FOOD AND BEVERAGE INDUSTRY UPDATE OCTOBER

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registere...
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FOOD AND BEVERAGE INDUSTRY UPDATE

│ OCTOBER 2015

www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

WHAT WE’RE SEEING MARKET UPDATE Food & Beverage companies have been active participants in the M&A markets in 2015 with nearly 400 announced and completed transactions year-to-date.* HW&Co. anticipates an active marketplace for the remainder of the year as both strategic and financial buyers have a strong willingness to pay for platforms with unique growth potential. Strategic buyers continue to leverage the strength of their balance sheets to pursue growth-oriented acquisitions, as illustrated by a series of transactions over the last few weeks, including Treasury Wine Estates’ acquisition of Diageo’s U.S. and U.K. wine assets, Clearwater Seafood’s acquisition of Macduff Shellfish and Bunge America’s acquisition of Whole Harvest Foods. Additionally, SABMiller agreed to preliminary terms to be bought out by rival brewer AB InBev in what would be the largest LBO ever.

WHAT WE’VE BEEN DOING CLOSED HW&CO. TRANSACTIONS

a portfolio company of

a portfolio company of has been acquired by

has been acquired by

has been acquired by

has been acquired by

A Private Investor Group

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 Gurtcheff Managing Director [email protected] +1 (612) 359-2702

a portfolio company of

has divested selected assets to

a portfolio company of has acquired

has been acquired by

and

has been acquired by

Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong Director [email protected] +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709

a portfolio company of

a portfolio company of

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

a portfolio company of has been acquired by

has been acquired by

has been acquired by

has been acquired by

and

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

Andy Warczak Vice President [email protected] +1 (612) 359-2714

www.harriswilliams.com

PAGE | 1

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

WHAT WE’RE READING STARBUCKS TO MOVE TOWARD CAGE-FREE EGGS Starbucks recently announced that they plan to offer only cage-free eggs in North America by 2020. This follows suit with other quick service concepts such as McDonalds and Burger King who are working toward achieving similar goals. Starbucks’ program is being hailed by the Humane Society of the United States as “The most comprehensive animal welfare policy of any restaurant chain.” This also reflects a growing demand amongst consumers to be provided more ethically prepared food and has driven concerns amongst other livestock producers. Access to the full article here. GENERAL MILLS RECALLS 1.8 MILLION BOXES OF GLUTEN-FREE CHEERIOS General Mills announced it is recalling 1.8 million boxes of gluten-free Cheerios after consumers with gluten allergies reported adverse reactions upon consumption, prompting General Mills to suspect that the cereal might include wheat. General Mills has been offering more gluten-free products and working to remove artificial colors and flavors across its brand portfolio. These efforts are designed to address recent sales declines at General Mills and respond to growing demand for natural and healthy foods among its customer base. The recall has also highlighted worries of the gluten-free community regarding reliance on labeling laws. Access to the full article here. SABMILLER BOARD ACCEPTS KEY TERMS OF OFFER BY AB INBEV After multiple offers by AB InBev, SABMiller’s board finally agreed to accept the most recent offer of £44 per share, which now marks a ~50% premium to SABMiller’s share price prior to deal speculation. The deal is expected to face rigorous antitrust scrutiny and will need regulatory approval in order to be completed. Regulators will likely require divestitures in the U.S., China, and Latin America prior to granting approval for the deal. AB InBev currently controls 45% of the U.S. beer market with SABMiller controlling a further 25% through MillerCoors. Access to the full article here.

VITAL SIGNS COMMODITY PRICE INDICES1 Commodity Price Index

140 120

Soybeans: (34.1%)

100

Corn: (44.0%)

80

Wheat: (45.2%)

60 40 Sep-11

Mar-12

Sep-12 Corn

Mar-13

Sep-13

Soybeans

Mar-14

Sep-14

Wheat

Mar-15

Crude Oil: (54.1%) Sep-15

Crude Oil

PROTEIN PRICE INDICES2,3

Protein Price Index

150

Beef:

140

Pork:

130 120

7.6%

Poultry: 4.0%

110 100 90 Aug-11

34.6%

Feb-12

Aug-12

Feb-13 Beef

Aug-13 Pork

Feb-14

Aug-14

Feb-15

Aug-15

Poultry

PAGE | 2

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

VITAL SIGNS RESTAURANT AND GROCERY STORE SALES INDICES4

Sales Index

140

120

Restaurant: 25.9%

100

Grocery: 9.8%

80 Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Restaurant

Feb-14

Aug-14

Aug-15

Feb-15

Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

Inflation (%)

5.5 4.0 2.5 1.0 (0.5) Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

PUBLIC EQUITY MARKET OVERVIEW KEY TRADING STATISTICS5

Consumer and Retail

Food and Beverage

Inputs

Industry and Segment Protein Processing Fruit and Vegetable Ingredients / Flav ors Agribusiness Branded Processed Foods Priv ate Label Foods and Bev erages Natural / Organic Foods / BFY Baked Goods Dairy Non-Alcoholic Bev erages Alcoholic Bev erages Snacks Grocery Distribution Food Retail Foodserv ice Quick Serv ice Restaurant Fast Casual Differentiated Casual Casual Dining Restaurant Fine Dining Pizza Bev erage / Snack Retail Family Restaurant

Overall Median

Stock Price % Change

EV/EBITDA % Change

3 Month

3 Month

1 Year

1 Year

Current Valuation Stats Fwd PE

LTM PE

Net Debt /

EV/EBITDA

EBITDA

(2.0%) 1.2% 0.6% (15.8%) 8.7% 5.6% (14.8%) 6.7% (1.2%) 5.3% 1.7% 3.3% (3.2%) (0.6%) (5.1%) (10.8%) (10.3%) 1.6% (7.8%) (22.4%) (9.3%) (15.7%) (4.0%)

17.8% 18.7% 24.7% (16.7%) 22.5% (0.6%) (7.7%) 18.8% 7.5% 27.4% 14.7% 20.9% (0.3%) 10.6% (9.7%) 12.7% 1.6% 21.1% 15.5% 8.0% 60.6% 6.6% 38.8%

2.7% (7.6%) (2.5%) 2.8% 5.2% (16.1%) (9.2%) 15.5% (19.0%) 3.4% (5.9%) 1.4% (11.3%) (6.8%) 13.0% (9.9%) (16.6%) (1.3%) (11.0%) (15.3%) (15.0%) (22.7%) (12.9%)

7.0% (1.3%) 8.1% (20.5%) 17.4% (2.7%) (7.8%) 24.2% (11.3%) 23.5% 8.0% 12.0% (11.6%) 7.4% 8.0% 4.8% (24.6%) (13.1%) (9.3%) (8.5%) 8.8% (8.6%) 18.0%

11.5x 16.2x 20.2x 12.5x 21.3x 33.0x 25.7x 24.8x 20.1x 20.5x 21.7x 25.2x 18.9x 18.4x 20.8x 21.9x 38.7x 29.4x 19.9x 16.4x 27.4x 33.3x 24.1x

13.0x 20.5x 26.5x 14.2x 30.9x 35.2x 54.8x 36.3x 24.7x 23.7x 24.2x 30.9x 17.2x 20.3x 31.2x 28.4x 30.4x 39.1x 29.1x 19.1x 36.8x 31.3x 21.2x

8.3x 10.9x 14.2x 8.6x 13.8x 12.4x 19.8x 14.8x 9.7x 13.0x 12.6x 14.4x 8.9x 6.8x 11.3x 12.3x 12.2x 11.4x 9.1x 9.9x 17.3x 18.8x 10.9x

5.6x 1.0x 1.7x 1.8x 2.6x 5.5x 3.7x 4.4x 2.0x 1.8x 2.9x 2.2x 2.0x 2.0x 6.5x 2.5x 0.7x 2.0x 2.1x 2.8x 3.7x 2.9x 2.4x

(2.2%)

13.5%

(6.9%)

5.4%

21.3x

26.1x

12.2x

2.2x

PAGE | 3

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC EQUITY MARKET OVERVIEW PUBLIC COMPANY SECTOR PERFORMANCE (ONE YEAR CHANGE IN STOCK PRICE)5 Pizza Branded Processed Foods Differentiated Casual Snacks Ingredients / Flav ors Family Restaurant Fruit and Vegetable Casual Dining Restaurant Protein Processing Quick Serv ice Restaurant S&P Food Retail Non-Alcoholic Bev erages Fine Dining Bev erage / Snack Retail Alcoholic Bev erages Baked Goods Fast Casual Grocery Distribution Priv ate Label Dairy Natural / Organic / BFY Foodserv ice Agribusiness (30.0%)

(15.0%)

0.0%

Inputs

15.0%

30.0% Food and Beverage

60.0% 45.0% Consumer and Retail

75.0%

90.0%

RECENT EQUITY OFFERINGS6

Close Date 10/06/15

Filing Date 10/06/15

10/01/15

Gross Proceeds ($mm) Use of Funds $1.6 General Corp. Purp. Reduce Indebtedness $275.5 General Corp. Purp.

