food and beverage industry update june 2014 · darden announces on may th16 that it has entered...

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Food and Beverage Industry Update

June 2014

2 of 16

What We’re Seeing

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

NOTABLE M&A ACTIVITY

PUBLIC COMPARABLES

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 Gurtcheff | Managing Director

[email protected]

+1 (612) 359-2702

Tim Alexander | Managing Director

[email protected]

+1 (612) 359-2716

Ryan Budlong | Director

[email protected]

+1 (612) 359-2722

Brant Cash | Vice President

[email protected]

+1 (612) 359-2709

www.harriswilliams.com

Mizkan Group, a leading condiment manufacturer, announced on May 22nd its purchase of Unilever’s

Pasta Sauce Business, under which it will acquire the Ragu and Bertolli pasta sauce brands for $2.15

billion. Through the acquisition, Mizkan expects to enhance the Company’s focus on its North American

branded business, further expand and strengthen its U.S. operations by leveraging synergies with

Mizkan’s American business, and develop a more balanced global operation. Access to the full article

here.

Mizkan Group will Acquire Ragu and Bertolli from Unilever

What We’re Reading

Darden announces on May 16th that it has entered into an agreement to sell its Red Lobster business to

Golden Gate Capital for $2.1 billion in cash. The agreement is the culmination of a robust process to

maximize the value potential of a sale or spin-off of Red Lobster and its real estate assets. The sale is

expected to close in Q1 2015. Access to the full article here.

Darden Announces Sale of Red Lobster to Golden Gate Capital

M&A activity in the food and beverage sector continued its strong momentum through May 2014, with

several large transactions being announced in the food and restaurant space. HW&Co. anticipates an

active marketplace for the balance of the year as strategic and private equity buyers look to take advantage

of aggressive financing markets and the broad set of food & beverage companies up for sale. Strategic

buyers continue to aggressively pursue transactions, including Pilgrim's Pride’s and Tyson Foods’ recent

bids for Hillshire Brands. Additionally, private equity investors made several recent acquisitions in the

restaurant space, including Golden Gate’s bid for Red Lobster and Sentinel Capital’s and TriArtisan’s

purchase of T.G.I. Friday’s. HW&Co. continues to see new deal activity in May and June, reinforcing the

M&A market’s steady, active pace.

Market Update

Food and Beverage Industry Update

June 2014

What We’ve Been Doing

Closed HW&Co. Transactions

Pilgrim’s Pride and Tyson Foods announced their respective offers to buy Hillshire Brands the week of

May 26th. Pilgrim’s offered Hillshire $45 a share in cash, in a deal worth $6.1 billion, while Tyson offered

Hillshire $50 a share in cash, in a deal worth $6.7 billion. Subsequently, Pilgrim’s Pride increased its bid

to $55 per share, or $7.3 billion, during the week of June 2nd. Both deals would break up Hillshire’s

planned acquisition of Pinnacle Foods, which the Company had agreed to purchase on May 12th. Either

bid for Hillshire would mark the meat-industry's largest merger. Access to the full article here.

Pilgrim’s Pride and Tyson Foods Bid on Hillshire Brands

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mailto:[email protected]




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

http://www.prnewswire.com/news-releases/mizkan-group-to-acquire-ragu--bertolli-from-unilever-260219291.html

http://www.prnewswire.com/news-releases/darden-announces-sale-of-red-lobster-to-golden-gate-capital-for-21-billion-259511991.html

http://www.reuters.com/article/2014/06/03/hillshire-brands-offer-idUSL3N0OK2Q720140603

3 of 16

Food and Beverage Industry Vital Signs

Consumer Food

Price Index

Inflation2

Commodity

Price Indices1

50

100

150

200

250

Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14

Co

mm

od

ity

Pri

ce I

nd

ex

Corn Wheat Soybeans Crude Oil

Protein Price

Indices2,3

Restaurant and

Grocery Store

Sales Indices4

80

100

120

140

Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14

Sa

les

Ind

ex

Restaurant Grocery

90

100

110

120

130

140


Pro

tein

Pri

ce I

nd

ex

Beef Pork Poultry

-0.5

1.0

2.5

4.0

5.5


Infl

ati

on

(%

)

Restaurant:

25.6%

Grocery:

13.5%

Beef:

26.5%

Pork:

19.8%

Poultry:

16.8%

Wheat:

68.5%

Soybeans:

53.0%

Corn:

41.0%

Crude Oil:

24.7%

Net Debt /

Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 11.2% 33.7% 3.4% 20.9% 12.8x 14.5x 7.6x 2.3x

Fruit and Vegetable 0.0% (3.0%) 0.7% 16.8% 12.8x 20.9x 10.5x 3.3x

Ingredients / Flavors 6.5% 28.7% 3.9% 9.7% 19.6x 25.4x 14.0x 1.0x

Agribusiness 1.2% 21.0% 12.2% 12.0% 14.1x 21.8x 10.8x 0.7x

Branded Processed Foods 3.9% 10.4% (3.4%) (1.4%) 20.2x 23.6x 13.4x 2.1x

Private Label Foods 2.5% (1.5%) 1.7% (12.9%) 20.0x 24.2x 12.5x 2.6x

Natural / Organic Foods (1.0%) 26.9% 2.3% (8.0%) 26.1x 27.0x 16.3x 2.2x

Baked Goods / Snack Foods 2.9% 18.8% (0.7%) 14.1% 20.0x 20.6x 11.7x 2.2x

Dairy 4.3% (3.8%) 9.2% (1.0%) 18.7x 21.3x 13.3x 1.6x

Non-Alcoholic Beverages (0.0%) 16.8% (1.7%) 5.8% 19.3x 20.8x 13.7x 1.6x

Alcoholic Beverages 6.0% 4.6% 3.4% 5.3% 19.7x 19.6x 13.0x 2.8x

Food Retail (6.2%) (0.5%) (5.6%) 5.7% 16.7x 25.1x 6.6x 2.8x

Grocery Distribution 0.7% 24.5% (5.4%) 25.1% 18.7x 22.3x 11.2x 1.5x

Foodservice (12.6%) (8.2%) (0.8%) 5.2% 19.9x 25.2x 9.7x 2.8x

Quick Service Restaurant 1.2% 36.6% (2.7%) 17.8% 22.4x 28.8x 11.7x 2.1x

Casual Dining Restaurant (2.0%) 6.4% (4.8%) 7.3% 18.6x 21.5x 10.4x 2.3x

Fast Casual (13.0%) 14.4% (18.5%) 6.2% 32.8x 23.3x 14.1x 0.9x

Pizza (8.1%) 25.6% (13.4%) 10.9% 24.5x 27.4x 14.6x 2.7x

Beverage / Snack Retail 3.0% 10.8% (4.1%) 6.8% 23.7x 32.8x 17.6x 1.6x

Family Restaurant (6.6%) 3.4% (4.3%) 15.0% 18.2x 20.3x 8.9x 2.0x

O verall Median 1.6% 10.4% (1.1%) 6.8% 19.8x 22.3x 11.8x 1.9x

Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats

Fo

od

an

d B

ev

era

ge

Inp

uts

Co

nsu

mer a

nd

Reta

il

Key Trading

Statistics5

4 of 16

Public Equity Market Overview

Public

Company

Sector

Performance5

(One year change

in stock price)

Foodservice

Dairy

Fruit and Vegetable

Private Label Foods

Food Retail

Family Restaurant

Alcoholic Beverages

Casual Dining Restaurant

Branded Processed Foods

Beverage / Snack Retail

Fast Casual

S&P

Non-Alcoholic Beverages

Baked Goods / Snack Foods

Agribusiness

Grocery Distribution

Pizza

Natural / Organic Foods

Ingredients / Flavors

Protein Processing

Quick Service Restaurant

-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Inputs Food and Beverage Consumer and Retail

90

100

110

120

130

May-13 Aug-13 Oct-13 Dec-13 Mar-14 May-14

Restaurant Protein Processing/Dairy

Natural/Organic Beverage

Private Label Food Manufacturing S&P 500

Close

Date Filing Date Issuer Ticker

Transaction

Type

Gross

Proceeds

($mm) Use of Funds

05/21/14 05/21/14 Post Holdings Inc POST Convertible $250.0 General Corp. Purp.

Acquisitions

05/21/14 05/21/14 Post Holdings Inc POST Follow-On $262.4 General Corp. Purp.

