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www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having 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 and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

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 registrationnumber 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. JefferyH. Perkins.

CONSUMER AND RETAIL

INDUSTRY UPDATE │ NOVEMBER 2015

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www.harriswilliams.de

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, and Accessories

Franchise Platforms

Internet Retail

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 Mass Merchant Retailing

CONTACTS

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

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

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

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

Matt ConatyVice [email protected] +1 (415) 217-3423

Chip DugginsVice [email protected] +1 (804) 932-1340

CONSUMER AND RETAIL


ANOTHER TWO SUCCESSFUL CLOSINGS IN BRANDED CONSUMER PRODUCTS

Harris Williams & Co.’s Consumer Group remains extremely active in the brandedconsumer products sector and is pleased to announce the recent sale of Funko andShoes For Crews. Both transactions highlight HW&Co.’s focus on representing anddelivering superior results for innovative, category-defining brands within theconsumer products sector. With a robust pipeline of future transactions, HW&Co.expects to see continued M&A activity and interest from both strategic and financialbuyers in the sector in the coming months. Please see below for a summary of theFunko and Shoes For Crews transactions.

October 27, 2015

a portfolio company of

has been acquired by

Funko is a pioneer in its industry and the largest, fastest growingprovider and innovator of branded pop culture products.Funko’s multiple, stylized brands serve as a unique link in the popculture market as they connect today’s consumers with theirfavorite entertainment programs and characters. The companyenjoys an expansive library of 250+ properties with a diversebase of 100+ studio/content providers whose evergreenproperties and new releases drive a robust pipeline of newproducts and recurring revenue. Leveraging the continuedproliferation of content in today’s digital society, Funkoachieved explosive growth (having doubled sales each of thelast three years) due to its ability to fundamentally disrupt andexpand its category to a large consumer demographic.

October 30, 2015


has been acquired by

SALE OF FUNKO, LLC TO ACON INVESTMENTS

Key Takeaways:

Continued rapid proliferation of and growing access to content hasfundamentally transformed the way in which consumers interact with their favoriteshows, movies, and each other – powerful industry tailwinds that are here to stay.

Consumers are looking for tangible ways to connect and show affinity for theirfavorite shows, movies, and characters.

As the “mass adoption” by consumers of pop culture products continues, retailersare dedicating more and more space to licensed and pop culture products.

Shoes For Crews is the leading worldwide designer and marketerof slip-resistant footwear. Through its superior technology, thecompany quickly became the industry leader and category-defining brand. Shoes For Crews strives to create a saferworkplace in all industries where floor hazards and slip and fallaccidents are a reality. Driven by its established brand,differentiated technology, and proven value proposition, ShoesFor Crews has demonstrated a long track record on continuedgrowth.

SALE OF SHOES FOR CREWS TO CCMP CAPITAL

Key Takeaways:

Consumers increasingly trust and defer to brands that define and are synonymouswith a given category.

Consumers are increasingly willing to pay a premium for higher quality, style, andenhanced features.

Combination of a differentiated technology/solution (slip-resistance) and a clearvalue proposition (keeping employees in the workplace safe) is unique and highlysought-after by potential buyers.

http://www.harriswilliams.com/

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

mailto:[email protected]






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HARRIS WILLIAMS & CO. CONSUMER UPDATE

2

CONSUMER AND RETAIL


SECTOR SPOTLIGHT: INFANT & JUVENILE

KEY TAKEAWAYS FROM RECENT INFANT AND JUVENILE SHOWS

Cologne, Germany

Las Vegas, US

HW&CO.’S DEEP TRACK RECORD IN INFANT & JUVENILE SPACE – REPRESENTATIVE TRANSACTIONS


has been acquired byhas been recapitalized by


has been acquired byhas made a significant

investment in has been acquired by

For more information on the infant and juvenile sector, please contact:

Brent Spiller 804-915-0183 [email protected]

Industry Sentiment Remains Positive: In speaking with a variety of conference attendees, the outlook for the segmentremains strong. Participants point to (i) the sector’s attractive underlying demographics and evergreen demand, (ii)parents’ willingness to pay a premium for quality, safety, and brands that they trust, and (iii) continued overall consumerspending as key industry growth drivers.

More and More “Must Have” Products for Parents: The extensive amount of exhibitors and products on display at bothshows made it clear just how many essential baby products exist on the market. Gone are the days where new parentschoose a few key essentials. Today, there are scores of “must have” products aimed at making parents’ lives easier,especially products for on-the-go families. Furthermore, parents are increasingly purchasing multiple types of productsin the same category to fill different needs – such as multiple strollers or multiple types of swaddles. This dynamic,coupled with an increasing amount of grandparents purchasing a full suite of baby gear has created a bigger andbigger market opportunity.

Impact of the Millennial Generation: Like several other consumer segments, the infant and juvenile space is starting tosee the impact of Millennials, as this generation enters the typical age range of having children. Millennials preferencesin baby products mirrors their overall preferences – brands that are “cool” or “authentic” and reflect their self-image,brands/products that embody their own active and healthy lifestyle, and brands that connect with them via socialmedia.

Simplicity vs. Technology: On display across multiple categories was a focus on two different ends of the spectrum ofconsumer preferences. First, several companies are attempting to capture more and more technology and digital“bells and whistles” to their products to attract today’s technology-savvy and connected consumer. On the otherhand, several companies are trying to avoid overcomplicating their products with features perceived as unnecessary orimpractical, and instead focusing on style, color, and simplicity/authenticity of brand message to attract consumers.

HW&Co.’s Consumer Group continued to be busy attending the most important tradeshows in the consumer sector, with two important shows for the infant and juvenile spaceoccurring in Q3. First, we attended Kind + Jugend in Cologne, Germany in August. Withmore than 21,000 visitors and 1,100+ exhibitors from 50 countries, Kind + Jugend is largesttrade show in the infant and juvenile sector. The following month we made our annual visitto the ABC Kids Expo in Las Vegas, another key event for the industry. These two showsprovided a terrific forum for our global Consumer Group to meet with fast-growing brands,retail buyers, strategic consolidators, and active investors across the infant and juvenilemarket. Below is a summary of several key takeaways from the shows – most importantly,that the infant and juvenile space remains one of the most vibrant and sought-aftersegments within the consumer industry.

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KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7)

PUBLIC MARKETS OVERVIEW

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

CONSUMER AND RETAIL


3

Specialty & Other Retail

Department Chains

Apparel & Footwear Retail

Apparel & Footwear

Furniture & Furnishings Retailers

Consumer Durables

Pet Care

Housewares

Consumer & Retail Index

Outdoor & Lifestyle

S&P 500

Discount Stores & Mass Merchants

Internet Retail


Household Products

Infant & Juvenile

Home & Office Furniture &

Furnishings

Consumer Serv ices and Retail

Franchisors

(30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0%

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 24 $2,914 (15.6%) (9.9%) 1.4x 9.9x 1.3x 9.2x

Consumer Durables 6 6,128 (4.7%) (6.1%) 1.0x 9.7x 0.9x 7.2x

Consumer Serv ices and Retail Franchisors 8 2,474 0.2% 13.1% 2.3x 11.4x 1.6x 9.0x

Home & Office Furniture & Furnishings 10 1,672 2.0% 12.2% 0.9x 9.9x 0.9x 8.0x

Household Products 5 17,571 (3.5%) 11.2% 3.4x 14.2x 3.4x 14.0x

Housewares 10 3,495 (6.9%) (5.3%) 1.5x 14.3x 1.5x 10.3x

Infant & Juvenile 12 842 (0.9%) 11.7% 0.7x 10.3x 0.6x 7.9x

Outdoor & Lifestyle 20 869 (8.9%) (3.8%) 1.4x 11.1x 1.4x 10.0x

Personal Care Products 13 3,241 (6.1%) 3.2% 1.5x 10.4x 1.4x 10.5x

Pet Care 8 650 (3.1%) (5.9%) 1.3x 13.9x 1.9x 10.5x

Retail

Apparel & Footwear Retail 31 1,383 (14.6%) (16.8%) 0.6x 6.0x 0.6x 5.5x

Department Chains 8 5,887 (18.7%) (21.5%) 0.6x 6.4x 0.5x 5.9x

Discount Stores & Mass Merchants 14 22,008 (13.7%) 0.5% 0.7x 10.6x 0.7x 9.6x

Furniture & Furnishings Retailers 14 1,453 (14.7%) (7.5%) 0.8x 6.7x 0.8x 6.3x

Internet Retail 12 4,247 3.5% 1.9% 2.6x 19.7x 2.7x 14.8x

Specialty & Other Retail 15 4,667 (9.2%) (21.7%) 0.7x 6.5x 0.6x 5.9x

Consumer Products & Services 116 $2,694 (4.1%) (0.3%) 1.4x 10.7x 1.4x 9.6x

Retail 94 $4,457 (14.2%) (12.1%) 0.7x 6.6x 0.6x 6.1x

Consumer & Retail Index 210 $3,078 (6.5%) (4.5%) 1.1x 10.3x 1.1x 9.1x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

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CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

PUBLIC MARKETS OVERVIEW

4

RECENT EQUITY OFFERINGS

CONSUMER AND RETAIL


50

75

100

125

150

175

200

225

250

Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15

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

11/05/15 11/05/15 Serv iceMaster Global Holdings, Inc. SERV Follow-On $982.1 Specialized Consumer Serv ices

10/16/15 10/15/15 ClubCorp Holdings, Inc. MYCC Follow-On 186.6 Leisure Facilit ies

10/15/15 10/14/15 Jarden Corp. JAH Follow-On 490.0 Housewares and Specialties

09/24/15 09/21/15 Sportsman's Warehouse Holdings, Inc. SPWH Follow-On 76.6 Specialty Stores

08/11/15 08/10/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-On 1,180.6 Hotels, Resorts and Cruise Lines

08/10/15 08/10/15 Bright Horizons Family Solutions, Inc. BFAM Follow-On 183.2 Specialized Consumer Serv ices

08/06/15 06/22/15 Planet Fitness, Inc. PLNT IPO 202.0 Leisure Facilit ies

08/05/15 08/04/15 GNC Holdings Inc GNC Convertible 250.0 Specialty Stores

07/31/15 07/31/15 Boot Barn Holdings Inc BOOT Follow-On 170.4 Apparel Retail

07/30/15 02/11/15 Xcel Brands, Inc. XELB Follow-On 15.1 Advertising

07/23/15 07/23/15 ClubCorp Holdings, Inc. MYCC Follow-On 231.7 Leisure Facilit ies

07/21/15 06/10/15 Blue Buffalo Pet Products Inc BUFF IPO 778.1 Packaged Foods and Meats

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CONSUMER AND RETAIL


M&A OVERVIEW

CONSUMER AND RETAIL M&A TRENDS

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

ANNOUNCED CONSUMER AND RETAIL M&A

Note: Transactions based on publicly available information

12.9x 13.1x

12.0x12.1x 11.8x 11.9x 11.8x 11.8x

12.2x 12.4x12.0x

11.6x

12.4x12.1x

14.7x

13.6x13.2x

12.1x

10.8x10.0x 10.2x 10.4x

10.0x9.5x

10.0x 10.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Me

dia

n T

rad

ing

Mu

ltip

les

Median LTM Trading Multiples

Consumer Products & Services Retail

97

111

72

3137

53

73

86

57 5759

71

48

28

5953

76

57

6871

0

20

40

60

80

100

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

YTD

Nu

mb

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of

Tra

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Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

Announced Target Buyer

11/10/2015 Home Franchise Concepts, Inc. Trilantic Capital Management LLC

11/9/2015 2nd Wind Exercise Equipment, Inc. Johnson Health Tech Co., Ltd.

