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
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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 andregulated 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
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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 OVERVIEWHarris 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
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.
a portfolio company of
has been acquired by
* 2015 M&A transactions include European and cross-border transactions.
Starbucks recently announced that they plan to offer only cage-free eggs in North America by 2020. This follows suitwith other quick service concepts such as McDonalds and Burger King who are working toward achieving similargoals. Starbucks’ program is being hailed by the Humane Society of the United States as “The most comprehensiveanimal welfare policy of any restaurant chain.” This also reflects a growing demand amongst consumers to beprovided more ethically prepared food and has driven concerns amongst other livestock producers.
Access to the full article here.
STARBUCKS TO MOVE TOWARD CAGE-FREE EGGS
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 facerigorous antitrust scrutiny and will need regulatory approval in order to be completed. Regulators will likely requiredivestitures in the U.S., China, and Latin America prior to granting approval for the deal. AB InBev currently controls45% of the U.S. beer market with SABMiller controlling a further 25% through MillerCoors.
Access to the full article here.
SABMILLER BOARD ACCEPTS KEY TERMS OF OFFER BY AB INBEV
General Mills announced it is recalling 1.8 million boxes of gluten-free Cheerios after consumers with gluten allergiesreported adverse reactions upon consumption, prompting General Mills to suspect that the cereal might includewheat. General Mills has been offering more gluten-free products and working to remove artificial colors and flavorsacross its brand portfolio. These efforts are designed to address recent sales declines at General Mills and respond togrowing demand for natural and healthy foods among its customer base. The recall has also highlighted worries of thegluten-free community regarding reliance on labeling laws.Access to the full article here.
GENERAL MILLS RECALLS 1.8 MILLION BOXES OF GLUTEN-FREE CHEERIOS
PUBLIC COMPANY SECTOR PERFORMANCE (ONE YEAR CHANGE IN STOCK PRICE)5
RECENT EQUITY OFFERINGS6
AgribusinessFoodserv ice
Natural / Organic / BFYDairy
Priv ate LabelGrocery Distribution
Fast CasualBaked Goods
Alcoholic Bev eragesBev erage / Snack Retail
Fine DiningNon-Alcoholic Bev eragesFood Retail
S&PQuick Serv ice RestaurantProtein Processing
Casual Dining RestaurantFruit and Vegetable
Family RestaurantIngredients / Flav ors
SnacksDifferentiated Casual
Branded Processed FoodsPizza
(30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0% 60.0% 75.0% 90.0%Inputs Food and Beverage Consumer and Retail
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 10/9/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Mean (3.9%) 2.9% 33.9% 10.9% 35.7x 1.45x 12.8x 1.38x 10.3x
Median 0.7% 3.8% 26.6% 11.4% 32.6x 1.47x 13.9x 1.37x 11.3x
EV / LTM EV / 2015ERevenue Growth LTM MarginsLast Twelve Months (LTM)
PUBLIC COMPARABLES5
5
FOOD AND BEVERAGE
INDUSTRY UPDATE │ OCTOBER 2015
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 10/9/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Mean 4.0% 4.3% 33.3% 11.6% 29.8x 1.66x 13.6x 1.87x 13.7x
Median 3.6% 3.7% 33.1% 11.7% 30.9x 1.83x 14.4x 1.88x 13.2x
Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2015E
PUBLIC COMPARABLES5
6
FOOD AND BEVERAGE
INDUSTRY UPDATE │ OCTOBER 2015
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 10/9/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Mean 16.3% 17.5% 12.1% 2.6% 22.4x 0.23x 9.8x 0.24x 9.4x
Median 13.6% 16.1% 13.3% 2.3% 18.6x 0.23x 8.9x 0.22x 10.1x
LTM Margins EV / 2015ELast Twelve Months (LTM) Revenue Growth EV / LTM
PUBLIC COMPARABLES5
7
FOOD AND BEVERAGE
INDUSTRY UPDATE │ OCTOBER 2015
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 10/9/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Mean 19.3% 32.1% 28.2% 13.0% 29.2x 2.37x 12.8x 2.01x 15.0x
Median 17.3% 36.0% 25.9% 10.6% 30.4x 1.88x 12.2x 1.64x 10.8x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E
PUBLIC COMPARABLES5
8
FOOD AND BEVERAGE
INDUSTRY UPDATE │ OCTOBER 2015
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Price at As a % of Market Cash & Enterprise P/E
($ in millions, except per share data) Ticker 10/9/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
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.
