consumer & retail

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

CONSUMER & RETAIL

INDUSTRY UPDATE │ SEPTEMBER 2017

PAGE |

www.harriswilliams.de

Big values and bold buyers continue to define the consumer M&A landscape in 2017.Throughout the course of this year, we have continued to see the confluence ofdynamics – driven by both buyers and sellers – that have sustained the strength of themarket. While structural shifts continue to evolve around how, when, and where peoplebuy products and food/services, the consumer is confident; and strong fundamentals inconsumer spending is driving the overall growth. We are seeing steady, albeit slow,growth in most major global economies. The strength of the market is reflected in ourown activity which has remained busy throughout 2017. The HW&Co. Consumer teamhas completed 17 deals this year, including the four highlighted below that closed in thethird quarter, and included strong interest from strategic and financial buyers who areaggressively looking to deploy capital.

HARRIS WILLIAMS & CO. CONSUMER UPDATE

1

GROUP OVERVIEW

Harris Williams & Co. is a leadingadvisor to the Consumer market. Oursignificant experience covers a broadrange of end markets, industries, andbusiness models. This particular reportfocuses on trends and metrics in thefollowing areas:

Consumer Durables

Consumer Electronics

Consumer Services

Footwear, Apparel, andAccessories

Franchise Platforms

Internet Retail

Health & Fitness

Home Furnishings

Household Goods

Infant and Juvenile Products

Jewelry, Gifts, and Collectibles

Omni / Multi-Channel Brands

Outdoor and Lifestyle

Personal Care Products

Pet Care

Specialty and MassMerchant Retailing

CONTACTS

North America

John NeunerManaging [email protected]+1 (804) 915-0125

Ryan BudlongManaging Director [email protected] +1 (415) 217-3409

Brent SpillerManaging [email protected]+1 (804) 915-0183

Corey [email protected]+1 (804) 932-1342

Zach EnglandVice [email protected]+1 (415) 217-3429

Beau PierceVice [email protected]+1 (804) 887-6113

Europe

Edward ArkusManaging [email protected]+44 207 518 8905

Will [email protected]+44 207 518 8906

CONSUMER AND RETAIL


Heritage brand and designer of timeless

handcrafted footwear and apparel

Market leader in water-jet technology in both oral

water flossers and replacement showerheads

Global leader in bakery ingredients, products, and

services

Manufacturer of high performance footwear for

those in the military

The buyer universe for consumer companies has continued to expand over the year. Asseen in the broader M&A universe, the capital flowing to attractive companies is comingfrom every angle – strategic (both domestic and international), traditional private equity,which also continues to blur the lines between domestic and international geographiesof interest, family offices that have added personnel to target direct investments, foreigninvestors and sovereign wealth funds that have expanded their investment parameters.Mirroring this capital availability is the need to deploy this capital in a manner thatenables buyers to capitalize on the dynamic changes that exist in the consumer sectoraround the types of products consumer want (e.g., authentic, healthier, personalized,premium/higher quality, etc.).

As we have seen in our deals this year, the pressure is particularly strong for strategicbuyers. While strategic buyers remain targeted in their focus, they have been muchmore proactive in their pursuit of businesses they want to own, having ramped up theirinbound calling efforts to private companies. They also are increasingly aggressive intheir valuations and how they can execute on both top and bottom line synergies. Asignificant part of this development is the need to buy brands and capabilities that theycannot/have not been able to develop organically, but a big part of this is also the needto deliver growth to support their own lofty stock prices.

CONSUMER QUARTERLY UPDATE

a portfolio company of

has been acquired by



a division of



a subsidiary of

have been acquired by

U.S. DoD Assets of

http://www.harriswilliams.com/

http://www.harriswilliams.com/industries/consumer

mailto:[email protected]








PAGE |


2

CONSUMER AND RETAIL


Over the past year, public market valuations as well as valuations for consumer companies as a whole posted strong growth,but the pressure to continue to post growth in the face of tension between online and “offline” spending, as well aschanging consumer tastes, has caused values to moderate modestly in the recent quarter. While these public companiescontinue to execute their organic growth initiatives, they need to supplement organic growth with M&A to maintain longterm expectations. Many of these companies have seen M&A as an effective tool to: i) buy into authentic brands that aredifficult for them to develop internally (e.g., Church and Dwight acquiring Waterpik), ii) add brands that extend tonew/broader consumer bases (e.g., Coach acquiring Kate Spade), iii) partner with competitors to leverage scale (e.g., BassPro Acquiring Cabela’s), and iv) extend into new market segments (e.g., Amazon acquiring Whole Foods).

While capital is readily available, buyers have found fewer shots on goal this year, which amplifies the need to be aggressiveon the opportunities they see that are close to core. This lack of supply in the market is reflected in the lower overallconsumer deal volume in 2017; this trend in lower deal volume started a little over a year ago and we expect to see adepressed level when the final third quarter info is available later this month.

50

75

100

125

150

Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17

Ind

ex

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

245 264 284 251 285 299 324 290 351 369 341 348 321 295 273 254 236 181

820 777 754751

1016 964844

802

1003 984 1046 1022 1045

850815

628 688

513

23%

25%

27%

25%

22%24%

28%27%

26%27%

25%25%

23%

26% 25%

29%

26% 26%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2013 2014 2015 2016 2017

PE Non-PE PE Backed Deals as % of M&A

Consumer M&A Activity2

Consumer and Retail Industry Stock Performance1

CONSUMER M&A SECTOR DEAL FLOW

PAGE |


3

CONSUMER AND RETAIL


Our experience has been that those deals coming to the market are the ones that have been quickest to adapt to the newparadigm, namely growing brands with authentic messages that resonate across channels, and those less susceptible todisruption from the e-commerce world. As one would expect, the retail sector has seen the largest impact in volume andcontinued to decline as a percentage of consumer M&A, as many sub segments of the retail landscape work to findequilibrium in the online and offline world. Conversely, the opportunities created for consumer companies/brands that havebeen able to scale quickly by embracing technology and other direct to consumer channels to engage their consumer, aswell as to clearly and effectively communicate their brand message to influence the purchase decision, have and willcontinue to benefit from this disruption.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2013 2014 2015 2016 2017

Apparel and Accessories Durables Media and E-Commerce Non-Durables Other Restaurants, Hotels and Leisure Retail

As we enter the home stretch of 2017 and look forward to 2018, we remain optimistic about the health of the consumersegment as a whole and the strength of the consumer M&A market. Our backlog of deals in the US and in Europe remainsstrong, and the underlying performance of our clients continues to show positive momentum and growth.

CONSUMER SPOTLIGHT: ACCELERATING ACTIVITY IN FOOTWEAR

The footwear sector has been a bright spot in the consumer M&A landscape, recording a significant uptick in transactionsover the past few years. According to Pitchbook and our data, there have been 15 notable deals completed in the U.S.alone year-to-date in 2017 – nearly as much as the total activity in 2015 and 2016 combined. As seen in the table on thefollowing page, though we continue to see private equity interest in the sector, the vast majority of these transactions wentto a strategic acquirer. While there are a variety of drivers behind the accelerating activity, the desire for strategicconsolidators to beef up their portfolios in the face of a difficult retail environment has been key for a number of thesetransactions. “Fashion” brands have been in particular demand as broader brand houses seek to complement theircollections (see Jimmy Choo and Allen Edmonds as two such examples) and as the athleisure trend wanes and specialtyretail/sporting goods retailers struggle with lower demand.

We have been particularly active in the sector, having completed four transactions across a broad range of footwear sub-sectors in the past 8 months (see page 5 for details). We anticipate interest in the market to remain robust and expectstrategics will continue to view their portfolios critically – on both the buy and sell-side – in the face of the “new normal”operating environment.

M&A Transactions (count) by Sector2

PAGE |

5

10

8

6

8

132

1

3

1

1

2

7

11 11

7

9

15

2012 2013 2014 2015 2016 YTD 2017

Strategic Private Equity


4

CONSUMER AND RETAIL


Target Acquirer Date Description

October ‘17Authentic Brands Group acquired the remaining stake in Frye, the

American heritage brand, from Global Brands Group Holding Limited

August ’17Vertically-integrated footwear concern Aldo Group acquired the Camuto

Group’s footwear & accessories businesses

July ‘17Italian manager of leading apparel and footwear brands, BasicNet,

acquired the heritage brand, Sebago, from Wolverine

July ’17Accessible luxury player Michael Kors acquired the luxury shoemaker Jimmy

Choo from JAB Holding Co.

June ‘17Vida struck a multi-year deal to license the iconic children’s footwear

brand, Stride Rite, from Wolverine

March ’17U.K.-based Pentland Brands acquired a majority stake in California-based

sneaker brand SeaVees

January ‘17Steve Madden acquired Schwartz & Benjamin Inc., a longtime family-

owned business that specializes in licensed brands and private label shoes

January ’17Marc Fisher Footwear Co. purchased women’s comfort brand Easy Spirit

from Nine West Holdings, leveraging Marc’s prior experience with the brand

December ’16Caleres acquired Allen Edmonds, a manufacturer and retailer of premium

men’s footwear & accessories, from Brentwood Associates

NOTABLE U.S. FOOTWEAR DEAL VOLUME: STRATEGIC ACQUIRERS PARTICULARLY ACTIVE2

PAGE |

a subsidiary of


an affiliated portfoliocompany of

a subsidiary of

have been acquired by


5

CONSUMER AND RETAIL


RECENT HW&CO. FOOTWEAR DEALS

HW&Co. served as the exclusive financial advisor to Wolverine Worldwide, Inc. on a strategic review of its portfolio. Wolverine isone of the world’s leading marketers of branded footwear and apparel, and the company is conducting an ongoing strategictransformation initiative. In addition to providing strategic advice to the company and its Board, HW&Co. was pleased toadvise Wolverine on four successful transactions, demonstrating the consumer group’s continued success with leadingfootwear, apparel, and accessory brands.

Stride Rite – With a history of nearly 100 years in children’s footwear, Stride Rite combines heritage and knowledge, with amodern-day understanding of kids’ every day adventures. Harris Williams & Co. evaluated a number of strategic alternativeswith Wolverine; ultimately, Stride Rite partnered with Vida Shoes International, a global leader in designing, producing, andmarketing quality branded footwear, in a multi-year license deal.

Sebago – From the classic loafer to the Docksides boat shoe, Sebago makes timeless, handcrafted dress and casual productsusing the finest materials. Sebago was acquired by The BasicNet Group, a leading distributor and developer of brandedleisurewear, sportswear, and accessories.

Bates – Offers high performance footwear to those in the military, police force or the industrial sector to keep customerscomfortable and safe, no matter the intensity of the job. Harris Williams & Co. developed a full range of strategic alternatives forWolverine Worldwide pertaining to the Bates business, leading to Original Footwear, a leading tactical footwear manufacturer,acquiring the brand’s U.S. Department of Defense business and related manufacturing assets.

Robeez – Known for quality, functionality and whimsical designs, Robeez is recognized as the premier infant and toddler soft-soled and flex-soled footwear brand in today’s marketplace. Harris Williams & Co. advised Wolverine on the sale of Robeezfrom Stride Rite, a subsidiary of Wolverine, to McCubbin Hosiery, a leading designer, manufacturer and distributor of hosiery,slippers and soft-soled footwear.

a subsidiary of

has partnered with

a subsidiary of







U.S. DoD Assets of

PAGE |

Noteworthy Transaction2 Description2

Amazon Acquires Whole Foods

Amazon has acquired Whole Foods for $13.7 billion. The deal highlights Amazon’s expanding presence in retail as the company makes its first significant move into over 450 brick-and-mortar locations. Amazon

promises lower prices on a selection of best-selling staples across stores.

