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www.harriswilliams.com
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
PAGE |
www.harriswilliams.com
WHAT WE’RE SEEING
CONTENTS INDUSTRY VITAL SIGNS EQUITY MARKET OVERVIEW M&A MARKET OVERVIEW DEBT MARKET OVERVIEW RECENT 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 and Private Label Dairy Distribution Ingredients Meat and Protein Natural and Organic Processing Produce Restaurant and Retail Snacks
CONTACTSGlenn GurtcheffManaging [email protected]+1 (612) 359-2702
Tim AlexanderManaging [email protected]+1 (612) 359-2716
Ryan [email protected]+1 (415) 217-3409
Brant CashVice [email protected]+1 (612) 359-2709
Ryan FreemanVice [email protected]+1 (612) 359-2703
Matt WhebbeVice [email protected]+1 (612) 359-2727
MARKET UPDATE
M&A activity in the food and beverage sector in 2014 was at or near recordlevels in terms of both total number of deals and aggregate deal value. In total,there were 305 deals announced in the North America with an aggregate dealvalue of $120.7 billion. Strategic buyers were particularly active, accounting forover 80% of announced deals in the sector. During the fourth quarter, M&Aactivity remained robust, with the announcement of 62 deals totaling over $17billion in aggregate deal value. There were several notable deals involvingstrategic acquirors, including Grupo Bimbo’s acquisition of Saputo Bakery andChef’s Warehouse acquisition of Del Monte Capitol Meat. HW&Co. anticipatesan active marketplace for 2015 as strategic and private equity buyers continueto pursue high quality assets in the food and beverage sector.
FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015
CLOSED HW&CO. TRANSACTIONS
a portfolio company of
has been acquired by
has acquired
has divested selected assets to
and
a portfolio company of
has been acquired by
WHAT WE’VE BEEN DOING
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has been acquired by
and
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has been acquired by
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
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has been acquired by
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1
PAGE |
Dr Pepper Snapple and Keurig recently announced a partnership in which Dr Pepper Snapple will develop fountain
syrup-based products for Keurig’s at-home cold beverage system. Pursuant to the agreement, Keurig will serve as the
sole provider of Dr Pepper Snapple-branded single-serve, carbonated drink pods. Keurig’s cold beverage system is
currently in development with an expected rollout in fall 2015.
Access to the full article here.
DR PEPPER SNAPPLE GROUP, KEURIG TO BRING PRODUCTS TO KEURIG COLD SYSTEM
WHAT WE’RE READING
Data from CHD expert and Technomic shows that pizza remains a go-to item, with US pizza sales for the year endedSeptember 2014 amounting to $38.5 billion, a 3.1% increase over 2013. Independent locations grabbed a 41% share,with regional and national chains accounting for the other 59%. As with other restaurant verticals, key trends affectingthe pizza industry are the Affordable Care Act, local and healthier ingredient sourcing, and commodity volatility.
Access to the full article here.
2
THE 2015 PIZZA POWER REPORT
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
A recent survey conducted by Daymon Worldwide revealed interesting consumer behavior in the wake of collapsinggas prices. Approximately 35% of grocery shoppers plan to use extra money previously earmarked for fuel to expandprivate label purchases rather than shifting to branded purchases. Another 22% of respondents will explore privatelabel products for the first time. Further private label growth will come from “expansion into non-commoditizedcategories that are presently led by strong national brands, like carbonated soft drinks.”Access to the full article here.
SURVEY UPENDS CONVENTIONAL WISDOM ABOUT PRIVATE BRANDS
VITAL SIGNS
COMMODITY PRICE INDICES1
PROTEIN PRICE INDICES2,3
50
100
150
200
Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14
Co
mm
od
ity P
ric
e In
de
x
Corn Soybeans Wheat Crude Oil
90
100
110
120
130
140
Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14
Pro
tein
Pri
ce
Ind
ex
Beef Pork Poultry
Beef:
41.3%
Pork:
14.7%
Poultry:
2.9%
Wheat:
(12.0%)
Soybeans:
(21.7%)
Crude Oil:
(28.4%)
Corn:
(28.7%)
PAGE |
Net Debt /
Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA
Protein Processing (10.1%) 15.6% (14.5%) (21.3%) 11.7x 15.2x 6.6x 3.3x
Fruit and Vegetable 5.7% 20.1% 17.1% 27.6% 20.1x 22.8x 18.2x 0.7x
Ingredients / Flavors 13.6% 19.0% 23.7% 11.9% 19.9x 33.1x 15.2x 1.5x
Agribusiness 9.2% 4.4% 2.9% (4.9%) 14.2x 16.3x 9.6x 0.9x
Branded Processed Foods 8.0% 5.6% 11.3% 2.5% 20.4x 23.2x 14.0x 2.2x
Private Label Foods (0.8%) 10.0% 26.5% 65.7% 21.4x 42.7x 16.8x 7.1x
Natural / Organic Foods (7.5%) 10.1% (12.3%) (3.3%) 28.4x 43.0x 16.4x 3.2x
Baked Goods / Snack Foods 5.2% 6.3% (2.3%) (1.1%) 20.9x 26.1x 11.9x 2.7x
Dairy 13.3% 6.5% 22.4% 34.6% 20.7x 25.7x 14.0x 2.6x
Non-Alcoholic Beverages 3.7% 8.8% 7.2% 10.9% 21.2x 22.5x 13.5x 1.6x
Alcoholic Beverages 3.7% 5.2% 8.8% 10.2% 20.5x 25.5x 15.8x 3.1x
Food Retail 20.6% (5.7%) 14.2% 6.6% 23.4x 23.7x 7.6x 2.3x
Grocery Distribution 23.8% 7.0% 6.2% 5.0% 25.4x 32.3x 11.3x 1.8x
Foodserv ice 9.8% (20.9%) 9.3% 8.6% 21.2x 33.1x 11.3x 3.5x
Quick Serv ice Restaurant 26.0% 14.0% 19.4% 28.1% 27.0x 29.4x 14.2x 1.8x
Fast Casual 9.0% 0.6% 4.7% (9.4%) 41.0x 32.6x 18.8x 0.8x
Differentiated Casual 19.3% 10.2% 13.7% (1.5%) 30.8x 29.9x 13.5x 0.3x
Casual Dining Restaurant 23.5% 21.2% 13.9% 15.1% 22.0x 27.0x 11.1x 2.4x
Pizza 33.8% 36.1% 23.7% 14.5% 30.8x 37.3x 18.5x 2.7x
Beverage / Snack Retail 10.6% 6.6% 10.9% 0.2% 28.5x 31.4x 17.8x 1.7x
Family Restaurant 18.4% 16.5% 17.1% 24.7% 25.0x 23.0x 12.1x 2.2x
Overall Median 9.4% 7.8% 10.9% 8.4% 21.4x 25.9x 12.9x 2.1x
Co
nsu
me
r a
nd
Re
tail
Stock Price % Change EV/EBITDA % Change Current Valuation Stats
Fo
od
an
d B
ev
era
ge
Inp
uts
80
100
120
140
Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14
Sa
les
Ind
ex
Restaurant Grocery
VITAL SIGNS CONT.
3
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
RESTAURANT AND GROCERY STORE SALES INDICES4
CONSUMER FOOD PRICE INDEX INFLATION2
PUBLIC EQUITY MARKET OVERVIEW
KEY TRADING STATISTICS5
Restaurant:
24.9%
Grocery:
10.0%
-0.5
1.0
2.5
4.0
5.5
Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14
Infla
tio
n (
%)
PAGE |
Close Date Filing Date Issuer Ticker Transaction Type
Gross Proceeds
($mm) Use of Funds
12/30/14 12/30/14 ZRHO Beverages Inc N/A IPO $0.1 Marketing & Sales
Working Capital
12/11/14 12/11/14 Sweets & Treats Inc N/A IPO $0.0 Secondary
12/04/14 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $2.2 General Corp. Purp.
11/27/14 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.3 Working Capital
Property Development
11/18/14 09/08/14 Pinnacle Foods Inc PF Follow-On $775.6 Secondary
10/31/14 10/31/14 Calavo Growers Inc CVGW Follow-On $64.0 Secondary
10/28/14 10/28/14 RiceBran Technologies RBIT Follow-On $10.8 General Corp. Purp.
10/23/14 10/23/14 Innovative Food Holdings Inc IVFH Follow-On $13.0 Secondary
09/30/14 09/30/14 Xylitol Canada Inc XYL Follow-On $1.5 Prod Dev / R&D General Corp.
Purp.
09/18/14 09/18/14 KonaRed Corp N/A Follow-On $14.0 Secondary
09/11/14 06/16/14 Inventure Foods Inc SNAK Follow-On $46.2 Secondary
08/04/14 08/04/14 Youngevity International Inc YGYI Convertible $4.4 General Corp. Purp.
