16
www.harriswilliams.com Member FINRA/SIPC Food and Beverage Industry Update January 2014
www.harriswilliams.com
Member FINRA/SIPC
Food and Beverage Industry Update
January 2014
2 of 16
What We’re Seeing CONTENTS
INDUSTRY VITAL SIGNS
EQUITY MARKET OVERVIEW
M&A MARKET OVERVIEW
DEBT MARKET OVERVIEW
NOTABLE M&A ACTIVITY
PUBLIC COMPARABLES
EARNINGS CALENDAR
GROUP OVERVIEW
Harris Williams & Co. is a leading
advisor to the food and beverage
market. Our significant experience
covers a broad range of end
markets, industries, and business
models. This particular report
focuses on trends and metrics in the
following areas:
• Agribusiness
• Baked and Prepared Goods
• Beverages
• Branded & Private Label
• Dairy
• Distribution
• Ingredients
• Meat & Protein
• Natural & Organic
• Processing
• Produce
• Restaurant and Retail
• Snacks
CONTACTS
Glenn Gurtcheff | Managing Director
+1 (612) 359-2702
Tim Alexander | Managing Director
+1 (612) 359-2716
Ryan Budlong | Director
+1 (612) 359-2722
Brant Cash | Vice President
+1 (612) 359-2709
www.harriswilliams.com
Sysco Corporation and U.S. Foods announced on December 8th an agreement to merge under the Sysco
brand name. The total enterprise value of the transaction is approximately $8.2 billion. The deal unites
the two largest food distributors in the country, solidifying Sysco’s position as the largest player in an
already consolidated industry. Access to the full article here.
Sysco and U.S. Foods Agree to Merge
What We’re Reading
Dave & Buster’s, a Dallas-based operator of restaurants with games for adults, is working with Goldman
Sachs and Jefferies to explore a potential sale or initial public offering. The company, which is owned by
private equity firm Oak Hill Capital Partners, is estimated to be valued at $1 billion, or eight to nine
times EBITDA. Access to the full article here.
Dave & Buster’s Explores a Potential Sale or IPO
On December 8th, WhiteWave Foods agreed to acquire Earthbound Farm from current owner, Kainos
Capital, for approximately $600 million. Earthbound Farm is a grower, packager, and seller of organic
produce. The transaction will create the largest organic food producer in the United States. Access to the
full article here.
WhiteWave Foods Company Agrees to Acquire Earthbound Farm
December was a busy month in the Food and Beverage M&A market, with several high-profile deals
being completed. In total, there were six transactions valued over $150 million in December. Overall,
2013 ended on a high note, with more than 65 transactions being completed in the fourth quarter, bringing
the 2013 food and beverage M&A total to more than 200 closed deals. This momentum is expected to
continue into 2014, as strong financing markets, growth oriented strategic buyers, and private equity fund
expirations fuel the demand for food and beverage transactions in the M&A market.
Market Update
Food and Beverage Industry Update
January 2014
What We’ve Been Doing
Closed HW&Co. Transactions
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On December 27th, Yildiz Holdings, the Turkish owner of Godiva chocolates, agreed to purchase
DeMet’s Candy, the U.S. maker of Flipz chocolate pretzels and Turtles covered nut clusters. DeMets’
current owner, Brynwood Partners, agreed to sell the company for $221 million, and is poised to make a
four times cash-on-cash return. Access to the full article here.
Godiva owner, Yildiz Holdings, to Buy DeMet’s Candy
a portfolio company of
has been acquired by
a portfolio company of
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has been acquired by
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and
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has acquired
3 of 16
Food and Beverage Industry Vital Signs
Consumer Food
Price Index
Inflation2
Commodity
Price Indices1
50
100
150
200
Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13
Co
mm
od
ity
Pri
ce I
nd
ex
Corn Wheat Soybeans Crude Oil
Protein Price
Indices2,3
Restaurant and
Grocery Store
Sales Indices4
80
100
120
140
160
Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13
Sa
les
Ind
ex
Restaurant Grocery
90
100
110
120
130
140
Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13
Pro
tein
Pri
ce I
nd
ex
Beef Pork Poultry
-0.5
1.0
2.5
4.0
5.5
Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13
Infl
ati
on
(%
)
Restaurant:
31.1%
Grocery:
14.3%
Beef:
22.1%
Pork:
25.1%
Poultry:
24.1%
Wheat:
45.4%
Crude Oil:
32.3%
Soybeans:
28.6%
Corn:
16.0%
Net Debt /
Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing 10.9% 49.8% 13.1% 43.7% 12.8x 16.3x 8.7x 0.7x
Fruit and Vegetable (2.3%) 13.7% 6.3% 23.3% 14.4x 14.5x 9.3x 2.7x
Ingredients / Flavors 4.3% 30.5% 3.4% 14.2% 18.0x 22.0x 12.6x 1.3x
Agribusiness 11.1% 26.7% 10.8% 26.3% 12.8x 18.3x 11.0x 1.2x
Branded Processed Foods 6.5% 24.0% (6.6%) (20.0%) 20.3x 22.6x 13.2x 2.3x
Private Label Foods 0.1% 32.2% 3.1% (12.5%) 21.3x 29.0x 13.4x 2.6x
Natural / Organic Foods 7.5% 54.1% (6.2%) (31.1%) 26.8x 31.2x 16.8x 2.4x
Baked Goods / Snack Foods 6.4% 38.4% 7.8% 28.4% 21.6x 24.7x 11.9x 2.1x
Dairy (4.1%) 9.5% 8.8% 10.2% 17.9x 19.1x 11.7x 1.8x
Non-Alcoholic Beverages 8.9% 24.7% 5.8% 19.6% 18.5x 21.1x 12.1x 1.6x
Alcoholic Beverages 0.9% 19.5% 7.7% 13.5% 19.7x 17.7x 13.2x 3.0x
Food Retail (2.0%) 40.6% (1.2%) 21.0% 15.6x 19.8x 6.8x 2.0x
Grocery Distribution 11.1% 49.4% 9.0% 36.1% 17.1x 21.5x 10.2x 1.0x
Foodservice 13.4% 14.0% 7.7% 18.6% 17.8x 26.5x 9.6x 2.2x
Quick Service Restaurant 9.8% 57.0% 6.9% 26.5% 22.8x 29.7x 12.1x 2.1x
Casual Dining Restaurant 9.1% 50.4% 11.5% 32.5% 21.1x 25.3x 10.7x 2.7x
Fast Casual 11.5% 48.9% 6.2% 57.0% 45.0x 26.9x 23.7x 2.4x
Pizza 2.5% 59.9% (1.5%) 29.3% 24.9x 28.4x 14.8x 2.0x
Beverage / Snack Retail 0.5% 45.3% 4.4% 37.4% 30.6x 30.2x 20.0x 2.9x
Family Restaurant 6.9% 32.2% 7.5% 34.0% 20.3x 20.3x 9.2x 0.9x
O verall Median 5.9% 34.5% 5.4% 20.4% 20.0x 22.3x 11.8x 2.0x
Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats
Fo
od
an
d B
ev
era
ge
Inp
uts
Co
nsu
mer a
nd
Reta
il
Key Trading
Statistics5
4 of 16
Public Equity Market Overview
Public
Company
Sector
Performance5
(One year change
in stock price)
Dairy
Fruit and Vegetable
Foodservice
Alcoholic Beverages
Branded Processed Foods
Non-Alcoholic Beverages
Agribusiness
S&P
Ingredients / Flavors
Family Restaurant
Private Label Foods
Baked Goods / Snack Foods
Food Retail
Beverage / Snack Retail
Fast Casual
Grocery Distribution
Protein Processing
Casual Dining Restaurant
Natural / Organic Foods
Quick Service Restaurant
Pizza
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%
Inputs Food and Beverage Consumer and Retail
80
90
100
110
120
130
140
150
160
Dec-12 Mar-13 May-13 Aug-13 Oct-13 Dec-13
Restaurant Protein Processing/Dairy
Natural/Organic Beverage
Private Label Food Manufacturing S&P 500
Close
Date Filing Date Issuer Ticker
Transaction
Type
Gross
Proceeds
($mm) Use of Funds
12/19/13 12/19/13 Tootie Pie Co Inc TOOT.Q Follow-On $0.5 General Corp. Purp.
12/17/13 12/17/13 Sunora Foods Inc SNF Follow-On $1.8 General Corp. Purp.
12/13/13 12/13/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp.
