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Beauty Brand Makeover Tips What Drives Value in M&A?

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Beauty Brand Makeover Tips What Drives Value in M&A? ! Beauty Brand Makeover Tips What drives value in M&A? Tim Leach Baylor Klein Ltd. 1! 1. Introduction 2. The M&A market in Beauty 3. How it works 4. Makeover Tips 5. Stories 6. Market trend and outlook 7. Baylor Klein Agenda 2 ! The global M&A market in Beauty • 348 deals globally since 2011, 38 in the UK • Bumper years in 2015 and 2016 • 60% Trade buyers, 40% PE investors • Swings between Mass / Masstige and Professional / Prestige • 31% Skin, 21% Hair and 19% Colour cosmetics 3! 3 ! Valuations rising for Trade vs PE net sales multiples 2010-17 4.0 x both Trade and PE 3.5 x buyers 3.0 x 2.5 x 2.0 x Trade Net salesmultiple PE 1.5 x 1.0 x 0.5 x - 2011 2012 2013 2014 2015 2016 2017 54! ! Every cosmetic deal has a price! EBITDA Net sales Year Target Acquirer Trade / PE Price point Sales growth EV ($'m)! margin multiple 2017 Carver Korea Unilever Trade Masstige High High 2,818 7.1 x 2016 IT Cosmetics L'Oréal Trade Prestige High High 1,200 6.6 x NYX 2014 L'Oréal Trade Masstige High High 500 5.4 x Cosmetics Too Faced 2016 Estée Lauder Trade Prestige High High 1,450 5.4 x Cosmetics Essie 2010 L'Oréal Trade Prestige High High 100 3.5 x Cosmetics Too Faced General 2015 PE Prestige High Med 500 3.3 x Cosmetics Atlantic 2010 OPI Products Coty Trade Professional High High 950 3.2 x Bare 2010 Shiseido Trade Prestige High High 1,700 3.1 x Escentuals 2010 Smashbox Estée Lauder Trade Prestige Med Med 150 3.1 x 2017 Illamasqua The Hut Group Trade Prestige Med Med 35 2.8 x Too Faced Weston 2012 PE Prestige High Med 170 2.8 x Cosmetics Presidio Capital BECCA 2016 Estée Lauder Trade Prestige High High 200 2.5 x Cosmetics Urban Decay 2012 L'Oréal Trade Prestige Med Med 300 2.3 x Cosmetics Tarte Kose 2014 Trade Prestige High Med 144 2.1 x Cosmetics Corporation e.l.f. 2014 TPG Capital PE Mass High Med 300 2.0 x Cosmetics Mirage (Sinful 2011 Revlon Trade Mass High Low 39 1.3 x Colors) Physician's 2012 Markwins Trade Masstige Low Low 75 0.9 x Formula 5 ! Strategic • Capitalise on new trends / fast growth areas • Fill white space – category / geography What‘s • Brands the PE primary • High growth businesses with a possible exit to 10 global majors with in excess of ca. $1bn driver? cash on their balance sheet! • Higher exit multiple 6 ! Strong growth in market cap. and valuation Company FY05 FY16 Johnson & Johnson £135bn £366bn The personal 2.7x 5.2x P&G $105bn $243bn care and 1.8x 3.7x Unilever €58bn €110bn 1.4x 2.1x €41bn €97bn L'Oreal beauty 2.8x 3.8x Colgate-Palmolive $28bn $58bn trade 2.5x 3.8x Reckitt Benckiser £15bn £48bn 3.5x 4.8x Henkel €12bn €46bn buyers 1.0x 2.5x Kimberly-Clark $27bn $44bn 1.7x 2.4x $9bn $33bn Estée Lauder 1.4x 2.9x Beiersdorf €9bn €20bn 1.8x 3.0x 7 ! Communities of buyers 3+x sales 2 - 3x sales ≤10x EBITDA 8 ! Where do you fit? Company Colour cosmetics brands 9 ! “Always buy a great brand even with just a good business, but never buy a great business with tips a good brand” Makeover #1 Philosophy, Brand, Consumer and Range 10 ! New measures - comparative website metrics DECIEM Comparative Website Metrics (Statistics from SimiliarWeb.com for months ending April 30, 2017) % Search Average Month on Brand Website Unique Visits % US! % UK! % Canada Traffic Time Spent Month Growth Unpaid (In DECIEM Brands thousands) (in seconds) DECIEM deciem.com 680 311 42 11 13 100.00%! 70.00%! THE ORDINARY theordinary.com (and ordinaries.com) 1500 270 42 12 11 100.00%! 141.94%! NIOD ! niod.com 260 135 38 12 12 100.00%! 160.00%! HYLAMIDE hylamide.com 218 127 36 9 13 100.00%! 98.18%! THE CHEMISTRY BRAND chemistrybrand.com 110 99 41 11 14 100.00%! 10.00%! DECIEM AVERAGES 553.6 188.4 39.8 11 12.6 100.00%! 117.27%! NON-DECIEM ACQUISITIONS DR PERRICONE perriconemd.com 164 101 76 4 4 82.00%! 26.15%! SMASHBOX smashbox.com 477 155 58 2 4 87.00%! -6.47%! OGX! ogxbeauty.com 307 140 42 2 8 78.00%! 9.64%! PHILOSOPHY philosophy.com 359 112 84 1 2 81.00%! -12.44%! PUREOLOGY pureology.com 40 181 73 6 5 68.00%! 0.00%! IT COSMETICS itcosmetics.com 529 269 81 2 3 77.00%! 32.25%! AHAVA ahava.com 88 159 51 -! -! 88.00%! 0.00%! DERMALOGICA dermalogica.com 219 196 62 2 -! 87.00%! 9.50%! REN! renskincare.com 51 342 33 28 2 84.00%! -32.00%! MURAD murad.com 322 166 72 2 -! 