11/5/2015 PS Brands, LLC GBG USA, Inc.

11/4/2015 Creativ e Co-Op, Inc. Freeman Spogli & Co. Incorporated

11/3/2015 Little Burgundy Journeys

11/3/2015 Tailgate Clothing Co. American Eagle Outfitters, Inc.

11/3/2015 FuelBelt, Inc. Implus Corporation

11/3/2015 Coast to Coast Entertainment LLC Elaut USA, Inc.

11/2/2015 Adv anced Graphic Products Inc. Follett Corporation

11/2/2015 Funko, LLC Acon Inv estments, L.L.C.

Last 10 Deals Announced

Aggregate Number Transaction Multiples

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

$63.5 367 0.82x 10.8x

LTM Deal Statistics

$29 $30

$40 $38

$27 $28

$54

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

2009 2010 2011 2012 2013 2014 2015

YTD

Nu

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f Tran

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s

Ave

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ran

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($ in

bill

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Announced Consumer Transactions

Aggregate Transaction Value # of Deals

8.9x 8.4x

10.7x 10.0x 9.8x

10.8x

12.1x

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

2009 2010 2011 2012 2013 2014 2015

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

98

127

77

57

77

43

66

35 39

68 7183

66

23

16

13

14

25

34

21

18 13

512

26

12

0

20

40

60

80

100

120

140

160

3Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q15

Nu

mb

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of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

PAGE |

0

2

4

6

8

10

12

14

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

Loa

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Qu

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($ i

n b

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Quarterly Retail Loan Volume

Institutional Pro Rata

6

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS1

KEY RETAIL CREDIT STATISTICS

1) Source: S&P Capital IQ LCD

• Roundy’s term debt due 2020 (L+475, 1% floor) shot up to 96.5/99.75 market, from 80/82, on news that BB/Ba2 TheKroger Company agreed to purchase the supermarket operator in a transaction valued at about $800 million. Theapproximately $445 million loan is callable at par. Kroger said it plans to finance the transaction with debt andrefinance Roundy’s debt, based on market conditions. Closing is expected by the end of the year.

• CCMP Capital Advisors’ buyout of Shoes For Crews is backed by a $233 million covenant-lite term loan. The seven-year loan (B/B2) is talked at L+500, with a 1% floor and an OID of 99. As outlined, the loan will yield about 6.33% tomaturity. The financing also includes a $25 million, six-year revolver and a $100 million second-lien term loan, which isheard to be placed with Ares Capital.

• Funko was acquired by ACON Investments with debt financing provided by PNC Bank and Cerberus BusinessFinance. The seller was Fundamental Capital, which acquired the provider of pop culture products in 2013. BDCsGladstone Investment (Nasdaq: GAIN) and Gladstone Capital (Nasdaq: GLAD) made identical debt and equityinvestments to support the buyout. As of Sept. 30, the two funds listed $9.5 million of first-lien debt due May 2019paying 9.3%. As part of the acquisition by ACON, the BDCs sold their equity stake, and the loans were repaid.

• Match Group’s $800 million, seven-year B term loan has had its pricing revised, amortization added, and other creditterms tightened. Pricing has been lifted to L+450 with a 1% floor, and an offer price of 98-98.5, from L+375-400, with a1% floor, at 99, and the 101 soft call premium has been extended to 12 months, from six months.

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

3Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q15

Loa

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by

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($ i

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on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

NA

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2007 2008 2009 2010 2011 2012 2013 2014 1Q -

3Q15

3Q15

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

3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15

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 LTM 9/30/15

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PUBLIC COMPARABLES

CONSUMER AND RETAIL


7

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

($ in m illions, except per share data) Ticker 11/12/15 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

Coach, Inc. COH 30.02 68.4% 8,331 891 1,276 7,945 4,183 921 (10.9%) (5.0%) 69.1% 22.0% 21.9x 1.90x 8.6x 1.75x 8.0x

Columbia Sportswear Company COLM 48.75 65.2% 3,428 36 174 3,291 2,304 310 17.7% 10.8% 46.2% 13.5% 20.8x 1.43x 10.6x 1.35x 10.0x

Carter's, Inc. CRI $86.37 78.9% $4,490 $585 $288 $4,787 $3,017 $462 8.0% 9.5% 41.5% 15.3% 19.6x 1.59x 10.4x 1.51x 9.3x

Crocs, Inc. CROX 9.33 58.1% 687 8 168 527 1,088 0 (10.8%) (0.4%) 47.4% 0.0% NM 0.48x 1834.5x 0.47x 8.1x

Deckers Outdoor Corp. DECK 49.83 49.9% 1,611 350 100 1,861 1,826 251 6.0% 9.2% 47.5% 13.8% 11.4x 1.02x 7.4x 0.93x 6.2x

Fossil Group, Inc. FOSL 51.01 45.2% 2,456 807 302 2,962 3,301 544 (5.9%) 6.4% 55.5% 16.5% 7.4x 0.90x 5.4x 0.89x 6.4x

G-III Apparel Group, Ltd. GIII 44.48 60.2% 2,011 6 19 1,998 2,234 205 15.6% 20.2% 35.9% 9.2% 16.8x 0.89x 9.7x 0.80x 8.3x

Hanesbrands Inc. HBI 31.39 90.2% 12,299 2,779 285 14,794 5,845 960 14.9% 9.3% 37.8% 16.4% 32.0x 2.53x 15.4x 2.47x 14.1x

Iconix Brand Group, Inc. ICON 7.07 17.2% 345 1,479 118 1,705 387 172 (1.9%) 2.0% 100.0% 44.5% 3.6x 4.41x 9.9x 4.49x 10.3x

Kate Spade & Company KATE 21.02 58.8% 2,684 402 220 2,866 1,212 126 19.4% (6.1%) 60.6% 10.4% 31.0x 2.36x NM 2.12x 12.7x

NIKE, Inc. NKE 125.98 94.4% 107,359 1,208 5,484 103,083 31,033 5,011 7.7% 9.1% 46.2% 16.1% 31.9x 3.32x 20.6x 3.07x 18.8x

Oxford Industries Inc. OXM 67.02 73.5% 1,111 45 14 1,143 1,039 129 13.2% 8.7% 55.7% 12.4% 21.4x 1.10x 8.9x 1.12x 8.2x

Perry Ellis International Inc. PERY 20.58 73.0% 325 130 38 417 909 42 1.1% (1.6%) 34.2% 4.6% NM 0.46x 10.0x 0.44x 7.1x

PVH Corp. PVH 89.38 69.2% 7,378 3,382 467 10,293 8,045 953 (2.5%) 10.6% 52.5% 11.8% 15.1x 1.28x 10.8x 1.26x 9.3x

Ralph Lauren Corporation RL 122.13 65.1% 10,344 1,021 1,126 10,239 7,506 1,227 (1.0%) 2.9% 57.1% 16.3% 19.0x 1.36x 8.3x 1.31x 8.5x

Steven Madden, Ltd. SHOO 32.48 73.9% 2,033 0 61 1,971 1,404 186 5.1% 5.6% 35.2% 13.3% 18.5x 1.40x 10.6x 1.32x 9.3x

Skechers U.S.A., Inc. SKX 26.60 48.8% 4,156 102 511 3,748 3,004 390 32.4% 27.3% 45.3% 13.0% 18.4x 1.25x 9.6x 1.06x 7.2x

Gildan Activewear Inc. TSX: GIL 28.79 83.8% 6,999 593 45 7,548 2,407 365 3.7% 8.8% 23.5% 15.1% 31.3x 3.14x 20.7x 2.74x 12.2x

Tumi Holdings, Inc. TUMI 16.06 63.1% 1,090 0 76 1,014 544 118 6.5% 12.8% 59.0% 21.7% 17.8x 1.86x 8.6x 1.76x 9.2x

Under Armour, Inc. UA 92.36 87.2% 19,919 908 159 20,667 3,688 475 28.4% 28.6% 48.5% 12.9% NM 5.60x 43.5x 4.45x 34.0x

V.F. Corporation VFC 64.61 83.0% 27,544 2,710 567 29,687 12,543 2,114 4.6% 5.3% 48.5% 16.9% 26.9x 2.37x 14.0x 2.24x 12.8x

Vera Bradley, Inc. VRA 11.31 48.3% 429 0 76 353 500 71 (3.3%) 0.3% 54.1% 14.3% 16.4x 0.71x 5.0x 0.72x 5.2x

Weyco Group Inc. WEYS 27.32 88.1% 295 42 20 317 328 36 8.1% 4.3% 38.0% 11.0% 15.3x 0.97x 8.7x NA NA

Wolverine World Wide Inc. WWW 18.91 53.7% 1,946 826 196 2,575 2,749 297 2.1% 25.4% 39.3% 10.8% 16.0x 0.94x 8.7x 0.95x 8.8x

Mean 66.5% $9,553 $763 $491 $9,825 $4,212 $640 6.6% 8.5% 49.1% 14.7% 19.6x 1.80x 91.3x 1.70x 10.6x

Median 66.8% $2,570 $493 $171 $2,914 $2,355 $304 5.6% 8.8% 47.5% 13.6% 18.5x 1.38x 9.9x 1.32x 9.2x

Consumer Durables

Arcelik AS ARCLK 5.79 96.5% 3,909 1,919 516 5,311 4,458 434 (16.8%) (8.0%) 31.5% 9.7% 13.2x 1.19x 12.2x 1.02x 9.5x

Electrolux AB ELUX B 28.17 86.1% 8,098 1,552 1,270 8,380 14,674 1,007 (3.4%) (4.0%) 19.6% 6.9% 24.0x 0.57x 8.3x 0.54x 7.3x

iRobot Corporation IRBT 31.40 82.4% 913 0 212 701 570 64 8.8% 6.9% 47.4% 11.2% 27.8x 1.23x 11.0x 1.02x 6.9x

