16
www.harriswilliams.com Member FINRA/SIPC Food and Beverage Industry Update September 2013
www.harriswilliams.com
Member FINRA/SIPC
Food and Beverage Industry Update
September 2013
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
Jeff Cleveland | Director
+1 (612) 359-2703
Brant Cash | Vice President
+1 (612) 359-2709
www.harriswilliams.com
Campbell Soup Company is negotiating with CVC Capital Partners to sell select non-U.S. assets. Under
the terms of the deal, CVC would acquire select brands in France, Germany, Sweden, and Belgium, as
well as four factories in Europe. The combined revenue of the businesses being sold was $520 million for
the 12 months ending April 30th. Campbell expects the transaction to be completed by Q1 2014. Access to
the full article here.
Campbell Soup to Sell Select European Operations
The chief executive of the Dole Food Company agreed to buy full control of the fruit and vegetable
producer. Including the assumption of debt and the value of non-core assets, the new deal is valued at $1.3
billion. Under the terms of the deal, the chief executive, David H. Murdock Jr., will pay $13.50 a share for
the 60 percent of the company’s shares that he does not already own. Access to the full article here.
Dole Food Company’s Chief to Buyout Company for $13.50 a Share
What We’re Reading
On July 9th, Kroger Co. purchased rival grocery chain Harris Teeter Supermarkets for $2.44 billion.
Harris Teeter is a small upscale chain with 212 stores located mainly in the Southeast. Lesa Sroufe,
president of Lesa Sroufe & Co., which holds more than 200,000 Kroger shares, applauded the deal,
saying it "allows them to get into new markets that would be costly to get into if they built their own
stores." Access to the full article here.
Kroger Buys Rival Grocer Harris Teeter
Vestar Capital Partners has agreed to acquire a majority interest in American Roland Food Corp. Terms
of the transaction were not disclosed, and it is expected to close by the end of September. Roland Foods
imports specialty food products from more than 40 countries. The company has a presence in the food
service, retail, and industrial channels. Access to the full article here.
Vestar Capital Partners Acquires American Roland Food Corp.
Food & Beverage companies have been active players in the M&A markets in 2013 with over 120
completed transactions year-to-date. Due to several larger transactions (Heinz, Smithfield, Dole, Harris
Teeter), 2013 has surpassed 2012 in aggregate deal value. We expect the back half of the year to be strong
across most sectors as private equity funds seek to deploy capital and strategic buyers look for new growth
opportunities.
Food & Beverage in the Marketplace
Food and Beverage Industry Update
September 2013
What We’ve Been Doing
Closed HW&Co. Transactions
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has been acquired by
a portfolio company of
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has been acquired by
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has been acquired by
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has been acquired by
has been acquired by
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and
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has been acquired byhas been acquired byhas been acquired by
and
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company ofhas divested
selected assets to
and
has been acquired by
3 of 16
Food and Beverage Industry Vital Signs
Consumer Food
Price Index
Inflation2
Commodity
Price Indices1
40
100
160
220
280
Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-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
Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13
Sa
les
Ind
ex
Restaurant Grocery
85
100
115
130
145
Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13
Pro
tein
Pric
e I
nd
ex
Beef Pork Poultry
-0.5
1.0
2.5
4.0
5.5
Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13
Infl
ati
on
(%
)
Restaurant:
26.7%
Grocery
18.5%
Beef:
25.5%
Pork:
13.6%
Poultry:
13.7%
Corn:
56.0%
Crude Oil:
52.2%
Soybeans:
23.2%
Wheat:
20.2%
Key Trading
Statistics5
4 of 16
Public Equity Market Overview
Public
Company
Sector
Performance5
(One year change
in stock price)
Net Debt /
Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing 5.2% 55.1% 4.2% 46.3% 13.0x 18.7x 8.0x 1.9x
Fruit and Vegetable 3.8% 11.2% (8.6%) 4.0% 15.6x 13.2x 11.0x 2.6x
Ingredients / Flavors 5.3% 33.8% (1.6%) 19.0% 15.9x 24.2x 13.1x 1.4x
Agribusiness 3.7% 16.8% 6.8% 3.3% 11.4x 19.7x 9.3x 1.3x
Branded Processed Foods (0.5%) 26.5% (0.3%) (12.1%) 19.3x 22.6x 12.8x 2.2x
Private Label Foods 2.0% 31.8% (0.9%) (11.4%) 20.7x 28.5x 11.3x 2.6x
Natural / Organic Foods 14.6% 14.7% (7.5%) 1.4% 26.2x 31.3x 15.1x 2.7x
Baked Goods / Snack Foods 2.0% 30.5% (2.3%) 12.4% 21.5x 24.0x 10.6x 1.9x
Dairy (4.3%) 22.2% (4.6%) 14.5% 17.4x 22.6x 12.3x 2.0x
Non-Alcoholic Beverages 1.2% 11.1% (0.8%) 4.9% 18.0x 21.4x 12.6x 1.7x
Alcoholic Beverages (0.6%) 16.6% (0.1%) 16.8% 19.0x 20.4x 13.8x 3.0x
Food Retail 10.6% 36.2% 2.4% 15.9% 16.7x 19.6x 6.7x 2.0x
Grocery Distribution 12.2% 30.3% 9.3% 23.8% 14.5x 19.7x 6.6x 1.4x
Foodservice (7.7%) 5.0% (4.4%) 4.4% 19.6x 25.5x 8.4x 4.1x
Quick Service Restaurant 9.9% 52.1% 6.7% 22.5% 21.0x 25.1x 11.6x 2.2x
Casual Dining Restaurant 4.6% 37.3% 0.2% 17.3% 19.9x 23.1x 10.2x 2.5x
Fast Casual 1.4% 22.7% (2.7%) 19.8% 34.1x 34.4x 14.8x 2.8x
Pizza 8.7% 42.9% 1.8% 23.0% 21.6x 24.3x 11.8x 2.0x
Beverage / Snack Retail 7.1% 47.6% 12.8% 32.9% 28.5x 34.4x 19.3x 3.0x
Family Restaurant 3.1% 22.5% 3.2% 28.5% 17.7x 21.9x 8.9x 0.9x
O verall Median 3.9% 26.4% 0.5% 14.1% 19.0x 22.8x 11.2x 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
Foodservice
Non-Alcoholic Beverages
Agribusiness
Fruit and Vegetable
S&P
Family Restaurant
Alcoholic Beverages
Natural / Organic Foods
Fast Casual
Food Retail
Dairy
Grocery Distribution
Baked Goods / Snack Foods
Branded Processed Foods
Ingredients / Flavors
Casual Dining Restaurant
Private Label Foods
Beverage / Snack Retail
Pizza
Quick Service Restaurant
Protein Processing
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Inputs Food and Beverage Consumer and Retail
50
60
70
80
90
100
110
120
130
140
150
Jul-12 Sep-12 Dec-12 Feb-13 May-13 Jul-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
08/13/13 07/12/13 MamaMancini's Holdings Inc MMMB Follow-On $2.6 General Corp. Purp.
07/17/13 6/14/2013 The WhiteWave Foods Co WWAV Follow-On $502.8 General Corp. Purp.
06/27/13 5/23/2013 Noodles & Company NDLS IPO $89.7 General Corp. Purp.
06/19/13 03/11/13 Truett-Hurst Inc THST IPO $37.7 Working Capital
General Corp. Purp.
05/17/13 03/18/13 Russell Breweries Inc RB Follow-On $0.5 General Corp. Purp.
05/14/13 05/14/13 MyCause Beverages Inc N/A IPO $1.0 General Corp. Purp. / Working
Capital
05/10/13 NA Crumbs Bake Shop Inc CRMB Convertible $7.0 General Corp. Purp.
03/27/13 12/19/12 Pinnacle Foods Inc PF IPO $580.0 General Corp. Purp.
03/21/13 12/19/12 Feronia Inc FRN Follow-On $100.0 Working Capital
General Corp. Purp.
