Consumer products and retail quarterly update - Q1 2019 · interact with e-commerce platforms....

Consumer Products and RetailQuarterly update

Q1 2019

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com

Quarterly update | Q1 2019 | Consumer Products and Retail

www.investmentbanking.deloitte.com |

Consumer Products and Retail trends

Who we are

Deloitte Corporate Finance LLC is a leading global middle market M&A advisor. The firm’s professionals have extensive knowledge of and transaction experience in the Consumer Products and Retail space.

Contacts

Lorin DeMordauntManaging [email protected]+1 (704) 333-0591

Matt PreeceManaging [email protected]+1 (704) 731-7186

Garett PostonManaging [email protected]+1 (213) 593-4544

In the news

February 28,20194 – In February, Borgman Capital LLC (Borgman Capital), acquired Gilman, Wisconsin-based Gilman Cheese Corporation (Gilman Cheese), a premium natural and processed cheese manufacturer. Gilman produces more than 1.6 million pounds of processed cheese per month spread across 450 different products. Borgman Capital acquired Gilman Cheese from Tom and Char Hand, who have operated the business since purchasing it in 2000. The acquisition marks Borgman Capital’s first in the food space, following a number of industrial manufacturer acquisitions.

February 26,20195 – In February, Campbell Soup Company (Campbell’s) (NYSE:CPB) agreed to terms to sell Ferndale, Michigan-based Garden Fresh Gourmet to Quebec-based Fontaine Santé, an affiliate of Houston, Texas-based Fountain of Health USA, for an undisclosed amount. Campbell’s has outlined a plan to divest its Campbell Fresh and Campbell International businesses, a move expected to narrow its focus, reduce debt, and strengthen its balance sheet. The transaction will strengthen Fontaine Santé’s portfolio, adding a leading salsa brand to its robust portfolio of natural dips and spreads.

In this update

• Consumer trends

• Economic outlook

• Industry analysis

• Select M&A transactions

• Appendix

This update will focus on news and trends in the following areas:

• Food & Beverages

• Products & Durables

• Restaurant & FoodServices

• Specialty RetailDiet-based products2

From paleo to keto, as well as a number of other popular diets being tried by many Americans, many food and beverage companies are exploring ways to create or acquire new product lines that fill the needs of dieting Americans. Food and beverage companies with products that fit specific dining patterns, such as the growing meal replacement drink category, can often charge a higher price for these products.

Dry drinks3

As Americans aged 18 to 34 are becoming more interested in spirit-free cocktails than any other demographic group, many of the bars that serve these consumers are preparing recipes and ingredients to reflect these new preferences. Many bars have begun to carry an increased number of lower-alcohol spirits, such as prosecco, to include in mixed drinks and many have also started to include mocktails, or drinks not including any alcohol, on their menus in order to appeal to this demographic.

In-store revolution1

Experts predict there will be fewer, better stores in the future and with a smaller portfolio of stores, companies are expected to invest more to ensure that the remaining locations meet the needs of their consumers. During the period of disruption, retailers have continued to innovate, using the opportunity to redefine the role of brick & mortar stores and how they interact with e-commerce platforms. While e-commerce made up only 20 percent of all retail sales in 2018, this number is expected to increase, making the relationship between e-commerce and brick & mortar even more important.

The premiumization of certain food and beverage categories demonstrates an opportunity for disruptors to enter formerly static categories to shake up the industry with premium offerings. After remaining stagnant for years, new players have recently brought growth to both the ice cream and jerky markets through the addition of artisanal and gourmet products. Often featuring new flavors that drive an increased price tag, these new market entrants are causing many longstanding companies to take action through new products or M&A.

Premiumization


Macroeconomic and Consumer Products and Retail Sector Outlook


Macroeconomic and Consumer Products and Retail sector outlook

US Treasury yield curve2

(nominal vs. real)US gross domestic product1

US per capita disposable income5 Monthly total US retail sales6

US unemployment rate3 ISM non-manufacturing indexand consumer confidence index4

$0.0

$5.0

$10.0

$15.0

$20.0

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

$ in

trillio

ns

Yo

Y p

ercen

t ch

an

ge

GDP ($ in trillions)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

In

terest ra

te

Real yield (%) Nominal yield (%)

200

250

300

350

400

450

500

550

600

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%Jo

ble

ss c

laim

s (th

ou

san

ds)

% u

nem

plo

yed

Initial jobless claims Unemployment rate (%)

