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CONSUMER AND RETAIL

INDUSTRY UPDATE | DECEMBER 2017

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KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 4)1

PUBLIC MARKETS OVERVIEW

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

CONSUMER AND RETAIL

INDUSTRY UPDATE │ DECEMBER 2017

1

www.harriswilliams.com

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 22 $4,047 14.9% 10.2% 1.4x 12.5x 1.9x 12.5x

Consumer Durables 6 6,943 (1.2%) 1.0% 0.8x 9.4x 0.9x 11.1x

Consumer Serv ices and Retail Franchisors 7 4,036 2.5% (14.0%) 2.2x 9.6x 1.3x 7.6x

Home & Office Furniture & Furnishings 10 1,581 0.3% 11.0% 0.9x 9.7x 1.2x 13.2x

Household Products 5 21,033 2.8% 15.6% 4.0x 16.1x 4.1x 18.1x

Housewares 7 3,077 1.9% 2.3% 1.7x 11.4x 1.9x 12.2x

Infant & Juvenile 12 1,348 0.9% (20.6%) 1.1x 11.4x 1.1x 12.5x

Outdoor & Lifestyle 19 1,077 (0.2%) 4.5% 1.4x 13.5x 1.6x 14.5x

Personal Care Products 12 4,115 4.0% 37.6% 1.7x 12.2x 2.2x 12.9x

Pet Care 8 1,505 6.1% 19.5% 2.0x 14.0x 1.9x 18.0x

Retail

Apparel & Footwear Retail 29 1,058 26.9% (29.5%) 0.5x 6.5x 0.5x 4.9x

Department Chains 8 5,311 (1.9%) (56.7%) 0.5x 6.2x 0.5x 5.1x

Discount Stores & Mass Merchants 13 31,048 10.2% 7.1% 0.7x 10.9x 0.8x 12.5x

Furniture & Furnishings Retailers 14 1,793 11.7% 4.4% 0.9x 9.7x 1.0x 8.4x

Internet Retail 10 10,350 10.7% 120.0% 4.1x 18.8x 7.9x 52.2x

Specialty & Other Retail 14 1,511 16.6% (31.8%) 0.6x 9.4x 0.8x 7.0x

Consumer Products & Services 108 $3,557 2.2% 7.3% 1.5x 11.8x 1.7x 12.7x

Retail 88 $3,552 11.2% (12.6%) 0.6x 9.5x 0.8x 7.7x

Consumer & Retail Index 196 $3,557 3.4% 4.4% 1.2x 11.1x 1.2x 12.5x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Department

Chains

Specialty & Other Retail

Apparel & Footwear Retail

Infant & Juvenile

Consumer Services and Retail

Franchisors

Consumer Durables

Housewares

Furniture & Furnishings Retailers

Consumer & Retail Index

Pet Care

Discount Stores & Mass Merchants

Apparel & Footwear

Home & Office Furniture &

Furnishings

Household Products

Personal Care Products

S&P 500

Outdoor & Lifestyle

Internet

Retail

(80.0%) (60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0%

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CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE1

PUBLIC MARKETS OVERVIEW

2

RECENT EQUITY OFFERINGS1

CONSUMER AND RETAIL


90

100

110

120

130

140

150

Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-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 Filling Date Issuer Ticker

Transaction

Type

Gross Proceeds

($M) Primary Industry

12/04/2017 12/07/2017 AT HOME GROUP INC HOME-US Follow-On $122.5 Specialty Stores

12/07/2017 12/11/2017 Party City Holdco, Inc. PRTY-US Follow-On 129.0 Specialty Stores

12/11/2017 12/12/2017 GMS INC GMS-US Follow-On $191.3 Home Improvement Chains

11/15/2017 11/16/2017 Norwegian Cruise Line Holdings Ltd NCLH-US Follow-On $543.5 Hotels/Resorts/Cruiselines

11/13/2017 11/13/2017 Acushnet Holdings Corp GOLF-US Follow-On 155.8 Recreational Products

11/13/2017 11/16/2017 Floor & Decor Holdings, Inc. FND-US Follow-On $234.0 Home Improvement Chains

11/08/2017 11/08/2017 Taylor Morrison Home Corp TMHC-US Follow-On 229.5 Homebuilding

10/23/2017 10/26/2017 Camping World Holdings Inc CWH-US Follow-On $310.4 Specialty Stores

10/19/2017 11/16/2017 Stitch Fix Inc SFIX-US IPO 120.0 Apparel/Footwear Retail

10/06/2017 11/01/2017 Funko Inc FNKO-US IPO $125.0 Recreational Products

09/28/2017 09/28/2017 Hilton Worldwide Holdings Inc HLT-US Follow-On 1,011.0 Hotels/Resorts/Cruiselines

09/13/2017 09/18/2017 Lyon William Homes Inc WLH-US Follow-On $79.1 Homebuilding

09/01/2017 09/28/2017 Roku Inc ROKU-US IPO 252.3 Electronics/Appliances

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CONSUMER AND RETAIL


M&A OVERVIEW

CONSUMER AND RETAIL M&A TRENDS1

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY1

ANNOUNCED CONSUMER AND RETAIL M&A1

Note: Transactions based on publicly available information

Announced Target Buyer

12/20/2017 Lori's Gifts, Inc. Atlantic Street Capital Management LLC

12/18/2017 Brookline Furniture Co. LLC Capital Partners, Inc.; American Leather Holdings LLC

12/18/2017 Physicians Care Alliance LLC Colgate-Palmoliv e Co.

12/18/2017 Swiss-American Products, Inc. Colgate-Palmoliv e Co.

12/14/2017 Schmidt's Deodorant Co. LLC Unilev er Plc

12/8/2017 DWL Industries Co. Olympus Adv isors LLC; G.E.T. Enterprises LLC

12/6/2017 Fabric Dev elopment, Inc. Kordsa Teknik Tekstil A.S.

12/4/2017 Whink Products Co. Rust-Oleum Corp.

12/1/2017 Coastal Salt & Soul LLC Celebrate Beauty Brands LLC

12/1/2017 RSI Home Products, Inc. American Woodmark Corp.

Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA

$168.5 189.0 0.68x 8.8x

66

35 39

68 7183

66

95

63 5767

39

20

4128

49

21

18 13

512

26

12

16

1410

13

5

8

28

5

8

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

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.9x

9.0x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

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

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

$30$40 $38

$27 $28

$92

$72.9

$168

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

$105

$120

$135

$150

$165

$180

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

31

37

53

73

86

57

66

42

49

28

59

53

76

57

68

84

34

39

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

9.4x9.1x 9.3x 9.5x 9.8x 9.8x 9.7x 10.0x 10.2x 10.0x 9.7x 9.6x 9.7x

7.1x 6.9x6.6x 6.4x 6.6x 6.6x 6.3x

7.0x 7.2x6.6x 6.7x 6.7x

7.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Median LTM Trading Multiples

Consumer Products & Services Retail

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PUBLIC COMPARABLES(1)

CONSUMER AND RETAIL


4

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

($ in m illions, except per share data) Ticker 12/26/17 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear

Tapestry, Inc. COH $44.95 92.0% $12,783 $2,689 $1,671 $13,801 $4,740 $1,073 5.3% 0.3% 67.9% 22.6% 27.9x 2.91x 12.9x 2.79x 8.8x

Columbia Sportswear Company COLM 71.97 99.2% 5,029 0 430 4,599 2,407 299 2.1% 7.2% 44.3% 12.4% 25.8x 1.91x 15.4x 2.73x 25.4x

Carter's, Inc. CRI 116.94 99.6% 5,534 687 105 6,116 3,307 459 5.6% 5.8% 43.3% 13.9% 22.6x 1.85x 13.3x 2.32x 16.2x

Crocs, Inc. CROX 13.15 98.6% 916 1 180 737 1,012 43 (4.3%) (6.1%) 47.4% 4.2% NA 0.73x 17.2x 0.62x 5.5x

Deckers Outdoor Corporation DECK 79.80 98.8% 2,550 165 231 2,485 1,819 242 (0.8%) 11.4% 47.0% 13.3% NM 1.37x 10.3x 1.99x 12.5x

Fossil Group, Inc. FOSL 8.07 29.5% 392 485 167 709 2,827 166 (8.1%) (6.9%) 49.5% 5.9% NA 0.25x 4.3x 0.22x 1.1x

