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FOOD AND BEVERAGE

INDUSTRY UPDATE MARCH 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 OVERVIEW

Harris 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

CONTACTS

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Ryan [email protected]+1 (415) 217-3409

Brant [email protected]+1 (612) 359-2709

Ryan FreemanVice [email protected]+1 (612) 359-2703

Matt WhebbeVice [email protected]+1 (612) 359-2727

Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

Quality food and beverage companies continue to attract solid interest in the

M&A market, with over $9.7 billion of announced transaction value through

March. Strategic buyers, like Lancaster Colony and McCormick & Co., have

been particularly active acquirers amplifying capabilities and product offerings

to expand into new markets and broaden their range of branded products. On

March 10th, McCormick announced the acquisition of Brand Aromatics to bolster

its value-added flavor solutions, just weeks after the announcement of its

acquisition of Italian spice and seasoning maker, Drogheria & Alimentari.

HW&Co. anticipates an active marketplace for the remainder of the year as

both strategic and private equity buyers continue to pursue quality strategic

assets.

FOOD AND BEVERAGE


CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

has divested selected assets to

and

a portfolio company of

has been acquired by



and












has acquired




http://www.harriswilliams.com/

mailto:[email protected]







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WHAT WE’RE READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

50

100

150

200

Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15

Co

mm

od

ity P

ric

e In

de

x

Corn Soybeans Wheat Crude Oil

90

100

110

120

130

140

150

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Beef:

39.8%

Pork:

15.5%

Poultry:

11.0%

Wheat:

(27.4%)

Soybeans:

(28.6%)

Corn:

(34.5%)

Crude Oil:

(40.7%)

On March 13th, Lancaster Colony announced the acquisition of Flatout Holdings, a manufacturer of premium

flatbreads for $92 million. The transaction will be integrated into Lancaster Colony’s specialty foods business and

expands the Company’s better-for-you branded product offerings. The deal value equates to a 2.0x multiple of

Flatout’s 2014 net sales of $46 million.

Access to the full article here.

LANCASTER COLONY ACQUIRES FLATOUT HOLDINGS INC.

Two years after buying Romano’s Macaroni Grill, Ignite Restaurant Group is divesting the chain to Redrock Partners for$8 million in cash. The purchase price represents a sharp discount from the restaurant chain’s $55 million price tag in2013. Romano’s Macaroni Grill has revenue of roughly $300 million and focuses on upscale Italian cuisine and wines.


IGNITE RESTAURANT GROUP TO SELL ROMANO'S MACARONI GRILL AT BIG LOSS

Reports have surfaced stating that General Mills is looking to shop its Green Giant business, which produces frozenand canned vegetables. The business offers various products ranging from vegetable assortments to hummus, andgenerates roughly $700 million of sales. The move is part of a broader initiative to bolster profitability, which includesplant closures and the reduction of marketing and advertising expenses.


GENERAL MILLS TO SELL GREEN GIANT

http://www.foodbusinessnews.net/articles/news_home/Business_News/2015/03/Lancaster_Colony_acquires_flat.aspx?ID=D948D91A-35E9-41B2-A155-E37F03B2E35F

http://www.latimes.com/business/la-fi-macaroni-grill-sale-20150312-story.html

http://www.reuters.com/article/2015/03/11/us-generalmills-m-a-greengiant-idUSKBN0M71GD20150311

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80

100

120

140


Sa

les

Ind

ex

Restaurant Grocery

VITAL SIGNS CONT.

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

29.4%

Grocery:

14.3%

-0.5

1.0

2.5

4.0

5.5


Infla

tio

n (

%)

Net Debt /

Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing (8.9%) 24.4% (14.8%) (20.4%) 13.7x 13.5x 6.9x 3.1x

Fruit and Vegetable 0.9% 5.8% (8.8%) 9.3% 16.1x 13.4x 13.1x 1.0x

Ingredients / Flavors (0.5%) 17.2% 6.5% 16.5% 21.6x 27.2x 15.9x 1.5x

Agribusiness (14.1%) 2.1% (7.2%) (3.7%) 13.6x 19.0x 8.8x 1.4x

Branded Processed Foods 0.3% 1.9% 2.4% 10.2% 20.2x 26.9x 14.2x 2.8x

Private Label Foods 0.2% 2.7% (1.6%) 37.2% 21.9x 38.3x 16.3x 6.5x

Natural / Organic Foods 0.9% 13.4% 6.2% (6.9%) 33.8x 47.0x 18.5x 3.2x

Baked Goods / Snack Foods (6.8%) 1.8% (4.3%) 0.3% 23.1x 26.7x 12.0x 2.7x

Dairy (10.1%) (0.8%) (3.2%) 10.8% 20.9x 24.7x 11.6x 1.9x

Non-Alcoholic Beverages (0.2%) 15.2% 7.3% 10.3% 21.7x 24.0x 15.1x 1.6x

Alcoholic Beverages 0.9% 1.7% 15.4% 15.6% 21.9x 28.4x 15.2x 3.2x

Food Retail 14.1% (0.3%) 14.0% 13.2% 20.2x 23.3x 8.2x 2.2x

Grocery Distribution 1.0% 10.5% (1.4%) (7.4%) 23.8x 23.3x 10.7x 2.0x

Foodserv ice (3.9%) (1.1%) 13.0% 8.9% 24.7x 32.1x 10.7x 3.5x

Quick Serv ice Restaurant 12.7% 27.7% 12.8% 17.9% 31.3x 35.3x 14.4x 2.0x

Fast Casual (1.1%) (13.3%) (5.3%) (14.2%) 40.2x 47.2x 15.7x 0.8x

Differentiated Casual (1.3%) (2.2%) 2.2% (2.9%) 30.6x 35.5x 13.4x 0.2x

Casual Dining Restaurant 5.0% 10.4% 1.2% (3.2%) 22.1x 36.1x 10.2x 2.4x

Fine Dining (0.9%) (4.4%) (10.6%) (13.6%) 19.7x 24.1x 10.2x 0.2x

Pizza 7.6% 18.7% 1.5% (0.1%) 30.8x 35.4x 16.5x 3.9x

Beverage / Snack Retail 2.4% 5.2% 2.1% 2.7% 31.4x 28.9x 18.8x 2.2x

Family Restaurant 11.5% 19.2% 2.2% 35.2% 27.7x 28.0x 13.1x 1.9x

Overall Median 1.1% 4.7% 2.4% 8.6% 22.2x 26.8x 13.0x 2.2x

Co

nsu

me

r a

nd

Re

tail

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

Fo

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an

d B

ev

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ge

Inp

uts

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Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

03/09/15 09/08/14 Pinnacle Foods Inc PF Follow-On $532.1 Secondary

Pay Fees & Expenses

02/25/15 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.5 Working Capital

Property Development

02/10/15 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $0.1 General Corp. Purp.

01/28/15 03/10/14 Post Holdings Inc POST Follow-On $355.1 Acquisition Fin.

01/28/15 01/28/15 Atlantica Seafoods Co Inc N/A IPO $3.8 Prod Dev / R&D, General Corp.

Purp., Working Capital

01/23/15 01/16/15 Avidus Management Group Inc AVD Follow-On $0.5 General Corp. Purp. & Working

Capital

01/22/15 01/22/15 Feronia Inc FRN Convertible $7.2 Working Capital

12/30/14 12/30/14 ZRHO Beverages Inc N/A IPO $0.1 Marketing & Sales

Working Capital

12/11/14 12/11/14 Sweets & Treats Inc N/A IPO $0.0 Secondary

12/04/14 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $2.2 General Corp. Purp.

11/27/14 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.3 Working Capital

Property Development

11/18/14 09/08/14 Pinnacle Foods Inc PF Follow-On $775.6 Secondary

10/31/14 10/31/14 Calavo Growers Inc CVGW Follow-On $64.0 Secondary

PUBLIC EQUITY MARKET OVERVIEW CONT.

