deal hound pet report q3 2017 - sdr ventures...strategic buyer inv. date select corporate...

http://sdrventures.com/


https://www.simpletruth.com/

https://bluebuffalo.com/

http://www.wholefoodsmarket.com/about-our-products/product-lines/365-everyday-value

https://brandless.com/

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Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

9/19/2017 PetzLife Products, Inc. Manna Pro Products LLC Pet Food - - -

9/18/2017 Taddy's Pet Services, Inc. Park Cities Pet Sitter, Inc. Pet Care Services - - -

8/11/2017 Calls For Cats LLC Cat Maintenance & Repair LLC Veterinary Services - - -

8/10/2017 Eaton Veterinary Pharmaceutical, Inc. Direct Vet Marketing, Inc. Veterinary Services - - -

8/2/2017 Vista Veterinary Specialists, Inc. Ethos Veterinary Health LLC Veterinary Services - - -

8/1/2017 Novel Ingredient Services LLC Innophos Holdings, Inc. Pet Food 125.00 - -

7/31/2017 i4C Innovations, Inc. One Health Group LLC Veterinary Services 20.00 - -

7/12/2017 Pet Empawrium Bentley's Pet Stuff LLC Retailers - - -

7/12/2017 Pet Things Bentley's Pet Stuff LLC Retailers - - -

5/22/2017 Doskocil Manufacturing Co., Inc. Olympus Advisors LLC Hard Goods 425.00 1.63x 8.50x

4/18/2017 Chewy, Inc. PetSmart, Inc. Retailers 3,350.00 3.72x -

4/18/2017 Arthur Dogswell LLC Frontenac Co. LLC Pet Food - - -

4/10/2017 Shires Vets Ltd. Sovereign Capital Partners LLP Veterinary Services - - -

4/4/2017 PetCoach, Inc. Petco Animal Supplies, Inc. Veterinary Services - - -

4/4/2017 NatPets LLC (dba I and love and you) L Catterton Pet Food - - -

3

-

2

- - -

5

2

1

-

1

2

3

4

5

6

Pet Food Pet Treats Retailers Hard Goods Co-Packers AnimalHealth

VeterinaryServices

Pet CareServices

Pet Tech

Strategic85%

Financial15%

3


Strategic Buyer Inv. Date Select Corporate Acquisitions

Radio Systems Corporation 3/20/2017 ▪ Solvit Products

5/31/2016 ▪ The Piddle Place, LLC

2/5/2013 ▪ Pup-Pee Solutions USA LLC

11/30/2012 ▪ Lucky Litter LLC

6/7/2010 ▪ Veterinary Ventures, Inc.

Bentley's Pet Stuff LLC 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.

5/4/2016 ▪ ITS A PETS LIFE, Inc.

4/22/2016 ▪ Natural Pet Marketplace, LLC

2/16/2016 ▪ The Pet Outpost, L.L.C▪Innovetive Petcare, Inc. 2/1/2017 ▪ Sun Dog Cat Moon Veterinary Clinic

9/8/2016 ▪ Crossroads Pet Hospital of Carrolton and Chisolm Trail Vet Clinics of Lockhart

5/8/2016 ▪ Veterinary Referral Hospital of Hickory

8/19/2015 ▪ Chattanooga Emergency Pet Hospital (CEPH)

2/24/2015 ▪ Animal Emergency & Specialty Center, LLC▪Mars, Incorporated 1/9/2017 ▪ VCA, Inc.

3/31/2016 ▪ Whistle Labs, Inc.

10/9/2015 ▪ BluePearl Veterinary Partners LLC

1/29/2015 ▪ Snaptracs, Inc.▪PetSmart, Inc. 4/18/2017 ▪ Chewy, Inc.

10/19/2016 ▪ DCl Ventures, Inc.

8/19/2014 ▪ Pet360 Inc.

Financial Buyer Inv. Date Select Corporate Acquisitions

▪Graham Partners 11/11/2016 ▪ Mercer Foods LLC

(Bright Pet) 4/28/2016 ▪ Ohio Pet Foods, Inc.

