Food and Beverage M&A Update1Q 2020
CONTENTS
2 Coronavirus Impact3 Federal Stimulus4 Opportunities 5 Global Deal Analytics11 Our Service Offerings12 Selected Transactions13 Our M&A Deal Leaders
Trevor HulettManaging [email protected]
Jason [email protected]
For more information on R.L Hulett & Co. or this report please visit our website at rlhulett.com or call us at (314) 721-0607
REPORT HIGHLIGHTS
▪ The Food & Beverage industry index dropped 15% but outperformed the S&P 500 index, which declined 20% in Q1 2020
▪ The first quarter of 2020 saw the fewest number of deals closed in a single quarter since 2006
▪ Total capital invested was impacted significantly, down 90% from Q1 2019 as there were no large $1B EV tranche transactions in Q1 2020
▪ Private equity investors were more risk-averse than strategic investors over the past three months, which lead to strategic buyers surpassing private equity investors in terms of total capital invested for all disclosed deals
▪ The acquisition of Bumble Bee Seafoods by FCF Fishery in an approximately $928M deal represented the largest deal in Q1
▪ Stock prices and valuation multiples trended downwards through Q1
Page 2 Food and Beverage M&A Update | 1Q 2020
R.L. Hulett & Company, Inc.
Coronavirus Impact
Restaurants & Bars
Supply Chain & Food Security
According to a survey conducted by the Institute For SupplyManagement, nearly 75% of companies report supply chaindisruptions in some capacity due to coronavirus-relatedtransportation restrictions. This is a challenge for the food &beverage industry as the disrupted supply chain systemcould result in food losses and waste of supplies. Thepotential illness for workers will also impact the speed ofdelivery and food security.
Small business owners, especially restaurants and bars gothit hard by the coronavirus outbreak. They have beenclosing their doors while still paying the cost of rent, labor,and utilities. According to Today’s news, there are morethan one million restaurants in the United States, employing15.6 million people. More than 70% of these restaurantsare small businesses. We also saw the consumption shift togrocery stores and online shopping.
Restaurants & Bars
Grocery Stores & Online Shopping
Source: S&P Global, Food Navigator, ISM
Industry Performance
According to S&P Global Industry Index, the food & beverage industry had a -15.3% YTD return compared to a -20.3%YTD return for the S&P 500 as of March 31st, 2020. Although both had a significant decline due to the pandemic, theimpact on food & beverage industry was slightly mitigated by the panic buying at large grocery stores.
70
80
90
100
110
120
130
4/1/19 5/4/19 6/6/19 7/9/19 8/11/19 9/13/19 10/16/19 11/18/19 12/21/19 1/23/20 2/25/20 3/29/20
S&P Food & Beverage Select Industry Index (TR) S&P 500 (TR)
Page 3 Food and Beverage M&A Update | 1Q 2020
R.L. Hulett & Company, Inc.
Federal Stimulus – COVID-19
Source: SBA, Federal Register
CARES Act – Paycheck Protect ProgramFollowing President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA andTreasury Department announced on March 31st that the SBA and Treasury Department have initiated a robustmobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act established a new $349 billion Paycheck Protection Program. The Program will provide much-neededrelief to millions of small businesses so they can sustain their businesses and keep their workers employed.
CARES Act – Economic Injury Disaster Loan (EIDL)In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., andterritories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provideeconomic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made availablefollowing a successful application. This loan advance will not have to be repaid.
Paid Sick Leave For EmployeesThe Secretary of Labor (“Secretary”) is promulgating temporary regulations to implement public health emergency leaveunder Title I of the Family and Medical Leave Act (FMLA), and emergency paid sick leave to assist working families facingpublic health emergencies arising out of Coronavirus Disease 2019 (COVID-19) global pandemic. The leave is created by atime-limited statutory authority established under the Families First Coronavirus Response Act, Public Law 116-227(FFCRA), and is set to expire on December 31, 2020. The FFCRA and this temporary rule do not affect the FMLA afterDecember 31, 2020.
