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Food and Beverage M&A Update1Q 2020

CONTENTS

2 Coronavirus Impact3 Federal Stimulus4 Opportunities 5 Global Deal Analytics11 Our Service Offerings12 Selected Transactions13 Our M&A Deal Leaders

Trevor HulettManaging [email protected]

Jason [email protected]

For more information on R.L Hulett & Co. or this report please visit our website at rlhulett.com or call us at (314) 721-0607

REPORT HIGHLIGHTS

▪ The Food & Beverage industry index dropped 15% but outperformed the S&P 500 index, which declined 20% in Q1 2020

▪ The first quarter of 2020 saw the fewest number of deals closed in a single quarter since 2006

▪ Total capital invested was impacted significantly, down 90% from Q1 2019 as there were no large $1B EV tranche transactions in Q1 2020

▪ Private equity investors were more risk-averse than strategic investors over the past three months, which lead to strategic buyers surpassing private equity investors in terms of total capital invested for all disclosed deals

▪ The acquisition of Bumble Bee Seafoods by FCF Fishery in an approximately $928M deal represented the largest deal in Q1

▪ Stock prices and valuation multiples trended downwards through Q1

Food and Beverage M&A Update | 1Q 2020

R.L. Hulett & Company, Inc.

Coronavirus Impact

Restaurants & Bars

Supply Chain & Food Security

According to a survey conducted by the Institute For SupplyManagement, nearly 75% of companies report supply chaindisruptions in some capacity due to coronavirus-relatedtransportation restrictions. This is a challenge for the food &beverage industry as the disrupted supply chain systemcould result in food losses and waste of supplies. Thepotential illness for workers will also impact the speed ofdelivery and food security.

Small business owners, especially restaurants and bars gothit hard by the coronavirus outbreak. They have beenclosing their doors while still paying the cost of rent, labor,and utilities. According to Today’s news, there are morethan one million restaurants in the United States, employing15.6 million people. More than 70% of these restaurantsare small businesses. We also saw the consumption shift togrocery stores and online shopping.

Restaurants & Bars

Grocery Stores & Online Shopping

Source: S&P Global, Food Navigator, ISM

Industry Performance

According to S&P Global Industry Index, the food & beverage industry had a -15.3% YTD return compared to a -20.3%YTD return for the S&P 500 as of March 31st, 2020. Although both had a significant decline due to the pandemic, theimpact on food & beverage industry was slightly mitigated by the panic buying at large grocery stores.

70

80

90

100

110

120

130

4/1/19 5/4/19 6/6/19 7/9/19 8/11/19 9/13/19 10/16/19 11/18/19 12/21/19 1/23/20 2/25/20 3/29/20

S&P Food & Beverage Select Industry Index (TR) S&P 500 (TR)



Federal Stimulus – COVID-19

Source: SBA, Federal Register

CARES Act – Paycheck Protect ProgramFollowing President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA andTreasury Department announced on March 31st that the SBA and Treasury Department have initiated a robustmobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

The CARES Act established a new $349 billion Paycheck Protection Program. The Program will provide much-neededrelief to millions of small businesses so they can sustain their businesses and keep their workers employed.

CARES Act – Economic Injury Disaster Loan (EIDL)In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., andterritories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provideeconomic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made availablefollowing a successful application. This loan advance will not have to be repaid.

Paid Sick Leave For EmployeesThe Secretary of Labor (“Secretary”) is promulgating temporary regulations to implement public health emergency leaveunder Title I of the Family and Medical Leave Act (FMLA), and emergency paid sick leave to assist working families facingpublic health emergencies arising out of Coronavirus Disease 2019 (COVID-19) global pandemic. The leave is created by atime-limited statutory authority established under the Families First Coronavirus Response Act, Public Law 116-227(FFCRA), and is set to expire on December 31, 2020. The FFCRA and this temporary rule do not affect the FMLA afterDecember 31, 2020.

Expansion of Unemployment BenefitsUnder the new CARES Act responding to the COVID-19 pandemic, all states will be allowed to provide up to 13 additionalweeks of federally funded extended benefits to people who exhaust their regular state benefits. Under the Act, throughthe end of this year, people who exhaust both regular and extended benefits, and many others who have lost their jobsfor reasons arising from the pandemic but who are not normally eligible for UI in their state, are eligible for PandemicUnemployment Assistance. People can receive a maximum of 39 weeks of benefits this year from all three sourcescombined.

