INSIDER - BGL · With the mission to provide better-tasting, hand-crafted, small batch meat, Man...

CONSUMER &RETAIL

INSIDER

B G L C O . C O M J U N E | 2 0 1 8

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M A C R O E N V I R O N M E N T

F O O D & B E V E R AG E

A B O U T U S

TA B L E O F C O N T E N T SJOHN R. TILSONMANAGING DIRECTOR & GROUP [email protected]

ALEXANDER N. TEETERDIRECTORHOME & FAMILY, [email protected]

DANIEL J. GOMEZDIRECTORFOOD & [email protected]

REBECCA A. DICKENSCHEIDTDIRECTOR OF [email protected]

CONSUMER CONFIDENCE STEADY

Preliminary June data revealed a reading of 99.3 in the Sentiment Index, up from 98.0 in May. A favorable outlook on consumer finances and employment contributed to the gain and was cited as a positive driver for future spending. Consumer confidence continues to remain at the high end of the 12-month average range. Growth in personal consumption expenditures is forecasted at 2.6 percent over the next year.

2 C O N S U M E R & R E T A I L | M A C R O E N V I R O N M E N T

SENTIMENT POSITIVE, STABLE

Unemployment

Consumer Confidence

Housing Starts

Source: The University of Michigan.

Source: U.S. Census Bureau. Source: U.S. Census Bureau.

98

50

60

70

80

90

100

110

Jan

-05

Nov

-06

Oct

-08

Sep-

10

Aug

-12

Jul-

14

Jun

-16

May

-18

3.8%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

Jan-

05

Nov

-06

Oct

-08

Sep-

10

Aug-

12

Jul-1

4

Jun-

16

May

-18

1,350

936

404

0

500

1,000

1,500

2,000

2,500

Jan

-05

Sep

-06

May

-08

Jan

-10

Sep

-11

May

-13

Jan

-15

Sep

-16

May

-18

(In

Th

ou

sand

s)

Total In Structures with 1 Unit In Structures with 5 Units or More

MONITOR

Consumer Sentiment

Unemployment

Housing Starts (SAAR in 000s)

Existing Home Sales (SAAR in 000s)

Mortgage Rate (30-year)

M a y - 1 8 M a y - 1 7

9 8 . 0 9 7 . 1

3 . 8 % 4 . 3 %

1 , 3 5 0 1 , 1 2 2

5 , 4 3 0 5 , 6 0 0

4 . 5 9 % 4 . 0 1 %

3

FOOD & BEVERAGE

Protein is seeing extra “bite” as the concept of “craft meats” takes hold.

Macro trends of population growth and rising disposable income have contributed to an increase in protein consumption. Increasing demand, coupled with healthy living trends and a craving for all things natural and organic, are refining tastes toward artisan meats. As quality and transparency gain increasing appeal among today’s discriminating consumers, changing food preferences are taking niche protein markets mainstream.

3 C O N S U M E R & R E T A I L | F O O D & B E V E R A G E

GRASSFED BEEF

Grassfed beef is satisfying increasingly discerning palates searching for superior flavor. Nutritional benefits are whetting a growing appetite, as grassfed beef is lower in fat and calories and is typically antibiotic- and hormone-free. Grassfed beef also addresses increasing consumer demand for sustainability and traceability, although some suppliers are repurposing feedlots using grass pellets as feed thus sidestepping these inherent benefits. While studies are ongoing, recent data has pointed to increased environmental benefits including a reduced carbon footprint, in addition to greater transparency, as sustainable sourcing and animal welfare grow in importance.

A 2017 Back to Grass study estimates the U.S. market for grassfed beef at $4.0 billion in retail and foodservice sales, accounting for about 4 percent of the total U.S. beef market. Grassfed beef is sold as labeled (grassfed marketing claim) and unlabeled (sold as conventional beef), representing $1.0 billion and $3.0 billion in sales, respectively.

