RubinBrown Food & Beverage Mid-Year Review 2014

M&A Activity Overview: 2014 Deal Spotlight

Notable Food & Beverage Transactions During the First Half of 2014:

Santory Holdings / Beam Inc:

manufacturing facilities of Charlotte, N.C.-based Snyder's- Lance Inc Shearer’s is o ned b Toronto based pri ate eq it . w y - v u y

On April 30, 2014, Suntory Holdings, Ltd. Completed its acquisition of Beam Inc. for approximately $16.0 billion. The transaction consideration represented a 25% premium to Beam's closing price of $66.97/share at the time the deal was announced. Beam Inc. brings a sizeable spirits portfolio, including Jim Beam and Maker’s Mark among many others, to Suntory which positions the company to better compete with other major global spirits players like Diageo plc. and Bacardi Ltd. Post Holdings / Michael Foods: On June 2 2014 Post Holdings Inc acquired MFI Holding , , , . Corporation (Michael Foods) for a total transaction value of approximately $2.5 billion. Michael Foods is a producer of food products and service solutions to customers across the foodservice, retail, and food ingredient channels and holds leading market positions in the value-added egg products, refrigerated potato products, and cheese and other dairy

firm, Wind Point Partners. Mizkan / Unilever (Ragú/Bertolli Brands):

On June 30, 2014, Mizkan Group, a leading condiment manufacturer, entered into a definitive agreement with Conopco Inc., a subsidiary of Unilever, to acquire the Ragú and Bertolli pasta sauce brand portfolio. Under the terms of the agreement, Mizkan will pay approximately $2.2 billion for the brands. Tyson / Hillshire Brands: Following a bidding war with Pilgrim’s Pride that lasted several months, Hillshire Brands Co. officially signed a $7.7 billion agreement to be acquired by Tyson Foods, Inc. The $63/share price offered by Tyson reflects a premium of approximately 70% over Hillshire’s stock price before the bidding war began. The deal, which officially closed in late August 2014, will further bolster Tyson’s position as the leading meat processor in the United States (based on revenue).

case products. Shearer’s Foods / Snyder’s-Lance Private Brands:

On June 30, 2014, Shearer’s Foods, Inc., a maker of private- label snacks, completed its $430.0 million acquisition of the Private Brands business and two North American

Food & Beverage Sector: 2014 Mid-Year Update

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