food and beverage - harris williams...10/26/16 10/27/16 chanticleer holdings inc hotr follow-on...

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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 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.

FOOD AND BEVERAGE

INDUSTRY UPDATE │ FEBRUARY 2017

PAGE |

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



A Private Investor Group



CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING


has been acquired byhas been acquired by






a subsidiary of








and

The first two months of 2016 have shown significant momentum with over 100

announced food & beverage transactions. Recent transactions of note include

Sovos Brands’ acquisition of Michael Angelo’s Gourmet Foods, Golden Gate

Capital’s acquisition of Bob Evan’s Restaurants, and RLJ Equity Partners and SJ

Partners’ combined acquisition of Native Maine Produce and Specialty Foods, a

wholesale distributor of fresh produce, dairy, and specialty foods.

http://www.harriswilliams.com/

mailto:[email protected]






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WHAT WE’RE READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

Beef:

14.5%

Pork

6.4%

Poultry:

3.0%

WHY THE ARCTIC APPLE MEANS YOU MAY BE SEEING MORE GMOS AT THE STORE

In a bid to combat food waste, the Grocery Manufacturers Association and the Food Marketing Institute are teamingup, advising companies to abolish their “Expires On” and “Sell By” labels. According to the groups, the labels promptover-cautious consumers to throw away perfectly good, though less fresh, food.

Access the full article here.

FOR FOOD MANUFACTURERS, 'SELL BY' LABELS MAY HAVE REACHED THEIR EXPIRATION DATE

MILLIONS TO FIGHT FOOD INDUSTRY SWAY, FROM A SNACK BAR CEO

20

40

60

80

100

120

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

Co

mm

od

ity P

ric

e In

de

x

Corn Soybeans Wheat Crude Oil

90

100

110

120

130

140

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Soybeans:

(29.8%)

Crude Oil:

(48.0%)

Corn:

(50.5%)

Wheat:

(59.5%)

The Arctic Apple, a genetically modified Golden Delicious, is set to hit test markets as the first apple of its kind inhistory. It is the latest target in a transformative shift that has led scientists to shift from “transgenic” crops that includeforeign DNA to “cisgenic” crops that are altered using their own genome, bucking many existing GMO regulatoryhurdles.


With a $25 million pledge, Daniel Lubetzky, the CEO of KIND, has vowed to create a group dedicated to revealcorporate influence in the nutrition field with activities such as education campaigns and investigative journalism. Themove comes as the division between traditional “Big Food” and newer, better-for-you businesses continues to widen.


http://www.npr.org/sections/thesalt/2017/02/15/515427797/food-companies-may-say-goodbye-to-sell-by-labels

http://www.npr.org/sections/thesalt/2017/02/01/512633781/why-the-arctic-apple-means-you-may-be-seeing-more-gmos-at-the-store

http://abcnews.go.com/Business/wireStory/millions-fight-food-industry-sway-snack-bar-ceo-45504679

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80

100

120

140

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

Sa

les

Ind

ex

Restaurant Grocery

VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Net Debt /

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

Protein Processing 3.2% 10.0% 13.2% 9.6% 11.9x 12.9x 9.3x 2.9x

Fruit and Vegetable (0.7%) 31.9% 6.3% 5.1% 15.2x 20.8x 10.4x 0.4x

Ingredients / Flavors 3.6% 10.5% (12.5%) (5.2%) 19.9x 23.9x 14.4x 1.4x

Agribusiness 8.0% 35.1% 3.2% 5.5% 18.0x 20.3x 10.6x 2.4x

Branded Processed Foods 7.7% 8.5% (5.5%) (0.7%) 20.3x 26.4x 13.7x 2.3x

Private Label Foods and Beverages 8.0% 15.0% (3.1%) 21.4% 26.5x 14.0x 10.4x 4.2x

Natural / Organic Foods / BFY 12.1% 35.3% 2.1% (5.9%) 18.0x 32.4x 16.8x 3.5x

Baked Goods 1.0% 13.8% (1.2%) (16.7%) 21.5x 27.8x 9.3x 2.1x

Dairy 8.1% 13.1% (0.3%) 6.9% 19.6x 24.6x 13.8x 1.7x

Non-Alcoholic Beverages 3.4% 7.8% (6.0%) (2.0%) 20.9x 23.3x 12.9x 1.8x

Alcoholic Beverages 2.0% 9.3% (8.3%) (10.7%) 20.2x 24.1x 13.4x 2.6x

Snacks 4.2% 19.6% 2.9% 5.4% 23.2x 27.7x 17.5x 1.7x

Grocery Distribution (1.6%) 20.3% 7.7% 29.4% 17.3x 21.3x 9.0x 2.0x

Food Retail (0.6%) (4.0%) 4.6% (11.2%) 18.7x 19.7x 7.4x 2.1x

Foodserv ice 17.2% 28.1% 22.6% 10.5% 19.9x 28.6x 12.2x 4.7x

Quick Serv ice Restaurant 12.8% 28.1% 12.3% 4.7% 23.3x 22.3x 13.0x 3.1x

Fast Casual 1.3% 0.8% 4.2% (10.9%) 43.9x 37.7x 13.2x 2.0x

Differentiated Casual 4.4% 7.9% 4.0% (13.1%) 24.1x 28.6x 10.3x 0.5x

Casual Dining Restaurant (6.6%) (2.9%) 4.6% 0.2% 15.2x 21.8x 7.8x 2.5x

Fine Dining 5.9% 8.2% 14.5% 1.1% 16.5x 18.8x 9.9x 2.6x

Pizza 6.1% 70.1% 2.6% 29.0% 35.7x 34.4x 17.9x 4.0x

Beverage / Snack Retail (0.4%) (9.9%) 0.3% (18.3%) 23.9x 26.5x 16.4x 2.4x

Family Restaurant 5.9% 28.1% 15.5% 35.3% 21.0x 52.2x 11.8x 2.5x

Overall Median 4.2% 10.5% 2.0% 0.8% 20.4x 24.2x 11.6x 2.2x

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

Inp

uts

Fo

od

an

d B

ev

era

ge

Co

nsu

me

r a

nd

Re

tail

Industry and Segment

Restaurant:

22.8%

Grocery:

10.3%

0.0

1.0

2.0

3.0

4.0

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16

Infla

tio

n (

%)

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4

FOOD AND BEVERAGE


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

RECENT EQUITY OFFERINGS6

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

12/30/16 12/30/16 Eastside Distilling Inc EURC Follow-On $1.0 Working Capital

General Corporate Purposes

12/22/16 12/27/16 RAVE Restaurant Group Inc RAVE Convertible $1.0 Capital Expenditure

Working Capital

12/21/16 12/02/16 Long Island Iced Tea Corp LTEA Follow-On $1.6 Working Capital

General Corporate Purposes

12/02/16 11/08/16 Diamond Estates Wines DWS Follow-On $6.0 Capital Expenditure

11/30/16 10/17/16 Bojangles' Inc BOJA Follow-On $119.0 Liquidity for Private Owners

11/24/16 11/21/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure

Working Capital

11/21/16 11/21/16 Hip Cuisine Inc N/A - $0.5 Working Capital

11/16/16 11/11/16 Performance Food Group Co PFGC Follow-On $228.5 Liquidity for Private Owners

11/15/16 10/10/16 Premium Brands Holdings Corp PBH Convertible $74.3 Debt Repayment

Future Acquisitions

11/09/16 06/07/16 Saputo Inc SAP Follow-On $224.3 Liquidity for Private Owners

11/08/16 07/19/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment

Working Capital

11/01/16 10/31/16 Wingstop Inc WING Follow-On $179.3 Liquidity for Private Owners

