consumer and retail industry update - harris williams & co....november 2013 consumer and retail...
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www.harriswilliams.com
Member FINRA/SIPC
Consumer and Retail Industry Update November 2013
November 2013
Consumer and Retail
Industry Update
1 of 16
GROUP OVERVIEW
Harris Williams & Co. is a leading
advisor to the consumer market.
Our significant experience covers a
broad range of end markets,
industries, and business models.
This particular report focuses on
trends and metrics in the following
areas:
• Catalog & Direct Marketing
• Consumer Durables
• Consumer Electronics
• E-tailing
• Footwear, Apparel, &
Accessories
• Home Furnishings
• Household Goods
• Infant & Juvenile Products
• Jewelry, Gifts, & Collectibles
• Lawn, Garden, & Pet Products
and Services
• Leisure & Outdoor Products
• Personal Care Products
• Specialty and Mass Merchant
Retailing
CONTACTS
John Neuner | Managing Director
+1 (804) 915-0125
Ryan Budlong | Director
+1 (612) 359-2722
Brent Spiller | Director
+1 (804) 915-0183
Corey Benjamin | Vice President
+1 (804) 932-1342
Matt Conaty | Vice President
+1 (415) 217-3423
Chip Duggins | Vice President
+1 (804) 932-1340
www.harriswilliams.com
HW&Co. Trade Show Recap – ABC Kids Expo
The HW&Co. Consumer team continued its tour of the
industry’s largest and most prominent trade shows, participating in
the 11th Annual ABC Kids Expo in Las Vegas in October. The
ABC Kids Expo is the largest infant and juvenile product focused
trade show in the U.S., attended by thousands of industry
participants, ranging from business owners / operators and retail
buyers, to investors and consolidators. The event serves as an
annual forum to take the pulse of the infant and juvenile sector and
observe firsthand the key trends shaping one of the most vibrant
and active consumer markets.
Key Takeaways from ABC Kids Expo
Vibrant M&A Market: The infant and juvenile sector remains one of the most active and sought-
after investment areas within consumer products, as evidenced by the vast number of
entrepreneurs, strategic consolidators, and private equity groups attending and seeking
investment opportunities at ABC Kids Expo.
Industry Sentiment Remains Positive: In speaking with a variety of conference attendees,
whether manufacturers, distributors, retail buyers, or owners, the outlook for the infant and
juvenile industry remains 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 consumer spending as key industry
growth drivers.
Brand Matters: The prominence, activity, and product assortment at the booths of both well-
known and up and coming brands displayed a key theme – brand matters. Consumers seek out
brands that they know, trust, or perceive as “must haves.” In turn, once a brand garners a certain
level of consumer awareness and trust, it is often able to successfully diversify from an initial
product that “put a brand on the map” to adjacent categories and also expand into additional
geographies to become a truly global brand.
Healthy Living: Like other consumer sectors, the infant and juvenile space continues to be
impacted by an increasing awareness and practice of healthy living. More and more companies
are racing to be at the forefront of this movement by introducing innovative products for parents
“on the go” or with “active lifestyles,” as evidenced by the wide variety of infant carriers,
strollers, and travel gear on display at the trade show.
Increasing Use of Technology: The use of technological advancements is beginning to
proliferate across a variety of infant-related products, ranging from power-folding strollers and
self-installing car seats, to baby monitors that provide two way communication. These
technological advancements and bells and whistles are being used to differentiate versus the
competition and also expand market segments by introducing innovative products or features that
further simplify parents’ lives.
The Specialty Boutique Channel Remains Important: While some consumers tend to purchase
baby products online or at larger mass / baby specialty retailers, the specialty boutique channel
remains a large and important channel especially for new and growing brands to gain credibility
with consumers. In addition, the specialty boutique channel provides a unique and important
consumer shopping experience that parents seek when shopping and “test-driving” products for
their new baby.
November 2013
Department Chains
Furniture & Furnishings Retailers
S&P 500
Discount Stores & Mass Merchants
Apparel & Footwear Retail
Personal Care Products
Home & Office Furniture & Furnishings
Consumer & Retail Index
Apparel & Footwear
Recreational & Leisure Products
Household Products
Catalog & Specialty Distribution
Specialty & Other Retail
Internet Retail
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
Equity Trading
Overview
Key Trading
Statistics
(detail begins
on page 6)
Public
Company
Sector
Performance
(12-month %
change in
stock price)
2 of 16
Change in Stock Price
3 mos. 12 mos. Revenue EBITDA Revenue EBITDA
Consumer Products
Apparel & Footwear 29 $2,102 11.8% 40.0% 1.65x 11.6x 1.49x 10.3x
Home & Office Furniture & Furnishings 10 1,403 8.4% 34.7% 0.97x 11.0x 0.93x 9.2x
Household Products 12 6,200 11.8% 45.6% 1.71x 11.3x 1.55x 10.5x
Personal Care Products 13 6,290 4.8% 30.9% 1.71x 10.3x 1.63x 9.4x
Recreational & Leisure Products 20 1,034 15.2% 43.3% 1.28x 11.1x 1.23x 9.8x
Retail
Apparel & Footwear Retail 40 1,409 4.9% 30.5% 0.74x 7.6x 0.73x 7.2x
Catalog & Specialty Distribution 7 505 7.9% 48.7% 0.44x 10.4x 0.41x 9.6x
Department Chains 9 9,239 6.9% 11.2% 0.83x 6.6x 0.69x 6.4x
Discount Stores & Mass Merchants 11 8,421 7.7% 29.3% 0.76x 8.8x 0.73x 8.4x
Furniture & Furnishings Retailers 12 1,617 4.8% 27.5% 0.98x 8.3x 0.92x 7.9x
Internet Retail 13 1,050 15.9% 68.0% 1.52x 18.8x 1.47x 12.0x
Specialty & Other Retail 28 2,662 8.5% 51.2% 0.84x 11.1x 0.79x 9.8x
Consumer Products 84 $2,102 11.8% 40.0% 1.65x 11.1x 1.49x 9.8x
Retail 120 $1,617 7.7% 30.5% 0.83x 8.8x 0.73x 8.4x
Consumer & Retail Index 204 $1,860 8.1% 37.3% 0.98x 10.7x 0.93x 9.5x
SectorNumber of
Companies
Median
Enterprise
Value ($mm)
Median TEV/
Forward Mulitples
Median TEV/
LTM Multiples
November 2013
50
75
100
125
150
175
200
225
250
Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13
Ind
ex
Dow Jones Retail Index Dow Jones U.S. Consumer Goods Index S&P 500 Index
97.5%
107.9%
141.3%
Close Date Filing Date Issuer Ticker
Transaction
Type
Gross Proceeds
($mm) Use of Funds
11/01/13 11/01/13 DTLR Holding Inc DTLR IPO $75.0 General Corp. Purp. /
Working Capital
11/14/13 10/08/13 zulily inc ZU IPO 253.0 General Corp. Purp. /
Working Capital
11/06/13 11/06/13 KAR Auction Services Inc KAR Follow-On 377.4 General Corp. Purp.
11/04/13 08/19/13 Hudsons Bay Co HBC Follow-On 479.7 Working Capital /
Acquisitions
10/31/13 09/30/13 The Container Store Group Inc TCS IPO 200.0 General Corp. Purp.
10/10/13 10/10/13 Bauer Performance Sports Ltd BAU Follow-On 64.3 General Corp. Purp.
10/08/13 09/16/13 Restoration Hardware Hldg Inc RH Follow-On 245.1 General Corp. Purp.
10/01/13 09/08/13 Burlington Stores Inc BURL IPO 260.7 General Corp. Purp.
09/26/13 09/24/13 JC Penney Co Inc JCP Follow-On 810.6 General Corp. Purp. /
Working Capital
09/24/13 09/24/13 Apparel Holding Corp VNCE IPO 200.0 General Corp. Purp.
09/17/13 09/17/13 Five Below Inc FIVE Follow-On 333.7 General Corp. Purp.
09/13/13 09/12/13 Everyware Global Inc EVRYU Follow-On 20.1 General Corp. Purp.
09/04/13 09/04/13 Jarden Corp JAH Follow-On 705.0 Working Capital /
Acquisitions
08/26/13 08/26/13 JC Penney Co Inc JCP Follow-On 504.1 General Corp. Purp.
Recent Equity
Offerings
Equity Markets
Overview
Consumer
and Retail
Industry Stock
Performance
3 of 16
November 2013
9.4x
9.8x
10.8x
11.2x
10.9x11.2x
11.3x 11.5x11.8x
12.4x12.2x 12.1x
8.8x 8.5x 8.6x
9.1x
12.3x
10.7x
11.1x
11.7x
12.2x
13.0x
13.5x
12.8x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
Med
ian
Tra
din
g M
ult
iple
s
Consumer Products Retail
Aggregate Number Transaction Multiples
Value ($bn) of Deals EV / Revenue EV / EBITDA
$25.5 329 1.00x 10.3x
Announced Target Buyer
11/18/2013 Nautilus Plus Inc. Caisse de dépôt et placement du Québec
11/13/2013 Hubbardton Forge, LLC Bunker Hill Capital
11/13/2013 Metrokane Inc. Taylor Precision Products, Inc.
11/7/2013 Costa Inc. (NasdaqGM:ATX) Essilor International SA
11/7/2013 Jenny Craig, Inc. North Castle Partners, LLC
11/5/2013 Duck Head Apparel Company, Inc. Prospect Brands, LLC
11/4/2013 West 49 Inc. YM Inc.
11/4/2013 The Franklin Mint, LLC Sequential Brands Group, Inc.
11/4/2013 Allen Edmonds Shoe Corporation Brentwood Associates, Inc.
11/1/2013 Paperly, LLC CVSL Inc.