Enterprise Value: $600mmRevenue Multiple: NDEBITDA Multiple: 7.9xAnnounced: October 13, 2015
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M&A MARKET OVERVIEW*
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FOOD AND BEVERAGEINDUSTRY UPDATE │ OCTOBER 2015
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 Buyer 10/16/2015 Premier Is - Mejerigaarden A/S Food Union10/15/2015 Red Arrow Products Company LLC Kerry Group plc (ISE:KRZ)10/15/2015 Island Oasis, Inc. Kerry Group plc (ISE:KRZ)10/14/2015 Voortman Cookies Limited Swander Pace Capital10/14/2015 La Terra Fina USA, Inc. HP Hood LLC10/13/2015 US And UK Wine Operations Treasury Wine Estates Limited10/9/2015 Macduff Shellfish Group Clearwater Seafoods10/8/2015 Grupo Ibérica de Congelados, S.A. Portobello Capital Gest ión10/7/2015 Biocentury, S.L.U. Nutrit ion & Santé SAS10/7/2015 Comptoir du Caviar SAS Gardinier & Fils SAS
* 2015 M&A transactions include European and cross-border transactions.
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Effective Date Borrower Name Description Tranche Amount Type Rating Spread
10/09/15 Khmer Brewery Ltd Malt beverages JPY 80 Term Loan N/A 55009/30/15 Marusan-Ai Co Ltd Food preparations, nec JPY 2,000 Revolver/Line >= 1 Yr. N/A N/A09/30/15 Miyoshi Oil & Fat Co Ltd Vegetable oil mills, nec JPY 2,000 Revolver/Line >= 1 Yr. N/A N/A09/30/15 Nichimo Co Ltd Fresh or frozen prepared fish USD 10,600 Revolver/Line >= 1 Yr. N/A N/A09/30/15 Ocean Choice International L Fresh or frozen prepared fish USD 150 Term Loan N/A N/A09/30/15 Ocean Choice International L Fresh or frozen prepared fish EUR 60 Revolver/Line >= 1 Yr. N/A N/A09/30/15 Yokooshoten Co Ltd Food preparations, nec EUR 130 Revolver/Line >= 1 Yr. N/A N/A09/28/15 CHS Inc Flour/other grain mill products EUR 600 Delay Draw Term Loan N/A 15009/26/15 Kato Brothers Honey Co Ltd Food preparations, nec EUR 3,000 Revolver/Line >= 1 Yr. N/A N/A09/25/15 Kagome Co Ltd Pickles/sauces/salad dressings EUR 3,000 Revolver/Line >= 1 Yr. N/A N/A09/25/15 Kinjirushi Co Ltd Food preparations, nec JPY 1,615 Revolver/Line >= 1 Yr. N/A N/A09/25/15 Kirin Holdings Co Ltd Malt beverages USD 84 Term Loan N/A N/A09/25/15 Maruwa Oil & Fat Co Ltd Edible fats and oils, nec USD 600 Revolver/Line >= 1 Yr. N/A N/A06/26/13 Synlait Milk Finance Ltd Fluid milk USD 35 Revolver/Line >= 1 Yr. N/A N/A06/26/13 Synlait Milk Finance Ltd Fluid milk USD 245 Revolver/Line >= 1 Yr. N/A N/A
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
Ave
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ad O
ver L
IBO
R
AVERAGE SPREAD ON FOOD & BEVERAGE LOANS
DEBT MARKET OVERVIEW
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FOOD AND BEVERAGEINDUSTRY UPDATE │ OCTOBER 2015
Food and Beverage Loan Activity7
AVERAGE SECONDARY SPREADS
Recent Debt Offerings8
CREDIT STATISTICS
QUARTERLY LOAN VOLUME
$0
$2
$4
$6
$8
$10
$12
$14
$16
2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15
Loan
Vol
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by Q
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($ in
billi
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Institutional Pro Rata
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L + 400
L + 500
L + 600
2009 2010 2011 2012 2013 2014 1H15
Ave
rage
Spre
ad O
ver L
IBO
R
Revolving Credit / Term Loan A Weighted-Average Inst itutional
0.0x
2.0x
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Debt/EBITDA
Senior Debt/EBITDA
EBITDA/Cash Interest
EBITDA - Capex/Cash Interest
EBITD
A M
ultip
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2011 2012 2013 2014 LTM 1H15
