x Internet Retail 13 620 6.5% 11.9% 0.99x 12.8x 0.86x 9.2x Specialty & Other Retail 29 1,260 (3.3%) 6.5% 0.56x 8.9x 0.52x 7.0x Consumer Products 110 $1,682 1.0% 16.6% 0.99x 8.5x 1.04x 7.8x Retail 128 $1,260 5.9% 17.5% 0.63x 7.5x 0.60x 6.5x Consumer & Retail Index 238 $1,260 3.7% 17.5% 0.74x 8.4x 0.70x 7.4x Public Company Recreational & Leisure Products Sector Automotive Products Performance Discount Stores & Mass Merchants (12-month % Furniture & Furnishings Retailers change in Department Chains stock price) Household Products S&P 500 Consumer & Retail Index Apparel & Footwear Retail Internet Retail Personal Care Products Apparel & Footwear Specialty & Other Retail Home & Office Furniture & Furnishings Catalog & Specialty Distribution (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 2 of 16 Equity Markets Overview August 2012 150 Consumer and Retail 36.2% Industry Stock Performance 125 21.7% 7.7% 100 Index 75 50 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Dow Jones U.S. Consumer Goods Index Dow Jones Retail Index S&P 500 Index Recent Equity Transaction Gross Proceeds Offerings Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds 08/01/12 07/23/12 DirectCash Payments Inc DCI Follow-On $64.2 Repayment of Indebtedness 07/24/12 06/18/12 Natural Grocers by Vitamin Cottage NGVC IPO 107.1 General Corp. Purp. 07/18/12 4/17/2012 Five Below Inc FIVE IPO 188.0 General Corp. Purp., Repayment of Debt 07/18/12 07/17/12 Sally Beauty Holdings Inc SBH Follow-On 582.3 General Corp. Purp. 06/29/12 06/29/12 Coty US Inc COTY IPO 700.0 Secondary 06/21/12 12/02/11 Chanticleer Holdings Inc HOTR Follow-On 11.0 Payment on Borrowings 06/15/12 06/15/12 AutoTrader Group Inc ATG IPO 300.0 Payment on Borrowings 06/13/12 06/13/12 Bauer Performance Sports Ltd BAU Follow-On 25.0 Acquisition Fin. 06/05/12 03/01/10 Dollar General Corp DG Follow-On 1,612.9 General Corp. Purp. 05/25/12 04/05/12 Gordmans Stores Inc GM A N Follow-On 51.0 General Corp. Purp. 05/09/12 04/25/11 WageWorks Inc W A GE IPO 58.5 General Corp. Purp. 05/03/12 07/01/11 Tilly's Inc TLYS IPO 142.6 General Corp. Purp. 05/03/12 02/28/12 TAL International Group Inc TAL Follow-On 193.8 General Corp. Purp. 04/18/12 12/13/11 Tumi Holdings Inc TUMI IPO 388.7 General Corp. Purp. 3 of 16 M&A Overview August 2012 Announced Quarterly Consumer M&A Activity Last 10 Deals Announced 100 Consumer Announced Target Buyer 90 and Retail 8/9/2012 RCC Western Stores, Inc. Boot Barn, Inc. 80 21 8/7/2012 Riviera Sun Inc. G-III Apparel Group, Ltd. 9 M&A 5 8/5/2012 AOT Bedding Super Holdings, LLC Advent International Corporation __ 70 13 8/3/2012 Stanton Carpet Corporation Norwest Equity Partners 6 9 10 8/2/2012 Hartmann, Inc. Samsonite LLC 15 13 13 60 13 8/1/2012 Legends Gaming, LLC Global Gaming Solutions, LLC 19 11 9 7/31/2012 Magnum Fitness Systems Johnson Health Tech Co., Ltd. 50 7/31/2012 Focus Product s Group, LLC Centre Lane Partners, LLC 7/30/2012 REFRESH20 Water LLC POU Partners, LLC 12 40 4 7/27/2012 Petro Deming Petro Stopping Centers LP 72 72 65 68 30 61 64 64 55 56 56 54 50 Number of Transactions 48 46 20 37 35 LTM Deal Statistics 10 Aggregate Number Transaction Multiples 0 Value ($bn) of Deals EV / Revenue EV / EB ITDA 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 PEG Acquirer Strategic Acquirer $36.2 318 0.84x 10.0x Note: Transactions based on publicly available information Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples Retail M&A 16.0x 1.75x $100 500 Trends 450 14.0x 1.50x $84.9 $79.7 __ $80 400 Number of Transactions 12.0x 11.2x / LTM SalesEV Multiple 11.0x 10.7x 10.0x 10.3x 1.25x 350 10.0x 8.9x $60 300 8.4x 1.00x 250 8.0x $40.3 0.75x $40 200 6.0x $32.1 $28.6 $29.6 150 0.50x $22.1 __ 4.0x __ $20 100 EV / LTM EBITDA Multiple 2.0x 0.25x 50 Aggregate billions) in ($ Value Transaction $0 0 0.0x 0.00x 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 YTD YTD Aggregate Deal Value # of deals EV / LTM EBITDA EV / LTM Sales Median LTM Median LTM Trading Multiples Consumer Private Equity Investments and Exits Trading 12.0x 120 Multiples and 110 10.3x 10.4x 10.3x 10.3x 10.5x 9.9x 9.7x 9.6x 9.8x 97 Announced 10.0x 9.4x 100 9.3x 9.2x 9.1x 8.9x 9.0x 9.1x 8.8x 8.7x 8.7x Private Equity 8.4x 8.3x 8.5x 8.4x ' 81 M&A Activity 8.0x 7.6x 80 73 71 73 59 59 59 6.0x 60 53 54 54 53 49 46 47 37 4.0x 40 33 30 Number of Investments Median Trading Multiples 27 2.0x 20 0.0x 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Number of Investments Number of Exits Consumer Products Retail 4 of 16 Debt Market Overview August 2012 Key Retail Quarterly Retail Loan Volume Average Spread on Retail Loans Credit Statistics $12 L + 500 ___ $10 __ L + 400 $8 L + 300 $6 L + 200 $4 Average Spread Average Spread Over LIBOR L + 100 $2 LoanVolumeQuarter by ($billions) in $0 L + 0 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional Credit Statistics Average Secondary Spread 8.0x L + 1200 2007 2008 2009 2010 2011 2012 YTD L + 1000 6.0x L + 800 4.0x L + 600 L + 400 EBITDA Multiple EBITDA 2.0x Average Spread Average Spread Over LIBOR L + 200 0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest Recent Date Effective Borrower Name Description Deal Amount Type Rating Spread 08/15/12 Boyd Gaming Corp Amusement and recreation $825,000,000 Term Loan B B / B3 450 Consumer and 08/15/12 Boyd Gaming Corp Amusement and recreation 50,000,000 Revolver/Line >= 1 Yr.
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