INDUSTRY UPDATE SEPTEMBER 2016 - Harris Williams › system › files › ...food and beverage...

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FOOD AND BEVERAGE

INDUSTRY UPDATE │ SEPTEMBER 2016

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www.harriswilliams.com

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

Agribusiness

Baked and Prepared Goods

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Ryan BudlongManaging [email protected]+1 (415) 217-3409

Brant [email protected]+1 (612) 359-2709

Ryan [email protected]+1 (612) 359-2703

Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

FOOD AND BEVERAGE


With nearly 400 announced food and beverage M&A transactions thus far in 2016,

the market for food and beverage assets remains strong. Recent notable

transactions, including Roark Capital’s acquisition of Jimmy John’s, CenterOak

Partners acquisition of Wetzel’s Pretzels, and Post Holding’s acquisition of National

Pasteurized Eggs, illustrate the broad appeal of food and beverage assets ranging

from restaurants to packaged food companies.

a portfolio company of

has been acquired by



A Private

Investor Group



CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING


has been acquired byhas been acquired by






a subsidiary of




has been acquired byhas been acquired by

has acquired

http://www.harriswilliams.com/

mailto:[email protected]






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WHAT WE’RE READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

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Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

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Beef Pork Poultry

Beef:

25.7%

Pork:

9.1%

Poultry:

0.8%

Soybeans:

(40.6%)

Corn:

(54.8%)

Crude Oil:

(57.4%)

Wheat:

(59.4%)

Panera has announced that it is rethinking the traditional approach to kids’ meals – ditching “cute, toy-shapedprocessed food” and opting instead for a menu free of artificial flavors, preservatives, sweeteners, and colors. Themove, which is part of the company’s broader attempt at reformulating existing recipes, is paying dividends with a4.2% increase in comparable store sales in the most recent quarter.

Access the full article here.

PANERA COMES OUT SWINGING AGAINST HAPPY MEAL-STYLE KIDS’ FOOD

Across the U.S., grocery prices have fallen for eight straight months, posting a 1.6% decrease year-over-year. Thereason: a major surplus of foods ranging from ground beef to milk as exports taper on the heels of a strengthening U.S.Dollar.


STOCK UP: GROCERY PRICES HAVE FALLEN FOR EIGHT STRAIGHT MONTHS

SUGAR SHOCKED? THE REST OF FOOD INDUSTRY PAYS FOR LOTS OF RESEARCH, TOO

Americans are reacting to news that, 50 years ago, the sugar industry paid scientists for research that downplayed thecommodity’s role in heart disease. However, the recent spotlight has highlighted the extent to which present-daynutrition studies are still funded – and actively shaped – by the food industry.


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Corn Soybeans Crude Oil Wheat

https://www.washingtonpost.com/news/business/wp/2016/09/12/panera-comes-out-swinging-against-happy-meal-style-kids-food/

http://www.usatoday.com/story/money/nation-now/2016/09/12/stock-up-grocery-prices-have-fallen-eight-straight-months/90265872/

http://www.npr.org/sections/thesalt/2016/09/14/493957290/not-just-sugar-food-industry-s-influence-on-health-research

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Restaurant Grocery

VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

24.3%

Grocery:

13.0%

Net Debt /

3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 17.3% (0.9%) (5.7%) 10.3% 13.7x 15.4x 7.8x 2.8x

Fruit and Vegetable 2.6% 31.9% 6.3% (9.1%) 15.2x 20.0x 9.7x 0.6x

Ingredients / Flavors 5.7% 22.2% 7.7% 13.4% 21.5x 26.3x 16.5x 1.4x

Agribusiness (2.0%) 0.3% 0.9% 5.8% 19.5x 18.9x 9.3x 1.9x

Branded Processed Foods 1.2% 17.7% 0.0% 12.8% 21.1x 28.4x 14.4x 2.0x

Private Label Foods and Beverages (7.2%) 9.5% (4.8%) (7.4%) 31.6x 28.5x 9.8x 3.3x

Natural / Organic Foods / BFY 23.8% 11.7% 1.8% (6.9%) 21.3x 29.7x 16.2x 3.7x

Baked Goods (2.8%) 2.9% (12.5%) (16.6%) 16.1x 30.0x 9.5x 2.5x

Dairy 5.6% 2.7% (1.0%) 3.2% 21.0x 25.3x 13.1x 1.7x

Non-Alcoholic Beverages (4.6%) 17.5% 0.2% 0.5% 20.7x 24.3x 13.0x 1.9x

Alcoholic Beverages (2.3%) 18.6% 0.5% 5.3% 20.5x 32.0x 14.1x 2.6x

Snacks 9.5% 5.5% 4.2% 9.7% 21.7x 29.5x 14.9x 1.6x

Grocery Distribution 0.2% 10.9% (0.4%) (4.0%) 15.6x 17.6x 7.9x 2.0x

Food Retail (1.8%) (12.5%) (10.5%) (24.5%) 17.4x 19.2x 6.8x 1.5x

Foodserv ice (3.8%) (25.9%) (1.5%) (3.6%) 20.9x 30.2x 9.7x 4.4x

Quick Serv ice Restaurant (1.2%) 11.5% (8.3%) (12.8%) 21.2x 24.1x 12.2x 2.3x

Fast Casual (0.9%) (37.1%) (10.8%) (26.1%) 36.6x 35.1x 10.1x 0.7x

Differentiated Casual (9.3%) (7.3%) (9.2%) (21.6%) 21.8x 25.9x 9.1x 1.4x

Casual Dining Restaurant (6.4%) (10.2%) (8.4%) (17.9%) 14.7x 18.6x 8.0x 2.1x

Fine Dining (7.0%) (7.3%) (17.8%) (10.4%) 14.9x 16.8x 7.6x 2.3x

Pizza 18.0% 9.3% 4.8% (12.6%) 28.9x 32.5x 16.9x 4.1x

Beverage / Snack Retail 0.2% (11.6%) (0.1%) (16.4%) 25.6x 31.1x 15.7x 2.6x

Family Restaurant (10.8%) (12.2%) (0.9%) (14.4%) 17.9x 27.6x 9.9x 2.2x

Overall Median (0.9%) 6.1% (1.8%) (7.2%) 20.5x 24.0x 10.8x 2.0x

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

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4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE (ONE YEAR CHANGE IN STOCK PRICE)5

RECENT EQUITY OFFERINGS6

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

09/08/16 09/08/16 Liquor Stores NA Ltd LIQ Convertible $52.2 Repay Indebtedness

09/02/16 08/12/16 GreenSpace Brands Inc JTR Follow-On $6.1 Debt Repayment

Working Capital

08/29/16 29/8/16 Farmer Bros Co FARM Follow-On - Liquidity for Private Owners

08/23/16 08/02/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $0.6 Product Development / R&D

Working Capital

08/08/16 07/19/16 Wingstop Inc WING Follow-On $175.5 Liquidity for Private Owners

08/08/16 08/08/16 B&G Foods Inc BGS Follow-On $183.8 General Corporate Purposes

Reduce Indebtedness

08/04/16 08/04/16 Global Gardens Group Inc VGM Follow-On $3.9 Marketing & Sales

Product Development / R&D

07/29/16 07/29/16 Soupman Inc SOUP Convertible $150.0 Working Capital

07/29/16 07/29/16 Xylitol Canada Inc XYL Convertible $0.3 Reduce Indebtedness

07/14/16 07/14/16 AdvancePierre Foods Hldg Inc APFH IPO $449.2 Reduce Indebtedness

06/30/16 06/13/16 Captiva Verde Industries Ltd VEG Follow-On $0.5 Capex

General Corporate Purposes

06/30/16 06/20/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.5 Working Capital

06/21/16 05/26/15 Cott Corp COTT Follow-On $230.1 General Corporate Purposes

Reduce Indebtedness

Fast Casual

Foodserv ice

Food Retail

Family Restaurant

Bev erage / Snack Retail

Casual Dining Restaurant

Fine Dining

Differentiated Casual

Protein Processing

Agribusiness

Dairy

Baked Goods

Snacks

S&P

Pizza

Priv ate Label

Grocery Distribution

Quick Serv ice Restaurant

Natural / Organic / BFY

Non-Alcoholic Bev erages

Branded Processed Foods

Alcoholic Bev erages

Ingredients / Flav ors

Fruit and Vegetable

(40.0%) (25.0%) (10.0%) 5.0% 20.0% 35.0%

Inputs Food and Beverage Consumer and Retail

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PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE


Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 9/12/16 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF-GB $37.46 68.8% $28,597 $29,307 $19,074 $2,230 (9.9%) (2.1%) 7.4% 11.7% 29.1x 1.54x 13.1x 1.65x 13.9x

B&G Foods, Inc. BGS 46.20 87.4% 3,079 4,518 1,214 281 41.3% 22.5% 34.7% 23.2% 29.5x 3.72x 16.1x 3.22x 14.0x

Campbell Soup Company CPB 55.99 82.5% 17,111 18,956 7,961 1,299 (1.5%) (0.4%) 32.4% 16.3% 30.6x 2.38x 14.6x 2.37x 10.6x

ConAgra Foods, Inc. CAG 44.46 91.1% 19,327 24,102 11,643 1,624 (26.5%) (9.1%) 27.1% 13.9% NA 2.07x 14.8x 2.08x 12.1x

General Mills, Inc. GIS 66.28 90.9% 39,331 48,219 16,563 3,396 (6.1%) (2.3%) 36.0% 20.5% 23.7x 2.91x 14.2x 2.95x 13.8x

Hormel Foods Corporation HRL 36.49 79.8% 19,337 19,356 9,296 1,374 (1.2%) 2.6% 21.1% 14.8% 23.8x 2.08x 14.1x 2.03x 13.3x

Kellogg Company K 79.13 90.8% 27,366 35,046 13,136 1,943 (7.6%) (4.0%) 39.9% 14.8% 44.9x 2.67x 18.0x 2.69x 13.9x

McCormick & Company, Incorporated MKC 98.04 90.9% 12,334 13,788 4,355 733 2.5% 2.4% 40.5% 16.8% 28.8x 3.17x 18.8x 3.11x 17.7x

Nestle S.A. NESN-CH 79.84 95.8% 246,812 269,132 90,925 17,262 (6.3%) (1.7%) 50.8% 19.0% 27.6x 2.96x 15.6x 2.90x 15.1x

Post Holdings, Inc. POST 82.05 92.2% 5,241 8,714 5,076 907 NM 72.5% 28.5% 17.9% NA 1.72x 9.6x 1.71x 9.4x

Hershey Company HSY 97.48 82.8% 14,648 17,513 7,336 1,706 (2.0%) 2.4% 45.0% 23.3% 28.0x 2.39x 10.3x 2.35x 9.9x

J. M. Smucker Company SJM 137.83 87.6% 15,884 21,126 7,689 1,796 21.9% 9.4% 37.3% 23.4% 22.4x 2.75x 11.8x 2.75x 12.4x

Mean 0.4% 7.7% 33.4% 18.0% 28.8x 2.53x 14.3x 2.48x 13.0x

Median (2.0%) 1.0% 35.3% 17.4% 28.4x 2.53x 14.4x 2.53x 13.6x

Private Label Foods and Beverages

Cott Corporation BCB-CA $15.14 87.0% $2,054 $3,325 $2,889 $340 12.3% 10.0% 32.7% 11.8% NM 1.15x 9.8x 1.04x 8.5x

Seneca Foods Corporation SENEA 29.71 72.7% 309 613 1,302 93 2.3% 0.6% 7.9% 7.2% 5.6x 0.47x 6.6x NA NA

TreeHouse Foods, Inc. THS 89.54 85.7% 4,988 7,834 4,476 473 38.1% 26.8% 16.0% 10.6% 51.4x 1.75x 16.6x 1.25x 11.7x

Mean 17.5% 12.5% 18.9% 9.8% 28.5x 1.12x 11.0x 1.14x 10.1x

Median 12.3% 10.0% 16.0% 10.6% 28.5x 1.15x 9.8x 1.14x 10.1x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $16.47 94.0% $1,221 $1,424 $206 $69 26.8% NA 52.5% 33.5% NM 5.00x 17.6x 5.48x 15.4x

SunOpta Inc. SOY-CA 6.94 88.3% 576 1,130 1,222 60 3.4% 2.3% 10.6% 4.9% NA 1.20x 16.2x 0.80x 11.6x

Pinnacle Foods, Inc. PF 50.54 97.2% 5,890 8,921 2,869 574 9.3% 5.3% 28.5% 20.0% 29.7x 3.11x 15.5x 2.84x 13.7x

Hain Celestial Group, Inc. HAIN 36.24 60.7% 3,693 4,485 2,888 374 12.2% 21.5% 22.1% 12.9% 17.9x 1.55x 12.0x 1.48x 11.1x

WhiteWave Foods Company WWAV 55.43 97.6% 9,818 11,903 4,121 534 14.4% 19.6% 35.2% 13.0% 51.8x 2.89x 22.3x 2.76x 20.2x

Mean 13.2% 12.2% 29.8% 16.9% 33.1x 2.75x 16.7x 2.67x 14.4x

Median 12.2% 12.5% 28.5% 13.0% 29.7x 2.89x 16.2x 2.76x 13.7x

Baked Goods

Aryzta AG ARYN-CH $39.73 71.7% $3,620 $5,604 $3,651 $705 (23.4%) (13.0%) 31.2% 19.3% NA 1.53x 7.9x 1.27x 7.8x

Flowers Foods, Inc. FLO 15.03 55.0% 3,144 4,172 3,883 440 3.6% 3.6% 45.3% 11.3% 17.3x 1.07x 9.5x 1.06x 9.2x

George Weston Limited WN-CA 83.96 90.7% 10,592 24,216 35,881 2,906 (28.2%) 2.8% 28.8% 8.1% 30.6x 0.67x 8.3x 0.66x 8.1x

Grupo Bimbo SAB de CV BIMBOA-MX 2.82 86.6% 12,891 16,765 13,485 1,659 (4.9%) (0.2%) 54.4% 12.3% 42.3x 1.24x 10.1x 1.31x 11.8x

Lancaster Colony Corporation LANC 132.50 96.2% 3,583 3,465 1,191 209 7.8% 0.7% 26.2% 17.5% 29.4x 2.91x 16.6x 2.86x 16.3x

Mean (9.0%) (1.2%) 37.1% 13.7% 29.9x 1.49x 10.5x 1.43x 10.6x

Median (4.9%) 0.7% 31.2% 12.3% 30.0x 1.24x 9.5x 1.27x 9.2x

LTM EV / LTM EV / 2016ERevenue Growth LTM Margins

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PUBLIC COMPARABLES5

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FOOD AND BEVERAGE




Dairy

Danone SA BN-FR $74.32 94.2% $47,862 $56,959 $24,482 $4,025 (7.3%) (3.0%) 51.2% 16.4% 22.9x 2.33x 14.2x 2.28x 13.1x

Dean Foods Company DF 16.07 75.9% 1,442 2,327 7,784 442 (11.9%) (6.9%) 26.5% 5.7% 13.3x 0.30x 5.3x 0.30x 5.1x

Emmi AG EMMN-CH 671.60 95.1% 3,547 3,946 3,311 327 (6.6%) (1.0%) 19.2% 9.9% 25.6x 1.19x 12.1x 1.18x 11.8x

Glanbia Plc GL9-IE 18.12 86.6% 5,461 6,186 3,081 372 (3.4%) 0.4% 9.6% 12.1% 25.0x 2.01x 16.6x 1.95x 15.8x

Lifeway Foods, Inc. LWAY 13.60 96.6% 220 219 123 11 2.6% 11.4% 32.2% 8.8% 52.3x 1.79x 20.3x 1.71x 16.6x

Parmalat S.p.A. PLT-IT 2.65 93.9% 4,905 4,723 7,134 437 (1.6%) 1.1% 2.3% 6.1% 28.3x 0.66x 10.8x 0.65x 9.5x

Saputo Inc. SAP-CA 33.00 95.0% 12,852 13,864 8,334 930 (7.9%) 2.5% 18.7% 11.2% 26.4x 1.66x 14.9x 1.64x 14.3x

