13
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA12/19/2017 Dole Food Co., Inc. Greenyard Foods NV Produce 3,749.65 0.83x 19.39x
12/14/2017 MacDon Industries Ltd. Linamar Corp. Machinery & Equipment 933.56 - -
11/07/2017 Agrium, Inc. (Conda Phosphate
Operations)
Itafos Crop/ Turf/ Ornamental Inputs 100.00 - -
11/07/2017 Agrium, Inc. (North Bend Nitric
Acid Operations)
Trammo Nitrogen Products, Inc. Crop/ Turf/ Ornamental Inputs 15.00 - -
11/06/2017 Agronomic Technology Corp. Yara International ASA Agricultural Tech & Services - - -
10/30/2017 US Salt LLC Metalmark Capital LLC Oilseeds & Ingredients 225.00 - -
10/24/2017 DV Technologies, Inc. (Iowa) Cargill, Inc. Oilseeds & Ingredients - - -
10/24/2017 Delta-T Corp. (Kentucky) Lindsay Goldberg & Co. LLC Machinery & Equipment 500.00 2.09x -
10/16/2017 Epicore BioNetworks, Inc. NEOVIA SAS Crop/ Turf/ Ornamental Inputs 23.27 1.97x 7.48x
10/06/2017 Omega Protein Corp. Cooke, Inc. Oilseeds & Ingredients 473.57 - -
10/04/2017 Herelab, Inc. IIOT-OXYS, Inc. Agricultural Tech & Services 1.91 - -
10/02/2017 Atlas Hydraulics, Inc. Gates Corp. Machinery & Equipment 80.00 - -
Strategic82%
Financial18%
-
9
2
10
4 4 2
4 4 5
- 2 4 6 8
10 12
Financial Buyer Inv. Date Select Corporate Acquisitions6/7/2017 ▪ BeetNPath, LLC8/24/2016 ▪ Hip Chick Farms, Inc.6/23/2016 ▪ Pacific Ag
2/18/2016 ▪ American Botanicals LLC
2/4/2016 ▪ Hortau Inc.
7/6/2017 ▪ Olson Irrigation Systems
11/2/2016 ▪ Environmental Treatment Systems, Inc.
8/8/2016 ▪ Delta Ultraviolet Corp.
CAVU Venture Partners 5/24/2017 ▪ Bulletproof 360, Inc.
5/9/2016 ▪ Lyrical Foods, Inc.
4/29/2016 ▪ Chef's Cut Real Jerky
3/8/2016 ▪ good culture, LLC
3/4/2016 ▪ Health-Ade, LLC
8/26/2015 ▪ High Brew Coffee, Inc.
Dane Creek Capital Corp. 9/14/2017 ▪ Mountain Dog Enterprises, Inc.
7/25/2017 ▪ Ascenta Health Ltd. (Non-Manufacturing Pet Assets)
11/15/2016 ▪ Midgard Insect Farm, Inc.
6/16/2017 ▪ Duravant LLC
12/14/2016 ▪ DuPont Nutrition & Health, Inc.
3/20/2017 ▪ Cowlar, Inc.
2/2/2017 ▪ Interprovincial Meat Sales Ltd.
6/30/2016 ▪ Oh My Green, Inc.
6/30/2016 ▪ Raptor Maps, Inc.
1/31/2016 ▪ Iron Ox, Inc.
Y Combinator
AEA Investors
Advantage Capital Partners
Warburg Pincus LLC
Strategic Buyer Inv. Date Select Corporate Acquisitions10/17/2017 ▪ Harmony Gardens, Inc.
5/25/2017 ▪ Evergreen Partners of Raleigh LLC
2/6/2017 ▪ Stone Forest Materials LLC
1/20/2017 ▪ Aspen Valley Landscape Supply, Inc.
12/19/2016 ▪ East Haven Hay & Grain Supply, Inc.
11/7/2016 ▪ Loma Vista Nursery, Inc.
8/2/2016 ▪ Bissett Nursery Corporation
4/5/2016 ▪ Blue Max Materials, Inc.