11.0x 10.3x
8.9x 8.4x
10.7x 10.0x
9.4x
0.00x
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2007 2008 2009 2010 2011 2012 2013 YTD
EV
/ LT
M S
ale
s Mu
ltiple_
_EV
/ L
TM
EB
ITD
A M
ult
iple
__
EV / LTM EBITDA EV / LTM Sales
$79.7
$22.1 $28.6 $29.7
$40.3 $38.3
$21.0
0
50
100
150
200
250
300
350
400
450
$0
$20
$40
$60
$80
$100
$120
2007 2008 2009 2010 2011 2012 2013 YTD
Nu
mb
er o
f Tra
nsa
ctio
ns_
_Ag
greg
ate
Tra
nsa
cti
on
Valu
e($
in b
illi
on
s)
Aggregate Deal Value # of Deals
81
73
97
111
72
31
37
53
73 71
53 5459
71
48
28
59
53
76
42
0
20
40
60
80
100
120
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
Nu
mb
er o
f In
ves
tmen
ts'
Number of Investments Number of Exits
6156 56 55
63
47
63 66
98
127
77
57
77
1013 13 12
10
18
1420
23
16
13
14
25
0
20
40
60
80
100
120
140
160
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
Nu
mb
er o
fTra
nsa
cti
on
s__
PEG Acquirer Strategic Acquirer
Announced Consumer Transactions Median Consumer Transaction Multiples
Consumer Private Equity Investments and Exits Median LTM Trading Multiples
Last 10 Deals Announced Quarterly Consumer M&A Activity
LTM Deal Statistics
Note: Transactions based on publicly available information
M&A
Overview
Announced
Consumer
and Retail
M&A
Consumer and
Retail M&A
Trends
Median LTM
Trading
Multiples and
Announced
Private Equity
M&A Activity
4 of 16
November 2013
0.0x
2.0x
4.0x
6.0x
8.0x
Debt/EBITDA Senior
Debt/EBITDA
EBITDA/Cash
Interest
EBITDA -
Capex/Cash Interest
EB
ITD
A M
ult
iple
2008 2009 2010 2011 2012 2013
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
L + 1200
3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13
Av
era
ge S
prea
d O
ver L
IBO
R
N/A
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD2013
Av
era
ge
Sp
read
Ov
er
LIB
OR
__
Revolving Credit / Term Loan A Weighted-Average Institutional
$0
$2
$4
$6
$8
$10
$12
3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13
Lo
an
Vo
lum
e b
y Q
ua
rte
r (
$ i
n b
illi
on
s)_
__
Pro Rata Institutional
Key Retail
Credit Statistics
Recent
Consumer and
Retail Debt
Offerings
Average Secondary Spread
Average Spread on Retail Loans
Credit Statistics
Quarterly Retail Loan Volume
Debt Market
Overview
5 of 16
Date Effective Borrower Name Description Deal Amount Type Rating Spread
11/15/13 Generation Brands Electrical apparatus and equipment $160,000,000 Term Loan B N/A / NR N/A
11/15/13 Generation Brands Electrical apparatus and equipment 70,000,000 Term Loan N/A / NR N/A
11/15/13 Generation Brands Electrical apparatus and equipment 40,000,000 Other Loan N/A / NR N/A
11/12/13 BJ's Wholesale Club Misc. general merchandise stores 650,000,000 Term Loan N/A / NR N/A
11/12/13 BJ's Wholesale Club Misc. general merchandise stores 1,450,000,000 Term Loan B N/A / NR N/A
11/04/13 Haier Electronics Group Co Ltd Household appliances 122,500,000 Revolver/Line >= 1 Yr. N/A / NR 120
11/04/13 Haier Electronics Group Co Ltd Household appliances 122,500,000 Term Loan N/A / NR 120
11/04/13 Plano Molding Co Outdoor products 210,000,000 Term Loan N/A / NR 425
11/04/13 Plano Molding Co Outdoor products 22,500,000 Delay Draw Term Loan N/A / NR 425
11/04/13 Plano Molding Co Outdoor products 40,000,000 Revolver/Line >= 1 Yr. N/A / NR 425
11/01/13 Town Sports International Inc Physical fitness facilities 45,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
11/01/13 Town Sports International Inc Physical fitness facilities 325,000,000 Term Loan B N/A / NR 350
10/24/13 Darden Restaurants Inc Eating places 750,000,000 Revolver/Line >= 1 Yr. N/A / NR 125
10/23/13 Pernod Ricard SA Wine and distilled beverages EUR 2,500,000,000 Revolver/Line >= 1 Yr. N/A / Baa3 80
10/18/13 Neiman Marcus Group Inc Department stores 800,000,000 Revolver/Line >= 1 Yr. N/A / Caa2 N/A
10/18/13 Neiman Marcus Group Inc Department stores 2,950,000,000 Term Loan B N/A / Caa2 400
10/17/13 El Pollo Loco Eating places 100,000,000 Term Loan N/A / NR 850
10/17/13 El Pollo Loco Eating places 190,000,000 Term Loan B N/A / NR 425
10/17/13 El Pollo Loco Eating places 15,000,000 Revolver/Line >= 1 Yr. N/A / NR 450
10/16/13 Cheesecake Factory Inc Eating places 200,000,000 Revolver/Line >= 1 Yr. N/A / NR 125
10/10/13 Joe's Jeans Inc Women's and men's clothing 60,000,000 Term Loan N/A / NR N/A
10/10/13 Joe's Jeans Inc Women's and men's clothing 50,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
Consumer and Retail
Industry Update
November 2013
6 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Consumer Products
Apparel & Footwear
Carter's, Inc. CRI $70.20 90.2% $3,828 $586 $202 $4,212 $2,558 $363 11.3% 15.1% 41.5% 14.2% 25.1x 1.65x 11.6x 1.49x 10.2x
Cherokee Inc. CHKE 14.69 96.5% 123 15 3 136 28 13 9.5% (3.4%) NM 45.7% 18.6x 4.80x 10.5x 4.63x NA
Coach, Inc. COH 53.65 86.6% 15,047 1 855 14,193 5,065 1,742 3.9% 10.5% 72.7% 34.4% 14.9x 2.80x 8.1x 2.74x 8.7x
Columbia Sportswear Company COLM 68.04 97.2% 2,347 0 303 2,044 1,653 173 (2.5%) 6.1% 43.1% 10.5% 24.2x 1.24x 11.8x 1.17x 11.2x
Crocs, Inc. CROX 13.62 75.9% 1,204 14 332 886 1,189 156 7.9% 16.8% 52.7% 13.1% 16.5x 0.74x 5.7x 0.71x 6.1x
Deckers Outdoor Corp. DECK 77.13 99.2% 2,664 245 84 2,825 1,438 196 2.6% 16.1% 44.9% 13.7% 26.2x 1.96x 14.4x 1.76x 11.5x
Delta Apparel Inc. DLA 18.48 96.1% 146 139 1 284 483 17 (2.7%) 2.6% 21.7% 3.5% NM 0.59x 17.0x 0.56x 7.6x
G-III Apparel Group, Ltd. GIII 58.97 98.6% 1,203 142 16 1,328 1,496 124 16.4% 18.4% 33.4% 8.3% 19.8x 0.89x 10.7x 0.75x 9.7x
DMG Mori Seiki Aktiengesellschaft GIL 30.93 92.6% 2,382 86 439 2,030 2,840 229 13.9% 20.0% 45.6% 8.1% 17.9x 0.71x 8.9x 0.69x 6.8x
Hanesbrands Inc. HBI 69.68 99.9% 6,906 1,422 132 8,195 4,495 690 0.5% 2.6% 35.2% 15.4% 18.8x 1.82x 11.9x 1.62x 11.1x
Iconix Brand Group, Inc. ICON 38.05 97.6% 1,962 1,435 279 3,119 412 255 13.3% 9.9% NM 61.8% 18.8x 7.56x 12.2x 7.01x 10.4x
The Jones Group Inc. JNY 13.78 77.5% 1,098 1,032 28 2,102 3,848 225 3.4% 2.8% 35.0% 5.9% NM 0.55x 9.3x 0.55x 8.2x
Fifth & Pacific Companies, Inc. FNP 30.70 99.0% 3,768 529 7 4,290 1,671 63 14.0% (4.4%) 55.8% 3.8% NM 2.57x NM 2.53x 22.1x
Nike, Inc. NKE 78.64 99.8% 69,955 1,375 5,578 65,752 25,810 4,029 7.9% 10.0% 43.9% 15.6% 26.9x 2.55x 16.3x 2.33x 15.3x
Oxford Industries Inc. OXM 73.40 98.6% 1,204 125 10 1,320 887 106 9.8% 14.4% 55.1% 11.9% 32.2x 1.49x 12.5x 1.35x 10.5x
Perry Ellis International Inc. PERY 14.90 66.9% 223 174 59 338 969 55 1.7% 8.6% 32.8% 5.7% 14.2x 0.35x 6.1x 0.34x 5.8x
PVH Corp. PVH 133.43 98.9% 10,884 4,284 629 14,539 7,154 1,132 20.2% 33.1% 52.5% 15.8% 49.0x 2.03x 12.8x 1.72x 11.3x