PROTEIN SEES ”BITE” IN CRAFT MEATS

Through brand-building and consumer awareness; increased supply chain efficiencies (scale and infrastructure); quality consistency; and greater affordability (grassfed beef currently carries a 30 to 70 percent price premium over conventional beef at retail), grassfed beef could become a mainstream product, according to findings in the Back to Grass study. Livestock industry consultant Allen Williams cited annual growth rates of 25-30 percent in the grassfed beef market, reported Beef Magazine, which if sustainable, could propel retail market penetration to 30 percent by 2027.

Large protein companies also see the potential market opportunity, illustrated by acquisitions of grassfed producers, including JBS’ acquisition of Grass Run Farms and Perdue Farms’ purchase of Natural Food Holdings (and the Niman Ranch brand) in 2015.

Source: 2017 Center of the Plate: Beef & Pork Consumer Trend Report, Technomic.

% who are more likely to buy

71% 70% 69% 69% 68%

DomesticallyRaised

Steroid-Free Hormone-Free Natural Antibiotic-Free

I M P A C T O N P U R C H A S E“Our definition for Craft Meat is:

Meat produced by small-scale, independent farms with an

emphasis on unique flavors and

high ethical standards.”

Joe HeitzebergCrowd Cow

S o u r c e s : P i t c h B o o k , C o m p a n y F i l i n g s ; p u b l i c d a t a .

FOOD & BEVERAGE

4 C O N S U M E R & R E T A I L | F O O D & B E V E R A G E


FARM TO FORK

Growing taste for craft meats has spurred a new crop of direct-to-consumer platforms that deliver on quality, transparency, and convenience. In addition to superior taste, consumers know the independent ranches where protein is sourced and enjoy the ease of ordering online with product delivered directly from the farms to their doors.

Farmer Girl Meats, a vertically integrated meat brand, wants to unlock domestic grassfed beef supply by addressing the unique obstacles encountered when bringing meat to market. “The United States is an untapped reservoir of grassfed beef production and resources; only 25 percent of the grassfed beef sold domestically is raised here. There is opportunity to capture the U.S. supply potential, but it must be unlocked first,” offered founder Leslie Moore. The company has developed proprietary value chain software exclusively for niche domestic meats, with integrated supply chain and e-commerce functionality that helps domestic ranchers profitably scale. “Meat is a non-uniform, highly variable, perishable, cold-chain-reliant product.”

Crowd Cow has raised $10 million in venture funding to date, including $8.0 million in a Series A round led by Fuel Capital and Madrona Venture Group in May 2018. Crowd Cow has created a standalone supply chain for the beef industry focused on craft beef consisting entirely of small-scale, independent farms with high ethical standards, thus providing consumers access to a variety of flavors, breeds, cuts, and quality that is not available anywhere else — and for producers, an alternative to the commodity industrial feedlot system which provides feedback from consumers and higher earnings tied to the unique qualities of their particular breed, farm, and flavors. Co-founder Joe Heitzeberg told the New York Times, “We’re saying it’s like microbrews and wine. There are differences. We want you to understand the differences.” In June 2018, the company published the book, Craft Beef, to explore these trends.

CHARCUTERIE-STYLE MEATS

A centuries-old culinary art, charcuterie is seeing increased demand in today’s millennial “foodie” culture. “Artisanal dry-cured meats are a growing and thriving niche market poised to go mainstream,” reported Meat + Poultry, “fueled by the taste for locally made, natural, and artisan-crafted ingredients

and products.” Consumers have developed a taste for premium meat products, with dry-aged artisan meat seeing tremendous growth, according to Tim Fallon, former CEO of Columbus Manufacturing, in an interview with Meat + Poultry. “The entire salami category is one of the fastest-growing deli-meat categories with high single-digit growth year after year,” said Fallon. New products in the dry-aged meat segment continue to be developed, he indicated.

A CUT ABOVE

A mainstay in European marketplaces, butcheries are making a comeback in the United States as consumer preferences shift towards high quality, locally sourced, and free-from meats. Urban areas have seen a spike in craft butchers, said Dave Zino, executive chef of the National Cattlemen’s Beef Association, citing New York among the markets. Healthier organic, grassfed beef is a prime offering. “There’s a lot of interest cutting meat, fabricating it differently, new cuts. The renaissance of the butcher is coming back,” Zino told The National Provisioner. Brooklyn,

Queens, and Chelsea Market have all seen upscale butcher shops open in recent years.