12/12/13 11/18/13 RiceBran Technologies RIBT Follow-On $9.0 General Corp. Purp.
12/12/13 12/12/13 Darling International Inc DAR Follow-On $760.0 Working Capital
General Corp. Purp.
12/11/13 11/26/13 Pinnacle Foods Inc PF Follow-On $523.0 General Corp. Purp.
12/10/13 12/10/13 Post Holdings Inc POST Convertible $300.0 Working Capital
Acquisitions
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.
Recent Equity
Offerings6
5 of 16
Public Equity Market Overview
Food and
Beverage
Industry Stock
Performance5
39.7%
37.7%
29.6%
32.4%
22.3%
18.8%
Last 10 Deals Announced Private Equity Investments and Exits
Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions North American
Food and
Beverage M&A
Trends5
6 of 16
M&A Market Overview
Latest Deals
and Announced
Private Equity
Activity5
Highlighted
Food and
Beverage M&A
Transactions
28
36
27
46
21
14
32
25 26
38
1315
27 26 27
17
34
18
36
43
0
5
10
15
20
25
30
35
40
45
50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Num
be
r of
Inv
est
me
nts
Number of Investments Number of Exits
11.0x 10.5x
9.9x 8.8x
8.3x 8.0x
11.3x
9.4x
0.00x
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
0x
2x
4x
6x
8x
10x
12x
14x
16x
2006 2007 2008 2009 2010 2011 2012 2013
EV
/ LT
M S
ale
s Mu
ltiple
EV
/ L
TM
EB
ITD
A M
ultip
le
EV / LTM EBITDA EV / LTM Sales
$12.0
$25.5
$110.2
$9.3
$67.2
$8.2
$24.0
$56.1
0
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
2006 2007 2008 2009 2010 2011 2012 2013
Nu
mb
er o
f Tra
nsa
ctio
ns
Ag
gre
ga
te T
ran
sac
tio
n V
alu
e (
$ i
nb
illi
on
s)
Aggregate Deal Value # of deals
Announced Target Buyer1/0/1900 0 JAB Holdings B.V.
1/2/2014 Natural American Foods, Inc. Peak Rock Capital
12/30/2013 New England Tea & Coffee Co., Inc. Reily Foods Company, Inc.
12/27/2013 DeMet's Candy Company Yildiz Holding A.S.
12/23/2013 Phil's Fresh Foods, LLC GFA Brands, Inc.
12/20/2013 Arden Group Inc. TPG Capital, L.P.
12/18/2013 Premium Wine Group Premium Beverage Group, Inc.
12/18/2013 Austaco, LTD. Tacala LLC
12/17/2013 Dulcinea Farms, LLC Pacific Trellis Fruit LLC
12/16/2013 Allens, Inc. Seneca Foods Corp.
12/16/2013 The Bailey Company, L.L.L.P. United States Beef Corporation
Golden Boy Foods acquired by Post Holdings
• Post Holdings has announced its intent to acquire Golden Boy Foods from Tricor
Pacific Capital.
• Golden Boy is a North American manufacturer of private label peanut and other
nut butters, as well as dried fruit, baking, and snacking nuts.
• The acquisition is anticipated to close in February of 2014, subject to government
approval.
Closed: October 15, 2013
Enterprise Value: $8.2bn
LTM EBITDA Multiple: 9.9x
Adj. EBITDA Multiple: 6.3x1
Announced: December 8, 2013
Sysco Corporation to Merge with U.S. Foods
• Sysco Corporation has announced its decision to merge with U.S. Foods, a
portfolio company of private equity firms Clayton, Dubilier, & Rice and Kohlberg
Kravis Roberts & Company.
• The transaction is expected to generate significant strategic benefits, yielding
annual synergies of at least $600 million in three or four years, which will cost
$700 - 800 million to realize.
• The transaction is expected to close Q3 2014, pending government approval.
Seneca Foods Acquires Allens Inc.
• Seneca entered into an Asset Purchase Agreement to acquire all the operating
assets of Allens, Inc., a processor and supplier of canned and frozen vegetables.
• Allens filed for Chapter 11 Bankruptcy in October 2013, and the transaction will be
completed through a court-supervised process under U.S. Bankruptcy Code.
Enterprise Value: $148mm
Announced: December 16, 2013
(1) Adjusted for integration expenses and synergies.
Enterprise Value: $300mm
EBITDA Multiple: 9.1x1
Announced: December 7, 2013
(1) Based on adjusted run-rate EBITDA multiple.
Credit Statistics Average Secondary Spreads
Quarterly Loan Volume Average Spread on Food and Beverage Loans Food and
Beverage Loan
Activity7
Recent Debt
Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread
12/31/13 Blommer Chocolate Co Candy & other confectionery USD 245,000,000 Revolver/Line >= 1 Yr. N/A / NR 275
12/31/13 ConAgra Foods Inc Ice cream and frozen desserts USD 340,000,000 Term Loan N/A / Baa2 N/A
12/31/13 ConAgra Foods Inc Ice cream and frozen desserts USD 730,000,000 Revolver/Line >= 1 Yr. N/A / Baa2 N/A
12/31/13 ConAgra Foods Inc Ice cream and frozen desserts USD 84,000,000 Revolver/Line >= 1 Yr. N/A / Baa2 N/A
12/31/13 Fieldbrook Foods Corp Ice cream and frozen desserts USD 17,000,000 Revolver/Line >= 1 Yr. N/A / NR 375
12/31/13 Fieldbrook Foods Corp Ice cream and frozen desserts USD 98,000,000 Term Loan N/A / NR 375
12/31/13 KIND LLC Cookies and crackers USD 15,000,000 Revolver/Line >= 1 Yr. N/A / NR 200
12/31/13 KIND LLC Cookies and crackers USD 155,000,000 Term Loan A N/A / NR 200
12/31/13 North Atlantic Trading Co Tobacco stemming and redrying USD 90,000,000 Term Loan N/A / NR 1025
12/31/13 North Atlantic Trading Co Tobacco stemming and redrying USD 165,000,000 Term Loan B N/A / NR 650
12/31/13 Sigma Alimentos Frozen specialties USD 1,000,000,000 Delay Draw Term Loan N/A / Baa3 N/A
12/27/13 Imuraya Group Co Ltd Candy & other confectionery products JPY 3,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
12/27/13 Miyoshi Oil & Fat Co Ltd Vegetable oil mills JPY 1,500,000,000 Term Loan N/A / NR N/A
12/26/13 Megmilk Snow Brand Co Ltd Fluid milk JPY 7,000,000,000 Term Loan N/A / NR N/A
