RubinBrown Middle Market Food & Beverage Sector 2016 Update

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 2,257.5 $

Market Cap.

Revenue (LTM) 534.9 $

EBITDA (LTM)

Revenue (NTM)

EBITDA (NTM)

Company Name

Tootsie Roll Industries Inc. J&J Snack Foods Corp. Amplify Snack Brands, Inc.

2,374.0 $

114.2 $

n/a n/a

n/a 21.4% n/a 2.5% 15.6% 16.0% 72.6% 31.3% 33.2% 12.4% 7.1% 7.0% -5.1% 7.0% n/a 3.8% 6.8% 9.7% 2.2% 24.8% 23.9% 6.2% 4.7% 7.1% 17.1% 4.4% 15.7% 15.9% 3.3% 7.9% 9.2% 8.8% 11.1% n/a 10.2% n/a n/a 18.2% n/a n/a 5.9% n/a

4.2x 2.1x 6.5x 1.3x 0.6x 1.0x 1.3x 0.8x 2.4x 1.1x 2.2x 0.8x 1.6x 0.5x 0.7x

19.8x 13.6x 20.9x 18.1x

n/a n/a

2,110.2 1,350.1 1,146.7

2,222.5 1,147.6 1,141.0

990.3 206.5 896.0 952.1 544.4 392.0 538.1 125.2 277.6 122.8 139.7

154.9

1,015.4

162.4 118.3

2.1x 3.8x 1.1x 0.7x 1.0x 1.3x 0.7x 2.0x 0.9x 2.0x

13.0x 11.4x 16.2x

64.6 63.5 66.5 37.1 97.1 25.2

356.4

Calavo Growers Inc.

1,006.9

70.9 n/a 55.1 95.8 40.5 23.0 25.4 14.9

John B Sanfilippo & Son Inc.

618.1 544.5 520.9 414.1 297.1 291.6 273.1 105.0

575.2 588.7 521.3 365.3 290.8 184.9 273.4 117.3

903.8 565.0 400.8 571.7 146.7 321.7 134.1

9.3x

n/a 9.9x 5.4x

Farmer Brothers Co.

14.7x

Omega Protein Corporation

5.4x

Landec Corp. Freshpet, Inc.

16.4x 54.3x 31.5x 25.3x

10.2x 12.9x 11.5x 18.3x

5.5 9.3

Inventure Foods, Inc. Lifeway Foods Inc. Bridgford Foods Corp.

10.8 14.2

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

7.4x 8.5x 7.9x

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

60.4 39.2 26.9 13.8

60.8 33.5 14.3 13.5

38.8 84.0 39.4 14.3

7.1 5.0

Rocky MountainChocolate Factory Inc. Coffee Holding Company, Inc.

RiceBran Technologies

(2.5)

47.0

n/a 19.2% -6.4% n/a

n/a 0.6x

n/a

Tofutti Brands Inc.

0.0

n/a n/a

n/a 0.2% n/a

1.0x 626.6x

n/a n/a

Count

16

16

16

16

11

9

11

16

9

16

15

11

9

Minimum Maximum

$

13.8

$

13.5

$

14.3

$

(2.5)

$

47.0

$

14.9

-5.1% -6.4% 7.0% 72.6% 31.3% 33.2% 14.2% 10.2% 14.6% 9.2% 7.0% 11.1%

0.5x

5.4x

0.6x 3.8x 1.5x 1.1x

5.4x

2,257.5

2,374.0

990.3 368.5 242.1

154.9

1,015.4

162.4

6.5x 626.6x

18.3x 12.1x 11.5x

Mean

629.3 355.6

620.3 328.0

42.0 19.7

497.2 400.8

67.4 55.1

1.7x 1.2x

58.6x 16.4x

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: 2016 Update

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