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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited companyincorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registrationnumber 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and HarrisWilliams & Co. Ltd conduct business.

CONSUMER AND RETAIL

INDUSTRY UPDATE │ FEBRUARY 2018

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www.harriswilliams.com

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6

11

2013 2014 2015 2016 2017

2014

2014

2013

Harris Williams & Co.’s Consumer Group hascontinued to cement its position as a leadingadvisor to premier assets in the health, wellness,and fitness sector. In the 4th quarter of 2017, weadvised Pure Gym in its sale to Leonard Green &Partners, Precision Nutrition on a strategicinvestment from BV Investment Partners, and SkyZone in its sale to CircusTrix. Our team remainsvery active with a number of opportunities in the

HARRIS WILLIAMS & CO. CONSUMER UPDATE

1

GROUP OVERVIEW

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

Consumer Durables

Consumer Electronics

Consumer Services

Footwear, Apparel, andAccessories

Franchise Platforms

Internet Retail

Health & Fitness

Home Furnishings

Household Goods

Infant and Juvenile Products

Jewelry, Gifts, and Collectibles

Omni / Multi-Channel Brands

Outdoor and Lifestyle

Personal Care Products

Pet Care

Specialty and MassMerchant Retailing

CONTACTS

North America

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

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

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

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

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

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

Europe

Edward ArkusManaging [email protected]+44 207 518 8905

Will [email protected]+44 207 518 8906


HARRIS WILLIAMS & CO. 2017 HEALTH, WELLNESS, AND FITNESS RECAP

SPOTLIGHT ON M&A IN THE HVLP SEGMENT

HW&Co. will be

attending IHRSA

2018 in March in

San Diego

To schedule a meeting, please

reach out to Ryan Budlong, Ed Arkus

or Zach England

HVLP M&A Activity

# of Private Equity groups invested in Planet Fitness

franchisees

The leading gym operator in

the UK providing low-cost and

high-quality fitness facilities to

more than 950,000 members

has received a strategic

investment from

Provider of online nutrition

coaching and certification

for personal trainers and

consumers

has been acquired by

a portfolio company of

Industry pioneer and

leading franchisor and

operator of trampoline

parks

has been acquired by

a portfolio company of

The high-value, low-price (“HVLP”) segment has beenone of the most active sub-sectors within health,wellness, and fitness M&A in recent years. The modelhas disrupted the traditional gym market, bringingnumerous first time gym users into the market andcreating a highly profitable and attractive uniteconomic model for operators. Further evidence ofthe attractiveness of the model can be seen within thePlanet Fitness system, where over the course of the lastfive years 11 private equity groups have acquired andgrown leading Planet Fitness area developers. Theoutlook for the HVLP segment continues to be brightfor many years to come.

sector and we expect that 2018 will be another very busy year for us in health, wellness,and fitness sectors. In addition, our annual attendance at IHRSA provides us anopportunity to talk through various industry trends with many of the leading companieswithin the sector.

2016

2015

2014

2017

CONSUMER AND RETAIL

http://www.harriswilliams.com/

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

mailto:[email protected]








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HARRIS WILLIAMS & CO. CONSUMER UPDATE


Target Acquirer Date Description

March ‘17Atlantic Street Capital made a significant investment in PF Indy 10, a franchisee of

Planet Fitness clubs in the greater Indianapolis area

June ‘17Wanda Group/World Triathlon Corp. acquired Competitor Group, forming one of

the world’s largest endurance sports organization

July ’17L Catterton made a significant investment in Equinox, a leader in high performance

lifestyle luxury fitness clubs

July ‘17Apollo acquired ClubCorp, the Dallas-based owner and operator of private golf

and country clubs and private business clubs

July ‘17Town Sports acquired Lucille Roberts, a leading owner and operator of women’s

fitness clubs in the Northeast and mid-Atlantic

September ’17TPG Growth has acquired StretchLab, Club Pilates, Row House, and CycleBar and

combined them under new parent company, Xponential Fitness

September ‘17Celerity Partners recapitalized Tru Fit and acquired Freedom Fitness, the two largest

HVLP fitness club chains in the Rio Grande Valley

September ’17Freeman Spogli & Co. acquired PF Baseline, a franchisee of Planet Fitness clubs in

Iowa, SD, ND, Minnesota, Illinois, and California

October ‘17Mongram Capital Partners acquired a controlling stake in Atlantic Holdings, a

franchisee of Planet Fitness clubs in South Florida and Central California

December ‘17TSG Consumer Partners acquired a majority stake in Sunshine Fitness, a franchisee of

operator of Planet Fitness clubs in Florida, Georgia, and Alabama

SELECT U.S. HEALTH & FITNESS DEALS FROM 2017

The European health & fitness market continues to grow, with HVLP gyms driving the majority of growth in both membersand club count.

• In the UK, the two largest value operators both had a strong 2017, with Pure Gym being acquired by Leonard Green inan HW&Co. process in November, and The Gym Group acquiring 18 sites from Lifestyle Fitness in September.

• On the continent, Basic Fit continues to consolidate, with rollout efforts focused on the French market.

• By merging in January 2018, Fitness Hut and Viva Gym created the largest value operator in the Iberian market

Recent International M&A Activity

PF Indy

PF

Baseline

Atlantic

Holdings

Sunshine

Fitness

UPDATE ON EUROPEAN AND ASIAN HEALTH, WELLNESS, AND FITNESS M&A ACTIVITY

Some premium operators are also expanding, with both Gymbox and Third Spacegrowing their footprint in central London. On the other hand, Virgin Active continues torationalise their estate, with the sale of 16 clubs to David Lloyd in February following thedisposal of 35 clubs to Nuffield in June 2016.

• Premium studio-based concepts also continue to experience rapid growth,particularly in London, though no operators have yet achieved significant scale.

• Psycle, an indoor spinning concept, raised £3m in January 2018 to double thenumber of studios from three to six.

• Consumer private equity group Piper invested £6m in Frame, a class-based studioconcept with four sites in Central London.

• 1Rebel, which offers high intensity classes in two nightclub-inspired studios, raised£6.6m from Codex Capital Partners in October 2017 to fund additional expansion inLondon (with three openings planned in Q1 2018).

In Asia, M&A in the fitness space was active in Taiwan, Hong Kong, and South East Asia.Most notably, in part of a cross-border transaction, Ontario Teachers’ Pension Plan (alongwith FountainVest) acquired the Pure Group, one of Asia’s leading wellness and fitnessbrands.

2

CONSUMER AND RETAIL

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KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 6)1

PUBLIC MARKETS OVERVIEW

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

CONSUMER AND RETAIL


Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 22 $3,818 8.9% 11.9% 1.5x 12.1x 1.5x 10.3x

Consumer Durables 6 7,527 0.7% 7.8% 0.8x 11.3x 0.7x 8.2x

Consumer Serv ices and Retail Franchisors 7 4,247 (2.1%) (14.1%) 2.1x 14.1x 1.6x 8.4x

Home & Office Furniture & Furnishings 10 1,464 (10.4%) (0.4%) 0.8x 8.7x 0.8x 7.7x

Household Products 5 18,497 (7.3%) (1.7%) 3.7x 14.5x 3.5x 13.7x

Housewares 7 2,834 (14.2%) (12.4%) 1.4x 10.2x 1.5x 9.4x

Infant & Juvenile 12 1,160 (7.4%) (25.0%) 1.1x 9.7x 0.9x 7.5x

Outdoor & Lifestyle 19 729 (7.3%) (0.3%) 1.3x 12.4x 1.2x 10.3x

Personal Care Products 12 3,893 0.8% 37.4% 1.8x 11.8x 1.7x 10.8x

Pet Care 8 1,505 2.5% 15.4% 2.2x 15.2x 3.0x 14.0x

Retail

Apparel & Footwear Retail 29 1,107 (2.8%) (45.0%) 0.5x 6.1x 0.5x 5.6x

Department Chains 8 5,405 17.2% (50.3%) 0.5x 6.5x 0.5x 6.4x

Discount Stores & Mass Merchants 13 29,658 (1.4%) 1.6% 0.7x 11.0x 0.6x 10.2x

Furniture & Furnishings Retailers 14 1,664 (4.7%) (14.2%) 0.8x 8.7x 0.8x 7.7x

Internet Retail 10 11,799 21.0% 138.9% 4.6x 20.7x 3.8x 18.2x

Specialty & Other Retail 15 828 (0.8%) (40.4%) 0.6x 8.8x 0.5x 7.7x

Consumer Products & Services 108 $3,326 (4.7%) (0.4%) 1.4x 12.0x 1.5x 9.9x

Retail 89 $3,534 (1.1%) (27.3%) 0.6x 8.8x 0.6x 7.7x

Consumer & Retail Index 197 $3,326 (1.8%) (1.1%) 1.2x 11.1x 1.1x 8.9x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Department