4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE)

RECENT EQUITY OFFERINGS6

Fast Casual

Fine Dining

Differentiated Casual

Foodserv ice

Dairy

Food Retail

Alcoholic Bev erages

Baked Goods / Snack Foods

Branded Processed Foods

Agribusiness

Priv ate Label Foods

Bev erage / Snack Retail

Fruit and Vegetable

Casual Dining Restaurant

Grocery Distribution

S&P

Natural / Organic Foods

Non-Alcoholic Bev erages

Ingredients / Flav ors

Pizza

Family Restaurant

Protein Processing

Quick Serv ice Restaurant

-30.0% -17.5% -5.0% 7.5% 20.0% 32.5% 45.0%

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 3/11/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and BeverageBranded Processed FoodsAssociated British Foods plc ABF $44.83 91.9% $35,267 $1,566 $842 $35,991 $21,010 $2,555 (0.6%) 6.3% 24.3% 12.2% 31.6x 1.71x 14.1x 1.82x 15.8xB&G Foods Inc. BGS 27.88 80.5% $1,499 $1,026 $1 $2,523 $848 $181 17.0% 16.0% 29.8% 21.4% 36.8x 2.98x 13.9x 2.90x 12.7xCampbell Soup Company CPB 44.70 92.5% 13,937 3,931 201 17,667 8,311 1,488 2.2% 2.6% 33.9% 17.9% 18.8x 2.13x 11.9x 2.15x 11.4xConAgra Foods, Inc. CAG 33.58 89.7% 14,302 8,479 132 22,649 17,617 2,336 7.9% 11.0% 20.2% 13.3% NM 1.29x 9.7x 1.41x 10.3xGeneral Mills, Inc. GIS 51.70 92.9% 31,214 10,535 895 40,854 17,642 3,229 (2.5%) 3.8% 34.4% 18.3% 21.9x 2.32x 12.7x 2.25x 11.5xHormel Foods Corporation HRL 55.24 93.7% 14,587 250 527 14,310 9,469 1,092 6.7% 5.7% 17.1% 11.5% 24.2x 1.51x 13.1x 1.44x 11.9xKellogg Company K 61.97 88.7% 22,073 7,370 443 29,000 14,580 1,865 (1.4%) 3.4% 35.9% 12.8% 35.9x 1.99x 15.5x 2.10x 11.5xKraft Foods Group, Inc. KRFT 60.97 90.0% 35,850 10,032 1,293 44,589 18,205 2,380 (0.1%) (0.7%) 26.9% 13.1% 35.7x 2.45x 18.7x 2.43x 11.9xMcCormick & Company, Incorporated MKC 72.18 93.6% 9,256 1,285 85 10,456 4,243 691 2.9% 4.7% 40.8% 16.3% 21.7x 2.46x 15.1x 2.44x 14.3xMondelez International, Inc. MDLZ 34.34 86.8% 56,643 16,781 1,703 71,721 34,244 5,030 (3.0%) (1.5%) 36.8% 14.7% 27.1x 2.09x 14.3x 2.32x 13.4xNestlé S.A. NESN 74.78 98.5% 236,987 21,838 9,027 249,798 92,479 17,547 (10.8%) 1.1% 48.2% 19.0% 16.8x 2.70x 14.2x 2.75x 14.7xPost Holdings, Inc. POST 48.57 81.0% 2,542 3,945 177 6,310 3,188 388 191.4% 49.0% 24.9% 12.2% NM 1.98x 16.3x 1.40x 10.5xThe Hain Celestial Group, Inc. HAIN 60.95 96.0% 6,200 875 135 6,940 2,469 295 27.8% 26.8% 24.3% 11.9% 47.0x 2.81x 23.5x 2.48x 17.9xThe Hershey Company HSY 99.12 89.0% 21,888 2,184 472 23,601 7,422 1,665 3.9% 6.9% 45.0% 22.4% 26.8x 3.18x 14.2x 2.99x 13.3xThe J. M. Smucker Company SJM 111.12 95.9% 11,308 2,180 112 13,376 5,480 1,168 (4.1%) 0.8% 36.2% 21.3% 20.5x 2.44x 11.5x 2.16x 10.1x

Mean 15.8% 9.1% 31.9% 15.9% 28.1x 2.27x 14.6x 2.20x 12.7xMedian 2.2% 4.7% 33.9% 14.7% 26.8x 2.32x 14.2x 2.25x 11.9x

Private Label FoodsSeneca Foods Corp. SENE.A 27.50 84.2% 308 303 23 588 1,302 31 (1.5%) 1.6% 6.0% 2.4% NM 0.45x 19.2x NA NATreehouse Foods, Inc. THS 82.33 88.6% 3,523 1,460 61 4,922 2,946 367 28.4% 12.8% 21.1% 12.4% 38.3x 1.67x 13.4x 1.37x 11.1x


Natural / Organic FoodsBoulder Brands, Inc. BDBD 9.74 52.8% 597 305 32 870 517 59 12.0% 23.5% 37.0% 11.5% NM 1.68x 14.7x 1.57x 10.8xSunOpta Inc. TSX:SOY 9.97 78.4% 673 132 10 794 1,243 66 9.0% 6.8% 11.5% 5.3% NM 0.64x 12.0x 0.61x 10.2xThe Hain Celestial Group, Inc. HAIN 60.95 96.0% 6,200 875 135 6,940 2,469 295 27.8% 26.8% 24.3% 11.9% 47.0x 2.81x 23.5x 2.48x 17.9xThe WhiteWave Foods Company WWAV 41.35 96.2% 7,213 1,548 50 8,711 3,437 389 35.2% 19.3% 33.6% 11.3% NM 2.53x 22.4x 2.30x 18.0x


Baked Goods / Snack FoodsARYZTA AG SWX:ARYN $75.38 85.5% $6,647 $3,269 $985 $8,930 $5,753 $839 (6.4%) 2.1% 27.9% 14.6% 43.1x 1.55x 10.6x 1.52x 10.5xDiamond Foods, Inc. DMND 29.65 83.3% 933 649 49 1,533 886 89 5.5% (4.2%) 24.3% 10.1% NM 1.73x 17.2x 1.66x 12.6xFlowers Foods, Inc. FLO 20.69 93.7% 4,333 779 8 5,104 3,749 428 0.4% 10.6% 48.0% 11.4% 26.1x 1.36x 11.9x 1.34x 11.2xGeorge Weston Limited WN 77.13 92.0% 9,865 12,080 2,077 19,868 37,923 2,192 20.0% 6.0% 25.5% 5.8% NM 0.52x 9.1x 0.54x 6.7xGolden Enterprises Inc. GLDC 3.85 78.6% 45 8 2 51 133 6 (3.4%) (0.3%) 49.0% 4.8% 47.0x 0.38x 7.9x NA NAGrupo Bimbo, S.A.B. de C.V. BIMBO A 2.71 96.7% 12,752 4,326 174 16,904 12,672 1,444 (5.8%) 9.8% 53.0% 11.4% NM 1.33x 11.7x 1.26x 11.5xInventure Foods, Inc. SNAK 10.47 72.2% 205 85 0 290 286 24 32.5% 20.8% 18.6% 8.5% 19.8x 1.01x 12.0x 0.96x 11.1xJ&J Snack Foods Corp. JJSF 98.48 85.2% 1,840 0 98 1,743 929 143 5.6% 6.9% 31.1% 15.4% 27.3x 1.88x 12.2x 1.80x 11.0xJohn B Sanfilippo & Son Inc. JBSS 35.83 73.6% 399 71 4 465 833 57 12.1% 6.8% 14.9% 6.9% 16.7x 0.56x 8.1x 0.53x NALancaster Colony Corporation LANC 88.07 88.3% 2,409 0 256 2,153 1,064 165 3.0% (0.9%) 23.1% 15.5% 25.8x 2.02x 13.0x 1.94x 11.9xPenford Corporation PENX 0.00 #DIV/0! 0 79 0 79 438 31 (4.4%) 2.3% 14.1% 7.0% NA 0.18x 2.6x NA NASnyder's-Lance, Inc. LNCE 29.38 94.0% 2,069 447 35 2,481 1,621 168 7.8% (0.3%) 35.7% 10.4% 35.7x 1.53x 14.8x 1.45x 12.2x


