Consumer Monthly April 2017 - TM Capital...
2
0.9% 1.6% 0.2% 1.3% 1.4% 2.1% 0.0% 1.0% 2.0% 3.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet LTM Revenue Growth Target Acquiror Acquisition Synopsis Food & Beverage • • Ferrero International S.A., an Italian confectionary manufacturer, agreed to acquire Fannie May Confections Brands, Inc. from 1-800-FLOWERS.COM, Inc. (NasdaqGS: FLWS) for approximately $115 million Fannie May Convections Brands produces gourmet chocolates, fudges and candies Apparel & Accessories • • MBK Partners, a Korean private equity firm, agreed to acquire TASAKI & Co., Ltd. (TSE: 7968), for $283 million, representing a 12.8x EV/EBITDA multiple TASAKI & Co., Ltd. (TSE: 7968) designs, develops and markets jewelry products in Japan Gift & Home Décor • • TM Capital served as financial advisor to The Robert Allen Group, Inc. in its merger with Duralee Fabrics, Ltd., a provider of home furnishing products Robert Allen, one of the world's largest designers of fine fabrics for the interior design trade, markets its products under the Robert Allen, Beacon Hill and Robert Allen Contract brands Recreational Products • • PlayCore Holdings, Inc., a manufacturer and distributor of play and recreation products, acquired Krauss Craft, Inc. Krauss Craft manufactures playground and outdoor fitness equipment marketed under the Playcraft brand Personal Care • • Paul Hartmann AG (DB: PHH2), a German provider of medical and hygiene products, agreed to acquire the Lindor product portfolio from The Proctor & Gamble Co. (NYSE: PG) The Lindor product portfolio comprises adult incontinence products marketed in Spain and Portugal Home, Garden & Pet • • Phillips Feed Service, Inc., a distributor of pet food and supplies and portfolio company of Thomas H. Lee Partners, acquired PetFlow, Inc. PetFlow, Inc. is an online retailer of pet food and supplies Consumer Headline Transactions LTM Gross & EBITDA Margins Enterprise Value / LTM EBITDA Enterprise Value / LTM Revenue Consumer Monthly April 2017 Note: EBITDA Margins in green LTM Revenue Growth 37.4% 39.1% 46.4% 38.9% 56.5% 36.7% 9.2% 17.4% 13.1% 12.2% 18.9% 16.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet LTM EBITDA Margin LTM Gross Margin 0.6x 2.8x 1.1x 1.2x 2.6x 2.3x 0.0 1.0x 2.0x 3.0x 4.0x Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet EV / LTM Revenue 7.1x 15.1x 10.2x 10.0x 13.5x 12.9x 0.0 5.0x 10.0x 15.0x 20.0x Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet EV / LTM EBITDA
Transcript of Consumer Monthly April 2017 - TM Capital...
0.9%
1.6%
0.2%
1.3%1.4%
2.1%
0.0%
1.0%
2.0%
3.0%
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden &Pet
LTM
Rev
enu
e G
row
th
Target Acquiror Acquisition Synopsis
Food & Beverage •
•
Ferrero International S.A., an Italian confectionary manufacturer, agreed to acquire Fannie May Confections Brands, Inc. from 1-800-FLOWERS.COM, Inc. (NasdaqGS: FLWS) for approximately $115 millionFannie May Convections Brands produces gourmet chocolates, fudges and candies
Apparel & Accessories •
•
MBK Partners, a Korean private equity firm, agreed to acquire TASAKI & Co., Ltd. (TSE: 7968), for $283 million, representing a 12.8x EV/EBITDA multipleTASAKI & Co., Ltd. (TSE: 7968) designs, develops and markets jewelry products in Japan
Gift & Home Décor •
•
TM Capital served as financial advisor to The Robert Allen Group, Inc. in its merger with Duralee Fabrics, Ltd., a provider of home furnishing productsRobert Allen, one of the world's largest designers of fine fabrics for the interior design trade, markets its products under the Robert Allen, Beacon Hill and Robert Allen Contract brands
Recreational Products
•
•
PlayCore Holdings, Inc., a manufacturer and distributor of play and recreation products, acquired Krauss Craft, Inc.Krauss Craft manufactures playground and outdoor fitness equipment marketed under the Playcraft brand
Personal Care •
•
Paul Hartmann AG (DB: PHH2), a German provider of medical and hygiene products, agreed to acquire the Lindor product portfolio from The Proctor & Gamble Co. (NYSE: PG)The Lindor product portfolio comprises adult incontinence products marketed in Spain and Portugal