03/12/13 03/01/13 Annie's Inc BNNY Follow-On $140.0 General Corp. Purp.
02/20/13 2/19/2013 Post Holdings Inc POST Convertible $241.5 Working Capital
General Corp. Purp.
02/13/13 02/13/13 Olivia Inc NA Follow-On $0.1 Working Capital
General Corp. Purp.
02/11/13 02/11/13 Z Trim Holdings Inc ZTHO Follow-On $10.0 Working Capital
General Corp. Purp.
Recent Equity
Offerings6
5 of 16
Public Equity Market Overview
Food and
Beverage
Industry Stock
Performance5
53.4%
31.8%
24.0%
17.3%
16.9%
15.9%
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
Ent. Value: $580 million1
Revenue Multiple: 3.10x
EBITDA Multiple2: 9.0x
(1) Excludes the est. value of tax
benefits of $12.5m.
(2) Based on run-rate EBITDA
with synergies of $65m.
Pinnacle Foods to Buy Unilever’s Wish-Bone Salad Dressing Business
• Pinnacle Foods has agreed to acquire the Wish-Bone salad dressings business from
Unilever P.L.C. for $580 million.
• The transaction is expected to close late in the third quarter or early in the fourth
quarter. It includes the range of liquid and dry-mix salad dressing flavors sold
under the Wish-Bone and Western brands. Annual sales for the brands being
acquired are about $190 million.
• According to a recent press release, the deal is the latest sale of a well-known food
brand by Unilever, which is focusing on higher-growth food labels such as Knorr
and Hellmann's and personal care brands. It sold its Skippy peanut
butter business to Hormel Foods Corp in January.
28
36
27
46
21
14
32
25 26
19
1315
27 26 27
17
34
18
36
27
0
5
10
15
20
25
30
35
40
45
50
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
YTD
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
9.2x
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
YTD
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
$43.1
0
50
100
150
200
250
300
$0
$20
$40
$60
$80
$100
$120
2006 2007 2008 2009 2010 2011 2012 2013
YTD
Nu
mb
er o
f Tra
nsa
ctio
ns
Ag
gre
ga
te T
ran
sac
tio
n V
alu
e (
$ i
n b
illi
on
s)
Aggregate Deal Value # of deals
Announced Target Buyer1/0/1900 0 JAB Holdings B.V.
8/26/2013 American Roland Food Corp. Vestar Capital Partners
8/23/2013 Rothsay Ltd. Darling International Inc.
8/21/2013 Enray Inc. The J. M. Smucker Company
8/16/2013 Juice Tyme, Inc. Highlander Partners, L.P.
8/13/2013 American Roadside Burgers, Inc. Chanticleer Holdings, Inc.
8/13/2013 The Wendy's Company, 30 Restaurants BB St. Louis
8/12/2013 Dole Food Company Inc. David Murdock
8/9/2013 YoFarm Yogurt Company Danone
8/7/2013 Associated Brands, Inc. Treehouse Foods, Inc.
8/7/2013 4U2U Brands, LLC Sun Orchard, Inc.
Ent. Value: $1.3 billion1
Revenue Multiple: 0.31x
EBITDA Multiple2: 9.1x
(1) EV as adjusted for non-core assets.
(2) EBITDA adjusted to remove non-
cash expenses.
Dole Food Agrees to Buyout Offer
• Investors will receive $13.50 a share in cash, an increase of $1.50 from Mr.
Murdock's June proposal, and a 32% premium to Dole's share price immediately
before that proposal.
• The Westlake Village, Calif., fruit-and-vegetable producer in June formed a special
committee to consider Mr. Murdock's offer. Including the assumption of debt and
the value of non-core assets, the new deal is valued at $1.3 billion.
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
08/16/13 Altria Group Inc Tobacco 3,000,000,000 Revolver/Line >= 1 Yr. Baa1 / Baa1 125
08/15/13 DS Waters LP Bottled Water 310,000,000 Term Loan B NR / NR 425
08/15/13 DS Waters LP Bottled Water 75,000,000 Revolver/Line >= 1 Yr. NR / NR N/A
08/12/13 Campbell Foods Belgium NV Food Preperations EUR 320,000,000 Acquisition Facility NR / NR N/A
08/12/13 Kwale International Sugar Co Sugar 100,000,000 Term Loan NR / NR N/A
08/12/13 Kwale International Sugar Co Sugar 20,000,000 Term Loan NR / NR N/A
08/12/13 Uni-President China Holdings Noodles 50,000,000 Revolver/Line >= 1 Yr. NR / NR N/A
08/07/13 Pilgrim's Pride Corp Chicken 204,880,000 Term Loan B NR / NR 225
08/07/13 Pilgrim's Pride Corp Chicken 400,000,000 Delay Draw Term Loan NR / NR 225
08/07/13 Pilgrim's Pride Corp Chicken 700,000,000 Revolver/Line >= 1 Yr. NR / NR 225
08/05/13 EWOS AS Aquaculture Nutrition N/A Acquisition Facility NR / NR N/A
07/31/13 Sargento Foods Cheese, natural and processed 100,000,000 Revolver/Line >= 1 Yr. NR / NR N/A
07/30/13 krustagroup SAU Seafood EUR 3,548,000 Revolver/Line >= 1 Yr. NR / NR N/A
07/29/13 Bellisio Foods Inc Frozen Foods 30,000,000 Revolver/Line >= 1 Yr. NR / NR 425
07/29/13 Bellisio Foods Inc Frozen Foods 20,000,000 Term Loan NR / NR 425
07/29/13 Bellisio Foods Inc Frozen Foods 133,000,000 Delay Draw Term Loan NR / NR 425
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
$16
2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13
Loan
Volu
me
by
Quar
ter
($ 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
57
46 47 47 48 47
35
25
36
22
34 36
46 47
25
33
49
34
42
53 5248
3933
52
11
158 7 3 6
5
5
2
3
47
57
13
6
7
7
5
4 79
6
10
8
0
10
20
30
40
50
60
70
80
Q20
7
Q30
7
Q40
7
Q1
08