Chains

Apparel & Footwear Retail

Specialty & Other Retail

Infant & Juvenile

Furniture & Furnishings Retailers

Consumer Serv ices and Retail

Franchisors

Housewares

Household Products

Consumer & Retail Index

Home & Office Furniture &

Furnishings

Pet Care

Discount Stores & Mass Merchants

Consumer Durables

Apparel & Footwear

S&P 500


Outdoor & Lifestyle

Internet

Retail

(100.0%) (50.0%) 0.0% 50.0% 100.0% 150.0%

3

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CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE1

PUBLIC MARKETS OVERVIEW

RECENT EQUITY OFFERINGS1

CONSUMER AND RETAIL


90

100

110

120

130

140

150

160

170

180

Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18

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

4

Close Date Filling Date Issuer Ticker

Transaction

Type

Gross Proceeds

($M) Primary Industry

02/27/2018 02/28/2018 Norwegian Cruise Line Holdings NCLH-US Follow-On 1,092.0 Hotels/Resorts/Cruiselines

01/16/2018 01/18/2018 Boot Barn Holdings BOOT-US Follow-On $103.5 Apparel/Footwear Retail

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

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

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

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

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

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

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

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

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

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

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

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

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CONSUMER AND RETAIL


M&A OVERVIEW

Note: Transactions based on publicly available information

CONSUMER AND RETAIL M&A TRENDS1

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY1

ANNOUNCED CONSUMER AND RETAIL M&A1

31

37

53

73

86

57

66

42

50

7

28

59

53

76

57

68

84

34

39

7

0

10

20

30

40

50

60

70

80

90

100

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

$30$40 $38

$27 $28

$92

$72.9

$168

$44

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

$105

$120

$135

$150

$165

$180

2010 2011 2012 2013 2014 2015 2016 2017 2018

YTD

Nu

mb

er o

f Tran

sac

tion

s

Ave

rag

e T

ran

sac

tio

n V

alu

e

($ in

bill

ion

s)

Announced Consumer Transactions

Aggregate Transaction Value # of Deals

66

35 39

68 7183

66

95

63 5767

39

20

4128

5141

21

18 13

512

26

12

16

1410

13

5

8

28

5

9

7

0

20

40

60

80

100

120

Nu

mb

er

of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

Aggregate Number Transaction Multiples

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

$190.0 219.0 0.93x 9.4x

Announced Target Buyer

2/28/2018 Ambercare Corp. Addus HomeCare Corp.

2/26/2018 Spectrum Brands Holdings, Inc. HRG Group, Inc.

2/23/2018 Blue Buffalo Pet Products, Inc. General Mills, Inc.

2/20/2018 Rite Aid Corp. Cerberus Capital Management LP; Lubert Adler Management, Inc.; Albertsons Cos. LLC

2/20/2018 TCHO Ventures, Inc. Ezaki Glico Co., Ltd.

2/19/2018 Global Design Concepts, Inc. BioWorld Merchandising, Inc.

2/17/2018 Curv es International, Inc. Curv es Holdings KK

2/16/2018 Zag Toys, Inc. Alleghany Capital Partners LLC; Jazwares, Inc.

2/15/2018 CSM Bakery Solutions LLC /Multifoods Brand/Pamplona Capital Management LLP; BakeMark USA LLC

2/13/2018 MM Dev elopment Co. LLC Carpincho Capital Corp.

9.3x 9.5x 9.8x 9.8x 9.7x 10.0x 10.2x 10.0x 9.7x 9.6x 9.7x9.3x

10.0x 9.8x

6.6x 6.4x 6.6x 6.6x 6.3x7.0x 7.2x

6.6x 6.7x 6.7x7.3x

7.6x 7.6x 7.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Median LTM Trading Multiples

Consumer Products & Services Retail

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x

11.9x

9.0x 9.4x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2010 2011 2012 2013 2014 2015 2016 2017 2018

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

le

Median Consumer Transaction Multiples

EBITDA Mult Rev Mult

5

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PUBLIC COMPARABLES(1)

CONSUMER AND RETAIL


6

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

($ in m illions, except per share data) Ticker 2/28/18 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear

Tapestry, Inc. COH 50.91 98.6% 14,503 2,688 2,092 15,100 5,203 1,220 14.4% 5.0% 67.4% 23.5% 45.5x 2.90x 12.4x 2.53x 11.3x

Columbia Sportswear Company COLM 75.58 95.4% 5,292 0 768 4,524 2,466 306 3.7% 5.5% 44.7% 12.4% NM 1.83x 14.8x 1.73x 12.5x

Carter's, Inc. CRI 116.68 90.4% $5,522 $617 $178 $5,960 $3,400 $467 6.3% 5.5% 43.6% 13.7% 18.7x 1.75x 12.8x 1.67x 11.4x

Crocs, Inc. CROX 12.24 81.9% 853 1 174 679 1,024 72 (1.2%) (5.1%) 48.0% 7.0% NA 0.66x 9.4x 0.66x 8.5x

Deckers Outdoor Corporation DECK 94.58 95.9% 3,004 32 493 2,543 1,877 264 4.7% 11.3% 48.1% 14.0% 38.9x 1.35x 9.6x 1.33x 8.8x

Fossil Group, Inc. FOSL 13.38 69.5% 649 485 167 967 2,827 166 (8.1%) (6.9%) 49.5% 5.9% NA 0.34x 5.8x 0.38x 7.0x

G-III Apparel Group, Ltd. GIII 36.91 90.1% 1,812 727 68 2,470 2,695 166 16.7% 9.1% 35.5% 6.1% 43.9x 0.92x 14.9x 0.80x 10.8x

Hanesbrands Inc. HBI 19.40 75.4% 6,989 3,964 422 10,531 6,471 1,040 7.4% 6.7% 39.4% 16.1% NM 1.63x 10.1x 1.57x 9.7x

Iconix Brand Group, Inc. ICON 1.39 16.7% 80 1,013 331 762 261 152 (29.0%) (11.7%) 0.0% 58.2% NA 2.92x 5.0x 3.78x 8.4x

NIKE, Inc. Class B NKE 67.03 95.4% 109,049 4,711 6,389 107,371 34,694 4,973 3.7% 5.2% 43.3% 14.3% 29.0x 3.09x 21.6x 2.88x 18.8x

Oxford Industries, Inc. OXM 79.92 94.8% 1,345 72 6 1,411 1,054 117 3.2% 2.7% 56.5% 11.1% 26.2x 1.34x 12.1x 1.25x 9.5x

Perry Ellis International, Inc. PERY 26.67 97.7% 418 91 52 456 852 51 (2.2%) (1.4%) 35.9% 6.0% 15.7x 0.54x 8.9x 0.51x 7.1x

PVH Corp. PVH 144.28 91.3% 11,099 3,390 612 13,877 8,524 1,146 3.8% 1.2% 54.6% 13.4% 21.5x 1.63x 12.1x 1.51x 11.1x

Ralph Lauren Corporation Class A RL 105.84 88.7% 8,606 849 2,058 7,397 6,219 966 (10.6%) (6.5%) 59.2% 15.5% NA 1.19x 7.7x 1.21x 7.9x

Steven Madden, Ltd. SHOO 43.90 89.1% 2,595 0 143 2,452 1,518 194 7.9% 4.4% 37.1% 12.8% 20.9x 1.61x 12.6x 1.50x 11.9x

Skechers U.S.A., Inc. Class A SKX 40.92 95.8% 6,485 84 803 5,765 3,958 432 12.4% 20.6% 44.2% 10.9% 25.4x 1.46x 13.3x 1.23x 10.1x

Gildan Activewear Inc. GIL-CA 29.05 84.8% 6,367 705 77 6,996 2,685 577 (5.3%) 4.8% 27.6% 21.5% 17.3x 2.61x 12.1x 2.45x 11.5x

Under Armour, Inc. Class C UA 15.05 69.0% 6,943 1,068 258 7,754 4,916 498 4.8% 19.6% 45.1% 10.1% 47.0x 1.58x 15.6x 1.51x 23.4x

V.F. Corporation VFC 74.57 88.4% 29,466 4,383 1,546 32,303 11,769 1,763 (4.3%) (0.6%) 49.8% 15.0% 31.1x 2.74x 18.3x 2.61x 16.9x

