http://sdrventures.com/

Strategic76%

Financial24%

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

425 1.63x 8.50x

8

8 - -

- - -

255 - -

3,350 3.72x -

- - -

8

1

5 4

- -

7

2 2

- 1 2 3 4 5 6 7 8 9

Pet Food Pet Treats Retailers Hard Goods Co-Packers AnimalHealth

VeterinaryServices

Pet CareServices

Pet Tech

Financial Buyer Inv. Date Select Corporate Acquisitions

▪Graham Partners 11/11/2016 ▪ Mercer Foods LLC

(Bright Pet) 4/28/2016 ▪ Ohio Pet Foods, Inc.

4/28/2016 ▪ Southern Tier Pet Nutrition LLC

4/28/2016 ▪ Blackwood Pet Food, LLC▪Mistral Equity Partners LLC 10/10/2016 ▪ Sherpa Pet Trading Co.

(Worldwise, Inc.) 5/28/2015 ▪ Quaker Pet Group

5/20/2014 ▪ Spot Experience Group LLC (Investment)

5/2/2011 ▪ Worldwise, Inc.▪The Halifax Group LLC 4/18/2017 ▪ LADS Pet Supplies

(Animal Supply Co. LLC) 12/19/2016 ▪ Holistic Pet Source, Inc

7/15/2013 ▪ Pet Food Wholesale, Inc.

11/7/2012 ▪ Lone Star Pet Supply, Inc.▪L Catterton 6/15/2017 ▪ Triple-T Foods, Inc.

4/25/2017 ▪ JustFoodForDogs, LLC

4/4/2017 ▪ NatPets LLC (dba I and love and you)

9/30/2014 ▪ Ainsworth Pet Nutrition, Inc.▪The Riverside Company 12/7/2016 ▪ Dublin Dog Co.

(Outward Hound) 10/15/2015 ▪ Petstages, Inc.

9/9/2015 ▪ Zoo Active Products AB

1/13/2015 ▪ Bionic Pet Products Inc.

Strategic Buyer Inv. Date Select Corporate Acquisitions

Radio Systems Corporation 3/20/2017 ▪ Solvit Products

5/31/2016 ▪ The Piddle Place, LLC

2/5/2013 ▪ Pup-Pee Solutions USA LLC

11/30/2012 ▪ Lucky Litter LLC

6/7/2010 ▪ Veterinary Ventures, Inc.

Bentley's Pet Stuff LLC 9/29/2016 ▪ Moochie & Co., Inc.

9/29/2016 ▪ Pet Food Zoom, Inc.

7/14/2016 ▪ Go Dog Go, Inc.

5/4/2016 ▪ ITS A PETS LIFE, Inc.

4/22/2016 ▪ Natural Pet Marketplace, LLC

2/16/2016 ▪ The Pet Outpost, L.L.C▪Innovetive Petcare, Inc. 2/1/2017 ▪ Sun Dog Cat Moon Veterinary Clinic

9/8/2016 ▪ Crossroads Pet Hospital of Carrolton and Chisolm Trail Vet Clinics of Lockhart

5/8/2016 ▪ Veterinary Referral Hospital of Hickory

8/19/2015 ▪ Chattanooga Emergency Pet Hospital (CEPH)

2/24/2015 ▪ Animal Emergency & Specialty Center, LLC▪Mars, Incorporated 1/9/2017 ▪ VCA, Inc.

3/31/2016 ▪ Whistle Labs, Inc.

10/9/2015 ▪ BluePearl Veterinary Partners LLC

1/29/2015 ▪ Snaptracs, Inc.▪PetSmart, Inc. 4/18/2017 ▪ Chewy, Inc.

10/19/2016 ▪ DCl Ventures, Inc.

8/19/2014 ▪ Pet360 Inc.