Acquisitions

05/07/14 05/07/14 Russell Breweries Inc RB Follow-On $0.4 General Corp. Purp.

04/29/14 04/29/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.3 General Corp. Purp.

04/21/14 04/21/14 Smart & Final Holdings Corp NA IPO $300.0 General Corp. Purp.

04/10/14 04/10/14 American Brewing Co Inc NA IPO $2.6 General Corp. Purp.

03/28/14 03/28/14 Keurig Green Mountain Inc GMCR Follow-On $105.5 General Corp. Purp.

03/20/14 03/20/14 Russell Breweries Inc RB Follow-On $0.4 General Corp. Purp.

03/20/14 03/20/14 Big Rock Brewery Inc BR Follow-On $10.5 General Corp. Purp.

03/20/14 03/20/14 RiceBran Technologies RBIT Convertible $4.9 General Corp. Purp.

03/12/14 03/12/14 Post Holdings Inc POST Follow-On $316.3 General Corp. Purp.

02/27/14 02/27/14 Green Mountain Coffee GMCR Follow-On $1,251.0 General Corp. Purp.

02/20/14 02/20/14 Avidus Management Group Inc AVD Follow-On $0.7 General Corp. Purp.

Recent Equity

Offerings6

5 of 16

Public Equity Market Overview

Food and

Beverage

Industry Stock

Performance5

24.1%

15.0%

8.3%

5.6%

(2.4% )

(2.9% )

Last 10 Deals Announced Private Equity Investments and Exits

Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions North American

Food and

Beverage M&A

Trends5

6 of 16

M&A Market Overview

Latest Deals

and Announced

Private Equity

Activity5

Highlighted

Food and

Beverage M&A

Transactions

36

27

46

21

14

32

25 26

38

1415

27 26 27

17

34

18

36

43

19

0

5

10

15

20

25

30

35

40

45

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

be

r of

Inv

est

me

nts

Number of Investments Number of Exits

10.5x

9.9x

8.8x 8.3x 8.0x

11.3x

9.2x

9.2x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2007 2008 2009 2010 2011 2012 2013 2014

EV

/ LT

M S

ale

s Mu

ltiple

EV

/ L

TM

EB

ITD

A M

ultip

le

EV / LTM EBITDA EV / LTM Sales

$25.5

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7$62.6

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2007 2008 2009 2010 2011 2012 2013 2014

Nu

mb

er o

f Tra

nsa

ctio

ns

Ag

gre

ga

te T

ran

sac

tio

n V

alu

e (

$ i

nb

illi

on

s)

Aggregate Deal Value # of deals

Announced Target Buyer1/0/1900 0 JAB Holdings B.V.

5/29/2014 The Hillshire Brands Company Tyson Foods, Inc.

5/27/2014 The Hillshire Brands Company Pilgrim's Pride Corporation

5/23/2014 Moark, LLC Southern California Egg

5/22/2014 Unilever, Pasta Sauces Business Mizkan Holdings Co., Ltd.

5/21/2014 Wintercreek LLC DS Services of America, Inc.

5/20/2014 Vegetable Juices Inc Naturex Société Anonyme

5/20/2014 TGI Friday's Inc. Sentinel Capital; Tri-Artisan Capital

5/19/2014 Jeff's Gourmet Pies, Inc. David's Cookies, Inc.

5/16/2014 Red Lobster, Inc. Golden Gate Capital

5/14/2014 Sunny Herbs Int'l Beverage Co. ICHITAN GROUP

Golden Gate Capital Acquires Red Lobster

• Golden Gate Capital has reached a deal to buy Red Lobster, an operator of seafood

restaurants, from Darden Restaurants for $2.1 billion in cash.

• In coordination with the purchase, Golden Gate has agreed to sale-leaseback

approximately 500 Red Lobster locations to American Realty for $1.5 billion.

• Several Darden investors, including Barington Capital and Starboard Value,

believe the transaction “woefully undervalues Red Lobster and its real estate.”

Enterprise Value: $6.6bn

Revenue Multiple: 2.7x

EBITDA Multiple: 15.2x

Announced: May 12, 2014

Hillshire’s Bid on Pinnacle Foods

• Hillshire has offered to purchase Pinnacle Foods for $6.6 billion.

• Pinnacle stockholders would receive $18 in cash for each share and 0.50 of a

Hillshire share for each Pinnacle share.

• Tyson’s and Pilgrim’s Pride’s recent bids to acquire Hillshire Brands have put the

potential purchase of Pinnacle Foods in flux, as both offers are dependent on

Hillshire not going forward with the Pinnacle deal.




Announced: May 16, 2014




Announced: June 2, 2014

Tyson Bids on Hillshire Brands • Pilgrim’s Pride has offered to purchase Hillshire for approximately $7.3 billion

which is in excess of Tyson’s bid of $6.7 billion.

• Moving into branded products will help diversify Pilgrim’s portfolio and create

more stable financial results.

• The $55 per-share cash offer represents a 49% premium to Hillshire's closing price

on May 9th, the day before Hillshire announced its bid for Pinnacle.

Credit Statistics Average Secondary Spreads

Quarterly Loan Volume Average Spread on Food and Beverage Loans Food and

Beverage Loan

Activity7

Recent Debt

Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

05/21/14 Brasil Foods SA Meat packing plants USD 800,000,000 Revolver/Line >= 1 Yr. N/A / NR 140

05/05/14 Friona Industries LP Prepared feeds USD 400,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

05/23/14 General Mills Inc Cereal breakfast foods USD 1,000,000,000 Revolver/Line >= 1 Yr. N/A / A3 100

05/27/14 Hillshire Brands Co Sausages and other prepared meats USD 500,000,000 Revolver/Line >= 1 Yr. N/A / Baa2 225

05/27/14 Hillshire Brands Co Sausages and other prepared meats USD 4,800,000,000 Term Loan B N/A / Baa2 250

05/05/14 Treehouse Foods Inc Canned fruits and vegetables USD 900,000,000 Revolver/Line >= 1 Yr. N/A / NR 150

05/05/14 Treehouse Foods Inc Canned fruits and vegetables USD 300,000,000 Term Loan A N/A / NR 175

04/30/14 Post Holdings Cereal breakfast foods USD 1,425,000,000 Other Loan N/A / B1 N/A

04/30/14 Post Holdings Cereal breakfast foods USD 340,000,000 Bridge Loan N/A / B1 N/A

04/23/14 High Liner Foods Animal and marine fats and oils USD 180,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

04/23/14 High Liner Foods Animal and marine fats and oils USD 300,000,000 Term Loan B N/A / NR 325

04/16/14 Phibro Animal Health Holdings Inc Prepared feeds USD 100,000,000 Revolver/Line >= 1 Yr. N/A / NR 300

04/16/14 Phibro Animal Health Holdings Inc Prepared feeds USD 290,000,000 Term Loan B N/A / NR 300

04/01/14 China Huiyuan Juice Group Ltd Canned fruits and vegetables USD 140,000,000 Term Loan N/A / NR 385

04/01/14 Treehouse Foods Inc Canned fruits and vegetables USD 900,000,000 Revolver/Line >= 1 Yr. N/A / NR 150

03/31/14 Brewster Dairy Inc Cheese, natural and processed USD 60,000,000 Revolver/Line >= 1 Yr. N/A / NR 125

7 of 16

Debt Market Overview

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

2009 2010 2011 2012 2013

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

ver

age

Sp

read

Ov

er L

IBO

R

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2007 2008 2009 2010 2011 2012 2013

Av

erag

e S

pre

ad O

ver

LIB

OR

Revolving Credit / Term Loan A Weighted-Average Institutional

$0

$2

$4

$6

$8

$10

$12

$14

$16

1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14

Loan

Volu

me

by

Quar

ter

($ i

n b

illi

on

s)

Institutional Pro Rata

8 of 16

Recent North

American Food

and Beverage

M&A5

Recent North American Food

and Beverage M&A Activity

Quarterly M&A Activity Median LTM

Trading

Multiples and

Quarterly Food

and Beverage

M&A5

Median LTM Trading Multiples

48 47

35

25

36

22

34 36

46 47

2533

49

3442

53 5248

3933

46 4752

70

41

3 6

5

5

2

3

47

5 7

13

6

7

7

5

4 79

610

138

7

10

4

0

10

20

30

40

50

60

70

80

90

Q20

8

Q30

8

Q40

8

Q1

09

Q20

9

Q30

9

Q40

9

Q11

0

Q2

10

Q31

0

Q41

0

Q11

1

Q2

11

Q31

1

Q41

1

Q11

2

Q21

2

Q3

12

Q41

2

Q11

3

Q21

3

Q3

13

Q41

3

Q11

4

Q21

4

Num

be

r of

Tra

nsa

ction

s

Strategic Acquirer Private Equity Acquirer

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

5/29/2014 The Hillshire Brands Company - Tyson Foods, Inc. $6,685.4 1.68x 12.4x 17.8x