Home, Garden & Pet •
•
Phillips Feed Service, Inc., a distributor of pet food and supplies and portfolio company of Thomas H. Lee Partners, acquired PetFlow, Inc.PetFlow, Inc. is an online retailer of pet food and supplies
Consumer Headline Transactions
LTM Gross & EBITDA Margins
Enterprise Value / LTM EBITDAEnterprise Value / LTM Revenue
Consumer MonthlyApril 2017
Note: EBITDA Margins in green
LTM Revenue Growth
37.4% 39.1%
46.4%
38.9%
56.5%
36.7%
9.2%
17.4%13.1% 12.2%
18.9% 16.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden& Pet
LTM EB
ITDA
Margin
LTM
Gro
ss M
argi
n
0.6x
2.8x
1.1x 1.2x
2.6x 2.3x
0.0
1.0x
2.0x
3.0x
4.0x
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden &Pet
EV /
LTM
Rev
enu
e
7.1x
15.1x
10.2x 10.0x
13.5x 12.9x
0.0
5.0x
10.0x
15.0x
20.0x
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden &Pet
EV /
LTM
EB
ITD
A
80%
90%
100%
110%
120%
130%
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17
Shar
e Pr
ice
Inde
x
Recreational Products
Personal Cae
Food & Beverage
Home, Garden & Pet
Gift & Home Décor
Apparel & Accessories
S&P 500
119%
105%
107%
114%
97%
93%
84%
New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360
Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200
Atlanta1230 Peachtree Street NESuite 550Atlanta, GA 30305 Tel: 404.995.6230
www.tmcapital.com
TM Capital’s Consumer Industry Contacts
Craig M. Gibson Managing Director
[email protected] 617-259-2204
James S. Grien Managing Director
[email protected] 404-995-6235
Philip S. Krieger Principal
[email protected] 404-995-6242
Gift & Home Décor
Selected TM Capital Consumer Experience
Target Acquiror Transaction Description
SL Fashions Inc. Alex Apparel Group, Inc. Alex Apparel Group, a women's eveningwear designer and distributor, acquired SL Fashions, a dress manufacturer
True&Co. PVH Corp. (NYSE:PVH) PVH, a global apparel provider, acquired True&Co., a provider of women's lingerie products
Target Acquiror Transaction Description
Active Brands AS FSN Capital Partners AS FSN Capital, a Norwegian private equity firm, agreed to acquire Active Brands, a Norwegian manufacturer and supplier of sporting goods
Armada Skis, Inc. Amer Sports Corporation (HLSE:AMEAS)
Amer Sports, a Finnish provider of sporting goods, acquired Armada Skis, a manufacturer and marketer of alpine skiing equipment
LTM Stock Price Index
Food & Beverage
Apparel & Accessories Recreational Products
Personal Care Home, Garden & PetTarget Acquiror Transaction Description
Nattura Laboratorios, S.A. de C.V.
Henkel AG & Co. KGaA (DB: HEN3)
Henkel, a German provider of home and personal care products, agreed to acquire Nattura Laboratorios, a Mexican manufacturer of beauty and health products
Apivita S.A. Puig-Exea Corporation Puig-Exea, a Spanish cosmetics and fashion designer and distributor, agreed to acquire Apivita, a Greek provider of beauty and health care products
Target Acquiror Transaction Description
Terra Canis GmbH Nestlé Purina PetCare Nestlé, a provider of nutrition, health and food products for cats and dogs, agreed to acquire Terra Canis, a German producer of natural pet food
Thompson & Morgan (UK) Limited
Primary Capital Partners LLP
Primary Capital Partners, a UK based private equity firm, acquired Thompson & Morgan, a mail-order seed and plant distributor
Target Acquiror Transaction Description
Pelican Rouge Group B.V.
Selecta Management AG Selecta, a Swiss vending and coffee services provider, agreed to acquire Pelican Rouge Group, a Dutch coffee producer, for $556 million
THANASI Foods, LLC Conagra Brands, Inc. (NYSE: CAG)
Conagra Brands, one of North America's largest food companies, agreed to acquire THANASI Foods, a snackfood manufacturer
Selected Consumer Transactions
Target Acquiror Transaction Description
BHS Tabletop AG (DB: HUL)
BHS Verwaltungs AG BHS Verwaltungs, a German private investment firm, agreed to acquire BHS Tabletop, a German provider of porcelain tablewear, for $48.6 million
Vinturi, Inc. The Legacy Companies The Legacy Companies, a food service equipment manufacturer and distributor, acquired Vinturi, a manufacturer and distributor of wine aerators