Ralph Lauren Corporation RL 176.67 92.0% 15,960 846 1,411 15,395 7,058 1,325 2.5% 10.3% 58.9% 18.8% 22.5x 2.18x 11.6x 2.00x 10.3x
Quiksilver Inc. ZQK 8.99 96.8% 1,512 1,259 62 2,709 1,944 127 (2.7%) 1.1% 48.1% 6.5% NM 1.39x 21.3x 1.41x 16.2x
Rocky Brands, Inc. RCKY 16.30 81.6% 123 42 5 160 241 19 3.0% (0.9%) 34.2% 7.8% 15.1x 0.66x 8.5x 0.60x 7.8x
Skechers USA Inc. SKX 31.86 99.1% 1,617 132 333 1,416 1,799 128 23.6% (2.6%) 44.1% 7.1% 36.2x 0.79x 11.1x 0.70x 7.8x
Steven Madden, Ltd. SHOO 38.38 98.3% 2,601 0 142 2,459 1,287 212 8.0% 28.0% 37.1% 16.5% 19.8x 1.91x 11.6x 1.75x 10.2x
Summer Infant, Inc. SUMR 2.62 70.3% 47 49 1 95 222 8 (9.1%) 6.7% 31.3% 3.7% NM 0.43x 11.5x 0.40x 5.8x
Tumi Holdings, Inc. TUMI 22.78 86.8% 1,546 16 20 1,542 447 97 18.0% NA 57.6% 21.7% 30.5x 3.45x 15.9x 2.93x 13.6x
Under Armour, Inc. UA 83.53 97.1% 8,824 54 186 8,691 2,155 296 24.4% 29.8% 48.3% 13.7% NM 4.03x 29.4x 3.30x 23.3x
V.F. Corporation VFC 224.51 99.5% 24,713 1,898 316 26,296 11,163 1,872 3.8% 14.2% 47.8% 16.8% 21.3x 2.36x 14.0x 2.16x 12.7x
Vera Bradley, Inc. VRA 25.24 88.7% 1,025 0 9 1,016 549 120 10.8% 19.4% 57.3% 21.8% 15.3x 1.85x 8.5x 1.87x 9.1x
Weyco Group Inc. WEYS 28.37 95.1% 307 25 16 317 300 32 3.5% 10.0% 39.2% 10.6% 16.7x 1.06x 9.9x 1.01x NA
Wolverine World Wide Inc. WWW 30.43 99.6% 3,061 1,142 148 4,055 2,603 299 86.6% 30.3% 39.8% 11.5% 31.1x 1.56x 13.6x 1.42x 12.2x
Mean 92.3% $6,424 $589 $400 $6,612 $3,164 $486 10.5% 11.6% 44.8% 15.3% 23.1x 1.93x 12.4x 1.78x 10.9x
Median 96.8% $1,962 $139 $132 $2,102 $1,653 $173 7.9% 10.1% 44.1% 13.1% 19.8x 1.65x 11.6x 1.49x 10.3x
Last Twelve Months (LTM) EV / LTM EV / 2013ERevenue Growth LTM Margins
Consumer and Retail
Industry Update
November 2013
7 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Home & Office Furniture & Furnishings
Herman Miller Inc. MLHR $30.92 98.4% $1,812 $250 $121 $1,941 $1,793 $161 4.5% 9.2% 35.0% 9.0% 25.7x 1.08x 12.1x 1.00x 9.2x
HNI Corp. HNI 38.39 94.3% 1,737 159 44 1,852 2,046 146 3.5% 8.0% 34.6% 7.1% 30.0x 0.91x 12.7x 0.87x 10.9x
Hooker Furniture Corp. HOFT 16.64 90.9% 178 0 29 149 228 17 8.4% 2.8% 25.2% 7.3% 18.1x 0.66x 8.9x 0.61x 8.8x
Kimball International, Inc. KBAL.B 12.35 96.6% 372 0 110 263 1,232 56 6.3% 2.5% 18.7% 4.5% 19.8x 0.21x 4.7x 0.21x NA
Knoll, Inc. KNL 16.71 89.4% 784 183 14 953 882 84 2.5% 5.4% 32.7% 9.6% 19.9x 1.08x 11.3x 1.03x 9.1x
Leggett & Platt, Incorporated LEG 29.49 86.0% 4,164 959 299 4,824 3,714 452 0.1% 3.7% 20.4% 12.2% 16.6x 1.30x 10.7x 1.26x 9.7x
Libbey Inc. LBY 21.17 81.4% 451 424 29 845 820 127 (0.5%) 1.4% 23.1% 15.5% 22.2x 1.03x 6.6x 1.00x 5.7x
Steelcase Inc. SCS 15.95 94.1% 1,976 288 171 2,092 2,873 219 1.5% 7.6% 31.4% 7.6% NM 0.73x 9.6x 0.68x 7.6x
Tempur Sealy International Inc. TPX 46.76 91.6% 2,828 1,861 127 4,563 2,127 319 48.9% 26.2% 43.3% 15.0% 38.4x 2.14x 14.3x 1.63x 10.2x
The Dixie Group, Inc. DXYN 12.35 89.2% 156 107 1 263 320 17 23.0% 13.5% 25.0% 5.3% 49.2x 0.82x 15.3x 0.73x NA
Mean 91.2% $1,446 $423 $94 $1,775 $1,604 $160 9.8% 8.0% 28.9% 9.3% 26.7x 1.00x 10.6x 0.90x 8.9x
Median 91.3% $1,261 $217 $77 $1,403 $1,513 $137 4.0% 6.5% 28.3% 8.3% 22.2x 0.97x 11.0x 0.93x 9.2x
Household Products
Central Garden & Pet Company CENT $7.70 67.4% $376 $510 $38 $847 $1,682 $95 0.1% 3.0% 29.0% 5.7% 36.1x 0.50x 8.9x 0.49x 7.3x
Helen of Troy Limited HELE 46.66 98.2% 1,495 231 10 1,716 1,325 183 8.5% 25.1% 39.5% 13.8% 14.0x 1.30x 9.4x 1.29x 8.7x
iRobot Corporation IRBT 33.16 80.6% 957 0 157 800 462 36 (1.0%) 5.9% 42.4% 7.8% NM 1.73x 22.1x 1.48x 11.8x
Jarden Corp. JAH 54.90 97.6% 7,062 3,904 1,560 9,405 6,960 751 5.2% 6.7% 28.6% 10.8% 28.3x 1.35x 12.5x 1.16x 8.6x
Newell Rubbermaid Inc. NWL 29.88 98.2% 8,582 1,730 197 10,115 5,973 925 6.1% 1.9% 37.7% 15.5% 21.3x 1.69x 10.9x 1.74x 10.7x
Prestige Brands Holdings, Inc. PBH 33.64 93.5% 1,740 979 27 2,692 626 214 14.0% 28.8% 56.2% 34.2% 20.5x 4.30x 12.6x 4.20x 12.3x
Snap-on Inc. SNA 107.00 99.6% 6,222 979 179 7,022 3,189 640 3.7% 7.2% 49.3% 20.1% 18.6x 2.20x 11.0x 2.23x 10.0x
Stanley Black & Decker, Inc. SWK 81.96 88.4% 12,722 4,740 489 16,972 10,797 1,562 15.6% 15.7% 36.1% 14.5% 22.8x 1.57x 10.9x 1.49x 10.5x
The Clorox Company CLX 92.94 99.9% 11,993 2,456 323 14,126 5,649 1,165 2.7% 2.8% 42.9% 20.6% 21.4x 2.50x 12.1x 2.44x 11.6x
Toro Co. TTC 59.44 99.5% 3,397 224 161 3,460 1,998 280 0.5% 6.8% 35.5% 14.0% 23.5x 1.73x 12.3x 1.62x 10.4x
Tupperware Brands Corporation TUP 90.63 95.4% 4,592 912 126 5,377 2,666 462 4.6% 5.5% 66.8% 17.3% 19.0x 2.02x 11.6x 1.94x 10.8x
Whirlpool Corp. WHR 149.05 98.2% 11,700 2,445 826 13,319 18,470 1,827 1.1% 0.5% 17.0% 9.9% 15.7x 0.72x 7.3x 0.68x 6.3x
Mean 93.0% $5,903 $1,592 $341 $7,154 $4,983 $678 5.1% 9.2% 40.1% 15.3% 21.9x 1.80x 11.8x 1.73x 9.9x
Median 97.9% $5,407 $979 $170 $6,200 $2,927 $551 4.1% 6.3% 38.6% 14.2% 21.3x 1.71x 11.3x 1.55x 10.5x
Personal Care Products
All for One Steeb AG XTRA:A1OS $25.34 96.9% $123 $49 $37 $135 $233 $20 37.7% 40.9% 22.2% 8.7% 24.4x 0.58x 6.6x 0.55x 6.3x
Avon Products Inc. AVP 17.35 70.2% 7,526 3,251 1,009 9,768 11,427 1,518 7.3% 2.3% 61.7% 13.3% NM 0.85x 6.4x 0.99x 9.1x
Elizabeth Arden, Inc. RDEN 37.11 74.6% 1,098 484 48 1,534 1,344 149 5.0% 6.1% 49.2% 11.1% 28.1x 1.14x 10.3x 1.10x 9.4x
The Estée Lauder Companies Inc. EL 73.44 98.4% 28,491 1,341 1,322 28,510 10,307 1,877 5.3% 8.6% 80.3% 18.2% 28.5x 2.77x 15.2x 2.60x 13.3x
Herbalife Ltd. HLF 65.84 87.9% 6,668 950 893 6,725 4,616 795 18.4% 20.7% 48.1% 17.2% 13.6x 1.46x 8.5x 1.31x 7.3x
Kimberly-Clark Corporation KMB 109.71 99.8% 41,870 7,024 1,179 47,715 21,154 4,244 1.1% 2.5% 34.5% 20.1% 22.8x 2.26x 11.2x 2.21x 11.1x
Medifast Inc. MED 25.47 76.5% 354 1 82 272 363 48 5.8% 14.5% 75.2% 13.2% 17.2x 0.75x 5.7x 0.74x 5.5x
Nu Skin Enterprises Inc. NUS 112.08 92.8% 6,667 189 566 6,290 2,749 487 32.4% 22.0% 84.1% 17.7% 22.9x 2.29x 12.9x 1.80x 9.8x
The Procter & Gamble Company PG 84.32 99.8% 229,201 34,780 7,702 256,279 84,633 19,117 2.1% 2.2% 49.8% 22.6% 21.4x 3.03x 13.4x 2.96x 12.5x
Revlon, Inc. REV 24.26 82.8% 1,270 1,283 139 2,414 1,413 248 1.3% 2.9% 64.3% 17.5% 17.3x 1.71x 9.8x 1.71x 8.5x
Sally Beauty Holdings Inc. SBH 27.30 85.7% 4,579 1,691 53 6,217 3,622 591 2.8% 7.5% 49.6% 16.3% 18.4x 1.72x 10.5x 1.63x 9.6x
Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 130.44 98.8% 8,338 0 286 8,052 2,448 402 25.5% 22.8% 35.2% 16.4% 44.4x 3.29x 20.0x 2.74x 16.0x
USANA Health Sciences Inc. USNA 68.75 74.7% 954 0 115 838 700 129 11.9% 12.1% 82.3% 18.5% 12.7x 1.20x 6.5x 1.12x 6.7x
Mean 87.6% $25,934 $3,926 $1,033 $28,827 $11,154 $2,279 12.0% 12.7% 56.7% 16.2% 22.6x 1.77x 10.5x 1.65x 9.6x
