7 6
3 2 1
8
6
-
2
4
6
8
10
Strategic79%
Financial21%
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA3/26/2018 The Finish Line, Inc. JD Sports Fashion; Pentland Group Activewear $480.34 - -
3/22/2018 Anna Kaiser Technique Xponential Fitness Health & Fitness - - -
3/20/2018 Green Chef Corp. HelloFresh Natural & Organic Foods - - -
3/20/2018 Oboz Footwear LLC Kathmandu Holdings Activewear $75.00 - -
3/19/2018 BaeTea LLC C3 Capital; New World Natural
Brands
Personal Care - - -
3/12/2018 Wellnext LLC ReNew Life Formulas Vitamins, Minerals, &
Supplements
$700.00 - -
3/6/2018 ViaViente Youngevity International Vitamins, Minerals, &
Supplements
$3.00 - -
2/22/2018 Total Woman Gym & Atmosphere Day Spa Town Sports International Holdings Health & Fitness $8.00 - -
2/17/2018 Curves International, Inc. Curves Holdings Health & Fitness $75.94 6.81x -
2/7/2018 Elite One Source Nutritional Services, Inc. DCC Health & Beauty Solutions Vitamins, Minerals, &
Supplements
$50.00 - -
1/8/2018 Rumble Equinox Health & Fitness - - -
1/4/2018 BHCosmetics, Inc. MidOcean US Advisor Personal Care - - -
Financial Buyer Inv. Date Select Corporate Acquisitions
3/28/2018 ▪ Inter Valley Pool Supply, Inc.
11/6/2017 ▪ Strike King Lure Co
9/8/2017 ▪ Hasa Inc
12/20/2016 ▪ Sweet Harvest Foods Co.
11/14/2016 ▪ Do Outdoors Inc
1/18/2018 ▪ J R Watkins LLC
12/12/2016 ▪ Halo Innovations
1/22/2016 ▪ Swanson Health Products, Inc.
12/14/2015 ▪ Captek Softgel International, Inc.
10/18/2016 ▪ HME Products
6/9/2016 ▪ Good Sportsman Marketing, L.L.C.
5/17/2016 ▪ InterVision Systems, LLC
5/10/2016 ▪ Systems, Inc.
1/11/2016 ▪ Drake Automotive Group, Inc.Earnest Bros. Logistics
6/27/2016 ▪ Drybar Holdings LLC
2/17/2016 ▪ Ultimate Fitness Group, LLC
6/9/2015 ▪ Naf Naf Grill, LLC
4/17/2015 ▪ Driven Brands
5/16/2016 ▪ SidelineSwap, LLC
1/15/2016 ▪ Ample Foods Inc.
11/5/2015 ▪ Clicky, Inc.
7/31/2015 ▪ Pacifica Labs, Inc.
1/27/2015 ▪ Remoov, Inc.
Huron Capital Partners
Roark Capital Group
500 Startups
Peak Rock Capital
Swander Pace Capital
Strategic Buyer Inv. Date Select Corporate Acquisitions
12/14/2017 ▪ Schmidt's Deodorant Co. LLC
11/27/2017 ▪ Sundial Brands LLC
6/19/2017 ▪ Kingdom Animalia LLC (d.b.a. Hourglass Cosmetics)
5/15/2017 ▪ Quala (Personal Care and Home Brands)
4/20/2017 ▪ Kensington & Sons, LLC
7/20/2017 ▪ Lankhorst Taselaar BV
11/18/2016 ▪ Payne's Marine Supply, Inc.
8/31/2016 ▪ Indoor Cycling Group
7/5/2016 ▪ Thunder Jet Boats Inc.
1/20/2016 ▪ Cybex International Inc.
6/19/2017 ▪ Top Secret Nutrition LLC
10/5/2016 ▪ Tribravus Enterprises
10/5/2016 ▪ Prime Nutrition
4/28/2016 ▪ Gaspari Nutrition Inc.
8/18/2015 ▪ LG Sciences LLC
6/15/2017 ▪ Deciem, Inc.
11/14/2016 ▪ Too Faced Cosmetics LLC
10/21/2016 ▪ Becca, Inc.
10/25/2015 ▪ Have & Be Co., Ltd.
12/19/2014 ▪ GlamGlow, Inc.
Unilever
Brunswick Corporation
Hi-Tech Pharmaceuticals
Estee Lauder Cos.