65.0

75.0

85.0

95.0

105.0

115.0

125.0

135.0

145.0

48.0

50.0

52.0

54.0

56.0

58.0

60.0

62.0

64.0

Consum

er c

onfid

ence

ISM

Non-m

anufa

ctu

ring

ISM Non-manufacturing Consumer confidence

$320.0

$330.0

$340.0

$350.0

$360.0

$370.0

$380.0

$390.0

$400.0

$410.0

$420.0

$ i

n b

illi

on

s

$43.8

$48.9

$32.0

$34.0

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$48.0

$50.0

$ i

n t

ho

usan

ds


Consumer Products and Retail sector breakdown and trading statistics1

Public comparables three-year stock market performance2


*Consumer index companies listed on pages 6 and 7 in the appendix.

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

S&P 500 index NASDAQ Composite index Consumer index

43.27%

64.82%

S&P 500 index

NASDAQ Composite index

Consumer index* 24.71%

Last twelve months NTM

SectorNumber of

companies

% of 52

Week high

Median

revenue CAGR

(3 Yr)

Median LTM

EBITDA

($M)

Median

EBITDA

margin

Median

enterprise

value ($M)

EV/

Revenue

EV/

EBITDA

EV/

EBITDA

Beauty & cosmetics 12 81.1 % 3.4 % $844.4 14.9 % $9,960.4 1.7 x 11.5 x 12.5 x

Food & beverage 10 97.4 0.2 2,720.0 20.0 35,330.5 2.8 15.9 15.1

Home & garden 10 82.9 4.0 686.9 15.2 8,710.1 2.0 13.5 13.6

Restaurant & food services 18 83.9 6.0 381.0 11.8 4,072.9 1.5 12.4 11.6

Apparel & specialty retail 10 81.4 6.1 467.4 14.3 6,431.4 1.5 9.6 8.9

Consumer products index 60 83.9 % 3.9 % $524.9 14.5 % $8,347.6 1.8 x 12.5 x 12.0 x


Select recent Consumer Products and Retail M&A transactions1


Annual Consumer Products and Retail M&A transaction volume2

1,983

2,479

2,772

3,041 2,874

3,213 3,199

2,603

2,369 2,212

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 2018 Q1 2019

Num

ber

of de

als

Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M

536623

Announce date Target/acquiror Target business description

Enterprise

value

(EV)

EV/

EBITDA

Mar-19

FLAWLESS and FINISHING TOUCH Brands of IdeaVillage Products

Corp.

Church & Dwight Co., Inc.

FLAWLESS and FINISHING TOUCH Brands of IdeaVillage

Products Corp. comprises electric hair removal products,

including Finishing Touch Flawless for legs and brows,

and Finishing Touch Lumina.

$900.0 16.4

Mar-19GARANCIA SAS

Unilever PLCGARANCIA SAS manufactures skin care products. N/A N/A

Mar-19Dean & DeLuca Café Japan Co., Ltd

Welcome Co., Ltd.

Dean & DeLuca Café Japan Co., Ltd owns and operates

cafés.19.7 N/A

Mar-19Janie and Jack Retail Chain of Gymboree Group Inc.

The Gap, Inc.

Janie and Jack Retail Chain of Gymboree Group Inc.

comprises children apparel retail stores' operations.35.0 N/A

Feb-19Watson Foods Co., Inc.

Glanbia Nutritionals, Inc.

Watson Foods Co., Inc. produces and supplies human

health and nutrition products and ingredient systems for

food and supplement industries.

89.0 N/A

Feb-19CytoSport Business of Hormel Foods Corporation

PepsiCo, Inc.

CytoSport Business of Hormel Foods Corporation

comprises a sports-oriented nutritional products

manufacturing business.

465.0 N/A

Feb-19Cott Beverages LLC

Refresco Group N.V.

Cott Beverages LLC develops and manufactures soft

drink concentrates for bottlers in the United States and

internationally.

50.0 N/A

Feb-19Wholesale Business Assets of Advanced Sports Enterprisers, Inc.

BikeCo, LLC

Wholesale Business Assets of Advanced Sports

Enterprises, Inc. comprises a business division that

engages in distribution of sports equipment.

23.0 N/A

Jan-19The Fuller's Beer Company Ltd

Asahi Europe LtdThe Fuller's Beer Company Ltd produces beer. 329.4 23.6

Jan-19Substantially all of the Assets of Sears Holdings Corporation

ESL Investments, Inc.

