M&A Update | Food & Beverage

Table 3: Food and beverage guideline companies

Closing Price % of 52 Enterprise

LTM

LTM Margins

EV/ LTM

Company Name (Ticker)

3/31/2018 Week High Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA

Branded Packaged Goods

General Mills, Inc. (NYSE:GIS)

$45.1 74.2% $36,574 $124.0 92.5% $18,844 $43.3 73.2% $16,727 $65.0 87.5% $30,882 $106.4 95.5% $18,932 $36.9 91.6% $18,306 $8.6 43.1% $1,684 $34.3 90.3% $18,672 $23.7 55.0% $3,589 $75.8 85.2% $11,013 $62.3 66.4% $106,044 $56.9 77.7% $25,570 $45.1 85.2% $18,672 $9.2 67.9% $1,476 $32.1 70.3% $3,961 $42.9 81.5% $2,582 $54.1 81.2% $9,153 $29.1 73.4% $3,477 $32.1 70.3% $2,582 $19.0 83.3% $5,416 $118.4 93.5% $25,704 $43.4 89.3% $214,191 $54.4 95.8% $29,540 $89.0 68.6% $3,989 $189.1 79.8% $2,111 $227.9 96.3% $54,532 $109.2 89.1% $174,639 $57.9 89.2% $82,525 Beverage $7.2 66.3% $214

$15,657 $7,360 $7,858 $13,076 $5,028 $7,834 $7,795 $9,219 $1,687 $5,740 $26,232 $9,771 $7,834 $1,280 $2,915 $9,696 $3,157 $3,572 $2,915 $812

$5,356 $3,199 $2,797 $1,632 $2,956 $1,954 $5,297 $3,143 $2,138 $961 $2,328 $1,394 $1,818 $326 $1,953 $1,321 $447 $315 $1,758 $1,070 $10,027 $8,315 $3,352 $2,148 $2,328 $1,394 $569 $277 $1,474 $328 $909 $660 $663 $274 $569 $277 $1,132 $276 $4,005 $1,545 $21,437 $10,908 $2,170 $1,180 $378 $212 $470 $175 $3,855 $2,779 $34,888 $12,669 $7,049 $5,064 $35,058 $21,474 $10,046 $5,118 $3,855 $1,545 $217 $42 $65 $17 $146 $63

34.2% 20.4% 2.2x 38.0% 22.2% 2.4x 37.6% 24.9% 2.0x 40.5% 24.0% 2.2x 42.5% 19.1% 3.6x 29.7% 17.8% 2.3x 23.3% 4.2% 0.2x 21.2% 14.3% 2.1x 26.5% 18.6% 2.1x 30.6% 18.6% 2.2x 38.2% 31.7% 3.7x 32.9% 19.6% 2.3x 34.2% 19.1% 2.2x 11.4% 4.9% 0.9x 19.5% 9.5% 1.2x 15.2% 3.4% 0.3x 26.8% 5.2% 0.3x 28.8% 20.9% 3.1x 20.3% 8.8% 1.2x 19.5% 5.2% 0.9x 49.4% 12.0% 1.4x 59.1% 22.8% 3.8x 63.2% 32.2% 6.1x 67.6% 36.8% 9.2x 40.0% 22.5% 4.1x 52.7% 19.6% 2.9x 50.8% 36.6% 7.0x 54.5% 19.8% 2.5x 30.0% 21.6% 3.5x 31.5% 8.1% 1.9x 62.1% 38.0% 5.3x 51.0% 24.5% 4.4x 52.7% 22.5% 3.8x 46.3% 24.8% 3.0x 39.6% 18.8% 2.8x 54.5% 19.8% 2.5x 30.0% 14.3% 2.0x 15.9% 7.9% 0.8x 37.2% 17.1% 2.2x 39.6% 18.8% 2.5x 11.4% 16.4% 1.8x 21.5% 12.0% 1.2x 3.8% 2.2% 0.4x 8.6% 3.5% 0.4x 5.7% 4.0% 0.5x 55.1% 28.5% 4.2x 12.7% 29.4% 3.9x 17.0% 13.7% 1.8x 11.4% 12.0% 1.2x

10.4x 10.7x

The J. M. Smucker Company (NYSE:SJM) Campbell Soup Company (NYSE:CPB)