07/30/14 07/30/14 Tyson Foods Inc TSN Convertible $1,500.0 Acquisition Fin.
Pay Fees & Expenses
PUBLIC EQUITY MARKET OVERVIEW CONT.
4
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE)
RECENT EQUITY OFFERINGS6
Foodserv ice
Food Retail
Fast Casual
Agribusiness
Alcoholic Bev erages
Branded Processed Foods
Baked Goods / Snack Foods
Dairy
Bev erage / Snack Retail
Grocery Distribution
Non-Alcoholic Bev erages
Priv ate Label Foods
Natural / Organic Foods
Differentiated Casual
S&P
Quick Serv ice Restaurant
Protein Processing
Family Restaurant
Ingredients / Flav ors
Fruit and Vegetable
Casual Dining Restaurant
Pizza
-40.0% -27.5% -15.0% -2.5% 10.0% 22.5% 35.0% 47.5%
Inputs Food and Beverage Consumer and Retail
PAGE |
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 1/14/15 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 $46.21 92.2% $36,354 $1,566 $842 $37,078 $19,708 $2,397 (2.8%) 5.4% 24.3% 12.2% 31.5x 1.88x 15.5x 1.81x 15.3x
B&G Foods Inc. BGS $29.57 85.4% $1,587 $1,045 $6 $2,626 $822 $188 19.6% 15.3% 31.4% 22.8% 33.0x 3.20x 14.0x 2.95x 12.4x
Campbell Soup Company CPB 45.58 97.7% 14,282 4,072 242 18,112 8,358 1,571 4.3% 2.7% 34.8% 18.8% 18.2x 2.17x 11.5x 2.19x 11.6x
ConAgra Foods, Inc. CAG 35.51 94.8% 15,124 8,479 132 23,471 17,617 2,336 7.9% 11.0% 20.2% 13.3% NM 1.33x 10.0x 1.46x 10.4x
General Mills, Inc. GIS 52.92 95.1% 31,950 10,535 895 41,591 17,642 3,229 (2.5%) 3.8% 34.4% 18.3% 22.1x 2.36x 12.9x 2.28x 11.5x
Hormel Foods Corporation HRL 50.59 91.3% 13,337 250 334 13,253 9,316 1,049 6.5% 5.7% 16.8% 11.3% 22.7x 1.42x 12.6x 1.33x 11.4x
Kellogg Company K 66.73 96.0% 23,691 7,712 426 30,977 14,567 3,755 (1.9%) 3.8% 43.2% 25.8% 13.9x 2.13x 8.2x 2.11x 11.1x
Kraft Foods Group, Inc. KRFT 62.76 97.3% 36,955 10,019 935 46,039 18,104 4,484 (0.1%) 0.6% 35.1% 24.8% 16.0x 2.54x 10.3x 2.49x 12.2x
McCormick & Company, Incorporated MKC 73.86 95.8% 9,535 1,368 101 10,802 4,240 728 3.4% 5.9% 40.7% 17.2% 23.2x 2.55x 14.8x 2.49x 14.5x
Mondelez International, Inc. MDLZ 36.55 92.4% 61,393 17,911 1,813 77,491 34,902 5,323 (1.1%) (13.2%) 37.1% 15.3% 34.5x 2.22x 14.6x 2.29x 13.7x
Nestlé S.A. NESN 72.90 99.4% 232,640 26,355 4,244 254,751 88,650 16,526 (2.2%) 1.2% 47.8% 18.6% 24.9x 2.87x 15.4x 2.74x 14.3x
Post Holdings, Inc. POST 41.20 68.0% 1,848 3,897 268 5,476 2,411 318 133.2% 35.5% 27.2% 13.2% NM 2.27x 17.2x 1.26x 9.7x
The Hain Celestial Group, Inc. HAIN 53.04 87.7% 5,394 887 93 6,189 2,307 282 24.6% 26.6% 24.9% 12.2% 40.5x 2.68x 22.0x 2.19x 16.3x
The Hershey Company HSY 107.02 98.5% 23,637 2,462 580 25,519 7,368 1,603 6.2% 7.1% 44.9% 21.8% 29.1x 3.46x 15.9x 3.21x 14.3x
The J. M. Smucker Company SJM 100.96 93.7% 10,279 2,437 122 12,594 5,505 1,181 (5.2%) 1.9% 36.5% 21.5% 18.5x 2.29x 10.7x 2.24x 10.5x
Mean 12.6% 7.6% 33.3% 17.8% 25.2x 2.36x 13.7x 2.20x 12.6x
Median 3.4% 5.4% 34.8% 18.3% 23.2x 2.29x 14.0x 2.24x 12.2x
Private Label Foods
Seneca Foods Corp. SENE.A 26.73 81.9% 298 349 14 634 1,324 35 2.1% 2.2% 6.2% 2.6% NM 0.48x 18.2x NA NA
Treehouse Foods, Inc. THS 86.96 94.3% 3,681 1,563 31 5,212 2,703 340 21.4% 10.1% 21.4% 12.6% 42.7x 1.93x 15.3x 1.45x 11.2x
Mean 11.8% 6.2% 13.8% 7.6% 42.7x 1.20x 16.8x 1.45x 11.2x
Median 11.8% 6.2% 13.8% 7.6% 42.7x 1.20x 16.8x 1.45x 11.2x
Natural / Organic Foods
Boulder Brands, Inc. BDBD 10.60 57.4% 648 308 19 937 514 68 14.4% 26.6% 38.1% 13.3% NM 1.82x 13.7x 1.66x 12.1x
SunOpta Inc. TSX:SOY 11.21 82.6% 752 151 7 895 1,276 70 9.3% 8.2% 11.6% 5.5% NM 0.70x 12.8x 0.66x 9.5x
The Hain Celestial Group, Inc. HAIN 53.04 87.7% 5,394 887 93 6,189 2,307 282 24.6% 26.6% 24.9% 12.2% 40.5x 2.68x 22.0x 2.19x 16.3x
The WhiteWave Foods Company WWAV 32.64 84.5% 5,691 1,555 226 7,020 3,205 366 29.7% 20.7% 34.0% 11.4% 45.4x 2.19x 19.2x 1.88x 14.6x
Mean 19.5% 20.5% 27.1% 10.6% 43.0x 1.8x 16.9x 1.6x 13.2x
Median 19.5% 23.7% 29.4% 11.8% 43.0x 2.0x 16.4x 1.8x 13.4x
Baked Goods / Snack Foods
ARYZTA AG SWX:ARYN $75.02 86.1% $6,615 $3,150 $930 $8,834 $5,679 $783 6.8% 7.4% 27.8% 13.8% NM 1.56x 11.3x 1.40x 9.7x
Diamond Foods, Inc. DMND 26.55 74.6% 834 659 11 1,482 877 85 4.4% (4.3%) 23.9% 9.7% NM 1.69x 17.4x 1.58x 12.5x
Flowers Foods, Inc. FLO 19.70 88.7% 4,136 817 8 4,944 3,730 426 2.0% 11.5% 47.9% 11.4% 22.6x 1.33x 11.6x 1.29x 11.0x
George Weston Limited WN 79.78 91.6% 10,204 12,698 2,061 20,841 33,580 2,381 20.1% 7.7% 26.4% 7.1% NM 0.62x 8.8x 0.54x 6.3x
Golden Enterprises Inc. GLDC 3.70 75.5% 43 8 2 49 133 6 (3.4%) (0.3%) 49.0% 4.8% 45.7x 0.37x 7.6x NA NA
Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.67 89.9% 12,541 4,499 268 16,772 12,654 1,381 5.4% 14.6% 53.2% 10.9% 34.2x 1.33x 12.1x 1.20x NA
Inventure Foods, Inc. SNAK 12.02 82.9% 235 89 1 323 271 23 35.2% 21.4% 18.0% 8.4% 26.1x 1.19x 14.3x 1.07x 11.0x
J&J Snack Foods Corp. JJSF 111.60 99.0% 2,084 1 92 1,993 919 145 6.0% 7.3% 31.3% 15.7% 29.1x 2.17x 13.8x 2.08x 12.9x
John B Sanfilippo & Son Inc. JBSS 41.46 85.2% 459 59 2 516 807 57 10.0% 5.7% 15.4% 7.1% 18.2x 0.64x 9.0x 0.61x NA