Vera Bradley, Inc. VRA 10.06 78.4% 357 0 93 264 457 29 (9.4%) (3.8%) 55.0% 6.4% NM 0.58x 9.0x 0.63x 5.7x

Weyco Group, Inc. WEYS 30.43 90.1% 310 5 18 297 286 28 (5.5%) (2.0%) 37.1% 9.7% 19.1x 1.04x 10.7x NA NA

Wolverine World Wide, Inc. WWW 29.28 86.6% 2,811 783 481 3,113 2,350 212 (6.4%) (5.2%) 39.3% 9.0% NM 1.32x 14.7x 1.37x 10.3x

Mean 84.7% $10,207 $1,167 $783 $10,591 $4,796 $674 0.3% 2.6% 43.7% 14.2% 28.6x 1.59x 12.0x 1.58x 11.1x

Median 89.6% $4,148 $661 $294 $3,818 $2,690 $285 3.5% 3.5% 44.4% 12.6% 25.8x 1.52x 12.1x 1.50x 10.3x

Consumer Durables

Arcelik A.S. ARCLK-TR 4.98 63.8% 3,364 1,935 683 4,615 5,704 509 7.3% (0.1%) 29.9% 8.9% 14.6x 0.81x 9.1x 0.73x 7.3x

Electrolux AB Class B ELUX.B-SE 33.01 89.7% 10,208 1,192 1,400 9,999 13,906 1,225 (2.2%) (5.7%) 20.5% 8.8% 16.3x 0.72x 8.2x 0.68x 7.2x

iRobot Corporation IRBT 67.95 61.9% 1,899 0 166 1,733 884 98 33.8% 16.6% 49.9% 11.1% 38.4x 1.96x 17.7x 1.62x 12.8x

Middleby Corporation MIDD 120.25 79.7% 6,724 951 82 7,593 2,300 539 4.3% 13.3% 40.8% 23.4% 22.6x 3.30x 14.1x 2.92x 12.8x

Haier Electronics Group Co., Ltd. 1169-HK 3.43 92.5% 9,617 31 2,188 7,461 10,424 554 11.3% (1.1%) 17.6% 5.3% 21.5x 0.72x 13.5x 0.52x 9.0x

Whirlpool Corporation WHR 162.43 80.0% 11,482 5,218 1,244 15,456 21,253 2,144 2.6% 2.3% 16.9% 10.1% 34.6x 0.73x 7.2x 0.70x 6.6x

Mean 77.9% $7,216 $1,554 $961 $7,809 $9,078 $845 9.5% 4.2% 29.3% 11.3% 24.6x 1.37x 11.6x 1.20x 9.3x

Median 79.9% $8,170 $1,071 $964 $7,527 $8,064 $546 5.8% 1.1% 25.2% 9.5% 22.0x 0.77x 11.3x 0.71x 8.2x

EV / LTM EV / 2018ERevenue Growth LTM MarginsLast Twelve Months (LTM)

PAGE |


CONSUMER AND RETAIL

7



Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC 4.26 38.9% 294 1,430 40 1,684 2,465 243 (4.8%) (2.0%) 32.2% 9.8% NA 0.68x 6.9x 0.70x 7.4x

H&R Block, Inc. HRB 25.33 79.7% 5,296 1,495 282 6,509 3,058 891 1.0% 0.3% 45.0% 29.1% 14.2x 2.13x 7.3x 2.11x 7.3x

Planet Fitness, Inc. Class A PLNT 36.98 96.5% 3,638 705 96 4,247 412 173 12.1% 25.0% 47.7% 42.0% NM 10.30x 24.5x 8.23x 20.1x

Regis Corporation RGS 16.09 93.9% 751 121 163 709 1,455 43 (16.6%) (8.1%) 38.8% 2.9% NA 0.49x 16.5x 0.58x 7.8x

Realogy Holdings Corp. RLGY 25.55 72.6% 3,325 3,542 234 6,633 6,114 711 5.2% 4.6% 18.7% 11.6% 8.2x 1.08x 9.3x 1.05x 9.0x

Serv iceMaster Global Holdings, Inc. SERV 51.36 92.8% 6,935 2,800 470 9,265 2,879 659 6.1% 3.5% 46.1% 22.9% 29.7x 3.22x 14.1x 3.04x 13.2x

Winmark Corporation WINA 126.70 87.9% 487 75 1 561 69 39 4.8% 5.7% 92.4% 56.3% 24.2x 8.09x 14.4x NA NA

Mean 80.3% $2,961 $1,453 $184 $4,230 $2,351 $394 1.1% 4.1% 45.8% 25.0% 19.1x 3.71x 13.3x 2.62x 10.8x

Median 87.9% $3,325 $1,430 $163 $4,247 $2,465 $243 4.8% 3.5% 45.0% 22.9% 19.2x 2.13x 14.1x 1.58x 8.4x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 3.10 59.6% 50 139 0 188 410 14 1.8% 0.9% 24.4% 3.3% NA 0.46x 13.9x 0.45x NA

HNI Corporation HNI 36.98 76.5% 1,599 277 25 1,851 2,176 219 (1.3%) (0.7%) 36.5% 10.0% 18.5x 0.85x 8.5x 0.82x 8.3x

Hooker Furniture Corporation HOFT 37.35 70.8% 439 55 32 462 619 53 33.5% 37.7% 21.7% 8.6% 14.1x 0.75x 8.7x 0.69x NA

Kimball International, Inc. Class B KBAL 16.43 78.4% 614 0 80 535 668 67 1.3% (10.9%) 33.3% 10.0% 17.1x 0.80x 8.0x NA NA

Knoll, Inc. KNL 21.27 86.9% 1,053 191 2 1,242 1,133 135 (2.7%) 2.6% 36.6% 11.9% 13.0x 1.10x 9.2x 0.97x 7.7x

Leggett & Platt, Incorporated LEG 43.46 79.1% 5,747 1,252 526 6,473 3,942 559 4.8% 1.4% 21.5% 14.2% 20.3x 1.64x 11.6x 1.52x 9.9x

LaZBoy Incorporated LZB 30.70 89.6% 1,445 0 154 1,292 1,577 158 3.4% 4.3% 39.7% 10.0% 20.1x 0.82x 8.2x 0.79x 7.7x

Herman Miller, Inc. MLHR $35.90 85.8% $2,142 $204 $123 $2,223 $2,287 $262 (0.4%) 4.2% 37.4% 11.4% 17.8x 0.97x NM 0.91x 7.7x

Steelcase Inc. Class A SCS 13.65 75.2% 1,585 296 244 1,637 3,052 233 1.4% (0.4%) 33.1% 7.6% 15.3x 0.54x 7.0x 0.53x 6.7x

Tempur Sealy International Inc TPX 49.43 72.6% 2,678 1,753 42 4,389 2,876 389 (8.0%) (0.5%) 40.7% 13.5% 16.5x 1.53x 11.3x 1.57x 9.3x

Mean 77.5% $1,735 $417 $123 $2,029 $1,874 $209 3.4% 3.9% 32.5% 10.1% 17.0x 0.94x 9.6x 0.92x 8.2x

Median 77.5% $1,515 $197 $61 $1,464 $1,876 $189 1.3% 1.2% 34.9% 10.0% 17.1x 0.83x 8.7x 0.82x 7.7x

Household Products

Church & Dwight Co., Inc. CHD 49.19 90.8% 12,000 2,374 279 14,095 3,776 861 8.1% 4.6% 45.8% 22.8% 17.0x 3.73x 16.4x 3.46x 14.6x

Colgate-Palmolive Company CL $68.97 88.5% $60,371 $6,577 $1,553 $65,395 $15,454 $4,390 1.7% (3.6%) 60.3% 28.4% 30.3x 4.23x 14.9x 4.03x 14.2x

Clorox Company CLX 129.08 85.8% 16,703 2,283 489 18,497 6,040 1,272 2.8% 2.6% 44.3% 21.1% 21.3x 3.06x 14.5x 2.97x 13.7x

Prestige Brands Holdings, Inc. PBH 33.80 56.7% 1,793 2,053 45 3,801 1,026 346 20.8% 15.3% 52.7% 33.7% 4.6x 3.70x 11.0x 3.61x 10.8x

Procter & Gamble Company PG 78.52 82.9% 197,949 37,733 18,758 216,924 65,732 17,301 0.8% (6.3%) 50.6% 26.3% 20.9x 3.30x 12.5x 3.19x 12.1x

Mean 81.0% $57,763 $10,204 $4,225 $63,743 $18,406 $4,834 6.8% 2.5% 50.7% 26.5% 18.8x 3.61x 13.9x 3.45x 13.1x

