Food for Thought - William Blair · PDF fileFood for Thought Overview, Analysis, and Trends in...

April 2015

Food for ThoughtOverview, Analysis, and Trends in the Food and Food Retailing Industries

William Blair

Food For Thought Table of Contents

Table of Contents Selected Monthly M&A Activity – March ....................................................................................................................................................................................... 1 Noteworthy M&A Activity – LTM ..................................................................................................................................................................................................... 7 Historical M&A Trends in the Food and Food Retailing Industries ................................................................................................................................. 10 Volume Trends .................................................................................................................................................................................................................................. 10 Participant Trends ........................................................................................................................................................................................................................... 11 Valuation Trends .............................................................................................................................................................................................................................. 12 Public Company Trading Statistics ................................................................................................................................................................................................ 13 Food Production Companies ....................................................................................................................................................................................................... 13 Food Ingredients Companies ...................................................................................................................................................................................................... 14 Beverage Production Companies .............................................................................................................................................................................................. 14 Food Retail Companies .................................................................................................................................................................................................................. 15 Convenience Store Companies ................................................................................................................................................................................................... 15 Same-Store Growth – Food & Convenience Retail .................................................................................................................................................................. 16 U.S. Public Equity Financing Summary – LTM .......................................................................................................................................................................... 17 IPOs ........................................................................................................................................................................................................................................................ 17 Follow-Ons .......................................................................................................................................................................................................................................... 17 Selected Upcoming Industry Events ............................................................................................................................................................................................. 18 General Market Update....................................................................................................................................................................................................................... 20 Quarterly Market Update – All Industries .................................................................................................................................................................................. 20 Domestic M&A Market Summary ................................................................................................................................................................................................... 21 U.S. Activity Trends ......................................................................................................................................................................................................................... 21 U.S. Valuation Trends ..................................................................................................................................................................................................................... 22 U.S. Equity Capital Markets Summary .......................................................................................................................................................................................... 23 Debt Capital Markets Summary ...................................................................................................................................................................................................... 24 William Blair Food & Beverage and Food Convenience & Retail Investment Banking ........................................................................................... 25 Recent William Blair Consumer & Retail Transactions ........................................................................................................................................................ 27 William Blair Consumer & Retail Coverage ............................................................................................................................................................................... 28 Notes .......................................................................................................................................................................................................................................................... 29 Disclosures ............................................................................................................................................................................................................................................... 30

William Blair

Food For Thought Selected Monthly M&A Activity – March 1

Selected Monthly M&A Activity – March

Food & Beverage Producer Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/31/15 Shanghai Aquarius Drinking Water Co. Provider of distilled water

China Bright Food (Group) Co Ltd $53.9 1.65x -03/31/15 HaiNan Yedao Group Producer and distributor of liquor and starch products

China Hainan Jiantong Investment Management Co. $691.5 - -03/31/15 Fujian Anxi Jinxiang Tea Producer and seller of tea products

China Wide Lucky Asia Pacific Limited $25.8 - -03/31/15 Picard Surgeles (49%) Retailer of frozen food

France Aryzta $989.0 - -03/31/15 Koninklijke FrieslandCampina Producer and provider of dairy products

Hungary Alfoldi Tej Ertekesito Es Beszerzo Korlatolt Felelossegu Tarsasag - - -03/31/15 Carroll Cuisine Producer and wholesaler of sliced meat and ham products

Ireland Carlyle Group LP;Cardinal Capital Group - - -03/31/15 AZTECA Foods Europe Producer of corn flour and tortillas

Spain Gruma $48.8 - -03/31/15 Daniel Thwaites (Beer Division) Producer of beer

United Kingdom Marston's $37.2 - -03/30/15 AOR Producer and seller of edible oils

Belgium Archer Daniels Midland Company - - -03/30/15 Alagawadi Bireshwar Sugars Manufacturer of sugar

India Undisclosed Acquirer - - -03/30/15 Wako Shokuryo Co. Wholesaler and manufacturer of beans, fruits and seafood

Japan Ishikawa Shoji Co. - - -03/30/15 Lluvia (30%) Manufacturer of instant coffee and beverages

Myanmar Mitsubishi Corp. - - -03/30/15 Ubis All Co. Distributor of food and beverage products

Thailand Undisclosed Acquirer - - -03/30/15 Angel's Share Brands Producer and seller of Bourbon whiskey

United States Bacardi - - -03/29/15 Perrin Brewing Co. Manufacturer of alcoholic beverages

United States Oskar Blues Brewery - - -03/27/15 Sazae Shokuhin Manufacturer of confectionary products

Japan Ishiya Co. - - -03/27/15 Sasayakaho Co. (All Business Division) Producer of confectionary

Japan Maeda Seika Co. - - -03/27/15 Gehl Foods Manufacturer of dairy products

United States Wind Point Partners - - -03/26/15 Noon Pakistan Limited Processer and seller of milk and dairy products

Pakistan Fauji Fertilizer Bin Qasim Limited - - -03/26/15 Siberian Pelmennaya Co. Manufacturer of meat

Russian Federation Regional Distribution Agro Center Druzhino - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in March 2015Sources: Dealogic and Capital IQ

William Blair

Food For Thought 2 Selected Monthly M&A Activity – March

Food & Beverage Producer Transactions (cont.)

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/26/15 Donghwa F&V Co. Wholesaler of fruit, vegetable and meat products

South Korea Consus Asset Management Co. $48.9 - -03/25/15 Jafora-Tabori Ltd. (15%) Manufacturer of soft drinks

Israel Jaf-Ora $30.3 - -03/25/15 Lotus Korea Co. Wholesaler of confectionery

South Korea Lotus Bakeries $19.9 - -03/25/15 Thomas Hardy Brewery Manufacturer and seller of beer

United Kingdom Molson Coors Brewing Co. - - -03/25/15 Kraft Foods Group Manufacturer of consumer packaged food and beverage products

United States H.J. Heinz $53,739.0 2.95x NMF03/24/15 Ad van Geloven Producer and seller of frozen snacks

Netherlands TowerBrook Capital Partners - - -03/24/15 J Vineyards & Winery Producer of wine

United States E. & J. Gallo Winery - - -03/23/15 Sichuan Province HuiTong Shiye Co. Manufacturer of canned food and seasonings

China Chongqing Fuling Zhacai Group Co. $21.1 1.74x -03/23/15 Lemon-X Corp. Manufacturer and retailer of juices, teas, and cocktail mixes

United States Juice Tyme Inc. - - -03/21/15 Fattoria Casisano Colombaio Manufacturer and distributor of wines

Italy Private Investor (Tommasi Family) - - -03/21/15 Saga Central Fruits & Vegetables Market Co. Wholesaler of fruits and vegetables

Japan Nogata Kenzai Co. - - -03/20/15 Yonekubo Distributor of frozen food

Japan Maruichi Co. - - -03/20/15 Agrotour (4.7%) Producer of wine

Poland Private Investor (Roman Gabrys) - - -03/19/15 China Huiyuan Juice Group (7.9%) Producer of fruit and vegetable juice

China China Oceanwide Holdings $1,161.0 1.62x -03/19/15 Nambu Ham Co. Wholesaler of processed meat

South Korea Oyang Corp. $53.0 - -03/19/15 Café Salmeron Manufacturer and distributor of coffee

Spain Cafes Oquendo Fast Eurocafe - - -03/18/15 Kerlys Producer and processer of vegetables

France Union Fermiere Morbihannaise - - -03/17/15 Kubarus-Milk (25.2%) Manufacturer of dairy products

Russian Federation Eko-Market - - -03/16/15 Bien Hoa Confectionery Corp. (29.9%) Manufacturer of biscuits and candy

Vietnam Pan Pacific Corp. $33.1 0.64x 10.1x03/13/15 Harald Industria e Comercio de Alimentos (83.3%) Manufacturer of chocolate and cocoa products

Brazil Fuji Oil Co. $237.5 - -03/13/15 Golden Red Wine Co. (29.7%) Importer and distributor of wines

China Goldin Financial Holdings $223.7 - -03/13/15 Grupo Rojas & Co. Manufacturer and supplier of carbonated and non-carbonated beverages

Dominican Republic Anheuser-Busch InBev - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in March 2015Sources: Dealogic and Capital IQ

William Blair



($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/13/15 Eisunion Producer of ice-cream and related dairy products

Germany Idun Industri - - -03/13/15 Kekkuti Asvanyviz Producer of soft drinks

Hungary Karlovarské minerální vody - - -03/13/15 Flatout Inc. Manufacturer and marketer of flatbreads and related food products

United States Lancaster Colony Corp. $92.0 - -03/13/15 Walhalla Bean Co. Processer and distributor of whole grains, beans and seeds

United States Marubeni Corp. - - -03/12/15 Menora Foods Marketer and distributor of food products in Australia

Australia Monde Nissin - - -03/12/15 Rudiger Thomsen Schlacht- und ZerlegebetriebeProducer of meats and meat-based food products

Germany Toennies Lebensmittel - - -03/12/15 Yonekyu Corporation (Beer Manufacturing Business) Manufacturer and seller of beer

