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FOOD AND BEVERAGE

INDUSTRY UPDATE │ OCTOBER 2017

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www.harriswilliams.com

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

EARNINGS CALENDAR

GROUP OVERVIEW

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

Agribusiness

Bakery

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

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

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

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

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

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

MARKET UPDATE

FOOD AND BEVERAGE


a portfolio company of

has been acquired by

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING





a subsidiary of







and

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

notable transactions. Kellogg Company announced its acquisition of RXBAR,

demonstrating the continued appetite of large CPG companies to enter or

continue to expand in the high-protein snacking segment. Also notable is Post

Holding’s announced acquisition of Bob Evans Farms. Post Holdings is actively

looking for growth avenues, and the frozen meals and protein space is

experiencing outsized growth as compared to other packaged food categories.




has been acquired byhas been acquired by

The Soup & Infant

Feeding Business of


PizzaRev

Founders

a partnership of

&


a division of


http://www.harriswilliams.com/

mailto:[email protected]





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Crude Oil Soybeans Wheat Corn

WHAT WE’VE BEEN READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES5

PROTEIN PRICE INDICES2,3

PRICE CUTS AT WHOLE FOODS ARE DISRUPTING THE GROCERY INDUSTRY

Sales of fresh, perishable items located in the store perimeter grew 0.6% year-over-year, whereas center store itemsdeclined by 0.9%. The deli department experienced the most growth across the fresh perimeter of the store, up 2%from last year. Successful center-store products focus on convenience, personal health, sustainability, and categoryreinvention.

Access the full article here.

GROWTH IN THE GROCERY STORE PERIMETER CONTINUES TO OUTPACE THE TOTAL STORE

RETAILERS CONSIDER PRIVATE BRAND OWNERSHIP ESSENTIAL TO GROWTH

Price cuts at Whole Foods have driven significant increases in year-over-year foot traffic, and many of thecompany’s new customers are defecting from competing grocery chains. Almost 10% of regular Trader Joe’scustomers shopped at Whole Foods the week that price cuts went into effect. Whole Foods began slashing pricesshortly after Amazon completed its $13.7 billion acquisition of the company.


Industry experts see private brand ownership as a solution to decreasing retail traffic. Sales of private brands at bigchains like Walmart, BJ’s, Dollar General and Target grew 4.6% last year compared to a 1.1% increase for nationalbrands. Private label product growth has been driven in part by discount grocers, such as Lidl and Aldi, that relyheavily on private label products.


Beef:

14.4%

Pork

0.1%

Poultry:

(9.3%)

Soybeans:

(35.9%)

Crude Oil:

(48.1%)

Wheat:

(49.4%)

Corn:

(56.9%)

http://www.nielsen.com/us/en/insights/news/2017/us-fmcg-dollars-arent-vanishing-theyre-shifting-across-the-store.html

http://www.businessinsider.com/amazon-buys-whole-foods-hurts-trader-joes-target-2017-10

http://nypost.com/2017/10/13/retailers-eyeing-private-brand-ownership-as-key-to-growth/

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VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

26.8%

Grocery:

13.1%

90

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Restaurant Grocery

Net Debt /

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

Protein Processing 17.1% 10.3% 3.8% (7.4%) 12.5x 13.2x 7.3x 2.8x

Fruit and Vegetable 5.1% 16.2% 9.5% 23.4% 17.6x 25.5x 13.3x 0.7x

Ingredients / Flavors 8.2% 9.5% 5.5% 0.1% 22.7x 30.2x 16.9x 1.4x

Agribusiness 4.5% 19.6% 2.8% 9.7% 21.2x 24.1x 13.4x 2.9x

Branded Processed Foods (2.2%) (14.1%) (5.2%) (13.7%) 19.1x 24.2x 12.2x 2.2x

Private Label Foods and Beverages 9.5% 12.7% 5.4% (1.5%) 20.8x 26.4x 12.4x 4.6x

Natural / Organic Foods / BFY (1.3%) 17.7% (7.3%) 47.5% 28.5x 46.6x 18.5x 7.4x

Baked Goods (1.3%) (8.5%) (1.3%) 21.3% 21.1x 27.1x 11.7x 2.4x

Dairy 2.5% 8.0% 11.6% 2.1% 19.7x 22.6x 14.7x 1.3x

Non-Alcoholic Beverages 3.6% 14.5% 2.2% 2.4% 22.2x 23.5x 14.0x 1.7x

Alcoholic Beverages 10.3% 24.2% 9.1% 7.6% 22.8x 26.9x 16.1x 2.6x

Snacks 4.0% 8.1% (4.6%) 2.4% 25.0x 32.8x 15.2x 3.2x

Grocery Distribution (4.7%) (4.5%) (9.0%) 2.5% 14.8x 18.5x 8.0x 2.2x

Food Retail (10.4%) (22.1%) (22.8%) (19.7%) 12.1x 16.1x 6.4x 1.7x

Foodserv ice 7.6% 18.3% 4.4% 13.2% 18.1x 23.3x 11.4x 4.2x

Quick Serv ice Restaurant 3.5% 3.0% (8.1%) (3.6%) 23.9x 22.6x 13.7x 3.3x

Fast Casual (3.9%) (4.2%) (14.8%) (11.9%) 37.7x 50.3x 11.9x 1.7x

Differentiated Casual (15.6%) (17.7%) (18.8%) (20.3%) 17.4x 18.3x 7.5x 0.6x

Casual Dining Restaurant 0.2% 1.6% (11.9%) 6.1% 14.7x 19.5x 8.5x 2.7x

Fine Dining (11.2%) 4.4% (12.4%) 3.3% 15.8x 20.9x 8.4x 1.3x

Pizza (7.3%) (4.9%) (6.7%) 8.3% 27.7x 30.6x 14.9x 3.7x

Beverage / Snack Retail (2.0%) (9.8%) (6.8%) (1.2%) 23.3x 26.0x 15.5x 2.4x

Family Restaurant (4.4%) 13.6% (6.4%) (13.5%) 19.1x 21.7x 9.7x 2.1x

Overall Median 0.6% 4.7% (3.3%) (1.5%) 20.6x 23.5x 11.6x 2.2x

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Industry and Segment

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

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4

FOOD AND BEVERAGE


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

RECENT EQUITY OFFERINGS6

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

9/13/17 09/13/17 Performance Food Group Co. PFGC Follow-On $142.0 Liquidity for Private Owners

9/12/17 05/11/14 Organto Foods Inc OGO Follow-On $4.1 Pursue Growth Opportunities

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

General Corporate Purposes

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

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


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


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

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

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

Genereal Corporate Purposes5/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners

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

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

Food Retail

Differentiated Casual

Branded Processed Foods

Bev erage / Snack Retail

Baked Goods

Pizza

Grocery Distribution

Fast Casual

Casual Dining Restaurant

Quick Serv ice Restaurant

Fine Dining

Dairy

Snacks

Ingredients / Flav ors

Protein Processing

Priv ate Label

Family Restaurant

Non-Alcoholic Bev erages

Fruit and Vegetable

Natural / Organic / BFY

Foodserv ice

Agribusiness

S&P

Alcoholic Bev erages

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

Inputs Food and Beverage Consumer and Retail

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PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE


Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 10/16/17 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 $44.39 99.3% $35,142 $34,851 $19,036 $2,259 (0.2%) (2.8%) 8.4% 11.9% 24.1x 1.83x 15.4x 1.69x 13.8x

B&G Foods, Inc. BGS 32.55 66.2% 2,164 3,934 1,518 310 25.1% 24.1% 29.0% 20.4% 21.4x 2.59x 12.7x 2.38x 10.9x

Campbell Soup Company CPB 46.65 72.6% 14,020 17,236 7,890 1,987 (0.9%) (1.5%) 42.6% 25.2% 16.1x 2.18x 8.7x 2.19x 9.6x