Bass Pro Shops Acquires Cabela’s

Bass Pro Shops has acquired Cabela’s for $61.50 a share, down from the original purchase price of $65.50 a share, valuing the acquisition at ~$4.0 billion. While the deal has taken nearly two years, the Cabela’s credit

card was sold to Capital One, through the intermediary Synovus Bank, putting the final touches on deal.

JAB Acquires Panera Bread

JAB Consumer Fund and JAB Holding Company acquired Panera Bread Company for approximately $7.5 billion, representing a premium of about 30% to the 30-day trading volume before speculation of a potential transaction. With the deal, JAB acquires a consistent restaurant chain that has posted steady comparable-

restaurant sales and rising revenue.

Coach Acquires Kate Spade

After months of speculation, Coach has acquired Kate Spade & Company for $18.50 per share in cash for a total transaction value of $2.4 billion. The combination of Coach and Kate Spade creates a leading luxury

lifestyle company with a more diverse multi-brand portfolio.

Church & Dwight Acquires Waterpik

Church and Dwight signed a definitive agreement to acquire Water Pik, Inc., the market leader in water-jet technology in both oral water flossers and replacement showerheads. CHD acquired Waterpik for

approximately $1 billion in cash from MidOcean Partners.

Freeman Spogli Acquires Café Rio

Café Rio, a high-growth, fast-casual Mexican restaurant company, has been acquired by Freeman Spogli & Co. Café Rio’s existing management team will continue to lead the company and will retain a meaningful

equity stake in the business.

Advent Acquires First Watch Restaurants

Advent International has acquired café operator First Watch Restaurants. Founded in 1983, the business operates under the brands First Watch and The Egg & I across 26 states, with a heavy presence in Florida,

Texas, Colorado, and Arizona.

AEA Acquires Traeger Pellet Grills

Trilantic North America has recapitalized Salt Lake City-based Traeger Grills, a maker of the wood-pellet grills, with a new majority control shareholder, AEA Investors. AEA will complete its investment with Ontario

Teachers’ Pension Plan.

Sovos Brands Acquires Rao’s Specialty Foods

Advent International-backed Sovos Brands has closed its previously announced acquisition of New York-based Rao’s Specialty Foods Inc. Rao’s Specialty Foods is the producer of Rao’s Homemade, the leading

brand of super premium pasta sauce.

Diageo Acquires Casamigos

Diaego has completed its acquisition of George Clooney's Casamigos Tequila brand. The spirits giant has agreed to initially pay $700 million, with a potential further $300 million based on the brand’s performance

over the next 10 years.


6

CONSUMER AND RETAIL


In addition to our deals, Q3 had several noteworthy announced or closed consumer deals that reflect the changeshappening in the sector – several of these are noted below:

WHAT WE’RE READING

FedEx CEO: I Doubt E-Commerce Will Ever Dominate Retail

“E-commerce is not going to eliminate the retailing sector of the country. It’s about 10% now. It’s certainly going to grow asa percentage. But will it be half? I doubt it,” FedEx CEO Fred Smith said on the company’s first quarter earnings conferencecall. Furthermore, “I think you’re going to see e-tailers become more brick-and-mortar. And I think you’re going to seebrick-and-mortar become more e-tailers,” Smith said.

Nicole Sinclair - Yahoo Finance

The Rise of Google-Mart: Why Google is Helping Walmart Find Its Voice

“This week, Walmart and Google announced a partnership that will allow consumers to order items from Walmart usingGoogle’s virtual assistant. The nation’s largest retailer will bring hundreds of thousands of items to Google’s online shoppingmarketplace, Google Express, in a shot across the bow to the juggernaut of ecommerce, Amazon.”

Jamison Hill (Bain Capital Ventures) - LinkedIn

https://finance.yahoo.com/news/fedex-ceo-doubt-e-commerce-will-ever-dominate-retail-115647922.html

https://www.linkedin.com/pulse/rise-google-mart-why-google-helping-walmart-find-its-voice-hill/

PAGE |

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL


7

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 23 $3,076 0.7% (4.5%) 1.3x 11.3x 1.6x 10.6x

Consumer Durables 6 6,663 (5.7%) 8.3% 0.9x 10.2x 1.0x 11.3x

Consumer Serv ices and Retail Franchisors 7 3,203 11.0% (20.0%) 2.1x 10.5x 1.5x 7.1x

Home & Office Furniture & Furnishings 10 1,509 3.3% (0.3%) 0.9x 8.4x 1.1x 13.5x

Household Products 5 18,628 (6.5%) 15.3% 3.9x 15.8x 4.0x 16.1x

Housewares 7 3,003 (2.5%) 11.5% 1.7x 11.7x 1.8x 12.1x

Infant & Juvenile 12 1,288 (5.2%) (9.2%) 0.8x 9.2x 1.0x 10.7x

Outdoor & Lifestyle 20 1,140 5.3% 4.5% 1.3x 13.2x 1.6x 13.2x

Personal Care Products 13 3,760 (6.2%) 9.3% 1.5x 12.5x 1.6x 10.2x

Pet Care 8 1,379 (5.4%) 11.5% 2.0x 13.5x 1.9x 15.9x

Retail

Apparel & Footwear Retail 30 921 6.1% (45.1%) 0.4x 5.4x 0.4x 4.1x

Department Chains 8 5,267 (2.8%) (51.7%) 0.5x 5.8x 0.4x 4.5x

Discount Stores & Mass Merchants 13 25,174 5.3% 1.8% 0.6x 10.1x 0.7x 11.9x

Furniture & Furnishings Retailers 14 1,446 (1.0%) (9.7%) 0.9x 8.3x 1.0x 9.1x

Internet Retail 10 8,834 4.3% 85.6% 3.8x 21.0x 6.1x 34.2x

Specialty & Other Retail 15 1,119 (4.0%) (40.2%) 0.5x 6.5x 0.7x 7.1x

Consumer Products & Services 111 $3,040 (3.8%) 6.4% 1.4x 11.5x 1.6x 11.7x

Retail 90 $3,357 1.7% (24.9%) 0.5x 7.4x 0.7x 8.1x

Consumer & Retail Index 201 $3,040 (1.7%) 0.7% 1.1x 10.3x 1.3x 11.0x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Department Chains

Apparel & Footwear Retail

Specialty & Other Retail

Consumer Serv ices and Retail Franchisors

Furniture & Furnishings Retailers

Apparel & Footwear

Infant & Juvenile

Home & Office Furniture &

Furnishings

Consumer & Retail Index

Discount Stores & Mass Merchants

Pet Care

Consumer Durables

Outdoor & Lifestyle

S&P 500

Housewares

Household Products


Internet Retail

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 11)1

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)1

PAGE |

PUBLIC MARKETS OVERVIEW

8

CONSUMER AND RETAIL


CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE1

RECENT EQUITY OFFERINGS1

50

75

100

125

150

175

200

Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17

Ind

ex

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($ M) Primary Industry

09/13/17 09/18/17 Lyon William Homes WLH-US Follow-On $79.1 Homebuilding

08/14/17 08/14/17 Bridgepoint Education BPI-US Follow-On 18.7 Other Consumer Serv ices

08/11/17 05/10/17 Norwegian Cruise Line NCLH Follow-On 818.6 Hotels/Resorts/Cruiselines

08/08/17 05/22/17 Hyatt Hotels Corp. H-US Follow-On 498.3 Hotels/Resorts/Cruiselines

08/09/17 08/08/17 Malibu Boats Inc MBUU Follow-On 50.5 Recreational Products

07/20/17 07/17/17 Floor & Décor Holdings Inc. FND-US Follow-On 428.7 Home Improvement Chains

06/29/17 06/28/17 Blue Apron APRN-US IPO 300.0 Internet Retail

06/21/17 06/21/17 Taylor Morrison Home Corp. TMHC-US Follow-On 233.0 Homebuilding

06/07/17 06/08/17 Hilton Worldwide Holdings Inc. HLT-US Follow-On 987.3 Hotels/Resorts/Cruiselines

06/07/17 06/07/17 Calatlantic Group Inc. CAA-US Follow-On 393.9 Homebuilding

05/22/17 05/23/17 Hyatt Hotels Corp. H-US Follow-On 230.1 Hotels/Resorts/Cruiselines

06/01/17 05/08/17 GMS, Inc. GMS-US Follow-On 165.0 Home Improvement Chains

PAGE |

Announced Target Buyer

9/7/2017 Cafe Rio Freeman Spogli

9/5/2017 Fitz and Floyd Enterprises Lifetime Brands

9/5/2017 Baymont Patrick Industries

8/31/2017 Sev enOKs SternoCandleLamp

8/31/2017 Bluefin Seafood Creation Gardens

8/29/2017 Popcorn Indiana Eagle Family Foods

8/29/2017 Exhale Enterprises Hyatt

8/29/2017 Distinctiv e Apparel (Chuangkai) Shangying Global

8/28/2017 Whole Foods Market Amazon.com

8/23/2017 Jay Strongwater Rauch Industries

8/22/2017 Ed Wyse Beauty Supply Bassett Salon Solutions

8/21/2017 Traeger Pellet Grills AEA

8/21/2017 Trav isMathew Callaway Golf Company

8/17/2017 TicketsWest Spectra's Ticketing & Fan Engagement

8/15/2017 Casamigos Diageo

8/15/2017 Calera Wine Duckhorn Wine

8/14/2017 BakeMark USA CSM Bakery Solutions

8/11/2017 Astro Gaming Logitech

8/10/2017 Funky Buddha Brewery Constellation Brands

8/4/2017 Crocker & Winsor Seafoods Newport Organization

Last 20 Deals Announced

9.0x 9.2x 9.4x 9.1x 9.3x 9.5x 9.9x 9.8x 9.6x10.0x10.1x9.7x

6.9x 6.5x7.1x 6.9x 6.6x 6.4x 6.4x 6.6x 6.3x 6.6x 6.8x 6.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Median LTM Trading Multiples

Consumer Products & Services Retail

9

CONSUMER AND RETAIL


M&A OVERVIEW

Note: Transactions based on publicly available information

CONSUMER AND RETAIL M&A TRENDS1,2,3

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY1,2,3

ANNOUNCED CONSUMER AND RETAIL M&A1,2,3

66

35 39

68 7183

66

95

63 57 62

35

2025 29

21

18 13

512

26

12

16

1410

14

5

7

27

6

0

20

40

60

80

100

120

Nu

mb

er

of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

$30

$40 $38

$27 $28

$92

$71.7

$54

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

$105

2010 2011 2012 2013 2014 2015 2016 2017

YTD

Nu

mb

er o

f Tran

sac

tion

s

Ave

rag

e T

ran

sac

tio

n V

alu

e

($ in

bill

ion

s)

Announced Consumer Transactions

Aggregate Transaction Value # of Deals

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.9x

13.6x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

le

Median Consumer Transaction Multiples

EBITDA Mult Rev Mult

31

37

53

73

86

57

66

4340

28

59

53

76

57

68

84

38

32

0

10

20

30

40

50

60

70

80

90

100

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

PAGE |

0

2

4

6

8

10

12

14

1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

n V

olu

me

by

Qu

art

er

($ i

n b

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

10

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

4Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q16

Loa

n V

olu

me

by

Qu

art

er

($ i

n b

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2008 2009 2010 2011 2012 2013 2014 2015 2016 4Q16

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Spread on Retail Loans

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 500

L + 1000

L + 1500

L + 2000

L + 2500

4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Secondary Spread

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Debt/EBITDA Senior

Debt/EBITDA

EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ult

iple

Credit Statistics

2010 2011 2012 2013 2014 2015 2016

• Arrangers have launched a $260 million covenant-lite B term loan for Melissa & Doug, with commitments due byWednesday, June 21. Price talk on the seven-year loan is making the rounds at L+500, with a 1% LIBOR floor and anOID of 99. Lenders are offered six months of 101 soft call protection.

