Consumer Products and Retail Quarterly Update · Diageo plc produces, markets, and sells acoholic...

Consumer Products and RetailQuarterly update

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com

Q4 2018

Quarterly update | Q4 2018 | Consumer Products and Retail

www.investmentbanking.deloitte.com | Page 2

Consumer Products and Retail trends

Who we are

Deloitte Corporate Finance LLC is a leading global middle market M&A advisor. The firm’s professionals have extensive knowledge of and transaction experience in the Consumer Products and Retail space.

Contacts

Lorin DeMordauntManaging [email protected]+1 (704) 333-0591

Matt PreeceManaging [email protected]+1 (704) 731-7186

Garett PostonManaging [email protected]+1 (213) 593-4544

In the news

October 31, 20186 – In October, PepsiCo, Inc. (NASDAQ: PEP) (Pepsi) purchased Health Warrior, Inc. (Health Warrior) for an undisclosed amount. Health Warrior, a brand of plant-based protein-dense bars, mixes, and snacks will be the first brand to be a part of Pepsi’s new innovation program labeled The Hive, which was designed to focus on small, emerging brands. Management of The Hive plans to continue building the Health Warrior brand at a deliberate and sustainable pace, looking to leverage its entrepreneurial expertise and talents to benefit the broader portfolio.

November 29, 20187 – The Kraft Heinz Company (NASDAQ: KHC) (Kraft Heinz) announced the acquisition of Primal Nutrition, LLC (Primal Nutrition) for approximately $200 million. The young, better-for-you brand that focuses on condiments, sauces, and dressings is expected to generate approximately $50 million in net sales this year, representing a four times forward looking revenue multiple which Kraft Heinz paid for the business. Primal Nutrition will join Kraft Heinz under Springboard, Kraft Heinz’s platform which they created to partner with founders and brands to disrupt the food industry.

In this update

• Consumer trends

• Economic outlook

• Industry analysis

• Select M&A transactions

• Appendix

This update will focus on news and trends in the following areas:

• Food & Beverages

• Products & Durables

• Restaurant & FoodServices

• Specialty RetailSelf-expression5

Many of today’s consumers are aligning with companies that represent similar values to their own. For “Gen Zers” in particular, food is more than sustenance, it is a symbol of personal values and a form of self-expression. With 44 percent of consumers stating that social and cultural factors have gained importance to them over previous years, many companies are listening more to what consumers are saying and beginning to integrate this increased awareness and monitoring of expression into their core marketing processes.

On-the-go1,2

As the boundary between snacking and dining shifts, the ways in which foods are marketed and packaged are changing to accommodate a new generation of on-the-go consumers. Companies across the snacking spectrum have taken note of the uptick in demand for convenience and have responded with new packaging formats designed to make meal preparation and consumption faster and easier. Food manufacturers are feeling the effects of this trend as well, seeing an increase in orders for snacks that can present similar health and nutritional benefits of a complete meal, while offering portability.

Transparency4

The modern US consumer increasingly wants more and more insight into how their food is made, where it comes from, and exactly what the ingredients are, challenging food producers to improve transparency of their operations and production process. With 75 percent of shoppers saying that they are more likely to switch to a brand that provides more in-depth information beyond what is provided on the label, being transparent about what is going into a product is becoming essential for many food and beverage brands.

Artificial Intelligence (AI)3

AI is one of several disruptive technologies that consumer product companies are looking to take advantage of as these technologies continue to evolve. The technology can help strengthen a company’s competitive advantage in the marketplace and enhance the customer experience in a number of ways. Many companies are currently utilizing automated processes to realize greater efficiencies, augment decision-making, efficiently allocate resources, and are even employing AI to generate product and service innovations.


Macroeconomic and Consumer Products and Retail Sector Outlook


Macroeconomic and Consumer Products and Retail sector outlook

US Treasury yield curve2

(nominal vs. real)US gross domestic product1

US per capita disposable income5 Monthly total US retail sales6

US unemployment rate3 ISM non-manufacturing indexand consumer confidence index4

Initial jobless claims Unemployment rate (%)

$0.0

$5.0

$10.0

$15.0

$20.0

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

$ in

tril

lion

s

YoY

percen

t ch

an

ge

GDP ($ in trillions) YoY % growth (Adj. for inflation)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

In

terest ra

te

Real yield (%) Nominal yield (%)