1/4/2016 ▪ Hydro-Scape Products, Inc.
9/19/2017 ▪ Leadbetter Foods, Inc.
2/2/2017 ▪ Interprovincial Meat Sales Ltd.
10/13/2016 ▪ Belmont Meat Products Ltd.
12/14/2016 ▪ 8,638 Acres of Farmland in Illinois
9/12/2016 ▪ American Farmland Company
8/4/2016 ▪ Nine Farms Totaling 5,477 Acres
7/7/2016 ▪ 2,400 Acres of Land in Florida
5/9/2016 ▪ Three Farms Totalling 1,111 Acres in Georgia and Mississippi
4/4/2016 ▪ 7,400 Acre Farm in Lousiana
3/2/2016 ▪ 1254 Farms in Five States
4/5/2017 ▪ Arborguard, Inc.
4/15/2016 ▪ Jones Bros. Tree & Landscape Co., Inc.
4/23/2015 ▪ Kerns Brothers Tree Services & Landscaping, LLC
4/2/2015 ▪ Nature First Tree Care, Inc.
7/31/2014 ▪ Lawn Logic, LLC
4/4/2017 ▪ Global Industries, Inc.
11/10/2016 ▪ Yargus Manufacturing, Inc.
3/13/2016 ▪ NuVision Industries Inc.
3/9/2016 ▪ Entringer Industrial S.A.
11/30/2015 ▪ G J VIS Enterprises Inc.
SiteOne Landscape Supply, Inc. (NYSE:SITE)
Farmland Partners Inc. (NYSE:FPI)
Ag Growth International Inc. (TSX:AFN)
The Davey Tree Expert Company
Premium Brands Holdings Corp.
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Diversified Agribusiness Crop/ Turf/ Ornamental Inputs Animal Health & Nutrition
Machinery & Equipment Agriproducts Distribution Agricultural Technology & Services
Dairy Produce Proteins
Oilseeds & Ingredients S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Archer-Daniels-Midland Co. ADM 22,415$ 40.08$ -5.7% -12.2% 84.5% 4.0% 3.4% 0.5x 12.4x 18.8x 0.5x 8.9x
Bunge Ltd. BG 9,431 67.08 -3.4% -7.1% 80.1% 4.6% 1.2% 0.3x 23.2x 21.3x 0.3x 8.3x
Seaboard Corp. SEB 5,164 4,410.00 -2.1% 11.6% 94.0% NM 7.6% 0.8x 11.5x 15.8x NM NM
The Andersons, Inc. ANDE 883 31.15 -9.1% -30.3% 69.6% 3.9% 2.8% 0.3x 9.3x NM 0.3x 7.9x
Limoneira Co. LMNR 323 22.40 -3.3% 4.1% 86.0% NM NM 3.5x 19.9x NM 3.6x 18.4x
Alico, Inc. ALCO 243 29.50 -13.6% 8.7% 84.8% NM (309.3%) 3.3x 23.2x NM NM NM
Segment Average 4.2% (58.8%) 1.4x 16.6x 18.6x 1.2x 10.9x
Segment Median 4.0% 2.8% 0.6x 16.2x 18.8x 0.4x 8.6x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
DowDuPont, Inc. DOW 166,654$ 71.22$ 2.9% 24.5% 96.4% 50.3% 18.1% 3.4x 19.6x 34.7x 1.6x 7.3x
Monsanto Co. MON 51,477 116.78 -2.5% 11.0% 95.1% 5.7% 17.6% 3.9x 13.8x 21.6x 3.7x 12.2x
Syngenta AG SYT 42,940 92.84 0.8% 17.4% 92.9% NM 24.3% 3.6x 16.9x 40.9x NM NM