G-III Apparel Group, Ltd. GIII 37.42 98.5% 1,837 727 68 2,495 2,695 166 16.7% 9.1% 35.5% 6.1% 44.5x 0.93x 15.1x 1.48x 17.3x

Hanesbrands Inc. HBI 20.91 81.3% 7,623 3,996 400 11,219 6,402 1,051 9.2% 8.0% 39.2% 16.4% 13.0x 1.75x 10.7x 2.42x 16.3x

Iconix Brand Group, Inc. ICON 1.31 12.1% 75 1,013 331 758 261 126 (29.0%) (11.7%) 0.0% 48.2% NA 2.91x 6.0x 1.75x 2.9x

NIKE, Inc. Class B NKE 63.65 97.6% 104,574 3,814 5,519 102,869 34,294 5,086 3.8% 6.0% 43.4% 14.8% 27.1x 3.00x 20.2x 3.84x 25.7x

Oxford Industries, Inc. OXM 75.33 99.6% 1,268 72 6 1,334 1,054 117 3.2% 2.7% 56.5% 11.1% 24.7x 1.27x 11.4x 1.46x 11.6x

Perry Ellis International, Inc. PERY 25.67 98.8% 402 91 52 441 852 51 (2.2%) (1.4%) 35.9% 6.0% 15.1x 0.52x 8.6x 0.48x 13.5x

PVH Corp. PVH 136.52 97.9% 10,502 3,390 612 13,280 8,524 1,146 3.8% 1.2% 54.6% 13.4% 20.3x 1.56x 11.6x 1.66x 10.9x

Ralph Lauren Corporation Class A RL 103.39 99.4% 8,405 855 1,647 7,613 6,291 1,001 (12.5%) (6.0%) 58.9% 15.9% NM 1.21x 7.6x 1.04x 5.5x

Steven Madden, Ltd. SHOO 47.05 99.4% 2,781 0 143 2,638 1,518 194 7.9% 4.4% 37.1% 12.8% 22.4x 1.74x 13.6x 2.01x 12.2x

Skechers U.S.A., Inc. Class A SKX 38.66 99.3% 6,126 84 803 5,407 3,958 432 12.4% 20.6% 44.2% 10.9% 24.0x 1.37x 12.5x 2.93x 40.7x

Gildan Activewear Inc. GIL-CA 32.37 99.4% 7,103 705 77 7,731 2,685 577 (5.3%) 4.8% 27.6% 21.5% 19.3x 2.88x 13.4x 3.67x 18.0x

Under Armour, Inc. Class C UA 14.07 50.9% 6,526 1,068 258 7,337 4,916 498 4.8% 19.6% 45.1% 10.1% 44.0x 1.49x 14.7x 3.15x 23.2x

V.F. Corporation VFC 74.61 99.1% 29,482 4,383 1,546 32,319 11,769 1,763 (4.3%) (0.6%) 49.8% 15.0% 31.1x 2.75x 18.3x 2.83x 17.1x

Vera Bradley, Inc. VRA 12.54 97.7% 445 0 93 352 457 29 (9.4%) (3.8%) 55.0% 6.4% NM 0.77x 12.0x 0.66x 3.2x

Weyco Group, Inc. WEYS 28.11 87.0% 287 5 18 273 286 28 (5.5%) (2.0%) 37.1% 9.7% 17.7x 0.96x 9.8x 0.91x NA

Wolverine World Wide, Inc. WWW 31.78 99.6% 3,041 797 343 3,495 2,518 282 0.1% (2.2%) 39.2% 11.2% NM 1.39x 12.4x 1.30x 11.8x

Mean 88.0% $9,895 $1,138 $668 $10,364 $4,754 $674 (0.3%) 2.7% 43.6% 13.7% 25.3x 1.61x 12.3x 1.92x 14.3x

Median 98.7% $4,035 $696 $244 $4,047 $2,690 $290 1.1% 1.9% 44.3% 12.6% 24.0x 1.44x 12.5x 1.87x 12.5x

Consumer Durables

Arcelik A.S. ARCLK-TR $5.38 69.0% $3,636 $1,951 $560 $5,027 $5,590 $599 5.7% (0.9%) 30.4% 10.7% 13.2x 0.90x 8.4x 0.97x 9.3x

Electrolux AB Class B ELUX.B-SE 32.31 87.8% 9,988 1,192 1,400 9,779 13,906 1,225 (2.2%) (5.7%) 20.5% 8.8% 16.0x 0.70x 8.0x 0.58x 10.0x

iRobot Corporation IRBT 80.11 73.0% 2,233 0 278 1,955 770 86 17.6% 13.7% 51.0% 11.2% 38.1x 2.54x 22.6x 4.01x 33.9x

Middleby Corporation MIDD 132.79 88.0% 7,425 951 82 8,294 2,300 539 4.3% 13.3% 40.8% 23.4% 24.9x 3.61x 15.4x 5.81x 28.2x

Haier Electronics Group Co., Ltd. 1169-HK 2.77 92.4% 7,750 31 2,188 5,593 10,424 554 11.3% (1.1%) 17.6% 5.3% 17.3x 0.54x 10.1x 0.54x 12.2x

Whirlpool Corporation WHR 170.16 83.8% 12,228 5,782 1,087 16,923 21,207 1,943 2.8% 3.8% 16.0% 9.2% 16.1x 0.80x 8.7x 0.90x 9.3x

Mean 82.3% $7,210 $1,651 $932 $7,928 $9,033 $824 6.6% 3.8% 29.4% 11.4% 20.9x 1.51x 12.2x 2.14x 17.1x

Median 85.8% $7,587 $1,071 $823 $6,943 $8,007 $577 5.0% 1.4% 25.4% 9.9% 16.7x 0.85x 9.4x 0.94x 11.1x

Last Twelve Months (LTM) EV / LTM EV / 2017ERevenue Growth LTM Margins

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CONSUMER AND RETAIL


5




Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC $3.78 32.1% $261 $1,430 $40 $1,651 $2,465 $243 (4.8%) (2.0%) 32.2% 9.8% NA 0.67x 6.8x 0.63x 3.2x

H&R Block, Inc. HRB 26.06 81.9% 5,448 1,495 282 6,662 3,058 891 1.0% 0.3% 45.0% 29.1% 14.6x 2.18x 7.5x 2.23x 7.6x

Planet Fitness, Inc. Class A PLNT 34.81 99.9% 3,428 705 96 4,036 412 173 12.1% 25.0% 47.7% 42.0% 49.7x 9.79x 23.3x NA NA

Regis Corporation RGS 15.77 94.5% 735 121 176 679 1,571 70 (11.3%) (6.0%) 38.0% 4.5% NA 0.43x 9.6x 0.35x 6.1x

Realogy Holdings Corp. RLGY 26.31 74.8% 3,542 3,710 352 6,900 6,040 752 4.8% 4.4% 18.9% 12.5% 15.8x 1.14x 9.2x 1.30x 8.7x

Serv iceMaster Global Holdings, Inc. SERV 51.09 96.6% 6,899 2,800 470 9,229 2,879 659 6.1% 3.5% 46.1% 22.9% 29.5x 3.21x 14.0x 4.02x 19.9x

Winmark Corporation WINA 134.75 96.9% 515 75 1 589 69 39 4.8% 5.7% 92.4% 56.3% 25.7x 8.49x 15.1x NA NA

Mean 82.4% $2,975 $1,476 $202 $4,249 $2,356 $404 1.8% 4.4% 45.7% 25.3% 27.1x 3.70x 12.2x 1.71x 9.1x

Median 94.5% $3,428 $1,430 $176 $4,036 $2,465 $243 4.8% 3.5% 45.0% 22.9% 25.7x 2.18x 9.6x 1.30x 7.6x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN $4.00 76.8% $65 $139 $0 $203 $410 $14 1.8% 0.9% 24.4% 3.3% NA 0.49x 15.0x 0.59x NA

HNI Corporation HNI 38.15 67.0% 1,657 312 24 1,945 2,173 249 (2.1%) 0.9% 37.4% 11.4% 25.8x 0.90x 7.8x 0.94x 12.7x

Hooker Furniture Corporation HOFT 42.45 80.5% 499 55 32 522 619 53 33.5% 37.7% 21.7% 8.6% 16.1x 0.84x 9.8x 2.30x 34.6x

Kimball International, Inc. Class B KBAL 18.70 89.2% 698 4 98 605 664 69 1.7% (20.4%) 33.7% 10.3% 18.9x 0.91x 8.8x 0.49x NA