-15%
-10%
-5%
0%
5%
10%
15%
20%
Health & Fitness Lifestyle CompaniesActivewear Natural & Organic FoodsOutdoor Products Personal CareVitamins, Minerals, & Supplements S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Weight Watchers International, Inc. WTW 4,123$ 63.72$ 43.9% 43.9% 82.5% 21.8% 24.1% 4.5x 17.7x 26.6x 3.8x 13.3x
Planet Fitness, Inc. PLNT 3,305 37.77 9.1% 9.1% 94.3% 24.2% 37.5% 9.0x 21.5x 89.9x 6.7x 16.1x
Medifast, Inc. MED 1,125 93.45 33.9% 33.9% 99.0% 24.5% 13.4% 3.4x 23.4x 40.8x 2.7x 16.4x
Fitbit, Inc. FIT 1,062 5.10 -10.7% -10.7% 69.7% (8.2%) 1.1% 0.3x NM NM 0.3x NM
Nutrisystem, Inc. NTRI 806 26.95 -48.8% -48.8% 39.7% 2.3% 15.7% 1.1x 7.4x 14.2x 1.0x 7.4x
Nautilus, Inc. NLS 408 13.45 0.7% 0.7% 67.9% 7.1% 13.7% 0.9x 6.9x 15.8x 0.9x 7.3x
Segment Average $1,805 4.7% 4.7% 75.5% 11.9% 17.6% 3.2x 15.4x 37.5x 2.6x 12.1xSegment Median $1,093 4.9% 4.9% 76.1% 14.4% 14.7% 2.2x 17.7x 26.6x 1.9x 13.3x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Garmin Ltd. GRMN 11,049$ 58.93$ -1.1% -1.1% 89.3% 3.9% 22.7% 3.3x 13.3x 16.0x 3.1x 12.8x
Vail Resorts, Inc. MTN 8,962 221.70 4.3% 4.3% 93.2% 6.7% 42.1% 5.2x 17.1x NM 5.0x 15.6x
Polaris Industries Inc. PII 7,224 114.52 -7.6% -7.6% 83.2% 5.7% 12.2% 1.5x 13.5x 42.6x 1.4x 10.5x
Brunswick Corp. BC 5,188 59.39 7.6% 7.6% 92.1% 7.5% 10.0% 1.1x 8.5x 36.5x 1.1x 8.0x
Vista Outdoor, Inc. VSTO 936 16.32 12.0% 12.0% 65.1% (2.1%) 7.1% 0.7x 9.1x NM 0.8x 8.7x
GoPro, Inc. GPRO 523 4.79 -36.7% -36.7% 40.3% (8.6%) (12.9%) 0.5x NM NM 0.5x NM
Clarus Corp. BDE 203 6.75 -14.0% -14.0% 84.4% 21.0% 6.4% 1.3x 68.8x NM 1.1x 12.5x
Peak Resorts, Inc. SKIS 68 4.85 -10.2% -10.2% 79.5% 4.2% 35.4% 1.9x 10.0x NM 2.0x 9.3x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
NIKE, Inc. NKE 86,231$ 66.44$ 6.2% 6.2% 94.6% 8.5% 15.5% 3.0x 21.3x 61.5x 2.8x 18.4x
VF Corp. VFC 29,403 74.12 0.2% 0.2% 87.8% 13.3% 14.3% 2.7x 18.2x 46.1x 2.4x 15.6x
lululemon athletica, inc. LULU 11,194 89.12 13.4% 13.4% 99.5% 15.8% 30.8% 4.2x 18.3x 46.9x 3.6x 15.4x
Gildan Activewear, Inc. GIL-CA 6,327 28.86 -8.4% -8.4% 84.3% 3.8% 17.4% 2.5x 11.6x 17.8x 2.4x 11.4x
Under Armour, Inc. UA 6,178 14.35 7.7% 7.7% 65.8% 4.4% 3.3% 1.6x 23.9x NM 1.5x 22.2x
Foot Locker, Inc. FL 5,520 45.54 -2.9% -2.9% 58.5% (0.7%) 12.2% 0.6x 5.0x 20.5x 0.7x 5.6x
Deckers Outdoor Corp. DECK 2,860 90.03 12.2% 12.2% 91.0% 2.2% 25.7% 1.3x 9.1x NM 1.3x 8.3x
Wolverine World Wide, Inc. WWW 2,753 28.90 -9.3% -9.3% 85.5% (2.3%) 2.2% 1.3x 14.5x NM 1.3x 10.0x
Sequential Brands Group, Inc. SQBG 132 2.09 17.1% 17.1% 51.1% 6.8% 55.6% 4.9x 8.8x NM 4.5x 7.9x
Iconix Brand Group, Inc. ICON 71 1.11 -14.0% -14.0% 13.4% (11.2%) 26.6% 3.6x 6.7x NM 4.0x 7.9x
Cherokee, Inc. CHKE 18 1.30 -31.6% -31.6% 12.1% NM NM 1.2x 10.8x NM 1.6x 8.1x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Pinnacle Foods, Inc. PF 6,440$ 54.10$ -9.0% -9.0% 81.2% 0.5% 25.2% 2.9x 13.5x 12.2x 2.9x 12.8x
Hain Celestial Group, Inc. HAIN 3,333 32.07 -24.3% -24.3% 70.3% 5.5% 7.7% 1.4x 15.3x 33.8x 1.3x 11.1x