• Accounts have received allocations of a $205 million first-lien term loan for Rough Country. Golub Capital was solelead arranger. The covenant-lite term loan due 2023 (L+450, 1% LIBOR floor) priced in line with talk and broke to a99.5/100.25 market, from issuance at 99. The loan backs the buyout of the company by Gridiron Capital. First-lienfinancing also includes a $20 million, five-year revolver. An $85 million, second-lien term loan was privately placed.Carlyle Private Credit led the second-lien tranche. Dyersburg, Tenn.–based Rough Country is a provider of after-market auto products, focused on lift and level kits catered to off-road enthusiasts.

• The term debt of clothing retailer Eddie Bauer has been marked at 45.5/50 in the wake of the private release of a2017 budget which forecast a profit of half the previous forecast. Eddie Bauer placed a $225 million, six-year termloan (L+525) at 98.5 in May 2014. Proceeds from the loan were used to refinance secured notes and fund apayment to sponsor Golden Gate Capital. Goldman Sachs, Guggenheim, and MCS Capital Markets werearrangers.

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS4,5

KEY RETAIL CREDIT STATISTICS2,5

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PUBLIC COMPARABLES(1)

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Price at As a % of Market Cash & Enterprise LTM P/E

($ in millions, except per share data) Ticker 9/24/17 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

EV / LTM EV / 2017ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Consumer Products & Services

Apparel & Footwear

Coach, Inc. COH 39.95 81.8% 11,289 1,580 3,084 9,785 4,488 1,066 (0.1%) (2.3%) 68.6% 23.7% 19.5x 2.18x 9.2x 1.98x 6.3x

Columbia Sportswear Company COLM 58.31 91.8% 4,067 0 622 3,445 2,406 304 1.1% 10.1% 44.3% 12.6% 22.8x 1.43x 11.3x 2.04x 19.0x

Carter's, Inc. CRI 94.49 95.1% $4,520 $662 $174 $5,008 $3,261 $449 5.9% 5.8% 43.1% 13.8% 19.4x 1.54x 11.2x 1.90x 13.3x

Crocs, Inc. CROX 9.04 91.8% 649 2 159 491 1,014 40 (6.6%) (5.6%) 47.1% 4.0% NA 0.48x 12.2x 0.41x 3.7x

Deckers Outdoor Corporation DECK 63.54 87.4% 2,033 33 280 1,786 1,818 194 (1.1%) 3.7% 46.3% 10.6% NM 0.98x 9.2x 1.43x 9.0x

Fossil Group, Inc. FOSL 8.88 24.1% 431 646 320 757 2,876 181 (7.5%) (5.6%) 50.9% 6.3% NA 0.26x 4.2x 0.23x 1.2x

G-III Apparel Group, Ltd. GIII 28.22 85.6% 1,376 569 59 1,886 2,554 133 9.3% 9.8% 34.7% 5.2% 42.7x 0.74x 14.2x 1.12x 13.1x

Hanesbrands Inc. HBI 24.54 90.7% 8,944 4,226 449 12,721 6,363 1,046 11.8% 9.2% 39.0% 16.4% 16.5x 2.00x 12.2x 2.75x 18.5x

Iconix Brand Group, Inc. ICON 5.38 49.8% 307 962 313 956 298 147 (21.3%) (10.5%) 0.0% 49.2% NA 3.20x 6.5x 2.21x 3.6x

Kate Spade & Co KATE 0.00 0.0% 0 393 422 (30) 1,378 231 9.2% 4.1% 60.2% 16.7% NA NM NM NM NM

NIKE, Inc. Class B NKE 53.24 88.0% 87,471 3,802 6,179 85,094 34,254 5,020 5.5% 7.2% 43.4% 14.7% 20.7x 2.48x 17.0x 3.18x 21.2x

Oxford Industries, Inc. OXM 60.16 79.0% 1,012 38 6 1,044 1,040 114 4.3% 3.0% 56.6% 11.0% 22.4x 1.00x 9.2x 1.15x 9.1x

Perry Ellis International, Inc. PERY 22.35 77.1% 351 83 53 381 847 40 (4.1%) (2.0%) 35.8% 4.8% 21.0x 0.45x 9.4x 0.42x 11.7x

PVH Corp. PVH 126.07 96.4% 9,761 3,204 559 12,405 8,411 1,055 3.5% 0.6% 54.0% 12.5% 24.3x 1.47x 11.8x 1.55x 10.1x

Ralph Lauren Corporation Class A RL 88.42 77.6% 7,187 859 1,598 6,448 6,448 973 (12.1%) (4.9%) 57.6% 15.1% NA 1.00x 6.6x 0.88x 4.7x

Steven Madden, Ltd. SHOO 41.85 95.5% 2,476 0 157 2,319 1,485 184 5.2% 3.5% 37.5% 12.4% 20.7x 1.56x 12.6x 1.76x 10.7x

Skechers U.S.A., Inc. Class A SKX 24.82 82.7% 3,932 74 752 3,255 3,805 415 10.8% 21.9% 43.7% 10.9% 17.1x 0.86x 7.8x 1.76x 24.5x

Gildan Activewear Inc. GIL-CA 30.82 96.6% 6,919 705 73 7,551 2,685 574 7.5% 6.3% 28.5% 21.4% 19.1x 2.81x 13.2x 3.58x 17.6x

Under Armour, Inc. Class C UA 15.04 43.9% 6,896 955 166 7,685 4,985 530 12.7% 23.3% 45.9% 10.6% 30.8x 1.54x 14.5x 3.30x 24.3x

V.F. Corporation VFC 62.20 96.4% 24,483 3,287 673 27,097 11,789 1,745 (7.4%) 0.2% 49.3% 14.8% 24.2x 2.30x 15.5x 2.37x 14.3x

Vera Bradley, Inc. VRA 8.18 51.6% 294 0 85 209 470 45 (7.0%) (3.4%) 56.2% 9.6% 31.4x 0.45x 4.6x 0.39x 1.9x

Weyco Group, Inc. WEYS 28.21 87.3% 289 0 23 266 288 27 (8.5%) (1.3%) 36.8% 9.4% 18.6x 0.92x 9.8x 0.89x NA

Wolverine World Wide, Inc. WWW 27.54 93.0% 2,661 805 413 3,054 2,523 268 (2.6%) (2.2%) 38.6% 10.6% 34.6x 1.21x 11.4x 1.13x 10.3x

Mean 76.7% $8,146 $995 $723 $8,418 $4,586 $643 0.4% 3.1% 44.3% 13.8% 23.9x 1.40x 10.6x 1.66x 11.8x

Median 87.3% $2,661 $646 $313 $3,054 $2,554 $268 1.1% 3.0% 44.3% 12.4% 21.0x 1.32x 11.3x 1.66x 10.7x

Consumer Durables

Arcelik A.S. ARCLK-TR 6.51 83.5% 4,399 1,911 583 5,728 5,410 542 1.7% (1.8%) 31.7% 10.0% 14.8x 1.06x 10.6x 1.11x 10.6x

Electrolux AB Class B ELUX.B-SE 35.36 96.5% 10,934 1,195 1,224 10,905 13,986 1,214 (2.9%) (5.5%) 21.0% 8.7% 17.6x 0.78x 9.0x 0.64x 11.2x

iRobot Corporation IRBT 76.14 69.4% 2,107 0 260 1,847 733 88 16.4% 13.2% 49.8% 12.0% 38.8x 2.52x 21.0x 3.79x 32.0x

Middleby Corporation MIDD 121.53 80.6% 7,001 803 65 7,740 2,281 535 9.6% 14.1% 40.1% 23.5% 23.6x 3.39x 14.5x 5.42x 26.3x

Haier Electronics Group Co., Ltd. 1169-HK 2.49 86.6% 6,963 31 2,188 4,806 10,413 557 11.2% (1.2%) 17.2% 5.3% 15.3x 0.46x 8.6x 0.47x 10.5x

Whirlpool Corporation WHR 175.23 86.3% 12,788 5,401 1,041 17,148 21,037 2,095 1.9% 3.8% 16.9% 10.0% 18.4x 0.82x 8.2x 0.91x 9.4x

Mean 83.8% $7,366 $1,557 $893 $8,029 $8,977 $839 6.3% 3.8% 29.5% 11.6% 21.4x 1.50x 12.0x 2.06x 16.7x

Median 84.9% $6,982 $999 $812 $6,734 $7,911 $550 5.7% 1.3% 26.4% 10.0% 18.0x 0.94x 9.8x 1.01x 10.9x

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Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC 9.25 41.4% 633 1,510 52 2,090 2,484 268 (5.7%) (2.0%) 32.7% 10.8% NA 0.84x 7.8x 0.79x 4.0x

H&R Block, Inc. HRB 26.75 84.1% 5,592 1,494 668 6,419 3,049 900 0.8% 0.2% 45.2% 29.5% 13.6x 2.11x 7.1x 2.15x 7.3x

Planet Fitness, Inc. Class A PLNT 26.91 98.9% 2,647 706 79 3,274 402 165 15.0% 24.0% 46.5% 41.1% NM 8.15x 19.8x NA NA

Regis Corporation RGS 13.54 86.7% 628 121 191 558 1,692 65 (5.5%) (3.7%) 37.4% 3.8% NA 0.33x 8.6x 0.29x 5.0x

Realogy Holdings Corp. RLGY 34.33 97.6% 4,680 3,706 226 8,160 6,010 779 3.6% 4.1% 19.3% 13.0% 19.5x 1.36x 10.5x 1.54x 10.3x

Serv iceMaster Global Holdings, Inc. SERV 47.91 98.8% 6,393 2,819 403 8,809 2,841 663 6.7% (0.2%) 46.0% 23.3% 28.2x 3.10x 13.3x 3.84x 19.0x

Winmark Corporation WINA 130.90 95.0% 552 31 1 582 68 40 4.7% 6.2% 92.8% 57.8% 25.0x 8.49x 14.7x NA NA

Mean 86.1% $3,018 $1,484 $232 $4,270 $2,364 $411 2.8% 4.1% 45.7% 25.6% 21.6x 3.48x 11.7x 1.72x 9.1x

Median 95.0% $2,647 $1,494 $191 $3,274 $2,484 $268 3.6% 0.2% 45.2% 23.3% 22.3x 2.11x 10.5x 1.54x 7.3x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 4.10 73.7% 66 124 0 190 408 15 (0.9%) 2.4% 24.8% 3.8% NA 0.47x 12.4x 0.55x NA

HNI Corporation HNI 38.70 68.0% 1,706 333 29 2,010 2,158 240 (4.1%) 1.4% 38.1% 11.1% 30.1x 0.93x 8.4x 0.98x 13.1x

Hooker Furniture Corporation HOFT 46.15 94.3% 535 45 46 534 606 52 58.0% 37.6% 21.6% 8.5% 18.8x 0.88x 10.3x 2.35x 35.4x

Kimball International, Inc. Class B KBAL 18.01 86.9% 673 4 99 578 670 71 5.5% (19.5%) 33.3% 10.6% 20.9x 0.86x 8.2x 0.46x NA

Knoll, Inc. KNL 18.77 66.1% 926 234 6 1,154 1,110 142 (3.3%) 5.6% 37.8% 12.8% 13.8x 1.04x 8.1x 1.34x 15.3x

