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FOOD AND BEVERAGE

INDUSTRY UPDATE │ AUGUST 2017

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www.harriswilliams.com

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

Agribusiness

Baked and Prepared Goods

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

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

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

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

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

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

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

MARKET UPDATE

FOOD AND BEVERAGE


a portfolio company of

has been acquired by

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING





a subsidiary of







and

The food & beverage M&A market remains active through August, with several

notable transactions. McCormick & Company announced its acquisition of Reckitt

Benckiser’s food division, which will add ubiquitous brands like Frank’s and French’s

to its ingredients and condiments portfolio. Also notable, HW&Co.’s food &

beverage practice successfully completed the sale of BakeMark, a division of CSM

Bakery Solutions, to Pamplona Capital Management.




has been acquired byhas been acquired by

The Soup & Infant

Feeding Business of


PizzaRev

Founders

a partnership of

&


a division of


http://www.harriswilliams.com/

mailto:[email protected]






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TRANSACTION SPOTLIGHT

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

Overview

On August 14, 2017, Pamplona Capital Management acquired BakeMark, adding to the continued momentum of

HW&Co.’s food and beverage group.

Company Description

BakeMark is the leading bakery ingredients distributor, manufacturer, and service provider in North America with 25

distribution centers and three manufacturing facilities. BakeMark currently serves approximately 19,000 points of

distribution spanning the independent bakery, grocery, foodservice, and wholesale baking channels. Through the

combination of its manufactured and exclusively distributed ingredients, valued baking expertise, and over 7,000

SKUs, BakeMark is the “one-stop shop” for all its customers’ baking needs.

HW&CO. ADVISES ON THE SALE OF BAKEMARK

Key Value Drivers for BakeMark

BakeMark’s manufacturing capabilities and owned and exclusively distributed

brands have allowed the Company to offer high margin products and establish

sticky customer relationships.

25 distribution facilities enable the Company to establish sticky customer

relationships across multiple channels.

The Company offers over 7,000 SKUs, ranging from flour and pastry mixes to

fillings and shortening.

-

20

40

60

80

100

120

Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17

Co

mm

od

ity P

ric

e In

de

x

Soybeans Wheat Corn Crude Oil

Soybeans:

(35.9%)

Corn:

(46.5%)

Wheat:

(43.3%)

Crude Oil:

(53.6%)

Beef:

16.6%

Pork

2.6%

Poultry:

(4.7%)


a division of


90

100

110

120

130

140

Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poult ry

Note: July Commodity Price Indices data unavailable.

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VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

23.9%

Grocery:

9.5%

80

100

120

140


Sa

les

Ind

ex

Restaurant Grocery

Net Debt /

3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 13.4% (12.4%) 0.3% 10.5% 13.1x 14.0x 7.4x 3.0x

Fruit and Vegetable 2.5% 3.7% 5.6% 17.0% 16.8x 24.5x 12.1x 0.7x

Ingredients / Flavors 2.1% (5.6%) 1.5% (6.9%) 21.2x 26.7x 15.7x 1.4x

Agribusiness 0.9% 11.3% 5.9% 1.3% 18.1x 25.2x 12.8x 2.9x

Branded Processed Foods (1.3%) (7.0%) (5.9%) (12.6%) 20.0x 24.9x 12.6x 2.2x

Private Label Foods and Beverages (4.2%) (12.7%) (2.6%) 31.8% 47.9x 24.3x 11.4x 5.5x

Natural / Organic Foods / BFY 6.7% (20.7%) 9.6% 7.1% 25.7x 47.7x 18.8x 7.4x

Baked Goods (3.9%) (4.7%) (4.6%) (9.2%) 19.6x 26.1x 9.6x 2.4x

Dairy 2.7% 2.7% 11.8% 16.1% 19.4x 22.4x 13.9x 1.3x

Non-Alcoholic Beverages 7.3% 6.3% 3.4% 6.2% 22.5x 24.7x 13.3x 1.7x

Alcoholic Beverages 4.9% 14.3% 6.4% (2.7%) 21.1x 25.6x 15.4x 2.6x

Snacks (0.8%) 6.0% (2.3%) 9.3% 21.5x 31.9x 15.0x 3.2x

Grocery Distribution (12.7%) (20.3%) 1.8% 3.2% 13.5x 20.6x 7.9x 2.2x

Food Retail (9.0%) (14.5%) (20.2%) 2.5% 14.1x 20.0x 6.9x 1.5x

Foodserv ice 2.1% 4.5% 3.1% (2.5%) 18.5x 27.1x 11.9x 4.2x

Quick Serv ice Restaurant (2.4%) (1.4%) (4.4%) (2.9%) 23.2x 22.3x 12.8x 3.3x

Fast Casual (16.8%) (14.4%) (15.0%) 0.3% 38.5x 52.3x 11.1x 1.7x

Differentiated Casual (25.1%) (18.1%) (19.1%) (13.0%) 19.2x 20.7x 7.9x 0.7x

Casual Dining Restaurant (17.2%) (8.1%) (2.7%) (1.1%) 15.1x 19.4x 8.3x 2.7x

Fine Dining (6.4%) 0.0% (18.1%) 1.6% 18.0x 19.6x 8.9x 1.3x

Pizza (4.3%) 5.2% 0.2% 20.0% 25.2x 32.9x 16.0x 3.9x

Beverage / Snack Retail (7.3%) (10.9%) (10.3%) 5.9% 22.9x 25.1x 15.3x 2.4x

Family Restaurant (0.7%) (3.5%) (17.4%) (12.1%) 18.6x 21.1x 9.3x 2.1x

Overall Median (1.6%) (4.5%) (3.8%) (0.0%) 20.4x 24.0x 11.5x 2.2x

Co

nsu

me

r a

nd

Re

tail

Industry and Segment

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

Inp

uts

Fo

od

an

d B

ev

era

ge

(1.0)

-

1.0

2.0

3.0

4.0


Infa

tio

n (

%)

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4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5

RECENT EQUITY OFFERINGS6

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

8/8/17 08/08/17 McCormick & Co Inc MKC Follow-On $482.0 Acquisition Financing

General Corporate Purposes

8/4/17 08/04/17 Organto Foods Inc OGO Follow-On $0.3 Product Development / R&D

7/13/17 07/13/17 GreenSpace Brands Inc JTR Follow-On $7.9 Working Capital


7/13/17 07/07/17 Long Island Iced Tea Corp LTEA Follow-On $2.2 Working Capital


6/21/17 06/21/17 Organto Foods Inc OGO Follow-On $1.4 Pursue Growth Opportunities

5/18/17 05/15/17 Performance Food Group Co PFGC Follow-On $387.5 Liquidity for Private Owners

5/11/17 05/11/17 Organto Foods Inc OGO Follow-On $2.5 Working Capital

Genereal Corporate Purposes

5/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners

4/24/17 04/24/17 Noble Romans Inc NROM Follow-On $3.7 Liquidity for Private Owners

4/12/17 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners

3/14/17 03/13/17 Noodles & Co APFH Follow-On $31.5 Pay Fees & Expenses

3/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners

Natural / Organic / BFY

Grocery Distribution

Differentiated Casual

Food Retail

Fast Casual

Priv ate Label

Protein Processing

Bev erage / Snack Retail

Casual Dining Restaurant

Branded Processed Foods

Ingredients / Flav ors

Baked Goods

Family Restaurant

Quick Serv ice Restaurant

Fine Dining

Dairy

Fruit and Vegetable

Foodserv ice

Pizza

Snacks

Non-Alcoholic Bev erages

Agribusiness

S&P

Alcoholic Bev erages

(35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0%

Inputs Food and Beverage Consumer and Retail

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PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE


Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 8/14/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF-GB $40.97 96.3% $32,413 $32,122 $19,036 $2,259 (0.2%) (2.8%) 8.4% 11.9% 22.7x 1.69x 14.2x 1.62x 13.3x