Japan DHC Corporation $5.0 - -03/12/15 Chirag Kenya Limited Manufacturer of snack foods and spices

Kenya FTG Holdings - - -03/12/15 Serraleite Producer and distributor of milk

Portugal Jeronimo Martins - - -03/12/15 Nestlé (South Africa) Provider of food and beverage products

South Africa R&R Ice Cream - - -03/12/15 Salve Bilbao (25%) Manufacturer and distributor of beer

Spain Grupo Mahou - San Miguel - - -03/12/15 The Distribution Company Inc. Distributor of food and beverage products

United States V Group, Inc. - - -03/11/15 Betta Foods Australia Manufacturer of ice-cream cones, marshmallows, and jellies

Australia Prydes Confectionary Holdings - - -03/11/15 Koshoy (5.9%) Manufacturer of sugar

Kyrgyzstan Azoteks - - -03/11/15 Kaindy Et Kombinaty (57.6%) Producer and processor of poultry

Kyrgyzstan Private Investor (Duysheev Satyvaldy Kaibyshevich) - - -03/11/15 Mikela Alus Daritava (33%) Producer of beer

Latvia Private Investor (Mikeli Redlihs) - - -03/11/15 Europastry Manufacturer of bread and bakery products

Spain Nazca Capital - - -03/11/15 Mocoffee Producer of coffee and tea

Switzerland W2W E-Commerce de Vinhos - - -03/11/15 Adelie Foods Group Manufacturer of sandwich products

United Kingdom H.I.G. Capital - - -03/11/15 Vantage Seafood Importer of seafood products

United States Keyport - - -03/11/15 Sager Creek Vegetable Co. Producer of canned food and beverages

United States NutriAsia Inc. $75.0 - -03/10/15 Carnicas Floristan Manufacturer and distributor of salads

Spain Ensaladas Floristan - - -03/10/15 Mixum Producer of ready-to-eat meals

Sweden Salladsbaren i Sverige AB -Picadeli - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in March 2015Sources: Dealogic and Capital IQ

William Blair



($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/10/15 Massandra Producer of wine

Ukraine Undisclosed Acquirer - - -03/09/15 Compania Alimenticia Los Andes Producer and marketer of coffee and chocolate

Argentina Molinos Rio de la Plata - - -03/09/15 Vinicola Vivalto Terroir Producer of wine

Brazil Private Investor (Vicente Donini) - - -03/09/15 QingDao He Wei Yuan Food Co. Manufacturer of seafood

China AVIX Technologies - - -03/09/15 Atlantic Ovo Manufacturer of pasteurized eggs

France Private Investor (Herve Ferriere) - - -03/09/15 Full Sail Brewing Co. Manufacturer of beer

United States Encore Consumer Capital;Oregon Craft Brewers Co. - - -03/09/15 American Beverage Corp. Producer of fruit juices

United States Harvest Hill $55.0 - -03/09/15 Brand Aromatics International Manufacturer of food flavorings, marinades, and broth

United States McCormick & Co. - - -03/08/15 Kerry Pinnacle Manufacturer and marketer of bakery ingredients and frozen food products

Australia Pacific Equity Partners - - -03/08/15 Era Good Wholesaler of food and beverage products

Slovenia Poslovni Sistem Mercator - - -03/07/15 Bald Hills Vineyard Limited Producer of wine

New Zealand Beecom Limited - - -03/06/15 Starr Culinary Delights Producer and seller of cake and dessert products

Canada Wittington Investments - - -03/06/15 AN, S.Coop Producer of organic cereal Spain UNICA Group - - -03/06/15 Heartland Harvest Producer of die cut pellets used to make pasta

United States Bunge Ltd - - -03/05/15 Perheleipurit Manufacturer of bakery products

Finland Leipomo Salonen - - -03/05/15 Conditorei Coppenrath & Wiese Producer of deep frozen cakes and tortes

Germany Dr. August Oetker - - -03/05/15 North Coast (38%) Importer and distributor of food and beverage products

Poland Nuova Castelli $12.1 0.25x -03/05/15 Danilovskiy Rynok Producer of fresh fruits and vegetables

Russian Federation Expert Union $6.9 - -03/05/15 Unica Group Producer of fruits and vegetables

Spain Grupo - - -03/04/15 Vereinigte Kaertner Brauereien (50%) Producer of beer

Austria L'Arche Green - - -03/04/15 Ingredient Co. Distributor of food ingredients

Canada Caldic - - -03/04/15 Hermann Degener Spirituosen Manufacturer and seller of alcoholic beverages

Germany Private Investor (Sven Stirnemann) - - -03/03/15 Grupo Conboca ( Pasta Alfredo brand) Manufacturer of pasta, noodles, and breads

Colombia Artisano - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in March 2015Sources: Dealogic and Capital IQ

William Blair



($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/03/15 CFI Co. (74.1%) Manufacturer of food and beverage products

Japan Asahi Group Holdings $1,822.6 - -03/03/15 Chitaka International Foods (Pastel Business) Manufacturer of confectionary products

Japan Ohgiya Corporation - - -03/03/15 Food Concepts Pioneer Limited Owner and operator of bakeries

Nigeria Pioneer Food Group $14.0 - -03/03/15 Rustica Producer and seller of bread and bakery products

United States Undisclosed Acquirer - - -03/03/15 Shot Spirits Corporation Producer of alcoholic beverages

United States My Big Coin Pay, Inc. - - -03/02/15 Lion-Dairy & Drinks (Everyday cheese business) Producer of milk, cheese, and related dairy products

Australia Saputo $107.4 - -03/02/15 PT Surya Agro Persada (90%) Producer of fruits and vegetables

Indonesia Oriental Holdings $30.2 - -03/02/15 Citrusource Supplier of not-from-concentrate private label organic orange juice and citrus products

United States SunOpta $13.3 - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in March 2015Sources: Dealogic and Capital IQ

William Blair


Food & Convenience Retail Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/30/15 Marumiyastore Co. Operator of a chain of grocery stores

Japan Marukyu Co. $27.4 0.09x 3.6x03/26/15 Hokkaido FamilyMart Co. (51%) Operator of convenience stores that sell groceries and other items

Japan FamilyMart Co. - - -03/25/15 San Miu Supermarket Supermarkets operator

Macao Dairy Farm International Holdings - - -03/22/15 Spar Retail Operator of a chain of supermarkets

Russian Federation X5 Retail Group - - -03/18/15 Chengdu Hongyan Supermarket Co. Operator of supermarkets

China Chengdu Hongqi Chain Co. $38.2 - -03/13/15 Antalya Market (29 Supermarkets) Operator of a chain of supermarkets

Turkey Carrefour Sabanci Ticaret Merkezi $12.0 - -03/10/15 Mandai Co. Operator of a chain of supermarkets

Japan Seven & i Holdings $550.0 - -03/09/15 Supermarkets (7 supermarkets) Operator of supermarkets

United States Casey's General Stores - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in March 2015Sources: Dealogic and Capital IQ

William Blair

Food For Thought Noteworthy M&A Activity – LTM 7

Noteworthy M&A Activity – LTM

Food & Beverage Producer Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/31/15 Picard Surgeles (49%) Retailer of frozen food

France Aryzta $989.0 - -03/25/15 Kraft Foods Group Manufacturer of consumer packaged food and beverage products

United States H.J. Heinz Holding Corporation $53,739.0 2.95x NMF03/03/15 CFI Co. (74.1%) Manufacturer of food and beverage products

Japan Asahi Group Holdings $1,822.6 - -02/10/15 Remy Cointreau (5.1%) Producer and distributor of wines and spirits France Stichting Pensioenfonds $4,160.9 3.89x NMF02/03/15 Big Heart Pet Brands Manufacturer, distributor, and marketer of pet food and pet snacks United States The J. M. Smucker Company $6,000.0 - -01/26/15 MOM Brands Producer and seller of cereal products in the United States

United States Post Holdings $1,151.7 - 7.9x12/31/14 Inner Mongolia Mengniu Dairy Company Manufacturer of dairy products China China Dairy (Mauritius) Limited $6,039.2 - -12/15/14 Archer Daniels Midland Company

(Global Cocoa Business) Producer of cocoa United States Olam International $1,300.0 - -11/20/14 Primo Smallgoods Producer of packaged meats

Australia JBS $1,255.4 - -11/06/14 DSS Group Producer and distributor of bottled water

United States Cott Corp. $1,250.0 - -11/03/14 Centrale Laitiere Producer and seller of packaged milk and dairy products

Morocco Danone $1,677.9 2.10x 17.1x11/03/14 United Biscuits Manufacturer and distributor of biscuits, snacks and frozen foods

United Kingdom Yildiz Holding $3,199.2 - -10/20/14 Hainan Yedao Co. (11.2%) Manufacturer of food and beverage products China China Orient Capital Investment Group $679.0 6.19x - 10/06/14 Belvedere (7.3%) Producer and marketer of alcoholic beverages France Diana Holding - Groupe Zniber $362.7 0.54x NMF09/10/14 Windsor Quality Food Company Producer and marketer of frozen foods and appetizers United States Ajinomoto North America $800.0 1.19x -09/08/14 Annie's Producer of natural and organic foods United States General Mills $821.2 3.95x NMF09/02/14 Archer Daniels Midland Company