8.1x 9.1x

Kellogg Company (NYSE:K)

McCormick & Company, Incorporated (NYSE:MKC) Conagra Brands, Inc. (NYSE:CAG) Dean Foods Company (NYSE:DF) Hormel Foods Corporation (NYSE:HRL) B&G Foods, Inc. (NYSE:BGS) Post Holdings, Inc. (NYSE:POST) The Kraft Heinz Company (NasdaqGS:KHC)

18.3x 11.9x 14.0x 11.1x 11.6x 11.7x 11.1x 11.1x 5.0x

Average Median

Natural / Organic

SunOpta Inc. (TSX:SOY)

18.2x 12.6x

The Hain Celestial Group, Inc. (NasdaqGS:HAIN) United Natural Foods, Inc. (NasdaqGS:UNFI) Natural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC)

8.1x 4.8x

Pinnacle Foods Inc. (NYSE:PF)

15.0x 11.8x 12.6x

Average Median

Cott Corporation (TSX:BCB)

$2,294 $6,774 $33,918 $3,210

11.5x 16.9x 17.3x 25.1x 18.3x 14.9x 16.3x 12.8x 15.1x 23.6x 13.7x 16.9x 16.3x 12.1x 13.6x 12.8x 13.9x 10.5x 12.6x 12.8x

Dr Pepper Snapple Group, Inc. (NYSE:DPS) The Coca-Cola Company (NYSE:KO) Brown-Forman Corporation (NYSE:BF.B) National Beverage Corp. (NasdaqGS:FIZZ) The Boston Beer Company, Inc. (NYSE:SAM) Constellation Brands, Inc. (NYSE:STZ) Starbucks Corporation (NasdaqGS:SBUX) Craft Brew Alliance, Inc. (NasdaqGS:BREW) Anheuser-Busch InBev SA/NV (ENXTBR:ABI) PepsiCo, Inc. (NasdaqGS:PEP)

$943 $892

$7,585 $64,038 $23,465

$18.6 91.2%

$392

$207

$89.3 81.1% $267,059

$56,444

Average Median

$92.4 87.0% $78,191 $18,161

$89.0 89.2% $29,540

$6,774

Snack

The Hershey Company (NYSE:HSY)

$99.0 85.0% $23,386 $41.7 88.4% $79,527 $109.2 89.1% $174,639 $136.6 86.8% $2,421

$7,608 $26,247 $64,038 $1,143

$3,521 $1,888 $10,396 $4,945 $34,888 $12,669 $343 $164

Mondelez International, Inc. (NasdaqGS:MDLZ)

PepsiCo, Inc. (NasdaqGS:PEP)

J&J Snack Foods Corp. (NasdaqGS:JJSF) John B. Sanfilippo & Son, Inc. (NasdaqGS:JBSS)

$57.9 82.3%

$724

$879

$140

$70

Average Median

$88.9 86.3% $56,140 $19,983

$9,857 $3,947 $3,521 $1,888

$99.0 86.8% $23,386

$7,608

Agribusiness

The Mosaic Company (NYSE:MOS) Darling Ingredients Inc. (NYSE:DAR)

$24.3 83.2% $12,454 $17.3 88.7% $4,538 $73.9 88.3% $15,314 $33.1 87.0% $1,429 $43.4 93.8% $30,989 $116.7 92.0% $56,518 $37.7 83.8% $15,764

$7,409 $3,662 $45,314 $3,686 $61,366 $14,593 $4,050

$843 $1,217 $786 $439 $1,720 $997 $319 $129 $3,523 $2,467 $8,039 $4,154 $513 $1,190 $2,249 $1,513 $843 $1,190

10.9x

9.4x

Bunge Limited (NYSE:BG)

17.5x

The Andersons, Inc. (NasdaqGS:ANDE) Archer-Daniels-Midland Company (NYSE:ADM)

9.6x

11.3x 14.7x 13.1x 12.4x 11.3x

Monsanto Company (NYSE:MON) CF Industries Holdings, Inc. (NYSE:CF)

Average Median

$49.5 88.1% $19,572 $20,012

$37.7 88.3% $15,314

$7,409

Source: S&P Capital IQ and Baker Tilly Capital research (April 2018)

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