EV / LTM EV / 2015ERevenue Growth LTM MarginsLast Twelve Months (LTM)

TRADING STATISTICS DETAIL5

FOOD AND BEVERAGEINDUSTRY UPDATE MARCH 2015

5

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DairyBongrain SA ENXTPA:BH $58.25 84.7% $816 $1,168 $589 $1,396 $5,576 $254 (8.1%) 2.5% 31.7% 4.6% 20.2x 0.25x 5.5x 0.27x 4.9xDanone BN 65.64 98.5% $39,336 $0 $0 $39,336 $25,593 $3,990 (12.7%) 0.7% 100.0% 15.6% 33.3x 1.54x 9.9x 1.65x 10.0xDean Foods Company DF 15.41 78.1% 1,451 917 16 2,352 9,503 196 5.4% (0.7%) 17.6% 2.1% NM 0.25x 12.0x 0.28x 6.9xEmmi AG SWX:EMMN 331.96 85.6% 1,776 689 290 2,175 3,784 315 11.6% 5.4% 33.1% 8.3% 25.1x 0.57x 6.9x 0.65x 7.8xGlanbia plc GL9 17.57 94.9% 5,195 746 133 5,808 3,053 290 (5.8%) (4.1%) 8.2% 9.5% 35.4x 1.90x 20.0x 1.87x 18.2xLifeway Foods Inc. LWAY 17.63 83.1% 288 9 6 291 119 8 22.0% 19.4% 26.4% 6.5% NM 2.45x 37.9x 2.09x 18.3xParmalat SpA BIT:PLT 2.64 97.5% 4,836 161 1,515 3,482 6,762 536 (8.6%) 4.9% 21.0% 7.9% 23.0x 0.51x 6.5x 0.52x 6.6xSaputo Inc. TSX:SAP 27.43 93.2% 10,727 1,719 41 12,405 9,179 956 10.8% 11.6% 10.4% 10.4% 24.2x 1.35x 13.0x 1.44x 13.2x

Mean 1.8% 5.0% 31.1% 8.1% 26.9x 1.10x 14.0x 1.10x 10.7xMedian (0.2%) 3.7% 23.7% 8.1% 24.7x 0.96x 10.9x 1.04x 8.9x

Non-Alcoholic BeveragesA.G.Barr p.l.c. LSE:BAG $9.60 92.6% $1,108 $25 $19 $1,115 $443 $81 17.9% 5.8% 46.2% 18.3% 24.0x 2.52x 13.8x 2.83x 14.7xCott Corporation BCB 9.55 97.4% 891 1,798 86 2,603 2,103 174 0.4% (3.4%) 13.1% 8.3% NM 1.24x 15.0x 0.85x 7.4xDr Pepper Snapple Group, Inc. DPS 76.87 94.4% 14,833 2,600 248 17,185 6,121 1,396 2.1% 1.2% 59.3% 22.8% 21.7x 2.81x 12.3x 2.77x 11.5xKeurig Green Mountain, Inc. GMCR 124.62 78.4% 19,496 277 606 19,167 4,707 1,204 6.8% 13.3% 38.6% 25.6% 34.4x 4.07x 15.9x 3.67x 14.4xLassonde Industries Inc. LAS.A 107.76 95.2% 753 374 0 1,127 1,000 105 (0.3%) 18.1% 27.3% 10.5% 20.9x 1.13x 10.7x NA NAMonster Beverage Corporation MNST 135.96 94.5% 23,115 0 1,151 21,964 2,465 771 9.7% 13.1% 54.4% 31.3% 49.8x 8.91x 28.5x 7.54x 22.2xNational Beverage Corp. FIZZ 21.10 77.2% 978 15 40 952 646 84 0.1% 1.6% 33.9% 12.9% 21.5x 1.48x 11.4x NA NAPepsico, Inc. PEP 93.63 92.9% 138,794 28,897 8,726 158,965 66,683 12,416 0.4% 0.1% 53.7% 18.6% 22.4x 2.38x 12.8x 2.44x 12.4xStarbucks Corporation SBUX 91.42 96.4% 68,547 2,085 1,953 68,678 17,011 3,709 11.1% 11.8% 30.4% 21.8% 28.5x 4.04x 18.5x 3.49x 15.1xThe Coca-Cola Company KO 40.10 89.1% 175,086 41,782 21,689 195,179 45,998 12,843 (1.8%) (0.4%) 61.1% 27.9% 25.2x 4.24x 15.2x 4.31x 15.7x


Alcoholic BeveragesAnheuser-Busch InBev SA/NV ENXTBR:ABI $122.33 98.3% $196,632 $51,122 $8,658 $239,096 $47,063 $17,925 9.0% 6.4% 60.1% 38.1% 25.2x 5.08x 13.3x 5.05x 12.7xBrown-Forman Corporation BF.B 87.45 89.3% 18,477 1,006 250 19,233 3,084 1,024 4.1% 4.1% 69.7% 33.2% 28.4x 6.24x 18.8x 4.59x 17.5xCarlsberg A/S CPSE:CARL B 82.37 97.9% 12,718 6,587 393 18,912 10,484 2,065 (11.7%) (1.9%) 49.3% 19.7% 20.1x 1.80x 9.2x 2.08x 10.3xConstellation Brands Inc. STZ 115.61 97.6% 22,338 7,346 71 29,613 5,963 1,746 39.6% 29.6% 43.5% 29.3% 30.1x 4.97x 17.0x 4.71x 15.3xDiageo plc DGE 27.65 90.8% 69,235 17,709 1,250 85,694 15,937 4,967 (14.6%) (0.0%) 58.5% 31.2% 24.4x 5.38x 17.3x 5.18x 15.5xHeineken NV ENXTAM:HEIA 78.23 98.3% 44,962 12,456 824 56,593 20,387 4,376 (22.9%) 4.0% 38.9% 21.5% 28.4x 2.78x 12.9x 2.65x 11.3xKirin Holdings Company, Limited TSE:2503 13.80 97.6% 12,623 6,629 413 18,839 18,105 2,170 (15.6%) 7.9% 43.0% 12.0% 48.3x 1.04x 8.7x 1.02x 8.6xPernod-Ricard SA RI 114.18 98.7% 30,142 11,719 703 41,158 9,679 2,716 (14.7%) (2.7%) 62.1% 28.1% 29.7x 4.25x 15.2x 4.48x 15.2xSABMiller plc LSE:SAB 53.40 93.4% 85,914 16,581 3,015 99,480 16,967 5,839 (0.9%) 2.1% 70.8% 34.4% 26.7x 5.86x 17.0x 5.67x 15.1xSapporo Holdings Ltd. TSE:2501 3.93 86.3% 1,532 2,117 81 3,569 4,277 354 (11.8%) 4.9% 35.2% 8.3% NM 0.83x 10.1x 0.80x 10.3x

Mean (3.9%) 5.4% 53.1% 25.6% 29.0x 3.82x 13.9x 3.62x 13.2xMedian (11.8%) 4.1% 53.9% 28.7% 28.4x 4.61x 14.2x 4.54x 13.9x

InputsProtein ProcessingCal-Maine Foods, Inc. CALM $35.86 74.2% $1,735 $56 $201 $1,589 $1,503 $234 10.5% 12.6% 23.8% 15.6% 13.0x 1.06x 6.8x 1.02x 6.1xJBS S.A. BOVESPA:JBSS3 4.22 98.9% 12,225 15,079 5,610 21,694 45,323 3,888 15.2% 11.0% 15.5% 8.6% 18.1x 0.48x 5.6x 0.49x 5.8xSanderson Farms, Inc. SAFM 79.03 76.1% 1,831 20 173 1,678 2,857 505 6.9% 11.4% 20.7% 17.7% 6.3x 0.59x 3.3x 0.57x 3.7xSeaboard Corp. SEB 3,981.29 93.7% 4,662 76 575 4,163 6,473 516 (3.0%) 4.0% 10.5% 8.0% 13.5x 0.64x 8.1x 0.63x NATyson Foods, Inc. TSN 37.55 84.9% 15,274 7,527 383 22,418 39,636 2,237 14.0% 6.3% 7.7% 5.6% 15.9x 0.57x 10.0x 0.53x 7.0x


EV / 2015ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

TRADING STATISTICS DETAIL5 CONT.


