Health & Wellness Report Q4 2016 - SDR Ventures · Financial Buyer Inv. Date Select Corporate Acquisitions 5/9/2016 Delta House FPS, LLC 4/1/2016 LOGOS Resources, LLC 3/31/2016 GULF

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Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA12/22/2016 C.B. Fleet Co., Inc. Prestige Brands Holdings, Inc. Personal Care $825.00 4.02x -

12/7/2016 Prestige Brands Holdings, Inc. / Dermoplast Brand Moberg Pharma AB Personal Care 47.60 - -

11/22/2016 Bai Brands LLC Dr Pepper Snapple Group, Inc. Natural & Organic Foods 1,700.00 14.18x -

11/22/2016 KeVita, Inc. PepsiCo, Inc. Natural & Organic Foods 200.00 - -

11/21/2016 Cornerstone Brands, Inc. Blackstreet Capital Management LLC;

Distinctive Apparel, Inc.

Lifestyle Companies 3.00 - -

11/14/2016 Too Faced Cosmetics LLC Estee Lauder Cos., Inc. Personal Care 1,450.00 9.67x -

11/4/2016 Ultimate Survival Technologies, Inc. Battenfeld Technologies, Inc. Outdoor Products 34.30 - -

10/31/2016 Performance Sports Group Ltd. Fairfax Financial Holdings Ltd.; Sagard

Capital Partners Management Corp.;

Performance Sports Group Ltd.

Activewear 996.78 1.52x 11.92x

10/3/2016 Cabela's, Inc. Bass Pro Group LLC Outdoor Products $9,966.27 2.37x 21.92x

Strategic86%

Financial14%


http://sdrventures.com/health-wellness-ma-update/?utm_source=Quarterly Report&utm_campaign=Q4 2016 Health %26 Wellness Report&utm_medium=PDF

Financial Buyer Inv. Date Select Corporate Acquisitions5/9/2016 ▪ Delta House FPS, LLC4/1/2016 ▪ LOGOS Resources, LLC3/31/2016 ▪ GULF OIL LP3/29/2016 ▪ Hovensa, LLC, Shuttered Refinery on St. Croix's South Shore12/31/2015 ▪ Deep Gulf Energy LP III

10/18/2016 ▪ HME Products6/9/2016 ▪ Good Sportsman Marketing, L.L.C.5/17/2016 ▪ InterVision Systems, LLC5/10/2016 ▪ Systems, Inc.1/11/2016 ▪ Drake Automotive Group, Inc.

Earnest Bros. Logistics12/12/2016 ▪ Halo Innovations1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. 10/14/2015 ▪ Voortman Cookies Limited1/31/2014 ▪ Recochem, Inc.

1/6/2016 ▪ Turning Point10/2/2015 ▪ Brooklyn Boulders LLC7/28/2015 ▪ Barry's Bootcamp LLC7/14/2015 ▪ SmartyPants, Inc. 7/2/2015 ▪ Sprout Foods, Inc.

6/27/2016 ▪ Drybar Holdings LLC2/17/2016 ▪ Ultimate Fitness Group, LLC6/9/2015 ▪ Naf Naf Grill, LLC5/13/2015 ▪ Pet Supermarket, Inc. 4/17/2015 ▪ Driven Brands

Huron Capital Partners

Swander Pace Capital

North Castle Partners, LLC

Roark Capital Group

The Riverside Company

Strategic Buyer Inv. Date Select Corporate Acquisitions6/8/2016 ▪ Trophy Taker, Inc. 3/24/2016 ▪ Ramcat Broadheads4/2/2015 ▪ Obsession Bows1/7/2015 ▪ Tink's Hunting Products, LLC

11/17/2014 ▪ Dead Down Wind LLC

10/5/2016 ▪ Prime Nutrition4/28/2016 ▪ Gaspari Nutrition Inc. 10/5/2016 ▪ Tribravus Enterprises8/18/2015 ▪ LG Sciences LLC7/9/2015 ▪ Sports One Inc.