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Nestlé SA NESN-CH 223,686$ 71.87$ -4.6% -2.0% 86.2% 4.5% 19.5% 3.1x 15.8x 25.7x 2.9x 15.1x

Colgate-Palmolive Co. CL-US 58,166 65.44 -11.7% -1.8% 86.8% 4.3% 27.9% 4.7x 16.0x 23.6x 4.5x 15.3x

The J. M. Smucker Co. SJM-US 14,911 128.06 -5.5% 3.8% 81.4% 1.8% 21.9% 2.5x 11.0x 25.1x 2.5x 11.0x

Spectrum Brands Holdings, Inc. SPB-US 7,299 122.33 -11.2% 20.2% 88.0% 4.5% 17.1% 2.2x 12.7x 23.2x 2.1x 10.8x

Blue Buffalo Pet Products, Inc. BUFF-US 4,722 24.04 1.2% 28.5% 87.4% 10.8% 24.8% 3.9x 16.7x 35.4x 3.5x 13.8x

Central Garden & Pet Co. CENT-US 1,555 33.09 27.3% 144.7% 95.9% 5.4% 13.0% 1.1x 11.1x 27.3x 1.1x 11.9x

Omega Protein Corp. OME-US 562 25.05 7.2% 12.8% 95.2% (4.2%) 21.7% 1.0x 4.2x 18.4x 1.0x 5.0x

Freshpet Inc. FRPT-US 344 10.15 17.3% 19.6% 85.9% 22.7% 0.9% 4.2x 77.8x NM 3.4x 28.3x

Segment Average 6.2% 18.3% 2.8x 20.7x 25.5x 2.6x 13.9x

Segment Median 4.5% 20.6% 2.8x 14.2x 25.1x 2.7x 12.8x

Market Stats Operating Stats LTM Multiples NTM Multiples

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Pet Food & Treats Retailers Hard Goods Animal Health S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Tractor Supply Co. TSCO-US 9,950$ 75.81$ 12.6% -11.3% 78.0% 8.9% 8.7% 1.1x 9.0x 23.5x 1.0x 8.5x

PetMed Express, Inc. PETS-US 474 23.07 13.8% 34.6% 97.0% 5.8% 19.4% 3.1x 19.9x 19.7x 2.9x 18.0x

Segment Average 7.3% 14.0% 2.1x 14.5x 21.6x 2.0x 13.3x

Segment Median 7.3% 14.0% 2.1x 14.5x 21.6x 2.0x 13.3x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Merck & Co., Inc. MRK-US 162,313$ 58.87$ -5.7% 11.5% 89.9% 2.2% 37.3% 4.8x 11.9x 37.5x 4.7x 11.6x

Sanofi SAN-FR 104,702 81.11 13.7% -2.2% 90.7% 9.7% 31.0% 3.4x 11.7x 20.0x 3.2x 9.9x

Eli Lilly & Co. LLY-US 81,195 73.55 -8.4% -12.7% 85.8% 2.6% 28.8% 4.5x 17.3x 35.5x 4.2x 14.3x

Zoetis, Inc. ZTS-US 26,435 53.53 2.9% 11.7% 98.9% 7.8% 35.1% 7.0x 20.2x 31.1x 6.5x 16.7x

Henry Schein, Inc. HSIC-US 12,211 151.71 -6.9% -4.1% 82.9% 6.7% 8.2% 1.4x 16.5x 23.1x 1.3x 15.3x

IDEXX Laboratories, Inc. IDXX-US 10,514 117.27 4.0% 60.8% 96.3% 11.6% 24.1% 8.3x 33.9x 43.4x 7.6x 30.2x

Akorn, Inc. AKRX-US 2,734 21.83 -19.9% -41.5% 55.3% (4.0%) 37.8% 4.3x 10.5x 15.0x 4.4x 11.5x

Neogen Corp. NEOG-US 2,506 66.00 18.0% 16.8% 95.5% NM NM 7.1x 33.0x NM 6.2x 27.7x

Phibro Animal Health Corp. PAHC-US 543 29.30 7.8% -2.8% 82.1% 3.0% 15.8% 2.3x 14.9x 18.2x 2.2x 13.8x

Trupanion, Inc. TRUP-US 454 15.52 -8.2% 59.0% 87.8% 30.6% (0.6%) 3.1x NM NM 2.3x 87.9x

Heska Corp. HSKA-US 494 71.60 31.5% 85.1% 96.3% 13.7% 12.8% 5.4x 32.5x 38.3x 5.0x 27.2x