Potash Corp. of Saskatchewan, Inc. POT 17,287 20.65 7.3% 14.2% 98.1% (10.0%) 27.2% 4.6x 16.7x 37.2x 5.2x 13.5x
Agrium, Inc. AGU 15,943 115.00 7.3% 14.4% 98.1% 1.0% 4.1% 1.5x 13.9x 42.5x 1.5x 11.1x
FMC Corp. FMC 12,709 94.66 6.0% 67.4% 98.6% 34.4% 24.8% 5.2x 21.5x 635.3x 3.2x 12.3x
CF Industries Holdings, Inc. CF 9,923 42.54 21.0% 35.1% 98.0% 10.9% 21.0% 4.3x 16.3x NM 3.9x 13.0x
Bunge Ltd. BG 9,431 67.08 -3.4% -7.1% 80.1% 4.6% 1.2% 0.3x 23.2x 21.3x 0.3x 8.3x
The Mosaic Co. MOS 9,007 25.66 18.9% -12.5% 74.7% (1.5%) 19.9% 1.7x 11.6x 26.7x 1.7x 10.2x
Scotts Miracle-Gro Co. SMG 6,155 106.99 9.9% 12.0% 99.0% 6.1% (2.0%) 2.8x 14.9x 34.5x 2.8x 13.8x
Platform Specialty Products Corp. PAH 2,848 9.92 -11.0% 1.1% 66.9% 4.9% 19.5% 2.2x 11.1x NM 2.1x 9.1x
Compass Minerals International, Inc. CMP 2,444 72.25 11.3% -7.8% 85.6% 8.9% 23.5% 2.8x 13.7x 17.0x 2.5x 10.7x
Central Garden & Pet Co. CENT 1,907 38.92 0.2% 17.6% 92.0% 2.9% 5.2% 1.2x 11.8x 25.6x 1.1x 11.1x
Terra Nitrogen Co. LP TNH 1,477 79.81 -2.4% -22.3% 68.9% NM 38.5% 3.7x 7.2x 12.6x NM NM
The Andersons, Inc. ANDE 883 31.15 -9.1% -30.3% 69.6% 3.9% 2.8% 0.3x 9.3x NM 0.3x 7.9x
American Vanguard Corp. AVD 585 19.65 -14.2% 2.6% 81.9% 37.7% 11.9% 1.9x 15.6x 36.4x 1.4x 10.5x
Intrepid Potash, Inc. IPI 622 4.76 9.2% 128.8% 93.0% (11.9%) 20.6% 4.1x 60.8x NM 4.5x 12.8x
CVR Partners LP UAN 372 3.28 1.5% -45.4% 47.2% 10.2% 5.1% 2.7x 12.4x NM 2.5x 7.8x
AgroFresh Solutions, Inc. AGFS 372 7.40 5.3% 179.2% 81.8% NM 52.9% 4.4x 11.1x NM NM NM
S&W Seed Co. SANW 81 3.90 23.8% -15.2% 75.0% 7.4% (12.0%) 1.4x 70.5x NM 1.3x 19.1x
China Green Agriculture, Inc. CGA 48 1.24 0.8% 3.3% 81.6% NM 14.1% NM NM 2.1x NM NM
Marrone Bio Innovations, Inc. MBII 34 1.10 -4.3% -48.6% 44.9% 158.9% (139.7%) 5.1x NM NM 2.0x NM
Origin Agritech Ltd. SEED 19 0.85 -48.2% -64.0% 34.7% NM NM 1.3x NM NM NM NM
Arcadia Biosciences, Inc. RKDA 12 0.28 -34.9% -70.1% 23.3% 163.2% (602.0%) NM NM NM NM 0.4x
Segment Average 25.7% (17.5%) 2.8x 19.6x 70.6x 2.3x 10.6x
Segment Median 6.1% 17.6% 2.8x 14.4x 30.6x 2.0x 10.9x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Merck & Co., Inc. MRK 153,908$ 56.27$ -12.1% -4.4% 84.2% 3.3% 14.3% 4.3x 12.8x 54.1x 4.1x 10.8x
Zoetis, Inc. ZTS 35,104 72.04 13.0% 34.6% 97.9% 9.4% 38.9% 7.6x 21.6x 37.9x 7.0x 17.7x
