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https://www.fda.gov/AnimalVeterinary/SafetyHealth/RecallsWithdrawals/default.htm

https://www.prnewswire.com/news-releases/americans-spent-695-billion-on-their-pets-last-year-more-than-ever-before-300618209.html


https://www.pehub.com/2018/04/l-catterton-sell-ainsworth-smucker-1-9-bln/

https://www.prnewswire.com/news-releases/rachael-ray-nutrish-named-fastest-growing-us-pet-food-brand-by-euromonitor-international-limited-300445437.html

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

3/29/2018 Phoebe Products, LLC BrightPet Nutrition Group, LLC; Graham Partners Pet Treats - - -

3/15/2018 General Pet Supply, Inc. Central Garden & Pet Co. Pet Care Services - - -

3/13/2018 GAMMA2, Inc. Doskocil Manufacturing Company, Inc. (Petmate);

Olympus Advisors LLC

Hard Goods - - -

2/26/2018 Spectrum Brands Holdings, Inc. HRG Group, Inc. Hard Goods 4,761.70 1.1x 6.4x

2/23/2018 Blue Buffalo Pet Products, Inc. General Mills, Inc. Pet Food 7,935.09 6.2x 25.3x

2/22/2018 Gympie & District Veterinary Services Pty Ltd.Apiam Animal Health Ltd. Veterinary Services 3.84 1.0x -

2/21/2018 Passionate Vetcare Pty Ltd. Apiam Animal Health Ltd. Veterinary Services 0.59 - -

1/30/2018 PIQ LLC Petco Animal Supplies, Inc; CVC Capital Partners Pet Care Services - - -

1/16/2018 Coreen Avenue Veterinary Clinic Pty Ltd. Greencross Ltd. Veterinary Services 4.07 - -

1/11/2018 Genoscoper Laboratories Oy Mars, Inc. Pet Care Services - - -

1/8/2018 Community Veterinary Clinics LLC / VIP Pet CarePetIQ, Inc. Veterinary Services 219.75 - -

3

Strategic88%

Financial12%6

1

7

2

-

1

5

3

- -

1

2

3

4

5

6

7

8

Pet Food Pet Treats Retailers Hard Goods Co-Packers AnimalHealth

VeterinaryServices

Pet CareServices

Pet Tech


Strategic Buyer Inv. Date Select Corporate Acquisitions

Bentley's Pet Stuff LLC 2/8/2018 ▪ Muttz Pet Goods and Gifts

2/2/2018 ▪ Green Pawz Pet Supply

1/29/2018 ▪ Pooch N Paws

1/17/2018 ▪ Pet Mania

12/1/2017 ▪ Natural Pet Market

7/12/2017 ▪ Pet Empawrium

7/12/2017 ▪ Pet Things

9/29/2016 ▪ Moochie & Co., Inc.

9/29/2016 ▪ Pet Food Zoom, Inc.

7/14/2016 ▪ Go Dog Go, Inc.

Central Garden & Pet Co. 3/15/2018 ▪ General Pet Supply, Inc.

5/1/2017 ▪ K&H Manufacturing LLC

10/24/2016 ▪ Segrest, Inc.

11/19/2015 ▪ National Consumer Outdoors Corporation

8/5/2015 ▪ IMS Pet Industries, Inc.

Mars, Incorporated 1/11/2018 ▪ Genoscoper Laboratories Oy

1/9/2017 ▪ VCA, Inc.

3/31/2016 ▪ Whistle Labs, Inc.

10/9/2015 ▪ BluePearl Veterinary Partners LLC

1/29/2015 ▪ Snaptracs, Inc.

Petco Animal Supplies, Inc. 1/30/2018 ▪ PIQ LLC

11/15/2017 ▪ PupBox, Inc.

4/4/2017 ▪ PetCoach, Inc.

8/12/2016 ▪ Petnet, Inc.

Apiam Animal Health Ltd. 2/22/2018 ▪ Gympie & District Veterinary Services Pty Ltd.

2/21/2018 ▪ Passionate Vetcare Pty Ltd.

10/16/2017 ▪ Terang & Mortlake Veterinary Clinic

Financial Buyer Inv. Date Select Corporate Acquisitions

Opus Equity Partners LLC; McLarty Capital 11/13/2017 ▪ Animal Health Clinic of Baton Rouge LLC

(Destination Pet LLC) 11/13/2017 ▪ The Petz Plaza LLC

10/26/2017 ▪ Shadow Ventures LLC

10/18/2017 ▪ Pet Health Center LLC

10/16/2017 ▪ Dog Days Westside LLC

10/5/2017 ▪ All Star Kennels LLC

10/4/2017 ▪ Snoutopia Lewisville LLC

5/30/2017 ▪ Destination Pet LLC

▪The Halifax Group LLC 1/4/2018 ▪ Bark to Basics

(Animal Supply Co. LLC) 4/18/2017 ▪ LADS Pet Supplies

12/19/2016 ▪ Holistic Pet Source, Inc

3/30/2015 ▪ Wilson Pet Supply

7/15/2013 ▪ Pet Food Wholesale, Inc.