“Butcher shops faded away with the large-scale supermarket chains offering low prices,” said Butcher Bar co-owner Matthew Katakis. “They’re making a comeback because people want to eat healthier and are more aware of what they’re putting into their bodies.”

CRAFT BURGERS

A staple of American cuisine, burgers are achieving new culinary heights as exotic meats, robust flavors, and bold toppings elevate the concept of the “craft burger”. According to The National Provisioner, the average consumer eats a burger 5.3 times in a month. Gourmet burgers were identified as a hot trend in the National Restaurant Association’s 2018 What’s Hot Culinary Forecast by 41 percent of nearly 1,300 chefs surveyed. The fast-food industry has even adopted craft versions of their products to spice up their menus, lending further support to the growing popularity of artisan burgers.

With the mission to provide better-tasting, hand-crafted, small batch meat, Man Cave Craft Meats has seen exponential growth since its founding in 2010. Man Cave got its start at the Minneapolis Farmers Market offering artisan burgers and brats and has broadened its protein range to include chicken, turkey, and pork. “’Craft is about products that feel new, fresh, and different, and can be easily distinguished from the competition,” said CEO Nick Beste, in an interview with Food Business News. Some unique flavors in its product lineup include Hickory Smoked Bacon Craft Beef Patties, Sundried Tomato & Basil Craft Chicken Patties, and Queso Fresco & Jalapeno Craft Turkey Patties. The company was renamed Mighty Spark Food in 2017 to reflect its expanded protein offering and now has product distribution in the meat aisle at more than 5,000 grocery stores across the country. Man Cave Craft Meats received angel funding from an undisclosed investor in 2015.

S o u r c e s : S & P C a p i t a l I Q , P i t c h B o o k , p u b l i c d a t a .

FOOD & BEVERAGE

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C O N S U M E R & R E T A I L | F O O D & B E V E R A G E

Hormel Foods’ acquisition of Columbus Manufacturing, maker of premium Columbus® Craft Meats, from Arbor Investments in November 2017

The $850 million transaction valued the business at a multiple of 13x-15x projected 2018 EBITDA, including synergies. Columbus supplies premium salami, deli, and Italian specialty meats. Columbus’ positioning as a “millennial focused brand” appeals to “…younger consumers looking for a quality experience or artisanal offering of their charcuterie plate,” the company said. Speaking to the merits of the acquisition, Hormel CEO Jim Snee told investors: ”There is a craft mentality in the production of these products. That’s what today’s consumer is looking for.” He added, “The products have a very premium look, very premium feel. That’s really why we think this is such a great acquisition.”

Columbus marks the largest acquisition in Hormel’s history, surpassing Applegate Farms, which was acquired for $775 million in 2015. Applegate established Hormel’s entry into the organic and natural category. Hormel was acquisitive in 2017, also picking up Fontanini Italian Meats and Sausages for $425 million, a provider of premium meat products sold into the foodservice channel, and Cidade do Sol for $104 million, a premium branded cold cuts and meats supplier, gaining entry into the Brazilian market.

Marubeni Corporation’s acquisition of Creekstone Farms from Sun Capital Partners in July 2017

The acquisition will add Black Angus Beef, antibiotic-free Duroc Pork, and other value-added products to Marubeni’s offering and includes subsidiary, Rangers Valley, a cattle feeding and beef distribution operation in Australia. Creekstone Farms serves grocers and restaurants in the United States and exports to Europe, Latin America, and Asia. With the acquisition, Marubeni “…will secure its production base in the two largest beef-producing countries and establishes its organization to meet the globally-growing need for high quality beef,” the company said. “Through this acquisition, Marubeni aims to become a truly global company which contributes to a steady supply of safe, delicious beef while contributing to the society and local economy.” Sun Capital Partners acquired Creekstone Farms in 2005, and during its ownership, expanded the company’s all-natural product offering from less than 5 percent of production to about 22 percent.

