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Consumer and Retail CONSUMER AND RETAIL INDUSTRY UPDATE │ NOVEMBER 2015 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. CONSUMER AND RETAIL INDUSTRY UPDATE │ NOVEMBER 2015 HARRIS WILLIAMS & CO. CONSUMER UPDATE GROUP OVERVIEW MOMENTUM CONTINUES WITH TWO BRANDED CONSUMER PRODUCT CLOSINGS Harris Williams & Co. is a leading advisor to the Consumer market. Our Harris Williams & Co.’s Consumer Group remains extremely active in the branded significant experience covers a broad consumer products sector and is pleased to announce the recent sale of Funko and range of end markets, industries, and Shoes For Crews. Both transactions highlight HW&Co.’s focus on representing and business models. This particular report delivering superior results for innovative, category-defining brands within the focuses on trends and metrics in the following areas: consumer products sector. With a robust pipeline of future transactions, HW&Co. expects to see continued M&A activity and interest from both strategic and financial . Consumer Durables buyers in the sector in the coming months. Please see below for a summary of the . Consumer Electronics Funko and Shoes For Crews transactions. Consumer Services . Footwear, Apparel, and SALE OF FUNKO, LLC TO ACON INVESTMENTS Accessories . Franchise Platforms Funko is a pioneer in its industry and the largest, fastest growing . Internet Retail provider and innovator of branded pop culture products. Funko’s multiple, stylized brands serve as a unique link in the pop . Home Furnishings culture market as they connect today’s consumers with their . Household Goods a portfolio company of favorite entertainment programs and characters. The company . Infant and Juvenile Products enjoys an expansive library of 250+ properties with a diverse . Jewelry, Gifts, and Collectibles base of 100+ studio/content providers whose evergreen has been acquired by properties and new releases drive a robust pipeline of new . Omni / Multi-Channel Brands products and recurring revenue. Leveraging the continued . Outdoor and Lifestyle proliferation of content in today’s digital society, Funko . Personal Care Products October 30, 2015 achieved explosive growth (having doubled sales each of the . Pet Care last three years) due to its ability to fundamentally disrupt and expand its category to a large consumer demographic. Specialty and Mass Merchant Retailing Key Takeaways: . Continued rapid proliferation of and growing access to content has fundamentally transformed the way in which consumers interact with their favorite CONTACTS shows, movies, and each other – powerful industry tailwinds that are here to stay. John Neuner Managing Director . Consumers are looking for tangible ways to connect and show affinity for their [email protected] favorite shows, movies, and characters. +1 (804) 915-0125 . As the “mass adoption” by consumers of pop culture products continues, retailers Corey Benjamin are dedicating more and more space to licensed and pop culture products. Director [email protected] +1 (804) 932-1342 SALE OF SHOES FOR CREWS TO CCMP CAPITAL Ryan Budlong Director Shoes For Crews is the leading worldwide designer and marketer [email protected] +1 (415) 217-3409 of slip-resistant footwear. Through its superior technology, the company quickly became the industry leader and category- Brent Spiller defining brand. Shoes For Crews strives to create a safer Director a portfolio company of [email protected] workplace in all industries where floor hazards and slip and fall +1 (804) 915-0183 accidents are a reality. Driven by its established brand, differentiated technology, and proven value proposition, Shoes Matt Conaty has been acquired by Vice President For Crews has demonstrated a long track record on continued [email protected] growth. +1 (415) 217-3423 Chip Duggins October 27, 2015 Vice President [email protected] Key Takeaways: +1 (804) 932-1340 . Consumers increasingly trust and defer to brands that define and are synonymous with a given category. Consumers are increasingly willing to pay a premium for higher quality, style, and enhanced features. Combination of a differentiated technology/solution (slip-resistance) and a clear value proposition (keeping employees in the workplace safe) is unique and highly sought-after by potential buyers. www.harriswilliams.com PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ NOVEMBER 2015 HARRIS WILLIAMS & CO. CONSUMER UPDATE SECTOR SPOTLIGHT: INFANT & JUVENILE HW&Co.’s Consumer Group continued to be busy attending the most important trade shows in the consumer sector, with two important shows for the infant and