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Fruit and VegetableCalavo Growers Inc. CVGW $47.74 96.1% $826 $60 $5 $881 $809 $47 12.4% 13.8% 9.5% 5.8% NM 1.09x 18.6x 0.92x 14.9xFresh Del Monte Produce Inc. FDP 34.29 94.2% 1,784 267 34 2,017 3,928 264 6.6% 3.0% 9.3% 6.7% 14.4x 0.51x 7.6x 0.51x 7.8xSeneca Foods Corp. SENE.A 27.50 84.2% 308 303 23 588 1,302 31 (1.5%) 1.6% 6.0% 2.4% NM 0.45x 19.2x NA NATotal Produce plc ISE:T7O 1.14 92.7% 379 161 140 399 3,228 76 (11.1%) 2.8% 13.7% 2.3% 12.5x 0.12x 5.3x 0.14x 6.2x


Ingredients / FlavorsGivaudan SA SWX:GIVN $1,815.47 93.7% $16,676 $1,215 $479 $17,412 $4,433 $909 (9.6%) 1.9% 46.0% 20.5% 30.6x 3.93x 19.2x 4.14x 17.3xInternational Flavors & Fragrances Inc. IFF 117.18 95.2% 9,461 942 479 9,925 3,089 688 4.6% 3.5% 44.4% 22.3% 23.5x 3.21x 14.4x 3.21x 13.7xKerry Group plc ISE:KRZ 67.57 96.8% 11,881 1,905 343 13,442 6,968 879 (13.3%) 0.4% 100.0% 12.6% 23.8x 1.93x 15.3x 2.13x 15.7xSensient Technologies Corporation SXT 64.38 98.3% 3,059 467 20 3,506 1,448 273 (1.0%) 0.4% 33.9% 18.8% 38.8x 2.42x 12.9x 2.46x 12.5xSymrise AG XTRA:SY1 61.57 94.4% 7,992 1,661 243 9,411 2,566 530 1.8% 7.6% 42.5% 20.7% 41.5x 3.67x 17.8x 3.48x 15.8xTate & Lyle plc TATE 9.04 81.9% 4,194 1,291 527 4,958 4,592 608 (5.5%) 0.5% 26.2% 13.2% 15.7x 1.08x 8.2x 1.25x 9.0x

Mean (3.8%) 2.4% 48.8% 18.0% 29.0x 2.71x 14.6x 2.78x 14.0xMedian (3.3%) 1.2% 43.4% 19.7% 27.2x 2.82x 14.9x 2.84x 14.7x

AgribusinessArcher-Daniels-Midland Company ADM $45.50 84.4% $28,860 $5,690 $1,614 $32,936 $81,201 $3,755 (9.6%) (2.7%) 5.9% 4.6% 13.6x 0.41x 8.8x 0.40x 8.1xBunge Limited BG 78.86 84.6% 11,475 5,200 1,813 14,862 57,161 1,670 (6.8%) 0.6% 4.8% 2.9% 26.9x 0.26x 8.9x 0.26x 6.9xCF Industries Holdings, Inc. CF 290.77 92.5% 13,930 4,593 1,997 16,526 4,743 1,993 (13.4%) (8.0%) 37.5% 42.0% 10.8x 3.48x 8.3x 3.64x 7.2xDarling Ingredients Inc. DAR 14.24 66.5% 2,346 2,152 109 4,389 3,956 508 119.5% 30.1% 22.3% 12.9% 36.1x 1.11x 8.6x 1.18x 8.7xMonsanto Company MON 116.91 90.8% 56,538 8,179 3,152 61,565 15,582 4,686 3.4% 7.8% 54.2% 30.1% 23.3x 3.95x 13.1x 3.74x 12.2xNutreco N.V. ENXTAM:NUO 47.89 96.4% 3,215 667 167 3,715 6,358 374 (11.8%) 1.2% 19.7% 5.9% 20.5x 0.58x 9.9x 0.65x 10.6xThe Andersons, Inc. ANDE 39.91 57.1% 1,146 380 115 1,411 4,540 143 (19.0%) (0.3%) 8.7% 3.2% 10.3x 0.31x 9.9x 0.32x 6.5xThe Mosaic Company MOS 47.85 88.9% 17,506 3,833 2,375 18,964 9,056 2,299 10.8% (5.8%) 21.8% 25.4% 17.5x 2.09x 8.2x 1.85x 7.3x

Mean 9.2% 2.9% 21.9% 15.9% 19.9x 1.52x 9.5x 1.50x 8.4xMedian (8.2%) 0.2% 20.7% 9.4% 19.0x 0.85x 8.8x 0.91x 7.7x

Consumer and RetailFood RetailCostco Wholesale Corporation COST $147.40 94.0% 64,852 5,030 7,453 62,429 115,637 4,547 7.2% 7.4% 12.8% 3.9% 29.4x 0.54x 13.7x 0.51x 12.9xEstablishments Delhaize Freres DELB 88.99 97.8% 9,051 3,355 2,139 10,267 25,856 1,603 (11.1%) 0.7% 24.1% 6.2% 46.5x 0.40x 6.4x 0.41x 6.5xFairway Group Holdings Corp. FWM 5.65 61.5% 246 258 40 464 799 (4) 5.9% 25.8% 31.4% NM NM 0.58x NM 0.58x 11.4xIngles Markets, Incorporated IMKT.A 48.49 94.9% 982 970 6 1,947 3,855 233 2.8% 2.3% 22.5% 6.0% 18.7x 0.50x 8.4x 0.51x 8.1xJ. Sainsbury plc LSE:SBRY 3.96 76.5% 7,564 4,981 2,304 10,242 38,904 2,256 1.2% 4.5% 6.2% 5.8% NM 0.26x 4.5x NA NAKoninklijke Ahold N.V. ENXTAM:AH 19.20 98.0% 15,796 3,892 2,277 17,412 39,903 2,528 (11.2%) 0.5% 26.5% 6.3% 21.0x 0.44x 6.9x 0.44x 7.0xNatural Grocers by Vitamin Cottage NGVC 28.96 64.9% 651 28 2 678 546 44 19.9% 25.5% 29.0% 8.0% 45.3x 1.24x 15.6x 1.03x 13.6xRoundy's, Inc. RNDY 4.44 62.2% 214 643 59 799 3,855 117 15.0% 0.1% 26.3% 3.0% NM 0.21x 6.8x 0.20x 6.7xSprouts Farmers Market, Inc. SFM 34.33 89.3% 5,221 407 131 5,497 2,967 257 21.7% NA 29.8% 8.6% 49.3x 1.85x 21.4x 1.52x 17.2xSUPERVALU Inc. SVU 10.90 97.8% 2,848 3,223 418 5,653 17,411 759 1.8% (21.9%) 14.8% 4.4% 23.3x 0.32x 7.4x 0.31x 7.2xTesco PLC LSE:TSCO 3.52 74.1% 28,391 23,001 7,006 44,386 102,935 5,666 3.3% 0.3% 6.1% 5.5% 22.9x 0.43x 7.8x 0.48x 9.9xThe Kroger Co. KR 74.71 96.3% 36,309 11,656 268 47,697 108,465 5,085 10.3% 6.3% 21.2% 4.7% 22.4x 0.44x 9.4x 0.43x 8.7xThe Pantry, Inc. PTRY 36.67 98.4% 862 930 123 1,669 6,635 261 (4.0%) (3.7%) 13.0% 3.9% 22.8x 0.25x 6.4x 0.25x 7.2xVillage Super Market Inc. VLGE.A 29.06 95.9% 409 46 95 360 1,560 62 5.0% 4.5% 27.1% 4.0% 21.5x 0.23x 5.8x 0.23x NAWeis Markets, Inc. WMK 49.07 94.9% 1,320 0 97 1,223 2,777 150 3.1% 0.3% 27.1% 5.4% 24.4x 0.44x 8.2x NA NAWhole Foods Market, Inc. WFM 54.09 94.0% 19,514 64 738 18,840 14,626 1,351 10.0% 11.7% 35.5% 9.2% 34.2x 1.29x 13.9x 1.16x 12.7x