Verde Farms’ acquisition of Estancia Beef in May 2017

Estancia Beef supplies hormone- and antibiotic-free grassfed beef from sustainable farms in Uruguay. Verde Farms CEO Dana Ehrlich, commented on the acquisition: “Verde Farms and Estancia Beef have collaborated over the years as mission-driven companies with aligned values on sustainability and humane raising principles. As consumer demand for grassfed beef continues to explode, this acquisition allows us to satisfy that demand with 100% grassfed beef that meets our values and high standards.”

Blue Apron’s (NYSE: APRN) acquisition of BN Ranch in March 2017, a U.S. provider of sustainable, responsibly raised meat

BN Ranch Founder Bill Niman joins Blue Apron as President. “Bill is globally recognized as a pioneer in the sustainable meat industry, and we share the same philosophy that high animal welfare and food quality go hand-in-hand,” said Matt Wadiak, co-founder and COO of Blue Apron. ”By acquiring BN Ranch, and bringing Bill onto our team, we are furthering our vision to build a better food system by making high-quality, responsibly raised meat accessible to home chefs across the country.”

With the acquisition, Blue Apron secures product sourcing and vertically integrates its supply chain. The move will expand Blue Apron’s production network by adding ranches and additional protein sources, including pork and poultry, according to Business Insider. Blue Apron previously sourced meat from dozens of U.S. farms. “We can pay farmers more, while paying less for meat,” said Wadiak. “By vertically integrating, we’re going to be more lean, and that’s better for everyone.” Niman commented on the partnership, saying: “It was challenging to scale, because we were a small ranch. Now that we’re scaling, we’re going to be able to bring down the costs of production and distribution.” Greater affordability will bring sustainable meat to more consumers. ”This is really going to change the way people eat,” Niman said.

High Street Capital’s (HSC) acquisition of Open Range Beef (ORB) in March 2017

ORB is a supplier of certified organic, grassfed, and antibiotic-free beef. Commenting on the investment, HSC Principal Andrew Simmons said: “Under the ownership of Jill Noetzelman, Pat Shudak, and Tim Donmoyer, Open Range Beef developed an outstanding record for producing Certified Organic beef. High Street Capital is excited to partner with Open Range Beef to continue this tradition and to expand production so that the Company can continue to serve the growing niches of Certified Organic and grassfed beef.”

THE CRAFT MEATS CONCEPT HAS ATTRACTED INVESTOR INTEREST IN LINE WITH FAVORABLE DEMAND TRENDS.

S o u r c e s : S & P C a p i t a l I Q , P i t c h B o o k , p u b l i c d a t a .

M&

A T

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NS

AC

TIO

NS

R AT I O N A L EDAT E TA R G E T B U Y E R D E A L S TAT S

Enterprise Value (EV): $340M

Enterprise Value (EV): $1.27BEV/Revenue: .60xEV/EBITDA: 15.6x

6 C O N S U M E R & R E T A I L | F O O D & B E V E R A G E | I N D U S T R Y M E T R I C S

S o u r c e s : S & P C a p i t a l I Q , P i t c h B o o k , E q u i t y R e s e a r c h , p u b l i c d a t a .

R AT I O N A L EDAT E TA R G E T B U Y E R

SELECT RECENT PROTEIN M&A ACTIVITY

Enterprise Value (EV): $850MEV/Revenue: 2.83xEV/EBITDA: 13.0-15.0x (2018E)

N o v - 1 7Acquisition enhances position in premium, authentic deli meats with the addition of a premium salami and charcuterie offering, positioning Hormel as a total deli solutions provider.

J a n - 1 8Enterprise Value (EV): $120MEV/Revenue: 3.16x

Producer of premium grain-based ’meat’ and vegan cheese products expands portfolio in the North American market for alternative proteins. Products include grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers, and vegan cheese slices and entrees.

N o v - 1 7

Platform acquisition of beef processor serving the Certified Organic, grassfed, antibiotic-free, toll processing, and other niche markets. High Street stated plans to expand production to serve the growing niches of Certified Organic and grassfed beef.

M a y - 1 8Acquisition solidifies North American platform in growing meat snacks product category. Oberto produces beef jerky and other protein-based snack foods under the brands Oberto, Pacific Gold, Pacific Gold Reserve, Lowrey’s, and Cattleman’s Cut.