Leggett & Platt, Incorporated LEG 46.76 85.1% 6,186 1,187 335 7,037 3,809 588 (1.3%) 0.3% 23.0% 15.4% 19.1x 1.85x 12.0x 1.88x 14.9x

LaZBoy Incorporated LZB 26.10 76.5% 1,259 0 142 1,117 1,536 157 0.8% 3.6% 39.9% 10.2% 16.0x 0.73x 7.1x 0.83x 10.3x

Herman Miller, Inc. MLHR $34.25 92.6% $2,048 $200 $105 $2,143 $2,278 $262 0.6% 6.6% 37.9% 11.5% 17.8x 0.94x NM 1.17x 10.8x

Steelcase Inc. Class A SCS 14.55 80.2% 1,688 296 204 1,780 3,066 248 1.8% (0.1%) 33.2% 8.1% 15.5x 0.58x 7.2x 0.60x 7.4x

Tempur Sealy International Inc TPX 63.76 90.5% 3,441 1,862 39 5,264 2,983 426 (6.0%) 1.8% 41.9% 14.3% 18.5x 1.76x 12.4x 2.14x 14.0x

Mean 81.4% $1,853 $428 $100 $2,181 $1,863 $220 5.1% 4.0% 33.2% 10.6% 19.0x 1.00x 9.6x 1.23x 15.2x

Median 82.6% $1,474 $217 $72 $1,467 $1,847 $198 (0.1%) 2.1% 35.6% 10.8% 18.5x 0.91x 8.4x 1.07x 13.6x

Household Products

Church & Dwight Co., Inc. CHD 48.61 89.7% 12,129 1,523 238 13,414 3,542 849 2.3% 3.3% 45.7% 24.0% 28.4x 3.79x 15.8x 4.20x 18.9x

Colgate-Palmolive Company CL $71.19 92.1% $62,707 $6,519 $1,396 $67,830 $15,176 $4,416 (2.1%) (4.5%) 60.5% 29.1% 27.1x 4.47x 15.4x 3.89x 14.8x

Clorox Company CLX 129.83 91.6% 16,757 2,195 420 18,532 5,973 1,294 3.7% 2.2% 44.8% 21.7% 24.3x 3.10x 14.3x 3.31x 16.0x

Prestige Brands Holdings, Inc. PBH 49.11 82.4% 2,603 2,145 44 4,704 929 296 12.8% 15.4% 53.4% 31.8% 25.0x 5.06x 15.9x 7.80x 22.5x

Procter & Gamble Company PG 92.24 97.4% 235,213 31,592 15,137 251,668 65,058 17,188 (0.4%) (8.2%) 50.6% 26.4% 25.2x 3.87x 14.6x 3.01x 13.2x

Mean 90.6% $65,882 $8,795 $3,447 $71,230 $18,136 $4,809 3.3% 1.6% 51.0% 26.6% 26.0x 4.06x 15.2x 4.44x 17.1x

Median 91.6% $16,757 $2,195 $420 $18,532 $5,973 $1,294 2.3% 2.2% 50.6% 26.4% 25.2x 3.87x 15.4x 3.89x 16.0x

Housewares

Helen of Troy Limited HELE 93.95 91.3% 2,558 454 17 2,995 1,549 224 (0.1%) 5.4% 43.9% 14.4% 21.4x 1.93x 13.4x 2.28x 15.5x

Libbey Inc. LBY 8.32 40.1% 183 396 28 551 776 70 (4.7%) (2.4%) 19.0% 9.0% NA 0.71x 7.9x 0.67x 4.1x

Lifetime Brands, Inc. LCUT 17.90 84.4% 265 99 4 360 594 43 2.8% 3.2% 37.0% 7.3% 15.5x 0.61x 8.3x 0.72x 9.0x

NACCO Industries, Inc. Class A NC 25.39 25.5% 573 123 60 636 855 28 (2.6%) (2.4%) 23.9% 3.2% 6.3x 0.74x 22.9x NA NA

Newell Brands Inc NWL 41.39 75.1% 20,285 11,394 780 30,899 15,411 2,150 86.5% 39.1% 34.8% 14.0% 17.2x 2.00x 14.4x 5.43x 33.6x

Spectrum Brands Holdings, Inc. SPB 105.41 72.2% 6,118 4,101 110 10,109 4,935 853 (3.7%) 4.0% 37.9% 17.3% 21.3x 2.05x 11.8x 2.42x 15.2x

Tupperware Brands Corporation TUP 59.03 79.4% 3,003 779 85 3,697 2,250 396 4.2% (5.4%) 67.6% 17.6% 20.0x 1.64x 9.3x 1.38x 7.8x

Mean 66.9% $4,712 $2,478 $155 $7,035 $3,767 $538 11.8% 5.9% 37.7% 11.8% 17.0x 1.38x 12.6x 2.15x 14.2x

Median 75.1% $2,558 $454 $60 $2,995 $1,549 $224 (0.1%) 3.2% 37.0% 14.0% 18.6x 1.64x 11.8x 1.83x 12.1x

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Infant & Juvenile

Carter's, Inc. CRI 94.49 95.1% 4,520 662 174 5,008 3,261 449 5.9% 5.8% 43.1% 13.8% 19.4x 1.54x 11.2x 1.90x 13.3x

Crown Crafts, Inc. CRWS 6.45 63.0% 65 0 12 53 64 9 (22.0%) (7.3%) 28.1% 14.4% 12.8x 0.83x 5.7x 0.66x 5.0x

Dorel Industries Inc. Class B DII.B 24.35 78.5% 791 493 39 1,244 2,577 158 (2.1%) 0.4% 23.8% 6.1% 25.6x 0.48x 7.9x 0.51x 7.4x

Hasbro, Inc. HAS 96.14 82.7% 12,025 1,736 1,457 12,304 5,121 990 10.1% 7.2% 51.7% 19.3% 21.1x 2.40x 12.4x 3.01x 16.5x

JAKKS Pacific, Inc. JAKK 2.90 31.7% 78 153 68 163 684 27 (7.2%) 1.4% 30.8% 3.9% NA 0.24x 6.2x 0.26x NM

Mattel, Inc. MAT 14.52 43.7% 4,976 2,642 275 7,343 5,340 703 (5.0%) (5.5%) 45.0% 13.2% 22.3x 1.38x 10.4x 1.13x 5.4x

Mothercare plc MTC-GB 1.37 76.9% 233 20 11 243 869 58 (15.4%) (8.9%) 9.6% 6.7% 20.8x 0.28x 4.2x 0.20x 4.3x

Newell Brands Inc NWL 41.39 75.1% 20,285 11,394 780 30,899 15,411 2,150 86.5% 39.1% 34.8% 14.0% 17.2x 2.00x 14.4x 5.43x 33.6x

Children's Place, Inc. PLCE 113.30 90.4% 1,999 55 258 1,795 1,805 230 3.4% 0.9% 34.1% 12.7% 16.9x 0.99x 7.8x 1.01x 10.1x

Goodbaby International Holdings Ltd. 1086-HK 0.55 93.0% 617 158 101 674 804 52 (10.4%) 14.2% 33.8% 6.5% 22.5x 0.84x 13.0x 1.25x 19.2x

Summer Infant, Inc. SUMR 1.95 84.1% 36 45 1 79 194 8 (3.3%) (0.7%) 29.9% 3.9% NA 0.41x 10.4x 0.38x 10.7x

Tomy Company, Ltd. 7867-JP 12.62 90.1% 1,216 491 366 1,340 1,580 172 12.6% 1.8% 38.4% 10.9% 17.3x 0.85x 7.8x 0.87x 11.8x

Mean 75.4% $3,903 $1,487 $295 $5,096 $3,143 $417 4.4% 4.0% 33.6% 10.4% 19.6x 1.02x 9.3x 1.38x 12.5x

Median 80.6% $1,003 $325 $137 $1,292 $1,692 $165 (2.7%) 1.2% 34.0% 11.8% 20.1x 0.84x 9.1x 0.94x 10.7x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $0.00 0.0% $0 $79 $10 $69 $508 ($61) (16.7%) (10.1%) 7.6% NM NA 0.13x NM 0.10x 0.9x

Brunswick Corporation BC 55.06 86.3% 4,885 444 449 4,880 4,688 606 9.3% 6.3% 26.9% 12.9% 18.2x 1.04x 8.1x 1.26x 12.0x

Clarus Corporation BDE 7.05 88.7% 212 0 63 149 153 (1) 2.1% (9.0%) 27.6% NM NA 0.97x NM 0.73x 19.1x

Columbia Sportswear Company COLM 58.31 91.8% 4,067 0 622 3,445 2,406 304 1.1% 10.1% 44.3% 12.6% 22.8x 1.43x 11.3x 2.04x 19.0x

Callaway Golf Company ELY 14.12 96.3% 1,333 7 62 1,277 965 92 13.6% 2.8% 45.4% 9.6% 8.1x 1.32x NM 1.52x 38.6x

Escalade, Incorporated ESCA 13.50 91.8% 194 24 2 215 168 16 4.0% 2.3% 24.0% 9.8% 17.5x 1.28x 13.1x NA NA

Fox Factory Holding Corp. FOXF 41.50 95.3% 1,553 65 43 1,575 448 74 16.5% 15.6% 31.9% 16.5% 34.8x 3.52x 21.4x 5.77x 31.8x

GoPro, Inc. Class A GPRO 10.75 60.8% 1,548 126 150 1,524 1,296 (173) 4.4% 7.8% 38.0% NM NA 1.18x NM 1.55x 11.9x

Amer Sports Oyj Class A AMEAS-FI 26.83 86.8% 3,180 948 281 3,847 2,898 274 0.1% (0.1%) 45.7% 9.4% 25.0x 1.33x 14.1x 1.31x 14.2x

Rapala VMC Oyj RAP1V-FI 4.74 95.1% 185 138 27 296 282 13 (8.7%) (9.5%) 21.2% 4.7% NA 1.05x 22.4x 0.75x 6.4x

Harley-Davidson, Inc. HOG 48.24 76.1% 8,230 7,172 1,052 14,350 5,653 913 (7.5%) (3.4%) 32.1% 16.1% 14.1x 2.54x 15.7x 2.73x 10.7x

Johnson Outdoors Inc. Class A JOUT 66.64 87.5% 666 0 94 572 474 54 6.6% 4.3% 42.4% 11.3% 22.7x 1.21x 10.7x 1.34x NA

Malibu Boats Inc Class A MBUU 29.77 91.0% 604 53 33 625 282 46 11.5% 13.9% 28.0% 16.4% 20.5x 2.22x 13.5x NA NA

Marine Products Corporation MPX 15.99 93.4% 558 0 9 549 255 28 13.1% 12.9% 21.6% 10.8% 30.6x 2.15x NM 3.27x 51.1x

Nautilus Inc NLS 16.90 73.0% 520 56 85 491 397 53 4.6% 17.6% 51.8% 13.2% 18.8x 1.24x 9.3x 2.24x 25.6x

Polaris Industries Inc. PII 107.38 99.0% 6,718 1,068 127 7,658 4,922 435 4.1% 6.4% 23.6% 8.8% 44.4x 1.56x 17.6x 2.03x 11.7x

Sturm, Ruger & Company, Inc. RGR 51.00 74.1% 901 0 44 857 622 148 1.3% (2.7%) 31.2% 23.8% 13.7x 1.38x 5.8x 1.25x 4.3x

American Outdoor Brands Corporation SWHC 15.01 52.5% 811 241 43 1,008 825 201 5.5% 12.0% 39.8% 24.4% 9.8x 1.22x 5.0x 1.64x 6.0x