Issuer Spot Coffee (Canada) Ltd

Ticker SPP

Transaction Type Follow-On

09/09/15

Performance Food Group Co

PFGC

IPO

09/24/15

09/15/15

SunOpta Inc

STKL

Follow-On

$100.0

09/21/15

09/21/15

The JM Smucker Co

SJM

Follow-On

$964.9

08/17/15

08/17/15

Aramark

ARMK

Follow-On

$729.1

08/12/15

03/10/14

Post Holdings Inc

POST

Follow-On

$351.0

08/12/15

07/20/15

Shake Shack Inc

SHAK

Follow-On

$240.0

08/07/15

06/26/15

Captiva Verde Industries Ltd

VEG

Follow-On

$2.5

08/04/15

06/26/15

Amplify Snack Brands Inc

BETR

IPO

$270.0

Liquidity for Private Owners

07/09/15

07/09/15

The JM Smucker Co

SJM

Follow-On

$533.8

Secondary

07/06/15

07/06/15

Ten Peaks Coffee Co Inc

TPK

Follow-On

$13.9

07/02/15

07/02/15

Del Taco Restaurants Inc

TACO

Follow-On

$548.5

07/01/15

06/26/15

Captiva Verde Industries Ltd

VEG

Follow-On

$0.1

Acquisition Fin. Reduce Indebtedness Secondary Secondary Pay Fees & Expenses Reduce Indebtedness Secondary Pay Fees & Expenses General Corp. Purp.

Construction Working Capital Secondary General Corp. Purp.

PAGE | 4

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC COMPARABLES5 Price at ($ in millions, except per share data) Food and Beverage Branded Processed Foods Associated British Foods plc B&G Foods Inc. Campbell Soup Company ConAgra Foods, Inc. General Mills, Inc. Hormel Foods Corporation Kellogg Company McCormick & Company, Incorporated Nestlé S.A. Post Holdings, Inc. The Hershey Company The J. M. Smucker Company

Private Label Foods and Beverages Cott Corporation Seneca Foods Corp. Treehouse Foods, Inc.

Ticker

ABF BGS CPB CAG GIS HRL K MKC NESN POST HSY SJM

TSX:BCB SENE.A THS

As a % of

10/9/15 52-wk High

$51.19 36.91 51.28 41.76 56.61 65.42 69.44 83.02 77.31 60.49 96.56 118.09

$10.70 27.95 84.08

96.8% 97.7% 97.9% 91.8% 94.6% 99.6% 99.2% 97.3% 96.5% 84.9% 86.7% 97.9%

88.6% 88.4% 90.5%

Market Cap

$40,271 2,140 15,885 18,078 33,835 17,305 24,553 10,631 246,526 3,672 21,184 14,131

$1,173 286 3,621

Cash & Debt

$1,675 984 4,103 7,870 9,434 600 7,507 1,492 24,371 4,610 2,414 5,997

$1,752 238 1,346

Equiv.

$437 99 253 114 451 349 294 112 5,052 274 402 134

$79 8 54

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$41,508 3,026 19,735 25,834 42,818 17,556 31,766 12,011 265,845 8,007 23,196 19,995

$2,846 516 4,913

Revenue

$20,062 858 8,082 15,863 17,570 9,407 14,207 4,268 97,991 4,382 7,488 6,321

$2,568 1,273 3,242

EBITDA

BETR BDBD TSX:SOY HAIN WWAV

$12.15 9.13 5.26 54.12 43.82

70.6% 70.9% 42.0% 76.6% 83.8%

$911 561 449 5,553 7,702

$216 299 158 844 1,582

$13 31 4 167 27

$1,115 829 603 6,230 9,256

$163 509 1,203 2,689 3,603

SWX:ARYN FLO WN BIMBO A LANC

$48.29 26.03 82.30 2.70 101.62

56.2% 99.1% 93.2% 98.9% 99.3%

$4,286 5,471 10,535 12,679 2,780

$2,266 693 11,088 4,244 0

$350 47 2,206 209 182

$6,202 6,118 19,417 16,714 2,598

$4,221 3,757 38,228 12,972 1,105

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2015E

EBITDA

Revenue

EBITDA

(9.2%) 8.0% (2.2%) 6.5% (1.3%) 3.4% (3.0%) 0.7% (3.6%) NM 3.1% 13.2%

2.9% 13.4% 4.0% 5.4% 1.4% 4.8% 2.4% 2.4% 2.7% 66.5% 5.7% 3.5%

24.0% 29.6% 34.7% 21.8% 35.1% 18.6% 34.2% 40.4% 49.0% 25.0% 45.2% 36.0%

12.0% 21.5% 18.9% 13.9% 19.6% 12.5% 11.6% 16.1% 19.0% 13.7% 22.2% 20.4%

46.8x 44.6x 23.2x NM 26.8x 26.4x 65.9x 26.9x 16.5x NM 37.6x 35.0x

2.07x 3.53x 2.44x 1.63x 2.44x 1.87x 2.24x 2.81x 2.71x 1.83x 3.10x 3.16x

17.3x 16.4x 12.9x 11.7x 12.4x 14.9x 19.4x 17.5x 14.2x 13.4x 13.9x 15.5x

2.02x 2.57x 2.43x 2.17x 2.51x 1.82x 2.32x 2.72x 2.76x 1.52x 3.03x 2.50x

17.6x 11.9x 12.4x 13.4x 12.5x 14.0x 12.6x 15.7x 14.5x 10.3x 13.1x 11.8x

Mean Median

1.4% 0.7%

9.6% 3.8%

32.8% 34.4%

16.8% 17.5%

35.0x 30.9x

2.49x 2.44x

15.0x 14.6x

2.36x 2.47x

13.3x 12.8x

25.3% (5.6%) 31.0%

3.6% 1.1% 15.3%

22.7% 6.8% 20.1%

10.3% 3.3% 11.4%

64.4x 23.1x 35.2x

1.11x 0.41x 1.52x

10.8x 12.4x 13.3x

0.94x NA 1.48x

7.8x NA 12.3x

16.9% 25.3%

6.7% 3.6%

16.6% 20.1%

8.3% 10.3%

40.9x 35.2x

1.01x 1.11x

12.2x 12.4x

1.21x 1.21x

10.0x 10.0x

NA 2.2% 0.6% 24.8% 20.7%

NA 17.9% 4.9% 24.9% 18.6%

56.0% 36.5% 10.9% 23.0% 34.1%

32.7% 9.0% 4.6% 11.7% 11.5%

NM NM 104.8x 33.4x 54.8x

6.85x 1.63x 0.50x 2.32x 2.57x

20.9x 18.0x 10.8x 19.8x 22.3x

5.43x 1.58x 0.43x 2.06x 2.26x

14.7x 11.4x 6.9x 14.6x 16.9x

12.1% 11.4%

16.6% 18.3%

32.1% 34.1%

13.9% 11.5%

64.3x 54.8x

18.4x 19.8x

2.35x 2.06x

12.9x 14.6x

$385 440 2,513 1,480 176

(34.9%) 0.7% 13.8% (5.4%) 6.1%

(7.7%) 8.9% 6.3% 3.3% 3.8%

18.4% 48.4% 26.6% 53.0% 23.3%

9.1% 11.7% 6.6% 11.4% 15.9%

NM 29.9x 35.4x 50.4x 27.3x

16.1x 13.9x 7.7x 11.3x 14.8x

1.37x 1.56x 0.53x 1.24x 2.21x

8.2x 12.5x 6.1x 11.3x 13.6x

Mean Median

(3.9%) 0.7%

2.9% 3.8%

33.9% 26.6%

10.9% 11.4%

35.7x 32.6x

12.8x 13.9x

1.38x 1.37x

10.3x 11.3x

$264 41 369

$53 46 56 314 415 Mean Median

Baked Goods ARYZTA AG Flowers Foods, Inc. George Weston Limited Grupo Bimbo, S.A.B. de C.V. Lancaster Colony Corporation

LTM Margins Gross

$2,399 184 1,528 2,205 3,446 1,177 1,641 687 18,659 599 1,664 1,288

Mean Median Natural / Organic Foods / Better-For-You Amplify Snack Brands, Inc. Boulder Brands, Inc. SunOpta Inc. The Hain Celestial Group, Inc. The WhiteWave Foods Company

3 Years

2.77x 2.32x 1.47x 1.63x 0.51x 1.29x 2.35x 1.45x 1.47x

PAGE | 5

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC COMPARABLES5 Price at ($ in millions, except per share data) Dairy Danone Dean Foods Company Emmi AG Glanbia plc Lifeway Foods Inc. Parmalat SpA Saputo Inc. Savencia SA

Non-Alcoholic Beverages A.G.Barr p.l.c. Cott Corporation Dr Pepper Snapple Group, Inc. Keurig Green Mountain, Inc. Lassonde Industries Inc. Monster Beverage Corporation National Beverage Corp. Pepsico, Inc. The Coca-Cola Company

Alcoholic Beverages Anheuser-Busch InBev SA/NV Brown-Forman Corporation Carlsberg A/S Constellation Brands Inc. Diageo plc Heineken NV Kirin Holdings Company, Limited Pernod-Ricard SA SABMiller plc Sapporo Holdings Ltd.

Snacks Diamond Foods, Inc. Golden Enterprises Inc. Inventure Foods, Inc. J&J Snack Foods Corp. John B Sanfilippo & Son Inc. Mondelez International, Inc. Pepsico, Inc. Snyder's-Lance, Inc.