Lancaster Colony Corporation LANC 92.37 92.6% 2,526 0 228 2,298 1,053 172 8.4% (1.4%) 23.6% 16.3% 25.5x 2.18x 13.4x 2.11x NA
Penford Corporation PENX 18.44 96.6% 236 79 0 315 438 31 (4.4%) 2.3% 14.1% 7.0% 25.6x 0.72x 10.2x 0.65x 9.0x
Snyder's-Lance, Inc. LNCE 29.80 95.4% 2,094 452 113 2,432 1,821 192 18.1% 6.5% 33.6% 10.6% 29.9x 1.34x 12.6x 1.44x 12.1x
Mean 9.1% 6.5% 30.3% 10.2% 28.6x 1.3x 11.8x 1.3x 10.6x
Median 6.4% 6.9% 27.1% 10.2% 26.1x 1.3x 11.9x 1.3x 11.0x
Last Twelve Months (LTM) EV / LTM EV / 2014ERevenue Growth LTM Margins
TRADING STATISTICS DETAIL5
5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
PAGE |
Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 1/14/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Dairy
Danone BN $63.31 93.3% $37,939 $16,239 $4,208 $49,970 $24,452 $3,713 (3.5%) 4.1% 47.2% 15.2% 29.7x 2.04x 13.5x 1.95x 12.0x
Dean Foods Company DF 18.59 94.6% 1,744 978 30 2,692 9,404 220 2.5% (10.0%) 17.8% 2.3% NM 0.29x 12.2x 0.30x 8.2x
Glanbia plc GL9 15.67 100.0% 4,632 762 121 5,274 2,881 251 3.8% 1.7% 29.0% 8.7% 25.7x 1.83x 21.0x 1.69x 17.2x
Lifeway Foods Inc. LWAY 18.98 93.4% 310 9 6 314 115 7 25.0% 19.2% 25.4% 6.2% NM 2.73x 44.2x 2.32x 21.7x
Saputo Inc. TSX:SAP 28.08 94.4% 10,968 1,811 45 12,734 8,500 912 22.9% 16.3% 10.7% 10.7% 23.6x 1.50x 14.0x 1.46x 13.1x
Mean 10.2% 6.3% 26.0% 8.6% 26.3x 1.68x 21.0x 1.54x 14.4x
Median 3.8% 4.1% 25.4% 8.7% 25.7x 1.83x 14.0x 1.69x 13.1x
Non-Alcoholic Beverages
A.G.Barr p.l.c. LSE:BAG $8.84 86.4% $1,021 $25 $19 $1,027 $398 $73 6.7% 4.8% 46.2% 18.3% 21.8x 2.58x 14.1x 2.53x 13.2x
Cott Corporation BCB 7.57 95.7% 704 609 47 1,265 2,043 176 (4.1%) (4.1%) 11.8% 8.6% NM 0.62x 7.2x 0.59x 7.3x
Dr Pepper Snapple Group, Inc. DPS 74.81 99.9% 14,544 2,555 280 16,819 6,075 1,460 0.9% 1.2% 59.5% 24.0% 21.0x 2.77x 11.5x 2.73x 11.5x
Keurig Green Mountain, Inc. GMCR 129.41 81.5% 20,966 282 861 20,386 4,708 1,208 8.0% 21.1% 38.6% 25.7% 34.6x 4.33x 16.9x 3.86x 15.6x
Lassonde Industries Inc. LAS.A 114.30 98.2% 799 374 0 1,173 934 98 7.8% 20.9% 27.3% 10.5% 21.0x 1.26x 12.0x NA NA
Monster Beverage Corporation MNST 117.74 99.2% 19,737 0 996 18,740 2,400 721 10.2% 14.2% 53.5% 30.0% 47.1x 7.81x 26.0x 6.84x 21.0x
National Beverage Corp. FIZZ 22.53 82.5% 1,044 20 42 1,022 639 81 (2.0%) 1.5% 34.0% 12.6% 22.5x 1.60x 12.7x 1.55x NA
Pepsico, Inc. PEP 96.67 96.0% 144,677 32,742 12,906 164,513 66,853 12,787 0.9% 1.2% 53.5% 19.1% 21.4x 2.46x 12.9x 2.47x 12.5x
Starbucks Corporation SBUX 80.42 95.5% 60,178 2,048 1,844 60,383 16,448 3,541 10.6% 12.0% 58.3% 21.5% 29.8x 3.67x 17.1x 3.18x 13.9x
The Coca-Cola Company KO 42.56 94.6% 186,418 41,817 23,738 204,497 46,166 13,132 (2.3%) 0.1% 61.3% 28.4% 23.7x 4.43x 15.6x 4.45x 16.2x
Mean 3.7% 7.3% 44.4% 19.9% 27.0x 3.15x 14.6x 3.13x 13.9x
Median 3.8% 3.1% 49.9% 20.3% 22.5x 2.68x 13.5x 2.73x 13.6x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV ENXTBR:ABI $113.44 97.9% $182,287 $55,511 $8,845 $228,953 $46,756 $18,010 11.9% 6.6% 60.2% 38.5% 21.9x 4.90x 12.7x 4.73x 11.7x
Brown-Forman Corporation BF.B 89.14 91.0% 18,842 1,122 235 19,729 3,053 1,015 4.3% 3.7% 69.7% 33.2% 28.7x 6.46x 19.4x 4.64x 17.6x
Constellation Brands Inc. STZ 108.43 99.3% 20,948 7,346 71 28,223 5,963 1,746 39.6% 29.6% 43.5% 29.3% 27.8x 4.73x 16.2x NA 14.6x
Diageo plc DGE 27.84 89.5% 69,793 16,258 1,064 84,986 15,619 5,185 (9.2%) 1.2% 60.9% 33.2% 19.7x 5.44x 16.4x 5.10x 15.0x
Heineken NV ENXTAM:HEIA 71.70 94.9% 41,228 13,949 1,147 54,030 22,581 4,730 0.9% 4.1% 38.6% 20.9% 25.7x 2.39x 11.4x 2.33x 10.0x
Kirin Holdings Company, Limited TSE:2503 12.63 93.4% 11,521 7,128 482 18,167 18,717 2,288 12.5% 7.0% 42.7% 12.2% NM 0.97x 7.9x 0.95x 7.7x
Pernod-Ricard SA RI 114.87 98.6% 30,308 12,175 653 41,829 9,382 2,646 (7.3%) 1.5% 62.8% 28.2% 25.5x 4.46x 15.8x 4.26x 14.8x
SABMiller plc LSE:SAB 50.26 85.6% 80,759 16,581 3,015 94,325 16,967 5,839 (0.9%) 2.1% 70.8% 34.4% 23.8x 5.56x 16.2x 5.34x 14.0x
Sapporo Holdings Ltd. TSE:2501 4.08 86.2% 1,589 2,159 99 3,649 4,451 366 2.5% 6.6% 35.1% 8.2% NM 0.82x 10.0x 0.79x 9.5x
Mean 6.0% 6.9% 53.8% 26.5% 24.7x 3.97x 14.0x 3.52x 12.8x
Median 2.5% 4.1% 60.2% 29.3% 25.5x 4.73x 15.8x 4.45x 14.0x
Inputs
Protein Processing
Cal-Maine Foods, Inc. CALM $35.04 72.5% $1,695 $56 $201 $1,550 $1,503 $234 10.5% 12.6% 23.8% 15.6% 12.2x 1.03x 6.6x 0.98x 6.9x
JBS S.A. BOVESPA:JBSS3 3.87 81.6% 11,191 15,659 5,126 21,725 43,275 3,571 29.5% 24.2% 15.0% 8.3% 18.7x 0.50x 6.1x 0.43x 4.9x
Sanderson Farms, Inc. SAFM 77.99 75.1% 1,806 20 166 1,660 2,775 446 3.4% 11.9% 18.8% 16.1% 7.2x 0.60x 3.7x 0.56x 3.4x
Seaboard Corp. SEB 3,962.43 93.3% 4,640 35 465 4,210 6,553 442 (1.3%) 5.7% 9.3% 6.7% 15.2x 0.64x 9.5x 0.63x NA
Tyson Foods, Inc. TSN 39.85 90.1% 14,952 8,178 439 22,691 37,580 2,093 9.3% 5.5% 7.4% 5.6% 16.8x 0.60x 10.8x 0.54x 7.3x
Mean 10.3% 12.0% 14.8% 10.4% 14.0x 0.68x 7.4x 0.63x 5.6x
Median 9.3% 11.9% 15.0% 8.3% 15.2x 0.60x 6.6x 0.56x 5.9x
Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2014E
