Food & BeverageM a r k e t M o n i t o r

S p r i n g 2 0 1 8

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

2

Investment Banking & Advisory - Selected Recent Food & Beverage Transactions

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

3

The return of an inflationary environment has continued to put

upward pressure on the FAO Food Price Index in early 2018. Near

record highs in Consumer Confidence, low unemployment and

payroll growth are contributing to increased prices and increased

acceptance of higher priced natural, organic, and fresh products.

To cater to changing preferences, increased investment will likely be

seen in faster-growing perishable categories that are typically found

in the perimeter of grocery stores, as opposed to slower-growing

processed/packaged food categories typically found in the center of

stores.

Private label brands will continue to be important for strategic buyers

seeking differentiation and an additional profit driver so long as

customer sentiment and brand recognition remain positive.

Transaction valuations are expected to remain robust in 2018 as

Strategic buyers seek to continue to stay on top of changing

preferences and leverage potential synergies in packaging and

distribution. Record highs in Private Equity committed capital and

“overhang” are also contributing to strong transaction valuations.

High transaction valuations likely will cause 2018 transaction volume

to be consistent with 2017 levels.

Food & Beverage Economic and M&A Landscape: Winter 2018

CommentaryMacroeconomic Consumer Indicators

Commodity Costs & Pricing Levels

Source: Capital IQ, Food and Agriculture Organization of the United Nations, Moss

Adams Capital research, USDA, US Agricultural Trade Data, CFRA research

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

4

EV/EBITDA valuations for Food companies have risen through

YTD 2018, with the exceptions of the Confectionary index,

which has decreased slightly. Valuations for Beverage

companies have continued to rise in line with the S&P 500.

Valuations

Selected Public Market Valuations: EV / EBITDANTM Estimated Revenue Growth

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

Source: Capital IQ

NTM Revenue and EBITDA for publicly-traded Food &

Beverage companies are expected to grow 2.8% and 6.7%,

respectively. By comparison, the S&P500’s revenue and

EBITDA are expected to grow 6.0% and 11.6%, respectively.

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

5

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) 2/23/18 TTM Data EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

Packaged Foods

Nestlé S.A. $81.02 $92.40 - $78.93 $247,728 $268,384 $92,474 $18,193 19.7% 5.8% 5.8% 2.9x 14.8x 2.7x 13.9x

The Kraft Heinz Company 68.71 93.88 - 67.05 82,440 112,560 26,232 8,315 31.7% 1.3% (2.2%) 4.3x 13.5x 4.2x 13.8x

Mondelez International, Inc. 43.76 47.23 - 39.19 64,714 82,175 25,896 4,607 17.8% 4.3% 18.9% 3.2x 17.8x 3.0x 15.0x

General Mills, Inc. 53.00 61.38 - 49.65 31,269 41,186 15,568 3,233 20.8% 1.6% 6.1% 2.6x 12.7x 2.6x 12.0x

Kellogg Company 68.06 75.31 - 58.76 23,601 31,951 12,923 2,912 22.5% 1.3% (7.9%) 2.5x 11.0x 2.4x 11.9x

Campbell Soup Company 44.09 59.94 - 42.82 13,215 16,925 7,858 1,958 24.9% 2.8% (9.4%) 2.2x 8.6x 2.1x 9.5x

Conagra Brands, Inc. 36.13 41.68 - 32.16 14,400 17,932 7,821 1,440 18.4% 1.7% 5.2% 2.3x 12.5x 2.3x 11.8x

The J. M. Smucker Company 123.77 143.45 - 99.57 13,954 18,711 7,360 1,632 22.2% 2.0% 5.4% 2.5x 11.5x 2.5x 10.9x

McCormick & Company, Incorporated 106.35 109.67 - 90.25 13,778 18,632 4,834 898 18.6% 13.4% 24.4% 3.9x 20.7x 3.4x 16.7x

Post Holdings, Inc. 77.58 89.04 - 71.06 5,034 10,841 5,409 974 18.0% 17.9% 32.9% 2.0x 11.1x 1.7x 8.4x