Expansion of Unemployment BenefitsUnder the new CARES Act responding to the COVID-19 pandemic, all states will be allowed to provide up to 13 additionalweeks of federally funded extended benefits to people who exhaust their regular state benefits. Under the Act, throughthe end of this year, people who exhaust both regular and extended benefits, and many others who have lost their jobsfor reasons arising from the pandemic but who are not normally eligible for UI in their state, are eligible for PandemicUnemployment Assistance. People can receive a maximum of 39 weeks of benefits this year from all three sourcescombined.
Tax ReliefThe Treasury Department and the Internal Revenue Service are also providing special tax filing and payment relief toindividuals and businesses in response to the COVID-19 Outbreak. On March 30th, they announced that distribution ofeconomic impact payments will begin in the next three weeks and will be distributed automatically, with no actionrequired for most people. However, some taxpayers who typically do not file returns will need to submit a simple taxreturn to receive the economic impact payment.
The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who areowed a refund to file as quickly as possible. For those who can't file by the July 15, 2020 deadline, the IRS remindsindividual taxpayers that everyone is eligible to request an extension to file their return.
Page 4 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Opportunities
Supply Chain & Automation
Supply chain disruptions and the shortage of the labor market provide opportunities for new technologies in digitalwarehouse and manufacturing automation. Large companies such as Conagra Brands and Campbell Soup Co areincreasing production on top-selling items. These companies have instituted contingency plans to prepare for deepersupply chain disruptions. The ability to overcome the transportation challenge became the key to win this war. Besides,the upgrade of manufacturing automation to meet the product is essential. We are going to see the use of food &beverage robotic solutions will suddenly increase.
Food Diversity
Companies with a diverse product portfolio may findopportunities under current circumstances. A surge in salesof shelf-stable foods and beverages in the United Statesmay boost profits for some food manufacturers andretailers in the near term. For example, sales of powderedmilk products surged 84% during the last week of February,according to Nielsen. Sales of staples like bread and eggsalong with rice, beans, and frozen foods also have increasedas consumers rush to stock their pantries.
Dry Powder
According to CNBC, the group, which includes investment giants Blackstone, Carlyle and KKR, has a record $1.5 trillion incash ready to deploy and has been actively seeking deals across the struggling travel, entertainment and energyindustries. Since the COVID-19 outbreak, private equity investors became more cautious, which sharply increased the drypowder level. Those with cash in hand are prepared for the upcoming market rally, which presents opportunities forbusiness owners.
,Nielsen, Food Business News, CNBC
Global PE Capital Overhang
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020**
Dry Powder ($B) Remaining Value ($B)
*Data through 6/30/2019**Projection
Page 5 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
We tracked all 114 deals in Q1 2020 across the globe, 52% of which came from the North American market. Europe was
the second most active market, with 46 deals in the Food and Beverage sector. All the other regions had a total of 9
completed transactions.
0 1-20 21-80 >80
4659
2
2
West Coast: 16
Southeast: 10
Midwest: 6
New England: 5
Great Lakes: 3
Other: 8
United States Regions:
Canada: 11
In the North American market, the West Coast region was the most
active area in terms of Food and Beverage M&A transactions in Q1, with
16 closed deals. Transactions of note in the west coast include FCF
Fishery’s acquisition of Bumble Bee Seafoods and Temasek Holdings’
investment on Califia Farms.
The Southeast region contributed 21% of the total deals, followed by the
Midwest and New England regions with 8 deals and 5 deals, respectively.
Outside of the U.S., 11 transactions closed in the Canadian market in Q1.
Global Deal Analytics
Page 6 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Distributors FoodTechFood Products Beverage Products
Among the 114 deals in Q1 2020, 60 deals were done in the food products subsector, making it the most active
subsector in this industry in terms of M&A activities. There were 43 closed deals in the beverage products subsector,
led by the acquisition of S&D Coffee by Westrock Coffee. Distributors and FoodTech followed with 8 deals and 3 deals,
respectively.