Median 87.9% $6,667 $950 $286 $6,290 $2,749 $487 5.8% 8.6% 49.8% 17.2% 22.1x 1.71x 10.3x 1.63x 9.4x
Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2013ERevenue Growth
Consumer and Retail
Industry Update
November 2013
8 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Recreational & Leisure Products
Arctic Cat Inc. ACAT $54.38 89.0% $731 $0 $40 $691 $691 $76 6.9% 15.0% 22.5% 10.9% 17.9x 1.00x 9.1x 0.88x 8.1x
Black Diamond, Inc. BDE 12.70 83.8% 412 46 4 453 191 4 17.1% 22.9% 38.9% 1.9% NM 2.37x NM 1.89x 32.1x
Brunswick Corporation BC 45.04 96.7% 4,096 465 348 4,212 3,816 407 6.0% 4.6% 26.0% 10.7% 24.0x 1.10x 10.3x 1.04x 8.8x
Callaway Golf Co. ELY 8.32 92.8% 620 108 37 690 836 0 (3.7%) (4.8%) 37.2% 0.0% NM 0.83x NM 0.78x 13.8x
Columbia Sportswear Company COLM 68.04 97.2% 2,347 0 303 2,044 1,653 173 (2.5%) 6.1% 43.1% 10.5% 24.2x 1.24x 11.8x 1.17x 11.2x
Escalade Inc. ESCA 9.03 99.0% 122 0 0 122 158 18 10.2% 10.1% 30.8% 11.6% 11.6x 0.77x 6.7x NA NA
Harley-Davidson, Inc. HOG 65.92 99.0% 14,793 5,184 775 19,201 5,880 1,312 5.1% 8.0% 38.8% 22.3% 20.3x 3.27x 14.6x 3.37x 12.7x
Hasbro Inc. HAS 52.74 98.2% 6,843 1,603 612 7,834 4,084 709 (1.2%) (0.1%) 50.4% 17.4% 24.2x 1.92x 11.1x 1.83x 9.6x
JAKKS Pacific, Inc. JAKK 6.71 49.1% 147 138 52 233 629 (33) (6.8%) (5.6%) 24.1% NM NM 0.37x NM 0.37x 8.7x
Johnson Outdoors Inc. JOUT 27.85 99.7% 276 17 42 252 424 37 2.2% 4.4% 40.5% 8.7% 14.0x 0.59x 6.8x 0.57x NA
LeapFrog Enterprises Inc. LF 8.17 68.4% 563 0 78 485 612 88 11.9% 12.3% 41.4% 14.4% 7.1x 0.79x 5.5x 0.82x 6.5x
Life Time Fitness Inc. LTM 48.00 84.3% 1,975 789 20 2,744 1,190 347 7.9% 10.1% 45.7% 29.2% 16.8x 2.31x 7.9x 2.12x 7.4x
Marine Products Corp. MPX 8.18 82.7% 312 0 11 300 163 9 14.0% 21.3% 17.0% 5.3% 46.6x 1.85x NM 1.64x NA
Mattel, Inc. MAT 45.84 94.6% 15,514 1,728 406 16,835 6,628 1,416 4.9% 5.2% 53.6% 21.4% 19.2x 2.54x 11.9x 2.43x 11.2x
Nautilus Inc. NLS 7.36 74.6% 229 0 28 202 207 16 9.5% 7.1% 49.0% 7.9% 4.9x 0.98x 12.4x 0.88x 9.8x
Polaris Industries, Inc. PII 134.03 97.9% 9,284 107 388 9,003 3,638 627 16.5% 25.0% 30.3% 17.2% 26.4x 2.48x 14.4x 2.15x 12.4x
Pool Corp. POOL 54.10 91.9% 2,485 262 24 2,723 2,046 176 6.7% 8.5% 28.6% 8.6% 27.4x 1.33x 15.5x 1.23x 13.2x
Quiksilver Inc. ZQK 8.99 96.8% 1,512 1,259 62 2,709 1,944 127 (2.7%) 1.1% 48.1% 6.5% NM 1.39x 21.3x 1.41x 16.2x
Smith & Wesson Holding Corporation SWHC 11.15 83.3% 699 104 143 659 623 168 36.4% 17.7% 38.7% 27.0% 8.3x 1.06x 3.9x 1.08x 4.3x
Sturm, Ruger & Co. Inc. RGR 74.01 98.9% 1,432 0 54 1,378 648 182 46.2% 36.5% 37.6% 28.0% 14.0x 2.13x 7.6x 2.12x 9.4x
Mean 88.9% $3,220 $590 $171 $3,639 $1,803 $293 9.2% 10.3% 37.1% 13.7% 19.2x 1.52x 10.7x 1.46x 11.5x
Median 93.7% $1,082 $106 $53 $1,034 $763 $148 6.8% 8.2% 38.7% 10.9% 18.5x 1.28x 10.7x 1.23x 9.8x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Consumer and Retail
Industry Update
November 2013
9 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Retail
Apparel & Footwear Retail
Abercrombie & Fitch Co. ANF $35.16 63.7% $2,686 $204 $335 $2,555 $4,423 $619 3.4% 12.3% 64.2% 14.0% 11.6x 0.58x 4.1x 0.61x 6.4x
Aéropostale, Inc. ARO 9.24 54.0% 725 0 100 625 2,310 86 (3.2%) (0.3%) 30.9% 3.7% NM 0.27x 7.3x 0.29x NM
American Apparel, Inc. APP 1.14 47.5% 126 250 5 371 638 17 6.0% 5.2% 52.4% 2.7% NM 0.58x 21.3x 0.54x 5.3x
American Eagle Outfitters, Inc. AEO 15.91 70.3% 3,066 0 405 2,661 3,434 508 4.2% 4.7% 39.3% 14.8% 14.1x 0.77x 5.2x 0.78x 6.6x
ANN INC. ANN 36.61 98.9% 1,678 0 107 1,571 2,433 266 6.4% 8.8% 58.3% 10.9% 17.6x 0.65x 5.9x 0.60x 5.4x
Ascena Retail Group Inc. ASNA 21.14 99.2% 3,394 136 189 3,340 4,715 502 40.6% 25.7% 56.6% 10.6% 22.3x 0.71x 6.7x 0.67x 6.2x
Bebe Stores, Inc. BEBE 5.65 90.8% 447 0 117 329 482 (23) (7.7%) 0.3% 32.5% NM NM 0.68x NM 0.72x NM
Brown Shoe Co. Inc. BWS 24.96 99.6% 1,078 222 53 1,247 2,645 149 5.6% 3.7% 39.5% 5.6% 25.2x 0.47x 8.4x 0.48x 7.3x
The Buckle, Inc. BKE 52.05 90.2% 2,483 0 129 2,354 1,147 296 5.3% 8.1% 50.0% 25.8% 15.0x 2.05x 8.0x 2.02x 7.8x
Body Central Corp. BODY 3.48 26.0% 58 0 20 38 298 (4) (4.0%) 9.1% 37.3% NM NM 0.13x NM 0.13x NM
Cabela's Incorporated CAB 62.79 86.6% 4,433 2,985 75 7,343 3,531 437 18.7% 10.1% 43.1% 12.4% 21.2x 2.08x 16.8x 1.92x 14.8x
Destination XL Group, Inc. DXLG 6.61 90.8% 321 12 5 328 395 21 (0.3%) 0.3% 46.5% 5.3% NM 0.83x 15.7x 0.78x 13.0x
The Cato Corporation CATO 32.23 99.5% 943 0 246 697 936 110 0.6% 0.9% 37.7% 11.8% 16.2x 0.74x 6.3x 0.73x 6.5x
Chico's FAS Inc. CHS 18.05 90.5% 2,883 0 302 2,581 2,609 384 8.7% 12.6% 55.7% 14.7% 17.8x 0.99x 6.7x 0.92x 6.4x
Christopher & Banks Corporation CBK 6.33 79.9% 230 0 42 188 446 16 0.5% (0.8%) 33.2% 3.7% NM 0.42x 11.5x 0.42x 8.4x
Citi Trends, Inc. CTRN 15.58 85.6% 229 0 77 152 644 18 (1.1%) 2.0% 35.0% 2.8% NM 0.24x 8.5x 0.23x 5.5x
Coldwater Creek Inc. CWTR 1.02 17.4% 31 83 17 97 714 (20) (4.2%) (12.9%) 31.5% NM NM 0.14x NM 0.15x NM
Destination Maternity Corporation DEST 31.99 97.6% 434 0 31 403 540 52 (0.4%) 0.6% 54.2% 9.7% 18.2x 0.75x 7.7x 0.73x NA
DSW Inc. DSW 46.29 99.5% 3,758 0 269 3,489 2,350 312 11.1% 11.1% 38.5% 13.3% 29.1x 1.48x 11.2x 1.38x 9.8x
Express Inc. EXPR 24.53 99.4% 2,180 199 234 2,145 2,192 305 3.8% 6.7% 42.2% 13.9% 16.0x 0.98x 7.0x 0.94x 6.5x
Finish Line Inc. FINL 26.33 98.8% 1,293 0 204 1,090 1,526 144 5.8% 8.4% 39.0% 9.5% 19.9x 0.71x 7.5x 0.62x 6.5x
Foot Locker, Inc. FL 37.13 98.1% 5,514 141 836 4,819 6,329 776 8.4% 8.8% 43.8% 12.3% 13.7x 0.76x 6.2x 0.73x 5.8x
The Gap, Inc. GPS 42.05 90.3% 19,658 1,247 1,925 18,980 16,186 2,722 8.4% 3.8% 40.0% 16.8% 15.5x 1.17x 7.0x 1.15x 7.0x
Genesco Inc. GCO 70.80 93.4% 1,689 73 46 1,716 2,627 233 5.8% 17.2% 49.5% 8.9% 16.4x 0.65x 7.4x 0.63x 6.1x
Guess? Inc. GES 33.68 98.0% 2,859 11 349 2,521 2,632 362 (0.1%) 4.9% 39.0% 13.8% 18.1x 0.96x 7.0x 0.97x 7.6x
Jos. A Bank Clothiers Inc. JOSB 50.31 97.8% 1,408 0 333 1,075 1,016 133 (0.1%) 8.0% 57.8% 13.1% 22.1x 1.06x 8.1x 1.00x 7.2x
L Brands, Inc. LTD 64.83 99.2% 18,795 4,518 551 22,762 10,690 2,181 4.4% 5.8% 47.6% 20.4% 23.7x 2.13x 10.4x 2.02x 10.2x
Lululemon Athletica Inc. LULU 66.18 80.2% 9,599 0 610 8,988 1,492 443 27.5% 38.3% 55.2% 29.7% 35.8x 6.02x 20.3x 5.02x 17.6x
The Men's Wearhouse, Inc. MW 46.12 95.0% 2,204 0 32 2,172 2,503 285 4.5% 9.1% 44.8% 11.4% 19.4x 0.87x 7.6x 0.84x 7.4x
New York & Company Inc. NWY 5.38 78.3% 343 0 59 283 962 42 1.9% (1.5%) 38.0% 4.4% NM 0.29x 6.7x 0.29x 6.1x
Pacific Sunwear of California Inc. PSUN 2.59 56.4% 178 80 27 231 829 13 8.4% (5.1%) 42.3% 1.6% NM 0.28x NM 0.28x 16.7x
Ross Stores Inc. ROST 81.09 99.8% 17,571 150 551 17,170 10,115 1,555 10.6% 10.1% 28.2% 15.4% 21.1x 1.70x 11.0x 1.60x 10.4x