10/26/16 10/27/16 Chanticleer Holdings Inc HOTR Follow-On $13.5 Debt Repayment

Working Capital

Bev erage / Snack Retail

Food Retail

Casual Dining Restaurant

Fast Casual

Non-Alcoholic Bev erages

Differentiated Casual

Fine Dining

Branded Processed Foods

Alcoholic Bev erages

Protein Processing

Ingredients / Flav ors

Dairy

Baked Goods

Priv ate Label

Snacks

Grocery Distribution

S&P

Quick Serv ice Restaurant

Family Restaurant

Foodserv ice

Fruit and Vegetable

Agribusiness

Natural / Organic / BFY

Pizza

(15.0%) 0.0% 15.0% 30.0% 45.0% 60.0% 75.0%

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 2/12/17 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 $31.20 62.8% $24,701 $25,082 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 24.2x 1.32x 11.6x 1.47x 12.5x

B&G Foods, Inc. BGS 46.15 87.3% 3,065 4,373 1,319 307 52.8% 24.3% 35.2% 23.3% 26.7x 3.32x 14.3x 3.13x 13.3x

Campbell Soup Company CPB 63.27 93.2% 19,427 22,728 7,960 1,564 (0.9%) 0.3% 38.1% 19.6% 29.8x 2.86x 14.5x 2.84x 12.6x

ConAgra Foods, Inc. CAG 39.84 81.5% 17,339 19,428 9,740 1,452 (2.3%) (17.5%) 30.9% 14.9% 28.0x 1.99x 13.4x 2.07x 11.7x

General Mills, Inc. GIS 62.76 86.0% 36,401 46,210 15,950 3,364 (7.7%) (4.1%) 36.8% 21.1% 23.4x 2.90x 13.7x 2.87x 13.4x

Hormel Foods Corporation HRL 37.13 81.2% 19,634 19,473 9,523 1,428 2.8% 2.9% 22.8% 15.0% 22.6x 2.04x 13.6x 2.05x 13.3x

Kellogg Company K 76.00 87.2% 26,676 34,178 13,014 1,912 (3.8%) (4.2%) 31.5% 14.7% 38.8x 2.63x 17.9x 2.63x 13.6x

McCormick & Company, Incorporated MKC 97.25 90.2% 12,176 13,516 4,412 768 2.7% 2.3% 44.0% 17.4% 26.4x 3.06x 17.6x 3.05x 17.4x

Nestle S.A. NESN-CH 73.44 88.1% 228,557 250,878 90,925 17,784 (6.3%) (1.7%) 50.8% 19.6% 26.4x 2.76x 14.1x 2.83x 14.8x

Post Holdings, Inc. POST 85.50 96.1% 5,496 9,175 5,028 899 NM 66.2% 27.3% 17.9% NM 1.82x 10.2x 1.82x 9.8x

Hershey Company HSY 107.62 91.4% 16,316 18,999 7,440 1,768 0.7% 1.4% 37.7% 23.8% 32.2x 2.55x 10.7x 2.55x 10.6x

J. M. Smucker Company SJM 138.02 87.7% 16,070 21,300 7,511 1,759 8.6% 8.9% 36.7% 23.4% 22.5x 2.84x 12.1x 2.80x 12.5x

Mean 3.9% 6.3% 33.3% 18.5% 27.4x 2.51x 13.6x 2.51x 13.0x

Median (0.9%) 0.8% 36.0% 18.7% 26.4x 2.69x 13.7x 2.72x 13.0x

Private Label Foods and Beverages

Cott Corporation BCB-CA $10.81 62.2% $1,496 $3,671 $3,048 $352 9.4% 12.7% 34.4% 11.6% NA 1.20x 10.4x 1.13x 9.6x

Seneca Foods Corporation SENEA 39.35 92.3% 385 757 1,283 78 2.7% (1.0%) 10.1% 6.1% 14.0x 0.59x 9.7x NA NA

TreeHouse Foods, Inc. THS 84.77 81.1% 4,809 7,657 6,175 558 92.6% 39.1% 18.0% 9.0% NA 1.24x 13.7x 1.24x 11.6x

Mean 34.9% 16.9% 20.9% 8.9% 14.0x 1.01x 11.3x 1.19x 10.6x

Median 9.4% 12.7% 18.0% 9.0% 14.0x 1.20x 10.4x 1.19x 10.6x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $10.19 58.1% $782 $1,355 $229 $81 34.0% NA 45.7% 35.3% 32.9x 5.93x 16.8x 5.03x 16.1x

SunOpta Inc. SOY-CA 7.52 97.8% 644 1,191 1,278 61 8.8% 2.9% 10.8% 4.7% NA 0.93x 19.7x 0.86x 12.6x

Pinnacle Foods, Inc. PF 54.73 98.9% 6,457 9,459 2,992 602 13.4% 6.7% 29.6% 20.1% 32.0x 3.16x 15.7x 3.03x 14.7x

Hain Celestial Group, Inc. HAIN 38.53 67.6% 3,986 4,778 2,888 374 12.2% 21.5% 22.1% 12.9% 19.3x 1.65x 12.8x 1.61x 12.1x

WhiteWave Foods Company WWAV 54.83 96.5% 9,717 11,789 4,171 571 11.2% 19.1% 36.0% 13.7% 49.4x 2.83x 20.7x 2.78x 19.9x

Mean 15.9% 12.6% 28.8% 17.4% 33.4x 2.90x 17.1x 2.66x 15.1x

Median 12.2% 12.9% 29.6% 13.7% 32.4x 2.83x 16.8x 2.78x 14.7x

Baked Goods

Aryzta AG ARYN-CH $29.19 58.1% $2,680 $5,424 $4,305 $677 (4.1%) (9.7%) 32.0% 15.7% 29.5x 1.26x 8.0x 1.33x 9.5x

Flowers Foods, Inc. FLO 20.71 99.0% 4,300 5,297 4,802 538 28.2% 9.5% 44.4% 11.2% 24.1x 1.10x 9.8x 1.35x 11.9x

George Weston Limited WN-CA 84.13 90.9% 10,760 24,108 46,937 3,821 16.3% 12.5% 28.5% 8.1% 25.0x 0.51x 6.3x 0.68x 8.2x

Grupo Bimbo SAB de CV BIMBOA-MX 2.38 73.0% 11,187 15,038 13,524 1,613 (2.2%) (0.7%) 54.1% 11.9% 37.3x 1.11x 9.3x 1.24x 11.3x

Lancaster Colony Corporation LANC 133.82 89.6% 3,671 3,552 1,190 225 2.6% 0.6% 28.4% 18.9% 27.8x 2.98x 15.8x 2.96x 16.4x

Mean 8.1% 2.4% 37.5% 13.2% 28.7x 1.39x 9.9x 1.51x 11.5x

Median 2.6% 0.6% 32.0% 11.9% 27.8x 1.11x 9.3x 1.33x 11.3x

LTM EV / LTM EV / 2016ERevenue Growth LTM Margins

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PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Dairy

Danone SA BN-FR $63.79 80.9% $41,842 $50,940 $24,482 $3,839 (7.3%) (3.0%) 51.2% 15.7% 21.1x 2.08x 13.3x 2.20x 12.5x

Dean Foods Company DF 20.70 92.8% 1,873 2,741 7,715 440 (9.2%) (3.9%) 24.6% 5.7% 18.1x 0.36x 6.2x 0.36x 5.8x

Emmi AG EMMN-CH 620.46 87.8% 3,319 3,718 3,311 347 (6.6%) (1.0%) 19.2% 10.5% 24.8x 1.12x 10.7x 1.16x 11.7x

Glanbia Plc GL9-IE 17.11 81.7% 5,067 5,791 3,081 372 (3.4%) 0.4% 9.6% 12.1% 24.5x 1.88x 15.6x 1.93x 15.5x

Lifeway Foods, Inc. LWAY 11.14 60.3% 180 178 123 9 3.4% 10.2% 26.0% 7.2% 54.1x 1.44x 20.1x 1.43x 18.7x

Parmalat S.p.A. PLT-IT 3.17 96.6% 5,873 5,690 7,134 396 (1.6%) 1.1% 2.3% 5.5% 35.8x 0.80x 14.4x 0.83x 11.8x