Global Deal Analytics
Deal by Subsector
6043
8 3
Page 7 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Under the pandemic, deal volume in the
F&B sector dropped to 114 deals in Q1,
down 38% from 182 in Q4 2019 and 57%
from 272 in Q1 2019. According to
PitchBook, the global food & beverage
market is set for its slowest first three
months since 2003, where it had 93 closed
deals in the first quarter.
The total global deal volume in 2020 is
predicted to decrease by at least 25%, which
will lead to a total of 706 deals in the F&B
sector, representing the lowest level since
2009. As of this writing, we have not seen
signals that the pandemic is slowing down,
so an even worse case could happen in the
M&A market. On the other hand, when the
COVID-19 is under control, the market will
most likely see a sizable uptick in M&A
activity.
Investors prefer to hold cash during this
difficult time. Total capital invested in Q1
2020 in the F&B sector was impacted
dramatically, declining 90% from $46.6B to
$3.5B in 1Q 2019 and 1Q 2020, respectively.
Of note was a sharp decline in larger
transactions of $1000MM+ from $35B in Q1
2019 to $0B in Q1 2020.
Global Deal Analytics
114
941 916
1,172 1,236
1,347
706
-
200
400
600
800
1,000
1,200
1,400
1,600
2020*20192018201720162015
Deal Volume
3.5
46.6
27.6
17.6
28.4
- B
10 B
20 B
30 B
40 B
50 B
1Q1Q1Q1Q1Q
20202019201820172016
Total Capital Invested by Deal Value
0-50 MM 50-500 MM 500-1000 MM
1000 MM + Total
114
182
243244272
198209
257252297
252269
354
265293300
378
50100150200250300350400
1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q
20202019201820172016
Deal Volume
Page 8 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Deal volume in the lower middle market (0-
50MM) saw a decline as a % of overall
volume from 60.2% in 2019 to 53.8% in
2020. Because there is no deal in the upper
market ($1000MM+), we saw a meaningful
uptick in the weight of larger middle-market
deals ($50MM-$500MM) to 38.5% in 2020
from 27.2% in 2019.
Strategic buyers have consistently
represented roughly two-thirds of deal
volume in the F&B sector since 2014 and
have increased as a % of overall volume to
69.3% in 1Q 2020. We saw a decline in PE
activity from 37.1% to 30.7%.
Total capital invested by acquirer has
followed a similar trend to deal volume.
Total capital invested from PE buyers
declined to 45% in 2020 from 57.3% in 2019.
Strategic buyers took the lead and accounted
for 55% of total capital invested. Transition
of note in the strategic M&A activity was a
$928M acquisition of Bumble Bee Seafoods
by FCF Fishery.
Global Deal Analytics
53.8%60.2%60.5%65.7%68.4%63.8%59.9%
38.5%27.2%28.9%25.5%24.8%30.4%30.6%
7.7%6.8%4.5%4.4%3.4%2.2%4.5% 6.1%6.2%4.4%3.4%3.6%5.0%
0%
20%
40%
60%
80%
100%
2020*201920182017201620152014
Deal Volume by Deal Value
0-50 50-500 500-1000 MM 1000 MM +
30.7%37.1%38.2%35.2%31.1%31.9%30.5%
69.3%62.9%61.8%64.8%68.9%68.1%69.5%
0%
20%
40%
60%
80%
100%
2020*201920182017201620152014
Deal Volume by Acquirer
Private Equity Strategic
45.0%57.3%
45.5%
13.3%16.0%14.8%15.0%
55.0%42.7%
54.5%
86.7%84.0%85.2%85.0%
0%
20%
40%
60%
80%
100%
2020*201920182017201620152014
Total Capital Invested by Acquirer
Private Equity Strategic
Page 9 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Valuation Multiple
PE Multiples
Strategic Multiples
1.6x1.3x1.0x1.0x0.9x0.6x0.3x0.7x0.4x0.3x
10.2x11.5x
12.8x
11.1x
9.4x8.1x
