http://sdrventures.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

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 Veterinary Services - - -

11/15/2017 PupBox, Inc. Petco Animal Supplies, Inc. Hard Goods - - -

11/14/2017 Pet Circle Francisco Partners Pet Food - - -

11/13/2017 Animal Health Clinic of Baton Rouge LLC Opus Equity Partners LLC Veterinary Services - - -

11/2/2017 VetPronto-Mobile Veterinarians, Inc. Foundation Capital LLC Veterinary Services - - -

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

10/26/2017 Shadow Ventures LLC Opus Equity Partners LLC Pet Care Services - - -

10/24/2017 Real Pet Food Co. Pty Ltd. Temasek Capital Pte Ltd. Pet Food 780.55 - -

10/16/2017 Terang & Mortlake Veterinary Clinic Apiam Animal Health Ltd. Veterinary Services 1.26 0.73x -

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 - -

2

-

1

2

-

4

7 7

1

-

1

2

3

4

5

6

7

8

Pet Food Pet Treats Retailers Hard Goods Co-Packers AnimalHealth

VeterinaryServices

Pet CareServices

Pet Tech

Strategic46%

Financial54%

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

Bentley's Pet Stuff LLC 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.

5/4/2016 ▪ ITS A PETS LIFE, Inc.▪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.

Petco Animal Supplies, Inc. 11/15/2017 ▪ PupBox, Inc.

4/4/2017 ▪ PetCoach, Inc.

8/12/2016 ▪ Petnet, Inc.

Financial Buyer Inv. Date Select Corporate Acquisitions

Opus Equity Partners LLC 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 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.

*Sold to JW Childs on 12/12/2017 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 267,623$ 85.99$ 3.3% 14.7% 95.8% 4.9% 19.3% 3.2x 16.3x 28.3x 3.0x 15.1x

Colgate-Palmolive Co. CL-US 66,253 75.45 3.6% 15.3% 97.6% 5.2% 28.3% 4.7x 16.2x 29.1x 4.5x 15.5x

The J. M. Smucker Co. SJM-US 14,112 124.24 18.4% -3.0% 86.5% 2.0% 23.7% 2.6x 11.7x 25.1x 2.6x 11.1x

Spectrum Brands Holdings, Inc. SPB-US 6,477 112.40 6.1% -8.1% 76.9% 5.0% 16.4% 2.0x 12.0x 22.4x 2.0x 10.2x

Blue Buffalo Pet Products, Inc. BUFF-US 6,403 32.79 15.7% 36.4% 99.1% 12.2% 25.9% 5.3x 21.9x 37.7x 4.8x 19.0x

Central Garden & Pet Co. CENT-US 1,907 38.92 0.2% 17.6% 92.0% 2.9% 5.2% 1.2x 11.8x 25.6x 1.1x 11.1x

Freshpet Inc. FRPT-US 661 18.95 21.1% 86.7% 92.4% 25.0% 8.3% 4.4x 71.1x NM 3.5x 29.8x

Segment Average 8.2% 18.1% 3.3x 23.0x 28.0x 3.1x 16.0x

Segment Median 5.0% 19.3% 3.2x 16.2x 27.0x 3.0x 15.1x

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

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

Tractor Supply Co. TSCO-US 9,386$ 74.75$ 18.1% -1.4% 95.5% 6.9% 11.0% 1.4x 11.4x 22.2x 1.3x 11.2x

PetMed Express, Inc. PETS-US 937 45.50 37.3% 97.2% 89.4% 8.5% 19.1% 3.3x 18.1x 30.5x 3.0x 16.4x

Segment Average 7.7x 15.1x 2.3x 14.8x 26.4x 2.2x 13.8x

Segment Median 7.7x 15.1x 2.3x 14.8x 26.4x 2.2x 13.8x

Market Stats Operating Stats LTM Multiples NTM Multiples

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

Merck & Co., Inc. MRK-US 153,908$ 56.27$ -12.1% -4.4% 84.2% 3.3% 14.3% 4.3x 12.8x 54.1x 4.1x 10.8x

Sanofi SAN-FR 108,980 86.28 -14.5% -6.6% 84.5% 2.3% 27.2% 2.8x 9.9x 21.0x 2.7x 8.6x

Eli Lilly & Co. LLY-US 92,998 84.46 -1.3% 14.8% 94.8% 3.3% 28.1% 4.4x 16.1x 40.2x 4.1x 13.5x

Zoetis, Inc. ZTS-US 35,104 72.04 13.0% 34.6% 97.9% 9.4% 38.9% 7.6x 21.6x 37.9x 7.0x 17.7x

Henry Schein, Inc. HSIC-US 10,968 69.88 -14.8% -7.9% 74.7% 7.5% 8.3% 1.1x 12.8x 20.1x 1.0x 11.8x

IDEXX Laboratories, Inc. IDXX-US 13,639 156.38 0.6% 33.4% 90.4% 13.1% 24.1% 7.6x 30.1x 50.8x 6.9x 26.1x

Akorn, Inc. AKRX-US 4,031 32.23 -2.9% 47.6% 94.8% (9.3%) 19.1% 4.8x 15.5x 54.1x 5.3x 21.3x