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Enterprise Enterprise Value Private Equity Geographic
Announced Target Seller Buyer
($mm) Sales EBITDA EBIT Involvement Location
10/16/2015 Premier Is - Mejerigaarden A/S Erhvervsinvest Management A/S Food Union - - - - EU10/15/2015 Red Arrow Products Company LLC - Kerry Group plc (ISE:KRZ) - - - - Cross Border10/15/2015 Island Oasis, Inc. TSG Consumer Partners Kerry Group plc (ISE:KRZ) - - - - Cross Border10/14/2015 Voortman Cookies Limited - Swander Pace Capital - - - - N.A.10/14/2015 La Terra Fina USA, Inc. Claridge, Inc. HP Hood LLC - - - - N.A.10/13/2015 US And UK Wine Operations Diageo plc (LSE:DGE) Treasury Wine Estates Limited $600.0 - 7.9x - Cross Border10/9/2015 Macduff Shellfish Group Change Capital Partners Clearwater Seafoods $144.5 1.8x 8.2x - Cross Border10/9/2015 Mill Street Brewery XDL Capital Group; HMW Capital Labatt Brewing Company Limited - - - - N.A.10/8/2015 Grupo Ibérica de Congelados, S.A. - Portobello Capital Gest ión - - - - EU10/7/2015 Biocentury, S.L.U. Agrolimen SA Nutrit ion & Santé SAS - - - - EU10/7/2015 Comptoir du Caviar SAS - Gardinier & Fils SAS - - - - EU10/6/2015 Stumptown Coffee Roasters, Inc. TSG Consumer Partners Peet's Coffee & Tea, Inc. - - - - N.A.10/6/2015 Barrel O' Fun Snack Foods Co., Inc. - Shearer's Foods, Inc. - - - - N.A.10/5/2015 Woolwich Dairy Inc. Nova Cheese Inc. Saputo Inc. (TSX:SAP) $61.1 - - - N.A.10/5/2015 Bite Group Ltd. - Adelie Foods Group Ltd - - - - EU10/5/2015 Whole Harvest Foods, LLC - Bunge North America, Inc. - - - - N.A.10/1/2015 Solina Group SAS IK Investment Partners Ardian - - - - EU10/1/2015 GROMART S.p.A. - Unilever plc (LSE:ULVR) - - - - EU10/1/2015 Eatem Foods Co. Linsalata Capital Partners Archer-Daniels-Midland - - - - N.A.10/1/2015 Agrial S.A., Poultry Processing Assets Agrial S.A. L.D.C. S.A. (ENXTPA:LOUP) - - - - EU10/1/2015 Past ificio di Chiavenna S.r.l. - Alto Partners SGR Spa - - - - EU9/30/2015 Marlow Foods Limited Intermediate Capital Group plc Monde Nissin Corporat ion $832.3 - - - Cross Border9/28/2015 VitaminFizz, L.P. Big Red and Power Brands Athena Brands, Inc. - - - - N.A.9/23/2015 R2 Group A/S Maj Invest Equity Caldic B.V. - - - - EU9/23/2015 Avanta Serviced Office Group plc - Regus plc (LSE:RGU) - - - - EU9/22/2015 Cargill Inc., Schweigert Meat Cargill, Incorporated Bakalars Sausage Company, Inc. - - - - N.A.9/22/2015 Willamette Egg Farms, L.L.C. WEF, INC. Post Holdings, Inc. (NYSE:POST) $90.0 1.1x 6.0x - N.A.9/21/2015 Dorset County Foods Ltd. - Eversfield Organic Limited - - - - EU9/21/2015 Bioderij B.V. - Cérélia SA - - - - EU9/21/2015 Harrogate Cake Company Limited - Sugar Therapy Limited - - - - EU9/15/2015 Cargill, Small Pack Specialty Business Cargill, Incorporated Brenntag AG (XTRA:BNR) - - - - EU9/15/2015 Love Child (Brands) Inc. - GreenSpace Brands Inc. $5.7 1.5x - - N.A.9/11/2015 CoPak Solut ions, Inc. - Star Snax, LLC - - - - N.A.9/10/2015 Saint Archer Brewing Company - Tenth and Blake Beer Company - - - - N.A.9/9/2015 Alpine Valley Bread Company - Flowers Bakeries, LLC $120.0 - - - N.A.9/8/2015 Expresco Foods Inc. - Premium Brands Holdings - - - - N.A.9/8/2015 Lagunitas Brewing Company - Heineken NV (ENXTAM:HEIA) - - - - Cross Border9/8/2015 Natural Food Holdings, Inc. LNK Partners Perdue Farms Inc. - - - - N.A.9/8/2015 Bright Blue Foods Ltd. NBGI Private Equity Limited Endless LLP - - - - EU9/4/2015 State Fish - HPP Business & Calpack State Fish Company Inc ICPK Corporat ion $12.7 - - - N.A.