9.1x10.2x
7.1x
9.3x
0.00x
2.00x
4.00x
6.00x
8.00x
10.00x
12.00x
14.00x
2020*201920182017201620152014201320122011
EV/ Revenue EV/ EBITDA
0.4x1.3x1.4x1.4x1.0x0.8x0.8x0.6x0.6x0.6x
10.7x10.8x11.6x
10.2x
13.0x
8.4x
10.9x9.9x10.4x
15.3x
0.00x
2.00x
4.00x
6.00x
8.00x
10.00x
12.00x
14.00x
16.00x
18.00x
2020*201920182017201620152014201320122011
EV/ Revenue EV/ EBITDA
Page 10 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Revenue EBITDA
18-Mar-2020 Shijiazhuang Junlebao Dairy Sequoia Capital China PE Growth/Expansion 171.57 - - Producer of dairy products in China
16-Mar-2020 Have a Heart Harvest Enterprises Merger/Acquisition 85.80 - -
Owner and operator of a cannabis marketplace
intended to sell medical and recreational
marijuana
05-Mar-2020 Liquidity Wines Iconic Wineries Merger/Acquisition 12.50 - -Operator of an online platform intended to
provide bottled wines and winery tours
03-Mar-2020 Powerful MMG Consumer Brands PE Growth/Expansion 5.00 - -Producer of high-protein yogurts created to
serve as an alternate to other unhealthy snacks
02-Mar-2020 Raphael Dal Bo S.R.L. Provinco Italia Merger/Acquisition 12.71 9.20x 68.34x Manufacturer and distributor of wines
02-Mar-2020 Sadler's Smokehouse Hormel Foods Merger/Acquisition 270.00 - - Provider of smoked and barbecued meats
02-Mar-2020 S&D CoffeeThe Stephens Group, Westrock
CoffeeBuyout/LBO 405.00 - -
Producer and supplier of coffee and tea
products
29-Feb-2020 Monty's Bakehouse SATS Merger/Acquisition 34.89 - -Supplier of meals and snacks based in Nutfield,
United Kingdom
28-Feb-2020Baron Philippe de Rothschild
France DistributionGruppo Campari Merger/Acquisition 65.53 - -
Distributor of international premium spirit,
wine and champagne brands based in Pauillac,
France
25-Feb-2020 Ellenos Equilibra Partners Management PE Growth/Expansion 18.00 - -Producer of yogurt and related products in the
United States
21-Feb-2020 Elaborados del Bacalao Iceland Seafood International Merger/Acquisition 4.82 0.33x 10.71x Provider of salted cod fish products
14-Feb-2020 Biscuit International Platinum Equity Buyout/LBO 507.19 0.91x -Producer of biscuits and crackers for the food-
service sector
11-Feb-2020 Country Archer Jerky Monogram Capital Partners PE Growth/Expansion 12.00 - -Producer and internet retailer of gourmet jerky,
meat sticks and meat bars
07-Feb-2020 Indulgence Patisserie Volvere Merger/Acquisition 1.63 0.39x -
Manufacturer of premium private label and
branded desserts for the retail, food service and
travel catering markets
02-Feb-2020 Cambridge Packing The Chefs' Warehouse Merger/Acquisition 20.00 - -Provider of meat products based in Boston,
Massachusetts
31-Jan-2020 Bumble Bee Seafoods FCF Fishery Merger/Acquisition 928.00 - - Provider and distributor of seafood products
30-Jan-2020 Anadolu Restaurant Birlesik Holding Merger/Acquisition 47.18 - -Provider of food products and beverages based
in Istanbul, Turkey
27-Jan-2020 Sid Wainer & Son The Chefs' Warehouse Merger/Acquisition 50.45 - -Distributor of specialty food products based in
New Bedford, Massachusetts
15-Jan-2020 The Lakes Distillery Comhar Capital PE Growth/Expansion 5.56 - -Provider of distilled alcoholic beverages based
in the United Kingdom
15-Jan-2020 Califia Farms
Claridge, Government of
Singapore Investment
Corporation
PE Growth/Expansion 225.00 - - Operator of a plant-based beverage company