B&G Foods, Inc. BGS 32.35 63.7% 2,168 3,938 1,518 300 25.1% 24.1% 29.0% 19.8% 21.4x 2.59x 13.1x 2.39x 11.0x

Campbell Soup Company CPB 53.88 83.9% 16,247 19,335 7,913 1,395 (0.7%) 0.9% 36.8% 17.6% 33.7x 2.44x 13.9x 2.43x 10.7x

Conagra Brands, Inc. CAG 34.99 71.6% 14,498 17,330 7,827 1,391 (9.7%) (20.9%) 28.8% 17.8% 23.8x 2.21x 12.5x 2.25x 11.6x

General Mills, Inc. GIS 57.39 79.8% 32,658 42,639 15,620 3,393 (5.7%) (4.5%) 34.8% 21.7% 20.4x 2.73x 12.6x 2.76x 12.4x

Hormel Foods Corporation HRL 34.45 86.1% 17,976 17,680 9,398 1,410 2.3% 1.6% 22.2% 15.0% 20.7x 1.88x 12.5x 1.93x 12.0x

Kellogg Company K 69.70 83.0% 23,749 31,689 12,798 3,574 (2.6%) (4.4%) 40.8% 27.9% 31.1x 2.48x 8.9x 2.50x 12.2x

McCormick & Company, Incorporated MKC 97.85 91.9% 12,085 13,677 4,476 787 2.8% 2.0% 39.8% 17.6% 25.7x 3.06x 17.4x 2.92x 15.8x

Nestle S.A. NESN-CH 84.94 94.7% 261,354 283,141 90,161 17,410 (0.8%) (3.2%) 50.2% 19.3% 26.9x 3.14x 16.3x 3.02x 15.8x

Pinnacle Foods, Inc. PF 59.98 90.0% 7,063 9,911 3,128 675 9.0% 7.1% 25.9% 21.6% 38.9x 3.17x 14.7x 3.14x 14.3x

Post Holdings, Inc. POST 85.71 96.3% 5,588 9,500 5,038 928 NM 44.8% 27.5% 18.4% NA 1.89x 10.2x 1.78x 9.3x

Hershey Company HSY 105.66 90.7% 15,972 18,745 7,516 1,768 2.5% 1.2% 48.2% 23.5% 33.5x 2.49x 10.6x 2.49x 10.2x

J. M. Smucker Company SJM 122.91 78.7% 13,871 19,103 7,392 1,697 (5.4%) 9.6% 34.8% 23.0% 24.0x 2.58x 11.3x 2.56x 11.2x

Mean 1.4% 4.3% 32.9% 19.6% 26.9x 2.49x 12.9x 2.45x 12.3x

Median (0.4%) 1.2% 34.8% 19.3% 24.9x 2.49x 12.6x 2.49x 12.0x

Private Label Foods and Beverages

Cott Corporation BCB-CA $15.52 89.7% $2,112 $4,296 $3,705 $378 28.3% 21.8% 33.8% 10.2% NA 1.16x 11.4x 1.15x 10.2x

Seneca Foods Corporation SENEA 29.20 68.5% 289 666 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 24.3x 0.52x 12.2x NA NA

TreeHouse Foods, Inc. THS 72.64 73.5% 4,055 6,508 6,432 727 43.7% 37.5% 16.2% 11.3% NA 1.01x 9.0x 1.03x 9.4x

Mean 23.3% 19.1% 18.5% 8.6% 24.3x 0.90x 10.9x 1.09x 9.8x

Median 28.3% 21.8% 16.2% 10.2% 24.3x 1.01x 11.4x 1.09x 9.8x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $7.44 42.4% $586 $1,160 $345 $79 67.0% NA 36.3% 22.9% 47.7x 3.37x 14.7x 2.96x 12.2x

Hain Celestial Group, Inc. HAIN 43.91 77.0% 4,494 5,121 2,866 224 3.6% 12.1% 19.6% 7.8% NA 1.79x 22.8x 1.76x 16.6x

SunOpta Inc. SOY-CA 9.46 92.7% 788 1,256 1,323 28 8.3% 1.6% 11.2% 2.1% NA 0.95x NM 0.95x 16.3x

Mean 26.3% 6.8% 22.4% 10.9% 47.7x 2.03x 18.8x 1.89x 15.0x

Median 8.3% 6.8% 19.6% 7.8% 47.7x 1.79x 18.8x 1.76x 16.3x

Baked Goods

Aryzta AG ARYN-CH $32.72 70.5% $2,960 $4,959 $4,225 $584 15.7% (11.2%) 29.7% 13.8% NA 1.17x 8.5x 1.10x 9.2x

Flowers Foods, Inc. FLO 18.01 85.8% 3,701 4,555 3,902 411 0.5% 1.2% 45.8% 10.5% 23.6x 1.17x 11.1x 1.17x 10.3x

George Weston Limited WN-CA 86.12 92.2% 10,914 24,483 36,458 3,221 1.6% 2.2% 29.6% 8.8% 22.9x 0.67x 7.6x 0.64x 7.6x

Grupo Bimbo SAB de CV BIMBOA-MX 2.48 79.5% 11,472 15,339 13,710 1,590 1.3% 0.0% 54.1% 11.6% 39.9x 1.12x 9.6x 1.01x 9.4x

Lancaster Colony Corporation LANC 124.76 83.6% 3,379 3,254 1,196 221 1.0% 4.4% 24.1% 18.5% 28.7x 2.72x 14.7x 2.65x 14.3x

Mean 4.0% (0.7%) 36.7% 12.7% 28.8x 1.37x 10.3x 1.31x 10.2x

Median 1.3% 1.2% 29.7% 11.6% 26.1x 1.17x 9.6x 1.10x 9.4x

LTM EV / LTM EV / 2017ERevenue Growth LTM Margins

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PUBLIC COMPARABLES5

FOOD AND BEVERAGE


6



Dairy

Danone SA BN-FR $78.27 98.2% $51,343 $72,231 $25,080 $4,399 2.4% (3.7%) 49.6% 17.5% 22.1x 2.88x 16.4x 2.44x 14.0x

Dean Foods Company DF 12.25 54.9% 1,113 1,986 7,905 362 1.6% (5.0%) 24.0% 4.6% 20.3x 0.25x 5.5x 0.25x 5.6x

Emmi AG EMMN-CH 734.94 92.0% 3,901 4,212 3,308 350 (0.9%) (2.4%) 19.6% 10.6% 26.8x 1.27x 12.0x 1.21x 12.1x

Glanbia Plc GL9-IE 20.12 95.4% 5,969 6,441 3,150 393 2.4% (0.1%) 9.0% 12.5% 23.8x 2.04x 16.4x 2.03x 15.4x

Lifeway Foods, Inc. LWAY 9.54 51.6% 153 150 123 8 1.6% 6.5% 25.8% 6.2% 57.2x 1.22x 19.5x 1.16x NA

Parmalat S.p.A. PLT-IT 3.56 96.6% 6,606 6,192 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.86x 13.4x 0.81x 9.9x

Saputo Inc. SAP-CA 34.30 91.8% 13,181 14,251 8,613 994 3.4% (1.6%) 19.0% 11.5% 22.4x 1.65x 14.3x 1.57x 13.1x

Savencia SA SAVE-FR 99.91 98.3% 1,384 1,832 4,888 262 (0.8%) (4.3%) 4.3% 5.4% 11.2x 0.37x 7.0x 0.32x 4.7x

Mean 1.3% (1.3%) 21.4% 9.3% 26.2x 1.32x 13.1x 1.23x 10.7x

Median 1.6% (2.0%) 19.6% 8.5% 22.4x 1.25x 13.9x 1.19x 12.1x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $8.29 96.8% $964 $952 $343 $71 (12.9%) (4.9%) 46.4% 20.6% 20.7x 2.78x 13.5x 2.77x 13.8x