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 1/14/15 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 $47.79 96.6% $826 $38 $9 $855 $772 $42 20.3% 17.0% 9.3% 5.4% 22.8x 1.11x 20.4x 1.01x 15.6x
Fresh Del Monte Produce Inc. FDP 32.64 93.3% 1,836 140 37 1,939 3,878 233 8.3% 2.3% 8.7% 6.0% NM 0.50x 8.3x 0.49x 7.9x
Seneca Foods Corp. SENE.A 26.73 81.9% 298 349 14 634 1,324 35 2.1% 2.2% 6.2% 2.6% NM 0.48x 18.2x NA NA
Mean 10.2% 7.2% 8.1% 4.7% 22.8x 0.70x 15.6x 0.75x 11.7x
Median 8.3% 2.3% 8.7% 5.4% 22.8x 0.50x 18.2x 0.75x 11.7x
Ingredients / Flavors
Givaudan SA SWX:GIVN $1,871.99 97.7% $17,233 $1,603 $401 $18,435 $4,262 $873 (0.5%) 2.3% 45.9% 20.5% 33.8x 4.33x 21.1x 4.15x 17.3x
International Flavors & Fragrances Inc. IFF 103.96 98.2% 8,418 944 405 8,957 3,058 660 5.1% 3.3% 44.4% 21.6% 21.9x 2.93x 13.6x 2.85x 12.5x
Kerry Group plc ISE:KRZ 69.79 97.8% 12,269 1,861 317 13,813 6,826 821 (1.7%) 3.7% 43.2% 12.0% NM 2.02x 16.8x 1.97x 14.8x
Sensient Technologies Corporation SXT 58.88 93.0% 2,835 461 26 3,270 1,461 269 (0.5%) 0.7% 33.9% 18.4% 35.0x 2.24x 12.2x 2.24x 11.5x
Symrise AG XTRA:SY1 61.62 97.8% 7,999 1,818 266 9,550 2,314 493 7.9% 7.6% 43.5% 21.3% 33.1x 4.13x 19.4x 3.23x 15.0x
Tate & Lyle plc TATE 9.81 80.8% 4,571 1,291 527 5,335 4,311 571 (11.5%) 0.2% 26.2% 13.2% 16.5x 1.24x 9.3x 1.30x 9.0x
Mean (0.2%) 3.0% 39.5% 17.8% 28.0x 2.81x 15.4x 2.62x 13.3x
Median (0.5%) 2.8% 43.3% 19.4% 33.1x 2.58x 15.2x 2.55x 13.6x
Agribusiness
Archer-Daniels-Midland Company ADM $47.45 88.0% $30,548 $5,545 $4,887 $31,206 $84,450 $3,650 (6.8%) (1.4%) 5.3% 4.3% 16.3x 0.37x 8.5x 0.36x 7.4x
Bunge Limited BG 89.83 96.4% 13,030 6,885 3,380 16,535 60,305 1,757 (2.8%) 3.1% 4.6% 2.9% 21.9x 0.27x 9.4x 0.27x 7.2x
CF Industries Holdings, Inc. CF 289.34 95.5% 14,390 4,592 2,651 16,332 4,853 2,151 (13.8%) (4.8%) 39.7% 44.3% 10.4x 3.37x 7.6x 3.67x 7.5x
Darling Ingredients Inc. DAR 17.66 82.5% 2,908 2,283 193 4,998 3,323 462 93.2% 27.8% 25.2% 13.9% NM 1.50x 10.8x 1.34x 8.6x
Monsanto Company MON 117.51 91.2% 56,791 8,179 3,152 61,818 15,582 4,686 3.4% 7.8% 54.2% 30.1% 23.3x 3.97x 13.2x 3.79x 12.0x
The Andersons, Inc. ANDE 46.84 67.0% 1,345 367 327 1,385 4,853 144 (14.9%) 3.1% 8.1% 3.0% 11.6x 0.29x 9.6x 0.29x 5.8x
The Mosaic Company MOS 45.50 88.8% 16,895 3,816 2,971 17,740 8,007 1,443 (20.7%) (9.6%) 13.9% 18.0% NM 2.22x 12.3x 1.90x 7.7x
Mean 5.4% 3.7% 21.6% 16.6% 16.7x 1.71x 10.2x 1.66x 8.0x
Median (6.8%) 3.1% 13.9% 13.9% 16.3x 1.50x 9.6x 1.34x 7.5x
Consumer and Retail
Food Retail
Costco Wholesale Corporation COST 139.31 94.9% 61,367 5,034 7,619 58,782 114,489 4,374 7.5% 7.8% 12.6% 3.8% 29.0x 0.51x 13.4x 0.48x 12.4x
Establishments Delhaize Freres DELB 77.16 98.5% 7,841 3,434 1,769 9,506 25,167 1,395 1.6% 0.9% 24.0% 5.5% 28.1x 0.38x 6.8x 0.36x 5.8x
Fairway Group Holdings Corp. FWM 3.47 23.1% 151 257 37 370 798 29 11.5% NA 31.5% 3.7% NM 0.46x 12.5x 0.46x 8.5x
Ingles Markets, Incorporated IMKT.A 44.42 98.9% 900 937 9 1,829 3,836 220 2.6% 2.4% 22.0% 5.7% 19.5x 0.48x 8.3x 0.47x 8.0x
J. Sainsbury plc LSE:SBRY 3.70 65.2% 7,078 4,981 2,304 9,755 36,440 2,113 0.4% 3.2% 6.2% 5.8% NM 0.27x 4.6x 0.27x 5.0x
Koninklijke Ahold N.V. ENXTAM:AH 18.23 99.6% 15,017 3,993 2,219 16,791 38,006 2,523 (1.9%) 2.4% 26.5% 6.6% 17.9x 0.44x 6.7x 0.42x 6.5x
Natural Grocers by Vitamin Cottage NGVC 25.98 58.3% 584 22 5 601 521 41 20.9% 25.3% 29.1% 8.0% 43.3x 1.15x 14.5x 0.97x 12.8x
Roundy's, Inc. RNDY 4.16 43.7% 200 657 47 811 4,229 142 21.5% 3.4% 26.8% 3.3% NM 0.19x 5.7x 0.20x 6.4x
Safeway Inc. SWY 35.24 87.6% 8,123 2,817 1,415 9,525 36,542 1,516 6.1% (5.2%) 27.2% 4.1% NM 0.26x 6.3x 0.25x 5.9x
Sprouts Farmers Market, Inc. SFM 34.39 85.8% 5,202 385 118 5,469 2,841 244 23.1% NA 29.9% 8.6% NM 1.92x 22.4x 1.61x 18.2x
SUPERVALU Inc. SVU 9.08 91.3% 2,373 3,223 418 5,178 17,411 759 1.8% (21.9%) 14.8% 4.4% 19.0x 0.30x 6.8x 0.28x 6.6x
The Kroger Co. KR 65.75 98.6% 32,305 11,536 264 43,577 106,480 4,883 7.4% 6.2% 21.3% 4.6% 20.5x 0.41x 8.9x 0.39x 8.3x
The Pantry, Inc. PTRY 36.75 98.6% 861 933 82 1,713 6,765 221 (3.5%) (2.4%) 12.3% 3.3% NM 0.25x 7.8x 0.24x 7.3x
Village Super Market Inc. VLGE.A 27.71 91.0% 390 47 69 367 1,541 55 4.5% 4.9% 27.1% 3.5% 25.0x 0.24x 6.7x 0.23x NA
Weis Markets, Inc. WMK 47.42 89.9% 1,276 0 94 1,181 2,749 160 1.8% 0.9% 27.0% 5.8% 22.4x 0.43x 7.4x 0.42x NA
Whole Foods Market, Inc. WFM 51.45 91.2% 18,523 62 743 17,842 14,194 1,322 9.9% 12.0% 35.5% 9.3% 33.2x 1.26x 13.5x 1.14x 12.4x
Mean 7.2% 2.9% 23.4% 5.4% 25.8x 0.56x 9.5x 0.51x 8.9x
Median 5.3% 2.8% 26.6% 5.1% 23.7x 0.42x 7.6x 0.40x 7.6x
LTM Margins EV / 2014ELast Twelve Months (LTM) Revenue Growth EV / LTM
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 1/14/15 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 $79.00 85.0% $49 $19 $0 $68 $849 $12 2.9% 6.6% 9.0% 1.4% 11.7x 0.08x 5.7x NA NA
Core-Mark Holding Company, Inc. CORE 65.00 97.2% 1,502 65 24 1,543 8,056 104 8.0% 10.8% 7.0% 1.3% 34.9x 0.19x 14.9x 0.14x 11.6x