EV / 2015ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins



7

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Grocery DistributionAMCON Distributing Co. DIT $80.00 87.5% $49 $25 $0 $74 $859 $12 3.7% 5.6% 8.9% 1.4% 11.3x 0.09x 6.2x NA NACore-Mark Holding Company, Inc. CORE 58.89 82.4% 1,364 97 14 1,447 8,170 102 5.9% 9.8% 7.0% 1.2% 34.8x 0.18x 14.2x 0.13x 11.4xSpartanNash Company SPTN 26.95 95.3% 1,019 570 6 1,583 7,916 222 128.6% 45.1% 14.6% 2.8% 17.8x 0.20x 7.1x 0.20x 6.8xUnited Natural Foods, Inc. UNFI 75.34 89.8% 3,772 555 27 4,300 7,555 280 17.0% 15.8% 16.0% 3.7% 28.8x 0.57x 15.4x 0.49x 12.4x


FoodserviceColabor Group Inc. TSX:GCL $2.54 73.2% $70 $167 $0 $237 $1,233 $25 (9.0%) (1.5%) 2.1% 2.0% NM 0.19x 9.5x 0.20x 9.9xSysco Corporation SYY 38.40 92.6% 22,746 7,637 4,908 25,475 48,097 2,383 5.8% 5.4% 17.5% 5.0% 26.3x 0.53x 10.7x 0.50x 10.2xThe Chefs' Warehouse, Inc. CHEF 22.21 92.2% 556 144 3 696 837 40 24.2% 27.8% 24.6% 4.8% 37.9x 0.83x 17.2x 0.66x 10.3x


Quick Service RestaurantJack in the Box Inc. JACK 94.44 95.6% 3,595 559 9 4,145 1,503 274 1.1% 1.1% 26.4% 18.2% 39.8x 2.76x 15.1x 2.65x 14.2xMcDonald's Corp. MCD 94.96 91.5% 91,268 14,997 2,081 104,185 27,441 9,612 (2.4%) 0.5% 38.1% 35.0% 20.2x 3.80x 10.8x 4.08x 11.5xPopeyes Louisiana Kitchen, Inc. PLKI 58.51 88.0% 1,353 110 8 1,454 236 75 14.4% 15.3% 65.2% 31.7% 38.0x 6.17x 19.5x 5.40x 17.1xRestaurant Brands International Inc. QSR 39.33 86.0% 18,374 10,263 1,803 26,833 1,197 439 4.4% (20.0%) 72.8% 36.6% NM 22.41x 61.2x 6.49x 16.8xSonic Corp. SONC 31.81 93.0% 1,702 461 45 2,118 566 147 4.1% 1.2% 53.9% 26.0% 36.7x 3.74x 14.4x 3.50x NAThe Wendy's Company WEN 10.82 94.1% 3,978 1,448 267 5,159 2,061 360 (17.1%) (5.4%) 32.0% 17.5% 33.8x 2.50x 14.3x 2.82x 12.9xYum! Brands, Inc. YUM 76.50 91.5% 33,133 3,344 578 35,899 13,279 2,781 1.5% 1.7% 25.9% 20.9% 33.7x 2.70x 12.9x 2.54x 12.1x

Mean 0.9% (0.8%) 44.9% 26.6% 33.7x 6.30x 21.2x 3.93x 14.1xMedian 1.5% 1.1% 38.1% 26.0% 35.3x 3.74x 14.4x 3.50x 13.5x

Fast CasualChipotle Mexican Grill, Inc. CMG $660.77 90.8% 20,498 0 758 19,740 4,108 828 27.8% 21.9% 37.8% 20.2% 48.0x 4.81x 23.8x 4.09x 19.6xEl Pollo Loco Holdings, Inc. LOCO 23.46 56.3% 874 189 42 1,021 345 59 9.6% NA 25.9% 17.1% 21.2x 2.96x 17.3x 2.74x 15.5xFiesta Restaurant Group, Inc. FRGI 63.96 92.7% 1,673 69 5 1,737 611 82 17.3% 36.0% 25.4% 13.5% 47.9x 2.84x 21.1x 2.47x 17.1xThe Habit Restaurants, Inc. HABT 32.66 73.9% 294 2 49 247 175 17 17.3% 36.0% 21.3% 9.9% NM 1.41x 14.2x 1.12x 11.9xNoodles & Company NDLS 17.35 41.8% 518 28 2 543 404 45 17.3% 36.0% 20.0% 11.2% 47.2x 1.35x 12.0x 1.14x 10.2xPanera Bread Company PNRA 158.59 82.1% 4,254 100 196 4,158 2,529 401 17.3% 36.0% 34.1% 15.9% 24.7x 1.64x 10.4x 1.52x 10.3xPotbelly Corporation PBPB 12.42 62.1% 359 1 63 297 327 31 17.3% 36.0% 30.2% 9.4% NM 0.91x 9.7x 0.80x 8.5xZoe's Kitchen, Inc. ZOES 32.70 85.1% 630 24 29 624 172 6 47.6% NA 20.2% 3.4% NM 3.64x 107.3x 2.84x 35.4x


Differentiated CasualBJ's Restaurants, Inc. BJRI $51.11 92.2% $1,342 $58 $31 $1,370 $846 $95 9.1% 10.8% 17.9% 11.3% NM 1.62x 14.4x 1.47x 12.4xBuffalo Wild Wings Inc. BWLD 182.41 93.1% 3,454 0 113 3,341 1,516 238 19.7% 24.6% 24.4% 15.7% 38.3x 2.20x 14.0x 1.84x 11.7xChuy's Holdings, Inc. CHUY 20.98 48.3% 345 9 4 350 245 26 19.9% 23.4% 18.0% 10.7% 32.7x 1.43x 13.4x 1.21x 11.1xIgnite Restaurant Group, Inc. IRG 7.65 47.0% 200 163 18 345 837 26 17.3% 36.0% 29.7% 3.1% NM 0.41x 13.4x 0.68x 12.1xThe Cheesecake Factory Incorporated CAKE 47.32 85.8% 2,360 77 58 2,379 1,977 228 5.3% 4.0% 42.5% 11.5% 24.8x 1.20x 10.4x 1.12x 9.6x


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E



8

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Casual Dining RestaurantBloomin' Brands, Inc. BLMN 24.46 93.2% 3,092 1,316 166 4,242 4,443 438 7.6% 5.0% 16.5% 9.9% 35.1x 0.95x 9.7x 0.93x 8.8xBrinker International, Inc. EAT 57.97 91.4% 3,659 929 78 4,510 2,969 443 3.7% 2.2% 19.5% 14.9% 25.5x 1.52x 10.2x NA 9.4xDarden Restaurants, Inc. DRI 61.72 95.0% 7,656 1,554 158 9,053 6,423 643 29.9% (6.0%) 20.1% 10.0% NM 1.41x 14.1x 1.32x 11.1xDineEquity, Inc. DIN 104.56 91.5% 1,999 1,455 104 3,351 655 252 2.3% (15.2%) 57.3% 38.5% NM 5.12x 13.3x 4.87x 11.7xRed Robin Gourmet Burgers Inc. RRGB 78.16 91.7% 1,098 147 22 1,223 1,146 121 12.7% 7.8% 22.6% 10.5% 37.1x 1.07x 10.1x 0.95x 8.6xRuby Tuesday, Inc. RT 6.26 73.0% 388 252 48 592 1,147 80 (3.6%) (4.2%) 17.0% 7.0% NM 0.52x 7.4x 0.52x 10.0xTexas Roadhouse, Inc. TXRH 36.01 93.7% 2,515 51 86 2,480 1,582 190 11.2% 12.6% 32.8% 12.0% 30.0x 1.57x 13.0x 1.38x 11.1x