Cott Corporation BCB-CA 15.52 89.7% 2,112 4,296 3,705 378 28.3% 21.8% 33.8% 10.2% NA 1.16x 11.4x 1.15x 10.2x

Dr Pepper Snapple Group, Inc. DPS 91.14 91.6% 16,424 20,737 6,691 1,580 6.0% 3.5% 59.0% 23.6% 21.7x 3.10x 13.1x 3.07x 12.6x

Lassonde Industries, Inc. LAS.A 188.69 96.1% 610 842 1,138 128 (1.0%) 4.7% 25.8% 11.3% 24.5x 0.74x 6.6x 0.70x 6.0x

Monster Beverage Corporation MNST 54.03 99.6% 30,579 29,477 3,190 NA 11.4% 10.7% 64.3% NA 40.5x 9.24x NA 8.71x 21.8x

National Beverage Corp. FIZZ 109.70 98.2% 5,032 4,895 827 117 17.3% 8.9% 33.3% 14.2% 47.2x 5.92x NM 5.41x 25.2x

PepsiCo, Inc. PEP 117.76 99.6% 166,435 188,885 63,302 12,629 1.8% (1.7%) 55.0% 20.0% 24.7x 2.98x 15.0x 2.97x 14.4x

Coca-Cola Company KO 45.84 98.7% 194,455 216,957 38,431 10,992 (10.0%) (5.9%) 61.9% 28.6% 47.5x 5.65x 19.7x 6.20x 19.9x

Mean 5.1% 4.6% 47.4% 18.3% 32.4x 3.95x 13.2x 3.87x 15.5x

Median 3.9% 4.1% 50.7% 20.0% 24.7x 3.04x 13.3x 3.02x 14.1x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $116.83 87.1% $196,065 $315,833 $52,415 $19,107 20.2% 6.7% 60.6% 36.5% 52.6x 6.03x 16.5x 5.54x 14.4x

Brown-Forman Corporation BF.B 49.13 82.3% 19,056 21,023 2,952 1,047 (2.5%) (0.4%) 68.9% 35.5% 28.3x 7.12x 20.1x 6.81x 19.2x

Carlsberg A/S CARL.B-DK 108.69 96.1% 16,579 20,769 9,303 1,842 (4.3%) (6.7%) 50.6% 19.8% 23.5x 2.23x 11.3x 2.04x 9.9x

Constellation Brands, Inc. STZ 198.12 99.1% 38,225 47,246 7,394 2,656 9.0% 9.0% 52.0% 35.9% 27.3x 6.39x 17.8x 6.24x 17.5x

Diageo plc DGE-GB 32.46 98.4% 80,841 93,400 15,278 4,970 (1.6%) (2.9%) 60.7% 32.5% 23.3x 6.11x 18.8x 5.87x 17.4x

Heineken NV HEIA-NL 102.70 97.2% 58,845 74,723 23,084 5,150 0.5% (3.8%) 15.6% 22.3% 27.1x 3.24x 14.5x 2.88x 12.0x

Kirin Holdings Company, Limited 2503-JP 22.15 94.4% 20,400 26,384 18,614 2,121 1.8% (5.3%) 45.7% 11.4% 13.3x 1.42x 12.4x 1.44x 11.3x

Pernod Ricard SA RI-FR 137.93 97.4% 36,305 45,902 9,714 2,976 (0.5%) (4.0%) 62.4% 30.6% 24.3x 4.73x 15.4x 4.25x 14.3x

Sapporo Holdings Limited 2501-JP 27.54 90.6% 2,191 4,206 5,050 432 9.8% (0.6%) 35.6% 8.6% 25.6x 0.83x 9.7x 0.83x 9.4x

Mean 3.6% (0.9%) 50.2% 25.9% 27.2x 4.23x 15.2x 3.99x 13.9x

Median 0.5% (2.9%) 52.0% 30.6% 25.6x 4.73x 15.4x 4.25x 14.3x

Snacks

Inventure Foods, Inc. SNAK $3.59 35.3% $66 $154 $255 $3 0.6% 0.3% 19.7% 1.0% NA 0.60x NM 0.75x 11.6x

J & J Snack Foods Corp. JJSF 129.43 90.4% 2,399 2,257 1,030 153 4.0% 4.4% 32.1% 14.9% 31.9x 2.19x 14.7x 2.12x 14.1x

John B. Sanfilippo & Son, Inc. JBSS 64.96 87.0% 556 648 877 75 (6.9%) 5.2% 16.4% 8.6% 19.9x 0.74x 8.6x 0.77x NA

Mondelez International, Inc. MDLZ 43.90 92.9% 65,718 83,174 25,566 4,782 (5.2%) (10.0%) 40.0% 18.7% 38.3x 3.25x 17.4x 3.24x 16.4x

PepsiCo, Inc. PEP 117.76 99.6% 166,435 188,885 63,302 12,629 1.8% (1.7%) 55.0% 20.0% 24.7x 2.98x 15.0x 2.97x 14.4x

Snyder's-Lance, Inc. LNCE 37.46 91.7% 3,585 4,720 2,211 250 20.7% 9.7% 36.3% 11.3% 52.8x 2.13x 18.9x 2.12x 15.4x

Mean 2.5% 1.3% 33.2% 12.4% 33.5x 1.98x 14.9x 2.00x 14.4x

Median 1.2% 2.4% 34.2% 13.1% 31.9x 2.16x 15.0x 2.12x 14.4x

EV / 2017ELTM EV / LTMRevenue Growth LTM Margins

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


7



Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $36.85 79.3% $1,589 $1,446 $1,075 ($77) (43.7%) (9.3%) 4.4% NM NA 1.35x NM 1.24x NM

JBS S.A. JBSS3-BR 2.71 67.0% 7,237 22,662 49,594 3,325 2.8% 3.7% 11.8% 6.7% 6.6x 0.46x 6.8x 0.43x 5.4x

Sanderson Farms, Inc. SAFM 141.95 100.0% 3,182 2,935 3,009 430 10.8% 3.5% 18.3% 14.3% 14.5x 0.98x 6.8x 0.89x 6.1x

Seaboard Corporation SEB 4,355.40 95.8% 5,058 4,265 5,524 368 2.5% (5.7%) 9.1% 6.7% 15.7x 0.77x 11.6x NA NA

Tyson Foods, Inc. TSN 66.06 85.7% 18,961 29,570 37,200 3,679 (2.9%) 0.8% 12.4% 9.9% 13.6x 0.79x 8.0x 0.77x 7.6x

Mean (6.1%) (1.4%) 11.2% 9.4% 12.6x 0.87x 8.3x 0.83x 6.4x

Median 2.5% 0.8% 11.8% 8.3% 14.0x 0.79x 7.4x 0.83x 6.1x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $74.20 96.6% $1,278 $1,317 $1,008 $70 16.4% 10.4% 13.4% 6.9% 31.7x 1.31x 18.9x 1.21x 16.8x

Fresh Del Monte Produce Inc. FDP 49.33 73.8% 2,444 2,671 4,078 285 0.0% 1.9% 10.7% 7.0% 15.4x 0.66x 9.4x 0.64x 8.4x

Seneca Foods Corporation SENEA 29.20 68.5% 289 666 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 24.3x 0.52x 12.2x NA NA

Total Produce Plc T7O-IE 2.59 97.2% 827 957 3,435 81 7.7% (0.6%) 13.7% 2.3% 24.6x 0.28x 11.9x 0.21x 9.7x

Mean 5.5% 2.4% 10.9% 5.1% 24.0x 0.69x 13.1x 0.69x 11.7x

Median 3.9% 0.6% 12.1% 5.6% 24.5x 0.59x 12.1x 0.64x 9.7x

Ingredients / Flavors

Givaudan SA GIVN-CH $1,999.69 92.8% $18,376 $19,841 $4,855 $1,099 4.7% 0.4% 43.9% 22.6% 26.7x 4.09x 18.1x 3.86x 17.2x