200

250

300

350

400

450

500

550

600

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Jo

ble

ss c

laim

s (th

ou

san

ds)

% u

nem

plo

yed

65.0

75.0

85.0

95.0

105.0

115.0

125.0

135.0

145.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

62.0

64.0

Co

nsu

mer c

on

fid

en

ce

IS

M N

on

-man

ufa

ctu

rin

g

ISM Non-manufacturing Consumer confidence

$320.0

$330.0

$340.0

$350.0

$360.0

$370.0

$380.0

$390.0

$400.0

$410.0

$420.0

$ i

n b

illi

on

s

$43.8

$48.5

$32.0

$34.0

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$48.0

$50.0

$ i

n t

ho

usan

ds


(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

S&P 500 index NASDAQ Composite index Consumer index

Consumer Products and Retail sector breakdown and trading statistics1

Public comparables three-year stock market performance2


*Consumer Index companies listed on pages 6 and 7 in the Appendix.

19.22%

28.68%

S&P 500 index

NASDAQ Composite index Consumer index* 10.48%

Last twelve months NTM

SectorNumber of

companies

% of 52

Week high

Median

revenue CAGR

(3 Yr)

Median LTM

EBITDA

($M)

Median

EBITDA

margin

Median

enterprise

value ($M)

EV/

Revenue

EV/

EBITDA

EV/

EBITDA

Beauty & cosmetics 12 82.6 % 2.9 % $836.8 14.9 % $8,782.8 1.6 x 12.3 x 11.2 x

Food & beverage 10 90.6 (1.1) 2,547.9 19.4 31,570.9 2.5 13.7 12.2

Home & garden 10 76.0 3.7 739.2 15.7 8,118.9 1.9 11.0 11.8

Restaurant & food services 18 82.1 3.7 374.4 12.4 4,450.0 1.6 12.4 10.6

Apparel & specialty retail 10 67.6 4.6 414.2 13.6 4,790.5 1.2 9.1 8.2

Consumer products index 60 79.2 % 3.2 % $557.6 14.5 % $6,928.4 1.8 x 11.7 x 10.5 x


Select recent Consumer Products and Retail M&A transactions1


Annual Consumer Products and Retail M&A transaction volume2

1,983

2,479

2,772

3,041 2,874

3,213 3,199

2,603

2,369 2,212

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Num

ber

of de

als

Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M

Announce date Target/acquiror Target Business Description

Enterprise

value

(EV)

EV/

EBITDA

PendingHat World, Inc. and Certain assets of GCO Canada and Flagg Bros.

Ames Watson Capital LLC

Hat World, Inc. owns and operates a chain of retail

stores for sports hats, apparels, and accessories in the

United States and Canada.

$100.0 N/A

PendingThe Schwan Food Company, Inc.

CJ Foods America Corp.

The Schwan Food Company, Inc., through its

subsidiaries, produces and sells frozen food products. 2,300.0 N/A

Pending

Bojangles', Inc.

The Jordan Company; Durational Capital Management; The Resolute

Fund IV.

Bojangles', Inc. develops, operates, and franchises

limited service restaurants in the United States.756.1 11.1

PendingTOYS''R''US, SARL

Cyrus Capital Partners, L.P.

TOYS''R''US, SARL owns and operates 30 stores across

France and sells toys and games for children.186.1 N/A

Jan-19JACK WOLFSKIN Ausrüstung für Draussen GmbH & Co. KGaA

Callaway Golf Company

JACK WOLFSKIN Ausrüstung für Draussen GmbH & Co.

KGaA manufactures functional outdoor clothing,

footwear, and equipment.

473.3 11.9

Jan-19Primal Nutrition, LLC

The Kraft Heinz Company

Primal Nutrition, LLC manufactures and markets food

seasonings, such as condiments, sauces, and dressings.200.0 N/A

Dec-18Nineteen brands of Diageo plc

Sazerac Company, Inc.

Diageo plc produces, markets, and sells acoholic

beverages worldwide. Diageo divested 19 brands

including Seagram’s VO, Seagram’s 83, Myers’s, Parrot

Bay, Romana Sambuca, and Goldschlager.

550.0 N/A

Dec-18Jostens, Inc.