L Catterton 6/15/2017 ▪ Triple-T Foods, Inc. (Add-on to Ainsworth Platform)

4/25/2017 ▪ JustFoodForDogs, LLC

4/4/2017 ▪ NatPets LLC (dba I and love and you)

9/30/2014 ▪ Ainsworth Pet Nutrition, Inc.

Olympus Advisors LLC 3/13/2018 ▪ GAMMA2, Inc.

(Petmate) 5/22/2017 ▪ Doskocil Manufacturing Co., Inc. (dba Petmate)

KKR & Co. L.P. (NYSE:KKR) 12/27/2017 ▪ PetVet Care Centers LLC

2/28/2017 ▪ Gambol Pet Group Co. Ltd.


Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Nestlé SA NESN-CH 245,762$ 78.97$ -9.8% -9.8% 88.0% 2.6% 20.5% 2.8x 13.9x 33.5x 2.7x 13.6x

Colgate-Palmolive Co. CL-US 62,607 71.68 -5.0% -5.0% 92.0% 5.7% 29.0% 4.4x 15.5x 31.4x 4.2x 14.8x

The J. M. Smucker Co. SJM-US 14,086 124.01 -0.2% -0.2% 92.5% 1.8% 24.0% 2.6x 11.3x 11.2x 2.5x 11.0x

Spectrum Brands Holdings, Inc. SPB-US 6,002 103.70 -7.7% -7.7% 71.0% (36.2%) 14.2% 2.2x 13.3x 15.5x 3.1x 14.3x

Blue Buffalo Pet Products, Inc. BUFF-US 7,773 39.81 21.4% 21.4% 99.2% 12.1% 23.6% 6.2x 25.2x 41.0x 5.6x 22.1x

Central Garden & Pet Co. CENT-US 2,031 43.00 10.5% 10.5% 99.4% 2.7% 7.6% 1.3x 12.8x 23.0x 1.2x 12.0x

Freshpet Inc. FRPT-US 578 16.45 -13.2% -13.2% 78.9% 25.2% 11.9% 3.7x 59.4x NM 2.9x 25.4x

Segment Average 2.0% 18.7% 3.3x 21.6x 25.9x 3.2x 16.2x

Segment Median 2.7% 20.5% 2.8x 13.9x 27.2x 2.9x 14.3x

Market Stats Operating Stats LTM Multiples NTM Multiples

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Pet Food & Treats Retailers Hard Goods Animal Health S&P 500


($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Tractor Supply Co. TSCO-US 7,807$ 63.02$ -15.7% -15.7% 76.2% 8.3% 11.6% 1.1x 9.6x 19.1x 1.1x 9.6x

PetMed Express, Inc. PETS-US 860 41.75 -8.2% -8.2% 72.2% 10.6% 20.0% 2.9x 15.0x 24.6x 2.6x 13.0x

Segment Average 9.4x 15.8x 2.0x 12.3x 21.8x 1.8x 11.3x

Segment Median 9.4x 15.8x 2.0x 12.3x 21.8x 1.8x 11.3x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Merck & Co., Inc. MRK-US 146,672$ 54.47$ -3.2% -3.2% 82.0% 4.7% 31.6% 4.1x 12.9x 62.6x 4.0x 10.7x

Sanofi SAN-FR 100,756 80.35 -9.1% -9.1% 78.7% 1.9% 28.4% 2.5x 9.5x 23.6x 2.5x 7.9x

Eli Lilly & Co. LLY-US 84,542 77.37 -8.4% -8.4% 86.8% 2.7% 27.5% 3.9x 13.9x NM 3.7x 12.0x

Zoetis, Inc. ZTS-US 40,693 83.51 15.9% 15.9% 97.4% 9.4% 39.2% 8.3x 22.2x 47.7x 7.7x 19.4x

IDEXX Laboratories, Inc. IDXX-US 16,674 191.39 22.4% 22.4% 92.4% 15.6% 23.8% 8.9x 35.3x 65.1x 7.9x 29.7x

Henry Schein, Inc. HSIC-US 10,330 67.21 -3.8% -3.8% 71.9% 8.1% 8.8% 1.0x 12.0x 25.1x 1.0x 11.4x