Middleby Corp. MIDD 108.94 86.9% 6,245 755 55 6,945 1,727 361 9.4% 20.4% 39.2% 20.9% 30.4x 4.02x 19.2x 3.09x 15.8x

Haier Electronics Group Co., Ltd. SEHK: 1169 1.90 57.0% 5,316 200 1,595 3,920 10,568 494 (0.8%) 8.8% 15.2% 4.7% 12.6x 0.37x 7.9x 0.38x 7.2x

Whirlpool Corp. WHR 155.50 71.6% 12,159 4,812 698 16,273 21,334 2,049 12.5% 5.3% 17.4% 9.6% 18.2x 0.76x 7.9x 0.76x 6.7x

Mean 80.1% $6,107 $1,539 $725 $6,922 $8,888 $735 1.6% 4.9% 28.4% 10.5% 21.0x 1.36x 11.1x 1.14x 8.9x

Median 84.3% $5,780 $1,153 $607 $6,128 $7,513 $464 4.0% 6.1% 25.6% 9.7% 21.1x 0.98x 9.7x 0.89x 7.2x

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Consumer Services and Retail Franchisors

GNC Holdings Inc. GNC 31.53 61.0% 2,679 1,408 164 3,923 2,628 477 0.4% 3.4% 37.2% 18.2% 12.0x 1.49x 8.2x 1.47x 8.2x

H&R Block, Inc. HRB 36.49 97.2% 10,084 506 1,706 8,885 3,083 948 1.7% 2.2% 50.3% 30.8% 20.3x 2.88x 9.4x 2.83x 9.0x

Planet Fitness, Inc. PLNT 15.03 72.7% 550 504 28 1,025 321 97 52.0% NA 52.4% 30.4% 13.1x 3.20x 10.5x 3.02x 8.1x

Regis Corp. RGS 17.20 94.9% 824 120 177 767 1,823 87 (3.5%) (4.6%) 33.9% 4.8% NM 0.42x 8.8x 0.42x 7.2x

Realogy Holdings Corp. RLGY 41.20 82.8% 6,044 4,291 567 9,768 5,659 754 6.9% 8.8% 48.4% 13.3% 31.2x 1.73x 13.0x 1.61x 11.1x

Serv iceMaster Global Holdings, Inc. SERV 36.32 93.4% 4,918 2,762 283 7,397 2,570 591 6.5% NA 47.4% 23.0% 29.4x 2.88x 12.5x 2.76x 11.3x

Steiner Leisure Ltd. STNR 62.94 96.8% 808 99 54 852 879 69 1.4% 3.8% 21.6% 7.9% NM 0.97x 12.3x 0.94x 10.3x

Winmark Corp. WINA 99.60 92.0% 411 71 1 481 69 37 16.9% 9.7% 88.7% 54.1% 22.2x 7.00x 12.9x NA NA

Mean 86.3% $3,290 $1,220 $373 $4,137 $2,129 $383 10.3% 3.9% 47.5% 22.8% 21.4x 2.57x 10.9x 1.86x 9.3x

Median 92.7% $1,752 $505 $170 $2,474 $2,196 $287 4.1% 3.6% 47.9% 20.6% 21.3x 2.30x 11.4x 1.61x 9.0x

Home & Office Furniture & Furnishings

The Dixie Group, Inc. DXYN 5.80 50.4% 98 136 0 234 419 16 5.6% 17.2% 24.7% 3.9% NM 0.56x 14.4x 0.54x NA

HNI Corp. HNI 41.91 72.6% 1,852 257 31 2,078 2,354 210 11.2% 6.0% 36.2% 8.9% 23.7x 0.88x 9.9x 0.89x 7.7x

Hooker Furniture Corp. HOFT 24.68 90.4% 266 0 44 223 249 25 6.9% 5.8% 26.5% 9.9% 17.9x 0.89x 9.0x 0.86x NA

Kimball International, Inc. KBAL 12.07 92.9% 452 0 22 429 613 44 12.2% (19.1%) 31.4% 7.2% 30.6x 0.70x 9.7x NA NA

Knoll, Inc. KNL 22.01 84.5% 1,052 258 10 1,300 1,085 128 9.1% 8.0% 36.9% 11.8% 16.4x 1.20x 10.2x 1.13x 8.2x

Leggett & Platt, Incorporated LEG 45.13 88.0% 6,142 993 251 6,883 3,926 546 6.4% 1.9% 22.8% 13.9% 22.3x 1.75x 12.6x 1.67x 11.2x

La-Z-Boy Incorporated LZB 26.54 90.5% 1,342 1 99 1,244 1,440 130 4.4% 4.7% 35.9% 9.0% 19.6x 0.86x 9.6x 0.80x 8.0x

Herman Miller Inc. MLHR $30.64 93.7% $1,834 $268 $58 $2,045 $2,198 $245 14.3% 8.6% 37.6% 11.2% 17.4x 0.93x NM 0.89x 7.7x

Steelcase Inc. SCS 18.53 90.6% 2,263 281 207 2,337 3,074 270 0.0% 2.8% 31.7% 8.8% 25.8x 0.76x 8.7x 0.73x 6.9x

Tempur Sealy International Inc. TPX 79.71 96.5% 4,961 1,486 72 6,375 3,129 369 7.1% 29.9% 39.3% 11.8% 37.8x 2.04x 17.3x 1.92x 12.6x

Mean 85.0% $2,026 $368 $79 $2,315 $1,849 $198 7.7% 6.6% 32.3% 9.6% 23.5x 1.06x 11.3x 1.05x 8.9x

Median 90.4% $1,588 $257 $51 $1,672 $1,819 $170 7.0% 5.9% 33.8% 9.5% 22.3x 0.89x 9.9x 0.89x 8.0x

Household Products

Church & Dwight Co. Inc. CHD 82.59 91.0% 10,829 981 211 11,600 3,387 784 4.1% 6.0% 44.5% 23.1% 27.3x 3.43x 14.8x 3.36x 14.4x

Colgate-Palmolive Co. CL $65.27 91.2% $58,542 $6,790 $1,591 $63,741 $16,356 $4,474 (6.1%) (1.2%) 58.7% 27.4% 24.2x 3.90x 14.2x 3.97x 14.0x

The Clorox Company CLX 121.83 95.7% 15,727 2,227 383 17,571 5,693 1,195 3.1% 1.2% 44.1% 21.0% 25.4x 3.09x 14.7x 3.05x 14.1x

Prestige Brands Holdings, Inc. PBH 46.41 89.7% 2,448 1,472 22 3,898 786 274 27.8% 12.7% 58.1% 34.9% 23.8x 4.96x 14.2x 4.92x 13.8x

The Procter & Gamble Company PG 74.66 79.5% 203,118 30,487 12,606 220,999 74,035 18,212 (6.4%) (3.7%) 50.6% 24.6% 24.2x 2.99x 12.1x 3.31x 12.5x

Mean 89.4% $58,133 $8,391 $2,963 $63,562 $20,051 $4,988 4.5% 3.0% 51.2% 26.2% 25.0x 3.67x 14.0x 3.72x 13.8x

Median 91.0% $15,727 $2,227 $383 $17,571 $5,693 $1,195 3.1% 1.2% 50.6% 24.6% 24.2x 3.43x 14.2x 3.36x 14.0x

Housewares

Fiskars Oyj Abp FIS1V 20.21 85.2% 1,655 388 533 1,510 1,089 92 11.2% 4.4% 38.1% 8.5% 2.1x 1.39x 16.4x 1.11x 10.3x

Helen of Troy Limited HELE 101.64 97.3% 2,856 479 19 3,316 1,528 215 15.3% 7.8% 41.7% 14.1% 20.9x 2.17x 15.4x 2.13x 14.0x

Jarden Corp. JAH 47.39 83.4% 10,443 5,858 1,096 15,205 8,432 895 4.5% 8.4% 31.9% 10.6% 41.1x 1.80x 17.0x 1.55x 10.3x

Libbey Inc. LBY 25.13 59.8% 549 447 30 966 837 113 (1.0%) 0.5% 23.6% 13.5% 10.6x 1.15x 8.5x 1.16x 7.9x

Lifetime Brands, Inc. LCUT 13.35 73.6% 187 156 6 337 592 35 5.5% 8.0% 36.4% 5.8% 18.5x 0.57x 9.8x 0.55x NA

Nacco Industries Inc. NC 44.02 68.9% 301 174 12 463 927 3 1.7% 3.8% 19.6% 0.4% NM 0.50x 138.1x NA NA

Newell Rubbermaid Inc. NWL 44.22 98.3% 11,811 2,741 266 14,286 5,881 991 3.8% 1.5% 38.8% 16.9% 31.0x 2.43x 14.4x 2.36x 13.2x

SEB SA SK 99.44 95.9% 4,885 1,011 510 5,387 5,057 553 (11.1%) (0.4%) 11.5% 10.9% 22.9x 1.07x 9.7x 1.03x 9.1x

Spectrum Brands Holdings, Inc. SPB 91.17 85.6% 5,426 4,346 107 9,665 4,561 685 3.9% 12.0% 35.6% 15.0% 29.0x 2.12x 14.1x 1.90x 10.5x

Tupperware Brands Corporation TUP 57.05 78.2% 2,873 895 93 3,675 2,372 406 (10.3%) (2.4%) 67.1% 17.1% 13.7x 1.55x 9.1x 1.59x 8.9x

Mean 82.6% $4,099 $1,650 $267 $5,481 $3,127 $399 2.4% 4.4% 34.4% 11.3% 21.1x 1.47x 25.2x 1.49x 10.5x

Median 84.3% $2,864 $687 $100 $3,495 $1,950 $310 3.9% 4.1% 36.0% 12.2% 20.9x 1.47x 14.3x 1.55x 10.3x

EV / LTM EV / 2015ERevenue GrowthLast Twelve Months (LTM) LTM Margins

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Infant & Juvenile

Carter's, Inc. CRI 86.37 78.9% 4,490 585 288 4,787 3,017 462 8.0% 9.5% 41.5% 15.3% 19.6x 1.59x 10.4x 1.51x 9.3x

Crown Crafts, Inc. CRWS 8.38 93.4% 83 0 6 77 88 12 9.4% 2.9% 27.0% 13.3% 12.6x 0.87x 6.6x 0.83x 6.2x

Dorel Industries Inc. DII.B 23.19 73.3% 748 602 38 1,312 2,715 134 4.0% 3.8% 21.4% 4.9% NM 0.48x 9.8x 0.46x 6.8x

Hasbro Inc. HAS 77.85 92.2% 9,702 1,674 574 10,802 4,281 822 0.5% 1.2% 53.3% 19.2% 22.1x 2.52x 13.1x 2.37x 11.5x

JAKKS Pacific, Inc. JAKK 7.68 74.7% 150 240 81 309 836 65 20.6% 7.4% 30.9% 7.8% 7.8x 0.37x 4.7x 0.41x 5.4x