Archer-Daniels-Midland Co. ADM 22,415 40.08 -5.7% -12.2% 84.5% 4.0% 3.4% 0.5x 12.4x 18.8x 0.5x 8.9x
IDEXX Laboratories, Inc. IDXX 13,639 156.38 0.6% 33.4% 90.4% 13.1% 24.1% 7.6x 30.1x 50.8x 6.9x 26.1x
Ingredion, Inc. INGR 10,047 139.80 15.9% 11.9% 98.0% 2.4% 19.6% 2.0x 10.6x 20.0x 2.0x 10.1x
The Mosaic Co. MOS 9,007 25.66 18.9% -12.5% 74.7% (1.5%) 19.9% 1.7x 11.6x 26.7x 1.7x 10.2x
Patterson Cos., Inc. PDCO 3,426 36.13 -6.5% -11.9% 74.8% 0.5% 6.7% 0.8x 9.2x 21.6x 0.8x 10.9x
Neogen Corp. NEOG 3,204 61.66 6.1% 24.6% 95.7% 11.7% 21.9% 7.8x 35.8x 61.5x 7.1x 30.9x
Darling Ingredients, Inc. DAR 2,986 18.13 3.5% 40.4% 97.2% 3.0% 11.8% 1.3x 10.8x 46.5x 1.3x 10.0x
Balchem Corp. BCPC 2,580 80.60 -0.8% -4.0% 90.1% 7.0% 22.8% 4.8x 19.6x 40.7x 4.5x 18.3x
Central Garden & Pet Co. CENT 1,907 38.92 0.2% 17.6% 92.0% 2.9% 5.2% 1.2x 11.8x 25.6x 1.1x 11.1x
Aemetis, Inc. AMTX 11 0.55 -36.8% -60.4% 22.0% 8.6% (4.9%) 1.1x NM NM 1.0x 26.4x
Segment Average 5.4% 15.3% 3.4x 16.9x 36.8x 3.2x 16.0x
Segment Median 3.6% 17.0% 1.8x 12.4x 37.9x 1.9x 11.0x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Deere & Co. DE 50,489$ 156.51$ 24.6% 51.9% 98.4% 9.5% 18.1% 2.7x 14.4x 23.4x 2.5x 19.5x
CNH Industrial NV CNHI 18,279 13.40 11.6% 54.2% 98.2% 6.2% 10.0% 1.5x 14.4x NM 1.4x 14.6x
The Toro Co. TTC 6,955 65.23 5.1% 16.6% 88.3% 5.9% 13.4% 2.8x 16.6x 27.1x 2.7x 15.6x
AGCO Corp. AGCO 5,675 71.43 -3.2% 23.5% 94.0% 11.3% 8.5% 1.0x 11.6x 28.2x 0.9x 9.7x
Valmont Industries, Inc. VMI 3,750 165.85 4.9% 17.7% 94.0% 6.1% 12.0% 1.5x 11.5x 19.8x 1.4x 10.3x
Alamo Group, Inc. ALG 1,313 112.87 5.1% 48.3% 94.4% 8.2% 12.5% 1.6x 13.6x 27.1x 1.5x 12.2x
Advanced Drainage Systems, Inc. WMS 1,334 23.85 17.8% 15.8% 90.7% 4.6% 14.8% 1.6x 13.7x 59.6x 1.6x 9.9x
Raven Industries, Inc. RAVN 1,228 34.35 6.0% 36.3% 89.6% 13.0% 21.3% 3.4x 17.3x 33.7x 3.1x 14.7x
Lindsay Corp. LNN 938 88.20 -4.0% 18.2% 91.7% 7.6% 8.5% 1.8x 15.7x 36.9x 1.7x 13.3x
Titan International, Inc. TWI 769 12.88 26.9% 14.9% 90.5% 12.2% 2.5% 0.8x 28.1x NM 0.7x 11.3x
Ag Growth International, Inc. AFN-CA 684 42.57 0.2% 1.6% 90.0% 22.1% 15.3% 1.9x 14.0x 29.1x 1.8x 10.9x
Titan Machinery, Inc. TITN 468 21.17 36.3% 45.3% 91.6% 1.4% 5.4% 0.7x 25.8x NM 0.7x 21.3x
Rocky Mountain Dealerships, Inc. RME-CA 213 10.93 23.4% 41.4% 97.2% 7.4% 6.7% 0.6x 12.1x 14.3x 0.5x 12.0x
