Securities offered through GVC Capital LLC, member FINRA & SIPC.

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STRATEGIC

ACQUISITIONS

07.14.14

09.26.14

07.17.14

Reignwood Group acquired All Market Inc. for $166

million.

Triumph Foods, LLC acquired Daily’s Foods, Inc. for $72.5 million.

The Hain Celestial Group, Inc. acquired operating subsidiary Hain Pure Protein Corporation for $40.0 million.

FINANCIAL

ACQUISITIONS08.31.14

Goode Partners LLC acquired La Colombe Torrefaction,

Inc. for $28.5 million

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

Food Retail

Food Products

Food Distributors

Beverages

Securities offered through GVC Capital LLC, member FINRA & SIPC.

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Date Target Value ($mm) Buyer Transaction Comments

7/4/2014 Apple & Eve, LLC 147.9 Lassonde Industries Inc.

Lassonde Industries Inc. (TSX:LAS.A) entered into a definitive agreement to acquire Apple & Eve, LLC

from US Juice Partners, LLC, ClearLight Partners LLC, Ares Capital Management LLC and others for

$150 million in cash on July 3, 2014

9/2/2014 Harry & David Holdings, Inc. 142.64 1-800-Flowers.com Inc

1-800-Flowers.com Inc. (NasdaqGS:FLWS) signed a definitive agreement to acquire Harry & David

Holdings, Inc. (OTCPK:HARR) from Wasserstein & Co., LP and other shareholders for approximately

$140 million in cash on August 30, 2014. The transaction includes Harry & David's brands and websites

as well as its headquarters, manufacturing and distribution facilities and orchards in Medford, Oregon,

a warehouse and distribution facility in Hebron, Ohio and 47 Harry & David retail stores.

9/11/2014Two Farms in Lousiana and

One Farm in Nebraska10.7 Farmland Partners Inc.

Farmland Partners Inc. (AMEX:FPI) entered into purchase agreements to acquire two farms in Louisiana

and one farm in Nebraska for $10.7 million in cash on September 11, 2014. The transaction is subject

to customary closing conditions and expected to close in 2014.

8/22/2014 Lucini Italia Company LLC 15.05 Molinos USA, CorpMolinos USA, Corp. acquired remaining 51% stake in Lucini Italia Company LLC for €11.4 million on

August 22, 2014.

7/11/2014 Crumbs Bake Shop, Inc 7.14Fischer Enterprises, LLC;

Marcus Lemonis, LLC

Fischer Enterprises, LLC and Marcus Lemonis LLC signed an asset purchase agreement to acquire

substantially all the assets of Crumbs Bake Shop, Inc. (OTCPK:CRMB) in a stalking horse bid. Marcus

Lemonis and Fischer Enterprises will provide financing to complete the bankruptcy process

9/17/2014 Hampton Creek Foods Inc. 50 Vy CapitalHampton Creek Foods Inc. announced that it will receive $50 million in funding on September 17, 2014.

The round will be raised at a post-money valuation of $300 million to $400 million.

9/8/2014 Annie's, Inc. 823.01 General Mills, Inc.

General Mills, Inc. (NYSE:GIS) entered into a definitive agreement to acquire Annie's, Inc. (NYSE:BNNY)

for approximately $820 million in cash on September 8, 2014. General Mills, Inc. will commence a cash

tender offer and acquire Annie's, Inc. for $46 per share.

Securities offered through GVC Capital LLC, member FINRA & SIPC.

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Market Cap Stock Price Price/ Price/ Price/ Price/

Company Symbol State ($ in Mil) Date Month Change YTD Change LTM EPS Book Rev EB ITDA

Anheuser-Busch InBev SA/NV ENXTBR:ABI N/A 138,092$ 85.9$ (2.47%) 11.23% 33.8x 3.6x 5.2x 13.5x

Coca-Cola Enterprises Inc. NYSE:CCE GA 10,747$ 43.8$ (1.33%) (0.82%) 18.7x 5.6x 1.8x 10.8x

Dean Foods Company NYSE:DF TX 1,222$ 13.0$ (1.66%) (24.20%) NM 1.8x 0.2x 8.7x

Farmer Brothers Co. NasdaqGS:FARM CA 453$ 28.3$ (2.25%) 21.67% 84.7x 3.9x 0.8x 13.2x