Conagra Brands, Inc. CAG 34.50 70.6% 14,093 17,220 6,964 1,229 (18.4%) (23.1%) 29.3% 17.6% 24.3x 2.47x 14.0x 2.22x 11.5x

General Mills, Inc. GIS 51.81 80.9% 29,446 40,059 15,481 3,279 (4.8%) (4.6%) 35.1% 21.2% 18.6x 2.59x 12.2x 2.58x 11.8x

Hormel Foods Corporation HRL 31.52 81.2% 16,637 16,257 9,303 1,406 0.1% 0.8% 20.4% 15.1% 19.5x 1.75x 11.6x 1.77x 11.5x

Kellogg Company K 61.91 79.0% 21,367 29,307 12,798 3,574 (2.6%) (4.4%) 40.8% 27.9% 28.0x 2.29x 8.2x 2.31x 11.2x

McCormick & Company, Incorporated MKC 99.13 93.1% 12,974 18,197 4,570 820 4.2% 2.5% 41.3% 17.9% 27.4x 3.98x 22.2x 3.73x 19.5x

Nestle S.A. NESN-CH 86.29 96.2% 268,562 290,350 90,161 17,410 (0.8%) (3.2%) 50.2% 19.3% 28.0x 3.22x 16.7x 3.13x 16.3x

Pinnacle Foods, Inc. PF 57.26 85.9% 6,802 9,651 3,128 675 9.0% 7.1% 25.9% 21.6% 37.4x 3.09x 14.3x 3.06x 14.0x

Post Holdings, Inc. POST 87.03 97.7% 5,758 9,670 5,038 928 NM 44.8% 27.5% 18.4% NA 1.92x 10.4x 1.80x 9.4x

Hershey Company HSY 110.94 95.2% 16,844 19,616 7,516 1,768 2.5% 1.2% 48.2% 23.5% 35.3x 2.61x 11.1x 2.61x 10.7x

J. M. Smucker Company SJM 105.96 73.7% 12,035 17,080 7,325 1,631 (4.6%) 9.5% 34.6% 22.3% 22.3x 2.33x 10.5x 2.31x 10.2x

Mean 0.7% 3.9% 33.3% 20.2% 25.2x 2.53x 12.9x 2.44x 12.3x

Median (0.5%) 0.8% 34.6% 20.4% 24.2x 2.47x 12.2x 2.31x 11.5x

Private Label Foods and Beverages

Cott Corporation BCB-CA $15.19 93.9% $2,113 $4,297 $3,729 $379 30.1% 22.1% 33.7% 10.2% NA 1.15x 11.3x 1.14x 10.7x

Lamb Weston Holdings, Inc. LW-US 50.69 99.7% 7,409 9,825 3,209 660 6.2% 4.5% 23.7% 20.6% 22.7x 3.06x 14.9x 3.02x 13.1x

Seneca Foods Corporation SENEA 35.40 83.0% 353 730 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 30.0x 0.57x 13.4x NA NA

TreeHouse Foods, Inc. THS 68.72 76.0% 3,930 6,383 6,432 727 43.7% 37.5% 16.2% 11.3% NA 0.99x 8.8x 1.01x 9.2x

Mean 19.5% 15.5% 19.8% 11.6% 26.4x 1.45x 12.1x 1.72x 11.0x

Median 18.2% 13.3% 19.9% 10.7% 26.4x 1.07x 12.4x 1.14x 10.7x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $7.45 47.3% $572 $1,147 $345 $79 67.0% 83.6% 36.3% 22.9% 46.6x 3.33x 14.5x 2.96x 12.4x

Hain Celestial Group, Inc. HAIN 41.51 91.0% 4,346 4,949 2,853 220 (1.1%) 9.8% 20.0% 7.7% NM 1.73x 22.5x 1.70x 15.8x

The Simply Good Foods Company SMPL 12.01 92.0% 847 1,107 345 72 NA NA NA 20.8% NA 3.21x 15.4x 2.75x 15.4x

SunOpta Inc. SOY-CA 9.52 93.3% 824 1,291 1,323 47 8.3% 1.6% 11.3% 3.6% NA 0.98x 27.5x 0.98x 16.7x

Mean 24.7% 31.7% 22.5% 13.7% 46.6x 2.31x 20.0x 2.10x 15.1x

Median 8.3% 9.8% 20.0% 14.2% 46.6x 2.47x 19.0x 2.22x 15.6x

Baked Goods

Aryzta AG ARYN-CH $31.85 69.6% $2,924 $5,813 $4,152 $460 (3.6%) (3.5%) 27.1% 11.1% NA 1.40x 12.6x 1.32x 11.9x

Flowers Foods, Inc. FLO 18.95 90.3% 3,967 4,821 3,902 411 0.5% 1.2% 45.8% 10.5% 25.3x 1.24x 11.7x 1.24x 11.0x

George Weston Limited WN-CA 88.42 94.6% 11,311 24,880 36,458 3,221 1.6% 2.2% 29.6% 8.8% 23.5x 0.68x 7.7x 0.64x 7.6x

Grupo Bimbo SAB de CV BIMBOA-MX 2.33 81.0% 10,972 14,838 13,710 1,590 1.3% 0.0% 54.1% 11.6% 40.9x 1.08x 9.3x 1.05x 9.8x

Lancaster Colony Corporation LANC 121.30 81.2% 3,329 3,186 1,202 217 0.9% 4.9% 24.7% 18.1% 28.9x 2.65x 14.7x 2.62x 14.6x

Mean 0.1% 1.0% 36.3% 12.0% 29.6x 1.41x 11.2x 1.37x 11.0x

Median 0.9% 1.2% 29.6% 11.1% 27.1x 1.24x 11.7x 1.24x 11.0x

LTM EV / LTM EV / 2017ERevenue Growth LTM Margins

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


6



Dairy

Danone SA BN-FR $81.82 99.5% $54,875 $75,763 $25,080 $4,399 2.4% (3.7%) 49.6% 17.5% 23.6x 3.02x 17.2x 2.59x 14.7x

Dean Foods Company DF 10.56 47.3% 960 1,833 7,905 362 1.6% (5.0%) 24.0% 4.6% 17.5x 0.23x 5.1x 0.23x 5.2x

Emmi AG EMMN-CH 659.39 82.5% 3,528 3,934 3,295 354 (0.5%) (3.9%) 18.1% 10.8% 23.6x 1.19x 11.1x 1.16x 11.4x

Glanbia Plc GL9-IE 19.57 92.8% 5,794 6,687 3,232 401 20.5% (0.8%) 26.3% 12.4% 22.5x 2.07x 16.7x 2.32x 16.9x

Lifeway Foods, Inc. LWAY 10.56 57.1% 170 167 124 7 1.0% 4.5% 28.7% 5.2% NM 1.35x 25.7x 1.31x NA

Parmalat S.p.A. PLT-IT 3.74 98.9% 6,929 6,878 7,388 466 3.8% 1.3% 18.1% 6.3% NM 0.93x 14.8x 0.83x 12.1x

Saputo Inc. SAP-CA 35.11 93.9% 13,567 14,637 8,613 994 3.4% (1.6%) 19.0% 11.5% 22.7x 1.70x 14.7x 1.60x 13.4x

Savencia SA SAVE-FR 93.85 90.8% 1,317 1,851 5,106 262 5.7% (5.6%) 4.3% 5.1% 8.2x 0.36x 7.1x 0.32x 4.8x

Mean 4.7% (1.9%) 23.5% 9.2% 19.7x 1.36x 14.0x 1.30x 11.2x

Median 2.9% (2.7%) 21.5% 8.5% 22.6x 1.27x 14.7x 1.23x 12.1x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $8.27 96.6% $961 $950 $339 $68 (8.7%) (7.6%) 45.6% 20.1% 20.8x 2.80x 14.0x 2.67x 13.5x

