Food & Beverage Market Monitor Spring 2020 · Food & Beverage Market Monitor 3 2020 Food &...

Food & Beverage Market Monitor S p r i n g 2 0 2 0

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Investment Banking & Advisory – Select Recent Food, Beverage and Nutraceuticals Transactions

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2020 Food & Beverage: Economic and M&A Landscape

The FAO Food Price Index, which tracks monthly changes in theinternational prices of commonly traded food commodities, averaged181.2 points in December 2019, up 12.2% from its December 2018 level.

As new trends continue to gain traction among consumers, companiesmust focus on developing new ingredients and packaging, andminimizing costs. To meet these demands, fruits and vegetables willcontinue to grow in importance. Organic fruits and vegetables are thelargest and the fastest growing segment of the global organic foodmarket, projected to grow at a CAGR of 9% over the forecast period 2019-2024.

Mergers & Acquisitions in the Food & Beverage Space are increasinglydriven by the need for market disruption, rather than market share. Asconsumer preferences continue to trend towards new and healthyproducts, both Strategic and Financial buyers are responding byacquiring newer, smaller, niche brands and products.

Merger & Acquisition (M&A) deal activity in the North American Food &Beverage industry remains strong and 2019 transaction volume was inline with levels seen in 2018. Total transaction volume was 349 and 344in 2018, and 2019, respectively.

Macroeconomic Consumer Indicators

Commodity Costs & Pricing Levels

Sources: Capital IQ, Food and Agriculture Organization of the United Nations, Moss Adams Capital research, USDA, US Agricultural Trade Data, CFRA, WSJ research

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Unemployment Rate(right-axis)

Consumer Confidence (left-axis)

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FAO Food Price Index y/y Growth

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(Grocer Prices) F&B at Home CPI y/y

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(Mgf'er Prices) Finished Processed F&B PPI y/y Growth

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Select F&B CompanyMedian

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Food & Beverage: Segment Growth and Valuations

Despite pressures from new tariffs and an uncertain global tradeoutlook, EV/EBITDA multiples for both Fruit & Vegetable andBeverage companies continue to soar over the S&P 500. OtherFood & Beverage companies, including Packaged Foods andBaked & Snack Foods have also continued a multi-year trend ofoutperforming the S&P 500.

Selected Public Market Valuations: EV / EBITDA

NTM Estimated Revenue and EBITDA Growth

Note: The indices in the chart above are composed using the public companies included on the following three pages.

Source: Capital IQ

Protein companies are expected to record strong growth growingrevenue and EBITDA at 10.5%, compared to the S&P 500’s expectedrevenue and EBITDA growth of 3.8% and 9.4%, respectively. NTMRevenue and EBITDA for publicly-traded Beverage companies areexpected to grow 3.6% and 6.9%, respectively.

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Public Food & Beverage Company Valuations

Next twelve months (NTM) figures are based on the median of Wall St. analysts.Source: Capital IQ and company filings.

($U.S. in millions, except per share data) 2/17/20 TTM Data EV Multiple

Company NameSharePrice

52 WeekHigh - Low

MarketCap

EnterpriseValue Sales EBITDA

EBITDAMargin Sales EBITDA

TTMSales

TTMEBITDA

NTMSales

NTMEBITDA

Packaged Foods

Nestlé S.A. $109.92 $115.37 - $89.62 $316,584 $345,083 $95,886 $19,284 20.1% (3.6%) 7.9% 3.6x 17.9x 3.7x 16.6x

The Kraft Heinz Company 26.88 48.66 - 24.86 32,831 60,523 24,977 6,562 26.3% (2.7%) (14.6%) 2.4x 9.2x 2.5x 10.8x

Mondelez International, Inc. 59.68 59.73 - 46.37 85,518 103,481 25,868 5,301 20.5% 2.6% 4.3% 4.0x 19.5x 3.9x 18.7x

General Mills, Inc. 53.31 56.40 - 44.13 32,243 46,788 16,783 3,723 22.2% 3.5% (2.5%) 2.8x 12.6x 2.7x 12.9x

Kellogg Company 67.71 71.05 - 51.34 23,095 31,734 13,578 2,100 15.5% (0.7%) 4.4% 2.3x 15.1x 2.4x 14.5x