Platinum Equity, LLC

Jostens, Inc. provides products, programs, and services

for high schools and universities.1,300.0 N/A

Nov-18SlimFast/Health and Nutrition Systems

Glanbia plc

SlimFast and Health and Nutrition Systems offer weight

management, and health and wellness products.350.0 N/A

Oct-18Health Warrior, Inc.

PepsiCo, Inc.

Health Warrior, Inc. produces and markets chia bar

snacks and seeds.N/A N/A


Appendix

Consumer Products and Retail trading multiples1


Historical Last twelve months NTM

Company (ticker)

% of 52

Week high LTM revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

margin

Enterprise value (EV)

EV/

EBITDA

EV/

EBITDA

($ in millions)

Beauty & cosmetics (12)

Avon Products, Inc. (NYSE:AVP) 62.9 % $5,738.4 0.3 % $573.7 10.0 % $2,026.1 0.4 x 3.5 x 5.6 x

Coty Inc. (NYSE:COTY) 33.6 9,191.0 28.6 1,331.7 14.5 13,046.7 1.4 9.8 9.4

L'Occitane International S.A. (SEHK:973) 86.7 1,587.7 3.3 222.2 14.0 2,376.9 1.5 10.7 9.3

L'Oréal S.A. (ENXTPA:OR) 91.6 30,337.8 2.5 6,733.9 22.2 125,135.1 4.1 18.6 17.2

Nu Skin Enterprises, Inc. (NYSE:NUS) 70.0 2,661.9 5.2 403.4 15.2 3,494.2 1.3 8.7 8.4

Oriflame Holding AG (OM:ORI) 51.1 1,509.8 2.0 222.0 14.7 1,534.3 1.0 6.9 6.3

Revlon, Inc. (NYSE:REV) 89.9 2,609.5 11.3 102.5 3.9 4,518.9 1.7 44.1 15.0

Sally Beauty Holdings, Inc. (NYSE:SBH) 74.1 3,932.6 0.8 567.5 14.4 3,801.5 1.0 6.7 6.8

The Estée Lauder Companies Inc. (NYSE:EL) 78.8 13,933.0 8.2 2,850.0 20.5 46,936.6 3.4 16.5 15.3

The Procter & Gamble Company (NYSE:PG) 95.0 66,869.0 (0.8) 17,608.0 26.3 249,268.5 3.7 14.2 14.3

Ulta Beauty, Inc. (NasdaqGS:ULTA) 86.4 6,529.5 20.8 1,099.9 16.8 16,220.9 2.5 14.7 13.0

Unilever PLC (LSE:ULVR) 90.6 61,068.7 0.7 11,918.1 19.5 164,939.1 2.7 13.8 13.0

Median 82.6 % 2.9 % $836.8 14.9 % $8,782.8 1.6 x 12.3 x 11.2 x

Mean 75.9 % 6.9 % $3,636.1 16.0 % $52,774.9 2.1 x 14.0 x 11.1 x

Food & beverage (10)

Conagra Brands, Inc. (NYSE:CAG) 53.6 % $8,178.8 (7.8) % $1,562.1 19.1 % $21,378.0 2.6 x 13.7 x 10.3 x

General Mills, Inc. (NYSE:GIS) 69.0 16,277.7 (2.0) 3,447.2 21.2 39,726.6 2.4 11.5 11.2

Hormel Foods Corporation (NYSE:HRL) 94.0 9,545.7 1.0 1,319.1 13.8 23,415.3 2.5 17.8 16.2

Mondelez International, Inc. (NasdaqGS:MDLZ) 92.3 26,131.0 (5.6) 4,662.0 17.8 81,418.7 3.1 17.5 15.7

Nestlé S.A. (SWX:NESN) 96.7 91,697.3 (0.2) 18,092.1 19.7 288,155.7 3.1 15.9 14.4

PepsiCo, Inc. (NasdaqGS:PEP) 89.0 64,663.0 0.1 12,714.0 19.7 175,065.8 2.7 13.8 13.2

The Coca-Cola Company (NYSE:KO) 93.6 32,310.0 (10.6) 11,236.0 34.8 228,540.4 7.1 20.3 19.8

The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 45.0 2,429.4 (2.8) 198.6 8.2 2,557.9 1.1 12.9 9.5

The J. M. Smucker Company (NYSE:SJM) 77.4 7,608.6 3.2 1,648.5 21.7 17,840.3 2.3 10.8 10.8