Tax ReliefThe Treasury Department and the Internal Revenue Service are also providing special tax filing and payment relief toindividuals and businesses in response to the COVID-19 Outbreak. On March 30th, they announced that distribution ofeconomic impact payments will begin in the next three weeks and will be distributed automatically, with no actionrequired for most people. However, some taxpayers who typically do not file returns will need to submit a simple taxreturn to receive the economic impact payment.

The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who areowed a refund to file as quickly as possible. For those who can't file by the July 15, 2020 deadline, the IRS remindsindividual taxpayers that everyone is eligible to request an extension to file their return.


Source: PitchBook Data, data as of 04/01/2020 R.L. Hulett & Company, Inc.

Opportunities

Supply Chain & Automation

Supply chain disruptions and the shortage of the labor market provide opportunities for new technologies in digitalwarehouse and manufacturing automation. Large companies such as Conagra Brands and Campbell Soup Co areincreasing production on top-selling items. These companies have instituted contingency plans to prepare for deepersupply chain disruptions. The ability to overcome the transportation challenge became the key to win this war. Besides,the upgrade of manufacturing automation to meet the product is essential. We are going to see the use of food &beverage robotic solutions will suddenly increase.

Food Diversity

Companies with a diverse product portfolio may findopportunities under current circumstances. A surge in salesof shelf-stable foods and beverages in the United Statesmay boost profits for some food manufacturers andretailers in the near term. For example, sales of powderedmilk products surged 84% during the last week of February,according to Nielsen. Sales of staples like bread and eggsalong with rice, beans, and frozen foods also have increasedas consumers rush to stock their pantries.

Dry Powder

According to CNBC, the group, which includes investment giants Blackstone, Carlyle and KKR, has a record $1.5 trillion incash ready to deploy and has been actively seeking deals across the struggling travel, entertainment and energyindustries. Since the COVID-19 outbreak, private equity investors became more cautious, which sharply increased the drypowder level. Those with cash in hand are prepared for the upcoming market rally, which presents opportunities forbusiness owners.

,Nielsen, Food Business News, CNBC

Global PE Capital Overhang

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020**

Dry Powder ($B) Remaining Value ($B)

*Data through 6/30/2019**Projection



We tracked all 114 deals in Q1 2020 across the globe, 52% of which came from the North American market. Europe was

the second most active market, with 46 deals in the Food and Beverage sector. All the other regions had a total of 9

completed transactions.

0 1-20 21-80 >80

4659

2

2

West Coast: 16

Southeast: 10

Midwest: 6

New England: 5

Great Lakes: 3

Other: 8

United States Regions:

Canada: 11

In the North American market, the West Coast region was the most

active area in terms of Food and Beverage M&A transactions in Q1, with

16 closed deals. Transactions of note in the west coast include FCF

Fishery’s acquisition of Bumble Bee Seafoods and Temasek Holdings’

investment on Califia Farms.

The Southeast region contributed 21% of the total deals, followed by the

Midwest and New England regions with 8 deals and 5 deals, respectively.

Outside of the U.S., 11 transactions closed in the Canadian market in Q1.

Global Deal Analytics



Distributors FoodTechFood Products Beverage Products

Among the 114 deals in Q1 2020, 60 deals were done in the food products subsector, making it the most active

subsector in this industry in terms of M&A activities. There were 43 closed deals in the beverage products subsector,

led by the acquisition of S&D Coffee by Westrock Coffee. Distributors and FoodTech followed with 8 deals and 3 deals,

respectively.


Deal by Subsector

6043

8 3



Under the pandemic, deal volume in the

F&B sector dropped to 114 deals in Q1,

down 38% from 182 in Q4 2019 and 57%

from 272 in Q1 2019. According to

PitchBook, the global food & beverage

market is set for its slowest first three

months since 2003, where it had 93 closed

deals in the first quarter.

The total global deal volume in 2020 is

predicted to decrease by at least 25%, which

will lead to a total of 706 deals in the F&B

sector, representing the lowest level since

2009. As of this writing, we have not seen

signals that the pandemic is slowing down,

so an even worse case could happen in the

M&A market. On the other hand, when the

COVID-19 is under control, the market will

most likely see a sizable uptick in M&A

activity.

Investors prefer to hold cash during this

difficult time. Total capital invested in Q1

2020 in the F&B sector was impacted

dramatically, declining 90% from $46.6B to

$3.5B in 1Q 2019 and 1Q 2020, respectively.

Of note was a sharp decline in larger

transactions of $1000MM+ from $35B in Q1

2019 to $0B in Q1 2020.


