RubinBrown Food & Beverage Update 2015

Public Company Subsector Constituents: Ingredients 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 610.5 $

Market Cap.

Revenue (LTM)

EBITDA (LTM)

Revenue (NTM)

EBITDA (NTM)

Company Name

Alico Inc.

375.5 $

104.3 $ 109.1

19.8 $ 14.7 (14.2)

n/a n/a

n/a 18.9% n/a

5.9x

30.9x 28.2x

n/a n/a

Limoneira Company Arcadia Biosciences, Inc. S&W Seed Company

416.1 363.9 106.5

314.0 277.6

102.8

15.5

-5.7% 13.5% 15.1% 3.8x 90.0% -221.9% -98.4% 56.7x 27.0% 7.0% 6.3% 1.5x -5.7% -221.9% -98.4% 1.5x 90.0% 18.9% 15.1% 56.7x 37.1% -45.6% -25.7% 17.0x 27.0% 10.3% 6.3% 4.8x 3 4 3 4

4.0x

26.8x

6.4

12.2 91.5

(12.0)

n/a 29.8x

n/a

65.2

72.0

5.1

5.8

21.1x

1.2x

18.4x

Count

4

4

4

4

3

3

3

3

2

Minimum Maximum

106.5 $

$

65.2

6.4 $ (14.2) $

12.2 $

(12.0) $

21.1x 30.9x 26.7x 28.2x

1.2x

18.4x 26.8x 22.6x 22.6x

610.5 374.3 390.0

375.5 258.1 295.8

109.1

19.8

102.8

15.5

29.8x 11.7x

Mean

73.0 88.2

6.3 9.9

68.8 91.5

3.1 5.8

Median

4.0x

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

S&P Capital IQ Screen Criteria M&A Transactions • Industries: Food Products and Beverages • Geographic Location: United States of America • M&A Closed Date: 1/1/2013 – 6/30/2015 Public Companies • Industries: Food Products and Beverages • Geographic Location: United States of America • Exchanges: Major US Exchanges • Total Revenue (LTM): Less than $1.0 billion

Contributors • Tim Farquhar, CFA, CPA – Partner Valuation and Mergers & Acquisition Services Groups • Ryan Meesey, CFA – Manager Valuation and Business Advisory Services Groups • Leslie Harrison – Analyst Valuation and Business Advisory Services Groups

www.RubinBrown.com

Food & Beverage Industry Sector: 2015 Mid-Year Update

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