(Global Chocolate Business) Producer of chocolate United States Cargill $440.0 - -08/21/14 Ebro Foods (2%) Manufacturer of pasta, rice, and ready-to-eat food Spain Empresas Comerciales e Industriales Valencianas $3,589.8 1.37x 9.5x08/15/14 Vietnam Dairy Products (2%) Manufacturer of dairy products Vietnam Fraser & Neave $4,534.6 2.90x 14.1x08/11/14 Chiquita Brands International Producer and distributor of fruit and other fresh produce United States Sucocitrico Cutrale;Banco Safra, Investment Arm $1,193.1 0.39x 13.6x08/11/14 Treasury Wine Estates Producer and distributor of wine Australia TPG Capital $3,323.0 2.00x 14.2xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought 8 Noteworthy M&A Activity – LTM


($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA07/14/14 Russell Stover Candies Manufacturer and marketer of sweets and chocolates United States Chocoladefabriken Lindt & Spruengli $1,400.0 - - 07/07/14 WILD Flavors Manufacturer of food ingredients and preservatives Switzerland Archer Daniels Midland Europoort $3,096.5 2.28x - 06/30/14 CytoSport Manufacturer of nutritional supplements United States Hormel Foods Corporation $470.0 - -06/30/14 Flagstone Foods Producer and distributor of dried fruits and nuts United States Treehouse Foods $860.0 - -05/29/14 Hillshire Brands Co. Manufacturer of consumer food and beverage products United States Tyson Foods $8,533.5 2.10x 15.3x05/22/14 Conopco (North America Pasta Sauces Business) Producer of pasta sauce United States Mizkan Holdings $2,150.0 3.60x -05/21/14 Tnuva Food Industries Producer and distributor of dairy and frozen food products Israel Bright Food Group $1,711.2 - -05/20/14 Treasury Wine Estates Producer and distributor of wine Australia KKR & Co. $3,188.3 1.90x NMF05/12/14 Pinnacle Foods Manufacturer of convenience food products United States Hillshire Brands $6,729.2 2.70x 15.2x04/27/14 Goodman Fielder Manufacturer and distributor of food ingredients Australia First Pacific Company $1,698.4 0.84x 8.8x04/25/14 Deoleo Producer of cooking oils Spain CVC Capital Partners $1,261.8 1.16x 12.5x04/17/14 MFI Holding Corporation Processer and distributor of commercial food products United States Post Holdings $2,499.5 - -04/15/14 United Spirits Manufacturer and seller of alcoholic beverages India Diageo $1,895.8 4.88x NMF04/14/14 DIANA Provider of organic and natural foods France Symrise $1,796.2 2.88x 14.0xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought Noteworthy M&A Activity – LTM 9

Food & Convenience Retail Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM

Announced Target Business Description Nation Buyer Value Sales EBITDA 03/10/15 Mandai Co. Operator of a chain of supermarkets Japan Seven & i Holdings $550.0 - -

01/28/15 Controladora Comercial Mexicana Operator of a chain of supermarkets Mexico Organizacion Soriana $2,676.0 1.38x 16.1x

12/18/14 The Pantry Operator of convenience stores that sell groceries and other items United States Alimentation Couche-Tard $1,725.4 0.26x 7.8x11/24/14 Dean & DeLuca Operator of retail stores that sell gourmet specialty food and beverage products

United States Pace Development Corporation $140.0 - -11/07/14 Nature's Pantry Operator of a chain of food retail stores

United States Natural Grocers by Vitamin Cottage - - -10/31/14 Maruetsu Operator of a chain of supermarkets Japan Kasumi $685.6 0.23x 7.5x10/03/14 Migros Ticaret Operator of a chain of supermarkets Turkey Anadolu Endüstri Holding $2,705.4 0.79x 13.1x09/30/14 Seijo Ishii Co. Operator of a chain of supermarkets Japan Lawson $501.4 1.01x 9.7x09/16/14 Grocery Outlet Inc. Operator of a chain of grocery stores United States Hellman & Friedman - - -08/11/14 Kinsho Store Co. Operator of a chain of supermarkets Japan Kintetsu Corporation $645.3 1.13x -07/02/14 Grupo El Árbol Distribución y Supermercados Supermarkets operator Spain Distribuidora Internacional de Alimentación $205.9 0.18x -06/03/14 DIA France Operator of a chain of supermarkets France Carrefour $816.9 - -05/07/14 Roundy's (18 Rainbow Stores) Operator of 18 retail stores United States SuperValu $65.0 - -04/28/14 Susser Holdings Corporation Operator of a chain of convenience stores United States Energy Transfer Partners $2,320.3 0.37x 14.4x04/11/14 SPAR Group Operator of a chain of grocery and retail stores South Africa Allan Gray $2,059.8 0.45x 13.0x04/07/14 Carrefour Operator of a chain of supermarkets France Motier $1,786.3 0.36x 12.2xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought 10 Historical M&A Trends in the Food and Food Retailing Industries

Historical M&A Trends in the Food and Food Retailing Industries

Volume Trends

U.S. Monthly Announced M&A Activity

04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01/15 02/15 03/15Food & Beverage Production 17 16 12 12 13 14 14 11 12 17 16 18Food Retail & Convenience 2 1 1 0 1 1 1 6 6 1 2 1U.S. Yearly Announced M&A Activity

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDFood & Beverage Production 128 101 145 127 106 79 109 127 161 147 161 51Food Retail & Convenience 53 65 87 96 64 48 20 32 24 42 33 4Total Deal Value $13.5 $11.5 $29.1 $33.3 $93.3 $20.5 $39.0 $13.9 $36.0 $43.2 $59.9 $62.6 Global Yearly Announced M&A Activity

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDFood & Beverage Production 799 870 996 1104 1042 948 969 906 814 768 792 256Food Retail & Convenience 174 179 197 221 269 211 230 177 165 158 140 22Total Deal Value $61.1 $97.8 $94.9 $132.3 $140.5 $72.0 $94.2 $125.4 $127.4 $109.7 $134.2 $71.0 Note: Data represents announced transactions including U.S.-based targets onlySources: Dealogic and Capital IQ as of March 31, 2015

Food & Beverage Production Food Retail & Convenience19 17 13 12 14 15 15 17 18 18 18 19

0102030Number of Deals

Food & Beverage Production Food Retail & Convenience Total Deal Value

181 166 232 223 170 127 129 159 185 189 19455

$0$40$80$120

0100200300Deal ValueNumber

of Deals ($ in billions)

Food & Beverage Production Food Retail & Convenience Total Deal Value

973 1,049 1,193 1,325 1,311 1,159 1,199 1,083 979 926 932278 $0$50$100$150$200

05001,0001,500Deal ValueNumber

of Deals ($ in billions)

William Blair

Food For Thought Historical M&A Trends in the Food and Food Retailing Industries 11

Participant Trends

Breakdown of Acquirers by Type

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDPrivate 46.8% 44.1% 43.4% 51.9% 47.2% 50.0% 52.8% 49.5% 53.2% 56.0% 48.6% 47.2% 46.2%Public 24.0% 27.7% 28.0% 19.6% 21.6% 20.3% 17.4% 18.1% 15.6% 19.5% 25.8% 21.6% 25.0%Private Equity 11.0% 9.2% 10.1% 13.8% 17.2% 13.1% 13.0% 13.2% 12.2% 7.2% 13.6% 12.5% 11.5%Foreign 18.2% 19.0% 18.5% 14.6% 14.0% 16.7% 16.8% 19.1% 19.0% 17.3% 12.0% 18.8% 17.3% Breakdown of Sellers by Type

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDPrivate 30.1% 46.4% 53.1% 50.5% 57.2% 46.3% 53.0% 49.7% 47.1% 53.4% 55.2% 53.4% 63.5%Public 3.3% 6.4% 5.6% 2.0% 1.7% 3.7% 5.1% 6.1% 4.8% 2.5% 4.9% 7.4% 7.7%Private Equity 17.1% 7.9% 9.1% 12.4% 8.1% 8.0% 8.5% 14.0% 5.3% 8.1% 7.8% 8.0% 9.6%Divestiture 49.6% 39.3% 32.2% 35.1% 32.9% 42.0% 33.3% 30.2% 42.8% 36.0% 32.1% 31.3% 19.2%Note: Data represents announced transactions including U.S.-based targets onlySources: Dealogic and Capital IQ as of March 31, 2015

0%10%20%30%40%50%60%Percent of Deals

0%10%20%30%40%50%60%70%Percent of Deals

William Blair

Food For Thought 12 Historical M&A Trends in the Food and Food Retailing Industries