114

941 916

1,172 1,236

1,347

706

-

200

400

600

800

1,000

1,200

1,400

1,600

2020*20192018201720162015

Deal Volume

3.5

46.6

27.6

17.6

28.4

- B

10 B

20 B

30 B

40 B

50 B

1Q1Q1Q1Q1Q

20202019201820172016

Total Capital Invested by Deal Value

0-50 MM 50-500 MM 500-1000 MM

1000 MM + Total

114

182

243244272

198209

257252297

252269

354

265293300

378

50100150200250300350400

1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q

20202019201820172016

Deal Volume



Deal volume in the lower middle market (0-

50MM) saw a decline as a % of overall

volume from 60.2% in 2019 to 53.8% in

2020. Because there is no deal in the upper

market ($1000MM+), we saw a meaningful

uptick in the weight of larger middle-market

deals ($50MM-$500MM) to 38.5% in 2020

from 27.2% in 2019.

Strategic buyers have consistently

represented roughly two-thirds of deal

volume in the F&B sector since 2014 and

have increased as a % of overall volume to

69.3% in 1Q 2020. We saw a decline in PE

activity from 37.1% to 30.7%.

Total capital invested by acquirer has

followed a similar trend to deal volume.

Total capital invested from PE buyers

declined to 45% in 2020 from 57.3% in 2019.

Strategic buyers took the lead and accounted

for 55% of total capital invested. Transition

of note in the strategic M&A activity was a

$928M acquisition of Bumble Bee Seafoods

by FCF Fishery.


53.8%60.2%60.5%65.7%68.4%63.8%59.9%

38.5%27.2%28.9%25.5%24.8%30.4%30.6%

7.7%6.8%4.5%4.4%3.4%2.2%4.5% 6.1%6.2%4.4%3.4%3.6%5.0%

0%

20%

40%

60%

80%

100%

2020*201920182017201620152014

Deal Volume by Deal Value

0-50 50-500 500-1000 MM 1000 MM +

30.7%37.1%38.2%35.2%31.1%31.9%30.5%

69.3%62.9%61.8%64.8%68.9%68.1%69.5%

0%

20%

40%

60%

80%

100%

2020*201920182017201620152014

Deal Volume by Acquirer

Private Equity Strategic

45.0%57.3%

45.5%

13.3%16.0%14.8%15.0%

55.0%42.7%

54.5%

86.7%84.0%85.2%85.0%

0%

20%

40%

60%

80%

100%

2020*201920182017201620152014

Total Capital Invested by Acquirer

Private Equity Strategic



Valuation Multiple

PE Multiples

Strategic Multiples

1.6x1.3x1.0x1.0x0.9x0.6x0.3x0.7x0.4x0.3x

10.2x11.5x

12.8x

11.1x

9.4x8.1x

9.1x10.2x

7.1x

9.3x

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

12.00x

14.00x

2020*201920182017201620152014201320122011

EV/ Revenue EV/ EBITDA

0.4x1.3x1.4x1.4x1.0x0.8x0.8x0.6x0.6x0.6x

10.7x10.8x11.6x

10.2x

13.0x

8.4x

10.9x9.9x10.4x

15.3x

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

12.00x

14.00x

16.00x

18.00x

2020*201920182017201620152014201320122011

EV/ Revenue EV/ EBITDA



Revenue EBITDA

18-Mar-2020 Shijiazhuang Junlebao Dairy Sequoia Capital China PE Growth/Expansion 171.57 - - Producer of dairy products in China

16-Mar-2020 Have a Heart Harvest Enterprises Merger/Acquisition 85.80 - -

Owner and operator of a cannabis marketplace

intended to sell medical and recreational

marijuana

05-Mar-2020 Liquidity Wines Iconic Wineries Merger/Acquisition 12.50 - -Operator of an online platform intended to

provide bottled wines and winery tours

03-Mar-2020 Powerful MMG Consumer Brands PE Growth/Expansion 5.00 - -Producer of high-protein yogurts created to

serve as an alternate to other unhealthy snacks

02-Mar-2020 Raphael Dal Bo S.R.L. Provinco Italia Merger/Acquisition 12.71 9.20x 68.34x Manufacturer and distributor of wines

02-Mar-2020 Sadler's Smokehouse Hormel Foods Merger/Acquisition 270.00 - - Provider of smoked and barbecued meats

02-Mar-2020 S&D CoffeeThe Stephens Group, Westrock

CoffeeBuyout/LBO 405.00 - -

Producer and supplier of coffee and tea

products

29-Feb-2020 Monty's Bakehouse SATS Merger/Acquisition 34.89 - -Supplier of meals and snacks based in Nutfield,