Saputo Inc. SAP-CA 34.89 93.4% 13,540 14,467 8,413 995 0.1% (0.5%) 18.0% 11.8% 25.3x 1.72x 14.5x 1.72x 14.9x

Savencia SA SAVE-FR 78.28 94.0% 1,099 1,620 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 19.2x 0.34x 6.2x 0.35x 5.3x

Mean (4.6%) 0.1% 19.4% 9.2% 27.9x 1.22x 12.6x 1.25x 12.0x

Median (5.0%) (0.7%) 18.6% 8.8% 24.6x 1.28x 13.8x 1.29x 12.1x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $6.50 72.4% $759 $767 $371 $74 (6.7%) (1.0%) 46.3% 20.0% 16.1x 2.07x 10.3x 2.42x 12.0x

Cott Corporation BCB-CA 10.81 62.2% 1,496 3,671 3,048 352 9.4% 12.7% 34.4% 11.6% NA 1.20x 10.4x 1.13x 9.6x

Dr Pepper Snapple Group, Inc. DPS 93.56 94.7% 17,188 19,883 6,408 1,643 2.6% 2.1% 57.8% 25.6% 20.3x 3.10x 12.1x 3.09x 12.4x

Lassonde Industries, Inc. LAS.A 154.50 90.7% 500 739 1,141 127 (0.4%) 3.7% 29.3% 11.2% 21.3x 0.65x 5.8x 0.65x 6.6x

Monster Beverage Corporation MNST 44.01 79.3% 25,129 24,529 2,936 913 9.4% 10.5% 63.8% 31.1% 39.4x 8.35x 26.9x 8.13x 20.7x

National Beverage Corp. FIZZ 57.03 88.1% 2,655 2,505 761 117 13.3% 5.3% 33.3% 15.4% 32.4x 3.29x 21.4x 3.25x 17.9x

PepsiCo, Inc. PEP 106.10 95.6% 152,167 173,109 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 23.3x 2.80x 13.8x 2.76x 13.7x

Coca-Cola Company KO 40.58 86.1% 175,020 198,686 41,863 10,413 (4.2%) (3.6%) 59.7% 24.9% 27.2x 4.75x 19.1x 4.75x 16.9xNA

Mean 2.4% 3.4% 47.4% 20.0% 25.7x 3.28x 15.0x 3.27x 13.7x

Median 1.1% 2.9% 50.5% 20.2% 23.3x 2.95x 12.9x 2.92x 13.0x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $106.18 79.1% $179,792 $228,749 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 45.0x 5.38x 14.9x 5.10x 13.5x

Brown-Forman Corporation BF.B 46.96 90.8% 18,262 20,305 2,979 1,101 (1.2%) 0.6% 66.1% 36.9% 17.8x 6.82x 18.5x 6.62x 18.6x

Carlsberg A/S CARL.B-DK 87.59 85.0% 13,351 17,542 9,303 1,855 (4.3%) (6.7%) 50.6% 19.9% 20.9x 1.89x 9.5x 1.97x 9.6x

Constellation Brands, Inc. STZ 155.45 89.6% 30,514 38,928 7,246 2,443 13.9% 19.3% 49.6% 33.7% 26.1x 5.37x 15.9x 5.40x 16.1x

Diageo plc DGE-GB 28.14 95.9% 70,829 84,275 15,136 4,822 (5.5%) (4.9%) 61.6% 31.9% 24.1x 5.57x 17.5x 6.06x 18.1x

Heineken NV HEIA-NL 78.26 79.4% 45,080 59,840 22,973 5,019 (3.7%) (2.1%) 12.2% 21.8% 31.5x 2.60x 11.9x 2.76x 11.5x

Kirin Holdings Company, Limited 2503-JP 16.49 89.5% 15,072 22,398 19,097 2,095 5.2% (6.1%) 44.3% 11.0% 14.5x 1.17x 10.7x 1.25x 10.7x

Pernod Ricard SA RI-FR 114.63 94.0% 30,425 40,022 9,714 2,976 (0.5%) (4.0%) 62.4% 30.6% 22.6x 4.12x 13.4x 4.29x 14.8x

Sapporo Holdings Limited 2501-JP 25.72 82.9% 2,026 4,202 4,770 421 7.6% (5.0%) 36.3% 8.8% 24.1x 0.88x 10.0x 0.90x 10.4x

Mean 0.3% (0.7%) 49.2% 25.6% 25.2x 3.76x 13.6x 3.82x 13.7x

Median (1.2%) (4.0%) 50.6% 30.6% 24.1x 4.12x 13.4x 4.29x 13.5x

Snacks

Inventure Foods, Inc. SNAK $6.27 61.8% $123 $239 $274 $7 (4.6%) 11.1% 11.9% 2.5% NA 0.87x NM 0.86x 25.0x

J & J Snack Foods Corp. JJSF 130.72 96.8% 2,446 2,280 996 154 0.9% 4.2% 29.2% 15.4% 32.0x 2.29x 14.8x 2.26x 14.7x

John B. Sanfilippo & Son, Inc. JBSS 62.15 85.3% 539 579 919 71 (1.8%) 7.3% 17.4% 7.7% 21.2x 0.63x 8.2x 0.64x NA

Mondelez International, Inc. MDLZ 44.99 97.0% 69,483 84,995 25,923 4,235 (12.5%) (9.8%) 38.2% 16.3% 42.8x 3.28x 20.1x 3.28x 17.8x

PepsiCo, Inc. PEP 106.10 95.6% 152,167 173,109 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 23.3x 2.80x 13.8x 2.76x 13.7x

Snyder's-Lance, Inc. LNCE 39.19 98.6% 3,765 5,043 2,109 269 27.3% 6.2% 37.8% 12.8% NM 2.39x 18.7x 2.20x 16.1x

Mean 0.9% 2.8% 31.5% 12.5% 29.8x 2.04x 15.1x 2.00x 17.4x

Median (2.9%) 5.2% 33.5% 14.1% 27.7x 2.34x 14.8x 2.23x 16.1x

EV / 2016ELTM MarginsLTM EV / LTMRevenue Growth

6

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $39.40 71.1% $1,723 $1,550 $1,246 $42 (37.6%) (2.9%) 1.6% 3.3% NM 1.24x NM 1.05x 7.4x

JBS S.A. JBSS3-BR 3.87 95.8% 11,056 26,457 47,562 2,843 (6.4%) 4.6% 13.0% 6.0% NA 0.56x 9.3x 0.49x 7.3x

Sanderson Farms, Inc. SAFM 91.70 92.3% 2,085 1,851 2,816 379 0.4% 1.6% 20.3% 13.4% 11.0x 0.66x 4.9x 0.65x 4.9x

Seaboard Corporation SEB 3,820.00 84.0% 4,473 3,841 5,309 318 (11.0%) (7.2%) 10.1% 6.0% 14.3x 0.72x 12.1x NA NA

Tyson Foods, Inc. TSN 65.06 84.4% 18,669 24,342 36,942 3,745 (7.1%) 2.1% 15.7% 10.1% 12.9x 0.66x 6.5x 0.66x 6.8x

Mean (12.3%) (0.4%) 12.1% 7.8% 12.7x 0.77x 8.2x 0.71x 6.6x

Median (7.1%) 1.6% 13.0% 6.0% 12.9x 0.66x 7.9x 0.65x 7.0x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $57.25 80.1% $998 $1,006 $936 $70 9.2% 10.6% 10.9% 7.5% 26.3x 1.08x 14.4x 1.06x 14.1x

Fresh Del Monte Produce Inc. FDP 58.94 88.2% 3,053 3,194 4,099 400 3.1% 4.6% 12.6% 9.7% 21.7x 0.78x 8.0x 0.80x 9.1x

Seneca Foods Corporation SENEA 39.35 92.3% 385 757 1,283 78 2.7% (1.0%) 10.1% 6.1% 14.0x 0.59x 9.7x NA NA

Total Produce Plc T7O-IE 1.93 93.1% 618 807 3,366 72 1.4% 0.1% 13.6% 2.1% 19.9x 0.24x 11.2x 0.23x 11.5x