Savencia SA SAVE-FR 65.86 97.2% 919 1,327 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 15.3x 0.27x 5.1x 0.27x 4.3x

Mean (6.0%) 0.2% 20.5% 9.4% 26.1x 1.28x 12.4x 1.25x 11.3x

Median (6.9%) (0.3%) 18.9% 9.3% 25.3x 1.43x 13.1x 1.41x 12.4x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $6.71 73.9% $787 $801 $393 $78 (7.8%) 1.4% 46.1% 19.9% 17.2x 2.04x 10.2x 2.34x 11.7x

Cott Corporation BCB-CA 15.14 87.0% 2,054 3,325 2,889 340 12.3% 10.0% 32.7% 11.8% NM 1.15x 9.8x 1.04x 8.5x

Dr Pepper Snapple Group, Inc. DPS 91.26 92.4% 16,604 19,277 6,311 1,577 1.8% 1.7% 59.3% 25.0% 20.6x 3.05x 12.2x 3.01x 12.1x

Lassonde Industries, Inc. LAS.A 159.43 93.9% 496 761 1,140 126 (1.1%) 3.5% 29.6% 11.0% 22.2x 0.67x 6.0x 0.65x 5.9x

Monster Beverage Corporation MNST 148.30 89.1% 27,400 26,921 2,905 1,134 13.4% 10.9% 62.4% 39.0% 45.0x 9.27x 23.7x 8.80x 21.5x

National Beverage Corp. FIZZ 52.58 81.2% 2,428 2,295 737 117 12.2% 4.2% 33.3% 15.9% 33.4x 3.12x 19.6x NA NA

PepsiCo, Inc. PEP 106.02 95.6% 150,522 172,892 62,173 12,567 (4.8%) (2.0%) 55.0% 20.2% 29.5x 2.78x 13.8x 2.76x 13.7x

Coca-Cola Company KO 43.19 91.6% 182,482 206,656 42,661 11,542 (6.0%) (3.5%) 60.1% 27.1% 24.3x 4.84x 17.9x 4.98x 17.5xNA

Mean 2.5% 3.3% 47.3% 21.2% 27.5x 3.36x 14.2x 3.37x 13.0x

Median 0.4% 2.6% 50.6% 20.0% 24.3x 2.92x 13.0x 2.76x 12.1x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $123.81 92.2% $197,522 $246,479 $42,551 $15,384 (9.3%) 2.4% 59.8% 36.2% 49.2x 5.79x 16.0x 5.71x 14.9x

Brown-Forman Corporation BF.B 46.44 85.1% 18,315 20,097 2,995 1,027 (1.7%) 1.5% 68.0% 34.3% 17.4x 6.71x 19.6x 6.51x 18.3x

Carlsberg A/S CARL.B-DK 92.47 89.7% 14,229 19,562 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 2.01x 10.5x 2.04x 10.5x

Constellation Brands, Inc. STZ 164.87 97.7% 32,696 40,978 6,786 2,245 10.6% 33.8% 47.2% 33.1% 30.6x 6.04x 18.2x 5.70x 17.1x

Diageo plc DGE-GB 27.48 93.3% 68,926 82,878 15,532 4,997 (8.7%) (4.3%) 59.8% 32.2% 23.2x 5.34x 16.6x 5.65x 16.9x

Heineken NV HEIA-NL 87.91 89.2% 50,495 64,934 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 33.3x 2.85x 13.5x 2.80x 11.7x

Kirin Holdings Company, Limited 2503-JP 16.36 90.3% 15,045 24,187 18,293 2,034 (5.4%) (10.8%) 43.5% 11.1% NA 1.32x 11.9x 1.17x 10.4x

Pernod Ricard SA RI-FR 116.69 96.5% 30,689 40,801 9,631 2,769 (5.9%) (4.6%) 61.6% 28.7% 22.1x 4.24x 14.7x 4.11x 14.2x

SABMiller plc SAB-GB 58.41 88.0% 94,777 106,002 19,833 9,792 (10.4%) (5.1%) 22.2% 49.4% 39.7x 5.34x 10.8x 4.33x 16.9x

Sapporo Holdings Limited 2501-JP 26.32 84.8% 2,100 4,356 4,598 388 (0.1%) (7.4%) 35.1% 8.4% 39.2x 0.95x 11.2x 0.82x 9.5x

Mean (5.1%) (0.3%) 45.5% 27.4% 31.9x 4.06x 14.3x 3.88x 14.0x

Median (5.6%) (4.4%) 46.5% 30.5% 32.0x 4.79x 14.1x 4.22x 14.6x

Snacks

Golden Enterprises, Inc. GLDC $11.97 96.2% $135 $140 $136 $9 3.1% (0.4%) 49.8% 6.4% 42.8x 1.03x 15.9x NA NA

Inventure Foods, Inc. SNAK 9.57 97.5% 184 291 278 8 (4.4%) 13.0% 14.8% 2.7% NA 1.05x NM 1.00x 16.9x

J & J Snack Foods Corp. JJSF 121.01 96.3% 2,230 2,118 990 154 2.1% 4.3% 33.1% 15.6% 30.1x 2.14x 13.7x 2.11x 13.4x

John B. Sanfilippo & Son, Inc. JBSS 51.08 70.1% 430 473 952 68 7.3% 9.0% 14.5% 7.1% 18.7x 0.50x 7.0x 0.51x NA

Mondelez International, Inc. MDLZ 43.55 91.8% 66,406 82,015 26,970 4,855 (17.2%) 1.3% 40.6% 18.0% 9.2x 3.04x 16.9x 3.12x 17.0x

PepsiCo, Inc. PEP 106.02 95.6% 150,522 172,892 62,173 12,567 (4.8%) (2.0%) 55.0% 20.2% 29.5x 2.78x 13.8x 2.76x 13.7x

Snyder's-Lance, Inc. LNCE 33.97 86.9% 3,212 4,584 1,895 219 12.7% 3.5% 35.8% 11.6% NM 2.42x 20.9x 1.99x 14.5x

Mean (0.2%) 4.1% 34.8% 11.7% 26.0x 1.85x 14.7x 1.92x 15.1x

Median 2.1% 3.5% 35.8% 11.6% 29.5x 2.14x 14.9x 2.05x 14.5x

LTM EV / LTMRevenue Growth LTM Margins EV / 2016E

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PUBLIC COMPARABLES5

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FOOD AND BEVERAGE




Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $44.03 69.6% $1,911 $1,549 $1,909 $515 21.1% 14.0% 13.4% 27.0% 6.7x 0.81x 3.0x 0.96x 5.6x

JBS S.A. JBSS3-BR 3.54 77.9% 10,210 25,897 47,951 3,030 (7.0%) 5.7% 12.1% 6.3% 17.6x 0.54x 8.5x 0.45x 6.2x

Sanderson Farms, Inc. SAFM 93.87 94.4% 2,124 1,881 2,705 305 (6.2%) 1.3% 17.8% 11.3% 15.2x 0.70x 6.2x 0.66x 5.4x

Seaboard Corporation SEB 3,302.00 94.3% 3,713 3,055 5,390 283 (12.8%) (5.9%) 8.9% 5.2% 15.4x 0.57x 10.8x NA NA

Tyson Foods, Inc. TSN 73.83 95.8% 21,824 27,816 38,310 3,587 (6.5%) 4.4% 12.7% 9.4% 17.8x 0.73x 7.8x 0.75x 7.6x

Mean (2.3%) 3.9% 13.0% 11.8% 14.5x 0.67x 7.3x 0.71x 6.2x

Median (6.5%) 4.4% 12.7% 9.4% 15.4x 0.70x 7.8x 0.71x 5.9x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $68.04 95.2% $1,172 $1,177 $896 $63 5.5% 11.7% 12.4% 7.0% 34.6x 1.31x 18.7x 1.25x 17.3x

Fresh Del Monte Produce Inc. FDP 58.33 95.9% 2,968 3,142 4,077 356 3.8% 5.1% 13.3% 8.7% 22.4x 0.77x 8.8x 0.78x 9.6x

Seneca Foods Corporation SENEA 29.71 72.7% 309 613 1,302 93 2.3% 0.6% 7.9% 7.2% 5.6x 0.47x 6.6x NA NA