Cott Corporation BCB-CA 15.19 93.9% 2,113 4,297 3,729 379 30.1% 22.1% 33.7% 10.2% NA 1.15x 11.3x 1.14x 10.7x

Dr Pepper Snapple Group, Inc. DPS 89.63 90.1% 16,288 20,601 6,691 1,580 6.0% 3.5% 59.0% 23.6% 21.5x 3.08x 13.0x 3.05x 12.6x

Lassonde Industries, Inc. LAS.A 191.48 95.9% 619 816 1,144 128 0.3% 4.9% 28.8% 11.2% 23.2x 0.71x 6.4x 0.68x 5.7x

Monster Beverage Corporation MNST 56.22 98.2% 31,942 30,847 3,202 1,283 11.8% 10.8% 64.6% 40.1% 42.3x 9.63x 24.0x 9.12x 22.9x

National Beverage Corp. FIZZ 106.68 82.2% 4,970 4,794 870 117 18.1% 10.6% 33.3% 13.5% 42.8x 5.51x NM 5.17x 23.3x

PepsiCo, Inc. PEP 113.57 95.1% 161,513 182,520 63,514 12,692 2.7% (1.7%) 54.6% 20.0% 23.5x 2.87x 14.4x 2.88x 13.9x

Coca-Cola Company KO 46.62 99.2% 198,848 221,350 38,431 10,992 (10.0%) (5.9%) 61.9% 28.6% 48.6x 5.76x 20.1x 6.32x 20.3x

Mean 6.3% 4.6% 47.7% 20.9% 31.8x 3.94x 14.8x 3.88x 15.4x

Median 4.3% 4.2% 50.1% 20.0% 23.5x 2.98x 14.0x 2.97x 13.7x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $125.35 97.1% $212,245 $332,013 $52,415 $19,107 20.2% 6.7% 60.6% 36.5% 56.9x 6.33x 17.4x 5.81x 15.1x

Brown-Forman Corporation BF.B 55.42 92.8% 21,424 23,414 3,026 1,047 1.0% 0.2% 68.2% 34.6% 30.8x 7.74x 22.4x 7.49x 21.1x

Carlsberg A/S CARL.B-DK 113.31 96.4% 17,169 21,091 9,251 1,966 (4.8%) (6.9%) 50.8% 21.3% 22.1x 2.28x 10.7x 2.11x 10.0x

Constellation Brands, Inc. STZ 210.45 98.6% 41,177 50,016 7,458 2,747 5.4% 8.4% 50.9% 36.8% 26.9x 6.71x 18.2x 6.59x 18.3x

Diageo plc DGE-GB 33.75 97.4% 84,714 97,272 15,278 4,970 (1.6%) (2.9%) 60.7% 32.5% 24.0x 6.37x 19.6x 5.98x 17.7x

Heineken NV HEIA-NL 101.36 95.1% 58,386 74,264 23,084 5,170 0.5% (3.8%) 15.8% 22.4% 26.9x 3.22x 14.4x 2.87x 11.9x

Kirin Holdings Company, Limited 2503-JP 24.87 99.4% 22,732 28,717 18,614 2,121 1.8% (5.3%) 45.7% 11.4% 15.1x 1.54x 13.5x 1.62x 12.6x

Pernod Ricard SA RI-FR 143.34 98.9% 38,045 47,197 9,822 2,929 2.0% (3.0%) 61.9% 29.8% 23.1x 4.81x 16.1x 4.45x 15.2x

Sapporo Holdings Limited 2501-JP 30.75 99.2% 2,423 4,439 5,050 432 9.8% (0.6%) 35.6% 8.6% 29.0x 0.88x 10.3x 0.89x 10.2x

Mean 3.8% (0.8%) 50.0% 26.0% 28.3x 4.43x 15.8x 4.20x 14.7x

Median 1.8% (2.9%) 50.9% 29.8% 26.9x 4.81x 16.1x 4.45x 15.1x

Snacks

Inventure Foods, Inc. SNAK $4.38 43.2% $87 $175 $255 $3 0.6% 0.3% 19.7% 1.0% NA 0.68x NM 0.86x 13.2x

J & J Snack Foods Corp. JJSF 131.58 91.9% 2,466 2,324 1,030 153 4.0% 4.4% 32.1% 14.9% 32.8x 2.26x 15.2x 2.18x 14.5x

John B. Sanfilippo & Son, Inc. JBSS 67.87 90.9% 590 648 847 74 (11.1%) 2.8% 16.7% 8.7% 21.4x 0.76x 8.8x 0.75x NA

Mondelez International, Inc. MDLZ 41.55 88.0% 62,642 80,098 25,566 4,782 (5.2%) (10.0%) 40.0% 18.7% 36.5x 3.13x 16.7x 3.12x 15.8x

PepsiCo, Inc. PEP 113.57 95.1% 161,513 182,520 63,514 12,692 2.7% (1.7%) 54.6% 20.0% 23.5x 2.87x 14.4x 2.88x 13.9x

Snyder's-Lance, Inc. LNCE 38.96 95.4% 3,765 4,899 2,211 250 20.7% 9.7% 36.3% 11.3% 55.4x 2.22x 19.6x 2.20x 15.7x

Mean 1.9% 0.9% 33.2% 12.4% 33.9x 1.99x 14.9x 2.00x 14.6x

Median 1.6% 1.6% 34.2% 13.1% 32.8x 2.24x 15.2x 2.19x 14.5x

LTM EV / LTMRevenue Growth LTM Margins EV / 2017E

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


7



Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $42.38 91.8% $1,855 $1,740 $1,098 ($50) (28.7%) (9.5%) 6.6% NM NA 1.59x NM 1.45x NM

JBS S.A. JBSS3-BR 2.70 66.7% 7,370 22,993 50,166 3,700 4.6% 2.4% 14.8% 7.4% 10.1x 0.46x 6.2x 0.45x 5.5x

Sanderson Farms, Inc. SAFM 143.84 86.3% 3,271 2,873 3,213 527 18.8% 5.4% 25.7% 16.4% 11.7x 0.89x 5.4x 0.85x 5.4x

Seaboard Corporation SEB 4,494.10 95.8% 5,263 4,470 5,524 368 2.5% (5.7%) 9.1% 6.7% 16.4x 0.81x 12.1x NA NA

Tyson Foods, Inc. TSN 70.55 97.5% 20,408 31,017 37,200 3,679 (2.9%) 0.8% 12.4% 9.9% 14.7x 0.83x 8.4x 0.80x 7.7x

Mean (1.1%) (1.3%) 13.7% 10.1% 13.2x 0.92x 8.1x 0.89x 6.2x

Median 2.5% 0.8% 12.4% 8.6% 13.2x 0.83x 7.3x 0.83x 5.5x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $70.95 92.3% $1,244 $1,275 $1,046 $70 16.7% 10.6% 8.2% 6.7% 34.3x 1.22x 18.3x 1.13x 18.3x

Fresh Del Monte Produce Inc. FDP 46.91 70.2% 2,351 2,578 4,078 285 0.0% 1.9% 10.7% 7.0% 14.8x 0.63x 9.0x 0.62x 8.1x

Seneca Foods Corporation SENEA 35.40 83.0% 353 730 1,273 54 (2.2%) (1.9%) 5.6% 4.3% 30.0x 0.57x 13.4x NA NA

Total Produce Plc T7O-IE 2.75 99.0% 878 1,138 3,638 86 8.1% 1.2% 13.1% 2.4% 21.0x 0.31x 13.3x 0.25x 11.6x

Mean 5.7% 2.9% 9.4% 5.1% 25.0x 0.68x 13.5x 0.67x 12.7x

Median 4.0% 1.5% 9.5% 5.5% 25.5x 0.60x 13.3x 0.62x 11.6x

Ingredients / Flavors

Givaudan SA GIVN-CH $2,216.07 99.1% $20,462 $21,927 $4,855 $1,099 4.7% 0.4% 43.9% 22.6% 30.2x 4.52x 19.9x 4.30x 19.0x