SpartanNash Company SPTN 26.39 97.3% 990 557 8 1,538 7,355 201 NA 40.8% 14.8% 2.7% 37.8x 0.21x 7.6x 0.19x 6.8x
United Natural Foods, Inc. UNFI 77.87 97.8% 3,894 547 18 4,424 7,185 275 14.8% 15.2% 16.4% 3.8% 29.6x 0.62x 16.1x 0.52x 13.3x
Mean 8.6% 18.4% 11.8% 2.3% 28.5x 0.27x 11.1x 0.28x 10.5x
Median 8.0% 13.0% 11.9% 2.1% 32.3x 0.20x 11.3x 0.19x 11.6x
Foodservice
Colabor Group Inc. TSX:GCL $2.81 64.1% $77 $170 $0 $247 $1,196 $26 (1.3%) 5.1% 2.2% 2.1% NM 0.21x 9.6x 0.20x 7.1x
Sysco Corporation SYY 40.27 97.2% 23,674 3,040 385 26,329 47,248 2,326 4.9% 5.6% 17.6% 4.9% 26.0x 0.56x 11.3x 0.53x 10.7x
The Chefs' Warehouse, Inc. CHEF 21.92 74.7% 549 145 5 689 802 40 28.7% 28.7% 24.7% 5.0% 40.2x 0.86x 17.1x 0.69x 11.5x
Mean 10.8% 13.2% 14.8% 4.0% 33.1x 0.54x 12.7x 0.47x 9.8x
Median 4.9% 5.6% 17.6% 4.9% 33.1x 0.56x 11.3x 0.53x 10.7x
Quick Service Restaurant
Brickworks Limited BKW 9.95 81.4% 1,477 306 20 1,763 547 64 10.5% 1.8% 30.7% 11.6% 17.6x 3.22x 27.7x 3.02x 13.0x
Jack in the Box Inc. JACK 84.45 96.5% 3,263 508 11 3,760 1,484 269 (0.4%) (3.1%) 26.1% 18.1% 37.9x 2.53x 14.0x 2.47x 13.2x
McDonald's Corp. MCD 91.54 88.2% 89,087 15,130 3,233 100,984 27,962 9,917 (0.0%) 1.9% 38.4% 35.5% 18.3x 3.61x 10.2x 3.75x 10.3x
Popeyes Louisiana Kitchen, Inc. PLKI 57.76 95.1% 1,348 110 10 1,448 227 70 10.7% 14.4% 65.7% 31.0% 38.0x 6.37x 20.6x 5.45x 17.0x
Sonic Corp. SONC 31.79 99.2% 1,701 461 45 2,117 566 147 4.1% 1.2% 53.9% 26.0% 35.6x 3.74x 14.4x 3.56x 13.0x
The Wendy's Company WEN 10.04 97.8% 3,667 1,447 342 4,771 2,152 336 (14.8%) (3.6%) 30.2% 15.6% 29.4x 2.22x 14.2x 2.44x 11.9x
Yum! Brands, Inc. YUM 72.31 86.5% 31,635 3,387 1,011 34,011 13,461 2,930 3.1% 3.7% 26.6% 21.8% 22.6x 2.53x 11.6x 2.47x 11.6x
Mean 1.9% 2.3% 38.8% 22.8% 28.5x 3.46x 16.1x 3.31x 12.9x
Median 3.1% 1.8% 30.7% 21.8% 29.4x 3.22x 14.2x 3.02x 13.0x
Fast Casual
Chipotle Mexican Grill, Inc. CMG 709.74 97.5% 22,011 0 790 21,221 3,883 764 26.5% 21.7% 37.8% 19.7% NM 5.47x 27.8x 4.56x 21.6x
El Pollo Loco Holdings, Inc. LOCO 24.45 58.6% 911 189 42 1,058 331 56 12.8% NA 25.4% 17.0% 39.2x 3.19x 18.8x 2.90x 16.5x
Fiesta Restaurant Group, Inc. FRGI 58.40 91.0% 1,539 69 2 1,606 591 79 17.3% 36.0% 25.2% 13.4% NM 2.72x 20.3x NA 17.1x
Noodles & Company NDLS 26.61 64.1% 793 22 2 812 387 43 17.3% 36.0% 20.2% 11.2% NM 2.10x 18.8x 1.76x 14.9x
Panera Bread Company PNRA 175.23 90.7% 4,726 100 146 4,680 2,518 406 17.3% 36.0% 34.4% 16.1% 26.0x 1.86x 11.5x 1.73x 11.3x
Potbelly Corporation PBPB 14.26 56.0% 413 1 69 345 317 32 17.3% 36.0% 30.3% 10.0% NM 1.09x 10.8x 0.98x 10.5x
Zoe's Kitchen, Inc. ZOES 32.83 85.5% 633 22 41 614 160 4 47.9% NA 20.3% 2.8% NM 3.83x 137.3x 2.97x 37.0x
Mean 22.4% 33.2% 27.7% 12.9% 32.6x 2.89x 35.1x 2.48x 18.4x
Median 17.3% 36.0% 25.4% 13.4% 32.6x 2.72x 18.8x 2.33x 16.5x
Differentiated Casual
BJ's Restaurants, Inc. BJRI $48.37 94.3% $1,262 $32 $24 $1,269 $831 $84 9.4% 12.6% 17.1% 10.1% NM 1.53x 15.1x 1.39x 12.3x
Buffalo Wild Wings Inc. BWLD 184.71 98.0% 3,496 0 100 3,395 1,449 236 17.9% 25.8% 25.0% 16.3% 37.8x 2.34x 14.4x 1.96x 12.5x
Chuy's Holdings, Inc. CHUY 20.84 48.0% 343 9 3 348 234 26 16.9% 23.6% 18.5% 11.1% 29.9x 1.49x 13.3x 1.26x 10.5x
Ignite Restaurant Group, Inc. IRG 7.28 44.7% 191 163 33 320 847 24 17.3% 36.0% 29.9% 2.8% NM 0.38x 13.5x 0.38x 8.3x
The Cheesecake Factory Incorporated CAKE 52.29 98.3% 2,495 102 22 2,575 1,952 233 4.5% 4.8% 43.0% 12.0% 25.2x 1.32x 11.0x 1.23x 10.1x
Mean 13.2% 20.6% 26.7% 10.5% 30.9x 1.41x 13.5x 1.24x 10.8x
Median 16.9% 23.6% 25.0% 11.1% 29.9x 1.49x 13.5x 1.26x 10.5x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2014E
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 1/14/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Casual Dining Restaurant
Bloomin' Brands, Inc. BLMN 25.58 96.7% 3,214 1,414 145 4,484 4,385 426 7.5% 6.5% 16.3% 9.7% 25.4x 1.02x 10.5x 0.98x 9.4x
Brinker International, Inc. EAT 60.86 98.2% 3,868 893 64 4,698 2,932 431 3.0% 1.9% 19.3% 14.7% 26.2x 1.60x 10.9x 1.54x 9.9x
Darden Restaurants, Inc. DRI 59.28 96.4% 7,353 1,554 158 8,750 6,423 643 29.9% (6.0%) 20.1% 10.0% NM 1.36x 13.6x 1.28x 10.7x
DineEquity, Inc. DIN 107.85 99.1% 2,044 1,365 133 3,277 648 272 1.1% (17.0%) 60.2% 41.9% 27.0x 5.05x 12.1x 4.97x 12.0x
Red Robin Gourmet Burgers Inc. RRGB 81.54 98.5% 1,143 156 20 1,279 1,106 115 8.9% 7.1% 22.7% 10.4% 33.7x 1.16x 11.1x 1.01x 9.6x
Ruby Tuesday, Inc. RT 5.98 69.8% 370 252 48 575 1,147 80 (3.6%) (4.2%) 17.0% 7.0% NM 0.50x 7.2x 0.50x 9.7x
Texas Roadhouse, Inc. TXRH 34.44 96.6% 2,391 53 59 2,385 1,554 186 14.6% 13.0% 33.0% 12.0% 28.8x 1.53x 12.8x 1.40x 11.2x
Mean 8.8% 0.2% 26.9% 15.1% 28.2x 1.75x 11.2x 1.67x 10.4x
Median 7.5% 1.9% 20.1% 10.4% 27.0x 1.36x 11.1x 1.28x 9.9x
Fine Dining
Del Frisco's Restaurant Group, Inc. DFRG 20.65 69.7% 484 6 1 488 293 41 15.0% 16.8% 24.4% 14.0% 31.5x 1.66x 11.9x 1.43x 9.9x
Ruth's Hospitality Group Inc. RUTH 15.32 100.0% 542 30 3 568 418 49 2.9% 4.8% 21.6% 11.8% 40.1x 1.36x 11.5x 1.46x 10.4x