Mean 4.1% 3.6% 11.8% 6.4% 20.5x 0.67x 10.8x 0.69x 11.6x

Median 2.9% 2.4% 11.8% 6.8% 20.8x 0.68x 10.4x 0.80x 11.5x

Ingredients / Flavors

Givaudan SA GIVN-CH $1,759.38 81.6% $16,245 $17,148 $4,733 $1,098 3.7% 0.1% 42.6% 23.2% 25.3x 3.62x 15.6x 3.74x 15.9x

Ingredion Incorporated INGR 120.79 86.3% 8,745 10,215 5,704 1,019 1.5% (3.4%) 24.2% 17.9% 18.4x 1.79x 10.0x 1.79x 10.0x

International Flavors & Fragrances Inc. IFF 117.91 82.1% 9,365 10,238 3,069 709 0.2% 1.8% 44.1% 23.1% 23.9x 3.34x 14.4x 3.29x 14.3x

Kerry Group Plc KRZ-IE 71.07 73.8% 12,509 14,330 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 23.1x 2.11x 14.4x 2.23x 15.5x

Sensient Technologies Corporation SXT 78.48 94.1% 3,496 4,073 1,383 233 0.5% (2.0%) 34.1% 16.8% 27.8x 2.94x 17.5x 2.94x 16.3x

Symrise AG SY1-DE 60.84 78.5% 7,898 9,673 3,101 633 4.7% 9.2% 39.8% 20.4% 30.8x 3.12x 15.3x 3.16x 14.9x

Tate & Lyle PLC TATE-GB 8.94 84.5% 4,162 4,614 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 14.5x 1.30x 9.5x 1.43x 10.4x

Mean 1.0% (1.2%) 29.3% 18.5% 23.4x 2.60x 13.8x 2.65x 13.9x

Median 0.5% (2.0%) 34.1% 17.9% 23.9x 2.94x 14.4x 2.94x 14.9x

Agribusiness

Archer-Daniels-Midland Company ADM $43.83 91.5% $25,220 $31,236 $62,346 $2,539 (7.8%) (11.4%) 6.2% 4.1% 20.3x 0.50x 12.3x 0.50x 10.7x

Bunge Limited BG 68.55 92.6% 9,558 12,480 41,985 1,370 (7.9%) (11.3%) 0.7% 3.3% 15.8x 0.30x 9.1x 0.29x 7.5x

CF Industries Holdings, Inc. CF 35.84 95.0% 8,355 15,454 3,934 1,460 (10.8%) (11.3%) 3.4% 37.1% NM 3.93x 10.6x 4.14x 16.1x

Darling Ingredients Inc. DAR 12.58 79.0% 2,070 3,869 3,322 429 (9.0%) 24.5% 13.0% 12.9% 14.3x 1.16x 9.0x 1.15x 8.9x

Monsanto Company MON 107.57 94.1% 47,168 53,611 13,919 4,089 (2.8%) (2.6%) 48.0% 29.4% 29.3x 3.85x 13.1x 3.90x 14.2x

Andersons, Inc. ANDE 37.95 84.5% 1,070 1,412 3,959 169 (7.9%) (11.1%) 14.6% 4.3% NA 0.36x 8.4x 0.35x 11.3x

Mosaic Company MOS 32.86 96.7% 11,507 14,690 7,163 1,080 (19.5%) NA 11.1% 15.1% 38.7x 2.05x 13.6x 2.05x 13.6x

Mean (9.4%) (3.9%) 13.8% 15.2% 23.7x 1.74x 10.9x 1.77x 11.8x

Median (7.9%) (11.2%) 11.1% 12.9% 20.3x 1.16x 10.6x 1.15x 11.3x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $100.30 81.6% $68 $81 $1,283 $13 (0.4%) 1.8% 5.7% 1.0% 12.4x 0.06x 6.5x NA NA

Core-Mark Holding Company, Inc. CORE 33.14 66.3% 1,530 1,773 13,508 129 24.3% 12.6% 5.0% 1.0% 29.1x 0.13x 13.7x 0.13x 11.4x

Performance Food Group Company PFGC 23.40 83.2% 2,422 3,763 16,380 316 7.3% 6.2% 12.8% 1.9% 32.5x 0.23x 11.9x 0.23x 10.0x

SpartanNash Company SPTN 38.93 96.4% 1,459 1,927 9,450 230 19.9% 6.1% 14.2% 2.4% 24.2x 0.20x 8.4x 0.25x 8.4x

SUPERVALU INC. SVU 3.96 64.2% 1,060 3,563 13,519 508 (24.7%) 53.2% 13.2% 3.8% 10.3x 0.26x 7.0x 0.23x 6.1x

United Natural Foods, Inc. UNFI 45.65 87.5% 2,309 2,890 8,672 304 4.9% 11.5% 15.3% 3.5% 18.4x 0.33x 9.5x 0.33x 9.3x

Mean 5.2% 15.2% 11.0% 2.3% 21.1x 0.20x 9.5x 0.23x 9.0x

Median 6.1% 8.8% 13.0% 2.2% 21.3x 0.22x 9.0x 0.23x 9.3x

EV / 2016ELTM Revenue Growth EV / LTMLTM Margins

7

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Food Retail

Costco Wholesale Corporation COST $172.00 99.8% $75,549 $74,783 $119,598 $4,927 2.6% 4.0% 13.6% 4.1% 31.3x 0.63x 15.2x 0.62x 14.8x

Ingles Markets, Incorporated IMKTA 47.15 90.0% 663 1,548 3,827 $236 1.6% 0.7% 24.1% 6.2% 17.2x 0.40x 6.6x 0.41x 6.5x

J Sainsbury plc SBRY-GB 3.30 77.3% 7,222 9,029 33,585 $1,284 (7.1%) (3.3%) 5.9% 3.8% 10.5x 0.27x 7.0x 0.29x 5.5x

Royal Ahold N.V. AD-NL 21.51 84.1% 27,564 27,534 48,882 229 16.6% NA 26.4% 0.5% 18.5x 0.56x NM 0.44x 6.8x

Natural Grocers by Vitamin Cottage NGVC 12.26 55.2% 275 327 721 44 11.6% 16.6% 24.7% 6.2% 27.9x 0.45x 7.4x 0.45x 7.0x

Sprouts Farmers Markets, Inc. SFM 19.52 65.1% 2,778 3,058 3,991 309 17.5% 20.0% 26.1% 7.8% 21.9x 0.77x 9.9x 0.76x 10.3x

SUPERVALU INC. SVU 3.96 64.2% 1,060 3,563 13,519 508 (24.7%) 53.2% 13.2% 3.8% 10.3x 0.26x 7.0x 0.23x 6.1x

Tesco PLC TSCO-GB 2.47 86.2% 20,201 28,104 78,545 3,432 (10.1%) (7.7%) 5.3% 4.4% NM 0.36x 8.2x 0.41x 9.1x

Kroger Co. KR 33.48 81.8% 31,408 43,845 113,891 5,819 4.6% 4.6% 20.2% 5.1% 16.1x 0.38x 7.5x 0.38x 7.5x

Village Super Market, Inc. VLGEA 29.97 82.3% 295 274 1,635 66 2.6% 3.5% 25.3% 4.0% 19.7x 0.17x 4.2x NA NA

Weis Markets, Inc. WMK 60.73 88.2% 1,634 1,569 2,877 160 0.7% 2.1% 25.0% 5.6% 26.0x 0.55x 9.8x NA NA

Whole Foods Market, Inc. WFM 30.34 85.3% 9,663 9,865 15,813 1,367 1.7% 5.9% 33.6% 8.6% 21.8x 0.62x 7.2x 0.62x 7.4x

Mean 1.5% 9.1% 20.3% 5.0% 20.1x 0.45x 8.2x 0.46x 8.1x

Median 2.2% 4.0% 24.4% 4.7% 19.7x 0.43x 7.4x 0.42x 7.2x

Foodservice

Colabor Group Inc. GCL-CA $1.04 91.2% $106 $243 $1,111 $22 (10.8%) (8.3%) 1.8% 2.0% NA 0.22x 11.1x 0.21x 10.1x