United Kingdom

28-Feb-2020Baron Philippe de Rothschild

France DistributionGruppo Campari Merger/Acquisition 65.53 - -

Distributor of international premium spirit,

wine and champagne brands based in Pauillac,

France

25-Feb-2020 Ellenos Equilibra Partners Management PE Growth/Expansion 18.00 - -Producer of yogurt and related products in the

United States

21-Feb-2020 Elaborados del Bacalao Iceland Seafood International Merger/Acquisition 4.82 0.33x 10.71x Provider of salted cod fish products

14-Feb-2020 Biscuit International Platinum Equity Buyout/LBO 507.19 0.91x -Producer of biscuits and crackers for the food-

service sector

11-Feb-2020 Country Archer Jerky Monogram Capital Partners PE Growth/Expansion 12.00 - -Producer and internet retailer of gourmet jerky,

meat sticks and meat bars

07-Feb-2020 Indulgence Patisserie Volvere Merger/Acquisition 1.63 0.39x -

Manufacturer of premium private label and

branded desserts for the retail, food service and

travel catering markets

02-Feb-2020 Cambridge Packing The Chefs' Warehouse Merger/Acquisition 20.00 - -Provider of meat products based in Boston,

Massachusetts

31-Jan-2020 Bumble Bee Seafoods FCF Fishery Merger/Acquisition 928.00 - - Provider and distributor of seafood products

30-Jan-2020 Anadolu Restaurant Birlesik Holding Merger/Acquisition 47.18 - -Provider of food products and beverages based

in Istanbul, Turkey

27-Jan-2020 Sid Wainer & Son The Chefs' Warehouse Merger/Acquisition 50.45 - -Distributor of specialty food products based in

New Bedford, Massachusetts

15-Jan-2020 The Lakes Distillery Comhar Capital PE Growth/Expansion 5.56 - -Provider of distilled alcoholic beverages based

in the United Kingdom

15-Jan-2020 Califia Farms

Claridge, Government of

Singapore Investment

Corporation

PE Growth/Expansion 225.00 - - Operator of a plant-based beverage company

14-Jan-2020 Daroma Mandarin Capital Partners Buyout/LBO 40.09 - -Producer and processor of coffee beans and

ground coffee based in Rome, Italy

07-Jan-2020 Voortman Cookies Hostess Brands Merger/Acquisition 324.03 - - Operator of a bakery in Ontario

03-Jan-2020 Sun-rype Products Lassonde Industries Merger/Acquisition 67.93 - - Manufacturer of fruit based products

02-Jan-2020 Farnese Vini Platinum Equity Buyout/LBO 194.58 2.29x 10.22x Producer and distributor of wines

01-Jan-2020 Tanka Swift Foundation PE Growth/Expansion 0.15 - -Manufacturer of branded Buffalo-based food

products

01-Jan-2020 Honestbee FLK Holdings Corporate 7.00 - -Operator of an online marketplace intended to

provide grocery delivery service in Asia

Target Business DescriptionDeal TypeDeal Date Company Name InvestorDeal Size

($mm)

EV

Largest Deals (Disclosed)



Leading M&A Deals

Deal Deal Synopsis Driver

Bumble Bee Seafoods, a 120-year-old beloved marketer of seafood and specialty protein products, was acquired by FCF Fishery, one of the world’s largest integrated marine industry supply-chain service providers, for $928 million on January 31, 2020. The deal aims to continue build on Bumble Bee’s storied history of delivering innovative, high quality, and sustainable seafood products and customers.

Growth

Biscuit International was acquired by Platinum Equity through a $507 million LBO on February 14, 2020. Platinum Equity’s acquisition of Biscuit International is the latest example of the firm’s increasing momentum in Europe and its ability to execute both large and small cap transactions.

Global Market Entry

S&D Coffee, a subsidiary of Cott (NYSE: COT) (TSX: BCB), was acquired by Westrock Coffee, via its financial sponsor The Stephens Group though a $405 million LBO on March 2, 2020. The transaction creates the nation’s leading integrated coffee, tea, and extract company serving retailers, restaurants, convenience stores, commercial accounts, and the hospitality industry.

Synergy Opportunity

Voortman Cookies was acquired by Hostess Brands (NAS: TWNK) for CAD 425 million on January 7, 2020. Voortman’s leading brand with a well-defined consumer position will complement and extend the growing Hostess portfolio into the growing cookie and better-for-you sweet snacking categories with meaningful runway for future growth.