Median 85.8% $16,703 $2,374 $489 $18,497 $6,040 $1,272 2.8% 2.6% 50.6% 26.3% 20.9x 3.70x 14.5x 3.46x 13.7x

Housewares

Helen of Troy Limited HELE 90.05 87.5% 2,428 426 21 2,834 1,568 225 1.4% 4.3% 44.1% 14.3% NM 1.81x 12.6x 1.90x 11.5x

Libbey Inc. LBY 6.27 42.4% 138 399 22 515 767 69 (5.3%) (3.2%) 18.5% 9.0% NA 0.67x 7.5x 0.65x 5.9x

Lifetime Brands, Inc. LCUT 13.95 65.8% 208 129 6 331 590 38 0.9% 1.7% 37.1% 6.4% 13.0x 0.56x 8.7x 0.45x NA

NACCO Industries, Inc. Class A NC 41.20 44.5% 282 59 94 247 363 15 (57.8%) (26.5%) 22.9% 4.2% 6.4x 0.68x 16.1x NA NA

Newell Brands Inc NWL 25.69 46.6% 12,591 11,475 792 23,274 15,135 2,276 41.6% 38.5% 35.4% 15.0% 9.9x 1.54x 10.2x 1.60x 9.4x

Spectrum Brands Holdings, Inc. SPB 98.71 67.6% 5,713 3,979 138 9,555 4,442 741 (11.7%) 0.3% 37.8% 16.7% 14.8x 2.15x 12.9x 2.99x 13.6x

Tupperware Brands Corporation TUP 49.05 66.0% 2,507 738 144 3,101 2,256 408 1.9% (4.7%) 66.9% 18.1% NA 1.37x 7.6x 1.33x 6.7x

Mean 60.1% $3,410 $2,458 $174 $5,694 $3,589 $539 (4.1%) 1.5% 37.5% 12.0% 11.0x 1.25x 10.8x 1.49x 9.4x

Median 65.8% $2,428 $426 $94 $2,834 $1,568 $225 0.9% 0.3% 37.1% 14.3% 11.5x 1.37x 10.2x 1.46x 9.4x

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Infant & Juvenile

Carter's, Inc. CRI 116.68 90.4% 5,522 617 178 5,960 3,400 467 6.3% 5.5% 43.6% 13.7% 18.7x 1.75x 12.8x 1.67x 11.4x

Crown Crafts, Inc. CRWS 6.50 74.7% 66 2 0 68 65 8 (12.0%) (8.2%) 28.2% 11.9% 19.1x 1.04x 8.7x 0.89x 6.5x

Dorel Industries Inc. Class B DII.B 22.56 79.8% 731 487 35 1,183 2,549 148 (2.8%) (0.8%) 22.5% 5.8% 25.9x 0.46x 8.0x 0.45x 6.7x

Hasbro, Inc. HAS 95.57 82.2% 11,868 1,849 1,606 12,111 5,204 1,021 3.8% 6.7% 52.0% 19.6% 30.6x 2.33x 11.9x 2.28x 11.2x

JAKKS Pacific, Inc. JAKK 2.20 37.9% 59 155 49 166 644 (2) (8.5%) (2.5%) 27.6% NM NA 0.26x NM 0.26x 5.5x

Mattel, Inc. MAT 15.90 61.1% 5,468 3,123 1,079 7,512 4,882 55 (10.5%) (6.8%) 37.6% 1.1% NA 1.54x 136.5x 1.54x 16.9x

Mothercare plc MTC-GB 0.39 22.0% 67 52 5 114 832 52 (14.7%) (11.1%) 7.6% 6.2% NA 0.14x 2.2x 0.13x 2.5x

Newell Brands Inc NWL 25.69 46.6% 12,591 11,475 792 23,274 15,135 2,276 41.6% 38.5% 35.4% 15.0% 9.9x 1.54x 10.2x 1.60x 9.4x

Children's Place, Inc. PLCE 142.30 88.0% 2,475 56 273 2,259 1,821 233 3.3% 1.3% 34.3% 12.8% 20.2x 1.24x 9.7x 1.19x 8.4x

Goodbaby International Holdings Ltd. 1086-HK 0.59 94.2% 979 187 113 1,053 814 57 (2.6%) 9.9% 35.3% 7.0% 22.9x 1.29x 18.4x 0.91x 7.5x

Summer Infant, Inc. SUMR 1.07 47.6% 20 50 1 69 190 7 (2.3%) (2.6%) 29.5% 3.9% NA 0.36x 9.2x 0.37x 6.7x

Tomy Company, Ltd. 7867-JP 10.65 63.0% 1,025 479 368 1,136 1,582 183 3.2% 4.1% 39.8% 11.6% 16.3x 0.72x 6.2x 0.67x NA

Mean 65.6% $3,406 $1,544 $375 $4,575 $3,093 $375 0.4% 2.9% 32.8% 9.9% 20.5x 1.06x 21.3x 1.00x 8.4x

Median 68.9% $1,002 $333 $146 $1,160 $1,701 $102 (2.4%) 0.3% 34.8% 11.6% 19.7x 1.14x 9.7x 0.90x 7.5x

Outdoor & Lifestyle

Brunswick Corporation BC 57.20 88.8% 5,008 437 459 4,987 4,510 611 0.5% 5.5% 27.8% 13.5% 35.2x 1.11x 8.2x 1.04x 7.6x

Clarus Corporation BDE 6.70 83.8% 201 27 2 227 159 (0) 6.4% (6.4%) 28.7% NM NA 1.43x NM 1.14x 11.8x

Columbia Sportswear Company COLM 75.58 95.4% 5,292 0 768 4,524 2,466 306 3.7% 5.5% 44.7% 12.4% NM 1.83x 14.8x 1.73x 12.5x

Callaway Golf Company ELY 15.48 96.3% 1,465 100 86 1,479 1,049 108 20.2% 5.7% 45.8% 10.3% 36.9x 1.41x NM 1.31x 12.5x

Escalade, Incorporated ESCA 12.15 84.5% 175 23 2 196 177 16 5.8% 8.7% 24.3% 9.0% 12.4x 1.11x 12.3x 1.09x 10.0x

Fox Factory Holding Corp. FOXF 37.55 80.2% 1,412 99 36 1,475 476 80 18.0% 15.7% 33.1% 16.7% 33.8x 3.10x 18.5x 2.64x 13.8x

GoPro, Inc. Class A GPRO 5.38 45.2% 781 130 247 664 1,180 (93) (0.5%) (5.4%) 34.9% NM NA 0.56x NM 0.62x NM

Amer Sports Oyj Class A AMEAS-FI 30.26 93.8% 3,526 984 430 4,079 3,029 273 4.4% 0.8% 43.2% 9.0% 33.5x 1.35x 14.9x 1.22x 11.2x

Rapala VMC Oyj RAP1V-FI 3.89 80.5% 152 138 27 263 281 18 (8.3%) (9.2%) 22.1% 6.3% NA 0.94x 14.9x 0.84x 9.4x

Harley-Davidson, Inc. HOG 45.38 71.6% 7,643 6,988 735 13,896 5,647 1,120 (5.8%) (3.2%) 36.1% 19.8% 15.0x 2.46x 12.4x 2.86x 13.7x

Johnson Outdoors Inc. Class A JOUT 61.64 80.9% 616 0 78 538 513 65 16.1% 7.2% 43.5% 12.7% 19.8x 1.05x 8.2x 1.00x 8.3x

Malibu Boats Inc Class A MBUU 32.05 89.3% 657 108 37 729 370 58 39.7% 21.4% 24.7% 15.6% 33.7x 1.97x 12.7x 1.52x 8.4x

Marine Products Corporation MPX 14.28 83.4% 497 0 7 489 259 29 10.7% 14.3% 22.0% 11.1% 25.5x 1.89x NM 1.72x 13.9x

Nautilus Inc NLS 11.85 59.8% 364 52 78 338 404 58 3.8% 16.4% 51.5% 14.3% 12.6x 0.84x 5.9x 0.77x 5.6x

Polaris Industries Inc. PII 113.99 82.8% 7,188 913 138 7,963 5,428 591 20.2% 6.6% 25.9% 10.9% 42.4x 1.47x 13.5x 1.40x 10.5x

Sturm, Ruger & Company, Inc. RGR 43.05 62.6% 750 0 63 687 522 111 (21.4%) (1.4%) 29.5% 21.2% 14.8x 1.31x 6.2x 1.28x 5.5x

American Outdoor Brands Corporation SWHC 9.00 36.7% 487 289 68 708 740 153 (15.2%) 10.0% 34.7% 20.6% 8.3x 0.96x 4.6x 1.03x 5.3x