Assets of Sears Holdings Corporation comprises

specialty retail stores in the United States.5,200.0 N/A


Appendix

Consumer Products and Retail trading multiples1


Historical Last twelve months NTM

Company (ticker)

% of 52

Week high LTM revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

NTM

EBITDA

EBITDA

margin

Enterprise value (EV)

EV/

EBITDA

EV/

EBITDA

($ in millions)

Beauty & cosmetics (12)

Avon Products, Inc. (NYSE:AVP) 83.6 % $5,364.7 (3.2) % $492.2 $347.0 9.2 % $2,672.0 0.5 x 5.4 x 7.7 x

Coty Inc. (NYSE:COTY) 62.2 9,064.6 28.5 1,307.6 1,381.8 14.4 15,816.4 1.7 12.1 11.4

L'Occitane International S.A. (SEHK:973) 78.6 1,587.7 3.3 222.2 256.1 14.0 2,373.9 1.5 10.7 9.3

L'Oréal S.A. (ENXTPA:OR) 99.1 30,842.0 3.5 6,733.3 7,475.9 21.8 149,078.4 4.8 22.1 19.9

Nu Skin Enterprises, Inc. (NYSE:NUS) 56.9 2,686.4 7.3 412.1 430.4 15.3 2,994.2 1.1 7.3 7.0

Oriflame Holding AG (OM:ORI) 43.3 1,464.1 1.8 194.6 198.6 13.3 1,283.3 0.9 6.6 6.5

Revlon, Inc. (NYSE:REV) 70.7 2,564.5 10.2 89.4 261.0 3.5 4,104.3 1.6 45.9 15.7

Sally Beauty Holdings, Inc. (NYSE:SBH) 77.3 3,897.6 (0.1) 555.6 567.6 14.3 3,814.9 1.0 6.9 6.7

The Estée Lauder Companies Inc. (NYSE:EL) 98.8 14,568.0 9.4 3,114.0 3,241.4 21.4 60,998.9 4.2 19.6 18.8

The Procter & Gamble Company (NYSE:PG) 99.9 67,093.0 0.7 17,704.0 17,719.6 26.4 283,263.0 4.2 16.0 16.0

Ulta Beauty, Inc. (NasdaqGS:ULTA) 96.9 6,716.6 19.6 1,133.2 1,286.9 16.9 19,868.0 3.0 17.5 15.4

Unilever PLC (LSE:ULVR) 96.9 58,371.9 (1.5) 15,983.5 12,854.4 27.4 173,278.0 3.0 10.8 13.5

Median 81.1 % 3.4 % $844.4 14.9 % $9,960.4 1.7 x 11.5 x 12.5 x

Mean 80.4 % 6.6 % $3,995.1 16.5 % $59,962.1 2.3 x 15.1 x 12.3 x

Food & beverage (10)

Conagra Brands, Inc. (NYSE:CAG) 75.5 % $8,891.4 (3.0) % $1,815.1 $2,099.2 20.4 % $25,301.4 2.8 x 13.9 x 12.1 x

General Mills, Inc. (NYSE:GIS) 99.3 16,593.7 (0.7) 3,624.8 3,569.1 21.8 45,359.6 2.7 12.5 12.7

Hormel Foods Corporation (NYSE:HRL) 89.0 9,574.8 1.5 1,336.3 1,437.1 14.0 22,155.2 2.3 16.6 15.4

Mondelez International, Inc. (NasdaqGS:MDLZ) 99.5 25,711.0 (3.2) 4,400.0 5,145.5 17.1 90,842.8 3.5 20.6 17.7

Nestlé S.A. (SWX:NESN) 98.3 93,245.7 1.0 18,664.4 20,356.3 20.0 314,678.4 3.4 16.9 15.5

PepsiCo, Inc. (NasdaqGS:PEP) 99.2 64,983.0 1.2 13,035.0 13,143.8 20.1 198,033.4 3.0 15.2 15.1

The Coca-Cola Company (NYSE:KO) 91.9 32,250.0 (9.7) 10,687.0 11,443.2 33.1 233,101.3 7.2 21.8 20.4

The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 68.3 2,397.3 (3.8) 179.5 197.2 7.5 2,987.4 1.2 16.6 15.1

The J. M. Smucker Company (NYSE:SJM) 96.9 7,717.2 1.2 1,649.5 1,675.5 21.4 19,381.0 2.5 11.7 11.6

TreeHouse Foods, Inc. (NYSE:THS) 97.8 5,632.0 15.1 494.1 554.0 8.8 6,043.5 1.1 12.2 10.9

