M&A Update | Food & Beverage

Table 4: Historical median trading multiples

Branded Packaged Goods

Average 16.4x

Average 2.4x

Average 13.2x

EV/EBIT

EV/Revenue

EV/EBITDA

25.0x

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x

10.0x 12.0x 14.0x 16.0x 18.0x

20.0x

15.0x

0.0x 2.0x 4.0x 6.0x 8.0x

10.0x

5.0x

0.0x

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

Natural / Organic

Average 1.1x

Average 14.7x

EV/Revenue

EV/EBITDA

EV/EBIT

Average 19.7x

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x

10.0x 12.0x 14.0x 16.0x 18.0x

10.0x 15.0x 20.0x 25.0x 30.0x

0.0x 2.0x 4.0x 6.0x 8.0x

0.0x 5.0x

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

Beverage

Average 3.5x

Average 16.2x

EV/Revenue

EV/EBITDA

EV/EBIT

Average 20.1x

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x

20.0x

16.0x 17.0x 18.0x 19.0x 20.0x 21.0x 22.0x 23.0x

15.0x

10.0x

5.0x

0.0x

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

Snack EV/EBITDA

Average 2.7x

EV/EBIT

EV/Revenue

Average 14.3x

Average 17.5x

15.5x 16.0x 16.5x 17.0x 17.5x 18.0x 18.5x 19.0x

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x

12.5x 13.0x 13.5x 14.0x 14.5x 15.0x 15.5x

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

Agribusiness

Average ​1.2x

Average 10.7x

Average 24.4x

EV/Revenue

EV/EBITDA

EV/EBIT

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x

10.0x 12.0x 14.0x

10.0x 15.0x 20.0x 25.0x 30.0x 35.0x

0.0x 2.0x 4.0x 6.0x 8.0x

0.0x 5.0x

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

2014

2015

2016

2017

LTM

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

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