Ingredion Incorporated INGR 124.29 90.3% 8,909 10,434 5,799 1,064 2.5% (0.9%) 25.5% 18.3% 18.7x 1.80x 9.8x 1.76x 9.5x

International Flavors & Fragrances Inc. IFF 149.78 100.0% 11,829 13,238 3,211 694 5.0% 2.0% 43.3% 21.6% 30.3x 4.12x 19.1x 3.97x 17.4x

Kerry Group Plc KRZ-IE 97.03 97.4% 17,094 18,550 6,840 968 0.9% (4.5%) 9.9% 14.1% 27.0x 2.71x 19.2x 2.47x 17.2x

Sensient Technologies Corporation SXT 78.60 92.5% 3,448 4,029 1,360 270 (2.0%) (2.5%) 35.2% 19.9% 31.7x 2.96x 14.9x 2.91x 15.6x

Symrise AG SY1-DE 76.48 98.5% 9,928 11,508 3,211 680 11.3% 9.7% 40.7% 21.2% 33.2x 3.58x 16.9x 3.27x 15.3x

Tate & Lyle PLC TATE-GB 8.68 82.0% 4,041 4,537 3,586 529 1.1% (6.4%) 8.7% 14.7% 11.9x 1.27x 8.6x 1.23x 8.4x

Mean 3.4% (0.3%) 29.6% 18.9% 26.1x 2.99x 15.5x 2.84x 14.6x

Median 2.5% (0.9%) 35.2% 19.9% 30.2x 2.96x 16.9x 2.91x 15.6x

Agribusiness

Andersons, Inc. ANDE $36.60 81.5% $1,038 $1,579 $3,818 $183 (4.3%) (8.5%) 13.1% 4.8% NA 0.41x 8.6x 0.40x 10.4x

Archer-Daniels-Midland Company ADM 43.70 91.3% 24,582 30,391 62,326 2,276 (1.1%) (10.8%) 5.8% 3.7% 18.4x 0.49x 13.4x 0.48x 9.7x

Bunge Limited BG 70.78 84.5% 9,951 13,509 45,988 377 11.3% (9.1%) 3.0% 0.8% 20.9x 0.29x 35.8x 0.29x 9.6x

CF Industries Holdings, Inc. CF 36.89 98.9% 8,604 15,502 3,708 976 (11.3%) (9.7%) 16.9% 26.3% NA 4.18x 15.9x 4.00x 16.8x

Darling Ingredients Inc. DAR 16.72 89.7% 2,754 4,479 3,518 429 5.9% 8.0% 13.5% 12.2% 33.0x 1.27x 10.4x 1.27x 10.3x

Monsanto Company MON 122.42 99.7% 53,782 60,062 14,640 4,134 8.5% (2.6%) 50.0% 28.2% 24.1x 4.10x 14.5x 4.05x 14.1x

Mosaic Company MOS 21.90 63.7% 7,687 10,972 7,147 1,070 (6.2%) (7.6%) 11.0% 15.0% 52.5x 1.54x 10.3x 1.54x 10.8x

Mean 0.4% (5.8%) 16.2% 13.0% 29.8x 1.76x 15.6x 1.72x 11.7x

Median (1.1%) (8.5%) 13.1% 12.2% 24.1x 1.27x 13.4x 1.27x 10.4x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $92.00 74.9% $62 $76 $1,280 $9 (1.3%) 1.6% 5.3% 0.7% 18.0x 0.06x 8.4x NA NA

Core-Mark Holding Company, Inc. CORE 33.35 75.6% 1,545 1,735 15,136 116 21.0% 14.7% 4.8% 0.8% 37.3x 0.11x 15.0x 0.11x 11.5x

Performance Food Group Company PFGC 28.30 94.6% 2,945 4,235 16,762 340 9.8% 7.0% 12.4% 2.0% 30.4x 0.25x 12.4x 0.24x 10.3x

SpartanNash Company SPTN 25.28 62.6% 942 1,580 7,925 231 3.6% 0.0% 14.3% 2.9% 14.5x 0.20x 6.8x 0.19x 6.4x

SUPERVALU INC. SVU 18.81 48.9% 721 1,967 12,719 416 12.9% (9.6%) 12.3% 3.3% 19.0x 0.15x 4.7x 0.13x 4.1x

United Natural Foods, Inc. UNFI 40.57 81.6% 2,054 2,424 9,274 318 9.5% 10.9% 15.7% 3.4% 15.8x 0.26x 7.6x 0.26x 7.4x

Mean 9.3% 4.1% 10.8% 2.2% 22.5x 0.17x 9.2x 0.19x 7.9x

Median 9.6% 4.3% 12.3% 2.5% 18.5x 0.18x 8.0x 0.19x 7.4x

LTM Margins EV / 2017ELTM Revenue Growth EV / LTM

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


8



Food Retail

Costco Wholesale Corporation COST $158.81 86.7% $69,483 $70,664 $129,025 $5,430 8.7% 4.6% 13.2% 4.2% 26.1x 0.55x 13.0x 0.54x 12.6x

Ingles Markets, Incorporated IMKTA 24.10 46.0% 339 1,202 3,876 236 2.4% 0.4% 24.1% 6.1% 9.9x 0.31x 5.1x 0.31x 5.2x

J Sainsbury plc SBRY-GB 3.23 88.6% 7,084 9,288 34,171 1,316 (3.4%) (3.5%) 6.2% 3.9% 13.9x 0.27x 7.1x 0.25x 5.2x

Kroger Co. KR 20.44 56.1% 18,182 30,419 118,050 5,490 5.0% 4.4% 19.7% 4.7% 12.3x 0.26x 5.5x 0.25x 5.2x

Natural Grocers by Vitamin Cottage NGVC 5.15 37.3% 116 170 752 44 9.4% 14.5% 23.4% 5.8% 16.1x 0.23x 3.9x 0.22x 3.8x

Royal Ahold Delhaize N.V. AD-NL 18.79 81.6% 24,080 27,439 54,973 4,063 NM NM 29.8% 7.4% 18.5x 0.50x 6.8x 0.37x 5.6x

Sprouts Farmers Markets, Inc. SFM 18.75 72.2% 2,542 2,977 4,336 296 12.4% 17.0% 26.9% 6.8% 20.8x 0.69x 10.1x 0.64x 9.7x

SUPERVALU INC. SVU 18.81 48.9% 721 1,967 12,719 416 12.9% (9.6%) 12.3% 3.3% 19.0x 0.15x 4.7x 0.13x 4.1x

Tesco PLC TSCO-GB 2.47 89.3% 20,244 25,991 71,985 3,446 (7.5%) (9.8%) 5.6% 4.8% 34.2x 0.36x 7.5x 0.34x 7.0x

Village Super Market, Inc. VLGEA 24.23 66.5% 244 12 1,605 65 (1.9%) 1.9% 25.9% 4.1% 15.1x 0.01x 0.2x NA NA

Weis Markets, Inc. WMK 42.20 61.3% 1,135 1,112 3,397 174 16.5% 7.6% 24.9% 5.1% 13.8x 0.33x 6.4x NA NA

Mean 5.5% 2.7% 19.3% 5.1% 18.2x 0.33x 6.4x 0.34x 6.5x

Median 6.8% 3.1% 23.4% 4.8% 16.1x 0.31x 6.4x 0.31x 5.2x

Foodservice

Chefs' Warehouse, Inc. CHEF $20.55 99.3% $542 $825 $1,260 $58 12.8% 18.1% 24.9% 4.6% 43.7x 0.65x 14.3x 0.64x 12.7x

Colabor Group Inc. GCL-CA 0.73 64.3% 75 173 1,033 21 1.8% (8.3%) 2.0% 2.1% 9.3x 0.17x 8.1x 0.16x 7.3x