Darling Ingredients, Inc. DAR 2,850 17.30 -4.6% -4.6% 88.7% 2.5% 11.5% 1.2x 10.6x 22.5x 1.2x 9.8x
United Natural Foods, Inc. UNFI 2,165 42.94 -12.8% -12.8% 81.5% 8.6% 2.9% 0.3x 7.9x 14.0x 0.2x 7.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Unilever Plc ULVR-GB 68,348$ 55.49$ -4.1% -4.1% 92.1% (1.8%) 18.4% 2.7x 14.0x 22.8x 2.8x 13.3x
Estee Lauder Cos., Inc. EL 33,621 149.72 17.7% 17.7% 99.5% 10.7% 24.6% 4.4x 20.4x 52.2x 4.1x 19.5x
Coty, Inc. COTY 13,716 18.30 -8.0% -8.0% 84.4% 3.8% 16.6% 2.3x 20.4x NM 2.3x 13.7x
Ulta Beauty, Inc. ULTA 12,381 204.27 -8.7% -8.7% 64.9% 15.4% 16.5% 2.0x 11.6x 22.8x 1.8x 10.5x
Nu Skin Enterprises, Inc. NUS 3,888 73.71 8.0% 8.0% 98.3% 8.2% 17.7% 1.7x 11.3x 31.2x 1.6x 10.6x
USANA Health Sciences, Inc. USNA 2,061 85.90 16.0% 16.0% 98.2% 8.3% 14.7% 1.7x 12.2x 34.0x 1.7x 11.0x
Sally Beauty Holdings, Inc. SBH 2,058 16.45 -12.3% -12.3% 77.0% 0.8% 14.3% 1.0x 6.3x 9.0x 1.0x 6.5x
Inter Parfums, Inc. IPAR 1,474 47.15 8.5% 8.5% 95.6% 9.8% 6.3% 2.4x 15.4x 35.5x 2.1x 14.1x
Avon Products, Inc. AVP 1,251 2.84 32.1% 32.1% 58.0% 1.1% 11.6% 0.5x 5.9x NM 0.5x 5.6x
Revlon, Inc. REV 1,085 20.60 -5.5% -5.5% 72.7% (0.3%) 14.1% 1.4x 16.5x NM 1.4x 13.2x
Natural Health Trends Corp. NHTC 216 19.01 25.1% 25.1% 62.8% NM 19.1% 0.4x 1.9x 9.1x NM NM
United-Guardian, Inc. UG 82 17.78 -3.9% -3.9% 83.4% NM 43.9% 5.6x 13.5x 21.2x NM NM
LifeVantage Corp. LFVN 51 3.61 -24.2% -24.2% 52.8% NM 5.4% 0.2x 10.1x 40.1x NM NM
CCA Industries, Inc. CAW 19 2.95 -6.3% -6.3% 77.4% NM NM 1.2x 6.7x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Herbalife Ltd. HLF 8,499$ 97.47$ 43.9% 43.9% 97.0% 7.4% 15.6% 2.1x 14.0x 37.8x 1.9x 12.0x
Medifast, Inc. MED 1,125 93.45 33.9% 33.9% 99.0% 24.5% 13.4% 3.4x 23.4x 40.8x 2.7x 16.4x
GNC Holdings, Inc. GNC 323 3.86 4.6% 4.6% 35.3% (3.2%) 9.9% 0.6x 6.0x NM 0.6x 7.4x
Nature's Sunshine Products, Inc. NATR 209 11.00 -4.8% -4.8% 74.6% NM (0.3%) 0.5x 15.7x NM NM NM
Vitamin Shoppe, Inc. VSI 105 4.35 -1.1% -1.1% 21.0% (4.3%) 2.6% 0.2x 3.6x NM 0.2x 5.9x
LifeVantage Corp. LFVN 51 3.61 -24.2% -24.2% 52.8% NM 5.4% 0.2x 10.1x 40.1x NM NM
Mannatech, Inc. MTEX 43 15.70 4.7% 4.7% 90.8% NM 3.3% 0.0x 1.1x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Brunswick Corp. BC 5,188$ 59.39$ 7.6% 7.6% 92.1% 7.5% 10.0% 1.1x 8.5x 36.5x 1.1x 8.0x
Callaway Golf Co. ELY 1,565 16.36 17.4% 17.4% 98.1% 9.3% (6.7%) 1.5x 14.7x 39.0x 1.4x 13.1x
Vista Outdoor, Inc. VSTO 936 16.32 12.0% 12.0% 65.1% (2.1%) 7.1% 0.7x 9.1x NM 0.8x 8.7x
Sturm, Ruger & Co., Inc. RGR 916 52.50 -6.0% -6.0% 76.3% 2.8% 18.7% 1.6x 7.7x 18.0x 1.6x 7.0x
Johnson Outdoors, Inc. JOUT 545 62.00 -0.1% -0.1% 81.4% 6.1% 8.8% 1.1x 8.3x 19.9x 1.0x 8.1x
Escalade, Inc. ESCA 197 13.70 11.4% 11.4% 95.3% 2.2% 12.1% 1.2x 13.8x 14.0x 1.2x 10.7x
Market Stats Operating Stats LTM Multiples NTM Multiples
5.5x 5.8x 5.9x6.4x6.4x 6.6x 6.5x 6.7x
7.5x 7.8x7.3x
8.3x7.5x
9.0x 9.0x 9.2x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
2014 2015 2016 2017
$10-25mm $25-50mm $50-100mm $100-250mm