5/27/2014 The Hillshire Brands Company - Pilgrim's Pride Corporation $7,298.7 1.83x 13.5x 19.5x

5/23/2014 Moark, LLC Land O Lakes Inc. Southern California Egg - - - -

5/22/2014 Unilever, Pasta Sauces Business Unilever Mizkan Holdings Co., Ltd. $2,150.0 3.58x - -

5/21/2014 Wintercreek LLC - DS Services of America, Inc. - - - -

5/20/2014 Vegetable Juices Inc - Naturex Société Anonyme - - - -

5/20/2014 TGI Friday's Inc. Carlson Companies, Inc. Sentinel Capital; Tri-Artisan Capital - - - - P

5/19/2014 Jeff's Gourmet Pies, Inc. - David's Cookies, Inc. - - - -

5/16/2014 Red Lobster, Inc. Darden Restaurants, Inc. Golden Gate Capital $2,113.0 0.85x 9.2x - P

5/14/2014 Sunny Herbs Int'l Beverage Co. Sunny Herb Int'l Beverage Co. ICHITAN GROUP $15.0 - - -

5/12/2014 Pinnacle Foods Inc. - The Hillshire Brands Company $6,620.1 2.65x 15.2x 18.7x

5/12/2014 Professional Sports Catering, LLC - Levy Restaurants, Inc. - - - -

5/12/2014 Lee's Famous Recipe Chicken Dayton GZK, Inc. Far Hills Development LLC - - - -

5/9/2014 Opal Foods LLC Moark, LLC Rose Acre; Weaver Bro.; AGR Partners - - - - P

5/7/2014 Baptista's Bakery, Inc. - Snyder's-Lance, Inc. - - - -

5/5/2014 Klement's Sausage Company, Inc. - Tall Tree Foods Holdings Inc. - - - -

5/5/2014 Beyond Organic LLC - Youngevity Essential Life Sciences - - - -

5/1/2014 Philly's Famous Water Ice, Inc. Encore Consumer Capital J&J Snack Foods Corp. - - - - P

5/1/2014 Allied Blending & Ingredients, Inc. - Niagara Fiber LLC - - - -

4/28/2014 Charter Baking Company, Inc. Charterhouse Equity Partners The Hain Celestial Group, Inc. $61.3 1.02x - - P

4/28/2014 Autocrat, LLC Argosy Capital James Finlay Limited - - - - P

4/28/2014 Susser Holdings Corporation Susser Family Limited Partnership Energy Transfer Partners, L.P. $2,320.3 0.37x 14.4x 23.2x

4/25/2014 JLM Enterprise, Inc. - JBS United, Inc. - - - -

4/24/2014 Kenwood Vineyards, Inc. F. Korbel & Bros., Inc. Pernod Ricard USA, LLC - - - -

4/23/2014 Cedar River Foods LLC - Glow Holdings, Inc. - - - -

4/21/2014 CHS, Inc., Curley's Line of BBQ Sauces CHS, Inc. Garden Complements, Inc. - - - -

4/21/2014 Liz and Linda's Pepper Jelly, LLC - Riverfront Marketing Group, LLC - - - -

4/21/2014 Protenergy Natural Foods Whitecap Venture Partners Treehouse Foods, Inc. $154.3 - - - P

4/21/2014 Van's International Foods, Inc. Catterton Partners Corporation The Hillshire Brands Company $165.0 - - - P

4/18/2014 Continental Dairy Products, Inc. - Select Milk Producers, Inc. - - - -

4/17/2014 A1 Vapors, Inc. - FreeButton, Inc. $12.6 - - -

4/17/2014 Michael Foods Inc. - Post Holdings, Inc. $2,500.0 - - -

4/16/2014 Dixie Foods International, Inc. Coast To Coast Equity Group KCI Investments LLC - - - - P

4/15/2014 Medallion Foods, Inc. RH Financial Corporation Shearer's Foods, Inc. $33.5 - - - P

4/14/2014 Diana Group Ardian Capital Symrise $1,800.0 2.90x 14.0x - P

4/9/2014 Pet Food Brands Iams, Eukanuba and Natura The Procter & Gamble Company Mars Petcare US, Inc. $2,900.0 - - -

4/9/2014 SweetWorks, Inc. - Chocolat Frey AG - - - -

4/9/2014 Synergy Strips Worldwide Inc. - Synergy Strips Corp. $160.0 - - -

4/8/2014 Just Dine In, LLC - Delivered Dish - - - -

4/7/2014 The Manischewitz Company Harbinger Capital Partners LLC Sankaty Advisors, LLC - - - - P

11.9x12.1x

12.5x

11.2x

11.5x

11.8x12.0x

12.2x

12.0x

12.6x12.5x12.5x 12.6x

10.0x10.1x

10.4x10.5x

10.9x

11.2x

11.9x

12.3x

11.8x

12.4x

12.1x11.9x11.8x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

May-1

3

Jun-1

3

Jul-

13

Au

g-1

3

Sep

-13

Oct-

13

No

v-1

3

Dec

-13

Jan

-14

Feb

-14

Mar-

14

Ap

r-1

4

May

-14

Med

ian

Tra

din

g M

ultip

le

Food Products, Processing, and Ingredients Retail and Restaurants

Recent North

American Food

and Beverage

M&A5

(continued)

9 of 16

Recent North American Food

and Beverage M&A Activity

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

4/7/2014 Handsome Coffee Roasters And Tonx, Inc. - Blue Bottle Coffee Company - - - -

4/3/2014 Specialty Brands of America, Inc. American Capital, Ltd. B&G Foods North America, Inc. $155.0 - - - P

4/3/2014 Shivram Limited - Nando's Australia PTY LTD - - - -

4/1/2014 Truitt Bros., Inc. - Seneca Foods Corp. - - - -

4/1/2014 Cooperstown Brewing Company, LLC - Northern Eagle Beverages, Inc. - - - -

3/31/2014 Iconic Brands, Inc. - The Marijuana Business Academy - - - -

3/31/2014 Performance Chemicals & Ingredients LLC Highlander Partners, L.P. Balchem Corp. $567.0 - - - P

3/31/2014 Morgan's Foods Inc. Bandera Partners LLC Apex Restaurant Management, Inc $45.6 0.53x 7.1x 13.4x P

3/31/2014 Big Chicago Brewing Company, LLC - Ten Ninety Brewing Co. - - - -

3/27/2014 Dairytown Processing Ltd. - Agropur Cooperative - - - -

3/27/2014 Chronic Cellars Winery Inc. - Winery Exchange Inc. - - - -

3/26/2014 Sunland, Inc. - Golden Boy Foods Ltd. $26.0 - - -

3/18/2014 Toptable Restaurant Group - Aquilini Investment Group Inc. - - - -

3/17/2014 Hearthside Food Solutions LLC Wind Point Partners Goldman Sachs Group - - - - P

3/14/2014 Quantum Foods, LLC - Raging Bull Acquisition Company LLC $84.3 - - -

3/13/2014 Surfside Coffee Company, LLC - Fireman Capital Partners - - - -

3/13/2014 Furr's Restaurant Group, Inc. - Chatham Credit Management III, LLC $22.7 0.20x 8.4x -

3/12/2014 Forty Creek Distillery LTD - Davide Campari - Milano SpA $167.0 5.43x - -

3/10/2014 Pineridge Bakery, Inc. Pineridge Group ARYZTA AG $340.0 1.58x - -

3/10/2014 Cloverhill Pastry-Vend LLC Quad-C Management, Inc. ARYZTA AG $673.0 - - -

3/10/2014 Cereal Food Processors, Inc. - Milner Milling, Inc.; Pendleton Flour Mills, LLC - - - -

3/10/2014 Ronnoco Coffee Company, Bottled Water Business Ronnoco Coffee Company Absopure Water Company, Inc. - - - -