2/1/2016 ▪ Ralcorp Holdings Inc.5/30/2014 ▪ PFF Capital Group Inc.10/8/2013 ▪ Associated Brands Income Fund5/1/2013 ▪ Cains Foods4/13/2012 ▪ Naturally Fresh

7/5/2016 ▪ Thunder Jet Boats Inc. 1/20/2016 ▪ Cybex International Inc. 12/6/2015 ▪ Garelick Mfg. Co.7/8/2015 ▪ SCIFIT Systems, Inc. 4/27/2015 ▪ Bob Littler Agencies Pty Ltd

1/21/2016 ▪ Triumph Sports USA, Inc. 9/30/2015 ▪ Goalsetter Systems, Inc. 7/29/2015 ▪ Onix Sports, Inc. 6/30/2014 ▪ Pickleball Now LLC10/28/2014 ▪ Cue & Case Sales Inc.

Arcus Hunting, LLC

Hi-Tech Pharmaceuticals

Treehouse Foods, Inc.

Brunswick Corporation

Indian Industries, Inc.


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Health & Fitness Lifestyle Companies Activewear

Natural & Organic Foods Outdoor Products Personal Care

Vitamins, 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

Fitbit, Inc. FIT 1,245$ 7.32$ -50.7% -75.3% 23.6% 5.4% 10.5% 0.4x 4.8x 16.3x 0.5x 4.1x

Planet Fitness, Inc. PLNT 1,223 20.10 0.1% 28.6% 80.1% 11.7% 38.8% 4.5x 11.3x 32.0x 3.2x 7.8x

Weight Watchers International, Inc. WTW 731 11.45 10.9% -49.8% 46.2% 6.7% 29.1% 2.3x 11.6x 18.5x 2.2x 9.4x

Nutrisystem, Inc. NTRI 1,026 34.65 16.7% 60.1% 91.5% 13.0% 13.4% 1.9x 16.5x 33.6x 1.6x 12.9x

Nautilus, Inc. NLS 576 18.50 -18.6% 10.6% 74.0% 17.0% 12.5% 1.5x 10.1x 18.0x 1.3x 8.1x

Medifast, Inc. MED 493 41.63 10.2% 37.0% 96.5% 8.2% 23.7% 1.5x 10.6x 28.3x 1.4x 10.1x

Segment Average $882 (5.2%) 1.9% 68.7% 10.3% 21.3% 2.0x 10.8x 24.4x 1.7x 8.7xSegment Median $878 5.2% 19.6% 77.1% 10.0% 18.5% 1.7x 10.9x 23.4x 1.5x 8.7x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ 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 9,138$ 48.49$ 0.8% 30.5% 86.3% 2.0% 25.0% 2.7x 11.6x 18.1x 2.7x 11.8x

Polaris Industries Inc. PII 5,278 82.39 6.4% -4.1% 79.0% 8.8% 6.8% 1.3x 10.4x 20.8x 1.2x 8.1x

Vail Resorts, Inc. MTN 6,445 161.31 2.8% 26.0% 94.9% 22.2% (29.7%) 4.9x 17.9x 40.9x 3.8x 12.1x

Brunswick Corp. BC 4,892 54.54 11.8% 8.0% 96.9% 9.8% 14.0% 1.1x 10.2x 20.2x 1.0x 7.6x

Vista Outdoor, Inc. VSTO 2,170 36.90 -7.4% -17.1% 68.4% 12.6% 14.3% 1.3x 8.9x 12.3x 1.2x 7.8x

GoPro, Inc. GPRO 906 8.71 -47.8% -51.6% 42.5% 34.6% (36.7%) 0.9x NM (3.6x) 0.7x (73.3x)

Intrawest Resorts Holdings, Inc. SNOW 710 17.85 10.0% 128.3% 92.4% 3.8% (21.9%) 2.1x 12.1x 20.8x 2.0x 8.4x

Arctic Cat, Inc. ACAT 196 15.02 -3.0% -8.3% 75.8% 14.1% (7.5%) 0.5x NM (4.6x) 0.4x 16.7x