Sysco Corporation SYY 54.75 95.9% 28,621 36,030 55,371 3,091 9.9% 6.0% 19.1% 5.6% 26.3x 0.65x 11.7x 0.64x 11.0x

US Foods Holdings Corp. USFD-US 27.29 88.8% 6,123 9,862 23,466 892 1.4% 1.7% 17.1% 3.8% 20.4x 0.42x 11.1x 0.41x 9.5x

Mean 8.2% 5.3% 15.3% 4.1% 24.9x 0.47x 11.26x 0.46x 10.14x

Median 9.9% 6.0% 19.1% 4.6% 23.3x 0.54x 11.36x 0.52x 10.26x

Quick Service Restaurant

Bojangles, Inc. BOJA $12.40 55.5% $459 $621 $539 $79 5.1% NA 17.5% 14.6% 13.1x 1.15x 7.9x 1.13x 8.4x

Jack in the Box Inc. JACK 98.43 86.9% 2,896 4,074 1,614 354 3.8% 3.0% 27.5% 22.0% 22.6x 2.52x 11.5x 2.67x 11.9x

McDonald's Corporation MCD 165.01 99.6% 133,658 159,626 24,179 9,600 (3.8%) (5.1%) 44.8% 39.7% 27.0x 6.60x 16.6x 7.07x 15.7x

Restaurant Brands International Inc QSR 66.91 97.8% 15,742 25,819 4,240 1,878 3.6% NA 48.9% 44.3% 45.7x 6.09x 13.7x 5.60x 12.3x

Sonic Corp. SONC 24.80 82.5% 1,037 1,618 477 149 (21.3%) (4.8%) 44.7% 31.2% 17.1x 3.39x 10.9x 3.44x 10.9x

Wendy's Company WEN 15.52 93.2% 3,778 6,203 1,280 366 (24.3%) (17.5%) 43.0% 28.6% 41.2x 4.85x 17.0x 5.06x 15.2x

Yum! Brands, Inc. YUM 76.21 85.9% 26,275 34,940 6,279 1,905 71.3% NM 44.6% 30.3% 21.1x 5.56x 18.3x 6.00x 17.6x

Mean 4.9% (6.1%) 38.7% 30.1% 26.8x 4.31x 13.7x 4.43x 13.1x

Median 3.6% (4.9%) 44.6% 30.3% 22.6x 4.85x 13.7x 5.06x 12.3x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $320.39 64.2% $9,135 $8,565 $4,310 $397 6.5% 5.9% 15.3% 9.2% NM 1.99x 21.6x 1.90x 17.0x

El Pollo Loco Holdings Inc LOCO 11.45 77.1% 443 533 394 59 7.3% 7.7% 21.4% 15.0% 24.9x 1.35x 9.0x 1.30x 8.2x

Fiesta Restaurant Group, Inc. FRGI 17.10 55.8% 463 523 702 82 (1.1%) 6.8% 19.4% 11.6% NA 0.74x 6.4x 0.78x 6.4x

Habit Restaurants, Inc. HABT 12.85 65.1% 261 254 308 29 19.6% NA 14.3% 9.6% 51.4x 0.82x 8.6x 0.76x 7.9x

Noodles & Co. NDLS 4.43 73.8% 175 233 482 13 2.5% 9.2% 10.3% 2.6% NA 0.48x 18.6x 0.51x 8.2x

Potbelly Corp. PBPB 12.15 83.5% 305 284 416 38 6.1% 10.3% 13.8% 9.2% NM 0.68x 7.4x 0.66x 7.4x

Shake Shack, Inc. SHAK 33.72 84.9% 1,295 1,272 316 50 40.4% NA 25.6% 15.7% NM 4.03x 25.6x 3.59x 23.5x

Wingstop, Inc. WING 32.19 89.6% 933 1,067 98 35 15.7% NA 69.0% 35.9% 50.3x 10.91x 30.4x 10.28x 27.1x

Zoe's Kitchen, Inc. ZOES 11.89 43.4% 231 269 294 23 15.0% 26.3% 13.0% 7.7% NA 0.92x 11.9x 0.85x 12.8x

Mean 12.4% 11.0% 22.5% 13.0% 42.2x 2.44x 15.5x 2.29x 13.2x

Median 7.3% 8.5% 15.3% 9.6% 50.3x 0.92x 11.9x 0.85x 8.2x

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

PAGE |

PUBLIC COMPARABLES5

FOOD AND BEVERAGE


9



Differentiated Casual

BJ's Restaurants, Inc. BJRI $29.80 62.7% $639 $789 $1,023 $122 7.0% 7.9% 11.4% 11.9% 17.4x 0.77x 6.5x 0.77x 6.7x

Buffalo Wild Wings, Inc. BWLD 102.35 58.5% 1,586 1,971 2,023 261 4.1% 13.3% 10.4% 12.9% 26.2x 0.97x 7.5x 0.95x 7.4x

Chuy's Holdings, Inc. CHUY 20.75 58.8% 351 331 346 41 11.3% 15.7% 15.3% 11.9% 21.0x 0.96x 8.0x 0.89x 7.6x

Dave & Buster's Entertainment, Inc. PLAY 47.06 64.0% 1,934 2,215 1,084 264 16.1% 16.2% 21.5% 24.4% 18.3x 2.04x 8.4x 1.89x 8.1x

Cheesecake Factory Incorporated CAKE 42.20 62.9% 1,984 2,022 2,296 284 17.3% 36.0% 15.3% 12.4% 14.8x 0.88x 7.1x 0.89x 7.6x

Mean 11.2% 17.8% 14.8% 14.7% 19.5x 1.13x 7.5x 1.08x 7.5x

Median 11.3% 15.7% 15.3% 12.4% 18.3x 0.96x 7.5x 0.89x 7.6x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $17.51 79.0% $1,636 $2,670 $4,186 $404 (3.1%) (0.8%) 11.6% 9.6% 19.5x 0.64x 6.6x 0.64x 6.3x

Brinker International, Inc. EAT 31.03 55.6% 1,504 2,824 3,151 435 (3.3%) 2.7% 14.8% 13.8% 10.6x 0.90x 6.5x 0.89x 6.6x

Darden Restaurants, Inc. DRI 80.20 84.2% 9,919 10,708 7,392 959 6.2% 8.9% 17.5% 13.0% 20.7x 1.45x 11.2x 1.39x 10.1x

DineEquity, Inc. DIN 43.64 49.6% 785 2,045 622 236 (5.5%) (1.3%) 57.6% 38.0% 9.7x 3.29x 8.7x 3.37x 9.2x

Red Robin Gourmet Burgers, Inc. RRGB 64.00 86.4% 827 1,098 1,629 165 28.8% 15.7% 14.1% 10.2% NM 0.67x 6.6x 0.80x 7.4x

Ruby Tuesday, Inc. RT 2.36 64.1% 144 310 913 37 (14.6%) (7.7%) 12.4% 4.0% NA 0.34x 8.5x NA NA

Texas Roadhouse, Inc. TXRH 50.18 96.7% 3,564 3,512 2,100 278 9.6% 11.8% 15.4% 13.2% 30.2x 1.67x 12.6x 1.59x 12.0x

Mean 2.6% 4.2% 20.5% 14.5% 18.1x 1.28x 8.7x 1.45x 8.6x

Median (3.1%) 2.7% 14.8% 13.0% 19.5x 0.90x 8.5x 1.14x 8.3x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $12.40 66.0% $263 $303 $359 $39 3.5% 6.9% 9.7% 11.0% 27.6x 0.84x 7.7x 0.84x 6.7x

Fogo de Chao, Inc. FOGO 11.95 70.1% 337 451 304 54 9.8% 11.5% 22.5% 17.7% 15.1x 1.48x 8.4x 1.42x 7.5x