Cervus Equipment Corp. CERV-CA 187 12.00 8.2% -5.1% 96.5% 4.9% 4.6% 0.3x 9.5x 10.0x 0.3x 8.1x
Paul Mueller Co. MUEL 50 39.00 14.7% 40.3% 97.5% NM 10.3% 0.4x 6.2x 29.5x NM NM
Bion Environmental Technologies, Inc. BNET 16 0.64 -19.5% -14.7% 62.7% NM NM NM NM NM NM NM
Art's-Way Manufacturing Co., Inc. ARTW 12 2.98 29.7% -12.2% 63.5% NM NM 0.9x NM NM NM NM
Tytan Holdings, Inc. TYTN 0 0.00 -10.1% 135.3% 57.1% NM NM NM NM NM NM NM
Segment Average 8.6% 10.9% 1.5x 15.0x 28.2x 1.5x 13.1x
Segment Median 7.5% 10.3% 1.5x 14.0x 27.7x 1.4x 12.1x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Agrium, Inc. AGU 15,943$ 115.00$ 7.3% 14.4% 98.1% 1.0% 4.1% 1.5x 13.9x 42.5x 1.5x 11.1x
Tractor Supply Co. TSCO 9,386 74.75 18.1% -1.4% 95.5% 6.9% 11.0% 1.4x 11.4x 22.2x 1.3x 11.2x
Scotts Miracle-Gro Co. SMG 6,155 106.99 9.9% 12.0% 99.0% 6.1% (2.0%) 2.8x 14.9x 34.5x 2.8x 13.8x
The Andersons, Inc. ANDE 883 31.15 -9.1% -30.3% 69.6% 3.9% 2.8% 0.3x 9.3x NM 0.3x 7.9x
Segment Average 4.5% 4.0% 1.5x 12.4x 33.1x 1.5x 11.0x
Segment Median 5.0% 3.5% 1.4x 12.7x 34.5x 1.4x 11.2x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
IDEXX Laboratories, Inc. IDXX 13,639$ 156.38$ 0.6% 33.4% 90.4% 13.1% 24.1% 7.6x 30.1x 50.8x 6.9x 26.1x
Raven Industries, Inc. RAVN 1,228 34.35 6.0% 36.3% 89.6% 13.0% 21.3% 3.4x 17.3x 33.7x 3.1x 14.7x
Iteris, Inc. ITI 229 6.97 4.8% 91.5% 85.3% 12.7% (2.8%) 2.1x NM NM 1.9x 99.0x
Marrone Bio Innovations, Inc. MBII 34 1.10 -4.3% -48.6% 44.9% 158.9% (139.7%) 5.1x NM NM 2.0x NM
Origin Agritech Ltd. SEED 19 0.85 -48.2% -64.0% 34.7% NM NM 1.3x NM NM NM NM
Bion Environmental Technologies, Inc. BNET 16 0.64 -19.5% -14.7% 62.7% NM NM NM NM NM NM NM
Arcadia Biosciences, Inc. RKDA 12 0.28 -34.9% -70.1% 23.3% 163.2% (602.0%) NM NM NM NM 0.4x
Segment Average 72.2% (139.8%) 3.9x 23.7x 42.2x 3.4x 35.0x
Segment Median 13.1% (2.8%) 3.4x 23.7x 42.2x 2.5x 20.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Nomad Foods Ltd. NOMD 2,915$ 16.91$ 16.1% 76.7% 99.4% 8.7% 17.0% 2.0x 12.2x 24.8x 1.8x 10.2x
Dean Foods Co. DF 1,053 11.56 6.3% -46.9% 51.8% (4.7%) 4.0% 0.3x 5.7x 24.9x 0.3x 5.5x
Lifeway Foods, Inc. LWAY 128 8.00 -10.1% -30.5% 66.2% 3.8% 4.5% 1.0x 18.4x 66.7x 1.0x NM
Segment Average 2.6% 8.5% 1.1x 12.1x 38.8x 1.0x 7.8x