Shimano Inc. 7309-JP 145.07 88.5% 13,451 73 1,963 11,561 2,961 728 0.2% (0.7%) 41.0% 24.6% 35.1x 3.91x 15.9x 3.50x 13.7x

Vista Outdoor Inc VSTO 17.23 68.7% 988 938 63 1,862 2,316 187 (10.2%) 7.3% 24.0% 8.1% NA 0.80x 9.9x 0.82x 9.2x

Mean 77.5% $2,666 $595 $278 $2,982 $1,710 $233 4.7% 5.2% 33.6% 13.9% 25.6x 1.55x 11.5x 1.45x 10.2x

Median 82.8% $781 $100 $78 $729 $740 $108 3.8% 5.7% 33.1% 12.7% 29.5x 1.35x 12.4x 1.22x 10.3x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2018E


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Avon Products, Inc. AVP 2.63 53.7% 1,158 1,898 882 2,175 5,716 466 (0.0%) (13.6%) 61.5% 8.2% NA 0.38x 4.7x 0.38x 4.5x

Estee Lauder Companies Inc. Class A EL 138.44 96.4% 50,915 3,787 2,499 52,203 12,769 2,770 12.2% 5.3% 79.2% 21.7% 48.2x 4.09x 18.8x 3.76x 18.0x

Herbalife Ltd. HLF 92.10 96.0% 8,031 2,268 1,279 9,020 4,428 678 (1.4%) (3.7%) 79.0% 15.3% 35.7x 2.04x 13.3x 1.92x 12.2x

Kimberly-Clark Corporation KMB 110.92 82.0% 38,900 7,425 616 45,709 18,259 4,050 0.3% (2.5%) 35.9% 22.2% 17.3x 2.50x 11.3x 2.45x 10.9x

Medifast, Inc. MED 63.79 85.3% 761 0 96 666 286 41 4.6% (3.5%) 75.4% 14.4% 31.4x 2.33x 16.2x 2.01x 11.8x

Nu Skin Enterprises, Inc. Class A NUS 70.40 94.6% 3,714 389 438 3,664 2,279 340 3.2% (4.0%) 75.1% 14.9% 29.8x 1.61x 10.8x 1.50x 9.8x

Procter & Gamble Company PG 78.52 82.9% 197,949 37,733 18,758 216,924 65,732 17,301 0.8% (6.3%) 50.6% 26.3% 20.9x 3.30x 12.5x 3.19x 12.1x

Revlon, Inc. Class A REV 19.70 53.5% 1,037 2,925 79 3,882 2,708 249 31.8% 12.3% 56.7% 9.2% NA 1.43x 15.6x 1.45x 13.5x

Sally Beauty Holdings, Inc. SBH 16.84 75.9% 2,107 1,876 79 3,904 3,934 616 0.0% 1.4% 47.6% 15.7% 9.3x 0.99x 6.3x 0.98x 6.5x

Ulta Beauty Inc ULTA 203.35 64.6% 12,403 0 107 12,296 5,527 1,002 21.7% 21.8% 35.9% 18.1% 26.0x 2.22x 12.3x 1.85x 10.2x

USANA Health Sciences, Inc. USNA 76.40 96.7% 1,833 0 192 1,641 1,027 144 4.2% 11.1% 79.6% 14.0% 21.1x 1.60x 11.4x 1.47x 9.8x

All for One Steeb AG A1OS-DE $85.86 95.0% $428 $37 $35 $430 $354 $39 16.6% 6.3% 19.0% 10.9% 28.4x 1.21x 11.1x 1.06x 10.6x

Mean 81.4% $26,603 $4,861 $2,088 $29,376 $10,252 $2,308 7.8% 2.0% 58.0% 15.9% 26.8x 1.98x 12.0x 1.83x 10.8x

Median 84.1% $2,910 $1,887 $315 $3,893 $4,181 $541 3.7% (0.6%) 59.1% 15.1% 27.2x 1.82x 11.8x 1.67x 10.8x

Pet Care

Blue Buffalo Pet Products Inc BUFF 40.06 99.8% 7,822 394 282 7,934 1,275 314 10.9% 11.6% 46.2% 24.6% 41.3x 6.22x 25.3x 5.68x 22.9x

Central Garden & Pet Company CENT $38.63 91.3% $1,913 $691 $296 $2,309 $2,077 $205 10.0% 8.6% 31.0% 9.8% 20.7x 1.11x 11.3x 1.09x 10.6x

Freshpet Inc FRPT $20.00 97.6% $697 $6 $2 $701 $150 $9 15.9% 33.3% 41.6% 6.2% NA 4.68x 75.0x 3.72x 32.4x

Oil-Dri Corporation of America ODC 36.06 71.0% 244 9 27 227 262 29 0.5% (0.8%) 27.4% 11.0% 22.5x 0.87x 7.9x NA NA

Spectrum Brands Holdings, Inc. SPB 98.71 67.6% 5,713 3,979 138 9,555 4,442 741 (11.7%) 0.3% 37.8% 16.7% 14.8x 2.15x 12.9x 2.99x 13.6x

Maabarot Products Ltd. MABR-IL 12.02 58.3% 118 6 155 (31) 90 6 (1.1%) (5.0%) 39.2% 6.6% NA NM NM NA NA

Echo Trading Co., Ltd. 7427-JP 6.78 91.7% 41 46 29 57 709 3 1.1% (0.5%) 12.0% 0.5% 20.0x 0.08x 17.5x NA NA

Unicharm Corporation 8113-JP 28.14 97.7% 17,472 579 1,212 16,839 6,033 1,111 (5.4%) (10.2%) 41.0% 18.4% 31.5x 2.79x 15.2x 2.61x 14.0x

Mean 84.4% $4,253 $714 $268 $4,699 $1,880 $302 2.5% 4.7% 34.5% 11.7% 25.1x 2.56x 23.6x 3.22x 18.7x

Median 91.5% $1,305 $220 $146 $1,505 $992 $117 0.8% (0.1%) 38.5% 10.4% 21.6x 2.15x 15.2x 2.99x 14.0x

EV / 2018ERevenue Growth EV / LTMLTM MarginsLast Twelve Months (LTM)


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($ in millions, except per share data) Ticker 2/28/18 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

EV / 2018ERevenue Growth EV / LTMLTM MarginsLast Twelve Months (LTM)

Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 19.27 94.2% 3,417 0 258 3,159 3,664 478 1.3% 4.0% 32.0% 13.1% 21.2x 0.86x 6.6x 0.82x 6.2x

Abercrombie & Fitch Co. Class A ANF $20.63 87.7% $1,403 $312 $459 $1,256 $3,336 $182 (2.0%) (5.3%) 54.0% 5.4% NA 0.38x 6.9x 0.36x 4.9x

Ascena Retail Group, Inc. ASNA 2.27 47.5% 445 1,546 304 1,687 6,561 532 (6.3%) 11.1% 52.2% 8.1% NA 0.26x 3.2x 0.27x 3.2x

Buckle, Inc. BKE 21.05 83.8% 1,028 0 257 771 912 161 (11.2%) (7.1%) 40.8% 17.6% 12.1x 0.84x 4.8x 0.87x 5.3x

Caleres, Inc. CAL 28.01 81.6% 1,204 217 31 1,390 2,723 199 6.8% 2.1% 41.7% 7.3% 20.0x 0.51x 7.0x 0.49x 6.4x

Cato Corporation Class A CATO 11.36 45.0% 284 0 219 66 857 31 (13.1%) (3.8%) 31.5% 3.6% 23.7x 0.08x 2.1x 0.08x 1.7x

Chico's FAS, Inc. CHS 10.04 67.7% 1,283 72 186 1,169 2,295 240 (8.3%) (4.4%) 37.3% 10.5% NM 0.51x 4.9x 0.53x 5.0x

Citi Trends, Inc. CTRN 22.16 78.8% 304 0 65 239 729 39 6.3% 4.0% 35.8% 5.4% 21.5x 0.33x 6.1x 0.31x 4.9x

Destination Maternity Corporation DEST 2.12 40.9% 31 42 2 70 401 14 (11.2%) (8.5%) 52.8% 3.5% NA 0.18x 5.0x NA NA

DSW Inc. Class A DSW 19.61 86.3% 1,569 0 330 1,239 2,754 241 1.7% 4.3% 27.7% 8.7% 18.3x 0.45x 5.2x 0.44x 4.5x

Destination XL Group, Inc. DXLG 2.45 79.0% 119 81 6 195 455 23 0.8% 4.2% 38.0% 5.0% NA 0.43x 8.5x 0.40x 5.6x

