food and beverage - harris williams & co.... harris williams & co. ltd is a private limited...

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorisedand regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

FOOD AND BEVERAGE

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INDUSTRY UPDATE APRIL 2016

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www.harriswilliams.de

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

Agribusiness

Baked and Prepared Goods

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Ryan BudlongManaging [email protected]+1 (415) 217-3409

Brant [email protected]+1 (612) 359-2709

Ryan [email protected]+1 (612) 359-2703

Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

FOOD AND BEVERAGE


M&A activity in the food and beverage sector continued its recent momentum

through March and into April. HW&Co. has observed strong new deal activity,

signaling that these trends are likely to continue. Within the last month, Fyffes

bolstered its North American portfolio with the acquisition of Highline Produce and

UNFI acquired Nor-Cal Produce to enhance its national presence in produce.

Strong interest in consumer staples from both strategic and financial buyers, along

with stabilizing financing markets, are expected to continue driving M&A activity in

the food and beverage sector for the remainder of the year.

has been acquired by


a portfolio company of

A Private

Investor Group





a subsidiary of





CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

has divested selected assets to

and

has acquired


has been acquired byhas been acquired by




http://www.harriswilliams.com/

mailto:[email protected]






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WHAT WE’VE BEEN READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

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Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16

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Corn Soybeans Wheat Crude Oil

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Beef Pork Poultry

Beef:

23.0%

Pork:

5.9%

Poultry:

(7.2%)

Soybeans:

(34.1%)

Wheat:

(42.2%)

Corn:

(42.3%)

Crude Oil:

(68.3%)

Soon, consumers across the country will know whether many of their packaged foods contain ingredients derivedfrom genetically modified organisms. While many large companies such as General Mills and Kellogg have comeforward with plans to do so, the true catalyst lies in recent legislation passed by one of the nation’s smallest states:Vermont.

Access the full article here.

HOW LITTLE VERMONT GOT BIG FOOD COMPANIES TO LABEL GMOS

Within the food industry, no trend seems to be more pervasive than the move towards organic foods, leaving many tobelieve that they are a mainstream staple of American households. However, recent research suggests that organicfoods remain largely inaccessible for large swaths of the American public even despite growing demand thattranscends socioeconomic class.


ORGANIC FOODS STILL AREN’T AS MASS MARKET AS YOU MIGHT THINK

WHEN ICONIC BRANDS GO ORGANIC

As large food companies continue to reformulate their iconic brands in order to capitalize on the broad trend towardsorganic foods, the road has not always been a smooth one. Recent years have born witness to numerous failedattempts at offering newer, “cleaner” products, leaving many to wonder whether going organic is appropriate forevery brand.


http://www.npr.org/sections/thesalt/2016/03/27/471759643/how-little-vermont-got-big-food-companies-to-label-gmos

http://www.npr.org/sections/thesalt/2016/03/28/472167760/organic-foods-still-arent-as-mass-market-as-you-might-think

http://www.foodbusinessnews.net/articles/news_home/Consumer_Trends/2016/04/When_iconic_brands_go_organic.aspx?ID=26FB657D-BD11-4EDF-B944-332FA10981B0&e

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Net Debt /

Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 18.8% 17.0% 9.8% (7.0%) 14.6x 12.7x 6.1x 2.7x

Fruit and Vegetable 15.8% 11.1% 9.3% 5.7% 16.1x 26.3x 9.9x 0.8x

Ingredients / Flavors 9.6% 5.2% 8.4% 8.6% 21.0x 27.4x 14.5x 1.5x

Agribusiness 0.4% (27.5%) 12.6% (13.1%) 15.5x 11.9x 8.9x 2.1x

Branded Processed Foods 8.3% 14.2% 5.1% 14.5% 21.1x 30.8x 14.4x 2.3x

Private Label Foods and Beverages 26.4% 9.7% 2.3% (41.1%) 34.5x 20.6x 9.7x 3.2x

Natural / Organic Foods / BFY 6.7% (26.6%) (3.0%) (16.0%) 21.2x 24.7x 18.7x 4.1x

Baked Goods (4.6%) (1.8%) (4.0%) (4.2%) 18.5x 29.6x 11.7x 2.9x

Dairy 6.6% 5.3% (2.2%) (10.6%) 21.3x 28.5x 11.9x 1.7x

Non-Alcoholic Beverages 7.5% 14.9% 4.0% 0.4% 21.9x 27.8x 13.6x 1.9x

Alcoholic Beverages 4.0% 8.2% 6.9% 4.0% 22.0x 28.2x 14.4x 2.6x

Snacks 3.7% 8.8% 10.4% 9.6% 22.9x 25.8x 14.3x 1.8x

Grocery Distribution 5.8% (14.4%) 0.2% (28.0%) 16.6x 16.8x 7.2x 1.8x

Food Retail (1.9%) (22.7%) (2.3%) (20.9%) 17.1x 19.9x 7.6x 0.6x

Foodserv ice 24.0% (7.0%) 4.1% 9.2% 22.6x 34.2x 12.7x 4.6x

Quick Serv ice Restaurant 11.2% 2.8% 2.1% (8.1%) 23.7x 25.9x 13.0x 2.7x

Fast Casual 7.6% (34.0%) 9.7% (37.9%) 59.0x 27.0x 12.0x 0.7x

Differentiated Casual 1.0% (5.8%) (5.9%) (19.1%) 22.8x 27.9x 10.1x 1.1x

Casual Dining Restaurant 10.8% (23.1%) (3.1%) (25.7%) 17.6x 18.1x 7.8x 2.3x

Fine Dining 12.8% (3.3%) 3.1% (11.0%) 19.4x 21.2x 10.5x 2.9x

Pizza 18.4% (8.5%) 4.9% (21.6%) 29.8x 38.0x 13.3x 4.1x

Beverage / Snack Retail 8.5% (10.2%) 8.9% (4.0%) 30.1x 34.6x 18.3x 5.4x

Family Restaurant 19.8% (4.5%) 5.7% (27.8%) 20.7x 24.7x 10.3x 2.0x

Overall Median 7.9% 0.1% 3.8% (8.3%) 21.4x 26.0x 12.3x 2.2x

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

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VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