3/7/2014 American By-Products, Inc. - Wilbur-Ellis Company - - - -

3/6/2014 Apple Rush Company, Inc. - Livewire Ergogenics, Inc. - - - -

3/6/2014 Safeway Inc. - Albertsons, LLC $7,757.7 0.22x 4.8x 11.6x P

3/3/2014 Vanberg & DeWulf - Vino.Com L.L.C. - - - -

2/25/2014 Lettieri's, Inc. Orion Food Systems, LLC Greencore Group plc - - - -

2/25/2014 CitraSource LLC - Frutarom USA, Inc. - - - -

2/24/2014 El Taco Terrificos - Taco Bell Corp. - - - -

2/20/2014 Fuzzy Peach Franchising, LLC - U-Swirl International, Inc. $0.8 - - -

2/24/2014 React Presents, Inc. and Clubtix Inc. - SFX-React Operating LLC $10.2 - - -

2/24/2014 West Loop Management I, LLC - SFX-React Operating LLC $4.1 - - -

2/18/2014 Quantum Foods, LLC - CTI Foods, Inc. $51.0 - - -

2/17/2014 Delta Egg Farm, LLC Sunbest Foods of Iowa, Inc. Cal-Maine Foods, Inc. $34.0 - - -

2/20/2014 Head Country, Inc. - Gladstone Investment Corporation - - - - P

2/12/2014 Canada Bread Company Ltd. Maple Leaf Foods Inc. Grupo Bimbo, S.A.B. de C.V. $1,374.5 1.04x 8.4x 11.9x

2/11/2014 The Switch Beverage Company - Apple & Eve, LLC - - - -

2/10/2014 Pet Carousel Inc. - Cargill, Incorporated - - - -

2/10/2014 Pro's Ranch Markets, Inc. - Cardenas Markets, Inc. $55.0 - - -

2/8/2014 Patina Restaurant Group, LLC ShiDax Corp. Delaware North Companies, Inc. - - - -

2/8/2014 Sprout Healthy Vending LLC - Grow International, LLC - - - -

2/7/2014 Corn Flour Producers, LLC - Bunge North America, Inc. - - - -

2/7/2014 Theodoro Baking Co., Inc. - Nature's Bakery $4.1 - - -

2/7/2014 Fox & Hound Restaurant Group Steel Partners; Newcastle Partners Cerberus Capital Management, L.P. $129.8 - - - P

2/7/2014 Allens, Inc. - Sankaty Advisors $148.0 - - - P

2/5/2014 Blue Point Brewing Company, Inc. - Anheuser-Busch InBev SA/NV - - - -

2/3/2014 PowerBar, Inc. Nestle USA, Inc. Post Holdings, Inc. - - - -

2/3/2014 Felda IFFCO, LLC - Marathon Petroleum Corporation - - - -

2/3/2014 Salerno Dairy Products Limited - Gay Lea Foods Co-operative Ltd. - - - -

2/3/2014 The Good Egg - First Watch Restaurants, Inc. - - - -

1/31/2014 Oakhurst Dairy Inc. - Dairy Farmers of America, Inc. - - - -

1/31/2014 Don Pablo's Operating Corp. Rita Restaurant Corp. Food Management Partners, Inc. - - - -

1/30/2014 Exetare Partnership, L.L.P. - Christensen Farms and Feedlots, Inc. - - - -

1/29/2014 Gilster-Mary Lee Corpor. - Pinnacle Foods Inc. $16.5 - - -

1/28/2014 Bofinger BBQ Smokehouse - MMCN Investments Inc. - - - - P

1/27/2014 Uncle Charley's Sausage Co. - Tecum Capital Management - - - - P

1/27/2014 Peligroso Spirits Company, LLC - Diageo North America Inc. - - - -

1/24/2014 Checkers Drive-In Restaurants, Inc. Wellspring Capital Management LLC Sentinel Capital Partners, L.L.C. - - - - P

1/24/2014 Bi-Wise Market, Inc. - Associated Grocers of New England, Inc. - - - -

1/24/2014 Clear Creek Distillery LLC - Hood River Distillers, Inc. - - - -

1/22/2014 Les Aliments Lebel Foods Inc. - Scotsburn Co-operative Services Ltd. - - - -

1/22/2014 SunWise Foods, LLC - J.S.B. Industries, Inc. - - - -

10 of 16

Member FINRA/SIPC

Trading Statistics Detail5

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

($ in millions, except per share data) Ticker 5/28/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF $50.73 98.1% $40,058 $1,931 $528 $41,461 $22,373 $2,713 2.9% 7.6% 24.4% 12.1% 37.4x 1.85x 15.3x 1.76x 14.7x

Campbell Soup Company CPB 44.61 91.4% 13,996 4,205 314 17,887 8,131 1,389 11.9% 2.2% 36.3% 17.1% 20.5x 2.20x 12.9x 2.11x 10.7x

ConAgra Foods, Inc. CAG 31.58 84.7% 13,300 9,491 245 22,547 17,895 2,304 25.2% 14.0% 21.2% 12.9% 16.2x 1.26x 9.8x 1.31x 9.4x

General Mills, Inc. GIS 54.24 100.0% 33,330 8,929 847 41,412 18,037 3,496 3.5% 6.9% 35.7% 19.4% 19.6x 2.30x 11.8x 2.25x 11.4x

Hormel Foods Corporation HRL 47.71 96.4% 12,595 250 640 12,205 8,878 964 6.9% 6.2% 16.5% 10.9% 23.6x 1.37x 12.7x 1.34x 11.3x

Kellogg Company K 68.02 100.0% 24,422 7,714 284 31,852 14,673 3,831 0.4% 5.3% 43.9% 26.1% 12.7x 2.17x 8.3x 2.09x 11.4x

McCormick & Company, Incorporated MKC 71.28 94.7% 9,299 1,299 99 10,499 4,182 714 3.5% 7.6% 40.5% 17.1% 24.3x 2.51x 14.7x 2.43x 14.0x

Mondelez International, Inc. MDLZ 37.40 100.0% 63,261 18,949 2,422 79,788 35,196 5,614 0.3% (11.3%) 37.1% 16.0% 35.1x 2.27x 14.2x 2.19x 13.7x

Nestlé S.A. NESN 77.97 98.4% 248,743 25,141 8,171 265,713 105,528 19,774 2.7% (1.0%) 47.9% 18.7% 22.0x 2.52x 13.4x 2.53x 13.2x

The Hain Celestial Group, Inc. HAIN 90.80 91.9% 4,550 628 68 5,111 1,932 256 25.3% 24.8% 26.7% 13.3% 30.6x 2.65x 19.9x 2.19x 14.9x

The Hershey Company HSY 96.75 89.0% 21,546 1,976 1,006 22,517 7,190 1,572 6.7% 7.3% 45.9% 21.9% 26.5x 3.13x 14.3x 2.91x 12.8x

The J. M. Smucker Company SJM 100.62 87.7% 10,433 2,029 182 12,280 5,716 1,226 (3.3%) 6.7% 36.4% 21.5% 18.1x 2.15x 10.0x 2.15x 10.0x

The WhiteWave Foods Company WWAV 31.01 100.0% 5,392 708 101 5,999 2,542 274 11.0% NA 35.7% 10.8% 46.7x 2.36x 21.9x 1.83x 15.3x

Mean 7.4% 6.3% 34.5% 16.7% 25.6x 2.21x 13.8x 2.08x 12.5x

Median 3.5% 6.8% 36.3% 17.1% 23.6x 2.27x 13.4x 2.15x 12.8x

Private Label Foods

Flowers Foods, Inc. FLO $21.12 82.3% $4,419 940 9 $5,351 $3,751 $417 23.1% 13.4% 47.4% 11.1% 19.2x 1.43x 12.8x 1.32x 11.1x

Snyder's-Lance, Inc. LNCE 26.44 81.4% 1,853 498 14 2,338 1,761 187 8.8% 21.6% 34.0% 10.6% 24.2x 1.33x 12.5x 1.28x 10.7x

Treehouse Foods, Inc. THS 74.40 97.0% 2,736 940 55 3,622 2,294 297 5.1% 8.1% 21.5% 13.0% 32.8x 1.58x 12.2x 1.44x 10.2x

Mean 12.3% 14.3% 34.3% 11.6% 25.4x 1.44x 12.5x 1.35x 10.7x

Median 8.8% 13.4% 34.0% 11.1% 24.2x 1.43x 12.5x 1.32x 10.7x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $13.17 52.7% $470 $160 $35 $595 $501 $65 25.0% 129.2% 22.9% 13.0% 17.8x 1.19x 9.1x 0.98x 7.5x