4/28/2016 ▪ Southern Tier Pet Nutrition LLC

4/28/2016 ▪ Blackwood Pet Food, LLC▪Mistral Equity Partners LLC 10/10/2016 ▪ Sherpa Pet Trading Co.

(Worldwise, Inc.) 5/28/2015 ▪ Quaker Pet Group

5/20/2014 ▪ Spot Experience Group LLC (Investment)

5/2/2011 ▪ Worldwise, Inc.▪The Halifax Group LLC 4/18/2017 ▪ LADS Pet Supplies

(Animal Supply Co. LLC) 12/19/2016 ▪ Holistic Pet Source, Inc

3/30/2015 ▪ Wilson Pet Supply

7/15/2013 ▪ Pet Food Wholesale, Inc.

11/7/2012 ▪ Lone Star Pet Supply, 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.▪The Riverside Company 12/7/2016 ▪ Dublin Dog Co.

(Outward Hound) 10/15/2015 ▪ Petstages, Inc.

9/9/2015 ▪ Zoo Active Products AB

1/13/2015 ▪ Bionic Pet Products Inc.


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 260,848$ 83.82$ -2.8% 11.0% 93.4% 3.7% 19.3% 3.1x 15.8x 27.6x 2.9x 15.0x

Colgate-Palmolive Co. CL-US 64,169 72.85 -1.7% 11.3% 94.3% 4.8% 29.4% 4.6x 15.7x 27.1x 4.4x 15.0x

The J. M. Smucker Co. SJM-US 11,918 104.93 -11.3% -18.1% 73.0% 1.2% 20.6% 2.3x 10.4x 22.0x 2.3x 10.0x

Spectrum Brands Holdings, Inc. SPB-US 6,148 105.92 -15.3% -13.4% 72.5% 7.5% 17.8% 2.1x 13.5x 21.7x 2.0x 10.1x

Blue Buffalo Pet Products, Inc. BUFF-US 5,588 28.35 24.3% 17.9% 97.9% 14.1% 24.0% 4.8x 20.3x 39.9x 4.2x 16.6x

Central Garden & Pet Co. CENT-US 1,884 38.84 22.2% 17.4% 98.8% 4.7% 12.0% 1.2x 12.0x 29.4x 1.2x 11.4x

Freshpet Inc. FRPT-US 534 15.65 -5.7% 54.2% 85.8% 23.3% 3.3% 3.8x 57.8x NM 3.0x 25.4x

Omega Protein Corp. OME-US 374 16.65 -7.0% -33.5% 61.7% (0.2%) 19.9% 1.0x 4.5x 11.6x 1.0x 5.1x

Segment Average 7.4% 18.3% 2.9x 18.8x 25.6x 2.6x 13.6x

Segment Median 4.8% 19.6% 2.7x 14.6x 27.1x 2.6x 13.2x

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 8,019$ 63.29$ 16.7% -16.5% 80.9% 7.6% 14.8% 1.2x 9.9x 19.1x 1.1x 9.7x

PetMed Express, Inc. PETS-US 683 33.15 -18.3% 43.7% 65.1% 6.3% 18.8% 2.3x 12.8x 25.5x 2.2x 12.7x

Segment Average 6.9x 16.8x 1.8x 11.4x 22.3x 1.7x 11.2x

Segment Median 6.9x 16.8x 1.8x 11.4x 22.3x 1.7x 11.2x




($ 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 175,133$ 64.03$ -0.1% 8.8% 95.9% 3.3% 39.9% 4.7x 11.7x 34.6x 4.6x 11.4x

Sanofi SAN-FR 125,387 99.32 0.3% 9.2% 97.3% 4.5% 27.2% 3.2x 11.4x 24.2x 3.1x 9.7x

Eli Lilly & Co. LLY-US 94,179 85.54 3.9% 16.3% 98.6% 3.9% 29.4% 4.8x 18.8x 37.0x 4.3x 14.1x

Zoetis, Inc. ZTS-US 31,293 63.76 2.2% 19.1% 96.9% 8.3% 35.1% 7.0x 20.2x 36.0x 6.5x 16.6x