Ticker

BN DF SWX:EMMN GL9 LWAY BIT:PLT TSX:SAP ENXTPA:SAVE

LSE:BAG BCB DPS GMCR LAS.A MNST FIZZ PEP KO

ENXTBR:ABI BF.B CPSE:CARL B STZ DGE ENXTAM:HEIA TSE:2503 RI LSE:SAB TSE:2501

DMND GLDC SNAK JJSF JBSS MDLZ PEP LNCE

As a % of

10/9/15 52-wk High

$65.88 17.91 460.97 18.59 12.20 2.67 24.12 63.66

$8.00 10.70 83.70 57.55 122.13 137.43 33.97 99.47 42.02

$111.75 105.70 80.91 136.89 28.04 83.27 13.75 110.24 56.17 3.92

$32.03 3.97 9.56 120.83 51.70 45.00 99.47 36.18

85.5% 90.7% 99.0% 83.4% 54.5% 92.6% 98.9% 86.4%

74.7% 88.6% 99.4% 36.2% 99.4% 88.2% 98.6% 98.7% 93.4%

Market Cap

$40,386 1,691 2,466 5,489 199 4,906 9,458 893

$925 1,173 15,977 8,866 853 28,242 1,576 144,913 182,787

82.2% $179,447 95.2% 22,681 81.4% 12,466 99.4% 26,898 89.1% 70,497 94.5% 47,849 86.4% 12,547 82.4% 29,133 94.4% 90,442 85.5% 1,529

93.8% 83.7% 67.8% 99.1% 90.3% 92.6% 98.7% 99.5%

$1,009 45 187 2,259 576 72,509 144,913 2,557

Cash & Debt

$13,529 839 609 745 8 386 1,498 980

$47 1,752 2,607 415 301 0 5 32,191 44,553

$51,504 1,492 6,106 7,441 15,883 13,029 6,429 10,593 12,550 2,023

$650 8 92 2 98 19,378 32,191 443

Equiv.

$4,179 106 308 105 9 1,200 141 507

$16 79 150 80 0 2,931 66 10,679 20,953

$6,784 494 422 333 742 946 227 607 1,027 88

$13 1 1 127 2 2,028 10,679 43

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$49,736 2,425 2,767 6,130 199 4,091 10,815 1,366

$955 2,846 18,434 9,201 1,154 25,311 1,515 166,425 206,387

$224,167 23,679 18,150 34,006 85,637 59,932 18,750 39,119 101,965 3,464

$1,646 51 279 2,134 672 89,859 166,425 2,958

Revenue

$24,583 8,834 3,569 2,970 120 6,588 8,497 5,072

$397 2,568 6,198 4,679 1,091 2,562 657 64,419 45,715

$45,762 3,128 9,684 6,263 17,004 22,599 18,370 9,533 16,534 4,362

$864 131 290 970 887 32,590 64,419 1,682

EBITDA

3 Years

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2015E

EBITDA

Revenue

EBITDA

$3,969 314 317 295 7 466 843 299

(13.3%) (4.3%) (5.7%) (10.4%) 10.1% (10.8%) (6.4%) (17.2%)

(1.1%) (3.6%) 7.1% 7.2% 17.2% 3.9% 7.4% (0.6%)

49.0% 20.7% 33.8% 29.6% 27.1% 18.5% 9.9% 33.4%

16.1% 3.6% 8.9% 9.9% 5.5% 7.1% 9.9% 5.9%

37.6x NM 20.6x 30.1x NM 28.7x 20.7x 15.5x

2.02x 0.27x 0.78x 2.06x 1.66x 0.62x 1.27x 0.27x

12.5x 7.7x 8.7x 20.8x 30.2x 8.8x 12.8x 4.6x

1.91x 0.30x 0.81x 1.87x 1.32x 0.56x 1.27x 0.26x

11.4x 6.4x 8.9x 16.6x 9.0x 7.4x 12.2x 4.2x

Mean Median

(7.3%) (8.4%)

4.7% 5.5%

27.7% 28.3%

8.4% 8.0%

25.5x 24.7x

1.12x 1.02x

13.3x 10.7x

1.04x 1.04x

9.5x 9.0x

$75 264 1,422 1,115 117 852 89 12,097 12,700

(10.5%) 25.3% 2.7% 2.6% 10.1% 8.8% 2.0% (3.6%) (1.1%)

4.6% 3.6% 1.2% 8.9% 4.7% 9.9% 0.7% (0.7%) (1.3%)

48.2% 22.7% 58.9% 36.8% 28.1% 56.1% 33.8% 54.4% 61.0%

18.9% 10.3% 22.9% 23.8% 10.7% 33.3% 13.6% 18.8% 27.8%

19.8x NM 22.8x 17.0x 22.6x 50.5x 31.2x 29.5x 24.6x

2.41x 1.11x 2.97x 1.97x 1.06x 9.88x 2.31x 2.58x 4.51x

12.8x 10.8x 13.0x 8.2x 9.9x 29.7x 16.9x 13.8x 16.3x

2.39x 0.94x 2.93x 2.02x NA 8.44x NA 2.64x 4.59x

12.3x 7.8x 12.0x 8.8x NA 23.7x NA 12.9x 16.5x

Mean Median

4.0% 2.6%

3.5% 3.6%

44.5% 48.2%

20.0% 18.9%

27.3x 23.7x

3.20x 2.41x

14.6x 13.0x

3.42x 2.64x

13.4x 12.3x

$17,597 1,097 1,871 1,953 5,284 4,797 2,163 2,710 5,435 337

(1.0%) 3.9% (18.4%) 6.8% (3.1%) (13.7%) (16.0%) (12.4%) (1.0%) (14.8%)

5.2% 4.4% (4.1%) 33.0% 1.7% 4.3% 7.3% (4.0%) (0.2%) 2.8%

60.2% 69.7% 49.1% 44.9% 57.6% 38.8% 43.3% 61.9% 70.3% 34.2%

38.5% 35.1% 19.3% 31.2% 31.1% 21.2% 11.8% 28.4% 32.9% 7.7%

18.9x 32.4x 21.6x 28.3x 19.4x 20.8x 29.3x 29.9x 26.8x 14.8x

4.90x 7.57x 1.87x 5.43x 5.04x 2.65x 1.02x 4.10x 6.17x 0.79x

12.7x 21.6x 9.7x 17.4x 16.2x 12.5x 8.7x 14.4x 18.8x 10.3x

4.91x 5.61x 1.80x 5.09x 5.22x 2.56x 1.01x 3.91x 6.73x 0.77x

12.5x 20.5x 8.7x 15.7x 15.8x 10.8x 8.5x 13.5x 17.0x 9.6x

Mean Median

(7.0%) (7.7%)

5.0% 3.5%

53.0% 53.3%

25.7% 29.8%

24.2x 24.2x

3.95x 4.50x

14.2x 13.6x

3.76x 4.41x

13.3x 13.0x

$108 7 19 149 65 5,070 12,097 186

(0.1%) (2.6%) 14.9% 7.3% 14.0% (7.0%) (3.6%) 9.2%

(4.2%) (1.5%) 17.9% 6.3% 8.2% 7.1% (0.7%) 1.1%

26.4% 50.0% 16.8% 31.0% 14.9% 37.7% 54.4% 35.2%

12.5% 5.7% 6.6% 15.3% 7.3% 15.6% 18.8% 11.0%

30.9x 24.5x NM 31.3x 19.8x 35.5x 29.5x 37.3x

1.91x 0.39x 0.96x 2.20x 0.76x 2.76x 2.58x 1.76x

15.3x 6.9x 14.5x 14.3x 10.3x 17.7x 13.8x 15.9x

1.88x NA 0.90x 2.10x 0.72x 3.12x 2.64x 1.70x

12.2x NA 12.6x 13.4x NA 17.0x 12.9x 13.8x

Mean Median

4.0% 3.6%

4.3% 3.7%

33.3% 33.1%

11.6% 11.7%

29.8x 30.9x

1.66x 1.83x

13.6x 14.4x

1.87x 1.88x

13.7x 13.2x

PAGE | 6

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC COMPARABLES5 Price at ($ in millions, except per share data) Inputs Protein Processing Cal-Maine Foods, Inc. JBS S.A. Sanderson Farms, Inc. Seaboard Corp. Tyson Foods, Inc.

Ticker

CALM BOVESPA:JBSS3 SAFM SEB TSN

As a % of

Market

10/9/15 52-wk High

Cap

$55.70 4.01 69.54 3,179.00 46.33

$2,701 11,445 1,559 3,721 18,815

91.7% 85.4% 72.7% 68.5% 99.0%

Cash & Debt

$43 15,670 10 109 7,234

Equiv.

$356 4,472 181 708 473

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$2,388 22,643 1,388 3,122 25,576

Revenue

$1,829 44,312 2,885 6,179 40,972

EBITDA

$457 4,013 507 376 2,769

Ingredients / Flavors Givaudan SA Ingredion Incorporated International Flavors & Fragrances Inc. Kerry Group plc Sensient Technologies Corporation Symrise AG Tate & Lyle plc

Agribusiness Archer-Daniels-Midland Company Bunge Limited CF Industries Holdings, Inc. Darling Ingredients Inc. Monsanto Company The Andersons, Inc. The Mosaic Company

Consumer and Retail Grocery Distribution AMCON Distributing Co. Core-Mark Holding Company, Inc. Performance Food Group Company SpartanNash Company SUPERVALU Inc. United Natural Foods, Inc.