Valuation Trends

Average EBITDA Multiples for Food Transactions(1)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDAverage EV/EBITDA Multiple 8.4x 9.1x 11.4x 9.9x 12.0x 10.4x 9.3x 8.2x 11.8x 13.2x 13.0x 13.0x 9.2xNumber of Disclosed Deals 25 20 14 28 23 20 14 11 7 17 22 34 6 Average EBITDA Multiples for Beverage Transactions(2)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDAverage EV/EBITDA Multiple 11.8x 14.1x 12.0x 13.5x 13.4x 17.3x 11.7x 10.9x 9.8x 13.6x 14.5x 11.8x 13.8xNumber of Disclosed Deals 9 16 12 15 5 4 9 1 3 6 4 13 4(1) Excludes Food & Convenience retail transactions (2) Includes alcoholic and nonalcoholic beverages Note: Data represents global transactions announced in the respective sectors Note: Transactions with multiples that are not meaningful are categorized as undisclosed Sources: Dealogic and William Blair as of March 31, 2015

Average EV/EBITDA Multiple Number of Disclosed Deals

8.4x 9.1x 11.4x9.9x 12.0x 10.4x 9.3x 8.2x

11.8x 13.2x 13.0x 13.0x9.2x

0510152025303540

0.0x5.0x

10.0x15.0x20.0xEV/EBITDA Multiple

Average EV/EBITDA Multiple Number of Disclosed Deals

11.8x 14.1x 12.0x 13.5x 13.4x17.3x

11.7x 10.9x 9.8x13.6x 14.5x 11.8x 13.8x

05101520

0.0x5.0x

10.0x15.0x20.0x25.0xEV/EBITDA Multiple

William Blair

Food For Thought Public Company Trading Statistics 13

Public Company Trading Statistics

Food Production Companies ($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Nestlé $239,698.4 (3.4%) 3.0% NA NA $254,275.2 2.76x 14.5x Unilever $118,635.2 (5.6%) 2.1% 17.6x 175.7% $131,935.4 2.25x 12.3x Mondelez International $59,181.0 (2.3%) (0.6%) 18.2x 169.0% $74,362.0 2.17x 14.8x Kraft Foods Group $51,246.8 36.0% 39.0% 25.2x 296.0% $59,985.8 3.30x 25.2x Danone $40,489.1 (3.7%) 2.1% 16.3x 188.4% $50,165.3 1.96x 12.5x General Mills $33,738.7 5.2% 6.1% 18.9x 240.7% $44,455.0 2.52x 14.1x Associated British Foods $32,934.8 (13.3%) (14.8%) 24.0x 247.2% $34,171.7 1.63x 13.4x Kellogg Company $23,490.7 2.3% 0.8% 15.6x 199.1% $30,479.7 2.09x 16.3x The Hershey Company $22,283.8 (2.8%) (2.9%) 22.3x 262.3% $24,060.7 3.24x 14.5x ConAgra Foods $15,600.2 4.4% 0.7% 15.8x 237.6% $23,949.3 1.36x 10.4x Tyson Foods $15,578.8 (7.3%) (4.5%) 12.9x 152.2% $22,736.8 0.57x 10.2x Hormel Foods Corporation $14,987.8 (2.8%) 9.1% 25.4x 298.9% $14,716.2 1.55x 13.5x Campbell Soup Company $14,513.8 (0.1%) 5.8% 18.2x 303.5% $18,231.8 2.19x 12.3x The J. M. Smucker Company $13,848.6 0.3% 14.6% 18.5x 238.4% $15,916.7 2.90x 13.6x Grupo Bimbo $13,351.7 0.5% 3.0% 23.8x 52.9% $17,645.7 1.39x 12.2x JBS $12,824.4 1.4% 5.3% 12.0x NA $22,958.9 0.51x 5.9x Saputo $10,769.4 (5.3%) (8.8%) 8.7x 87.4% $12,505.1 1.36x 13.1x George Weston $10,133.4 (6.5%) (8.6%) 14.5x 145.2% $27,046.0 0.71x 12.3x McCormick & Company $9,859.8 2.3% 3.8% 23.3x 283.0% $11,116.1 2.61x 16.2x The Hain Celestial Group $6,514.9 2.4% 9.9% 18.6x 125.9% $7,254.9 2.94x 24.6x Pilgrim's Pride Corporation $5,866.6 (17.6%) (31.1%) 31.4x NA $5,297.6 0.62x 3.9x ARYZTA $5,428.8 (23.2%) (20.5%) 10.5x 35.8% $7,812.2 1.36x 9.3x Flowers Foods $4,761.8 5.1% 18.5% 19.3x 180.8% $5,533.4 1.48x 12.9x Treehouse Foods $3,638.0 1.7% (0.6%) 21.2x 198.6% $5,036.7 1.71x 13.7x Lancaster Colony Corporation $2,603.1 4.1% 1.6% 23.2x 211.1% $2,346.9 2.21x 14.2x Post Holdings $2,451.7 (5.3%) 11.8% 51.0x 637.2% $6,219.9 1.95x 16.0x Snyder's-Lance $2,250.7 3.6% 4.6% 22.7x 151.3% $2,682.0 1.65x 15.9x Tootsie Roll Industries $2,041.1 5.9% 14.0% NA NA $1,910.2 3.51x 18.2x Fresh Del Monte Produce $2,028.3 10.5% 16.0% 16.2x 324.3% $2,301.1 0.59x 8.7x J&J Snack Foods Corp. $1,994.0 5.4% (1.9%) 28.0x 311.1% $1,896.4 2.04x 13.3x Cal-Maine Foods $1,893.3 3.8% 0.1% 8.1x NA $1,709.7 1.11x 6.6x Sanderson Farms $1,845.8 (6.5%) (5.2%) 8.8x NA $1,692.7 0.59x 3.4x B&G Foods $1,582.1 2.7% (1.6%) 16.3x NA $2,606.5 3.07x 14.4x Dean Foods Company $1,556.4 2.5% (14.7%) 15.5x 209.7% $2,457.2 0.26x 12.6x Diamond Foods $1,024.6 20.9% 15.4% 38.2x 346.9% $1,624.6 1.83x 18.2x Lotus Bakeries $1,024.4 (1.5%) 16.1% 21.1x 211.1% $1,060.3 2.52x 13.6x Calavo Growers $890.4 22.6% 8.7% 31.9x 277.6% $946.0 1.17x 20.0x Boulder Brands $583.9 (7.6%) (13.8%) 16.6x 94.8% $858.7 1.66x 14.5x John B Sanfilippo & Son $479.6 16.3% (5.3%) NA NA $545.8 0.66x 9.5x Seneca Foods Corp. $324.4 10.2% 10.3% NA NA $606.3 0.47x 19.7x Inventure Foods $218.7 10.9% (12.2%) 16.3x 118.9% $303.7 1.06x 12.6x Bridgford Foods Corp. $72.9 2.3% 3.4% NA NA $68.0 0.50x NMF Golden Enterprises $45.9 0.4% 10.8% NA NA $51.4 0.39x 7.5x

Mean 1.6% 2.1% 20.2x 219.1% $22,175.2 1.68x 13.3x

Median 1.7% 2.1% 18.5x 210.4% $6,219.9 1.65x 13.5x Note: Data as of March 31, 2015 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought 14 Public Company Trading Statistics

Food Ingredients Companies ($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Givaudan $16,677.9 (5.7%) 0.6% 22.4x 186.6% $17,413.8 3.93x 19.2x Kerry Group $11,805.0 (7.9%) (2.8%) 16.0x 141.4% $13,366.5 1.92x 15.3x International Flavors & Fragrances $9,479.6 (3.7%) 15.8% 21.3x 304.2% $9,946.8 3.22x 14.4x Symrise $8,205.6 (0.8%) 4.2% 23.5x 176.8% $9,645.6 3.76x 18.2x Barry Callebaut $5,372.1 (5.7%) (4.7%) 16.8x 76.7% $7,348.2 1.13x 13.1x Sensient Technologies Corporation $3,273.3 8.3% 14.2% 21.1x 222.1% $3,719.9 2.57x 13.6x Frutarom Industries $2,192.1 16.4% 20.9% 24.6x NA $2,363.2 2.88x 16.0x T. Hasegawa Co. $613.3 1.4% 4.1% 16.3x NA $472.9 1.27x 8.3x Takasago International Corporation $450.6 (1.7%) (0.2%) 11.2x NA $776.0 0.71x 11.1x

Mean 0.1% 5.8% 19.2x 184.6% $7,228.1 2.38x 14.4x

Median (1.7%) 4.1% 21.1x 181.7% $7,348.2 2.57x 14.4x Beverage Production Companies ($ in millions)

% Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Anheuser-Busch InBev $196,505.9 (4.1%) 7.6% 20.5x 164.0% $243,254.9 5.17x 13.5x The Coca-Cola Company $177,142.4 (6.4%) (4.0%) 18.1x 220.2% $197,476.4 4.29x 15.4x Pepsico $141,742.9 (3.4%) 1.1% 19.5x 237.6% $161,883.9 2.43x 13.0x SABMiller $84,645.5 (7.4%) 0.4% 18.6x 146.3% $99,418.5 5.86x 17.0x Diageo $69,247.6 (7.6%) (4.1%) 16.1x 156.9% $87,994.6 5.52x 17.7x Monster Beverage Corporation $23,529.4 (1.9%) 27.7% 46.8x 334.3% $22,377.9 9.08x 29.0x Constellation Brands $22,457.5 1.3% 18.4% 25.8x 193.1% $29,732.2 4.93x 16.7x Brown-Forman Corporation $19,062.1 (1.5%) 2.9% 25.3x NA $19,818.1 6.43x 19.4x Keurig Green Mountain $17,479.4 (12.4%) (15.6%) 29.2x 161.6% $17,162.0 3.65x 14.3x Dr Pepper Snapple Group $15,124.7 (0.4%) 9.5% 21.3x 289.2% $17,476.7 2.86x 12.5x Molson Coors Brewing Company $13,866.4 (1.9%) (0.1%) 17.2x 224.5% $16,464.1 3.97x 20.6x Coca-Cola Enterprises $10,297.3 (4.3%) 0.0% 13.7x 152.6% $14,026.3 1.70x 10.0x The WhiteWave Foods Company $7,734.4 8.3% 26.7% 38.6x 220.6% $9,232.5 2.69x 23.7x Boston Beer Co. $3,566.7 (0.1%) (7.6%) 36.7x NA $3,490.9 3.87x 19.0x National Beverage Corp. $1,131.9 8.9% 7.9% NA NA $1,101.7 1.71x 13.2x Coca-Cola Bottling Co. $1,050.6 8.3% 28.4% 30.9x NA $1,618.6 0.93x 11.6x Cott Corporation $872.1 (3.1%) 35.2% 19.9x NA $2,739.6 1.30x 15.8x Farmer Brothers Co. $396.0 2.1% (16.0%) 24.5x 122.3% $376.7 0.70x 13.0x Lifeway Foods $349.6 14.2% 15.4% 41.1x 257.1% $352.4 2.96x NMF Jones Soda Co. $15.2 (9.8%) 5.7% NA NA $14.3 1.06x NMF

Mean (1.1%) 7.0% 25.8x 205.7% $47,300.6 3.56x 16.4x

Median (1.9%) 4.3% 22.9x 206.7% $16,813.1 3.31x 15.6x Note: Data as of March 31, 2015 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought Public Company Trading Statistics 15

Food Retail Companies ($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA The Kroger Co. $37,256.8 7.7% 19.4% 21.7x 241.3% $48,674.8 0.45x 9.4x Whole Foods Market $18,788.5 (7.8%) 3.3% 33.0x 183.9% $18,114.5 1.24x 13.4x Sprouts Farmers Market $5,367.8 (4.3%) 3.7% 41.8x NA $5,644.3 1.90x 22.0x United Natural Foods $3,857.8 (7.2%) (0.4%) 28.9x 189.0% $4,385.3 0.58x 15.7x SUPERVALU $3,038.8 17.7% 19.9% 17.4x NA $5,852.8 0.34x 7.7x The Fresh Market $1,971.9 6.8% (1.4%) 22.4x 112.8% $1,956.7 1.12x 10.4x Weis Markets $1,338.4 5.5% 4.1% NA NA $1,241.5 0.45x 8.3x Smart & Final Stores $1,298.4 16.9% 11.9% 24.1x NA $1,782.1 0.50x 11.6x SpartanNash Company $1,193.5 18.9% 20.7% 16.2x 161.5% $1,757.4 0.22x 7.9x Ingles Markets $1,002.5 14.4% 33.4% 24.1x 213.6% $1,966.6 0.51x 8.4x Natural Grocers by Vitamin Cottage $620.9 (6.2%) (2.0%) 42.6x 160.8% $647.4 1.19x 14.9x Village Super Market $442.0 13.8% 14.9% NA NA $393.0 0.25x 6.3x Fairway Group Holdings Corp. $295.1 21.5% 114.9% NMF NA $513.0 0.64x NMF Roundy's $241.0 20.1% 1.0% 12.4x 46.7% $825.6 0.21x 7.0x

Mean 8.4% 17.4% 25.9x 163.7% $6,696.8 0.69x 11.0x

Median 10.8% 8.0% 24.1x 172.7% $1,869.4 0.51x 9.4x Convenience Store Companies ($ in millions)

% Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Alimentation Couche-Tard $22,735.5 3.4% (5.2%) 26.5x NA $24,142.0 0.67x 13.5x Casey's General Stores $3,500.5 2.7% (0.2%) 22.5x 201.9% $4,329.1 0.59x 9.8x

Mean 3.1% (2.7%) 24.5x 201.9% $14,235.6 0.63x 11.7x

Median 3.1% (2.7%) 24.5x 201.9% $14,235.6 0.63x 11.7x Note: Data as of March 31, 2015 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought 16 Same-Store Growth – Food & Convenience Retail

Same-Store Growth – Food & Convenience Retail

Grocery Stores & Supermarkets

Sprouts Farmers Market 9.0%Smart & Final Stores 7.8%

Publix Super Markets 6.4%Natural Grocers by Vitamin Cottage 6.2%The Kroger Co. 6.0%Whole Foods Market 4.5%Weis Markets 3.5%

The Fresh Market 3.0%Ingles Markets 2.3%SUPERVALU 2.3%Village Super Market 2.2%

Safeway 1.8%

SpartanNash 0.4%Fairway Group Holdings (2.2%)Roundy's (2.3%) Convenience Stores Casey's General Stores 7.7%

Alimentation Couche-Tard 4.5% (1) Excludes fuel sales Note: Bolded companies reflect recently announced same-store sales data (announced in March/April 2015) Note: Data represents growth in the most recent reported fiscal quarter over the year-ago period Sources: Company filings and Capital IQ as of March 31, 2015

William Blair

Food For Thought U.S. Public Equity Financing Summary – LTM 17

U.S. Public Equity Financing Summary – LTM

IPOs ($ in millions) At Filing At Pricing Pricing & Performance - % Change Offer/

Initial Filing Date

Offer Date Ticker Issuer

Shares/ ADS Exc. Ovl.

Filing Range

Deal Value at Midpoint

Shares/ADS Inc. Ovl.

Offer Price

Deal Value

Market Value

Relative to Range 1 Day 1 Month 3 Months Current

06/20/14 09/23/14 SFS Smart & Final Stores 13.5 $12.00 - $14.00 175.5 15.5 $12.00 $186.0 $852.7 In Range 4.2% 9.2% 29.2% 46.7% Mean 4.2% 9.2% 29.2% 46.7%

Median 4.2% 9.2% 29.2% 46.7%

Follow-Ons

($ in millions) Pricing Performance - % Change

% Shares Offered Last Trade Before

Pricing Date Ticker Issuer Business Description

Shares/ ADS Offered (mm)

Offer Price

Deal Value (mm) Primary Secondary

Filing/ Offer

Offer/ Offer

Offer/ Current

03/09/15 PF Pinnacle Foods Manufacturer and marketer of convenience food products 14.3 $37.07 $531.0 0% 100% (0.7%) (0.7%) 10.1% 03/04/15 SFM Sprouts Farmers Market Specialty retailer of natural and organic food 15.8 $35.30 $559.4 0% 100% (0.4%) (0.4%) (0.2%) 01/28/15 POST Post Holdings Manufacturer and marketer of convenience food products 6.5 $47.50 $308.8 100% 0% (12.8%) 2.6% (1.4%) 11/17/14 PF Pinnacle Foods Manufacturer and marketer of convenience food products 20.0 $32.11 $642.2 0% 100% 4.8% 4.8% 27.1% 11/10/14 SFM Sprouts Farmers Market Specialty retailer of natural and organic food 15.0 $29.38 $440.7 0% 100% 7.9% 7.9% 19.9% 09/11/14 SNAK Inventure Foods Manufacturer and marketer of natural snack food products 3.6 $12.85 $46.2 0% 100% (9.7%) (4.6%) (12.9%) 09/08/14 PF Pinnacle Foods Manufacturer and marketer of convenience food products 15.0 $31.90 $478.5 0% 100% 6.0% 6.0% 27.9% 08/12/14 SFM Sprouts Farmers Market Specialty retailer of natural and organic food 15.0 $30.00 $450.0 0% 100% 5.6% 8.5% 17.4% 07/30/14 TSN Tyson Foods Producer and distributor of chicken and related food products 23.8 $37.80 $900.0 100% 0% 5.4% 3.6% 12.3% 07/16/14 THS Treehouse Foods Manufacturer and distributor of food and beverage products 4.3 $75.50 $325.0 100% 0% 4.0% 2.2% 12.6% 05/21/14 POST Post Holdings Manufacturer and marketer of convenience food products 5.5 $47.70 $262.4 100% 0% (1.6%) (2.5%) (1.8%) Mean 0.8% 2.5% 10.1%

Median 4.0% 2.6% 12.3% Sources: Dealogic and FactSet Research Systems Note: LTM as of March 31, 2015

William Blair

Food For Thought 18 Selected Upcoming Industry Events

Selected Upcoming Industry Events

Date Event Location

April 2015 12-15 Grocery Manufacturers Association Science Forum National Harbor, MD14-16 NACS State of the Industry Summit Chicago, IL 15-16 NGA Day in Washington (NGA, FMI and FIAE) Washington, DC