Sysco Corporation SYY 52.62 92.2% 28,426 36,003 53,077 2,955 8.6% 5.3% 19.1% 5.6% 28.6x 0.68x 12.2x 0.68x 12.3x

Chefs' Warehouse, Inc. CHEF 16.90 81.3% 444 750 1,150 58 16.4% 22.7% 25.0% 5.1% NM 0.65x 12.9x 0.63x 12.9x

Mean 4.7% 6.6% 15.3% 4.2% 28.6x 0.52x 12.1x 0.51x 11.8x

Median 8.6% 5.3% 19.1% 5.1% 28.6x 0.65x 12.2x 0.63x 12.3x

Quick Service Restaurant

Bojangles, Inc. BOJA $20.55 99.3% $750 $933 $521 $80 9.3% NA 19.6% 15.4% 21.4x 1.79x 11.6x 1.75x 11.5x

Jack in the Box Inc. JACK 111.92 98.8% 3,540 4,518 1,599 337 3.8% 2.4% 28.0% 21.0% 30.8x 2.83x 13.4x 2.81x 13.2x

McDonald's Corporation MCD 125.82 95.3% 104,486 128,227 24,622 9,320 (3.1%) (4.3%) 42.4% 37.9% 23.1x 5.21x 13.8x 5.21x 13.5x

Popeyes Louisiana Kitchen, Inc. PLKI 66.04 100.0% 1,369 1,485 267 87 3.9% 9.2% 62.2% 32.5% 33.7x 5.56x 17.1x 5.55x 17.0x

Restaurant Brands International Inc QSR 51.42 99.7% 12,035 21,300 4,279 1,837 30.6% NA 46.9% 42.9% 41.8x 4.98x 11.6x 5.15x 11.5x

Sonic Corp. SONC 26.41 72.7% 1,160 1,699 590 165 (3.6%) 2.8% 33.9% 28.0% 19.7x 2.88x 10.3x 2.99x 10.3x

Wendy's Company WEN 14.33 99.1% 3,683 5,759 1,590 458 (13.8%) (14.3%) 40.7% 28.8% 20.6x 3.62x 12.6x 4.02x 14.5x

Yum! Brands, Inc. YUM 68.00 73.9% 24,956 33,245 6,366 1,819 (51.4%) (21.3%) 43.0% 28.6% 16.8x 5.22x 18.3x 5.22x 16.9x

Mean (3.0%) (4.3%) 39.6% 29.4% 26.0x 4.01x 13.6x 4.09x 13.6x

Median 0.4% (1.0%) 41.6% 28.7% 22.3x 4.30x 13.0x 4.58x 13.4x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $413.36 76.2% $11,894 $11,476 $3,904 $204 (13.3%) 6.7% 9.8% 5.2% NM 2.94x NM 2.94x NM

El Pollo Loco Holdings Inc LOCO 12.75 82.6% 490 591 374 60 4.2% NA 20.3% 16.0% 21.3x 1.58x 9.9x 1.56x 9.3x

Fiesta Restaurant Group, Inc. FRGI 28.70 74.5% 773 837 720 95 8.4% 9.9% 19.4% 13.2% 33.4x 1.16x 8.8x 1.17x 8.9x

Habit Restaurants, Inc. HABT 15.05 69.1% 394 381 271 28 23.9% NA 14.7% 10.2% NM 1.41x 13.8x 1.35x 12.7x

Noodles & Co. NDLS 3.90 28.6% 103 185 475 25 6.3% 12.1% 7.6% 5.3% NA 0.39x 7.4x 0.38x 7.8x

Panera Bread Company PNRA 233.21 98.7% 5,092 5,437 2,795 411 4.2% 5.4% 16.7% 14.7% 37.7x 1.94x 13.2x 1.94x 13.3x

Potbelly Corp. PBPB 13.00 86.7% 328 299 400 39 10.3% 10.2% 14.5% 9.8% 44.8x 0.75x 7.6x 0.73x 7.8x

Shake Shack, Inc. SHAK 36.57 83.1% 1,347 1,322 246 40 41.3% NA 22.9% 16.1% NM 5.37x 33.4x 4.97x NM

Wingstop, Inc. WING 29.29 87.6% 841 993 87 31 NA NA 68.7% 35.1% 57.4x 11.39x 32.5x 10.84x 28.8x

Zoe's Kitchen, Inc. ZOES 23.48 56.2% 457 475 267 23 24.7% 35.0% 13.5% 8.8% NM 1.78x 20.2x 1.72x 20.0x

Mean 12.2% 13.2% 20.8% 13.4% 38.9x 2.87x 16.3x 2.76x 13.6x

Median 8.4% 10.1% 15.7% 11.7% 37.7x 1.68x 13.2x 1.64x 11.0x

LTM Revenue Growth LTM Margins EV / LTM EV / 2016E

8

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE




Differentiated Casual

BJ's Restaurants, Inc. BJRI $37.40 78.7% $870 $953 $961 $128 6.7% 8.1% 10.7% 13.3% 21.3x 0.99x 7.4x 0.96x 7.6x

Buffalo Wild Wings, Inc. BWLD 159.55 91.1% 2,786 2,946 1,987 297 9.6% 16.2% 11.9% 15.0% 31.2x 1.48x 9.9x 1.48x 10.1x

Chuy's Holdings, Inc. CHUY 30.70 81.3% 516 502 323 41 16.1% 17.2% 15.3% 12.6% 34.5x 1.56x 12.4x 1.51x 11.8x

Dave & Buster's Entertainment, Inc. PLAY 57.24 98.3% 2,408 2,671 969 229 15.4% NA 16.1% 23.7% 28.6x 2.76x 11.6x 2.69x 11.3x

Ignite Restaurant Group, Inc. IRG 0.57 15.0% 15 128 462 20 17.3% 36.0% 7.9% 4.3% NA 0.28x 6.4x 0.28x 6.1x

Cheesecake Factory Incorporated CAKE 62.55 97.1% 2,967 2,999 2,199 279 17.3% 36.0% 15.7% 12.7% 23.2x 1.36x 10.7x 1.32x 10.4x

Mean 13.7% 22.7% 12.9% 13.6% 27.7x 1.40x 9.8x 1.37x 9.5x

Median 15.7% 17.2% 13.6% 13.0% 28.6x 1.42x 10.3x 1.40x 10.2x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $18.26 91.3% $1,924 $3,097 $4,297 $431 (3.1%) 1.8% 10.0% 10.0% 34.5x 0.72x 7.2x 0.73x 7.0x

Brinker International, Inc. EAT 45.84 82.1% 2,241 3,627 3,236 468 4.4% 4.2% 12.5% 14.5% 14.2x 1.12x 7.8x 1.13x 7.9x

Darden Restaurants, Inc. DRI 76.28 96.0% 9,471 9,795 6,995 932 1.3% (7.2%) 15.3% 13.3% 22.3x 1.40x 10.5x 1.39x 10.1x

DineEquity, Inc. DIN 66.81 67.6% 1,209 2,475 651 261 (3.4%) 0.5% 57.2% 40.1% 12.1x 3.80x 9.5x 3.87x 9.4x

Red Robin Gourmet Burgers, Inc. RRGB 49.40 71.6% 635 936 1,291 143 3.0% 8.3% 12.3% 11.1% 21.3x 0.72x 6.5x 0.72x 6.7x

Ruby Tuesday, Inc. RT 1.92 34.1% 116 301 1,022 45 (9.0%) (4.7%) 7.0% 4.5% NA 0.29x 6.6x NA NA

Texas Roadhouse, Inc. TXRH 48.08 95.2% 3,391 3,369 1,960 262 11.5% 13.1% 14.5% 13.4% 29.1x 1.72x 12.9x 1.68x 12.6x