Q20
8
Q30
8
Q40
8
Q10
9
Q2
09
Q30
9
Q40
9
Q11
0
Q2
10
Q31
0
Q41
0
Q11
1
Q21
1
Q3
11
Q41
1
Q11
2
Q21
2
Q3
12
Q41
2
Q11
3
Q21
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
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. Midwest Mezzanine Funds 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
7/22/2013 Miller's Ale House, Inc. KarpReilly Roark Capital Group - - - - P
7/21/2013 Nash Finch Co. - Spartan Stores Inc. $739.0 0.20x 6.7x 10.2x
7/18/2013 Carmela's Pizza - Greenfield Farms Food, Inc. - - - -
7/16/2013 Sundown Foods USA, Inc. - A.V.O.D Kurutulmus - - - -
7/15/2013 Dining Express Delivery Inc. - Restaurants on the Run, Inc. - - - -
7/10/2013 Red Phoenix Extracts, Inc. - Acacia Diversified Holdings, Inc. $0.5 - - -
7/9/2013 Morris Hatchery Inc., Select Assets - Industrias Bachoco S.A.B. de C.V. - - - -
7/8/2013 Harris Teeter Supermarkets, Inc. - The Kroger Co. $2,487.5 0.54x 8.0x 14.7x
7/5/2013 Tri-Us LLC Highland Capital Partners PDK Energy Inc. - - - - P
7/3/2013 Old HB, Inc., Select Assets - Hackman Capital Acquisition Company $58.3 - - - P
7/2/2013 ZD Bottling, LLC - Flagship Food Group - - - -
7/2/2013 Black River Juice Company Ltd. - Ontario Fed. of Food Co-Operatives - - - -
7/2/2013 Aroostook Starch Co., LLC - Western Polymer Corp - - - -
7/1/2013 Bruce Bio Energy LP - Bruce Agra Dehy Inc. - - - -
6/27/2013 Tulocay & Company, Inc., Certain Brands - Robert Rothschild Farm, LLC - - - -
6/26/2013 Snapfinger Kudzu Interactive, Inc. EMN8, Inc. - - - -
6/25/2013 The New French Bakery Inc. - Arbor Private Investment Company - - - - P
6/24/2013 Cains Foods, L.P. - Treehouse Foods, Inc. $35.0 0.44x - -
6/20/2013 Value Foods Company, LLC, 13 Wendy's - NPC Quality Burgers, Inc. $11.0 0.70x - -
6/20/2013 Primera Foods Corporation E.S.I. Holding Corp. M.G. Waldbaum Company $35.7 - - -
6/20/2013 Cook's Dairy Farm Ltd. - Agropur Cooperative - - - -
6/20/2013 Value Foods Company - NPC Quality Burgers, Inc. $11.0 0.70x - -
6/19/2013 Austin Packaging Company - Bellisio Foods, Inc. $6.4 - - - P
10.9x
10.1x10.2x 10.2x
10.5x10.6x
11.0x
11.3x
12.6x12.4x
12.3x
12.1x
12.5x
9.2x 9.3x9.5x
8.9x8.7x
9.0x9.2x 9.1x
9.5x
9.7x
10.0x10.1x
10.4x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
Jul-
12
Au
g-1
2
Sep
-12
Oct-
12
No
v-1
2
Dec
-12
Jan
-13
Feb
-13
Mar-
13
Ap
r-1
3
May-1
3
Jun-1
3
Jul-
13
Med
ian
Tra
din
g M
ultip
le
Food Products, Processing, and Ingredients Retail and Restaurants
Recent North
American Food
and Beverage
M&A5
(continued)
9 of 16
Recent North American Food
and Beverage M&A Activity
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement
6/18/2013 Heartland Food Corp. - Redberry Investments Corp. $19.6 - - -
6/18/2013 The Johnny Rockets Group, Inc. Red Zone Capital Sun Capital Partners, Inc. - - - - P
6/17/2013 Labriola, Inc. - C3 Capital - - - - P
6/13/2013 Long Grove Confectionery Co. - Baldi Candy Company - - - -
6/13/2013 RMH Foods, LLC - Sandridge Food Corporation - - - -
6/11/2013 American Restaurants, LLC - Focus Entertainment Holdings - - - -
6/7/2013 Robert's American Gourmet Food VMG Partners B&G Foods North America, Inc. $195.0 - - - P
6/7/2013 VPS Convenience Store Group - GPM Investments, LLC. - - - - P
6/6/2013 Esquires Coffee International, Inc. - Franchise Development Limited - - - -
6/1/2013 Circle Foods, LLC Claridge, Inc. Tyson Foods, Inc. (NYSE:TSN) - - - - P
5/28/2013 Smithfield Foods, Inc. - Shuanghui International $7,100.0 0.50x 9.2x 13.3x P
5/28/2013 Extreme Brandz, Extreme Pita, and PurBlendz - MTY Tiki Ming Enterprises, Inc. - - - -
5/23/2013 Plum Organics, Inc. Catterton Partners Corporation Campbell Soup Company - - - - P
5/21/2013 Natural Balance Pet Foods, Inc. VMG Partners Del Monte Corporation - - - - P
5/16/2013 Goosecross Cellars - Golden Equity Investments - - - - P
5/15/2013 Panther Creek Cellars LLC - Bacchus Capital Management - - - - P
5/15/2013 Adia Nutrition, Inc., Production Assets Adia Nutrition, Inc Livewire Ergogenics, Inc. - - - -
5/14/2013 Overhill Farms, Inc. Lord, Abbett & Co.; Greenwood Inv. Bellisio Foods, Inc. $86.9 0.44x 12.0x 22.5x P
5/14/2013 Golden Guernsey Dairy, LLC OpenGate Capital Lifeway Foods Inc. $7.4 - - - P
5/14/2013 Yamhela Vineyard in Yamhill - Precept Wine - - - -
5/13/2013 Nurture, Inc. dba Happy Family - Danone - - - -
5/10/2013 Florida Chemical Company, Inc. - Flotek Industries Inc. $102.2 1.00x 10.3x 11.5x
5/10/2013 Additional Willamette Valley Property - Jackson Family Wines, Inc. - - - -
5/9/2013 CTI Foods, Inc. Littlejohn & Co. LLC THL; Goldman Sachs Group - - - - P
5/9/2013 Hearthside Granola and Snacks Business - Attune Foods, Inc. $158.0 - - - P
5/6/2013 DeMet's Candy Company, TrueNorth Brand DeMet's Candy Company B&G Foods Inc. - - - - P
5/6/2013 Matilija Water and Coffee, Select Assets - DS Waters of America, Inc. - - - - P
5/6/2013 Tru Meals-Diet Gourmet - Snap Kitchen LLC - - - -
5/5/2013 Voda Technologies, Inc. - Novus Acquisition & Development Corp. - - - -
