Consumer Products Quarterly Update
Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com
Q4 2016
Quarterly Update | Q4 2016 | Consumer Products
New business models focused on creating customized, individual units are disrupting tried-and-true mass production. According to a recent Deloitte study, approximately 42% of consumers are interested in technology to customize
products. One popular example of these new direct-to-consumer relationships is additive food manufacturing, or the process of 3D printing using edible materials.
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Consumer Products Trends
Who We Are
Deloitte Corporate Finance LLC is a leading global middle market M&A advisor. The firm’s professionals have extensive knowledge of, and transaction experience in, the Consumer Products space.
Contacts
Lorin DeMordauntManaging [email protected]+1 (704) 333-0591
Matt PreeceManaging [email protected]+1 (704) 731-7186
In the News
November 22, 20163 – Dr Pepper Snapple Group, Inc. (“Dr Pepper”), producer and supplier of packaged beverages across North America, announced its acquisition of Bai Brands LLC (“Bai”) for $1.7 billion. Bai produces fruity, antioxidant-infused beverages, targeting healthy consumers. In regards to the transaction, Larry Young, chief executive officer of Dr Pepper, stated, “In a relatively short time, Bai has carved out a leadership position in the enhanced water category and has now extended
that success into other fast-growing and profitable categories.”
October 12, 20164 – Stanley Black & Decker Inc. (“Stanley”), U.S.-based provider of tools, storage, security, and industrial products, announced its acquisition of Newell Brands Inc.’s (“Newell Brands”) tools business for $2.0 billion. Newell Brands is a designer and distributor of consumer and commercial products worldwide. The sale of the tools division will allow Newell Brands to focus on new categories, in areas such as home fragrances and outdoor products, to drive growth and increase margins.
In This Update
• Consumer Products Trends
• Economic Outlook
• Industry Analysis
• Select M&A Transactions
• Appendix
This update will focus on news and trends in the following areas:
• Beauty & Cosmetics
• Food & Beverages
• Products & Durables
• Restaurant & Food Services
• Specialty Retail
Product Customization1 Enabling Technology1
Premium Pet Care2Online Retail1
Online CPG sales are projected to increase to $36 billion by 2018, up from $8 billion in 2013. Understanding how CPG companies can operate in this channel successfully will continue to be crucial in 2017.
For example, food and beverage companies are currently developing solutions to simplify the logistics of selling and delivering perishable items through the internet.
CPG companies increasingly connect with and trace consumers using digital technologies, cloud, and in-memory computing, allowing companies to quickly collect and analyze large amounts of data, producing
meaningful consumer insights. Approximately $0.56 of every dollar spent in stores is influenced by a consumer’s digital interaction across
multiple devices.
Approximately 95% of pet owners in the U.S. consider their pets to be a part of the family. This trend directly translates to a demand for premium pet food and products, even if it means cutting back on discretionary items. Large conglomerates are
expanding into the pet care space through M&A activity, hoping to benefit from pet owners’ desires for GMO-free, nutrient-rich, and natural pet food products.
Quarterly Update | Q4 2016 | Consumer Products
Macroeconomic and Consumer Products Sector Outlook
U.S. Treasury Yield Curve2
(Nominal vs. Real)U.S. Gross Domestic Product1
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U.S. Per Capita Disposable Income5 Monthly Total U.S. Retail Sales6
$38.4
$44.0
$32.0
$34.0
$36.0
$38.0
$40.0
$42.0
$44.0
$46.0
$ in
Th
ou
san
ds
U.S. Unemployment Rate3 ISM Non-Manufacturing Indexand Consumer Confidence Index4
55.0
65.0
75.0
85.0
95.0
105.0
115.0
48.0
50.0
52.0
54.0
56.0
58.0
60.0
62.0
64.0
Con
su
mer C
on
fid
en
ce
IS
M N
on
-Man
ufa
ctu
rin
g*
ISM Non-Manufacturing Consumer Confidence
*An ISM Non-Manufacturing Index value above 50 signals economic expansion.
$300.0
$310.0
$320.0
$330.0
$340.0
$350.0
$360.0
$370.0
$380.0
$ in
Billion
s
Mean: $346.1
200
250
300
350
400
450
500
550
600
4.0%
6.0%
8.0%
10.0%
Job
less C
laim
s (
Th
ou
san
ds)
% U
nem
plo
yed
Initial Jobless Claims Unemployment Rate (%)
$0
$5
$10
$15
$20
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
$ in
Tril
lion
s
YoY
Percen
t C
han
ge
GDP ($ in Trillions) YoY % Growth (Adj. for Inflation)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
In
terest
Rate
Real Yield (%) Nominal Yield (%)
Quarterly Update | Q4 2016 | Consumer Products
Consumer Products Sector Breakdown & Trading Statistics1
Public Comparables Three-Year Stock Market Performance2
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Footnote:(1) Data as of December 31st, 2016.