Aratana Therapeutics, Inc. PETX-US 266 7.18 -23.3% 28.7% 66.9% (5.9%) NM 6.6x NM NM 6.0x NM

Jaguar Animal Health, Inc. JAGX-US 10 0.72 -44.1% -68.2% 15.6% NM NM 10.7x NM NM NM NM

RiceBran Technologies RIBT-US 11 1.03 -23.7% -45.8% 43.6% 11.5% 0.6% 0.5x NM NM 0.4x 10.5x

Sonoma Pharmaceuticals, Inc. SNOA-US 21 5.04 16.1% -12.3% 70.5% 33.9% (70.5%) 0.9x NM NM 0.6x NM

Segment Average 9.5% 13.4% 4.7x 20.3x 29.1x 3.9x 23.1x

Segment Median 7.8% 20.0% 4.5x 16.9x 31.1x 4.3x 14.8x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Clorox Co. CLX-US 15,452$ 120.02$ -4.1% -5.4% 85.4% 3.9% 19.8% 3.2x 15.5x 23.7x 3.2x 14.4x

Church & Dwight Co., Inc. CHD-US 11,428 44.19 -7.8% 4.1% 82.3% 4.5% 26.1% 4.0x 16.4x 24.1x 4.0x 16.2x

Spectrum Brands Holdings, Inc. SPB-US 7,299 122.33 -11.2% 20.2% 88.0% 4.5% 17.1% 2.2x 12.7x 23.2x 2.1x 10.8x

Central Garden & Pet Co. CENT-US 1,555 33.09 27.3% 144.7% 95.9% 5.4% 13.0% 1.1x 11.1x 27.3x 1.1x 11.9x

Oil-Dri Corp. of America ODC-US 194 38.21 1.5% 3.7% 93.3% NM 10.7% 1.0x 9.2x NM NM NM

Boss Holdings, Inc. BSHI-US 27 13.03 0.9% 7.0% 74.4% NM 4.0% 0.2x 4.9x 16.9x NM NM

Jewett-Cameron Trading Co. Ltd. JCTCF-US 29 12.90 4.5% 28.7% 86.3% NM NM 0.6x 6.4x NM NM NM

Segment Average 4.6% 15.1% 1.8x 10.9x 23.1x 2.6x 13.3x

Segment Median 4.5% 15.1% 1.1x 11.1x 23.7x 2.6x 13.2x

Market Stats Operating Stats LTM Multiples NTM Multiples

http://sdrventures.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA6/29/2017 PetBot, Inc. Petcube, Inc.; Zillionize Pet Tech - - -

6/28/2017 Blue Ridge Fish Wholesale Carolina Aquatics Retailers - - -

6/26/2017 Coast 2 Coast Wholesale Pet Products Boss Pet Products, Inc. Hard Goods - - -

6/26/2017 The Spot Experience Group LLC AKC Pet Care LLC Pet Care Services - - -

6/23/2017 Ecuphar NV Animalcare Group Plc Veterinary Services 105.46 - -

6/15/2017 Triple-T Foods, Inc. Ainsworth Pet Nutrition LLC Pet Food - - -

6/12/2017 Animalbox SAS Doctissimo SA Retailers - - -

6/8/2017 Village Vet Ltd. Sovereign Capital Partners LLP;

Linnaeus Group Ltd.

Veterinary Services - - -

6/5/2017 Spike's World Pets Choice Ltd Pet Food - - -

5/30/2017 The D.O.G. Bakery Pets Naturally Retailers - - -

5/30/2017 Destination Pet LLC Opus Equity Partners Pet Care Services - - -

5/22/2017 Doskocil Manufacturing Co., Inc. (dba Petmate) Olympus Advisors LLC Hard Goods 425.00 1.63x 8.50x

5/22/2017 Pet Insurance Review, Inc. Equimedia Ltd. (United Kingdom) Pet Tech - - -

5/22/2017 Community Veterinary Clinics LLC Community Veterinary Clinics LLC

(Management)