12/26/13 Prime Delica Co Ltd Food preparations JPY 1,000,000,000 Term Loan N/A / NR N/A
12/25/13 Ganko Food Service Co Ltd Food preparations JPY 1,000,000,000 Term Loan N/A / NR N/A
7 of 16
Debt Market Overview
0.0x
2.0x
4.0x
6.0x
Debt/
EBITDA
Senior Debt/
EBITDA
EBITDA/
Cash Interest
EBITDA - Capex/
Cash Interest
EB
ITD
A M
ult
iple
2007 2008 2009 2010 2011 2012
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000A
ver
age
Sp
read
Ov
er L
IBO
R
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
L + 600
2006 2007 2008 2009 2010 2011 2012
Aver
age
Spre
ad O
ver
LIB
OR
Revolving Credit / Term Loan A Weighted-Average Institutional
$0
$2
$4
$6
$8
$10
$12
$14
$16
3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13
Loan
Volu
me
by
Quar
ter
($ i
n b
illi
on
s)
Institutional Pro Rata
8 of 16
Recent North
American Food
and Beverage
M&A5
Recent North American Food
and Beverage M&A Activity
Quarterly M&A Activity Median LTM
Trading
Multiples and
Quarterly Food
and Beverage
M&A5
Median LTM Trading Multiples
47 47 48 47
35
25
36
22
34 36
46 47
25
33
49
34
42
53 5248
3933
46 47
55
8 7 3 6
5
5
2
3
47
57
13
6
7
7
5
4 79
6
10
138
7
0
10
20
30
40
50
60
70
Q40
7
Q10
8
Q20
8
Q3
08
Q40
8
Q10
9
Q20
9
Q30
9
Q4
09
Q11
0
Q21
0
Q31
0
Q4
10
Q11
1
Q21
1
Q31
1
Q41
1
Q1
12
Q21
2
Q31
2
Q41
2
Q1
13
Q21
3
Q31
3
Q41
3
Num
be
r of
Tra
nsa
ction
s
Strategic Acquirer Private Equity Acquirer
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
1/2/2014 Natural American Foods, Inc. - Peak Rock Capital - - - - P
12/30/2013 New England Tea & Coffee Co., Inc. - Reily Foods Company, Inc. - - - -
12/27/2013 DeMet's Candy Company Brynwood Partners Yildiz Holding A.S. $221.0 - - - P
12/23/2013 Phil's Fresh Foods, LLC Revelry Brands; Spier Capital Mgmt. GFA Brands, Inc. $48.0 - - - P
12/20/2013 Arden Group Inc. - TPG Capital, L.P. $364.0 0.80x 9.9x 11.4x P
12/18/2013 Premium Wine Group Southport Lane Premium Beverage Group, Inc. - - - -
12/18/2013 Austaco, LTD. - Tacala LLC - - - -
12/17/2013 Dulcinea Farms, LLC Syngenta AG Pacific Trellis Fruit LLC - - - -
12/16/2013 Allens, Inc. - Seneca Foods Corp. $148.0 - - -
12/16/2013 The Bailey Company, L.L.L.P. - United States Beef Corporation - - - -
12/13/2013 Merica Corp., Inc. - Applied Vaccines Therapeutics, LLC - - - -
12/13/2013 Splash Water Inc. - DS Waters of America, Inc. - - - -
12/12/2013 Bruce's Yams Bruce Foods Corporation Mccall Farms, Inc. - - - -
12/11/2013 Hagelin & Company Inc. - Frutarom USA, Inc. $52.4 2.17x - -
12/11/2013 Allen Brothers, Inc. - The Chefs' Warehouse, Inc. $29.9 - 7.0x -
12/10/2013 Synergy Strips Worldwide Inc. - Homie Recipes, Inc. - - - -
12/10/2013 Hoffmans Chocolate, LLC - BBX Capital Corporation - - - -
12/9/2013 LATITUDE 1 - Specialty Commodities Incorporated - - - -
12/8/2013 Natural Selection Foods, LLC GarMark Advisors; Stockwell Capital The WhiteWave Foods Company $600.0 1.30x 8.0x - P
12/8/2013 US Foods, Inc. Clayton, Dubilier & Rice; KKR Sysco Corporation $8,256.5 0.37x 10.5x 20.3x P
12/7/2013 Golden Boy Foods Ltd. Tricor Pacific Capital, Inc. Post Holdings, Inc. $300.6 1.95x 9.1x - P
12/6/2013 Driftwood Dairy Holding Corporation - Vietnam Dairy Products $10.0 0.10x - -
12/6/2013 Northern Beef Packers, LP - White Oak Global Advisors LLC $44.3 - - - P
12/5/2013 Vasari, Llc - Eagle Merchant Partners - - - - P
12/4/2013 BikeCaffe Franchising, Inc. - Jammin Java Corp. $0.1 - - -
12/1/2013 Cook Street Coffee LLC - Jumpin' Jacks Beans LLC - - - -
11/27/2013 Koffee Korner Inc. - Cardax Pharmaceuticals, Inc. - - - -
11/25/2013 Celis Beers Craftbev International Vino.Com L.L.C. - - - -
11/25/2013 Golden West Baking Co Inc. - C.H. Guenther & Son, Inc. - - - -
11/22/2013 GNP Company - The Maschhoffs, LLC - - - - P
11/22/2013 Damafro Inc. Fonds régional de solidarité Agropur Cooperative - - - -
11/19/2013 CKE Inc. Apollo Global Management Roark Capital Group - - - - P
11/18/2013 Keg Restaurants, Ltd. - Fairfax Financial Holdings Limited - - - - P
11/14/2013 Girkin Development, LLC - TravelCenters of America LLC $67.0 - - -
11/14/2013 Tops Holding Corp. Morgan Stanley Private Equity Management - - - - P
11/12/2013 New Leaf Community Markets, Inc. - New Seasons Market, Inc. - - - -
11/9/2013 City Ice Company - Reddy Ice Corporation - - - -
11/6/2013 PetAg, Inc. - PBI/Gordon Corporation - - - -
11/4/2013 Henderson Coffee Corporation - Ronnoco Coffee Company - - - - P
11/1/2013 JF Restaurants, LLC - Chanticleer Holdings, Inc. - - - -
10.6x
11.0x
11.7x
12.6x
12.2x
11.9x12.1x
12.5x
11.2x
11.5x
11.8x12.0x
12.2x
9.0x9.2x
9.1x
9.5x9.7x
10.0x10.1x
10.4x10.5x
10.9x
11.2x
11.9x
12.3x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
Dec
-12
Jan
-13
Feb
-13
Mar-
13
Ap
r-1
3
May
-13
Jun-1
3
Jul-
13
Au
g-1
3
Sep
-13
Oct-
13
No
v-1
3
Dec
-13
Med
ian
Tra
din
g M
ultip
le
Food Products, Processing, and Ingredients Retail and Restaurants
Recent North
American Food
and Beverage
M&A5
(continued)
9 of 16
Recent North American Food
and Beverage M&A Activity
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
10/31/2013 Prime Restaurants Inc. Fairfax Financial Holdings Cara Operations Limited - - - - P
10/26/2013 Shelby County Cookers LLC Westin, Inc. Monogram Food Solutions, LLC - - - -
10/25/2013 GardenChef Paul Company - Nutroganics, Inc. - - - -
10/24/2013 Olivieri Foods Limited Maple Leaf Foods Inc. Ebro Foods SA $115.1 1.14x - -
