RubinBrown Food & Beverage Year in Review 2013

Public Company Subsector Constituents: Ingredients Companies

Projected Revenue Growth (NTM)

EBITDA Margin (NTM)

EBITDA Margin (LTM)

EV/Revenue (LTM)

EV/EBITDA (LTM)

EV/Revenue (NTM)

EV/EBITDA (NTM)

EBITDA (NTM)

Revenue (NTM)

Enterprise

Revenue (LTM)

EBITDA (LTM)

Company Name

Value Market Cap

Limoneira Company

$

420 2 4 . 304.5 243.7 226.7 123.1

$

353 9 3 . 282.7 253.5 171.8

$

84 9 8 . 95.3

$

8 2 8.

9 6% 89 6 $ . 8 . 19.9% 106.2 25.6% 238.3 35.7% n/a 2.6% n/a -4.5% 60.8 35.7% 238.3 $ -4 5% 60 8 . 6 . 14.8% 123.7 14.8% 97.9

5 5% 11 4 $ . 1 . 11.4% n/a -1.3% 58.0

12 7% 5 0x . .

51 5x . 16.0x

4 7x . 2.9x 1.0x

36 9x .

Alico Inc.

19.0 61.8

n/a

3.2x

n/a

Omega Protein Corporation Griffin Land & Nurseries Inc.

241.5

24.3% 1.0x

3.9x

4.2x

25.5

9.1 8.7

n/a n/a

n/a n/a

n/a n/a

8.9x 0.4x

24.9x 14.2x -45.4x 51.5x -45 4x . 10.8x 15.1x

n/a n/a

n/a n/a

MGP Ingredients Inc. S&W Seed Company

92.7 80.8

332.3

87.7

43.0

(1.9)

41.3% 3.6

6.0% 2.0x

1.4x

24.2x

Maximum Minimum

$

420.2

$

353.9

$

332.3

$

61.8

41.3% 58.0 $ -1 3% 3 6 . 3. 14.2% 24.3 8.5% 11.4

24.3% 8.9x 6 0% 0 4x . . 14.3% 3.4x 12.7% 2.6x

4.7x 1 0x . 2.5x 2.2x

36.9x

87 7 .

80 8 .

25 5 .

(1 9) ( .

4 2x .

Mean

234.3 235.2

205.9 212.7

137.1

17.5

21.8x 24.2x

Median

90.1

8.9

$ in millions Source: Capital IQ Includes Agricultural Products Companies with LTM Revenue less than $1 billion.

Capital IQ Screen Criteria Used Throughout This Publication: 1. M&A Transactions: • Industries: Food Products and Beverages

• Geographic Location of Buyer and/or Target: United States of America • M&A Closed Date: 1/1/2012 – 12/31/2013 2. Public Companies: • Industries: Packaged Foods and Meats, Beverages, and Agricultural Products • Geographic Location: United States of America

• Total LTM Revenues: < $1.0 billion • Exchanges: Major US Exchanges

Food & Beverage Sector: 2013 Review

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