May 2015 3-6 RILA Asset Protection Conference Orlando, FL 3-6 FMI’s 2015 Financial Executive Conference and Internal Auditing Conference (Co-Located) New Orleans, LA 16-19 NRA Restaurant Hotel Motel Show Chicago, IL 19-20 PLMA’s Annual “World of Private-Label” Amsterdam 19-21 NCA Sweets & Snacks Expo Chicago, IL 20-22 CSP Leadership and Crisis Prevention Forum Denver, CO 31-2 AFFI Food Logistics Forum Incline Village, NV 31-4 NGA Leadership Development Program (Cornell) Ithaca, NY

June 2015 7-9 International Dairy Deli Bakery Association Annual Convention "Dairy-Deli-Bake" Atlanta, GA 7-11 NGA Leadership Development Program (USC) Los Angeles, CA 7-12 Insight NACS Future of Convenience London, UK 8-10 United Fresh 2015 Chicago, IL 8-11 FMI Connect Chicago, IL 22-24 Foodservice at Retail Expo 2015 Nashville, TN 28-29 TRA Marketplace (formerly Southwest Foodservice Expo) Dallas, TX 28-30 NASFT – Summer International Fancy Food & Confection Show New York, NY 28-30 Georgia Association of Convenience Stores Annual Convention/Tabletop Show Amelia Island, FL

July 2015 20-23 NBJ Summit Dana Point, CA 26-28 The International Foods Planning TBD 27-29 Center Store Grocery, Snack & Beverage Planning TBD

August 2015 22-25 NACDS Total Store Expo Denver, CO September 2015 1-2 Food Evolution Summit Phoenix, AZ 15-18 PROCESS EXPO Chicago, IL 15-18 RILA Retail Sustainability Conference Austin, TX 16-18 NCA Washington Forum Washington, D.C 17-19 All Things Organic - BioFach America Baltimore, MD 17-20 Natural Products Expo East Baltimore, MD 20-22 MUFSO Conference Dallas, TX 20-23 Candy Annual Planning Chandler, AZ 27-30 Energy & Store Development Conference (FMI) San Diego, CA 28-29 Canadian Federation of Independent Grocers-Grocery Innovations Toronto, Canada

William Blair

Food For Thought Selected Upcoming Industry Events 19

Date Event Location

October 2015 10-13 National Frozen and Refrigerated Foods Convention Dallas, TX 11-14 NACS Show Las Vegas, NV 13-15 Shopper Marketing Expo Minneapolis, MN 22-24 Consumer Goods Forum: Future Leaders Congress Rio De Janeiro, Brazil23-25 Fresh Summit International Convention & Exposition Atlanta, GA 26-27 IFE Americas Food & Beverage Show Miami, FL 28-29 National Chicken Council - Annual Conference Washington, DC

November 2015 10-11 Kosherfest Secaucus, NJ 14-16 Outlook Leadership 2015 (CSP) TBD 15-17 PLMA's Private Label Trade Show Chicago, IL

December 2015 3-6 SOHO Expo Orlando, FL

January 2016 12-14 NW Food Manufacturing & Packaging Exposition Portland, OR 13-14 MarcabyBolognaFiere Bologna, Italy 17-19 Winter Fancy Food Show San Francisco, CA 24-26 Retail Industry Leaders Association – The Leadership Forum Naples, FL 26-28 International Production & Processing Expo Atlanta, GA

February 2016 23-25 Convenience Retailing University Dallas, TX 28-2 N.G.A. 2016 Annual Convention and Supermarket Synergy Showcase Las Vegas, NV 28-2 RILA Supply Chain Conference Dallas, TX March 2016 6-8 Seafood Expo North America & Seafood Processing North America Boston, MA 9-13 Natural Products Expo West Anaheim, CA 20-23 American Bakers Association Annual Convention Phoenix, AZ

William Blair

Food For Thought 20 General Market Update

General Market Update

Percentage Change

As of 03/31/15 Month-to-Date Year-to-Date

Equity Market Indices Dow Jones Industrial Average 17,776.12 (2.0%) (0.3%) Nasdaq Composite 4,900.89 (1.3%) 3.5% S&P 500 2,067.89 (1.7%) 0.4% S&P Food Products Index 516.58 3.6% 4.3% S&P Food & Staples Retail Index 402.90 0.1% 4.8% S&P Restaurants Index 899.25 (0.7%) 7.1% WB Corporate Finance Indices(1) Food Index 837.84 (0.8%) (1.6%) Ingredients Index 977.94 (1.5%) 1.1% Beverage Index 4,241.79 (5.0%) 1.6% Food Retail Index 1,086.14 2.7% 11.7% Convenience Store Index 27,469.98 4.4% 4.7% Currencies Dollar to Canadian Dollar $1.27 1.4% 9.3% Dollar to Euro $0.93 4.4% 12.7% Dollar to Peso $15.23 1.9% 3.4% Dollar to Pound $0.67 4.1% 5.0% Commodities(2) Coffee Beans (Cents and 1/100 of a Cent Up to 2 Decimal Places) $1.33 (5.4%) (20.2%) Corn (Cents per Bushel) $3.76 (4.3%) (5.2%) Milk (Cents per 2,000 lbs.) $0.16 1.2% (0.2%) Cocoa (Dollars per Metric Ton) $2,699.00 (10.5%) (7.3%) Oil (Dollars per Barrel) $47.60 (4.3%) (10.6%) Soybean Oil (Cents per Bushel) $0.30 (7.8%) (5.4%) World Sugar (Cents and 1/100 of a Cent up to 2 Decimal Places) $0.12 (13.4%) (17.8%) Wheat (Cents per Bushel) $5.12 (0.2%) (13.2%) Yield (%) 52-Week Range

As of 03/31/15

52-Week Low Latest

52-Week High

INTEREST RATES 10-Year Treasury 1.9% 1.7% 2.8% 30-Year Treasury 2.5% 2.3% 3.6% 3-Month LIBOR 0.3% 0.2% 0.3% Fed Funds Effective Rate 0.1% 0.1% 0.1% Prime Rate 3.3% 3.3% 3.3% (1) WB Corporate Finance indices are determined by FactSet Research Systems, as of March 31, 2015. Data is based on a weighted average by market capitalization calculation. (2) Commodities represent futures prices Source: FactSet Research Systems as of March 31, 2015 WB Corporate Finance Food Index includes: ARYZTA, Associated British Foods, B&G Foods, Bridgford Foods, Calavo Growers, Cal-Maine Foods, Campbell Soup, Chiquita Brands International, ConAgra Foods, Danone, Dean Foods, Diamond Foods, Dole Food Company, Flowers Foods, Fresh Del Monte Produce, General Mills, George Weston Limited, Golden Enterprises, Grupo Bimbo, Hormel Foods, Inventure Foods, J&J Snack Foods, JBS, John B Sanfilippo & Son, Kellogg Company, Kraft Foods, Lancaster Colony Corporation, McCormick & Co., Nestlé, Overhill Farms, Pilgrim’s Corp., Post Holdings, Sanderson Farms, Saputo, Seneca Foods, Nestlé, Ralcorp Holdings, Reddy Ice Holdings, Sanderson Farms, Saputo, Sara Lee, Seneca Foods, Smart Balance, Smithfield Foods, Snyder’s-Lance, The Hain Celestial Group, The Hershey Company, The J. M. Smucker Company, Tootsie Roll Industries, Treehouse Foods, Tyson Foods, Unilever WB Corporate Finance Beverage Index includes: Anheuser-Busch InBev, Boston Beer Co., Brown-Forman Corporation, Coca-Cola Bottling Co. Consolidated, Coca-Cola Enterprises, Constellation Brands, Cott Corporation, Diageo, Dr Pepper Snapple Group, Farmer Brothers Co., Green Mountain Coffee Roasters, Jones Soda Co., Lifeway Foods, Molson Coors Brewing Company, Monster Beverage Corporation, National Beverage, PepsiCo, SABMiller, The Coca-Cola Company WB Corporate Finance Ingredients Index includes: Barry Callebaut, Frutarom Industries, Givaudan, International Flavors & Fragrances, Kerry Group, Sensient Technologies Corporation, Symrise, T. Hasegawa Co., Takasago International WB Corporate Finance Food Retail Index includes: Arden Group (Gelson’s), Fairway Group Holdings, Harris Teeter Supermarkets, Ingles Markets, Nash Finch, Roundy’s, Safeway, Smart & Final Stores, Spartan Stores, SUPERVALU, The Fresh Market, The Kroger Co., United Natural Foods, Village Super Market, Vitamin Cottage Natural Food Markets, Weis Markets, Whole Foods Market WB Corporate Finance Convenience Store Index includes: Alimentation Couche-Tard, Casey’s General Stores, Pantry