Median 97.4 % 0.2 % $2,720.0 2,834.1 20.0 % $35,330.5 2.8 x 15.9 x 15.1 x

Mean 91.6 % (0.0) % $5,588.6 5,962.1 18.4 % $95,788.4 3.0 x 15.8 x 14.6 x

Home & garden (10)

Central Garden & Pet Company (NasdaqGS:CENT) 57.6 % $2,235.3 9.5 % $203.4 NA 9.1 % $1,716.5 0.8 x 8.4 x NA x

Helen of Troy Limited (NasdaqGS:HELE) 81.4 1,564.2 3.9 231.6 245.2 14.8 3,338.7 2.1 14.4 13.6

iRobot Corporation (NasdaqGS:IRBT) 96.4 1,113.2 20.9 138.1 174.4 12.4 3,454.8 3.1 25.0 19.8

Newell Brands Inc. (NasdaqGS:NWL) 54.2 8,531.5 12.7 936.0 1,016.1 11.0 13,962.9 1.6 14.9 13.7

Snap-on Incorporated (NYSE:SNA) 82.3 4,059.2 4.0 1,039.6 1,071.7 25.6 9,672.0 2.4 9.3 9.0

Stanley Black & Decker, Inc. (NYSE:SWK) 92.2 14,106.7 8.0 2,188.2 2,358.4 15.5 27,545.2 2.0 12.6 11.7

The Clorox Company (NYSE:CLX) 92.7 6,278.0 3.2 1,291.0 1,362.2 20.6 22,357.3 3.6 17.3 16.4

The Toro Company (NYSE:TTC) 99.9 2,673.4 3.6 437.9 530.8 16.4 7,748.2 2.9 17.7 14.6

Tupperware Brands Corporation (NYSE:TUP) 56.4 2,014.4 (3.3) 355.8 370.8 17.7 2,197.3 1.1 6.2 5.9

Whirlpool Corporation (NYSE:WHR) 83.5 20,886.0 0.4 1,885.0 2,000.5 9.0 15,264.3 0.7 8.1 7.6

Median 82.9 % 4.0 % $686.9 15.2 % $8,710.1 2.0 x 13.5 x 13.6 x

Mean 79.7 % 6.3 % $870.6 15.2 % $10,725.7 2.0 x 13.4 x 12.5 x

EV/

Revenue


Consumer Products and Retail trading multiples (cont.)1


Historical Last twelve months NTM

Company (ticker)

% of 52

Week high LTM revenue

Revenue

CAGR (3 Yr)

LTM

EBITDA

EBITDA

margin

Enterprise

value (EV)

EV/

EBITDA

EV/

EBITDA

($ in millions)

Restaurant & food services (18)

Aramark (NYSE:ARMK) 71.5 % $16,089.9 3.9 % $1,429.9 8.9 % $14,819.3 0.9 x 10.4 x 8.9 x

Bloomin' Brands, Inc. (NasdaqGS:BLMN) 76.5 4,138.1 (1.6) 381.8 9.2 4,182.3 1.0 11.0 10.2

Brinker International, Inc. (NYSE:EAT) 79.4 3,200.9 0.6 380.2 11.9 2,826.8 0.9 7.4 7.7

Chipotle Mexican Grill, Inc. (NYSE:CMG) 98.8 5,024.8 5.8 589.7 11.7 21,689.3 4.3 36.8 32.2

Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 91.8 12,903.9 13.4 134.3 1.0 2,058.6 0.2 15.3 11.5

Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 83.9 3,077.6 2.4 384.9 12.5 3,963.6 1.3 10.3 9.9

Darden Restaurants, Inc. (NYSE:DRI) 94.0 8,415.4 6.2 1,166.7 13.9 14,951.2 1.8 12.8 12.0

Dine Brands Global, Inc. (NYSE:DIN) 89.6 830.0 7.5 228.1 27.5 3,337.6 4.0 14.6 12.3

Domino's Pizza, Inc. (NYSE:DPZ) 84.4 3,483.5 15.6 619.8 17.8 14,210.0 4.1 22.9 20.3

Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 98.5 1,339.4 18.0 453.6 33.9 9,280.2 6.9 20.5 19.3

Jack in the Box Inc. (NasdaqGS:JACK) 83.8 866.0 (17.5) 259.2 29.9 3,083.1 3.6 11.9 11.6

Recipe Unlimited Corporation (TSX:RECP) 83.9 874.6 54.9 151.9 17.4 1,533.7 1.8 10.1 8.9

SpartanNash Company (NasdaqGS:SPTN) 61.9 8,064.6 1.8 197.1 2.4 1,286.6 0.2 6.5 5.9