Mattel, Inc. MAT 23.46 73.5% 7,961 2,261 290 9,933 5,697 834 (7.3%) (3.4%) 49.0% 14.6% 26.5x 1.74x 11.9x 1.80x 11.6x

Mothercare plc MTC 3.52 77.7% 601 0 47 554 1,063 54 (11.9%) (6.5%) 15.3% 5.1% NM 0.52x 10.3x 0.51x 7.9x

Newell Rubbermaid Inc. NWL 44.22 98.3% 11,811 2,741 266 14,286 5,881 991 3.8% 1.5% 38.8% 16.9% 31.0x 2.43x 14.4x 2.36x 13.2x

The Children's Place, Inc. PLCE 51.00 73.0% 1,036 30 205 860 1,738 135 (1.0%) (0.1%) 35.8% 7.8% 19.5x 0.49x 6.4x 0.50x 4.9x

Goodbaby International Holdings Limited SEHK: 1086 0.44 85.4% 486 262 103 646 923 37 50.6% 18.7% 26.0% 4.0% NM 0.70x 17.6x 0.66x 8.9x

Summer Infant, Inc. SUMR 2.00 54.9% 37 56 1 92 206 (1) 3.4% (5.5%) 30.8% NM NM 0.45x NM 0.43x 6.0x

TOMY Company, Ltd. TSE: 7867 5.30 76.6% 451 648 276 823 1,279 92 (6.0%) (18.1%) 35.6% 7.2% NM 0.64x 8.9x 0.59x 7.9x

Mean 79.3% $3,130 $758 $181 $3,707 $2,310 $303 6.2% 0.9% 33.8% 10.5% 19.9x 1.07x 10.4x 1.04x 8.3x

Median 77.2% $674 $424 $154 $842 $1,508 $113 3.6% 1.3% 33.3% 7.8% 19.6x 0.67x 10.3x 0.62x 7.9x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $20.16 50.8% $262 $16 $11 $267 $638 $9 (17.9%) (0.4%) 15.7% 1.4% NM 0.42x 28.9x 0.39x 7.9x

Brunswick Corporation BC 53.35 94.2% 4,857 455 657 4,655 4,058 491 8.9% 4.1% 27.0% 12.1% 21.5x 1.15x 9.5x 1.07x 8.0x

Black Diamond, Inc. BDE 4.23 39.3% 139 20 36 123 192 1 15.3% 5.5% 38.0% 0.5% NM 0.64x NM 0.80x 11.7x

Columbia Sportswear Company COLM 48.75 65.2% 3,428 36 174 3,291 2,304 310 17.7% 10.8% 46.2% 13.5% 20.8x 1.43x 10.6x 1.35x 10.0x

Callaway Golf Co. ELY 9.86 95.9% 887 27 42 872 825 35 (6.2%) (1.7%) 41.6% 4.3% NM 1.06x NM 1.00x 15.3x

Escalade Inc. ESCA 13.01 65.1% 184 32 3 213 152 19 12.5% 2.0% 29.1% 12.6% 14.0x 1.39x 11.1x 1.30x 9.4x

Fox Factory Holding Corp FOXF 17.86 94.1% 660 60 5 715 345 53 15.9% 20.4% 30.5% 15.4% 32.5x 2.07x 13.4x 1.86x 10.3x

GoPro, Inc. GPRO 23.15 26.9% 3,184 0 513 2,671 1,817 294 62.0% NA 46.7% 16.2% 19.0x 1.47x 9.1x 1.46x 10.1x

Amer Sports Corp. HLSE: AMEAS 28.52 98.0% 3,346 930 242 4,034 2,741 283 (0.4%) 2.1% 45.0% 10.3% 34.1x 1.47x 14.3x 1.41x 13.0x

Rapala VMC Corp. HLSE: RAP1V 5.21 82.7% 200 135 13 322 313 26 (9.9%) (5.0%) 50.7% 8.2% 29.5x 1.03x 12.6x 1.04x 9.1x

Harley-Davidson, Inc. HOG 48.33 68.6% 9,468 6,936 1,011 15,393 6,015 1,381 (3.3%) 2.5% 36.9% 23.0% 12.9x 2.56x 11.1x 2.83x 11.2x

Johnson Outdoors Inc. JOUT 22.10 62.6% 220 8 54 174 430 25 2.8% 1.2% 40.0% 5.8% 24.9x 0.40x 7.0x 0.39x NA

Malibu Boats, Inc. MBUU 14.40 59.7% 258 77 11 324 238 39 22.0% NA 26.8% 16.5% 14.7x 1.36x 8.2x 1.23x 6.5x

Marine Products Corp. MPX 7.01 78.0% 267 0 18 249 195 19 12.2% 10.9% 20.6% 9.5% 20.7x 1.28x NM 1.20x 12.1x

Nautilus Inc. NLS 19.01 82.8% 589 0 75 514 322 46 25.3% 19.4% 52.5% 14.2% 22.1x 1.60x 11.2x 1.44x 10.0x

Polaris Industries Inc. PII 110.25 69.2% 7,228 317 226 7,319 4,959 916 14.2% 16.7% 29.6% 18.5% 15.6x 1.48x 8.0x 1.39x 7.2x

Sturm, Ruger & Co. Inc. RGR 49.54 74.9% 926 0 60 866 521 121 (13.7%) 5.6% 30.2% 23.2% 31.8x 1.66x 7.2x 1.48x 6.9x

Smith & Wesson Holding Corporation SWHC 17.61 91.6% 957 177 55 1,079 568 133 (3.4%) 7.6% 36.8% 23.4% 19.6x 1.90x 8.1x 1.71x 7.2x

Shimano Inc. TSE: 7309 153.93 93.7% 14,270 76 1,466 12,880 3,165 814 11.1% 0.5% 40.2% 25.7% 21.6x 4.07x 15.8x 4.08x 15.6x

Vista Outdoor Inc. VSTO 46.29 94.0% 2,925 691 86 3,530 2,058 292 (5.6%) NA 26.5% 14.2% 41.1x 1.72x 12.1x 1.52x 10.4x

Mean 74.4% $2,713 $500 $238 $2,975 $1,593 $265 8.0% 6.0% 35.5% 13.4% 23.3x 1.51x 11.7x 1.45x 10.1x

Median 76.5% $907 $48 $58 $869 $603 $87 10.0% 4.1% 36.8% 13.8% 21.5x 1.45x 11.1x 1.37x 10.0x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

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Avon Products Inc. AVP 2.66 25.0% 1,158 2,314 624 2,847 7,626 535 (16.9%) (10.5%) 60.9% 7.0% NM 0.37x 5.3x 0.42x 5.5x

The Estée Lauder Companies Inc. EL 84.35 92.0% 31,145 2,066 1,087 32,124 10,984 2,099 0.5% 3.9% 80.5% 19.1% 27.7x 2.92x 15.3x 2.81x 14.3x

Herbalife Ltd. HLF 54.21 87.5% 5,016 1,653 813 5,856 4,504 700 (11.6%) 4.9% 52.2% 15.5% 12.9x 1.30x 8.4x 1.28x 7.9x

Kimberly-Clark Corporation KMB 117.69 95.9% 42,721 7,657 643 49,735 18,880 4,216 1.5% (3.4%) 35.1% 22.3% NM 2.63x 11.8x 2.65x 12.1x

Medifast Inc. MED 31.23 91.2% 367 0 66 301 274 42 2.4% (7.2%) 73.4% 15.2% 20.7x 1.10x 7.2x 1.08x 7.5x

Nu Skin Enterprises Inc. NUS 33.80 53.8% 1,934 253 317 1,871 2,284 342 (24.2%) 3.2% 79.2% 15.0% 14.1x 0.82x 5.5x 0.81x 5.2x

The Procter & Gamble Company PG 74.66 79.5% 203,118 30,487 12,606 220,999 74,035 18,212 (6.4%) (3.7%) 50.6% 24.6% 24.2x 2.99x 12.1x 3.31x 12.5x

Elizabeth Arden, Inc. RDEN 11.55 53.3% 346 466 37 774 967 (17) (11.4%) (8.9%) 42.9% NM NM 0.80x NM 0.77x 16.9x

Revlon, Inc. REV 30.00 72.0% 1,573 1,849 181 3,241 1,893 311 (1.9%) 10.7% 66.0% 16.4% 44.4x 1.71x 10.4x NA NA

Sally Beauty Holdings Inc. SBH 24.40 69.2% 3,837 1,810 239 5,408 3,834 581 2.2% 2.9% 49.5% 15.1% 16.4x 1.41x 9.3x 1.37x 8.7x

ULTA Salon, Cosmetics & Fragrance, Inc. ULTA 169.36 95.8% 10,829 0 475 10,353 3,538 604 20.6% 21.9% 35.1% 17.1% 38.0x 2.93x 17.1x 2.50x 14.6x

USANA Health Sciences Inc. USNA 132.45 74.9% 1,696 0 174 1,522 914 148 22.0% 13.4% 82.8% 16.2% 18.9x 1.67x 10.3x 1.53x 8.9x

All for One Steeb AG XTRA:A1OS $79.06 99.0% $394 $42 $41 $396 $265 $30 (8.3%) 16.1% 24.6% 11.1% 29.7x 1.49x 13.4x 1.53x 14.8x

Mean 76.1% $23,395 $3,738 $1,331 $25,802 $10,000 $2,139 (2.4%) 3.3% 56.4% 16.2% 24.7x 1.70x 10.5x 1.67x 10.7x

Median 79.5% $1,934 $1,653 $317 $3,241 $3,538 $535 (1.9%) 3.2% 52.2% 15.9% 22.5x 1.49x 10.4x 1.45x 10.5x

Pet Care

Blue Buffalo Pet Products, Inc. BUFF 17.10 59.4% 3,354 388 185 3,557 1,000 192 15.0% NA 39.9% 19.2% 33.0x 3.56x 18.5x 3.23x 15.5x

Central Garden & Pet Company CENT $14.09 77.1% $739 $400 $44 $1,095 $1,639 $136 2.5% (0.8%) 29.8% 8.3% 21.7x 0.67x 8.1x 0.65x 8.1x

Freshpet, Inc. FRPT $6.28 24.2% $210 $0 $19 $191 $110 $2 38.2% NA 47.9% 1.5% NM 1.73x 115.2x 1.43x 10.3x

Oil-Dri Corp. of America ODC 28.81 84.3% 208 19 22 205 261 27 (1.8%) 2.8% 23.0% 10.4% 18.1x 0.78x 7.5x NA NA

Spectrum Brands Holdings, Inc. SPB 91.17 85.6% 5,426 4,346 107 9,665 4,561 685 3.9% 12.0% 35.6% 15.0% 29.0x 2.12x 14.1x 1.90x 10.5x

