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Food and Beverage Industry Insight September 2017

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www.peakstone.com Food and Beverage Industry Insight September 2017 0 Food and Beverage Industry Insight | September 2017 Food and Beverage M&A Update Food and Beverage categories continue to be active in M&A activity For 2017 YTD, total U.S. F&B announced transactions of 273 deals are on track to exceed 2016 record levels of 380 Transaction Date Status Target Buyer Size Select Recent Notable Publicly Announced U.S. M&A Transactions Transaction Sep-2017Date Status Target Undisclosed Buyer Size Closed Transaction Date Status Target Buyer Sep-2017 UndisclosedSize Closed Dec-2016Sep-2017 Undisclosed Closed Mar-2016Dec-2016Sep-2017 Undisclosed Closed Mar-2016Dec-2016Jul-2017 Announced $4.20Undisclosed billion ClosedClosed Mar-2016Jun-2017Jul-2017 Announced $14.62$4.20Undisclosed billion billion Closed Jun-2017Jul-2017 Announced $14.62$4.20 billion billion Jun-2017 Announced $14.62 billion www.peakstone.com 1 Food and Beverage Industry Insight | September 2017 Labriola sold to J&J Snack Foods Peakstone served as exclusive financial advisor to Labriola Baking Company, in connection with its sale to J&J Snack Foods, Corp., a leader and innovator in the snack food industry with a $2.4 billion public market capitalization. The transaction is Peakstone's fifth closed sale in 2017 to a multi-billion public company and represents our ability to access large strategic buyers on behalf of our clients. Labriola Baking Company is a premium baker of breads and artisan soft pretzels, located in Alsip, IL. Labriola Baking began in 1993 as a local delivery bakery in the Chicago suburbs and grew into a nationwide provider of superior prebaked breads, rolls, and soft pretzels for retail instore bakery and foodservice outlets. The company was sold by an investor group that was led by Plaza Belmont of Kansas City, which focuses on food related investment. J&J Snack Foods manufactures and distributes nutritional and affordable branded niche snack foods and beverages to foodservice and retail supermarket outlets nationwide. Jerry Law, J&J's Senior Vice President, commented, "Labriola was built upon high quality, authentic products. We have been a longtime admirer and we're eager to have Labriola join our J&J Snack Foods family of brands and bakeries. We look forward to marrying Labriola's quality product offerings with our current portfolio, thus providing additional opportunities for our customers and consumers." Peakstone's dedicated Food & Beverage industry team executed a highly targeted marketing process that resulted in a rapid mandate-to-close timeline. This group completes numerous transactions in the F&B sector each year. Terms of the transaction were not disclosed. www.peakstone.com 2 Food and Beverage Industry Insight | September 2017 Expect Significant Impact from Amazon’s Whole Foods Acquisition Shares, Store Count to Decline as Fresh, Limited Assortment, E-Commerce Grows . Amazon and Whole Foods will change and shape the future of “Big Food”, traditional retail grocery, and many other industries . Signals the first acquisition of a major online company buying a major offline company . The next generation of grocery shopping will be a hybrid approach of purchasing online and in-store . Multi-channel and technology strategy will matter more than ever . In 2016 traditional supermarkets accounted for $440 billion of . Online grocery is driven