Natural Grocers by Vitamin Cottage, Inc. NYSE:NGVC CO 366$ 16.3$ 0.12% (61.60%) 29.0x 3.8x 0.8x 9.7x

Starbucks Corporation NasdaqGS:SBUX WA 56,047$ 74.6$ (1.13%) (4.82%) 31.4x 11.1x 3.5x 15.8x

Core-Mark Holding Company, Inc. NasdaqGS:CORE CA 1,193$ 51.7$ (2.55%) 36.15% 27.9x 2.7x 0.2x 12.2x

Rocky Mountain Chocolate Factory Inc. NasdaqGM:RMCF CO 77$ 12.4$ (1.12%) 6.80% 17.3x 3.6x 1.9x 11.1x

SpartanNash Company NasdaqGS:SPTN MI 725$ 19.2$ (1.13%) (20.80%) 12.3x 1.0x 0.2x 7.5x

The Cheesecake Factory Incorporated NasdaqGS:CAKE CA 2,149$ 45.0$ (1.15%) (6.83%) 25.1x 4.2x 1.2x 9.3x

Average 21,107$ 39.0$ (1.47%) (4.32%) 31.1x 4.1x 1.6x 11.2x

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

10/1/2013 11/1/2013 12/1/2013 1/1/2014 2/1/2014 3/1/2014 4/1/2014 5/1/2014 6/1/2014 7/1/2014 8/1/2014 9/1/2014 10/1/2014

Food & Beverage Industry S&P 500 Index

Securities offered through GVC Capital LLC, member FINRA & SIPC.

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Average Price/ Price/ Price/ Price/

Market Segment Market Cap Month YTD LTM LTM EPS Book Sales EB ITDA

Distributors 3,408$ (1.7%) (2.0%) (0.1%) 34.21x 2.78x 1.13x 17.88x

Retail 12,842$ (0.6%) (1.6%) 0.3% 24.14x 5.51x 0.85x 10.57x

Food Products 9,307$ (0.8%) 2.5% 6.0% 30.21x 3.44x 2.31x 20.56x

Beverage Products 20,698$ (0.9%) 5.3% 7.5% 32.17x 4.98x 2.39x 13.78x

Industry Average 10,418$ (0.8%) 2.6% 5.9% 31.28x 5.04x 2.00x 16.00x

S&P 500 Average 35,807$ (1.3%) 5.3% 10.8% 28 .06x 4.29x 3.11x 11.39x

Stock Price Delta

-5.00%

0.00%

5.00%

10.00%

15.00%

Distributors Retail Food Products Beverage Products S&P 500 Index

Securities offered through GVC Capital LLC, member FINRA & SIPC.

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State Undisclosed$ 0 - 5

Revenue

$5 - 10

Revenue

$10 - 25

Revenue

$25 - 50

Revenue

$50 - 100

Revenue

$100+

Revenue

AZ 240 25 22 21 9 0 7

CO 319 20 34 23 2 3 15

KS 215 6 25 22 9 5 6

ND 107 5 11 9 1 3 3

NE 198 7 21 11 1 5 7

NM 85 3 22 8 1 1 1

OK 174 5 24 23 4 4 5

SD 83 7 10 10 2 1 6

TX 1036 63 128 80 27 7 40

UT 161 8 26 18 5 5 5

WY 21 0 4 1 1 0 0

Securities offered through GVC Capital LLC, member FINRA & SIPC.

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The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered

all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

Source: CapIQ

Source: GF Data

Source: GF Data

Securities offered through GVC Capital LLC, member FINRA & SIPC.

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Buy Side

Running a proven process effective at generating

responses, identifying “off-the-radar” opportunities,

negotiating and closing accretive acquisitions.

Sell Side

Our process is designed to identify the “right” buyer and

maximize shareholder value for our clients.

Private Capital Placement

An effective and efficient process negotiating

favorable debt and equity with the right capital

partner for our clients.

Cody RothAnalyst – Food & Beverage Teamp: 720.221.9220e. croth@sdrventures.com

Travis ConwayDirector – Food & Beverage Teamp: 720.221.9220e. tconway@sdrventures.com

Address Website Phone5613 DTC Parkway, Suite 820 │ Greenwood Village, CO 80111 www.sdrventures.com 720.221.9220

AUGUST 2014