TreeHouse Foods, Inc. (NYSE:THS) 99.8 6,030.9 23.0 507.3 8.4 5,551.5 0.9 10.9 10.5

Median 90.6 % (1.1) % $2,547.9 19.4 % $31,570.9 2.5 x 13.7 x 12.2 x

Mean 81.0 % (0.2) % $5,538.7 18.4 % $88,365.0 2.8 x 14.5 x 13.2 x

Home & garden (10)

Central Garden & Pet Company (NasdaqGS:CENT) 83.8 % $2,215.4 10.3 % $214.5 9.7 % $2,391.3 1.1 x 11.1 x 10.5 x

Helen of Troy Limited (NasdaqGS:HELE) 79.0 1,577.8 0.9 235.4 14.9 3,259.3 2.1 13.8 13.3

iRobot Corporation (NasdaqGS:IRBT) 71.5 1,034.8 22.0 135.7 13.1 2,216.3 2.1 16.3 14.7

Newell Brands Inc. (NasdaqGS:NWL) 63.8 13,969.7 33.4 2,029.5 14.5 17,874.3 1.3 8.8 15.1

Snap-on Incorporated (NYSE:SNA) 85.3 4,089.7 4.4 1,044.1 25.5 9,987.1 2.4 9.6 9.1

Stanley Black & Decker, Inc. (NYSE:SWK) 73.0 13,592.5 6.3 2,227.7 16.4 24,358.3 1.8 10.9 9.9

The Clorox Company (NYSE:CLX) 91.0 6,187.0 2.8 1,280.0 20.7 21,885.3 3.5 17.1 16.2

The Toro Company (NYSE:TTC) 86.8 2,618.7 3.1 434.4 16.6 6,250.7 2.4 14.4 13.2

Tupperware Brands Corporation (NYSE:TUP) 57.1 2,152.4 (3.2) 390.3 18.1 2,656.8 1.2 6.8 6.8

Whirlpool Corporation (NYSE:WHR) 66.1 21,079.0 (0.4) 1,915.0 9.1 14,051.7 0.7 7.3 7.1

Median 76.0 % 3.7 % $739.2 15.7 % $8,118.9 1.9 x 11.0 x 11.8 x

Mean 75.7 % 8.0 % $990.7 15.9 % $10,493.1 1.9 x 11.6 x 11.6 x

EV/

Revenue


Consumer Products and Retail trading multiples (cont.)1


Historical Last twelve months NTM

Company (ticker)

% of 52

Week high LTM revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

margin

Enterprise

value (EV)

EV/

EBITDA

EV/

EBITDA

($ in millions)

Restaurant & food services (18)

Aramark (NYSE:ARMK) 67.6 % $15,789.6 3.3 % $1,416.0 9.0 % $14,736.0 0.9 x 10.4 x 8.8 x

Bloomin' Brands, Inc. (NasdaqGS:BLMN) 78.1 4,179.9 (2.0) 367.5 8.8 2,864.9 0.7 7.8 7.1

Brinker International, Inc. (NYSE:EAT) 88.1 3,149.8 1.0 403.1 12.8 2,989.8 0.9 7.4 8.0

Chipotle Mexican Grill, Inc. (NYSE:CMG) 96.9 4,750.0 1.3 547.8 11.5 13,625.5 2.9 24.9 22.5

Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 68.9 12,853.8 13.9 116.8 0.9 1,636.8 0.1 14.0 9.7

Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 91.6 3,053.6 2.2 381.3 12.5 4,370.3 1.4 11.5 11.0

Darden Restaurants, Inc. (NYSE:DRI) 86.5 8,297.3 6.3 1,126.6 13.6 14,080.0 1.7 12.5 11.5

Dine Brands Global, Inc. (NYSE:DIN) 79.5 616.5 (2.9) 195.5 31.7 2,639.7 4.3 13.5 10.3

Domino's Pizza, Inc. (NYSE:DPZ) 81.2 3,242.2 15.2 598.6 18.5 13,698.6 4.2 22.9 20.0

Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 87.0 901.9 4.1 492.7 54.6 8,168.7 9.1 16.6 17.2

Jack in the Box Inc. (NasdaqGS:JACK) 81.7 869.7 (17.3) 260.5 30.0 3,090.9 3.6 11.9 11.8

Recipe Unlimited Corporation (TSX:RECP) 87.3 810.5 50.2 159.8 19.7 1,662.5 2.1 10.4 9.7