Total Produce Plc T7O-IE 1.80 93.9% 575 764 3,366 72 1.4% 0.1% 13.6% 2.1% 17.5x 0.23x 10.6x 0.20x 10.2x

Mean 3.2% 4.4% 11.8% 6.3% 20.1x 0.70x 11.2x 0.75x 12.3x

Median 3.0% 2.9% 12.9% 7.1% 20.0x 0.62x 9.7x 0.78x 10.2x

Ingredients / Flavors

Givaudan SA GIVN-CH $2,072.29 96.1% $18,933 $19,584 $4,565 $1,075 (5.1%) 0.2% 42.6% 23.5% 27.7x 4.29x 18.2x 4.08x 16.7x

Ingredion Incorporated INGR 135.43 96.7% 9,614 10,964 5,657 1,016 0.9% (4.7%) 25.2% 18.0% 21.4x 1.94x 10.8x 1.91x 10.8x

International Flavors & Fragrances Inc. IFF 135.00 96.6% 10,747 11,702 3,058 706 (0.5%) 2.1% 45.2% 23.1% 26.3x 3.83x 16.6x 3.76x 16.0x

Kerry Group Plc KRZ-IE 82.19 85.3% 14,542 16,362 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 25.4x 2.41x 16.5x 2.37x 16.5x

Sensient Technologies Corporation SXT 75.26 99.2% 3,340 3,942 1,387 246 (0.7%) (1.9%) 34.5% 17.8% 31.7x 2.84x 16.0x 2.80x 14.6x

Symrise AG SY1-DE 73.01 94.2% 9,394 11,182 3,033 612 0.9% 9.3% 41.9% 20.2% 33.7x 3.69x 18.3x 3.45x 16.0x

Tate & Lyle PLC TATE-GB 9.51 95.3% 4,399 4,964 3,547 440 (5.9%) (11.7%) 6.9% 12.4% 20.4x 1.40x 11.3x 1.48x 11.3x

Mean (2.0%) (1.5%) 29.4% 18.5% 26.7x 2.91x 15.4x 2.84x 14.6x

Median (0.7%) (1.9%) 34.5% 18.0% 26.3x 2.84x 16.5x 2.80x 16.0x

Agribusiness

Archer-Daniels-Midland Company ADM $42.96 91.3% $24,434 $29,875 $63,037 $2,095 (14.2%) 12.6% 7.9% 3.3% 17.0x 0.47x 14.3x 0.47x 9.9x

Bunge Limited BG 62.45 78.2% 8,499 11,328 41,324 1,736 (14.8%) (13.0%) 8.4% 4.2% 12.1x 0.27x 6.5x 0.27x 6.2x

CF Industries Holdings, Inc. CF 25.51 45.6% 5,597 12,303 4,181 1,657 (5.0%) (10.8%) 33.1% 39.6% 29.6x 2.94x 7.4x 3.06x 9.9x

Darling Ingredients Inc. DAR 14.17 89.0% 2,263 4,112 3,321 429 (11.5%) 23.9% 14.8% 12.9% 20.8x 1.24x 9.6x 1.21x 9.1x

Monsanto Company MON 106.99 93.6% 46,427 55,720 13,266 3,670 (13.0%) (3.5%) 57.9% 27.7% 43.8x 4.20x 15.2x 4.11x 14.6x

Andersons, Inc. ANDE 35.43 91.5% 980 1,498 3,991 23 (6.6%) (10.3%) 5.8% 0.6% NA 0.38x NM 0.36x 11.6x

Mosaic Company MOS 27.25 68.7% 9,277 12,123 7,617 1,348 (17.7%) NA 7.4% 17.7% 16.7x 1.59x 9.0x 1.70x 11.1x

Mean (11.9%) (0.2%) 19.3% 15.1% 23.4x 1.59x 10.3x 1.60x 10.4x

Median (13.0%) (6.9%) 8.4% 12.9% 18.9x 1.24x 9.3x 1.21x 9.9x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $91.23 98.1% $62 $79 $1,296 $14 1.8% 2.6% 5.6% 1.1% 10.3x 0.06x 5.7x NA NA

Core-Mark Holding Company, Inc. CORE 36.50 73.0% 1,666 1,877 12,505 131 17.8% 10.9% 5.1% 1.0% 30.8x 0.15x 14.3x 0.13x 11.8x

Performance Food Group Company PFGC 24.37 86.6% 2,449 3,584 16,105 328 5.5% 5.6% 12.8% 2.0% 33.9x 0.22x 10.9x 0.22x 9.6x

SpartanNash Company SPTN 30.34 89.5% 1,115 1,583 7,650 228 (2.9%) (1.1%) 14.4% 3.0% 18.8x 0.21x 7.0x 0.21x 6.8x

SUPERVALU INC. SVU 4.75 57.5% 1,249 3,683 17,318 755 (3.8%) 14.1% 13.3% 4.4% 7.6x 0.21x 4.9x 0.21x 5.1x

United Natural Foods, Inc. UNFI 41.82 75.1% 2,074 2,655 8,470 301 3.5% 11.8% 15.6% 3.5% 16.5x 0.31x 8.8x 0.30x 8.5x

Mean 3.6% 7.3% 11.1% 2.5% 19.6x 0.19x 8.6x 0.21x 8.3x

Median 2.6% 8.3% 13.1% 2.5% 17.6x 0.21x 7.9x 0.21x 8.5x

LTM Margins EV / 2016ELTM Revenue Growth EV / LTM

PAGE |

PUBLIC COMPARABLES5

8

FOOD AND BEVERAGE




Food Retail

Costco Wholesale Corporation COST $151.69 89.4% $66,034 $65,370 $144,038 $5,918 24.6% 11.8% 13.5% 4.1% 28.4x 0.45x 11.0x 0.54x 12.9x

Ingles Markets, Incorporated IMKTA 38.64 67.0% 539 1,432 3,785 238 (0.1%) 0.1% 24.3% 6.3% 13.9x 0.38x 6.0x 0.38x 5.9x

J Sainsbury plc SBRY-GB 3.18 73.8% 6,801 9,668 35,387 1,889 (7.5%) (1.3%) 6.1% 5.3% 9.9x 0.27x 5.1x 0.31x 5.8x

Royal Ahold N.V. AD-NL 23.28 91.0% 29,918 28,864 43,131 2,842 1.9% 0.6% 27.7% 6.6% 18.3x 0.67x 10.2x 0.42x 6.5x

Natural Grocers by Vitamin Cottage NGVC 11.00 42.6% 244 291 687 47 14.9% 19.2% 25.0% 6.9% 18.7x 0.42x 6.2x 0.40x 6.1x

Sprouts Farmers Markets, Inc. SFM 19.37 64.6% 2,853 3,056 3,858 321 18.3% NA 27.7% 8.3% 20.4x 0.79x 9.5x 0.76x 10.1x

SUPERVALU INC. SVU 4.75 57.5% 1,249 3,683 17,318 755 (3.8%) 14.1% 13.3% 4.4% 7.6x 0.21x 4.9x 0.21x 5.1x

Tesco PLC TSCO-GB 2.17 68.9% 17,313 26,718 82,336 3,296 (18.6%) (6.4%) 5.1% 4.0% 42.6x 0.32x 8.1x 0.37x 8.3x

Kroger Co. KR 30.89 72.3% 29,217 40,359 112,409 5,873 3.3% 4.4% 20.1% 5.2% 14.7x 0.36x 6.9x 0.35x 6.8x

Village Super Market, Inc. VLGEA 31.61 97.7% 308 272 1,603 66 1.8% 2.9% 26.0% 4.1% 19.9x 0.17x 4.1x NA NA

Weis Markets, Inc. WMK 52.46 94.5% 1,398 1,275 2,915 173 3.0% 2.5% 25.1% 6.0% 21.5x 0.44x 7.4x NA NA

Whole Foods Market, Inc. WFM 28.39 79.8% 8,927 9,231 15,665 1,368 3.0% 6.8% 34.7% 8.7% 19.6x 0.59x 6.7x 0.58x 6.9x