Shimano Inc. 7309-JP 138.47 78.6% 12,839 63 1,919 10,983 2,930 718 (1.9%) 0.2% 40.9% 24.5% 28.3x 3.75x 15.3x 4.26x 22.4x

Vista Outdoor Inc VSTO 23.12 56.0% 1,319 1,107 54 2,373 2,485 285 4.1% 9.9% 25.9% 11.5% NA 0.95x 8.3x NA NA

Mean 78.7% $2,516 $580 $258 $2,837 $1,633 $201 3.4% 4.4% 32.5% 13.9% 21.9x 1.57x 12.8x 1.99x 17.9x

Median 87.1% $1,110 $64 $63 $1,143 $724 $83 4.1% 5.3% 31.6% 12.6% 20.5x 1.30x 13.1x 1.55x 13.1x

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Avon Products, Inc. AVP 2.45 35.2% 1,078 1,887 634 2,331 5,706 470 (5.1%) (15.2%) 61.2% 8.2% NA 0.41x 5.0x 0.23x 2.3x

Estee Lauder Companies Inc. Class A EL 107.58 96.9% 39,550 3,572 1,741 41,381 11,824 2,411 5.0% 2.5% 79.3% 20.4% 32.3x 3.50x 17.2x 3.91x 20.1x

Herbalife Ltd. HLF 67.57 90.7% 6,349 2,288 1,624 7,014 4,416 681 (2.4%) (4.4%) 81.1% 15.4% 14.2x 1.59x 10.3x 1.45x 8.1x

Kimberly-Clark Corporation KMB 117.52 86.3% 41,520 8,023 1,051 48,492 18,175 4,049 (0.8%) (5.0%) 36.6% 22.3% 19.6x 2.67x 12.0x 2.29x 11.5x

Medifast, Inc. MED 56.35 93.6% 672 0 89 584 277 46 2.5% (5.7%) 75.6% 16.6% 29.9x 2.10x 12.7x 1.64x 11.0x

Nu Skin Enterprises, Inc. Class A NUS 61.46 93.1% 3,254 425 353 3,325 2,186 329 (1.4%) (12.5%) 78.6% 15.0% 20.5x 1.52x 10.1x 1.05x 5.7x

Procter & Gamble Company PG 92.24 97.4% 235,213 31,592 15,137 251,668 65,058 17,188 (0.4%) (8.2%) 50.6% 26.4% 25.2x 3.87x 14.6x 3.01x 13.2x

Revlon, Inc. Class A REV 19.90 53.2% 1,047 2,776 84 3,739 2,646 300 37.7% 14.1% 57.5% 11.3% NA 1.41x 12.5x 2.50x 14.3x

Sally Beauty Holdings, Inc. SBH 18.95 62.8% 2,490 1,867 54 4,302 3,940 617 (1.1%) 2.0% 47.1% 15.6% 12.0x 1.09x 7.0x 1.18x 7.2x

Ulta Beauty Inc ULTA 219.17 69.6% 13,464 0 273 13,191 5,317 970 23.0% 21.9% 36.1% 18.3% 29.8x 2.48x 13.6x 5.01x 31.1x

USANA Health Sciences, Inc. USNA 56.55 75.4% 1,386 0 229 1,156 1,029 157 6.6% 12.1% 47.6% 15.2% 14.9x 1.12x 7.4x 1.61x 9.2x

All for One Steeb AG A1OS-DE $78.97 99.4% $393 $31 $24 $401 $315 $29 8.9% 3.2% 18.8% 9.2% 27.1x 1.27x 13.8x 1.50x NA

Mean 79.5% $28,868 $4,372 $1,774 $31,465 $10,074 $2,270 6.0% 0.4% 55.8% 16.2% 22.5x 1.92x 11.3x 2.12x 12.2x

Median 88.5% $2,872 $1,877 $313 $4,021 $4,178 $543 1.0% (1.2%) 54.1% 15.5% 22.8x 1.55x 12.2x 1.62x 11.0x

Pet Care

Blue Buffalo Pet Products Inc BUFF 27.36 94.5% 5,393 396 339 5,450 1,180 278 8.1% 17.9% 45.9% 23.6% 40.2x 4.62x 19.6x NA NA

Central Garden & Pet Company CENT $36.96 94.0% $1,856 $435 $25 $2,266 $1,977 $199 9.7% 7.3% 30.7% 10.0% 29.3x 1.15x 11.4x 1.38x 27.8x

Freshpet Inc FRPT $14.50 79.5% $495 $8 $1 $501 $143 $10 14.3% 31.3% 40.7% 6.7% NA 3.50x 52.3x NA NA

Oil-Dri Corporation of America ODC 46.31 92.3% 313 12 32 293 261 29 (0.6%) (0.3%) 29.3% 10.9% 24.7x 1.12x 10.2x NA NA

Spectrum Brands Holdings, Inc. SPB 105.41 72.2% 6,118 4,101 110 10,109 4,935 853 (3.7%) 4.0% 37.9% 17.3% 21.3x 2.05x 11.8x 2.42x 15.2x

Maabarot Products Ltd. MABR-IL 18.23 88.4% 179 5 208 (24) 89 4 (0.1%) (4.7%) 40.3% 4.7% NA NM NM NA NA

Echo Trading Co., Ltd. 7427-JP 6.07 92.2% 37 51 32 56 718 3 11.3% (1.2%) 12.0% 0.4% 22.0x 0.08x 17.9x 0.08x NA

Unicharm Corporation 8113-JP 22.90 81.4% 14,215 593 1,059 13,750 6,073 1,019 (3.0%) 0.5% 42.8% 16.8% 28.2x 2.26x 13.5x 2.52x 15.9x

Mean 86.8% $3,576 $700 $226 $4,050 $1,922 $299 4.5% 6.9% 34.9% 11.3% 27.6x 2.11x 19.5x 1.60x 19.6x

Median 90.3% $1,175 $223 $71 $1,384 $949 $114 4.0% 2.2% 39.1% 10.5% 26.5x 2.05x 13.5x 1.90x 15.9x

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CONSUMER AND RETAIL

15




Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 13.85 72.9% 2,496 0 193 2,303 3,644 479 1.3% 3.8% 32.3% 13.1% 14.3x 0.63x 4.8x 0.69x 6.2x

Abercrombie & Fitch Co. Class A ANF $14.26 82.2% $974 $313 $422 $865 $3,299 $166 (4.7%) (6.6%) 54.2% 5.0% NA 0.26x 5.2x 0.21x 1.9x

Ascena Retail Group, Inc. ASNA 2.10 25.6% 420 1,608 300 1,728 6,804 570 7.1% 12.3% 52.4% 8.4% NA 0.25x 3.0x 0.36x 3.6x

Buckle, Inc. BKE 15.95 58.9% 811 0 244 567 927 167 (13.2%) (6.5%) 40.8% 18.0% 8.9x 0.61x 3.4x 0.50x 2.0x

Cabela's Incorporated CAB 61.47 96.6% 4,239 5,625 219 9,645 4,060 424 (1.7%) 4.8% 37.9% 10.4% 31.7x 2.38x 22.8x 2.68x 21.0x

Caleres, Inc. CAL 29.62 80.9% 1,293 232 53 1,473 2,680 198 5.3% 1.9% 41.5% 7.4% 20.9x 0.55x 7.4x 0.58x 9.3x

Cato Corporation Class A CATO 13.01 35.5% 343 0 241 101 876 21 (12.6%) (2.6%) 31.8% 2.4% 20.1x 0.12x 4.8x 0.11x 1.0x

Chico's FAS, Inc. CHS 8.22 48.8% 1,087 76 186 977 2,360 258 (7.4%) (3.4%) 37.7% 10.9% NM 0.41x 3.8x 0.38x 2.9x

Citi Trends, Inc. CTRN 19.03 83.7% 259 0 63 196 712 36 4.2% 3.9% 35.8% 5.1% 20.9x 0.27x 5.4x 0.31x 9.2x

Destination Maternity Corporation DEST 1.51 17.9% 22 39 2 59 407 16 (13.1%) (8.5%) 52.8% 4.0% NA 0.14x 3.6x 0.12x NA

DSW Inc. Class A DSW 20.50 79.0% 1,701 0 275 1,425 2,743 262 2.4% 4.7% 28.2% 9.6% 13.9x 0.52x 5.4x 0.60x 4.2x

Destination XL Group, Inc. DXLG 1.95 39.0% 96 68 7 158 453 24 0.9% 4.5% 38.2% 5.3% NA 0.35x 6.6x 0.41x 13.5x

Express, Inc. EXPR 6.65 46.2% 518 68 173 412 2,130 145 (8.2%) (0.5%) 28.5% 6.8% 28.9x 0.19x 2.8x 0.19x 1.4x

Finish Line, Inc. Class A FINL 9.73 39.7% 414 0 76 338 1,868 116 (1.6%) 2.7% 26.6% 6.2% 30.8x 0.18x 2.9x 0.21x 2.1x

Foot Locker, Inc. FL 33.60 42.3% 4,285 126 1,044 3,367 7,701 1,066 1.8% 3.6% 30.8% 13.8% 7.7x 0.44x 3.2x 0.52x 4.2x

Genesco Inc. GCO 25.70 35.7% 522 228 44 706 2,854 182 (4.2%) 1.8% 49.0% 6.4% 7.3x 0.25x 3.9x 0.27x 2.7x

Guess?, Inc. GES 16.06 97.1% 1,372 41 317 1,097 2,248 135 3.4% (3.6%) 33.7% 6.0% NM 0.49x 8.1x 0.43x 3.4x

Gap, Inc. GPS 28.36 92.3% 11,441 1,248 1,609 11,080 15,466 1,897 (0.4%) (1.7%) 37.1% 12.3% 13.5x 0.72x 5.8x 0.69x 4.2x

J.Jill, Inc. JILL 10.56 73.3% 465 247 29 683 639 96 13.7% 11.9% 67.0% 15.0% 19.2x 1.07x 7.1x NA NA

L Brands, Inc. LB 39.65 52.2% 11,609 5,768 1,360 16,017 12,262 2,334 (1.0%) 3.5% 39.9% 19.0% 11.6x 1.31x 6.9x 1.49x 7.6x

Lululemon Athletica Inc LULU 58.14 80.0% 7,794 0 721 7,073 2,436 515 11.0% 13.3% 52.1% 21.1% 28.0x 2.90x 13.7x 4.50x 16.1x

Tailored Brands, Inc. TLRD 13.56 47.1% 672 1,541 113 2,100 3,274 333 (4.5%) 7.4% 43.0% 10.2% NM 0.64x 6.3x 0.85x 8.0x

New York & Company, Inc. NWY 1.90 73.2% 116 12 76 52 914 20 (2.7%) (0.7%) 29.5% 2.2% NA 0.06x 2.6x 0.06x 1.5x

Children's Place, Inc. PLCE 113.30 90.4% 2,053 55 258 1,850 1,805 230 3.4% 0.9% 34.1% 12.7% 16.2x 1.02x 8.0x 1.05x 10.5x

Ross Stores, Inc. ROST 60.89 87.2% 24,138 397 1,165 23,370 13,335 2,186 8.4% 8.1% 28.8% 16.4% 20.1x 1.75x 10.7x 2.29x 15.3x

Shoe Carnival, Inc. SCVL 21.14 66.5% 375 27 19 383 997 64 0.1% 3.7% 28.8% 6.4% 17.5x 0.38x 6.0x 0.43x 6.3x

Stein Mart, Inc. SMRT 1.28 16.2% 62 171 11 222 1,333 (3) (2.7%) 1.4% 21.6% NM NA 0.17x NM 0.18x 3.0x