Annie's, Inc. BNNY 34.64 66.1% 589 0 3 586 197 26 22.7% 27.0% 38.0% 13.3% 37.0x 2.98x 22.4x 2.61x 18.5x

SunOpta Inc. TSX:SOY 13.47 100.0% 898 191 9 1,081 1,182 60 8.3% 12.4% 11.1% 5.1% NM 0.91x 18.1x 0.86x 13.6x

The Hain Celestial Group, Inc. HAIN 90.80 91.9% 4,550 628 68 5,111 1,932 256 25.3% 24.8% 26.7% 13.3% 30.6x 2.65x 19.9x 2.19x 14.9x

United Natural Foods, Inc. UNFI 68.14 85.6% 3,381 275 15 3,641 6,457 251 15.6% 16.0% 16.8% 3.9% 27.0x 0.56x 14.5x 0.51x 12.8x

Whole Foods Market, Inc. WFM 37.85 57.7% 13,913 62 1,084 12,891 13,595 1,276 8.6% 12.2% 35.7% 9.4% 26.0x 0.95x 10.1x 0.84x 9.4x

Mean 17.6% 36.9% 25.2% 9.7% 27.7x 1.54x 15.7x 1.33x 12.8x

Median 19.1% 20.4% 24.8% 11.2% 27.0x 1.07x 16.3x 0.92x 13.2x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $91.57 95.0% $8,069 $2,220 $820 $9,470 $6,318 $806 4.0% 8.9% 27.2% 12.8% NM 1.50x 11.7x 1.37x 10.2x

Diamond Foods, Inc. DMND 31.04 87.2% 974 567 4 1,538 840 65 (7.8%) 0.5% 25.0% 7.8% NM 1.83x 23.5x 1.76x 13.4x

Flowers Foods, Inc. FLO 21.12 82.3% 4,419 940 9 5,351 3,751 417 23.1% 13.4% 47.4% 11.1% 19.2x 1.43x 12.8x 1.32x 11.1x

George Weston Limited WN 73.67 89.2% 9,423 9,189 4,002 14,610 30,831 2,275 2.6% 1.8% 24.7% 7.4% 18.3x 0.47x 6.4x 0.35x 4.1x

Golden Enterprises Inc. GLDC 4.44 90.7% 52 7 1 59 137 5 (0.2%) 1.7% 48.5% 3.7% NM 0.43x 11.7x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.93 80.0% 13,762 2,914 275 16,400 13,591 1,449 1.6% 14.3% 52.7% 10.7% NA 1.21x 11.3x 1.12x 10.7x

Inventure Foods, Inc. SNAK 12.42 85.7% 241 71 1 311 235 19 25.6% 19.0% 17.7% 8.3% 34.8x 1.33x 16.0x 1.02x 12.0x

J&J Snack Foods Corp. JJSF 93.17 93.2% 1,742 1 77 1,666 884 137 2.6% 7.6% 30.8% 15.4% 25.9x 1.88x 12.2x 1.82x 11.1x

John B Sanfilippo & Son Inc. JBSS 25.71 97.8% 284 103 1 385 753 57 4.1% 5.1% 15.8% 7.6% 10.7x 0.51x 6.8x NA NA

Lancaster Colony Corporation LANC 88.97 89.2% 2,432 0 201 2,231 1,180 187 0.8% 2.9% 23.0% 15.8% 22.0x 1.89x 11.9x 2.08x 11.3x

Penford Corporation PENX 11.58 72.5% 145 77 0 222 455 21 1.1% 18.7% 9.6% 4.5% NM 0.49x 10.8x 0.46x 7.4x

Mean 5.2% 8.5% 29.3% 9.6% 21.8x 1.18x 12.3x 1.25x 10.1x

Median 2.6% 7.6% 25.0% 8.3% 20.6x 1.33x 11.7x 1.32x 11.1x

EV / LTM EV / 2013ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Member FINRA/SIPC

11 of 16

Trading Statistics Detail (continued)5



Dairy

Danone BN $73.70 87.6% $43,228 $16,603 $5,333 $54,499 $29,649 $4,792 2.1% 7.8% 48.5% 16.2% 21.1x 1.84x 11.4x 1.84x 11.2x

Dean Foods Company DF 17.11 40.6% 1,599 897 17 2,480 9,016 374 (2.8%) (5.9%) 20.6% 4.1% 4.5x 0.28x 6.6x 0.27x 7.1x

Glanbia plc GL9 15.23 95.1% 4,490 669 148 5,011 3,316 318 41.1% 7.4% 100.0% 9.6% 21.3x 1.51x 15.7x 1.45x 15.5x

Lifeway Foods Inc. LWAY 13.28 66.4% 217 10 6 221 98 10 19.9% 18.6% 30.0% 10.6% 48.2x 2.27x 21.3x 1.88x 21.8x

Saputo Inc. TSX:SAP 53.54 97.9% 10,453 1,529 78 11,904 8,079 893 26.7% 14.2% 11.0% 11.0% 22.8x 1.47x 13.3x 1.32x 11.8x

Mean 17.4% 8.4% 42.0% 10.3% 23.6x 1.47x 13.7x 1.35x 13.5x

Median 19.9% 7.8% 30.0% 10.6% 21.3x 1.51x 13.3x 1.45x 11.8x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $10.48 96.3% $1,210 $25 $22 $1,214 $431 $77 6.9% 4.5% 45.7% 17.8% 25.1x 2.82x 15.8x 2.67x 14.5x

Cott Corporation BCB 6.98 80.5% 659 523 41 1,141 2,064 188 (7.5%) 1.5% 11.9% 9.1% NM 0.55x 6.1x 0.56x 6.1x

Dr Pepper Snapple Group, Inc. DPS 56.84 100.0% 11,162 2,697 139 13,720 6,015 1,385 0.0% 1.7% 59.1% 23.0% 17.1x 2.28x 9.9x 2.26x 9.9x

Keurig Green Mountain, Inc. GMCR 114.36 91.9% 18,610 265 349 18,527 4,406 1,042 9.1% 40.6% 37.8% 23.7% 27.4x 4.21x 17.8x 3.73x 15.4x

Lassonde Industries Inc. LAS.A 100.00 92.0% 699 247 13 933 955 106 1.8% 24.7% 27.4% 11.1% 16.1x 0.98x 8.8x NA NA

Monster Beverage Corporation MNST 68.47 90.5% 11,440 0 614 10,826 2,246 606 9.0% 19.9% 52.2% 27.0% 33.4x 4.82x 17.9x 4.28x 15.2x

National Beverage Corp. FIZZ 19.32 86.8% 895 35 27 903 645 78 (2.3%) 2.6% 34.2% 12.0% 19.7x 1.40x 11.6x 1.42x NA

Pepsico, Inc. PEP 87.07 100.0% 132,003 32,072 10,086 153,989 66,457 12,560 1.2% 3.2% 53.1% 18.9% 19.6x 2.32x 12.3x 2.27x 11.9x

Starbucks Corporation SBUX 73.27 88.8% 55,158 2,048 1,490 55,716 15,663 3,168 11.8% 11.9% 57.5% 20.2% NM 3.56x 17.6x 3.21x 13.7x

The Coca-Cola Company KO 40.58 93.4% 178,357 38,444 19,436 197,365 46,395 13,077 (3.2%) 6.8% 60.8% 28.2% 21.9x 4.25x 15.1x 4.15x 14.6x

Mean 2.7% 11.7% 44.0% 19.1% 22.5x 2.72x 13.3x 2.73x 12.7x

Median 1.5% 5.7% 49.0% 19.6% 20.8x 2.57x 13.7x 2.67x 14.1x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $110.24 98.0% $177,110 $49,126 $9,962 $216,274 $43,195 $16,683 8.6% 6.0% 59.3% 38.6% 12.3x 5.01x 13.0x 4.48x 11.1x

Brown-Forman Corporation BF.B 91.30 99.9% 19,338 1,006 287 20,057 2,962 1,008 6.1% 5.3% 69.0% 34.0% 30.4x 6.77x 19.9x 5.04x 18.5x

Constellation Brands Inc. STZ 83.15 96.8% 15,938 7,037 67 22,907 4,868 1,304 74.1% 13.5% 41.2% 26.8% 8.0x 4.71x 17.6x 3.84x 13.3x