Sysco Corporation (NYSE:SYY) 90.8 59,955.0 6.9 3,252.5 5.4 43,589.9 0.7 13.4 12.0

Texas Roadhouse, Inc. (NasdaqGS:TXRH) 82.9 2,520.4 10.6 289.6 11.5 4,752.9 1.9 16.4 14.5

The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 79.1 2,347.1 3.2 228.7 9.7 2,164.7 0.9 9.5 9.6

United Natural Foods, Inc. (NYSE:UNFI) 28.6 14,258.5 19.8 364.3 2.6 3,887.7 0.3 10.7 5.9

YUM! Brands, Inc. (NYSE:YUM) 99.8 5,571.0 1.9 1,918.0 34.4 40,814.3 7.3 21.3 19.6

Median 83.9 % 6.0 % $381.0 11.8 % $4,072.9 1.5 x 12.4 x 11.6 x

Mean 82.2 % 8.5 % $690.6 14.5 % $10,690.7 2.3 x 14.5 x 12.9 x

Apparel & specialty retail (10)

Carter's, Inc. (NYSE:CRI) 88.8 % 3,447.5 4.1 % 484.6 14.1 % 6,077.7 1.8 x 12.5 x 12.1 x

Columbia Sportswear Company (NasdaqGS:COLM) 94.7 2,849.6 6.3 % 450.1 15.8 6,785.2 2.4 15.1 15.1

G-III Apparel Group, Ltd. (NasdaqGS:GIII) 80.8 3,076.2 9.5 % 272.3 8.9 2,332.5 0.8 8.6 7.5

Guess?, Inc. (NYSE:GES) 67.4 2,609.7 6.1 % 179.7 6.9 1,313.8 0.5 7.3 6.5

Hanesbrands Inc. (NYSE:HBI) 82.1 6,920.5 6.4 % 1,092.3 15.8 11,019.2 1.6 10.1 10.0

Iconix Brand Group, Inc. (NasdaqGS:ICON) 14.4 187.7 (11.6) % 76.6 40.8 621.9 3.3 8.1 8.2

Oxford Industries, Inc. (NYSE:OXM) 80.3 1,107.5 4.5 % 138.1 12.5 1,328.5 1.2 9.6 9.0

PVH Corp. (NYSE:PVH) 76.3 9,656.8 6.4 % 1,255.9 13.0 12,086.8 1.3 9.6 8.7

Ralph Lauren Corporation (NYSE:RL) 86.7 6,336.5 (5.1) % 984.4 15.5 8,947.0 1.4 9.1 8.6

V.F. Corporation (NYSE:VFC) 93.5 13,506.6 NA % 1,964.5 14.5 38,168.8 2.8 19.4 16.0

Median 81.4 % 6.1 % $467.4 14.3 % $6,431.4 1.5 x 9.6 x 8.9 x

Mean 76.5 % 3.0 % $689.9 15.8 % $8,868.1 1.7 x 10.9 x 10.2 x

Overall Median 83.9 % 3.9 % $524.9 14.5 % $8,347.6 1.8 x 12.5 x 12.0 x

EV/

Revenue


Recent Consumer Products and Retail M&A transactions1


Target/acquiror

Annouce

date

LTM

revenue

LTM

EBITDA

EBITDA

margin

Enterprise

value (EV)

EV/

Revenue

EV/

EBITDA

($ in millions)

FLAWLESS and FINISHING TOUCH Brands of IdeaVillage Products Corp. Pending $180.0 $55.0 30.6 % $900.0 5.0 x 16.4 x

Church & Dwight Co., Inc.

Dean & DeLuca Café Japan Co., Ltd Pending N/A N/A N/A 19.7 N/A N/A

Welcome Co.,Ltd.

International Dehydrated Foods, Inc./American Dehydrated Foods, Inc. Pending 220.0 N/A N/A 900.0 4.1 N/A

Symrise AG

The Fuller's Beer Company Ltd Pending 201.4 14.0 6.9 329.4 1.6 23.6

Asahi Europe Ltd

Dairy Crest Group plc Apr-19 602.7 114.8 19.0 1,580.0 2.6 13.8

Saputo Inc.

CytoSport Business of Hormel Foods Corporation Apr-19 300.0 N/A N/A 465.0 1.6 N/A

PepsiCo, Inc.

GARANCIA SAS Apr-19 N/A N/A N/A N/A N/A N/A

Unilever PLC

The worldwide rights to Gymboree and Crazy 8 Apr-19 N/A N/A N/A 76.0 N/A N/A

The Children's Place, Inc.