Stage Stores, Inc. SSI 1.91 32.5% 52 230 26 256 1,457 29 (4.5%) (3.2%) 21.0% 2.0% NA 0.18x 8.9x 0.16x 2.0x

Urban Outfitters, Inc. URBN 22.87 56.1% 2,566 0 387 2,179 3,527 402 1.0% 3.5% 33.5% 11.4% 15.3x 0.62x 5.4x 0.71x 3.9x

Zumiez Inc. ZUMZ 16.45 62.0% 427 0 71 356 858 65 7.6% 4.3% 32.1% 7.6% 17.0x 0.42x 5.5x 0.50x 3.6x

Mean 60.4% $2,754 $604 $323 $3,035 $3,469 $414 (0.4%) 2.2% 37.4% 9.5% 18.2x 0.64x 6.3x 0.74x 6.1x

Median 60.4% $741 $68 $189 $921 $2,304 $175 (0.1%) 3.1% 35.0% 8.4% 17.2x 0.43x 5.4x 0.43x 4.1x

Department Chains

Bon-Ton Stores, Inc. BONT $0.44 22.1% $9 $987 $6 $989 $2,586 $99 (6.3%) (2.6%) 33.3% 3.8% NA 0.38x 10.0x 0.35x 6.0x

Dillard's, Inc. Class A DDS 57.53 68.9% 1,657 818 135 2,340 6,307 506 (4.7%) (1.4%) 31.0% 8.0% 14.6x 0.37x 4.6x 0.35x 2.9x

J. C. Penney Company, Inc. JCP 4.01 37.3% 1,226 4,293 314 5,205 12,486 888 (1.1%) 0.9% 30.5% 7.1% NA 0.42x 5.9x 0.44x NM

Nordstrom, Inc. JWN 46.88 74.6% 7,838 2,740 919 9,659 15,005 1,690 4.0% 5.1% 36.1% 11.3% 22.3x 0.64x 5.7x 0.77x 5.4x

Kohl's Corporation KSS 46.07 77.2% 7,775 4,566 552 11,789 18,519 2,312 (2.4%) (0.6%) 31.1% 12.5% 11.8x 0.64x 5.1x 0.62x 4.5x

Macy's Inc M 21.53 47.4% 6,647 6,317 783 12,181 25,031 2,638 (5.1%) (3.7%) 35.0% 10.5% 9.8x 0.49x 4.6x 0.44x 3.2x

Stage Stores, Inc. SSI 1.91 32.5% 52 230 26 256 1,457 29 (4.5%) (3.2%) 21.0% 2.0% NA 0.18x 8.9x 0.16x 2.0x

Hudson's Bay Co. HBC-CA 10.56 79.9% 1,960 3,469 99 5,330 10,873 87 6.1% 18.5% 35.9% 0.8% NA 0.49x 61.4x 1.10x 14.5x

Mean 55.0% $3,395 $2,928 $354 $5,969 $11,533 $1,031 (1.7%) 1.6% 31.7% 7.0% 14.6x 0.45x 13.3x 0.53x 5.5x

Median 58.2% $1,808 $3,104 $225 $5,267 $11,680 $697 (3.4%) (1.0%) 32.2% 7.6% 13.2x 0.45x 5.8x 0.44x 4.5x


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CONSUMER AND RETAIL

16





Discount Stores & Mass Merchants

Big Lots, Inc. BIG 49.51 87.6% 2,102 227 56 2,272 5,203 388 (0.3%) (0.2%) 38.3% 7.5% 13.5x 0.44x 5.9x 0.43x 7.3x

Costco Wholesale Corporation COST 161.29 88.1% 70,741 3,979 5,725 68,995 123,285 5,189 4.5% 4.0% 13.3% 4.2% 28.8x 0.56x 13.3x 0.64x 16.9x

CVS Health Corporation CVS 79.63 89.6% 80,949 26,764 2,169 105,544 180,785 12,754 8.4% 11.0% 15.8% 7.1% 16.1x 0.58x 8.3x 0.83x 10.7x

Dollar General Corporation DG 77.66 94.8% 21,296 3,085 214 24,167 22,767 2,442 8.4% 7.9% 30.6% 10.7% 18.5x 1.06x 9.9x 1.39x 11.7x

Dollar Tree, Inc. DLTR 84.62 92.6% 20,042 5,761 697 25,105 21,205 2,409 4.0% 37.5% 31.0% 11.4% 22.1x 1.18x 10.4x 3.22x 21.7x

Ollie's Bargain Outlet Holdings Inc OLLI 45.80 98.1% 2,813 128 25 2,916 968 127 17.6% 21.4% 39.4% 13.1% 40.1x 3.01x 22.9x NA NA

PriceSmart, Inc. PSMT 87.60 92.8% 2,663 125 193 2,595 2,974 185 2.8% 6.2% 15.9% 6.2% 29.1x 0.87x 14.0x 1.09x 16.3x

Rite Aid Corporation RAD 2.39 27.3% 2,517 7,240 221 9,536 32,442 1,000 0.5% 8.1% 23.5% 3.1% NA 0.29x 9.5x 0.37x 7.4x

Target Corporation TGT 58.99 74.4% 32,222 12,246 2,291 42,177 69,577 6,455 (2.8%) (1.7%) 26.1% 9.3% 11.9x 0.61x 6.5x 0.58x 6.7x

TJX Companies Inc TJX 72.45 89.5% 46,098 2,229 2,952 45,375 33,901 4,548 5.5% 6.3% 28.9% 13.4% 20.8x 1.34x 10.0x 1.66x 11.7x

Tuesday Morning Corporation TUES 2.40 38.4% 108 31 6 133 967 (11) 1.1% 3.8% 33.2% NM NA 0.14x NM 0.16x NA

Walgreens Boots Alliance Inc WBA 78.41 89.1% 83,906 19,210 12,253 90,863 116,701 7,118 (0.5%) 15.7% 23.4% 6.1% 19.3x 0.78x 12.8x 1.23x 16.4x

Wal-Mart Stores, Inc. WMT 79.53 97.0% 237,572 47,643 6,469 278,746 489,926 32,788 1.4% 0.7% 25.6% 6.7% 18.9x 0.57x 8.5x 0.59x 7.6x

Mean 81.5% $46,387 $9,897 $2,559 $53,725 $84,669 $5,799 3.9% 9.3% 26.6% 8.2% 21.7x 0.88x 11.0x 1.02x 12.2x

Median 89.5% $21,296 $3,979 $697 $25,105 $32,442 $2,442 2.8% 6.3% 26.1% 7.3% 19.3x 0.61x 9.9x 0.74x 11.7x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $39.03 80.9% $2,760 $401 $283 $2,879 $3,224 $350 (0.3%) 11.2% 47.1% 10.9% 22.5x 0.89x 8.2x 1.29x 10.6x

At Home Group, Inc. HOME 22.49 85.2% 1,358 490 10 1,838 849 118 23.9% 28.1% 31.4% 13.9% 43.8x 2.16x 15.6x NA NA

Bed Bath & Beyond Inc. BBBY 22.51 46.1% 3,224 1,492 464 4,252 12,168 1,255 0.6% 1.4% 37.0% 10.3% 6.1x 0.35x 3.4x 0.37x 2.3x

Conn's, Inc. CONN 22.80 79.7% 712 1,062 121 1,652 1,532 130 (6.5%) 4.0% 50.8% 8.5% NA 1.08x 12.7x 1.42x 9.4x

Ethan Allen Interiors Inc. ETH 30.60 78.9% 840 14 58 797 763 78 (3.9%) 0.7% 55.0% 10.2% 25.1x 1.04x 10.2x 1.08x 9.0x

Haverty Furniture Companies, Inc. HVT 24.40 90.5% 518 55 74 499 830 78 1.8% 3.6% 54.4% 9.4% 18.6x 0.60x 6.4x 0.67x 6.8x

Kirkland's, Inc. KIRK 10.61 60.9% 170 0 49 121 606 39 4.3% 8.5% 13.8% 6.5% 22.7x 0.20x 3.1x 0.26x 3.1x

LaZBoy Incorporated LZB 26.10 76.5% 1,259 0 142 1,117 1,536 157 0.8% 3.6% 39.9% 10.2% 16.0x 0.73x 7.1x 0.83x 10.3x

Pier 1 Imports, Inc. PIR 4.15 42.9% 351 201 162 390 1,820 118 (2.3%) 0.4% 35.5% 6.5% 10.5x 0.21x 3.3x 0.22x 1.8x

Rent-A-Center Inc RCII 10.80 77.8% 576 636 74 1,138 2,798 110 (11.8%) (3.7%) 34.6% 3.9% NA 0.41x 10.4x 0.37x 3.4x

RH RH 72.22 90.4% 1,525 1,289 22 2,793 2,313 127 6.2% 11.5% 32.4% 5.5% NA 1.21x 22.0x 1.84x 19.5x

Select Comfort Corporation SCSS 29.65 80.7% 1,218 14 2 1,229 1,360 148 11.6% 10.6% 63.1% 10.8% 23.5x 0.90x 8.3x 1.28x 10.2x

Sherwin-Williams Company SHW 349.76 96.1% 32,671 11,504 210 43,965 12,559 2,096 8.7% 5.4% 48.4% 16.7% 29.7x 3.50x 21.0x 4.32x 32.1x

Williams-Sonoma, Inc. WSM 46.78 82.2% 3,981 115 103 3,993 5,140 657 1.3% 4.3% 37.0% 12.8% 14.3x 0.78x 6.1x 0.92x 6.6x

Mean 76.3% $3,654 $1,234 $127 $4,762 $3,393 $390 2.4% 6.4% 41.5% 9.7% 21.2x 1.00x 9.8x 1.14x 9.6x

Median 80.2% $1,238 $301 $89 $1,441 $1,678 $128 1.0% 4.2% 38.5% 10.2% 22.5x 0.83x 8.3x 0.92x 9.0x

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CONSUMER AND RETAIL

17





Internet Retail

Amazon.com, Inc. AMZN 955.10 88.2% 458,811 23,619 21,451 460,979 150,124 12,633 24.4% 22.5% 36.0% 8.4% NM 3.07x 36.5x 6.19x 89.5x

Alibaba Group Holding Ltd. Sponsored ADR BABA $178.14 98.5% $450,581 $13,764 $22,984 $441,361 $25,849 $9,851 47.7% 40.3% 60.8% 38.1% NM 17.07x 44.8x 63.78x 109.4x

Cimpress N.V. CMPR 98.25 95.4% 3,076 1,036 26 4,086 2,135 148 19.4% 18.9% 50.2% 6.9% NA 1.91x NM 3.35x 24.4x

eBay Inc. EBAY 38.29 98.5% 40,982 11,466 9,017 43,431 9,157 2,870 4.2% (18.8%) 76.5% 31.3% 5.9x 4.74x 15.1x 2.71x 8.0x

MercadoLibre, Inc. MELI 279.46 93.8% 12,340 325 589 12,076 1,078 249 52.5% 28.7% 60.2% 23.2% NM 11.21x NM 25.55x 71.2x

Overstock.com, Inc. OSTK 24.20 75.0% 605 57 104 558 1,832 16 7.5% 10.1% 17.2% 0.9% NA 0.30x 34.6x 0.43x 17.2x

Priceline Group Inc PCLN 1,862.13 90.0% 91,354 8,479 6,357 93,476 11,483 4,342 17.1% 14.9% 81.7% 37.8% 39.4x 8.14x 21.5x 13.76x 35.0x