Veterinary Services - - -

5/18/2017 The Farmer's Dog, Inc Collaborative Fund, Forerunner

Ventures LLC, SV Angel LLC, Shasta

Ventures Management

Pet Food 8.10 0.00x 0.00x

5/17/2017 Karlie Flamingo GmbH Beeztees Holding B.V Hard Goods - - -

5/12/2017 WestFeeds, Inc. Ridley, Inc. Pet Food - - -

5/2/2017 Premier Vet Alliance Ltd. (Premier Buying Group) Animal Healthcare Services Ltd., Veterinary Services 8.14 - -

5/1/2017 K&H Manufacturing LLC Central Garden & Pet Co. Hard Goods - - -

5/1/2017 Calysta, Inc Cargill, Incorporated; Mitsui & Co.,

Ltd.; Temasek Holdings Pte Ltd;

Pangaea Ventures; Walden-

Riverwood Ventures; Municipal

Employee Retirement System of

Michigan; Aqua-Spark

Pet Food - - -

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

Harbinger Capital Partners LLC

Pet Treats 255.00 - -

4/25/2017 JustFoodForDogs, LLC L Catterton Pet Food - - -

4/18/2017 LADS Pet Supplies The Halifax Group LLC; Animal

Supply Co. LLC

Retailers - - -

4/18/2017 Chewy, Inc. PetSmart, Inc.; BC Partners Ltd.; CDP

Capital Private Equity; Ardian SA;

GIC Special Investments Pte Ltd.;

StepStone Group LP

Retailers 3,350.00 3.72x -

4/18/2017 Arthur Dogswell LLC Frontenac Co. LLC; Whitebridge Pet

Brands LLC

Pet Food - - -

4/10/2017 Shires Vets Ltd. Sovereign Capital Partners LLP;

Linnaeus Group Ltd.

Veterinary Services - - -

4/4/2017 PetCoach, Inc. Petco Animal Supplies, Inc.; CVC

Capital Partners Ltd.

Veterinary Services - - -

4/4/2017 NatPets LLC (dba I and love and you) L Catterton Pet Food - - -

4/3/2017 Fuji Field Co. Ltd. J-STAR Co. Ltd. Veterinary Services - - -

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA3/31/2017 Medical Ethics Pty Ltd. Dechra Pharmaceuticals Plc Animal Health 46.04 - -

3/29/2017 Dog Vacay, Inc. A Place for Rover, Inc.; Madrona

Venture Group LLC; Menlo Ventures;

Foundry Group LLC; A-Grade

Investments

Pet Care Services - - -

3/28/2017 Nature's Logic VisioCap, LLC Pet Food - - -

3/22/2017 Complete Natural Nutrition Parkers Pet Provisions Pet Treats - - -

3/20/2017 Solvit Products Radio Systems Corporation Hard Goods - - -

3/20/2017 Omnipet, LLC (dba PetFlow) Phillips Feed Service, Inc. Retailers - - -

3/13/2017 Fetch Chuck & Don's Retailers - - -

3/6/2017 Inyanga Trading 386 Pty Ltd. (2 Subs) Ascendis Health Ltd. Animal Health 28.67 - -

2/28/2017 Healthy Life Pets LLC Petlife Pharmaceuticals, Inc. Veterinary Services - - -

2/28/2017 Gambol Pet Group Co. Ltd. KKR & Co. L.P. (NYSE:KKR) Pet Food - - -

2/7/2017 WHIMZEES WellPet LLC Pet Treats - - -

2/1/2017 Sun Dog Cat Moon Veterinary Clinic Innovetive Petcare, Inc. Veterinary Services - - -

1/27/2017 Ask The Veterinarian Healthbrands, Inc. Veterinary Services - - -

1/19/2017 Altimmune, Inc. PharmAthene, Inc. Veterinary Services - - -

1/10/2017 Fetching Communications LLC French/West/Vaughan LLC Pet Tech - - -

1/10/2017 Crosswind Industries, Inc. Archer-Daniels-Midland Co. Pet Food - - -

1/9/2017 VCA, Inc. Mars, Inc. Veterinary Services 8,821.26 3.50x 18.00x