by small, natural, clean food, and the $795 billion total food and beverage market specialty diets such as vegan or gluten free . E-commerce sales accounted for $33 billion, or 4% in 2016; by . Meal kits and fresh prepared foods/meals appeal especially to 2021, e-commerce is forecasted to grow to 8% millennials seeking convenience . Limited assortment stores like Trader Joe’s and Aldi will also take . “Big Food” is actively seeking acquisitions to satisfy consumer share of market desire for variety in food and shopping . Forecast is that one in four traditional grocery stores will not be around in five years Source: Inmar Industry Outlook Study 2021. www.peakstone.com 3 Food and Beverage Industry Insight | September 2017 U.S. F&B - M&A Market Overview U.S. F&B industry transaction activity has been strong U.S. F&B Transactions by Buyer Type U.S. F&B Transaction Multiples 43 13.4x 43 12.1x 11.6x 11.0x 11.0x 26 10.3x 29 9.7x 15 34 34 8.1x 8.3x 8.0x 25 21 337 18 308 262 240 244 221 214 200 189 144 2.0x 1.6x 1.8x 1.8x 1.5x 1.2x 1.1x 1.3x 1.0x 1.3x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD Strategic Financial EV / Revenue EV / EBITDA Source: Peakstone & Capital IQ. www.peakstone.com 4 Food and Beverage Industry Insight | September 2017 International F&B - M&A Market Overview International F&B industry M&A activity has been strong International F&B Transactions by Buyer Type International F&B Transaction Multiples 11.6x 11.1x 200 10.5x 137 186 180 10.0x 9.8x 178 138 9.0x 1492 1528 1483 1406 1283 1274 1.2x 1.1x 0.9x 0.9x 0.9x 0.9x 2012 2013 2014 2015 2016 2017 YTD 2012 2013 2014 2015 2016 2017 YTD Strategic Financial EV / Revenue EV / EBITDA Source: Peakstone & Capital IQ. www.peakstone.com 5 Food and Beverage Industry Insight | September 2017 Food & Beverage Deals by Product Category Source: Industry research. www.peakstone.com 6 Food and Beverage Industry Insight | September 2017 Peakstone Food and Beverage Index - Trading Statistics F&B categories have performed well compared to the S&P 500 Relative Stock Performance 150% Beverage Products: 136% Food Ingredients: 104% 100% S&P 500: 75% Food Production: 74% Food Retail: 47% 50% Peakstone Food Production Index ABF, ARYN, BGS, BIMBO A, BN, BRID, CAG, CALM, CPB, CVGW, DF, FDP, FLO, GIS, HAIN, 0% HRL, HSY, JBSS, JBSS3, JJSF, K, KHC, LANC, LNCE, LOTB, MDLZ, MKC, NESN, POST, PPC, SAFM, SAP, SENE.A, SJM, SNAK, THS, TR, TSN, UNA, WN Peakstone Food Ingredients Index BARN, FRUT, GIVN, IFF, KRZ, SXT, SY1, 4914, -50% 4958 Peakstone Beverage Production Index ABI, BCB, BF.B, COKE, DGE, DPS, FARM, FIZZ, JSDA, KO, LWAY, MNST, PEP, SAM, STZ, TAP Peakstone Food Retail Index IMKT.A, KR, NGVC, SFM, SFS, SPTN, SVU, UNFI, VLGE.A, WFM, WMK Source: Capital IQ, data as of 8/10/2017. www.peakstone.com 7 Food and Beverage Industry Insight | September 2017 Peakstone Food and Beverage Index - Trading Statistics F&B categories have performed well compared to the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA 20.0x Beverage Products: 17.8x 15.0x Food Ingredients: 16.9x S&P 500: 12.2x Food Production: 12.1x 10.0x Food Retail: 6.9x Peakstone Food Production Index ABF, ARYN, BGS, BIMBO A, BN, BRID, CAG, CALM, CPB, CVGW, DF, FDP, FLO, GIS, HAIN, 5.0x HRL, HSY, JBSS, JBSS3, JJSF, K, KHC, LANC, LNCE, LOTB, MDLZ, MKC, NESN, POST, PPC, SAFM, SAP, SENE.A, SJM, SNAK, THS, TR, TSN, UNA, WN Peakstone Food Ingredients Index BARN, FRUT, GIVN, IFF, KRZ, SXT, SY1, 4914, 0.0x 4958 Peakstone Beverage Production Index ABI, BCB, BF.B, COKE, DGE, DPS, FARM, FIZZ, JSDA, KO, LWAY, MNST, PEP, SAM, STZ, TAP