Footnote:(1) Consumer Index companies listed on pages 6 and 7 in the Appendix.
S&P 500 Index 21.13%
NASDAQ Composite Index 28.89%
Consumer Index1 9.38%
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
S&P 500 Index NASDAQ Composite Index Consumer Index
Last Twelve Months NTM
Sector
(Number of Companies
Included)
Number of
Companies
% of 52
Week High
Median
Revenue
CAGR (3 Yr)
Median LTM
EBITDA
($M)
Median
EBITDA
Margin
Median EV
($M)
EV/
Revenue
EV/
EBITDA
EV/
EBITDA
Beauty & Cosmetics (12) 12 75.4 % 1.8 % $673.6 16.4 % $10,707.3 2.2 x 13.5 x 11.5 x
Food & Beverages (11) 11 83.7 (1.0) 1,826.1 16.3 20,481.9 2.7 13.4 13.0
Products & Durables (10) 10 93.6 4.2 651.9 16.6 8,707.3 2.1 13.2 11.2
Restaurant & Food Services (19) 19 90.2 4.8 334.6 13.3 3,760.9 1.4 10.9 9.6
Specialty Retail (11) 11 75.4 3.5 304.9 13.9 3,745.7 1.2 9.7 9.3
Consumer Products Index 63 83.7 % 3.5 % $651.9 16.3 % $8,707.3 2.1 x 13.2 x 11.2 x
Quarterly Update | Q4 2016 | Consumer Products
Announce Date Target/Acquiror Target Business DescriptionEnterprise
Value ("EV")
Dec-16 Allen Edmonds
Caleres
Designs and manufactures footwear, clothing, and accessories for
men.
$255.0 NA x
Nov-16 Bai Brands
Mott's (Dr Pepper Snapple Group, Inc.)
Produces antioxidant infused drinks. 1,700.0 NA
Nov-16 Bellisio Foods
Charoen Pokphand Foods
Manufactures and markets frozen food products. 1,075.0 NA
Nov-16 Harman International Industries, Inc.
Samsung Electonics America, Inc.
Designs and engineers connected products and solutions for
automakers, consumers, and enterprises worldwide.
8,854.4 10.4
Nov-16 Peacock Foods
Greencore Group
Manufactures and markets ambient, chilled, and frozen food
products.
747.5 15.8
Nov-16 Too Faced Cosmetics
The Estée Lauder Companies
Manufactures cosmetic products for women. 1,450.0 NA
Nov-16 JemPak GK Inc.
Acasta Enterprises Inc.
Develops, manufactures, and distributes laundry care and
household cleaning products.
94.3 12.4
Nov-16 Moran Foods
Onex Corporation
Grocery wholesaler and retailer in the United States. 21.0 8.5
Oct-16 Newell Brands, Inc., Tool Businesses
Stanley Black & Decker, Inc.
Comprises cutting, hand tool, and power tool accessories. 1,950.0 13.0
Oct-16 Glacier Water Services, Inc.
Primo Water Corporation
Owns and operates self-service water vending machines that
dispense filtered drinking water to the consumers in the United
States and Canada.
249.6 11.1
Oct-16 Red Lobster
Thai Union Group Public Company Limited
Owns and operates a chain of restaurants and Red Lobster
consumer packaged goods business.
1,265.0 8.8
Oct-16 Cabela's
Bass Pro Shops
Operates as a specialty retailer and direct marketer of hunting,
fishing, camping, and related outdoor merchandise.