The Hain Celestial Group, Inc. 34.43 45.61 - 31.01 3,503 4,131 2,915 277 9.5% 4.6% 27.6% 1.4x 14.9x 1.4x 11.7x

TreeHouse Foods, Inc. 39.49 90.42 - 36.35 2,225 4,612 6,307 599 9.5% (3.8%) (10.0%) 0.7x 7.7x 0.8x 8.6x

B&G Foods, Inc. 31.58 45.00 - 29.50 2,061 3,892 1,608 326 20.3% 9.1% 16.6% 2.4x 11.9x 2.2x 10.2x

SunOpta Inc. 6.95 10.68 - 6.36 603 1,163 1,285 65 5.1% 1.5% 40.8% 0.9x 17.8x 0.9x 12.6x

Farmer Bros. Co. 31.75 37.55 - 28.75 521 601 571 43 7.5% 14.4% 41.0% 1.1x 14.1x 0.9x 10.0x

Median $17,932 $7,360 $1,440 18.6% 2.8% 6.1% 2.4x 12.7x 2.3x 11.8x

Average $42,246 $14,604 $3,031 17.8% 5.2% 13.0% 2.3x 13.4x 2.2x 11.8x

Confectionery

The Hershey Company $97.47 $116.49 - $95.21 $20,452 $22,993 $7,515 $1,803 24.0% 5.7% 5.9% 3.1x 12.8x 2.9x 12.0x

Tootsie Roll Industries, Inc. 34.40 39.68 - 33.25 2,185 2,069 518 111 21.4% NA NA 4.0x 18.7x NA NA

Rocky Mountain Chocolate Factory, Inc. 12.25 13.23 - 10.87 72 71 38 6 17.1% NA NA 1.9x 11.0x NA NA

Median $2,069 $518 $111 21.4% 5.7% 5.9% 3.1x 12.8x 2.9x 12.0x

Average $8,378 $2,691 $640 20.8% 5.7% 5.9% 3.0x 14.1x 2.9x 12.0x

NTM Est. Growth

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

6

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) 2/23/18 TTM Data EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

Baked & Snack Foods

J&J Snack Foods Corp. 134.84 157.33 - 121.20 2,515 2,385 1,124 164 14.6% 2.7% 6.7% 2.1x 14.5x 2.1x 13.6x

Lancaster Colony Corporation $119.80 $135.86 - $113.34 $3,286 $3,107 $1,202 $202 16.8% 2.1% 6.4% 2.6x 15.4x 2.5x 14.5x

John B. Sanfilippo & Son, Inc. 58.18 74.69 - 54.32 657 725 849 66 7.8% 4.1% NA 0.9x 10.9x 0.8x NA

Snyder's-Lance, Inc. 49.91 50.67 - 31.03 4,902 6,020 2,231 282 12.6% (0.7%) 17.3% 2.7x 21.4x 2.7x 18.2x

Flowers Foods, Inc. 21.15 21.46 - 16.80 4,383 5,210 3,921 408 10.4% 1.0% 13.5% 1.3x 12.8x 1.3x 11.3x

Median $3,107 $1,202 $202 12.6% 2.1% 10.1% 2.1x 14.5x 2.1x 14.0x

Average $3,489 $1,865 $224 12.4% 1.9% 11.0% 1.9x 15.0x 1.9x 14.4x

Protein

Tyson Foods, Inc. $74.85 $84.65 - $57.20 $27,450 $36,860 $39,307 $3,932 10.0% 4.7% 11.5% 0.9x 9.4x 0.9x 8.4x

Hormel Foods Corporation 32.83 38.00 - 29.75 17,479 17,973 9,219 1,321 14.3% 7.7% 8.0% 1.9x 13.6x 1.8x 12.6x

Pilgrim's Pride Corporation 24.94 38.39 - 20.26 6,201 8,369 10,768 1,368 12.7% 2.5% 4.3% 0.8x 6.1x 0.8x 5.9x

Seaboard Corporation 4,050.00 4,690.00 - 3,247.00 4,735 3,751 5,809 350 6.0% NA NA 0.6x 10.7x NA NA