Mean 3.4% 5.0% 20.7% 5.8% 19.6x 0.42x 7.2x 0.43x 7.5x

Median 2.4% 2.9% 24.7% 5.6% 19.2x 0.40x 6.8x 0.39x 6.7x

Foodservice

Colabor Group Inc. GCL-CA $0.63 66.6% $17 $171 $1,139 $21 (10.2%) (7.7%) 2.0% 1.9% NA 0.15x 8.0x NA 6.7x

Sysco Corporation SYY 50.36 93.3% 27,496 31,087 50,367 2,672 3.5% 4.3% 18.3% 5.3% 30.2x 0.62x 11.6x 0.59x 10.9x

Chefs' Warehouse, Inc. CHEF 11.54 55.5% 301 599 1,129 62 23.0% 25.1% 24.7% 5.4% NM 0.53x 9.7x 0.51x 11.0x

Mean 5.4% 7.2% 15.0% 4.2% 30.2x 0.43x 9.8x 0.55x 9.5x

Median 3.5% 4.3% 18.3% 5.3% 30.2x 0.53x 9.7x 0.55x 10.9x

Quick Service Restaurant

Bojangles, Inc. BOJA $15.82 73.1% $567 $761 $512 $78 10.7% NA 21.0% 15.2% 16.8x 1.48x 9.7x 1.43x 9.6x

Jack in the Box Inc. JACK 96.88 94.4% 3,185 4,075 1,555 318 1.6% 14.5% 29.4% 20.4% 29.5x 2.62x 12.8x 2.56x 12.1x

McDonald's Corporation MCD 115.95 87.9% 97,906 120,788 25,125 9,070 (3.4%) (3.3%) 41.3% 36.1% 22.1x 4.81x 13.3x 4.94x 12.9x

Popeyes Louisiana Kitchen, Inc. PLKI 54.79 87.0% 1,159 1,265 264 83 5.3% 10.7% 82.3% 31.6% 28.2x 4.79x 15.2x 4.63x 14.5x

Restaurant Brands International Inc QSR 44.96 91.5% 10,438 19,989 4,092 1,727 53.0% NA 46.7% 42.2% 40.2x 4.89x 11.6x 4.83x 10.8x

Sonic Corp. SONC 26.33 72.5% 1,249 1,740 619 170 4.2% 5.0% 35.9% 27.4% 20.7x 2.81x 10.2x 2.91x 10.0x

Wendy's Company WEN 10.54 92.6% 2,746 4,862 1,690 449 (13.6%) (12.5%) 39.0% 26.6% 19.5x 2.88x 10.8x 3.44x 12.3x

Yum! Brands, Inc. YUM 88.66 96.4% 33,807 38,280 13,005 2,780 (0.6%) (0.4%) 27.0% 21.4% 26.1x 2.94x 13.8x 2.89x 12.6x

Mean 7.1% 2.3% 40.3% 27.6% 25.4x 3.40x 12.2x 3.45x 11.9x

Median 2.9% 2.3% 37.5% 27.0% 24.1x 2.91x 12.2x 3.18x 12.2x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $428.90 56.7% $12,268 $11,998 $4,047 $484 (8.9%) 11.2% 11.9% 12.0% NM 2.96x 24.8x 2.97x NM

El Pollo Loco Holdings Inc LOCO 13.70 88.7% 509 616 367 61 3.0% NA 21.9% 16.6% 22.4x 1.68x 10.1x 1.61x 9.5x

Fiesta Restaurant Group, Inc. FRGI 25.32 49.3% 669 735 710 95 9.7% 10.3% 20.9% 13.4% 18.7x 1.04x 7.7x 1.02x 7.6x

Habit Restaurants, Inc. HABT 14.65 52.2% 256 248 257 26 24.5% NA 17.1% 10.3% 51.0x 0.97x 9.4x 0.87x 8.0x

Noodles & Co. NDLS 6.14 41.1% 158 234 470 28 7.8% 13.0% 8.7% 5.9% NA 0.50x 8.5x 0.48x 8.5x

Panera Bread Company PNRA 210.26 93.8% 4,680 4,922 2,740 400 4.7% 6.8% 15.5% 14.6% 35.1x 1.80x 12.3x 1.76x 12.1x

Potbelly Corp. PBPB 12.79 85.3% 317 288 392 38 11.7% NA 16.2% 9.7% 46.6x 0.73x 7.6x 0.70x 7.3x

Shake Shack, Inc. SHAK 34.70 62.1% 821 802 225 44 NA NA 24.7% 19.6% NM 3.57x 18.2x 3.11x 19.2x

Zoe's Kitchen, Inc. ZOES 25.43 60.9% 482 495 256 23 27.2% NA 16.2% 8.8% NM 1.94x 21.9x 1.78x 20.7x

Mean 10.0% 10.3% 17.0% 12.3% 34.8x 1.69x 13.4x 1.59x 11.6x

Median 8.7% 10.7% 16.2% 12.0% 35.1x 1.68x 10.1x 1.61x 9.0x

LTM Revenue Growth LTM Margins EV / LTM EV / 2016E

PAGE |

PUBLIC COMPARABLES5

9

FOOD AND BEVERAGE




Differentiated Casual

BJ's Restaurants, Inc. BJRI $38.13 79.5% $918 $986 $956 $131 9.0% 8.6% 14.2% 13.7% 19.6x 1.03x 7.5x 0.98x 7.5x

Buffalo Wild Wings, Inc. BWLD 162.02 78.7% 2,926 2,989 1,944 299 17.9% 18.8% 14.1% 15.4% 30.1x 1.54x 10.0x 1.47x 9.6x

Chuy's Holdings, Inc. CHUY 29.00 76.8% 482 469 311 40 16.0% 17.5% 17.5% 12.7% 33.4x 1.51x 11.8x 1.39x 10.9x

Dave & Buster's Entertainment, Inc. PLAY 42.42 85.0% 1,705 1,971 933 217 15.1% 14.7% 21.5% 23.3% 21.8x 2.11x 9.1x 2.01x 8.5x

Ignite Restaurant Group, Inc. IRG 0.94 15.7% 24 137 475 22 17.3% 36.0% 4.9% 4.7% NA 0.29x 6.2x 0.30x 6.1x

Cheesecake Factory Incorporated CAKE 50.40 90.7% 2,404 2,417 2,166 270 17.3% 36.0% 16.7% 12.5% 19.8x 1.12x 8.9x 1.06x 8.5x

Wingstop, Inc. WING 29.78 90.0% 846 919 85 30 16.2% NA 69.6% 35.8% 55.6x 10.88x 30.4x 10.03x 27.3x

Mean 15.5% 21.9% 22.6% 16.9% 30.0x 2.64x 12.0x 2.46x 11.2x

Median 16.2% 18.1% 16.7% 13.7% 25.9x 1.51x 9.1x 1.39x 8.5x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $18.73 90.1% $2,051 $3,223 $4,319 $434 (3.5%) 2.1% 11.4% 10.1% 38.2x 0.75x 7.4x 0.75x 7.1x

Brinker International, Inc. EAT 51.69 93.7% 2,851 3,937 3,257 491 8.5% 4.6% 16.3% 15.1% 15.2x 1.21x 8.0x 1.21x 8.3x

Darden Restaurants, Inc. DRI 63.06 87.4% 7,901 8,190 6,934 904 2.5% (6.8%) 19.1% 13.0% 21.6x 1.18x 9.1x 1.16x 8.4x

DineEquity, Inc. DIN 79.64 80.6% 1,433 2,687 658 265 (2.5%) (1.9%) 59.2% 40.3% 14.4x 4.09x 10.1x 4.15x 10.1x

Red Robin Gourmet Burgers, Inc. RRGB 48.83 59.1% 624 902 1,277 147 3.2% 8.6% 15.6% 11.5% 15.7x 0.71x 6.2x 0.68x 6.1x

Ruby Tuesday, Inc. RT 3.06 45.3% 183 340 1,091 78 (3.1%) (4.5%) 14.5% 7.1% NA 0.31x 4.4x 0.32x 4.4x

Texas Roadhouse, Inc. TXRH 43.41 88.6% 3,041 3,004 1,917 250 12.5% 13.0% 15.9% 13.0% 27.3x 1.57x 12.0x 1.50x 11.2x