Express, Inc. EXPR 7.22 62.8% 569 67 198 438 2,123 142 (6.9%) (0.6%) 28.5% 6.7% 45.1x 0.21x 3.1x 0.21x 2.9x

Finish Line, Inc. Class A FINL 10.62 61.6% 428 0 77 351 1,835 97 (1.7%) 0.9% 25.3% 5.3% 20.0x 0.19x 3.6x 0.19x 3.9x

Foot Locker, Inc. FL 45.91 59.0% 5,565 126 891 4,800 7,685 1,004 0.3% 3.0% 30.0% 13.1% 11.6x 0.62x 4.8x 0.62x 5.1x

Genesco Inc. GCO 39.30 61.9% 783 258 51 990 2,860 173 (2.0%) 1.2% 48.8% 6.1% NA 0.35x 5.7x 0.34x 5.8x

Guess?, Inc. GES 15.79 80.5% 1,299 41 233 1,107 2,283 139 4.3% (2.8%) 34.0% 6.1% NA 0.48x 8.0x 0.45x 6.6x

Gap, Inc. GPS 31.58 88.5% 12,280 1,248 1,353 12,175 15,506 2,020 0.2% (1.7%) 37.2% 13.0% 14.6x 0.79x 6.0x 0.77x 6.4x

J.Jill, Inc. JILL 8.61 59.8% 377 247 26 598 639 96 13.7% 11.9% 67.0% 15.0% 15.7x 0.94x 6.3x 0.83x 5.3x

L Brands, Inc. LB 49.33 78.2% 13,924 5,785 735 18,974 12,298 2,292 (1.5%) 3.2% 39.5% 18.6% 15.0x 1.54x 8.3x 1.48x 8.4x

Lululemon Athletica Inc LULU 81.10 97.0% 10,979 0 650 10,329 2,510 537 11.1% 13.5% 52.3% 21.4% 40.3x 4.11x 19.2x 3.54x 15.4x

Tailored Brands, Inc. TLRD 23.41 89.9% 1,153 1,476 126 2,503 3,238 350 (5.1%) 3.9% 43.0% 10.8% NM 0.77x 7.2x 0.77x 7.1x

New York & Company, Inc. NWY 2.67 75.1% 171 12 69 113 914 22 (2.1%) (0.5%) 29.9% 2.4% NA 0.12x 5.2x NA NA

Children's Place, Inc. PLCE 142.30 88.0% 2,475 56 273 2,259 1,821 233 3.3% 1.3% 34.3% 12.8% 20.2x 1.24x 9.7x 1.19x 8.4x

Ross Stores, Inc. ROST 78.09 91.2% 29,842 397 1,158 29,080 13,577 2,239 7.7% 8.1% 28.9% 16.5% 24.9x 2.14x 13.0x 1.98x 11.9x

Shoe Carnival, Inc. SCVL 23.36 82.3% 396 0 21 375 1,010 68 1.0% 3.4% 28.8% 6.7% 17.3x 0.37x 5.5x 0.37x 5.7x

Stein Mart, Inc. SMRT 0.62 16.6% 30 151 13 167 1,319 (6) (3.6%) 0.7% 21.5% NM NA 0.13x NM NA NA

Stage Stores, Inc. SSI 1.90 63.3% 52 272 30 294 1,497 26 0.4% (2.5%) 21.5% 1.8% NA 0.20x 11.2x NA NA

Urban Outfitters, Inc. URBN 35.29 92.7% 3,820 0 328 3,492 3,557 404 0.8% 3.4% 33.2% 11.4% 23.7x 0.98x 8.6x 0.94x 8.1x

Zumiez Inc. ZUMZ 19.70 80.6% 497 11 86 423 883 69 8.3% 4.2% 32.2% 7.8% 19.5x 0.48x 6.2x 0.44x 5.4x

Mean 73.2% $3,301 $428 $291 $3,438 $3,457 $415 (0.2%) 1.8% 37.2% 9.4% 21.4x 0.71x 6.8x 0.75x 6.2x

Median 79.0% $1,028 $67 $198 $1,107 $2,283 $173 0.3% 2.1% 34.3% 7.9% 20.0x 0.48x 6.1x 0.49x 5.6x

Department Chains

Bon-Ton Stores, Inc. BONT $0.06 4.3% $1 $1,146 $7 $1,140 $2,541 $82 (6.7%) (3.1%) 33.0% 3.2% NA 0.45x 13.8x NA NA

Dillard's, Inc. Class A DDS 81.55 95.5% 2,323 818 115 3,026 6,297 484 (3.9%) (1.9%) 30.7% 7.7% 21.3x 0.48x 6.2x 0.48x 6.4x

J. C. Penney Company, Inc. JCP 4.33 66.8% 1,349 4,493 185 5,657 12,436 820 (1.2%) 0.8% 29.9% 6.6% NA 0.45x 6.9x 0.46x 6.1x

Nordstrom, Inc. JWN 51.31 95.0% 8,547 2,738 672 10,613 15,092 1,631 3.1% 4.6% 36.1% 10.8% 18.0x 0.70x 6.5x 0.68x 6.7x

Kohl's Corporation KSS 66.09 95.1% 11,103 4,549 736 14,916 18,524 2,285 (1.8%) (0.5%) 31.0% 12.3% 17.6x 0.81x 6.5x 0.78x 6.4x

Macy's Inc M 29.41 87.3% 8,957 6,319 534 14,742 24,686 2,465 (5.5%) (4.0%) 35.0% 10.0% 13.0x 0.60x 6.0x 0.60x 5.6x

Stage Stores, Inc. SSI 1.90 63.3% 52 272 30 294 1,497 26 0.4% (2.5%) 21.5% 1.8% NA 0.20x 11.2x NA NA

Hudson's Bay Co. HBC-CA 7.63 69.9% 1,395 3,846 88 5,153 10,936 (102) 1.4% 14.3% 35.7% NM NA 0.47x NM 0.45x 12.3x

Mean 72.2% $4,216 $3,023 $296 $6,943 $11,501 $962 (1.8%) 1.0% 31.6% 7.5% 17.5x 0.52x 8.2x 0.57x 7.3x

Median 78.6% $1,859 $3,292 $150 $5,405 $11,686 $652 (1.5%) (1.2%) 32.0% 7.7% 17.8x 0.48x 6.5x 0.54x 6.4x


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CONSUMER AND RETAIL

11



Discount Stores & Mass Merchants

Big Lots, Inc. BIG 56.20 87.2% 2,362 372 58 2,676 5,208 391 0.1% 0.1% 38.3% 7.5% 14.4x 0.51x 6.8x 0.51x 6.4x

Costco Wholesale Corporation COST 190.90 95.5% 83,825 6,478 6,885 83,418 132,735 5,621 11.0% 5.1% 13.2% 4.2% 30.3x 0.63x 14.8x 0.59x 13.6x

CVS Health Corporation CVS 67.73 80.6% 68,714 27,002 1,807 93,909 184,765 12,468 4.1% 9.9% 15.5% 6.7% 10.5x 0.51x 7.5x 0.50x 7.4x

Dollar General Corporation DG 94.59 89.4% 25,687 3,121 226 28,582 23,351 2,463 9.8% 8.1% 30.6% 10.5% 21.0x 1.22x 11.6x 1.13x 10.9x

Dollar Tree, Inc. DLTR 102.64 88.0% 24,336 5,723 400 29,658 21,520 2,488 5.2% 37.0% 31.3% 11.6% 24.5x 1.38x 11.9x 1.29x 10.5x

Ollie's Bargain Outlet Holdings Inc OLLI 59.35 96.9% 3,659 126 42 3,743 1,004 134 18.0% 22.9% 39.4% 13.3% 46.4x 3.73x 28.0x 3.10x 21.4x

PriceSmart, Inc. PSMT 78.75 83.8% 2,394 101 130 2,366 3,024 182 3.1% 5.6% 15.9% 6.0% 27.2x 0.78x 13.0x 0.73x 12.5x

Rite Aid Corporation RAD 1.97 32.7% 2,103 3,038 170 4,971 24,676 649 (24.2%) (2.1%) 22.6% 2.6% NM 0.20x 7.7x 0.22x 7.4x

Target Corporation TGT 75.41 95.8% 40,991 12,631 2,725 50,897 69,803 6,293 (0.9%) (1.8%) 26.0% 9.0% 15.8x 0.73x 8.1x 0.71x 7.6x