Mean 0.7% 2.3% 18.4% 15.2% 22.3x 1.40x 8.7x 1.59x 8.9x

Median 1.3% 1.8% 12.5% 13.3% 21.8x 1.12x 7.8x 1.26x 8.7x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $17.20 93.0% $405 $404 $347 $46 7.2% 10.7% 13.2% 13.2% 21.8x 1.17x 8.8x 1.15x 8.7x

Fogo de Chao, Inc. FOGO 14.30 79.9% 402 530 285 53 8.4% NA 21.8% 18.7% 13.9x 1.86x 9.9x 1.86x 9.6x

Ruth's Hospitality Group, Inc. RUTH 17.50 89.1% 558 592 383 59 22.7% (2.5%) 19.2% 15.3% 18.8x 1.55x 10.1x 1.53x 9.7x

Mean 12.8% 4.1% 18.1% 15.7% 18.2x 1.52x 9.6x 1.51x 9.3x

Median 8.4% 4.1% 19.2% 15.3% 18.8x 1.55x 9.9x 1.53x 9.6x

Pizza

Domino's Pizza, Inc. DPZ $186.37 99.2% $8,982 $11,059 $2,394 $478 13.0% 10.5% 30.7% 20.0% 46.5x 4.62x 23.2x 4.54x 22.8x

Papa John's International, Inc. PZZA 85.58 94.6% 3,157 3,471 1,691 193 2.7% 6.0% 17.5% 11.4% 34.4x 2.05x 17.9x 2.02x 17.8x

Papa Murphy's Holdings, Inc. FRSH 4.70 36.3% 80 191 125 22 9.2% NA 24.7% 17.3% 20.4x 1.53x 8.8x 1.47x 9.4x

Mean 8.3% 8.3% 24.3% 16.2% 33.8x 2.73x 16.6x 2.68x 16.6x

Median 9.2% 8.3% 24.7% 17.3% 34.4x 2.05x 17.9x 2.02x 17.8x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $6.90 48.3% $173 $147 $159 $18 NA NA 41.3% 11.6% 25.8x 0.93x 8.0x 0.93x 8.1x

Dunkin' Brands Group, Inc. DNKN 55.92 99.6% 5,130 7,126 829 433 2.2% 5.1% 79.4% 52.3% 26.5x 8.60x 16.4x 8.60x 15.6x

Jamba, Inc. JMBA 9.66 69.9% 148 134 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.63x NM 1.71x 20.1x

Starbucks Corporation SBUX 56.22 91.2% 81,935 82,952 21,672 4,992 9.9% 12.2% 24.4% 23.0% 28.8x 3.83x 16.6x 3.82x 15.6x

Mean (9.9%) (1.6%) 40.6% 25.3% 27.0x 3.75x 13.7x 3.76x 14.9x

Median 3.3% 5.2% 39.7% 18.6% 26.5x 2.73x 16.4x 2.76x 15.6x

Family Restaurant

Bob Evans Farms, Inc. BOBE $58.43 95.9% $1,155 $1,510 $1,314 $124 (1.6%) (3.2%) 13.8% 9.4% 52.2x 1.15x 12.2x 1.15x 10.5x

Cracker Barrel Old Country Store, Inc. CBRL 164.30 93.9% 3,950 4,224 2,920 371 2.0% 3.1% 15.5% 12.7% 20.1x 1.45x 11.4x 1.43x 11.3x

Denny's Corporation DENN 12.51 95.1% 918 1,145 501 68 1.1% 2.6% 27.6% 13.6% 56.9x 2.28x 16.8x 2.26x 11.7x

Luby's, Inc. LUB 3.61 70.8% 105 143 396 15 (7.4%) (0.2%) 6.8% 3.7% NA 0.36x 9.8x NA NA

Mean (1.5%) 0.6% 15.9% 9.9% 43.0x 1.31x 12.5x 1.62x 11.2x

Median (0.3%) 1.2% 14.6% 11.1% 52.2x 1.30x 11.8x 1.43x 11.3x

LTM Revenue Growth LTM Margins EV / LTM EV / 2016E

9

PAGE |


10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

RLJ EQUITY PARTNERS AND SJ PARTNERS TO ACQUIRE NATIVE MAIN PRODUCE AND SPECIALTY FOODS

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: January 24, 2017

GOLDEN GATE CAPITAL TO ACQUIRE BOB EVANS RESTAURANTS

SOVOS BRANDS TO ACQUIRE MICHAEL ANGELO’S GOURMET FOODS

Sovos Brands, a new company formed by private equity owner Advent International, has agreed to acquire Michael Angelo’s Gourmet Foods for an undisclosed amount.

Michael Angelo’s Gourmet Foods is a leading producer of premium, authentic frozen Italian entrees.

The acquisition is the first investment made by Sovos Brands, a new food and beverage company focused on acquiring and building one-of-a-kind consumer packaged goods businesses under a single platform.

Enterprise Value: $565 mmRevenue Multiple: 0.6xEBITDA Multiple: 5.4xAnnounced: January 24, 2017

RLJ Equity Partners and SJ Partners have agreed to acquire Native Maine Produce and Specialty Foods for an undisclosed amount.

Native Maine is a wholesale distributor of fresh produce, dairy, and specialty foods for the foodservice channel.

RLJ Equity Partners and SJ Partners aim to accelerate Native Maine’s growth with its operating partner expertise and capital resources.

80

90

100

110

120

130

140

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

Restaurant Natural/Organic Beverage

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

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: February 1, 2017

25.1%

24.8%

15.05%

13.1%

11.5%

10.0%

Golden Gate Capital has agreed to acquire Bob Evans Restaurants from Bob Evans Farms.

Bob Evans Restaurants is an American national chain of restaurants with 522 locations across the United States.

The transaction will allow Bob Evans Farms to focus exclusively on its food business, while Golden Gate Capital can partner with Bob Evans Restaurants to maximize growth.

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 9.5x

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

$51.8

$2.4

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

110

2917

34

18

3643

48

6560

16

0

20

40

60

80

100

120

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

2/9/2017 Ruggeri & C. SpA Rotkäppchen-Mumm Sektkellereien

2/9/2017 Diamant Nahrungsmittel GmbH Puratos NV

2/9/2017 02 Breathe LLC Elev8 Brands, Inc.

2/9/2017 Grozette BV Vandersterre Groep Bedrijven BV

2/8/2017 Lyaxovichsky Molochny Zavod COAO B.S.A. International SA (Belgium)

2/8/2017 Coca-Cola Southwest Beverages LLC AC Bebidas S de RL de CV

2/7/2017 Sema E SASU BNP Paribas Développement SA

2/7/2017 Nest lé Waters Deutschland GmbH HANSA-HEEMAN AG

2/7/2017 PS Bageri AB Lantmännen Unibake Danmark A/S

2/6/2017 Body & Fit Sportsnutrit ion BV Glanbia Plc

PAGE |

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

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Sp

rea

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BO

R

$0

$2

$4

$6

$8

$10

$12

$14

$16

4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

Loa

n V

olu

me

by

Qu

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er

($ in

bill

ion

s)

Inst itutional Pro Rata

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

02/13/17 Give & Go Prepared Foods Cookies and crackers 50 USD Term Loan B N/A 550 BPS

02/03/17 Milk Specialties Global Food preparations 474 USD Term Loan B N/A 400 BPS

02/03/17 Pinnacle Foods Finance LLC Food preparations 225 USD Revolver/Line >= 1 Yr. N/A 200 BPS

02/03/17 Pinnacle Foods Finance LLC Food preparations 2,262 USD Term Loan B N/A 200 BPS

01/31/17 Kellogg Co Cereal breakfast foods 800 USD 364-Day Facility N/A 125 BPS

01/31/17 Philip Morris International Inc Cigarettes 2,000 USD 364-Day Facility N/A 15 BPS

01/31/17 To-Foods Com Food preparations 940 JPY Revolver/Line >= 1 Yr. N/A

01/27/17 Grape Stone Co Ltd Candy/other confectionery prod'ts 3,559 JPY Term Loan N/A

