M&A Update | Food & Beverage

Table 11: Select food and beverage transactions closed in Q1-2018

EV

EV ($MM)

Announce Date

Target

Target Business Description

Buyers/Investors

Revenue EBITDA

12/18/2017 Snyder's-Lance

Manufactures and distributes snack food products.

Campbell Soup Company

6,113.6 2.7x 21.7x

01/16/2018 U.S. Confectionary Business of Nestlé

Confectionary business of Nestle S.A.

Ferrero International

2,800.0

-

-

09/19/2017 Bob Evans Farms

Produces and distributes refrigerated and frozen food items.

Post Holdings, Inc.

1,741.3 4.2x 26.9x

12/18/2017 Amplify Snack Brands

Develops, markets, and distributes better-for-you snack products.

The Hershey Company

1,527.3 4.1x 18.5x

01/17/2018 JBS Five Rivers Cattle Feeding Provides cattle feeding services.

Ospraie Management, LLC; Pinnacle Asset Management, L.P.

200.0

-

-

11/30/2017 Field Roast Grain Meat Co.

Produces and markets vegan meat products.

Maple Leaf Foods Inc.

120.0 3.2x

-

11/07/2017 FMC Corporation, European Herbicide Portfolio

Provides solutions, applications, and products for the agricultural, consumer, and industrial markets. Owns and operates corn flour manufacturing plant and engages in the production and sale of corn flour.

Nufarm Limited

90.0

-

-

01/30/2018 Minsa Corporation

Bunge North America

75.0

-

-

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

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