10/22/2013 Jus-Made, LP SBT Investments VI, LLC Regus Advisors - - - - P
10/17/2013 Alico Inc. Atlantic Blue Group, Inc. 734 Agriculture $299.9 2.95x 13.8x 24.0x P
10/17/2013 Boulevard Brewing - Duvel Moortgat USA Ltd. - - - -
10/16/2013 Fibred-Maryland, Inc. - International Fiber Corporation - - - -
10/16/2013 New York Pretzel , Inc. - J&J Snack Foods Corp. - - - -
10/16/2013 Chateau LaFayette Reneau - Glenora Wine Cellars, Inc. - - - -
10/15/2013 Captain D's, LLC Sun Capital Partners, Inc. Centre Partners - - - - P
10/15/2013 Budwey's Market Place, LLC - Olean Wholesale Grocery - - - -
10/10/2013 Qupe Wine Cellars - Terroir Selections - - - -
10/9/2013 Del Monte Consumer Products Business Del Monte Corporation Del Monte Pacific Ltd. $1,675.0 0.93x 9.4x -
10/7/2013 Rickland Orchards, LLC Natural Instincts LLC B&G Foods Inc. $57.5 - - -
10/4/2013 Desert Packaging Inc. - Acosta, Inc. - - - -
10/3/2013 Mid-Atlantic Convenience Stores, LLC Catterton Partners Corporation Sunoco, Inc. - - - - P
10/3/2013 Viansa Winery and Marketplace Laurus Capital Management, LLC Vintage Wine Estates, Inc. - - - - P
10/2/2013 Josie's Frozen Yogurt, LLC - U-SWIRL International, Inc. - - - -
10/1/2013 American Pride Seafoods LLC American Seafoods Group LLC High Liner Foods Inc. $50.0 0.18x - -
10/1/2013 Café Tolima Don Diego, LLC - New Colombia Resources, Inc. - - - -
9/30/2013 LaBella Sausage, LLC The Anderson Group LLC Premio Foods, Inc. - - - - P
9/26/2013 Trudeau Foods, LLC Arbor Private Investment Company United Natural Foods, Inc. - - - - P
9/24/2013 H&N Distribution, Inc. Management Associates Int'l RiceBran Technologies $5.0 - - - P
9/24/2013 Belle Foods, LLC C&S Wholesale Grocers, Inc. Associated Wholesale Grocers, Inc. $16.1 - - -
9/23/2013 Génétiporc, Inc. Aliments Breton Canada Inc. Genus plc $35.8 - - -
9/16/2013 Lightlife Foods, Inc. ConAgra Foods, Inc. Brynwood Partners - - - - P
9/15/2013 Dakota Growers Pasta Company, Inc. Viterra, Inc. Post Holdings, Inc. $370.0 - - -
9/11/2013 Sweetpea Baby Food Ltd. - One Earth Farms Corp. - - - -
9/10/2013 The Sugar Lab - 3D Systems Corp. - - - -
9/10/2013 Fresh & Easy Neighborhood Market Inc. Tesco PLC The Yucaipa Companies, LLC - - - - P
9/9/2013 Xtreme Technologies, Inc. - Pinacle Enterprise, Inc. $2.0 - - -
9/9/2013 United Supermarkets, L.L.C. - Cerberus Capital Management - - - -
9/7/2013 GOFoods Global, LLC - Youngevity Essential Life Sciences - - - -
9/6/2013 Wine On High - Taste Hospitality Group Ltd. - - - -
9/6/2013 West Coast Fishculture (Lois Lake) Ltd. - AgriMarine Industries Inc. - - - -
9/6/2013 Rockn' Joe Coffeehouse and Bistro - Ablak Holdings, LLC - - - -
9/5/2013 Cobscook Bay Company, LLC - Craig's All Natural, LLC - - - -
9/4/2013 Dairy Maid Dairy, Inc. - Dairy Farmers of America, Inc. - - - -
9/3/2013 Golden Island Jerky Co - The Hillshire Brands Company - - - -
9/3/2013 Red Lion Beef Corporation - Millstone Capital Advisors, LLC - - - - P
9/2/2013 Uplift Nutrition Inc Uplift Holdings, LLC Private Investors $0.1 - - -
9/2/2013 B-29 Energy Inc. - Puget Technologies,Inc $18.0 - - -
9/1/2013 Wild Wings Pizza & Things Inc. - Private Investors - - - -
9/1/2013 Greenwood Steak House - Private Investors - - - -
8/26/2013 American Roland Food Corp. - Vestar Capital Partners - - - - P
8/23/2013 Rothsay Ltd. Maple Leaf Foods Inc. Darling International Inc. $612.4 - 7.6x -
8/21/2013 Enray Inc. - The J. M. Smucker Company - - - -
8/16/2013 Juice Tyme, Inc. Encore Consumer Capital Highlander Partners, L.P. - - - - P
8/13/2013 American Roadside Burgers, Inc. - Chanticleer Holdings, Inc. $3.3 - - -
8/13/2013 The Wendy's Company, 30 Restaurants The Wendy's Company BB St. Louis - - - -
8/12/2013 Dole Food Company Inc. - David Murdock $1,340.0 0.31x 9.1x -
8/9/2013 YoFarm Yogurt Company Catterton Partners Corporation Danone - - - - P
8/7/2013 Associated Brands, Inc. TorQuest Partners, Inc. Treehouse Foods, Inc. $180.6 0.94x - - P
8/7/2013 4U2U Brands, LLC - Sun Orchard, Inc. - - - -
8/5/2013 T-Bird Nevada LLC - Bloomin' Brands, Inc. - - - -
8/5/2013 The Harris Soup Company Sun Capital Partners, Inc. Joshua Green Corporation - - - - P
7/31/2013 Gator Apple, 38 Applebee Restaurants Gator Apple LLC Doherty Enterprises, Inc. - - - -
7/30/2013 Fine Line Music Café - Entourage Events Group, Inc. - - - -
7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management - - - - P
7/25/2013 Monogram Food Solutions - Steidinger Meat Processing, Inc. - - - -
7/24/2013 DS Waters of America, Inc. Kelso & Company Crestview Partners, L.P. - - - - P
10 of 16
Member FINRA/SIPC
Trading Statistics Detail5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 12/31/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Food and Beverage
Branded Processed Foods
Associated British Foods plc ABF $40.50 100.0% $31,985 $1,850 $576 $33,259 $21,130 $2,564 6.1% 10.0% 24.2% 12.1% 30.6x 1.57x 13.0x 1.45x 12.2x
Campbell Soup Company CPB 43.28 88.6% 13,634 4,832 305 18,161 8,012 1,424 1.6% 1.6% 36.7% 17.8% 19.2x 2.27x 12.8x 2.15x 11.2x
ConAgra Foods, Inc. CAG 33.70 90.4% 14,168 9,727 203 23,691 16,391 1,992 20.8% 11.2% 21.7% 12.2% 20.9x 1.45x 11.9x 1.34x 9.7x
General Mills, Inc. GIS 49.91 94.0% 31,171 8,245 759 38,656 18,096 3,437 7.3% 7.2% 35.5% 19.0% 18.8x 2.14x 11.2x 2.09x 10.5x
Hormel Foods Corporation HRL 45.17 97.9% 11,910 250 434 11,726 8,752 910 6.3% 6.6% 16.1% 10.4% 23.5x 1.34x 12.9x 1.28x 11.0x