TJX Companies Inc TJX 82.68 97.5% 52,279 2,230 2,876 51,633 34,372 4,553 5.2% 6.3% 28.8% 13.2% 22.3x 1.50x 11.3x 1.37x 10.7x

Tuesday Morning Corporation TUES 3.15 80.3% 145 0 9 135 979 (11) 0.5% 2.9% 32.8% NM NA 0.14x NM 0.14x 10.2x

Walgreens Boots Alliance Inc WBA 68.89 78.5% 68,247 14,005 1,830 80,422 120,453 7,569 3.1% 15.8% 23.0% 6.3% 19.0x 0.67x 10.6x 0.61x 8.5x

Walmart Inc. WMT 90.01 81.8% 266,644 49,927 7,026 309,545 494,904 32,600 2.3% 0.8% 25.5% 6.6% 23.9x 0.63x 9.5x 0.61x 9.4x

Mean 83.7% $49,337 $9,596 $1,860 $57,074 $85,907 $5,800 2.9% 8.5% 26.4% 8.1% 23.2x 0.97x 11.7x 0.88x 10.5x

Median 87.2% $25,687 $3,121 $400 $29,658 $24,676 $2,488 3.1% 5.6% 26.0% 7.1% 22.3x 0.67x 11.0x 0.61x 10.2x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $46.21 95.8% $3,270 $373 $149 $3,494 $3,294 $339 1.9% 9.4% 47.0% 10.3% 24.3x 1.06x 10.3x 0.93x 8.7x

At Home Group, Inc. HOME 29.59 87.0% 1,940 507 10 2,437 891 126 24.4% 30.2% 31.1% 14.1% 47.7x 2.73x 19.4x 2.18x 13.6x

Bed Bath & Beyond Inc. BBBY 21.44 52.1% 3,053 1,492 453 4,092 12,167 1,157 0.6% 1.2% 36.6% 9.5% 6.2x 0.34x 3.5x 0.34x 4.3x

Conn's, Inc. CONN 32.70 86.5% 1,026 1,039 84 1,981 1,528 139 (5.7%) 2.5% 51.8% 9.1% NM 1.30x 14.2x 1.24x 8.8x

Ethan Allen Interiors Inc. ETH 23.75 71.7% 653 0 42 611 755 71 (3.7%) (0.2%) 54.5% 9.4% 18.3x 0.81x 8.6x 0.78x 7.2x

Haverty Furniture Companies, Inc. HVT 20.35 74.7% 433 55 95 393 825 76 1.0% 3.2% 54.5% 9.2% 15.1x 0.48x 5.2x 0.47x 5.4x

Kirkland's, Inc. KIRK 8.76 65.3% 140 0 28 112 613 38 3.8% 8.1% 13.5% 6.2% 20.9x 0.18x 3.0x 0.17x 2.8x

LaZBoy Incorporated LZB 30.70 89.6% 1,445 0 154 1,292 1,577 158 3.4% 4.3% 39.7% 10.0% 20.1x 0.82x 8.2x 0.79x 7.7x

Pier 1 Imports, Inc. PIR 3.10 40.6% 258 200 80 378 1,815 115 (2.3%) (0.4%) 34.3% 6.4% 10.7x 0.21x 3.3x 0.21x 4.1x

Rent-A-Center Inc RCII 7.52 54.1% 401 637 76 962 2,748 89 (10.6%) (4.4%) 33.9% 3.3% NA 0.35x 10.8x 0.37x 7.7x

RH RH 84.88 77.5% 1,809 1,283 22 3,070 2,357 167 7.3% 10.3% 33.4% 7.1% NM 1.30x 18.4x 1.19x 9.8x

Sleep Number Corporation SCSS 34.44 84.6% 1,325 25 4 1,346 1,444 153 10.2% 7.7% 63.0% 10.6% 22.2x 0.93x 8.8x 0.88x 8.3x

Sherwin-Williams Company SHW 401.58 92.3% 37,746 10,949 208 48,488 13,787 2,148 18.1% 7.8% 45.8% 15.6% 35.3x 3.52x 22.6x 2.74x 14.9x

Williams-Sonoma, Inc. WSM 51.76 92.6% 4,357 170 91 4,436 5,194 660 2.1% 4.0% 36.7% 12.7% 14.7x 0.85x 6.7x 0.81x 6.5x

Mean 76.0% $4,133 $1,195 $107 $5,221 $3,500 $388 3.6% 6.0% 41.1% 9.5% 21.4x 1.06x 10.2x 0.94x 7.9x

Median 81.0% $1,385 $286 $82 $1,664 $1,696 $146 2.0% 4.1% 38.2% 9.5% 20.1x 0.84x 8.7x 0.80x 7.7x

EV / 2018ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM


PAGE |


CONSUMER AND RETAIL

12



Internet Retail

Amazon.com, Inc. AMZN 1,512.45 98.9% 732,188 44,147 30,986 745,349 177,866 15,253 30.8% 26.0% 37.1% 8.6% NM 4.19x 48.9x 3.19x 27.8x

Alibaba Group Holding Ltd. Sponsored ADR BABA $186.14 90.3% $475,754 $19,860 $34,938 $460,677 $33,584 $12,894 55.2% 43.1% 57.6% 38.4% 47.8x 13.72x 35.7x 9.13x 21.9x

Cimpress N.V. CMPR 162.75 95.9% 4,991 852 40 5,803 2,440 238 26.0% 20.4% 48.3% 9.8% NA 2.38x NM 2.16x 15.9x

eBay Inc. EBAY 42.86 91.2% 43,378 10,015 5,863 47,530 9,595 2,947 6.9% (18.8%) 76.3% 30.7% NA 4.95x 16.1x 4.33x 12.7x

MercadoLibre, Inc. MELI 387.97 97.2% 17,132 368 598 16,902 1,398 186 65.6% 35.9% 48.8% 13.3% NM 12.09x NM 8.36x 86.8x

Overstock.com, Inc. OSTK 60.40 67.3% 1,511 56 93 1,475 1,815 9 3.5% 8.4% 17.6% 0.5% NA 0.81x 167.2x 0.80x 136.7x

Booking Holdings Inc. PCLN 2,034.04 97.4% 99,200 9,524 7,423 101,301 12,681 4,901 18.0% 14.5% 82.1% 38.6% 43.4x 7.99x 20.7x 6.84x 18.2x

Shutterfly, Inc. SFLY 76.73 98.3% 2,495 709 668 2,536 1,190 191 4.9% 8.9% 44.3% 16.0% NM 2.13x 13.3x 2.04x 9.3x

Stamps.com Inc. STMP 191.05 82.0% 3,339 86 154 3,272 469 185 28.7% 47.1% 79.7% 39.4% 23.3x 6.98x 17.7x 5.98x 12.8x

Wayfair, Inc. Class A W 77.42 77.3% 6,857 458 620 6,695 4,721 (148) 39.7% 53.0% 23.7% NM NA 1.42x NM 1.07x NM

Mean 89.6% $138,684 $8,607 $8,138 $139,154 $24,576 $3,666 27.9% 23.8% 51.5% 21.7% 38.2x 5.67x 45.7x 4.39x 38.0x

Median 93.6% $11,994 $780 $644 $11,799 $3,581 $215 27.3% 23.2% 48.6% 16.0% 43.4x 4.57x 20.7x 3.76x 18.2x

Specialty & Other Retail

Best Buy Co., Inc. BBY 72.44 92.2% 21,176 1,329 3,537 18,968 40,270 2,534 1.8% (1.1%) 23.6% 6.3% 18.4x 0.47x 7.5x 0.46x 7.4x

Big 5 Sporting Goods Corporation BGFV 6.15 36.0% 132 50 7 174 1,010 41 (1.1%) 1.1% 32.0% 4.0% NM 0.17x 4.3x 0.17x 4.1x

Barnes & Noble, Inc. BKS $4.50 45.0% $328 $243 $11 $559 $3,767 $153 (7.3%) (15.5%) 27.9% 4.1% 19.6x 0.15x NM 0.16x 3.9x

Dick's Sporting Goods, Inc. DKS 32.02 60.5% 3,439 521 112 3,849 8,410 731 9.5% 8.4% 28.9% 8.7% 11.8x 0.46x 5.3x 0.44x 5.8x

Home Depot, Inc. HD 182.27 87.8% 212,846 25,589 3,549 234,886 99,228 16,461 6.3% 6.7% 32.3% 16.6% 25.3x 2.37x 14.3x 2.19x 13.2x

Hibbett Sports, Inc. HIBB 25.75 83.7% 492 3 59 436 948 83 (2.4%) 2.1% 30.3% 8.8% 14.7x 0.46x 5.3x 0.45x 5.8x

