RubinBrown Food & Beverage Update 2015

Public Company Subsector Constituents: Food Production Companies

$ in Millions

Fundamentals

Ratios

Multiples

Proj. Revenue Growth (NTM)

EBITDA Margin (LTM)

EBITDA Margin (NTM)

EV/ Revenue (LTM)

EV/ EBITDA (LTM)

EV/ Revenue (NTM)

EV/ EBITDA (NTM)

Enterprise Value 2,662.0 $

Market Cap.

Revenue (LTM)

EBITDA (LTM)

Revenue (NTM)

EBITDA (NTM)

Company Name B&G Foods Inc.

1,653.6 $ 2,068.5 2,025.5

867.0 $ 948.4 542.1 881.4 835.8 522.8 868.3 525.7 543.5 316.8 119.0 295.8 131.1 94.5

183.3 $ 145.6 103.4

875.9 $ 985.9 887.6 985.3 522.3 909.1 124.2 575.6 574.8 369.5 134.9 296.5

200.9 $ 156.2

1.0% 21.1% 22.9% 3.1x 4.0% 15.4% 15.8% 2.1x 0.7% 10.6% 14.2% 1.8x 17.9% 6.1% 6.3% 1.1x -0.1% 11.3% 13.6% 1.3x 31.5% -0.1% 15.2% 6.2x 9.5% 4.6% 5.6% 0.8x 5.8% 6.0% 8.4% 0.7x 16.6% 18.9% 18.8% 1.1x 13.4% 6.5% 11.3% 2.7x 0.2% 8.0% 7.6% 1.0x n/a 19.1% n/a 3.5x 4.7% 7.2% n/a 0.8x

14.5x 13.6x 18.3x 17.1x 18.6x 11.9x 11.1x 17.5x 11.0x 41.2x 11.9x 5.6x

3.0x 2.0x 1.8x 1.0x 1.3x 0.8x 0.7x 0.6x 0.9x 2.3x 1.0x

13.3x 12.7x 12.7x 15.2x 10.0x 31.3x 13.2x n/a

J&J Snack Foods Corp. Tootsie Roll Industries Inc. Diamond Foods, Inc. Calavo Growers Inc. Boulder Brands, Inc. John B Sanfilippo & Son Inc.

1,981.5 1,895.9 1,603.2

n/a n/a

n/a n/a

987.7 902.7 425.3 578.0 622.6 388.8 376.0 298.6 313.7 198.4

93.6 50.9 59.2 62.7 (0.1) 24.3 32.7 60.0 23.7 (0.1) 7.7

125.9

944.7 704.6 693.2 590.1 424.6 359.5 338.1 316.5 282.5

62.2 70.8 n/a 18.9 32.1 48.1 69.6 15.3 22.7

Freshpet, Inc. Landec Corp.

n/a 4.8x

Farmer Brothers Co.

7.5x 4.9x

Omega Protein Corporation Lifeway Foods Inc. Inventure Foods, Inc. Bridgford Foods Corp. Golden Enterprises Inc. RiceBran Technologies Rocky Mountain Chocolate Factory Inc. Coffee Holding Company, Inc.

20.7x 12.5x

80.4 77.1 55.1 45.4 33.4 21.6

88.0 78.4 46.1 31.9 31.0 21.6

n/a n/a n/a n/a n/a n/a

n/a -0.1% n/a n/a 19.6% n/a n/a 5.3% n/a n/a 0.9% n/a n/a n/a n/a

0.6x 1.9x 0.4x 1.1x 0.3x 1.6x

n/a n/a n/a

41.6

8.1 7.0

9.5x 7.9x

n/a n/a n/a n/a

131.7

42.1

(6.8)

46.5

n/a 10.4% -16.1% n/a

n/a 1.0x

n/a

124.8

1.2

n/a n/a

28.5x

n/a n/a

Tofutti Brands Inc.

13.6

n/a n/a n/a

n/a n/a n/a

Count

19

19

19

18

13

11

13

18

11

19

15

13

11

Minimum Maximum

$

21.6

$

21.6

13.6 $

$

(6.8)

46.5 $

15.3 $

-0.1% -16.1% 5.6% 0.3x 31.5% 21.1% 22.9% 6.2x 8.9% 8.0% 12.7% 1.7x 5.8% 6.8% 13.6% 1.1x

5.6x

0.6x 4.8x 1.6x 1.0x

4.9x

2,662.0

2,068.5

948.4 412.9 316.8

183.3

985.9 560.6 574.8

200.9

41.2x 15.9x 13.6x

31.3x 14.0x 12.7x

Mean

690.0 359.5

586.1 376.0

47.6 28.5

74.8 62.2

Median

Source: S&P Capital IQ Includes Food Production Companies with LTM Revenue less than $1.0 billion.

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Food & Beverage Industry Sector: 2015 Mid-Year Update

17