Ingredion Incorporated INGR 123.43 88.2% 8,797 10,322 5,799 1,064 2.5% (0.9%) 25.5% 18.3% 18.5x 1.78x 9.7x 1.74x 9.4x

International Flavors & Fragrances Inc. IFF 136.97 95.4% 10,692 12,100 3,211 694 5.0% 2.0% 43.3% 21.6% 27.3x 3.77x 17.4x 3.63x 15.9x

Kerry Group Plc KRZ-IE 90.14 98.1% 15,808 17,264 6,840 968 0.9% (4.5%) 9.9% 14.1% 25.0x 2.52x 17.8x 2.30x 16.0x

Sensient Technologies Corporation SXT 75.02 88.3% 3,250 3,831 1,360 270 (2.0%) (2.5%) 35.2% 19.9% 29.9x 2.82x 14.2x 2.77x 15.1x

Symrise AG SY1-DE 70.63 91.6% 9,059 10,638 3,211 680 11.3% 9.7% 40.7% 21.2% 30.3x 3.31x 15.7x 3.01x 14.1x

Tate & Lyle PLC TATE-GB 8.91 84.2% 4,137 4,633 3,586 529 1.1% (6.4%) 8.7% 14.7% 12.5x 1.29x 8.8x 1.27x 8.7x

Mean 3.4% (0.3%) 29.6% 18.9% 24.3x 2.80x 14.5x 2.65x 13.8x

Median 2.5% (0.9%) 35.2% 19.9% 26.7x 2.82x 15.7x 2.77x 15.1x

Agribusiness

Andersons, Inc. ANDE $33.45 74.5% $926 $1,467 $3,818 $183 (4.3%) (8.5%) 13.1% 4.8% NA 0.38x 8.0x 0.37x 9.5x

Archer-Daniels-Midland Company ADM 42.14 88.0% 23,211 29,020 62,326 2,276 (1.1%) (10.8%) 5.8% 3.7% 17.3x 0.47x 12.8x 0.46x 9.1x

Bunge Limited BG 77.69 92.8% 10,864 14,422 45,988 377 11.3% (9.1%) 3.0% 0.8% 22.8x 0.31x 38.3x 0.31x 9.6x

CF Industries Holdings, Inc. CF 30.59 82.3% 7,116 14,014 3,708 976 (11.3%) (9.7%) 16.9% 26.3% NA 3.78x 14.4x 3.64x 15.3x

Darling Ingredients Inc. DAR 16.94 99.7% 2,645 4,370 3,518 429 5.9% 8.0% 13.5% 12.2% 31.7x 1.24x 10.2x 1.24x 10.0x

Monsanto Company MON 117.13 98.5% 51,203 59,456 14,514 4,160 9.4% (2.0%) 56.0% 28.7% 25.2x 4.10x 14.3x 4.07x 14.2x

Mosaic Company MOS 20.50 59.7% 7,139 10,425 7,147 1,070 (6.2%) (7.6%) 11.0% 15.0% 48.7x 1.46x 9.7x 1.46x 10.0x

Mean 0.5% (5.7%) 17.1% 13.1% 29.17x 1.68x 15.4x 1.65x 11.1x

Median (1.1%) (8.5%) 13.1% 12.2% 25.23x 1.24x 12.8x 1.24x 10.0x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $93.00 75.7% $63 $76 $1,280 $9 (1.3%) 1.6% 5.3% 0.7% 18.2x 0.06x 8.5x NA NA

Core-Mark Holding Company, Inc. CORE 27.84 60.9% 1,296 1,487 15,136 116 21.0% 14.7% 4.8% 0.8% 31.3x 0.10x 12.8x 0.09x 9.7x

Performance Food Group Company PFGC 26.93 92.1% 2,801 4,108 16,706 328 9.4% 6.9% 12.3% 2.0% 32.5x 0.25x 12.5x 0.24x 10.1x

SpartanNash Company SPTN 26.53 65.7% 993 1,649 7,858 231 3.2% (0.2%) 14.9% 2.9% 15.9x 0.21x 7.1x 0.20x 6.5x

SUPERVALU INC. SVU 23.09 57.5% 879 2,125 12,719 416 12.9% (9.6%) 12.3% 3.3% 23.1x 0.17x 5.1x 0.14x 4.4x

United Natural Foods, Inc. UNFI 36.69 73.2% 1,834 2,287 9,147 316 10.0% 11.1% 15.5% 3.5% 14.6x 0.25x 7.2x 0.24x 7.0x

Mean 9.2% 4.1% 10.8% 2.2% 22.6x 0.17x 8.9x 0.18x 7.6x

Median 9.7% 4.3% 12.3% 2.5% 20.6x 0.19x 7.9x 0.20x 7.0x

EV / 2017ELTM Revenue Growth EV / LTMLTM Margins

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


8



Food Retail

Costco Wholesale Corporation COST $157.94 86.2% $68,706 $67,247 $123,285 $4,927 (14.4%) 4.5% 13.5% 4.0% 27.1x 0.55x 13.6x 0.52x 12.2x

Ingles Markets, Incorporated IMKTA 28.00 53.4% 381 1,243 3,876 236 2.4% 0.4% 24.1% 6.1% 11.2x 0.32x 5.3x 0.32x 5.4x

J Sainsbury plc SBRY-GB 3.12 85.4% 6,866 9,069 34,171 1,316 (3.4%) (3.5%) 6.2% 3.9% 13.8x 0.27x 6.9x 0.25x 5.1x

Kroger Co. KR 23.59 64.8% 21,079 33,205 117,018 5,423 5.1% 4.9% 20.0% 4.6% 14.1x 0.28x 6.1x 0.27x 5.7x

Natural Grocers by Vitamin Cottage NGVC 6.23 45.2% 144 198 752 43 9.4% 14.5% 23.4% 5.8% 20.0x 0.26x 4.6x 0.26x 4.4x

Royal Ahold Delhaize N.V. AD-NL 19.76 79.2% 25,382 28,741 54,973 4,063 479.5% 8.0% 29.8% 7.4% 20.7x 0.52x 7.1x 0.39x 5.8x

Sprouts Farmers Markets, Inc. SFM 24.53 94.4% 3,273 3,708 4,336 296 12.4% 17.0% 26.9% 6.8% 26.8x 0.86x 12.5x 0.80x 12.0x

SUPERVALU INC. SVU 23.09 57.5% 879 2,125 12,719 416 12.9% (9.6%) 12.3% 3.3% 23.1x 0.17x 5.1x 0.14x 4.4x

Tesco PLC TSCO-GB 2.29 82.6% 18,830 24,514 73,745 3,404 (9.6%) (9.7%) 5.5% 4.6% NA 0.33x 7.2x 0.33x 6.8x

Village Super Market, Inc. VLGEA 24.17 66.4% 243 11 1,631 68 1.7% 2.9% 26.1% 4.2% 15.3x 0.01x 0.2x NA NA

Weis Markets, Inc. WMK 46.64 67.7% 1,229 1,206 3,397 174 16.5% 7.6% 24.9% 5.1% 14.9x 0.35x 6.9x NA NA

Whole Foods Market, Inc. WFM 41.79 95.3% 13,371 13,296 15,878 1,302 1.4% 4.5% 34.0% 8.2% 34.2x 0.84x 10.2x 0.83x 10.3x

Mean 42.8% 3.5% 20.6% 5.3% 20.1x 0.40x 7.1x 0.41x 7.2x

Median 3.7% 4.5% 23.7% 4.9% 20.0x 0.33x 6.9x 0.32x 5.8x

Foodservice

Chefs' Warehouse, Inc. CHEF $17.88 98.6% $464 $747 $1,260 $58 12.8% 18.1% 24.9% 4.6% 37.4x 0.59x 12.9x 0.58x 11.7x