CVGW FDP SENE.A ISE:T7O

SWX:GIVN INGR IFF ISE:KRZ SXT XTRA:SY1 TATE

ADM BG CF DAR MON ANDE MOS

DIT CORE PFGC SPTN SVU UNFI

$47.44 41.58 27.95 1.48

$1,763.75 $90.61 109.53 76.06 65.88 64.64 8.85

$45.42 77.12 50.78 11.45 89.70 38.49 33.93

$82.00 77.60 21.71 27.37 7.58 55.42

76.4% 98.8% 88.4% 98.2%

87.0% 96.5% 89.0% 93.1% 93.4% 88.2% 84.7%

84.3% 82.8% 72.2% 59.0% 71.2% 59.9% 63.0%

92.8% 97.1% 96.2% 80.8% 63.2% 66.0%

$825 2,182 286 460

$16,247 6,467 8,827 13,378 3,019 8,391 4,128

$27,658 11,093 11,834 1,892 41,965 1,070 12,023

$51 1,789 2,164 1,027 2,008 2,777

$40 209 238 204

$1,352 2,212 998 1,786 574 1,655 1,141

$6,923 4,846 4,593 2,045 9,044 586 3,846

$18 149 1,450 538 2,712 549

$6 34 8 110

$307 677 379 198 22 216 400

$1,176 792 810 126 3,636 41 2,210

$0 15 9 13 137 17

$859 2,356 516 554

$17,293 8,002 9,445 14,966 3,571 9,831 4,870

$33,405 15,147 15,617 3,811 47,373 1,615 13,659

$68 1,923 3,604 1,551 4,583 3,309

$850 3,956 1,273 3,091

$4,696 5,607 3,072 6,562 1,400 2,795 3,500

$73,703 48,495 4,403 3,713 15,001 4,383 9,256

$883 8,483 15,270 7,881 17,963 8,185

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2015E

EBITDA

Revenue

EBITDA

23.7% (8.5%) 5.2% (6.1%) 12.7%

17.0% 10.3% 7.9% 1.8% 7.3%

31.6% 15.7% 20.4% 8.9% 9.1%

25.0% 9.1% 17.6% 6.1% 6.8%

9.8x 13.6x 5.6x 13.0x 17.3x

1.31x 0.51x 0.48x 0.51x 0.62x

5.2x 5.6x 2.7x 8.3x 9.2x

1.03x 0.43x 0.48x NA 0.63x

2.8x 4.9x 4.1x NA 8.0x

5.4% 5.2%

8.9% 7.9%

17.1% 15.7%

12.9% 9.1%

11.8x 13.0x

0.69x 0.51x

6.2x 5.6x

0.64x 0.55x

5.0x 4.5x

$54 252 41 68

10.0% 2.6% (5.6%) (12.7%)

15.1% 4.9% 1.1% 2.2%

10.1% 8.9% 6.8% 13.9%

6.4% 6.4% 3.3% 2.2%

38.8x 18.0x 23.1x 14.9x

1.01x 0.60x 0.41x 0.18x

15.8x 9.3x 12.4x 8.1x

0.91x 0.58x NA 0.17x

13.8x 9.2x NA 7.7x

Mean Median

(1.4%) (1.5%)

5.8% 3.5%

9.9% 9.5%

4.6% 4.8%

23.7x 20.5x

0.55x 0.50x

11.4x 10.9x

0.56x 0.58x

10.2x 9.2x

$980 849 664 839 264 590 410

(3.9%) (5.8%) 1.5% (17.1%) (4.2%) 11.1% (31.2%)

3.3% (4.2%) 3.3% (2.4%) (0.9%) 10.3% (8.4%)

46.0% 21.0% 44.4% 45.8% 33.8% 42.4% 38.6%

20.9% 15.1% 21.6% 12.8% 18.8% 21.1% 11.7%

26.5x 17.9x 20.7x 22.5x 28.7x 34.0x 89.4x

3.68x 1.43x 3.07x 2.28x 2.55x 3.52x 1.39x

17.6x 9.4x 14.2x 17.8x 13.5x 16.7x 11.9x

3.75x 1.36x 3.00x 2.17x 2.55x 3.21x 1.25x

15.6x 8.8x 13.0x 15.8x 12.9x 14.3x 9.7x

Mean Median

(7.1%) (4.2%)

0.1% (0.9%)

38.8% 42.4%

17.4% 18.8%

34.3x 26.5x

2.56x 2.55x

14.5x 14.2x

2.47x 2.55x

12.9x 13.0x

$3,785 1,770 2,053 441 4,732 129 2,404

(16.0%) (20.9%) (12.4%) 27.6% (5.4%) (13.7%) 20.7%

(6.1%) (5.1%) (11.7%) 29.5% 3.6% (2.2%) (6.0%)

6.8% 5.7% 42.0% 21.6% 55.2% 8.9% 22.0%

5.1% 3.6% 46.6% 11.9% 31.5% 3.0% 26.0%

12.5x 22.1x 13.0x 21.7x 18.9x 14.2x 10.0x

0.45x 0.31x 3.55x 1.03x 3.16x 0.37x 1.48x

8.8x 8.6x 7.6x 8.6x 10.0x 12.5x 5.7x

0.44x 0.30x 3.26x 1.10x 3.25x 0.37x 1.43x

9.0x 7.2x 6.6x 8.3x 10.8x 7.8x 5.8x

Mean Median

(2.9%) (12.4%)

0.3% (5.1%)

23.2% 21.6%

18.2% 11.9%

16.1x 14.2x

1.48x 1.03x

8.8x 8.6x

1.45x 1.10x

7.9x 7.8x

$14 112 281 223 793 307

5.8% 6.8% 32.7% 27.6% 4.6% 20.5%

3.0% 8.0% NA 44.1% 16.1% 16.1%

8.7% 7.1% 12.1% 14.5% 15.0% 15.4%

1.5% 1.3% 1.8% 2.8% 4.4% 3.7%

9.7x 38.4x 33.9x 17.2x 15.1x 20.1x

0.08x 0.23x 0.24x 0.20x 0.26x 0.40x

5.1x 17.2x 12.8x 7.0x 5.8x 10.8x

NA 0.16x 0.22x 0.20x 0.25x 0.39x

NA 13.4x 11.3x 6.4x 5.7x 10.1x

Mean Median

16.3% 13.6%

17.5% 16.1%

12.1% 13.3%

2.6% 2.3%

22.4x 18.6x

0.23x 0.23x

9.8x 8.9x

0.24x 0.22x

9.4x 10.1x

Mean Median Fruit and Vegetable Calavo Growers Inc. Fresh Del Monte Produce Inc. Seneca Foods Corp. Total Produce plc

3 Years

PAGE | 7

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC COMPARABLES5 Price at ($ in millions, except per share data)

Ticker

Food Retail Costco Wholesale Corporation Establishments Delhaize Freres Fairway Group Holdings Corp. Ingles Markets, Incorporated J Sainsbury plc Koninklijke Ahold N.V. Natural Grocers by Vitamin Cottage Roundy's, Inc. Sprouts Farmers Market, Inc. SUPERVALU Inc. Tesco PLC The Kroger Co. Village Super Market Inc. Weis Markets, Inc. Whole Foods Market, Inc.

COST DELB FWM IMKT.A LSE:SBRY ENXTAM:AH NGVC RNDY SFM SVU LSE:TSCO KR VLGE.A WMK WFM

Foodservice Colabor Group Inc. Sysco Corporation The Chefs' Warehouse, Inc.

TSX:GCL SYY CHEF

As a % of

10/9/15 52-wk High

$153.97 93.82 1.50 48.70 4.22 20.71 24.93 2.74 23.54 7.58 3.14 38.03 25.29 43.07 34.24

$0.87 40.93 14.75

98.2% 91.7% 19.2% 87.0% 95.6% 91.6% 71.2% 44.8% 61.2% 63.2% 81.1% 96.4% 73.1% 83.0% 59.5%

28.7% 97.8% 61.2%

Market Cap

$67,431 9,658 66 987 8,096 16,939 561 135 3,615 2,008 25,518 37,020 358 1,159 12,222

$24 24,399 388

Cash & Debt

$6,147 2,827 257 918 4,246 3,744 28 647 289 2,712 19,374 11,270 45 0 63

$145 7,322 313

Equiv.

$6,419 1,679 32 9 1,956 2,187 3 40 97 137 2,973 268 59 104 691

$0 5,130 2

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$67,159 10,807 291 1,896 10,386 18,496 585 743 3,807 4,583 41,919 48,022 345 1,055 11,594

$169 26,590 698

Revenue

$116,199 25,724 793 3,791 35,064 39,568 598 4,030 3,261 17,963 93,911 108,784 1,584 2,828 15,207

$1,128 48,681 918

EBITDA

Fast Casual Chipotle Mexican Grill, Inc. El Pollo Loco Holdings, Inc. Fiesta Restaurant Group, Inc. The Habit Restaurants, Inc. Noodles & Company Panera Bread Company Potbelly Corporation Shake Shack Inc. Zoe's Kitchen, Inc.