Cal-Maine Foods, Inc. 43.40 50.40 - 33.40 2,072 1,873 1,205 28 2.3% 17.3% 524.6% 1.6x NM 1.3x 10.7x

Sanderson Farms, Inc. 119.75 176.43 - 90.67 2,757 2,368 3,426 511 14.9% 1.5% (13.4%) 0.7x 4.6x 0.7x 5.4x

Median $6,060 $7,514 $916 11.4% 4.7% 8.0% 0.9x 9.4x 0.9x 8.4x

Average $11,866 $11,622 $1,252 10.1% 6.8% 107.0% 1.1x 8.9x 1.1x 8.6x

Dairy

Danone $80.92 $88.68 - $75.17 $50,882 $73,419 $29,631 $5,161 17.4% 4.1% 12.5% 2.5x 14.2x 2.4x 12.6x

Glanbia plc 17.72 24.09 - 16.27 5,228 5,680 2,866 397 13.9% (1.9%) 1.0% 2.0x 14.3x 2.0x 14.1x

Dean Foods Company 10.03 20.10 - 9.01 906 1,828 7,878 344 4.4% (3.2%) 3.2% 0.2x 5.3x 0.2x 5.2x

Lifeway Foods, Inc. 7.12 11.51 - 6.61 113 112 123 7 5.6% 0.2% NA 0.9x 16.2x 0.9x NA

Median $3,754 $5,372 $371 9.7% (0.9%) 3.2% 1.4x 14.3x 1.5x 12.6x

Average $20,260 $10,125 $1,477 10.3% (0.2%) 5.6% 1.4x 12.5x 1.4x 10.7x

NTM Est. Growth

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

7

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) 2/23/18 TTM Data EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

Fruit & Vegetable

Fresh Del Monte Produce Inc. $47.97 $61.98 - $43.02 $2,400 $2,756 $4,086 $238 5.8% NA NA 0.7x 11.6x NA NA

Calavo Growers, Inc. 86.58 90.85 - 48.75 1,509 1,524 1,076 70 6.5% 17.9% 25.8% 1.4x 21.7x 1.2x 17.3x

Seneca Foods Corporation 30.15 39.45 - 27.75 297 743 1,315 42 3.2% NA NA 0.6x 17.7x NA NA

Median $1,524 $1,315 $70 5.8% 17.9% 25.8% 0.7x 17.7x 1.2x 17.3x

Average $1,674 $2,159 $117 5.2% 17.9% 25.8% 0.9x 17.0x 1.2x 17.3x

Beverage

The Coca-Cola Company $43.83 $48.62 - $41.59 $185,424 $214,339 $35,410 $10,728 30.3% (11.3%) 6.2% 6.1x 20.0x 6.8x 18.8x

PepsiCo, Inc. 109.31 122.51 - 106.19 155,139 174,846 63,525 12,723 20.0% 3.1% 7.6% 2.8x 13.7x 2.7x 12.8x

Monster Beverage Corporation 65.39 70.22 - 41.02 36,618 35,522 3,312 1,318 39.8% 11.1% 9.5% NM 27.0x 9.7x 24.6x

Dr Pepper Snapple Group, Inc. 115.26 126.65 - 83.23 20,636 25,062 6,690 1,579 23.6% 3.3% 1.2% 3.7x 15.9x 3.6x 15.7x

National Beverage Corp. 101.22 129.82 - 58.04 4,578 4,444 911 203 22.3% 15.7% 19.1% 4.9x 21.9x 4.2x 18.4x

Cott Corporation 14.83 17.96 - 11.00 2,080 3,520 3,832 421 11.0% (38.9%) (26.1%) 0.9x 8.4x 1.5x 11.3x

Median $30,292 $5,261 $1,448 23.0% 3.2% 6.9% 3.7x 17.9x 3.9x 17.0x

Average $76,289 $18,947 $4,495 24.5% (2.8%) 2.9% 3.7x 17.8x 4.7x 16.9x

All Selected Food & Beverage Companies Median $5,445 $4,460 $466 15.8% 2.8% 6.7% 2.0x 13.6x 2.1x 12.0x