9,343.0 19.9
EV/
EBITDA
2,397
1,983
2,479
2,772
3,041 2,874
3,213 3,199
2,474
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2008(A) 2009(A) 2010(A) 2011(A) 2012(A) 2013(A) 2014(A) 2015(A) 2016(A)
Nu
mb
er o
f D
eals
Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M
Select Recent Consumer Products M&A Transactions1
Annual Consumer Products M&A Transaction Volume2
www.investmentbanking.deloitte.com | Page 5
Quarterly Update | Q4 2016 | Consumer Products
Appendix
Public Comparables Analysis1
www.investmentbanking.deloitte.com | Page 6
Historical Last Twelve Months
Company (Ticker)
% of 52
Week High
LTM
Revenue
Revenue
CAGR (3 Yr)
LTM
EBITDA
EBITDA
Margin
Enterprise
Value ("EV")($ in Millions)
Beauty & Cosmetics (12)
Avon Products Inc. (NYSE:AVP) 79.3 % $5,632.8 (17.5) % $468.8 8.3 % $4,304.1 0.8 x 9.2 x 8.4 x
Coty Inc. (NYSE:COTY) 59.2 4,317.0 (2.2) 748.0 17.3 18,068.6 4.2 24.2 7.5
L'Occitane International S.A. (SEHK:973) 86.9 1,364.9 7.4 226.2 16.6 2,473.0 1.8 10.9 9.3
L'Oreal SA (ENXTPA:OR) 96.0 26,853.0 3.9 5,588.1 20.8 101,770.7 3.8 18.2 16.5
Nu Skin Enterprises Inc. (NYSE:NUS) 77.8 2,248.7 (5.6) 336.1 14.9 2,693.1 1.2 8.0 9.8
Oriflame Holding AG (OM:ORI) 80.2 1,307.8 (5.2) 145.2 11.1 1,766.6 1.4 12.2 11.5
The Procter & Gamble Company (NYSE:PG) 93.0 65,290.0 (7.3) 17,517.0 26.8 243,582.1 3.7 13.9 14.6
Revlon, Inc. (NYSE:REV) 84.6 2,055.2 14.6 334.1 16.3 4,352.2 2.1 13.0 N/A
Sally Beauty Holdings Inc. (NYSE:SBH) 78.3 3,952.6 3.0 599.3 15.2 5,390.0 1.4 9.0 8.7
The Estée Lauder Companies Inc. (NYSE:EL) 80.8 11,292.3 3.1 2,150.5 19.0 30,186.9 2.7 14.0 14.1
ULTA Salon, Cosmetics & Fragrance, Inc. (NasdaqGS:ULTA) 93.8 4,542.5 21.0 797.1 17.5 16,024.5 3.5 20.1 16.2
Unilever PLC (LSE:ULVR) 89.4 55,717.6 0.7 9,088.4 16.3 129,742.5 2.3 14.3 13.8
Median 82.7 % $4,429.7 1.8 % $673.6 16.4 % $10,707.3 2.2 x 13.5 x 11.5 x
Mean 83.3 % $15,381.2 1.3 % $3,166.6 16.7 % $46,696.2 2.4 x 13.9 x 11.9 x
Food & Beverages (11)
The Coca-Cola Company (NYSE:KO) 86.7 % $42,454.0 (3.5) % $11,692.0 27.5 % $198,286.8 4.7 x 17.0 x 17.5 x
ConAgra Foods, Inc. (NYSE:CAG) 78.8 11,215.1 (11.8) 1,826.1 16.3 18,849.6 1.7 10.3 12.5
General Mills, Inc. (NYSE:GIS) 83.7 15,950.3 (4.1) 3,383.3 21.2 45,235.6 2.8 13.4 12.6
Hormel Foods Corporation (NYSE:HRL) 77.7 9,523.2 2.9 1,418.2 14.9 18,626.5 2.0 13.1 13.4
Mondelez International, Inc. (NasdaqGS:MDLZ) 96.1 26,517.0 (9.1) 4,317.0 16.3 84,374.8 3.2 19.5 16.3
Nestlé S.A. (SWX:NESN) 92.5 88,077.1 (1.0) 16,904.2 19.2 242,198.5 2.7 14.3 14.4
Pepsico, Inc. (NYSE:PEP) 91.5 61,869.0 (2.3) 12,084.0 19.5 166,435.3 2.7 13.8 N/A
The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 70.0 2,887.8 21.2 370.1 12.8 4,919.6 1.7 13.3 11.0
The J. M. Smucker Company (NYSE:SJM) 83.3 7,511.2 8.9 1,686.0 22.4 20,481.9 2.7 12.1 11.9