Brand & Product

Expansion



Public Comps

Stock Prices

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

SWX:NESN NYS:KO BRU:ABI NAS:PEP NYS:TSN

NYS:GIS NYS:HRL NYS:K NYS:CAG NYS:TAP

$MM

Company 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E

Tyson Foods NYS:TSN 57.9 33263.8 11932.0 44855.8 0.7x 1.1x 1.0x 7.2x 11.3x 9.2x 5% 6% 8% 13% 12% 12% 10% 9% 9%

Conagra Brands NYS:CAG 29.3 16663.0 10529.5 27017.9 2.6x 2.6x 2.5x 18.9x 14.6x 12.7x 3% 27% 17% 29% 28% 28% 16% 16% 17%

Kellogg's NYS:K 60.0 23590.1 8345.0 32043.1 2.2x 2.3x 2.4x 10.4x 18.2x 14.3x 5% 2% 0% 36% 32% 32% 21% 13% 15%

General Mills NYS:GIS 52.8 32394.0 13835.4 46522.6 2.4x 2.8x 2.7x 13.0x 13.0x 13.0x 5% 3% 1% 34% 35% 35% 18% 21% 21%

Hormel Foods NYS:HRL 46.6 24122.0 250.0 23688.4 2.4x 2.5x 2.4x 16.9x 17.4x 17.3x 4% -1% -1% 21% 20% 20% 14% 14% 14%

Mean 2.1x 2.2x 2.2x 13.3x 14.9x 13.3x 4% 7% 5% 27% 25% 25% 16% 15% 15%

Median2.4x 2.5x 2.4x 13.0x 14.6x 13.0x 5% 3% 1% 29% 28% 28% 16% 14% 15%

$MM

Company 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E

Coca-Cola NYS:KO 44.3 237146.6 43805.0 269933.6 7.1x 7.7x 7.0x 23.3x 25.1x 21.9x -7% 3% 9% 62% 61% 61% 28% 30% 34%

Anheuser-Busch InBev BRU:ABI 44.6 159587.0 0.0 271960.0 4.5x 5.1x 5.0x 17.9x 16.4x 12.0x -3% 1% -1% 62% 62% 61% 27% 28% 41%

Molson Coors Brewing NYS:TAP 39.0 11691.1 9417.5 20942.5 2.0x 2.0x 2.0x 8.3x 14.2x 9.6x 2% -4% -2% 40% 39% 40% 24% 14% 15%

Nestlé SWX:NESN 103.6 311445.7 44003.7 351374.0 2.9x 3.7x 3.6x 17.8x 21.0x 16.3x 1% 3% 1% 49% 50% 50% 17% 18% 21%

Pepsico NAS:PEP 120.1 190577.5 32554.0 217445.5 2.7x 3.3x 3.1x 13.7x 17.2x 15.5x 2% 2% 4% 54% 55% 55% 20% 19% 19%

Mean 3.9x 4.4x 4.2x 16.2x 18.8x 15.1x -1% 1% 2% 54% 53% 53% 23% 22% 26%

Median2.9x 3.7x 3.6x 17.8x 17.2x 15.5x 1% 2% 1% 54% 55% 55% 24% 19% 21%

EBITDA Margin

Bev

erag

e

Total

Debt

Enterprise

Value (EV)

EV/RevenueTicker Stock Price Market Cap

EV/Revenue EV/EBITDA

Foo

d

Ticker Market CapEBITDA Margin

Stock PriceTotal

Debt

Enterprise

Value (EV)

EV/EBITDA Revenue Growth Gross Margin

Revenue Growth Gross Margin



Our Service Offerings

Sell-Side Advisory: Sell your business

Sell your business for the highest price and for the best terms. At R.L Hulett,communicating the value of your business to targeted buyers and finding the best fit foryour team is our forte. We strive to maintain your company’s culture and heritage evenas you transition out of your business.

Buy-Side Advisory: Buy a business

Searching for acquisition targets can be a challenging and time-consuming task whentrying to run your own business at the same time. Navigating the risks and pitfalls innegotiating valuation and deal structure can also be a daunting task for many businessowners. Let our team help you minimize your risk and reduce time wasting efforts withour decades of experience in advising in both buy and sell-side M&A transactions. Weutilize industry-leading M&A databases to scout for opportunities and pre-screen for“real” actionable targets so you can stay focused on what matters.