SpartanNash Company (NasdaqGS:SPTN) 77.5 8,217.5 1.6 196.4 2.4 1,434.2 0.2 7.3 6.6

Sysco Corporation (NYSE:SYY) 82.5 59,292.2 6.7 3,294.6 5.6 40,569.8 0.7 12.3 11.4

Texas Roadhouse, Inc. (NasdaqGS:TXRH) 88.0 2,396.6 10.9 294.1 12.3 4,586.0 1.9 15.6 14.3

The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 75.8 2,336.6 4.1 231.4 9.9 2,139.4 0.9 9.2 8.7

United Natural Foods, Inc. (NYSE:UNFI) 24.1 10,637.3 8.8 333.1 3.1 4,529.7 0.4 13.6 6.2

YUM! Brands, Inc. (NYSE:YUM) 96.0 5,707.0 (24.3) 1,854.0 32.5 37,712.0 6.6 20.3 18.8

Median 82.1 % 3.7 % $374.4 12.4 % $4,450.0 1.6 x 12.4 x 10.6 x

Mean 79.9 % 4.6 % $681.7 16.1 % $9,696.4 2.4 x 13.4 x 11.9 x

Apparel & specialty retail (10)

Carter's, Inc. (NYSE:CRI) 61.6 % 3,403.7 4.1 % 464.9 13.7 % 4,315.4 1.3 x 9.3 x 8.8 x

Columbia Sportswear Company (NasdaqGS:COLM) 86.4 2,660.8 4.9 % 363.5 13.7 5,265.6 2.0 14.5 13.0

G-III Apparel Group, Ltd. (NasdaqGS:GIII) 63.4 3,024.3 9.1 % 255.8 8.5 2,229.3 0.7 8.7 7.7

Guess?, Inc. (NYSE:GES) 80.3 2,564.7 4.6 % 183.3 7.1 1,653.7 0.6 9.0 7.9

Hanesbrands Inc. (NYSE:HBI) 59.1 6,680.8 4.6 % 1,078.1 16.1 8,956.2 1.3 8.3 8.3

Iconix Brand Group, Inc. (NasdaqGS:ICON) 5.8 197.3 (19.7) % 84.3 42.8 634.2 3.2 7.5 7.8

Oxford Industries, Inc. (NYSE:OXM) 77.3 1,102.1 4.8 % 135.0 12.3 1,299.1 1.2 9.6 9.1

PVH Corp. (NYSE:PVH) 61.7 9,671.7 6.6 % 1,153.6 11.9 10,662.9 1.1 9.2 8.1

Ralph Lauren Corporation (NYSE:RL) 71.8 6,252.5 (5.9) % 962.3 15.4 7,606.1 1.2 7.9 7.5

V.F. Corporation (NYSE:VFC) 74.3 13,215.8 NA % 1,790.6 13.5 31,968.1 2.4 17.9 13.9

Median 67.6 % 4.6 % $414.2 13.6 % $4,790.5 1.2 x 9.1 x 8.2 x

Mean 64.2 % 1.4 % $647.1 15.5 % $7,459.1 1.5 x 10.2 x 9.2 x

EV/

Revenue


Recent Consumer Products and Retail M&A transactions1


Target/acquiror Close date

LTM

revenue

LTM

EBITDA

EBITDA

margin

Enterprise

value (EV)

EV/

Revenue

EV/

EBITDA

($ in millions)

Hat World, Inc. and Certain assets of GCO Canada and Flagg Bros. Pending N/A N/A N/A % $100.0 N/A x N/A x

Ames Watson Capital LLC

Blommer Chocolate Company Pending 907.0 56.0 6.2 750.0 0.8 13.4

ARC Group

The Schwan Food Company, Inc. Pending N/A N/A N/A 2,300.0 N/A N/A

CJ Foods America Corp.

Bojangles', Inc. Pending 557.3 68.0 12.2 756.1 1.4 11.1

The Jordan Company; Durational Capital Management; The Resolute Fund IV.

Canadian Natural Cheese Business of Kraft Canada Inc. Pending 426.5 N/A N/A 1,233.8 2.9 N/A

Parmalat Canada, Inc.

Heinz India Private Limited Pending 161.8 N/A N/A 625.2 3.9 N/A

Cadila Healthcare Limited; Zydus Wellness Limited

TOYS''R''US, SARL Pending N/A N/A N/A 186.1 N/A N/A

Cyrus Capital Partners, L.P.