McCormick & Company, Incorporated 166.84 174.58 - 128.40 22,177 26,358 5,347 1,141 21.3% 2.8% 0.3% 4.9x 23.1x 4.8x 23.0x

Conagra Brands, Inc. 32.69 35.59 - 22.15 15,914 26,546 10,532 2,165 20.6% 2.0% 1.6% 2.5x 12.3x 2.5x 12.1x

The J. M. Smucker Company 110.00 128.43 - 99.54 12,546 18,522 7,651 1,625 21.2% (0.4%) 1.2% 2.4x 11.4x 2.4x 11.3x

Campbell Soup Company 48.64 49.56 - 32.17 14,673 23,222 8,088 1,457 18.0% 0.6% 12.4% 2.9x 15.9x 2.9x 14.2x

Post Holdings, Inc. 106.79 113.73 - 94.19 7,465 13,619 5,727 1,136 19.8% 3.7% 10.8% 2.4x 12.0x 2.3x 10.8x

TreeHouse Foods, Inc. 45.75 67.88 - 43.93 2,572 4,724 4,289 454 10.6% (1.2%) 9.1% 1.1x 10.4x 1.1x 9.5x

The Hain Celestial Group, Inc. 26.54 27.69 - 17.15 2,770 3,150 2,239 168 7.5% (10.2%) 17.3% 1.4x 18.7x 1.6x 16.0x

B&G Foods, Inc. 13.62 27.20 - 13.51 872 2,783 1,648 287 17.4% 1.0% 0.8% 1.7x 9.7x 1.7x 9.6x

SunOpta Inc. 2.69 4.78 - 1.29 236 904 1,215 25 2.0% 0.9% 102.3% 0.7x 36.5x 0.7x 18.0x

Farmer Bros. Co. 13.73 24.35 - 10.26 237 319 580 14 2.4% (0.1%) 114.2% 0.5x 23.2x 0.6x 10.8x

Median $23,222 $7,651 $1,457 19.8% 0.6% 4.4% 2.4x 15.1x 2.4x 12.9x

Average $47,184 $14,961 $3,029 16.4% (0.1%) 18.0% 2.4x 16.5x 2.4x 13.9x

Confectionery

The Hershey Company $160.34 $162.20 - $108.47 $33,498 $37,272 $7,986 $2,020 25.3% 2.8% 4.3% 4.7x 18.5x 4.5x 17.7x

Tootsie Roll Industries, Inc. 34.05 40.82 - 32.70 2,220 2,066 520 97 18.7% NA NA 4.0x 21.2x NA NA Rocky Mountain Chocolate Factory, Inc. 8.48 9.90 - 8.06 51 48 33 4 12.6% NA NA 1.5x 11.6x NA NA

Median $2,066 $520 $97 18.7% 2.8% 4.3% 4.0x 18.5x 4.5x 17.7x

Average $13,129 $2,846 $707 18.9% 2.8% 4.3% 3.4x 17.1x 4.5x 17.7x

NTM Est. Growth

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52 WeekHigh - Low

MarketCap



TTMSales

TTMEBITDA

NTMSales

NTMEBITDA

Baked & Snack FoodsLancaster Colony Corporation $153.55 $165.50 - $133.77 $4,225 $4,051 $1,334 $218 16.3% 2.0% 7.4% 3.0x 18.6x 3.0x 17.3x Flowers Foods, Inc. 22.52 24.36 - 20.04 4,763 6,023 4,124 420 10.2% 2.7% 5.7% 1.5x 14.4x 1.4x 13.6x J & J Snack Foods Corp. 173.59 196.84 - 149.24 3,284 3,121 1,198 166 13.9% 3.1% 6.3% 2.6x 18.8x 2.5x 17.7x John B. Sanfilippo & Son, Inc. 79.99 107.86 - 67.04 913 955 883 90 10.2% 4.2% NA 1.1x 10.6x 1.0x NA

Median $3,586 $1,266 $192 12.0% 2.9% 6.3% 2.0x 16.5x 2.0x 17.3x Average $3,538 $1,885 $223 12.6% 3.0% 6.5% 2.0x 15.6x 2.0x 16.2x Protein