Knoll, Inc. KNL 22.81 80.3% 1,126 219 6 1,339 1,110 138 (5.7%) 3.7% 37.3% 12.4% 16.2x 1.21x 9.7x 1.55x 17.8x

Leggett & Platt, Incorporated LEG 47.54 86.5% 6,267 1,198 343 7,121 3,866 567 1.7% 1.2% 22.2% 14.7% 20.6x 1.84x 12.6x 1.90x 15.1x

LaZBoy Incorporated LZB 32.00 93.4% 1,514 1 140 1,375 1,553 157 2.3% 4.4% 39.9% 10.1% 18.4x 0.89x 8.8x 1.02x 12.6x

Herman Miller, Inc. MLHR 39.05 98.6% 2,334 208 89 2,454 2,260 259 (1.7%) 5.5% 37.7% 11.4% 19.5x 1.09x NM 1.34x 12.4x

Steelcase Inc. Class A SCS 14.95 82.4% 1,736 296 244 1,788 3,052 233 1.4% (0.4%) 33.1% 7.6% 16.8x 0.59x 7.7x 0.60x 7.5x

Tempur Sealy International Inc TPX 63.75 90.5% 3,454 1,753 42 5,165 2,876 389 (8.0%) (0.5%) 40.7% 13.5% 21.3x 1.80x 13.3x 2.10x 13.8x

Mean 84.5% $1,935 $418 $102 $2,252 $1,858 $213 2.5% 3.3% 32.8% 10.3% 19.3x 1.05x 10.4x 1.28x 15.8x

Median 84.4% $1,585 $213 $65 $1,581 $1,863 $195 1.5% 1.1% 35.5% 10.9% 18.9x 0.90x 9.7x 1.18x 13.2x

Household Products

Church & Dwight Co., Inc. CHD $50.16 92.6% $12,536 $2,421 $237 $14,721 $3,639 $815 4.9% 3.8% 45.6% 22.4% 28.8x 4.05x 18.1x 4.61x 20.7x

Colgate-Palmolive Company CL 75.48 97.7% 66,279 6,527 1,602 71,204 15,283 4,408 (0.6%) (4.3%) 60.4% 28.8% 29.1x 4.66x 16.2x 4.09x 15.5x

Clorox Company CLX 149.69 99.5% 19,301 2,200 468 21,033 6,030 1,306 3.7% 2.6% 44.8% 21.7% 27.5x 3.49x 16.1x 3.75x 18.1x

Prestige Brands Holdings, Inc. PBH 44.79 75.1% 2,376 2,092 43 4,425 972 326 16.7% 16.3% 53.3% 33.5% 22.4x 4.55x 13.6x 7.34x 21.1x

Procter & Gamble Company PG 92.48 97.7% 235,649 34,214 16,007 253,856 65,193 17,297 (0.1%) (7.6%) 50.8% 26.5% 24.7x 3.89x 14.7x 3.04x 13.3x

Mean 92.5% $67,228 $9,491 $3,671 $73,048 $18,223 $4,830 4.9% 2.2% 51.0% 26.6% 26.5x 4.13x 15.7x 4.56x 17.8x

Median 97.7% $19,301 $2,421 $468 $21,033 $6,030 $1,306 3.7% 2.6% 50.8% 26.5% 27.5x 4.05x 16.1x 4.09x 18.1x

Housewares

Helen of Troy Limited HELE $97.05 94.3% $2,646 $444 $14 $3,077 $1,559 $221 0.8% 5.6% 43.9% 14.2% 24.9x 1.97x 13.9x 2.34x 15.9x

Libbey Inc. LBY 6.78 34.2% 149 399 22 527 767 69 (5.3%) (3.2%) 18.5% 9.0% NA 0.69x 7.7x 0.64x 3.9x

Lifetime Brands, Inc. LCUT 16.30 76.9% 242 129 6 365 590 38 0.9% 1.7% 37.1% 6.4% 15.2x 0.62x 9.6x 0.73x 9.1x

NACCO Industries, Inc. Class A NC 38.95 41.2% 267 59 94 231 363 15 (57.8%) (26.5%) 22.9% 4.2% 6.0x 0.64x 15.1x NA NA

Newell Brands Inc NWL 30.92 56.1% 15,154 11,475 792 25,837 15,135 2,276 41.6% 38.5% 35.4% 15.0% 11.9x 1.71x 11.4x 4.54x 28.1x

Spectrum Brands Holdings, Inc. SPB 113.77 77.9% 6,556 3,841 168 10,229 5,007 848 (0.6%) 4.2% 37.6% 16.9% 22.7x 2.04x 12.1x 2.45x 15.4x

Tupperware Brands Corporation TUP 62.57 84.1% 3,184 798 119 3,863 2,268 403 2.9% (5.0%) 67.3% 17.8% 22.8x 1.70x 9.6x 1.45x 8.2x

Mean 66.4% $4,028 $2,449 $173 $6,304 $3,670 $553 (2.5%) 2.2% 37.5% 11.9% 17.3x 1.34x 11.3x 2.02x 13.4x

Median 76.9% $2,646 $444 $94 $3,077 $1,559 $221 0.8% 1.7% 37.1% 14.2% 19.0x 1.70x 11.4x 1.90x 12.2x

Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2017ERevenue Growth

PAGE |

CONSUMER AND RETAIL


6




Infant & Juvenile

Carter's, Inc. CRI $116.94 99.6% $5,534 $687 $105 $6,116 $3,307 $459 5.6% 5.8% 43.3% 13.9% 22.6x 1.85x 13.3x 2.32x 16.2x

Crown Crafts, Inc. CRWS 6.55 75.3% 66 0 3 63 65 9 (16.2%) (7.1%) 28.8% 14.2% 14.2x 0.97x 6.8x 0.78x 5.9x

Dorel Industries Inc. Class B DII.B 25.15 84.4% 816 487 35 1,268 2,549 148 (2.8%) (0.8%) 22.5% 5.8% 28.9x 0.50x 8.6x 0.52x 7.5x

Hasbro, Inc. HAS 92.80 79.9% 11,559 1,882 1,269 12,172 5,205 973 7.4% 6.9% 51.1% 18.7% 19.8x 2.34x 12.5x 2.98x 16.3x

JAKKS Pacific, Inc. JAKK 2.35 40.2% 63 155 49 170 644 (2) (8.5%) (2.5%) 27.6% NM NA 0.26x NM 0.27x NM

Mattel, Inc. MAT 15.72 49.7% 5,403 2,869 181 8,091 5,105 486 (9.2%) (6.0%) 42.7% 9.5% NA 1.58x 16.7x 1.25x 5.9x

Mothercare plc MTC-GB 0.87 49.1% 149 52 5 196 832 52 (14.7%) (11.1%) 7.6% 6.2% NA 0.24x 3.8x 0.16x 3.5x

Newell Brands Inc NWL 30.92 56.1% 15,154 11,475 792 25,837 15,135 2,276 41.6% 38.5% 35.4% 15.0% 11.9x 1.71x 11.4x 4.54x 28.1x

Children's Place, Inc. PLCE 144.55 98.5% 2,515 56 273 2,298 1,821 233 3.3% 1.3% 34.3% 12.8% 20.6x 1.26x 9.9x 1.30x 13.0x

Goodbaby International Holdings Ltd. 1086-HK 0.55 91.3% 914 187 113 987 814 57 (2.6%) 9.9% 35.3% 7.0% 21.4x 1.21x 17.3x 1.83x 28.2x

Summer Infant, Inc. SUMR 1.38 61.3% 26 48 1 73 187 3 (7.0%) (2.1%) 29.1% 1.7% NA 0.39x 22.5x 0.35x 9.9x

Tomy Company, Ltd. 7867-JP 13.37 79.1% 1,287 494 353 1,429 1,611 189 11.2% 3.2% 39.3% 11.7% 14.7x 0.89x 7.6x 0.93x 12.5x

Mean 72.0% $3,624 $1,533 $265 $4,892 $3,106 $407 0.7% 3.0% 33.1% 10.6% 19.3x 1.10x 11.8x 1.44x 13.4x

Median 77.2% $1,101 $337 $109 $1,348 $1,716 $168 (2.7%) 0.3% 34.8% 11.7% 20.2x 1.09x 11.4x 1.09x 12.5x