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Restaurant Grocery

Restaurant:

20.6%

Grocery:

9.4%

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Fast Casual

Agribusiness

Natural / Organic / BFY

Casual Dining Restaurant

Food Retail

Grocery Distribution

Bev erage / Snack Retail

Pizza

Foodserv ice

Differentiated Casual

Family Restaurant

Fine Dining

S&P

Baked Goods

Quick Serv ice Restaurant

Ingredients / Flav ors

Dairy

Alcoholic Bev erages

Snacks

Priv ate Label

Fruit and Vegetable

Branded Processed Foods

Non-Alcoholic Bev erages

Protein Processing

(45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0%Inputs Food and Beverage Consumer and Retail

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

04/06/16 04/06/16 Cara Operations LTD CAO Follow-On $175.7 Future Acquisitions

03/23/16 03/23/16 Premium Brands Holding Corp PBH Convertible $56.8 Acquisition Fin.

General Corp. Purp.

03/09/16 03/09/16 Cott Corp COTT Follow-On $170.3 Future Acquisitions

General Corp. Purp.

03/09/16 03/09/16 B&G Foods Inc BGF Follow-On $133.4 General Corp. Purp.

Reduce Indebtedness

03/08/16 02/25/16 Wingstop Inc WING Follow-On $138.0 General Corp. Purp.

Secondary

02/25/16 12/16/15 GreenSpace Brands Inc JTR Follow-On $6.2 Acquisition Fin.

Working Capital

01/28/16 01/26/16 Molson Coors Brewing Co TAP Follow-On $2,585.0 General Corp. Purp.

Reduce Indebtedness

01/21/16 11/20/13 TreeHouse Foods Inc THS Follow-On $862.5 Investment / Loan

01/15/16 01/15/16 Feronia Inc FRN Follow-On $15.0 Working Capital

12/29/15 12/29/15 Avidus Management Group Inc AVD Follow-On $0.9 General Corp. Purp. & Working

Capital

12/15/15 10/06/15 Spot Coffee (Canada) Ltd SPP Follow-On $1.1 General Corp. Purp.

Reduce Indebtedness

12/09/15 12/09/15 Rest Brands Intl Inc QSR Follow-On $601.7 Secondary

Pay Fees & Expenses

12/04/15 12/04/15 Vitamin Shoppe Inc VSI Convertible $143.8 Stock Repurchase


4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE (ONE YEAR CHANGE IN STOCK PRICE)5

RECENT EQUITY OFFERINGS6

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Price at As a % of Market Minority Cash & Enterprise P/E($ in millions, except per share data) Ticker 4/11/16 52-wk High Cap Interest Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and BeverageBranded Processed FoodsAssociated British Foods plc ABF $47.77 93.5% $37,657 $332 $1,382 $1,083 $38,288 $19,744 $2,271 (6.0%) (0.3%) 23.7% 11.5% 49.7x 1.94x 16.9x 2.06x 17.6xB&G Foods Inc. BGS 32.71 80.8% 2,049 0 1,760 5 3,803 966 216 14.0% 15.1% 30.6% 22.3% 28.5x 3.94x 17.6x 2.70x 12.7xCampbell Soup Company CPB 63.94 98.7% 19,850 (2) 3,870 306 23,412 7,997 1,626 (3.8%) 3.2% 35.5% 20.3% 29.3x 2.93x 14.4x 2.90x 12.9xConAgra Foods, Inc. CAG 45.85 100.0% 20,136 110 7,905 96 28,055 15,820 2,275 14.6% 4.5% 22.3% 14.4% NM 1.77x 12.3x 2.40x 14.2xGeneral Mills, Inc. GIS 62.81 98.6% 37,626 1,202 8,768 783 46,813 16,934 3,447 (3.9%) (1.0%) 36.0% 20.4% 25.9x 2.76x 13.6x 2.85x 13.8xHormel Foods Corporation HRL 41.44 90.6% 22,161 3 250 375 22,039 9,161 1,290 (3.2%) 3.3% 21.0% 14.1% 31.3x 2.41x 17.1x 2.28x 15.3xKellogg Company K 77.09 100.0% 27,210 10 7,759 251 34,728 13,525 2,020 (7.2%) (1.6%) 36.5% 14.9% 44.5x 2.57x 17.2x 2.60x 13.7xMcCormick & Company, Incorporated MKC 98.95 98.4% 12,684 17 1,447 116 14,031 4,316 715 1.3% 2.2% 40.7% 16.6% 30.2x 3.25x 19.6x 3.15x 17.8xNestlé S.A. NESN 73.52 91.7% 226,773 1,646 22,018 5,877 244,560 88,975 16,875 (3.8%) (3.2%) 49.8% 19.0% 24.6x 2.75x 14.5x 2.58x 13.7xPost Holdings, Inc. POST 69.39 95.5% 4,474 0 4,671 802 8,343 4,823 693 NM 70.3% 26.7% 14.4% NM 1.73x 12.0x 1.64x 10.1xThe Hershey Company HSY 91.90 89.6% 19,879 49 2,421 347 22,002 7,387 1,705 (0.5%) 3.6% 46.0% 23.1% 39.7x 2.98x 12.9x 2.94x 12.7xThe J. M. Smucker Company SJM 128.32 98.2% 15,307 0 5,284 141 20,451 7,451 1,543 36.0% 8.0% 37.2% 20.7% 37.3x 2.74x 13.3x 2.67x 11.9x