Colabor Group Inc. GCL-CA 0.66 58.1% 67 164 1,033 21 1.8% (8.3%) 2.0% 2.1% 8.4x 0.16x 7.7x 0.16x 7.1x

Sysco Corporation SYY 51.00 89.4% 27,606 35,409 54,598 2,976 11.2% 6.0% 18.7% 5.5% 27.1x 0.65x 11.9x 0.63x 10.8x

Mean 8.6% 5.3% 15.2% 4.0% 24.3x 0.47x 10.8x 0.46x 9.9x

Median 11.2% 6.0% 18.7% 4.6% 27.1x 0.59x 11.9x 0.58x 10.8x

Quick Service Restaurant

Bojangles, Inc. BOJA $13.53 60.5% $499 $662 $539 $79 5.1% NA 17.5% 14.6% 14.2x 1.23x 8.4x 1.20x 9.0x

Jack in the Box Inc. JACK 97.55 86.1% 2,856 4,033 1,614 354 3.8% 3.0% 27.5% 22.0% 22.3x 2.50x 11.4x 2.65x 11.7x

McDonald's Corporation MCD 157.02 98.1% 127,413 153,381 24,179 9,320 (3.8%) (5.1%) 44.8% 38.5% 25.7x 6.34x 16.5x 6.81x 15.2x

Restaurant Brands International Inc QSR 60.16 95.6% 14,050 24,127 4,240 1,878 3.6% NA 48.9% 44.3% 40.7x 5.69x 12.8x 5.25x 11.5x

Sonic Corp. SONC 24.00 79.9% 1,006 1,563 516 153 (16.7%) (2.0%) 44.9% 29.7% 16.0x 3.03x 10.2x 3.30x 10.4x

Wendy's Company WEN 15.46 92.8% 3,747 6,171 1,280 366 (24.3%) (17.5%) 43.0% 28.6% 40.8x 4.82x 16.9x 5.04x 15.1x

Yum! Brands, Inc. YUM 76.23 82.9% 26,051 34,716 6,279 1,905 71.3% (22.7%) 44.6% 30.3% 20.9x 5.53x 18.2x 5.95x 17.5x

Mean 5.6% (8.8%) 38.7% 29.7% 25.8x 4.16x 13.5x 4.32x 12.9x

Median 3.6% (5.1%) 44.6% 29.7% 22.3x 4.82x 12.8x 5.04x 11.7x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $323.34 64.8% $9,307 $8,737 $4,310 $397 6.5% 5.9% 15.3% 9.2% NM 2.03x 22.0x 1.92x 16.9x

El Pollo Loco Holdings Inc LOCO 12.25 82.5% 472 562 394 59 7.3% NA 21.4% 15.0% 26.5x 1.43x 9.5x 1.38x 8.7x

Fiesta Restaurant Group, Inc. FRGI 18.55 60.5% 506 566 702 82 (1.1%) 6.8% 19.4% 11.6% NA 0.81x 6.9x 0.84x 6.8x

Habit Restaurants, Inc. HABT 14.05 71.1% 285 277 308 29 19.6% NA 14.3% 9.6% 56.0x 0.90x 9.4x 0.82x 8.7x

Noodles & Co. NDLS 4.00 55.1% 148 206 482 13 2.5% 9.2% 10.3% 2.6% NA 0.43x 16.5x 0.45x 7.2x

Potbelly Corp. PBPB 11.23 77.1% 281 260 416 38 6.1% 10.3% 13.8% 9.2% NM 0.63x 6.8x 0.60x 6.7x

Shake Shack, Inc. SHAK 32.50 81.9% 1,241 1,219 316 50 40.4% NA 25.6% 15.7% NM 3.86x 24.5x 3.44x 22.5x

Wingstop, Inc. WING 34.05 99.7% 970 1,104 98 35 15.7% NA 69.0% 35.9% 52.3x 11.29x 31.4x 10.64x 28.0x

Zoe's Kitchen, Inc. ZOES 11.61 30.8% 223 252 286 23 17.3% 29.7% 13.8% 8.0% NM 0.88x 11.1x 0.80x 11.1x

Mean 12.7% 12.4% 22.6% 13.0% 44.9x 2.47x 15.4x 2.32x 13.0x

Median 7.3% 9.2% 15.3% 9.6% 52.3x 0.90x 11.1x 0.84x 8.7x

LTM Revenue Growth LTM Margins EV / LTM EV / 2017E

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


9



Differentiated Casual

BJ's Restaurants, Inc. BJRI $33.35 70.1% $710 $860 $1,023 $122 7.0% 7.9% 11.4% 11.9% 19.4x 0.84x 7.0x 0.83x 7.3x

Buffalo Wild Wings, Inc. BWLD 111.50 63.7% 1,734 2,118 2,023 261 4.1% 13.3% 10.4% 12.9% 28.7x 1.05x 8.1x 1.02x 8.0x

Chuy's Holdings, Inc. CHUY 20.85 59.1% 346 326 346 41 11.3% 15.7% 15.3% 11.9% 20.7x 0.94x 7.9x 0.88x 7.6x

Dave & Buster's Entertainment, Inc. PLAY 61.61 83.8% 2,524 2,749 1,047 255 15.6% 16.5% 27.5% 24.3% 25.4x 2.62x 10.8x 2.36x 9.8x

Cheesecake Factory Incorporated CAKE 44.97 67.0% 2,106 2,144 2,296 284 17.3% 36.0% 15.3% 12.4% 15.7x 0.93x 7.6x 0.94x 8.1x

Mean 11.0% 17.9% 16.0% 14.7% 22.0x 1.28x 8.3x 1.21x 8.2x

Median 11.3% 15.7% 15.3% 12.4% 20.7x 0.94x 7.9x 0.94x 8.0x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $17.44 78.7% $1,628 $2,663 $4,186 $404 (3.1%) (0.8%) 11.6% 9.6% 19.4x 0.64x 6.6x 0.64x 6.3x

Brinker International, Inc. EAT 35.45 63.5% 1,728 NA 3,151 435 (3.3%) 2.7% 14.8% 13.8% 12.0x NA NA NA NA

Darden Restaurants, Inc. DRI 82.90 87.1% 10,447 11,305 7,170 925 3.4% 4.5% 18.8% 12.9% 21.9x 1.58x 12.2x 1.47x 10.6x

DineEquity, Inc. DIN 39.54 44.9% 715 1,975 622 236 (5.5%) (1.3%) 57.6% 38.0% 8.9x 3.18x 8.4x 3.25x 8.9x

Red Robin Gourmet Burgers, Inc. RRGB 58.95 79.5% 783 1,054 1,629 165 28.8% 15.7% 14.1% 10.2% NM 0.65x 6.4x 0.77x 7.1x

Ruby Tuesday, Inc. RT 2.03 55.2% 121 302 976 37 (11.9%) (6.1%) 11.6% 3.8% NA 0.31x 8.2x NA NA

Texas Roadhouse, Inc. TXRH 49.68 95.7% 3,498 3,446 2,100 278 9.6% 11.8% 15.4% 13.2% 29.7x 1.64x 12.4x 1.56x 11.7x

Mean 2.6% 3.8% 20.5% 14.5% 18.4x 1.33x 9.0x 1.54x 8.9x

Median (3.1%) 2.7% 14.8% 12.9% 19.4x 1.11x 8.3x 1.47x 8.9x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $14.60 77.7% $310 $330 $357 $41 3.8% 7.7% 16.4% 11.5% 26.2x 0.93x 8.1x 0.91x 7.1x

Fogo de Chao, Inc. FOGO 12.83 75.2% 364 477 304 54 9.8% NA 22.5% 17.7% 16.3x 1.57x 8.9x 1.50x 8.0x