5/1/2013 Nestlé USA, Inc., Bit-O-Honey Confectionery Brand Nestle USA, Inc. Pearson's Candy Company - - - - P
4/30/2013 R.E.H Fish Farm Ltd - Vertical Designs Ltd. - - - -
4/30/2013 Healthy & Tasty Ventures, LLC - Grillit, Inc. - - - -
4/29/2013 Silk City LLC - Herr Foods Inc. - - - -
4/25/2013 Willamette Berry Processing Business Willamette Valley Fruit Company, LLC Inventure Foods, Inc. - - - -
4/25/2013 Mekonza Corp. - Latteno Food Corp. - - - -
4/23/2013 The Hunt Club LLC - The Bros. Houligan - - - -
4/23/2013 Brasserie Mcauslan Inc. - Les Brasseurs RJ, Inc. - - - -
4/23/2013 Blue Smoke, Inc. - National Fruit Product Company, Inc. - - - -
4/22/2013 Burger King Restaurants Of Canada Inc. Burger King Worldwide, Inc. Redberry Investments Corp. - - - -
4/16/2013 Tokyo Inc. dba Tokyo Joes - Gridiron Capital, LLC - - - - P
4/16/2013 Six Quick Service Restaurants in East Texas - Indigo Group LLC, Investment Arm - - - -
4/16/2013 Dominex Natural Foods, LLC - Westin, Inc. - - - -
4/11/2013 Caviness Beef Packers San Angelo, Ltd. - Caviness Beef Packers, LTD. - - - -
4/9/2013 Eppa Wine Company - Deutsch Family Wine & Spirits - - - -
4/5/2013 Olympia Granola, Inc. - Harvest Granola LLC - - - -
4/4/2013 XL Foods Inc. Beef Packing Plants XL Foods Inc. JBS USA Holdings, Inc. - - - -
4/2/2013 RBT-PRO LLC RiceBran Technologies WONA Inc. $2.4 - - -
3/30/2013 MB Las Vegas Holdings LLC Morgans Hotel Group Co. The Yucaipa Companies, LLC $6.5 - - - P
3/29/2013 Java Express Inc. Noel Investments Sundance Strategies Inc. - - - - P
3/23/2013 Freybe Gourmet Foods, Ltd. - Premium Brands Holdings $58.7 0.77x - -
3/22/2013 Crawfordsville, LLC Natural Pork Production II, LLP Amvc Crawfordsville, LLC $10.5 - - -
3/6/2013 Sanese Services, Inc. - AVI Foodsystems, Inc. - - - -
3/5/2013 ConAgra Food Ingredients Business ConAgra Foods, Inc. Horizon Milling G.P. - - - -
3/4/2013 COMBAT Energy Products, LLC - ProTek Capital, Inc. - - - - P
3/4/2013 Aquaspring Water Company - DS Waters of America, Inc. - - - - P
3/1/2013 Selected F&B Assets from HM Capital HM Capital CPP Investment Board & Kainos - - - - P
2/28/2013 Hostess Beefsteak Rye Brand Hostess Brands, Inc. Grupo Bimbo, S.A.B. de C.V. $31.9 - - -
2/27/2013 Big Train, Inc. Nautic Partners, LLC Kerry Group plc - - - - P
2/20/2013 Dream Dining Corporation Mitsui & Co. Global Investment Ltd Toridoll.corporation - - - - P
2/20/2013 Awrey Bakeries, LLC Hilco Equity Partners Minnie Marie Bakers, Inc. - - - - P
2/19/2013 Beretta Farms Inc. - One Earth Farms Corp. - - - -
2/15/2013 Don Julio Foods, Inc. - Tyson, Inc. - - - -
10 of 16
Member FINRA/SIPC
Trading Statistics Detail5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 8/31/13 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 $28.54 89.8% $22,516 $2,335 $327 $24,524 $19,252 $2,409 4.5% 9.3% 23.9% 12.5% 24.2x 1.27x 10.2x 1.16x 9.5x
Campbell Soup Company CPB 43.18 88.4% 13,522 4,453 333 17,642 8,052 1,675 4.5% 1.6% 37.3% 20.8% 19.9x 2.19x 10.5x 2.08x 10.6x
ConAgra Foods, Inc. CAG 33.82 90.7% 14,275 9,694 184 23,785 15,491 2,054 15.9% 8.8% 23.2% 13.3% 18.3x 1.54x 11.6x 1.31x 9.7x
General Mills, Inc. GIS 49.32 92.9% 31,653 7,969 741 38,880 17,774 3,477 6.7% 6.7% 36.2% 19.6% 17.7x 2.19x 11.2x 2.12x 10.6x
Hormel Foods Corporation HRL 41.43 94.2% 10,972 250 329 10,893 8,599 863 5.3% 8.0% 16.0% 10.0% 22.3x 1.27x 12.6x 1.21x 10.7x
Kellogg Company K 60.71 89.3% 22,004 7,825 262 29,567 14,858 2,213 12.2% 5.8% 37.4% 14.9% 23.3x 1.99x 13.4x 1.96x 11.0x
McCormick & Company, Incorporated MKC 67.65 89.9% 8,923 1,326 91 10,159 4,060 678 3.5% 7.4% 40.1% 16.7% 22.2x 2.50x 15.0x 2.35x 13.6x
Mondelez International, Inc. MDLZ 30.67 72.1% 54,613 18,106 2,694 70,025 35,160 4,910 32.4% (6.9%) 37.4% 14.0% 28.9x 1.99x 14.3x 1.92x 12.2x
Nestlé S.A. NESN 65.55 87.4% 209,105 30,216 6,737 232,584 99,988 18,947 10.6% 1.0% 48.1% 18.9% 18.2x 2.33x 12.3x 2.23x 11.7x
The Hain Celestial Group, Inc. HAIN 81.78 95.7% 3,901 666 41 4,526 1,735 233 25.9% 24.9% 27.6% 13.4% 32.5x 2.61x 19.5x 2.22x 15.6x
The Hershey Company HSY 91.95 93.8% 20,523 1,897 568 21,851 6,834 1,464 7.8% 7.3% 45.0% 21.4% 28.7x 3.20x 14.9x 3.00x 13.3x
The J. M. Smucker Company SJM 106.14 92.5% 11,158 2,102 158 13,103 5,879 1,215 3.0% 8.5% 35.0% 20.7% 20.4x 2.23x 10.8x 2.22x 10.2x
The WhiteWave Foods Company WWAV 19.12 95.5% 3,310 771 72 4,009 2,407 294 11.6% NA 35.7% 12.2% 32.8x 1.67x 13.6x 1.53x 13.2x
Mean 11.1% 6.9% 34.1% 16.0% 23.8x 2.07x 13.1x 1.95x 11.7x
Median 7.8% 7.3% 36.2% 14.9% 22.3x 2.19x 12.6x 2.08x 11.0x
Private Label Foods
Flowers Foods, Inc. FLO $20.79 84.9% $4,331 122 $9 $4,444 $3,496 $404 20.2% 10.6% 47.6% 11.6% 19.0x 1.27x 11.0x 1.10x 9.4x
Snyder's-Lance, Inc. LNCE 26.90 82.8% 1,867 536 6 2,397 1,684 178 3.6% 22.2% 34.0% 10.6% 32.4x 1.42x 13.5x 1.32x 11.1x
Treehouse Foods, Inc. THS 65.03 87.1% 2,365 815 36 3,144 2,197 305 3.9% 10.5% 21.9% 13.9% 27.4x 1.43x 10.3x 1.32x 9.2x
Mean 9.2% 14.5% 34.5% 12.0% 26.3x 1.38x 11.6x 1.24x 9.9x