Capital Raise: Gain financial support

With nearly 40 years of experience in middle-market M&A advisory, we know how topackage up your deal and put you in front of the right kind of investors who have thecapital and the industry expertise you need to grow your business. Our team willdevelop a go-to-market strategy and advise on deal structure, valuation, due diligenceand transition issues. Whether you are seeking capital for growth or trying to buy outother shareholders, we have the tools, expertise, and experience to execute a strategicprocess and find the optimal outcome to meet your objectives.

Restructuring: reorganization of your business

In today’s uncertain economic times, more and more companies are finding themselvesin unfamiliar, and unwanted, positions. Many business owners are hoping recovery isjust around the corner; however, proactive measures are often required to maximizethe remaining value of the business. Our team can aid banking institutions with workoutsituations by implementing internal controls over cash management and performing on-going cash flow modeling for their clients. We can also help business owners avoidhaving trouble making payments on their debts and avoid the cumbersome and low-value asset liquidation process.



Selected Transactions

Over the years, R.L. Hulett & Company has completed hundreds of transactions in a wide variety of industries. Pleasenote that this list is not comprehensive. It is common for sellers and/or buyers to request confidentiality regarding theirtransactions, and R.L. Hulett & Company respects such requests as a matter of policy.



Our M&A Deal Leaders

Mr. Hulett founded the firm in 1981 and has negotiated and completed more than 200transactions throughout his career. He began his career as a Certified Public Accountant andpracticed with Peat, Marwick, Mitchell & Co. in St. Louis as an Audit Manager and in New Yorkas the Director of Training for Private Business. Mr. Hulett has also served as Chief Executive &Board Member for various middle market companies. As an educator, he was an adjunctprofessor at New York University and a tenured faculty member at Lindenwood University in St.Louis. He conducted training sessions for middle market CPA firms throughout the country formore than ten years. Mr. Hulett earned his BS/BA Cum Laude in Accounting from the Universityof Missouri-Columbia, and an MBA from Lindenwood University.

Robert L. HulettChairman & Managing

Director(314) 721-0607 x103

[email protected]

R. Trevor Hulett, CPAManaging Director

(314) 721-0607 [email protected]

Mr. Hulett has led M&A transactions in a variety of industries includingmanufacturing/industrial, software development/IT, business services and value-addeddistribution for over 15 years. Prior to joining the firm, he held senior level accounting andfinancial management positions in both public accounting and large corporations. Mr. Hulettbegan his career as a Certified Public Accountant with MPP&W, a St. Louis-based publicaccounting firm specializing in middle market companies. He then held various managementpositions in internal audit and corporate accounting with a Fortune 1000 industrialmanufacturing company and also spent nine years with Enterprise Rent-A-Car Company as adepartment manager in the Corporate Accounting group. Mr. Hulett holds his Series 62, 63 and79 securities registration. Mr. Hulett earned a Bachelor’s Degree in Accounting from theUniversity of Missouri, Columbia.

Mr. Vass has over 30 years of business management experience including more than 10 yearsas President of a highly successful consumer products manufacturing company with revenuesexceeding $25 million. During this time, he not only reversed a declining sales and earningstrend, but increased both sales and operating income over 100%. In addition, he has spent over20 years at the executive level of Vice President of Sales and Business Development. Mr.Vass also has experience in a number of other industry niches including consumer products,commercial furniture and fixtures and metal recycling. He holds a Bachelor’s Degree inEconomics from DePauw University and an MBA from the University of Michigan.

David T. VassDirector

(314) 721-0607 [email protected]



About R.L. Hulett & Company

R.L. Hulett & Company is a middle-market investment bank based in St. Louis, Missouri. Since 1981, the firm specializes inproviding financial advisory services to middle market companies. Since IB inception, the firm has advised in over 230transactions in a variety of industries including manufacturing, distribution, business services, transportation/logistics, healthcare and software/technology. The firm has an experienced team of M&A advisors consisting of former business owners,seasoned corporate executives, professional service firm partners, CPAs and MBAs. Our ability to deliver customized solutionsto meet or exceed our clients’ expectations is what sets us apart from our competitors.

Industry Sectors Covered:

Disclaimer

The data in this document has been derived from PitchBook Data and has been compiled by R.L. Hulett & Company. Thisdocument is strictly for illustrative purposes only. The data presented in this document is not comprehensive and should notbe used for benchmarking, valuation, or for any other decision making. R.L. Hulett & Company accepts no responsibility forloss or damage caused by dependence on the information in this document.

Industrial Transportation and Logistics Food & Beverage

Business Services Tech-enabled Services Healthcare

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