JACK WOLFSKIN Ausrüstung für Draussen GmbH & Co. KGaA Pending 377.9 39.8 10.5 473.3 1.3 11.9

Callaway Golf Company

Primal Nutrition, LLC Pending N/A N/A N/A 200.0 N/A N/A

The Kraft Heinz Company

Nineteen brands of Diageo plc Dec-18 N/A N/A N/A 550.0 N/A N/A

Sazerac Company, Inc.

Pure Fishing, Inc. Dec-18 556.0 N/A N/A 1,300.0 2.3 N/A

Sycamore Partners

Jostens, Inc. Dec-18 768.0 N/A N/A 1,300.0 1.7 N/A

Platinum Equity, LLC

Canyon Bakehouse LLC Dec-18 N/A N/A N/A 205.0 N/A N/A

Flowers Foods, Inc.

Quirch Foods Co. Dec-18 N/A N/A N/A N/A N/A N/A

Palladium Equity Partners

Pet Supplies Plus/U.S.A., Inc. Dec-18 916.0 N/A N/A N/A N/A N/A

Sentinel Capital Partners, L.L.C.

Fresh Direct Produce LLC Dec-18 N/A N/A N/A N/A N/A N/A

Hammond, Kennedy, Whitney & Company Inc.

Campollo S.A. Nov-18 N/A N/A N/A 105.2 N/A N/A

Cargill, Incorporated

AATCO Food Industries/Fleischmann's Vinegar Company Nov-18 170.6 N/A N/A 402.5 2.4 N/A

Kerry Group plc

Greencore Us Holdings, LLC Nov-18 N/A N/A N/A 1,075.0 N/A N/A

Hearthside Food Solutions LLC

SlimFast/Health and Nutrition Systems Nov-18 N/A N/A N/A 350.0 N/A N/A

Glanbia plc

Health Warrior, Inc. Oct-18 N/A N/A N/A N/A N/A N/A

PepsiCo, Inc.

Morley Brands, LLC Oct-18 N/A N/A N/A N/A N/A N/A

Kar Nut Products Company

SFERRA Fine Linens, LLC Oct-18 N/A N/A N/A N/A N/A N/A

Highlander Partners, L.P.

Median 10.5 % 2.0 x 11.9 x

Mean 9.6 % 2.1 x 12.1 x

Last twelve months


Select Deloitte Corporate Finance Consumer transactions


The undersigned acted as exclusive financial advisor to Spice World, Inc.

has been acquired

Deloitte Corporate Finance LLC

Spice World, Inc.

has completed a recapitalization with

Gryphon Investors

American ImportingCompany, Inc.

The undersigned acted as

financial advisor to

American Importing Company, Inc.


The undersigned acted as exclusive financial advisor to

Butterball, LLC.

has been acquired by


Seaboard Corporation

Butterball, LLC

The undersigned acted as exclusive financial advisor to Kar Nut Products Company.

has completed arecapitalization


Kar Nut Products Company


Sources cited

Page 2:

1. “Capitalizing on the shifting consumer food value equation.” Deloitte.

2. “The Power of Snacking.” Nielson, 7 Dec. 2018.

3. “The adoption of disruptive technologies in the consumer products industry.” Deloitte, 7 Jan. 2019.

4. “Food Retail Study Determines Transparency Yields Greater Brand Loyalty.” FMI, 18 Sep. 2018.

5. “2017 Top Trends in Fresh Foods.” IRI, Sep. 2018.

6. “PepsiCo fights for protein with Health Warrior acquisition.” FoodDive, 31, Oct. 2018.

7. “Kraft Heinz Signs Definitive Agreement to Acquire Primal Kitchen.” BusinessWire, 16 Jan. 2019.

Page 3:

1. U.S. Bureau of Economic Analysis, https://data.oecd.org, accessed January 16, 2019. Data as of December 31, 2019.

2. U.S. Department of the Treasury, https://www.treasury.gov, accessed January 16, 2019. Data as of December 31, 2019.

3. Bureau of Labor Statistics, https://data.bls.gov, accessed January 16, 2019. Data as of January 16, 2019.

4. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019.

5. IBISWorld, https://www.ibisworld.com, accessed January 16, 2019. Data as of January 16, 2019.

6. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019.

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1. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019


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