01/27/17 Grape Stone Co Ltd Candy/other confectionery prod'ts 3,559 JPY Term Loan N/A

01/24/17 Hokkaido Sugar Co Ltd Beet sugar 1,600 JPY Term Loan N/A

01/20/17 Aliments Fontaine Sante Inc Food preparations 5 CAD Revolver/Line >= 1 Yr. N/A

01/20/17 Aliments Fontaine Sante Inc Food preparations 9 CAD Revolver/Line >= 1 Yr. N/A

01/20/17 Utz Quality Foods Inc Food preparations 150 USD Term Loan A N/A 175 BPS

01/20/17 Utz Quality Foods Inc Food preparations 150 USD Revolver/Line >= 1 Yr. N/A 175 BPS

01/11/17 Hamburg Coffee Co Hacofco mbH Food preparations 16 USD Revolver/Line >= 1 Yr. N/A

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

ult

iple

2012 2013 2014 2015 2016

L + 0

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L + 500

L + 600

2010 2011 2012 2013 2014 2015 2016

Av

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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

2/9/2017 Ruggeri & C. SpA - Rotkäppchen-Mumm Sektkellereien - - - - EU

2/9/2017 Diamant Nahrungsmittel GmbH Wilhelm Werhahn KG Puratos NV - - - - EU

2/9/2017 02 Breathe LLC - Elev8 Brands, Inc. - - - - N.A.

2/9/2017 Grozette BV - Vandersterre Groep Bedrijven BV - - - - P EU

2/8/2017 Lyaxovichsky Molochny Zavod COAO - B.S.A. International SA (Belgium) $13.5 - - - EU

2/8/2017 Coca-Cola Southwest Beverages LLC The Coca-Cola Co. AC Bebidas S de RL de CV - - - - Cross Border

2/7/2017 Sema E SASU - BNP Paribas Développement SA - - - - P EU

2/7/2017 Nest lé Waters Deutschland GmbH Nest lé SA HANSA-HEEMAN AG - - - - EU

2/7/2017 PS Bageri AB - Lantmännen Unibake Danmark A/S - - - - EU

2/6/2017 Body & Fit Sportsnutrit ion BV - Glanbia Plc - - - - EU

2/6/2017 Grass Advantage LLC - Glanbia Plc - - - - Cross Border

2/6/2017 L'Escargot Courbeyre SAS - Groupe Française De Gastronomie SA - - - - EU

2/6/2017 Domaine De Cantarelle SCEA - Cap Wine International SAS - - - - EU

2/6/2017 Grand Havana Masters, LLC - JunkieDog.com, Inc. $0.2 - - - N.A.

2/6/2017 Yobe Acquisit ion LLC - ARC Group, Inc. $2.3 2.6x - - N.A.

2/6/2017 Tavern Snacks Ltd. - Tayto Group Ltd. - - - - EU

2/3/2017 Hybrid Dining Ltd. Kout Food Group KSCC Euro Garages Ltd. - - - - EU

2/2/2017 Wagner Pralinen GmbH - Wagner Pralinen GmbH - - - - EU

2/2/2017 Nektar Naturals Fine Foods LLC - Xylitol Canada, Inc. $0.7 - - - Cross Border

2/1/2017 Corporate Chefs, Inc. - Elior, Inc. - - - - N.A.

2/1/2017 Helsingin Pizzapalvelu Oy - Kotipizza Group Oyj - - - - EU

2/1/2017 Tao Group - The Madison Square Garden Co. $330.4 - - - N.A.

2/1/2017 Vantodio Holdings Ltd. - Frutarom Industries Ltd. $159.9 - - - EU

2/1/2017 Linauer & Wagner "Backstuben" - Ankerbrot AG - - - - EU

2/1/2017 Michael Angelo's Gourmet Foods Inc. - Advent International Corp. - - - - N.A.

2/1/2017 Calbee North America LLC - Calbee America, Inc. $170.0 1.4x - - N.A.

2/1/2017 Dickie Poh Corp. - Sustainable Sea Products International LLC - - - - N.A.

2/1/2017 Keystone Fruit Marketing, Inc. - Progressive Produce LLC /California/ - - - - N.A.

1/31/2017 NUTRICIA DEVA a.s. Danone SA ARX Equity Partners sro; Nutricia Deva a.s. /Private Group/- - - - P EU

1/31/2017 Port lebay Popcorn - Tayto Group (Manufacturing) Ltd. - - - - EU

1/31/2017 Dino Polska SA - Dino Polska SA /Biernacki/ - - - - P EU

1/28/2017 A1 Bags & Supplies, Inc. - National Epicure, Inc. - - - - P Cross Border

1/27/2017 Kronenbrot KG Franz Mainz - Signal Capital Partners LLP - - - - P EU

1/27/2017 Mademoiselle de Margaux SASU - Loc Maria Biscuits Sasu - - - - EU

1/26/2017 Pretzel Baron Propert ies LLC - Valora Holding AG - - - - Cross Border

1/26/2017 Senzora BV /Candy Division/ De Sluisstraat Holding BV Fortuin Dockum BV - - - - EU

1/25/2017 Pizza Topco France SAS Top Brands NV AmRest Holdings SE $15.1 - - - EU

1/25/2017 Southern Coffee Service, Inc. - Five Star Food Service, Inc. - - - - N.A.

1/25/2017 Fearless Films, Inc. - Legacy Ventures International, Inc. - - - - N.A.

1/24/2017 Schwermer Dietrich St iel GmbH - Heidi Chocolat SA - - - - 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


10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Ja

n-1

6

Fe

b-1

6

Ma

r-16

Ap

r-1

6

Ma

y-1

6

Ju

n-1

6

Ju

l-16

Au

g-1

6

Se

p-1

6

Oc

t-1

6

No

v-1

6

De

c-1

6

Ja

n-1

7

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

4253 52 48

39 3346 47 52

70

89

58 57

82

141

118

92 94107

139

166

70

5

4 7 9

610

13 87

10

6

105

20

18

8

19 19

17

46

40

17

0

20

40

60

80

100

120

140

160

180

200

Q41

1

Q11

2

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

Num

be

r o

f Tr

an

sac

tio

ns

Strategic Acquirer Private Equity Acquirer

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

1/24/2017 Bob Evans Farms, Inc. Bob Evans Farms, Inc. Golden Gate Private Equity, Inc. $565.0 0.6x 5.4x - P N.A.

1/24/2017 Karl Schmidt GmbH - Odewald & Compagnie Gesellschaft - - - - P EU

1/24/2017 Amanda Seafoods A/S - Insula AS - - - - EU

1/24/2017 Native Maine Produce & Specialty Foods LLC - RLJ Equity Partners LLC; SJ Partners LLC - - - - P N.A.

1/23/2017 Exquisite Food NV Alimax NV Sligro Food Group NV - - - - EU

1/23/2017 Hemptast ic GmbH - Katjes International GmbH & Co. - - - - EU

1/23/2017 Click Wholesale Distribut ing, Inc. - Craig Stein Beverage - - - - N.A.

1/23/2017 Nustef Foods Ltd. - Riverside Partners LLC - - - - P N.A.

1/19/2017 Goldco LLC - Seven Hospitality LLC - - - - P N.A.

1/19/2017 Frostag Food-Centrum AG - Hilcona AG - - - - EU

1/19/2017 Les Ducs de Gascogne SAS - Le Ducs de Gascogne SAS - - - - P EU

1/18/2017 Brinkhoff & Monoson, Inc. - San Francisco Equity Partners - - - - P N.A.

1/18/2017 Michel'S, Inc. - Watabe Wedding Corp. - - - - Cross Border

1/18/2017 Compagnie Lyonnaise Restaurat ion Service - Newrest Group International SAS - - - - EU

1/18/2017 Silva Regal, Inc. - Liberty Richter, Inc. - - - - N.A.

1/18/2017 Cameron Hughes Wine - Vintage Wine Estates, Inc. $5.5 - - - N.A.