BOJA JACK MCD PLKI QSR SONC WEN YUM

CMG LOCO FRGI HABT NDLS PNRA PBPB SHAK ZOES

$16.46 77.41 102.76 56.89 36.32 25.39 9.28 70.25

$732.93 13.00 43.34 23.10 13.77 191.92 11.65 44.05 38.27

57.9% 77.4% 99.3% 85.6% 79.5% 69.1% 79.2% 73.3%

96.6% 33.6% 62.8% 52.3% 49.1% 92.3% 70.0% 45.5% 82.1%

$592 2,831 96,780 1,303 7,352 1,318 2,527 30,292

$22,825 497 1,150 318 391 5,215 352 670 742

$244 659 17,902 110 8,860 466 2,397 3,217

$0 136 74 2 30 100 0 0 27

$13 18 3,999 10 689 23 1,198 861

$879 6 6 52 2 125 54 65 24

$823 3,472 110,684 1,403 15,522 1,762 3,727 32,648

$21,946 627 1,218 268 419 5,190 298 606 745

$463 1,531 26,016 251 2,669 595 1,988 13,151

$4,441 356 647 207 436 2,618 351 153 201

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2015E

EBITDA

Revenue

EBITDA

$4,659 1,483 11 240 1,832 2,422 49 121 273 793 1,027 5,537 67 155 1,414

3.2% (8.1%) 0.7% (0.8%) (11.9%) (9.2%) 19.6% 15.3% 20.4% 4.6% (3.5%) 4.6% 4.3% 3.7% 9.3%

5.4% (1.5%) 12.6% 1.5% (0.2%) 0.8% 23.6% 1.3% 43.4% 16.1% (2.2%) 5.4% 3.7% 0.9% 10.9%

13.0% 24.2% 31.4% 23.4% 6.4% 26.8% 29.1% 26.3% 29.4% 15.0% 2.3% 22.3% 27.3% 27.3% 35.4%

4.0% 5.8% 1.3% 6.3% 5.2% 6.1% 8.2% 3.0% 8.4% 4.4% 1.1% 5.1% 4.2% 5.5% 9.3%

28.7x 30.2x NM 16.6x NM 19.2x 34.1x NM 32.7x 15.1x NM 19.6x 11.7x 20.3x 20.5x

0.58x 0.42x 0.37x 0.50x 0.30x 0.47x 0.98x 0.18x 1.17x 0.26x 0.45x 0.44x 0.22x 0.37x 0.76x

14.4x 7.3x NM 7.9x 5.7x 7.6x 12.0x 6.1x 13.9x 5.8x NM 8.7x 5.2x 6.8x 8.2x

0.54x 0.39x 0.37x 0.49x 0.29x 0.43x 0.82x 0.18x 0.99x 0.25x 0.49x 0.42x NA NA 0.71x

13.2x 6.1x 7.2x 7.7x 5.6x 6.8x 10.4x 6.2x 11.9x 5.7x 10.9x 8.4x NA NA 7.8x

Mean Median

3.5% 3.7%

8.1% 3.7%

22.6% 26.3%

5.2% 5.2%

22.6x 20.3x

0.50x 0.44x

8.4x 7.6x

0.49x 0.43x

8.3x 7.7x

(14.0%) 4.7% 20.1%

(8.4%) 4.7% 28.7%

1.8% 17.6% 25.0%

1.8% 4.8% 5.2%

NM 35.6x 26.9x

0.15x 0.55x 0.76x

8.5x 11.3x 14.7x

0.14x 0.52x 0.63x

7.3x 10.6x 10.1x

3.6% 4.7%

8.3% 4.7%

14.8% 17.6%

3.9% 4.8%

31.2x 31.2x

0.49x 0.55x

11.5x 11.3x

0.43x 0.52x

9.3x 10.1x

23.4% 3.6% (8.1%) 13.2% 156.0% 8.6% (11.6%) (2.3%)

NA 10.5% (1.8%) 15.2% 5.1% 3.0% (6.9%) (1.1%)

22.3% 27.7% 37.8% 64.9% 48.0% 54.4% 33.5% 26.2%

13.8% 18.7% 34.7% 32.5% 31.0% 26.6% 18.8% 20.3%

25.0x 28.4x 23.9x 31.5x NM 24.3x 37.2x 33.6x

1.78x 2.27x 4.25x 5.60x NM 2.96x 1.87x 2.48x

12.9x 12.1x 12.3x 17.2x NM 11.1x 10.0x 12.3x

1.61x 2.18x 4.51x 5.01x 3.79x 2.83x 2.53x 2.39x

10.9x 11.0x 12.5x 15.5x 9.2x 10.3x 9.6x 10.9x

Mean Median

22.9% 6.1%

3.4% 3.0%

39.4% 35.7%

24.5% 23.4%

29.1x 28.4x

3.03x 2.48x

12.6x 12.3x

3.11x 2.68x

11.2x 10.9x

$951 62 93 22 46 390 34 16 16

22.5% 9.9% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 37.7%

20.8% 20.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% NA

38.3% 25.8% 25.9% 22.0% 19.2% 33.0% 30.4% 38.5% 20.7%

21.4% 17.4% 14.3% 10.6% 10.5% 14.9% 9.6% 10.4% 8.1%

44.9x 11.2x 29.1x NM NM 31.6x NM NM NM

4.94x 1.76x 1.88x 1.30x 0.96x 1.98x 0.85x 3.96x 3.70x

23.1x 10.1x 13.1x 12.2x 9.1x 13.3x 8.8x NM NM

4.33x 1.61x 1.64x 1.04x 0.85x 1.91x 0.75x 2.94x 2.99x

19.7x 9.2x 10.8x 9.4x 9.2x 12.8x 8.1x 18.8x 37.0x

Mean Median

19.3% 17.3%

32.1% 36.0%

28.2% 25.9%

13.0% 10.6%

29.2x 30.4x

2.37x 1.88x

12.8x 12.2x

2.01x 1.64x

15.0x 10.8x

$20 2,345 47 Mean Median

Quick Service Restaurant Bojangles', Inc. Jack in the Box Inc. McDonald's Corp. Popeyes Louisiana Kitchen, Inc. Restaurant Brands International Inc. Sonic Corp. The Wendy's Company Yum! Brands, Inc.

3 Years

$64 286 9,032 81 827 158 374 2,665

PAGE | 8

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC COMPARABLES5 Price at ($ in millions, except per share data) Differentiated Casual BJ's Restaurants, Inc. Buffalo Wild Wings Inc. Chuy's Holdings, Inc. Dave & Buster's Entertainment, Inc. Ignite Restaurant Group, Inc. The Cheesecake Factory Incorporated Wingstop Inc.

Casual Dining Restaurant Bloomin' Brands, Inc. Brinker International, Inc. Darden Restaurants, Inc. DineEquity, Inc. Red Robin Gourmet Burgers Inc. Ruby Tuesday, Inc. Texas Roadhouse, Inc.

Fine Dining Del Frisco's Restaurant Group, Inc. Fogo de Chao, Inc. Ruth's Hospitality Group Inc.

Pizza Domino's Pizza, Inc. Papa John's International Inc. Papa Murphy's Holdings, Inc.

Beverage / Snack Retail DAVIDsTEA Inc. Dunkin' Brands Group, Inc. Jamba, Inc. Krispy Kreme Doughnuts, Inc. Starbucks Corporation

Family Restaurant Bob Evans Farms, Inc. Cracker Barrel Old Country Store, Inc. Denny's Corporation Luby's, Inc.

Ticker

BJRI BWLD CHUY PLAY IRG CAKE WING

BLMN EAT DRI DIN RRGB RT TXRH

DFRG FOGO RUTH

DPZ PZZA FRSH

DTEA DNKN JMBA KKD SBUX

BOBE CBRL DENN LUB

As a % of

10/9/15 52-wk High

$42.38 196.14 33.15 39.84 4.85 54.59 28.70

$18.45 51.69 66.68 91.64 79.28 5.80 38.06

$14.17 15.87 16.00

$105.38 68.30 14.81

$16.19 42.05 14.72 14.41 60.07

$43.77 144.26 11.19 4.79

76.4% 95.3% 92.7% 91.9% 58.2% 92.7% 80.6%

70.3% 81.5% 88.2% 80.2% 83.5% 67.7% 93.2%

54.6% 58.4% 89.8%

88.0% 86.0% 65.2%

54.0% 74.0% 87.2% 64.6% 99.9%

72.8% 88.9% 87.4% 80.8%

Market Cap

$1,085 3,729 546 1,651 127 2,580 820

$2,263 3,107 8,544 1,729 1,123 355 2,667

$332 443 563

$5,759 2,695 251

$388 4,005 238 907 89,156

$979 3,466 932 137

Cash & Debt

$75 0 0 361 162 104 101

$1,324 974 1,453 1,449 145 232 51

$0 165 0

$1,528 234 113

$0 2,503 0 12 2,937

$491 410 161 48

Equiv.

$25 92 8 24 48 62 5

$133 55 690 104 23 57 71

$2 25 5

$33 22 1

$48 329 14 44 2,175

$6 265 5 2

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$1,134 3,637 538 1,989 240 2,622 916

$3,454 4,026 9,307 3,074 1,245 530 2,647

$330 583 558

$7,254 2,907 362

$340 6,179 224 874 89,918

$1,464 3,610 1,088 183

Revenue

$877 1,649 268 811 836 2,046 73

$4,476 3,002 6,855 675 1,237 1,125 1,705

$317 266 361

$2,118 1,647 109

$121 783 209 508 18,429

$1,345 2,842 489 396

EBITDA

3 Years

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2015E

EBITDA

Revenue

EBITDA

$109 247 31 166 29 244 25

7.9% 18.6% 20.0% 17.5% 17.3% 17.3% 41.0%

9.3% 22.0% 21.5% 14.4% 36.0% 36.0% NA

19.0% 23.3% 19.1% 28.0% 29.9% 42.9% 70.5%

12.4% 15.0% 11.6% 20.5% 3.4% 11.9% 34.1%

31.2x 40.3x 39.0x 39.2x NM 24.8x 114.7x

1.29x 2.21x 2.01x 2.45x 0.29x 1.28x 12.59x

10.4x 14.7x 17.3x 12.0x 8.4x 10.7x NM

1.16x 1.78x 1.74x 2.20x 0.48x 1.19x 11.43x

9.0x 11.3x 14.9x 9.1x 7.9x 9.8x 33.3x

Mean Median

19.9% 17.5%

23.2% 21.8%

33.2% 28.0%

15.6% 12.4%

48.2x 39.1x

3.16x 2.01x

12.3x 11.4x

2.86x 1.74x

13.6x 9.8x

4.4% 3.2% 8.0% 4.3% 15.7% (3.1%) 13.4%

4.5% 2.1% (5.4%) (11.8%) 9.8% (4.9%) 12.7%

16.7% 19.8% 21.7% 56.4% 22.9% 16.7% 32.1%

10.0% 15.4% 12.2% 38.1% 11.0% 6.9% 11.8%

22.8x 16.9x 29.1x 33.9x 29.2x NM 29.5x

0.77x 1.34x 1.36x 4.56x 1.01x 0.47x 1.55x

7.7x 8.7x 11.2x 12.0x 9.1x 6.8x 13.2x

0.77x 1.18x 1.33x 4.56x 0.93x 0.47x 1.39x

7.1x 7.9x 9.6x 10.9x 8.1x 6.0x 11.2x

Mean Median

6.6% 4.4%

1.0% 2.1%

26.6% 21.7%

15.1% 11.8%

26.9x 29.1x

1.58x 1.34x

9.8x 9.1x

1.52x 1.18x

8.7x 8.1x

$43 50 56

10.9% 21.1% 24.2%

13.5% NA (1.4%)