Segment Median 3.8% 4.5% 1.0x 12.2x 24.9x 1.0x 7.8x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Sysco Corp. SYY 31,644 60.73 12.6% 9.7% 96.7% 5.1% 5.6% 0.7x 12.8x 27.7x 0.7x 11.9x
US Foods Holding Corp. USFD 7,172 31.93 19.6% 16.2% 99.5% 5.2% 4.4% 0.5x 11.6x 27.1x 0.4x 9.6x
Nomad Foods Ltd. NOMD 2,915 16.91 16.1% 76.7% 99.4% 8.7% 17.0% 2.0x 12.2x 24.8x 1.8x 10.2x
United Natural Foods, Inc. UNFI 2,483 49.27 18.5% 3.2% 93.5% 7.5% 3.2% 0.3x 9.1x 19.1x 0.3x 8.4x
Fresh Del Monte Produce, Inc. FDP 2,371 47.67 4.9% -21.4% 75.9% 5.6% 4.1% 0.6x 11.2x 17.6x 0.6x 8.9x
Calavo Growers, Inc. CVGW 1,480 84.40 15.3% 37.5% 99.4% 21.9% 7.2% 1.4x 21.3x 39.6x 1.1x 16.4x
SpartanNash Co. SPTN 986 26.68 1.2% -32.5% 66.1% 2.8% 2.8% 0.2x 7.2x NM 0.2x 6.6x
SunOpta, Inc. ¹ SOY-CA 670 7.73 -10.5% 1.1% 75.7% (1.1%) 6.0% 0.9x 21.1x NM 0.9x 12.8x
Landec Corp. LNDC 347 12.60 -2.7% -8.7% 84.3% 7.5% 5.7% 0.8x 14.3x 42.0x 0.7x 12.7x
Limoneira Co. LMNR 323 22.40 -3.3% 4.1% 86.0% 0.9% (16.5%) 3.6x 23.7x 53.3x 3.6x 18.0x
Seneca Foods Corp. SENEA 306 30.75 -10.9% -23.2% 74.1% NM 2.4% 0.6x 15.8x 66.8x NM NM
Village Farms International, Inc. ¹ VFF-CA 256 6.10 195.0% 465.9% 96.3% 4.3% 1.9% 1.7x 34.4x 50.8x 1.7x 42.9x
Alico, Inc. ALCO 243 29.50 -13.6% 8.7% 84.8% NM (309.3%) 3.3x 23.2x NM NM NM
Segment Average 6.2% (20.4%) 1.3x 16.8x 36.9x 1.1x 14.4x
Segment Median 5.2% 4.1% 0.8x 14.3x 33.7x 0.7x 11.9x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Archer-Daniels-Midland Co. ADM 22,415$ 40.08$ -5.7% -12.2% 84.5% 4.0% 3.4% 0.5x 12.4x 18.8x 0.5x 8.9x
FMC Corp. FMC 12,709 94.66 6.0% 67.4% 98.6% 34.4% 24.8% 5.2x 21.5x 635.3x 3.2x 12.3x
Ingredion, Inc. INGR 10,047 139.80 15.9% 11.9% 98.0% 2.4% 19.6% 2.0x 10.6x 20.0x 2.0x 10.1x
Bunge Ltd. BG 9,431 67.08 -3.4% -7.1% 80.1% 4.6% 1.2% 0.3x 23.2x 21.3x 0.3x 8.3x
Sensient Technologies Corp. SXT 3,180 73.15 -4.9% -6.9% 86.1% 5.3% 20.0% 2.8x 14.9x 30.1x 2.7x 13.2x
Darling Ingredients, Inc. DAR 2,986 18.13 3.5% 40.4% 97.2% 3.0% 11.8% 1.3x 10.8x 46.5x 1.3x 10.0x
SUNOPTA INCORPORATED SOY 670 7.73 -10.5% 1.1% 75.7% (1.1%) 6.0% NM NM NM NM NM
Feronia, Inc. FRN-CA 111 0.32 97.0% 122.2% 100.0% NM (26.2%) 8.9x NM NM NM NM
Aemetis, Inc. AMTX 11 0.55 -36.8% -60.4% 22.0% 8.6% (4.9%) 1.1x NM NM 1.0x 26.4x
TerraVia Holdings, Inc. TVIA 0 0.00 -63.1% -99.8% 0.1% NM NM 5.7x NM NM NM NM