14-Jan-2020 Daroma Mandarin Capital Partners Buyout/LBO 40.09 - -Producer and processor of coffee beans and
ground coffee based in Rome, Italy
07-Jan-2020 Voortman Cookies Hostess Brands Merger/Acquisition 324.03 - - Operator of a bakery in Ontario
03-Jan-2020 Sun-rype Products Lassonde Industries Merger/Acquisition 67.93 - - Manufacturer of fruit based products
02-Jan-2020 Farnese Vini Platinum Equity Buyout/LBO 194.58 2.29x 10.22x Producer and distributor of wines
01-Jan-2020 Tanka Swift Foundation PE Growth/Expansion 0.15 - -Manufacturer of branded Buffalo-based food
products
01-Jan-2020 Honestbee FLK Holdings Corporate 7.00 - -Operator of an online marketplace intended to
provide grocery delivery service in Asia
Target Business DescriptionDeal TypeDeal Date Company Name InvestorDeal Size
($mm)
EV
Largest Deals (Disclosed)
Page 11 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Leading M&A Deals
Deal Deal Synopsis Driver
Bumble Bee Seafoods, a 120-year-old beloved marketer of seafood and specialty protein products, was acquired by FCF Fishery, one of the world’s largest integrated marine industry supply-chain service providers, for $928 million on January 31, 2020. The deal aims to continue build on Bumble Bee’s storied history of delivering innovative, high quality, and sustainable seafood products and customers.
Growth
Biscuit International was acquired by Platinum Equity through a $507 million LBO on February 14, 2020. Platinum Equity’s acquisition of Biscuit International is the latest example of the firm’s increasing momentum in Europe and its ability to execute both large and small cap transactions.
Global Market Entry
S&D Coffee, a subsidiary of Cott (NYSE: COT) (TSX: BCB), was acquired by Westrock Coffee, via its financial sponsor The Stephens Group though a $405 million LBO on March 2, 2020. The transaction creates the nation’s leading integrated coffee, tea, and extract company serving retailers, restaurants, convenience stores, commercial accounts, and the hospitality industry.
Synergy Opportunity
Voortman Cookies was acquired by Hostess Brands (NAS: TWNK) for CAD 425 million on January 7, 2020. Voortman’s leading brand with a well-defined consumer position will complement and extend the growing Hostess portfolio into the growing cookie and better-for-you sweet snacking categories with meaningful runway for future growth.
Brand & Product
Expansion
Page 12 Food and Beverage M&A Update | 1Q 2020
Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.
Public Comps
Stock Prices
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
SWX:NESN NYS:KO BRU:ABI NAS:PEP NYS:TSN
NYS:GIS NYS:HRL NYS:K NYS:CAG NYS:TAP
$MM
Company 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E
Tyson Foods NYS:TSN 57.9 33263.8 11932.0 44855.8 0.7x 1.1x 1.0x 7.2x 11.3x 9.2x 5% 6% 8% 13% 12% 12% 10% 9% 9%
Conagra Brands NYS:CAG 29.3 16663.0 10529.5 27017.9 2.6x 2.6x 2.5x 18.9x 14.6x 12.7x 3% 27% 17% 29% 28% 28% 16% 16% 17%
Kellogg's NYS:K 60.0 23590.1 8345.0 32043.1 2.2x 2.3x 2.4x 10.4x 18.2x 14.3x 5% 2% 0% 36% 32% 32% 21% 13% 15%
General Mills NYS:GIS 52.8 32394.0 13835.4 46522.6 2.4x 2.8x 2.7x 13.0x 13.0x 13.0x 5% 3% 1% 34% 35% 35% 18% 21% 21%
Hormel Foods NYS:HRL 46.6 24122.0 250.0 23688.4 2.4x 2.5x 2.4x 16.9x 17.4x 17.3x 4% -1% -1% 21% 20% 20% 14% 14% 14%
Mean 2.1x 2.2x 2.2x 13.3x 14.9x 13.3x 4% 7% 5% 27% 25% 25% 16% 15% 15%
Median2.4x 2.5x 2.4x 13.0x 14.6x 13.0x 5% 3% 1% 29% 28% 28% 16% 14% 15%