Mean 3.4% 8.7% 33.8% 17.6% 34.1x 2.65x 15.1x 2.56x 13.9xMedian (3.2%) 3.3% 35.8% 17.8% 30.8x 2.75x 14.4x 2.63x 13.7x

Private Label Foods and BeveragesCott Corporation TSX:BCB $14.17 100.0% $1,758 $7 $1,651 $77 $3,338 $2,944 $344 40.0% 9.4% 30.4% 11.7% NM 1.13x 9.7x 1.15x 9.0xSeneca Foods Corp. SENE.A 32.80 91.7% 336 0 349 19 666 1,250 103 (4.0%) (0.6%) 10.1% 8.2% 8.2x 0.53x 6.5x NA NATreehouse Foods, Inc. THS 87.69 97.1% 4,991 0 1,237 43 6,184 3,206 378 8.8% 13.7% 20.2% 11.8% 33.0x 1.93x 16.4x 0.97x 9.4x

Mean 14.9% 7.5% 20.2% 10.6% 20.6x 1.20x 10.9x 1.06x 9.2xMedian 8.8% 9.4% 20.2% 11.7% 20.6x 1.13x 9.7x 1.06x 9.2x

Natural / Organic Foods / Better-For-YouAmplify Snack Brands, Inc. BETR $14.02 81.5% $1,007 $0 $201 $19 $1,189 $184 $61 39.0% NA 56.0% 33.3% NM 6.46x 19.4x 5.07x 13.3xSunOpta Inc. TSX:SOY 4.91 43.0% 386 5 483 2 871 1,145 47 3.8% 3.1% 10.2% 4.1% NM 0.76x 18.7x 0.60x 9.0xPinnacle Foods Inc. NYSE:PF 44.33 92.1% 5,226 0 2,309 181 7,354 2,656 521 2.5% 2.3% 28.3% 19.6% 24.7x 2.77x 14.1x 2.32x 11.5xThe Hain Celestial Group, Inc. HAIN 41.34 58.5% 4,266 0 982 177 5,071 2,801 358 13.4% 22.0% 23.4% 12.8% 22.1x 1.81x 14.2x 1.66x 12.2xThe WhiteWave Foods Company WWAV 38.96 74.2% 6,887 0 2,134 39 8,982 3,866 458 12.5% 19.1% 34.2% 11.8% 43.5x 2.32x 19.6x 2.10x 15.5x


Baked GoodsARYZTA AG SWX:ARYN $39.99 57.6% $3,549 $16 $2,569 $590 $5,544 $4,244 $408 3.6% (8.6%) 18.9% 9.6% NM 1.31x 13.6x 1.23x 7.4xFlowers Foods, Inc. FLO 18.42 67.4% 3,955 0 1,027 14 4,967 3,779 437 0.8% 7.6% 48.0% 11.6% 20.7x 1.31x 11.4x 1.24x 10.3xGeorge Weston Limited WN 86.46 94.1% 10,982 5,212 9,733 1,859 24,068 33,798 2,528 (10.9%) 1.0% 28.3% 7.5% 31.1x 0.71x 9.5x 0.65x 7.9xGrupo Bimbo, S.A.B. de C.V. BIMBO A 2.78 88.3% 13,014 191 4,148 222 17,131 12,722 1,467 0.4% (1.6%) 53.3% 11.5% 46.4x 1.35x 11.7x 1.23x 11.4xLancaster Colony Corporation LANC 108.73 90.8% 3,010 0 - 87 2,923 1,160 188 9.0% 2.8% 23.6% 16.2% 28.1x 2.52x 15.6x 2.41x 14.6x


EV / LTM EV / 2016ERevenue Growth LTM MarginsLast Twelve Months (LTM)

PUBLIC COMPARABLES5

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FOOD AND BEVERAGEINDUSTRY UPDATE APRIL 2016

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PUBLIC COMPARABLES5

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DairyDanone BN $69.61 90.4% $42,492 $68 $12,031 $3,294 $51,298 $24,341 $4,054 (4.9%) (4.0%) 50.0% 16.7% 29.2x 2.11x 12.7x 2.02x 11.8xDean Foods Company DF 17.11 80.8% 1,580 0 842 61 2,361 8,122 400 (14.5%) (4.3%) 24.3% 4.9% NM 0.29x 5.9x 0.31x 5.6xEmmi AG SWX:EMMN 576.20 100.0% 3,083 186 567 391 3,445 3,210 307 (6.3%) (0.5%) 34.8% 9.6% 23.6x 1.07x 11.2x 1.01x 10.5xGlanbia plc GL9 20.16 90.5% 5,953 9 864 229 6,597 3,014 329 (1.3%) 1.0% 35.7% 10.9% 28.5x 2.19x 20.1x 1.98x 16.7xLifeway Foods Inc. LWAY 9.57 43.9% 157 0 8 8 157 119 8 (0.3%) 13.4% 28.7% 6.4% NM 1.32x 20.8x 1.23x 12.7xParmalat SpA BIT:PLT 2.76 96.9% 5,077 21 433 754 4,777 6,997 499 3.8% 0.4% 18.5% 7.1% 31.0x 0.68x 9.6x 0.60x 8.4xSaputo Inc. TSX:SAP 31.16 95.8% 12,232 49 1,390 221 13,451 7,763 788 (15.4%) 3.7% 10.1% 10.1% 26.9x 1.73x 17.1x 1.54x 13.8xSavencia SA ENXTPA:SAVE 66.49 90.2% 932 0 - 0 932 4,824 237 (13.5%) (3.6%) 100.0% 4.9% NA 0.19x 3.9x 0.18x 2.7x