Segment Average 7.6% 6.2% 3.1x 15.6x 128.7x 1.6x 12.7x
Segment Median 4.3% 6.0% 2.0x 13.7x 25.7x 1.3x 10.1x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Tyson Foods, Inc. TSN 24,126$ 81.07$ 15.1% 31.4% 95.8% 7.2% 11.1% 1.0x 9.7x 16.6x 1.0x 8.9x
Hormel Foods Corp. HRL 19,272 36.39 13.2% 4.5% 95.8% 7.8% 14.0% 2.1x 14.0x 23.2x 2.0x 13.1x
Pilgrim's Pride Corp. PPC 7,726 31.06 9.3% 63.6% 80.9% 28.0% 17.2% 1.1x 7.6x NM 0.9x 6.9x
Seaboard Corp. SEB 5,164 4,410.00 -2.1% 11.6% 94.0% NM 7.6% 0.8x 11.5x 15.8x NM NM
Sanderson Farms, Inc. SAFM 3,168 138.78 -14.1% 47.3% 78.7% 3.9% 14.8% 0.8x 5.2x 11.3x 0.8x 5.6x
Prestige Brands Holdings, Inc. PBH 2,355 44.41 -11.3% -14.8% 74.5% 9.4% 32.8% 4.5x 13.5x 22.2x 4.2x 12.1x
Cal-Maine Foods, Inc. CALM 1,946 44.45 8.2% 0.6% 88.2% 14.1% 14.9% 1.6x 65.5x NM 1.4x 13.1x
Pingtan Marine Enterprise, Ltd. PME 241 3.05 5.9% 75.3% 58.9% NM (5.8%) 4.7x 12.5x 7.1x NM NM
Renmin Tianli Group, Inc. ABAC 24 2.95 24.5% -18.5% 62.0% NM 16.7% NM NM 32.3x NM NM
Segment Average 11.7% 13.7% 2.1x 17.4x 18.4x 1.7x 10.0x
Segment Median 8.6% 14.8% 1.4x 12.0x 16.6x 1.2x 10.5x
Market Stats Operating Stats LTM Multiples NTM Multiples
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA12/19/2017 Dole Food Co., Inc. Greenyard Foods NV Produce $3,749.65 0.83x 19.39x
12/18/2017 Metzger Specialty Brands, Inc. Stonewall Kitchen LLC Produce - - -
12/15/2017 Socius1 LLC Signature Business Systems, Inc. Agricultural Tech & Services - - -
12/14/2017 MacDon Industries Ltd. Linamar Corp. Machinery & Equipment 933.56 - -
12/11/2017 Ground Logic, Inc. Briggs & Stratton Corp. Machinery & Equipment - - -
12/08/2017 Bestland Air Ltd. Richardson International Ltd. Crop/ Turf/ Ornamental
Inputs
- - -
12/07/2017 KKSP Precision Machining LLC Mill Point Capital LLC Machinery & Equipment - - -
12/01/2017 2292055 Ontario, Inc. Valencia Ventures, Inc. Agriproducts Distribution - - -
11/27/2017 Green Hemp Industries Ltd. (Farm Ops) Canopy Growth Corp. Crop/ Turf/ Ornamental
Inputs
- - -
11/21/2017 Peppermint Jim LLC Marani Brands, Inc. Crop/ Turf/ Ornamental
Inputs
- - -
11/17/2017 Atlantic Aqua Farms, Inc. Ontario Teachers' Pension Plan Proteins - - -
11/15/2017 GIM Factory, Inc. Taokaenoi Food & Marketing Public
Co. Ltd.