Black Diamond, Inc. BDE 161 5.35 4.1% 21.0% 78.1% 3.3% 4.6% 0.6x NM (4.7x) 0.6x 10.6x

Peak Resorts, Inc. SKIS 78 5.55 7.8% -7.7% 89.5% 29.7% (81.7%) 1.7x 11.4x (15.2x) 1.3x 5.1x



($ 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 67,918$ 50.83$ -3.5% -18.7% 77.7% 7.9% 14.4% 2.4x 17.6x 22.4x 2.3x 14.3x

VF Corp. VFC 22,071 53.35 -4.8% -14.3% 79.5% NM 19.4% 1.9x 11.7x NM 1.9x 11.3x

Under Armour, Inc. UA 10,861 25.17 -25.7% NM 54.5% 29.3% 16.2% 2.9x 23.6x 36.8x 2.3x 19.4x

lululemon athletica, inc. LULU 8,273 64.99 6.6% 23.9% 79.4% 14.7% 20.7% 3.7x 18.0x 31.5x 3.3x 14.5x

Gildan Activewear, Inc. GIL-CA 5,893 25.42 -7.0% -13.3% 79.7% 27.2% 23.0% 2.6x 16.3x 26.6x 2.3x 10.8x

Foot Locker, Inc. FL 9,383 70.89 4.7% 8.9% 89.2% 4.8% 14.6% 1.1x 7.6x 15.3x 1.1x 7.1x

Wolverine World Wide, Inc. WWW 2,166 21.95 -4.7% 31.4% 85.9% (4.9%) 13.0% 1.1x 9.9x 21.3x 1.1x 9.4x

Deckers Outdoor Corp. DECK 1,777 55.39 -7.0% 17.4% 79.2% 2.5% 13.0% 1.1x 8.6x 16.2x 1.1x 7.9x

Sequential Brands Group, Inc. SQBG 292 4.68 -41.5% -40.8% 51.2% 25.2% 55.6% 7.0x 15.4x (34.0x) 5.6x 9.5x

Iconix Brand Group, Inc. ICON 524 9.34 15.0% 36.7% 90.7% (0.5%) 44.3% 4.7x 10.5x (2.1x) 4.8x 9.6x

Cherokee, Inc. CHKE 136 10.50 1.9% -39.1% 56.3% 41.9% NM 4.4x 9.6x 19.8x 2.1x 5.3x



($ 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

The WhiteWave Foods Co. WWAV 9,854$ 55.60$ 2.1% 42.9% 97.9% 9.3% 14.3% 2.9x 20.9x 50.1x 2.7x 18.1x

Pinnacle Foods, Inc. PF 6,306 53.45 6.5% 25.9% 99.3% 7.8% 20.7% 3.1x 15.5x 31.3x 2.9x 13.3x

Hain Celestial Group, Inc. HAIN 4,038 39.03 9.7% -3.4% 68.5% NM NM 1.7x 12.9x NM 1.6x 11.6x

Darling Ingredients, Inc. DAR 2,125 12.91 -4.4% 22.7% 81.0% 3.7% 12.2% 1.2x 9.1x 14.5x 1.1x 8.3x

United Natural Foods, Inc. UNFI 2,414 47.72 19.2% 21.2% 91.5% 11.1% 3.3% 0.3x 9.9x 19.2x 0.3x 9.1x

Amplify Snack Brands, Inc. BETR 676 8.81 -45.6% -23.5% 50.3% 76.7% 25.2% 5.5x 15.5x 28.4x 3.0x 10.9x

Inventure Foods, Inc. SNAK 194 9.85 4.8% 38.7% 97.0% 8.7% 1.0% 1.1x 45.1x (30.8x) 1.0x 14.9x




($ 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 52,216$ 40.68$ -9.9% 12.5% 82.9% 19.9% 17.0% 2.7x 15.3x 21.2x 2.2x 12.4x

Estee Lauder Cos., Inc. EL 17,002 76.49 -13.6% -13.1% 78.5% 8.5% 19.1% 2.6x 13.0x 26.1x 2.4x 12.5x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 15,866 254.94 7.1% 37.8% 91.5% 23.7% 17.1% 3.4x 19.6x 42.8x 2.8x 15.4x