Tyson Foods, Inc. $80.51 $94.24 - $60.99 $29,389 $41,285 $43,027 $4,094 9.5% 5.4% 10.5% 1.0x 10.1x 0.9x 9.1x Hormel Foods Corporation 48.58 48.86 - 37.00 25,978 25,564 9,497 1,306 13.7% 2.1% 4.8% 2.7x 19.6x 2.6x 18.7x Pilgrim's Pride Corporation 26.22 33.67 - 19.34 6,544 8,564 11,003 908 8.2% 12.8% 29.6% 0.8x 9.4x 0.7x 7.3x Seaboard Corporation 3,795.00 4,743.71 - 3,538.00 4,421 4,406 6,690 188 2.8% NA NA 0.7x 23.4x NA NA Cal-Maine Foods, Inc. 37.62 47.00 - 35.43 1,832 1,701 1,217 (12) NA 10.5% (1611.8%) 1.4x NA 1.3x 9.5x Sanderson Farms, Inc. 139.55 179.45 - 111.77 3,102 3,062 3,440 203 5.9% 11.1% 103.7% 0.9x 15.1x 0.8x 7.4x

Median $6,485 $8,094 $555 8.2% 10.5% 10.5% 0.9x 15.1x 0.9x 9.1x Average $14,097 $12,479 $1,114 8.0% 8.4% (292.6%) 1.2x 15.5x 1.3x 10.4x

DairyDanone S.A. $78.29 $89.25 - $70.11 $50,757 $66,298 $28,221 $5,363 19.0% (0.6%) 2.5% 2.3x 12.4x 2.4x 12.1x Glanbia plc 10.89 21.00 - 10.31 3,214 4,059 3,035 343 11.3% 36.2% 5.7% 1.3x 11.8x 1.0x 11.2x Lifeway Foods, Inc. 2.39 4.75 - 1.84 38 37 94 2 1.7% NA NA 0.4x 23.2x NA NA

Median $4,059 $3,035 $343 11.3% 17.8% 4.1% 1.3x 12.4x 1.7x 11.6x Average $23,465 $10,450 $1,902 10.7% 17.8% 4.1% 1.4x 15.8x 1.7x 11.6x

NTM Est. Growth

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52 WeekHigh - Low

MarketCap



TTMSales

TTMEBITDA

NTMSales

NTMEBITDA

Fruit & Vegetable

Fresh Del Monte Produce Inc. $34.48 $38.79 - $22.98 $1,658 $2,487 $4,510 $211 4.7% 7.5% 20.9% 0.6x 11.8x 0.5x 9.7x

Calavo Growers, Inc. 75.81 100.58 - 73.82 1,334 1,334 1,196 83 6.9% 5.8% 13.4% 1.1x 16.1x 1.1x 14.2x

Seneca Foods Corporation 40.12 41.88 - 21.97 368 686 1,290 68 5.2% NA NA 0.5x 10.1x NA NA

Median $1,334 $1,290 $83 5.2% 6.7% 17.1% 0.6x 11.8x 0.8x 12.0x

Average $1,502 $2,332 $121 5.6% 6.7% 17.1% 0.7x 12.7x 0.8x 12.0x

Beverage

The Coca-Cola Company $59.95 $60.07 - $44.42 $256,586 $290,291 $37,266 $11,909 32.0% 4.9% 5.1% 7.8x 24.4x 7.4x 23.2x

PepsiCo, Inc. 146.99 147.15 - 114.21 204,249 232,221 67,161 12,526 18.7% 3.7% 11.2% 3.5x 18.5x 3.3x 16.7x

Keurig Dr Pepper Inc. 28.87 32.00 - 25.05 40,614 56,088 10,999 3,485 31.7% 3.5% 1.7% 5.1x 16.1x 4.9x 15.8x

Monster Beverage Corporation 69.86 69.94 - 52.23 37,562 36,281 4,108 1,466 35.7% 9.0% 8.8% 8.8x 24.8x 8.1x 22.8x

National Beverage Corp. 44.59 74.53 - 38.28 2,076 1,887 976 168 17.2% (1.0%) (1.3%) 1.9x 11.2x 2.0x 11.4x