Produce 2.02 - -
11/08/2017 Corta-Flx, Inc. Manna Pro Products LLC Animal Health & Nutrition - - -
11/07/2017 Agrium, Inc. (Conda Phosphate Operations) Itafos Crop/ Turf/ Ornamental
Inputs
100.00 - -
11/07/2017 Love You Foods LLC Disruptive Enterprises LLC Oilseeds & Ingredients - - -
11/07/2017 Gautier Steel Ltd. Gautier Steel Ltd. (Employees) Machinery & Equipment - - -
11/07/2017 Agrium, Inc. (North Bend Nitric Acid Operations) Trammo Nitrogen Products, Inc. Crop/ Turf/ Ornamental
Inputs
15.00 - -
11/06/2017 Agronomic Technology Corp. Yara International ASA Agricultural Tech & Services - - -
11/03/2017 The Crop Management Network Agrico Canada Ltd Agriproducts Distribution - - -
11/03/2017 Open Range Beef LLC High Street Capital Proteins - - -
11/02/2017 Cumberland Dairy, Inc. Dairy Farmers of America, Inc. Dairy - - -
11/01/2017 Betin, Inc. Saputo, Inc. Dairy - - -
11/01/2017 PaR Systems, Inc. Pohlad Family Cos. Machinery & Equipment - - -
11/01/2017 McHutchison, Inc. BC Partners Ltd. Agriproducts Distribution - - -
10/31/2017 Bridgeland LP Province of Alberta Crop/ Turf/ Ornamental
Inputs
- - -
10/30/2017 US Salt LLC Metalmark Capital LLC Oilseeds & Ingredients 225.00 - -
10/27/2017 IHO-Agro International, Inc. IHO-Agro International, Inc.
(Yingying)
Crop/ Turf/ Ornamental
Inputs
0.34 - -
10/26/2017 Corix Water Products LP Groupe Deschênes, Inc. Machinery & Equipment - - -
10/24/2017 DV Technologies, Inc. (Iowa) Cargill, Inc. Oilseeds & Ingredients - - -
10/24/2017 Delta-T Corp. (Kentucky) Lindsay Goldberg & Co. LLC Machinery & Equipment 500.00 2.09x -
10/23/2017 ProBlend-Eurogerm LLC Mobago SAS Oilseeds & Ingredients - - -
10/20/2017 AgEagle Aerial Systems, Inc. EnerJex Resources, Inc. Agricultural Tech & Services 20.00 - -
10/19/2017 Apache Inc Genuine Parts Co. Machinery & Equipment - - -
10/17/2017 Harmony Gardens, Inc. SiteOne Landscape Supply, Inc. Agriproducts Distribution - - -
10/16/2017 Epicore BioNetworks, Inc. NEOVIA SAS Crop/ Turf/ Ornamental
Inputs
23.27 1.97x 7.48x
10/16/2017 Prairie Berries, Inc. Nordwind Capital GmbH Produce - - -
10/14/2017 DF Seeds Inc Tillerman Seeds LLC Crop/ Turf/ Ornamental
Inputs
- - -
10/11/2017 Ganeden Biotech, Inc. Kerry Group Plc Animal Health & Nutrition - - -
10/09/2017 Farmers Pride, Inc. Jamaica Broilers Group Ltd. Proteins - - -
10/06/2017 Omega Protein Corp. Cooke, Inc. Oilseeds & Ingredients 473.57 - -
10/04/2017 Herelab, Inc. IIOT-OXYS, Inc. Agricultural Tech & Services 1.91 - -
10/04/2017 Johnson Food Products, Inc. Temptee Specialty Foods, Inc. Proteins - - -
10/02/2017 Spectrum King LLC Banjo & Matilda, Inc. Machinery & Equipment - - -
10/02/2017 Atlas Hydraulics, Inc. Gates Corp. Machinery & Equipment 80.00 - -