Mean 8.9% 10.8% 23.0% 12.9% 35.8x 1.5x 11.7x 1.4x 10.2x
Median 8.9% 10.8% 23.0% 12.9% 35.8x 1.5x 11.7x 1.4x 10.2x
Pizza
Domino's Pizza, Inc. DPZ 98.91 95.2% 5,441 1,524 31 6,934 1,917 364 8.0% 5.6% 30.1% 19.0% 36.4x 3.62x 19.1x 3.39x 17.1x
Papa John's International Inc. PZZA 62.52 98.1% 2,511 225 17 2,718 1,561 151 10.0% 9.2% 33.5% 9.7% 38.2x 1.74x 18.0x 1.66x 15.8x
Mean 9.0% 7.4% 31.8% 14.3% 37.3x 2.68x 18.5x 2.52x 16.4x
Median 9.0% 7.4% 31.8% 14.3% 37.3x 2.68x 18.5x 2.52x 16.4x
Beverage / Snack Retail
Dunkin' Brands Group, Inc. DNKN $45.08 85.0% $4,715 $1,817 $156 $6,376 $739 $358 6.7% 6.6% 78.8% 48.4% 29.6x 8.63x 17.8x NA 16.0x
Jamba, Inc. JMBA 15.82 95.9% 275 0 30 245 218 6 (4.9%) (0.9%) 36.2% 3.0% NM 1.12x 37.9x 1.25x 13.6x
Krispy Kreme Doughnuts, Inc. KKD 19.61 92.1% 1,270 9 44 1,234 478 60 2.6% 6.7% 18.3% 12.6% 35.5x 2.58x 20.4x 2.29x 15.8x
Starbucks Corporation SBUX 80.42 95.5% 60,178 2,048 1,844 60,383 16,448 3,541 10.6% 12.0% 58.3% 21.5% 29.8x 3.67x 17.1x 3.18x 13.9x
Tim Hortons Inc. THI 82.90 98.8% 11,368 1,290 105 12,554 2,888 711 8.8% 8.3% 24.8% 24.6% 32.9x 4.35x 17.7x 4.15x 16.7x
Mean 4.8% 6.5% 43.3% 22.0% 32.0x 4.07x 22.2x 2.72x 15.2x
Median 6.7% 6.7% 36.2% 21.5% 31.4x 3.67x 17.8x 2.73x 15.8x
Family Restaurant
Bob Evans Farms, Inc. BOBE $56.11 98.8% $1,324 $469 $4 $1,789 $1,326 $112 (1.0%) (7.2%) 35.0% 8.5% NM 1.35x 15.9x 1.28x 10.9x
Cracker Barrel Old Country Store, Inc. CBRL $133.33 93.6% $3,188 $402 $106 $3,485 $2,718 $289 1.9% 3.7% 67.3% 10.6% 23.0x 1.28x 12.1x 1.23x 11.5x
Denny's Corporation DENN 10.90 100.0% 924 172 1 1,094 458 77 (1.4%) (5.6%) 37.6% 16.9% 35.5x 2.39x 14.1x 2.29x 12.4x
Frisch's Restaurants, Inc. FRS 27.29 88.3% 140 6 3 142 211 21 3.0% 7.4% 10.5% 10.2% 13.7x 0.68x 6.6x NA NA
Luby's, Inc. LUB 4.80 66.2% 137 48 2 183 395 15 1.2% 3.9% 30.9% 3.9% NM 0.46x 12.0x 0.45x NA
Mean 0.8% 0.4% 36.2% 10.0% 24.1x 1.23x 12.2x 1.31x 11.6x
Median 1.2% 3.7% 35.0% 10.2% 23.0x 1.28x 12.1x 1.26x 11.5x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2014E
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Silver Springs Citrus agreed to acquire Country Pure Foods for about $100 million (¥12 billion).
The buyer, Silver Springs Citrus Inc., is a joint venture between Japanese firms Sapporo Group and Toyota Tsusho Group.
The transaction will help expand Silver Springs Citrus’ presence in North America, specifically in the foodservice segment.
Enterprise Value: $100.0 mmRevenue Multiple: 0.6xEBITDA Multiple: N/A Announced: December 25, 2014
PUBLIC EQUITY MARKET OVERVIEW CONT.
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FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5
SILVER SPRINGS CITRUS ACQUIRES COUNTRY PURE FOODS
Highlighted Food and Beverage M&A Transactions
DEL MONTE CAPITOL MEAT ACQUIRED BY THE CHEF’S WAREHOUSE
GRUPO BIMBO ACQUIRES SAPUTO BAKERY GROUP
The Chef’s Warehouse agreed to acquire Del Monte Capitol Meat for approximately $191.2 million, with a potential earnout of $25.5 million.
The merger consideration consists of cash, CHEF common stock, and convertible subordinated notes.
The deal will provide The Chef’s Warehouse with a complementary customer base and expanded set of “center of the plate” offerings.
Enterprise Value: $191.2 mmRevenue Multiple: N/AEBITDA Multiple: N/AAnnounced: January 12, 2015
M&A MARKET OVERVIEW
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Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500
Grupo Bimbo SAB de CV agreed to acquire Saputo Bakery Group, a subsidiary of Saputo Inc., for $103.4 million (CAD$120 million).
Grupo Bimbo intends to combine Saputo Bakery Group with its Canada Bread subsidiary, which it purchased in May 2014 for $1.7 billion.
The acquisition provides Canada Bread with a complementary product portfolio along with a host of manufacturing and distribution synergies.
Enterprise Value: $103.4 mmRevenue Multiple: 0.8xEBITDA Multiple: 8.4xAnnounced: December 18, 2014
17.8%
11.5%
8.9%
8.4%
7.8%
(16.8%)
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M&A MARKET OVERVIEW CONT.
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North American Food and Beverage M&A Trends5
MEDIAN FOOD & BEV. TRANSACTION MULTIPLES
PRIVATE EQUITY INVESTMENTS & EXITS
Latest Deals and Announced Private Equity Activity5
LAST 10 DEALS ANNOUNCED
ANNOUNCED FOOD & BEV. TRANSACTIONS
Announced Target Buyer1/0/1900 0 Cargill, Incorporated
1/12/2015 Del Monte Capitol Meat Co. Inc. The Chefs' Warehouse, Inc.
1/12/2015 B. Roberts Foods, LLC Bakkavör Group Ltd
1/8/2015 Halpern’s Steak & Seafood Company Gordon Food Service
1/7/2015 Saratoga Sweets, Ltd. The Candy Company of Saratoga Springs
1/5/2015 Sun Orchard, Inc. Centre Partners Management LLC
1/5/2015 Lucini Italia Company LLC California Olive Ranch Inc
1/5/2015 Daystar Desserts LLC Dianne's Fine Desserts Inc.
1/5/2015 Sauce Pizza & Wine PNC Mezzanine Capital
1/5/2015 KB Wines, LLC J.W. Childs Associates, L.P.