80.00%! -19.50%! LIVING PROOF livingproof.com 141 145 81 3 -! 81.00%! -21.67%! BECCA beccacosmetics.com 170 192 39 8 7 96.00%! 54.55%! KIEHL'S kiehls.com 917 181 67 2 -! 82.00%! 0.00%! DRUNK ELEPHANT drunkelephant.com 138 134 59 7 9 100.00%! 15.00%! MARC ANTHONY marcanthony.com 8 100 20 -! 23 Unknown -11.11%! LIZ EARLE lizearle.com 160 162 4 87 -! 62.00%! -11.11%! SOAP AND GLORY soapandglory.com 260 85 32 39 5 100.00%! 23.81%! NON-DECIEM AVERAGES 255.88 165.88 54.94 13.00 6.55 83.31%! 5.41%! DECIEM OUTPERFORMANCE 297.72 22.52 16.69%! 111.86% 11 ! Gross margins +70% (watch that you are reading it correctly!) Makeover tips #2 12 ! Makeover tips #3 Growing importance of channel strategy Emergency Replenish Gift Recruit Engage 13 ! Hygiene factors • Product safety / Regulatory compliance? Makeover tips • Supply chain resilience? • IP (formulations, tools, TM’s) Makeover#2 tips #4 • Contracts – change of control issues? • Pensions? 14 ! Makeover tips #5 People – last but not least 15 ! Success stories #1 Growth, growth, growth… 16 ! Success stories #2 Authenticity, relatively limited mainstream distribution 17 ! Success stories #3 Important piece in the new jigsaw… 18 ! Success stories #4 Not sure I understand why Avon acquired LE… 19 ! Success stories #5 Man’s best friend found it’s kennel 20 ! Success stories #6 Should have bought it 21 ! Market trend and outlook • Naturals • Skincare • Direct to consumer • Actually…..any great brand!! 22 ! Kenra Professional------ ESPA DECIEM Bulldog REN Sexy Hair Concepts Acquisition of the Kenra Acquisition of the spa Minority share purchase of Disposal of the Bulldog men’s Disposal of the REN skincare Acquisition of the Sexy Hair exclusively professional hair care skincare brand ESPA by DECIEM by Estee Lauder. skincare brand to Edgewell brand to Unilever. professional hair care and styling The Hut Group Personal Care. brand for Henkel from TSG brand from TSG Consumer Value not disclosed. Value not disclosed. Partners on behalf of Henkel. Value not disclosed. Consumer Partners. Value not disclosed. June 2017 March 2015 Value not disclosed. Value not disclosed. September 2017 November 2016 June 2014 June 2014 Alterna Haircare Verlinvest Kao Corporation Lornamead Lornamead Henkel Acquisition of the multi-channel Disposal of the Jean d’Éstrées, Acquisition of Persea AB Disposal of Lornamead to Li & Disposal of the rights to the Disposal of the Coast, L.A. Looks, Alterna hair care brand for Henkel So nature and ISD professional Sweden. Fung, Hong Kong. Yardley brand outside of the Dep, Soft & Dri, Pure & Natural, skincare brands to Holyland from TSG Consumer Partners. Value not disclosed. Value not disclosed. Middle East and Asia to Wipro. Thicker Fuller Hair and Zero Frizz Cosmetics. brands to Brynwood. Value not disclosed. January 2013 January 2013 Value not disclosed. Value not disclosed. Value not disclosed. June 2014 July 2012 March 2014 March 2012 Sabre Group Unilever Strategic Value Partners Strategic Value Partners St Tropez Tura Disposal of the Fudge hair care Disposal of the Simple bar soap Disposal of the Batiste dry Disposal of the Collection 2000 Acquisition of St Tropez on Sale of Tura to Godrej brand to PZ Cussons. license and the Wrights and Cidal shampoo business to Church & colour cosmetics business to Li behalf of PZ Cussons. Consumer. brands to Lornamead. & Fung, Hong Kong. Enterprise Value £26m. Dwight. Enterprise Value £62.5m. Value not disclosed. Value not disclosed. Value not disclosed. January 2012 Enterprise Value £40m. September 2010 June 2010 April 2011 May 2011 June 2011 Liz Earle Fresh Breath Ltd HG Capital Kao Corporation GlaxoSmithKline Sale of Liz Earle to Avon Sale of Fresh Breath Ltd and its £23m acquisition of The £170m acquisition of Molton Church & Dwight Sale of a portfolio of Rx Derm Products Inc. Dentyl pH brand to Blistex Inc. Sanctuary Spa and the products. Brown. Strategic review of the European Value not disclosed. Value not disclosed. subsequent £75m sale to PZ July 2005 operations of Church & Dwight. Value not disclosed. March 2010 July 2008 Cussons. March 2005 September 2005 July 2005 and January 2008 Wella Charles Worthington Monitoring trustee for the £37m disposal of Charles European Commission on the Worthington Hair & Beauty Ltd to €6.6bn acquisition of Wella by PZ Cussons Plc. Procter & Gamble. July 2004 23 ! September 2004 23 ! 24 ! 24 !.
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