Ruth's Hospitality Group, Inc. RUTH 20.20 89.2% 602 618 397 63 4.6% (1.1%) 23.2% 15.8% 19.6x 1.56x 9.9x 1.49x 9.3x

Mean 6.0% 3.3% 20.7% 15.0% 20.7x 1.35x 8.9x 1.30x 8.1x

Median 4.6% 3.3% 22.5% 15.8% 19.6x 1.56x 8.9x 1.49x 8.0x

Pizza

Domino's Pizza, Inc. DPZ $193.39 87.3% $9,306 $11,273 $2,630 $513 13.3% 11.9% 30.7% 19.5% 38.4x 4.29x 22.0x 4.06x 20.1x

Papa John's International, Inc. PZZA 78.51 86.8% 2,866 3,171 1,746 198 5.3% 4.8% 18.2% 11.3% 27.4x 1.82x 16.0x 1.76x 15.2x

Papa Murphy's Holdings, Inc. FRSH 4.25 61.8% 69 173 125 14 0.2% NA 26.1% 10.8% NA 1.38x 12.8x 1.51x 8.8x

Mean 6.3% 8.4% 25.0% 13.9% 32.9x 2.49x 16.9x 2.45x 14.7x

Median 5.3% 8.4% 26.1% 11.3% 32.9x 1.82x 16.0x 1.76x 15.2x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $5.70 40.9% $147 $105 $167 $7 15.9% NA 44.9% 4.0% NA 0.63x 15.7x 0.58x 8.6x

Dunkin' Brands Group, Inc. DNKN 53.27 89.2% 4,788 6,874 832 449 1.5% 4.3% 78.5% 53.9% 23.2x 8.26x 15.3x 8.19x 14.6x

Jamba, Inc. JMBA 9.32 80.2% 140 126 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.53x NM NA NA

Starbucks Corporation SBUX 53.31 82.2% 76,787 77,722 22,397 5,181 9.2% 11.7% 24.4% 23.1% 27.0x 3.47x 15.0x 3.37x 13.8x

Mean (5.0%) (1.9%) 41.1% 23.8% 25.1x 3.47x 15.3x 4.05x 12.3x

Median 4.3% 4.8% 39.7% 18.6% 25.1x 2.50x 15.3x 3.37x 13.8x

Family Restaurant

Cracker Barrel Old Country Store, Inc. CBRL $153.05 87.4% $3,667 $3,883 $2,929 $392 1.5% 3.2% 15.3% 13.4% 18.4x 1.33x 9.9x 1.30x 9.6x

Denny's Corporation DENN 12.25 86.0% 813 1,076 519 116 4.5% 4.3% 26.7% 22.4% 23.7x 2.07x 9.3x 2.03x 10.7x

Luby's, Inc. LUB 2.73 58.8% 80 119 387 14 (9.3%) (1.0%) 9.4% 3.6% NA 0.31x 8.5x NA NA

Mean (1.1%) 2.2% 17.2% 13.1% 21.1x 1.23x 9.2x 1.67x 10.1x

Median 1.5% 3.2% 15.3% 13.4% 21.1x 1.33x 9.3x 1.67x 10.1x

LTM Revenue Growth LTM Margins EV / LTM EV / 2017E

PAGE |


10


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

MCCORMICK &.COMPANY TO ACQUIRE RECKITT BENCKISER’S FOOD DIVISION

Enterprise Value: $4.2 bnRevenue Multiple: NDEBITDA Multiple: NDAnnounced: July 18, 2017

GRUPO BIMBO TO ACQUIRE EAST BALT BAKERIES

INNOPHOS HOLDINGS TO ACQUIRE NOVEL INGREDIENT SERVICES

Innophos Holdings has agreed to acquire Novel Ingredient Services, aportfolio company of GenNx360 Capital Partners.

Novel Ingredient Services is a technology-driven provider of clinically-backedingredients and dietary supplement solutions.

The acquisition will allow Innophos to execute on its strategy of growing itsFood, Health, and Nutrition product portfolio, while simultaneously aligningitself with better-for-you and clean-label mega-trends.

Enterprise Value: $650 mmRevenue Multiple: 1.5xEBITDA Multiple: 9.3xAnnounced: July 20, 2017

McCormick & Co. has agreed to acquire the food business of ReckittBenckiser.

Reckitt Benckiser’s food business includes the French’s, Frank’s RedHot, andCattlemen’s sauce and condiment brands.

The acquisition provides McCormick & Co. with a leading position in thecondiments category.

Enterprise Value: $125 mmRevenue Multiple: 1.3xEBITDA Multiple: 12.1xAnnounced: August 1, 2017

Grupo Bimbo has agreed to acquire East Balt, a portfolio company of OneEquity Partners.

East Balt is a producer and supplier of bakery products with 21 facilitiesspanning 11 countries.

The acquisition will allow Grupo Bimbo to advance its global growth strategyby expanding its reach into eight new countries.

70

80

90

100

110

120

130

Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17

Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

14.9%

11.9%

11.1%

5.0%

(1.9%)

(10.5%)

FOOD AND BEVERAGE

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

* M&A transactions include European and cross-border deals since 2015.

8.8x 8.3x 8.0x

11.3x

9.2x

9.7x

8.8x

10.0x 10.3x

0.00x

0.40x

0.80x

1.20x

1.60x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM

Sa

les M

ultip

le

EV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$9.3

$67.2

$8.2$24.0

$55.7

$120.7

$247.7

$52.9 $51.7

0

100

200

300

400

500

600

700

$0

$40

$80

$120

$160

$200

$240

$280

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

alu

e (

$ in

billio

ns)

Aggregate Deal Value # of Deals

14

3225 26

3831

65

122

87

17

34

18

3643 48

65 6758

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

8/6/2017 Kountry Korner Grocery & Deli Noo-Kayet Development Corp.

8/3/2017 Anchor Brewing Co. LLC Sapporo Holdings Ltd.

8/3/2017 Cold Spring Brewing Co. Brynwood Partners

8/1/2017 Novel Ingredient Services LLC Innophos Holdings, Inc.

8/1/2017 Casademont SA Piensos Costa SA

8/1/2017 Reißenweber GmbH & Co. KG Mühlenbäckerei GmbH

7/31/2017 Revolut ion Bars Group Plc Stonegate Pub Co. Ltd.

7/27/2017 Daiya Foods, Inc. Otsuka Pharmaceutical Co., Ltd.

7/27/2017 First Watch Restaurants, Inc. Advent International Corp.

7/27/2017 Ingapan SL MCH Private Equity Investments

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

8/3/17 McCormick & Co Inc Food preparations 4,200 USD Bridge Loan Senior

8/1/17 Constellation Brands Canada Wines, brandy, and spirits 259 USD Term Loan B Senior 275 BPS

8/1/17 Constellation Brands Canada Wines, brandy, and spirits 52 USD Term Loan B Senior 300 BPS

7/31/17 Marie Brizard & Roger International Distilled and blended liquors 38 USD Revolver/Line >= 1 Yr. Senior

7/31/17 Marie Brizard & Roger International Distilled and blended liquors 53 USD Term Loan Senior

7/28/17 Colussi Spa Cookies and crackers 24 USD Undisclosed Senior

7/27/17 American Seafoods Group LLC Fresh or frozen prepared fish 565 USD Term Loan B Senior 375 BPS

7/26/17 Illinois Corn Processing Edible fats and oils 76 USD Other Loan Senior

7/25/17 Silver Bay Seafoods LLC Fresh or frozen prepared fish 140 USD Revolver/Line >= 1 Yr. Senior 300 BPS

7/25/17 Silver Bay Seafoods LLC Fresh or frozen prepared fish 9 USD Term Loan A Senior 300 BPS

7/21/17 China Shengmu Organic Milk Ltd Fluid milk 100 USD Term Loan Senior 220 BPS

7/14/17 Constellation Brands Inc Malt beverages 2,293 USD Term Loan Senior 125 BPS

7/14/17 Constellation Brands Inc Malt beverages 1,502 USD Revolver/Line >= 1 Yr. Senior 125 BPS

7/14/17 Constellation Brands Inc Malt beverages 190 USD Revolver/Line >= 1 Yr. Senior 125 BPS

7/14/17 Constellation Brands Inc Malt beverages 500 USD Term Loan A Senior 155 BPS

7/13/17 Winebow Holdings Inc Wines, brandy, and spirits 130 USD Revolver/Line >= 1 Yr. Senior 200 BPS

L + 0

L + 200

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Inst itutional Pro Rata

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA -

Capex/

Cash Interest

EB

ITD

A M

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2013 2014 2015 2016 1Q17

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2010 2011 2012 2013 2014 2015 2016

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Revolving Credit / Term Loan A Weighted-Average Institutional

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

8/6/2017 Kountry Korner Grocery & Deli - Noo-Kayet Development Corp. $2.3 - - - N.A.