Outdoor & Lifestyle

Brunswick Corporation BC $55.53 87.0% $4,869 $442 $403 $4,909 $4,737 $605 7.9% 7.6% 26.8% 12.8% 17.8x 1.04x 8.1x 1.26x 12.1x

Clarus Corporation BDE 8.00 100.0% 241 27 2 266 159 (0) 6.4% (6.4%) 28.7% NM NA 1.67x NM 1.31x 34.3x

Columbia Sportswear Company COLM 71.97 99.2% 5,029 0 430 4,599 2,407 299 2.1% 7.2% 44.3% 12.4% 25.8x 1.91x 15.4x 2.73x 25.4x

Callaway Golf Company ELY 15.06 96.4% 1,424 71 82 1,413 1,021 109 18.5% 5.1% 45.5% 10.6% 7.9x 1.38x NM 1.68x 42.7x

Escalade, Incorporated ESCA 13.00 90.4% 187 26 2 211 171 21 3.2% 6.0% 24.2% 12.5% 18.5x 1.24x 9.9x NA NA

Fox Factory Holding Corp. FOXF 39.00 83.3% 1,464 64 37 1,491 466 81 20.4% 16.1% 32.6% 17.3% 30.2x 3.20x 18.5x 5.47x 30.1x

GoPro, Inc. Class A GPRO 7.85 66.0% 1,146 128 197 1,077 1,386 (21) 28.1% 7.3% 39.1% NM NA 0.78x NM 1.09x 8.4x

Amer Sports Oyj Class A AMEAS-FI 27.10 95.4% 3,212 990 271 3,931 2,924 248 0.8% (0.4%) 43.6% 8.5% 30.8x 1.34x 15.8x 1.34x 14.5x

Rapala VMC Oyj RAP1V-FI 4.00 80.4% 156 138 27 267 281 18 (8.3%) (9.2%) 22.1% 6.3% NA 0.95x 15.1x 0.68x 5.7x

Harley-Davidson, Inc. HOG 51.77 81.7% 8,713 6,973 735 14,950 5,529 889 (8.9%) (3.8%) 32.7% 16.1% 16.0x 2.70x 16.8x 2.84x 11.1x

Johnson Outdoors Inc. Class A JOUT 65.34 85.8% 653 0 110 543 491 59 13.1% 4.9% 43.0% 12.0% 18.6x 1.11x 9.3x 1.27x NA

Malibu Boats Inc Class A MBUU 30.18 90.5% 612 108 18 702 323 52 25.5% 18.3% 26.9% 16.1% 18.0x 2.17x 13.5x NA NA

Marine Products Corporation MPX 14.51 84.8% 505 0 7 497 259 29 10.7% 14.3% 22.0% 11.1% 25.9x 1.92x NM 2.96x 46.2x

Nautilus Inc NLS 13.85 69.9% 425 52 78 399 404 58 3.8% 16.4% 51.5% 14.3% 14.7x 0.99x 6.9x 1.83x 20.8x

Polaris Industries Inc. PII 126.64 94.0% 7,920 920 132 8,708 5,215 506 17.5% 6.7% 26.0% 9.7% 39.8x 1.67x 17.2x 2.31x 13.3x

Sturm, Ruger & Company, Inc. RGR 57.15 83.1% 996 0 45 951 566 130 (13.6%) (2.1%) 30.8% 23.0% 16.7x 1.68x 7.3x 1.38x 4.8x

American Outdoor Brands Corporation SWHC 13.28 54.2% 719 289 68 940 740 153 (15.2%) 10.0% 34.7% 20.6% 12.2x 1.27x 6.2x 1.53x 5.6x

Shimano Inc. 7309-JP 140.06 83.5% 12,987 73 1,963 11,097 2,961 728 0.2% (0.7%) 41.0% 24.6% 33.8x 3.75x 15.2x 4.30x 22.6x

Vista Outdoor Inc VSTO 14.80 37.5% 848 1,045 51 1,842 2,388 235 (5.2%) 8.4% 25.0% 9.8% NA 0.77x 7.8x NA NA

Mean 82.3% $2,742 $597 $245 $3,094 $1,707 $221 5.6% 5.5% 33.7% 14.0% 21.8x 1.66x 12.2x 2.12x 19.8x

Median 84.8% $996 $73 $78 $1,077 $740 $109 3.8% 6.7% 32.6% 12.5% 18.5x 1.38x 13.5x 1.60x 14.5x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2017E

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CONSUMER AND RETAIL


7




Personal Care Products

Avon Products, Inc. AVP $2.27 37.6% $999 $1,889 $664 $2,224 $5,715 $437 13.7% (14.6%) 61.3% 7.6% NA 0.39x 5.1x 0.22x 2.2x

Estee Lauder Companies Inc. Class A EL 128.85 98.8% 47,325 3,935 1,825 49,435 12,233 2,604 8.3% 3.8% 79.1% 21.3% 34.8x 4.04x 19.0x 4.67x 24.0x

Herbalife Ltd. HLF 70.59 88.6% 6,155 2,281 1,636 6,800 4,379 664 (3.6%) (4.9%) 79.0% 15.2% 16.0x 1.55x 10.2x 1.41x 7.9x

Kimberly-Clark Corporation KMB 121.31 89.1% 42,672 7,646 655 49,663 18,221 4,084 0.1% (5.2%) 36.4% 22.4% 20.0x 2.73x 12.2x 2.35x 11.8x

Medifast, Inc. MED 72.74 97.3% 868 0 96 772 286 41 4.6% (3.5%) 75.4% 14.4% 35.8x 2.70x 18.8x 2.16x 14.6x

Nu Skin Enterprises, Inc. Class A NUS 69.93 99.5% 3,682 418 372 3,728 2,145 305 (4.6%) (10.3%) 78.4% 14.2% 25.5x 1.74x 12.2x 1.17x 6.3x

Procter & Gamble Company PG 92.48 97.7% 235,649 34,214 16,007 253,856 65,193 17,297 (0.1%) (7.6%) 50.8% 26.5% 24.7x 3.89x 14.7x 3.04x 13.3x

Revlon, Inc. Class A REV 22.90 62.2% 1,205 2,925 79 4,050 2,708 249 31.8% 12.3% 56.7% 9.2% NA 1.50x 16.3x 2.71x 15.5x

Sally Beauty Holdings, Inc. SBH 18.71 69.3% 2,377 1,868 64 4,181 3,938 616 (0.4%) 1.6% 47.0% 15.7% 12.0x 1.06x 6.8x 1.14x 7.0x

Ulta Beauty Inc ULTA 226.68 72.0% 13,826 0 107 13,719 5,527 1,002 21.7% 21.8% 35.9% 18.1% 29.0x 2.48x 13.7x 5.21x 32.3x

USANA Health Sciences, Inc. USNA 75.60 99.3% 1,814 0 192 1,622 1,027 144 4.2% 11.1% 79.6% 14.0% 20.9x 1.58x 11.3x 2.26x 12.9x

All for One Steeb AG A1OS-DE 76.68 96.5% 382 32 35 379 332 36 12.2% 4.0% 19.2% 10.9% 26.4x 1.14x 10.5x 1.42x NA

Mean 84.0% $29,746 $4,601 $1,811 $32,536 $10,142 $2,290 7.3% 0.7% 58.2% 15.8% 24.5x 2.07x 12.5x 2.31x 13.4x

Median 92.8% $3,029 $1,879 $282 $4,115 $4,159 $527 4.4% (1.0%) 59.0% 14.8% 25.1x 1.66x 12.2x 2.21x 12.9x

Pet Care

Blue Buffalo Pet Products Inc BUFF $32.55 99.0% $6,356 $395 $308 $6,442 $1,233 $297 10.1% 19.7% 46.2% 24.1% 37.4x 5.23x 21.7x NA NA

Central Garden & Pet Company CENT 39.16 92.6% 1,979 396 45 2,330 2,054 201 12.3% 8.6% 30.8% 9.8% 25.8x 1.13x 11.6x 1.42x 28.5x

Freshpet Inc FRPT 19.40 94.6% 676 6 2 680 150 9 15.9% 33.3% 41.6% 6.2% NA 4.54x 72.7x NA NA

Oil-Dri Corporation of America ODC 42.94 84.5% 291 9 27 274 262 29 0.5% (0.8%) 27.4% 11.0% 26.8x 1.04x 9.5x NA NA