Kellogg Company K 61.07 89.8% 22,119 7,445 300 29,264 14,854 2,220 8.8% 6.1% 37.3% 14.9% 23.2x 1.97x 13.2x 1.94x 10.8x
McCormick & Company, Incorporated MKC 68.92 91.6% 9,099 1,379 158 10,319 4,099 685 3.0% 7.7% 40.2% 16.7% 22.6x 2.52x 15.1x 2.36x 13.7x
Mondelez International, Inc. MDLZ 35.30 100.0% 61,909 19,960 3,925 77,944 35,306 5,117 63.1% (8.5%) 37.3% 14.5% 21.7x 2.21x 15.2x 2.14x 13.3x
Nestlé S.A. NESN 73.33 94.7% 234,939 30,216 6,737 258,418 99,988 18,947 10.6% 1.0% 48.1% 18.9% 19.4x 2.58x 13.6x 2.45x 12.9x
The Hain Celestial Group, Inc. HAIN 90.78 100.0% 4,338 653 65 4,926 1,852 245 27.6% 25.2% 27.2% 13.2% 30.8x 2.66x 20.1x 2.35x 16.3x
The Hershey Company HSY 97.23 95.9% 21,740 1,906 701 22,945 6,941 1,509 7.4% 7.4% 45.8% 21.7% 28.0x 3.31x 15.2x 3.10x 13.6x
The J. M. Smucker Company SJM 103.62 90.3% 10,894 2,241 151 12,984 5,810 1,216 (0.2%) 8.1% 35.6% 20.9% 19.7x 2.23x 10.7x 2.21x 10.1x
The WhiteWave Foods Company WWAV 22.94 100.0% 3,978 772 87 4,663 2,471 315 11.2% NA 35.7% 12.7% 38.2x 1.89x 14.8x 1.74x 14.8x
Mean 13.4% 7.0% 34.0% 15.8% 24.4x 2.16x 13.8x 2.05x 12.3x
Median 7.4% 7.3% 35.7% 14.9% 22.6x 2.21x 13.2x 2.14x 12.2x
Private Label Foods
Flowers Foods, Inc. FLO $21.47 83.6% $4,477 927 11 $5,393 $3,657 $401 23.9% 12.4% 47.6% 11.0% 19.8x 1.47x 13.4x 1.32x 11.3x
Snyder's-Lance, Inc. LNCE 28.66 88.2% 2,003 546 17 2,532 1,730 186 7.4% 23.2% 34.4% 10.7% 31.0x 1.46x 13.6x 1.39x 11.6x
Treehouse Foods, Inc. THS 68.92 90.9% 2,510 910 116 3,303 2,226 303 4.8% 9.1% 21.7% 13.6% 29.0x 1.48x 10.9x 1.31x 9.4x
Mean 12.0% 14.9% 34.6% 11.8% 26.6x 1.47x 12.7x 1.34x 10.8x
Median 7.4% 12.4% 34.4% 11.0% 29.0x 1.47x 13.4x 1.32x 11.3x
Natural / Organic Foods
Amira Nature Foods Ltd. ANFI $15.76 90.5% $562 $149 $46 $665 $473 $61 31.2% NA 23.2% 12.9% 18.4x 1.41x 10.9x 1.24x 8.9x
Annie's, Inc. BNNY 43.04 82.2% 728 0 11 717 187 24 20.6% 25.9% 37.7% 12.9% NM 3.84x 29.7x 3.30x 22.0x
SunOpta Inc. TSX:SOY 10.00 90.9% 665 192 7 850 1,167 61 9.7% 10.4% 11.3% 5.2% NM 0.73x 13.9x 0.68x 10.2x
The Hain Celestial Group, Inc. HAIN 90.78 100.0% 4,338 653 65 4,926 1,852 245 27.6% 25.2% 27.2% 13.2% 30.8x 2.66x 20.1x 2.35x 16.3x
United Natural Foods, Inc. UNFI 75.39 99.4% 3,740 165 11 3,894 6,064 230 15.8% 17.3% 16.9% 3.8% 31.6x 0.64x 17.0x 0.58x 14.8x
Whole Foods Market, Inc. WFM 57.83 88.2% 21,521 27 1,023 20,525 12,917 1,234 10.4% 12.8% 35.8% 9.6% 38.6x 1.59x 16.6x 1.41x 14.6x
Mean 19.2% 18.3% 25.4% 9.6% 29.9x 1.81x 18.0x 1.59x 14.5x
Median 18.2% 17.3% 25.2% 11.2% 31.2x 1.50x 16.8x 1.33x 14.7x
Baked Goods / Snack Foods
ARYZTA AG SWX:ARYN $76.81 100.0% $6,798 $2,002 $832 $7,968 $5,977 $752 15.4% 15.0% 27.2% 12.6% 44.4x 1.33x 10.6x 1.25x 9.6x
Diamond Foods, Inc. DMND 25.84 100.0% 581 591 6 1,166 864 62 (12.0%) 8.2% 23.8% 7.2% NM 1.35x 18.7x 1.37x 10.5x
Flowers Foods, Inc. FLO 21.47 83.6% 4,477 927 11 5,393 3,657 401 23.9% 12.4% 47.6% 11.0% 19.8x 1.47x 13.4x 1.32x 11.3x
George Weston Limited WN 72.95 86.5% 9,330 10,391 3,940 15,781 32,400 2,344 (3.1%) 0.9% 24.5% 7.2% 22.9x 0.49x 6.7x 0.49x 5.6x
Golden Enterprises Inc. GLDC 4.10 94.0% 48 8 1 55 138 6 0.1% 2.5% 48.7% 4.5% 38.0x 0.40x 8.8x NA NA
Grupo Bimbo, S.A.B. de C.V. BIMBO A 3.07 85.6% 14,446 3,080 380 17,147 13,346 1,331 1.4% 12.9% 51.9% 10.0% NM 1.28x 12.9x 1.25x 12.4x
Inventure Foods, Inc. SNAK 13.26 100.0% 258 35 1 291 200 16 7.6% 16.0% 18.4% 7.9% 35.6x 1.46x 18.4x 1.11x 12.1x
J&J Snack Foods Corp. JJSF 88.59 100.0% 1,655 0 98 1,557 868 131 4.4% 7.6% 30.3% 15.1% 24.7x 1.79x 11.9x 1.72x 10.9x
John B Sanfilippo & Son Inc. JBSS 24.68 93.9% 270 71 1 340 734 55 1.7% 8.0% 16.2% 7.5% 13.4x 0.46x 6.2x NA NA
Lancaster Colony Corporation LANC 88.15 99.9% 2,405 0 133 2,272 1,161 179 1.1% 2.8% 22.7% 15.5% 21.7x 1.96x 12.7x 1.92x 12.0x
Penford Corporation PENX 12.85 80.4% 161 80 0 240 467 23 7.9% 16.6% 9.6% 4.9% 38.4x 0.51x 10.6x 0.49x 7.4x
Mean 4.4% 9.4% 29.2% 9.4% 28.8x 1.14x 11.9x 1.21x 10.2x
Median 1.7% 8.2% 24.5% 7.9% 24.7x 1.33x 11.9x 1.25x 10.9x
Last Twelve Months (LTM) EV / LTM EV / 2013ERevenue Growth LTM Margins
Member FINRA/SIPC
11 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 12/31/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone BN $72.05 87.7% $42,229 $14,418 $3,522 $53,125 $27,887 $4,624 9.6% 12.8% 49.7% 16.6% 17.8x 1.91x 11.5x 1.77x 10.7x
Dean Foods Company DF 17.19 40.8% 1,623 1,032 361 2,294 11,364 629 30.6% (1.7%) 24.0% 5.5% 3.7x 0.20x 3.6x 0.26x 5.7x
Glanbia plc GL9 15.51 100.0% 4,567 673 95 5,145 3,055 265 26.6% 6.5% 36.4% 8.7% 24.8x 1.68x 19.4x 1.53x 16.6x
Lifeway Foods Inc. LWAY 15.98 79.9% 261 10 4 267 92 13 19.0% 19.4% 34.0% 13.6% 36.6x 2.91x 21.3x 2.47x 18.9x
Saputo, Inc. TSX:SAP 45.55 89.0% 8,850 1,675 34 10,491 8,027 900 13.9% 12.2% 13.7% 11.2% 19.1x 1.31x 11.7x 1.25x 10.9x
Mean 19.9% 9.8% 31.6% 11.1% 20.4x 1.60x 13.5x 1.46x 12.6x
Median 19.0% 12.2% 34.0% 11.2% 19.1x 1.68x 11.7x 1.53x 10.9x
Non-Alcoholic Beverages
A.G.Barr p.l.c. LSE:BAG $9.38 97.1% $1,083 $46 $22 $1,107 $376 $66 8.4% 3.5% 45.9% 17.7% 26.3x 2.95x 16.7x 2.70x 14.6x
Cott Corporation BCB 8.05 75.0% 758 606 126 1,239 2,130 196 (6.7%) 8.6% 12.1% 9.2% 27.2x 0.58x 6.3x 0.57x 6.0x
Dr Pepper Snapple Group, Inc. DPS 48.72 96.7% 9,775 2,540 132 12,183 6,018 1,285 0.8% 2.6% 58.1% 21.4% 15.4x 2.02x 9.5x 2.00x 9.1x
Green Mountain Coffee Roasters, Inc. GMCR 75.54 84.3% 11,258 257 260 11,255 4,358 994 12.9% 47.5% 37.2% 22.8% 21.5x 2.58x 11.3x 2.38x 9.6x