Maabarot Products Ltd. TASE:MABR 12.22 96.8% 120 4 43 80 94 6 (10.2%) 2.5% 40.6% 6.2% NM 0.85x 13.7x NA NA

Echo Trading Co., Ltd. TSE:7427 5.24 92.0% 32 41 31 42 615 1 (15.2%) (13.8%) 12.8% 0.2% NM 0.07x 40.0x NA NA

Unicharm Corporation TSE:8113 21.81 78.9% 13,043 228 964 12,307 5,961 994 2.4% 4.7% 44.2% 16.7% 39.2x 2.06x 12.4x 1.88x 13.0x

Mean 74.8% $2,891 $678 $177 $3,393 $1,780 $255 4.3% 1.2% 34.2% 9.7% 28.2x 1.48x 28.7x 1.82x 11.5x

Median 81.6% $475 $135 $44 $650 $808 $82 2.4% 2.6% 37.7% 9.4% 29.0x 1.29x 13.9x 1.88x 10.5x

EV / 2015ERevenue Growth EV / LTMLTM MarginsLast Twelve Months (LTM)

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Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 15.60 84.4% 3,049 0 327 2,721 3,423 427 5.1% 1.3% 44.5% 12.5% 21.5x 0.80x 6.4x 0.77x 5.4x

Abercrombie & Fitch Co. ANF $21.04 66.7% $1,451 $340 $408 $1,383 $3,558 $346 (12.0%) (6.0%) 61.0% 9.7% NM 0.39x 4.0x 0.40x 4.2x

Aéropostale, Inc. ARO 0.76 17.2% 60 143 87 116 1,692 (79) (14.4%) (10.8%) 30.4% NM NM 0.07x NM 0.07x NM

Ascena Retail Group Inc. ASNA 11.28 64.1% 2,210 116 254 2,072 4,803 382 0.3% 12.7% 55.6% 8.0% NM 0.43x 5.4x 0.28x 3.0x

The Buckle, Inc. BKE 32.41 57.7% 1,573 0 142 1,431 1,153 281 1.8% 1.9% 49.7% 24.4% 9.9x 1.24x 5.1x 1.24x 5.1x

Cabela's Incorporated CAB 41.93 71.2% 2,907 4,295 39 7,163 3,864 443 8.5% 9.1% 43.4% 11.5% 15.9x 1.85x 16.2x 1.72x 12.8x

Caleres, Inc. CAL 28.67 84.7% 1,253 239 129 1,363 2,585 177 2.2% 1.0% 40.6% 6.8% 14.7x 0.53x 7.7x 0.51x 6.8x

The Cato Corporation CATO 38.11 84.9% 1,069 0 284 785 991 113 4.4% 2.1% 39.0% 11.4% 17.3x 0.79x 7.0x 0.77x NA

Chico's FAS Inc. CHS 12.81 67.5% 1,784 97 157 1,724 2,696 303 3.0% 4.0% 53.9% 11.2% NM 0.64x 5.7x 0.64x 5.4x

Citi Trends, Inc. CTRN 24.38 85.0% 379 0 79 300 687 40 8.0% 1.8% 38.4% 5.8% 26.4x 0.44x 7.5x 0.42x 6.1x

Destination Maternity Corporation DEST 5.88 35.1% 82 34 2 113 494 (54) (5.7%) (3.1%) 39.6% NM NM 0.23x NM NA NA

DSW Inc. DSW 22.63 57.2% 2,008 0 292 1,716 2,593 336 8.4% 7.0% 38.3% 13.0% 12.2x 0.66x 5.1x 0.66x 6.1x

Destination XL Group, Inc. DXLG 5.37 80.1% 264 64 6 322 432 31 9.2% 2.9% 47.0% 7.2% NM 0.75x 10.4x 0.71x 11.1x

Express Inc. EXPR 17.99 86.8% 1,524 70 156 1,439 2,261 259 4.6% 2.3% 42.5% 11.4% 16.8x 0.64x 5.6x 0.60x 5.1x

Finish Line Inc. FINL 17.27 59.4% 775 0 100 675 1,874 165 6.7% 9.1% 39.0% 8.8% 9.7x 0.36x 4.1x 0.35x 3.8x

Foot Locker, Inc. FL 61.35 79.4% 8,551 132 970 7,713 7,253 1,023 4.8% 7.5% 42.2% 14.1% 15.5x 1.06x 7.5x 1.01x 6.9x

Genesco Inc. GCO 56.34 68.0% 1,340 113 49 1,405 2,932 246 8.5% 5.7% 48.7% 8.4% 13.6x 0.48x 5.7x 0.46x 5.2x

Guess? Inc. GES 20.58 87.8% 1,765 7 471 1,301 2,312 236 (8.0%) (4.2%) 36.3% 10.2% 18.2x 0.56x 5.5x 0.59x 6.4x

The Gap, Inc. GPS 26.52 60.4% 10,787 1,348 1,043 11,092 16,235 2,402 (0.4%) 2.8% 37.5% 14.8% 10.0x 0.68x 4.6x 0.68x 4.9x

L Brands, Inc. LB 93.02 92.0% 27,011 4,759 830 30,940 11,665 2,459 5.5% 4.4% 47.4% 21.1% 24.1x 2.65x 12.6x 2.50x 11.7x

Lululemon Athletica Inc. LULU 48.16 68.8% 6,769 0 541 6,228 1,898 432 13.3% 17.5% 49.5% 22.7% 25.7x 3.28x 14.4x 2.87x 13.1x

The Men's Wearhouse, Inc. MW 19.97 30.2% 966 1,656 73 2,549 3,624 354 37.1% 14.8% 42.9% 9.8% NM 0.70x 7.2x 0.73x 6.9x

New York & Company Inc. NWY 2.35 75.6% 152 14 60 106 937 20 0.3% (0.3%) 37.7% 2.2% NM 0.11x 5.2x 0.11x 2.9x

The Children's Place, Inc. PLCE 51.00 73.0% 1,036 30 205 860 1,738 135 (1.0%) (0.1%) 35.8% 7.8% 19.5x 0.49x 6.4x 0.50x 4.9x

Pacific Sunwear of California Inc. PSUN 0.32 10.5% 22 101 14 110 806 1 0.2% 1.8% 43.4% 0.1% NM 0.14x NM 0.14x 73.3x

Ross Stores Inc. ROST 48.11 84.9% 19,632 396 631 19,397 11,538 1,831 9.4% 8.1% 32.3% 15.9% 20.2x 1.68x 10.6x 1.58x 10.0x

Shoe Carnival Inc. SCVL 19.20 64.0% 393 0 40 354 963 70 7.7% 6.3% 29.4% 7.3% 13.2x 0.37x 5.0x 0.35x 4.9x

Stein Mart Inc. SMRT 7.91 47.5% 361 170 12 520 1,356 81 6.1% 4.6% 29.2% 6.0% 12.6x 0.38x 6.4x 0.36x 5.9x

Stage Stores Inc. SSI 9.42 40.5% 302 90 24 368 1,639 127 2.7% 1.7% 27.3% 7.7% 9.6x 0.22x 2.9x 0.23x 2.7x

Urban Outfitters Inc. URBN 26.15 55.3% 3,241 115 266 3,090 3,432 491 8.0% 9.9% 41.9% 14.3% 15.3x 0.90x 6.3x 0.84x 5.5x

Zumiez, Inc. ZUMZ 15.46 38.0% 412 5 81 336 829 103 9.5% 11.2% 35.0% 12.4% 11.5x 0.41x 3.3x 0.40x 4.0x

Mean 63.8% $3,327 $462 $251 $3,538 $3,299 $425 4.3% 4.1% 41.3% 10.9% 16.1x 0.77x 6.9x 0.75x 8.7x

Median 67.5% $1,340 $90 $142 $1,383 $2,261 $246 4.8% 2.9% 40.6% 10.2% 15.4x 0.56x 6.0x 0.60x 5.5x

Department Chains

Bon-Ton Stores Inc. BONT $2.60 28.2% $61 $978 $21 $1,018 $2,820 $143 0.7% (1.4%) 37.0% 5.1% NM 0.36x 7.1x 0.36x 7.0x

Dillard's Inc. DDS 84.96 58.9% 3,294 830 175 3,949 6,843 801 2.3% 1.5% 36.6% 11.7% 10.8x 0.58x 4.9x 0.59x 5.0x

J. C. Penney Company, Inc. JCP 8.79 87.1% 2,685 5,309 973 7,021 12,389 499 1.9% (7.4%) 35.8% 4.0% NM 0.57x 14.1x 0.55x 9.1x

Nordstrom Inc. JWN 63.47 76.3% 11,947 2,809 821 13,935 14,287 1,780 8.4% 6.9% 36.4% 12.5% 16.8x 0.98x 7.8x NA NA

Kohl's Corp. KSS 45.79 57.5% 8,906 5,135 501 13,540 19,154 2,582 2.0% 0.3% 36.4% 13.5% 12.0x 0.71x 5.2x 0.70x 5.1x

Macy's, Inc. M 40.82 55.5% 13,511 7,963 474 21,000 27,574 3,714 (1.3%) 0.6% 40.0% 13.5% 10.0x 0.76x 5.7x 0.77x 5.9x

Stage Stores Inc. SSI 9.42 40.5% 302 90 24 368 1,639 127 2.7% 1.7% 27.3% 7.7% 9.6x 0.22x 2.9x 0.23x 2.7x

Hudson's Bay Company TSX: HBC 15.51 70.0% 2,824 1,973 45 4,752 6,651 401 3.5% 19.2% 40.7% 6.0% 33.9x 0.71x 11.8x 0.47x 6.7x

Mean 59.2% $5,441 $3,136 $379 $8,198 $11,420 $1,256 2.5% 2.7% 36.3% 9.2% 15.5x 0.61x 7.5x 0.52x 5.9x

Median 58.2% $3,059 $2,391 $325 $5,887 $9,616 $650 2.1% 1.1% 36.5% 9.7% 11.4x 0.64x 6.4x 0.55x 5.9x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

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PUBLIC COMPARABLES

CONSUMER AND RETAIL


12



Discount Stores & Mass Merchants

Big Lots Inc. BIG 45.14 87.2% 2,237 223 57 2,403 5,191 349 0.7% (0.8%) 39.7% 6.7% 17.2x 0.46x 6.9x 0.46x 6.1x

Costco Wholesale Corporation COST 156.00 97.9% 68,235 6,443 6,419 68,259 116,199 4,751 3.2% 5.4% 13.0% 4.1% 29.1x 0.59x 14.4x 0.55x 13.4x

CVS Health Corporation CVS 93.12 81.9% 103,363 27,222 3,011 127,574 149,199 11,186 10.4% 7.5% 17.3% 7.5% 21.0x 0.86x 11.4x 0.76x 10.0x