Fine DiningDel Frisco's Restaurant Group, Inc. DFRG 18.93 63.9% 444 0 4 440 302 42 11.0% 15.0% 24.2% 13.8% 27.7x 1.46x 10.6x 1.26x 8.8xRuth's Hospitality Group Inc. RUTH 15.09 94.4% 516 13 4 525 346 53 7.4% (2.0%) 25.0% 15.3% 20.4x 1.52x 9.9x 1.39x 9.4x


PizzaDomino's Pizza, Inc. DPZ 98.16 92.2% 5,461 1,524 31 6,954 1,994 380 10.6% 6.5% 29.8% 19.1% 35.5x 3.49x 18.3x 3.26x 16.3xPapa John's International Inc. PZZA 60.11 91.1% 2,391 230 20 2,601 1,598 158 11.1% 9.5% 32.7% 9.9% 35.3x 1.63x 16.5x 1.57x 14.9xPapa Murphy's Holdings, Inc. FRSH 13.35 92.4% 226 115 1 341 92 22 19.8% NA 55.1% 23.4% NM 3.71x 15.8x 3.37x 11.8x


Beverage / Snack RetailDunkin' Brands Group, Inc. DNKN $46.77 88.2% $4,564 $1,819 $210 $6,174 $749 $364 4.9% 6.0% 78.9% 48.6% 28.9x 8.25x 17.0x 7.78x 15.2xJamba, Inc. JMBA 13.71 81.2% 239 0 30 208 218 11 (4.9%) (1.3%) 35.1% 5.0% NM 0.95x 19.2x 1.20x 12.3xKrispy Kreme Doughnuts, Inc. KKD 20.35 91.2% 1,318 10 51 1,277 490 62 6.5% 6.7% 18.5% 12.7% 44.3x 2.60x 20.6x 2.30x 15.6xStarbucks Corporation SBUX 91.42 96.4% 68,547 2,085 1,953 68,678 17,011 3,709 11.1% 11.8% 30.4% 21.8% 28.5x 4.04x 18.5x 3.49x 15.1x


Family RestaurantBob Evans Farms, Inc. BOBE $45.82 76.2% $1,083 $448 $4 $1,528 $1,343 $110 0.5% (6.8%) 34.8% 8.2% NM 1.14x 13.8x 1.11x 10.2xCracker Barrel Old Country Store, Inc. CBRL $149.70 96.3% $3,581 $415 $183 $3,813 $2,775 $305 4.3% 4.0% 67.3% 11.0% 24.7x 1.37x 12.5x 1.32x 12.0xDenny's Corporation DENN 11.08 91.9% 939 159 3 1,095 472 81 2.1% (4.3%) 38.2% 17.1% 31.3x 2.32x 13.6x 2.28x 12.6xFrisch's Restaurants, Inc. FRS 28.20 91.3% 144 2 1 146 213 22 4.0% 12.6% 10.9% 10.1% 14.4x 0.68x 6.7x NA NALuby's, Inc. LUB 5.38 78.3% 154 48 2 200 395 15 1.2% 3.9% 30.9% 3.9% NM 0.51x 13.1x 0.50x NA


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E



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Harvest Hill Beverage, a portfolio company of Brynwood Partners, agreed to acquire American Beverage from Royal Wessanen for $55 million.

The transaction provides American Beverage with further production flexibility and access to the juice drink category via Harvest Hill’s Little Hug brand.

The deal is the first add-on acquisition Harvest Hill has completed under Brynwood’s ownership.

Enterprise Value: $55.0mnRevenue Multiple: 0.5xEBITDA Multiple: 6.0xAnnounced: 3/9/15

PUBLIC EQUITY MARKET OVERVIEW CONT.

10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

HARVEST HILL BEVERAGE ACQUIRES AMERICAN BEVERAGE

Highlighted Food and Beverage M&A Transactions

LEVY ACQUISITION CORP. TO ACQUIRE DEL TACO IN REVERSE TAKEOVER

MCCORMICK & COMPANY ACQUIRES BRAND AROMATICS AND DROGHERIA & ALIMENTARI SPA

Levy Acquisition Corp. will acquire Del Taco for $558 million in a two-step recapitalization and reverse merger transaction.

Del Taco will become a publicly-traded company after completion of the reverse takeover.

The transaction represents an exit for Charlesbank Capital Partners and Leonard Green & Partners.

Enterprise Value: $558.0mmRevenue Multiple: 1.4xEBITDA Multiple: 9.5xAnnounced: 3/12/15

M&A MARKET OVERVIEW

75

85

95

105

115

125

135

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15

Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500

McCormick & Company agreed to acquire Brand Aromatics and Drogheria & Alimentari for $63.0 million and $96.8 million, respectively, in two separate transactions.

The Drogheria & Alimentari deal provides McCormick with a strong position in both the branded and private label spices and seasonings market in Italy.

The Brand Aromatics acquisition will expand McCormick’s value-added product portfolio in its industrial business segment.

Enterprise Value: $63.0mm & $96.8mmRevenue Multiple: 2.3x & 1.7xEBITDA Multiple: 10.0x & 9.0xAnnounced: 3/9/15 & 2/20/15

13.9%

12.9%

10.6%

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9.1%

8.3%

PAGE |

M&A MARKET OVERVIEW CONT.

11

FOOD AND BEVERAGE


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 Buyer1/0/1900 0 Cargill, Incorporated

3/13/2015 Flatout, Inc. Lancaster Colony Corporation

3/12/2015 Del Taco Holdings, Inc. Levy Acquisit ion Corp.

3/11/2015 Vantage Seafood, LLC Keyport LLC

3/11/2015 Sager Creek Vegetable Company, Inc. Del Monte Foods, Inc.

3/11/2015 Adelie Foods Group Ltd H.I.G. Europe

3/9/2015 American Beverage Corporation Harvest Hill Beverage Company

3/9/2015 Brand Aromatics, Inc. McCormick & Company

3/9/2015 Mixum AB PicaDeli

3/9/2015 Farmhaus Produktions Hardy Remagen GmbH & Co. KG

3/9/2015 Hauser & Cie AG, Neumühle Töss The Kornspitz Company

9.9x

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2008 2009 2010 2011 2012 2013 2014

EV

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$67.2

$8.2

$24.0

$55.7

$120.7

0

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100

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200

250

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350

$0

$20

$40

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2008 2009 2010 2011 2012 2013 2014

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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Effective Date Borrower Name Description Tranche Amount Type Rating Spread

03/09/15 Ajinomoto Co Inc Food preparations JPY 29,600,000,000 Term Loan A-1+ N/A

03/09/15 Ajinomoto Co Inc Food preparations USD 378,484,000 Term Loan A-1+ N/A

02/13/15 Arctic Glacier Inc Ice cream and frozen desserts USD 35,000,000 Term Loan B N/A 500

03/03/15 Dachan Food (Asia) Ltd Food preparations USD 50,000,000 Term Loan N/A 155

02/27/15 Eatem Corp Food preparations USD 15,855,000 Term Loan A N/A 475

02/27/15 Eatem Corp Food preparations USD 7,000,000 Revolver/Line >= 1 Yr. N/A 475

02/27/15 Eatem Corp Food preparations USD 8,250,000 Term Loan A N/A 475

02/27/15 Gruppo Campari SpA Wines, brandy, and brandy spirits EUR 450,000,000 Revolver/Line >= 1 Yr. N/A N/A

03/02/15 JM Smucker Canned fruits and vegetables USD 3,750,000,000 Bridge Loan N/A 125

03/02/15 JM Smucker Canned fruits and vegetables USD 1,750,000,000 Delay Draw Term Loan N/A 125

03/13/15 Kirin Holdings Co Ltd Malt beverages USD 83,850,000 Term Loan N/A N/A

03/16/15 Kirin Holdings Co Ltd Malt beverages USD 50,000,000 Term Loan N/A N/A

02/16/15 Kozen-Honten Co Ltd Food preparations JPY 4,400,000,000 Revolver/Line >= 1 Yr. N/A N/A

02/27/15 MGPI Processing Inc Flour and other grain mill products USD 80,000,000 Revolver/Line >= 1 Yr. N/A 200

02/13/15 Nellson Nutraceutical Candy & other confectionery products USD 240,000,000 Term Loan B N/A 500

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AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


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

4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14

Loa

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Qu

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($ in

bill

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Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2008 2009 2010 2011 2012 2013 2014

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA - Capex/

Cash Interest

EB

ITD

A M

ult

iple

2010 2011 2012 2013 2014

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

3/13/2015 Flatout, Inc. North Cast le Partners, LLC Lancaster Colony Corporation $92.0 2.0x 9.2x - P N.A.