Lassonde Industries Inc. LAS.A 98.66 100.0% 688 276 14 950 1,003 113 (2.6%) 24.3% 27.9% 11.2% 15.5x 0.95x 8.4x NA NA
Monster Beverage Corporation MNST 67.77 100.0% 11,363 0 603 10,761 2,177 580 8.9% 19.5% 52.3% 26.6% 31.4x 4.94x 18.6x 4.43x 16.1x
National Beverage Corp. FIZZ 20.16 94.7% 934 45 29 950 652 79 1.4% 3.0% 33.4% 12.1% 21.1x 1.46x 12.1x NA NA
Pepsico, Inc. PEP 82.94 95.3% 127,197 29,549 9,559 147,187 66,251 12,127 0.8% 7.7% 52.7% 18.3% 19.6x 2.22x 12.1x 2.16x 10.9x
Starbucks Corporation SBUX 78.39 95.0% 59,075 1,299 3,234 57,140 14,892 2,863 12.0% 11.6% 57.1% 19.2% NM 3.84x 20.0x 3.42x 15.4x
The Coca-Cola Company KO 41.31 95.1% 182,422 36,210 20,506 198,126 47,269 13,059 (0.7%) 13.7% 60.4% 27.6% 20.8x 4.19x 15.2x 4.11x 14.3x
Mean 3.5% 14.2% 43.7% 18.6% 22.1x 2.57x 13.0x 2.72x 12.0x
Median 1.1% 10.1% 49.1% 18.8% 21.1x 2.40x 12.1x 2.54x 12.6x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV ENXTBR:ABI $106.40 98.4% $170,686 $50,350 $6,920 $214,116 $41,771 $16,166 6.2% 5.0% 58.7% 38.7% 12.1x 5.13x 13.2x 4.56x 11.5x
Brown-Forman Corporation BF.B 75.57 98.9% 15,959 1,003 217 16,745 2,869 939 4.3% 5.2% 68.6% 32.7% 27.2x 5.84x 17.8x 4.18x 16.1x
Constellation Brands Inc. STZ 70.38 98.9% 13,316 7,320 121 20,515 3,596 904 35.1% 2.4% 39.6% 25.1% 7.6x 5.70x 22.7x 3.57x 12.8x
Diageo plc DGE 33.13 93.8% 83,196 15,776 2,693 96,279 17,377 5,859 7.6% 5.0% 61.1% 33.7% 19.3x 5.54x 16.4x 4.91x 14.4x
Heineken NV ENXTAM:HEIA 67.59 82.6% 38,871 18,323 1,037 56,157 25,765 5,123 15.9% 7.9% 37.7% 19.9% 10.2x 2.18x 11.0x 2.08x 9.5x
Kirin Holdings Company, Limited TSE:2503 14.39 78.9% 13,373 7,922 665 20,630 18,963 2,972 (30.6%) 1.6% 49.5% 15.7% 13.1x 1.09x 6.9x 0.94x 6.9x
Pernod-Ricard SA RI 114.04 83.0% 30,021 12,064 776 41,309 11,147 3,208 3.3% 6.3% 62.4% 28.8% 18.1x 3.71x 12.9x 3.60x 12.6x
SABMiller plc LSE:SAB 51.37 85.0% 82,032 17,699 1,286 98,445 17,191 5,504 (13.8%) 5.7% 70.4% 32.0% 23.6x 5.73x 17.9x 4.22x 13.9x
Sapporo Holdings Ltd. TSE:2501 4.20 91.0% 1,641 2,390 96 3,935 4,953 484 (20.4%) 9.3% 35.9% 9.8% 17.7x 0.79x 8.1x 0.78x 9.3x
Mean 0.8% 5.4% 53.8% 26.3% 16.5x 3.97x 14.1x 3.21x 11.9x
Median 4.3% 5.2% 58.7% 28.8% 17.7x 5.13x 13.2x 3.60x 12.6x
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $60.23 100.0% $1,452 $62 $164 $1,350 $1,335 $119 16.9% 13.5% 16.1% 8.9% 26.6x 1.01x 11.3x 1.00x 7.8x
JBS S.A. BOVESPA:JBSS3 3.71 100.0% 10,667 13,594 3,521 20,741 39,345 2,377 12.9% 11.3% 12.1% 6.0% 27.7x 0.53x 8.7x 0.45x 6.9x
Sanderson Farms, Inc. SAFM 72.33 95.8% 1,669 88 63 1,694 2,604 211 13.4% 11.8% 9.2% 8.1% 16.3x 0.65x 8.0x 0.64x 5.0x
Seaboard Corp. SEB 2,794.97 94.8% 3,329 176 320 3,185 6,642 314 13.3% 17.1% 7.3% 4.7% 16.2x 0.48x 10.1x 0.48x NA
Tyson Foods, Inc. TSN 33.46 100.0% 11,496 2,408 1,146 12,758 34,374 1,894 4.0% 6.5% 6.9% 5.5% 13.8x 0.37x 6.7x 0.36x 6.0x
Mean 12.1% 12.0% 10.3% 6.7% 20.1x 0.61x 9.0x 0.59x 6.4x
Median 13.3% 11.8% 9.2% 6.0% 16.3x 0.53x 8.7x 0.48x 6.5x
EV / 2013ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth
Member FINRA/SIPC
12 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 12/31/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fruit and Vegetable
Calavo Growers Inc. CVGW $30.26 92.9% $470 $41 $6 $505 $642 $34 15.3% 20.0% 9.4% 5.2% 26.3x 0.79x 15.0x 0.69x 11.2x
Chiquita Brands International Inc. CQB 11.70 85.6% 548 622 72 1,098 3,047 124 (0.5%) (3.0%) 12.2% 4.1% NM 0.36x 8.9x 0.36x 7.0x
Fresh Del Monte Produce Inc. FDP 28.30 91.8% 1,588 100 31 1,657 3,581 192 4.5% (0.3%) 8.3% 5.4% 14.5x 0.46x 8.6x 0.46x 8.6x
Seneca Foods Corp. SENE.A 31.89 87.8% 342 329 18 653 1,296 67 2.4% 2.0% 8.7% 5.2% 13.3x 0.50x 9.7x NA NA
Mean 5.4% 4.7% 9.7% 5.0% 18.0x 0.53x 10.6x 0.50x 8.9x
Median 3.5% 0.9% 9.1% 5.2% 14.5x 0.48x 9.3x 0.46x 8.6x
Ingredients / Flavors
Givaudan SA SWX:GIVN $1,430.66 94.5% $13,203 $1,755 $469 $14,489 $4,603 $898 8.1% 6.0% 43.3% 19.5% 24.2x 3.15x 16.1x 2.93x 13.2x
International Flavors & Fragrances Inc. IFF 85.98 95.2% 7,008 934 344 7,598 2,908 606 4.4% 4.1% 43.4% 20.8% 20.1x 2.61x 12.5x 2.51x 11.5x
Kerry Group plc ISE:KRZ 69.54 100.0% 12,221 2,043 342 13,921 7,646 897 8.3% 10.0% 43.0% 11.7% 29.6x 1.82x 15.5x 1.72x 13.6x
Sensient Technologies Corporation SXT 48.52 90.9% 2,429 355 24 2,760 1,473 250 2.0% 4.2% 32.0% 17.0% 21.6x 1.87x 11.0x 1.81x 9.9x
Symrise AG XTRA:SY1 46.13 95.0% 5,468 802 162 6,108 2,459 481 12.8% 5.7% 41.6% 19.6% 22.5x 2.48x 12.7x 2.36x 11.5x
Tate & Lyle plc TATE 13.40 91.8% 6,242 1,329 727 6,844 5,443 720 6.2% 12.4% 38.5% 13.2% 14.9x 1.26x 9.5x 1.25x 8.6x
Mean 7.0% 7.1% 40.3% 17.0% 22.1x 2.20x 12.9x 2.10x 11.4x
Median 7.1% 5.9% 42.3% 18.3% 22.0x 2.18x 12.6x 2.09x 11.5x
Agribusiness
Archer Daniels Midland Company ADM $43.40 100.0% $28,556 $6,884 $3,494 $31,946 $90,582 $2,818 0.0% 9.7% 4.1% 3.1% 18.3x 0.35x 11.3x 0.35x 7.8x
Bunge Limited BG 82.11 98.4% 12,111 10,681 6,226 16,566 62,012 1,563 7.4% 12.6% 4.0% 2.5% NM 0.27x 10.6x 0.28x 7.4x
CF Industries Holdings, Inc. CF 233.04 99.8% 13,356 3,098 2,286 14,168 5,630 2,830 (11.2%) 20.3% 45.9% 50.3% 8.2x 2.52x 5.0x 2.89x 6.4x
Darling International Inc. DAR 20.88 87.2% 3,304 250 8 3,546 1,720 299 0.7% 38.5% 26.9% 17.4% 20.9x 2.06x 11.9x 1.96x 6.3x
Monsanto Company MON 116.55 100.0% 61,178 2,112 3,782 59,508 14,861 4,186 10.0% 12.3% 51.5% 28.2% 24.7x 4.00x 14.2x 3.74x 12.6x
Omega Protein Corporation OME 12.29 80.5% 254 25 35 244 241 62 (4.1%) 12.9% 28.0% 25.6% 13.5x 1.01x 3.9x 1.00x 4.0x