10.0x
11.0x
12.0x
13.0x
14.0x
15.0x
16.0x
Sep
-14
Oct
-14
Nov
-14
Dec
-14
Jan-
15
Feb
-15
Ma
r-15
Apr
-15
Ma
y-15
Jun-
15
Jul-1
5
Aug
-15
Sep
-15
Med
ian
Tradi
ng M
ultip
le
Food Products, Processing, and Ingredients Retail and Restaurants
3646 47
2533
4934
4253 52 48
39 3346 47 52
70
89
58 57
82
141
118
75 7
136
7
75
4 7 9
610
13 87
10
6
10 5
20
18
8
0
20
40
60
80
100
120
140
160
180
Q11
0
Q21
0
Q31
0
Q41
0
Q11
1
Q21
1
Q31
1
Q41
1
Q11
2
Q21
2
Q31
2
Q41
2
Q11
3
Q21
3
Q31
3
Q41
3
Q11
4
Q21
4
Q31
4
Q41
4
Q11
5
Q21
5
Q31
5
Num
be
r o
f Tra
nsa
ctio
nsStrategic Acquirer Private Equity Acquirer
M&A OVERVIEW*
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FOOD AND BEVERAGEINDUSTRY UPDATE │ OCTOBER 2015
QUARTERLY M&A ACTIVITY
Median LTM Trading Multiples & Quarterly Food & Beverage M&A5
Recent Food and Beverage M&A5
MEDIAN LTM TRADING MULTIPLES
* 2015 M&A transactions include European and cross-border transactions.
PAGE |
Enterprise Enterprise Value Private Equity EuropeanAnnounced Target Seller Buyer
($mm) Sales EBITDA EBIT Involvement Transaction
9/4/2015 Elgorriaga Brands, S.A. - Energy Shot Iberica S.L. - - - - EU9/4/2015 Virtue Cider Company - Fulton Street Brewery, LLC - - - - N.A.9/3/2015 Nutrafur S.A. - Frutarom Industries Ltd. (TASE:FRUT) $14.5 1.1x - - Cross Border9/2/2015 Green Giant, Le Sueur Stable & Frozen General Mills, Inc. (NYSE:GIS) B&G Foods North America, Inc. $765.0 1.1x 6.4x - N.A.8/31/2015 New York Fries Ltd. 122164 Canada Ltd. Cara Operations Limited (TSX:CAO) - - - - N.A.8/31/2015 Canon Potato Company, LLC - H.C. Schmieding Produce Company, In - - - - N.A.8/31/2015 QiZiNi Group B.V. - Natsu Foods GmbH & Co. KG - - - - EU8/27/2015 Twin Rivers Technologies Felda Global Ventures Viterra Inc. $143.7 0.5x - - N.A.8/26/2015 Dicot Partners, S.L Gest ion Ganuza S.L. Yantai Changyu Pioneer $39.3 1.0x - - Cross Border8/26/2015 Talbott Vineyards - E. & J. Gallo Winery, Inc. - - - - N.A.8/26/2015 Proviand BV - Like Meat GmbH - - - - EU8/25/2015 DOUX SA Développement et Partenariat SA Sofiprotéol; Terrena SARL - - - - EU8/25/2015 McNeil Nutrit ionals, LLC., Splenda McNeil Nutrit ionals, LLC TC Heart land LLC - - - - N.A.8/21/2015 Caesar's Pasta, LLC. - Consolidated Investment Group, LLC - - - - N.A.8/21/2015 B.V. Vurense Snack Industrie NPM Capital N.V.; SHV Holdings Hearthside Group Holdings, LLC - - - - Cross Border8/21/2015 Norbest, LLC - J. D. Heiskell & Company, Inc. - - - - N.A.8/20/2015 Deep Eddy Vodka & Spirits DE Spirits LLC HeavenHill Dist illeries,Inc. - - - - N.A.8/20/2015 The Mediterranean Snack Food - American Halal Company, Inc. - - - - N.A.8/19/2015 Hudson Baking Company, LLC - Le Petit Pain Holdings, LLC - - - - N.A.8/19/2015 Ovation Brands, Inc. Buffets Holdings, Inc. Food Management Partners, Inc. - - - - N.A.8/18/2015 Big Smoke Burger Inc. - MTY Tiki Ming Enterprises Inc. $3.8 - - - N.A.8/16/2015 EWOS Group AS Albain Fund I I I , Bain Capital Cargill, Incorporated $1,495.1 - - - Cross