Average $30,744 $11,115 $2,125 15.6% 3.4% 24.0% 2.1x 13.9x 2.3x 12.6x

NTM Est. Growth

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

8

Selected Recent Food & Beverage M&A Activity$ in millions

Close Transaction EV/ EV/

Date Acquirer/Investor Target Target Description Value Revenue EBITDA

Feb-18 EnWave USA Corporation nutraDRIED LLP nutraDRIED LLP produces cheese snacks. $1.8 0.6x -

Feb-18 Cott Corporation Crystal Rock Holdings, Inc.Crystal Rock Holdings, Inc. produces, markets, and distributes bottled water to

homes and offices in New England, New York, and New Jersey.$35.4 0.6x 6.7x

Feb-18 Total Produce plc Dole Food Company, Inc.

Dole Food Company, Inc. engages in growing, sourcing, processing, marketing,

and distributing fresh fruits and vegetables to wholesale, retail, and institutional

customers; and other food product companies worldwide.

$300.0 0.4x 9.6x

Feb-18 Hostess Brands, Inc.Certain U.S. Breakfast Assets of Aryzta

LLC

Producer of baked goods. The company's bakery products include danish and

cinnamon rolls, honey buns, cake, donuts and cakes.$25.0 - -

Dec-17 Conagra Brands, Inc.Sandwich Bros. of Wisconsin Business of

Kangaroo Brands, Inc.

Producer of frozen breakfast and entree flatbread sandwiches intended to offer

fast food items made from antibiotic-free chicken and Angus beef. The

company's frozen breakfast and entree flatbread sandwiches include turkey

sausage and cheese, egg white and turkey sausage, cheese burgers, chicken

melts and meatballs, enabling on-the-go consumers to have hygienic and tasty

snacks.

$87.0 - -

Dec-17 GreenSpace Brands Inc. Galaxy Nutritional Foods, Inc. Galaxy Nutritional Foods, Inc. produces plant-based cheese-free products. $16.9 1.0x -

Dec-17 Gladstone Land Corporation Organic Almond Orchard in CaliforniaOrganic Almond Orchard in California comprises an almond orchard and is

located in the United States.$5.9 - -

Nov-17 John B. Sanfilippo & Son, Inc. Squirrel Brand LP., Certain Assets

Producer of roasted nuts and snack mixes. The company's products include

almond snacks, salted pistachios, truffle cashews, caramel pecans and other

related food items, enabling customers to enjoy a fine taste of the product.

$31.5 - -

Nov-17 Maple Leaf Foods Inc. Field Roast Grain Meat Co., Inc. Field Roast Grain Meat Co., Inc. produces and markets vegan meat products. $120.0 3.2x -

Nov-17 Ajinomoto North America, Inc. Cambrooke Therapeutics, Inc.

Cambrooke Therapeutics, Inc. produces and sells medical formulas and food

for the management various medical conditions for people with serious unmet

medical nutrition needs.

$64.0 - -

Nov-17 Tyson Foods, Inc. Original Philly Holdings, Inc.Original Philly Holdings, Inc., through its subsidiaries, produces raw and fully-

cooked Philly-style sandwich steak and cheesesteak appetizer products.$236.0 1.7x -

Nov-17 Freiberger USA Inc. Richelieu Foods Inc.Richelieu Foods Inc. is engaged in the production of private label food products

for retail, corporate brands, and contract packing customers.$435.0 1.3x -

Nov-17 Unilever United States, Inc. Tazo Tea Company Tazo Tea Company offers tea and herbal beverages. $384.0 3.4x -

Nov-17 Saputo Inc. Betin, Inc Betin, Inc, doing business as Montchevre, produces and sells goat cheese. $263.9 2.3x -

Oct-17 Undisclosed Kettle Business of Tyson Foods, Inc.Kettle Business of Tyson Foods, Inc. comprises business that produces

cooking sauces, appetizer dips, and side dishes.$125.0 - -

Oct-17 Hormel Foods Corporation Columbus Manufacturing, Inc. Columbus Manufacturing, Inc. produces salamis and deli meats. $850.0 2.8x -

Discussed on page 10

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

9

Selected Recent Food & Beverage M&A Activity$ in millions

Close Transaction EV/ EV/

Date Acquirer/Investor Target Target Description Value Revenue EBITDA

Oct-17 Cooke Inc. Omega Protein Corporation

Omega Protein Corporation develops, produces, and delivers products to

enhance the nutritional integrity of foods, dietary supplements, and animal feeds

worldwide.