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%

Quarterly Market Update – All Industries

William Blair

Food For Thought Domestic M&A Market Summary 21

Domestic M&A Market Summary

U.S. Activity Trends

M&A Activity

Number of Deals 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2013 LTM>$1B 171 209 269 346 158 124 201 183 218 215 288 310Mid-Cap 1,097 1,118 1,286 1,438 1,073 713 1,133 1,161 1,144 1,245 1,267 1,244<$100M 3,497 3,415 3,359 3,214 3,764 3,455 5,172 4,276 4,094 3,102 2,746 2,954Undisclosed 5,187 5,362 7,513 8,338 6,514 5,073 6,235 7,770 9,193 7,640 8,545 8,447Deal Value $992 $1,297 $1,645 $1,748 $1,074 $884 $1,045 $1,171 $1,080 $1,241 $1,819 $1,917

Mid-Cap M&A Activity

Number of Deals 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM$500-$1B 173 185 239 307 183 102 221 219 231 246 219 218 $100-$500M 924 933 1,047 1,131 890 611 912 942 913 999 1,047 1,026 Deal Value $318.1 $338.4 $410.7 $475.0 $325.7 $201.2 $358.7 $367.5 $363.1 $399.6 $393.4 $391.7

Private-Equity Activity

Number of Deals 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM >$1B 53 62 86 123 34 25 60 56 65 67 93 92Mid-Cap 340 343 368 402 252 193 339 297 253 264 304 288< $100M 575 540 649 457 548 575 565 438 465 323 273 296Undisclosed 650 841 1,124 1,332 961 678 1,017 1,256 1,397 1,250 1,539 1,507Deal Value $231 $300 $550 $632 $204 $152 $272 $267 $263 $309 $389 $431Note: Year-to-date as of March 31, 2015 Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only

9,952 10,104 12,427 13,336 11,509 9,365 12,741 13,390 14,649 12,202 12,846 12,955$0$800$1,600$2,400

06,00012,00018,000Deal Value($ in billions)Number of Deals Undisclosed Mid-Cap >$1B < $100M Deal Value

1,097 1,118 1,286 1,438 1,073 713 1,133 1,161 1,144 1,245 1,266 1,244$0$200$400$600

04008001,2001,600 Deal Value($ in billions)Number of Deals $100-$500M $500-$1B Deal Value

1,618 1,786 2,227 2,314 1,795 1,471 1,981 2,047 2,180 1,904 2,209 2,183$0$200$400$600$800

05001,0001,5002,0002,500Deal Value($ in billions)Number of Deals Undisclosed Mid-Cap >$1B < $100M Deal Value

William Blair

Food For Thought 22 Domestic M&A Market Summary

U.S. Valuation Trends

Median EV/EBITDA Multiples

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTMMid-Cap 8.0x 8.9x 10.2x 10.9x 10.0x 9.4x 7.6x 10.0x 10.4x 9.6x 9.1x 9.4x 10.5xOverall Market 8.5x 9.1x 10.3x 11.0x 11.2x 9.0x 7.4x 9.9x 10.8x 9.7x 10.0x 11.2x 11.5x Median EV/EBITDA Mid-Cap Multiples

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM$100M-$500M 7.7x 8.9x 10.4x 10.8x 10.0x 7.9x 7.3x 9.4x 9.3x 9.2x 10.8x 9.2x 10.1x$500M-$1B 9.3x 9.1x 9.8x 11.6x 10.1x 9.5x 9.4x 10.3x 10.2x 10.2x 12.2x 9.8x 10.5x Average Acquisition Premiums

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM1-Week Premium 36% 32% 28% 26% 26% 27% 36% 38% 34% 36% 36% 23% 31% 31%4-Week Premium 38% 40% 32% 31% 31% 29% 37% 41% 38% 39% 39% 30% 34% 35%Notes: Data limited to a range of 1 to 100 and LTM is as of March 31, 2015Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only

3.0x6.0x9.0x12.0x15.0x Mid-Cap Overall Market

0.0x5.0x10.0x15.0x $100M-$500M $500M-$1B

20%30%40%50% 1-Week Premium 4-Week Premium

William Blair

Food For Thought U.S. Equity Capital Markets Summary 23

U.S. Equity Capital Markets Summary

Historical IPO Issuance

Historical Follow-On Issuance

Note: Excludes follow-on offerings for CLEFs, REITs, and SPACs IPO Pricings by Sector – Last 4 Quarters: 243 Total Deals Follow-on Pricings by Sector – Last 4 Quarters:

694 Total Deals

Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis

54139 95 105

175243

63 24 28 35 13 19 39 25 20 21 21 50 48 56 63 70 54 56 24050100150200250

2009 2010 2011 2012 2013 2014 2014YTD 2015YTD 1Q11 2Q11 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115

564 506 399 470657 612

198 227 135 128 50 86 130 98 115 127 152 139 173 193 198 183 120 111 2270100200300400500600700

2009 2010 2011 2012 2013 2014 2014YTD 2015YTD Q111 2Q11 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115

5 1629

8221

51 Business ServicesConsumerFinancialHealthcareIndustrialTechnology

57 5555

201179

94 Business ServicesConsumerFinancialHealthcareIndustrialTechnology

William Blair

Food For Thought 24 Debt Capital Markets Summary

Debt Capital Markets Summary

Average Equity Contribution

Quarterly LBO Debt Multiples – Less Than $50 Million EBITDA

Quarterly LBO Debt Multiples – Greater Than $50 Million EBITDA

Sources: Dealogic and Standard & Poor’s as of March 31, 2015

36% 41% 38% 40% 35% 34% 32% 40% 46% 45% 41% 41% 46% 43% 43%31% 37% 32% 32% 30% 29% 30% 38% 47% 40% 37% 37% 33% 36% 39%

0%10%20%30%40%50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Less than $50 million EBITDA More than $50 million EBITDA

Total Debt/EBITDA Senior Debt/EBITDA

3.8x3.7x

4.0x 4.2x 4.2x 4.9x 4.8x 4.4x 3.4x 3.8x 4.4x 5.0x 5.1x 4.8x

3.8x3.7x

2.2x4.0x 3.8x 4.5x 4.8x

3.3x 3.1x 3.7x 3.2x5.0x 5.1x 4.8x

2.0x3.0x4.0x5.0x6.0x7.0x

2.0x3.0x4.0x5.0x6.0x7.0x

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Total Debt/EBITDA Senior Debt/EBITDA

4.5x 4.4x 4.8x 4.9x 5.0x 5.7x6.8x

4.0x 4.8x 5.3x 4.3x 5.1x 5.5x 5.6x

2.6x2.6x 2.9x 2.9x 3.5x 4.4x

6.6x

3.1x 3.9x5.3x

4.0x 4.9x 5.5x 5.6x

2.0x3.0x4.0x5.0x6.0x7.0x

2.0x3.0x4.0x5.0x6.0x7.0x

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

William Blair

Food For Thought William Blair Food & Beverage and Food Convenience & Retail Investment Banking 25

William Blair Food & Beverage and Food Convenience & Retail Investment Banking

Food & Beverage Production

Jim Bertram is the global head of the firm’s consumer and retail investment banking group. Before joining William Blair in 2006, he was the co-head of Banc of America Securities’ global consumer products investment banking practice. In this role, he assisted domestic and international consumer products manufacturers and distributors in executing mergers and acquisitions and raising debt and equity capital through both public and private market transactions. Before joining Banc of America Securities, he was responsible for leading Deutsche Bank Alex. Brown’s food-and-beverage investment banking activity. Before working at Deutsche Bank Alex. Brown, he was vice president in the corporate finance department at George K. Baum & Company, an investment and merchant banking firm where he advised clients in executing public equity offerings, mergers and acquisitions, and private debt placements. Mr. Bertram began his career in investment banking at Salomon Brothers. Mr. Bertram graduated with highest honors from the University of Illinois with a B.S. in finance. [email protected] +1 312 364 5426

Brent Smith is a managing director in the consumer and retail group. Since joining William Blair in 2000, Mr. Smith has also been a member of the firm’s mergers-and-acquisitions practice and currently heads William Blair’s consumer M&A effort. Over this period, he has worked on a range of public and private M&A, primarily in the consumer and industrial sectors, totaling more than $18 billion in aggregate transaction value. Mr. Smith’s financial advisory experience includes sell-side and buy-side transactions, corporate divestitures, take-private transactions, strategic options studies, valuations, fairness opinions, and special committee situations. Mr. Smith is a member of William Blair’s Fairness Opinion Committee. Before joining William Blair, Mr. Smith worked at both Lehman Brothers and Heitman Financial. Mr. Smith holds an M.B.A. with honors from the University of Chicago and a B.B.A. with high distinction from the University of Michigan. [email protected] +1 312 364 5392

Adam Filkin joined William Blair in 2007 and is a managing director in the consumer and retail investment banking group. Mr. Filkin has extensive transaction experience across numerous consumer verticals, including food, consumer products, and personal care. He joined William Blair from Banc of America Securities, the investment banking arm of Bank of America. Mr. Filkin spent three years at Banc of America, serving as an associate in the consumer and retail practice. Before joining Banc of America, Mr. Filkin was a manager at A.T. Kearney, focusing on growth strategies and operational improvement studies for consumer and retail companies. He has more than 10 years of experience working with consumer and retail companies. Mr. Filkin holds an M.B.A. with a concentration in finance from the University of Chicago and holds a B.S.E. in chemical engineering from the University of Michigan. [email protected] +1 312 364 8077

