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Capstone Headwaters Health & Wellness M&A Coverage Report

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Capstone Headwaters Health & Wellness M&A Coverage Report HEALTH & WELLNESS NUTRITIONAL SUPPLEMENT DEMAND RISES AMID PANDEMIC September 2020 3 Health & Wellness Nutritional Supplement Demand Rises Amid Pandemic TABLE OF CONTENTS INDUSTRY OUTLOOK Industry Outlook Growing nutritional awareness and rising consumer focus on weight management, health, and immunity have contributed to the $4.5 trillion COVID-19 Impacts market size (Global Wellness Institute)1 of the Health & Wellness industry. The M&A Overview highly-competitive Nutritional Supplements sector represents a key Notable Transactions component of this industry and has experienced robust demand, with a projected compound annual rate growth rate of 8.2% by 2027, according to Select Transactions Grand View Research.2 Existing consumer preferences towards nutritional Public Company Performance supplements and functional food products have been substantially accelerated Public Company Spotlights by COVID-19, evidenced by the 76% year-over-year (YOY) increase in Vitamin C supplement sales during the first half of 2020, which amounted to $209 Public Company Data million, according to Nielsen.3 E-commerce has proven to be a critical channel Consumer & Retail Group for industry participants to stimulate direct-to-consumer (DTC) and retail sales Firm Track Record growth amid widespread physical store closures. Leading nutritional products provider, Glanbia (ISE:GL9) has continued to invest in its e-commerce platform which was a key component of its €76.3 million capital expenditure in 2019. Through Q2 2020, 34% of Glanbia Performance Nutrition Product sales were through online channels, according to its earnings release.4 Top public companies in the Health & Wellness industry faced severe headwinds during the onset of the pandemic with valuations falling substantially following the World Health Organization (WHO) declaring COVID-19 a pandemic on March 11th. However, performance has rebounded significantly, with EBITDA multiples among supplements providers increasing 32.1% from March 11 to 11.3x. General health & wellness providers have also demonstrated resilience with multiples rising 24.2% and 10.8%, respectively, as CONTACTS of August 17th. Lisa Tolliver Health & Wellness EBITDA Multiples Senior Director 773-791-9493 Supplements General Health & Wellness Food & Beverage [email protected] 25x March 11: WHO declares COVID-19 a pandemic 20x 15x 10x EV/EBITDA 5x 0x Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Source: Capital IQ 2 Health & Wellness | September 2020 COVID-19 IMPACTS The Supplements industry has powered through COVID- provider, recorded an 8.6% increase in YOY revenue in Q2, 19 by leveraging e-commerce capabilities, which has been supported by strong volume growth in its U.S. markets, reflected in premium valuations, fueling what could be a according to its earnings release.7 In addition, new positive merger and acquisition (M&A) trend for business customers have increasingly been drawn to nutritional owners. While the pandemic has slowed personal products during the pandemic, as Herbalife has cited a consumption expenditures it has also fostered a 25% YOY increase in unique customers in the U.S. While heightened awareness for health-conscious products as demand has begun to normalize in the Vitamins and consumers have increasingly sought to boost immunity Supplements markets, sales remain elevated YOY and and overall wellness. The pandemic has facilitated a health and wellness products are forecast to continue to substantial increase in demand for vitamins, minerals, capture consumer spending post-pandemic. supplements, and other wellness solutions, which had projected to achieve a market size of $230.7 billion by The pandemic has reaffirmed consumer preferences for 2027 prior to COVID-19, according to Grandview Research. trusted brands offering quality products. Brand Notably, vitamin sales elevated significantly during the recognition plays a significant role in purchasing habits, onset of COVID-19 disruption, rising 44% YOY during the with online penetration becoming increasingly critical six weeks ending on April 5th, according to Nutritional amidst widespread lockdown and social distancing Outlook.5 In addition, nutritional supplements have also measures. However, as COVID-19 has accelerated the experienced a similar surge in demand and have shift to e-commerce channels, popular brands that have drastically outpaced 2019 levels. During the six weeks heavily relied on specialty stores have encountered severe ending on April 5th, nutritional supplement sales challenges. GNC, a mainstay in nutritional products, filed amounted to $435 million, surpassing 2019 full year totals for Chapter 