Smucker to Buy Big Heart Pet Brands for $5.8B

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Deal of the Week: Smucker to Buy Big Heart Pet Brands for $5.8B Announcement Date February 3, 2015 Acquirer The J. M. Smucker Company (NYSE: SJM) Acquirer Description Manufactures and markets branded food products worldwide. Operates through three segments: U.S. Retail Coffee; U.S. Retail Consumer Foods; and International, Foodservice, and Natural Foods Founded in 1897 and headquartered in Orrville, Ohio Acquirer Financial Mkt Cap: $11.5 billion LTM EBITDA: $1.2 billion Statistics EV: $13.7 billion LTM EV / Revenue: 2.5x LTM Revenue: $5.5 billion LTM EV / EBITDA: 11.6x Target Company Big Heart Pet Brands Target Description Largest U.S. standalone producer, distributor and marketer of premium quality, branded pet food and pet snacks Headquartered in San Francisco, CA and currently owned by a consortium of investors led by funds affiliated with KKR, Vestar Capital and Centerview Capital Price / Consideration Price: $5.8 billion Consideration: Cash and stock Acquirer Advisor William Blair & Company Target Advisor Morgan Stanley & Co. and Centerview Partners Rationale The deal, Smucker’s biggest ever, will add brands like Milk‐Bone, Kibbles ’n Bits and Meow Mix to a stable that already includes Smucker’s jelly, Jif peanut butter and Folgers coffee Adding Big Heart will add $2.2 billion in sales and the top maker of pet snacks. It could also provide a shot in the arm to help revive Smucker’s sales, which have been relatively flat since 2012 Smucker expects to reap about $200 million in annual cost savings within the first three years after the takeover closes. It also anticipates its pro forma earnings per diluted share to rise by about 10% in its 2017 and 2018 fiscal years Deal Points Smucker’s will buy Big Heart Pet Brands, the pet food company once known as Del Monte, from its private equity owners for about $5.8 billion, including debt Under the terms of the transaction, Smucker will give to Big Heart’s owners 18 million newly issued shares and $1.3 billion in cash. It will also assume $2.6 billion in debt At the deal price, the private equity firms will have made roughly double their investment in the company Of Note Big Heart Pet Brands changed its name from Del Monte Corporation following the divestiture of its Consumer Products business and namesake Del Monte brand on February 18, 2014. On March 8, 2011, Del Monte Foods was acquired and taken private by KKR, Vestar and Centerview [email protected] www.pillarsofwallstreet.com .

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Management's Discussion and Analysis
Management’s Discussion and Analysis The J. M. Smucker Company EXECUtiVE SUMMARY In each of the U.S. retail market segments, the Company’s products For more than 110 years, The J. M. Smucker Company (“Company”), are sold primarily to food retailers, food wholesalers, drug stores, club headquartered in Orrville, Ohio, has been committed to offering stores, mass merchandisers, discount and dollar stores, and military consumers trusted, quality products that bring families together to commissaries. In the Special Markets segment, the Company’s prod- share memorable meals and moments. Today, the Company is a ucts are distributed domestically and in foreign countries through retail leading marketer and manufacturer of fruit spreads, retail packaged channels, foodservice distributors and operators (e.g., restaurants, coffee, peanut butter, shortening and oils, ice cream toppings, schools and universities, health care operators), and health and natural sweetened condensed milk, and health and natural foods beverages foods stores and distributors. in North America. STRATEgiC ELEMENTS Its family of brands includes Smucker’s, Folgers, Dunkin’ Donuts, Jif, The Company remains rooted in its Basic Beliefs of Quality, People, Crisco, Pillsbury, Eagle Brand, R.W. Knudsen Family, Hungry Jack, Ethics, Growth, and Independence, established by its founder and Café Bustelo, Café Pilon, White Lily, and Martha White in the United namesake, Jerome Smucker, more than a century ago. Today, these States, along with Robin Hood, Five Roses, Carnation, Europe’s Best, basic beliefs are the core of the Company’s unique culture and serve and Bick’s in Canada. In addition to these brands, the Company as a foundation for decision making and actions.