The WhiteWave Foods Company (NYSE:WWAV) 97.6 4,170.6 19.1 538.9 12.9 11,904.5 2.9 22.1 18.7
Treehouse Foods, Inc. (NYSE:THS) 68.3 5,263.8 33.2 531.8 10.1 6,898.0 1.3 13.0 10.7
Median 83.7 % $11,215.1 (1.0) % $1,826.1 16.3 % $20,481.9 2.7 x 13.4 x 13.0 x
Mean 84.2 % $25,039.9 4.9 % $4,977.4 17.6 % $74,382.8 2.6 x 14.7 x 13.9 x
Products & Durables (10)
Central Garden & Pet Company (NasdaqGS:CENT) 93.0 % $1,829.0 3.4 % $174.6 9.5 % $1,875.7 1.0 x 10.7 x 9.5 x
Helen of Troy Limited (NasdaqGS:HELE) 86.8 1,546.2 5.1 214.2 13.9 3,035.0 2.0 14.2 12.0
iRobot Corporation (NasdaqGS:IRBT) 97.3 654.5 12.3 77.1 11.8 1,404.1 2.1 18.2 10.7
Newell Brands Inc. (NYSE:NWL) 84.8 10,688.9 24.1 1,780.5 16.7 34,817.7 3.3 19.6 13.2
Snap-on Incorporated (NYSE:SNA) 99.2 3,392.3 4.7 905.4 26.7 11,074.8 3.3 12.2 9.7
Stanley Black & Decker, Inc. (NYSE:SWK) 94.2 11,331.9 1.8 1,881.2 16.6 21,627.1 1.9 11.5 11.7
The Clorox Company (NYSE:CLX) 85.1 5,814.0 1.1 1,198.0 20.6 17,387.7 3.0 14.5 13.9
The Toro Company (NYSE:TTC) 99.4 2,392.2 5.4 398.5 16.7 6,339.8 2.7 15.9 12.4
Tupperware Brands Corporation (NYSE:TUP) 81.8 2,204.3 (6.1) 372.0 16.9 3,474.5 1.6 9.3 9.7
Whirlpool Corp. (NYSE:WHR) 95.2 20,622.0 3.7 2,176.0 10.6 19,204.7 0.9 8.8 6.6
Median 93.6 % $2,892.2 4.2 % $651.9 16.6 % $8,707.3 2.1 x 13.2 x 11.2 x
Mean 91.7 % $6,047.5 5.6 % $917.8 16.0 % $12,024.1 2.2 x 13.5 x 10.9 x
NTM
EV/
Revenue
EV/
EBITDA
EV/
EBITDA
Quarterly Update | Q4 2016 | Consumer Products
Public Comparables Analysis1 (Cont.)
www.investmentbanking.deloitte.com | Page 7
Historical Last Twelve Months
Company (Ticker)
% of 52
Week High
LTM
Revenue
Revenue
CAGR (3 Yr)
LTM
EBITDA
EBITDA
Margin
Enterprise
Value ("EV")
($ in Millions)
Restaurant & Food Services (19)
Aramark (NYSE:ARMK) 88.5 % $14,415.8 1.1 % $1,242.7 8.6 % $13,499.9 0.9 x 10.9 x 10.1 x
Bloomin' Brands, Inc. (NasdaqGS:BLMN) 86.8 4,271.6 1.8 430.4 10.1 3,006.6 0.7 7.0 6.8
Brinker International, Inc. (NYSE:EAT) 84.7 3,253.4 4.5 480.3 14.8 3,760.9 1.2 7.8 8.3
Buffalo Wild Wings Inc. (NasdaqGS:BWLD) 85.7 1,982.8 17.3 307.6 15.5 2,817.1 1.4 9.2 8.1
Cara Operations Limited (TSX:CAO) 77.6 281.2 0.0 94.4 33.6 1,430.1 5.1 15.1 9.6
Chipotle Mexican Grill, Inc. (NYSE:CMG) 75.7 3,867.3 8.0 277.6 7.2 11,532.1 3.0 41.5 23.3
Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 85.8 10,734.5 12.9 129.3 1.2 2,274.6 0.2 17.6 11.5
Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 90.2 2,919.7 3.1 371.0 12.7 4,084.4 1.4 11.0 8.9
Darden Restaurants, Inc. (NYSE:DRI) 92.4 6,994.6 12.3 930.2 13.3 9,433.7 1.3 10.1 7.9
DineEquity, Inc. (NYSE:DIN) 76.5 641.5 0.5 262.2 40.9 2,668.7 4.2 10.2 10.1
Domino's Pizza, Inc. (NYSE:DPZ) 96.8 2,394.4 10.5 468.8 19.6 10,237.6 4.3 21.8 18.7
Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 92.4 764.8 5.7 422.8 55.3 6,924.6 9.1 16.4 14.6
Jack in the Box Inc. (NasdaqGS:JACK) 95.3 1,599.3 2.4 334.6 20.9 4,467.9 2.8 13.4 11.1
SpartanNash Company (NasdaqGS:SPTN) 97.9 7,674.4 0.0 226.7 3.0 1,950.3 0.3 8.6 6.4
Sysco Corporation (NYSE:SYY) 96.3 51,773.0 4.8 2,807.1 5.4 37,241.3 0.7 13.3 10.3
Texas Roadhouse, Inc. (NasdaqGS:TXRH) 93.0 1,960.4 13.1 261.9 13.4 3,290.3 1.7 12.6 9.5
The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 93.8 2,199.4 5.6 279.1 12.7 2,783.2 1.3 10.0 7.9
United Natural Foods, Inc. (NasdaqGS:UNFI) 90.9 8,672.0 11.5 304.0 3.5 2,982.7 0.3 9.8 7.9
Yum! Brands, Inc. (NYSE:YUM) 70.3 12,894.0 (0.4) 2,995.0 23.2 30,085.6 2.3 10.0 12.5
Median 90.2 % $3,253.4 4.8 % $334.6 13.3 % $3,760.9 1.4 x 10.9 x 9.6 x
Mean 87.9 % $7,331.3 6.0 % $664.5 16.6 % $8,130.1 2.2 x 13.5 x 10.7 x
Specialty Retail (11)
Carter's, Inc. (NYSE:CRI) 75.4 % $3,131.5 7.0 % $477.4 15.2 % $4,631.5 1.5 x 9.7 x 9.3 x
Columbia Sportswear Company (NasdaqGS:COLM) 88.6 2,359.0 12.6 304.9 12.9 3,745.7 1.6 12.3 10.8
G-III Apparel Group, Ltd. (NasdaqGS:GIII) 48.5 2,310.6 12.5 160.8 7.0 1,364.0 0.6 8.5 6.0
Guess?, Inc. (NYSE:GES) 54.4 2,188.4 (5.8) 147.4 6.7 737.6 0.3 5.0 4.7
Hanesbrands Inc. (NYSE:HBI) 70.3 5,862.4 9.3 986.8 16.8 12,015.7 2.0 12.2 10.9
Iconix Brand Group, Inc. (NasdaqGS:ICON) 98.4 376.0 (3.0) 176.9 47.0 1,937.6 5.2 11.0 10.3
Oxford Industries Inc. (NYSE:OXM) 69.9 1,021.1 4.2 141.6 13.9 1,050.7 1.0 7.4 8.3
Perry Ellis International Inc. (NasdaqGS:PERY) 85.4 871.3 (3.0) 31.6 3.6 449.3 0.5 14.2 5.7
PVH Corp. (NYSE:PVH) 77.4 8,207.9 1.8 1,066.2 13.0 9,741.9 1.2 9.1 10.4
Ralph Lauren Corporation (NYSE:RL) 74.5 7,190.0 0.6 1,018.0 14.2 7,128.2 1.0 7.0 8.4
V.F. Corporation (NYSE:VFC) 76.5 12,368.8 3.5 2,013.0 16.3 23,586.4 1.9 11.7 11.6
Median 75.4 % $2,359.0 3.5 % $304.9 13.9 % $3,745.7 1.2 x 9.7 x 9.3 x
Mean 74.5 % $4,171.5 3.6 % $593.2 15.2 % $6,035.3 1.5 x 9.8 x 8.8 x
EV/
Revenue
EV/
EBITDA
NTM
EV/
EBITDA
Quarterly Update | Q4 2016 | Consumer Products
Target/Acquiror Sub-Sector
Announce
Date
LTM
Revenue
LTM
EBITDA
EBITDA
Margin
Enterprise
Value ("EV")
EV/
Revenue
EV/
EBITDA
($ in Millions)
Allen Edmonds Specialty Retail Dec-16 $NA $NA NA % $255.0 NA x NA x
Caleres
Smith Mountain Industries, Inc. Products and Durables Dec-16 NA NA NA 100.0 NA NA
Newell Brands Inc.
Victoria Fine Foods Food & Beverages Dec-16 NA NA NA 70.0 NA NA
B&G Foods, Inc.
BAI Brands Food & Beverages Nov-16 NA NA NA 1,700.0 NA NA
Mott's (Dr Pepper Snapple Group)
Bellisio Foods Food & Beverages Nov-16 NA NA NA 1,075.0 NA NA
Charoen Pokphand Foods
Harman International Industries, Inc. Products and Durables Nov-16 7,040.3 848.6 12.1 8,854.4 1.3 10.4
Samsung Electronics America, Inc.