$508.7 1.4x 8.1x

Oct-17 Warabeya USA,INC. Prime Deli Corporation Prime Deli Corporation packages and supplies sandwiches and salads. $7.4 0.4x -

Sep-17 Kellogg Company Chicago Bar Company LLCChicago Bar Company LLC, doing business as RXBAR, produces and sells

food protein bars in the United States.$600.0 - -

Sep-17 Conagra Brands, Inc. Angie's Artisan Treats, LLCAngie's Artisan Treats, LLC produces and sells popcorns and other snack

items.$250.0 - -

Sep-17 Mccall Farms, Inc. Sager Creek Vegetable Company, Inc.Sager Creek Vegetable Company, Inc. produces and distributes canned

vegetables.$55.0 - -

Sep-17 Oregon Potato Co.Rader Farms Inc. and Willamette Valley

Fruit Company, LLC

As of September 22, 2017, Rader Farms Inc. and Willamette Valley Fruit

Company, LLC were acquired by Oregon Potato Co. Inventure Foods, Inc.,

Frozen Division comprises frozen food operations.

$50.0 - -

Aug-17WealthColony Management

Group LLCSoupman, Inc.

Soupman, Inc. manufactures and sells various types of soup in the United

States.$6.8 - -

Aug-17 Utz Quality Foods, LLC Inventure Foods, Inc.Inventure Foods, Inc. manufactures and markets healthy/natural and indulgent

specialty snack food products in the United States and internationally.$142.7 0.5x 66.4x

Aug-17 The Chefs' Warehouse, Inc. Fells Point Wholesale Meats, Inc.Fells Point Wholesale Meats, Inc. processes, cuts, and prepares meat for

delivery and produces a specialty protein.$45.0 - -

Aug-17Coca-Cola Southwest

Beverages, LLC

Great Plains Coca-Cola Bottling

Company, Inc.

Great Plains Coca-Cola Bottling Company, Inc. produces, distributes, and

merchandises Coca-Cola products in Oklahoma and Northwest Arkansas.$215.0 - -

Aug-17 MamaMancini's Holdings, Inc. Joseph Epstein Food Enterprises, Inc.Joseph Epstein Food Enterprises, Inc. manufactures food products, which

includes turkey meatballs.$5.3 - -

Aug-17 B&G Foods, Inc. Back to Nature Foods Company, LLCBack to Nature Foods Company produces cookies, crackers, granolas, juices,

and nuts.$162.5 - -

Aug-17 Farmer Bros. Co. Boyd Coffee Company, Inc. Boyd Coffee Company, Inc., produces and sells roasted coffee. $58.6 0.6x -

Aug-17 Hormel Foods Corporation Capitol Wholesale Meats, Inc.

Capitol Wholesale Meats, Inc. engages in the production and sale of meat cuts

of beef, pork, and veal; and pizza supplies, cooked Italian sausages, fresh cut

chickens, and ground hamburgers.

$425.0 - -

Aug-17 Effem Holdings Ltd. Preferred Brands International Inc.Preferred Brands International Inc. produces ready-to-eat Indian entrees, Asian

noodles, and rice products.$172.8 - -

Aug-17 Corbion N.V.TerraVia Holdings Inc., Substantially All

Assets

Producer and seller of food, nutrition, and specialty ingredients intended to

harnesses the power of algae. $20.0 - -

Jul-17 Innophos Holdings, Inc. Novel Ingredient Services, LLC

Novel Ingredient Services, LLC engages in the manufacture and supply of

ingredients for nutraceutical, food and beverage, sports nutrition, and pet care

industries.