Coty, Inc. COTY 13,665 18.31 -22.1% -28.6% 57.9% 86.9% 18.9% 4.1x 24.4x 183.1x 1.3x 6.7x

Sally Beauty Holdings, Inc. SBH 3,793 26.42 2.9% -5.3% 80.2% 3.7% 15.4% 1.4x 8.9x 17.6x 1.4x 8.7x

Nu Skin Enterprises, Inc. NUS 2,602 47.78 -26.2% 26.1% 72.4% 2.8% 16.8% 1.1x 7.4x 19.3x 1.2x 7.6x

Revlon, Inc. REV 1,530 29.15 -20.7% 4.7% 76.7% NM 17.3% 2.0x 11.4x 38.9x NM NM

Avon Products, Inc. AVP 2,205 5.04 -11.0% 24.4% 72.4% 16.4% 11.0% 0.7x 9.0x (26.0x) 0.7x 7.5x

USANA Health Sciences, Inc. USNA 1,492 61.20 -11.5% -4.2% 81.6% 12.3% 15.3% 1.4x 8.8x 15.2x 1.3x 8.0x

Inter Parfums, Inc. IPAR 1,019 32.75 1.5% 37.5% 90.0% 10.3% 22.0% 2.0x 13.4x 32.8x 1.8x 12.2x

Natural Health Trends Corp. NHTC 280 24.85 -12.1% -25.9% 62.4% NM 21.7% 0.6x 2.8x 5.8x NM NM

LifeVantage Corp. LFVN 114 8.15 -13.8% -14.4% 51.0% NM 4.4% 0.5x 7.8x 19.9x NM NM

United-Guardian, Inc. UG 71 15.50 5.7% -19.1% 66.0% NM 37.2% 6.1x 19.3x 31.6x NM NM

Perfumania Holdings, Inc. PERF 23 1.50 -33.6% -38.5% 50.0% NM 4.1% 0.4x 45.9x (1.6x) NM NM

CCA Industries, Inc. CAW 16 2.60 -13.6% -16.7% 65.2% NM NM 1.1x 21.7x NM NM NM



($ 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

Mead Johnson Nutrition Co. MJN 13,071$ 70.76$ -10.4% -10.4% 75.0% (1.2%) 27.2% 3.7x 14.4x 26.2x 3.8x 13.6x

Herbalife Ltd. HLF 4,479 48.14 -22.3% -10.2% 66.7% 2.0% 15.2% 1.1x 9.9x 16.9x 1.0x 6.5x

GNC Holdings, Inc. GNC 755 11.04 -45.9% -64.4% 30.8% (4.3%) 13.1% 0.9x 5.7x 4.2x 0.9x 6.6x

Vitamin Shoppe, Inc. VSI 566 23.75 -11.5% -27.4% 71.1% 1.5% 9.8% 0.5x 5.5x 13.6x 0.5x 5.2x

Medifast, Inc. MED 493 41.63 10.2% 37.0% 96.5% 8.2% 23.7% 1.5x 10.6x 28.3x 1.4x 10.1x

Nutraceutical International Corp. NUTR 322 34.95 11.9% 35.4% 96.7% NM 17.5% 1.5x 8.3x 17.5x NM NM

LifeVantage Corp. LFVN 114 8.15 -13.8% -14.4% 51.0% NM 4.4% 0.5x 7.8x 19.9x NM NM

Nature's Sunshine Products, Inc. NATR 281 15.00 -6.3% 48.2% 91.2% NM 7.3% 0.7x 12.9x 25.5x NM NM

Mannatech, Inc. MTEX 55 20.30 13.0% 7.7% 82.9% NM 2.1% 0.1x 3.0x 27.1x NM NM







Health & Wellness Report Q4 2016 - SDR Ventures · Financial Buyer Inv. Date Select Corporate Acquisitions 5/9/2016 Delta House FPS, LLC 4/1/2016 LOGOS Resources, LLC 3/31/2016 GULF

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