Piper Jaffray Consumer M&A Weekly January 19, 2004 Consumer Mergers & Acquisitions David Jacquin - Managing Director, Group Head, 415-277-1505,
[email protected] Scott LaRue - Managing Director, 650-838-1407,
[email protected] Tom Halverson - Principal, 612-303-6371,
[email protected] John Twichell - Vice President 415-277-1533,
[email protected] John Barrymore - Vice President, 415-277-1501,
[email protected] Robert Arnold - Associate, 415-277-1548,
[email protected] Selected Consumer M&A Transactions (Approximate valuations, $ in millions) Date Equity Enterprise LTM EV / LTM Announced Effective Target Acquiror Value Value EBITDA EBITDA Universe Comments 01/13/04 Pending Pacific Cycle LLC Dorel Industries Inc $310.0 $310.0 NA NA Leisure & Entertainment Dorel Industries to purchase Pacific Cycle, maker of Schwinn & BMX bikes 01/16/04 Pending Fresh & Wild Holdings Ltd Whole Foods Market Inc 38.0 38.0 NA NA Food & Beverage Whole Foods Market to buy U.K. natural grocer Fresh & Wild Holdings 01/16/04 Pending McGraw-Hill retail unit School Specialty Inc NA NA NA NA Education McGraw-Hill to sell its retail educational book business to School Specialty 01/16/04 01/16/04 Califone International School Specialty Inc NA NA NA NA Education School Specialty acquires developer of school multimedia products M&A Spotlight Transactions January 13, 2004 - Pacific Cycle acquired by Dorel Industries All M&A Trans ac tion Multiple s Pacific Cycle announced Tuesday that it is being acquired by Montreal-based Dorel Industries Ltd. (TSX: DII.A, DII.B; NASDAQ: DIIBF), a global supplier of juvenile and home (LTM Data as of 9/30/03) furnishing products.