Neogen Corp. NEOG-US 3,451 66.99 8.7% 8.7% 98.8% 10.7% 21.2% 8.3x 37.9x 59.8x 7.6x 33.8x

Akorn, Inc. AKRX-US 2,344 18.71 -41.9% -41.9% 55.0% (9.1%) (7.0%) 3.3x 15.1x NM 3.6x 17.6x

Trupanion, Inc. TRUP-US 901 29.89 2.1% 2.1% 80.5% 27.3% (0.2%) 3.5x 51.3x NM 2.7x 102.5x

Phibro Animal Health Corp. PAHC-US 778 39.70 18.5% 18.5% 96.7% 6.3% 15.8% 2.4x 15.4x 25.8x 2.2x 13.9x

Heska Corp. HSKA-US 587 79.07 -1.4% -1.4% 68.8% 10.9% 22.7% 4.5x 25.4x 60.8x 4.2x 22.8x

PetIQ, Inc. PETQ 409 26.60 21.8% NM 94.2% 85.2% 1.8% 1.6x 25.6x NM 0.7x 8.1x

Aratana Therapeutics, Inc. PETX-US 202 4.41 -16.2% -16.2% 57.5% 62.3% (68.5%) 6.7x NM NM 3.6x NM

RiceBran Technologies RIBT-US 29 1.57 6.3% 6.3% 94.8% 18.3% (51.1%) 1.6x NM NM 0.8x NM

Sonoma Pharmaceuticals, Inc. SNOA-US 17 3.68 -32.5% -32.5% 47.5% 13.4% (63.5%) 0.5x NM NM 0.4x NM

Jaguar Health, Inc. JAGX-US 17 0.20 39.4% 39.4% 15.0% NM NM 14.3x NM NM NM NM

Segment Average 17.8% 2.0% 4.7x 23.0x 46.3x 3.5x 24.1x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Clorox Co. CLX-US 17,225$ 133.11$ -10.5% -10.5% 88.5% 4.6% 19.9% 3.1x 15.0x 22.0x 3.1x 14.1x

Church & Dwight Co., Inc. CHD-US 12,294 50.36 0.4% 0.4% 92.9% 8.8% 24.5% 3.8x 16.7x 17.4x 3.7x 15.4x

Spectrum Brands Holdings, Inc. SPB-US 6,002 103.70 -7.7% -7.7% 71.0% (36.2%) 14.2% 2.2x 13.3x 15.5x 3.1x 14.3x

Central Garden & Pet Co. CENT-US 2,031 43.00 10.5% 10.5% 99.4% 2.7% 7.6% 1.3x 12.8x 23.0x 1.2x 12.0x

Oil-Dri Corp. of America ODC-US 206 40.19 -3.2% -3.2% 79.1% NM 11.6% 0.9x 8.9x 46.0x NM NM

Jewett-Cameron Trading Co. Ltd. JCTCF-US 33 14.70 -3.1% -3.1% 82.1% NM NM 0.6x 6.1x NM NM NM

Boss Holdings, Inc. BSHI-US 31 14.50 -10.8% -10.8% 69.7% NM NM 0.2x 4.2x NM NM NM

Segment Average (5.0%) 15.6% 1.7x 11.0x 24.8x 2.8x 13.9x




5.5x 5.8x 5.9x6.4x6.4x 6.6x 6.5x 6.7x

7.5x 7.8x7.3x

8.3x7.5x

9.0x 9.0x 9.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

2014 2015 2016 2017

$10-25mm $25-50mm $50-100mm $100-250mm


Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA3/29/2018 Phoebe Products, LLC BrightPet Nutrition Group, LLC; Graham

Partners

Pet Treats - - -

3/15/2018 General Pet Supply, Inc. Central Garden & Pet Co. Pet Care Services - - -

3/13/2018 GAMMA2, Inc. Doskocil Manufacturing Company, Inc.

(Petmate); Olympus Advisors LLC

Hard Goods - - -

2/26/2018 Spectrum Brands Holdings, Inc. HRG Group, Inc. Hard Goods 4,761.70 1.1x 6.4x

2/23/2018 Blue Buffalo Pet Products, Inc. General Mills, Inc. Pet Food 7,935.09 6.2x 25.3x

2/22/2018 Gympie & District Veterinary Services Pty Ltd. Apiam Animal Health Ltd. Veterinary Services 3.84 1.0x -

2/21/2018 Passionate Vetcare Pty Ltd. Apiam Animal Health Ltd. Veterinary Services 0.59 - -

2/8/2018 Muttz Pet Goods and Gifts Bentley's Pet Stuff LLC Retailers - - -

2/2/2018 Green Pawz Pet Supply Bentley's Pet Stuff LLC Retailers - - -

1/31/2018 Pets 4 Life Dane Creek Capital Corp. Pet Food - - -

1/30/2018 PIQ LLC Petco Animal Supplies, Inc.; CVC Capital

Partners Ltd.