Spectrum Brands Holdings, Inc. SPB 113.77 77.9% 6,556 3,841 168 10,229 5,007 848 (0.6%) 4.2% 37.6% 16.9% 22.7x 2.04x 12.1x 2.45x 15.4x

Maabarot Products Ltd. MABR-IL 12.46 60.4% 122 6 155 (27) 90 6 (1.1%) (5.0%) 39.2% 6.6% NA NM NM NA NA

Echo Trading Co., Ltd. 7427-JP 6.21 95.3% 37 37 27 47 711 3 4.5% (1.4%) 12.0% 0.5% 18.5x 0.07x 14.5x 0.07x NA

Unicharm Corporation 8113-JP 26.11 92.9% 16,212 579 1,212 15,579 6,033 1,111 (5.4%) (10.2%) 41.0% 18.4% 29.3x 2.58x 14.0x 2.85x 18.0x

Mean 87.1% $4,029 $658 $243 $4,444 $1,943 $313 4.5% 6.0% 34.5% 11.7% 26.7x 2.38x 22.3x 1.70x 20.6x

Median 92.7% $1,328 $216 $100 $1,505 $972 $115 2.5% 1.7% 38.4% 10.4% 26.3x 2.04x 14.0x 1.94x 18.0x

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

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($ in millions, except per share data) Ticker 12/26/17 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 AND RETAIL


8


Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO $19.37 99.4% $3,434 $0 $258 $3,177 $3,664 $478 1.3% 4.0% 32.0% 13.1% 21.3x 0.87x 6.6x 0.96x 8.5x

Abercrombie & Fitch Co. Class A ANF 19.03 99.6% 1,294 312 459 1,147 3,336 182 (2.0%) (5.3%) 54.0% 5.4% NA 0.34x 6.3x 0.28x 2.5x

Ascena Retail Group, Inc. ASNA 2.56 38.7% 502 1,546 304 1,744 6,561 532 (6.3%) 11.1% 52.2% 8.1% NA 0.27x 3.3x 0.37x 3.7x

Buckle, Inc. BKE 24.65 98.6% 1,204 0 257 946 912 161 (11.2%) (7.1%) 40.8% 17.6% 14.2x 1.04x 5.9x 0.84x 3.3x

Caleres, Inc. CAL 33.77 98.3% 1,451 217 31 1,637 2,723 199 6.8% 2.1% 41.7% 7.3% 24.1x 0.60x 8.2x 0.65x 10.3x

Cato Corporation Class A CATO 16.00 51.0% 401 0 219 182 857 31 (13.1%) (3.8%) 31.5% 3.6% 33.3x 0.21x 5.9x 0.20x 1.8x

Chico's FAS, Inc. CHS 9.17 59.2% 1,172 72 186 1,058 2,295 240 (8.3%) (4.4%) 37.3% 10.5% NM 0.46x 4.4x 0.41x 3.1x

Citi Trends, Inc. CTRN 27.22 96.8% 374 0 65 309 729 39 6.3% 4.0% 35.8% 5.4% 26.4x 0.42x 7.9x 0.49x 14.5x

Destination Maternity Corporation DEST 2.91 49.5% 43 42 2 82 401 14 (11.2%) (8.5%) 52.8% 3.5% NA 0.20x 5.8x 0.16x NA

DSW Inc. Class A DSW 21.86 93.5% 1,749 0 330 1,419 2,754 241 1.7% 4.3% 27.7% 8.7% 20.4x 0.52x 5.9x 0.60x 4.2x

Destination XL Group, Inc. DXLG 2.05 46.6% 100 81 6 175 455 23 0.8% 4.2% 38.0% 5.0% NA 0.39x 7.7x 0.45x 14.9x

Express, Inc. EXPR 10.89 93.1% 858 67 198 727 2,123 142 (6.9%) (0.6%) 28.5% 6.7% NM 0.34x 5.1x 0.33x 2.5x

Finish Line, Inc. Class A FINL 14.09 70.8% 568 0 115 453 1,781 97 (7.5%) 0.5% 25.5% 5.5% NA 0.25x 4.7x 0.28x 2.8x

Foot Locker, Inc. FL 48.55 62.4% 5,885 126 891 5,120 7,685 1,004 0.3% 3.0% 30.0% 13.1% 12.2x 0.67x 5.1x 0.79x 6.4x

Genesco Inc. GCO 33.25 50.6% 662 258 51 870 2,860 173 (2.0%) 1.2% 48.8% 6.1% NA 0.30x 5.0x 0.33x 3.4x

Guess?, Inc. GES 17.72 96.8% 1,458 41 233 1,266 2,283 139 4.3% (2.8%) 34.0% 6.1% NA 0.55x 9.1x 0.49x 3.9x

Gap, Inc. GPS 34.94 99.1% 13,587 1,248 1,353 13,482 15,506 2,020 0.2% (1.7%) 37.2% 13.0% 16.1x 0.87x 6.7x 0.84x 5.2x

J.Jill, Inc. JILL 8.20 56.9% 359 247 26 580 639 96 13.7% 11.9% 67.0% 15.0% 14.9x 0.91x 6.1x NA NA

L Brands, Inc. LB 62.95 92.0% 17,769 5,785 735 22,819 12,298 2,292 (1.5%) 3.2% 39.5% 18.6% 19.2x 1.86x 10.0x 2.12x 10.8x

Lululemon Athletica Inc LULU 79.40 99.2% 10,749 0 650 10,099 2,510 537 11.1% 13.5% 52.3% 21.4% 39.5x 4.02x 18.8x 6.42x 23.0x

Tailored Brands, Inc. TLRD 23.09 86.1% 1,137 1,476 126 2,487 3,238 350 (5.1%) 3.9% 43.0% 10.8% NM 0.77x 7.1x 1.01x 9.5x

New York & Company, Inc. NWY 2.89 100.0% 185 12 69 128 914 22 (2.1%) (0.5%) 29.9% 2.4% NA 0.14x 5.8x 0.14x 3.6x

Children's Place, Inc. PLCE 144.55 98.5% 2,515 56 273 2,298 1,821 233 3.3% 1.3% 34.3% 12.8% 20.6x 1.26x 9.9x 1.30x 13.0x

Ross Stores, Inc. ROST 80.96 99.8% 30,939 397 1,158 30,177 13,577 2,239 7.7% 8.1% 28.9% 16.5% 25.9x 2.22x 13.5x 2.96x 19.7x

Shoe Carnival, Inc. SCVL 27.10 93.9% 459 0 21 438 1,010 68 1.0% 3.4% 28.8% 6.7% 20.1x 0.43x 6.4x 0.50x 7.2x

Stein Mart, Inc. SMRT 1.22 21.5% 58 151 13 196 1,319 (6) (3.6%) 0.7% 21.5% NM NA 0.15x NM 0.16x 2.7x

Stage Stores, Inc. SSI 1.77 37.0% 49 272 30 291 1,497 26 0.4% (2.5%) 21.5% 1.8% NA 0.19x 11.0x 0.18x 2.3x

Urban Outfitters, Inc. URBN 35.63 99.4% 3,857 0 328 3,529 3,557 404 0.8% 3.4% 33.2% 11.4% 23.9x 0.99x 8.7x 1.15x 6.4x

Zumiez Inc. ZUMZ 21.85 94.6% 552 11 86 477 883 69 8.3% 4.2% 32.2% 7.8% 21.6x 0.54x 6.9x 0.66x 4.9x

Mean 78.7% $3,564 $428 $292 $3,700 $3,455 $415 (0.4%) 1.8% 37.2% 9.4% 22.1x 0.75x 7.4x 0.90x 7.2x

Median 93.5% $1,137 $67 $198 $1,058 $2,283 $173 0.3% 2.1% 34.3% 7.9% 20.9x 0.52x 6.5x 0.50x 4.9x

Department Chains

Bon-Ton Stores, Inc. BONT $0.35 22.9% $7 $1,146 $7 $1,146 $2,541 $82 (6.7%) (3.1%) 33.0% 3.2% NA 0.45x 13.9x 0.40x 6.9x

Dillard's, Inc. Class A DDS 63.25 75.8% 1,802 818 115 2,505 6,297 484 (3.9%) (1.9%) 30.7% 7.7% 16.5x 0.40x 5.2x 0.37x 3.1x