Shoe Carnival Inc. SCVL 25.56 91.3% 524 0 38 486 899 69 12.0% 7.8% 29.8% 7.7% 16.9x 0.54x 7.1x 0.51x 6.7x
Stage Stores Inc. SSI 21.30 72.0% 677 56 34 699 1,672 129 7.2% 5.1% 27.9% 7.7% 23.7x 0.42x 5.4x 0.41x 5.0x
Stein Mart Inc. SMRT 15.98 98.9% 708 0 48 660 1,255 71 5.9% 1.8% 28.3% 5.6% 23.7x 0.53x 9.3x 0.51x 8.1x
The Children’s Place Retail Stores, Inc. PLCE 54.49 92.5% 1,216 0 185 1,031 1,816 170 4.3% 2.4% 37.9% 9.3% 24.4x 0.57x 6.1x 0.56x 5.6x
Texas Industries Inc. TXI 58.08 77.1% 1,662 659 48 2,273 756 80 25.7% 7.4% 11.0% 10.5% NM 3.01x NM 2.43x 14.7x
The TJX Companies, Inc. TJX 63.01 99.9% 45,067 1,274 2,090 44,251 26,767 3,771 10.4% 8.0% 28.6% 14.1% 23.1x 1.65x 11.7x 1.56x 10.7x
Urban Outfitters Inc. URBN 40.00 89.0% 5,895 0 524 5,371 3,038 553 13.8% 11.5% 37.6% 18.2% 22.3x 1.77x 9.7x 1.64x 8.9x
Zumiez, Inc. ZUMZ 29.56 88.2% 894 2 95 801 711 98 17.9% 18.0% 36.4% 13.8% 21.1x 1.13x 8.2x 1.04x 7.6x
Mean 84.5% $4,223 $308 $284 $4,247 $3,268 $447 6.9% 6.9% 41.0% 11.3% 20.2x 1.04x 9.0x 0.97x 8.3x
Median 90.8% $1,535 $0 $112 $1,409 $1,744 $159 5.7% 7.0% 39.1% 11.4% 19.9x 0.74x 7.6x 0.73x 7.2x
EV / 2013ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM
Consumer and Retail
Industry Update
November 2013
10 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Catalog & Specialty Distribution
HSN, Inc. HSNI $57.72 88.8% $3,052 $244 $108 $3,188 $3,367 $305 5.0% 4.9% 36.1% 9.1% 18.4x 0.95x 10.4x 0.90x 9.3x
Insight Enterprises Inc. NSIT 22.33 99.6% 945 89 135 899 5,096 172 (4.1%) 3.1% 13.7% 3.4% 13.8x 0.18x 5.2x 0.17x 4.9x
Liberty Interactive Corporation LINT.A 28.13 99.9% 14,302 7,034 1,533 19,803 10,990 2,036 10.4% 6.0% 40.4% 18.5% 9.8x 1.80x 9.7x 1.93x 9.9x
Nutrisystem, Inc. NTRI 19.50 94.9% 546 0 41 505 351 13 (12.6%) (12.7%) 48.7% 3.6% NM 1.44x 39.9x 1.25x 12.3x
PC Connection, Inc. PCCC 21.32 98.1% 558 0 77 481 2,199 65 2.0% 5.3% 13.1% 2.9% 16.3x 0.22x 7.4x 0.21x 7.2x
Systemax Inc. SYX 9.69 85.1% 356 6 173 188 3,414 9 (4.9%) (1.0%) 14.0% 0.3% NM 0.06x 20.5x 0.05x NA
ValueVision Media Inc. VVTV 5.29 83.4% 262 38 32 268 615 11 10.9% 5.4% 36.2% 1.8% NM 0.44x 24.1x 0.41x 25.9x
Mean 92.8% $2,860 $1,059 $300 $3,619 $3,719 $373 1.0% 1.6% 28.9% 5.7% 14.6x 0.72x 16.8x 0.70x 11.6x
Median 94.9% $558 $38 $108 $505 $3,367 $65 2.0% 4.9% 36.1% 3.4% 15.0x 0.44x 10.4x 0.41x 9.6x
Department Chains
Bon-Ton Stores Inc. BONT $13.66 60.2% $280 $904 $8 $1,175 $2,950 $183 0.3% (1.0%) 37.5% 6.2% NM 0.40x 6.4x 0.40x 6.4x
Dillard's Inc. DDS 91.84 96.8% 8,357 993 111 9,239 6,767 837 2.5% 3.2% 37.4% 12.4% 11.7x 1.37x 11.0x 1.36x 10.8x
J. C. Penney Company, Inc. JCP 8.69 37.6% 2,647 5,821 1,535 6,933 12,109 (1,227) (22.3%) (11.7%) 28.7% NM NM 0.57x NM 0.56x NM
Kohl's Corp. KSS 53.55 90.8% 11,630 4,883 598 15,915 19,274 2,698 1.7% 2.2% 36.2% 14.0% 12.8x 0.83x 5.9x 0.82x 5.8x
Macy's, Inc. M 50.68 99.1% 18,655 7,197 1,171 24,681 28,079 3,753 3.8% 4.5% 40.1% 13.4% 14.1x 0.88x 6.6x 0.86x 6.4x
Nordstrom Inc. JWN 63.43 99.5% 12,362 3,118 947 14,533 12,541 1,783 7.1% 10.0% 37.2% 14.2% 16.9x 1.16x 8.2x NA NA
Shanks Group plc SKS 1.77 98.6% 703 654 136 1,222 686 67 3.8% (0.5%) 13.9% 9.8% NM 1.78x 18.2x 1.16x 8.2x
Sears Holdings Corporation SHLD 63.68 96.5% 6,780 3,742 671 9,851 38,440 (418) (5.4%) (4.4%) 25.5% NM NM 0.26x NM 0.27x NM
Stage Stores Inc. SSI 21.30 72.0% 677 56 34 699 1,672 129 7.2% 5.1% 27.9% 7.7% 23.7x 0.42x 5.4x 0.41x 5.0x
Mean 83.5% $6,899 $3,041 $579 $9,361 $13,613 $867 (0.1%) 0.8% 31.6% 11.1% 15.8x 0.85x 8.8x 0.73x 7.1x
Median 96.5% $6,780 $3,118 $598 $9,239 $12,109 $183 2.5% 2.2% 36.2% 12.4% 14.1x 0.83x 6.6x 0.69x 6.4x
Discount Stores & Mass Merchants
Nordion Inc. NDN $8.41 95.5% $521 $42 $282 $281 $256 $49 4.9% 10.2% 55.3% 19.2% 3.9x 1.10x 5.7x 1.42x 5.8x
Big Lots Inc. BIG 37.26 95.0% 2,172 142 64 2,250 5,425 389 2.0% 3.6% 39.2% 7.2% 13.1x 0.41x 5.8x 0.41x 5.5x
Costco Wholesale Corporation COST 123.74 99.2% 54,065 5,194 6,124 53,135 105,156 3,999 6.1% 10.5% 12.6% 3.8% 26.7x 0.51x 13.3x 0.46x 11.8x
Dollar General Corporation DG 59.49 99.4% 19,251 2,875 170 21,957 16,801 2,023 7.5% 10.5% 31.3% 12.0% 19.8x 1.31x 10.9x 1.18x 9.9x
Dollar Tree, Inc. DLTR 59.81 99.4% 13,338 270 414 13,194 7,687 1,148 10.3% 11.6% 35.8% 14.9% 21.1x 1.72x 11.5x 1.59x 10.4x
Family Dollar Stores Inc. FDO 69.93 92.9% 8,049 516 145 8,421 10,391 922 11.4% 9.7% 34.2% 8.9% 18.3x 0.81x 9.1x 0.77x 8.6x
Gordmans Stores, Inc. GMAN 10.00 62.0% 193 0 44 149 621 35 6.0% 7.8% 42.0% 5.6% 12.0x 0.24x 4.3x 0.22x 4.5x
PriceSmart Inc. PSMT 113.32 90.9% 3,356 73 122 3,307 2,300 152 12.5% 18.1% 16.1% 6.6% 40.8x 1.44x 21.7x 1.26x 18.8x
Target Corp. TGT 66.67 90.7% 42,077 14,533 1,018 55,592 73,478 7,533 3.0% 3.3% 29.8% 10.3% 16.1x 0.76x 7.4x 0.73x 7.8x
Tuesday Morning Corporation TUES 11.63 73.9% 498 0 13 485 849 13 4.2% 0.6% 35.5% 1.5% NM 0.57x NM 0.56x NA
Wal-Mart Stores Inc. WMT 79.08 98.9% 256,541 61,822 8,736 309,627 474,875 36,978 2.3% 4.3% 25.0% 7.8% 15.2x 0.65x 8.4x 0.63x 8.2x
Mean 90.7% $36,369 $7,770 $1,557 $42,581 $63,440 $4,840 6.4% 8.2% 32.4% 8.9% 18.7x 0.86x 9.8x 0.84x 9.1x
Median 95.0% $8,049 $270 $170 $8,421 $7,687 $922 6.0% 9.7% 34.2% 7.8% 17.2x 0.76x 8.8x 0.73x 8.4x
EV / 2013ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM
Consumer and Retail
Industry Update
November 2013
11 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Furniture & Furnishings Retailers
Aaron's, Inc. AAN $30.15 97.6% $2,300 $141 $337 $2,104 $2,255 $273 3.6% 7.1% 52.9% 12.1% 17.1x 0.93x 7.7x 0.90x 6.6x
Bed Bath & Beyond Inc. BBBY 78.10 98.9% 16,459 0 839 15,621 11,539 1,882 16.7% 11.7% 40.0% 16.3% 16.3x 1.35x 8.3x 1.31x 7.9x
Ethan Allen Interiors Inc. ETH 28.57 85.6% 826 131 105 853 723 76 (1.2%) 5.3% 54.3% 10.5% 26.7x 1.18x 11.2x 1.10x 8.9x
Haverty Furniture Companies Inc. HVT 27.81 95.9% 626 17 72 571 733 69 11.6% 5.6% 53.5% 9.4% 21.4x 0.78x 8.3x 0.74x 7.5x
Kirkland's Inc. KIRK 18.32 84.3% 316 0 63 252 458 39 5.3% 3.1% 38.3% 8.5% 21.6x 0.55x 6.5x 0.53x 5.9x
La-Z-Boy Incorporated LZB 24.22 99.2% 1,270 8 147 1,131 1,350 101 7.7% 4.6% 32.7% 7.5% 25.5x 0.84x 11.2x 0.78x 8.7x
Lifetime Brands, Inc. LCUT 14.08 86.1% 179 97 3 273 493 37 4.9% 4.8% 36.5% 7.5% 11.9x 0.55x 7.4x 0.52x NA
Pier 1 Imports, Inc. PIR 22.13 92.3% 2,307 10 125 2,192 1,767 244 11.2% 9.7% 59.2% 13.8% 19.2x 1.24x 9.0x 1.16x 7.9x
Rent-A-Center, Inc. RCII 34.28 84.0% 1,835 835 53 2,616 3,093 370 1.0% 4.3% 69.1% 12.0% 11.8x 0.85x 7.1x 0.80x 6.6x
Select Comfort Corporation SCSS 20.27 70.0% 1,120 0 139 981 950 128 5.1% 17.0% 63.3% 13.5% 17.2x 1.03x 7.7x 0.94x 7.1x