Border8/12/2015 Dave's Killer Bread company Goode Partners LLC Flowers Bakeries, LLC $275.0 - - - N.A.8/11/2015 Niagara Natural Fruit Snack Co., Inc. - SunOpta Inc. (TSX:SOY) $6.7 - - - N.A.8/11/2015 Aqua Farming Technology Inc. Xl Biofuels, Inc New Global Energy, Inc. - - - - N.A.8/7/2015 Pleasant Kids, Inc. (OTCPK:PLKD) - NEXT Group Holdings, Inc. - - - - N.A.8/7/2015 Wallaby Yogurt Company, Inc. - The WhiteWave Foods Company $125.0 2.8x - - N.A.8/7/2015 Irish Pride Bakeries Ltd. - Pat The Baker Ltd - - - - EU8/7/2015 Twin Beans DoubleShot - Twin Beans Coffee - - - - N.A.8/7/2015 Bobby & Fritz GmbH - Autobahn Tank & Rast Holding - - - - EU8/6/2015 Classic Fine Foods UK Ltd EQT Partners AB METRO AG (DB:MEO) $328.0 1.6x - - EU8/5/2015 Boyer's Coffee Company, Inc. - Luna Gourmet Coffee & Tea - - - - N.A.8/5/2015 Gold Pure Food Products Co., Inc. - LaSalle Capital - - - - N.A.8/4/2015 GRUPO CUTTING'S, S.L. - Guzman Gastronomia S.L. - - - - EU8/4/2015 Starr Restaurants Catering Group GP, LLC - TrustHouse Services Group, Inc. - - - - N.A.8/4/2015 Buona Compagnia Gourmet s.r.l. Assietta Private Equity SGR SpA Gradiente SGR S.p.A. - - - - EU8/3/2015 The Kerfoot Group Ltd - Avril SCA - - - - EU8/2/2015 Just Baked LLC - Tubby's Sub Shops Inc. - - - - N.A.8/1/2015 Meatsnacks Group Ltd - Cruga Biltong Ltd. - - - - EU7/31/2015 Ab A.Kastén Oy Helmet Business Mentors Oy Ab Chipsters Food Oy - - - - EU7/31/2015 Litt le Big Burger LLC - American Roadside Burgers, Inc. $6.1 1.0x - - N.A.7/30/2015 Sunrise Growers, Inc. Paine & Partners, LLC; SGF Produce SunOpta Inc. (TSX:SOY) $450.0 1.5x 11.5x - N.A.7/30/2015 Paisley Farm, Inc. - The Fremont Company - - - - N.A.7/30/2015 Thompson Bros. Salmon Limited - Cooke Aquaculture Scotland Ltd. - - - - EU7/30/2015 Direct Ocean SA - Freshpack SA - - - - EU7/29/2015 Sharrocks Fresh Produce Ltd. E.H.Booth & Co Ltd Gilbert Thompson (Leeds) Ltd - - - - EU7/27/2015 Spring Genetics Inc - Benchmark Holdings plc (AIM:BMK) $5.4 - - - Cross Border7/27/2015 The I lkley Brewery Company Limited Glentrool Capital Partners LLP Half Full Beer Co Limited - - - - EU7/25/2015 Acetum S.r.l. - Clessidra SGR S.p.A. - - - - EU7/24/2015 Boojum Ltd. - Renatus Capital Partners $3.3 6.7x - - EU7/24/2015 Taboada Grupo Alimentacio S.L. - Industrias Alimentarias de Navarra - - - - EU7/23/2015 The Feel Good Drinks Company Ltd. MBG International Premium Brands Nichols plc (AIM:NICL) - - - - EU7/23/2015 Louis Royer SAS Suntory France S.A.S. SASU Terroirs Dist illers $109.8 - - - EU7/23/2015 Euro Cakes S.p.A. - Biscuits Bouvard S.A.S - - - - EU7/23/2015 World Feeds Limited - Finance Yorkshire $0.7 - - - EU7/22/2015 Carte Noire, European Business Jacobs Douwe Egberts Trading Luigi Lavazza S.p.A. $871.8 - - - EU7/22/2015 La Rousse Foods Ltd. - ARYZTA Food Solut ions Ireland - - - - EU7/22/2015 Fabrelac bvba - FrieslandCampina Cheese & Butter - - - - EU7/22/2015 B.R. Cohn Winery - Vintage Wine Estates, Inc. - - - - N.A.7/21/2015 