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA3/28/2018 Royal Robbins, Inc. Fenix Outdoor International AG Activewear - - -
3/28/2018 Inter Valley Pool Supply, Inc. Hasa, Inc.; Peak Rock Capital Outdoor Products - - -
3/27/2018 The Tranzonic Cos. PNC Riverarch Capital Personal Care - - -
3/26/2018 The Finish Line, Inc. JD Sports Fashion Plc; Pentland
Group Plc
Activewear $480.34 - -
3/23/2018 Positive Energies LLC Guthy-Renker LLC; Guthy-Renker
Ventures LLC
Personal Care - - -
3/22/2018 Anna Kaiser Technique Xponential Fitness Health & Fitness - - -
3/20/2018 Oboz Footwear LLC Kathmandu Holdings Ltd. Activewear $75.00 - -
3/20/2018 Green Chef Corp. HelloFresh SE Natural & Organic Foods - - -
3/19/2018 BaeTea LLC C3 Capital LLC; New World Natural
Brands LLC
Personal Care - - -
3/13/2018 American Nutritional Products, Inc. International Consolidated Cos., Inc. Vitamins, Minerals, &
Supplements
- - -
3/12/2018 Matrixx Initiatives, Inc. Gryphon Investors, Inc. Vitamins, Minerals, &
Supplements
- - -
3/12/2018 Wellnext LLC ReNew Life Formulas LLC Vitamins, Minerals, &
Supplements
$700.00 - -
3/6/2018 ViaViente Youngevity International, Inc. Vitamins, Minerals, &
Supplements
$3.00 - -
3/5/2018 PF Eastern NC LLC Altamont Capital Management LLC Health & Fitness - - -
3/5/2018 Sensa Clinical Voss Laboratories, Inc. Lifestyle Companies - - -
3/2/2018 Brunswick Corp. (Fitness Ops) Shareholders Health & Fitness - - -
2/28/2018 Tricoci Mario Hair Salons & Day Spas, Inc. Shareholders Personal Care - - -
2/22/2018 Total Woman Gym & Atmosphere Day Spa Town Sports International Holdings,
Inc.
Health & Fitness $8.00 - -
2/19/2018 Global Design Concepts, Inc. BioWorld Merchandising, Inc. Lifestyle Companies - - -
2/17/2018 Curves International, Inc. Curves Holdings KK Health & Fitness $75.94 6.81x -
2/13/2018 American Greetings Corp. Clayton Dubilier & Rice LLC Lifestyle Companies - - -
2/7/2018 Elite One Source Nutritional Services, Inc. DCC Health & Beauty Solutions Ltd. Vitamins, Minerals, &
Supplements
$50.00 - -
2/2/2018 Arbonne International LLC Groupe Rocher Opérations SAS Personal Care - - -
1/30/2018 California Natural Products Inc Wind Point Advisors LLC; Gehl Foods
LLC
Natural & Organic Foods - - -
1/23/2018 Carls Patio, Inc. Rooms To Go, Inc. Lifestyle Companies - - -
1/19/2018 Links & Kings LLC Fila Korea Ltd.; Acushnet Holdings
Corp.
Lifestyle Companies - - -
1/18/2018 J R Watkins LLC Swander Pace Capital LLC Personal Care - - -
1/18/2018 Preventure LLC Virgin Pulse, Inc. Health & Fitness - - -
1/17/2018 Health & Beauty Group, Inc. America Great Health Vitamins, Minerals, &
Supplements
$0.38 - -
1/16/2018 H2O Pod, Inc. Falconhead Capital LLC; Kwik Tek,
Inc.
Outdoor Products - - -
1/9/2018 Limelight By Alcone L'Occitane International SA Personal Care - - -
1/9/2018 Maverick Enterprises, Inc. Sparflex SA Lifestyle Companies - - -
1/8/2018 Rumble Equinox Health & Fitness - - -
1/4/2018 BHCosmetics, Inc. MidOcean US Advisor LP Personal Care - - -