Cott Corporation 15.68 15.93 - 11.81 2,111 3,512 2,394 291 12.1% 3.6% 18.6% 1.5x 12.1x 1.4x 10.2x

Median $46,184 $7,553 $2,475 25.2% 3.6% 6.9% 4.3x 17.3x 4.1x 16.2x

Average $103,380 $20,484 $4,974 24.6% 3.9% 7.3% 4.8x 17.8x 4.5x 16.7x

All Selected Food & Beverage Companies Median $5,373 $4,399 $437 15.5% 2.8% 6.0% 2.1x 15.1x 2.4x 13.2x

Average $38,526 $11,915 $2,276 15.1% 3.6% (31.9%) 2.4x 16.2x 2.5x 13.9x

NTM Est. Growth

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Selected Recent Food & Beverage M&A Activity

Source: Capital IQ, MAC Research

$ in millionsClose Transaction EV/ EV/Date Acquirer/Investor Target Target Description Value Revenue EBITDA

Dec-19 Act II Global Acquisition Corp. Flavors Holdings Inc. Flavors Holdings Inc. manufactures and markets tabletop sweeteners under Equal and Canderel. $511.0 - -

Nov-19 Universal Corporation Fruitsmart, Inc. Process fruit, and supplies juices, concentrates, blends, purees, fibers, and seed powders. $105.0 - -

Oct-19 Olam International Limited Hughson Nut, Inc. Pocess and markets several varieties of almonds to industrial buyers worldwide. - - -

Oct-19 Better Choice Company Inc. Halo, Purely For Pets, Inc. Produces and markets pet care products, such as dog and cat food and nutritional supplements. $47.0 1.4x -

Sep-19 The Alkaline Water Company AQUAhydrate, Inc. Performance lifestyle company that manufactures and distributes premium bottled water. $50.8 3.4x -

Aug-19 Apio, Inc. Village Cannery of Vermont Inc. Produces organic applesauce and apple cider vinegar products. - - -

Aug-19 Atlas Holdings LLC Snacks Division of TreeHouse Inc. Manufactures and distributes private label healthy snacks and beverages in North America. $90.0 - -

Aug-19 Sara Lee Frozen Bakery Superior Cake Products, Inc. Manufacturer and distributor of baked goods. $65.0 1.5x 9.3x

Aug-19 Atkins Nutritionals Holdings, Quest Nutrition, LLC Manufactures and markets a range of nutritional snacking products to support healthy lifestyles. $1,000.0 - -

Jul-19 Taylor Fresh Foods, Inc. Earthbound Farm, LLC Earthbound Farm, LLC grows and distributes organic produce. $500.0 1.3x -

Jul-19 KKR & Co. Inc. Arnott's Biscuits Holdings, Campbell HK Manufacturer in Australia with a product range that expands out to chocolates, fruit, and other snacks. $2,200.0 - -

June-19 Butterfly Equity Bolthouse Farms Vertically integrated vegetable and fruit juice manufacturer and distributor $510.0 - -

May-19 Bain Capital Private Equity, LP CJ Foods America Corp. Major manufacturer of packaged snack products offering made with natural ingredients. $320.0 - -

May-19 Litehouse Inc. All assets of Sky Valley Foods, Inc. Produces organic dressings, condiments, marinades, sauces, and non-acoholic beverages. $46.0 - -

Apr-19 Peak Rock Capital Turkey Hill Business of The Kroger Co. Comprises iced teas, fruit drinks, milk, frozen dairy treats, and ice cream manufacturing business. $215.0 - -

Apr-19 Gray & Company, Inc. Fruit Business of Paradise, Inc. Engaged in producing, packing, and distributing candied fruit to bakers, institutions, and retailers $10.9 - -

Mar-19 Ferrero International S.A. Cookies and Fruit Snacks of Kellogg Fruit Snacks Business of Kellogg Company was acquired by Ferrero International S.A.. $1,300.0 1.4x -

Feb-19 PepsiCo, Inc. CytoSport Business The company comprises of a sports-oriented nutritional products manufacturing business. $465.0 1.6x -

Feb-19 Refresco Group N.V. Cott Beverages LLC Manufactures soft drink concentrates for bottlers in the United States and internationally. $50.0 0.6x -

Jan-19 Symrise AG International Dehydrated Foods, Inc. Produces poultry-based, protein-fortifying ingredients. $900.0 4.1x -

Dec-18 Kerry Inc. Ariake U.S.A., Inc. Produces and sells stocks and broths, meat bases, sauces, fats, and dried stock. $176.0 3.3x -

Discussed on following pages.