Mean 2.5% 2.2% 21.7% 15.7% 22.1x 1.40x 8.2x 1.40x 7.9x

Median 2.5% 2.1% 15.9% 13.0% 18.6x 1.18x 8.0x 1.16x 8.3x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $14.56 84.9% $331 $327 $344 $44 8.6% 11.6% 18.9% 12.8% 19.7x 0.95x 7.4x 0.93x 6.8x

Fogo de Chao, Inc. FOGO 12.19 61.3% 337 468 277 62 4.2% NA 23.9% 22.2% 10.5x 1.69x 7.6x 1.66x 8.4x

Ruth's Hospitality Group, Inc. RUTH 15.17 80.8% 471 498 380 57 18.0% (2.5%) 22.5% 15.0% 16.8x 1.31x 8.7x 1.28x 8.2x

Mean 10.3% 4.6% 21.8% 16.7% 15.7x 1.32x 7.9x 1.29x 7.8x

Median 8.6% 4.6% 22.5% 15.0% 16.8x 1.31x 7.6x 1.28x 8.2x

Pizza

Domino's Pizza, Inc. DPZ $150.21 99.3% $7,222 $9,307 $2,321 $465 11.6% 9.9% 31.8% 20.0% 40.2x 4.01x 20.0x 3.88x 19.5x

Papa John's International, Inc. PZZA 76.17 97.5% 2,849 3,172 1,658 187 0.6% 5.9% 18.8% 11.3% 32.5x 1.91x 16.9x 1.85x 16.7x

Papa Murphy's Holdings, Inc. FRSH 5.86 32.7% 100 210 125 23 14.8% NA 29.0% 18.8% 17.8x 1.68x 9.0x 1.57x 8.7x

Mean 9.0% 7.9% 26.5% 16.7% 30.2x 2.54x 15.3x 2.43x 15.0x

Median 11.6% 7.9% 29.0% 18.8% 32.5x 1.91x 16.9x 1.85x 16.7x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $12.40 69.5% $300 $253 $150 $20 NA NA 43.4% 13.4% 31.1x 1.68x 12.6x 1.55x 11.6x

Dunkin' Brands Group, Inc. DNKN 48.41 95.6% 4,417 6,542 820 417 4.7% 6.5% 75.7% 50.9% 36.5x 7.98x 15.7x 7.79x 14.4x

Jamba, Inc. JMBA 10.59 68.0% 159 143 95 (1) (54.3%) (25.7%) 35.0% NM NA 1.51x NM 1.78x 25.6x

Krispy Kreme Doughnuts, Inc. KKD #N/A #N/A NA NA 523 74 4.3% 5.3% 17.9% 14.1% NA NA NA NA NA

Starbucks Corporation SBUX 54.71 85.5% 79,167 80,455 20,510 4,641 11.3% 12.4% 24.1% 22.6% 30.2x 3.92x 17.3x 3.69x 15.1x

Mean (8.5%) (0.4%) 39.2% 25.3% 32.6x 3.77x 15.2x 3.70x 16.7x

Median 4.5% 5.9% 35.0% 18.4% 31.1x 2.80x 15.7x 2.74x 14.7x

Family Restaurant

Bob Evans Farms, Inc. BOBE $38.76 80.3% $764 $1,122 $1,323 $123 (1.6%) (4.7%) 12.8% 9.3% 27.6x 0.85x 9.1x 0.85x 8.0x

Cracker Barrel Old Country Store, Inc. CBRL 149.73 86.6% 3,604 3,827 2,886 356 2.5% 2.6% 69.7% 12.3% 19.5x 1.33x 10.8x 1.30x 10.4x

Denny's Corporation DENN 10.48 88.2% 780 995 497 67 1.5% 2.0% 28.6% 13.5% 52.2x 2.00x 14.9x 1.97x 10.1x

Luby's, Inc. LUB 4.32 83.2% 122 157 427 21 8.6% 4.7% 10.0% 4.8% NA 0.37x 7.6x NA NA

Mean 2.8% 1.2% 30.3% 10.0% 33.1x 1.14x 10.6x 1.37x 9.5x

Median 2.0% 2.3% 20.7% 10.8% 27.6x 1.09x 9.9x 1.30x 10.1x

LTM Revenue Growth LTM Margins EV / LTM EV / 2016E

PAGE |


10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

POST HOLDINGS, INC. TO ACQUIRE NATIONAL PASTEURIZED EGGS

CenterOak Partners has agreed to acquire Wetzel’s Pretzels, a portfolio company of Levine Leichtman Capital Partners.

With over 300 locations in 28 states and six countries, Wetzel’s Pretzels is the second largest owner of premium freshly baked soft pretzels, with stores located in shopping centers, theme parks, train stations, and airports.

The transaction will add a growth-oriented consumer holding to CenterOak’s portfolio.

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: September 2, 2016

CENTEROAK PARTNERS TO ACQUIRE WETZEL’S PRETZELS

ROARK CAPITAL GROUP TO ACQUIRE JIMMY JOHN’S

Roark Capital Group has agreed to acquire a majority interest in Jimmy John’s for an undisclosed amount.

Jimmy John’s is one of the largest and fastest growing fast-casual restaurant brands, known for its quick service, homemade bread, and freshly-cut, quality meats.

The transaction will enable Roark to expand its portfolio of franchised and multi-unit restaurant concepts.


Post Holdings has agreed to acquire National Pasteurized Eggs for an undisclosed amount.

National Pasteurized Eggs utilizes a patented in-shell pasteurization process that allows for commercial-scale production of eggs for the food service, retail, and international channels.

The transaction will allow Post to build upon its Michael Foods business, a producer and distributor of eggs, potatoes, and dairy products.


50

60

70

80

90

100

110

120

130

140

Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16

Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

32.7%

20.3%

10.5%

3.9%

(6.1%)

(10.5%)

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

9/8/2016 Jimmy John's Franchise LLC Roark Capital Group, Inc.

9/8/2016 Kelley Foods of Alabama, Inc. Ben E. Keith Co.

9/8/2016 M.H. Enterprises, Inc. Teriyaki Madness

9/6/2016 CiCi Enterprises LP Arlon Group LLC

9/6/2016 Last Drop Dist illers Ltd. Sazerac Co., Inc.

9/5/2016 Veganz GmbH Katjes International GmbH & Co.

9/5/2016 C7 Brands Ltd. Prime Active Capital Plc

9/2/2016 Broer Bakkerijgrondstoffen BV Sonneveld Group BV

9/2/2016 Wetzel's Pretzels LLC CenterOak Partners LLC

9/2/2016 Compagnie de la Seine SAS Groupe Émeraude SAS

* M&A transactions include European and cross-border deals since 2015.

9.9x

8.8x 8.3x

8.0x

11.3x

9.2x 9.7x

8.8x

8.0x

0.00x

0.40x

0.80x

1.20x

1.60x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2008 2009 2010 2011 2012 2013 2014 2015 2016

YTD

EV

/ LTM

Sa

les M

ultip

leEV

/ L

TM

EB

ITD

A M

ultip

le

EV / LTM EBITDA EV / LTM Sales

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$247.7

$36.9

0

100

200

300

400

500

600

$0

$40

$80

$120

$160

$200

$240

$280

2008 2009 2010 2011 2012 2013 2014 2015 2016

YTD

Nu

mb

er o

f Tra

nsa

ctio

ns

Ag

gre

ga

te D

ea

l Va

lue

($

inb

illio

ns)

Aggregate Deal Valu e # of Deals

2114

3225 26

3831

65

77

2717

34

18

3643

48

65

33

0

20

40

60

80

100

2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Nu

mb

er

of

Tra

nsa

ctio

ns

Number of Investments Number of Exits

PAGE |

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

$0

$2

$4

$6

$8

$10

$12

$14

$16

2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Inst itutional Pro Rata

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

09/08/16 Kernel Holding SA Edible fats and oils, nec USD 300 Export Credit N/A N/A

09/06/16 Podravka D D Canned fruits and vegetables USD 62 Undisclosed N/A N/A

09/01/16 Philip Morris International Inc Chewing and smoking tobacco USD 3,500 Revolver/Line >= 1 Yr. N/A 17.5