MarineMax, Inc. HZO 20.90 86.0% 555 308 36 828 1,062 61 6.3% 16.4% 25.5% 5.7% 20.3x 0.78x 13.6x 0.72x 12.5x

Lumber Liquidators Holdings, Inc. LL 23.16 56.0% 660 15 20 655 1,029 18 7.1% (0.6%) 36.0% 1.7% NM 0.64x 36.9x 0.59x 14.4x

Lowe's Companies, Inc. LOW 89.59 82.2% 74,356 16,038 828 89,566 68,909 8,348 10.3% 7.6% 32.1% 12.1% 21.5x 1.30x 10.7x 1.26x 10.6x

Movado Group, Inc. MOV 31.00 91.3% 711 30 156 585 556 66 (1.6%) (1.7%) 52.5% 11.9% 30.1x 1.05x 8.8x 1.03x 8.0x

Office Depot, Inc. ODP 2.63 42.0% 1,357 1,063 788 1,632 10,385 627 (11.8%) (13.0%) 24.1% 6.0% 3.1x 0.16x 2.6x 0.15x 2.7x

Staples, Inc. SPLS 0.00 0.0% 0 1,048 1,199 (151) 16,449 1,298 (20.6%) (10.4%) 26.2% 7.9% NA NM NM NA NA

Tiffany & Co. TIF 101.04 90.7% 12,557 1,072 1,009 12,620 4,065 969 2.0% (1.6%) 62.7% 23.8% 27.2x 3.10x 13.0x 2.91x 12.3x

Tractor Supply Company TSCO 64.93 78.5% 8,124 462 109 8,477 7,256 852 7.0% 8.3% 32.1% 11.7% 19.7x 1.17x 9.9x 1.09x 9.8x

Vitamin Shoppe, Inc. VSI 3.75 16.1% 90 137 2 225 1,215 65 (4.9%) 1.0% 29.2% 5.3% NA 0.19x 3.5x 0.20x 5.1x

Mean 63.2% $22,455 $3,194 $761 $24,887 $17,637 $2,154 0.0% 0.5% 33.0% 9.0% 19.2x 0.89x 10.4x 0.84x 8.3x

Median 78.5% $711 $462 $112 $828 $4,065 $627 1.8% 1.0% 30.3% 7.9% 19.7x 0.55x 8.8x 0.53x 7.7x

EV / LTM EV / 2018ELast Twelve Months (LTM) Revenue Growth LTM Margins


PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A1

CONSUMER AND RETAIL


13

Private Equity

Announced Target Seller Buyer Involvement

2/28/2018 Ambercare Corp. - Addus HomeCare Corp.

2/26/2018 Spectrum Brands Holdings, Inc. - HRG Group, Inc.

2/23/2018 Blue Buffalo Pet Products, Inc. - General Mills, Inc.

2/20/2018 Rite Aid Corp. - Cerberus Capital Management LP; Lubert Adler Management, Inc.; Albertsons Cos. LLC

2/20/2018 TCHO Ventures, Inc. - Ezaki Glico Co., Ltd. P

2/19/2018 Global Design Concepts, Inc. - BioWorld Merchandising, Inc.

2/17/2018 Curves International, Inc. - Curves Holdings KK P

2/16/2018 Zag Toys, Inc. Zacks Enterprises, Inc. Alleghany Capital Partners LLC; Jazwares, Inc.

2/15/2018 CSM Bakery Solutions LLC /Multifoods Brand/ CSM Bakery Solutions Europe Holding BV Pamplona Capital Management LLP; BakeMark USA LLC

2/13/2018 MM Development Co. LLC - Carpincho Capital Corp.

2/12/2018 Aalfs Manufacturing, Inc. - Ropa Siete Leguas SA de CV

2/12/2018 K'NEX LP Group - Basic Fun, Inc.

2/12/2018 Mighty Fine, Inc. - Mad Engine LLC

2/7/2018 Elite One Source Nutritional Services, Inc. - DCC Health & Beauty Solutions Ltd. P

2/7/2018 Marine View Beverage, Inc. - Meritage Group LP; CoHo Distributing LLC

2/7/2018 Perry Ellis International, Inc. - Perry Ellis International, Inc. /Management/ P

2/6/2018 Pure Applied Sciences, Inc. - Cannabis Strategic Ventures

2/2/2018 Aphria (Arizona), Inc. Aphria, Inc. Liberty Health Sciences, Inc.

2/2/2018 Burnette Foods, Inc. /Maraschino Cherry Business/ Burnette Foods, Inc. Seneca Foods Corp.

2/2/2018 Arbonne International LLC Natural Products Group, Inc. Groupe Rocher Opérations SAS

2/1/2018 Aryzta AG /Cicero Facility/ Aryzta AG Bimbo Bakeries USA, Inc.

2/1/2018 Aryzta LLC /Chicago Cloverhill Bakery Facilities/ Aryzta AG Hostess Brands LLC

2/1/2018 Becton Dickinson Malaysia, Inc. Becton, Dickinson & Co. Sunny Sky Products LLC

2/1/2018 International Gamco, Inc. - Pollard Banknote Ltd.

2/1/2018 Galls LLC - Charlesbank Capital Partners LLC; Galls LLC /Private Group/ P

1/31/2018 Intergalactic Foods LLC - Platinex, Inc.

1/31/2018 Tourneau LLC - Bucherer AG P

1/30/2018 Ready Hands, Inc. - BelHealth Investment Partners LLC; Care Advantage, Inc.

1/29/2018 Dr Pepper Snapple Group, Inc. - Keurig Green Mountain, Inc.

1/29/2018 General Distributors, Inc. - CoHo Distributing LLC

1/24/2018 Rimports, Inc. - Compass Group Management LLC; Sterno Products LLC

1/24/2018 iGourmet LLC - Innovative Gourmet Caterers

1/23/2018 Carls Patio, Inc. - Rooms To Go, Inc. P

1/19/2018 Links & Kings LLC - Acushnet Holdings Corp.

1/18/2018 Jack Black LLC - Edgewell Personal Care Co.

1/18/2018 Watkins, Inc. /Personal Care & Household Brand Assets/ Global Automotive Systems LLC Swander Pace Capital LLC P

1/16/2018 MeTEOR Education LLC - Saw Mill Capital LLC; MeTEOR Education /PE/ P

1/16/2018 Tree of Knowledge, Inc. - Courtland Capital, Inc. P

1/16/2018 YogaHome LLC - Marpac Corp.

1/12/2018 Lance Camper Manufacturing Corp. - REV Group, Inc.

1/11/2018 All Paws Pet Center LLC - Hartzell PFO, Inc.

1/11/2018 Bristol County Wellness Center, Inc. - Future Farm Technologies, Inc.

1/10/2018 Sisters of Los Angeles LLC - Who's There, Inc.

1/9/2018 Elite Products International, Inc. - Profile Solutions, Inc.

1/9/2018 Limelight By Alcone Alcone Co., Inc. L'Occitane International SA

1/8/2018 SEE Merchandising LLC - Teall Investments LLC; Dyehard Fan Supply LLC

1/4/2018 BHCosmetics, Inc. - MidOcean US Advisor LP P

1/2/2018 Paul Fredrick MenStyle, Inc. - ClearLight Partners; The Westec Security Group, Inc. P

12/31/2017 Hoskin & Muir, Inc. - Riverside Partners LLC (New York) P

12/29/2017 Blind Ambitions LLC - Installed Building Products, Inc.

12/28/2017 Paoli LLC HNI Corp. Jasper Seating Co., Inc.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

CONSUMER AND RETAIL


Private Equity


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

8/21/2017 TravisMathew - Callaway Golf Company

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

8/15/2017 Casamigos - Diageo Plc

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

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

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

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

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

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

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

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

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

14

PAGE |

HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

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

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

Ed ArkusManaging [email protected]+44 20 7518 8905

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

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

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

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

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

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

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

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

Will [email protected]+44 20 7518 8906

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

Private Equity


8/2/2017 Sebago Wolverine World Wide BasicNet

8/2/2017 Fitness Management - Fuzion Investment Capital

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

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

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

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

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

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

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

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

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

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

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

6/29/2017 BathWraps - Jacuzzi Brands Corp.

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

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

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

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

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

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

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

6/11/2017 Campbell Mattress - Mattress Direct

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4/20/2017 MooreCo, Inc. - Prudential Capital; Mooreco P

4/20/2017 TheSockGame.com - Hoopswagg LLC

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

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

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

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

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

15














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16

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HARRIS WILLIAMS & CO.

17

SOURCES

1) FactSet

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

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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

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