Ruth's Hospitality Group, Inc. RUTH 21.15 93.4% 643 659 397 63 4.6% (1.1%) 23.2% 15.8% 20.9x 1.66x 10.5x 1.59x 9.9x

Mean 6.0% 5.8% 18.4% 14.8% 21.2x 1.33x 8.9x 1.28x 8.0x

Median 4.6% 6.9% 22.5% 15.8% 20.9x 1.48x 8.4x 1.42x 7.5x

Pizza

Domino's Pizza, Inc. DPZ $193.19 87.2% $8,449 $11,356 $2,716 $539 13.4% 12.3% 30.8% 19.9% 36.9x 4.18x 21.1x 4.04x 20.1x

Papa John's International, Inc. PZZA 69.94 77.3% 2,547 2,852 1,746 198 5.3% 4.8% 18.2% 11.3% 24.4x 1.63x 14.4x 1.59x 13.7x

Papa Murphy's Holdings, Inc. FRSH 5.79 85.1% 98 201 125 14 0.2% NA 26.1% 10.8% NA 1.61x 14.9x 1.77x 10.2x

Mean 6.3% 8.6% 25.0% 14.0% 30.6x 2.48x 16.8x 2.47x 14.7x

Median 5.3% 8.6% 26.1% 11.3% 30.6x 1.63x 14.9x 1.77x 13.7x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $4.30 33.6% $124 $79 $169 $5 12.6% 17.6% 38.6% 3.1% NA 0.47x 15.1x 0.43x 6.6x

Dunkin' Brands Group, Inc. DNKN 55.34 92.7% 4,994 7,080 832 449 1.5% 4.3% 78.5% 53.9% 24.2x 8.51x 15.8x 8.44x 15.0x

Jamba, Inc. JMBA 8.26 76.5% 127 112 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.37x NM NA NA

Starbucks Corporation SBUX 54.91 84.6% 79,285 80,220 22,397 5,181 9.2% 11.7% 24.4% 23.1% 27.9x 3.58x 15.5x 3.48x 14.2x

Mean (5.7%) 2.0% 39.8% 23.6% 26.0x 3.48x 15.5x 4.11x 11.9x

Median 4.3% 5.3% 38.6% 18.6% 26.0x 2.48x 15.5x 3.48x 14.2x

Family Restaurant

Cracker Barrel Old Country Store, Inc. CBRL $151.71 86.7% $3,655 $3,894 $2,926 $399 0.5% 2.9% 16.1% 13.7% 18.1x 1.33x 9.7x 1.30x 9.5x

Denny's Corporation DENN 12.93 90.7% 869 1,132 519 116 4.5% 4.3% 26.7% 22.4% 25.4x 2.18x 9.7x 2.14x 11.2x

Luby's, Inc. LUB 2.45 54.4% 71 110 387 14 (9.3%) (1.0%) 9.4% 3.6% NA 0.28x 7.9x NA NA

Mean (1.4%) 2.1% 17.4% 13.2% 21.7x 1.26x 9.1x 1.72x 10.4x

Median 0.5% 2.9% 16.1% 13.7% 21.7x 1.33x 9.7x 1.72x 10.4x

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

PAGE |


10


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

POST HOLDINGS, INC. TO ACQUIRE BOB EVANS FARMS, INC.

Enterprise Value: $1,650 mmRevenue Multiple: 3.4xEBITDA Multiple: 15.4xAnnounced: September 19, 2017

MCCALL FARMS, INC. TO ACQUIRE SAGER CREEK VEGETABLE COMPANY, INC.

KELLOGG COMPANY TO ACQUIRE CHICAGO BAR COMPANY LLC

Kellogg Company has agreed to acquire RXBAR for $600 million orapproximately $400 million net of tax benefits.

RXBAR is a U.S.-based producer of high-protein fruit and nut energy bars.

The acquisition will allow Kellogg to expand its portfolio of better-for-yousnacking options, while benefitting from RXBAR’s diversified channelpresence including e-commerce.

Enterprise Value: $55 mmRevenue Multiple: NDEBITDA Multiple: NDAnnounced: September 20, 2017

Post has agreed to acquire Bob Evans Farms for $77 per share, representing a15% premium on the 30-day volume weighted average price of Bob Evansshares.

Bob Evans Farms is a U.S.-based producer and distributor of refrigeratedpotato, pasta and vegetable-based side dishes, pork sausage, and a varietyof other refrigerated and frozen food items.

The acquisition will allow Post to increase its presence in higher growthcategories of the packaged foods market.

Enterprise Value: $600 mmRevenue Multiple: 6.0xEBITDA Multiple: 13.0xAnnounced: October 6, 2017

McCall Farms has agreed to acquire the brands of Sager Creek from DelMonte Foods.

Sager Creek produces and distributes canned vegetables under brands suchas Allens, Veg-all, Popeye, Freshlike, and Trappey’s.

The acquisition will allow McCall Farms to expand its portfolio of brandedproducts and fits strategically with its heritage of producing authenticvegetables that can be served as a meal, side-dish, or used as ingredients.

70

80

90

100

110

120

130

140

Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17

Restaurant Natural/Organic Beverage

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

36.9%

22.2%

19.9%

1.5%

0.9%

(3.8%)

FOOD AND BEVERAGE

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

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

8.8x 8.3x 8.0x

11.3x

9.2x

9.7x

8.8x

10.0x

11.3x

0.00x

0.40x

0.80x

1.20x

1.60x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2009 2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM

Sa

les M

ultip

le

EV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$9.3

$67.2

$8.2$24.0

$55.7

$120.7

$247.7

$52.9$57.1

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

122111

17

34

18

3643 48

65 67 70

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

10/11/2017 Uncle Julio's Corp. Catterton Management Co. LLC

10/11/2017 Natures Hemp Corp. PUF Ventures, Inc.

10/10/2017 L'Escala SARL L'Escala SARL

10/10/2017 BIONADE International GmbH Hassia Mineralquellen GmbH & Co. KG

10/10/2017 Rimuss- und Weinkellerei Rahm AG Davaz Holding AG

10/9/2017 Le Lion D'Or SARL Lion Dor SARL

10/9/2017 Le Restaurant De Paris SARL Le Restaurant De Paris SARL

10/7/2017 Lma SAS Biscuiterie Le Drean SAS

10/7/2017 Topback GmbH Quantum CapitalPartners GmbH

10/7/2017 Alain Chapel SAS Alain Chapel SAS

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

10/10/17 Daltys SAS Food preparations, nec $177 USD Term Loan B Senior

10/9/17 PT Astra Agro Lestari Tbk Vegetable oil mills, nec $250 USD Revolver/Term Loan Senior

10/6/17 Tegel Group Holdings Ltd Sausages and other prepared meats $35 USD Revolver/Line >= 1 Yr. Senior

10/6/17 Tegel Group Holdings Ltd Sausages and other prepared meats $85 USD Revolver/Line >= 1 Yr. Senior

10/3/17 Refresco Holding BV Bottled and canned soft drinks $3,523 USD Undisclosed Senior

10/1/17 Massimo Zanetti Beverage USA Inc Roasted coffee $65 USD Revolver/Line >= 1 Yr. Senior 150 BPS

10/1/17 Massimo Zanetti Beverage USA Inc Roasted coffee $30 USD Term Loan A Senior 150 BPS

9/30/17 Japan Food & Liquor Alliance Inc Food preparations, nec $71 USD Term Loan Senior

9/30/17 Petio Dog and cat food $4 USD Revolver/Line < 1 Yr. Senior

9/30/17 Marusan-Ai Co Ltd Food preparations, nec $18 USD Revolver/Line < 1 Yr. Senior

9/30/17 Azumanoen Co Ltd Dehydrated fruit/vegetables/soups $3 USD Revolver/Line < 1 Yr. Senior

9/27/17 Maruha Nichiro Corp Fresh or frozen prepared fish $80 USD Term Loan Senior

9/27/17 Nichimo Co Ltd Fresh or frozen prepared fish $27 USD Revolver/Line >= 1 Yr. Senior

9/27/17 Refresco Holding BV Bottled and canned soft drinks $268 USD Term Loan B Senior 350 BPS

9/27/17 Toyo Nut Co Ltd Salted and roasted nuts and seeds $5 USD Term Loan Senior

9/27/17 Toyo Nut Co Ltd Salted and roasted nuts and seeds $11 USD Term Loan Senior

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

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BO

R

$0

$2

$4

$6

$8

$10

$12

$14

$16

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Loa

n V

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me

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Qu

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er

($ in

bill

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s)

Inst itutional Pro Rata

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA -

Capex/

Cash Interest

EBIT

DA

Mult

iple

2013 2014 2015 2016 1H17

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2011 2012 2013 2014 2015 2016 1H17

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R

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

10/11/2017 Uncle Julio's Corp. - Catterton Management Co. LLC - - - - P N.A.