1/17/2017 Activ International SA - Givaudan SA - - - - EU

1/17/2017 Love & Quiches LLC - AUA Private Equity Partners LLC - - - - N.A.

1/17/2017 La Sagra Brew SLU - Molson Coors Brewing Co. - - - - Cross Border

1/14/2017 Hubbox Ltd. - Hubbox Ltd. $2.7 - - - P EU

1/13/2017 Fricopan Back GmbH Immekath Aryzta AG Sun Fruits GmbH - - - - EU

1/12/2017 Vegetalia SL - Ebro Foods SA - - - - EU

1/12/2017 VALMONT CR, spol. s.r.o. - Pressmedia Spol sro - - - - EU

1/12/2017 WeinArt Handelsgesellschaft mbH - Hawesko Holding AG - - - - EU

1/12/2017 The Italian Stove - The Italian Stove /Katopodis/ - - - - P EU

1/12/2017 Bebidas de Calidad de Madrid SL - Anheuser-Busch InBev SA/NV - - - - EU

1/12/2017 Angelo's Pizzeria, Inc. - Greenfield Farms Food, Inc. - - - - N.A.

1/11/2017 Le Saumonier Cherbourg SARL - AMP Saumon de France - - - - EU

1/10/2017 Carr Shellfish Ireland Ltd. - Glenmar Shellfish Ltd. - - - - EU

1/10/2017 Triporteur NV - NV Rafina - - - - EU

1/9/2017 O-Original BV - BRITA GmbH - - - - EU

1/9/2017 Garden Fresh Restaurant Corp. - Cerberus Capital Management LP - - - - P N.A.

1/9/2017 Contemporary Foodservice Marketing - Acosta, Inc. - - - - N.A.

1/9/2017 Sensient Technologies Corp. Sensient Technologies Corp. Lesaffre & Co. SA - - - - EU

1/9/2017 Land of The Sky Mobile Canning - Iron Heart Canning Co - - - - N.A.

1/6/2017 Ministry of Cake Ltd. Ministry of Cake (Holdings) Ltd. Holding Mademoiselle Desserts SAS - - - - P EU

1/6/2017 SI Seafarms Ltd. - Blueshell Mussels Ltd. - - - - EU

1/6/2017 Selecta Management AG Selecta Management AG Baltcap Private Equity I I UK GP Ltd. - - - - EU

1/5/2017 Yarrah Organic Pet Food BV - AAC Capital Partners Management BV - - - - P EU

1/4/2017 Spanish Peaks Food & Beverage - ML Capital Group, Inc. - - - - N.A.

1/4/2017 Absolute Taste Ltd. Mclaren Technology Group Ltd. One Event Management Ltd. - - - - EU

1/3/2017 West Cornwall Pasty Co. Ltd. - Samworth Brothers Ltd. - - - - P EU

1/3/2017 Rita's Water Ice Franchise Co. - Argosy Private Equity - - - - P N.A.

1/3/2017 Iceage Delivery Service Ltd. - Iceage Delivery Services Ltd. - - - - P EU

1/3/2017 Novofruct SK sro - NDX Energija UAB - - - - EU

1/1/2017 Café Cuckoo's Nest Odense ApS - Café Cuckoo´s Nest Odense - - - - EU

1/1/2017 Pepperjax Development, Inc. - TA Associates Management LP - - - - P N.A.

12/31/2016 Bubbies Homemade Ice Cream & Desserts - Kenex Holdings LLC - - - - N.A.

12/31/2016 K-MAC Holdings Corp. - Lee Equity Partners LLC - - - - P N.A.

12/30/2016 Hill & Valley, Inc. - J&J Snack Foods Corp. - - - - P N.A.

12/30/2016 Jwadmarlatt LLC - Deco Pizzeria LLC - - - - N.A.

12/28/2016 Quomak NV - Solina Corporate SASU - - - - EU

12/24/2016 Marnier Invest issements SA Davide Campari-Milano SpA Marnier Invest issments $31.4 - - - P EU

12/23/2016 Aperto Gruppe - Coop Genossenschaft - - - - EU

12/23/2016 fritz-kulturgüter GmbH - fritz-kulturgüter GmbH - - - - P EU

12/22/2016 Lácteos Caprinos SA - Emmi AG - - - - EU

12/22/2016 Norddeutsche Kaffeewerke GmbH - Strauss Group Ltd. $52.2 - - - EU

12/22/2016 Desarrollos Alimentarios Frescos SA - J. García Carrión SA - - - - EU

12/21/2016 DUC SA - Plukon Food Group BV - - - - EU

12/21/2016 Selina BG ApS - Sushimania /Lagrolet/ - - - - P EU

12/21/2016 Mason Cellars - Trinchero Family Estates - - - - N.A.

12/20/2016 TIC Gums, Inc. - Ingredion, Inc. $400.0 - - - N.A.

12/20/2016 Ben & Florent ine Restaurants, Inc. - Imvescor Restaurant Group, Inc. $18.7 - - - Cross Border

12/20/2016 Dest iny Foods Ltd. - Argos Sodit ic SA; La CIE des Desserts - - - - EU

12/20/2016 Resto In SA GeoPost SA Takeaway.com NV - - - - 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

February 2017

Date Company

2/13/2017 Snyder's-Lance, Inc. (LNCE-US)

2/13/2017 Flowers Foods, Inc. (FLO-US)

2/14/2017 MillerCoors LLC (079SJS-E)

2/14/2017 Dr Pepper Snapple Group, Inc. (DPS-US)

2/14/2017 Molson Coors Brewing Co. (TAP-US)

2/15/2017 US Foods Holding Corp. (USFD-US)

2/15/2017 Wal-Mart de Mexico SAB de CV (WALMEX-MX)

2/15/2017 Heineken NV (HEIA-NL)

2/15/2017 Danone SA (BN-FR)

2/15/2017 PepsiCo, Inc. (PEP-US)

2/15/2017 Denny's Corp. (DENN-US)

2/15/2017 The Kraft Heinz Co. (KHC-US)

2/16/2017 Dean Foods Co. (DF-US)

2/16/2017 Coca-Cola HBC AG (CCH-GB)

2/16/2017 The WhiteWave Foods Co. (WWAV-US)

2/16/2017 Nestle SA (NESN-CH)

2/21/2017 Fresh Del Monte Produce, Inc. (FDP-US)

2/21/2017 Kerry Group Plc (KRZ-IE)

2/21/2017 Wal-Mart Stores, Inc. (WMT-US)

2/21/2017 The Chefs' Warehouse, Inc. (CHEF-US)

2/22/2017 Glanbia Plc (GL9-IE)

2/22/2017 SpartanNash Co. (SPTN-US)

2/22/2017 Boston Beer Co., Inc. (SAM-US)

2/23/2017 Cott Corp. (Canada) (BCB-CA)

2/23/2017 Hormel Foods Corp. (HRL-US)

2/23/2017 Sprouts Farmers Markets, Inc. (SFM-US)

2/23/2017 Distribuidora Internacional de Alimentacion SA (DIA-ES)

2/23/2017 Pinnacle Foods, Inc. (PF-US)

2/23/2017 Loblaw Cos. Ltd. (L-CA)

2/23/2017 B&G Foods, Inc. (BGS-US)

2/28/2017 Target Corp. (TGT-US)

March 2017

Date Company

3/1/2017 Royal Ahold Delhaize NV (AD-NL)

3/2/2017 Anheuser-Busch InBev SA/NV (0GH7WP-E)

3/2/2017 Bonduelle SA (BON-FR)

3/2/2017 The Kroger Co. (KR-US)

3/2/2017 Costco Wholesale Corp. (COST-US)

3/10/2017 Sato Foods Co., Ltd. (Niigata) (2923-JP)

3/13/2017 Aryzta AG (ARYN-CH)

3/13/2017 Japan Meat Co., Ltd. (3539-JP)

3/30/2017 Hilton Food Group Plc (HFG-GB)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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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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