Mean (6.6%) 0.8% 37.8% 8.8% 27.8x 1.20x 12.7x 1.11x 10.3xMedian (5.6%) (0.1%) 31.7% 8.3% 28.5x 1.20x 11.9x 1.12x 11.2x

Non-Alcoholic BeveragesA.G.Barr p.l.c. LSE:BAG $7.54 80.2% $871 $0 $26 $10 $887 $366 $72 (6.5%) (0.8%) 46.8% 19.5% 17.8x 2.42x 12.4x 2.43x 12.6xCott Corporation BCB 14.17 100.0% 1,758 7 1,651 77 3,338 2,944 344 40.0% 9.4% 30.4% 11.7% NM 1.13x 9.7x 1.15x 9.0xDr Pepper Snapple Group, Inc. DPS 91.09 95.0% 17,131 0 3,384 920 19,595 6,282 1,519 2.6% 1.6% 59.3% 24.2% 22.5x 3.12x 12.9x 3.08x 12.3xLassonde Industries Inc. LAS.A 127.22 99.0% 889 30 264 0 1,183 1,045 111 2.4% 0.6% 28.3% 10.6% 19.4x 1.13x 10.7x 1.03x 9.5xMonster Beverage Corporation MNST 131.20 81.7% 26,903 0 - 2,920 23,983 2,723 1,003 10.5% 9.7% 60.0% 36.8% 47.0x 8.81x 23.9x 7.98x 19.4xNational Beverage Corp. FIZZ 45.24 94.2% 2,105 0 - 86 2,019 690 97 6.9% 1.5% 33.5% 14.0% 35.6x 2.92x 20.8x NA NAPepsico, Inc. PEP 104.62 100.0% 153,552 107 33,284 12,009 174,934 63,056 12,246 (5.4%) (1.3%) 55.0% 19.4% 27.9x 2.77x 14.3x 2.80x 14.0xThe Coca-Cola Company KO 46.65 99.5% 202,888 210 44,445 19,920 227,623 44,294 12,210 (3.7%) (2.7%) 60.5% 27.6% 27.8x 5.14x 18.6x 5.34x 18.8x


Alcoholic BeveragesAnheuser-Busch InBev SA/NV ENXTBR:ABI $121.15 85.8% $194,797 $3,582 $49,466 $6,978 $240,867 $43,604 $16,756 (7.3%) 3.1% 60.7% 38.4% 23.9x 5.52x 14.4x 5.58x 14.4xBrown-Forman Corporation BF.B 95.50 86.0% 19,904 0 1,738 317 21,325 3,099 1,121 0.5% 3.5% 69.6% 36.2% 29.7x 6.88x 19.0x 5.39x 19.2xCarlsberg A/S CPSE:CARL B 94.31 94.7% 14,454 545 5,243 456 19,786 9,511 1,844 (9.3%) (6.8%) 49.0% 19.4% NM 2.08x 10.7x 2.04x 10.3xConstellation Brands Inc. STZ 158.35 100.0% 31,688 132 7,417 494 38,743 6,361 2,014 6.7% 32.6% 45.5% 31.7% 29.9x 6.09x 19.2x 5.51x 16.6xDiageo plc DGE 27.05 96.4% 68,082 2,268 14,548 798 84,100 15,512 4,765 (2.7%) (4.0%) 57.6% 30.7% 19.2x 5.42x 17.7x 5.45x 16.7xHeineken NV ENXTAM:HEIA 89.59 91.8% 51,036 1,667 13,681 912 65,472 22,276 4,883 (4.4%) 2.2% 38.4% 21.9% 23.9x 2.94x 13.4x 2.72x 11.4xKirin Holdings Company, Limited TSE:2503 14.34 84.0% 13,084 2,278 6,299 553 21,107 18,277 2,198 (0.3%) 3.1% 44.1% 12.0% NM 1.15x 9.6x 1.11x 9.9xPernod-Ricard SA RI 110.39 82.5% 29,136 177 10,703 569 39,447 9,661 2,747 (0.2%) (3.5%) 61.7% 28.4% 26.6x 4.08x 14.4x 3.88x 13.4xSABMiller plc LSE:SAB 60.09 99.4% 96,901 1,169 12,010 629 109,451 15,555 4,676 10.6% (7.9%) 70.4% 30.1% 35.1x 7.04x 23.4x 7.28x 18.7xSapporo Holdings Ltd. TSE:2501 5.18 98.7% 2,017 49 2,022 87 4,001 4,440 377 2.6% 0.4% 33.9% 8.5% 34.6x 0.90x 10.6x 0.82x 9.7x

Mean (0.4%) 2.3% 53.1% 25.7% 27.9x 4.21x 15.2x 3.98x 14.0xMedian (0.2%) 1.3% 53.3% 29.2% 28.2x 4.75x 14.4x 4.63x 13.9x