The Sherwin-Williams Company SHW 187.01 95.7% 18,950 1,930 1,036 19,844 9,950 1,276 6.0% 10.0% 45.1% 12.8% 27.7x 1.99x 15.6x 1.80x 12.6x
Williams-Sonoma Inc. WSM 56.21 91.3% 5,380 4 205 5,178 4,221 584 10.3% 8.4% 39.1% 13.8% 20.7x 1.23x 8.9x 1.16x 8.3x
Mean 90.1% $4,297 $264 $260 $4,301 $3,128 $423 6.9% 7.6% 48.7% 11.5% 19.8x 1.04x 9.1x 0.98x 8.0x
Median 91.8% $1,552 $13 $132 $1,617 $1,558 $186 5.7% 6.4% 49.0% 12.0% 20.0x 0.98x 8.3x 0.92x 7.9x
Internet Retail
1-800-Flowers.com Inc. FLWS $5.09 71.0% $328 $71 $4 $395 $739 $44 4.1% 3.8% 41.6% 5.9% 21.1x 0.53x 9.0x 0.51x 7.5x
Amazon.com Inc. AMZN 367.40 99.6% 168,170 3,043 7,689 163,524 70,133 3,173 22.5% 31.6% 26.6% 4.5% NM 2.33x 51.5x 1.90x 25.9x
Blue Nile Inc. NILE 44.81 99.6% 574 1 48 526 440 15 17.0% 11.1% 18.6% 3.5% NM 1.20x 34.4x 1.06x 19.6x
eBay Inc. EBAY 52.88 91.1% 68,458 4,531 10,271 62,718 15,510 4,600 15.2% 19.8% 69.0% 29.7% 25.2x 4.04x 13.6x 3.52x 10.5x
IAC/InterActiveCorp IACI 58.24 99.6% 4,851 580 768 4,663 3,064 539 16.4% 26.2% 65.8% 17.6% 20.6x 1.52x 8.7x 1.47x 7.3x
Netflix, Inc. NFLX 342.57 88.0% 20,300 500 1,135 19,665 4,145 213 17.1% 27.3% 28.4% 5.1% NM 4.74x NM 3.94x 38.7x
Orbitz Worldwide, Inc. OWW 7.05 53.2% 763 448 160 1,050 839 118 9.5% 3.8% 81.2% 14.1% NM 1.25x 8.9x 1.22x 7.2x
Overstock.com Inc. OSTK 25.38 71.3% 603 0 85 519 1,249 30 16.6% 5.5% 19.0% 2.4% 26.1x 0.42x 17.6x 0.39x 11.3x
PetMed Express, Inc. PETS 15.31 86.3% 295 0 51 243 235 29 0.8% 0.2% 33.4% 12.5% 17.0x 1.03x 8.2x 1.00x 8.2x
priceline.com Incorporated PCLN 1,137.44 99.5% 58,496 2,306 6,584 54,219 6,443 2,413 27.3% 30.6% 82.9% 37.4% 32.8x 8.42x 22.5x 6.78x 17.1x
Shutterfly, Inc. SFLY 49.24 82.2% 1,873 242 335 1,780 725 79 31.1% 38.5% 52.5% 11.0% NM 2.46x 22.4x 2.10x 12.0x
Stamps.com Inc. STMP 47.70 96.6% 768 0 84 684 126 34 11.3% 14.1% 77.1% 27.3% 22.3x 5.45x 20.0x 4.91x 15.6x
U.S. Auto Parts Network, Inc. PRTS 2.91 91.5% 97 18 1 114 258 2 (19.0%) 4.2% 28.9% 0.7% NM 0.44x NM 0.47x 21.8x
Mean 86.9% $25,044 $903 $2,093 $23,854 $7,993 $868 13.1% 16.7% 48.1% 13.2% 23.6x 2.60x 19.7x 2.25x 15.6x
Median 91.1% $768 $242 $160 $1,050 $839 $79 16.4% 14.1% 41.6% 11.0% 22.3x 1.52x 17.6x 1.47x 12.0x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Consumer and Retail
Industry Update
November 2013
12 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 11/14/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Specialty & Other Retail
Barnes & Noble, Inc. BKS $15.44 65.1% $921 $209 $80 $1,050 $6,715 $20 (6.3%) 3.5% 24.3% 0.3% NM 0.16x NM 0.17x 5.8x
Best Buy Co., Inc. BBY 43.33 97.0% 14,798 1,678 1,910 14,566 48,152 1,889 13.8% (1.6%) 23.2% 3.9% NM 0.30x 7.7x 0.34x 6.3x
Big 5 Sporting Goods Corp. BGFV 18.33 73.3% 402 42 5 439 989 64 7.1% 2.9% 33.0% 6.5% 15.0x 0.44x 6.8x 0.43x 6.1x
Books-A-Million Inc. BAMM 2.48 77.0% 38 65 11 92 485 21 (1.6%) (1.0%) 29.1% 4.3% NM 0.19x 4.5x NA NA
Build-A-Bear Workshop Inc. BBW 10.15 98.1% 169 0 14 155 389 20 1.9% (0.8%) 41.5% 5.1% NM 0.40x 7.8x 0.40x 5.2x
Conns Inc. CONN 62.41 90.0% 2,243 335 4 2,574 978 130 19.1% 6.3% 47.3% 13.3% 31.3x 2.63x 19.9x 2.00x 11.7x
CVS Caremark Corporation CVS 65.27 99.7% 78,585 10,205 1,613 87,177 125,373 9,927 4.4% 8.9% 18.9% 7.9% 18.2x 0.70x 8.8x 0.67x 8.5x
Dick's Sporting Goods Inc. DKS 55.61 99.6% 6,980 15 135 6,859 5,983 679 8.6% 9.2% 31.5% 11.4% 21.3x 1.15x 10.1x 1.07x 9.3x
Fossil Group, Inc. FOSL 128.92 95.5% 7,117 484 229 7,372 3,145 634 14.8% 19.2% 57.0% 20.2% 19.9x 2.34x 11.6x 2.14x 11.1x
hhgregg, Inc. HGG 16.85 81.2% 513 0 38 475 2,491 94 (1.2%) 10.7% 28.9% 3.8% 18.3x 0.19x 5.0x 0.19x 5.3x
Hibbett Sports, Inc. HIBB 61.01 98.0% 1,585 3 81 1,507 847 134 9.3% 9.9% 36.5% 15.8% 21.5x 1.78x 11.3x 1.69x 11.1x
Lowe's Companies Inc. LOW 51.95 99.8% 54,640 9,062 1,274 62,428 51,919 5,601 2.0% 2.4% 34.4% 10.8% 26.6x 1.20x 11.1x 1.15x 10.4x
Lumber Liquidators Holdings, Inc. LL 115.60 97.9% 3,190 0 84 3,106 952 127 22.6% 16.4% 40.7% 13.4% NM 3.26x 24.4x 2.79x 19.4x
Marinemax Inc. HZO 16.32 98.9% 396 122 24 495 584 25 11.4% 9.1% 25.8% 4.3% 25.9x 0.85x 19.6x 0.76x 18.7x
Movado Group, Inc. MOV 46.06 95.0% 1,173 0 152 1,021 532 68 9.3% 13.5% 54.1% 12.7% 18.9x 1.92x 15.1x 1.70x 11.6x
Office Depot, Inc. ODP 5.62 92.1% 2,979 495 725 2,749 10,379 245 (6.0%) (4.0%) 30.4% 2.4% 47.2x 0.26x 11.2x 0.17x 5.0x
PetSmart, Inc. PETM 73.32 94.8% 7,619 519 290 7,848 6,925 921 8.5% 8.1% 30.6% 13.3% 19.0x 1.13x 8.5x 1.10x 8.2x
RadioShack Corp. RSH 2.74 62.8% 274 499 316 457 4,097 (111) 1.2% (1.4%) 33.7% NM NM 0.11x NM 0.13x NM
Regis Corp. RGS 15.81 82.6% 896 174 204 866 1,982 109 (5.5%) (5.3%) 34.1% 5.5% NM 0.44x 8.0x 0.45x 7.0x
Rite Aid Corporation RAD 5.22 96.0% 4,782 6,052 144 10,690 25,264 1,352 (3.4%) (0.1%) 29.6% 5.3% 16.5x 0.42x 7.9x 0.42x 8.4x
Staples, Inc. SPLS 15.75 91.1% 10,402 1,965 1,187 11,181 24,050 1,932 (1.1%) (0.6%) 26.4% 8.0% NM 0.46x 5.8x 0.48x 6.0x
Steiner Leisure Ltd. STNR 56.30 91.2% 826 106 67 865 846 81 7.5% 13.2% 22.3% 9.6% 17.2x 1.02x 10.7x 0.96x 9.9x
The Home Depot, Inc. HD 78.94 96.8% 113,077 12,758 3,419 122,416 78,022 10,458 8.8% 5.1% 34.6% 13.4% 23.4x 1.57x 11.7x 1.52x 10.8x
Tiffany & Co. TIF 82.24 98.7% 10,522 964 490 10,997 3,910 906 5.2% 10.7% 57.0% 23.2% 24.4x 2.81x 12.1x 2.65x 11.2x
Tractor Supply Company TSCO 73.35 97.9% 10,239 41 46 10,234 5,036 588 9.0% 13.2% 33.7% 11.7% 33.5x 2.03x 17.4x 1.84x 15.1x
Vitamin Shoppe, Inc. VSI 52.59 79.8% 1,578 0 54 1,524 1,050 137 10.9% 12.7% 43.3% 13.1% 24.8x 1.45x 11.1x 1.30x 9.8x
Walgreen Co. WAG 60.12 98.8% 56,909 5,047 2,106 59,850 72,217 4,920 0.8% 2.3% 29.2% 6.8% 23.5x 0.83x 12.2x 0.79x 9.9x
Zale Corporation ZLC 15.90 92.7% 522 410 17 915 1,888 68 1.1% 5.3% 52.1% 3.6% NM 0.48x 13.4x 0.48x 11.8x
Mean 90.8% $14,049 $1,830 $526 $15,354 $17,329 $1,466 5.4% 6.0% 35.1% 9.2% 23.5x 1.09x 11.3x 1.03x 9.8x
Median 95.2% $2,611 $272 $139 $2,662 $3,528 $136 6.2% 5.8% 33.4% 8.0% 21.5x 0.84x 11.1x 0.79x 9.8x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
November 2013
M&A
Detail
Recent North
American
Consumer
M&A
13 of 16
Private Equity
Announced Target Seller Buyer Involvement
11/14/2013 MapMyFitness, Inc. Austin Ventures Under Armour, Inc. P
11/13/2013 Hubbardton Forge, LLC Lineage Capital, L.P. Bunker Hill Capital P
11/13/2013 Metrokane Inc. - Taylor Precision Products, Inc. P
11/7/2013 Costa Inc. (NasdaqGM:ATX) - Essilor International SA P
11/7/2013 Jenny Craig, Inc. Nestlé S.A. North Castle Partners, LLC P
11/5/2013 Duck Head Apparel Company, Inc. - Prospect Brands, LLC P
11/4/2013 West 49 Inc. Billabong International Limited YM Inc.