Pet Care Services - - -

1/29/2018 Pooch N Paws Bentley's Pet Stuff LLC Retailers - - -

1/17/2018 Pet Mania Bentley's Pet Stuff LLC Retailers - - -

1/17/2018 PetEgo Worldwise, Inc. Retailers - - -

1/16/2018 Craft Technologies, Inc. Eurofins Scientific, Inc. Pet Food - - -

1/16/2018 Coreen Avenue Veterinary Clinic Pty Ltd. Greencross Ltd. Veterinary Services 4.07 - -

1/11/2018 All Paws Pet Center Chuck and Don's Retailers - - -

1/11/2018 Genoscoper Laboratories Oy Mars, Inc. Pet Care Services - - -

1/11/2018 All Paws Pet Center LLC Hartzell PFO, Inc. Retailers - - -

1/9/2018 RxVet Ltd. Dechra Pharmaceuticals PLC Veterinary Services - - -

1/8/2018 Community Veterinary Clinics LLC / VIP Pet Care PetIQ, Inc. Veterinary Services 219.75 - -

1/5/2018 Agri-Laboratories Ltd. Huvepharma AD; Huvepharma

International BV

Animal Health - - -

1/4/2018 Bark To Basics LLC Animal Supply Co. LLC Pet Food - - -

1/3/2018 Agri-Marketing Corp. Kemin Industries, Inc. Pet Food - - -

1/2/2018 Pro-Pet LLC Cargill, Inc. Pet Food - - -

12/27/2017 PetVet Care Centers LLC KKR & Co. L.P. (NYSE:KKR) Veterinary Services - - -

12/18/2017 SERG Solutions LLC Henry Schein, Inc. Pet Tech - - -

12/12/2017 The Kyjen Co. LLC (nka Outward Hound) J.W. Childs Associates LP Hard Goods - - -

12/11/2017 Fuzzy Pet Health Eniac Ventures; Crosscut Ventures;

Precursor Ventures

Veterinary Services - - -

12/1/2017 Natural Pet Market Bentley's Pet Stuff LLC Retailers - - -

11/15/2017 PupBox, Inc. Petco Animal Supplies, Inc.; CVC Capital

Partners Ltd.

Hard Goods - - -

11/14/2017 Pet Circle Francisco Partners; AirTree Ventures Pet Food - - -

11/13/2017 Animal Health Clinic of Baton Rouge LLC Opus Equity Partners LLC; Destination

Pet LLC


11/13/2017 The Petz Plaza LLC Opus Equity Partners LLC; Destination

Pet LLC


11/9/2017 Greymont Kennel LLC McLarty Capital Partners LLC; Opus

Equity Partners LLC; Destination Pet LLC


11/8/2017 Corta-Flx, Inc. Manna Pro Products, LLC Animal Health - - -

11/7/2017 Vilsan Veterinary Pharmaceuticals Corp. Merck & Co., Inc. Animal Health - - -

11/2/2017 VetPronto-Mobile Veterinarians, Inc. Foundation Capital LLC; Amplify.LA

Partners LLC; Vetted PetCare, Inc.


11/1/2017 Ark Naturals Azalea Capital, LLC Animal Health - - -

11/1/2017 Emergency Animal Hospital of Northwest Austin Central Texas Veterinary Specialty

Hospital LLC


10/31/2017 FORPETS Co.,Ltd. J-STAR Co. Ltd. Pet Care Services - - -

10/26/2017 Shadow Ventures LLC Opus Equity Partners LLC; Destination

Pet LLC


10/24/2017 Real Pet Food Co. Pty Ltd. Temasek Capital Pte Ltd.; New Hope

Group Co., Ltd.; Beijing Hosen

Pet Food 780.55 - -

10/18/2017 Pet Health Center LLC Opus Equity Partners LLC; Destination

Pet LLC


10/16/2017 Terang & Mortlake Veterinary Clinic Apiam Animal Health Ltd. Veterinary Services 1.26 0.7x -

10/16/2017 Dog Days Westside LLC Opus Equity Partners LLC; Destination

Pet LLC


10/5/2017 All Star Kennels LLC Opus Equity Partners LLC; Destination

Pet LLC


10/4/2017 Snoutopia Lewisville LLC Opus Equity Partners LLC; Destination

Pet LLC


10/3/2017 Provimi SSA Pty Ltd. Cargill, Incorporated Animal Health - - -


deal hound pet report q1 2018 › wp-content › ...2/23/2018 blue buffalo pet products, inc....

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