Median 3.9% 10.6% 34.0% 11.6% 27.4x 1.42x 11.0x 1.32x 9.4x
Natural / Organic Foods
Amira Nature Foods Ltd. ANFI $9.46 92.4% $337 $140 $33 $445 $444 $56 29.6% NA 22.9% 12.5% 13.5x 1.00x 8.0x 0.87x 6.6x
Annie's, Inc. BNNY 45.93 94.0% 776 0 2 774 175 21 18.9% NA 38.0% 12.0% NM 4.43x 36.9x 3.67x 24.5x
SunOpta Inc. TSX:SOY 8.99 99.3% 596 196 6 785 1,143 64 9.8% 9.9% 11.7% 5.6% NM 0.69x 12.3x 0.64x 8.8x
The Hain Celestial Group, Inc. HAIN 81.78 95.7% 3,901 666 41 4,526 1,735 233 25.9% 24.9% 27.6% 13.4% 32.5x 2.61x 19.5x 2.22x 15.6x
United Natural Foods, Inc. UNFI 60.63 96.3% 2,990 176 14 3,152 5,766 216 14.1% 16.8% 16.9% 3.7% 29.7x 0.55x 14.6x 0.48x 12.6x
Whole Foods Market, Inc. WFM 52.75 92.8% 19,650 27 989 18,688 12,852 1,212 15.3% 13.7% 35.8% 9.4% 36.4x 1.45x 15.4x 1.30x 13.5x
Mean 18.9% 16.3% 25.5% 9.4% 28.0x 1.79x 17.8x 1.53x 13.6x
Median 17.1% 15.2% 25.3% 10.7% 31.1x 1.23x 15.0x 1.08x 13.0x
Baked Goods / Snack Foods
ARYZTA AG SWX:ARYN $63.78 98.8% 5,615 $2,166 $719 $7,062 $5,928 $748 16.4% 12.0% 27.5% 12.6% 35.4x 1.19x 9.4x 1.16x 9.0x
Diamond Foods, Inc. DMND 20.70 88.5% 461 585 7 1,038 888 55 (10.5%) 12.9% 21.9% 6.1% NM 1.17x NA 1.18x 9.5x
Flowers Foods, Inc. FLO 20.79 84.9% 4,331 582 12 4,901 3,496 404 20.2% 10.6% 47.6% 11.6% 19.0x 1.40x 12.1x 1.21x 10.3x
George Weston Limited WN 78.91 92.5% 10,090 7,977 3,425 14,642 32,607 2,366 2.5% 1.5% 24.6% 7.3% 24.4x 0.45x 6.2x 0.45x 5.4x
Golden Enterprises Inc. GLDC 3.59 97.0% 42 7 1 49 137 6 0.9% 2.3% 48.5% 4.3% 37.1x 0.36x 8.3x NA NA
Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.92 81.8% 13,724 3,254 381 16,597 13,895 1,313 18.0% 15.3% 51.4% 9.4% NM 1.19x 12.6x 1.24x 11.6x
Inventure Foods, Inc. SNAK 9.02 92.6% 176 26 0 202 192 15 8.7% 15.7% 18.9% 7.7% 26.5x 1.05x 13.7x 0.93x 10.2x
J&J Snack Foods Corp. JJSF 76.92 91.1% 1,444 0 83 1,361 872 130 7.9% 8.7% 30.4% 14.9% 22.9x 1.56x 10.5x 1.50x 9.7x
John B Sanfilippo & Son Inc. JBSS 21.65 82.4% 236 75 1 311 734 57 4.8% 9.3% 16.3% 7.7% 10.9x 0.42x 5.5x NA NA
Lancaster Colony Corporation LANC 73.77 85.6% 2,016 0 123 1,892 1,166 182 3.1% 3.3% 22.9% 15.6% 18.5x 1.62x 10.4x 1.58x 9.8x
Penford Corporation PENX 13.55 84.8% 168 84 0 252 460 25 (1.0%) 20.6% 10.6% 5.4% NM 0.55x 10.2x 0.51x 7.5x
Mean 6.4% 10.2% 29.1% 9.3% 24.4x 1.00x 9.9x 1.08x 9.2x
Median 4.8% 10.6% 24.6% 7.7% 23.7x 1.17x 10.3x 1.18x 9.7x
Last Twelve Months (LTM) EV / LTM EV / 2013ERevenue Growth LTM Margins
Member FINRA/SIPC
11 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 8/26/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone BN $78.21 96.6% $45,839 $14,418 $3,522 $56,735 $27,887 $4,624 9.6% 12.8% 49.7% 16.6% 19.5x 2.03x 12.3x NA NA
Dean Foods Company DF 19.34 45.9% 1,817 1,240 585 2,472 11,400 658 15.4% (0.8%) 24.5% 5.8% 40.9x 0.22x 3.8x 0.28x 5.6x
Glanbia plc GL9 13.73 91.1% 4,043 673 95 4,621 3,055 265 26.6% 6.5% 36.4% 8.7% 22.6x 1.51x 17.4x NA NA
Lifeway Foods Inc. LWAY 15.44 77.2% 253 5 8 250 89 12 19.4% 17.4% 35.3% 14.0% 40.4x 2.81x 20.1x 2.28x 15.5x
Saputo, Inc. TSX:SAP 44.72 86.0% 8,737 1,639 26 10,349 7,376 854 7.6% 10.5% 11.6% 11.6% 18.8x 1.40x 12.1x 1.24x 10.5x
Mean 15.7% 9.3% 31.5% 11.3% 28.4x 1.60x 13.1x 1.26x 10.5x
Median 15.4% 10.5% 35.3% 11.6% 22.6x 1.51x 12.3x 1.24x 10.5x
Non-Alcoholic Beverages
A.G.Barr p.l.c. LSE:BAG $8.79 96.0% $1,016 $42 $1 $1,056 $375 $66 7.3% 5.2% 45.5% 17.6% 25.6x 2.81x 15.9x NA NA
Cott Corporation BCB 7.96 73.0% 750 605 67 1,288 2,170 198 (6.1%) 11.2% 12.3% 9.1% 22.8x 0.59x 6.5x 0.60x 6.0x
Dr Pepper Snapple Group, Inc. DPS 45.32 90.0% 9,226 2,590 125 11,691 6,003 1,290 0.5% 2.6% 58.4% 21.5% 15.5x 1.95x 9.1x 1.89x 8.6x
Green Mountain Coffee Roasters, Inc. GMCR 86.44 97.5% 13,030 324 352 13,001 4,258 962 17.5% 53.0% 36.6% 22.6% 29.8x 3.05x 13.5x 2.81x 11.5x
Lassonde Industries Inc. LAS.A 86.58 96.5% 605 291 3 893 979 111 2.9% 25.6% 27.9% 11.3% 14.1x 0.91x 8.1x NA NA
Monster Beverage Corporation MNST 58.99 89.2% 9,875 0 432 9,443 2,129 558 10.2% 21.0% 51.9% 26.2% 32.1x 4.44x 16.9x 3.96x 14.7x
National Beverage Corp. FIZZ 16.95 90.8% 785 50 18 817 662 82 5.3% 3.7% 32.8% 12.4% 16.8x 1.23x 10.0x NA NA
Pepsico, Inc. PEP 79.69 91.5% 122,899 29,510 8,139 144,270 65,994 12,418 (0.9%) 10.8% 52.7% 18.8% 18.8x 2.19x 11.6x 2.12x 11.0x
Starbucks Corporation SBUX 71.88 96.8% 54,011 550 2,044 52,516 14,461 2,724 11.5% 12.0% 57.1% 18.8% 34.4x 3.63x 19.3x 3.24x 15.1x
The Coca-Cola Company KO 38.12 87.8% 168,992 35,689 19,265 185,416 47,579 13,127 0.1% 14.4% 60.5% 27.6% 20.1x 3.90x 14.1x 3.87x 13.5x
Mean 4.8% 15.9% 43.6% 18.6% 23.0x 2.47x 12.5x 2.64x 11.5x
Median 4.1% 11.6% 48.7% 18.8% 21.4x 2.50x 12.6x 2.81x 11.5x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV ENXTBR:ABI $96.81 90.8% $155,247 $50,350 $6,920 $198,677 $40,312 $15,526 2.6% 3.3% 58.4% 38.5% 11.5x 4.93x 12.8x 4.27x 10.9x
Brown-Forman Corporation BF.B 69.12 93.0% 14,766 1,002 204 15,564 2,849 951 4.6% 4.9% 68.6% 33.4% 25.1x 5.46x 16.4x 3.86x 15.2x
Constellation Brands Inc. STZ 55.69 99.4% 10,491 5,115 613 14,992 2,835 675 6.8% (5.5%) 39.6% 23.8% 28.5x 5.29x 22.2x 2.64x 9.5x