11/4/2013 The Franklin Mint, LLC - Sequential Brands Group, Inc.
11/4/2013 Allen Edmonds Shoe Corporation Goldner Hawn Johnson & Morrison Inc. Brentwood Associates, Inc. P
11/1/2013 Paperly, LLC - CVSL Inc. P
10/30/2013 Kommonwealth, Inc. - Rocky Brands, Inc.
10/29/2013 Blyth, Inc. (NYSE:BTH) - CVSL Inc. (OTCPK:CVSL) P
10/28/2013 XPEM Inc. - Leslie's Poolmart Inc. P
10/22/2013 Mervin Manufacturing, Inc. Quicksilver Inc. Altamont Capital Partners P
10/22/2013 General Things, Inc. - GoPro, Inc.
10/21/2013 Martin Archery, Inc. - Diversis Capital P
10/17/2013 Gerber Childrenswear, LLC Sun Capital Partners, Inc. Providence Apparel, LLC P
10/16/2013 NJoy Baby S.L. - Baby Jogger, LLC P
10/15/2013 Mac-Gray Corp. (NYSE:TUC) - CSC ServiceWorks, Inc P
10/10/2013 Pro Performance Sports, LLC - Steelpoint Capital Partners, LP P
10/9/2013 JewelPop Inc. - Lynx Equity Limited P
10/7/2013 Juicy Couture, Inc. Fifth & Pacific Companies, Inc. Authentic Brands Group LLC P
10/7/2013 Escort Inc. Falconhead Capital, LLC Monomoy Capital Partners P
10/3/2013 Mid-Atlantic Convenience Stores Catterton Partners Corporation Sunoco, Inc. P
10/3/2013 Project Horizon, Inc. Gate Petroleum Company, Inc. Bruckmann, Rosser, Sherrill & Co. L.L.C. P
10/2/2013 G.H. Bass & Company PVH Retail Stores, Inc. AM Retail Group, Inc.
10/2/2013 Nau, Inc. Horny Toad, Inc. BLACKYAK CO. LTD.
10/1/2013 Fitness Connection WestView Capital Partners LNK Partners P
10/1/2013 Furniture Brands International Inc. Furniture Brands International Inc. KPS Capital Partners, LP P
9/27/2013 Bureau of Trade Foundation Capital eBay Inc. P
9/25/2013 Organized SportsWear, LLC - CriticalPoint Capital, LLC P
9/25/2013 EvesAddiction.com - From You Flowers, LLC
9/25/2013 Roy Tailors Uniform Co. Inc. - Galls, LLC
9/23/2013 Paper Source, Inc. Brentwood Associates, Inc. Investcorp Bank B.S.C. P
9/22/2013 Just Sports - Jazz Basketball Investors, Inc.
9/20/2013 Delta Sports Products, LLC - Easton Technical Products, Inc.
9/19/2013 MITY Enterprises, Inc. Peterson Partners LP; Sorenson Capital Prospect Capital Corporation P
9/16/2013 The Baby Einstein Company, LLC The Walt Disney Company (NYSE:DIS) -
9/16/2013 Gem Shopping Network, Inc. - Sun Capital Partners, Inc. P
9/12/2013 Infinitoy, Inc., Zoob Infinitoy, Inc. POOF-Slinky, Inc. P
9/9/2013 Neiman Marcus Group LTD Inc. Warburg Pincus LLC; Leonard Green & Partners Ares Management LLC; Canada Pension Plan P
9/9/2013 Nutrasource LLC - HealthExperts.com
9/5/2013 Bushnell Inc. MidOcean Partners Alliant Techsystems Inc. (NYSE:ATK) P
9/3/2013 YCC Holdings LLC Madison Dearborn Partners, LLC Jarden Corp. (NYSE:JAH) P
9/2/2013 The Kyjen Company - The Riverside Company P
8/30/2013 Steele Fitness, Inc. - Snap Fitness, Inc.
8/28/2013 Lifeline International, Inc. - Pivotal 5, Inc.
8/26/2013 Salt Life Holdings, LLC - To The Game, LLC
8/19/2013 ShoeDazzle.com, Inc. Polaris Partners; Lightspeed Venture Partners JustFabulous, LLC P
8/19/2013 SFERRA Bros., Ltd. - Levine Leichtman Capital Partners P
8/13/2013 SPYDER Active SPORTS INC. Apax Partners LLP Authentic Brands Group LLC P
8/13/2013 ALCO Stores, Inc. (NasdaqGM:ALCS) - Everbright Development Overseas Ltd.
8/13/2013 Steinway Musical Instruments Inc. - Paulson & Co. Inc. P
8/9/2013 Newell Rubbermaid Inc., Home Improvement Business Newell Rubbermaid Inc. (NYSE:NWL) Nova Capital Management Limited P
8/6/2013 Dermstore Beauty Group Intelligent Beauty, Inc. Target Corp. (NYSE:TGT)
8/6/2013 Continental Laundry Systems Inc. - CSC ServiceWorks, Inc
8/5/2013 Southern Tide, Inc. - Brazos Private Equity Partners LLC P
8/5/2013 REVO Oakley, Inc. Sequential Brands Group, Inc.
8/2/2013 Gamo Outdoor, S.L. MCH Private Equity, S.L. Bruckmann, Rosser, Sherrill & Co. LLC P
8/2/2013 Dwell Home Furnishings, LLC Brand Sense Partners, LLC Wayfair LLC P
8/2/2013 Premier Nutrition, Inc. Joint Juice, Inc. Post Holdings, Inc. (NYSE:POST)
8/1/2013 AJM & Co., Inc. - Vertana Group LLC
8/1/2013 Monoprice, Inc. - Blucora, Inc. (NasdaqGS:BCOR)
7/31/2013 Yogitoes, LLC - Manduka, LLC
7/31/2013 Feminine Hygiene Business Johnson & Johnson Inc. Energizer Holdings Inc. (NYSE:ENR)
7/31/2013 eDressMe - Group USA, Inc.
7/30/2013 iGottaGuide, Inc. - GetYourGuide AG
7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management, LLC P
7/29/2013 Saks Incorporated (NYSE:SKS) - Hudson's Bay Company (TSX:HBC)
7/26/2013 Ace Fogdall Inc. - Camping World, Inc.
7/25/2013 HomeSav Inc. - Rebellion Media Group Corp.
7/25/2013 Granite Gear, Inc. - BRZZ Gear LLC
7/25/2013 Marathon Bar Corp. - Lipocine Inc. (OTCBB:MBAR.D)
7/24/2013 Kick Ass Shoes Ltd. - Mills Halifax
7/24/2013 Breckenridge - Heartland Recreational Vehicles, LLC
7/24/2013 Maidenform Brands, Inc. (NYSE:MFB) - Hanesbrands Inc. (NYSE:HBI)
November 2013
M&A
Detail
Recent North
American
Consumer
M&A
(continued)
14 of 16
Private Equity
Announced Target Seller Buyer Involvement
7/23/2013 Blue Microphones, Inc. Transom Capital Group The Riverside Company P
7/23/2013 Sparkle Solutions L.P. - AIR-serv Group LLC
7/19/2013 Hickey-Freeman Co., Inc. W-Diamond Group Corporation Samuelsohn Limited
7/19/2013 Cornell Homes, LLC - Ryland Group Inc. (NYSE:RYL)
7/19/2013 Hopstop.com, Inc. Rhodium Apple Inc. (NasdaqGS:AAPL)
7/18/2013 JA Apparel Corp. J.W. Childs Associates, L.P. The Men's Wearhouse, Inc. (NYSE:MW) P
7/17/2013 Clear Memories, Inc. - NanoTech Entertainment, Inc. (OTCPK:NTEK)
7/17/2013 Mutual Drug, Inc. - CVS Pharmacy, Inc.
7/16/2013 Da Kine Hawaii, Inc. Billabong International Limited (ASX:BBG) Altamont Capital Partners P
7/16/2013 SHFL entertainment, Inc. (NasdaqGS:SHFL) - Bally Technologies, Inc. (NYSE:BYI)
7/15/2013 A.T. Cross Company, Cross Accessory Division Clarion Capital Partners, LLC A.T. Cross Company (NasdaqGM:ATX) P
7/15/2013 Hudson Clothing, LLC Webster Capital; Fireman Capital Partners Joe's Jeans Inc. (NasdaqCM:JOEZ) P
7/17/2013 Gigantic Parfums, LLC IZJD Corp. ID Perfumes, Inc.
7/11/2013 One Industries, Inc. - Transom Capital Group P
7/10/2013 GlucoBrands, LLC - Boulder Brands, Inc. (NasdaqGS:BDBD)
7/10/2013 Noelle, LLC, Noelle Brand Noelle, LLC Midwest - CBK, Inc.
7/9/2013 Oreck Corporation - Royal Appliance Mfg. Co.
7/8/2013 Water Pik, Inc. EG Capital Group, LLC, The Carlyle Group MidOcean Partners, Vulcan Capital P
7/8/2013 RegiMEN LLC - Vestiage, Inc. (OTCPK:VEST)
7/5/2013 The Tranzonic Companies Linsalata Capital Partners; PNC Erieview Capital Silver Oak Services Partners, LLC P
7/4/2013 E. S. Kluft & Company, LLC - Vi-Spring Ltd.
7/3/2013 Boxee, Inc. General Catalyst Partners Samsung Electronics Co. Ltd. (KOSE:A005930)
7/3/2013 FreeWheel Mobility - Performance Mobility
7/3/2013 Amanti Art, LLC - Uniek, Inc.
7/2/2013 ATS Wheelchair Co., Inc. - Numotion
7/2/2013 Alex Maine LLC - Tru-Line LLC
8/1/2013 Fortune Swimwear, LLC - Coast Style Group, LLC
7/1/2013 Penguin Brands, Inc. Assets Penguin Brands, Inc. Implus Corporation P
6/28/2013 Royal Auto Glass, Inc. - ABRA, Inc. P
6/27/2013 Mindware Holdings, Inc. - Oriental Trading Company, Inc. P
6/24/2013 Battlefield Collection Inc. - Alleson Athletic, Inc.