Peacock Foods Food & Beverages Nov-16 993.1 47.3 4.8 747.5 0.8 15.8
Greencore Group
American Apparel, Inc. Specialty Retail Nov-16 NA NA NA 66.0 NA NA
Gildan Activewear
Too Faced Cosmetics Beauty & Cosmetics Nov-16 NA NA NA 1,450.0 NA NA
The Estée Lauder Companies Inc.
Apollo Health And Beauty Care Corporation Beauty & Cosmetics Nov-16 NA NA NA 289.2 NA NA
Acasta Enterprises Inc.
JemPak GK Inc. Products and Durables Nov-16 39.9 7.6 19.0 94.3 NA 12.4
Acasta Enterprises Inc.
Golfsmith International Holdings Inc. Specialty Retail Nov-16 NA NA NA 43.0 NA NA
Dick's Sporting Goods, Inc.
Moran Foods Food & Beverages Oct-16 NA NA NA 1,365.0 NA NA
Onex Corporation
Constellation Brands Canada, Inc. Food & Beverages Oct-16 NA 2.5 NA 21.0 NA 8.5
Ontario Teachers' Pension Plan
Belmont Meat Products Ltd. Food & Beverages Oct-16 90.7 NA NA 37.8 NA NA
Premium Brands Holdings Corporation
Newell Brands Inc., Tool Business Products and Durables Oct-16 760.0 150.0 19.7 1,950.0 2.6 13.0
Stanley Black & Decker, Inc.
Glacier Water Services, Inc. Food & Beverages Oct-16 140.1 22.5 16.1 249.6 NA 11.1
Primo Water Corporation
Red Lobster Master Holdings Restaurant & Food Services Oct-16 2,479.0 144.0 5.8 1,265.0 NA 8.8
Thai Union Group Public Company Limited
High West Distillery Food & Beverages Oct-16 NA NA NA 160.0 NA NA
Constellation Brands, Inc.
Cabela's Specialty Retail Oct-16 4,198.9 470.0 11.2 9,343.0 2.2 19.9
Bass Pro Shops
Tri-Union Frozen Products, Inc. Food & Beverages Oct-16 NA NA NA 256.4 NA NA
Tri-Invest
Fleischmann's Vinegar Company, Inc. Food & Beverages Oct-16 NA NA NA 250.0 NA NA
Green Plains
Median $876.6 $95.7 12.1 % $255.7 1.7 x 11.8 x
Mean $1,967.8 $211.6 12.7 % $1,347.4 1.7 x 12.5 x
Last Twelve Months
Recent Consumer Products M&A Transactions1
www.investmentbanking.deloitte.com | Page 8
Quarterly Update | Q4 2016 | Consumer Products
Select Deloitte Corporate Finance Consumer Products Transactions
www.investmentbanking.deloitte.com | Page 9
Quarterly Update | Q4 2016 | Consumer Products
Page 2:
1. “2017 Consumer Products Industry Outlook,” Deloitte Center for Industry Insights. January 3, 2017.
2. “The Humanization of Pet Food,” Nielsen. March 7, 2016.
3. “Dr Pepper Snapple Agrees to Buy Bai Brands for $1.7 Billion,” Bloomberg. November 22, 2016.
4. “Stanley Black & Decker to Buy Newell Tools for $1.95 Billion,” Bloomberg. October 12, 2016.
Page 3:
1. U.S. Bureau of Economic Analysis. Accessed January 16, 2017. Data as of December 31, 2016.
2. U.S. Department of the Treasury. Accessed January 16, 2017. Data as of January 16, 2017.
3. Bureau of Labor Statistics. Accessed January 17, 2017. Data as of December 31, 2016.
4. Capital IQ. Accessed January 17, 2017. Data as of December 31, 2016.
5. IBISWorld. Accessed January 17, 2017. Data as of December 31, 2016.
6. U.S. Census. Accessed January 17, 2017. Data as of December 31, 2016.
Page 4:
1. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
2. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
Page 5:
1. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
2. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
Page 6:
1. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
Page 7:
1. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
Page 8:
1. Capital IQ. Accessed January 16, 2017. Data as of December 31, 2016.
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Sources Cited
Quarterly Update | Q4 2016 | Consumer Products
Deloitte Corporate Finance LLC (“DCF”)
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Quarterly Update | Q4 2016 | Consumer Products
This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Anyreference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients andfriends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC.
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