The 3D Pub Company Limited Downing ONE VCT plc Brunning & Price Limited - - - - EU7/21/2015 Merrick Pet Care, Inc. Highland Capital; Monitor Clipper Nest lé Purina PetCare Company - - - - N.A.7/21/2015 Cumberland Breweries Ltd. - Alltech, Inc. - - - - Cross Border7/19/2015 Societe Chiron A.C.V.F. (SAS) - Liffey Meats Ltd. - - - - EU7/17/2015 Italian Home Bakery Ltd. - Grupo Bimbo, S.A.B. - - - - Cross Border7/17/2015 Seabrook Crisps Ltd. - LDC (Managers) Limited $54.6 1.3x - - EU
M&A OVERVIEW*
14
FOOD AND BEVERAGEINDUSTRY UPDATE │ OCTOBER 2015
Recent Food and Beverage M&A5
* 2015 M&A transactions include European and cross-border transactions.
PAGE |
October 2015Date Company
10/19/2015 Del Taco Restaurants, Inc. (NasdaqCM:TACO)10/19/2015 Sonic Corp. (NasdaqGS:SONC)10/20/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG)10/20/2015 Brinker International, Inc. (NYSE:EAT)10/21/2015 The Coca-Cola Company (NYSE:KO)10/22/2015 McDonald's Corp. (NYSE:MCD)10/22/2015 Pernod-Ricard SA (ENXTPA:RI)10/22/2015 Koninklijke Wessanen N.V. (ENXTAM:WES)10/22/2015 Dr Pepper Snapple Group, Inc. (NYSE:DPS)10/22/2015 Dunkin' Brands Group, Inc. (NasdaqGS:DNKN)10/26/2015 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)10/28/2015 Panera Bread Company (NasdaqGS:PNRA)10/28/2015 The Hershey Company (NYSE:HSY)10/28/2015 Walgreens Boots Alliance, Inc. (NasdaqGS:WBA)10/28/2015 Cott Corporation (TSX:BCB)10/28/2015 Mondelez International, Inc. (NasdaqGS:MDLZ)10/28/2015 Buffalo Wild Wings Inc. (NasdaqGS:BWLD)10/29/2015 Starbucks Corporation (NasdaqGS:SBUX)10/29/2015 Ingredion Incorporated (NYSE:INGR)10/29/2015 Pilgrim's Pride Corporation (NasdaqGS:PPC)10/29/2015 Maple Leaf Foods Inc. (TSX:MFI)10/29/2015 DineEquity, Inc. (NYSE:DIN)10/29/2015 Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI)10/29/2015 Boston Beer Co. Inc. (NYSE:SAM)10/30/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)
November 2015Date Company
11/2/2015 Sysco Corporation (NYSE:SYY)11/3/2015 Archer-Daniels-Midland Company (NYSE:ADM)11/3/2015 Associated British Foods plc (LSE:ABF)11/3/2015 Kellogg Company (NYSE:K)11/3/2015 Papa John's International Inc. (NasdaqGS:PZZA)11/3/2015 Bloomin' Brands, Inc. (NasdaqGS:BLMN)11/3/2015 Kellogg Company (NYSE:K)11/4/2015 The Wendy's Company (NasdaqGS:WEN)11/4/2015 Asahi Group Holdings, Ltd. (TSE:2502)11/5/2015 Kikkoman Corp. (TSE:2801)11/5/2015 Molson Coors Brewing Company (NYSE:TAP)11/5/2015 Treehouse Foods, Inc. (NYSE:THS)
FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR
15
FOOD AND BEVERAGEINDUSTRY UPDATE │ OCTOBER 2015
Earnings Release Calendar5
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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HARRIS WILLIAMS & CO.
1. IMF
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. U.S. Census Bureau
5. Capital IQ
6. Thomson Financial
7. S&P
8. Reuters
SOURCES
FOOD AND BEVERAGE
INDUSTRY UPDATE │ OCTOBER 2015
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