Corby Distilleries Limited CDL.A 20.29 96.9% 572 0 96 476 129 37 (16.3%) (6.6%) 61.8% 28.9% 24.5x 3.67x 12.7x 3.60x 11.6x
Diageo plc DGE 31.23 93.4% 78,201 15,776 2,693 91,285 17,377 5,859 7.6% 5.0% 61.1% 33.7% 20.3x 5.25x 15.6x 4.79x 14.0x
Heineken NV ENXTAM:HEIA 70.28 87.2% 40,474 18,053 1,037 57,490 25,385 5,048 14.1% 7.9% 37.7% 19.9% 10.6x 2.26x 11.4x NA NA
Kirin Holdings Company, Limited TSE:2503 14.41 75.0% 13,806 8,548 503 21,851 19,784 3,132 (25.1%) 1.0% 49.1% 15.8% 13.1x 1.10x 7.0x NA NA
Pernod-Ricard SA RI 124.12 91.6% 32,709 13,299 1,158 44,851 11,218 3,042 8.3% 4.9% 62.1% 27.1% 20.6x 4.00x 14.7x NA NA
SABMiller plc LSE:SAB 48.35 84.5% 77,113 18,689 2,196 93,606 17,458 5,499 4.5% 7.1% 69.2% 31.5% 23.2x 5.36x 17.0x NA NA
Sapporo Holdings Ltd. TSE:2501 3.77 80.8% 1,492 2,671 103 4,060 5,145 474 (14.8%) 9.4% 36.0% 9.2% 17.1x 0.79x 8.6x NA NA
Mean (0.8%) 3.2% 54.4% 26.2% 19.4x 3.81x 13.8x 3.83x 12.2x
Median 4.5% 4.9% 59.8% 28.0% 20.4x 4.46x 13.8x 3.86x 11.6x
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $46.57 88.8% $1,122 $65 $183 $1,004 $1,288 $121 15.7% 12.3% 16.7% 9.4% 22.2x 0.78x 8.3x 0.76x 6.3x
JBS S.A. BOVESPA:JBSS3 2.98 90.9% 8,535 11,021 3,250 16,306 37,309 2,304 12.9% 16.4% 12.0% 6.2% 20.7x 0.44x 7.1x NA NA
Sanderson Farms, Inc. SAFM 69.79 92.4% 1,606 88 63 1,631 2,604 210 13.4% 11.8% 9.2% 8.1% 16.7x 0.63x 7.8x 0.59x 4.5x
Seaboard Corp. SEB 2,798.00 94.9% 3,335 187 436 3,086 6,474 365 10.4% 18.6% 8.2% 5.6% 13.6x 0.48x 8.5x 0.48x NA
Smithfield Foods, Inc. SFD 33.49 96.4% 4,662 2,505 311 6,856 13,221 744 1.0% 5.7% 10.0% 5.6% 26.6x 0.52x 9.2x 0.51x 7.6x
Tyson Foods, Inc. TSN 29.17 90.0% 10,274 2,407 1,024 11,657 34,018 1,771 2.6% 6.4% 6.6% 5.2% 14.0x 0.34x 6.6x 0.33x 5.4x
Mean 9.3% 11.9% 10.4% 6.7% 19.0x 0.53x 7.9x 0.53x 5.9x
Median 11.7% 12.0% 9.6% 5.9% 18.7x 0.50x 8.0x 0.51x 5.9x
Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2013E
Member FINRA/SIPC
12 of 16
Trading Statistics Detail (continued)5
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 8/26/13 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 $26.14 80.3% $384 $52 $7 $429 $601 $32 5.6% 18.2% 9.8% 5.3% 23.1x 0.71x 13.4x 0.62x 10.5x
Chiquita Brands International Inc. CQB 12.89 98.4% 600 602 67 1,135 3,038 104 (1.1%) (3.7%) 11.9% 3.4% NM 0.37x 11.0x 0.37x 7.2x
Dole Food Company Inc. DOLE 13.80 90.8% 1,221 683 425 1,479 4,323 98 29.3% (14.1%) 8.4% 2.3% NM 0.34x 15.1x 0.34x 9.7x
Fresh Del Monte Produce Inc. FDP 28.78 96.4% 1,594 123 31 1,686 3,508 213 2.2% (0.7%) 9.1% 6.1% 13.2x 0.48x 7.9x 0.47x 7.5x
Seneca Foods Corp. SENE.A 31.75 87.4% 342 231 6 568 1,277 85 3.8% 0.2% 10.3% 6.7% 10.4x 0.44x 6.6x NA NA
Mean 8.0% (0.0%) 9.9% 4.8% 15.6x 0.47x 10.8x 0.45x 8.7x
Median 3.8% (0.7%) 9.8% 5.3% 13.2x 0.44x 11.0x 0.42x 8.6x
Ingredients / Flavors
Givaudan SA SWX:GIVN $1,402.67 94.1% $12,889 $1,755 $469 $14,174 $4,603 $898 8.1% 6.0% 43.3% 19.5% 24.7x 3.08x 15.8x NA NA
International Flavors & Fragrances Inc. IFF 81.56 96.0% 6,666 1,033 366 7,333 2,875 596 3.0% 4.5% 43.0% 20.7% 24.2x 2.55x 12.3x 2.45x 11.4x
Kerry Group plc ISE:KRZ 63.36 97.4% 11,134 2,043 342 12,835 7,646 908 8.3% 10.0% 43.0% 11.9% 29.6x 1.68x 14.1x NA NA
Sensient Technologies Corporation SXT 41.78 92.0% 2,091 373 27 2,437 1,470 245 2.3% 5.2% 31.9% 16.6% 18.2x 1.66x 10.0x 1.59x 8.6x
Symrise AG XTRA:SY1 46.17 96.5% 5,456 859 142 6,172 2,337 447 12.2% 8.9% 41.1% 19.1% 24.2x 2.64x 13.8x NA NA
Tate & Lyle plc TATE 12.80 92.6% 5,969 1,376 692 6,652 4,944 694 0.1% (0.1%) 36.5% 14.0% 14.7x 1.35x 9.6x NA NA
Mean 5.7% 5.8% 39.8% 17.0% 22.6x 2.16x 12.6x 2.02x 10.0x
Median 5.6% 5.6% 42.1% 17.9% 24.2x 2.11x 13.1x 2.02x 10.0x
Agribusiness
Archer Daniels Midland Company ADM $34.50 88.9% $22,742 $7,524 $2,029 $28,237 $90,997 $2,497 2.3% 12.7% 3.7% 2.7% 19.3x 0.31x 11.3x 0.30x 7.4x
Bunge Limited BG 75.42 93.1% 11,105 11,805 5,586 17,324 63,859 1,708 12.4% 14.0% 4.2% 2.7% 41.9x 0.27x 10.1x 0.27x 7.3x
CF Industries Holdings, Inc. CF 197.07 84.4% 11,289 3,098 1,934 12,453 5,892 3,142 (7.7%) 29.0% 49.2% 53.3% 6.9x 2.11x 4.0x 2.40x 5.1x
Darling International Inc. DAR 21.25 95.7% 2,512 250 134 2,628 1,747 312 2.1% 39.9% 27.0% 17.8% 20.1x 1.50x 8.4x 1.50x 7.5x
Monsanto Company MON 97.65 89.3% 52,058 2,223 2,889 51,392 14,757 4,286 8.1% 12.3% 51.6% 29.0% 21.2x 3.48x 12.0x 3.22x 10.6x
Omega Protein Corp. OME 9.06 80.8% 187 31 21 196 238 46 (0.8%) 13.8% 21.7% 19.5% 28.6x 0.82x 4.2x 0.82x 3.6x
The Andersons, Inc. ANDE 67.40 96.7% 1,249 504 76 1,677 5,658 157 20.7% 22.9% 6.2% 2.8% 17.1x 0.30x 10.7x 0.30x 8.2x
The Mosaic Company MOS 42.38 65.6% 18,046 1,079 3,697 15,428 9,974 2,917 (10.2%) 13.8% 27.7% 29.2% 9.6x 1.55x 5.3x 1.60x 5.5x
Mean 3.4% 19.8% 23.9% 19.6% 20.6x 1.29x 8.3x 1.30x 6.9x
Median 2.2% 13.9% 24.4% 18.6% 19.7x 1.16x 9.3x 1.16x 7.4x
Consumer and Retail
Food Retail
Arden Group Inc. ARDN.A $134.22 99.3% $412 $1 $26 $387 $449 $39 3.4% 2.1% 43.6% 8.7% 20.3x 0.86x 9.9x NA NA