Shutterfly, Inc. SFLY 47.45 87.9% 1,583 396 171 1,809 1,150 162 4.4% 11.5% 48.3% 14.1% NM 1.57x 11.2x 2.31x 12.0x

Stamps.com Inc. STMP 210.30 95.5% 3,556 134 110 3,580 420 170 46.0% 47.3% 79.2% 40.6% 34.3x 8.53x 21.0x 28.01x 87.4x

Wayfair, Inc. Class A W 74.59 88.6% 6,527 83 256 6,354 3,930 (127) 37.0% 52.6% 24.1% NM NA 1.62x NM NA NA

Mean 91.1% $106,942 $5,936 $6,107 $106,771 $20,716 $3,031 26.0% 22.8% 53.4% 22.4% 26.5x 5.82x 26.4x 16.23x 50.5x

Median 91.9% $9,433 $716 $422 $9,215 $3,033 $210 21.9% 20.7% 55.2% 23.2% 34.3x 3.91x 21.5x 6.19x 35.0x

Specialty & Other Retail

Best Buy Co., Inc. BBY 53.90 85.1% 16,126 1,354 3,686 13,794 39,895 2,491 1.2% (1.4%) 23.6% 6.2% 15.2x 0.35x 5.5x 0.32x 7.3x

Big 5 Sporting Goods Corporation BGFV 7.35 36.1% 161 53 7 207 1,042 59 2.0% 2.4% 32.7% 5.7% 7.2x 0.20x 3.5x 0.21x 3.0x

Barnes & Noble, Inc. BKS $7.25 54.9% $527 $84 $12 $599 $3,834 $177 (6.5%) (15.2%) 28.0% 4.6% 23.5x 0.16x NM 0.09x 3.5x

Dick's Sporting Goods, Inc. DKS 26.87 42.7% 2,939 192 132 2,999 8,276 741 10.2% 8.5% 29.6% 9.0% 9.8x 0.36x 4.0x 0.49x 4.3x

Home Depot, Inc. HD 159.97 97.4% 188,576 24,967 4,830 208,713 97,356 16,092 5.8% 6.5% 32.3% 16.5% 23.6x 2.14x 13.0x 2.66x 19.4x

Hibbett Sports, Inc. HIBB 13.65 29.8% 280 3 53 231 948 93 (1.6%) 2.4% 31.3% 9.8% 7.2x 0.24x 2.5x 0.27x 1.8x

MarineMax, Inc. HZO 16.20 68.5% 385 242 59 567 1,029 54 13.8% 19.0% 24.8% 5.2% 16.5x 0.55x 10.5x 0.95x 36.2x

Lumber Liquidators Holdings, Inc. LL 36.95 89.4% 1,050 57 8 1,099 1,001 (14) 6.2% (0.7%) 34.1% NM NM 1.10x NM 1.10x 8.0x

Lowe's Companies, Inc. LOW 78.23 90.7% 65,151 16,084 1,815 79,420 67,878 7,729 11.1% 7.5% 32.2% 11.4% 22.8x 1.17x 10.3x 1.49x 14.0x

Movado Group, Inc. MOV 26.90 84.2% 618 30 164 484 542 64 (5.3%) (2.6%) 52.2% 11.8% 24.6x 0.89x 7.5x 0.86x 5.6x

Office Depot, Inc. ODP 4.37 69.9% 2,265 1,162 763 2,664 10,600 627 (23.9%) (9.5%) 24.5% 5.9% 9.6x 0.25x 4.2x 0.24x 6.8x

Staples, Inc. SPLS 10.25 99.9% 0 1,048 1,199 (151) 17,969 1,267 (13.3%) (7.7%) 26.2% 7.1% NA NM NM NM NM

Tiffany & Co. TIF 87.84 90.3% 10,937 1,116 1,044 11,010 4,038 958 1.6% (1.4%) 62.8% 23.7% 25.2x 2.73x 11.5x 2.75x 11.5x

Tractor Supply Company TSCO 61.12 78.1% 7,744 491 68 8,167 7,041 847 9.3% 9.3% 31.9% 12.0% 19.0x 1.16x 9.6x 1.58x 13.3x

Vitamin Shoppe, Inc. VSI 5.35 18.8% 127 127 2 252 1,241 89 (2.8%) 2.8% 28.4% 7.2% NA 0.20x 2.8x 0.23x 1.8x

Mean 69.1% $19,792 $3,134 $923 $22,004 $17,513 $2,085 0.5% 1.3% 33.0% 9.7% 17.0x 0.82x 7.1x 0.95x 9.7x

Median 78.1% $1,050 $242 $132 $1,099 $4,038 $627 1.6% 2.4% 31.3% 8.1% 17.7x 0.46x 6.5x 0.67x 7.0x

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A2

CONSUMER AND RETAIL


18

Private Equity

Announced Target Seller Buyer Involvement

9/7/2017 Cafe Rio Apax Partners, KarpReilly Freeman Spogli P

9/5/2017 Fitz and Floyd Enterprises First Dominion Capital Lifetime Brands P

9/5/2017 Baymont - Patrick Industries

8/31/2017 SevenOKs - SternoCandleLamp P

8/31/2017 Bluefin Seafood - Creation Gardens

8/29/2017 Popcorn Indiana - Eagle Family Foods

8/29/2017 Exhale Enterprises - Hyatt P

8/29/2017 Distinctive Apparel (Chuangkai) Blackstreet Capital Management Shangying Global P

8/28/2017 Whole Foods Market - Amazon.com

8/23/2017 Jay Strongwater Aurora Brands Rauch Industries

8/22/2017 Ed Wyse Beauty Supply - Bassett Salon Solutions

8/21/2017 Traeger Pellet Grills Trilantic North America AEA P

8/21/2017 TravisMathew - Callaway Golf Company

8/17/2017 TicketsWest Red Lion Hotels Spectra's Ticketing & Fan Engagement

8/15/2017 Casamigos - Diageo

8/15/2017 Calera Wine - Duckhorn Wine P

8/14/2017 BakeMark USA CSM Bakery Solutions CSM Bakery Solutions P

8/11/2017 Astro Gaming - Logitech P

8/10/2017 Funky Buddha Brewery - Constellation Brands

8/4/2017 Crocker & Winsor Seafoods - Newport Organization

8/4/2017 Carousel Designs - Crown Crafts

8/3/2017 Anchor Brewing Company Anchor Brewers & Distillers Sapporo Holdings

8/2/2017 Vision-Ease Lens Constitution Capital Partners Hoya P

8/2/2017 Stack-On Products - Cannon Safe

8/2/2017 Sebago Wolverine World Wide BasicNet

8/2/2017 Fitness Management - Fuzion Investment Capital

8/2/2017 Fiesta Mart ACON Investments Pulse Beverage P

7/31/2017 Albertville Quality Foods H.I.G. Capital OK Foods P

7/25/2017 Reynolds American - British American Tobacco

7/21/2017 Water Pik MidOcean Partners Church & Dwight P

7/20/2017 Hydro-Photon - Katadyn Group P

7/18/2017 Friendly Robotics CDIB Capital Group MTD Products P

7/18/2017 EbLens Fidus Investment, KarpReilly J.W. Childs Associates P

7/10/2017 Kate Spade & Company - Coach

7/6/2017 Cobalt Boats Rosewood Capital Malibu Boats P

6/30/2017 Vivid Seats - Vista Equity Partners P

6/30/2017 Superior Recreational Products Antares Capital PlayCore P

6/29/2017 West Marine - Monomoy Capital Partners P

6/29/2017 BathWraps - Jacuzzi P

6/28/2017 Staples - Sycamore Partners Management P

6/28/2017 NovaCopy - Trivest Partners P

6/28/2017 Globe Holding Company - MSA Safety

6/28/2017 CST Brands - Alimentation Couche Tard P

6/26/2017 Spot Canine Club Drayton Park Capital, Mistral Equity Partners American Kennel Club P

6/16/2017 Bonobos - Wal-Mart Store

6/14/2017 Custom Lighting & Hardware - Ferguson Enterprises

6/11/2017 Campbell Mattress - Mattress Direct

6/9/2017 Pacific Coast Feather Company - Hollander (Sentinel Capital Partners) P

6/7/2017 Mary's Bridal - Rachel Allan

6/2/2017 Crosman Wellspring Capital Management LLC Compass Group Management P

5/29/2017 Assured Automotive, Inc. - Boyd Group Income Fund P

5/26/2017 Newell Brands Winter Sports Newell Brands, Inc. Kohlberg & Co. LLC P

5/22/2017 Petmate Wind Point Partners Olympus Partners P

5/18/2017 Deva Concepts LLC Tengram Capital Partners Ares Management P

5/17/2017 Uncle Milton Industries, Inc. - Tech 4 Kids

5/15/2017 Mathis Tire & Auto Service, Inc. - The Pep Boys

5/15/2017 CIBT, Inc. ABRY Partners Kohlberg & Co. LLC P

5/10/2017 AFCO Systems, Inc. Ultimate Precision Metal Products, Inc. Legrand North America LLC

5/10/2017 Taylor Made Golf Co., Inc. adidas AG KPS Capital Partners LP P

5/8/2017 Kate Spade & Co. - Coach, Inc.

5/8/2017 Supreme Brands LLC - Roustan Capital P

5/8/2017 WRB Communications, Inc. - Diplomat Pharmacy, Inc.

5/6/2017 Yummly, Inc. Bauer Venture Partners Whirlpool Corp. P

5/4/2017 Northern Lite Manufacturing Ltd. - KV Private Equity, Inc. P

5/3/2017 Park Plus Parking, Inc. - TA Associates Management / Towne Park P

5/1/2017 K&H Manufacturing LLC Benford Capital Partners Central Garden & Pet Co. P

4/28/2017 PetMatrix LLC - Spectrum Brands Holdings, Inc. P

4/27/2017 NBGroup LLC Kohlberg & Company, L.L.C. Sycamore Partners Management LP P

4/25/2017 Lifted Research Group, Inc. - Mad Engine LLC

4/25/2017 GSC Technologies Corp. - Ameriform Acquisition Co., LLC P

4/20/2017 MooreCo, Inc. - Prudential Capital Group (Private Equity); Mooreco, Inc. /Private Group/P

4/20/2017 TheSockGame.com - Hoopswagg LLC

4/19/2017 Merle's Automotive Supply, Inc. - Genuine Parts Co.

4/19/2017 Distinctive Diamonds, Inc. - Blackstone Corporate Private Equity; Diamonds Direct USA, Inc.

4/19/2017 Chewy.com Volition Capital, T. Rowe Price PetSmart P

4/10/2017 Marbles LLC Marbles LLC Spin Master Ltd.

PAGE |

M&A TRANSACTIONS

19

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)2

CONSUMER AND RETAIL


Private Equity


4/6/2017 Mizzen + Main - L Catterton P

4/6/2017 Sunoco LP Sunoco LP 7-Eleven, Inc.

4/6/2017 eBags, Inc. - Samsonite LLC

4/5/2017 Panera Bread Co. - Agnaten SE; BDT Capital Partners P

4/4/2017 TCG International, Inc. Skidmore Group Holdings, Inc. Fix Auto Canada, Inc. P

4/4/2017 VF Licensed Sports Group LLC VF Corp. Fanatics, Inc.

4/4/2017 I and Love and You - L Catterton P

4/3/2017 Velvet LLC - Adastria Co., Ltd. P

4/3/2017 Kimmel Athletic Supply Co., Inc. - Herff Jones LLC; BSN Sports LLC P

4/3/2017 World Kitchen LLC - Cornell Capital LLC P

4/3/2017 Scivation, Inc. - MidOcean Partners P

3/31/2017 Duralee Fabrics Ltd. - The Robert Allen Group / Altamont Capital Management LLC P

3/30/2017 Gander Mountain Co. - Gordon Brothers Group P

3/21/2017 Professional Carwash Systems, Inc. - Lubrication Technologies, Inc.