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AGENCY: MARRIED WOMEN TRADERS OF NANTUCKET, 1765-1865 MARY L. HEEN* ABSTRACT Before the enactment of separate property and contract rights for married women, generations of married women in seaport cities and towns conducted business as merchants, traders and shopkeepers. The ®rst part of this article shows how private law facilitated their business activities through traditional agency law, the use of powers of attorney, trade accounts and family business networks. These arrangements, largely hidden from public view in family papers, letters, and diaries, permitted married women to enter into contracts, to buy and sell property, and to appear in court. Private law, like equity, thus pro- vided a more ¯exible alternative to the common law of coverture under agree- ments made within the family itself. On the other hand, public law proved much more restrictive for wives who were not part of a viable or harmonious mar- riage. In post-revolutionary Massachusetts, for example, the feme sole trader statute and various judicially adopted exceptions to the legal disabilities of married women under the common law applied only to certain wives abandoned by their husbands. The second part of the article provides a case study of three generations of married women traders from Nantucket during the whaling era, the oil explora- tion business of its time. Their stories show how some married women, within the constraints of the law as it developed in Massachusetts without courts of eq- uity, attained a form of autonomy in business or commercial activity at the same time that they ful®lled their family responsibilities. Their stories also uncover tensions underlying the ®rst wave of women's rights reform efforts in the mid-nineteenth century, including the developing separation between work and home that continues to pose challenges for family law and for men and *.
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K-Cup® Packs • Coffee Accessories • Breakroom Furniture
K-Cup® Packs • Coffee Accessories • Breakroom Furniture DONUT SHOP K-CUP®PACKS PRODUCT # DESCRIPTION QTY PRICE GMT 6248 Coconut Mocha 24 13.99/bx DIE 60052101 Bold 24 13.65/bx COFFEE DIE 60224101 Decaf 22 13.99/bx ® DUNKIN DONUTS K-CUP®PACKS K-CUP PACKS PRODUCT # DESCRIPTION QTY PRICE GMT 202810 Colombian 24 14.75/bx BARISTA PRIMA COFFEE K-CUP®PACKS GMT 202811 Cinnamon Roll 24 14.75/bx PRODUCT # DESCRIPTION QTY PRICE GMT 202812 Pumpkin Spice 24 14.75/bx GMT 6611 French Roast 24 13.99/bx GMT 81463 Dunkin Dark 24 14.75/bx GMT 6612 House Blend 24 13.99/bx GMT 81466 Hazelnut 24 14.75/bx GMT 6613 Colombia 24 13.99/bx GMT 81467 French Vanilla 24 14.75/bx GMT 6614 Italian Roast 24 13.99/bx GMT 81468 Dunkin Decaf® 24 14.75/bx GMT 6624 Italian Roast Decaf 24 13.99/bx GMT 81469 Original Blend 24 14.75/bx EIGHT O’CLOCK COFFEE K-CUP®PACKS CAFE ESCAPES® MOCHA K-CUP®PACKS PRODUCT # DESCRIPTION QTY PRICE PRODUCT # DESCRIPTION QTY PRICE GMT 6405 Original 24 12.69/bx GMT 6812 Vanilla 24 15.23/bx GMT 6406 Hazelnut 24 12.69/bx GMT 6813 Caramel 24 14.75/bx GMT 6407 Colombian 24 12.69/bx GMT 6803 Mocha 24 15.23/bx GMT 6408 Dark Italian Roast 24 12.69/bx GMT 6425 Original Decaf 24 12.69/bx CARIBOU COFFEE® K-CUP®PACKS PRODUCT # DESCRIPTION QTY PRICE FOLGERS COFFEE K-CUP®PACKS LIGHT ROAST PRODUCT # DESCRIPTION QTY PRICE GMT 6994 Daybreak Morning Blend 24 13.65/bx GMT 0570 Lively Colombian Decaf 24 13.44/bx MEDIUM ROAST GMT 0162 Hazelnut Cream 24 13.44/bx GMT 6992 Caribou Blend 24 13.65/bx GMT 6659 Lively Colombian 24 12.99/bx GMT 195694 Vanilla Hazelnut Dreamstate
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Big Heart Pet Brands Scales with Kenandy
CASE STUDY Big Heart Pet Brands Scales with Kenandy Most of us aren’t ashamed to admit it: our pets rule our roosts. The right ERP platform = simplifying While final numbers aren’t yet in, it’s estimated (by the complexity, enabling growth American Pet Products Association) that Americans spent “One of the main reasons we selected Kenandy was that more than $58 billion on their pets in 2014. And a great many we wanted a flexible system that easily adapts to business of those cats and dogs were scarfing down food and treats changes, such as new acquisitions, while also ofering from Big Heart Pet Brands (formerly Del Monte Corporation enterprise-class capabilities,” explains Dave McLain, and now part of the J.M. Smucker Company). Senior Vice