SnacksGolden Enterprises Inc. GLDC $5.25 100.0% $58 $0 $7 $3 $63 $131 $8 (1.6%) (1.6%) 50.4% 6.3% 23.7x 0.48x 7.5x NA NAInventure Foods, Inc. SNAK 6.04 49.1% 111 0 116 2 225 283 10 (1.1%) 15.1% 13.3% 3.5% NM 0.80x 22.8x 0.73x 12.6xJ&J Snack Foods Corp. JJSF 103.71 82.6% 1,955 0 1 112 1,844 986 151 6.2% 5.1% 30.8% 15.3% 28.6x 1.87x 12.3x 1.81x 11.6xJohn B Sanfilippo & Son Inc. JBSS 67.49 92.7% 775 0 49 3 821 936 74 12.3% 9.4% 15.2% 7.9% 22.3x 0.88x 11.1x 0.95x NAMondelez International, Inc. MDLZ 42.52 87.5% 65,898 88 15,483 1,925 79,544 29,636 4,664 (13.5%) (5.4%) 38.8% 15.7% 9.0x 2.68x 17.1x 3.04x 16.4xPepsico, Inc. PEP 104.62 100.0% 153,552 107 33,284 12,009 174,934 63,056 12,246 (5.4%) (1.3%) 55.0% 19.4% 27.9x 2.77x 14.3x 2.80x 14.0xSnyder's-Lance, Inc. LNCE 31.38 80.2% 3,002 19 389 39 3,372 1,656 185 2.2% 6.7% 35.0% 11.2% 44.3x 2.04x 18.2x 1.40x 10.1x

Mean (0.1%) 4.0% 34.1% 11.3% 26.0x 1.64x 14.8x 1.79x 12.9xMedian (1.1%) 5.1% 35.0% 11.2% 25.8x 1.87x 14.3x 1.60x 12.6x

EV / 2016ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

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PUBLIC COMPARABLES5

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InputsProtein ProcessingCal-Maine Foods, Inc. CALM $51.33 81.2% $2,482 $2 $27 $387 $2,124 $2,009 $583 30.0% 17.5% 35.7% 29.0% 6.9x 1.06x 3.6x 1.29x 7.3xJBS S.A. BOVESPA:JBSS3 2.66 53.9% 7,410 402 16,632 4,757 19,686 41,127 3,222 (9.3%) 3.6% 13.9% 7.8% 6.8x 0.48x 6.1x 0.34x 4.3xSanderson Farms, Inc. SAFM 92.47 98.4% 2,113 0 10 155 1,968 2,741 331 (4.1%) 3.6% 14.6% 12.1% 12.7x 0.72x 5.9x 0.68x 4.8xSeaboard Corp. SEB 3,000.00 70.9% 3,510 6 669 1,304 2,881 5,594 217 (13.6%) (3.3%) 7.1% 3.9% 20.6x 0.52x 13.3x NA NATyson Foods, Inc. TSN 67.81 99.5% 26,600 15 6,705 1,189 32,131 39,708 3,350 0.2% 6.3% 11.0% 8.4% 19.9x 0.81x 9.6x 0.86x 9.7x

Mean 0.7% 5.5% 16.5% 12.2% 13.4x 0.72x 7.7x 0.79x 6.5xMedian (4.1%) 3.6% 13.9% 8.4% 12.7x 0.72x 6.1x 0.77x 6.1x

Fruit and VegetableCalavo Growers Inc. CVGW $56.88 91.5% $994 $1 $46 $8 $1,033 $867 $54 7.1% 14.8% 10.2% 6.3% 35.0x 1.19x 19.1x 1.06x 16.0xFresh Del Monte Produce Inc. FDP 42.22 88.9% 2,161 43 254 25 2,433 4,057 232 3.3% 5.8% 8.4% 5.7% 36.0x 0.60x 10.5x 0.59x 9.4xSeneca Foods Corp. SENE.A 32.80 91.7% 336 0 349 19 666 1,250 103 (4.0%) (0.6%) 10.1% 8.2% 8.2x 0.53x 6.5x NA NATotal Produce plc ISE:T7O 1.83 99.3% 530 81 163 144 631 3,123 69 (3.3%) (0.9%) 13.8% 2.2% 17.5x 0.20x 9.2x 0.18x 8.2x


Ingredients / FlavorsGivaudan SA SWX:GIVN $1,977.35 97.6% $18,172 $0 $1,154 $479 $18,847 $4,391 $925 (1.0%) (1.9%) 46.2% 21.1% 27.6x 4.29x 20.4x 3.94x 16.2xIngredion Incorporated INGR 109.63 100.0% 7,898 36 1,838 440 9,332 5,621 903 (0.8%) (4.9%) 22.3% 16.1% 19.4x 1.66x 10.3x 1.67x 9.7xInternational Flavors & Fragrances Inc. IFF 117.49 95.8% 9,379 5 1,070 183 10,271 3,023 690 (2.1%) 2.3% 45.0% 22.8% 22.0x 3.40x 14.9x 3.34x 14.4xKerry Group plc ISE:KRZ 94.56 100.0% 16,640 0 2,233 264 18,609 6,630 907 (4.8%) (4.9%) 46.2% 13.7% 27.2x 2.81x 20.5x 2.57x 18.3xSensient Technologies Corporation SXT 64.72 91.8% 2,898 0 635 12 3,520 1,376 258 (5.0%) (1.8%) 33.5% 18.7% 27.4x 2.56x 13.7x 2.52x 13.1xSymrise AG XTRA:SY1 67.26 91.8% 8,732 22 305 304 8,754 2,826 604 10.1% 7.3% 42.7% 21.4% 30.8x 3.10x 14.5x 2.61x 12.2xTate & Lyle plc TATE 8.33 88.9% 3,862 2 1,179 363 4,679 3,529 452 (20.5%) (10.6%) 38.0% 12.8% 59.5x 1.33x 10.3x 1.37x 10.3x