Henry Schein, Inc. HSIC-US 12,964 81.99 -10.4% 8.1% 87.7% 7.2% 8.4% 1.3x 14.9x 24.0x 1.2x 13.6x

IDEXX Laboratories, Inc. IDXX-US 13,571 155.49 -3.7% 32.6% 89.9% 12.9% 27.2% 7.8x 31.8x 53.4x 7.1x 27.6x

Akorn, Inc. AKRX-US 4,146 33.19 -1.0% 52.0% 97.6% (11.6%) 19.6% 4.5x 12.5x 33.5x 5.1x NM

Neogen Corp. NEOG-US 2,959 77.46 12.1% 17.4% 99.8% 11.8% 21.4% 7.5x 34.2x 65.1x 6.8x 29.9x

Phibro Animal Health Corp. PAHC-US 725 37.05 0.0% 26.5% 92.0% 3.1% 14.9% 2.3x 14.9x 23.0x 2.2x 13.7x

Trupanion, Inc. TRUP-US 792 26.41 18.0% 70.2% 97.8% 30.7% 1.7% 3.5x NM NM 2.9x 99.1x

Heska Corp. HSKA-US 637 88.09 -13.7% 23.0% 76.6% 14.0% 16.5% 4.6x 27.7x 44.7x 4.3x 22.2x

PetIQ, Inc. PETQ 358 27.08 NM NM 95.9% NM 8.6% 2.0x 57.6x NM 1.3x 13.5x

Aratana Therapeutics, Inc. PETX-US 264 6.13 -15.2% -14.6% 57.1% 323.8% (181.8%) 23.8x NM NM 5.2x NM

Sonoma Pharmaceuticals, Inc. SNOA-US 22 5.22 -21.1% 3.6% 63.3% 25.4% (85.4%) 0.7x NM NM 0.6x NM

RiceBran Technologies RIBT-US 18 1.30 35.4% 26.2% 88.4% (62.7%) (64.8%) 0.7x NM NM 1.1x NM

Jaguar Health, Inc. JAGX-US 5 0.20 -62.2% -72.1% 13.1% 335.5% (260.5%) 3.1x NM NM 0.6x NM

Segment Average 47.3% (21.4%) 5.1x 23.3x 37.6x 3.6x 24.7x




($ 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 17,004$ 131.91$ -1.0% 9.9% 93.1% 3.9% 22.1% 3.1x 14.6x 24.7x 3.1x 14.0x

Church & Dwight Co., Inc. CHD-US 12,089 48.45 -6.6% 9.6% 89.4% 10.7% 21.4% 3.8x 15.8x 28.8x 3.5x 14.1x

Spectrum Brands Holdings, Inc. SPB-US 6,148 105.92 -15.3% -13.4% 72.5% 7.5% 17.8% 2.1x 13.5x 21.7x 2.0x 10.1x

Central Garden & Pet Co. CENT-US 1,884 38.84 22.2% 17.4% 98.8% 4.7% 12.0% 1.2x 12.0x 29.4x 1.2x 11.4x

Oil-Dri Corp. of America ODC-US 250 48.93 16.5% 28.1% 97.5% NM 9.2% 1.2x 11.1x 33.3x NM NM

Jewett-Cameron Trading Co. Ltd. JCTCF-US 31 13.93 16.0% 7.9% 96.3% NM NM 0.6x 5.8x NM NM NM

Boss Holdings, Inc. BSHI-US 30 14.35 0.0% 10.2% 69.0% NM 4.9% 0.2x 4.5x 19.9x NM NM

Segment Average 6.7% 14.6% 1.7x 11.1x 26.3x 2.4x 12.4x




Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA9/19/2017 PetzLife Products, Inc. Manna Pro Products LLC Pet Food - - -

9/18/2017 Taddy's Pet Services, Inc. Park Cities Pet Sitter, Inc. Pet Care Services - - -

8/31/2017 Gingr LLC Aquiline Capital Partners LLC Pet Tech - - -

8/11/2017 Calls For Cats LLC Cat Maintenance & Repair LLC Veterinary Services - - -