Dollar General Corporation DG 63.35 77.8% 18,667 2,863 181 21,349 19,678 2,229 8.6% 8.0% 30.9% 11.3% 16.9x 1.08x 9.6x 1.00x 8.9x

Dollar Tree, Inc. DLTR 66.57 79.0% 15,625 8,349 1,307 22,667 9,759 1,329 19.7% 11.9% 39.5% 13.6% 44.5x 2.32x 17.1x 1.10x 9.7x

Macy's, Inc. FDO 41.09 56.5% 0 7,963 474 7,489 27,574 3,714 (1.3%) 0.6% 40.0% 13.5% NA 0.27x 2.0x 0.28x 2.1x

Gordmans Stores, Inc. GMAN 3.12 35.0% 62 61 10 113 649 19 0.8% 3.4% 41.5% 2.9% NM 0.17x 6.0x 0.17x 5.1x

PriceSmart Inc. PSMT 90.17 87.0% 2,722 99 157 2,664 2,803 183 11.3% 11.1% 16.0% 6.5% 30.6x 0.95x 14.6x 0.88x 13.4x

Rite Aid Corporation RAD 7.68 81.1% 8,035 7,444 153 15,327 27,853 1,301 7.4% 2.1% 27.5% 4.7% 4.0x 0.55x 11.8x 0.46x 10.2x

Target Corp. TGT 74.93 87.3% 47,088 12,740 2,767 57,061 73,550 7,353 3.5% 1.0% 29.7% 10.0% 16.4x 0.78x 7.8x 0.76x 7.7x

The TJX Companies, Inc. TJX 68.25 88.7% 46,026 1,624 2,238 45,411 29,899 4,277 6.0% 7.2% 28.8% 14.3% 20.8x 1.52x 10.6x 1.43x 10.3x

Tuesday Morning Corporation TUES 5.78 25.3% 256 0 23 233 906 25 2.6% 3.6% 36.1% 2.8% 24.2x 0.26x NM 0.25x 9.5x

Walgreens Boots Alliance, Inc. WBA 80.40 82.6% 87,539 14,383 3,036 98,886 103,444 6,872 35.4% 13.0% 26.1% 6.6% 20.1x 0.96x 14.4x 0.82x 11.2x

Wal-Mart Stores Inc. WMT 56.95 62.6% 182,578 49,691 5,751 226,518 485,621 35,267 1.1% 1.8% 24.9% 7.3% 11.9x 0.47x 6.4x 0.46x 6.8x

Mean 73.6% $41,602 $9,936 $1,827 $49,711 $75,166 $5,632 7.8% 5.4% 29.4% 8.0% 21.4x 0.80x 10.2x 0.67x 8.9x

Median 81.5% $17,146 $6,944 $890 $22,008 $27,713 $2,971 4.8% 4.5% 29.2% 7.0% 20.5x 0.68x 10.6x 0.66x 9.6x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $24.36 59.7% $1,768 $494 $67 $2,196 $3,137 $441 25.5% 13.0% 50.9% 14.0% 13.0x 0.70x 5.0x 0.65x 5.9x

Bed Bath & Beyond Inc. BBBY 56.67 71.2% 9,458 1,500 696 10,261 12,014 1,757 2.9% 6.7% 38.6% 14.6% 10.9x 0.85x 5.8x 0.83x 6.0x

Conns Inc. CONN 23.49 53.4% 858 812 7 1,663 1,558 96 14.5% 23.8% 27.3% 6.2% 19.4x 1.07x 17.2x 0.95x 8.0x

Ethan Allen Interiors Inc. ETH 27.79 85.2% 790 76 87 778 754 86 (0.2%) 1.0% 54.5% 11.3% 21.1x 1.03x 9.1x 0.98x 7.7x

hhgregg, Inc. HGG 4.13 50.2% 114 0 35 80 2,079 (4) (6.5%) (6.2%) 28.4% NM NM 0.04x NM 0.04x 5.8x

Haverty Furniture Companies Inc. HVT 23.12 88.9% 511 54 80 485 802 73 6.7% 6.9% 53.4% 9.1% NM 0.60x 6.7x 0.57x 6.0x

Kirkland's Inc. KIRK 20.50 69.4% 355 0 49 305 529 48 11.7% 6.8% 48.8% 9.1% 21.5x 0.58x 6.3x 0.51x 5.2x

La-Z-Boy Incorporated LZB 26.54 90.5% 1,342 1 99 1,244 1,440 130 4.4% 4.7% 35.9% 9.0% 19.6x 0.86x 9.6x 0.80x 8.0x

Pier 1 Imports, Inc. PIR 6.70 38.2% 581 266 41 806 1,890 166 3.9% 6.0% 38.9% 8.8% 9.8x 0.43x 4.9x 0.42x 5.1x

Rent-A-Center, Inc. RCII 17.59 46.9% 933 914 60 1,788 3,281 280 5.1% 2.3% 66.0% 8.5% 13.1x 0.54x 6.4x 0.54x 5.7x

Restoration Hardware Holdings, Inc. RH 99.09 93.1% 3,984 719 455 4,247 1,997 230 19.7% 24.0% 37.2% 11.5% 42.0x 2.13x 18.4x 1.81x 14.0x

Select Comfort Corporation SCSS 23.77 66.5% 1,204 0 106 1,098 1,321 178 24.0% 13.5% 61.6% 13.4% 13.9x 0.83x 6.2x 0.81x 6.7x

The Sherwin-Williams Company SHW 262.09 89.0% 24,401 1,960 91 26,270 11,304 1,680 2.6% 6.4% 48.1% 14.9% 25.2x 2.32x 15.6x 2.24x 13.8x

Williams-Sonoma Inc. WSM 70.75 79.2% 6,420 150 120 6,450 4,843 657 6.9% 8.2% 38.2% 13.6% 21.4x 1.33x 9.8x 1.25x 9.0x

Mean 70.1% $3,766 $496 $142 $4,119 $3,354 $416 8.7% 8.4% 44.8% 11.1% 19.3x 0.95x 9.3x 0.89x 7.6x

Median 70.3% $1,069 $208 $84 $1,453 $1,943 $172 5.9% 6.7% 43.5% 11.3% 19.5x 0.84x 6.7x 0.81x 6.3x

EV / 2015ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


13



Internet Retail

Amazon.com, Inc. AMZN 665.60 98.5% 312,008 18,587 14,428 316,167 100,588 7,007 18.0% 20.7% 32.4% 7.0% NM 3.14x 45.1x 2.58x 23.4x

Alibaba Group Holding Limited BABA $78.76 65.6% $197,879 $8,520 $16,984 $189,415 $13,532 $4,498 31.1% NA 68.0% 33.2% 20.7x 14.00x 42.1x 10.84x 21.8x

Cimpress N.V. CMPR 79.77 86.9% 2,505 810 100 3,216 1,536 200 15.6% 13.2% 61.2% 13.0% 34.3x 2.09x NM 1.89x 12.5x

eBay Inc. EBAY 28.56 42.8% 34,291 7,439 5,301 36,429 17,705 4,889 61.0% 9.6% 67.3% 27.6% 11.5x 2.06x 7.5x 4.10x 10.1x

Mercadolibre, Inc. MELI 120.53 78.6% 5,322 297 341 5,278 632 189 19.4% 21.1% 74.7% 29.8% NM 8.35x NM 7.66x 28.1x

Blue Nile Inc. NILE 36.21 92.8% 418 0 34 384 488 17 5.5% 9.0% 18.8% 3.5% 41.2x 0.79x 22.8x 0.75x 14.8x

Overstock.com Inc. OSTK 13.83 50.7% 349 1 81 268 1,648 21 15.7% 15.4% 18.6% 1.2% NM 0.16x 13.1x 0.15x 5.5x

The Priceline Group Inc. PCLN 1,314.01 89.0% 65,417 5,443 3,053 67,807 9,064 3,438 11.3% 21.4% 92.2% 37.9% 27.5x 7.48x 19.7x 6.59x 16.4x

Shutterfly, Inc. SFLY 44.30 90.2% 1,557 384 134 1,806 995 93 17.2% 21.6% 49.5% 9.3% NM 1.82x 19.4x 1.61x 8.8x

Stamps.com Inc. STMP 98.99 93.0% 1,643 2 99 1,546 186 47 34.9% 18.1% 78.5% 25.3% NM 8.31x 32.9x 5.72x 18.1x

Rakuten, Inc. TSE: 4755 12.80 65.7% 18,232 4,912 4,856 18,287 5,755 1,288 10.2% 2.3% 16.4% 22.4% 30.1x 3.18x 14.2x 2.85x 13.0x

Wayfair Inc. W 38.91 68.5% 3,236 0 325 2,911 1,919 (116) 59.1% NA 24.2% NM NM 1.52x NM 1.04x NM

Mean 76.9% $53,571 $3,866 $3,811 $53,626 $12,837 $1,797 24.9% 15.2% 50.1% 19.1% 27.6x 4.41x 24.1x 3.81x 15.7x

Median 82.8% $4,279 $597 $333 $4,247 $1,783 $194 17.6% 16.8% 55.3% 22.4% 28.8x 2.62x 19.7x 2.72x 14.8x

Specialty & Other Retail

Best Buy Co., Inc. BBY 33.99 80.9% 11,712 1,609 3,495 9,826 40,327 2,187 3.1% (1.6%) 22.7% 5.4% 14.3x 0.24x 4.5x 0.25x 4.3x

Big 5 Sporting Goods Corp. BGFV 9.16 59.2% 201 69 6 265 1,004 48 3.0% 2.8% 31.7% 4.8% 14.5x 0.26x 5.5x 0.26x NA

Barnes & Noble, Inc. BKS $12.78 44.1% $975 $0 $37 $937 $6,051 $299 (3.8%) (5.5%) 30.6% 4.9% NM 0.15x NM 0.22x 4.3x

Dick's Sporting Goods Inc. DKS 42.78 70.9% 5,072 6 123 4,955 7,075 761 9.3% 8.7% 30.6% 10.8% 14.2x 0.70x 6.5x 0.64x 5.9x

The Home Depot, Inc. HD 123.81 98.2% 158,985 19,375 4,936 173,424 85,398 12,693 5.9% 6.0% 34.8% 14.9% 24.1x 2.03x 13.7x 1.91x 12.2x

Hibbett Sports, Inc. HIBB 31.40 56.3% 748 3 85 666 927 130 5.1% 6.2% 35.5% 14.0% 11.1x 0.72x 5.1x 0.67x 4.9x

Marinemax Inc. HZO 15.01 52.3% 384 137 33 488 751 33 20.3% 12.7% 24.6% 4.4% 7.8x 0.65x 14.7x 0.59x 11.2x