Mean (3.4%) (2.1%) 39.1% 18.1% 30.6x 2.73x 14.9x 2.58x 13.5xMedian (2.1%) (1.9%) 42.7% 18.7% 27.4x 2.81x 14.5x 2.57x 13.1x

AgribusinessArcher-Daniels-Midland Company ADM $36.48 68.4% $21,190 $16 $5,877 $1,348 $25,735 $67,702 $2,892 (16.6%) (9.2%) 5.9% 4.3% 12.2x 0.38x 8.9x 0.38x 8.3xBunge Limited BG 56.76 61.0% 8,556 248 4,776 970 12,610 43,455 1,823 (24.0%) (10.7%) 6.2% 4.2% 11.7x 0.29x 6.9x 0.29x 7.0xCF Industries Holdings, Inc. CF 30.62 43.5% 6,939 352 5,593 286 12,598 4,308 1,800 (9.2%) (11.0%) 35.9% 41.8% 10.6x 2.92x 7.0x 2.98x 6.9xDarling Ingredients Inc. DAR 13.34 82.2% 2,167 104 1,960 157 4,074 3,397 421 (14.1%) 24.2% 21.9% 12.4% 27.7x 1.20x 9.7x 1.19x 8.3xMonsanto Company MON 87.07 70.3% 37,844 (1) 9,732 2,297 45,278 14,350 4,358 (7.9%) 0.8% 54.5% 30.4% 23.1x 3.16x 10.4x 3.20x 10.7xThe Andersons, Inc. ANDE 31.43 66.1% 863 19 484 77 1,290 4,198 115 (7.5%) (7.3%) 9.0% 2.7% NM 0.31x 11.3x 0.30x 8.4xThe Mosaic Company MOS 25.01 52.5% 8,799 33 3,860 1,276 11,415 8,895 2,062 (1.8%) (5.5%) 22.1% 23.2% 9.7x 1.28x 5.5x 1.47x 7.4x

Mean (11.6%) (2.7%) 22.2% 17.0% 15.8x 1.36x 8.5x 1.40x 8.1xMedian (9.2%) (7.3%) 21.9% 12.4% 11.9x 1.20x 8.9x 1.19x 8.3x

Consumer and RetailGrocery DistributionAMCON Distributing Co. DIT $81.60 92.6% $50 $0 $15 $0 $64 $897 $14 4.4% 3.3% 8.5% 1.5% 9.8x 0.07x 4.7x NA NACore-Mark Holding Company, Inc. CORE 78.51 85.6% 1,864 0 90 13 1,941 8,858 126 8.4% 8.7% 7.2% 1.4% 36.9x 0.22x 15.4x 0.14x 12.8xPerformance Food Group Company PFGC 23.62 92.8% 2,458 0 1,263 9 3,712 15,603 295 14.0% NA 12.2% 1.9% 31.7x 0.24x 12.6x 0.22x 10.2xSpartanNash Company SPTN 27.42 80.9% 1,037 0 495 23 1,510 7,652 225 (3.3%) 42.8% 14.6% 2.9% 18.1x 0.20x 6.7x 0.20x 6.5xSUPERVALU Inc. SVU 5.33 44.4% 1,436 8 2,714 134 4,024 17,873 799 2.2% 87.6% 15.2% 4.5% 9.9x 0.23x 5.0x 0.23x 5.2xUnited Natural Foods, Inc. UNFI 35.00 45.4% 1,863 0 456 12 2,307 8,300 303 9.9% 14.1% 15.1% 3.6% 15.5x 0.28x 7.6x 0.26x 7.9x


EV / 2016ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins

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PUBLIC COMPARABLES5

8



Food RetailCostco Wholesale Corporation COST $150.14 88.5% $66,580 $234 $4,975 $4,855 $66,934 $117,269 $4,769 1.4% 4.4% 13.1% 4.1% 30.2x 0.57x 14.0x 0.53x 13.0xEstablishments Delhaize Freres DELB 106.53 95.4% 10,988 3 2,807 1,966 11,832 26,495 1,644 2.5% (0.7%) 24.3% 6.2% 25.7x 0.45x 7.2x 0.41x 6.4xFairway Group Holdings Corp. FWM 0.36 4.6% 15 0 258 35 237 764 17 (4.3%) 6.5% 31.4% 2.2% NM 0.31x 14.3x 0.31x 7.1xIngles Markets, Incorporated IMKT.A 34.02 59.0% 697 0 925 9 1,613 3,765 235 (2.3%) 0.3% 23.8% 6.2% 13.3x 0.43x 6.9x 0.43x 6.7xJ Sainsbury plc LSE:SBRY 4.15 100.0% 7,957 0 3,906 1,920 9,944 35,674 2,870 (8.3%) (0.9%) 7.5% 8.0% 12.2x 0.28x 3.5x 0.30x 5.7xKoninklijke Ahold N.V. ENXTAM:AH 22.95 95.3% 18,785 (1) 3,804 2,546 20,041 41,500 2,489 4.0% (1.3%) 27.1% 6.0% 19.4x 0.48x 8.1x 0.45x 7.0xNatural Grocers by Vitamin Cottage NGVC 19.90 64.9% 456 0 28 2 482 647 51 18.4% 21.9% 29.1% 7.9% 29.2x 0.75x 9.4x 0.62x 8.0xSprouts Farmers Market, Inc. SFM 27.86 77.2% 4,345 0 290 136 4,500 3,593 300 21.1% 26.0% 29.3% 8.3% 35.0x 1.25x 15.0x 1.07x 13.3xSUPERVALU Inc. SVU 5.33 44.4% 1,436 8 2,714 134 4,024 17,873 799 2.2% 87.6% 15.2% 4.5% 9.9x 0.23x 5.0x 0.23x 5.2xTesco PLC LSE:TSCO 2.76 77.1% 22,295 (8) 19,374 2,973 38,689 93,911 1,027 (3.5%) (2.2%) 2.3% 1.1% NM 0.41x 37.7x 0.49x 11.3xThe Kroger Co. KR 37.41 87.5% 36,565 (22) 12,106 277 48,372 109,830 5,762 1.3% 4.4% 22.8% 5.2% 18.6x 0.44x 8.4x 0.42x 7.9xVillage Super Market Inc. VLGE.A 23.56 68.1% 339 0 45 80 305 1,603 66 2.7% 3.2% 27.3% 4.1% 11.1x 0.19x 4.6x NA NAWeis Markets, Inc. WMK 44.35 88.5% 1,189 0 - 109 1,080 2,877 161 3.6% 2.1% 27.3% 5.6% 20.4x 0.38x 6.7x NA NAWhole Foods Market, Inc. WFM 29.78 56.8% 9,826 0 1,055 809 10,072 15,547 1,399 6.3% 8.5% 34.9% 9.0% 21.1x 0.65x 7.2x 0.62x 7.4x