The Andersons, Inc. ANDE 89.17 100.0% 1,652 425 134 1,943 5,701 141 16.6% 21.8% 6.1% 2.5% 22.3x 0.34x 13.8x 0.35x 7.9x
The Mosaic Company MOS 47.27 73.1% 20,136 1,079 3,697 17,518 9,974 2,917 (10.2%) 13.8% 27.7% 29.2% 10.7x 1.76x 6.0x 2.11x 8.6x
Mean 1.2% 17.8% 24.3% 19.8% 17.0x 1.54x 9.6x 1.58x 7.6x
Median 0.4% 13.4% 27.3% 21.5% 18.3x 1.38x 11.0x 1.48x 7.6x
Consumer and Retail
Food Retail
Arden Group Inc. ARDN.A $126.51 92.3% $389 $1 $26 $364 $453 $37 3.5% 2.7% 43.5% 8.1% 20.6x 0.80x 9.9x NA NA
Costco Wholesale Corporation COST 119.02 94.4% 52,336 5,194 6,124 51,406 105,156 3,999 6.1% 10.5% 12.6% 3.8% 26.7x 0.49x 12.9x 0.45x 11.4x
Establishments Delhaize Freres DELB 59.49 82.0% 6,022 3,856 1,505 8,373 30,928 1,865 13.1% 3.6% 24.4% 6.0% NM 0.27x 4.5x 0.28x 4.4x
Fairway Group Holdings Corp. FWM 18.16 62.9% 752 256 59 949 716 (2) 22.0% NA 32.7% NM NM 1.33x NM 1.09x 14.3x
Ingles Markets, Incorporated IMKT.A 27.10 92.4% 617 935 5 1,547 3,775 220 4.2% 3.9% 22.1% 5.8% 32.6x 0.41x 7.0x 0.39x 6.7x
J. Sainsbury plc LSE:SBRY 6.05 86.1% 11,466 4,703 973 15,196 38,440 2,328 4.8% 5.7% 5.6% 6.1% 11.9x 0.40x 6.5x 0.37x 6.3x
Koninklijke Ahold N.V. ENXTAM:AH 17.97 93.3% 17,675 4,169 5,291 16,553 44,989 2,891 6.8% 3.2% 26.2% 6.4% 19.0x 0.37x 5.7x 0.36x 5.4x
Natural Grocers by Vitamin Cottage NGVC 42.45 99.0% 953 20 9 963 431 33 28.0% NA 29.2% 7.6% NM 2.24x 29.5x 1.78x 22.7x
Roundy's, Inc. RNDY 9.86 99.9% 443 690 78 1,055 3,930 173 1.4% (5.8%) 26.5% 4.4% NM 0.27x 6.1x 0.26x 6.5x
Safeway Inc. SWY 32.57 88.3% 8,038 5,568 485 13,122 44,168 2,168 11.9% 2.6% 27.6% 4.9% 14.4x 0.30x 6.1x 0.35x 8.4x
Sprouts Farmers Market, Inc. SFM 38.43 77.7% 5,667 472 92 6,048 2,309 198 83.1% NA 29.8% 8.6% NM 2.62x 30.6x 2.23x 27.6x
SUPERVALU Inc. SVU 7.29 83.2% 1,892 3,135 81 4,946 17,098 682 144.9% (23.8%) 14.6% 4.0% NM 0.29x 7.3x 0.29x 6.5x
The Kroger Co. KR 39.53 90.1% 20,418 7,896 440 27,874 98,725 4,582 6.4% 7.4% 21.1% 4.6% 13.9x 0.28x 6.1x 0.28x 6.2x
The Pantry, Inc. PTRY 16.78 100.0% 395 948 44 1,299 7,075 207 (5.4%) 3.1% 11.4% 2.9% NM 0.18x 6.3x 0.17x 5.7x
Village Super Market Inc. VLGE.A 31.01 78.1% 430 43 110 363 1,476 65 3.8% 5.4% 26.9% 4.4% 20.6x 0.25x 5.6x 0.24x NA
Weis Markets, Inc. WMK 52.56 97.1% 1,414 0 102 1,312 2,701 177 (1.6%) 0.9% 27.9% 6.6% 18.1x 0.49x 7.4x 0.48x NA
Whole Foods Market, Inc. WFM 57.83 88.2% 21,521 27 1,023 20,525 12,917 1,234 10.4% 12.8% 35.8% 9.6% 38.6x 1.59x 16.6x 1.41x 14.6x
Mean 20.2% 2.3% 24.6% 5.9% 21.6x 0.74x 10.5x 0.65x 10.5x
Median 6.4% 3.4% 26.5% 5.9% 19.8x 0.40x 6.8x 0.37x 6.6x
EV / 2013ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins
Member FINRA/SIPC
13 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 12/31/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Grocery Distribution
AMCON Distributing Co. DIT $79.93 94.6% $51 $20 $0 $70 $825 $13 2.7% 6.9% 9.4% 1.6% 10.0x 0.09x 5.2x NA NA
Core-Mark Holding Company, Inc. CORE 75.93 99.6% 874 72 16 931 7,460 90 9.2% 11.5% 6.9% 1.2% 23.3x 0.12x 10.4x 0.09x 7.8x
Spartan Stores Inc. SPTN 24.28 98.0% 932 142 6 1,068 2,645 107 0.3% 1.6% 21.0% 4.0% 19.6x 0.40x 10.0x 0.39x 9.8x
United Natural Foods, Inc. UNFI 75.39 99.4% 3,740 165 11 3,894 6,064 230 15.8% 17.3% 16.9% 3.8% 31.6x 0.64x 17.0x 0.58x 14.8x
Mean 7.0% 9.3% 13.5% 2.7% 21.1x 0.31x 10.6x 0.35x 10.8x
Median 6.0% 9.2% 13.1% 2.7% 21.5x 0.26x 10.2x 0.39x 9.8x
Foodservice
Colabor Group Inc. TSX:GCL $4.43 54.8% $120 $159 $0 $279 $1,394 $33 (5.0%) 10.4% 2.4% 2.4% NM 0.20x 8.5x 0.20x 7.7x
Sysco Corporation SYY 36.10 100.0% 21,036 3,130 362 23,804 45,039 2,475 5.0% 5.9% 17.5% 5.5% 20.3x 0.53x 9.6x 0.50x 9.7x
The Chefs' Warehouse, Inc. CHEF 29.16 100.0% 729 148 55 823 623 42 37.1% 32.0% 25.6% 6.7% 32.8x 1.32x 19.7x 1.13x 14.9x
Mean 12.4% 16.1% 15.2% 4.9% 26.5x 0.68x 12.6x 0.61x 10.8x
Median 5.0% 10.4% 17.5% 5.5% 26.5x 0.53x 9.6x 0.50x 9.7x
Quick Service Restaurant
AFC Enterprises Inc. AFCE $38.50 85.1% $917 $67 $13 $971 $205 $66 22.4% 12.3% 67.8% 32.3% 28.5x 4.73x 14.7x 4.19x 13.2x
Burger King Worldwide, Inc. BKW 22.86 100.0% 8,029 3,044 764 10,309 1,281 638 (40.3%) (18.9%) 63.0% 49.8% 35.3x 8.05x 16.2x 9.56x 14.7x
Jack in the Box Inc. JACK 50.02 100.0% 2,131 370 10 2,492 1,490 241 (1.3%) (7.8%) 24.7% 16.2% 25.2x 1.67x 10.4x 1.73x 9.5x
McDonald's Corp. MCD 97.03 93.6% 96,548 13,488 2,544 107,491 27,965 10,068 1.9% 5.5% 38.9% 36.0% 17.4x 3.84x 10.7x 3.70x 10.1x
Sonic Corp. SONC 20.19 99.6% 1,137 474 78 1,533 543 131 (0.2%) (0.5%) 52.6% 24.2% 30.8x 2.83x 11.7x 2.76x 10.8x
The Wendy's Company WEN 8.72 91.7% 3,415 1,472 513 4,374 2,525 362 1.4% (2.1%) 26.0% 14.3% NM 1.73x 12.1x 1.96x 11.7x
Yum! Brands, Inc. YUM 75.61 96.1% 33,671 2,932 753 35,850 13,058 2,687 (3.9%) 5.4% 26.2% 20.6% 32.6x 2.75x 13.3x 2.51x 11.9x
Mean (2.9%) (0.9%) 42.7% 27.6% 28.3x 3.66x 12.7x 3.77x 11.7x
Median (0.2%) (0.5%) 38.9% 24.2% 29.7x 2.83x 12.1x 2.76x 11.7x
Casual Dining Restaurant
BJ's Restaurants, Inc. BJRI $31.06 75.8% $877 $0 $30 $846 $760 $83 9.3% 15.5% 18.5% 10.9% 30.4x 1.11x 10.3x 0.99x 9.5x
Bloomin' Brands, Inc. BLMN 24.01 88.0% 2,989 1,461 184 4,266 4,077 406 3.3% NA 16.5% 10.0% 19.2x 1.05x 10.5x 0.96x 9.0x
Brinker International, Inc. EAT 46.34 96.8% 3,106 841 56 3,891 2,847 406 0.4% 0.3% 19.0% 14.3% 20.5x 1.37x 9.6x 1.33x 8.9x
Buffalo Wild Wings Inc. BWLD 147.20 96.5% 2,764 0 44 2,721 1,229 179 28.4% 27.4% 23.3% 14.6% 41.8x 2.21x 15.2x 1.89x 12.2x