J. C. Penney Company, Inc. JCP 3.31 37.6% 1,031 4,493 185 5,339 12,436 820 (1.2%) 0.8% 29.9% 6.6% NA 0.43x 6.5x 0.45x NM

Nordstrom, Inc. JWN 48.47 96.3% 8,074 2,738 672 10,140 15,092 1,631 3.1% 4.6% 36.1% 10.8% 17.0x 0.67x 6.2x 0.81x 5.6x

Kohl's Corporation KSS 56.87 99.3% 9,554 4,549 736 13,367 18,524 2,285 (1.8%) (0.5%) 31.0% 12.3% 15.1x 0.72x 5.9x 0.70x 5.1x

Macy's Inc M 26.85 72.1% 8,178 6,319 534 13,963 24,686 2,465 (5.5%) (4.0%) 35.0% 10.0% 11.9x 0.57x 5.7x 0.50x 3.7x

Stage Stores, Inc. SSI 1.77 37.0% 49 272 30 291 1,497 26 0.4% (2.5%) 21.5% 1.8% NA 0.19x 11.0x 0.18x 2.3x

Hudson's Bay Co. HBC-CA 8.35 76.5% 1,525 3,846 88 5,283 10,936 (102) 1.4% 14.3% 35.7% NM NA 0.48x NM 1.10x 14.4x

Mean 64.7% $3,778 $3,023 $296 $6,504 $11,501 $962 (1.8%) 1.0% 31.6% 7.5% 15.2x 0.49x 7.8x 0.56x 5.9x

Median 74.0% $1,663 $3,292 $150 $5,311 $11,686 $652 (1.5%) (1.2%) 32.0% 7.7% 15.8x 0.47x 6.2x 0.47x 5.1x

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CONSUMER AND RETAIL


9




Discount Stores & Mass Merchants

Big Lots, Inc. BIG $56.40 93.7% $2,371 $372 $58 $2,685 $5,208 $391 0.1% 0.1% 38.3% 7.5% 14.4x 0.52x 6.9x 0.51x 8.7x

Costco Wholesale Corporation COST 186.55 95.5% 81,915 6,478 6,885 81,508 132,735 5,621 11.0% 5.1% 13.2% 4.2% 29.7x 0.61x 14.5x 0.76x 19.9x

CVS Health Corporation CVS 73.68 87.0% 74,637 25,789 2,560 97,866 182,351 12,355 5.6% 10.5% 15.5% 6.8% 15.3x 0.54x 7.9x 0.77x 9.9x

Dollar General Corporation DG 92.48 95.7% 25,114 3,121 226 28,009 23,351 2,463 9.8% 8.1% 30.6% 10.5% 20.6x 1.20x 11.4x 1.61x 13.6x

Dollar Tree, Inc. DLTR 108.50 97.9% 25,725 5,723 400 31,048 21,520 2,488 5.2% 37.0% 31.3% 11.6% 25.9x 1.44x 12.5x 3.98x 26.9x

Ollie's Bargain Outlet Holdings Inc OLLI 53.45 99.3% 3,296 126 42 3,379 1,004 134 18.0% 22.9% 39.4% 13.3% 41.8x 3.37x 25.3x NA NA

PriceSmart, Inc. PSMT 84.10 89.5% 2,557 106 163 2,500 2,997 186 3.1% 6.0% 16.0% 6.2% 28.2x 0.83x 13.5x 1.05x 15.7x

Rite Aid Corporation RAD 2.02 23.0% 2,149 7,143 239 9,053 32,091 904 (1.7%) 7.3% 23.4% 2.8% 24.1x 0.28x 10.0x 0.35x 7.0x

Target Corporation TGT 65.82 88.7% 35,778 12,631 2,725 45,684 69,803 6,104 (0.9%) (1.8%) 26.0% 8.7% 13.8x 0.65x 7.5x 0.63x 7.2x

TJX Companies Inc TJX 77.45 95.7% 48,972 2,230 2,876 48,326 34,372 4,553 5.2% 6.3% 28.8% 13.2% 20.9x 1.41x 10.6x 1.77x 12.5x

Tuesday Morning Corporation TUES 2.85 49.1% 131 43 11 163 974 (12) 0.8% 3.3% 33.0% NM NA 0.17x NM 0.19x NA

Walgreens Boots Alliance Inc WBA 73.30 83.3% 72,593 12,935 3,503 82,025 118,214 7,312 0.7% 15.7% 23.3% 6.2% 19.4x 0.69x 11.2x 1.11x 14.8x

Wal-Mart Stores, Inc. WMT 99.16 99.0% 293,750 49,927 7,026 336,651 494,904 32,600 2.3% 0.8% 25.5% 6.6% 26.4x 0.68x 10.3x 0.71x 9.2x

Mean 84.4% $51,461 $9,740 $2,055 $59,146 $86,117 $5,777 4.6% 9.3% 26.5% 8.1% 23.4x 0.95x 11.8x 1.12x 13.2x

Median 93.7% $25,725 $5,723 $400 $31,048 $32,091 $2,488 3.1% 6.3% 26.0% 7.1% 22.5x 0.68x 10.9x 0.76x 12.5x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $40.36 83.7% $2,856 $373 $149 $3,080 $3,294 $339 1.9% 9.4% 47.0% 10.3% 21.2x 0.93x 9.1x 1.38x 11.3x

At Home Group, Inc. HOME 30.69 96.7% 2,012 507 10 2,509 891 126 24.4% 30.2% 31.1% 14.1% 49.5x 2.81x 20.0x NA NA

Bed Bath & Beyond Inc. BBBY 23.14 54.6% 3,315 1,492 464 4,342 12,168 1,255 0.6% 1.4% 37.0% 10.3% 6.0x 0.36x 3.5x 0.38x 2.4x

Conn's, Inc. CONN 36.65 97.0% 1,150 1,039 84 2,105 1,528 139 (5.7%) 2.5% 51.8% 9.1% NM 1.38x 15.1x 1.81x 12.0x

Ethan Allen Interiors Inc. ETH 28.90 76.3% 794 1 53 742 751 71 (5.7%) (0.2%) 54.8% 9.5% 25.1x 0.99x 10.4x 1.01x 8.4x

Haverty Furniture Companies, Inc. HVT 23.50 86.3% 499 55 95 459 825 76 1.0% 3.2% 54.5% 9.2% 17.4x 0.56x 6.0x 0.62x 6.2x

Kirkland's, Inc. KIRK 12.86 78.9% 206 0 28 178 613 38 3.8% 8.1% 13.5% 6.2% 30.6x 0.29x 4.7x 0.39x 4.6x

LaZBoy Incorporated LZB 32.00 93.4% 1,514 1 140 1,375 1,553 157 2.3% 4.4% 39.9% 10.1% 18.4x 0.89x 8.8x 1.02x 12.6x

Pier 1 Imports, Inc. PIR 4.30 46.6% 360 200 35 526 1,821 124 (1.8%) 0.0% 35.2% 6.8% 11.9x 0.29x 4.2x 0.30x 2.4x

Rent-A-Center Inc RCII 10.91 78.5% 582 637 76 1,143 2,748 89 (10.6%) (4.4%) 33.9% 3.3% NA 0.42x 12.8x 0.37x 3.4x

RH RH 91.88 83.9% 1,958 1,283 22 3,219 2,357 167 7.3% 10.3% 33.4% 7.1% NM 1.37x 19.3x 2.12x 22.4x

Sleep Number Corporation SCSS 37.95 97.7% 1,511 0 30 1,481 1,395 144 15.0% 9.4% 63.4% 10.3% 26.9x 1.06x 10.3x 1.54x 12.2x

Sherwin-Williams Company SHW 411.39 99.0% 38,471 10,949 208 49,212 13,787 2,148 18.1% 7.8% 45.8% 15.6% 36.2x 3.57x 22.9x 4.83x 35.9x

Williams-Sonoma, Inc. WSM 53.31 95.4% 4,487 170 91 4,567 5,194 660 2.1% 4.0% 36.7% 12.7% 15.2x 0.88x 6.9x 1.05x 7.6x

Mean 83.4% $4,265 $1,193 $106 $5,353 $3,495 $395 3.8% 6.1% 41.3% 9.6% 23.5x 1.13x 11.0x 1.29x 10.9x

Median 85.1% $1,513 $287 $80 $1,793 $1,687 $142 2.0% 4.2% 38.5% 9.8% 21.2x 0.91x 9.7x 1.02x 8.4x