10/11/2017 Natures Hemp Corp. - PUF Ventures, Inc. - - - - Cross Border

10/10/2017 L'Escala SARL - L'Escala SARL - - - - P EU

10/10/2017 BIONADE International GmbH Dr. August Oetker KG Hassia Mineralquellen GmbH & Co. KG - - - - EU

10/10/2017 Rimuss- und Weinkellerei Rahm AG - Davaz Holding AG - - - - EU

10/9/2017 Le Lion D'Or SARL - Lion Dor SARL - - - - EU

10/9/2017 Le Restaurant De Paris SARL - Le Restaurant De Paris SARL - - - - P EU

10/7/2017 Lma SAS - Biscuiterie Le Drean SAS - - - - EU

10/7/2017 Topback GmbH - Quantum CapitalPartners GmbH - - - - EU

10/7/2017 Alain Chapel SAS - Alain Chapel SAS - - - - P EU

10/6/2017 Colarôme, Inc. - Capol GmbH - - - - P Cross Border

10/6/2017 Chicago Bar Co. LLC - Kellogg Co. $600.0 6.0x 13.0x - N.A.

10/6/2017 Le Paddock SARL - Le Paddock SARL - - - - P EU

10/5/2017 Prime Deli Corp. Prima Meat Packers, Ltd. Mitsui & Co., Ltd. - - - - N.A.

10/5/2017 CNG Ranch LLC Northgate González Markets, Inc. Victory Park Capital Advisors LLC - - - - N.A.

10/4/2017 Frisch & Frost Nahrungsmittel GmbH Lamb Weston Meijer VOF VIVATIS Holding AG - - - - EU

10/4/2017 Terme Di Crodo Davide Campari-Milano SpA Royal Unibrew A/S $94.8 2.4x 13.3x 17.1x EU

10/4/2017 Peter F. Heering - Cherry Heering Brand Peter F. Heering AB Koninklijke De Kuyper BV - - - - EU

10/4/2017 CCA Perigord Les Bories Du Perigord SAS - Société Cooperative Agricole Arterris SCA - - - - EU

10/4/2017 Conserverie Du Languedoc SAS - Société Cooperative Agricole Arterris SCA - - - - EU

10/4/2017 Deliva NV - Deliva NV /Management/ - - - - P EU

10/4/2017 Horeservi Catering NV - Horeservi Catering NV /Management/ - - - - P EU

10/3/2017 Main on Foods (USA) Corp. - Nagatanien Holdings Co., Ltd. $54.1 1.0x - - Cross Border

10/3/2017 DecoPac, Inc. - Snow Phipps Group LLC - - 11.0x - P N.A.

10/3/2017 New York Mart N. Miami, Inc. - iFresh, Inc. $4.0 - - - N.A.

10/2/2017 Parker Products, Inc. - Riverside Partners LLC - - - - P N.A.

10/2/2017 Topo Chico Mineral Water Arca Continental SAB de CV Coca-Cola North America $220.0 - - - N.A.

10/2/2017 First Quality Water & Beverage First Quality Enterprises, Inc. Niagara Bott ling LLC - - - - N.A.

9/30/2017 Cafe De L'Angle - Cafe De L'Angle /Chaudron/ - - - - P EU

9/30/2017 Cafés Laurent COÏC SASU - Etablissements Cozigou SAS - - - - EU

9/29/2017 Le Drop SARL - Le Drop SARL - - - - P EU

9/28/2017 La Terrasse - La Terrasse /Art isson/ - - - - P EU

9/28/2017 Corporate Caterers, Inc. - Salt Creek Capital Management LLC - - - - P N.A.

9/28/2017 Pro Pac Labs, Inc. - Linden Manager LLC - - - - N.A.

9/27/2017 Agro de Bazán SA - Bodegas Baigorri SA - - - - EU

9/27/2017 Morgan Drive Associates LLC Morgan Drive Associates LLC Carlyle Cocoa Co. LLC $8.4 - - - N.A.

9/27/2017 Bier-Hövelmann GmbH & Co. KG - Trinks GmbH - - - - EU

9/26/2017 Landmad.dk ApS - De 5 Gaarde A/S - - - - EU

9/26/2017 Des Ets Sauleau SARL - Des Ets Sauleau SARL /Grandjean/ - - - - P EU

9/26/2017 Cornpoppers Ltd. - Kett le Foods Ltd. - - - - EU

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

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

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


52 4839 33

46 47 52

70

89

58 57

82

141

118

92 94107

139

166

126 119128

7 9

610

13 87

10

6

10 5

20

18

8

19 19

17

46

40

3534

33

0

40

80

120

160

200

240

Q21

2

Q31

2

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Q11

7

Q21

7

Q31

7

Nu

mb

er o

f Tr

an

sac

tio

ns

Strategic Acquirer Private Equity Acquirer

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

Se

p-1

6

Oc

t-1

6

No

v-1

6

De

c-1

6

Ja

n-1

7

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b-1

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Ma

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r-1

7

Ma

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7

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Au

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7

Se

p-1

7

Me

dia

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rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

9/26/2017 Creta Farms España SL - Grupo Alimentario Argal SA $0.8 - - - P EU

9/25/2017 Chateau De La Chaize SASU - Générale Routiere de Travaux Publics - - - - P EU

9/25/2017 Virtue Cider Co. - Anheuser-Busch Cos. LLC - - - - N.A.

9/24/2017 Madeleine Petit EURL - Madeleine Petit EURL - - - - EU

9/20/2017 Sager Creek Foods, Inc. Del Monte Pacific Ltd. McCall Farms, Inc. $55.0 - - - N.A.

9/20/2017 Tom+Chee Worldwide LLC - Gold Star Chili, Inc. - - - - N.A.

9/19/2017 Bob Evans Farms, Inc. - Post Holdings, Inc. $1,650.0 - 15.4x - N.A.

9/19/2017 Leadbetter Foods, Inc. - Premium Brands Holdings Corp. - - - - Cross Border

9/18/2017 BackWerk Management GmbH - Valora Holding AG $227.3 - - - P EU

9/18/2017 Maison Lyovel SAS - Jacobs Douwe Egberts Trading FR SAS - - - - P EU

9/15/2017 Danone SA - Olvarit Danone SA Inex NV - - - - EU

9/15/2017 Shrewd Foods GmbH - KRÜGER GmbH & Co. KG - - - - EU

9/15/2017 Jcf Tondoux - JCF Tondoux SNC - - - - P EU

9/15/2017 Round Table Pizza, Inc. Round Table Development Co. Levine Leichtman Capital Partners, Inc. - - - - N.A.

9/14/2017 Blue Bott le Coffee, Inc. - Nest lé SA $735.3 - - - P Cross Border

9/14/2017 The Good Eating Co. Ltd. - Sodexo Ltd. - - - - EU

9/14/2017 Mountain Dog Enterprises, Inc. - Dane Creek Capital Corp. - - - - P Cross Border

9/13/2017 Espresso Service Proximite SA - Luigi Lavazza SpA - - - - EU

9/12/2017 Inventure Foods, Inc. - Frozen Business Inventure Foods, Inc. Oregon Potato Co. $50.0 - - - N.A.