A p r - 1 8Acquisition establishes entry into the natural and organic space, adding branded breakfast meats, deli meats, hams, hot dogs, snacking, and specialty meats. Products are sold to specialty retailers such as Trader Joe’s, Whole Foods Market, and Sprouts Farmers Markets.

D e c - 1 7Minority equity stake in maker of plant-based proteins. Capital will be used to expand the company’s production and distribution footprint.

J u l - 1 7 Acquisition gains entry into the production and sales of beef in the United States.

Enterprise Value (EV): $170MEV/Revenue: .31x

A u g - 1 7C a p i t o l W h o l e s a l e M e a t s Acquisition of premium meat products brand will accelerate growth

in foodservice division. Products include authentic Italian meats and sausages, as well as pizza toppings, meatballs, and other premium meat products.


N o v - 1 7

Acquisition expands Tyson’s offering in its Prepared Foods Business. The maker of raw and fully-cooked Philly-style sandwich steak and cheesesteak appetizer products supplies foodservice, retail, and convenience store channels.

A p r - 1 8 Growth capital investment in maker of rapidly growing plant-based burgers.

J a n - 1 8 Minority equity stake in cell-cultured meat startup. Investors also include DFJ, Atomico, Cargill, Bill Gates and Richard Branson.

J u n - 1 8Acquisition of controlling interest (51 percent equity stake), creating the second largest global beef producer based on company estimates. National Beef is ranked as the fourth-largest beef processor in the United States.

J u n - 1 7Acquisition establishes growth platform in protein with stated plans to pursue strategic acquisitions to expand product offering. Stampede processes portioned, marinated, and cooked beef, chicken, and other protein products for restaurants, retail, home delivery, and other channels.

A u g - 1 7Acquisition of Baltimore-based specialty protein manufacturer and distributor will add processing capacity to grow protein in the Northeast region.

Enterprise Value (EV): $45MA u g - 1 7

A u g - 1 7Acquisition broadens product mix and expands offerings in high-growth natural category. Whole Foods Market exclusive brand of fresh and smoked natural meat products including bacon, hams, and sausage.


Enterprise Value (EV): $2.3BEV/Revenue: .32xEV/EBITDA: 4.40x

J u n - 1 8Acquisition in fast growing organic chicken category. Products include air-chilled, fresh chicken, deli-style chicken, and chicken sausages marketed under the Smart Chicken® brand.

INDUSTRY METRICS

7 C O N S U M E R & R E T A I L | F O O D & B E V E R A G E | I N D U S T R Y M E T R I C S

PUBLIC COMPANY OPERATING METRICS

NOTE: Figures in bold and italic type were excluded from median and mean calculation.(1) As of 6/25/2018.(2) Market Capitalization is the aggregate value of a �rm's outstanding common stock.(3) Enterprise Value is the total value of a �rm (including all debt and equity).Source: S&P Capital IQ.

($ in millions, except per share data) Current % of Market Enterprise Total Debt/ TTMCompany Name Country Ticker Stock Price (1) 52W High Capitalization (2) Value (3) Revenue EBITDA EBITDA Revenue Gross EBITDA

PROTEIN PROCESSING

Tyson Foods, Inc. US NYSE:TSN $69.83 82.5% $25,670 $35,490 0.9x 8.7x 2.5x $39,997 13.1% 10.1%

Hormel Foods Corporation US NYSE:HRL 36.64 96.4% 19,438 19,990 2.1x 14.4x 0.6x 9,362 21.0% 14.1%

Conagra Brands, Inc. US NYSE:CAG 38.94 98.8% 15,324 18,942 2.4x 12.6x 2.6x 7,834 29.7% 17.8%

JBS S.A. BR BOVESPA:JBSS3 2.51 88.3% 6,795 19,361 0.4x 6.1x 4.7x 50,028 14.8% 7.2%

Pilgrim's Pride Corporation US NasdaqGS:PPC 19.82 51.6% 4,935 7,187 0.6x 5.1x 2.0x 11,035 13.5% 12.7%

Seaboard Corporation US AMEX:SEB 4,069.79 86.8% 4,764 4,158 0.7x 11.2x 1.9x 5,989 9.7% 6.4%