Costco Wholesale Corporation COST 111.87 93.1% 48,852 4,887 6,510 47,229 104,887 3,991 10.3% 11.2% 12.5% 3.8% 24.2x 0.45x 11.8x 0.42x 10.8x
Establishments Delhaize Freres DELB 66.52 93.1% 6,718 3,799 1,305 9,212 29,746 1,888 10.3% 6.5% 24.5% 6.3% 19.6x 0.31x 4.9x 0.31x 4.9x
Fairway Group Holdings Corp. FWM 24.69 85.5% 1,022 256 70 1,207 693 (4) 25.0% NA 32.7% NM NM 1.74x NM 1.42x 19.2x
Ingles Markets, Incorporated IMKT.A 25.30 86.3% 576 935 5 1,506 3,775 220 4.2% 3.9% 22.1% 5.8% 33.1x 0.40x 6.9x 0.38x 6.5x
J. Sainsbury plc LSE:SBRY 6.20 99.5% 11,756 4,313 891 15,178 35,257 2,117 (0.1%) 5.6% 5.5% 6.0% 12.4x 0.43x 7.2x NA NA
Koninklijke Ahold N.V. ENXTAM:AH 17.28 98.5% 17,540 4,118 5,244 16,413 43,489 2,851 12.7% 5.4% 26.1% 6.6% 17.3x 0.38x 5.8x NA NA
Natural Grocers by Vitamin Cottage NGVC 38.54 97.7% 865 16 7 873 405 28 28.1% NA 29.3% 6.9% NM 2.15x 31.1x 1.72x 22.9x
Roundy's, Inc. RNDY 8.97 90.9% 420 690 76 1,034 3,919 180 1.0% (6.2%) 26.5% 4.6% NM 0.26x 5.8x 0.26x 5.8x
Safeway Inc. SWY 26.22 92.3% 6,327 5,694 542 11,479 44,072 2,228 7.5% 2.4% 27.7% 5.1% 10.5x 0.26x 5.2x 0.30x 6.8x
Sprouts Farmers Market, Inc. SFM 38.99 93.2% 5,709 802 66 6,446 2,185 178 97.6% NA 29.5% 8.1% NM 2.95x 36.3x NA NA
SUPERVALU Inc. SVU 7.27 88.0% 1,879 3,083 76 4,886 17,018 439 48.5% (24.4%) 14.0% 2.6% NM 0.29x 11.1x 0.29x 6.2x
The Kroger Co. KR 36.86 92.2% 19,102 7,946 247 26,801 97,729 4,517 6.3% 7.5% 21.1% 4.6% 12.7x 0.27x 5.9x 0.27x 6.1x
The Pantry, Inc. PTRY 11.71 76.2% 276 948 44 1,180 7,075 207 (5.4%) 3.1% 11.4% 2.9% NM 0.17x 5.7x 0.15x 5.1x
Village Super Market Inc. VLGE.A 36.33 92.5% 502 43 103 442 1,470 69 5.2% 6.1% 27.0% 4.7% 26.0x 0.30x 6.4x 0.29x NA
Weis Markets, Inc. WMK 48.49 93.4% 1,304 0 112 1,193 2,707 184 (1.7%) 1.2% 27.8% 6.8% 15.6x 0.44x 6.5x 0.42x NA
Whole Foods Market, Inc. WFM 52.39 92.2% 19,516 27 989 18,554 12,852 1,212 15.3% 13.7% 35.8% 9.4% 36.1x 1.44x 15.3x 1.29x 13.4x
Mean 15.8% 2.7% 24.5% 5.8% 20.7x 0.77x 11.0x 0.58x 9.8x
Median 7.5% 4.7% 26.5% 5.9% 19.6x 0.40x 6.7x 0.31x 6.5x
LTM Margins EV / 2013ELast Twelve Months (LTM) Revenue Growth EV / LTM
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 8/26/13 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 $80.75 95.6% $50 $33 $0 $84 $816 $15 1.1% 7.6% 9.6% 1.9% 8.9x 0.10x 5.5x NA NA
Core-Mark Holding Company, Inc. CORE 66.06 97.1% 761 88 20 829 7,190 87 6.9% 11.1% 6.9% 1.2% 22.3x 0.12x 9.6x 0.08x 7.0x
Nash Finch Co. NAFC 24.73 83.8% 305 433 1 736 4,946 112 2.4% (1.6%) 8.5% 2.3% NM 0.15x 6.6x 0.15x 7.3x
Spartan Stores Inc. SPTN 20.72 84.9% 454 152 4 602 2,617 103 (0.7%) 1.1% 21.0% 3.9% 17.1x 0.23x 5.8x 0.23x 5.5x
United Natural Foods, Inc. UNFI 61.61 97.9% 3,038 176 14 3,200 5,766 216 14.1% 16.8% 16.9% 3.7% 30.2x 0.56x 14.8x 0.49x 12.8x
Mean 4.8% 7.0% 12.6% 2.6% 19.6x 0.23x 8.5x 0.24x 8.2x
Median 2.4% 7.6% 9.6% 2.3% 19.7x 0.15x 6.6x 0.19x 7.2x
Foodservice
Colabor Group Inc. TSX:GCL $4.11 49.2% $111 $155 $0 $267 $1,429 $34 3.8% 9.6% 2.4% 2.4% NM 0.19x 7.7x 0.19x 7.4x
Sysco Corporation SYY 31.89 88.5% 18,926 2,889 412 21,403 44,411 2,554 4.8% 6.0% 17.7% 5.8% 19.1x 0.48x 8.4x 0.46x 8.8x
The Chefs' Warehouse, Inc. CHEF 23.23 99.0% 493 162 2 653 577 39 33.8% 27.0% 25.6% 6.8% 31.8x 1.13x 16.8x 0.92x 12.4x
Mean 14.1% 14.2% 15.2% 5.0% 25.5x 0.60x 11.0x 0.52x 9.6x
Median 4.8% 9.6% 17.7% 5.8% 25.5x 0.48x 8.4x 0.46x 8.8x
Quick Service Restaurant
AFC Enterprises Inc. AFCE $41.37 96.2% $987 $68 $15 $1,040 $195 $61 18.6% 11.0% 68.2% 31.5% 30.0x 5.34x 17.0x 4.71x 15.0x
Burger King Worldwide, Inc. BKW 19.96 91.9% 7,008 3,045 654 9,399 1,462 628 (36.4%) (16.0%) 54.5% 43.0% 46.4x 6.43x 15.0x 8.95x 13.8x
Jack in the Box Inc. JACK 41.12 96.5% 1,781 380 10 2,151 1,537 228 35.5% (12.3%) 23.5% 14.9% 25.5x 1.40x 9.4x 1.45x 8.4x
McDonald's Corp. MCD 95.31 91.9% 95,276 13,370 2,278 106,368 27,794 9,923 1.2% 5.6% 39.0% 35.7% 17.4x 3.83x 10.7x 3.68x 10.0x
Sonic Corp. SONC 16.69 98.2% 933 479 54 1,358 535 131 (1.7%) (2.0%) 52.7% 24.4% 24.7x 2.54x 10.4x 2.48x 10.0x
The Wendy's Company WEN 7.98 98.8% 3,139 1,471 494 4,115 2,520 354 2.2% (5.6%) 25.5% 14.1% NM 1.63x 11.6x 1.74x 11.2x
Yum! Brands, Inc. YUM 72.03 95.9% 32,142 2,986 500 34,628 13,161 2,728 (1.0%) 6.0% 26.4% 20.7% 23.5x 2.63x 12.7x 2.42x 11.2x
Mean 2.6% (1.9%) 41.4% 26.3% 27.9x 3.40x 12.4x 3.63x 11.4x
Median 1.2% (2.0%) 39.0% 24.4% 25.1x 2.63x 11.6x 2.48x 11.2x
Casual Dining Restaurant
BJ's Restaurants, Inc. BJRI $33.16 72.7% $935 $0 $35 $900 $747 $86 11.3% 16.8% 19.0% 11.5% 31.3x 1.21x 10.5x 1.06x 9.1x
Bloomin' Brands, Inc. BLMN 22.84 85.5% 2,836 1,464 222 4,078 4,062 362 3.6% NA 16.8% 8.9% 23.6x 1.00x 11.3x 0.95x 8.9x
Brinker International, Inc. EAT 41.19 93.0% 2,728 808 59 3,476 2,846 406 0.9% (0.1%) 19.0% 14.2% 18.7x 1.22x 8.6x 1.18x 7.9x
Buffalo Wild Wings Inc. BWLD 107.98 98.3% 2,028 0 30 1,998 1,160 164 27.7% 26.3% 23.3% 14.1% 33.6x 1.72x 12.2x 1.45x 9.5x
Chuy's Holdings, Inc. CHUY 36.62 83.1% 597 5 4 598 192 24 28.3% 54.6% 20.7% 12.5% NM 3.12x 25.0x 2.64x 20.3x