President, Chief Information Ofcer, and Chief Big Heart Pet Brands is the largest standalone producer, Procurement Ofcer at Big Heart Pet Brands. distributor, and marketer of premium-quality, branded pet Big Heart consolidated some 90 legacy applications onto the food and snacks in the United States, with annual sales of $2.3 Kenandy ERP cloud and the Salesforce1 Platform. They are billion. Their industry-leading products include such perennial now running their entire operations on the new cloud system, pet favorites as Milk-Bone®, 9Lives®, Gravy Train®, Kibbles ‘n including their corporate financials, five manufacturing Bits®, Meow Mix®, and Natural Balance®. facilities, and 11 warehouse operations, as well as connecting Ofering a variety of products and lines of business is great directly to more than 20 co-packer facilities and Big Heart for pleasing picky (and pampered) pets, but Big Heart customers across the country.
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2018 Annual Report Annual 2018
One Strawberry Lane Orrville, Ohio 44667 330-682-3000 jmsmucker.com 2018 ANNUAL REPORT 2018 ANNUAL REPORT #1 MARKET SHARE 33% DOG SNACKS YEAR-OVER-YEAR NET SALES GROWTH 11% YEAR-OVER-YEAR NET SALES GROWTH 11% WHY WE YEAR-OVER-YEAR NET SALES GROWTH ARE WHO WE ARE #1 MARKET SHARE PEANUT A culture of doing the right things and BUTTER doing things right … Of dotting the i’s and crossing the t’s … A culture of growth — individual and as a company. #1 A result of living our Basic Beliefs … MARKET SHARE Our Commitment to Each Other, to our consumers, AT-HOME COFFEE and to our customers. Strong As we look to the future of unlimited possibilities, we recognize the principles that are instrumental Portfolio to our success: A culture deeply rooted in our Basic Beliefs, #1 of Brands MARKET SHARE guideposts for decisions at every level; FRUIT SPREADS A culture that encourages commitment to each other, Our portfolio is well-positioned clear communication and collaboration; in great categories and is balanced A culture of appreciation; with iconic, market-leading brands A family-sense of sharing in a job well done; and emerging, on-trend brands to Where every person makes a difference. meet shifting consumer needs in an increasingly dynamic retail 15% YEAR-OVER-YEAR marketplace. NET SALES GROWTH 2018 ANNUAL REPORT 1 A Commitment to Growth in the Pet Category As the largest center-of-store grocery category, pet food and snacks is a $32 billion industry in the U.S. and growing. With our recent acquisition of Ainsworth Pet Nutrition LLC, we are increasing our presence in the premium segment and bolstering our total pet portfolio.
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2018 Corporate Responsibility Report
2018 CORPORATE RESPONSIBILITY REPORT About 4 Smucker Workplace Culture 8 22 Marketplace Responsible Sourcing 32 Environmental 46 Impact Community 56 Helping to bring families together to share memorable meals and moments. OUR We have always defined success by more than financial performance. We believe how we do things is as important PURPOSE as what we do. Our Purpose aims to articulate why we are in business and the impact we aspire to have on society. Being together with the ones we love isn’t just a pleasant way to spend time — it’s vital to a healthy, happy, fulfilling life. In fact, the more family and friends spend time with each other, the richer their lives become. We believe we can help strengthen families through the memorable meals and moments they share, and we can help make every day a little more special by nurturing the bonds that bring people together, as well as people and their pets closer together. And the stronger families are today, the stronger our society will be tomorrow. Quite simply, life tastes better together. 2018 CORPORATE RESPONSIBILITY REPORT 1 Our Message Dear Friends We are pleased to share The J. M. Smucker Company’s 2018 Corporate Responsibility Report. This report allows us to share our most significant accomplishments as we follow our Sustainability Strategy to create a better tomorrow. Our Strategy focuses on: • Preserving our culture; • Ensuring our long-term Economic viability; • Driving positive Environmental impact; and • Being Socially responsible. While our sustainability goals are forward-thinking, their inspiration is rooted in our history. For more than and beverage market, and with the recent acquisition 120 years, The J.