8/3/2017 Anchor Brewing Co. LLC The Griffin Group LLC Sapporo Holdings Ltd. - - - - Cross Border

8/3/2017 Cold Spring Brewing Co. - Brynwood Partners - - - - P N.A.

8/1/2017 Novel Ingredient Services LLC GenNx360 Capital Partners Innophos Holdings, Inc. $125.0 1.3x 12.1x - P N.A.

8/1/2017 Casademont SA Princa SL Piensos Costa SA $5.9 - - - EU

8/1/2017 Reißenweber GmbH & Co. KG - Mühlenbäckerei GmbH - - - - EU

7/31/2017 Revolut ion Bars Group Plc - Stonegate Pub Co. Ltd. $131.3 0.8x 6.3x 11.4x P EU

7/27/2017 Daiya Foods, Inc. - Otsuka Pharmaceutical Co., Ltd. $323.1 - - - P Cross Border

7/27/2017 First Watch Restaurants, Inc. - Advent International Corp. - - - - P N.A.

7/27/2017 Ingapan SL - MCH Private Equity Investments - - - - EU

7/27/2017 Punch Pub Co. Ltd. Punch Taverns Plc Stonegate Pub Co. Ltd. - - - - EU

7/26/2017 Bestowed LLC - Urthbox, Inc. - - - - N.A.

7/26/2017 Globe Export SARL - Arkéa Capital Gest ion SAS - - - - EU

7/26/2017 Secret Barrel Dist illery Corp. - White Pine Resources, Inc. - - - - Cross Border

7/26/2017 ZEN HERO, Inc. - Michael James Enterprises, Inc. $0.9 - - - N.A.

7/25/2017 Ascenta Health - Non-Manufacturing Pet Assets Bend Beauty, Inc. Dane Creek Capital Corp. - - - - P Cross Border

7/25/2017 Cott Corp. - Bott ling Activit ies Cott Corp. (Canada) Refresco Group NV $1,250.0 - - - Cross Border

7/25/2017 The Hatchet Inn Ltd. - The Liberation Group Ltd. - - - - EU

7/24/2017 Campari Davide Milano SpA Davide Campari-Milano SpA Heaven Hill Dist illeries, Inc. $164.9 - - - Cross Border

7/24/2017 Cooperativa Nuestra Señora de la Muela - Cooperativa Nuestra Señora de la Paz - - - - EU

7/24/2017 NE Foods, Inc. (2 Subsidiaries) NE Foods, Inc. Schwan's Co. - - - - N.A.

7/24/2017 The Nature's Bounty Co. - Kohlberg Kravis Roberts & Co. LP - - - - P N.A.

7/23/2017 Cuisine Royale Manufacturing Ltd. - Mayfair Equity Partners LLP - - - - P EU

7/23/2017 Hulleras del Norte SA - Company Store Bus Hulleras del Norte SA Alimentos El Arco SA - - - - EU

7/21/2017 B1 Swiss Gastro Company GmbH - Ufenau Capital Partners AG - - - - P EU

7/21/2017 Cookie Creations SAS - Galapagos SA - - - - P EU

7/21/2017 Dj Drink Solut ions Ltd. - Nichols Plc - - - - EU

7/20/2017 Creekstone Farms Premium Beef - Marubeni Corp. $170.0 - - - P Cross Border

7/20/2017 Domaines Listel SAS - Groupe Castel - - - - EU

7/20/2017 D'Orsogna Dolciaria SRL - Barry Callebaut AG - - - - EU

7/20/2017 Dupont Restauration SAS - CM-CIC Invest issement SCR SASU - - - - P EU

7/20/2017 East Balt , Inc. One Equity Partners LLC Grupo Bimbo SAB de CV $650.0 1.5x 9.3x - P Cross Border

7/20/2017 Hiball, Inc. - Anheuser-Busch InBev - - - - P Cross Border

7/20/2017 Labeyrie Traiteur Surgeles Labeyrie Fine Foods SAS Ajinomoto Foods Europe SAS - - - - EU

7/19/2017 PDQ Food Stores, Inc. - Kwik Trip, Inc. - - - - N.A.

7/19/2017 Pivara Tuzla dd - RK Invest - - - - EU

7/18/2017 FSC Franchise Co. LLC - CapitalSpring LLC - - - - P N.A.

7/18/2017 Reckitt Benckiser Group Plc - Food Division Reckitt Benckiser Group Plc McCormick & Co., Inc. $4,200.0 - - - N.A.

7/17/2017 BakeMark CSM Bakery Solut ions LLC Pamplona Capital Management LLP - - - - P Cross Border

7/17/2017 Butterkist Ltd (United Kingdom) Tangerine Confectionery Ltd. KP Snacks Ltd. - - - - EU

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


52 4839 33

46 47 52

70

89

58 57

82

141

118

92 94107

139

166

126119

56

4 7

96

10 13 8

7

10

6 10

5

20

18

819

19

17

46

40

35

34

0

20

40

60

80

100

120

140

160

180

200

Q21

2

Q31

2

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Q11

7

Q21

7

Q31

7

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f Tr

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ns

Strategic Acquirer Private Equity Acquirer

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

Ju

l-16

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6

Se

p-1

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Food Products, Processing, and Ingredients Retail and Restaurants

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

7/17/2017 Gold Coast Bakeries LLC - Peak Rock Capital LLC - - - - P N.A.

7/14/2017 Cafe De Paris SARL - Cafe De Paris SARL - - - - P EU

7/14/2017 Café København ApS - Café København ApS - - - - P EU

7/14/2017 Caffitaly System SpA - Compagnie Nationale à Portefeuille - - - - P EU

7/14/2017 Caviar Volga SA - Noctis Event SAS - - - - EU

7/14/2017 Kaiser-Brauerei Geislingen - Aitedian International Holding GmbH - - - - EU

7/13/2017 Uniekaas (Brand & Productionfacility) UnieKaas Group BV DOC Dairy Partners BV - - - - EU

7/12/2017 Chivas Bros Ltd. Pernod Ricard SA Chivas Bros Ltd. - - - - EU

7/12/2017 Glenallachie Dist illery Ltd. Pernod Ricard SA Glenallachie Dist illery Ltd. - - - - P EU

7/12/2017 Novastell SAS - Sofiprotéol SA - - - - EU

7/12/2017 Rudys Food Products, Inc. - Teasdale Foods, Inc. - - - - N.A.

7/11/2017 Affinity Flavors, Inc. - T. Hasegawa USA, Inc. - - - - N.A.

7/11/2017 Honest Food Co. GmbH - Good Brands AG - - - - EU

7/11/2017 Visama Restauración SL Santagadea Gest ión SL Visama Restauracion SL - - - - P EU

7/10/2017 Back Yard Burgers, Inc. - Axum Capital Partners LLC - - - - P N.A.