Lumber Liquidators Holdings, Inc. LL 14.90 21.3% 404 20 54 370 1,016 (5) (1.7%) 9.3% 32.6% NM NM 0.36x NM 0.36x NM

Lowe's Companies Inc. LOW 72.71 95.4% 67,274 11,359 1,089 77,544 57,700 6,713 5.6% 4.3% 34.8% 11.6% 24.7x 1.34x 11.6x 1.29x 10.4x

Movado Group, Inc. MOV 25.07 63.6% 582 40 188 433 588 81 0.3% 6.5% 52.6% 13.7% 13.0x 0.74x 5.4x 0.72x 5.0x

Office Depot, Inc. ODP 7.48 76.5% 4,102 1,523 958 4,667 14,840 671 (5.8%) 10.4% 24.1% 4.5% NM 0.31x 7.0x 0.32x 5.2x

Staples, Inc. SPLS 12.78 65.9% 8,225 1,108 611 8,722 21,816 1,388 (4.6%) (3.5%) 26.1% 6.4% NM 0.40x 6.3x 0.41x 5.2x

Tiffany & Co. TIF 76.82 69.5% 9,906 1,075 771 10,210 4,198 1,021 (0.4%) 4.2% 59.9% 24.3% 22.4x 2.43x 10.0x 2.31x 9.4x

Tractor Supply Company TSCO 89.77 93.2% 12,059 201 51 12,209 6,164 776 11.2% 10.1% 34.4% 12.6% 30.0x 1.98x 15.7x 1.81x 14.4x

Vitamin Shoppe, Inc. VSI 30.13 61.4% 877 8 2 883 1,263 140 7.1% 10.1% 41.9% 11.1% 15.3x 0.70x 6.3x 0.67x 6.2x

Mean 67.2% $18,767 $2,436 $829 $20,373 $16,608 $1,796 3.6% 5.4% 34.5% 10.2% 17.4x 0.87x 8.6x 0.83x 7.6x

Median 65.9% $4,102 $137 $123 $4,667 $6,051 $671 3.1% 6.2% 32.6% 10.9% 14.5x 0.70x 6.5x 0.64x 5.9x

EV / LTM EV / 2015ELast Twelve Months (LTM) Revenue Growth LTM Margins

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

CONSUMER AND RETAIL


14

Private Equity

Announced Target Seller Buyer Involvement

11/10/2015 Home Franchise Concepts, Inc. - Trilantic Capital Management LLC P

11/9/2015 2nd Wind Exercise Equipment, Inc. - Johnson Health Tech Co., Ltd.

11/5/2015 PS Brands, LLC - GBG USA, Inc.

11/4/2015 Creative Co-Op, Inc. Eureka Growth Capital Management, L.P. Freeman Spogli & Co. Incorporated P

11/3/2015 Little Burgundy The ALDO Group Inc. Journeys

11/3/2015 Tailgate Clothing Co. - American Eagle Outfitters, Inc.

11/3/2015 FuelBelt, Inc. - Implus Corporation

11/3/2015 Coast to Coast Entertainment LLC - Elaut USA, Inc.

11/2/2015 Advanced Graphic Products Inc. - Follett Corporation

11/2/2015 Funko, LLC Fundamental Capital, LLC Acon Investments, L.L.C. P

10/30/2015 Stark Exterminators - Arrow Exterminators, Inc.

10/30/2015 Madison All 4 You LLC - Riddell Sports Group, Inc.

10/28/2015 Custom Brand Footwear, LLC - Bates Accessories, Inc.

10/27/2015 Rite Aid Corporation American Century & T. Rowe Price Walgreens Boots Alliance, Inc.

10/26/2015 Nathan Sports, Inc. - EZ GARD Industries, Inc.

10/26/2015 J&D Brush Company Inc. - Topspin Partners LBO, LP P

10/26/2015 Roots Canada Ltd. - Searchlight Capital Partners P

10/26/2015 Catch Motion Inc. - iON America LLC

10/26/2015 Coyne's & Company, Inc. - Foreside LLC

10/21/2015 Cosmetic Technologies, LLC Ascendiant Capital Markets LLC Knowlton Development Corporation P

10/20/2015 Poulin Lumber, Inc. - Wallboard Supply Company, Inc.

10/20/2015 Ultra Green Packaging Consumer Goods Line Ultra Green Packaging, Inc. Ecosentials LLC

10/19/2015 Combo Hitter - Golden Global Corp.

10/19/2015 SunBriteTV LLC Bunker Hill Capital & Avante Mezzanine, Inc. SnapAV, LLC P

10/19/2015 Paramount Fitness Corp. - TRUE Fitness Technology, Inc.

10/19/2015 Intova LLC - Industrial Revolution, Inc.

10/16/2015 Harrington Fire Alarm & CPG Signals Harrington Signal, Inc. Potter Electric Signal Company, LLC

10/16/2015 Evax Systems, Inc. - Potter Electric Signal Company, LLC

10/15/2015 Petstages, Inc - Outward Hound

10/14/2015 Kolmar Labs Group Inc. - Knowlton Development Corporation

10/13/2015 Flip Flop Shops Inc. - Cherokee Inc.

10/13/2015 Visant Holding Corp. Credit Suisse PE, KKR, Offshore Partners, others Jarden Corp. P

10/13/2015 Maine Coast Book Shop Inc. - Sherman's Books & Stationery, Inc.

10/13/2015 Master Archery Targets - BIGshot Archery LLC

10/9/2015 Spinrite LP - TorQuest Partners, Inc. P

10/9/2015 McNett Corporation - Coghlan's Ltd.

10/9/2015 Pickleball Paddles Plus - Olla LLC

10/8/2015 SNUPI Technologies, Inc. Madrona Venture, WRF Capital, and others Sears Holdings Corporation P

10/6/2015 Pay Your Family First, LLC - Empowering a Billion Women by 2020 LLC

10/6/2015 Sundance Cinemas LLC - Carmike Cinemas Inc.

10/5/2015 American Furniture Manufacturing, Inc. Compass Diversified Holdings Bank of America and Spring Creek LLC P

10/5/2015 Culturata Ltd - Luxury Men's Apparel Group

10/2/2015 SportsGiant, LLC - Pure Hockey, LLC

10/1/2015 Northern Safety & Security, LLC - Per Mar Security and Research Corporation

10/1/2015 Continental Fragrances, Ltd. Beringea LLC; CID Capital, Inc. High Ridge Brands Co. P

10/1/2015 Shoes For Crews, LLC AEA Investors LP CCMP Capital Advisors, LLC P

10/1/2015 Moots Cycles, Inc. - -

10/1/2015 Wise Chem Safe Pest Control Coleman Exterminating, LLC Arrow Exterminators, Inc.

9/30/2015 Goalsetter Systems, Inc. Co-Line Welding Inc. Escalade Sports, Inc.

9/30/2015 Master Z's Dart and Pool Supply - Legends of the Field LLC

9/29/2015 Hearing Aid Express, Inc. - Ear Level Communications, Inc.

9/28/2015 Sabi Inc., Sabi Space Sabi Inc. Urbio LLC

9/24/2015 Mikon International Inc - G.E.T. Enterprises, LLC

9/23/2015 Riopel Marine Inc. - Matica Enterprises Inc.

9/22/2015 Life Highlights Digital Media, LLC - Forever, Inc.

9/21/2015 Nautic Global Group, Inc., Brands Nautic Global Group, Inc. Bennington Marine, LLC

9/21/2015 J. Mendel Inc. The Gores Group LLC Stallion Inc. P

9/18/2015 Gilchrist & Soames, Inc. Swander Pace Capital Sysco Guest Supply, LLC P

9/16/2015 Incase Designs Corp. Swander Pace Capital Incipio Technologies, Inc. P

9/9/2015 Arthur Court, Inc. - Vagabond Group, Inc.

9/8/2015 Joe's Jeans Inc. Joe's Jeans Inc. Sequential Brands Group, Inc.

9/8/2015 Robert Graham Designs, LLC Tengram Capital Partners, LLC Joe's Jeans Inc. P

9/8/2015 CHART Metalworks, Inc. - Sea Bags, Inc.

9/7/2015 Sun & Skin Care Research, LLC CapitalSouth Growth Fund; Source Capital, LLC - P

9/2/2015 California Scents, Inc. - American Covers Inc.

9/1/2015 Industrial Blades Division Edgewell Personal Care Company AccuTec Blades, Inc.

9/1/2015 ACE Theatrical Group, LLC - The Ambassador Theatre Group Limited

8/31/2015 Backyard Leisure Holdings, LLC Baird Capital Partners - P

8/31/2015 Hollywood Fashion Tape, Inc. - American International Industries

8/30/2015 Blyth, Inc. Ropart Asset Management Funds and others The Carlyle Group LP P

8/27/2015 3rd Ave. Studio - Centennial Brands Inc.

8/26/2015 Vintage Blades LLC - The Grooming Network

8/25/2015 Glen Plaid LLC - Collegiate Originals Apparel, Inc.

8/25/2015 Hartcraft, Ltd. - Plano Synergy Holdings, Inc.

8/24/2015 Cyberswim, Inc. - Alphagility, LLC

8/23/2015 Belk Inc. John M. Belk Educational Endowment and others Sycamore Partners P

PAGE |

M&A TRANSACTIONS

15

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

CONSUMER AND RETAIL


Private Equity


8/21/2015 Bob Mickler's, Inc. - - P

8/19/2015 The Beachcombers International Inc. - KB Howell Enterprises, LLC

8/18/2015 FULLBEAUTY Brands, Inc. Charlesbank Capital & Webster Capital Apax Partners LLP P

8/16/2015 zulily, Inc. MeriTech Capital Partners and others QVC, Inc. P

8/14/2015 Canwest Bedding Ltd. - SSH Bedding Canada Co.

8/11/2015 Zirtual Inc. Mayfield Fund, VegasTechFund, others Startups.co P

8/11/2015 The Paradies Shops, Inc. Freeman Spogli & Co. Incorporated Lagardère Travel Retail SAS P

8/10/2015 Of a Kind, Inc. Collaborative Fund Bed Bath & Beyond Inc. P

8/10/2015 Marvins Building Materials Inc. - Central Network Retail Group, LLC

8/6/2015 Lemon Tree, K.K. - Left Hand Studios LLC

8/5/2015 Avery Outdoors, Inc. - Banded Holdings Inc.

8/4/2015 Shoe Sensation, Inc. Consumer Growth and Palisade Capital J.W. Childs Associates, L.P. P

8/3/2015 Latham Pool Products, Inc. Littlejohn & Co. LLC Wynnchurch Capital, Ltd. P

8/2/2015 SC Pool & Spa Works & others VivoPools, Inc. Poolwerx USA LLC

8/1/2015 Country Home Products, Inc. - Generac Holdings Inc.