Premium Brands Holdings Corporation CA TSX:PBH 86.44 93.7% 2,842 3,381 2.0x 24.1x 3.9x 1,787 18.9% 8.1%

Cal-Maine Foods, Inc. US NasdaqGS:CALM 51.00 98.7% 2,480 2,206 1.7x 20.0x 0.1x 1,334 17.4% 8.2%

Sanderson Farms, Inc. US NasdaqGS:SAFM 101.32 57.4% 2,314 1,987 0.6x 4.2x 0.0x 3,437 17.2% 13.6%

Median $51.00 88.3% $4,935 $7,187 0.9x 11.2x 2.0x $7,834 17.2% 10.1%

Mean $497.36 83.8% $9,396 $12,522 1.3x 11.8x 2.0x $14,534 17.3% 10.9%

TTM MarginsEnterprise Value / TTM

GLOBAL CONSUMER PRODUCTS & RETAIL

8 C O N S U M E R & R E T A I L | A B O U T U S

FOCUS AREAS

• Furniture & Home Décor

• Decorative Lighting

• Kitchen & Bath

• Outdoor

• Youth / Juvenile

• Fitness & Functional

• Distribution & Logistics

• Basics

• Branded & Private Label

• Distribution & Logistics

• Processing

• Specialty Products

WHO WE ARE

• Outdoor

• Recreation

• Pet

• Enthusiast Brands

• Independent investment banking advisory firm focused on the middle market since 1989

• Senior bankers with significant experience and tenure; partners average over 20 years of experience

• Offices in Chicago, Cleveland, and Philadelphia

• Founding member and U.S. partner of Global M&A Partners, Ltd., the world’s leading partnership of investment banking firms focusing on middle market transactions

• Deep industry experience across core sectors of focus, including: Business Services, Consumer, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate

Sell-Side Advisory

Acquisitions & Divestitures

Public & Private Mergers

Special Committee Advice

Strategic Partnerships & Joint Ventures

Fairness Opinions & Fair Value Opinions

All Tranches of

Debt & Equity Capital for:

Growth

Acquisitions

Recapitalizations

Dividends

General Financial & Strategic Advice

Balance Sheet

Restructurings

Sales of Non-Core Assets or Businesses

§363 Auctions

ENTHUSIAST BRANDS APPAREL FOOD & BEVERAGEHOME & FAMILY

The information contained in this publication was derived from proprietary research conducted by a division or owned or affiliated entity of Brown Gibbons Lang & Company LLC. Any projections, estimates or other forward-looking statements contained in this publication involve numerous and significant subjective assumptions and are subject to risks, contingencies, and uncertainties that are outside of our control, which could and likely will cause actual results to differ materially. We do not expect to, and assume no obligation to update or otherwise revise this publication or any information contained herein. Neither Brown Gibbons Lang & Company LLC, nor any of its officers, directors, employees, affiliates, agents or representatives makes any representation or warranty, expressed or implied, as to the accuracy, completeness or fitness of any information contained in this publication, and no legal liability is assumed or is to be implied against any of the aforementioned with respect thereto. This publication does not constitute the giving of investment advice, nor a part of any advice on investment decisions and nothing in this publication is intended to be a recommendation of a specific security or company, nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Brown Gibbons Lang & Company LLC, its affiliates and their officers, directors, employees or affiliates, or members of their families, may have a beneficial interest in the securities of a specific company mentioned in this publication and may purchase or sell such securities in the open market or otherwise. Nothing contained in this publication constitutes an offer to buy or sell or the solicitation of an offer to buy or sell any security.

LEADING INDEPENDENT FIRM COMPREHENSIVE CAPABILITIES

M&A ADVISORY PRIVATE PLACEMENTS

FINANCIAL ADVISORY

For questions about content and circulation, please contact editor, Rebecca Dickenscheidt, at [email protected] or 312-513-7476.