3/12/2015 Del Taco Holdings, Inc. Leonard Green & Partners Levy Acquisit ion Corp. $558.0 1.4x 9.5x - P N.A.

3/11/2015 Vantage Seafood, LLC - Keyport LLC - - - - N.A.

3/11/2015 Sager Creek Vegetable Company, Inc. Sankaty Advisors, LLC Del Monte Foods, Inc. $75.0 0.3x - - P N.A.

3/11/2015 Adelie Foods Group Ltd India Hospitality Corp. H.I.G. Europe - - - - P EU

3/9/2015 American Beverage Corporation Wessanen U.S.A., Inc. Harvest Hill Beverage Company $55.0 0.5x 6.0x - P N.A.

3/9/2015 Brand Aromatics, Inc. - McCormick & Company $63.0 2.3x 10.0x - N.A.

3/9/2015 Mixum AB - PicaDeli - - - - EU

3/9/2015 Farmhaus Produktions Stockheim Air Catering, Inc. Hardy Remagen GmbH & Co. KG - - - - EU

3/9/2015 Hauser & Cie AG, Neumühle Töss - The Kornspitz Company - - - - EU

3/7/2015 Romano's Macaroni Grill Ignite Restaurant Group, Inc. Redrock Partners, LLC $8.0 - - - N.A.

3/6/2015 Florigo Industry B.V. - TNA Australia Pty Limited - - - - Cross Border

3/6/2015 AN, s.coop - UNICA Group - - - - EU

3/5/2015 Conditorei Coppenrath & Wiese - Dr. August Oetker KG - - - - EU

3/5/2015 Starr Culinary Delights Inc. - Weston Foods (Canada) Inc. - - - - N.A.

3/5/2015 Perheleipurit Oy - Leipomo Salonen Oy - - - - EU

3/4/2015 Empire Kosher Poultry, Inc. Palisades Associates, Inc. The Hain Celest ial Group - - - - P N.A.

3/3/2015 South West Seeds Ltd. - Agrovista UK Limited - - - - EU

3/3/2015 Shot Spirits Corporation - My Big Coin Pay, Inc. - - - - N.A.

3/3/2015 The Lafragette & Legier Group Vintners Inc. Quintessential Brands S.A. - - - - EU

3/2/2015 Citrusource, LLC Orange County Citrus SunOpta Grains and Foods Inc. $13.3 0.4x - - N.A.

3/2/2015 Brandywine Ingredient and Glide LLC Del Campo Baking Co., Inc. Research Products Company, Inc. - - - - N.A.

2/28/2015 Industrias Alimentarias de Navarra, S.A.U Viscofan SA (CATS:VIS) Portobello Capital Gest ión $59.8 - - - P EU

2/28/2015 Ritual Wellness, Inc. - Project Juice LLC - - - - N.A.

2/27/2015 Mont Marçal Vinicola S.A. - Bardinet S.A. $9.9 1.3x - - EU

2/27/2015 United Dutch Breweries B.V. Egeria BV GIMV NV (ENXTBR:GIMB) - - - - P EU

2/26/2015 Tomalgae C.V.B.A - Benchmark Holdings plc (AIM:BMK) - - - - EU

2/26/2015 Palacios Alimentación, S.A.U Talde Gest ión, S.G.E.C.R. The Carlyle Group - - - - P Cross Border

2/24/2015 Tican A/S - Leverandørselskabet - - - - EU

2/23/2015 Twisters, Inc. - VKC Delights Inc. - - - - N.A.

2/23/2015 Larsen Danish Seafood Larsen Danish Seafood A/S P/f Christ ian I Grot inum - - - - EU

2/22/2015 Henson Foods Ltd. - Bidvest Fresh Limited - - - - EU

2/20/2015 Drogheria & Alimentari Spa Sviluppo Imprese Centro Italia McCormick & Company $96.5 1.7x 9.0x - P Cross Border

2/20/2015 Centrale del Latte di Firenze - Centrale del Latte di Torino & C. S.p.A. - - - - EU

2/19/2015 House of Raeford Farms House of Raeford Farms, Inc. Butterball, LLC - - - - N.A.

2/18/2015 BGR Holdings, LLC - Chanticleer Holdings, Inc. (NasdaqCM:HOTR) - - - - N.A.

2/17/2015 The Robin Hood Marston's plc (LSE:MARS) NewRiver Retail Limited (AIM:NRR) - - - - P EU

2/16/2015 Enjoy Life Foods, LLC - Mondelez International, Inc. - - - - N.A.

2/13/2015 Better Bakery, Manufacturing Assets - AdvancePierre Foods, Inc. - - - - N.A.

2/13/2015 Cotton Patch Cafe, Inc. - Altamont Capital Partners - - - - P N.A.

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

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Food Products, Processing, and Ingredients Retail and Restaurants

25

36

22

34 36

46 47

2533

49

3442

53 5248

3933

46 4752

70

89

58 5764

5

2

3

47

57

13

6

7

7

5

4 79

6

10

13 8

7

10

6

105

16

0

10

20

30

40

50

60

70

80

90

100

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

Q1

15

Nu

mb

er

of

Tra

nsa

ctio

ns

Strategic Acquirer Pr ivate Equity Acquirer

RECENT FOOD AND BEVERAGE M&A ACTIVITY

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

2/13/2015 Better Bakery, Manufacturing Assets - AdvancePierre Foods, Inc. - - - - N.A.

2/13/2015 Cotton Patch Cafe, Inc. - Altamont Capital Partners - - - - P N.A.

2/13/2015 Ashbury Chocolates Limited - N.V. Baronie Chocolates Belgium - - - - EU

2/12/2015 World's Finest Chocolate Inc., Manufact. World's Finest Chocolate Inc. Barry Callebaut AG (SWX:BARN) - - - - Cross Border

2/11/2015 U.S. Roasterie, Inc. - Ronnoco Coffee (Huron Capital) - - - - P N.A.

2/10/2015 Dulcette Technologies LLC Camlin Fine Sciences Viachem, LLC - - - - N.A.

2/10/2015 MRRM Inc. (TSXV:MRR) Trebuchet, Inc. Marbour SAS $10.6 0.2x 8.1x - Cross Border

2/10/2015 Lakeview Farms LLC. - Falcon Investment Advisors - - - - P N.A.

2/4/2015 Oilseed Works Inc. - Mettrum Health Corp. (TSXV:MT) $0.2 - - - N.A.

2/4/2015 Yellow Chips B.V. - Diamond Foods, Inc. - - - - Cross Border

2/4/2015 Orion Seafood International, Inc. - Chicken of the Sea Frozen Foods - - - - N.A.

2/3/2015 Hawthorne Plaza - CalPERS - - - - N.A.

2/3/2015 Big Heart Pet Brands KKR; Vestar; Centerview The J.M. Smucker Company $5,800.0 2.6x 9.8x - P N.A.

2/2/2015 11 Distribut ion Centers US Foods, Inc. Performance Food Group Company $850.0 0.2x - - N.A.