12/26/2014 Roy's Restaurants United Ohana, LLC
9.9x
8.8x 8.3x 8.0x
11.3x
9.2x 9.7x
0.00x
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
2.00x
0x
2x
4x
6x
8x
10x
12x
14x
16x
2008 2009 2010 2011 2012 2013 2014
EV
/ LTM
Sa
les M
ultip
leEV
/ L
TM E
BIT
DA
Mu
ltip
le
EV / LTM EBITDA EV / LTM Sales
$110.2
$9.3
$67.2
$8.2
$24.0
$55.7
$120.7
0
50
100
150
200
250
300
350
$0
$20
$40
$60
$80
$100
$120
$140
2008 2009 2010 2011 2012 2013 2014
Nu
mb
er o
f Tran
sa
ctio
ns
Ag
gre
ga
te
D
ea
l V
alu
e (
$ in
billio
ns)
Aggregate Deal Value # of deals
27
46
21
14
32
25 26
38
31
5
27 26 27
17
34
18
36
4348
2
0
10
20
30
40
50
60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Nu
mb
er
of
Tra
nsa
cti
on
s
Number of Investments Number of Exits
PAGE |
Effective Date Borrower Name Description Tranche Amount Type Rating Spread
12/26/14 Imuraya Group Co Ltd Candy & other confectionery JPY 3,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
12/22/14 Ito Ham Foods Inc Sausages and other prepared meats JPY 5,000,000,000 Term Loan N/A / NR N/A
12/23/14 Quality Sausage Co Sausages and other prepared meats USD 60,000,000 Revolver/Line >= 1 Yr. N/A / NR 200
12/23/14 Rosendo Mila SL Bread, cake, and related products EUR 2,000,000 Term Loan N/A / NR N/A
12/23/14 Rosendo Mila SL Bread, cake, and related products EUR 4,000,000 Term Loan N/A / NR N/A
12/23/14 Rosendo Mila SL Bread, cake, and related products EUR 570,000 Term Loan N/A / NR N/A
12/23/14 Rosendo Mila SL Bread, cake, and related products EUR 8,430,000 Term Loan N/A / NR N/A
12/22/14 Silver Springs Bottled Water Bottled and canned soft drinks USD 63,650,000 Term Loan N/A / NR 250
12/22/14 Silver Springs Bottled Water Bottled and canned soft drinks USD 6,750,000 Revolver/Line >= 1 Yr. N/A / NR 250
12/17/14 Top Food Industry Corp Food preparations TWD 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 150
12/17/14 Top Food Industry Corp Food preparations TWD 400,000,000 Term Loan N/A / NR 48
12/17/14 Top Food Industry Corp Food preparations USD 10,000,000 Standby Letter of Credit N/A / NR N/A
12/12/14 Archer Daniels Midland Co Wet corn milling USD 1,000,000,000 364-Day Facility N/A / NR N/A
12/12/14 Archer Daniels Midland Co Wet corn milling USD 1,500,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
12/12/14 Hain Celestial Group Food preparations USD 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
Av
era
ge
Sp
rea
d O
ve
r LI
BO
R
AVERAGE SPREAD ON FOOD & BEVERAGE LOANS
DEBT MARKET OVERVIEW
12
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
Food and Beverage Loan Activity7
AVERAGE SECONDARY SPREADS
Recent Debt Offerings8
CREDIT STATISTICS
QUARTERLY LOAN VOLUME
$0
$2
$4
$6
$8
$10
$12
$14
$16
4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14
Loa
n V
olu
me
by
Qu
art
er
($ in
bill
ion
s)
Inst itutional Pro Rata
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
L + 600
2008 2009 2010 2011 2012 2013 2014
Av
era
ge
Sp
rea
d O
ve
r LI
BO
R
Revolving Credit / Term Loan A Weighted-Average Institutional
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
2010 2011 2012 2013 2014
PAGE |
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer
Value
($mm) Sales EBITDA EBIT Involvement
1/12/2015 Del Monte Capitol Meat Co. Inc. - The Chefs' Warehouse, Inc. $191.2 - - -
1/12/2015 B. Roberts Foods, LLC SCP Management, LLC Bakkavör Group Ltd - - - - P
1/8/2015 Halpern’s Steak & Seafood Company - Gordon Food Service - - - -
1/7/2015 Saratoga Sweets, Ltd. - The Candy Co. of Saratoga Springs - - - -
1/5/2015 Sun Orchard, Inc. - Centre Partners Management LLC - - - - P
1/5/2015 Lucini Italia Company LLC Molinos USA, Corp. California Olive Ranch Inc - - - -
1/5/2015 Daystar Desserts LLC - Dianne's Fine Desserts Inc. - - - - P
1/5/2015 Sauce Pizza & Wine Fox Restaurant Concepts LLC PNC Mezzanine Capital - - - - P
1/5/2015 KB Wines, LLC Vincraft Group J.W. Childs Associates, L.P. - - - - P
12/26/2014 Roy's Restaurants Bloomin' Brands, Inc. United Ohana, LLC $20.0 - 4.0x -
12/25/2014 Distant Lands Trading Co. Centre Partners Management LLC ITO EN (North America) Inc. $83.2 0.06x - 15.0x P
12/24/2014 Country Pure Foods, Inc. Mistral Equity Partners Silver Springs Citrus Inc. $100.0 0.65x - - P
12/24/2014 Maxfield Candy Company - Mrs. Fields Confections - - - -
1/23/2014 Dori Foods - Good Source Solut ions - - - - P
12/22/2014 Blue Buddha Beverages LLC - Wholesome Tea Company, LLC - - - -
12/19/2014 Bumble Bee Seafoods - Thai Union Frozen Products PCL $1,510.0 1.50x 8.6x -
12/18/2014 The Pantry, Inc. (NasdaqGS:PTRY) - Alimentation Couche-Tard (TSX:ATD.B) $1,744.1 0.23x 7.9x 15.8x
12/18/2014 Saputo Bakery Group, Inc. Saputo Inc. (TSX:SAP) Grupo Bimbo SAB de CV $103.4 0.80x 8.4x -
12/17/2014 Freedom Seed and Feed, LLC - IMD Companies, Inc. (OTCPK:ICBU) $1.9 - - -
12/17/2014 Matt ingly Foods of Louisville, LLC Matt ingly Foods, Inc. Creation Gardens, Inc. - - - -
12/15/2014 ADM's Global Cocoa Business Archer-Daniels-Midland (NYSE:ADM) Olam International Limited (SGX:O32) $1,300.0 - 7.6x -
12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) - BC Partners, Apollo Global Mgmt. $8,706.5 1.20x 9.1x - P
12/4/2014 Laughing Man Coffee and Tea Brand Laughing Man Worldwide, LLC Keurig Green Mountain, Inc. - - - -
12/4/2014 Bread & Company - First Watch Restaurants, Inc. - - - -
12/3/2014 Varied Industries Corporation - Church & Dwight Co. Inc. (NYSE:CHD) - - - -
12/2/2014 734 Citrus Holdings, LLC 734 Agriculture, LLC Alico Inc. (NasdaqGS:ALCO) $72.0 - - -
12/2/2014 Talent i Gelato e Sorbetto - Unilever plc (LSE:ULVR) - - - -
12/2/2014 Limestone Branch Dist illery, Inc. - Luxco, Inc. - - - -
12/2/2014 Legend Distribut ing, LLC - Lipman Produce, Inc. - - - -
12/1/2014 Orange-Co LP., Certain Assets and Liabilit ies Orange-Co, LP Alico Inc. (NasdaqGS:ALCO) $274.0 - - -
11/24/2014 Mult ibar, Inc. Bank of Montreal (TSX:BMO); Novacap Nellson Nutraceutical, LLC - - - - P
11/21/2014 Noosa Yoghurt, LLC - Advent International Corporation - - - - P
11/20/2014 Primo Smallgoods Group Affinity Equity Partners JBS S.A. $1,250.0 0.90x 8.1x - P
11/19/2014 Chief Super Market, Inc. - Fresh Encounter, Inc. - - - -
11/17/2014 Pro View Foods, LLC - John Soules Foods, Inc. - - - -
11/16/2014 Mitchell's Restaurants Ruth's Hospitality Group Landry's, Inc. $10.0 - - -
11/14/2014 Garden Protein International, Inc. TSG Consumer Partners Pinnacle Foods Inc. $154.8 - - - P
11/12/2014 Poppy's Teas LLC - Lexaria Corp. $0.1 - - -
11/12/2014 Puget Technologies,Inc Allanwater Enterprises Corp. Qest Acquisit ion Corporation - - - -
11/10/2014 De Sousa Wine Cellars Corporation Diamond Estates Wines & Spirits Inc. Oakwest Corporation Limited $1.6 - - -
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x
De
c-1
3
Ja
n-1
4
Fe
b-1
4
Ma
r-14
Ap
r-1
4
Ma
y-1
4
Ju
n-1
4
Ju
l-14
Au
g-1
4
Se
p-1
4
Oc
t-1
4
No
v-1
4
De
c-1
4
Me
dia
n T
rad
ing
Mu
ltip
le
Food Products, Processing, and Ingredients Retail and Restaurants
25
36
22
34 36
46 47
2533
49
3442
53 5248
3933
46 4752
70
89
58 57
4
5
2
3
47
57
136
7
7
5
4 79
610
13 87
10
6
105
5
0
10
20
30
40
50
60
70
80
90
100
Q10
9
Q20
9
Q30
9
Q40
9
Q11
0
Q21
0
Q31
0
Q41
0
Q11
1
Q21
1
Q31
1
Q41
1
Q11
2
Q21
2
Q31
2
Q41
2
Q11
3
Q21
3
Q31
3
Q41
3
Q11
4
Q21
4
Q31
4
Q41
4
Q11
5
Nu
mb
er
of
Tra
nsa
ctio
ns
Strategic Acquirer Private Equity Acquirer
RECENT NORTH AMERICAN FOOD AND BEVERAGE M&A ACTIVITY
13