08/31/16 Ecom Agroindustrial Corp Ltd Roasted coffee USD 500 364-Day Facility N/A N/A

08/31/16 Ikedenkanzai Corp Candy/other confectionery products USD 2,200 Revolver/Line >= 1 Yr. N/A N/A

08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 166 Term Loan N/A 160

08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 3 Standby Letter of Credit N/A N/A

08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 309 Term Loan N/A 160

08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 422 Revolver/Line >= 1 Yr. N/A 170

08/25/16 China Mengniu Dairy Co Ltd Fluid milk USD 200 Term Loan N/A 85

08/24/16 Amplify Snack Brands Food preparations, nec USD 30 Revolver/Line >= 1 Yr. N/A N/A

08/24/16 Amplify Snack Brands Food preparations, nec USD 20 Revolver/Line >= 1 Yr. N/A N/A

08/24/16 Amplify Snack Brands Food preparations, nec USD 600 Term Loan B N/A 550

08/17/16 China Resources (Holdings) Co Ltd Food preparations, nec USD 140 Term Loan N/A 425

08/17/16 China Resources (Holdings) Co Ltd Food preparations, nec USD 550 Term Loan N/A 450

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA -

Capex/

Cash Interest

EB

ITD

A M

ult

iple

2012 2013 2014 2015 2016 YTD

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2009 2010 2011 2012 2013 2014 2015 1H16

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

9/8/2016 Jimmy John's Franchise LLC - Roark Capital Group, Inc. - - - - P N.A.

9/8/2016 Kelley Foods of Alabama, Inc. - Ben E. Keith Co. - - - - P N.A.

9/8/2016 M.H. Enterprises, Inc. - Teriyaki Madness - - - - P N.A.

9/6/2016 CiCi Enterprises LP - Arlon Group LLC - - - - P N.A.

9/6/2016 Last Drop Dist illers Ltd. - Sazerac Co., Inc. - - - - P Cross Border

9/5/2016 Veganz GmbH - Katjes International GmbH & Co. - - - - P EU

9/5/2016 C7 Brands Ltd. - Prime Active Capital Plc - - - - P EU

9/2/2016 Broer Bakkerijgrondstoffen BV - Sonneveld Group BV $7.4 0.4x - 9.4x P EU

9/2/2016 Wetzel's Pretzels LLC Levine Leichtman Capital Partners CenterOak Partners LLC - - - - P N.A.

9/2/2016 Compagnie de la Seine SAS - Groupe Émeraude SAS - - - - P EU

9/1/2016 National Pasteurized Eggs, Inc. - Post Holdings, Inc. - - - - P N.A.

9/1/2016 Original Joe's Franchise Group, Inc. Franworks Franchise Corp. Cara Operations Ltd. $70.9 - - - P Cross Border

9/1/2016 Metcalfe's Skinny Ltd. Metcalfe's Food Co. Ltd. Diamond Foods, Inc. - - - - P Cross Border

9/1/2016 GBK Restaurants Ltd. Nando's Group Holdings Ltd. Famous Brands Ltd. $157.2 - 12.5x - P EU

9/1/2016 Gold&Green Foods Oy - Paulig Group - - - - P EU

8/31/2016 Domaine Pinnacle, Inc. Domaine Pinnacle, Inc. Corby Spirit & Wine Ltd. $9.2 - - - P Cross Border

8/31/2016 Hepok Vinarija Ljubuški doo Amko Komerc doo Zeraa Agriculture Investment $2.5 - - - P EU

8/31/2016 Promax Nutrit ion Corp. Promax Nutrit ion Corp. NuGo Nutrit ion - - - - P N.A.

8/30/2016 Doctor Gummy SA - Vallis Capital Partners SGPS SA - - - - P EU

8/29/2016 Old Grove Marketplace - InvenTrust Propert ies Corp. $23.3 - - - P N.A.

8/29/2016 MAPCO Express, Inc. Delek US Holdings, Inc. Empresas Copec SA $535.0 - - - P N.A.

8/29/2016 Duckhorn Wine Co. - TSG Consumer Partners LLC - - - - P N.A.

8/27/2016 Boulangerie Oscuro SARL - Boulangerie Oscuro SARL - - - - P EU

8/26/2016 Euphorium Bakery Ltd. Tesco Plc Samworth Brothers Ltd. - - - - P EU

8/25/2016 Legacy for Life LLC - Youngevity International, Inc. - - - - P N.A.

8/25/2016 Sektkellerei Am Turm Deidesheim-Speyer Valckenberg Holding GmbH Sektkellerei Am Turm Deidesheim - - - - P EU

8/25/2016 Myasokombinat Zvenigovski - Polski Koncern Miesny DUDA SA $0.8 - - - P EU

8/25/2016 Marinopoulos Group - Sklavenit is $140.6 - - - P EU

8/24/2016 H. Fox & Co., Inc. - Westminster Cracker Co., Inc. - - - - P N.A.

8/24/2016 Yerbamatestore.pl Intenson Europe Sp zoo Etin Group Sp zoo - - - - P EU

8/23/2016 Bresc BV - Hügli Holding AG - - - - P EU

8/23/2016 Culinor NV - ORIOR AG - - - - P EU

8/23/2016 Lodis Invest Eood Tera Lind Eood Doreco Commerce Eood $1.6 - - - P EU

8/23/2016 Precocinados Fuentetaja Sl - The Carlyle Group LP $85.0 - - - P Cross Border

8/23/2016 Southern Season, Inc. - Calvert Retail LP $3.5 - - - P N.A.

8/22/2016 CST Brands, Inc. CST Brands, Inc. Parkland Fuel Corp. $750.0 - - - P Cross Border

8/22/2016 Restaurang Eko AB - ExeoTech Invest AB $0.1 0.0x - - P EU

8/22/2016 Cornfields, Inc. - Eagle Family Foods, Inc. - - - - P N.A.

8/18/2016 Schlachter Jepsen GmbH & Co. KG - Westrich GmbH - - - - P EU

8/17/2016 L'Auberge du Châtelet SC - Auberge du Châtelet - - - - P EU

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Au

g-1

5

Se

p-1

5

Oc

t-1

5

No

v-1

5

De

c-1

5

Ja

n-1

6

Fe

b-1

6

Ma

r-16

Ap

r-1

6

Ma

y-1

6

Ju

n-1

6

Ju

l-16

Au

g-1

6

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

3442

53 52 4839

33

46 4752

70

89

58 57

82

141

118

92 94

107102

7

5

4 79

610

13 87

10

6

105

20

18

8

19 19

17

40

0

20

40

60

80

100

120

140

160

180

Q31

1

Q41

1

Q11

2

Q21

2

Q31

2

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Nu

mb

er o

f Tr

an

sac

tio

ns

Strategic Acquirer Private Equity Acquirer

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

8/17/2016 The Red Sails Inn - The Brigantine, Inc. - - - - P N.A.