Peakstone Food Retail Index IMKT.A, KR, NGVC, SFM, SFS, SPTN, SVU, UNFI, VLGE.A, WFM, WMK Source: Capital IQ, data as of 8/10/2017. www.peakstone.com 8 Food and Beverage Industry Insight | September 2017 Selected Public Trading Comparables Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Food Production Nestlé S.A. $262,501 $284,438 3.1x 15.1x 18.2x 22.6x 51% 19% Unilever N.V. $159,645 $176,079 2.9x 15.7x 18.0x 21.2x 44% 18% The Kraft Heinz Company $105,330 $135,186 5.2x 16.3x 18.9x 23.0x 38% 32% Mondelez International, Inc. $65,537 $83,210 3.3x 18.0x 21.9x 19.5x 39% 17% Danone $48,644 $70,188 2.6x 14.4x 17.7x 18.3x 50% 18% General Mills, Inc. $32,185 $42,169 2.7x 12.1x 14.4x 18.0x 36% 22% Associated British Foods plc $32,507 $34,333 1.7x 13.6x 18.9x 24.1x 23% 12% Kellogg Company $23,828 $32,368 2.5x 14.0x 18.1x 17.0x 38% 18% Tyson Foods, Inc. $23,724 $31,814 0.9x 9.0x 11.1x 12.6x 13% 10% Grupo Bimbo, S.A.B. de C.V. $11,621 $25,446 1.1x 8.9x 12.5x 24.8x 54% 12% The Hershey Company $22,360 $25,132 3.3x 14.6x 17.7x 21.4x 44% 23% JBS S.A. $7,152 $22,729 0.4x 6.1x 9.8x 6.4x 13% 7% ConAgra Foods, Inc. $14,327 $19,234 2.2x 10.5x 12.4x 18.4x 30% 20% The J. M. Smucker Company $13,861 $19,093 2.6x 11.5x 15.3x 15.4x 38% 23% Hormel Foods Corporation $17,765 $17,469 1.9x 12.1x 13.3x 19.9x 22% 15% Campbell Soup Company $16,126 $17,159 2.4x 11.9x 14.8x 16.8x 37% 20% McCormick & Company, Incorporated $11,941 $15,672 3.0x 16.7x 18.9x 22.8x 41% 17% Saputo Inc. $13,012 $14,106 1.6x 13.5x 16.1x 20.3x 12% 12% George Weston Limited $10,933 $13,537 0.7x 8.3x 13.0x 15.3x 29% 8% Pilgrim's Pride Corporation $6,515 $9,760 0.9x 7.7x 9.5x 10.3x 13% 12% Post Holdings, Inc.
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    An Acuris Company The comprehensive review of mergers and acquisitions in the EMEA region 2017 Half-year edition Deal Drivers EMEA Mergermarket.com Kick back this summer, 1,000,000,000+ let Merrill secure the deal. PAGES UPLOADED 46,000+ VIRTUAL DATA ROOM MERRILL DATASITE PROJECTS SECURED SINCE 2003 Our award-winning Virtual Data Room is used by thousands of leading organisations, worldwide. These organisations trust our team of highly qualified experts to handle their most confidential transactions. 40,000+ Simple. Safe. Secure. Merrill’s technology solutions will take M&A TRANSACTIONS the stress out of your next deal. SINCE 2003 To learn how we can help you, contact us now: +44 20 7562 3200 [email protected] www.merrillcorp.com 22 TECHNOLOGY AWARDS WON IN THE LAST DECADE © Merrill Communications LLC. All rights reserved. All trademarks are property of their respective owners. FINANCIAL TRANSACTIONS & REPORTING | MARKETING & COMMUNICATIONS FOR REGULATED INDUSTRY | CUSTOMER CONTENT & COLLABORATION SOLUTIONS Mergermarket Deal Drivers EMEA Contents 3 Contents Foreword 04 Telecoms, Media & Technology 41 EMEA Heat Chart 05 Transportation 47 All Sectors 06 Pharma, Medical & Biotech 53 Financial Services 17 Construction 59 Industrials & Chemicals 23 The Middle East & North Africa 65 Energy, Mining & Utilities 29 About Merrill Corporation 72 Consumer 35 Merrill Corporation Contacts 72 Mergermarket.com Mergermarket Deal Drivers EMEA Foreword 4 Foreword Welcome to the half-year 2017 edition of negotiations and an uncertain economic Despite ongoing political volatility, it is clear Deal Drivers EMEA, published by Mergermarket future, the UK and Ireland still managed that Europe has retained its status as a fertile in association with Merrill Corporation.