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Food and Beverage Industry Update December 2013

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Food and Beverage Industry Update December 2013 Member FINRA/SIPC www.harriswilliams.com Food and Beverage Industry Update December 2013 What We’re Seeing CONTENTS Market Update INDUSTRY VITAL SIGNS November was a busy trade show month with the Restaurant Finance and Development Conference and EQUITY MARKET OVERVIEW Private Label Manufacturers Association show. While the weather hampered many people’s travel to the M&A MARKET OVERVIEW PLMA in Chicago, we were able to catch up with many of you on the floor at each event. We came away with the impression that strategic buyers in the Food & Beverage and Restaurant segments are actively DEBT MARKET OVERVIEW looking to grow through M&A, but have more focused strategies than ever and will be very “picky” about NOTABLE M&A ACTIVITY which deals they decide to pursue next year. The private equity community’s interest in both sectors PUBLIC COMPARABLES continues to be strong and consistent feedback is that the lack of high quality opportunities in the market EARNINGS CALENDAR still persists. Many expected M&A activity in 2013 to bounce back faster due to a rush of sellers looking to take advantage of aggressive financing markets, but that wave of deals is more like a slowly rising GROUP OVERVIEW tide. With our current backlog and pitch activity in the Food & Beverage and Restaurant sectors, we continue to believe that 2014 will represent a more normalized M&A environment. Harris Williams & Co. is a leading advisor to the food and beverage What We’ve Been Doing market. Our significant experience covers a broad range of end Closed HW&Co. Transactions markets, industries, and business models. This particular report focuses on trends and metrics in the following areas: a portfolio company of a portfolio company of a portfolio company of has divested a portfolio company of • Agribusiness selected assets to has been acquired by has been acquired by • Baked and Prepared Goods has been acquired by and has been acquired by has been acquired by • Beverages and • Branded & Private Label • Dairy • Distribution • Ingredients a portfolio company of • Meat & Protein a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of • Natural & Organic and • Processing has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by • Produce • Restaurant and Retail • Snacks What We’re Reading Nestlé to Sell Its Jenny Craig Brand to Private Equity Firm CONTACTS Nestlé, the Swiss food giant, agreed to sell its Jenny Craig brand in North America, New Zealand and other parts of the Pacific region to North Castle Partners, a Connecticut-based private equity firm focused Glenn Gurtcheff | Managing Director on health and wellness businesses. The Jenny Craig business in France is not part of the transaction. [email protected] +1 (612) 359-2702 Financial terms of the deal were not disclosed. Access to the full article here. Tim Alexander | Managing Director Roark Capital Agrees to Acquire CKE Restaurants from Apollo Global Management [email protected] +1 (612) 359-2716 Private equity firm Roark Capital Group has clinched a deal to acquire Apollo Global Management-based restaurant group CKE Inc, the parent of the Hardees and Carl's Jr. fast food chains. CKE operates 3,400 Ryan Budlong | Director restaurants in 42 states and 29 countries. Access to the full article here. [email protected] +1 (612) 359-2722 Ebro Foods Acquires Olivieri Foods Brant Cash | Vice President [email protected] Ebro Foods acquired Olivieri Foods’ fresh pasta and sauce business. Olivieri is a subsidiary of Canada +1 (612) 359-2709 Bread Company. The transaction was valued at CAD$120 million. Ebro Foods is a multinational food group operating in the rice, pasta and sauces sectors. Based in Spain, it has commercial and/or industrial www.harriswilliams.com presence in more than 25 countries. Ebro is a global leader in the rice sector and the second largest pasta manufacturer in the world. Access to the full article