8/16/2016 Tilleys Sweets Ltd. - Maxilin Ltd. - - - - P EU

8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG - - - - P Cross Border

8/15/2016 Backhaus Fischer UG - Fischer Backwaren Manufaktur - - - - P EU

8/11/2016 Gourmet Guru, Inc. - United Natural Foods, Inc. - - - - P Cross Border

8/11/2016 L'Orpin SARL - L'Orpin SARL - - - - P Cross Border

8/10/2016 Kings Food Markets, Inc. - KB Holding, Inc. - - - - P Cross Border

8/9/2016 Foodist GmbH - Ströer SE & Co. KGaA - - - - P Cross Border

8/9/2016 Kaluzhskiy Myasokombinat OAO - Kaluzhskiy Myasokombinat $1.6 - - - P Cross Border

8/8/2016 Tyrrells Potato Crisps Ltd. - Amplify Snack Brands, Inc. $385.5 7.1x - - P Cross Border

8/8/2016 Delta Ult raviolet Corp. - AEA Investors LP - - - - P Cross Border

8/8/2016 Baho food GmbH - OSI Group LLC - - - - P Cross Border

8/8/2016 Curran Co., Inc. - Growers Express LLC - - - - P Cross Border

8/8/2016 Right Angle Marketing (York) Ltd. - Right Angle Marketing - - - - P Cross Border

8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada) $355.0 - - - P Cross Border

8/3/2016 Redbrook Ingredient Services Ltd. - Frutarom Industries Ltd. $44.8 1.8x - - P Cross Border

8/3/2016 Sosa Ingredients SL Ofist rade SA Meridia Capital Partners SGEIC SA - - - - P Cross Border

8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP - - - - P Cross Border

8/3/2016 NAFTA Foods & Packaging, Inc. - Thomas H. Lee Partners LP - - - - P Cross Border

8/2/2016 The Wendys Co. The Wendy's Co. Four Corners Property Trust, Inc. $2.1 - - - P Cross Border

8/2/2016 Oak State Products, Inc. - Vestar; Goldman Sachs; Hearthside - - - - P Cross Border

8/1/2016 Streamfoods Holdings Ltd. Wellness Foods Ltd. Pioneer Food Group Ltd. $10.0 - - - P Cross Border

8/1/2016 Del Monaco Foods, Inc. - Kett le Cuisine LLC - - - - P Cross Border

8/1/2016 Réaux - Maîtres Lait iers du Cotentin - - - - P Cross Border

7/30/2016 Konditorei und Café Maaß - Konditorei und Café Maass - - - - P Cross Border

7/29/2016 Dailycer France SAS Tofutown.com GmbH Cereal Group B.V. - - - - P Cross Border

7/29/2016 Hop Valley Brewing Co. - Tenth & Blake Beer Co. - - - - P Cross Border

7/29/2016 Save-A-Lot Food Stores, Inc. SUPERVALU, Inc. Rumored Bidder $1,800.0 - - - P Cross Border

7/29/2016 Hannibal Village Market, Inc. - TOPS Markets LLC - - - - P Cross Border

7/29/2016 Dr. Smoothie Brands, Inc. Dr. Smoothie Enterprises Highlander Partners LP - - - - P Cross Border

7/29/2016 The Eat Out Group SL Agrolimen SA Ibersol SGPS SA - - - - P Cross Border

7/29/2016 Materne SAS - Fromageries Bel SA - - - - P Cross Border

7/28/2016 The Eat Out Group SL Agrolimen SA Abac Solut ions Manager SARL $120.9 - - - P Cross Border

7/28/2016 Agrogorodok Moskovskii JSC - Brianskie Syrovarni LLC $0.6 - - - P Cross Border

7/28/2016 Dagniaux SAS - Polynor SARL $0.6 - - - P Cross Border

7/27/2016 NYM Holdings, Inc. - iFresh, Inc. $127.3 1.0x - - P Cross Border

7/27/2016 Zabka Polska Sp zoo - Rumored Bidder $1,100.0 0.8x - - P Cross Border

7/27/2016 Root Coffee Roasters - Moustache Coffee Club LLC - - - - P Cross Border

7/27/2016 Wed. S. Joustra & Zoon BV Dist illeerderij M. Dirkzwager BV Boomsma Dist illeerderij - - - - P Cross Border

7/26/2016 Indian River Beverage Corp. - ANSA McAL US, Inc. - - - - P Cross Border

7/25/2016 The Sandwich Factory Holdings Ltd. Cranswick Plc Greencore Group Plc $19.6 0.4x - - P Cross Border

7/25/2016 Groupe Bertrand SARL Groupe Bertrand SARL Qsr Belgium SA - - - - P Cross Border

7/25/2016 Ansolive - ARC Food Invest - - - - P Cross Border

7/25/2016 Profrost AS - Agrofert as - - - - P Cross Border

7/25/2016 The Original ChopShop Co - Hargett Hunter Capital Partners LLC - - - - P Cross Border

7/25/2016 Jouan Marc EURL - Jouan Marc EURL - - - - P Cross Border

7/22/2016 Dr. Förster AG - VR Equitypartner GmbH - - - - P Cross Border

7/22/2016 North East Convenience Stores Ltd. - James Hall & Co. Ltd. - - - - P Cross Border

7/21/2016 Schneider SAS - CEA Invest issement SA - - - - P Cross Border

7/21/2016 General Mills, Inc. General Mills, Inc. The Mennel Milling Co. $18.0 - - - P Cross Border

7/20/2016 Waterfall Catering Group Ltd. - Elior UK Holdings Ltd. - - - - P Cross Border

7/20/2016 Snak Club, Inc. - Insignia Capital Group LLC - - - - P Cross Border

7/20/2016 New Century Snacks LLC - Insignia Capital Group LLC - - - - P Cross Border

7/20/2016 Avita Beverage Co. LLC - iBrands Corp. - - - - P Cross Border

7/20/2016 Terrapin Beer Co. LLC - SABMiller Plc - - - - P Cross Border

7/20/2016 Mallet & Co., Inc. - The Jordan Co. LP - - - - P Cross Border

7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc. $139.9 1.0x 16.0x 28.7x P Cross Border

7/19/2016 Pon Food Corp. - Good Source Solut ions - - - - P Cross Border

7/19/2016 Fattorie Giacobazzi SRL - Granarolo SpA - - - - P Cross Border

7/19/2016 Black Waters Coffee Co. Black Waters Coffee Shops LLC Huron Capital Partners - - - - P Cross Border

7/19/2016 Predpriiat ie Po Obespecheniiu Pitaniem - Predpriiat ie Po Obespecheniiu $0.4 - - - P Cross Border

7/18/2016 Lawler Foods Ltd. - Gryphon Investors, Inc. - - - - P Cross Border

7/16/2016 Café PMU - Café PMU - - - - P Cross Border

7/16/2016 Bajeux-Bourcet SARL - Bajeux Bourcet SARL /Blasquez/ - - - - P Cross Border

7/15/2016 CH & Co Group - The Brookwood Partnership Ltd. - - - - P Cross Border

M&A OVERVIEW*

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

September 2016

Date Company

9/12/2016 Farmer Brothers Co. (FARM-US)

9/14/2016 Wm. Morrison Supermarkets plc (GB-MRW)

9/14/2016 Empire Company Limited (JP-EMP.A)

9/21/2016 Origin Enterprises Plc (OIZ-IE)

9/21/2016 General Mills, Inc. (GIS-US)

9/29/2016 PepsiCo, Inc. (PEP-US)

9/29/2016 ConAgra Foods, Inc. (CAG-US)

9/28/2016 Costco Wholesale Corp. (COST-US)

October 2016

Date Company

10/3/2016 SUPER VALUE CO., LTD. (3094-JP)

10/4/2016 Bonduelle SA (BON-FR)

10/5/2016 Tesco Plc (TSCO-GB)

10/5/2016 Constellation Brands, Inc. (STZ-US)

10/12/2016 Watts Co., Ltd. (2735-JP)

10/13/2016 Sudzucker AG (SZU-DE)

10/18/2016 Danone SA (BN-FR)

10/18/2016 X5 Retail Group NV (FIVE-GB)

10/18/2016 SABMiller Plc (SAB-GB)

10/19/2016 Beijer Ref AB (BEIJ.B-SE)

10/20/2016 Nestle SA (NESN-CH)

10/20/2016 Axfood AB (AXFO-SE)

10/25/2016 Wal-Mart de Mexico SAB de CV (WALMEX-MX)

10/26/2016 Heineken NV (HEIA-NL)

10/26/2016 X5 Retail Group NV (FIVE-GB)

10/27/2016 CFAO SA (CFAO-FR)

10/31/2016 Shoprite Holdings Ltd. (SHP-ZA)

10/27/2016 PriceSmart, Inc. (PSMT-US)

10/28/2016 Anheuser-Busch InBev SA (ABI-BE)

10/31/2016 Shoprite Holdings Ltd. (SHP-ZA)

November 2016

Date Company

11/1/2016 MillerCoors LLC (079SJS-E)

11/1/2016 Kikkoman Corp. (2801-JP)

11/1/2016 Kellogg Co. (K-US)

11/1/2016 Molson Coors Brewing Co. (TAP-US)

11/1/2016 Wajax Corp. (WJX-CA)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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FOOD AND BEVERAGE


16

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HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Factset

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


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