RubinBrown Middle Market Food & Beverage Sector 2016 Update

M&A Activity Overview: Most Acquisitive in 2015 and through September 2016

Highlights

Farmland Partners Inc. (NYSE:FPI)

§ Alcoholic beverage companies were some of the most acquisitive food and beverage companies during 2015 and 2016 – representing 7 of the Top 20 most acquisitive companies over the period (despite accounting for less than 20% of total food and beverage transactions). § Farmland Partners Inc., a publicly-traded real estate company that owns farmland, completed two more transactions thus far in 2016, acquiring 128 farms across 7 U.S. states. § Following 3 transactions in 2015, E. & J. Gallo Winery, Inc. completed another transaction in the second quarter of 2016, acquiring a wine cellar company. § Archer-Daniels-Midland Company continues to be one of the busiest buyers so far in 2016, after purchasing an organic grain company and a pasta manufacturer that specializes in making healthier pasta. § Tenth and Blake Beer Company (a MillerCoors subsidiary) set the tone for brewery transactions,

Archer-Daniels-Midland Company (NYSE:ADM) E. & J. Gallo Winery, Inc.

Teasdale Foods Inc.

Athena Brands, Inc.

Vintage Wine Estates, Inc.

Tenth and Blake Beer Company

Jackson Family Wines, Inc.

ConAgra Foods, Inc. (NYSE:CAG)

Monogram Food Solutions, LLC.

Sazerac Company, Inc.

The J. M. Smucker Company (NYSE:SJM)

Wonderful Citrus LLC

Seaboard Foods LLC

IAF 30 LP

Westminster Foods II, LLC

Blue Harvest Fisheries, LLC

acquiring Saint Archer Brewing Company, Hop Valley Brewing Co., and Terrapin Beer Company – all within the last 12 months.

Milestone Brands LLC

Craft Revolution LLC

2015 2016

Kettle Cuisine, LLC

Source: S&P Capital IQ Reflects all closed Food & Beverage transactions, regardless of size. 0

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No. of Acquisitions Made per Year

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Food & Beverage Industry Sector: 2016 Update

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