24.3% 32.0% 25.9%

13.4% 19.0% 15.6%

20.3x 1.0x 19.1x

1.04x 2.20x 1.55x

7.8x 11.6x 9.9x

0.92x 2.02x 1.44x

6.8x 9.7x 9.5x

Mean Median

18.7% 21.1%

6.0% 6.0%

27.4% 25.9%

16.0% 15.6%

13.5x 19.1x

9.7x 9.9x

1.46x 1.44x

8.7x 9.5x

$407 168 27

10.5% 8.6% 22.5%

8.9% 9.3% NA

30.3% 24.9% 49.9%

19.2% 10.2% 24.8%

33.4x 39.7x NM

3.42x 1.76x 3.33x

17.8x 17.3x 13.4x

3.16x 1.70x 2.75x

15.6x 15.3x 11.8x

Mean Median

13.9% 10.5%

9.1% 9.1%

35.0% 30.3%

18.1% 19.2%

36.6x 36.6x

2.84x 3.33x

16.2x 17.3x

2.54x 2.75x

14.3x 15.3x

24.2% 6.9% (5.7%) 8.3% 14.8%

NA 6.0% (1.8%) 7.3% 12.4%

53.5% 79.9% 33.1% 18.9% 31.0%

9.0% 49.8% NM 13.1% 22.4%

NM 24.5x NM 31.3x 33.8x

2.80x 7.89x 1.07x 1.72x 4.88x

31.3x 15.9x NM 13.2x 21.8x

2.31x 7.51x 2.37x 1.61x 4.31x

17.2x 14.7x 18.3x 10.8x 18.1x

Mean Median

9.7% 8.3%

6.0% 6.7%

43.3% 33.1%

23.6% 17.7%

29.9x 31.3x

3.67x 2.80x

20.5x 18.8x

3.62x 2.37x

15.8x 17.2x

$137 331 87 16

1.4% 5.9% 6.8% 0.8%

(5.1%) 3.3% (1.9%) 3.5%

35.8% 32.6% 39.6% 30.8%

10.2% 11.7% 17.9% 4.0%

NM 21.2x 26.6x NM

1.09x 1.27x 2.22x 0.46x

10.7x 10.9x 12.5x 11.5x

1.07x 1.23x 2.18x NA

9.4x 10.2x 11.3x NA

Mean Median

3.7% 3.7%

(0.0%) 0.7%

34.7% 34.2%

10.9% 10.9%

23.9x 23.9x

1.26x 1.18x

11.4x 11.2x

1.49x 1.23x

10.3x 10.2x

$449 461 834 257 136 78 201

$11 390 (2) 66 4,133

1.59x 1.55x

PAGE | 9

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

PUBLIC EQUITY MARKET OVERVIEW FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5 150

20.1%

140 130

20.1%

120

2.8%

110

1.2%

100

0.8%

90 80

(1.5%)

70 Oct-14

Dec-14 Restaurant

Feb-15

Natural/Organic

Apr-15

Beverage

Jun-15

Private Label Food Manufacturing

Aug-15 Protein Processing/Dairy

Oct-15 S&P 500

M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions5 TREASURY WINE ACQUIRES DIAGEO U.S. AND U.K. WINE ASSETS

Enterprise Value: $600mm Revenue Multiple: ND EBITDA Multiple: 7.9x Announced: October 13, 2015



One year after its turnaround, Treasury Wine Estates is taking on an aggressive strategy by acquiring Diageo’s U.S. and U.K. wine assets.



Wine brands acquired from Diageo include: Beaulieu Vineyards, Sterling Vineyards, and Blossom Hill.



The acquisition will allow the Australian company to expand its U.S. business and transform into a large scale player in the space.

CLEARWATER SEAFOODS TO ACQUIRE MACDUFF SHELLFISH

Enterprise Value: $145mm Revenue Multiple: 1.8x EBITDA Multiple: 8.2x Announced: October 9, 2015



Clearwater Seafoods has entered into an agreement to acquire Macduff Shellfish Group from the Beaton family and Change Capital Partners.



Macduff Shellfish harvests, processes, and sells scallops, langoustine, crab, and whelk.



The transaction allows Clearwater to integrate its vessel management and expand into the EU, which is the world’s largest seafood market.

BUNGE ACQUIRES WHOLE HARVEST FOODS

Enterprise Value: ND Revenue Multiple: ND EBITDA Multiple: ND Announced: October 5, 2015

 

Bunge North America announced that it has acquired Whole Harvest Foods.



The transaction provides Bunge with complimentary product offerings, particularly in the simple label category.

Whole Harvest refines and packages expeller pressed commercial cooking oils.

PAGE | 10

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

M&A MARKET OVERVIEW* Food and Beverage M&A Trends5 ANNOUNCED FOOD & BEV. TRANSACTIONS

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

8.8x

8.3x

8.3x

8.0x

8.0x

1.75x

9.7x

9.2x

1.50x 1.25x

6.0x

1.00x 0.75x

4.0x

0.50x 2.0x 0.0x

Aggregat e Deal Value ( $ inbillions )

9.9x

0.25x

2008

2009

2010

2011

2012

2013

2014

EV / L TM Sa les

EV / L TM EBITDA

YTD 2015

$120

400

$110.2 $95.7

$100 $67.2

$80

350 300 250

$55.7

$60

200 150

$40

$24.0

$20 $0

0.00x

450 $120.7

$9.3

2008

2009

100 50

$8.2 2010

2011

Number of Trans act ions

10.0x

$140

2.00x

11.3x

EV / LTM Sales Multiple

EV / LTM EBI TDA M ultiple

12.0x

2012

2013

Ag grega te Deal Value

2014 # of d eals

YTD 2015

0

Latest Deals and Announced Private Equity Activity5 LAST 10 DEALS ANNOUNCED

Announced 10/16/2015 10/15/2015 10/15/2015 10/14/2015 10/14/2015 10/13/2015 10/9/2015 10/8/2015 10/7/2015 10/7/2015

Target

Buyer

Premier Is - Mejerigaarden A/S Red Arrow Products Company LLC Island Oasis, Inc. Voortman Cookies Limited La Terra Fina USA, Inc. US And UK Wine Operations Macduff Shellfish Group Grupo Ibérica de Congelados, S.A. Biocentury, S.L.U. Comptoir du Caviar SAS

Food Union Kerry Group plc (ISE:KRZ) Kerry Group plc (ISE:KRZ) Swander Pace Capital HP Hood LLC Treasury Wine Estates Limited Clearwater Seafoods Portobello Capital Gestión Nutrition & Santé SAS Gardinier & Fils SAS

Number of Transactions

PRIVATE EQUITY INVESTMENTS & EXITS 60 46

50 40 30

27 27

26

20

21

32 34

27 14

17

36 25

38

48

43

26

48

51

31

18

10 0

2006

2007

2008

2009

2010

2011

2012

Number of Investments

2013

2014

2015 YTD

Number of Exits

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

PAGE | 11

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

DEBT MARKET OVERVIEW Food and Beverage Loan Activity7 QUARTERLY LOAN VOLUME

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16

L + 600

Av erage Spread Ov er LI BOR

Loan Volume by Quart er ($ in billions)

$14 $12 $10 $8 $6 $4 $2 $0

2Q09

2Q10

2Q11

2Q12

Institutional

2Q13

2Q14

L + 200 L + 100

200 9

201 0

201 1

Revolvin g Credit / Term L oan A

201 2

201 3

201 4

1H15

Weighted-A verage In stitutional

AVERAGE SECONDARY SPREADS 2012

2013

2014

L + 100 0

LTM 1H15

4.0x

2.0x

0.0x

L + 300

Pro Rata

Av erage Spread Ov er LI BOR

EBI TDA Mult iple

2011

L + 400

L+0

2Q15

CREDIT STATISTICS 6.0x

L + 500

L + 800 L + 600 L + 400 L + 200 L+0

Debt / EBITDA

Senior Debt/ EBITDA/ EBITDA - Capex/ EBITDA Cash Interest Cash Interest

Recent Debt Offerings8 Effective Date

Borrower Name

Description

Tranche Amount

Type

Rating

Spread

10/09/15

Khmer Brewery Ltd

Malt beverages

JPY 80

Term Loan

N/A

550

09/30/15

Marusan-Ai Co Ltd

Food preparations, nec

JPY 2,000

Revolver/Line >= 1 Yr.

N/A

N/A

09/30/15

Miyoshi Oil & Fat Co Ltd

Vegetable oil mills, nec

JPY 2,000

Revolver/Line >= 1 Yr.