$125.1 1.3x -

Median $120.0 1.3x 8.9x

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

10

North American Middle-Market Food

& Beverage M&A VolumesTotal Produce acquires 45% stake in Dole Food Company

February 1st, 2018

Total Produce announced an investment in Dole Food Company, a producerand marketer of fresh fruit and vegetables, for $300 million in cash (0.4x Rev; 9.6xEBITDA for the twelve months ended 10/7/17).

The transaction brings together two industry leaders to create a group with increasedscale and diversification both geographically and product-wise. Dole’s strongpresence in North America will complement Total Produce’s position in the Europeanmarket.

Total Produce and Dole have jointly agreed to a strategic plan to expand the businessin the years ahead. Specifically, Dole and Total Produce expect to deliver annualizedsynergies and cost savings at Dole of $15-20 million in the short term and $35 millionover the medium term.

Source: Company-issued press releases. Source: Capital IQ as of 2/23/2018

Unilever to Acquire TAZO from Starbucks

November 2nd, 2017

Unilever announced the acquisition of TAZO, a leading brand in the specialty teacategory, for $384 million in cash (3.4x Rev; 10.0x pro forma EBIT). The transactionincludes the TAZO brand and its related recipes, intellectual property, and inventory.

Unilever executives praised the acquisition as something that will cater to millennialneeds and enhance the company's existing tea offerings -- which include Lipton, PureLeaf, PG Tips and Pukka.

According to Nielsen, the specialty tea segment makes up 48% of the total U.S. $1.6billion (FY 2016) at-home tea category and trends suggest it will become moreprominent in the future.

Overview of Notable Transactions

11

ARIZONA

Phoenix

CALIFORNIA

Fresno

Los Angeles

Manhattan Beach

Napa

Orange County

Silicon Valley

Sacramento

San Diego

San Francisco

Santa Rosa

Stockton

Walnut Creek

Woodland Hills

COLORADO

Denver

KANSAS

Kansas City

NEW MEXICO

Albuquerque

OREGON

Eugene

Medford

Portland

TEXAS

Dallas

Houston

WASHINGTON

Bellingham

Everett

Issaquah

Seattle

Spokane

Tacoma

Tri-Cities

Wenatchee

Yakima

Our Locations

25+locations west of

the Mississippi

Moss Adams Location

Satellite

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

12

Our Global Reach

100+countries served

through Praxity,

AISBL

13

We offer a full range of services and

specializations that span accounting,

consulting, and wealth management to

suit your specific needs.

Moss Adams Services

Investments

Insurance

Family Office

Investments

Financial Planning

Tax

Succession Planning

Performance Audits

Business Planning

Development & Integration

Assessment & Planning

Cybersecurity

Compliance

Transfer Pricing

Tax Structuring

Controversy & Dispute Resolution

State & Local

International

Credits & Incentives

Compensation & Benefits

Accounting Methods

Accounting for Income Taxes (ASC 740)

Sustainability

Contract Compliance

Outsourced Accounting

Internal Audit

Public Company & SEC

Employee Benefit Plans

Financial Statement Audits

IN S T IT U T IO N A L

IN D IV ID U A LT R A N S A C T IO N S

S T R A T E G Y & O P E R A T IO N S

I T

T A X

A S S U R A N C E

Wealth ManagementConsultingAccounting

Valuations

Restructuring

M&A Tax

Due Diligence

Investment Banking

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

14

Contact Us

Wiley KitchellManaging Director

wiley.kitchell@mossadams.com

James RothenbergerDirector

james.rothenberger@mossadams.com

FOR ADDITIONAL INFORMATION CONTACT CONTRIBUTING AUTHORS WITH MOSS ADAMS INVESTMENT BANKING & ADVISORY

SEATTLE, WA IRVINE, CA

(206) 302-6500 (949) 221-4000

MACAPITAL@MOSSADAMS.COM

WWW.MOSSADAMS.COM/SERVICES/CONSULTING/TRANSACTIONS/INVESTMENT -BANKING

Rich AndersonManaging Director

rich.anderson@mossadams.com

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

by professionals, it should not be used as a substitute for professional services. If legal, accounting,

investment, or other professional advice is required, the services of a professional should be sought.

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.

Fo

od

& B

ever

ag

e M

ark

et M

on

ito

r

15