8/10/2017 Eaton Veterinary Pharmaceutical, Inc. Direct Vet Marketing, Inc. Veterinary Services - - -

8/2/2017 Vista Veterinary Specialists, Inc. Ethos Veterinary Health LLC Veterinary Services - - -

8/1/2017 Novel Ingredient Services LLC Innophos Holdings, Inc. Pet Food 125.00 - -

8/1/2017 Stratum Nutrition ESM Technologies LLC Pet Food - - -

7/31/2017 i4C Innovations, Inc. One Health Group LLC Veterinary Services 20.00 - -

7/6/2017 National Veterinary Associates, Inc. OMERS Private Equity, Inc. Veterinary Services - - -

7/5/2017 Spectrum Labs, Inc. Nextmune AB Pet Care Services - - -

7/12/2017 Pet Empawrium Bentley's Pet Stuff LLC Retailers - - -

7/12/2017 Pet Things Bentley's Pet Stuff LLC Retailers - - -

6/29/2017 PetBot, Inc. Petcube, Inc.; Zillionize Pet Tech - - -

6/28/2017 Blue Ridge Fish Wholesale Carolina Aquatics Retailers - - -

6/26/2017 Coast 2 Coast Wholesale Pet Products Boss Pet Products, Inc. Hard Goods - - -

6/26/2017 The Spot Experience Group LLC AKC Pet Care LLC Pet Care Services - - -

6/23/2017 Ecuphar NV Animalcare Group Plc Veterinary Services 105.46 - -

6/15/2017 Triple-T Foods, Inc. Ainsworth Pet Nutrition LLC Pet Food - - -

6/12/2017 Animalbox SAS Doctissimo SA Retailers - - -

6/8/2017 Village Vet Ltd. Sovereign Capital Partners LLP Veterinary Services - - -

6/5/2017 Spike's World Pets Choice Ltd Pet Food - - -

5/30/2017 The D.O.G. Bakery Pets Naturally Retailers - - -

5/30/2017 Destination Pet LLC Opus Equity Partners Pet Care Services - - -

5/22/2017 Doskocil Manufacturing Co., Inc. (dba Petmate) Olympus Advisors LLC Hard Goods 425.00 1.63x 8.50x

5/22/2017 Pet Insurance Review, Inc. Equimedia Ltd. (United Kingdom) Pet Tech - - -

5/18/2017 The Farmer's Dog, Inc Collaborative Fund Pet Food 8.10 0.00x 0.00x

5/17/2017 Karlie Flamingo GmbH Beeztees Holding B.V Hard Goods - - -

5/12/2017 WestFeeds, Inc. Ridley, Inc. Pet Food - - -

5/2/2017 Premier Vet Alliance Ltd. (Premier Buying Group) Animal Healthcare Services Ltd., Veterinary Services 8.14 - -

5/1/2017 K&H Manufacturing LLC Central Garden & Pet Co. Hard Goods - - -

5/1/2017 Calysta, Inc Cargill, Incorporated Pet Food - - -

4/28/2017 PetMatrix LLC Spectrum Brands Holdings, Inc. Pet Treats 255.00 - -

4/25/2017 JustFoodForDogs, LLC L Catterton Pet Food - - -

4/18/2017 LADS Pet Supplies The Halifax Group LLC; Animal

Supply Co. LLC

Retailers - - -

4/18/2017 Chewy, Inc. PetSmart, Inc. Retailers 3,350.00 3.72x -

4/18/2017 Arthur Dogswell LLC Frontenac Co. LLC Pet Food - - -

4/10/2017 Shires Vets Ltd. Sovereign Capital Partners LLP Veterinary Services - - -

4/4/2017 PetCoach, Inc. Petco Animal Supplies, Inc. Veterinary Services - - -

4/4/2017 NatPets LLC (dba I and love and you) L Catterton Pet Food - - -

4/3/2017 Fuji Field Co. Ltd. J-STAR Co. Ltd. Veterinary Services - - -


deal hound pet report q3 2017 - sdr ventures...strategic buyer inv. date select corporate...

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