EV / 2017ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM

PAGE |

CONSUMER AND RETAIL


10




Internet Retail

Amazon.com, Inc. AMZN $1,176.76 97.0% $567,048 $43,186 $24,310 $585,924 $161,154 $13,123 25.9% 23.6% 36.5% 8.1% NM 3.64x 44.6x 7.87x 113.8x

Alibaba Group Holding Ltd. Sponsored ADR BABA 172.33 89.9% 440,457 13,810 25,283 428,983 29,062 11,883 51.7% 41.3% 59.7% 40.9% 48.5x 14.76x 36.1x 61.99x 106.3x

Cimpress N.V. CMPR 117.77 95.0% 3,656 976 43 4,589 2,255 185 21.5% 19.3% 48.3% 8.2% NA 2.04x NM 3.76x 27.5x

eBay Inc. EBAY 37.94 96.6% 39,631 9,998 6,030 43,599 9,356 2,903 5.1% (19.0%) 76.2% 31.0% 5.7x 4.66x 15.0x 2.72x 8.1x

MercadoLibre, Inc. MELI 318.49 95.1% 14,064 334 636 13,761 1,217 227 58.3% 32.0% 53.5% 18.6% NM 11.30x NM 29.12x 81.1x

Overstock.com, Inc. OSTK 69.20 83.7% 1,732 56 93 1,695 1,815 9 3.5% 8.4% 17.6% 0.5% NA 0.93x 192.1x 1.30x 52.2x

Priceline Group Inc PCLN 1,755.32 84.9% 85,607 9,636 7,255 87,988 12,226 4,687 17.6% 14.5% 81.9% 38.3% 24.6x 7.20x 18.8x 12.95x 32.9x

Shutterfly, Inc. SFLY 47.81 88.6% 1,570 413 101 1,881 1,158 168 3.3% 10.9% 45.7% 14.6% NM 1.63x 11.2x 2.40x 12.5x

Stamps.com Inc. STMP 182.60 78.3% 3,192 133 184 3,141 442 176 34.7% 47.5% 79.1% 39.8% 23.9x 7.10x 17.9x 24.57x 76.7x

Wayfair, Inc. Class A W 81.28 96.5% 7,139 411 610 6,939 4,266 (132) 36.1% 67.0% 24.0% NM NA 1.63x NM NA NA

Mean 90.6% $116,409 $7,895 $6,454 $117,850 $22,295 $3,323 25.8% 24.6% 52.3% 22.2% 25.7x 5.49x 48.0x 16.30x 56.8x

Median 92.4% $10,601 $694 $623 $10,350 $3,261 $206 23.7% 21.5% 50.9% 18.6% 24.3x 4.15x 18.8x 7.87x 52.2x

Specialty & Other Retail

Best Buy Co., Inc. BBY $68.02 99.9% $19,884 $1,329 $3,537 $17,676 $40,270 $2,534 1.8% (1.1%) 23.6% 6.3% 17.3x 0.44x 7.0x 0.41x 9.3x

Big 5 Sporting Goods Corporation BGFV 8.05 45.0% 172 51 5 218 1,033 57 0.3% 1.9% 32.7% 5.5% 8.1x 0.21x 3.8x 0.22x 3.2x

Barnes & Noble, Inc. BKS 6.85 56.4% 499 243 11 730 3,767 153 (7.3%) (15.5%) 27.9% 4.1% 29.8x 0.19x NM 0.11x 4.3x

Dick's Sporting Goods, Inc. DKS 30.43 54.1% 3,268 521 112 3,678 8,410 731 9.5% 8.4% 28.9% 8.7% 11.2x 0.44x 5.0x 0.60x 5.3x

Home Depot, Inc. HD 190.36 100.0% 222,293 25,589 3,549 244,333 99,228 16,461 6.3% 6.7% 32.3% 16.6% 26.4x 2.46x 14.8x 3.11x 22.7x

Hibbett Sports, Inc. HIBB 21.70 56.1% 414 3 59 359 948 83 (2.4%) 2.1% 30.3% 8.8% 12.4x 0.38x 4.3x 0.42x 2.8x

MarineMax, Inc. HZO 19.70 83.3% 522 254 42 734 1,052 58 11.7% 19.0% 25.2% 5.5% 20.7x 0.70x 12.7x 1.23x 46.8x

Lumber Liquidators Holdings, Inc. LL 31.80 76.9% 906 32 19 919 1,014 32 6.7% (0.6%) 35.4% 3.2% NM 0.91x 28.7x 0.92x 6.7x

Lowe's Companies, Inc. LOW 91.89 99.8% 76,265 16,038 828 91,475 68,909 8,348 10.3% 7.6% 32.1% 12.1% 22.1x 1.33x 11.0x 1.72x 16.1x

Movado Group, Inc. MOV 32.70 97.0% 750 30 156 624 556 66 (1.6%) (1.7%) 52.5% 11.9% 31.7x 1.12x 9.4x 1.11x 7.3x

Office Depot, Inc. ODP 3.54 56.6% 1,827 1,063 788 2,102 10,385 627 (11.8%) (13.0%) 24.1% 6.0% 4.2x 0.20x 3.4x 0.19x 5.4x

Tiffany & Co. TIF 105.20 99.8% 13,074 1,072 1,009 13,137 4,065 969 2.0% (1.6%) 62.7% 23.8% 28.3x 3.23x 13.6x 3.28x 13.7x

Tractor Supply Company TSCO 75.30 96.2% 9,455 547 70 9,932 7,220 862 10.9% 9.2% 32.0% 11.9% 22.3x 1.38x 11.5x 1.92x 16.2x

Vitamin Shoppe, Inc. VSI 4.20 16.6% 101 137 2 236 1,215 65 (4.9%) 1.0% 29.2% 5.3% NA 0.19x 3.7x 0.22x 1.7x

Mean 74.1% $24,959 $3,351 $728 $27,582 $17,719 $2,218 2.2% 1.6% 33.5% 9.3% 19.5x 0.94x 9.9x 1.10x 11.5x

Median 80.1% $1,366 $388 $91 $1,511 $3,916 $390 1.9% 1.5% 31.1% 7.5% 21.4x 0.57x 9.4x 0.76x 7.0x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2017E

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A1

CONSUMER AND RETAIL


11

Private Equity

Announced Target Seller Buyer Involvement

12/20/2017 Lori's Gifts, Inc. - Atlantic Street Capital Management LLC P

12/18/2017 Brookline Furniture Co. LLC - Capital Partners, Inc.; American Leather Holdings LLC P

12/18/2017 Physicians Care Alliance LLC - Colgate-Palmolive Co. P

12/18/2017 Swiss-American Products, Inc. - Colgate-Palmolive Co. P

12/14/2017 Schmidt's Deodorant Co. LLC - Unilever Plc

12/8/2017 DWL Industries Co. - Olympus Advisors LLC; G.E.T. Enterprises LLC

12/6/2017 Fabric Development, Inc. - Kordsa Teknik Tekstil A.S.

12/4/2017 Whink Products Co. - Rust-Oleum Corp.

12/1/2017 Coastal Salt & Soul LLC - Celebrate Beauty Brands LLC

12/1/2017 RSI Home Products, Inc. - American Woodmark Corp.

12/1/2017 The J. Peterman Co. LLC - 12 Retech Corp.

11/30/2017 NEST Fragrances LLC - Eurazeo Brands P

11/29/2017 Benrus Holdings LLC - Lyft Brands Group LLC

11/27/2017 HUF Worldwide LLC - TSI Holdings Co., Ltd. P

11/27/2017 Sundial Brands LLC - Unilever Plc P

11/27/2017 Wolf Furniture Enterprises, Inc. - Thomas H. Lee Partners LP; Art Van Furniture, Inc.

11/22/2017 Seastar Solutions, Inc. (Illinois) SeaStar Holdings, Inc. Dometic Group AB P

11/20/2017 Liquor Stores USA South, Inc. Liquor Stores NA Ltd. Blue Equity LLC P

11/20/2017 Stanley Furniture Co., Inc. - Churchill Downs LLC

11/15/2017 PupBox, Inc. - Petco Animal Supplies ; CVC Capital Partners

11/15/2017 Zenlen, Inc. - Procter & Gamble Co. P

11/15/2017 Ironclad Performance Wear Corp. - Brighton-Best International, Inc.

11/13/2017 Skin Scientific LLC - Momentous Entertainment Group, Inc.

11/10/2017 ReVive Skincare LLC Shiseido Co., Ltd. Tengram Capital Partners LLC P

11/9/2017 Quality Park Products, Inc. Cenveo, Inc. LSC Communications, Inc.