Primary Research

Industry Benchmarking

Operating Advisor Network

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RESEARCH

E C O M M E R C E / D 2 C F O C U S

GLOBAL CONSUMER PRODUCTS & RETAIL

9 C O N S U M E R & R E T A I L | A B O U T U S

DEDICATED LEADERSHIP

CONTACTS

J O H N T I L S O NManaging DirectorGroup Head

• Leads BGL’s Consumer Products & Retail practice

• Over 25 years of investment banking and corporate finance experience

• Former Managing Director at Banc One Capital Markets (JP Morgan Chase)

• Former Managing Director at First Chicago Capital Markets, founding the Detroit office for the firm in 1996

• Serves on the National Board of Directors for the Gift of Adoption Fund

• B.S., University of Illinois

• M.B.A., Northwestern University Kellogg School of Management

• Eagle Scout

PROFESSIONAL EXPERIENCE EDUCATIONEDUCATION

A L E X T E E T E RDirectorHome & Family, Apparel

• Over 15 years of M&A and corporate finance experience

• Former senior banker within the Consumer and Retail Group at KeyBanc Capital Markets

• M&A and corporate finance attorney for Wilmer Cutler Pickering Hale and Dorr LLP and Calfee, Halter & Griswold LLP

PROFESSIONAL EXPERIENCE

• B.A., Colgate University

• J.D., Boston College Law School

EDUCATIONEDUCATION

DA N G O M E ZDirectorFood & Beverage

EDUCATIONEDUCATION


• Investment banking positions at Piper Jaffray and Deutsche Bank Securities

• Former Lieutenant Commander in the United States Navy as a designated Naval Aviator


• B.S., United States Naval Academy

• M.B.A., Northwestern University Kellogg School of Management

One Magnif icent Mile 980 N. Michigan Avenue Suite 1880 Chicago, IL 60611p. 312.658.1600

One Cleveland Center1375 East 9th StreetSuite 2500 Cleveland, OH 44114p. 216.241.2800

C H I C A G O C L E V E L A N D

One Liberty Place 1650 Market StreetSuite 3600 Philadelphia , PA 19103p. 610.941.2765

P H I L A D E L P H I A

EDUCATIONEDUCATIONB O B K E N TManaging DirectorFinancial Sponsor Coverage


• Former Managing Director in the Financial Sponsors Group at Stifel Investment Banking

• Investment banking positions at Banc of America Securities in San Francisco and Charlotte and at Brown Brothers Harriman in New York


• A.B., Princeton University

• Diploma in Accounting and Finance from the London School of Economics

• M.B.A., Darden School of Business at the University of Virginia

• Chartered Financial Analyst

GLOBAL CONSUMER & RETAIL

1 0 C O N S U M E R & R E T A I L | A B O U T U S

REPRESENTATIVE TRANSACTIONS

acquired by

E-CommercePet Pharmacy

Pending Sale

acquired by

acquired by

and

C S WPrivate Equity Investments

acquired by

acquired the Wisconsinwhey processing operations of

a wholly owned subsidiary of

recapitalized by

acquired by

acquired by

a portfolio company of

Cross River, LLC

Shanghai Shenda Co. Ltd.


a subsidiary of

acquired by

acquired by


of

composed of

The Housewaresand Wine Divisions

acquired by


of

composed of

E-CommerceBranded Specialty

Footwear

Pending Sale

E-CommerceBranded

AutomotiveRepair Tools

Pending Sale

E-CommerceBrandedBeauty

Products

Pending Sale

acquired by

acquired by


E-CommerceFarm and Fitness

Equipment

Pending Sale

ProteinProcessingCompany

Pending Sale

Branded BeverageCompany

Pending Sale

FoodLogisticsCompany

Pending Sale

Diffuser andAromatherapy

Products

Pending Sale


acquired by

E-CommerceBranded

NutritionalSupplements

Pending Sale

CONTACTS

One Magnif icent Mile 980 N. Michigan Avenue Suite 1880 Chicago, IL 60611p. 312.658.1600

One Cleveland Center1375 East 9th StreetSuite 2500 Cleveland, OH 44114p. 216.241.2800

C H I C A G O C L E V E L A N D

One Liberty Place 1650 Market StreetSuite 3600 Philadelphia , PA 19103p. 610.941.2765

P H I L A D E L P H I A

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