7/10/2017 Feyel Artzner SA Feyel Artzner SA La Franciade SAS - - - - EU

7/10/2017 Home Bistro Foods, Inc. Dinewise, Inc. AlphaPoint Technology, Inc. - - - - N.A.

7/10/2017 Jim 'N Nick's Bar-B-Q, Inc. - Roark Capital Group, Inc. - - - - P N.A.

7/10/2017 Past ificio Mediterranea SRL - Cerealto Siro Foods SL - - - - EU

7/10/2017 Premium Rosa Sp. z.o.o. - Kofola CeskoSlovensko a.s. - - - - EU

7/7/2017 Cascade Drinks Ltd. Tolchards Ltd. Wickwar Wessex Brewing Co. Ltd. - - - - EU

7/7/2017 Santé Verte Ltd. - Laboratorios Cinfa SA - - - - P EU

7/6/2017 Cloetta Italia SRL Cloetta AB Katjes International GmbH & Co. $53.0 - - - EU

7/6/2017 Bob Brandi Stat ions, Inc. - Applegreen Plc $5.4 - - - Cross Border

7/6/2017 Invest issements BSA, Inc. - Frutarom Industries Ltd. $42.3 - - - Cross Border

7/6/2017 Pacific Foods of Oregon, Inc. - Campbell Soup Co. $700.0 3.2x - - N.A.

7/6/2017 Level 5 Beverage Co., Inc. Minerco, Inc. Pacific Isle Wholesale Ltd. - - - - Cross Border

7/4/2017 Acuinova Actividades Piscícolas Pescanova SA Ondas e Versos Lda. - - - - EU

7/4/2017 JDS Foods Ltd. - Lisavaird Food Group Ltd. $18.2 - - - EU

7/3/2017 Stonyfield Farm, Inc. Danone SA Groupe Lactalis SA $875.0 2.4x 20.0x - Cross Border

7/3/2017 Iberchem SA - Eurazeo SA $439.9 - - - P EU

7/3/2017 Flavor Ingredient Holdings LLC - T. Hasegawa USA, Inc. $55.0 - - - N.A.

7/3/2017 Urtehaven AS - Synnøve Finden AS - - - - EU

7/3/2017 Etablissements Mon Bana SA - Yves Buton EURL - - - - EU

6/30/2017 Stefano Toselli SAS GS&DH Holdings SASU Ter Beke NV - - - - EU

6/29/2017 Vival - Vival - Rannou - - - - P EU

6/29/2017 Lagkagehuset A/S Danish Bake A/S NC Advisory AB - - - - P EU

6/29/2017 Grand Union Fuller, Smith & Turner Plc Draft House Holding Ltd. $3.9 - - - EU

6/29/2017 Balzac Coffee GmbH & Co. KG - JAB Holding Co. - - - - EU

6/28/2017 Stampede Meat, Inc. - Wynnchurch Capital Ltd. - - - - P N.A.

6/28/2017 Karg GmbH - Goldjunge GmbH - - - - EU

6/26/2017 Holland & Barrett Holdings Ltd. Alphabet Holding Co., Inc. Letterone Investment Holdings SARL $2,254.6 - - - P EU

6/26/2017 The Big Salad Franchise Co. LLC - First Foods Group, Inc. $0.9 - - - N.A.

6/24/2017 The Mitre Pub Ltd. Whitbread Plc Marston's Plc - - - - EU

6/23/2017 Delibreads SL Aldebarán Projects SL Delibreads SL - Otero - - - - EU

6/23/2017 GAEC Foucault - GAEC Foucault - - - - P EU

6/22/2017 MHD LLC - Freshii, Inc. $4.2 - - - Cross Border

6/22/2017 Uncle Matt 's Organic, Inc. - Dean Foods Co. - - - - N.A.

6/21/2017 Saw Close Casino Ltd. - Century Casinos Europe GmbH $0.8 - - - EU

6/21/2017 Heineken NV - Belarus Operations Heineken NV Oasis Beverages Cyprus Ltd. - - - - EU

6/20/2017 Dagwoods Sandwichs & Salads - MTY Food Group, Inc. $2.3 - - - Cross Border

6/20/2017 Maison Floran Production SARL Ida SAS Epicuria Sucre Sale SARL - - - - EU

6/20/2017 GRO-Well Brands, Inc. (Arizona) - Global Environment Fund Management - - - - P N.A.

6/19/2017 Maison Pillon SA - La Fabrique De Chocolats SAS - - - - EU

6/19/2017 Hug Baeckerei AG - Migros-Genossenschafts-Bund - - - - EU

6/19/2017 Robert Rothschild Farm LLC - Glencoe Capital LLC - - - - P N.A.

6/19/2017 Vamin Tatarstan OAO Vamin Tatarstan Agrosila Ao - - - - EU

6/18/2017 Nisa Retail Ltd. - Sainsbury's Supermarkets Ltd. $166.4 - - - EU

6/18/2017 Mondia Alliance Canada, Inc. Maison des Futailles SEC Univins & Spirits (Canada), Inc. - - - - Cross Border

6/18/2017 The Fresh Ice Cream Co. LLC - Dean Foods Co. $1.0 - - - N.A.

6/17/2017 Alimentos Congelados de la Rioja - Congelados de Navarra SA - - - - EU

6/16/2017 Whole Foods Market, Inc. - Amazon.com, Inc. $13,480.9 0.9x 9.9x 15.7x N.A.

6/16/2017 Pécsi Sörfözde Zrt Ottakringer Getränke AG Pecsi Sorfozde Zrt - - - - P EU

6/16/2017 Schrader Cellars LLC Schrader Cellars LLC Constellat ion Brands, Inc. - - - - N.A.

6/15/2017 DISH Catering Ltd. - Best Part ies Ever Ltd. - - - - EU

M&A OVERVIEW*

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

August 2017

Date Company

8/14/2017 JBS SA (JBSS3-BR)

8/16/2017 Performance Food Group Co. (PFGC-US)

8/16/2017 SpartanNash Co. (SPTN-US)

8/17/2017 Treasury Wine Estates Ltd. (TWE-AU)

8/17/2017 Bell Food Group AG (BELL-CH)

8/17/2017 Lancaster Colony Corp. (LANC-US)

8/17/2017 Wal-Mart Stores, Inc. (WMT-US)

8/18/2017 Lotus Bakeries NV (LOTB-BE)

8/18/2017 Hugli Holding AG (HUE-CH)

8/22/2017 Shoprite Holdings Ltd. (SHP-ZA)

8/23/2017 Emmi AG (EMMN-CH)

8/24/2017 Hormel Foods Corp. (HRL-US)

8/24/2017 The J. M. Smucker Co. (SJM-US)

8/31/2017 Campbell Soup Co. (CPB-US)

September 2017

Date Company

9/7/2017 Savencia SA (SAVE-FR)

9/8/2017 The Kroger Co. (KR-US)

9/11/2017 Associated British Foods Plc (ABF-GB)

9/11/2017 Sato Foods Co., Ltd. (Niigata) (2923-JP)

9/12/2017 Hilton Food Group Plc (HFG-GB)

9/12/2017 Parmalat SpA (PLT-IT)

9/25/2017 Aryzta AG (ARYN-CH)

October 2017

Date Company

10/3/2017 Bonduelle SA (BON-FR)

10/5/2017 Costco Wholesale Corp. (COST-US)

10/17/2017 Danone SA (BN-FR)

10/19/2017 Nestle SA (NESN-CH)

10/19/2017 Axfood AB (AXFO-SE)

10/25/2017 Heineken NV (HEIA-NL)

10/26/2017 Anheuser-Busch InBev SA/NV (ABI-BE)

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Specialty Distribution

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OUR FIRM

FOOD AND BEVERAGE


16

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

PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Factset

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


DISCLOSURES

17

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 7078852). 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.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

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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