Chuy's Holdings, Inc. CHUY 36.02 81.8% 590 4 3 591 200 25 25.8% 42.4% 20.4% 12.6% 49.4x 2.95x 23.5x 2.51x 19.3x
Darden Restaurants, Inc. DRI 54.37 98.4% 7,099 2,760 109 9,750 8,676 997 7.2% 6.5% 21.5% 11.5% 18.8x 1.12x 9.8x 1.06x 9.0x
Del Frisco's Restaurant Group, Inc. DFRG 23.57 100.0% 559 0 9 550 255 39 14.2% 16.9% 25.3% 15.2% 32.9x 2.16x 14.2x 1.80x 11.6x
DineEquity, Inc. DIN 83.55 97.4% 1,590 1,389 96 2,883 641 264 (31.3%) (22.7%) 59.9% 41.2% 22.4x 4.50x 10.9x 4.41x 10.5x
Ignite Restaurant Group, Inc. IRG 12.50 58.7% 321 127 1 446 687 28 51.3% 30.7% 31.2% 4.1% NM 0.65x 15.8x 0.50x 10.1x
Red Robin Gourmet Burgers Inc. RRGB 73.54 84.7% 1,055 91 18 1,128 1,016 106 7.8% 6.0% 22.7% 10.4% 34.4x 1.11x 10.7x 1.02x 9.5x
Ruby Tuesday, Inc. RT 6.93 70.0% 417 275 36 655 1,213 74 (7.3%) 0.5% 16.8% 6.1% NM 0.54x 8.9x 0.56x 8.6x
Ruth's Hospitality Group Inc. RUTH 14.21 96.7% 506 37 5 538 415 50 8.7% 6.1% 22.8% 12.1% 21.1x 1.30x 10.7x 1.26x 10.5x
Texas Roadhouse, Inc. TXRH 27.80 95.6% 1,961 54 87 1,928 1,356 166 10.2% 11.1% 33.6% 12.3% 25.2x 1.42x 11.6x 1.25x 10.0x
The Cheesecake Factory Incorporated CAKE 48.27 97.0% 2,451 64 83 2,433 1,868 235 2.5% 4.4% 43.3% 12.6% 25.4x 1.30x 10.4x 1.23x 9.5x
Mean 9.3% 11.1% 26.8% 13.4% 28.5x 1.63x 12.3x 1.48x 10.6x
Median 8.3% 6.5% 22.7% 12.2% 25.3x 1.30x 10.7x 1.24x 9.8x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
14 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 12/31/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Fast Casual
Chipotle Mexican Grill, Inc. CMG $532.78 96.8% $16,487 $0 $532 $15,954 $3,070 $605 16.8% 20.8% 37.2% 19.7% NM 5.20x 26.4x 4.45x 21.8x
Einstein Noah Restaurant Group, Inc. BAGL 14.50 79.2% 255 117 6 366 431 46 (0.1%) 1.7% 20.6% 10.7% 21.8x 0.85x 7.9x 0.82x 6.6x
Fiesta Restaurant Group, Inc. FRGI 52.24 100.0% 1,376 204 6 1,574 542 65 8.3% NA 24.2% 12.0% NM 2.91x 24.2x 2.64x 20.1x
Noodles & Company NDLS 35.92 69.1% 1,061 2 1 1,062 337 39 17.3% 36.0% 21.6% 11.6% NM 3.15x 27.1x 2.68x 21.4x
Potbelly Corporation PBPB 24.28 71.6% 707 15 25 697 298 30 17.3% 36.0% 30.9% 10.1% NM 2.34x 23.1x 2.12x 18.6x
Panera Bread Company PNRA 176.69 90.7% 4,945 0 194 4,751 2,295 408 11.7% 15.7% 35.5% 17.8% 26.9x 2.07x 11.7x 1.85x 10.7x
Mean 11.9% 22.1% 28.3% 13.6% 24.3x 2.75x 20.1x 2.43x 16.5x
Median 14.2% 20.8% 27.6% 11.8% 24.3x 2.62x 23.7x 2.38x 19.4x
Pizza
CEC Entertainment Inc. CEC $44.28 91.7% $751 $370 $21 $1,100 $821 $171 2.1% (0.0%) 27.7% 20.9% 16.7x 1.34x 6.4x 1.29x 6.2x
Domino's Pizza, Inc. DPZ 69.65 99.4% 3,881 1,543 32 5,391 1,775 319 8.2% 4.5% 30.3% 18.0% 29.1x 3.04x 16.9x 2.91x 15.0x
Papa John's International Inc. PZZA 45.40 52.3% 1,956 120 14 2,063 1,418 140 10.7% 8.4% 30.6% 9.8% 28.4x 1.45x 14.8x 1.39x 13.6x
Mean 7.0% 4.3% 29.5% 16.2% 24.7x 1.94x 12.7x 1.86x 11.6x
Median 8.2% 4.5% 30.3% 18.0% 28.4x 1.45x 14.8x 1.39x 13.6x
Beverage / Snack Retail
Dunkin' Brands Group, Inc. DNKN $48.20 97.4% $5,142 $1,836 $210 $6,768 $692 $310 4.1% 8.8% 79.0% 44.8% 37.6x 9.77x 21.8x 9.08x 17.4x
Jamba, Inc. JMBA 12.43 71.0% 213 0 29 184 228 11 (0.4%) (5.6%) 37.0% 4.7% NM 0.81x 17.2x 0.80x 10.2x
Krispy Kreme Doughnuts, Inc. KKD 19.29 72.4% 1,273 2 67 1,208 466 58 11.0% 9.3% 18.2% 12.5% NM 2.59x 20.7x 2.44x 17.9x
Starbucks Corporation SBUX 78.39 95.0% 59,075 1,299 3,234 57,140 14,892 2,863 12.0% 11.6% 57.1% 19.2% NM 3.84x 20.0x 3.42x 15.4x
Tim Hortons Inc. THI 58.35 97.0% 8,583 529 44 9,069 3,074 754 (2.0%) 7.1% 25.3% 24.5% 22.8x 2.95x 12.0x 2.91x 11.6x
Mean 4.9% 6.2% 43.3% 21.2% 30.2x 3.99x 18.3x 3.73x 14.5x
Median 4.1% 8.8% 37.0% 19.2% 30.2x 2.95x 20.0x 2.91x 15.4x
Family Restaurant
Bob Evans Farms, Inc. BOBE $50.59 84.0% $1,339 $215 $6 $1,549 $1,615 $182 2.7% (1.9%) 37.6% 11.3% NM 0.96x 8.5x 1.11x 8.1x
Denny's Corporation DENN 7.19 95.7% 642 175 6 811 464 76 (7.6%) (5.7%) 37.5% 16.4% 25.2x 1.75x 10.6x 1.73x 10.1x
Frisch's Restaurants, Inc. FRS 25.63 100.0% 130 15 4 141 204 22 (0.0%) (11.7%) 8.9% 11.0% 15.4x 0.69x 6.3x 0.68x NA
Luby's, Inc. LUB 7.72 84.0% 219 19 2 236 390 24 11.5% 16.8% 31.4% 6.2% NM 0.61x 9.8x 0.57x NA
Mean 1.6% (0.6%) 28.9% 11.2% 20.3x 1.00x 8.8x 1.03x 9.1x
Median 1.3% (3.8%) 34.4% 11.1% 20.3x 0.82x 9.2x 0.90x 9.1x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Earnings
Release
Calendar5
15 of 16
Food and Beverage Earnings Release Calendar
January 2014
Date Company
1/13/2014 Suedzucker AG (DB:SZU)
1/13/2014 The Wendy's Company (NasdaqGS:WEN)
1/22/2014 Brinker International (NYSE:EAT)
1/23/2014 Starbucks Corporation (NasdaqGS:SBUX)
1/23/2014 Unilever plc (LSE:ULVR)
1/30/2014 Diageo plc (LSE:DGE)
1/31/2014 Tyson Foods, Inc. (NYSE:TSN)
February 2014
Date Company
2/3/2014 Sysco Corporation (NYSE:SYY)
2/4/2014 Archer Daniels Midland Company (NYSE:ADM)
2/4/2014 Givaudan AG (SWX:GIVN)
2/5/2014 Marine Harvest ASA (OB:MHG)
2/14/2014 Grieg Seafood ASA (OB:GSF)
2/26/2014 Papa John's International Inc. (NasdaqGS:PZZA)
2/27/2014 Maple Leaf Foods Inc. (TSX:MFI)
March 2014
Date Company
3/5/2014 Brown-Forman Corporation (NYSE:BF.B)
3/6/2014 Costco Wholesale Corporation (NasdaqGS:COST)
3/6/2014 The Kroger Co. (NYSE:KR)
3/10/2014 ARYZTA AG (SWX:ARYN)
3/19/2014 Danone (ENXTPA:BN)
3/19/2014 General Mills, Inc. (NYSE:GIS)
3/21/2014 Darden Restaurants, Inc. (NYSE:DRI)
Sources:
1. IMF
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. U.S. Census Bureau
5. Capital IQ
6. Thomson Financial
7. S&P
8. Reuters
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