9/12/2017 Febvre & Co. Ltd. - Febvre & Co. Ltd. - - - - P EU

9/11/2017 Moy Park Ltd. JBS SA Pilgrim's Pride Corp. $1,300.0 - 7.1x - Cross Border

9/7/2017 Gertrude Hawk Ingredients LLC Gertrude Hawk Chocolates, Inc. Barry Callebaut AG - - - - Cross Border

9/7/2017 Sweet Earth, Inc. - Nest le USA, Inc. - - - - P N.A.

9/7/2017 Delta Future Food Empire Holdings Ltd. Beet Equipment Ltd. $0.1 - - - EU

9/6/2017 HomeStyle Dining LLC Metromedia Corp. FAT Brands, Inc. $10.5 - - - N.A.

9/4/2017 Admiral Taverns Ltd. - C&C Group Plc - - - - P Cross Border

9/2/2017 Healthy Kids Ltd. - Profile Capital Management LLC $22.1 - - - P Cross Border

9/1/2017 Zwanenberg Food Group Vleesexport Centrale Eindhoven BV Ter Beke NV - - - - EU

9/1/2017 Caroli Foods Group BV - Sigma Alimentos SA de CV - - - - EU

8/31/2017 Southeast Milk, Inc. Southeast Milk, Inc. Saputo, Inc. - - - - Cross Border

8/29/2017 Dale & Thomas Popcorn LLC - Kelso & Co. LP; / Eagle Family Foods - - - - N.A.

8/28/2017 Kinga Pieninska GFT Goldfruct Sp zoo Oshee Polska Sp zoo - - - - EU

8/28/2017 ACTIVcatering für Kinder - API Restaurat ion SA - - - - EU

8/25/2017 The Foreign Affair Winery - Corby Spirit & Wine Ltd. $5.0 - - - Cross Border

8/24/2017 Bruegger's Enterprises, Inc. Holding Le Duff SAS Caribou Coffee Co., Inc. - - - - N.A.

8/23/2017 Naturalicious Holdings BV - TechCare Corp. $5.5 - - - EU

8/22/2017 Mühlehof-Gewürze AG - Frutarom Industries Ltd. $7.0 - - - EU

8/22/2017 Joseph Epstein Food Enterprises, Inc. - MamaMancini's Holdings, Inc. - - - - N.A.

8/21/2017 Boyd Coffee Co. - Farmer Brothers Co. $42.0 - - - N.A.

8/21/2017 S. Clift (Grimsby) Ltd. - Stuart 's Foods Ltd. $0.6 - - - EU

8/21/2017 The Plaza Midtown - InvenTrust Propert ies Corp. $31.8 - - - N.A.

8/21/2017 Cyclone Anaya's - Heritage Restaurant Group LLC - - - - N.A.

8/21/2017 Kalimba NV - Halder Beteiligungsberatung - - - - EU

8/20/2017 Back To Nature Foods Co. LLC Brynwood Partners / Mondelez B&G Foods, Inc. $162.5 2.0x 11.9x - P N.A.

8/18/2017 Kükre AS - Ajinomoto Co., Inc. $102.9 5.2x - - EU

8/18/2017 Vision International People Group - Ann International Group Ltd. - - - - EU

8/17/2017 The Cold Press Corp. - GreenSpace Brands, Inc. $5.0 - - - Cross Border

8/17/2017 Labriola Baking Co. LLC - J&J Snack Foods Corp. - - - - P N.A.

8/17/2017 Premier Catering Ltd. - Wright 's Pies (Shelton) Ltd. - - - - EU

8/17/2017 Alchemist ApS - Seier Capital A/S - - - - P EU

8/17/2017 Myfresh Prepared Produce Ltd. William Jackson & Son Ltd. Société Cooperative Agricole - - - - EU

8/17/2017 Schokoladenfabrik Gustav Berning - Prinsen Food Group BV - - - - EU

8/16/2017 Germain-Robin Alambic, Inc. - E.&J. Gallo Winery, Inc. - - - - N.A.

8/16/2017 Louis Dreyfus Armateurs Louis Dreyfus Holding BV Berezovsky International Ltd. - - - - Cross Border

8/15/2017 Revolut ion Bars Group Plc - The Delt ic Group Ltd. - - - - EU

8/15/2017 Flavours & Essences Ltd. - Frutarom Industries Ltd. $19.5 - - - EU

8/15/2017 RichGood Gourmet LLC - Royal Cup, Inc. - - - - N.A.

8/15/2017 Calera Wine Co. - TSG Consumer Partners LLC - - - - N.A.

8/15/2017 Vogt Ice LLC Henry Vogt Machine Co. Weller Equity Management LLC - - - - P N.A.

8/14/2017 Preferred Brands International, Inc. - Mars Food US LLC - - - - P N.A.

8/14/2017 Kansas City Sausage Co. LLC - Smithfield Foods, Inc. - - - - N.A.

8/11/2017 PROsnack Natural Foods, Inc. iCream Capital, Inc. Naturally Splendid Enterprises Ltd. $1.2 - - - Cross Border

8/10/2017 Funky Buddha Brewery LLC - Constellat ion Brands, Inc. - - - - N.A.

8/10/2017 Magnolia Brewing Co. LLC - New Belgium Brewing Co., Inc. $2.7 - - - P N.A.

8/10/2017 Jax Cafe, Inc. - Oliver's Real Food Ltd. $1.6 - - - Cross Border

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

October 2017

Date Company

10/16/2017 Ruby Tuesday, Inc. (RT-US)

10/16/2017 Sonic Corp. (SONC-US)

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

10/18/2017 SUPERVALU, Inc. (SVU-US)

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

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

10/19/2017 B&G Foods, Inc. (BGS-US)

10/19/2017 Colabor Group, Inc. (GCL-CA)

10/19/2017 Del Taco Restaurants, Inc. (TACO-US)

10/23/2017 Grupo LALA SAB de CV (LALAB-MX)

10/24/2017 Tootsie Roll Industries, Inc. (TR-US)

10/24/2017 McDonald's Corp. (MCD-US)

10/24/2017 Chipotle Mexican Grill, Inc. (CMG-US)

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

10/25/2017 Famous Dave's of America, Inc. (DAVE-US)

10/25/2017 The Coca-Cola Co. (KO-US)

10/25/2017 Dr Pepper Snapple Group, Inc. (DPS-US)

10/25/2017 Buffalo Wild Wings, Inc. (BWLD-US)

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

10/26/2017 Grupo Bimbo SAB de CV (BIMBOA-MX)

10/26/2017 Pinnacle Foods, Inc. (PF-US)

10/26/2017 GNC Holdings, Inc. (GNC-US)

10/26/2017 The Hershey Co. (HSY-US)

10/30/2017 Itochu-Shokuhin Co., Ltd. (2692-JP)

10/30/2017 John B. Sanfilippo & Son, Inc. (JBSS-US)

10/30/2017 Texas Roadhouse, Inc. (TXRH-US)

10/30/2017 Mondelez International, Inc. (MDLZ-US)

November 2017

Date Company

11/2/2017 Kikkoman Corp. (2801-JP)

11/2/2017 Tate & Lyle Plc (TATE-GB)

11/2/2017 Carlsberg A/S (CARL.B-DK)

11/7/2017 Marie Brizard Wine & Spirits SA (MBWS-FR)

11/8/2017 Royal Ahold Delhaize NV (AD-NL)

11/9/2017 Dairy Crest Group Plc (DCG-GB)

11/9/2017 Leroy Seafood Group ASA (LSG-NO)

11/9/2017 J Sainsbury Plc (SBRY-GB)

11/9/2017 Refresco Group NV (RFRG-NL)

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.

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