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Management's Discussion and Analysis
Management’s Discussion and Analysis EXECUTIVE SUMMARY STRATEGIC ELEMENTS For more than 100 years, The J. M. Smucker Company (“Company”), The Company remains rooted in its Basic Beliefs of Quality, People, headquartered in Orrville, Ohio, has been committed to offering Ethics, Growth, and Independence, established by its founder and consumers trusted, quality products that help families create namesake more than a century ago. Today, these basic beliefs memorable mealtime moments. Today, the Company is a lead- still serve as a foundation for the Company’s decision making and ing marketer and manufacturer of fruit spreads, retail packaged actions. coffee, peanut butter, shortening and oils, sweetened condensed The Company’s strategic vision is to own and market food brands milk, ice cream toppings, and health and natural foods beverages which hold the number one market position in their category, in North America. with an emphasis on North America while embracing a global Its family of brands includes Smucker’s, Folgers, Jif, Crisco, Pillsbury, perspective. In support of this vision, the Company in recent years Eagle Brand, R.W. Knudsen Family, Hungry Jack, and Martha White has expanded its portfolio of number one and leading, iconic in the United States, along with Robin Hood, Five Roses, Carnation, brands through acquisitions, most recently Folgers coffee in Europe’s Best, and Bick’s in Canada. In addition to these brands, November 2008. the Company markets products under numerous other brands, The Company’s strategic long-term growth objectives are to including Dunkin’ Donuts, Millstone, Dickinson’s, Laura Scudder’s, increase net sales by six percent and earnings per share by greater Adams, Double Fruit (Canada), and Santa Cruz Organic.
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Product Categorization by Company
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Corporate Responsibility Report 2017 Corporate Responsibility REPORT
CORPORATE RESPONSIBILITY 2017 Corporate Responsibility2017 Corporate Report REPORT One Strawberry Lane Orrville, Ohio 44667 330.682.3000 jmsmucker.com EXHIBIT B MANAGEMENT’S SCHEDULE OF THE SUBJECT MATTER AND CRITERIA THE J. M. SMUCKER COMPANY Schedule of Total Water Withdrawal For the Years Ended December 31, 2016 and 2014 2014 2016 Recalculated Water withdrawal (amount in megaliters) 2,800.2 3,0 07.8 OUR PURPOSE Water withdrawal Helping to bring families together to share memorable (amount in cubic meters) 2,800,200 3,007,800 meals and moments. We have always defined success by more than financial performance. We believe NOTE 1 — BASIS OF PRESENTATION: how we do things is as important as what we do. Our Purpose aims to articulate The above amounts represent the total water withdrawal of the Company for the years ended December 31, 2016 and 2014 that the Company prepared for its 2017 submittal to the CDP Water Disclosure and for presentation in the why we are in business and the impact we aspire to have on society. Company’s 2017 Report. These amounts have been prepared based on criteria as established in the World Resources Institute/World Business Council for Sustainable Development’s Greenhouse Gas Protocol: A Corporate Accounting Being together with the ones we love isn’t just a pleasant way to spend time — it’s and Reporting Standard, Revised Edition, and supported by the Global Reporting Initiative G4, EN8. vital to a healthy, happy, fulfilling life. In fact, the more family and friends spend NOTE 2 — BIG HEART ACQUISITION: Water withdrawal associated with the facilities acquired in 2015 as part of the Big Heart acquisition are not included time with each other, the richer their lives become.
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