William Blair

Food For Thought 26 William Blair Food & Beverage and Food Convenience & Retail Investment Banking

Food & Convenience Retail

Tim Carroll joined William Blair in 2002 and serves as a managing director in the consumer and retail investment banking group. He joined William Blair from Andersen Corporate Finance LLC, the investment banking arm of Andersen. Mr. Carroll spent four years at Andersen, serving as a national director and managing director/co-head of the products and business services industry team. Before joining Andersen, he was a founder and principal of Wyndam Capital, a broker-dealer serving middle-market companies, and a founder and principal of a $120 million private-equity fund. Mr. Carroll has served on the board of directors for seven privately held businesses and has more than 27 years of investment banking experience, 7 years of commercial banking experience, and 2 years of commercial real estate experience. Mr. Carroll graduated with a B.S. in business finance from Indiana University. [email protected] +1 312 364 8532

Michael Siska is a managing director in the consumer and retail investment banking group at William Blair. He originally joined the firm in 2002 and then rejoined in 2006 after attaining his M.B.A. at the University of Chicago. Before joining William Blair, Mr. Siska worked in private equity for Allstate Private Equity in Chicago and 3i Group in London. He also spent five years in the products and business services industry group at Andersen Corporate Finance LLC, the investment banking arm of Andersen. He focuses on specialty retail, food retail, restaurants, and consumer services. Mr. Siska earned an M.B.A. from the University of Chicago and a B.S., with honors, from the University of Illinois at Urbana-Champaign. [email protected] +1 312 364 5393 Europe

Alex Matthes is a managing director at William Blair. Before he joined William Blair in 2013, Mr. Matthes worked in Commerzbank’s M&A advisory team with a focus on consumer and retail. Before joining Dresdner Kleinwort in 2006 as vice president, he worked in the M&A department of Lazard as analyst and associate since 2000. Mr. Matthes studied business administration at the universities of Frankfurt and Cologne and obtained a master’s degree in business administration (Diplom Kaufmann) in 2000. [email protected] +49 69 509527 612

Beth Pickens is a managing director and head of European consumer banking. She joined William Blair in 2000and has been located in William Blair’s London office since 2001. Ms. Pickens specializes in advising international consumer growth companies across consumer products, personal care, and consumer services. She is also an angel investor in early-stage consumer companies, including Bonobos.com and DefySupply.com. Ms. Pickens holds a master’s degree in business administration from the University of Chicago Graduate School of Business and a bachelor’s degree in finance from the University of Illinois at Urbana-Champaign. She also completed studies at the Université de Paris IV-Sorbonne. A Chicago native, she lives in London with her husband and children. [email protected] +44 20 7868 4479

William Blair

Food For Thought Recent William Blair Consumer & Retail Transactions 27

Recent William Blair Consumer & Retail Transactions

$6,000,000,000has acquired

Big Heart Pet BrandsMarch 2015

$500,000,000has acquiredDel Taco Inc.March 2015

$120,750,000Initial Public OfferingJanuary 2015

®

Not Disclosedhas been acquired by

Wasserstein & Co., LPDecember 2014Not Disclosedhas been acquired by

One Rock Capital PartnersDecember 2014


Knowlton Development CorporationDecember 2014

Not Disclosedhas acquired

Robert Bosch Tool Corporation, Garden &

Watering BusinessDecember 2014


FrutaromIndustries Ltd.November 2014

€220,000,000has been acquired by

Abris Capital PartnersNovember 2014$186,300,000Follow-on OfferingNovember 2014

$139,840,000Follow-on OfferingNovember 2014

$105,000,000Follow-on OfferingNovember 2014

Not DisclosedGrowth Equity RecapitalizationOctober 2014


Monomoy Capital PartnersOctober 2014

$85,000,000Senior Credit FacilitySeptember 2014

$53,117,980Follow-on OfferingSeptember 2014

Not Disclosedhas a strategic investment from

Standard Chartered Private EquityAugust 2014

$156,543,750Follow-on OfferingAugust 2014

$123,214,290Initial Public OfferingJuly 2014

$89,125,000Follow-on OfferingJuly 2014

$373,749,990Follow-on OfferingJuly 2014

$171,646,263Follow-on Offering June 2014

$202,000,000has been acquired by

Snyder’s LanceJune 2014

CAD$170,000,000has been acquired by

TreeHouse Foods, Inc. May 2014

Not Disclosedhas been acquired byMilner Milling, Inc.May 2014

$64,166,663Initial Public OfferingMay 2014

$100,624,980Initial Public OfferingApril 2014

$61,300,000has been acquired by

The HainCelestial GroupApril 2014


Bregal PartnersMarch 2014


Greencore GroupFebruary 2014

William Blair

Food For Thought 28 William Blair Consumer & Retail Coverage

William Blair Consumer & Retail Coverage Mark Miller, CFA +1 312 364 8498 Broad Assortment and Hardlines, E-commerce, Health, Beauty, and Convenience

Sharon Zackfia, CFA +1 312 364 5386 Apparel and Accessories, Leisure, Restaurants

Company Ticker Company Ticker Amazon.com AMZN BJ’s Restaurants BJRI Blue Nile NILE Bloomin’ Brands BLMN Cabela’s CAB CarMax KMX Costco Wholesale Corporation COST Carnival Corporation CCL CVS Health Corporation CVS Cheesecake Factory (The) CAKE Dick’s Sporting Goods DKS Chipotle Mexican Grill CMG Fairway Group Holdings FWM Dunkin’ Brands Group DNKN Fresh Market (The) TFM El Pollo Loco Holdings LOCO JD.com JD Harley-Davidson HOG MercadoLibre MELI Life Time Fitness LTM Natural Grocers by Vitamin Cottage NGVC Lululemon Athletica LULU Sportsman’s Warehouse Holdings SPWH Panera Bread Company PNRA Target Corporation TGT Papa Murphy’s Holdings FRSH Tractor Supply Company TSCO Potbelly PBPB Walgreens Boots Alliance WBA Royal Caribbean Cruises RCL Wal-Mart Stores WMT Sonic Corp. SONC Wayfair Inc. W Starbucks Corporation SBUX Whole Foods Market WFM Tilly’s TLYS Zulily ZU Tumi Holdings TUMI Under Armour UA Urban Outfitters URBN Zoe’s Kitchen ZOES Zumiez ZUMZ Jon Andersen, CFA +1 312 364 8697 Consumer Products

Daniel Hofkin, Analyst +1 312 364 8965 Hardlines, Specialty Retail AptarGroup ATR Advance Auto Parts AAP Boulder Brands BDBD AutoZone AZO Church & Dwight CHD Bed Bath & Beyond BBBY Colgate-Palmolive Company CL Luxottica Group LUX Scotts Miracle-Gro Company (The) SMG Mattress Firm Holding Corp. MFRM Fox Factory Holding Corp. FOXF O’Reilly Automotive ORLY Inventure Foods SNAK PetSmart PETM J&J Snack Foods JJSF Regis Corporation RGS J.M. Smucker Company (The) SJM Restoration Hardware Holdings RH Jarden Corporation JAH Ross Stores ROST Kellogg Company K Steiner Leisure STNR Keurig Green Mountain GMCR TJX Companies (The) TJX Mead Johnson Nutrition Company MJN Ulta Salon, Cosmetics & Fragrance ULTA Perrigo Company PRGO Williams-Sonoma WSM Prestige Brands Holdings PBH Procter & Gamble Company (The) PG SodaStream International SODA Tempur Sealy International TPX TreeHouse Foods THS

Amy Noblin, Analyst +1 415 248 2874 Apparel and Accessories Abercrombie & Fitch ANF Nordstrom JWNCoach COH Tiffany & Co. TIFDSW DSW Tumi Holdings TUMIFrancesca’s Holdings FRAN Vera Bradley VRAMichael Kors Holdings KORS Vince Holding Corp. VNCE

William Blair

Food For Thought Notes 29

Notes

William Blair

William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities and Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Services Authority ("FSA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at, professional clients and eligible counterparties (as defined in COBS 3.5 and 3.6 of the FSA Handbook). This advertisement is not intended to be investment advice. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com April 28, 2015 Food For Thought 30 Disclosures

Disclosures

William Blair’s investment banking group combines signi icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and inancing solutions to our global base of corporate clients. We serve both publicly traded

and privately held companies, executing mergers and acquisitions, growth inancing, inancial restructuring, and general advisory projects. This comprehensive suite of

services allows us to be a long-term partner to our clients as they grow and evolve. From 2010-2014, the investment banking group completed more than 330 merger-and-acquisition transactions worth $73 billion in value, involving parties in 36 countries and ive continents, was an underwriter on more than 20% of all U.S. initial public offerings,

and raised nearly $100 billion in public and private inancing.About William Blair Investment Banking

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