Darden Restaurants, Inc. DRI 46.93 81.0% 6,115 2,713 90 8,738 8,552 1,037 6.9% 6.3% 22.1% 12.1% 14.9x 1.02x 8.4x 0.96x 8.2x
Del Frisco's Restaurant Group, Inc. DFRG 20.14 86.3% 479 0 14 465 249 38 14.8% 17.7% 25.5% 15.4% 33.5x 1.87x 12.1x 1.57x 9.8x
DineEquity, Inc. DIN 67.31 85.9% 1,289 1,391 76 2,604 696 265 (29.1%) (20.5%) 55.7% 38.1% 11.4x 3.74x 9.8x 4.07x 9.8x
Ignite Restaurant Group, Inc. IRG 15.30 71.9% 392 105 1 496 588 42 34.3% 29.1% 32.9% 7.1% NM 0.84x 11.9x 0.55x 7.7x
Red Robin Gourmet Burgers Inc. RRGB 67.95 98.3% 973 82 17 1,039 999 104 6.8% 5.7% 22.6% 10.5% 32.0x 1.04x 9.9x 0.97x 9.1x
Ruby Tuesday, Inc. RT 7.25 73.2% 433 299 53 679 1,251 96 (4.6%) 1.6% 18.5% 7.7% NM 0.54x 7.1x 0.57x 7.7x
Ruth's Hospitality Group Inc. RUTH 12.24 89.0% 429 40 6 463 410 50 8.8% 6.0% 22.6% 12.1% 20.6x 1.13x 9.3x 1.09x 9.2x
Texas Roadhouse, Inc. TXRH 25.38 97.7% 1,784 55 100 1,738 1,330 168 11.7% 11.1% 34.0% 12.6% 23.1x 1.31x 10.4x 1.15x 9.1x
The Cheesecake Factory Incorporated CAKE 43.06 96.1% 2,258 60 131 2,187 1,852 233 2.9% 4.4% 43.2% 12.6% 22.9x 1.18x 9.4x 1.12x 8.6x
Mean 8.9% 12.2% 26.8% 13.5% 24.2x 1.50x 11.1x 1.38x 9.6x
Median 7.9% 6.3% 22.6% 12.3% 23.1x 1.19x 10.2x 1.11x 9.1x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
14 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 8/26/13 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 $402.09 96.1% $12,412 $0 $484 $11,929 $2,943 $581 16.8% 21.2% 37.3% 19.8% 42.4x 4.05x 20.5x 3.48x 17.0x
Einstein Noah Restaurant Group, Inc. BAGL 16.99 91.4% 295 126 12 409 430 47 0.1% 1.8% 20.7% 10.9% 24.3x 0.95x 8.7x 0.92x 7.2x
Fiesta Restaurant Group, Inc. FRGI 31.83 82.0% 753 204 7 949 529 64 7.3% NA 24.1% 12.1% 47.1x 1.79x 14.8x 1.63x 12.7x
Noodles & Company NDLS 42.21 81.2% 1,241 0 1 1,241 326 37 17.3% 36.0% 20.9% 11.2% NM 3.81x 33.9x 3.25x 25.9x
Panera Bread Co. PNRA 168.03 86.3% 4,953 0 341 4,612 2,252 400 13.8% 16.0% 35.6% 17.8% 26.4x 2.05x 11.5x 1.80x 10.1x
Mean 11.1% 18.7% 27.7% 14.4% 35.0x 2.53x 17.9x 2.22x 14.6x
Median 13.8% 18.6% 24.1% 12.1% 34.4x 2.05x 14.8x 1.80x 12.7x
Pizza
CEC Entertainment Inc. CEC $42.57 93.2% $722 $374 $20 $1,076 $822 $173 1.7% 0.4% 27.8% 21.1% 15.6x 1.31x 6.2x 1.27x 6.0x
Domino's Pizza, Inc. DPZ 61.87 95.6% 3,443 1,549 41 4,951 1,749 316 6.7% 5.0% 30.2% 18.1% 27.3x 2.83x 15.7x 2.70x 14.3x
Papa John's International Inc. PZZA 70.46 98.2% 1,531 133 28 1,636 1,398 139 10.8% 8.5% 30.7% 9.9% 24.3x 1.17x 11.8x 1.12x 11.1x
Mean 6.4% 4.6% 29.6% 16.4% 22.4x 1.77x 11.2x 1.70x 10.5x
Median 6.7% 5.0% 30.2% 18.1% 24.3x 1.31x 11.8x 1.27x 11.1x
Beverage / Snack Retail
Dunkin' Brands Group, Inc. DNKN $43.38 95.9% $4,614 $1,835 $177 $6,272 $678 $311 3.2% 7.5% 78.9% 45.9% 37.0x 9.25x 20.2x 8.63x 16.6x
Jamba, Inc. JMBA 13.26 75.8% 226 0 33 194 232 13 5.2% (6.5%) 37.7% 5.7% NM 0.83x 14.6x 0.78x 9.1x
Krispy Kreme Doughnuts, Inc. KKD 22.89 97.1% 1,499 24 75 1,448 448 53 10.0% 9.1% 17.3% 11.7% NM 3.23x 27.5x 3.02x 23.2x
Starbucks Corporation SBUX 71.88 96.8% 54,011 550 2,044 52,516 14,461 2,724 11.5% 12.0% 57.1% 18.8% 34.4x 3.63x 19.3x 3.24x 15.1x
Tim Hortons Inc. THI 56.08 95.8% 8,468 517 82 8,902 2,985 724 1.0% 8.3% 24.6% 24.3% 21.8x 2.98x 12.3x 2.83x 11.4x
Mean 6.2% 6.1% 43.1% 21.3% 31.1x 3.99x 18.8x 3.70x 15.1x
Median 5.2% 8.3% 37.7% 18.8% 34.4x 3.23x 19.3x 3.02x 15.1x
Family Restaurant
Bob Evans Farms, Inc. BOBE $51.36 97.1% $1,411 $202 $9 $1,604 $1,615 $179 (2.6%) (1.9%) 37.6% 11.1% NM 0.99x 9.0x 1.15x 8.3x
Denny's Corporation DENN 5.68 91.0% 514 177 2 688 468 78 (9.7%) (5.8%) 37.7% 16.6% 21.9x 1.47x 8.8x 1.48x 8.5x
Frisch's Restaurants, Inc. FRS 20.25 60.6% 103 17 4 115 204 21 (0.7%) 2.1% 8.7% 10.4% 14.7x 0.57x 5.4x 0.56x NA
Luby's, Inc. LUB 7.71 83.9% 218 20 2 236 372 25 4.3% 15.6% 37.6% 6.9% 33.6x 0.63x 9.3x 0.58x 7.7x
Mean (2.2%) 2.5% 30.4% 11.3% 23.4x 0.92x 8.1x 0.94x 8.2x
Median (1.7%) 0.1% 37.6% 10.8% 21.9x 0.81x 8.9x 0.87x 8.3x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Earnings
Release
Calendar5
15 of 16
Food and Beverage Earnings Release Calendar
August 2013
Date Company
8/1/2013 Kraft Foods Group (NasdaqGS:KRFT)
8/1/2013 Kellogg Company (NYSE:K)
8/2/2013 Brinker International, Inc. (NYSE:EAT)
8/5/2013 Tyson Foods, Inc. (NYSE:TSN)
8/7/2013 Jack in the Box Inc. (NasdaqGS:JACK)
8/7/2013 The Wendy's Company (NasdaqGS:WEN)
8/8/2013 TreeHouse Foods (NYSE:THS)
8/13/2013 Flower Foods (NYSE:FLO)
8/22/2013 Hormel Foods Corp. (NYSE:HRL)
8/29/2013 Campbell Soup Company (NYSE:CPB)
September 2013
Date Company
9/12/2013 Ridley Inc. (TSX:RCL)
9/24/2013 General Mills, Inc. (NYSE:GIS)
9/24/2013 The WhiteWave Foods Company (NYSE:WWAV)
9/27/2013 ConAgra Foods, Inc. (NYSE:CAG)
October 2013
Date Company
10/9/2013 Costco Wholesale Corporation (NasdaqGS:COST)
10/24/2013 Unilever plc (LSE:ULVR)
10/30/2013 Kraft Foods Group, Inc. (NasdaqGS:KRFT)
10/30/2013 The Kroger Co. (NYSE:KR)
10/31/2013 Kellogg Company (NYSE:K)
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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