All Assets of Innovative Mattress Solutions, LLC Apr-19 N/A N/A N/A N/A N/A N/A

Tempur World LLC

St. Louis and Kansas City operations of Morey's Seafood International LLC Mar-19 N/A N/A N/A N/A N/A N/A

ARC Group

ORION BREWERIES, LTD. Mar-19 N/A N/A N/A 519.2 N/A N/A

Ocean Holdings Co., Ltd.

Janie and Jack Retail Chain of Gymboree Group Inc. Mar-19 N/A N/A N/A 35.0 N/A N/A

The Gap, Inc.

Fresh Hemp Foods Ltd. Feb-19 N/A N/A N/A 318.5 N/A N/A

Tilray, Inc.

Watson Foods Co., Inc. Feb-19 101.0 N/A N/A 89.0 0.9 N/A

Glanbia Nutritionals, Inc.

Enviro Water Solutions, Inc. Feb-19 N/A N/A N/A 120.0 N/A N/A

Pentair plc

Substantially all of the Assets of Sears Holdings Corporation Feb-19 N/A N/A N/A 5,200.0 N/A N/A

ESL Investments, Inc.

Cott Beverages LLC Feb-19 80.0 N/A N/A 50.0 0.6 N/A

Refresco Group N.V.

Wholesale Business Assets of Advanced Sports Enterprises, Inc. Feb-19 N/A N/A N/A 23.0 N/A N/A

BikeCo, LLC

Ringers Gloves, Inc. Feb-19 34.0 N/A N/A 70.0 2.1 N/A

Ansell Limited

Tangible Play, Inc. Jan-19 N/A N/A N/A 120.0 N/A N/A

Think & Learn Pvt Ltd

Copper Dog Whisky Limited Sep-18 N/A N/A N/A 25.3 N/A N/A

Diageo plc

Morley Brands, LLC Oct-18 N/A N/A N/A N/A N/A N/A

Kar Nut Products Company

SFERRA Fine Linens, LLC Oct-18 N/A N/A N/A N/A N/A N/A

Highlander Partners, L.P.

Median 19.0 % 1.8 x 16.4 x

Mean 18.8 % 2.3 x 17.9 x

Last twelve months


Select Deloitte Corporate Finance Consumer transactions


Kar Nut Products Company

has completed a recapitalization

The undersigned acted as exclusive financial advisor to Spice World, Inc.

has been acquired

Deloitte Corporate Finance LLC

Spice World, Inc.

has completed a recapitalization with

Gryphon Investors

American ImportingCompany, Inc.

The undersigned acted as

financial advisor to

American Importing Company, Inc.


The undersigned acted as exclusive financial advisor to

Butterball, LLC.

has been acquired by


Seaboard Corporation

Butterball, LLC


Sources cited

Page 2:

1. “Retail Trends 2019: Retail Re-invented.” Deloitte Retail, Wholesale & Distribution, 2019.

https://www2.deloitte.com/uk/en/pages/consumer-business/retail-trends.html, accessed on April 14, 2019.

2. “10 Food Trends for 2019.” Supermarket News, 11 Dec. 2018.

https://www.supermarketnews.com/consumer-trends/10-food-trends-2019, accessed on April 14, 2019.

3. “A Peek at Your New Plate: How You’ll Be Eating in 2019.” NYTimes, 21 Dec. 2018.

https://www.nytimes.com/2018/12/21/dining/food-trends-predictions-2019.html, accessed on April 14, 2019.

4. “Borgman Buys Gilman Cheese.” The PE Hub Network, 4 March. 2019.

https://www.pehub.com/2019/03/borgman-buys-gilman-cheese, accessed on April 14, 2019.

5. “Campbell Soup to Sell Garden Fresh Gourmet” The Packer, 27 February. 2019.

https://www.thepacker.com/article/campbell-soup-sell-garden-fresh-gourmet, accessed on April 14, 2019.

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1. U.S. Bureau of Economic Analysis, https://data.oecd.org, accessed April 14, 2019. Data as of December 31, 2019.

2. U.S. Department of the Treasury, https://www.treasury.gov, accessed April 14, 2019. Data as of December 31,

2019.

3. Bureau of Labor Statistics, https://data.bls.gov, accessed April 14, 2019. Data as of April 14, 2019.

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1. S&P Capital IQ, https://www.capitaliq.com, accessed April 14, 2019. Data as of April 14, 2019


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