Neogen Corp. NEOG-US 3,176 61.66 6.1% 24.6% 95.7% NM NM 8.0x 36.5x NM 7.0x 30.8x

Trupanion, Inc. TRUP-US 879 29.27 10.8% 88.6% 88.7% 30.6% 2.5% 3.6x 634.9x NM 3.1x 95.7x

Phibro Animal Health Corp. PAHC-US 656 33.50 -9.6% 14.3% 83.2% 3.8% 15.4% 2.1x 13.7x 19.8x 2.0x 12.6x

Heska Corp. HSKA-US 581 80.21 -8.9% 12.0% 69.7% 14.5% 12.0% 4.3x 30.7x 42.0x 4.0x 21.4x

PetIQ, Inc. PETQ 289 21.84 -19.4% NM 77.4% NM 4.7% 1.2x NM NM 0.9x 9.3x

Aratana Therapeutics, Inc. PETX-US 226 5.26 -14.2% -26.7% 61.0% 135.4% (127.5%) 12.5x NM NM 5.2x NM

RiceBran Technologies RIBT-US 25 1.48 13.9% 43.7% 95.5% (63.7%) (34.8%) 0.6x NM NM 0.6x NM

Sonoma Pharmaceuticals, Inc. SNOA-US 24 5.45 4.4% 8.1% 66.1% 19.7% (63.0%) 0.9x NM NM 0.8x NM

Jaguar Health, Inc. JAGX-US 7 0.14 -30.1% -80.5% 9.2% 453.2% (206.3%) 8.4x NM NM 1.6x NM

Segment Average 44.5% (15.8%) 4.6x 75.9x 37.8x 3.5x 23.3x

Segment Median 8.5% 12.0% 4.3x 16.1x 40.2x 3.5x 15.6x

Market Stats Operating Stats LTM Multiples NTM Multiples

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

The Clorox Co. CLX-US 19,178$ 148.74$ 12.8% 23.9% 98.9% 3.4% 22.9% 3.5x 16.0x 27.4x 3.4x 15.6x

Church & Dwight Co., Inc. CHD-US 12,539 50.17 3.6% 13.5% 92.6% 10.7% 20.5% 4.0x 18.1x 28.8x 3.7x 15.2x

Spectrum Brands Holdings, Inc. SPB-US 6,477 112.40 6.1% -8.1% 76.9% 5.0% 16.4% 2.0x 12.0x 22.4x 2.0x 10.2x

Central Garden & Pet Co. CENT-US 1,907 38.92 0.2% 17.6% 92.0% 2.9% 5.2% 1.2x 11.8x 25.6x 1.1x 11.1x

Oil-Dri Corp. of America ODC-US 213 41.50 -15.2% 8.6% 81.7% NM 10.7% 1.0x 9.1x 25.9x NM NM

Jewett-Cameron Trading Co. Ltd. JCTCF-US 34 15.18 9.0% 17.6% 84.8% NM NM 0.6x 5.9x 12.6x NM NM

Boss Holdings, Inc. BSHI-US 34 16.25 13.2% 24.8% 78.1% NM 5.8% 0.3x 5.3x 12.0x NM NM

Segment Average 5.5% 13.6% 1.8x 11.2x 22.1x 2.6x 13.0x

Segment Median 4.2% 13.5% 1.2x 11.8x 25.6x 2.7x 13.1x

Market Stats Operating Stats LTM Multiples NTM Multiples

http://sdrventures.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA12/27/2017 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 Veterinary Services - - -

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

11/15/2017 PupBox, Inc. Petco Animal Supplies, Inc. Hard Goods - - -

11/14/2017 Pet Circle Francisco Partners Pet Food - - -

11/13/2017 Animal Health Clinic of Baton Rouge LLC Opus Equity Partners LLC Veterinary Services - - -

11/13/2017 The Petz Plaza LLC Opus Equity Partners LLC Pet Care Services - - -

11/9/2017 Greymont Kennel LLC McLarty Capital Partners LLC Pet Care Services - - -

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 Veterinary Services - - -

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

Veterinary Services - - -

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

10/26/2017 Shadow Ventures LLC Opus Equity Partners LLC Pet Care Services - - -

10/24/2017 Real Pet Food Co. Pty Ltd. Temasek Capital Pte Ltd. Pet Food 780.55 - -

10/18/2017 Pet Health Center LLC Opus Equity Partners LLC Veterinary Services - - -

10/16/2017 Terang & Mortlake Veterinary Clinic Apiam Animal Health Ltd. Veterinary Services 1.26 0.73x -

10/16/2017 Dog Days Westside LLC Opus Equity Partners LLC Pet Care Services - - -

10/5/2017 All Star Kennels LLC Opus Equity Partners LLC Pet Care Services - - -

10/4/2017 Snoutopia Lewisville LLC Opus Equity Partners LLC Pet Care Services - - -

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

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 - - -

9/17/2017 Mountain Dog Food Dane Creek Capital Corp. Pet Food - - -

9/12/2017 Armitage Pet Care Rutland Partners Pet Treats - - -

9/1/2017 PetPeople TA Associates Pet Food - - -

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 - -

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

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

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

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