2/2/2015 funkin Limited - A.G.Barr p.l.c. (LSE:BAG) $31.5 2.3x - - EU

2/2/2015 Sweet Frog Enterprises, LLC - Boxwood Capital Partners - - - - N.A.

2/2/2015 Danube Foods Group B.V. Salford Capital Partners Inc. Mid Europa Partners LLP $651.6 - - - P EU

1/29/2015 Krave Pure Foods, Inc. Alliance Consumer Growth The Hershey Company (NYSE:HSY) - - - - N.A.

1/29/2015 Novy Family Wines and Siduri Wines, LLC - Jackson Family Wines, Inc. - - - - N.A.

1/26/2015 Muscle Maker Franchising, LLC - American Restaurant Holdings Inc. - - - - N.A.

1/25/2015 MOM Brands Company - Post Holdings, Inc. (NYSE:POST) $1,151.5 1.5x 6.8x - N.A.

1/23/2015 Ocean Gold Seafoods, Inc. - Pacific Sea Food Company, Inc. - - - - N.A.

1/20/2015 Salix LLC - United Pet Group, Inc. - - - - N.A.

1/20/2015 Road Runner Food Delivery - Delivered Dish - - - - N.A.

1/20/2015 Van Law Food Products, Inc. - Encore Consumer Capital - - - - P N.A.

1/20/2015 Landshire, Inc., Wholesale and Manufact. Landshire, Inc. AdvancePierre Foods, Inc. - - - - N.A.

1/19/2015 Manna Pro Products, LLC Advantage Capital Partners Broad Sky Partners - - - - N.A.

1/19/2015 Creative Occasions, Inc. - Maplehurst Bakeries, LLC. - - - - N.A.

1/16/2015 Schratter Foods, Inc. Bongrain SA (ENXTPA:BH) ECB-USA; Voss Enterprises, Inc. - - - - N.A.

1/14/2015 XS Energy LLC - Amway Corporation - - - - N.A.

1/13/2015 Mauna Loa Macadamia Nut Corporation The Hershey Company (NYSE:HSY) Hawaiin Host, Inc. - - - - N.A.

1/12/2015 Clover Mountain Foods, LLC Behrhorst & Crawford, Ltd. Lipari Foods, LLC $16.0 - - - N.A.

1/12/2015 J.L. Freeman S.E.C., Cheese Business J.L. Freeman S.E.C. Emmi International AG - - - - Cross Border

1/12/2015 Del Monte Capitol Meat Co. Inc. - The Chefs' Warehouse, Inc. $191.2 - - - N.A.

1/12/2015 B. Roberts Foods, LLC SCP Management, LLC Bakkavör Group Ltd - - - - P Cross Border

1/8/2015 Halpern’s Steak & Seafood Company - Gordon Food Service - - - - N.A.

1/7/2015 Saratoga Sweets, Ltd. - The Candy Co. of Saratoga Springs - - - - N.A.

1/5/2015 Sun Orchard, Inc. - Centre Partners Management LLC - - - - P N.A.

1/5/2015 Lucini Italia Company LLC Molinos USA, Corp. California Olive Ranch Inc - - - - N.A.

1/5/2015 Daystar Desserts LLC - Dianne's Fine Desserts Inc. - - - - P N.A.

1/5/2015 Sauce Pizza & Wine Fox Restaurant Concepts LLC PNC Mezzanine Capital - - - - P N.A.

1/5/2015 KB Wines, LLC Vincraft Group J.W. Childs Associates, L.P. - - - - P N.A.

12/26/2014 Roy's Restaurants Bloomin' Brands, Inc. United Ohana, LLC $20.0 - 4.0x - N.A.

12/25/2014 Distant Lands Trading Co. Centre Partners Management LLC ITO EN (North America) Inc. $83.2 0.1x - 15.0x P N.A.

12/24/2014 Country Pure Foods, Inc. Mistral Equity Partners Silver Springs Citrus Inc. $100.0 0.6x - - P N.A.

12/24/2014 Maxfield Candy Company - Mrs. Fields Confections - - - - N.A.

1/23/2014 Dori Foods - Good Source Solut ions - - - - P N.A.

12/22/2014 Blue Buddha Beverages LLC - Wholesome Tea Company, LLC - - - - N.A.

12/19/2014 Bumble Bee Seafoods - Thai Union Frozen Products PCL $1,510.0 1.5x 8.6x - Cross Border

12/18/2014 The Pantry, Inc. (NasdaqGS:PTRY) - Alimentation Couche-Tard (TSX:ATD.B) $1,744.1 0.2x 7.9x 15.8x N.A.

12/18/2014 Saputo Bakery Group, Inc. Saputo Inc. (TSX:SAP) Grupo Bimbo SAB de CV $103.4 0.8x 8.4x - N.A.

12/17/2014 Freedom Seed and Feed, LLC - IMD Companies, Inc. (OTCPK:ICBU) $1.9 - - - N.A.

12/17/2014 Matt ingly Foods of Louisville, LLC Matt ingly Foods, Inc. Creation Gardens, Inc. - - - - N.A.

12/15/2014 ADM's Global Cocoa Business Archer-Daniels-Midland (NYSE:ADM) Olam International Limited (SGX:O32) $1,300.0 - 7.6x - Cross Border

12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) - BC Partners, Apollo Global Mgmt. $8,706.5 1.2x 9.1x - P N.A.

12/4/2014 Laughing Man Coffee and Tea Brand Laughing Man Worldwide, LLC Keurig Green Mountain, Inc. - - - - N.A.

12/4/2014 Bread & Company - First Watch Restaurants, Inc. - - - - N.A.

12/3/2014 Varied Industries Corporation - Church & Dwight Co. Inc. (NYSE:CHD) - - - - N.A.

12/2/2014 734 Citrus Holdings, LLC 734 Agriculture, LLC Alico Inc. (NasdaqGS:ALCO) $72.0 - - - N.A.

12/2/2014 Talent i Gelato e Sorbetto - Unilever plc (LSE:ULVR) - - - - Cross Border

12/2/2014 Limestone Branch Dist illery, Inc. - Luxco, Inc. - - - - N.A.

12/2/2014 Legend Distribut ing, LLC - Lipman Produce, Inc. - - - - N.A.

12/1/2014 Orange-Co LP., Certain Assets and Liabilit ies Orange-Co, LP Alico Inc. (NasdaqGS:ALCO) $274.0 - - - N.A.

11/24/2014 Mult ibar, Inc. Bank of Montreal; Novacap Nellson Nutraceutical, LLC - - - - P N.A.

11/21/2014 Noosa Yoghurt, LLC - Advent International Corporation - - - - P N.A.

RECENT FOOD AND BEVERAGE M&A ACTIVITY CONT.

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5 cont.

PAGE |

March 2015

Date Company

3/18/2015 General Mills, Inc. (NYSE:GIS)

3/20/2015 Darden Restaurants, Inc. (NYSE:DRI)

3/24/2015 A.G.Barr p.l.c. (LSE:BAG)

3/24/2015 Sonic Corp. (NasdaqGS:SONC)

3/26/2015 ConAgra Foods, Inc. (NYSE:CAG)

3/26/2015 Cosi Inc. (NasdaqCM:COSI)

April 2015

Date Company

4/9/2015 Ruby Tuesday, Inc. (NYSE:RT)

4/15/2015 Hügli Holding AG (SWX:HUE)

4/16/2015 Diageo plc (LSE:DGE)

4/16/2015 Unilever NV (ENXTAM:UNA)

4/21/2015 Associated British Foods plc (LSE:ABF)

4/21/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG)

4/22/2015 McDonald's Corp. (NYSE:MCD)

4/22/2015 Tesco PLC (LSE:TSCO)

4/22/2015 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

4/23/2015 Domino's Pizza, Inc. (NYSE:DPZ)

4/23/2015 Starbucks Corporation (NasdaqGS:SBUX)

4/24/2015 Koninklijke Wessanen N.V. (ENXTAM:WES)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Gov ernment

Serv ices

Business Serv ices

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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FOOD AND BEVERAGE


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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


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