N/A

N/A

09/30/15

Nichimo Co Ltd

Fresh or frozen prepared fish

USD 10,600

Revolver/Line >= 1 Yr.

N/A

N/A

09/30/15

Ocean Choice International L Fresh or frozen prepared fish

USD 150

Term Loan

N/A

N/A

09/30/15

Ocean Choice International L Fresh or frozen prepared fish

EUR 60

Revolver/Line >= 1 Yr.

N/A

N/A

09/30/15

Yokooshoten Co Ltd

Food preparations, nec

EUR 130

Revolver/Line >= 1 Yr.

N/A

N/A

09/28/15

CHS Inc

Flour/other grain mill products

EUR 600

Delay Draw Term Loan

N/A

150

09/26/15

Kato Brothers Honey Co Ltd

Food preparations, nec

EUR 3,000

Revolver/Line >= 1 Yr.

N/A

N/A

09/25/15

Kagome Co Ltd

Pickles/sauces/salad dressings

EUR 3,000

Revolver/Line >= 1 Yr.

N/A

N/A

09/25/15

Kinjirushi Co Ltd

Food preparations, nec

JPY 1,615

Revolver/Line >= 1 Yr.

N/A

N/A

09/25/15

Kirin Holdings Co Ltd

Malt beverages

USD 84

Term Loan

N/A

N/A

09/25/15

Maruwa Oil & Fat Co Ltd

Edible fats and oils, nec

USD 600

Revolver/Line >= 1 Yr.

N/A

N/A

USD 35

Revolver/Line >= 1 Yr.

N/A

N/A

USD 245

Revolver/Line >= 1 Yr.

N/A

N/A

06/26/13

Synlait Milk Finance Ltd

Fluid milk

06/26/13

Synlait Milk Finance Ltd

Fluid milk

PAGE | 12

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

M&A OVERVIEW* Median LTM Trading Multiples & Quarterly Food & Beverage M&A5 MEDIAN LTM TRADING MULTIPLES

QUARTERLY M&A ACTIVITY

16.0x 180

15.0x

160

10

49 34

33

6 53

42

52

48

39

8

89

10

70 46

33

5

47

52

118 82

58

57

Q41 4

25

Q31 5

Q21 5

Q11 5

Q21 4

Q11 4

Q11 3

Q21 3

Q41 2

Q31 2

Q21 2

Q11 2

Q41 1

Q11 1

Q41 0

Retail and Restaurants

Q31 0

0

Q21 0

Sep-15

Aug-15

Jul-15

Jun-15

47

46

36

Q11 0

Food Products, Processing, and Ingredie nts

May-15

Apr-15

Mar-15

Feb-15

Jan-15

Nov-14

Dec-14

Oct-14

Sep-14

20

7

6

13

9

5

7

Q31 4

7

7

Q41 3

40

4

7

7 13

10.0x

141 10

60 5

11.0x

20

6

80

Q31 1

12.0x

100

Q21 1

13.0x

8

120

Q31 3

Number of Transactions

M edian Trading M ult iple

18

140

14.0x

Private Equity Acquirer

Stra tegic Acquirer

Recent Food and Beverage M&A5 Enterprise Announced

Seller

Target

10/16/2015 10/15/2015 10/15/2015 10/14/2015 10/14/2015 10/13/2015 10/9/2015 10/9/2015 10/8/2015 10/7/2015 10/7/2015 10/6/2015 10/6/2015 10/5/2015 10/5/2015 10/5/2015 10/1/2015 10/1/2015 10/1/2015 10/1/2015 10/1/2015 9/30/2015 9/28/2015 9/23/2015 9/23/2015

Premier Is - Mejerigaarden A/S Red Arrow Products Company LLC Island Oasis, Inc. Voortman Cookies Limited La Terra Fina USA, Inc. US And UK Wine Operations Macduff Shellfish Group Mill Street Brewery Grupo Ibérica de Congelados, S.A. Biocentury, S.L.U. Comptoir du Caviar SAS Stumptown Coffee Roasters, Inc. Barrel O' Fun Snack Foods Co., Inc. Woolwich Dairy Inc. Bite Group Ltd. Whole Harvest Foods, LLC Solina Group SAS GROMART S.p.A. Eatem Foods Co. Agrial S.A., Poultry Processing Assets Pastificio di Chiavenna S.r.l. Marlow Foods Limited VitaminFizz, L.P. R2 Group A/S Avanta Serviced Office Group plc

9/22/2015 9/22/2015

Cargill Inc., Schweigert Meat Willamette Egg Farms, L.L.C.

9/21/2015 9/21/2015 9/21/2015 9/15/2015 9/15/2015 9/11/2015 9/10/2015 9/9/2015 9/8/2015 9/8/2015

Buyer

Erhvervsinvest Management A/S TSG Consumer Partners Claridge, Inc. Diageo plc (LSE:DGE) Change Capital Partners XDL Capital Group; HMW Capital Agrolimen SA TSG Consumer Partners Nova Cheese Inc. IK Investment Partners Linsalata Capital Partners Agrial S.A. Intermediate Capital Group plc Big Red and Power Brands Maj Invest Equity Cargill, Incorporated

Food Union Kerry Group plc (ISE:KRZ) Kerry Group plc (ISE:KRZ) Swander Pace Capital HP Hood LLC Treasury Wine Estates Limited Clearwater Seafoods Labatt Brewing Company Limited Portobello Capital Gestión Nutrition & Santé SAS Gardinier & Fils SAS Peet's Coffee & Tea, Inc. Shearer's Foods, Inc. Saputo Inc. (TSX:SAP) Adelie Foods Group Ltd Bunge North America, Inc. Ardian Unilever plc (LSE:ULVR) Archer-Daniels-Midland L.D.C. S.A. (ENXTPA:LOUP) Alto Partners SGR Spa Monde Nissin Corporation Athena Brands, Inc. Caldic B.V. Regus plc (LSE:RGU) Bakalars Sausage Company, Inc.

WEF, INC.

Post Holdings, Inc. (NYSE:POST)

Dorset County Foods Ltd. Bioderij B.V. Harrogate Cake Company Limited Cargill, Small Pack Specialty Business Love Child (Brands) Inc. CoPak Solutions, Inc. Saint Archer Brewing Company

Cargill, Incorporated -

Eversfield Organic Limited Cérélia SA Sugar Therapy Limited Brenntag AG (XTRA:BNR)

Alpine Valley Bread Company Expresco Foods Inc.

-

Flowers Bakeries, LLC Premium Brands Holdings

Lagunitas Brewing Company

-

9/8/2015 9/8/2015

Natural Food Holdings, Inc. Bright Blue Foods Ltd.

LNK Partners NBGI Private Equity Limited

9/4/2015

State Fish - HPP Business & Calpack

State Fish Company Inc

Enterprise Value

($mm)

Sales

EBITDA

Private Equity Geographic Involvement

EBIT

Location

$600.0 $144.5 $61.1 $832.3 -

1.8x -

7.9x 8.2x -

-

-

-

-

EU N.A.

$90.0

1.1x

6.0x

-

N.A.

$5.7 $120.0 -

1.5x -

-

-

EU EU EU EU N.A. N.A. N.A. N.A. N.A.

Heineken NV (ENXTAM:HEIA)

-

-

-

-

Perdue Farms Inc. Endless LLP

-

-

-

-

ICPK Corporation

$12.7

-

-

-

GreenSpace Brands Inc. Star Snax, LLC Tenth and Blake Beer Company



  



    

EU Cross Border Cross Border N.A. N.A. Cross Border Cross Border N.A. EU EU EU N.A. N.A. N.A. EU N.A. EU EU N.A. EU EU Cross Border N.A. EU

Cross Border  

N.A. EU N.A.

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

PAGE | 13

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

M&A OVERVIEW* Recent Food and Beverage M&A5 Enterprise Announced

Target

Seller

Buyer

9/4/2015 9/4/2015

Elgorriaga Brands, S.A. Virtue Cider Company

-

Energy Shot Iberica S.L. Fulton Street Brewery, LLC

9/3/2015

Nutrafur S.A.

-

Frutarom Industries Ltd. (TASE:FRUT)

9/2/2015 8/31/2015

Green Giant, Le Sueur Stable & Frozen New York Fries Ltd.

General Mills, Inc. (NYSE:GIS) 122164 Canada Ltd.

8/31/2015 8/31/2015 8/27/2015

Canon Potato Company, LLC QiZiNi Group B.V. Twin Rivers Technologies

Felda Global Ventures

B&G Foods North America, Inc. Cara Operations Limited (TSX:CAO) H.C. Schmieding Produce Company, In Natsu Foods GmbH & Co. KG Viterra Inc.

8/26/2015

Dicot Partners, S.L

Gestion Ganuza S.L.

Yantai Changyu Pioneer

8/26/2015

Talbott Vineyards

-

E. & J. Gallo Winery, Inc.

8/26/2015 8/25/2015

Proviand BV DOUX SA

Développement et Partenariat SA

8/25/2015

McNeil Nutritionals, LLC., Splenda

8/21/2015

Caesar's Pasta, LLC.

8/21/2015 8/21/2015

Enterprise Value

($mm)

Sales -

-

$14.5 $765.0 -

EBITDA

EBIT

Private Equity

European

Involvement

Transaction

-

-

EU N.A.

1.1x

-

-

Cross Border

1.1x -

6.4x -

-

N.A. N.A. N.A.

$143.7

0.5x

-

-

EU N.A.

$39.3

1.0x

-

-

Cross Border

-

-

-

-

N.A.