3/20/2017 Arctic Glacier Group Holdings, Inc. H.I.G. Capital, LLC The Carlyle Group LP P

3/16/2017 Eastman Outdoors, Inc. - Snow Phipps Group / FeraDyne P

3/15/2017 1-800-FLOWERS.COM, Inc. (Sub) 1-800-FLOWERS.COM, Inc. Ferrero International SA

3/9/2017 Valenti Mid South Management Valenti Mid-South Management LLC NPC Quality Burgers, Inc.

3/2/2017 O Olive Oil, Inc. - Landec Corp.

2/22/2017 Skip Hop Fireman Capital Carter's P

2/21/2017 Popeyes Louisiana Kitchen, Inc. - Restaurant Brands International, Inc.

2/16/2017 Kohler Interiors Group Ltd. Kohler Co. Samson Investment Holding Co.

2/10/2017 Summit Research Labs, Inc. - Elementis Plc

2/7/2017 West Coast Coffee Co., Inc. - Farmer Brothers Co.

2/6/2017 Anova Applied Electronics, Inc. - Electrolux AB

2/2/2017 Mead Johnson Nutrition Co. - Reckitt Benckiser Group Plc P

2/1/2017 Calbee North America LLC - Calbee America, Inc.

1/26/2017 Belden, Inc. Belden, Inc. WIKA Alexander Wiegand SE & Co. KG

1/25/2017 Arctic Cat, Inc. - Textron, Inc.

1/24/2017 Bob Evans Farms, Inc. /522 Restaurants/ Bob Evans Farms, Inc. Golden Gate Private Equity, Inc. P

1/24/2017 Axiometrics, Inc. - RealPage, Inc.

1/23/2017 Home2 Suites By Hilton /Four Hotels/ Hilton Worldwide Holdings, Inc. Condor Hospitality Trust, Inc.

1/20/2017 Jaclyn, Inc. - Golden Touch Imports, Inc.

1/18/2017 Rural Broadband Investments LLC - Cable One, Inc.

1/17/2017 Kasper Sycamore Partners Nine West P

1/4/2017 Time-It Lube Corp. /28 Stores/ Time-It Lube Corp. Valvoline, Inc.; Valvoline LLC

1/3/2017 Presto Absorbent Products, Inc. National Presto Industries, Inc. Drylock Technologies Ltd.

1/3/2017 Dr. Fresh NexPhase Capital High Ridge Brands Co. P

12/30/2016 Bonjour Beauty International Ltd. Town Health International Medical Group Ltd. Profit Castle Holdings Ltd. P

12/29/2016 FlyOver Canada Productions, Inc. - Viad Corp.

12/27/2016 KOMO Plaza Hines Global REIT, Inc. GI Manager LP P

12/20/2016 Ben & Florentine Restaurants, Inc. - Imvescor Restaurant Group, Inc.

12/14/2016 Innocor, Inc. - Bain Capital Investors LLC P

12/13/2016 Allen Edmonds Corp. Brentwood Associates Caleres, Inc. P

12/12/2016 DuPont Authentication, Inc. E.I. du Pont de Nemours & Co. De La Rue Plc

12/12/2016 Smith Mountain Industries, Inc. - Newell Brands, Inc.

12/7/2016 Pebble Technology Corp. - Fitbit, Inc.

12/7/2016 Hyatt Regency Pier Sixty-Six Boca Resorts LLC Tavistock Development Co. P

12/2/2016 Victoria Fine Foods LLC - B&G Foods, Inc.

12/2/2016 Cosi, Inc. - Milfam LLC; AB Opportunity Fund LLC; Cosi, Inc. /Private Group/

11/25/2016 REINS International (USA) Co. Ltd. - Reins International, Inc.

11/22/2016 KeVita, Inc. - PepsiCo, Inc. P

11/22/2016 Bai Brands LLC - Dr Pepper Snapple Group, Inc.

11/18/2016 Natural Essence Group SPV - LifeBrandz Ltd.

11/17/2016 Bellisio Foods, Inc. Centre Partners Charoen Pokphand Foods Public Co. Ltd. P

11/17/2016 Ryeson Corp. - Snap-On, Inc.

11/16/2016 Elore Enterprises LLC - The Carlyle Group LP (Corporate Private Equity); Grupo Empresarial Palacios Alimentación SAP

11/14/2016 Harman International Industries, Inc. - Samsung Electronics America, Inc.

11/14/2016 Too Faced Cosmetics LLC General Atlantic Estee Lauder Cos., Inc. P

11/14/2016 American Apparel LLC /American Apparel Brand/ American Apparel, Inc. Gildan Activewear, Inc.

11/10/2016 JemPak GK, Inc. - Acasta Enterprises, Inc.

11/9/2016 Kimpton Hotel Allegro - Hospitality Properties Trust

11/8/2016 GlassMasters Autoglass Ltd. - The Western Investment Co. of Canada Ltd. P

11/8/2016 ARG Wholesale Ltd. - Alberta Treasury Branches Financial; The Western Investment Co. of Canada Ltd.; Arg Wholesale Ltd. /Private Group/P

11/7/2016 Coleman Homes LLC - Toll Brothers, Inc.

11/4/2016 Dick Clark Productions, Inc. - Dalian Wanda Group Co., Ltd.

11/4/2016 Ultimate Survival Technologies, Inc. - Battenfeld Technologies, Inc.

11/3/2016 Angelic Bakehouse, Inc. - T. Marzetti Co., Inc.

10/31/2016 Performance Sports Group Ltd. - Fairfax Financial Holdings Ltd.; Sagard Capital Partners Management Corp.; Performance Sports Group Ltd. /Private Group/P

10/31/2016 Grupo Modelo Sab De Cv /Obregon Brewery/ Anheuser-Busch InBev SA/NV Constellation Brands, Inc.

10/26/2016 Pacific Island Restaurants, Inc. - Restaurant Brands New Zealand Ltd.

10/25/2016 Courtyard By Marriott (Sunnyvale) Marriott International, Inc. Hersha Hospitality Trust

10/24/2016 Mactac Americas, LLC - LINTEC Corp.

10/17/2016 Constellation Brands Canada, Inc. Constellation Brands, Inc. Ontario Teachers' Pension Plan Board; Province of Ontario

10/17/2016 International Palms Resort & Conference Center Orlando Lone Star Funds Empresas Brasif SA P

10/17/2016 Charles Smith Wines LLC /Wines Business/ Charles Smith Wines LLC Constellation Brands, Inc.

PAGE |

HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)2

20

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Brant [email protected]+1 (612) 359-2709

Ed ArkusManaging [email protected]+44 20 7518 8905

Ryan BudlongManaging [email protected]+1 (415) 217-3409

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Ryan [email protected]+1 (612) 359-2703

Andy WarczakVice [email protected]+1 (612) 359-2714

Zach EnglandVice [email protected]+1 (415) 217-3429

Beau PierceVice [email protected]+1 (804) 887-6113

John Neuner IVManaging [email protected]+1 (804) 915-0125

Brent SpillerManaging [email protected]+1 (804) 915-0183

Will [email protected]+44 20 7518 8906

Corey [email protected]+1 (804) 932-1342

Private Equity


10/12/2016 Newell Brands, Inc. /Tools Business/ Newell Brands, Inc. Stanley Black & Decker, Inc.

10/4/2016 High West Distillery & Saloon - Constellation Brands, Inc.

9/28/2016 Lafayette Puzzle Factory LLC - Cra-Z-Art LLC

9/23/2016 Fanlogic LLC - HeadsUp Entertainment

9/21/2016 Corby LLC - US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. - Visual Promotions LLC

9/13/2016 David Michael & Co., Inc. - International Flavors & Fragrances

9/13/2016 SalonQuest LLC - Conair Corp.

9/12/2016 CID Entertainment LLC - Clearlake Capital Group LP P

9/9/2016 SRP Companies Seidler Equity Partners Aurora Capital Partners P

9/6/2016 SharpShooter Imaging LLC - Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. - Vista Outdoor, Inc.

9/1/2016 Amety Ltd. - Park Lawn Corp.

9/1/2016 Jones Media, Inc. - Adams Publishing Group LLC

9/1/2016 New Homes Guide - NewPoint Media Group LLC

8/31/2016 Focus Products Group International (Kitchen Division) - Lifetime Brands, Inc. P

8/31/2016 Promax Nutrition Corp. /Sport Perfomance Brand/ - NuGo Nutrition

8/31/2016 Boomerang Carwash LLC - Zips Car Wash LLC

8/30/2016 Plus II Sanitation Supplies, Inc. - Bunzl Plc

8/30/2016 Apex Sanitation Products Ltd. - Bunzl Plc P

8/30/2016 800Razors.com LLC - Shave Mob LLC

8/30/2016 The River Club - Landeavor LLC

8/30/2016 Coast Apparel LLC - Delta Apparel, Inc.

8/30/2016 Heritage Golf Club - ClubCorp Holdings, Inc.

8/30/2016 True Contact - Appsbuyout P

8/29/2016 Playworld Systems, Inc. - Littlejohn & Co. LLC; PlayPower, Inc.

8/29/2016 Toulon Design - Callaway Golf Co.

8/19/2016 Affinity Sports - Dick's Sporting Goods, Inc.

8/16/2016 RunHaven Moko Social Media Ltd. Calera Capital Advisors P

8/16/2016 RCL Benziger Publishing LLC New Mountain Learning LLC Kendall/Hunt Publishing Co.

8/16/2016 Alienation, Inc. - J&B Importers, Inc.

8/16/2016 LeftField Media LLC - Urban Exposition LLC

8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG

8/15/2016 Wisconsin Cemeteries - StoneMor Partners LP

8/15/2016 Pounds Media LLC - Snapshot Interactive LLC

8/12/2016 The Car Wash Barn - Car Wash Partners, Inc.

8/11/2016 Canada à la Carte Viad Corp. VBR Tours LLC

8/10/2016 Preptix LLC - Huddle, Inc.

8/10/2016 Dacor, Inc. - Samsung Electronics America, Inc.

8/10/2016 Sina Pearson Textiles, Inc. - Riverside Partners LLC (New York); Momentum Textiles, Inc.; Momentum GroupP

8/10/2016 ECM Publishers, Inc. - Adams Publishing Group LLC

8/9/2016 Stefano A, Inc. - JN Phillips Auto Glass, Inc.

8/9/2016 Hope River Entertainment - Moonstruck Management LLC

8/9/2016 Herington Times-Sun Printing & Publishing - Kansas Publishing Ventures LLC

8/8/2016 Becker & Mayer LLC The McEvoy Group LLC Quarto Publishing Group USA, Inc.

8/8/2016 Whistler Blackcomb Holdings, Inc. - Vail Resorts, Inc.

8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water Technologies LLCP

8/8/2016 Flick Brothers Auto Body - 3-D Body Works, Inc.

8/8/2016 Rooftop2 Productions, Inc. - Lagardère Sports SAS

8/5/2016 Pokervision Media, Inc. - Network Life Sciences, Inc.

8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada)

8/3/2016 Stein World Operating Co. - ELK Group International, Inc.

8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP; Give & Go Prepared Foods Corp. P














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CONSUMER AND RETAIL

21

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HARRIS WILLIAMS & CO.

22

SOURCES

1) FactSet

2) PitchBook

3) Thomson Financial

4) Reuters

5) S&P Capital IQ LCD

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

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The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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CONSUMER AND RETAIL


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