11/8/2017 Aromair Fine Fragrance Co. - Knowlton Development Corp., Inc.

11/8/2017 Hibernia Woolen Mills Ltd. - Stanton Carpet Corp.; Quad-C Management, Inc.

11/7/2017 Computer Discounters, Inc. - Wisetek Solutions Ltd.

11/7/2017 Giaran, Inc. - Shiseido Americas Corp.

11/7/2017 Shippers Supply, Inc. - Spicers Canada Ltd.

11/6/2017 Planet Granite Belmont LLC - Tengram Capital Partners LLC; Earth Treks LLC

11/6/2017 Strike King Lure Co. - Peak Rock Capital LLC; Do Outdoors, Inc.

11/1/2017 D'Style, Inc. - Kimball Hospitality, Inc.

11/1/2017 Gogobot, Inc. - Ctrip.com International Ltd. P

11/1/2017 Miramont Sports Center, Inc. - Genesis Health Club, Inc.

10/28/2017 Lazy Days' R.V. Center, Inc. - Andina Acquisition Corp. II P

10/27/2017 Ian H. Whitton Professional Corp. - Collins Barrow SGB; Collins Barrow SGB LLP

10/27/2017 Jonview Canada, Inc. Transat A.T., Inc. H.I.S. Co., Ltd.

10/26/2017 Mastercraft Flooring Distributors, Inc. - Blue Equity LLC; Gilford-Johnson Flooring LLC

10/26/2017 Zotos International, Inc. Shiseido Co., Ltd. Henkel AG & Co. KGaA

10/24/2017 American Insulated Glass LLC - ORIX Corporate Capital, Inc.; AV Capital Holdings LLC; American Insulated Glass LLC /Private Group/P

10/23/2017 America Choice RV LLC - Camping World Holdings, Inc.

10/23/2017 Bucketfeet, Inc. - skinnyCorp LLC P

10/20/2017 The Original Sprout LLC - Kahnalytics, Inc.

10/16/2017 Breckenridge Ski Enterprises, Inc. /3 Outlets/ Breckenridge Ski Enterprises, Inc. SSI Venture LLC

10/13/2017 Alternative Apparel, Inc. - Hanesbrands, Inc. P

10/12/2017 Uncle Dan's Ltd. - Camping World Holdings, Inc.

10/11/2017 Ambrosi Cutlery Ltd. - Cozzini Bros, Inc.

10/10/2017 Colorado Trading & Clothing Co. - 12 Retech Corp.

10/9/2017 Maurice Sporting Goods, Inc. - Peak Global Holdings LLC

10/9/2017 World Dryer Corp. - Rexnord Corp. P

10/5/2017 Cool Events LLC - Sack Lunch Productions, Inc.

10/3/2017 Bend Bronze, Inc. - Treasure Investments Corp.

10/2/2017 Citizens of Humanity LLC - Citizens of Humanity LLC /Management/ P

10/2/2017 Dean & DeLuca, Inc. Pace Development Corp. Public Co. Ltd. Central Group Co., Ltd.

10/2/2017 PlayCore, Inc. - Court Square Capital Partners P

10/2/2017 Regis Corp. /North America Salon Business/ Regis Corp. Regent Cos. LLC P

9/27/2017 Zenfolio, Inc. Art.com, Inc. Centre Lane Partners LLC P

9/21/2017 Appleton Coated LLC Virtus Holdings LLC Industrial Assets Corp.

9/21/2017 Moore-Langen Printing Co., Inc. LSC Communications, Inc. Phoenix Color Corp.

9/20/2017 Tom+Chee Worldwide LLC - Gold Star Chili, Inc.

9/19/2017 Bob Evans Farms, Inc. - Post Holdings, Inc.

9/19/2017 PetzLife Products, Inc. - Manna Pro Products LLC; Broad Sky Partners LLC

9/18/2017 Short Bark Industries, Inc. - JLL Partners, Inc. P

9/18/2017 Taddy's Pet Services, Inc. - Park Cities Pet Sitter, Inc.

9/15/2017 Car Wash Express, Inc. - Car Wash Partners, Inc.

9/14/2017 HeadTrainer, Inc. - Telehealthcare, Inc.

9/12/2017 Wood's Boots, Inc. - Freeman Spogli Management Co. LP; Boot Barn Holdings, Inc.

9/11/2017 Continuum Footspas LLC - Branford Castle, Inc.; Earthlite Massage Tables, Inc.

9/11/2017 WCCV Floor Coverings LLC - Artisan Design Group Ltd.

9/7/2017 Chesapeake Bay Candle Co LLC Pacific Trade International, Inc. Newell Brands, Inc.

9/7/2017 Nutravel Technology Solutions, Inc. /Online Booking Tech Ops/nuTravel Technology Solutions, Inc. Certify, Inc.; K1 Investment Management LLC

PAGE |

M&A TRANSACTIONS

12

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

CONSUMER AND RETAIL


Private Equity


9/7/2017 Shenandoah Furniture, Inc. - Hooker Furniture Corp.

9/7/2017 Cafe Rio - Freeman Spogli Management Co. LP P

9/5/2017 Fitz and Floyd Enterprises - Lifetime Brands, Inc. P

9/5/2017 Baymont Avineon, Inc. Patrick Industries, Inc.

8/31/2017 SevenOKs - Compass Group Management LLC; Sterno Products LLC

8/31/2017 Bluefin Seafood - Creation Gardens, Inc.

8/29/2017 Popcorn Indiana - Kelso & Co. LP; Eagle Family Foods Group LLC

8/29/2017 Exhale Enterprises - Hyatt Hotels Corp. P

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

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

8/23/2017 Jay Strongwater Aurora Brands LLC Rauch Industries, Inc.

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 Plc

8/15/2017 Calera Wine - TSG Consumer Partners LLC; Duckhorn Wine Co.

8/14/2017 BakeMark USA CSM Bakery Solutions LLC Pamplona Capital Management LLP P

8/11/2017 Astro Gaming Skullcandy, Inc. Logitech International SA

8/10/2017 Funky Buddha Brewery - Constellation Brands, Inc.

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

8/4/2017 Carousel Designs - Crown Crafts, Inc.

8/3/2017 Anchor Brewing Company The Griffin Group LLC Sapporo Holdings Ltd.

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

8/2/2017 Stack-On Products - MidOcean US Advisor LP; Cannon Safe, Inc.; Stack-On Products Co. /Private Group/

8/2/2017 Sebago Wolverine World Wide BasicNet

8/2/2017 Fitness Management - Fuzion Investment Capital

8/2/2017 Fiesta Mart The Grocers Supply Co., Inc. ACON Investments LLC P

7/31/2017 Albertville Quality Foods - O.K. Foods, Inc. P

7/25/2017 Reynolds American - British American Tobacco plc

7/20/2017 Hydro-Photon - Katadyn Produkte AG

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

7/18/2017 EbLens - J.W. Childs Associates LP P

7/10/2017 Kate Spade & Company Wolverine World Wide, Inc. BasicNet SpA

7/6/2017 Cobalt Boats - Malibu Boats, Inc. P

6/30/2017 Vivid Seats - GTCR LLC; Vivid Seats LLC /Private Group/ P

6/30/2017 Superior Recreational Products - PlayCore, Inc.; Sentinel Capital Partners LLC P

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

6/29/2017 BathWraps - Jacuzzi Brands Corp.

6/28/2017 Staples - Sycamore Partners Management LP P

6/28/2017 NovaCopy - Trivest Partners LP; NovaCopy, Inc. /Management/ P

6/28/2017 Globe Holding Company Globe Holding Co. LLC MSA Worldwide LLC (Pennsylvania)

6/28/2017 CST Brands - Alimentation Couche-Tard, Inc.

6/26/2017 Spot Canine Club - AKC Pet Care LLC P

6/16/2017 Bonobos - Wal-Mart Stores, Inc. P

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; Mooreco 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; Diamonds Direct

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

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

PAGE |

HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

13

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


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.

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 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

3/13/2017 Lifetime Brands, Inc. - Mill Road Capital Management LLC P

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 - 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. - Caleres, Inc.

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; AB Opportunity Fund; Cosi, Inc

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

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

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CONSUMER AND RETAIL

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HARRIS WILLIAMS & CO.

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SOURCES

1) FactSet

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.

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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 - harris williams · consumer and retail industry update │ december 2017...

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