FoodserviceColabor Group Inc. TSX:GCL $0.74 50.4% $19 $0 $135 $0 $154 $1,091 $18 (11.5%) (9.5%) 1.7% 1.7% NM 0.14x 8.5x 0.13x 6.6xSysco Corporation SYY 46.86 99.9% 26,502 45 4,363 596 30,315 48,865 2,390 1.6% 4.0% 17.7% 4.9% 36.1x 0.62x 12.7x 0.59x 11.6xThe Chefs' Warehouse, Inc. CHEF 20.07 87.9% 522 0 275 2 794 1,059 60 26.6% 30.2% 25.5% 5.6% 32.4x 0.75x 13.3x 0.67x 10.9x


Quick Service RestaurantBojangles', Inc. BOJA $17.36 61.0% $619 $0 $230 $14 $835 $488 $68 13.4% NA 22.6% 13.8% 24.0x 1.71x 12.3x 1.54x 10.1xJack in the Box Inc. JACK 68.15 69.4% 2,360 0 786 7 3,139 1,543 299 2.7% 0.8% 28.2% 19.4% 21.8x 2.03x 10.5x 1.94x 9.5xMcDonald's Corp. MCD 128.12 100.0% 115,370 0 24,126 7,686 131,810 25,413 8,911 (7.4%) (2.7%) 38.5% 35.1% 26.2x 5.19x 14.8x 5.46x 14.3xPopeyes Louisiana Kitchen, Inc. PLKI 52.53 83.4% 1,176 0 113 9 1,279 259 84 9.9% 13.1% 65.0% 32.4% 27.3x 4.94x 15.2x 4.56x 14.2xRestaurant Brands International Inc. QSR 39.31 88.1% 17,481 0 8,763 758 25,486 4,052 1,563 238.0% 27.2% 42.9% 38.6% NM 6.29x 16.3x 6.20x 14.5xSonic Corp. SONC 35.71 100.0% 1,730 0 504 36 2,198 619 171 6.3% 4.8% 55.3% 27.7% 25.9x 3.55x 12.8x 3.45x 12.2xThe Wendy's Company WEN 11.18 95.5% 2,959 0 2,426 327 5,058 1,870 383 (6.4%) (9.3%) 36.7% 20.5% 25.3x 2.70x 13.2x 3.86x 13.1xYum! Brands, Inc. YUM 82.24 85.8% 33,653 64 3,977 737 36,957 13,105 2,902 (1.3%) (1.3%) 27.3% 22.1% 28.0x 2.82x 12.7x 2.75x 12.5x


Fast CasualChipotle Mexican Grill, Inc. CMG $450.55 59.4% $13,339 $0 $0 $663 $12,676 $4,501 $907 9.6% 18.1% 37.5% 20.2% 31.2x 2.82x 14.0x 2.92x 29.0xEl Pollo Loco Holdings, Inc. LOCO 13.28 45.5% 495 0 124 6 613 355 63 3.0% 14.4% 25.8% 17.8% 21.5x 1.73x 9.7x 1.55x 9.0xFiesta Restaurant Group, Inc. FRGI 34.63 55.2% 894 0 74 5 963 687 96 12.5% 10.5% 25.5% 13.9% 22.8x 1.40x 10.1x 1.29x 8.7xThe Habit Restaurants, Inc. HABT 17.47 43.1% 467 0 2 47 422 231 25 32.1% NA 21.9% 10.8% NM 1.83x 16.9x 1.46x 13.4xNoodles & Company NDLS 11.05 51.6% 300 0 68 2 366 455 36 12.8% 14.9% 17.1% 8.0% NM 0.80x 10.1x 0.72x 10.1xPanera Bread Company PNRA 209.47 95.0% 5,184 4 406 242 5,352 2,682 381 6.0% 8.0% 32.8% 14.2% 35.4x 2.00x 14.1x 1.91x 13.3xPotbelly Corporation PBPB 13.70 86.5% 349 1 0 32 318 373 34 14.0% 10.7% 30.5% 9.3% NM 0.85x 9.2x 0.76x 8.0xShake Shack Inc. SHAK 37.01 38.3% 1,387 0 0 71 1,316 191 18 60.8% NA 40.2% 9.3% NM 6.90x NM 5.43x NMZoe's Kitchen, Inc. ZOES 37.50 80.5% 744 0 29 19 754 227 20 31.9% 91.4% 21.2% 8.7% NM 3.33x 38.2x 2.69x NM