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Selected Recent Food & Beverage M&A Activity

Source: Capital IQ, MAC Research

$ in millionsClose Transaction EV/ EV/Date Acquirer/Investor Target Target Description Value Revenue EBITDA

Dec-18 Apio, Inc. Yucatan Foods, LP Yucatan Foods, LP produces and sells guacamole in the United States. $80.0 1.3x 16.0x

Dec-18 New Age Beverages Corp. Morinda Holdings, Inc. Develops and distributes fruit products, including beverages, weight management lines, and more. $99.3 0.4x 5.0x

Nov-18 The Kraft Heinz Company Primal Nutrition, LLC Primal manufactures and markets food seasonings, such as condiments, sauces, and dressings. $202.0 - -

Nov-18 Fuji Oil Holdings Inc. Blommer Chocolate Company Blommer processes, manufactures, and supplies integrated chocolate and cocoa in North America. $750.0 0.8x 13.4x

Sep-18 Amplify Snack Brands, Inc. Pirate Brands, LLC Pirate Brands, LLC, doing business as Pirate Brands, manufactures snack products. $420.0 - -

Aug-18 THL Equity Fund VIII Investors Dakota Growers Pasta Company, Inc. Manufactures pasta for retail private label, foodservice, and ingredient customers. $250.0 - -

Jul-18 B&G Foods, Inc. McCann's Brand of Premium Irish Oatmeal Manufacturer of premium oatmeal. $32.0 - -

Jul-18 Brynwood Partners U.S. Baking Busines The baking products producing business, including Pillsbury, Hungry Jack, White Lily, and more. $375.0 1.0x -

Jun-18 Conagra Brands, Inc. Pinnacle Foods Inc. Pinnacle Foods Inc. manufactures, markets, and distributes branded convenience food products. $10,986.8 3.5x 16.5x

May-18 KUC Holding Zipfizz Corporation Produces energy and sports drinks. $80.0 1.5x -

May-18 Crefica, SL California Olive Ranch Inc Producer of olive oil. $20.3 - -

May-18 Mondelez International, Inc. Tate's Bake Shop, Inc. Produces baking products including cookies and gluten-free desserts. $500.0 - -

Apr-18 Lassonde Industries Inc. Old Orchard Brands, LLC Old Orchard Brands, LLC produces fruit juices. $158.9 1.5x 10.1x

Apr-18 Marfrig Global Foods S.A. National Beef Packing Company, LLC Processes, Packages and Distributes fresh and frozen beef and beef by-products. $969.0 0.3x -

Apr-18 NU Pet Company Ainsworth Pet Nutrition Parent, LLC Manufactures and distributes healthy pet foods and treats. $1,900.0 - -

Mar-18 Campbell Soup Company Snyder's-Lance, Inc. Engages in the manufacture, distribution, marketing, and sale of snack food products in internationally. $6,136.3 2.7x 21.7x

Feb-18 Cott Corporation Crystal Rock Holdings, Inc. Produces, markets, and distributes bottled water to homes and offices in the East Coast $35.0 0.6x 8.0x

Feb-18 Total Produce plc Dole Food Company, Inc. Engages in growing, sourcing, processing, marketing, and distributing fresh fruits and vegetables. $300.0 0.4x 9.6x

Transaction Revenue EBITDAValue Multiple Multiple

Count 37 20 9High $10,986.8 4.1x 21.7xLow $10.9 0.3x 5.0x

Mean $861.0 1.6x 12.2xMedian $250.0 1.4x 10.1x

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Overview of Notable Food & Beverage Transactions

North American Middle-Market Food & Beverage M&A Volumes

Atlas Holdings acquires snacks division of TreeHouse Foods

August 1st, 2019

Atlas Holdings has acquired the snacks division of TreeHouse Foods, a NorthAmerican manufacturer and distributor of private label packaged foods andbeverages.