11 bankruptcy in June following years-long of $345 million. Heightened interest in wellness products sales declines, accelerated by COVID-19 induced store is also supported by increased social media mentions for closures. Despite its e-commerce revenue increasing 25% specialty health ingredients and vitamins. Internet in Q1, same store sales (inclusive of e-commerce sales) fell searches for elderberry, a vitamin C-rich medicinal plant, 10.1% YOY as COVID-19 forced 30% of GNC’s company- have increased by 16 times compared to January of 2019, owned and franchise stores to close, according to its according to L.E.K.6 earnings release.8 The reliance on brick-and-mortar specialty stores, in conjunction with mounting debt, forced Top public players in the Health & Wellness industry have GNC into a fundamental restructuring and has showcased resilience despite supply chain and distribution underscored the importance of efficient DTC models. The challenges. Industry participants with robust e-commerce pandemic has driven the monumental shift to e- presences and sound supplier networks, coupled with commerce channels in the Supplements industry, with online brand recognition, have captured sustained online sales expected to grow 61.4% in 2020, compared to customer retention and sales growth. Notably, Herbalife 7.1% growth in brick-and-mortar, according to Nutrition Nutrition (NYSE:HLF), a leading nutritional products Business Journal.9 according Global Dietary Supplements Market Google Trends Search Data $300 100 Elderberry 90 Vitamin D $250 $230.7 Vitamin C $213.3 80 Immunity Booster $197.3 70 $200 $182.4 $168.7 $155.9 60 $144.2 $133.3 $150 $123.3 50 40 $ inBillions $100 30 Search Interest Index SearchInterest 20 $50 10 $0 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Source: Grandview Research Source: Google Trends 3 Health & Wellness | September 2020 M&A OVERVIEW Transaction activity has been volatile on a monthly basis in Monthly M&A Transactions YTD 2020, making the quantifiable impact of COVID-19 on merger and acquisition (M&A) volume difficult to assess. 2019 2020 However, despite a slowdown in the broader M&A market, 20 53 transactions have been announced or completed YTD, 15 13 modestly lower than 2019 levels of 61 deals. Total 11 11 11 11 10 10 disclosed deal value of $3.5 billion in YTD 2020 has 10 9 outpaced YTD 2019 dollar amounts of $2.6 billion. 7 7 4 Strategic buyers have continued to target attractive health 5 3 3 and wellness providers to diversify product offerings and 1 2 1 increase penetration into the Functional Food and ofTransactions Number 0 Nutrition markets. Notably, New Age Beverages (Nasdaq:NBEV) has agreed to acquire ARIIX (July, $206.1 million, 10.3x EBITDA), along with four additional e- commerce and direct selling companies, Zennoa, Shannen, Note: Year-to-date ended August 12 LIMU, and MaVie (undisclosed), to create a premier Source: Capital IQ, PitchBook, FactSet, and Capstone Research omnichannel health and wellness platform. ARIIX offers a leadingproductnutritional product portfolio and has experienced rapid growth, with penetration in over 35 countries and recording a compoundundisclosedannual growth rate exceeding 17% from 2015 to 2019, according to a press release.10 The combination creates an expansive portfolio of health and wellness brands, leveraging 400,000 independent representatives, with expected pro forma revenues of over $500 million. Private equity, which has comprised 11.5% of transactions, has sought health and wellness operators with robust DTC capabilities for platform investments. Brand Holdings, a holding company formed by Kidd & Company and T-street Capital acquired leading health and wellness supplements provider Dr. Emil Nutrition (see next page). Outside entrants have utilized M&A to penetrate the fast-growing Vitamins & Supplements market, especially as consumers have grown increasingly health conscious. Notably, leading esports platform FaZe Clan acquired meal replacement startup CTRL Holdings in June for an undisclosed sum. CTRL offers powder-based meal replacement shakes in a variety of flavors. The transaction represents an intersection of the rapidly expanding Esports & Gaming industry and the Health & Wellness sector, CTRL will leverage FaZe Clan’s global following of 230 million users in its marketing and sales efforts.11 In addition, Gotham Cigars, a leading online retailer of cigars, acquired A1Supplements in July (undisclosed). Tennessee-based A1Supplements is an online provider of sports supplements, nutritional products, and training programs. A1Supplements e- commerce presence, loyal customer base, and recurring revenue model were key motivations for the transaction. In addition, Gotham Cigars will gain a robust suite of products outside of its typical offerings and it will leverage its digital
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