$MM
Company 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E
Coca-Cola NYS:KO 44.3 237146.6 43805.0 269933.6 7.1x 7.7x 7.0x 23.3x 25.1x 21.9x -7% 3% 9% 62% 61% 61% 28% 30% 34%
Anheuser-Busch InBev BRU:ABI 44.6 159587.0 0.0 271960.0 4.5x 5.1x 5.0x 17.9x 16.4x 12.0x -3% 1% -1% 62% 62% 61% 27% 28% 41%
Molson Coors Brewing NYS:TAP 39.0 11691.1 9417.5 20942.5 2.0x 2.0x 2.0x 8.3x 14.2x 9.6x 2% -4% -2% 40% 39% 40% 24% 14% 15%
Nestlé SWX:NESN 103.6 311445.7 44003.7 351374.0 2.9x 3.7x 3.6x 17.8x 21.0x 16.3x 1% 3% 1% 49% 50% 50% 17% 18% 21%
Pepsico NAS:PEP 120.1 190577.5 32554.0 217445.5 2.7x 3.3x 3.1x 13.7x 17.2x 15.5x 2% 2% 4% 54% 55% 55% 20% 19% 19%
Mean 3.9x 4.4x 4.2x 16.2x 18.8x 15.1x -1% 1% 2% 54% 53% 53% 23% 22% 26%
Median2.9x 3.7x 3.6x 17.8x 17.2x 15.5x 1% 2% 1% 54% 55% 55% 24% 19% 21%
EBITDA Margin
Bev
erag
e
Total
Debt
Enterprise
Value (EV)
EV/RevenueTicker Stock Price Market Cap
EV/Revenue EV/EBITDA
Foo
d
Ticker Market CapEBITDA Margin
Stock PriceTotal
Debt
Enterprise
Value (EV)
EV/EBITDA Revenue Growth Gross Margin
Revenue Growth Gross Margin
Page 13 Food and Beverage M&A Update | 1Q 2020
R.L. Hulett & Company, Inc.
Our Service Offerings
Sell-Side Advisory: Sell your business
Sell your business for the highest price and for the best terms. At R.L Hulett,communicating the value of your business to targeted buyers and finding the best fit foryour team is our forte. We strive to maintain your company’s culture and heritage evenas you transition out of your business.
Buy-Side Advisory: Buy a business
Searching for acquisition targets can be a challenging and time-consuming task whentrying to run your own business at the same time. Navigating the risks and pitfalls innegotiating valuation and deal structure can also be a daunting task for many businessowners. Let our team help you minimize your risk and reduce time wasting efforts withour decades of experience in advising in both buy and sell-side M&A transactions. Weutilize industry-leading M&A databases to scout for opportunities and pre-screen for“real” actionable targets so you can stay focused on what matters.
Capital Raise: Gain financial support
With nearly 40 years of experience in middle-market M&A advisory, we know how topackage up your deal and put you in front of the right kind of investors who have thecapital and the industry expertise you need to grow your business. Our team willdevelop a go-to-market strategy and advise on deal structure, valuation, due diligenceand transition issues. Whether you are seeking capital for growth or trying to buy outother shareholders, we have the tools, expertise, and experience to execute a strategicprocess and find the optimal outcome to meet your objectives.
Restructuring: reorganization of your business
In today’s uncertain economic times, more and more companies are finding themselvesin unfamiliar, and unwanted, positions. Many business owners are hoping recovery isjust around the corner; however, proactive measures are often required to maximizethe remaining value of the business. Our team can aid banking institutions with workoutsituations by implementing internal controls over cash management and performing on-going cash flow modeling for their clients. We can also help business owners avoidhaving trouble making payments on their debts and avoid the cumbersome and low-value asset liquidation process.