Like Meat GmbH Sofiprotéol; Terrena SARL

-

-

-

-

EU EU

McNeil Nutritionals, LLC

TC Heartland LLC

-

-

-

-

N.A.

-

Consolidated Investment Group, LLC

-

-

-

B.V. Vurense Snack Industrie Norbest, LLC

NPM Capital N.V.; SHV Holdings -

Hearthside Group Holdings, LLC

-

-

N.A. Cross Border

J. D. Heiskell & Company, Inc.

-

-

-

-

N.A.

8/20/2015

Deep Eddy Vodka & Spirits

DE Spirits LLC

HeavenHill Distilleries,Inc.

-

-

-

-

N.A.

8/20/2015

The Mediterranean Snack Food

-

American Halal Company, Inc.

-

-

-

-

N.A.

8/19/2015 8/19/2015

Hudson Baking Company, LLC Ovation Brands, Inc.

Buffets Holdings, Inc.

Le Petit Pain Holdings, LLC

-

-

-

-

N.A.

Food Management Partners, Inc.

-

-

-

-

N.A.

8/18/2015

Big Smoke Burger Inc.

-

MTY Tiki Ming Enterprises Inc.

$3.8

-

-

-

8/16/2015

EWOS Group AS

Albain Fund III, Bain Capital

Cargill, Incorporated

$1,495.1

-

-

-



8/12/2015 8/11/2015

Dave's Killer Bread company Niagara Natural Fruit Snack Co., Inc.

Goode Partners LLC -

Flowers Bakeries, LLC SunOpta Inc. (TSX:SOY)

$275.0 $6.7

-

-

-



8/11/2015

Aqua Farming Technology Inc.

Xl Biofuels, Inc

New Global Energy, Inc.

8/7/2015 8/7/2015

Pleasant Kids, Inc. (OTCPK:PLKD) Wallaby Yogurt Company, Inc.

-

NEXT Group Holdings, Inc.

8/7/2015

Irish Pride Bakeries Ltd.

-

8/7/2015

Twin Beans DoubleShot

-

8/7/2015 8/6/2015 8/5/2015

Bobby & Fritz GmbH Classic Fine Foods UK Ltd Boyer's Coffee Company, Inc.

EQT Partners AB -

Autobahn Tank & Rast Holding METRO AG (DB:MEO)

8/5/2015

Gold Pure Food Products Co., Inc.

-

8/4/2015 8/4/2015

GRUPO CUTTING'S, S.L. Starr Restaurants Catering Group GP, LLC

8/4/2015 8/3/2015 8/2/2015

N.A. Cross Border N.A. N.A.

-

-

-

$125.0

2.8x

-

-

Pat The Baker Ltd

-

-

-

-

EU

Twin Beans Coffee

-

-

-

-

N.A.

-

-

The WhiteWave Foods Company

-

-

$328.0 -

1.6x -

-

-

LaSalle Capital

-

-

-

-

-

Guzman Gastronomia S.L. TrustHouse Services Group, Inc.

-

-

-

-

Buona Compagnia Gourmet s.r.l.

Assietta Private Equity SGR SpA

Gradiente SGR S.p.A.

-

-

-

-

The Kerfoot Group Ltd Just Baked LLC

-

Avril SCA

-

-

Tubby's Sub Shops Inc.

-

8/1/2015 7/31/2015

Meatsnacks Group Ltd Ab A.Kastén Oy

Helmet Business Mentors Oy

Cruga Biltong Ltd.

-

-

7/31/2015

Little Big Burger LLC Sunrise Growers, Inc.

Paine & Partners, LLC; SGF Produce

$6.1 $450.0

Paisley Farm, Inc.

-

7/30/2015 7/30/2015

Thompson Bros. Salmon Limited Direct Ocean SA

-

7/29/2015

Sharrocks Fresh Produce Ltd.

E.H.Booth & Co Ltd

7/27/2015 7/27/2015 7/25/2015

Spring Genetics Inc The Ilkley Brewery Company Limited Acetum S.r.l.

7/24/2015

Luna Gourmet Coffee & Tea

N.A. N.A. N.A.



EU EU N.A.



N.A. EU N.A.



-

EU EU

-

-

N.A.

-

-

EU

1.0x 1.5x

11.5x

-

EU N.A. N.A.

-

-

-

-

Cooke Aquaculture Scotland Ltd.

-

-

Freshpack SA

-

-

-

Glentrool Capital Partners LLP -

Gilbert Thompson (Leeds) Ltd Benchmark Holdings plc (AIM:BMK) Half Full Beer Co Limited Clessidra SGR S.p.A.

$5.4 -

-

-

-

Boojum Ltd.

-

Renatus Capital Partners

$3.3

6.7x

-

-

7/24/2015 7/23/2015

Taboada Grupo Alimentacio S.L. The Feel Good Drinks Company Ltd.

MBG International Premium Brands

Industrias Alimentarias de Navarra

-

-

-

7/23/2015 7/23/2015

Louis Royer SAS Euro Cakes S.p.A.

Suntory France S.A.S. -

Nichols plc (AIM:NICL) SASU Terroirs Distillers Biscuits Bouvard S.A.S

$109.8 -

-

7/23/2015

World Feeds Limited

-

Finance Yorkshire

$0.7

7/22/2015

Carte Noire, European Business

Luigi Lavazza S.p.A.

$871.8

7/22/2015 7/22/2015 7/22/2015

La Rousse Foods Ltd. Fabrelac bvba B.R. Cohn Winery

Jacobs Douwe Egberts Trading -

ARYZTA Food Solutions Ireland FrieslandCampina Cheese & Butter Vintage Wine Estates, Inc.

7/21/2015 7/21/2015

The 3D Pub Company Limited Merrick Pet Care, Inc.

Downing ONE VCT plc Highland Capital; Monitor Clipper

7/21/2015

Cumberland Breweries Ltd.

7/19/2015 7/17/2015

Societe Chiron A.C.V.F. (SAS) Italian Home Bakery Ltd. Seabrook Crisps Ltd.

7/30/2015 7/30/2015

7/17/2015

Ab Chipsters Food Oy American Roadside Burgers, Inc. SunOpta Inc. (TSX:SOY) The Fremont Company



N.A. EU EU EU 

Cross Border EU



EU



-

EU EU

-

-

EU EU EU

-

-

-

-

-

-

-

Brunning & Price Limited Nestlé Purina PetCare Company

-

-

-

-

-

Alltech, Inc.

-

-

-

-

-

Liffey Meats Ltd.

-

-

-

-

-

Grupo Bimbo, S.A.B. LDC (Managers) Limited

$54.6

1.3x

-

-



EU EU EU EU N.A.



EU N.A. Cross Border EU Cross Border



EU

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

PAGE | 14

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR Earnings Release Calendar5 October 2015 Date

Company

10/19/2015 10/19/2015 10/20/2015 10/20/2015 10/21/2015 10/22/2015 10/22/2015 10/22/2015 10/22/2015 10/22/2015 10/26/2015 10/28/2015 10/28/2015 10/28/2015 10/28/2015 10/28/2015 10/28/2015 10/29/2015 10/29/2015 10/29/2015 10/29/2015 10/29/2015 10/29/2015 10/29/2015 10/30/2015

Del Taco Restaurants, Inc. (NasdaqCM:TACO) Sonic Corp. (NasdaqGS:SONC) Chipotle Mexican Grill, Inc. (NYSE:CMG) Brinker International, Inc. (NYSE:EAT) The Coca-Cola Company (NYSE:KO) McDonald's Corp. (NYSE:MCD) Pernod-Ricard SA (ENXTPA:RI) Koninklijke Wessanen N.V. (ENXTAM:WES) Dr Pepper Snapple Group, Inc. (NYSE:DPS) Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) The Cheesecake Factory Incorporated (NasdaqGS:CAKE) Panera Bread Company (NasdaqGS:PNRA) The Hershey Company (NYSE:HSY) Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) Cott Corporation (TSX:BCB) Mondelez International, Inc. (NasdaqGS:MDLZ) Buffalo Wild Wings Inc. (NasdaqGS:BWLD) Starbucks Corporation (NasdaqGS:SBUX) Ingredion Incorporated (NYSE:INGR) Pilgrim's Pride Corporation (NasdaqGS:PPC) Maple Leaf Foods Inc. (TSX:MFI) DineEquity, Inc. (NYSE:DIN) Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI) Boston Beer Co. Inc. (NYSE:SAM) Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

November 2015 Date

Company

11/2/2015 11/3/2015 11/3/2015 11/3/2015 11/3/2015 11/3/2015 11/3/2015 11/4/2015 11/4/2015 11/5/2015 11/5/2015 11/5/2015

Sysco Corporation (NYSE:SYY) Archer-Daniels-Midland Company (NYSE:ADM) Associated British Foods plc (LSE:ABF) Kellogg Company (NYSE:K) Papa John's International Inc. (NasdaqGS:PZZA) Bloomin' Brands, Inc. (NasdaqGS:BLMN) Kellogg Company (NYSE:K) The Wendy's Company (NasdaqGS:WEN) Asahi Group Holdings, Ltd. (TSE:2502) Kikkoman Corp. (TSE:2801) Molson Coors Brewing Company (NYSE:TAP) Treehouse Foods, Inc. (NYSE:THS)

PAGE | 15

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

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PAGE | 16

FOOD AND BEVERAGE INDUSTRY UPDATE │ OCTOBER 2015

HARRIS WILLIAMS & CO. SOURCES

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6. Thomson Financial 7. S&P 8. Reuters DISCLOSURES Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS. The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent. Copyright© 2015 Harris Williams & Co., all rights reserved.

PAGE | 17