7/31/2015 Infinity Technology & Entertainment Inc. - Vernon Communications Cooperative

7/31/2015 Coyne International Enterprises Corp. - NXT Capital, LLC P

7/29/2015 Onix Sports, Inc. - Escalade Sports, Inc.

7/29/2015 F2Z USA Corp. - F2Z Entertainment Inc.

7/28/2015 Kanata Blanket Company - Pro Towels

7/27/2015 Good Vibrations Shoes Inc. - Vindai Corporation

7/23/2015 No Limit Archery, LLC - Plano Synergy Holdings, Inc.

7/22/2015 Deal Genius, LLC - Hilco Merchant Resources LLC

7/22/2015 Creery Custom, Inc. - Ledbury Inc.

7/21/2015 Globox Rentals, Inc. - Alps Innovations Group, Inc.

7/20/2015 Jimmy Styks, LLC - Vista Outdoor Inc.

7/20/2015 Minno Inc Western Technology, Felicis Ventures, others eBay Inc. P

7/19/2015 Loomworks Apparel, Inc. - Delta Galil USA Inc.

7/17/2015 Ben Sherman Limited and Clothing LLC Oxford Industries Inc. Marquee Brands LLC

7/17/2015 Duffy's Brew LLC - -

7/15/2015 Comark Inc. KarpReilly LLC Pacific West Commercial Corporation P

7/15/2015 KidKraft, L.P. - MidOcean Partners P

7/13/2015 Starplex Operating LP - AMC Entertainment Holdings, Inc.

7/13/2015 Chatters Canada Limited - ONCAP P

7/13/2015 Qponix LLC - Meredith Corporation

7/13/2015 Councill Company, LLC - Kindel Furniture Company Inc.

7/11/2015 WNA, Inc. Olympus Partners Jarden Corp. P

7/9/2015 Sports One Inc. - Hi-Tech Pharmaceuticals, Inc.

7/9/2015 Knowledge Universe Education LLC Knowledge Universe Holdings, LLC - P

7/9/2015 Puremco Fun & Games, Inc. - University Games Corporation

7/8/2015 43 Beauty Brands The Procter & Gamble Company Coty Inc.

7/8/2015 SCIFIT Systems, Inc. - Brunswick Corporation

7/8/2015 Morton's Ace Hardware - Sunshine Ace Hardware, Inc.

7/6/2015 Artissimo Designs Inc. Huron Capital Partners, LLC Excelsior Capital Partners P

7/3/2015 Santa Cruz Bicycles, Inc. - Pon Holdings B.V.

7/2/2015 Spot It!/Dobble Game - Asmodée Editions SAS

7/2/2015 Murad, Inc. - Unilever United States, Inc.

7/1/2015 Backcountry.com, Inc. Liberty Interactive Corporation TSG Consumer Partners P

7/1/2015 Advanced Beauty Systems, Inc. - PDC Brands

7/1/2015 Crappie Pro - Gene Larew Lures, LLC

6/30/2015 Kelley's Termite And Pest Control, Inc. - Bug Out Service Inc

6/30/2015 Northwest Carpets Inc. - Lexmark Carpet Mills, Inc.

6/29/2015 Gaspard & Sons Ltd. Ironbridge Equity Partners Limited American Achievement Corporation P

6/26/2015 The Wigglebutt Inn, Inc. - Pet Paradise-INN, LLC

6/26/2015 Kadel's Auto Body, LLC Midwest Mezzanine Funds; KCB Management ABRA Auto Body & Glass LP P

6/25/2015 Foundation Partners Group, LLC Sterling Partners Access Microfinance Holding AG P

6/24/2015 Alarm Associates, Inc. - LOUD Security Systems, Inc.

6/24/2015 Player's Bench Corporation - Total Hockey Inc.

6/24/2015 Dermalogica, Inc. - Unilever plc

6/24/2015 By George - McGuire Moorman Hospitality, LLC

6/22/2015 11 Main, Inc. Alibaba Group Holding Limited OpenSky Corp.

6/18/2015 New York Kids Club LLC - New Harbor Capital Management LLC P

6/17/2015 Valley Sporting Goods, Inc. - S&S Promotional Group, Inc.

6/16/2015 Zanella Ltd. - Tengram Capital Partners, LLC P

6/16/2015 Altantic Service & Supply Inc. - Style Crest, Inc.

6/15/2015 Carolina Cutlery Service, Inc. - Cozzini Bros, Inc.

6/15/2015 Pure Energy, Inc. - Livewire, LLC

6/13/2015 American Spa Company Inc - Elements Group Ltd.

6/12/2015 JS Technologies, Inc. - Avalanche International, Corp.

6/12/2015 Service Brands International, LLC - The Dwyer Group, Inc.

6/11/2015 Vanity Fair Brands, LP Fruit of the Loom, Inc. Perceva Capital P

6/11/2015 VKGS, LLC Contrarian Cap Mgmt & Nogales Investors Mgmt Global Leveraged Cap Mgmt P

6/11/2015 Nebraska Book (Retail Store Div.) Nebraska Book Company, Inc. Follett Corporation

6/11/2015 Fineline Industries, Inc. - Nautique Boat Company, Inc.

6/10/2015 Bravo Sports Corporation Swander Pace Capital One Industries Corp. P

6/10/2015 Cardinal Industries, Inc. - Spin Master Ltd.

PAGE |

HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

16

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

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

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

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

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

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

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

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

Chip DugginsVice [email protected]+1 (804) 932-1340

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

Matt ConatyVice [email protected]+1 (415) 217-3423

Private Equity


6/9/2015 Sequel Natural Ltd. VMG Partners The WhiteWave Foods Company P

6/9/2015 Red Earth Trading Co. LLC - Nisolo, LLC

6/8/2015 Aurora Casket Company, Inc. Kohlberg & Company, L.L.C. The York Group, Inc. P

6/8/2015 Rocket Games Rights to PIE FACE Rocket Games Hasbro Inc.

6/3/2015 Too Faced Cosmetics, Inc. Weston Presidio General Atlantic LLC P

6/2/2015 Consorcio Latinoamericano - PPG Industries, Inc.

6/1/2015 Jrco Inc. - Great Northern Equipment Distributing, Inc.

6/1/2015 Jack Guttman, Inc. - Decopac, Inc.

6/1/2015 Field Logic, Inc. - FeraDyne Outdoors, LLC

5/29/2015 Sheplers, Inc. BBH Capital Partners; Gryphon Investors Boot Barn, Inc. P

5/29/2015 Ink4Allus.com - Gorilla Stationers, LLC

5/29/2015 Dollar Tree, Inc., 330 Stores Dollar Tree, Inc. Sycamore Partners P

5/29/2015 Family Dollar Stores Inc., 330 Family Dollar Stores Family Dollar Stores Inc. Sycamore Partners P

5/28/2015 Mialisia & Co., LLC - Youngevity Essential Life Sciences

5/28/2015 Quaker Pet Group, LLC - Worldwise, Inc.

5/27/2015 Geeknet, Inc. (NasdaqGM:GKNT) Impala Asset Management, LLC GameStop Corp. P

5/27/2015 Orchard Brands Corporation American Capital, Ltd. Bluestem Brands, Inc. P

5/26/2015 Soundcast Systems, Inc. - Hancock Park Associates

5/22/2015 I Gotcha Golf, LLC - Dynamic Brands, Inc.

5/21/2015 Recreation Creations, LLC. Worth Investment Group, LLC Kidstuff Playsystems, Inc. P

5/21/2015 Frederic Fekkai & Co., LLC The Procter & Gamble Company SA Designer Parfums Limited; LUXE Brands, Inc.

5/20/2015 Billy Goat Industries, Inc. - Briggs & Stratton Corporation

5/20/2015 Reborn Products Co., Inc. - American Accessories

5/20/2015 LightHeaded Beds, LLC - Lifetime Products, Inc.

5/19/2015 Groupe Archambault inc. Quebecor Media Inc. Librairie Renaud-Bray Inc.

5/19/2015 Hildebrandt Learning Centers, LLC - Bright Horizons Family Solutions, Inc.

5/18/2015 PlayPower Holdings Inc. Apollo Global Management, LLC Littlejohn & Co. LLC P

5/18/2015 Protection 1, Inc. GTCR, LLC Apollo Global Management, LLC P

5/17/2015 ANN INC. (NYSE:ANN) Golden Gate Capital and others Ascena Retail Group Inc. P

5/15/2015 APW Holdings, LLC - InMotion Entertainment Group, LLC

5/14/2015 Contour, Inc. Curious Office Partners World Wide Licenses Ltd. P

5/14/2015 The Connaught Group, Ltd. Tom James Company, Inc. Royal Spirit International Limited

5/13/2015 Tivoli Audio, LLC Summit Partners LLP Serruya Private Equity P

5/13/2015 Bourbon & Boots, Inc. Gravity Ventures and others XCelerate Capital P

5/13/2015 Dimensions 100 Inc. - Webster Capital P

5/12/2015 Outdoor Solutions, Inc. NCH Corporation FEMO Group Holdings LP

5/8/2015 GZMOE - Gorilla Stationers, LLC

5/6/2015 Kate Somerville Skin Care, LLC JH Partners LLC Unilever plc (LSE:ULVR) P

5/6/2015 Huck Glove Groopco Ltd. - Ontario Glove and Safety Inc.

5/2/2015 AbbeyPost LaunchCapital LLC; 500 Startups Sourceeasy, Inc. P

5/1/2015 Lexol Brands, LLC Summit Industries, Inc. American Covers, Inc.

4/30/2015 Carleton Uniforms Inc. - Unisync Group Limited

4/30/2015 The Buck Bomb, Inc. - Hunter's Specialties, Inc.

4/30/2015 Implus Corporation Trilantic Capital Management LLC Berkshire Partners LLC P

4/30/2015 Mountain Khakis LLC Remington Outdoor Company, Inc. Kanders & Company, Inc.

4/29/2015 DragonTech Manufacturing Company - Affinity Specialty Apparel, Inc.

4/29/2015 Reed & Barton Corporation - Lenox Corporation

4/27/2015 Classic Awards Inc. - American Quarter Horse Foundation

4/27/2015 Woodstream Corporation Brockway Moran & Partners, Inc.; CHS Capital Vestar Capital Partners, Inc. P












Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

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London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

NETWORK OFFICES

Beijing

Hong Kong

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Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.

Consumer

17

OUR FIRM

CONSUMER AND RETAIL


PAGE |

HARRIS WILLIAMS & CO.

18

SOURCES

S&P Capital IQ.

Thomson Financial.

Reuters.

S&P Capital IQ LCD.

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) 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 incorporated under English law having 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 and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

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.

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, HarrisWilliams 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.

Copyright© 2015 Harris Williams & Co., all rights reserved.

CONSUMER AND RETAIL


DISCLOSURES

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