Diageo plc DGE 31.60 86.5% 79,361 16,495 1,512 94,344 19,323 6,710 4.8% 5.2% 61.6% 34.7% 17.3x 4.88x 14.1x 4.99x 14.4x

Heineken NV ENXTAM:HEIA 69.31 85.1% 39,855 17,020 1,792 55,083 26,732 5,424 4.5% 6.0% 38.0% 20.3% 21.2x 2.06x 10.2x 2.06x 9.0x

Kirin Holdings Company, Limited TSE:2503 14.22 77.4% 13,217 8,104 621 20,700 22,261 2,936 19.5% 6.3% 42.9% 13.2% 30.3x 0.93x 7.1x 0.92x 7.2x

Pernod-Ricard SA RI 120.66 87.6% 31,762 12,912 909 43,765 11,468 3,369 (1.5%) 4.0% 62.7% 29.4% 19.6x 3.82x 13.0x 3.81x 13.2x

SABMiller plc LSE:SAB 55.13 88.2% 88,126 17,699 1,286 104,539 17,191 5,504 (13.8%) 5.7% 70.4% 32.0% 24.7x 6.08x 19.0x 5.46x 15.5x

Sapporo Holdings Ltd. TSE:2501 4.23 91.0% 1,650 2,534 114 4,070 5,016 437 3.5% 9.4% 35.4% 8.7% 17.5x 0.81x 9.3x 0.78x 10.0x

Mean 11.8% 6.8% 53.4% 26.4% 20.1x 3.90x 13.7x 3.49x 12.5x

Median 4.8% 6.0% 59.3% 29.4% 19.6x 4.71x 13.0x 3.84x 13.2x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $67.89 100.0% $1,642 $64 $191 $1,515 $1,395 $156 12.8% 14.8% 18.8% 11.2% 19.3x 1.09x 9.7x 1.07x 8.4x

JBS S.A. BOVESPA:JBSS3 3.52 86.3% 10,092 14,704 4,045 20,751 41,698 2,742 22.7% 19.3% 12.8% 6.6% 24.7x 0.50x 7.6x 0.39x 5.7x

Sanderson Farms, Inc. SAFM 87.66 100.0% 2,023 40 59 2,004 2,672 322 8.4% 11.4% 13.6% 12.1% 11.6x 0.75x 6.2x 0.76x 6.7x

Seaboard Corp. SEB 2,706.00 91.8% 3,212 142 478 2,876 6,568 300 4.2% 10.8% 7.1% 4.6% 14.4x 0.44x 9.6x 0.42x NA

Tyson Foods, Inc. TSN 40.75 92.1% 14,312 1,940 440 15,812 35,418 2,089 6.3% 5.1% 7.6% 5.9% 14.5x 0.45x 7.6x 0.43x 7.0x

Mean 10.9% 12.3% 12.0% 8.1% 16.9x 0.64x 8.1x 0.61x 6.9x

Median 8.4% 11.4% 12.8% 6.6% 14.5x 0.50x 7.6x 0.43x 6.8x

EV / 2013ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

Member FINRA/SIPC

12 of 16




Fruit and Vegetable

Calavo Growers Inc. CVGW $30.78 83.3% $483 $65 $6 $542 $720 $34 25.6% 19.5% 8.5% 4.7% 24.8x 0.75x 16.1x 0.67x 11.9x

Chiquita Brands International Inc. CQB 10.36 75.8% 486 632 54 1,064 3,057 117 (0.7%) (1.8%) 11.5% 3.8% NM 0.35x 9.1x 0.34x 6.0x

Fresh Del Monte Produce Inc. FDP 28.57 92.7% 1,590 285 39 1,837 3,747 195 8.9% 1.5% 8.0% 5.2% NM 0.49x 9.4x NA NA

Seneca Foods Corp. SENE.A 30.00 82.6% 323 273 18 579 1,321 50 3.9% 2.7% 7.5% 3.8% 17.1x 0.44x 11.6x NA NA

Mean 9.4% 5.5% 8.9% 4.4% 20.9x 0.51x 11.6x 0.51x 8.9x

Median 6.4% 2.1% 8.3% 4.3% 20.9x 0.46x 10.5x 0.51x 8.9x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,633.06 100.0% $15,008 $1,518 $690 $15,836 $4,991 $989 2.6% 1.0% 44.7% 19.8% 26.4x 3.17x 16.0x 3.14x 13.7x

International Flavors & Fragrances Inc. IFF 98.64 99.7% 8,018 934 269 8,684 2,995 639 5.5% 3.7% 44.2% 21.3% 22.3x 2.90x 13.6x 2.75x 12.3x

Kerry Group plc ISE:KRZ 75.44 93.4% 13,263 1,845 342 14,766 8,125 964 (0.2%) 5.6% 43.7% 11.9% NM 1.82x 15.3x 1.79x 13.8x

Sensient Technologies Corporation SXT 54.98 95.9% 2,719 387 17 3,089 1,470 262 0.8% 2.5% 33.0% 17.8% 30.7x 2.10x 11.8x 2.03x 10.7x

Symrise AG XTRA:SY1 53.37 100.0% 6,902 730 194 7,438 2,565 519 4.7% 4.9% 42.3% 20.2% 25.2x 2.90x 14.3x 2.65x 13.1x

Tate & Lyle plc TATE 11.33 75.1% 5,279 1,393 762 5,910 5,704 755 5.8% 9.5% 38.5% 13.2% 25.4x 1.04x 7.8x 1.09x 7.8x

Mean 3.2% 4.5% 41.1% 17.4% 26.0x 2.32x 13.1x 2.24x 11.9x

Median 3.7% 4.3% 43.0% 18.8% 25.4x 2.50x 14.0x 2.34x 12.7x

Agribusiness

Archer Daniels Midland Company ADM $44.29 97.6% $28,986 $5,678 $1,535 $33,129 $88,773 $2,994 (2.6%) 3.2% 4.3% 3.4% 22.0x 0.37x 11.1x 0.37x 7.9x

Bunge Limited BG 76.54 90.9% 11,262 9,190 3,891 16,561 60,023 1,554 (4.5%) 8.1% 4.2% 2.6% NM 0.28x 10.7x 0.27x 7.4x

CF Industries Holdings, Inc. CF 241.87 90.3% 12,595 3,098 1,711 13,982 5,475 2,756 (10.3%) 11.4% 46.0% 50.3% 9.9x 2.55x 5.1x NA NA

Darling International Inc. DAR 19.39 81.0% 3,191 887 871 3,207 1,724 292 1.3% 33.5% 26.8% 16.9% 21.8x 1.86x 11.0x 0.82x 5.1x

Monsanto Company MON 120.28 100.0% 63,047 3,155 3,835 62,367 15,425 4,576 4.7% 12.4% 53.1% 29.7% 23.1x 4.04x 13.6x 3.86x 13.3x

Omega Protein Corporation OME 14.25 93.3% 298 24 34 288 244 77 3.7% 12.0% 33.9% 31.5% 8.0x 1.18x 3.7x 1.20x 5.0x

The Andersons, Inc. ANDE 50.94 78.0% 1,427 429 309 1,546 5,605 145 6.3% 18.2% 6.5% 2.6% 19.4x 0.28x 10.7x 0.27x 6.7x

The Mosaic Company MOS 49.33 76.3% 18,926 3,051 2,491 19,486 7,844 1,456 NA (4.3%) 15.2% 18.6% 49.5x 2.48x 13.4x 2.06x 8.1x

Mean (0.2%) 11.8% 23.8% 19.4% 22.0x 1.63x 9.9x 1.26x 7.7x

Median 1.3% 11.7% 21.0% 17.7% 21.8x 1.52x 10.8x 0.82x 7.4x

Consumer and Retail

Food Retail

Costco Wholesale Corporation COST 114.24 90.6% 50,252 4,985 6,482 48,755 107,893 4,055 4.6% 9.6% 12.6% 3.8% 25.2x 0.45x 12.0x 0.42x 11.1x

Establishments Delhaize Freres DELB 71.29 93.2% 7,218 3,910 1,810 9,319 29,384 1,721 0.6% 0.4% 24.2% 5.9% 25.1x 0.32x 5.4x 0.31x 5.0x

Fairway Group Holdings Corp. FWM 6.75 23.4% 291 256 54 493 754 2 19.2% NA 32.7% 0.3% NM 0.65x 208.1x 0.60x 9.8x

Ingles Markets, Incorporated IMKT.A 27.65 94.3% 629 911 7 1,533 3,776 214 0.1% 3.0% 22.0% 5.7% 28.7x 0.41x 7.2x 0.39x 7.2x