6/18/2013 Wally's Wine & Spirits - Southwest Wine & Spirits, LLC
6/17/2013 Orchard Supply Hardware Stores Orchard Supply Hardware Stores Corporation Lowe's Companies Inc.
6/14/2013 Portico Brand Group Portico Brand Group Hilco Consumer Capital P
6/14/2013 Kukdong Apparel Inc. - Kukdong Corp.
6/13/2013 The Bargain! Shop Holdings Inc. Genuity Capital Partners BlackRock Kelso Capital Corporation P
6/12/2013 Frazier Clothing Co., Inc. - Rousso Apparel Group Inc.
6/10/2013 Hi-E, Inc. - First Flight Bicycles, Inc.
6/6/2013 TT Design Labs LLC - Logitech International SA
6/5/2013 Enviro Water Solutions, Inc. - Trivest Partners, L.P. P
6/5/2013 Thorlabs Scientific Imaging - Thorlabs, Inc.
6/4/2013 Bugatti-Sedona Inc. - Mouvement des caisses Desjardins
6/4/2013 LifeShield, Inc. CenterPoint Ventures DIRECTV
6/3/2013 WAI Skincare, Inc. - VizStar, Inc.
6/3/2013 Walls Industries, Inc. Audax Group, Inc. Williamson-Dickie Manufacturing Company P
6/3/2013 PWI Holdings, Inc. Harbert Private Equity KAR Auction Services, Inc. P
6/3/2013 Chelsea & Scott, Ltd. - Colony Brands, Inc.
5/31/2013 Glass America, Inc. - Boyd Group Income Fund
5/30/2013 HONORA Inc. - Richline Group, Inc.
5/31/2013 Funko, LLC - Fundamental Capital, LLC
5/30/2013 Life Uniform Company, Inc. Sun Capital Partners, Inc. Scrubs & Beyond, LLC P
5/29/2013 E.E. Robbins, LLC - Robbins Brothers Jewelry, Inc.
5/28/2013 Associated Hygienic Products LLC DSG International Ltd. Domtar Corporation
5/28/2013 Alex Toys, Inc. - POOF-Slinky, Inc. P
5/23/2013 rue21, Inc. (NasdaqGS:RUE) - Apax Partners LLP P
5/23/2013 Bluefly Inc. Rho Capital Partners, Inc. Clearlake Capital Group, LLC P
5/10/2013 True Religion Apparel, Inc. (NasdaqGS:TRLG) - TowerBrook Capital Partners L.P. P
5/10/2013 Precision Collision Auto Body Precision Collision Auto Body Inc. ABRA, Inc.
5/9/2013 Chefinesse, Inc. - Converge Global Inc. (OTCPK:CVRG)
5/9/2013 Milewise, Inc. Atlas Venture L.P. Yahoo! Inc. (NasdaqGS:YHOO)
5/9/2013 Baskin's Department Stores, Inc. Diamond State Ventures Boot Barn, Inc. P
5/7/2013 Royal Glass Company, Inc. - Safelite Group, Inc.
5/7/2013 Rocky Mountain Lasers, Inc. - GeoShack North America, Inc.
5/5/2013 DM Products, Inc (OTCPK:DMPD) - Iris Corporation Bhd., Certain Assets
5/2/2013 CruiseWise, Inc. New Enterprise Associates Cruise Critic P
5/2/2013 Columbus Truck and Equipment Company Inc. - Mcmahon Truck Group, LLC
5/1/2013 WoodCrafters Home Products, LLC - MasterBrand Cabinets, Inc.
5/1/2013 Ross Worldwide Outdoor / Scientific Anglers 3M Company (NYSE:MMM) The Orvis Company, Inc.
5/1/2013 COIT Cleaning and Restoration of Sacramento - COIT Services, Inc.
5/1/2013 Imbrium Systems Inc. Monteco Ltd. Contech Engineered Solutions LLC
5/1/2013 L'Oreal USA, Inc., Cosmetics Plant in Ohio L'Oreal USA, Inc. Cosmax, Inc. (KOSE:A044820)
5/1/2013 Coinmach Service Corp. - Pamplona Capital Management LLP P
4/30/2013 Chamilia LLC Brentwood Associates, Inc. Daniel Swarovski Corporation AG P
4/26/2013 AAA Tire and Auto Service - AAA Allied Group, Inc.
4/26/2013 Glit, Inc. Continental Commercial Products Americo Manufacturing Company, Inc.
4/26/2013 Alternative Heating Systems Inc. - Innovative Heating Technologies Inc.
4/25/2013 Dickson Rotary Club - Dickson Good Morning Rotary Club
November 2013
John Neuner IV Managing Director
+1 (804) 915-0125
Tim Alexander Managing Director
+1 (612) 359-2716
Glenn Gurtcheff Managing Director
+1 (612) 359-2702
Corey Benjamin Vice President
+1 (804) 932-1342
HW&Co.
Consumer
Team
Recent North
American
Consumer
M&A
(continued)
M&A
Detail
15 of 16
Brent Spiller Director
+1 (804) 915-0183
Brant Cash Vice President
+1 (612) 359-2709
Matt Conaty Vice President
+1 (415) 217-3423
Ryan Budlong Director
+1 (612) 359-2722
Red Norrie Managing Director
+44 20 7518 8906
Private Equity
Announced Target Seller Buyer Involvement
4/24/2013 Hoigaard's, Inc. - SSI Ventures LLC
4/24/2013 Sew Unique Embroidery, Inc. - Van's Flags & Flagpoles
4/23/2013 Maharam Fabric Corporation - Herman Miller Inc. (NasdaqGS:MLHR)
4/23/2013 reuseit.com, LLC - 18F Virginia, Inc.
4/23/2013 Walt's Auto Care Centers, Inc. - Meineke Car Care Centers, Inc.
4/23/2013 Louisville Bedding Company, Inc. Louisville Bedding Company, Inc. Hollander Home Fashions, LLC
4/22/2013 Springs Window Fashions LLC Heartland Industrial Partners, L.P. Golden Gate Capital P
4/22/2013 Lebanon Valley Flowers and Gifts - U.S. Retail Flowers, Inc.
4/22/2013 Leisure Travel Alliance Central, Inc. IT Travel Group Leisure Travel Alliance, Inc.
4/19/2013 Waupaca Trucking, Inc. - Veriha Trucking, Inc.
4/19/2013 Glantz & Associates Architects, Inc. - McBride & Son Homes, Inc.
4/19/2013 Guardum Pharmaceuticals, LLC - Pharmsynthez (MICEX:LIFE)
4/18/2013 Fraenkel Company, Inc. - Symbol Mattress Of Wisconsin, Inc.
4/17/2013 TravelCorp International, LLC - Corporate Travel Management
4/17/2013 Tripology, Inc. RM Acquisition, LLC USA TODAY Travel Media Group
4/17/2013 Bob Carver, LLC - Emotiva Audio Corporation
4/16/2013 Molenaar LLC Wilson Tool International, Inc. Fey Promotional Products Group
4/16/2013 WorldPass Travel Group, LLC - WorldStrides, LLC P
4/15/2013 Talon International, Inc. (OTCPK:TALN) - Comvest Partners P
4/15/2013 Planet Biopharmaceuticals, Inc. (OTCPK:PBPH) Perseus, L.L.C.; Aisling Capital Ares Life Sciences SA P
4/15/2013 HFH Collision, LLC - ABRA, Inc.
4/12/2013 POSTED PROPERTIES.COM LLC - AZ Bidder LLC
4/11/2013 Muscle Warfare, Inc. - Embark Holdings, Inc.
4/11/2013 Combat Sports Inc. - Bauer Performance Sports Ltd. P
4/9/2013 Carolina Silver, LLC - Noble Biomaterials, Inc.
4/8/2013 HomeCare Resources, LLC - Home Care Medical, Inc.
4/8/2013 Internet Retail Shops, LLC - Park Avenue Numismatics
4/8/2013 Value Drycleaners Of America - JPB Capital Partners P
4/5/2013 Brewer Brothers, Inc. - Jim's Garage, LLC
4/5/2013 Haskell Lumber, Inc., Building Supply Store Haskell Lumber, Inc. S.W. Collins Company, Inc.
4/5/2013 Advanced Technologies - Wireless Logic, Inc.
4/2/2013 gloProfessional, Inc. North Castle Partners, LLC Swander Pace Capital P
4/2/2013 Reamco Inc. - Great Day Improvements, LLC
4/1/2013 Auburn Tire Service Inc. - Sullivan Tire Co., Inc.
4/1/2013 VGFive - Bay Acquisition corp. (OTCPK:SLGI)
4/1/2013 Lady Jayne Ltd. - Punch Studio LLC
3/31/2013 EcoMom, Inc. CrossLink Capital, Inc. Green Cupboards, Inc. P
3/31/2013 Burton's Pharmacy, Inc. - Rite Aid Corporation (NYSE:RAD)
3/31/2013 MyEyeDr's McLean - MyEyeDr., Inc. P
3/30/2013 Forever Valuable Collectibles, Inc. - AEGEA, LLC
3/29/2013 Mitchell-Vance Laboratories LLC - Enaltus LLC
3/28/2013 Calvert Associates, Inc. - Apex Advertising Inc.
3/28/2013 The St. James Group of Companies - AutoCanada Inc. (TSX:ACQ)
3/28/2013 Whitecraft, Inc. - Forwoodco, LLC
3/26/2013 Greulich's Automotive Services Greulich's Automotive Inc. Service King Paint & Body, LLC
3/26/2013 Target Exterminating And AME Exterminating - Terminix Service, Inc.
3/26/2013 Cherrycom, Inc. Shasta Ventures; The Founders Fund Lyft
3/25/2013 Ashburn Hill Corp. - INVISTA S.à r.l.
3/25/2013 Mustang Survival Corp. - The Safariland Group P
3/24/2013 Advanced Air & Heat LLC - Pulte Capital Partners LLC P
3/22/2013 Big M, Inc. - YM Inc.
3/22/2013 Follett Corporation, Follett's Bookstore Follett Corporation JSM Development LLC
3/22/2013 Mr. Bar-B-Q, Inc. - Ferrellgas Partners LP (NYSE:FGP)
3/22/2013 Service Experts LLC Lennox Industries, Inc. American Capital, Ltd. P
Chip Duggins Vice President
+1 (804) 932-1340
November 2013
Sources:
Capital IQ.
Thomson Financial.
S&P.
Reuters.
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Consumer and Retail
Industry Update
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