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
QUARTERLY M&A ACTIVITY
Median LTM Trading Multiples & Quarterly Food & Beverage M&A5
Recent North American Food and Beverage M&A5
MEDIAN LTM TRADING MULTIPLES
PAGE |
Enterprise Enterprise Value Private Equity
Announced Target Seller Buyer
Value
($mm) Sales EBITDA EBIT Involvement
11/10/2014 Dahl's Foods Inc. - Associated Wholesale Grocers, Inc. - - - -
11/10/2014 The Alpine Beer Company - Green Flash Brewing Co. - - - -
11/7/2014 Nature's Pantry, Inc. - Natural Grocers by Vitamin Cottage - - - -
11/7/2014 Van Houtte Café Franchise Network Keurig Canada Inc. MTY Food Group Inc. - - - -
11/7/2014 Henry's Foods, Inc. - Crosby's Markets, Inc. - - - -
11/6/2014 DSS Group, Inc. Crestview Partners, L.P. Cott Corporation $1,246.5 - - - P
11/6/2014 McAlister's Deli of Georgetown - The Saxton Group, Inc. - - - -
11/5/2014 10 Barrel Brewing Company - Anheuser-Busch Companies, LLC - - - -
11/3/2014 Best Maid Cookie Co., Inc. - Arbor Private Investment Company - - - - P
11/3/2014 Howard and Associates, Inc. - Acosta, Inc. - - - -
10/31/2014 McArthur's Bakery & Cafe - Live to Venture Holdings, LLC $3.5 - - -
10/31/2014 Harrell Nut Company - Golden Peanut and Tree Nuts - - - -
10/31/2014 Maui Beverages, Inc. Thirsty Ventures, Inc. Lyons-Magnus, Inc. - - - -
10/28/2014 Teasdale Foods Inc. Palladium Equity Partners Snow Phipps Group, LLC - - - - P
10/28/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. - - - -
10/26/2014 High Country Shrimp Company - Alkame Holdings, Inc. $0.0 - - -
10/24/2014 Gloria Jean's Gourmet Coffees Corp. - Retail Food Group Limited $158.4 - - -
10/23/2014 Café de Coral Holdings Limited, North America Café de Coral Holdings Limited MTY Food Group Inc. $7.0 - - -
10/21/2014 The Filling Stat ion - Messenger Coffee Co. - - - -
10/16/2014 Peter Piper, Inc. Acon Investments, L.L.C. CEC Entertainment Inc. - - - - P
10/15/2014 Hewitt 's Dairy Limited - Gay Lea Foods Co-operative Ltd. - - - -
10/14/2014 Penford Corporation Equity Group Investments Ingredion Incorporated $339.1 0.75x 16.2x 42.1x P
10/14/2014 Masada Bakery, Inc. - Nashville Bun Company, LLC - - - -
10/14/2014 Savor Coffee Inc. - American Diversified Holdings Corp. - - - -
10/13/2014 The Chocolate Gecko - Uncle Sam's All American Chocolate - - - -
10/10/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. $3.8 - - -
10/8/2014 The Toffee Box, LLC - BBX Sweet Holdings - - - -
10/8/2014 Heinold Feed Company and Farmers Pellet Mill - Belstra Milling Co., Inc. - - - -
10/3/2014 Merisant Company, Inc. MSD Capital, L.P. Flavors Holdings Inc. - - - - P
10/2/2014 Anastasia Confections, Inc. - BBX Sweet Holdings - - - -
10/1/2014 SALOV S.p.A. - ShangHai YiMin NO.1 Foods Co.,Ltd. - - - -
9/29/2014 Einstein Noah Restaurant Group, Inc. GreenLight Capital BDT Capital Partners; JAB Beech Inc. $463.1 1.05x 10.3x 16.9x P
9/29/2014 Mountaire Farms Statesville Breeder - Mountaire Farms, Inc. - - - -
9/26/2014 Rivertown Brewing Company, LLC - Individuals - - - -
9/26/2014 Daily's Foods, Inc. Seaboard Foods LLC Triumph Foods, LLC $145.0 - - -
9/26/2014 Crunchies Food Company, LLC - Family Trust and DD Revocable Trust $3.1 - - -
9/25/2014 Fasta Pasta Restaurant Concept - SCS Direct Inc. - - - -
9/25/2014 English Bay Batter (Vancouver), Inc. - Kilmer Van Nostrand Co. Limited - - - -
9/23/2014 P&G, European Pet Food Business The Procter & Gamble Company Spectrum Brands Holdings, Inc. - - - -
9/19/2014 Shine Coffee LLC - Short Leash, LLC - - - -
9/19/2014 Tea Stat ion Chinese Bistro, Inc. - Individuals $0.8 - - -
9/18/2014 Guilliams Vineyards - Kieu Hoang Winery, LLC - - - -
9/18/2014 Pabst Brewing Company, Inc. C. Dean Metropoulos & Co. TSG Consumer Partners - - - - P
9/17/2014 Hispanic Specialty Brands, LLC - Dream Foods International, LLC - - - -
9/17/2014 Turt le Mountain, LLC Wasserstein & Co., LP The WhiteWave Foods Company $195.0 1.70x - - P
9/16/2014 Grocery Outlet Inc. Berkshire Partners; Prospect Capital Hellman & Friedman LLC - - - - P
9/15/2014 Pine Mountain Springs, Inc. - DS Services of America, Inc. - - - -
9/15/2014 Rockside Vineyards LLC - Wyandotte Winery LLC - - - -
9/15/2014 981,000-Bushel Grain Facility in Silica - Gavilon Grain, LLC - - - -
9/12/2014 The Isopure Company, LLC Encore Consumer Capital Glanbia plc $153.0 2.05x - - P
9/10/2014 Windsor Quality Food Company, Ltd - Ajinomoto North America, Inc. $800.0 1.19x - -
9/9/2014 The Burger Company LLC - American Roadside Burgers, Inc. $0.6 - - -
9/8/2014 Annie's, Inc. - General Mills, Inc. $821.4 3.95x 38.6x 41.9x
9/2/2014 Harry & David Holdings, Inc. Wasserstein & Co., LP 1-800-Flowers.com Inc. $101.8 0.27x 5.0x 8.4x P
9/2/2014 ADM Global Chocolate Business Archer-Daniels-Midland Company Cargill, Incorporated $440.0 - - -
9/2/2014 Inko's LLC - Braintrust Investments, LLC - - - -
9/2/2014 Manzen, LLC Manchester Consolidated Corp. Big Red, Inc. - - - -
8/29/2014 SC Zaharul Liest i SA Lemarco SA AGRANA Zucker GmbH - - - -
8/26/2014 CCA Industries, Inc., Mega-T Brand CCA Industries Inc. Casla Partners $2.3 - - - P
8/26/2014 Tim Hortons Inc. - Burger King Worldwide, Inc. $13,351.0 4.35x 17.4x 21.5x
8/26/2014 The Cook & Baker, LLC - Portable Pantry LLC - - - -
8/25/2014 Rusty Taco, Inc. - Buffalo Wild Wings Inc. - - - -
8/21/2014 HDOS Enterprises - Global Franchise Group, LLC - - - -
8/20/2014 Nice N Easy Grocery Shoppes, Inc. - CST Brands, Inc. - - - -
RECENT NORTH AMERICAN FOOD AND BEVERAGE M&A ACTIVITY CONT.
14
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
Recent North American Food and Beverage M&A5 cont.
PAGE |
February 2015
Date Company
2/3/2015 The Wendy's Company (NasdaqGS:WEN)
2/3/2015 Archer-Daniels-Midland Company (NYSE:ADM)
2/3/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG)
2/4/2015 Yum! Brands, Inc. (NYSE:YUM)
2/5/2015 Dunkin' Brands Group, Inc. (NasdaqGS:DNKN)
2/10/2015 Molson Coors Brewing Company (NYSE:TAP)
2/10/2015 The Coca-Cola Company (NYSE:KO)
2/11/2015 Pepsico, Inc. (NYSE:PEP)
2/11/2015 Mondelez International, Inc. (NasdaqGS:MDLZ)
2/12/2015 Tate & Lyle plc (LSE:TATE)
2/12/2015 Pernod-Ricard SA (ENXTPA:RI)
2/12/2015 Treehouse Foods, Inc. (NYSE:THS)
2/12/2015 Kellogg Company (NYSE:K)
2/13/2015 The J. M. Smucker Company (NYSE:SJM)
2/18/2015 Denny's Corporation (NasdaqCM:DENN)
2/19/2015 Nestlé S.A. (SWX:NESN)
2/20/2015 Danone (ENXTPA:BN)
2/24/2015 Kerry Group plc (ISE:KRZ)
2/24/2015 Domino's Pizza, Inc. (NYSE:DPZ)
2/24/2015 Papa John's International Inc. (NasdaqGS:PZZA)
2/25/2015 Campbell Soup Company (NYSE:CPB)
2/26/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)
March 2015
Company
3/5/2015 The Chefs' Warehouse, Inc. (NasdaqGS:CHEF)
3/5/2015 The Kroger Co. (NYSE:KR)
3/18/2015 General Mills, Inc. (NYSE:GIS)
3/26/2015 ConAgra Foods, Inc. (NYSE:CAG)
FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR
15
FOOD AND BEVERAGE
INDUSTRY UPDATE │ JANUARY 2015
Earnings Release Calendar5
Transportation & Logistics
Aerospace, Defense & Government
Services
IndustrialsBusiness Services
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Energy & Power
Technology, Media & Telecom
Specialty Distribution
Healthcare & Lifesciences
Consumer
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HARRIS WILLIAMS & CO.
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
SOURCES
FOOD AND BEVERAGEINDUSTRY UPDATE │ JANUARY 2015
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DISCLOSURES
17