J. Sainsbury plc LSE:SBRY 5.64 77.6% 10,736 4,869 2,701 12,904 40,629 2,647 4.0% 4.8% 5.8% 6.5% 8.8x 0.32x 4.9x 0.31x 5.4x

Koninklijke Ahold N.V. ENXTAM:AH 17.96 83.2% 15,625 4,205 5,504 14,326 45,403 2,971 (0.2%) 3.4% 26.6% 6.5% 16.6x 0.32x 4.8x 0.32x 4.7x

Natural Grocers by Vitamin Cottage NGVC 20.61 46.2% 463 20 8 475 479 37 26.5% 32.5% 29.3% 7.8% 42.2x 0.99x 12.7x 0.83x 10.2x

Roundy's, Inc. RNDY 5.24 47.8% 251 742 82 912 3,950 168 1.5% 0.7% 26.6% 4.3% 8.5x 0.23x 5.4x 0.20x 5.5x

Safeway Inc. SWY 34.23 85.0% 7,883 4,451 2,782 9,552 36,223 1,524 1.3% (4.4%) 27.2% 4.2% NM 0.26x 6.3x 0.26x 6.5x

Sprouts Farmers Market, Inc. SFM 27.35 55.3% 4,095 431 78 4,448 2,438 189 35.8% NA 29.7% 7.8% NM 1.82x 23.5x 1.52x 18.4x

SUPERVALU Inc. SVU 7.45 85.0% 1,938 2,777 83 4,632 17,155 835 0.1% (0.4%) 15.1% 4.9% NM 0.27x 5.5x 0.27x 6.0x

The Kroger Co. KR 46.69 99.9% 23,791 11,312 401 34,702 98,375 4,485 1.8% 6.2% 21.2% 4.6% 16.0x 0.35x 7.7x 0.33x 7.0x

The Pantry, Inc. PTRY 16.17 91.8% 379 939 10 1,309 6,794 196 (5.7%) 0.7% 11.9% 2.9% NM 0.19x 6.7x 0.17x 6.2x

Village Super Market Inc. VLGE.A 24.04 60.5% 333 43 104 272 1,485 52 1.9% 5.1% 26.8% 3.5% 49.6x 0.18x 5.2x 0.18x NA

Weis Markets, Inc. WMK 46.63 86.1% 1,254 0 90 1,164 2,693 178 (0.3%) 0.9% 27.7% 6.6% 17.0x 0.43x 6.6x 0.43x NA

Whole Foods Market, Inc. WFM 37.85 57.7% 13,913 62 1,084 12,891 13,595 1,276 8.6% 12.2% 35.7% 9.4% 26.0x 0.95x 10.1x 0.84x 9.4x

Mean 6.2% 5.3% 23.4% 5.3% 24.0x 0.51x 20.8x 0.46x 8.0x

Median 1.7% 3.2% 26.6% 5.3% 25.1x 0.34x 6.6x 0.32x 6.8x

EV / 2013ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins

Member FINRA/SIPC

13 of 16




Grocery Distribution

AMCON Distributing Co. DIT $80.75 86.9% $49 $24 $0 $73 $828 $12 2.0% 7.4% 9.3% 1.5% 12.1x 0.09x 6.0x NA NA

Core-Mark Holding Company, Inc. CORE 81.52 99.5% 939 81 11 1,009 7,717 99 11.8% 11.9% 7.0% 1.3% 22.3x 0.13x 10.2x 0.10x 8.5x

Spartan Stores Inc. SPTN 23.35 90.7% 881 605 9 1,476 3,190 120 22.3% 8.0% 19.4% 3.8% NM 0.46x 12.3x 0.35x 10.9x

United Natural Foods, Inc. UNFI 68.14 85.6% 3,381 275 15 3,641 6,457 251 15.6% 16.0% 16.8% 3.9% 27.0x 0.56x 14.5x 0.51x 12.8x

Mean 12.9% 10.8% 13.1% 2.6% 20.5x 0.31x 10.7x 0.32x 10.7x

Median 13.7% 9.9% 13.1% 2.6% 22.3x 0.30x 11.2x 0.35x 10.9x

Foodservice

Colabor Group Inc. TSX:GCL $3.70 73.3% $100 $167 $0 $267 $1,308 $28 (2.5%) 10.2% 2.2% 2.2% NM 0.20x 9.4x 0.20x 7.6x

Sysco Corporation SYY 36.67 84.5% 21,436 3,062 341 24,157 45,831 2,482 4.5% 5.3% 17.4% 5.4% 22.3x 0.53x 9.7x 0.50x 10.0x

The Chefs' Warehouse, Inc. CHEF 18.13 60.5% 454 147 26 575 721 43 38.3% 28.1% 25.5% 6.0% 28.0x 0.80x 13.3x 0.67x 11.7x

Mean 13.4% 14.5% 15.1% 4.5% 25.2x 0.51x 10.8x 0.46x 9.8x

Median 4.5% 10.2% 17.4% 5.4% 25.2x 0.53x 9.7x 0.50x 10.0x

Quick Service Restaurant

Burger King Worldwide, Inc. BKW 25.61 91.6% 9,013 3,030 863 11,180 1,060 665 (38.7%) (23.4%) 75.8% 62.8% 35.8x 10.55x 16.8x 10.33x 15.2x

Jack in the Box Inc. JACK 56.60 90.0% 2,266 420 10 2,676 1,486 252 (1.3%) (13.3%) 25.1% 17.0% 27.3x 1.80x 10.6x 1.83x 9.9x

McDonald's Corp. MCD 101.30 98.7% 100,127 14,142 2,799 111,470 28,201 10,115 2.1% 4.7% 38.8% 35.9% 18.5x 3.95x 11.0x 3.82x 10.4x

Sonic Corp. SONC 20.92 88.8% 1,137 472 35 1,574 542 132 0.8% (0.1%) 53.0% 24.4% 28.8x 2.90x 11.9x 2.83x 10.7x

The Wendy's Company WEN 8.28 80.6% 3,037 1,464 580 3,921 2,487 342 (0.7%) 1.5% 26.0% 13.7% NM 1.58x 11.5x 1.94x 10.0x

Yum! Brands, Inc. YUM 76.94 96.5% 33,960 3,019 734 36,245 13,273 2,864 (1.1%) 5.1% 26.6% 21.6% 30.2x 2.73x 12.7x 2.45x 11.0x

Mean (6.5%) (4.2%) 40.9% 29.2% 28.1x 3.92x 12.4x 3.86x 11.2x

Median (0.9%) 0.7% 32.7% 23.0% 28.8x 2.82x 11.7x 2.64x 10.6x

Casual Dining Restaurant

BJ's Restaurants, Inc. BJRI $31.00 75.6% $882 $0 $31 $851 $792 $75 8.6% 13.8% 17.1% 9.5% 49.8x 1.07x 11.3x 0.97x 10.2x

Bloomin' Brands, Inc. BLMN 21.01 77.0% 2,638 1,419 210 3,848 4,129 405 3.5% NA 16.3% 9.8% 13.7x 0.93x 9.5x 0.87x 8.1x

Brinker International, Inc. EAT 49.63 89.5% 3,224 845 65 4,004 2,877 420 1.1% 1.1% 19.3% 14.6% 19.8x 1.39x 9.5x 1.34x 8.8x

Buffalo Wild Wings Inc. BWLD 145.65 91.1% 2,753 0 80 2,673 1,330 213 21.6% 27.4% 24.7% 16.0% 32.8x 2.01x 12.6x 1.74x 10.6x

Chuy's Holdings, Inc. CHUY 33.54 76.1% 551 6 5 552 214 25 17.5% 27.2% 19.3% 11.9% 49.5x 2.58x 21.7x 2.15x 15.5x

Darden Restaurants, Inc. DRI 50.18 90.8% 6,622 2,730 127 9,225 8,740 951 5.1% 5.8% 20.8% 10.9% 19.6x 1.06x 9.7x 1.03x 9.4x

Del Frisco's Restaurant Group, Inc. DFRG 26.61 89.9% 629 0 16 612 279 41 16.4% 20.3% 24.7% 14.7% 47.3x 2.20x 14.9x 1.89x 12.2x

DineEquity, Inc. DIN 79.80 93.1% 1,528 1,376 133 2,771 644 268 (16.0%) (20.4%) 60.3% 41.5% 20.6x 4.30x 10.3x 4.28x 10.5x