juvenile space occurring in Q3. First, we attended Kind + Jugend in Cologne, Germany in August. With more than 21,000 visitors and 1,100+ exhibitors from 50 countries, Kind + Jugend is largest trade show in the infant and juvenile sector. The following month we made our annual visit to the ABC Kids Expo in Las Vegas, another key event for the industry. These two shows provided a terrific forum for our global Consumer Group to meet with fast-growing brands, Cologne, Germany retail buyers, strategic consolidators, and active investors across the infant and juvenile market. Below is a summary of several key takeaways from the shows – most importantly, that the infant and juvenile space remains one of the most vibrant and sought-after segments within the consumer industry. Las Vegas, US KEY TAKEAWAYS FROM RECENT INFANT AND JUVENILE SHOWS Industry Sentiment Remains Positive: In speaking with a variety of conference attendees, the outlook for the segment remains strong. Participants point to (i) the sector’s attractive underlying demographics and evergreen demand, (ii) parents’ willingness to pay a premium for quality, safety, and brands that they trust, and (iii) continued overall consumer spending as key industry growth drivers. More and More “Must Have” Products for Parents: The extensive amount of exhibitors and products on display at both shows made it clear just how many essential baby products exist on the market. Gone are the days where new parents choose a few key essentials. Today, there are scores of “must have” products aimed at making parents’ lives easier, especially products for on-the-go families. Furthermore, parents are increasingly purchasing multiple types of products in the same category to fill different needs – such as multiple strollers or multiple types of swaddles. This dynamic, coupled with an increasing amount of grandparents purchasing a full suite of baby gear has created a bigger and bigger market opportunity. Impact of the Millennial Generation: Like several other consumer segments, the infant and juvenile space is starting to see the impact of Millennials, as this generation enters the typical age range of having children. Millennials preferences in baby products mirrors their overall preferences – brands that are “cool” or “authentic” and reflect their self-image, brands/products that embody their own active and healthy lifestyle, and brands that connect with them via social media. Simplicity vs. Technology: On display across multiple categories was a focus on two different ends of the spectrum of consumer preferences. First, several companies are attempting to capture more and more technology and digital “bells and whistles” to their products to attract today’s technology-savvy and connected consumer. On the other hand, several companies are trying to avoid overcomplicating their products with features perceived as unnecessary or impractical, and instead focusing on style, color, and simplicity/authenticity of brand message to attract consumers. HW&CO.’S DEEP TRACK RECORD IN INFANT & JUVENILE SPACE – REPRESENTATIVE TRANSACTIONS a portfolio company of a portfolio company of has made a significant has been acquired by investment in has been acquired by has been acquired by has been recapitalized by For more information on the infant and juvenile sector, please contact: Brent Spiller 804-915-0183 [email protected] PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ NOVEMBER 2015 PUBLIC MARKETS OVERVIEW KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7) Median TEV/ Median TEV/ Number of Median Enterprise Change in Stock Price Sector LTM Multiples Forward Mulitples Companies Value ($ M) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA Consumer Products & Services Apparel & Footwear 24 $2,914 (15.6%) (9.9%) 1.4x 9.9x 1.3x 9.2x Consumer Durables 6 6,128 (4.7%) (6.1%) 1.0x 9.7x 0.9x 7.2x Consumer Services and Retail Franchisors 8 2,474 0.2% 13.1% 2.3x 11.4x 1.6x 9.0x Home & Office Furniture & Furnishings 10 1,672 2.0% 12.2% 0.9x 9.9x 0.9x 8.0x Household Products 5 17,571 (3.5%) 11.2% 3.4x 14.2x 3.4x 14.0x Housewares 10 3,495 (6.9%) (5.3%) 1.5x 14.3x 1.5x 10.3x Infant & Juvenile 12 842 (0.9%) 11.7% 0.7x 10.3x 0.6x 7.9x Outdoor & Lifestyle 20 869 (8.9%) (3.8%) 1.4x 11.1x 1.4x 10.0x Personal Care Products 13 3,241 (6.1%) 3.2% 1.5x 10.4x 1.4x 10.5x Pet Care 8 650 (3.1%) (5.9%) 1.3x 13.9x 1.9x 10.5x Retail Apparel & Footwear Retail 31 1,383 (14.6%) (16.8%) 0.6x 6.0x 0.6x 5.5x Department Chains 8 5,887 (18.7%) (21.5%) 0.6x 6.4x 0.5x 5.9x Discount Stores & Mass Merchants 14 22,008 (13.7%) 0.5% 0.7x 10.6x 0.7x 9.6x Furniture &
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