Page 14 Food and Beverage M&A Update | 1Q 2020
R.L. Hulett & Company, Inc.
Selected Transactions
Over the years, R.L. Hulett & Company has completed hundreds of transactions in a wide variety of industries. Pleasenote that this list is not comprehensive. It is common for sellers and/or buyers to request confidentiality regarding theirtransactions, and R.L. Hulett & Company respects such requests as a matter of policy.
Page 15 Food and Beverage M&A Update | 1Q 2020
R.L. Hulett & Company, Inc.
Our M&A Deal Leaders
Mr. Hulett founded the firm in 1981 and has negotiated and completed more than 200transactions throughout his career. He began his career as a Certified Public Accountant andpracticed with Peat, Marwick, Mitchell & Co. in St. Louis as an Audit Manager and in New Yorkas the Director of Training for Private Business. Mr. Hulett has also served as Chief Executive &Board Member for various middle market companies. As an educator, he was an adjunctprofessor at New York University and a tenured faculty member at Lindenwood University in St.Louis. He conducted training sessions for middle market CPA firms throughout the country formore than ten years. Mr. Hulett earned his BS/BA Cum Laude in Accounting from the Universityof Missouri-Columbia, and an MBA from Lindenwood University.
Robert L. HulettChairman & Managing
Director(314) 721-0607 x103
R. Trevor Hulett, CPAManaging Director
(314) 721-0607 [email protected]
Mr. Hulett has led M&A transactions in a variety of industries includingmanufacturing/industrial, software development/IT, business services and value-addeddistribution for over 15 years. Prior to joining the firm, he held senior level accounting andfinancial management positions in both public accounting and large corporations. Mr. Hulettbegan his career as a Certified Public Accountant with MPP&W, a St. Louis-based publicaccounting firm specializing in middle market companies. He then held various managementpositions in internal audit and corporate accounting with a Fortune 1000 industrialmanufacturing company and also spent nine years with Enterprise Rent-A-Car Company as adepartment manager in the Corporate Accounting group. Mr. Hulett holds his Series 62, 63 and79 securities registration. Mr. Hulett earned a Bachelor’s Degree in Accounting from theUniversity of Missouri, Columbia.
Mr. Vass has over 30 years of business management experience including more than 10 yearsas President of a highly successful consumer products manufacturing company with revenuesexceeding $25 million. During this time, he not only reversed a declining sales and earningstrend, but increased both sales and operating income over 100%. In addition, he has spent over20 years at the executive level of Vice President of Sales and Business Development. Mr.Vass also has experience in a number of other industry niches including consumer products,commercial furniture and fixtures and metal recycling. He holds a Bachelor’s Degree inEconomics from DePauw University and an MBA from the University of Michigan.
David T. VassDirector
(314) 721-0607 [email protected]
Page 16 Food and Beverage M&A Update | 1Q 2020
R.L. Hulett & Company, Inc.
About R.L. Hulett & Company
R.L. Hulett & Company is a middle-market investment bank based in St. Louis, Missouri. Since 1981, the firm specializes inproviding financial advisory services to middle market companies. Since IB inception, the firm has advised in over 230transactions in a variety of industries including manufacturing, distribution, business services, transportation/logistics, healthcare and software/technology. The firm has an experienced team of M&A advisors consisting of former business owners,seasoned corporate executives, professional service firm partners, CPAs and MBAs. Our ability to deliver customized solutionsto meet or exceed our clients’ expectations is what sets us apart from our competitors.
Industry Sectors Covered:
Disclaimer
The data in this document has been derived from PitchBook Data and has been compiled by R.L. Hulett & Company. Thisdocument is strictly for illustrative purposes only. The data presented in this document is not comprehensive and should notbe used for benchmarking, valuation, or for any other decision making. R.L. Hulett & Company accepts no responsibility forloss or damage caused by dependence on the information in this document.
Industrial Transportation and Logistics Food & Beverage
Business Services Tech-enabled Services Healthcare