The total transaction value was $90M, with $670M of expected revenue in 2019. Thesnacks division of TreeHouse Foods fits into Atlas holdings existing food packagingportfolio company.

The deal allows TreeHouse to refocus their efforts, pay down debt, and achieve ahigher margin structure.

Source: Company-issued press releases, CNBC, and Reuters Source: Capital IQ as of 2/17/2020

The Alkaline Water Company acquires AQUAhydrate

September 9th, 2019

The Alkaline Water Company, a leading producer of premium alkaline drinkingwater has acquired the private Los Angeles – based performance lifestyle companyAQUAhydrate.

The Alkaline Water Company paid $50.8M for AQUAhydrate. The combined entity isprojected to achieve proforma 2020 sales of $65M. The companies represent two ofthe fastest growing premium water brands in the $280B bottled water market.

Alkaline has a strong pipeline of brand extensions and new products that it has beendeveloping, including flavored waters, CBD products and some alternative packagingoptions. Management believes that this merger will strengthen those investments bytargeting these new products to each brand’s unique consumer target market.

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COLORADODenver

KANSASKansas City

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OREGONEugeneMedfordPortland

TEXASDallasHouston

WASHINGTONBellinghamEverettIssaquahSeattleSpokaneTacomaTri-CitiesWenatcheeYakima

2,800+ Food, Beverage & Agribusiness (FB&A) Clients 20+ FB&A M&A transactions advised in 2019

30+locations west of the Mississippi

Moss Adams Location

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VICE PRESIDENT

Moss Adams Capital Select Food, Beverage and Agribusiness Team Biographies

Daniel Seubert

Seattle, WA

Mr. Seubert is a Vice President withMoss Adams Capital LLC. Prior tojoining the team, he worked for aFinancial Consulting firm focused onbusiness valuation and advisory servicesfor middle market technologycompanies. He previously held anAnalyst position with BlackRock’salternative asset valuation group. Mr.Seubert received his BA degree inEconomics with a minor in Financefrom Gonzaga University.

PARTNER

James Rothenberger

Seattle, WA

Mr. Rothenberger is a Partner withMoss Adams Capital LLC. In this role,he supports middle market businessowners with a range of corporatefinance services in order to assist theowner in selling their company, makestrategic acquisitions, or raise capitalfor growth. Prior to joining MossAdams, Mr. Rothenberger was anAssociate and a Director at MontlakeCapital and its portfolio companies, amiddle market Private Equity firmbased in Seattle. Mr. Rothenbergerreceived an MBA from the University ofWashington, and is a CharteredFinancial Analyst (CFA).

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Mr. Leyert is an Associate with MossAdams Capital LLC. Prior to joining theteam full-time, Mr. Leyert completedthe Fall Analyst Internship Programwith Moss Adams, in addition toprevious internships with BostonScientific, DocuSign, and the Universityof Washington Athletic Department.Mr. Leyert received his BA in BusinessAdministration with a double major inFinance and Marketing, as well asearning a Professional Sales Certificatefrom the University of Washington.

ASSOCIATE

Brandon Leyert

Seattle, WA

12

VICE PRESIDENT

Johnny Sherwood

Orange County, CA

Johnny has worked in the investmentbanking industry since 2007. Heprovides sell-side, buy-side, and debtand equity capital raise transactionadvisory services to middle-marketbusiness owners across a variety ofindustries. Prior to joining Moss Adams,Johnny was a vice president at aboutique investment bank and a seniorassociate at a Big Four accounting firm.Johnny graduated with a BS inaccounting from the University ofSouthern California.

We offer a full range of services and specializations that span accounting, consulting, and wealth management to suit your specific needs.

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The material appearing in this presentation is for informational purposes only and should not be construed as advice of any kind, including, without limitation, legal, accounting, or investment advice.

This information is not intended to create, and receipt does not constitute, a legal relationship, including, but nor limited to, an accountant-client relationship. Although this information may have been prepared

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Assurance, tax, and consulting offered through Moss Adams LLP. Wealth management offered through Moss Adams Wealth Advisors LLC. Investment banking offered through Moss Adams Capital LLC.

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