here. 2 of 16 Food and Beverage Industry Vital Signs Commodity 280 Wheat: 63.8% Price Indices1 220 Crude Oil: 42.4% 160 Soybeans: 33.2% 100 Corn: 20.7% Commodity Price IndexPrice Commodity 40 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Corn Wheat Soybeans Crude Oil Protein Price 145 Indices2,3 130 Beef: 25.1% 115 Pork: 22.3% 100 Poultry: Protein Price Price IndexProtein 20.3% 85 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Beef Pork Poultry Restaurant and 160 Grocery Store Sales Indices4 140 Restaurant: 20.9% 120 Grocery: 13.2% Sales Index Sales 100 80 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Restaurant Grocery Consumer Food 5.5 Price Index 4.0 Inflation2 2.5 Inflation(%) 1.0 -0.5 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 3 of 16 Public Equity Market Overview Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats Net Debt / Key Trading Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Statistics5 Protein Processing 9.6% 33.9% 11.9% 37.2% 13.2x 16.7x 8.6x 0.7x Fruit and Vegetable (0.1%) 17.8% 13.3% 25.6% 14.6x 14.7x 9.0x 2.7x Ingredients / Flavors 4.6% 31.2% 4.6% 13.3% 18.0x 22.5x 12.5x 1.3x Inputs Agribusiness 15.5% 23.2% 13.6% 29.7% 13.3x 18.6x 9.7x 1.2x Branded Processed Foods 2.5% 23.6% (2.7%) (14.8%) 20.0x 22.7x 13.2x 2.3x Private Label Foods 6.0% 34.5% (3.7%) (12.3%) 21.8x 29.2x 11.7x 2.6x Natural / Organic Foods 6.4% 34.4% (5.5%) (12.7%) 27.0x 31.4x 16.0x 2.4x Baked Goods / Snack Foods 11.2% 39.5% 9.3% 27.3% 21.8x 25.3x 10.9x 2.1x Dairy 2.7% 14.4% 7.6% 12.1% 17.9x 19.3x 11.7x 1.8x Non-Alcoholic Beverages 6.1% 18.8% 4.1% 16.1% 18.6x 21.4x 12.5x 1.6x Food and Beverage Alcoholic Beverages 8.9% 13.0% 6.2% 6.3% 19.9x 17.7x 12.8x 3.0x Food Retail 6.7% 43.9% 5.2% 20.2% 15.6x 19.9x 7.0x 2.0x Grocery Distribution 12.3% 40.6% 8.1% 36.5% 17.3x 21.4x 9.8x 1.0x Foodservice 9.6% 6.8% 4.6% 11.2% 17.9x 26.9x 9.1x 2.2x Quick Service Restaurant 11.4% 47.7% 9.6% 20.6% 22.9x 30.5x 12.0x 2.1x Casual Dining Restaurant 14.0% 44.6% 15.6% 28.4% 21.4x 25.7x 11.1x 2.7x Fast Casual 7.2% 52.8% 4.3% 53.4% 45.6x 24.4x 24.5x 2.4x Pizza 14.8% 60.5% 12.5% 30.4% 24.9x 28.3x 13.9x 2.0x Beverage / Snack Retail 9.3% 54.0% 18.1% 46.9% 30.8x 30.2x 20.8x 2.9x Consumer Consumer and Retail Family Restaurant 20.0% 43.0% 17.2% 44.9% 20.3x 20.1x 10.1x 0.9x Overall Median 8.7% 32.2% 6.3% 17.8% 20.0x 22.1x 11.7x 2.0x Pizza Beverage / Snack Retail Public Fast Casual Company Quick Service Restaurant Sector Casual Dining Restaurant 5 Performance Food Retail (One year change Family Restaurant in stock price) Grocery Distribution Baked Goods / Snack Foods Private Label Foods Natural / Organic Foods Protein Processing Ingredients / Flavors S&P Branded Processed Foods Agribusiness Non-Alcoholic Beverages Fruit and Vegetable Dairy Alcoholic Beverages Foodservice 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Inputs Food and Beverage Consumer and Retail 4 of 16 Public Equity Market Overview Gross Recent Equity Close Transaction Proceeds Offerings6 Date Filing Date Issuer Ticker Type ($mm) Use of Funds 11/26/13 11/26/13 Pinnacle Foods Inc PF Follow-On $482.3 General Corp. Purp. 11/18/13 11/18/13 Z Trim Holdings Inc ZTHO Follow-On $1.4 General Corp. Purp. 11/13/13 11/13/13 Castle Brands Inc ROX Follow-On $6.0 General Corp. Purp. 11/12/13 11/12/13 Annies Inc BNNY Follow-On $122.0 General Corp. Purp. 11/08/13 11/08/13 Feronia Inc FRN Follow-On $24.9 General Corp. Purp. 11/04/13 11/04/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp. 10/28/13 10/28/13 Avidus Management Group Inc AVD Follow-On $0.8 General Corp. Purp. 10/21/13 10/21/13 Castle Brands Inc ROX Convertible $2.1 General Corp. Purp. 10/16/13 10/16/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp. 10/03/13 08/29/13 Potbelly Corporation PBPB IPO $105.0 General Corp. Purp. 09/27/13 09/27/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp. 09/20/13 09/16/13 The Chefs' Warehouse Inc CHEF Follow-On $108.7 General Corp. Purp. 09/19/13 09/19/13 Avidus Management Group Inc AVD Private Placement $0.5 Working Capital General Corp.
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