Ignite Restaurant Group, Inc. IRG 15.29 71.9% 399 127 1 525 857 22 78.7% 32.7% 30.0% 2.6% NM 0.61x 23.5x 0.59x 10.0x

Red Robin Gourmet Burgers Inc. RRGB 72.22 83.2% 1,032 89 17 1,104 1,017 106 4.1% 5.6% 23.0% 10.4% 28.5x 1.09x 10.5x 0.99x 9.2x

Ruby Tuesday, Inc. RT 7.87 79.5% 484 267 44 706 1,178 52 (8.9%) (1.3%) 15.4% 4.4% NM 0.60x 13.5x 0.61x 10.8x

Ruth's Hospitality Group Inc. RUTH 12.24 80.0% 441 19 11 449 410 49 1.2% 4.9% 22.5% 12.0% 18.7x 1.09x 9.1x 1.04x 8.2x

Texas Roadhouse, Inc. TXRH 25.45 87.5% 1,774 51 91 1,735 1,460 174 12.5% 12.4% 33.4% 11.9% 21.4x 1.19x 10.0x 1.08x 8.7x

The Cheesecake Factory Incorporated CAKE 46.36 93.2% 2,243 66 62 2,247 1,896 235 3.3% 4.3% 43.5% 12.4% 21.5x 1.19x 9.6x 1.10x 8.4x

Mean 10.6% 10.3% 26.4% 13.0% 28.6x 1.52x 12.5x 1.41x 10.0x

Median 4.6% 5.8% 22.8% 11.9% 21.5x 1.14x 10.4x 1.06x 9.7x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E

14 of 16


Member FINRA/SIPC



Fast Casual

Chipotle Mexican Grill, Inc. CMG $538.26 86.4% $16,731 $0 $707 $16,024 $3,392 $654 20.4% 20.6% 37.2% 19.3% 47.0x 4.72x 24.5x 3.95x 19.9x

Einstein Noah Restaurant Group, Inc. BAGL 15.71 85.8% 282 109 4 386 438 45 2.2% 2.0% 20.4% 10.2% 19.1x 0.88x 8.6x 0.84x 7.3x

Fiesta Restaurant Group, Inc. FRGI 40.81 76.9% 1,071 67 2 1,136 563 71 8.9% 9.2% 25.0% 12.6% NM 2.02x 16.0x 1.80x 13.2x

Noodles & Company NDLS 32.68 62.9% 970 7 1 976 359 42 17.3% 36.0% 21.3% 11.8% NM 2.72x 23.0x 2.30x 18.0x

Potbelly Corporation PBPB 15.39 45.4% 450 1 70 382 305 31 17.3% 36.0% 31.6% 10.2% NM 1.25x 12.3x 1.11x 9.7x

Panera Bread Company PNRA 154.78 79.5% 4,251 0 101 4,150 2,429 413 10.7% 14.9% 35.2% 17.0% 23.3x 1.71x 10.1x 1.58x 9.5x

Mean 12.8% 19.8% 28.5% 13.5% 29.8x 2.22x 15.7x 1.93x 12.9x

Median 14.0% 17.7% 28.3% 12.2% 23.3x 1.86x 14.1x 1.69x 11.5x

Pizza

Domino's Pizza, Inc. DPZ 72.42 89.8% 4,029 1,530 38 5,521 1,838 346 7.4% 5.2% 30.3% 18.8% 27.5x 3.00x 16.0x 2.84x 14.3x

Papa John's International Inc. PZZA 42.42 77.1% 1,750 177 14 1,913 1,485 144 8.6% 8.8% 33.4% 9.7% 27.4x 1.29x 13.3x 1.21x 11.9x

Mean 8.0% 7.0% 31.8% 14.3% 27.4x 2.15x 14.6x 2.03x 13.1x

Median 8.0% 7.0% 31.8% 14.3% 27.4x 2.15x 14.6x 2.03x 13.1x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $44.94 84.7% $4,779 $1,813 $202 $6,390 $724 $335 8.4% 7.1% 77.8% 46.2% 32.8x 8.83x 19.1x 8.16x 15.7x

Jamba, Inc. JMBA 10.64 60.8% 183 0 32 151 229 10 0.2% (4.4%) 37.4% 4.5% NM 0.66x 14.5x 0.67x 8.3x

Krispy Kreme Doughnuts, Inc. KKD 19.09 71.7% 1,244 2 56 1,190 460 59 5.6% 8.3% 18.3% 12.8% 36.7x 2.58x 20.2x 2.38x 16.6x

Starbucks Corporation SBUX 73.27 88.8% 55,158 2,048 1,490 55,716 15,663 3,168 11.8% 11.9% 57.5% 20.2% NM 3.56x 17.6x 3.21x 13.7x

Tim Hortons Inc. THI 54.31 92.2% 7,292 1,348 164 8,476 3,021 741 5.1% 8.2% 24.8% 24.5% 20.1x 2.81x 11.4x 2.70x 10.6x

Mean 6.2% 6.2% 43.2% 21.7% 29.9x 3.69x 16.5x 3.42x 13.0x

Median 5.6% 8.2% 37.4% 20.2% 32.8x 2.81x 17.6x 2.70x 13.7x

Family Restaurant

Bob Evans Farms, Inc. BOBE $46.72 77.6% $1,153 $374 $5 $1,522 $1,615 $165 14.5% (1.7%) 36.7% 10.2% NM 0.94x 9.2x 1.10x 8.9x

Denny's Corporation DENN 6.55 87.2% 570 175 1 744 460 75 (3.4%) (5.6%) 36.8% 16.3% 25.8x 1.62x 9.9x 1.59x 8.9x

Frisch's Restaurants, Inc. FRS 23.34 84.1% 119 13 2 130 204 21 1.0% (12.2%) 8.1% 10.3% 14.9x 0.64x 6.2x 0.62x NA

Luby's, Inc. LUB 5.05 55.0% 143 37 2 179 400 21 11.9% 11.3% 31.3% 5.2% NM 0.45x 8.6x 0.48x NA

Mean 6.0% (2.1%) 28.2% 10.5% 20.3x 0.91x 8.5x 0.95x 8.9x

Median 6.4% (3.7%) 34.0% 10.2% 20.3x 0.79x 8.9x 0.86x 8.9x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E

June 2014

Date Company

6/2/2014 Monster Beverage Corporation (NasdaqGS:MNST)

6/4/2014 Molson Coors Brewing Company (NYSE:TAP)

6/6/2014 Wal-Mart Stores Inc. (NYSE:WMT)

6/10/2014 Pinnacle Foods Inc. (NYSE:PF)

6/19/2014 The Kroger Co. (NYSE:KR)

6/24/2014 Walgreen Co. (NYSE:WAG)

6/25/2014 General Mills, Inc. (NYSE:GIS)

6/26/2014 ConAgra Foods, Inc. (NYSE:CAG)

July 2014

Date Company

7/10/2014 Associated British Foods plc (LSE:ABF)

7/10/2014 Costco Wholesale Corporation (NasdaqGS:COST)

7/16/2014 Safeway Inc. (NYSE:SWY)

7/17/2014 Philip Morris International, Inc. (NYSE:PM)

7/22/2014 Premier Foods plc (LSE:PFD)

7/22/2014 Campbell Soup Company (NYSE:CPB)

7/22/2014 Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A)

7/24/2014 Tate & Lyle plc (LSE:TATE)

7/24/2014 Unilever plc (LSE:ULVR)

7/31/2014 Kellogg Company (NYSE:K)

7/31/2014 Kraft Foods Group, Inc. (NasdaqGS:KRFT)

7/31/2014 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

August 2014

Date Company

8/4/2014 Tyson Foods, Inc. (NYSE:TSN)

8/5/2014 Saputo Inc. (TSX:SAP)

8/5/2014 Archer Daniels Midland Company (NYSE:ADM)

8/6/2014 Sapporo Holdings Ltd. (TSE:2501)

8/6/2014 Molson Coors Brewing Company (NYSE:TAP)

8/11/2014 Sysco Corporation (NYSE:SYY)

8/12/2014 Flowers Foods, Inc. (NYSE:FLO)

8/20/2014 Carlsberg A/S (CPSE:CARL B)

8/21/2014 Koninklijke Ahold N.V. (ENXTAM:AH)

Earnings

Release

Calendar5

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Food and Beverage Earnings Release Calendar

Sources:

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

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