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2016E

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PUBLIC COMPARABLES5

9



Differentiated CasualBJ's Restaurants, Inc. BJRI $42.26 78.4% $1,014 $0 $101 $35 $1,080 $920 $122 8.8% 9.1% 19.9% 13.3% 24.0x 1.17x 8.8x 1.05x 7.9xBuffalo Wild Wings Inc. BWLD 143.32 69.6% 2,719 0 73 20 2,772 1,813 273 19.6% 20.3% 23.0% 15.1% 29.8x 1.53x 10.1x 1.29x 8.4xChuy's Holdings, Inc. CHUY 29.60 79.3% 485 0 0 9 477 287 36 17.1% 18.5% 20.5% 12.5% 40.4x 1.66x 13.3x 1.42x 10.7xDave & Buster's Entertainment, Inc. PLAY 39.89 92.0% 1,625 0 338 25 1,938 867 189 16.1% 14.6% 29.3% 21.8% 27.9x 2.24x 10.3x 1.97x 8.6xIgnite Restaurant Group, Inc. IRG 3.10 51.8% 79 0 127 8 198 492 28 17.3% 36.0% 31.4% 5.7% NM 0.40x 7.1x 0.40x 7.3xThe Cheesecake Factory Incorporated CAKE 51.75 87.9% 2,305 0 88 44 2,349 2,101 257 17.3% 36.0% 43.4% 12.2% 23.1x 1.12x 9.1x 1.02x 8.3xWingstop Inc. WING 24.07 66.9% 693 0 96 11 778 78 26 15.6% NA 71.5% 33.0% NM 9.98x 30.3x 8.70x 23.7x


Casual Dining RestaurantBloomin' Brands, Inc. BLMN $17.78 73.4% $2,000 $37 $1,317 $132 $3,221 $4,378 $461 (1.5%) 3.2% 17.1% 10.5% 16.7x 0.74x 7.0x 0.73x 6.8xBrinker International, Inc. EAT 46.89 75.9% 2,611 0 1,160 71 3,700 3,100 472 4.3% 2.9% 19.5% 15.2% 14.0x 1.19x 7.8x 1.10x 7.3xDarden Restaurants, Inc. DRI 65.50 86.6% 8,211 0 1,199 858 8,552 6,905 873 7.5% (5.6%) 22.0% 12.6% 24.0x 1.24x 9.8x 1.20x 9.0xDineEquity, Inc. DIN 93.25 87.1% 1,695 0 1,421 145 2,971 681 272 4.0% (7.1%) 58.6% 40.0% 16.9x 4.36x 10.9x 4.52x 10.8xRed Robin Gourmet Burgers Inc. RRGB 64.60 68.0% 888 0 210 23 1,075 1,258 145 9.7% 8.8% 23.5% 11.6% 19.2x 0.86x 7.4x 0.79x 6.8xRuby Tuesday, Inc. RT 4.49 58.7% 273 0 232 45 459 1,123 82 (2.1%) (4.9%) 17.2% 7.3% NM 0.41x 5.6x 0.41x 5.1xTexas Roadhouse, Inc. TXRH 44.09 99.9% 3,075 8 26 59 3,049 1,807 215 14.2% 12.7% 18.7% 11.9% 31.8x 1.69x 14.2x 1.51x 11.8x


Fine DiningDel Frisco's Restaurant Group, Inc. DFRG $15.77 70.2% $372 $0 $5 $5 $371 $332 $43 9.9% 12.6% 23.9% 13.0% 24.4x 1.12x 8.6x 1.05x 7.8xFogo de Chao, Inc. FOGO 16.70 61.4% 451 2 165 25 593 272 49 3.6% NA 31.4% 18.0% 14.7x 2.18x 12.1x 2.00x 9.5xRuth's Hospitality Group Inc. RUTH 17.88 95.2% 606 0 0 3 603 373 57 7.9% 6.4% 26.6% 15.3% 21.2x 1.62x 10.5x 1.53x 9.7x


PizzaDomino's Pizza, Inc. DPZ $137.90 100.0% $6,832 $0 $2,241 $133 $8,940 $2,217 $430 11.2% 9.7% 30.8% 19.4% 38.0x 4.03x 20.8x 3.77x 18.4xPapa John's International Inc. PZZA 55.89 70.4% 2,085 21 256 21 2,341 1,637 177 2.5% 6.8% 24.5% 10.8% 28.7x 1.43x 13.3x 1.36x 12.5xPapa Murphy's Holdings, Inc. FRSH 12.15 53.5% 198 0 111 7 302 120 25 23.4% NA 44.6% 21.2% 41.2x 2.51x 11.9x 2.14x 11.2x


Beverage / Snack RetailDAVIDsTEA Inc. DTEA $11.93 39.8% $289 $0 $0 $37 $252 $127 $11 12.7% NA 52.8% 8.9% NM 1.98x 22.2x 1.66x 12.7xDunkin' Brands Group, Inc. DNKN 49.17 86.6% 4,441 0 2,454 260 6,635 811 407 8.3% 7.2% 80.1% 50.2% 43.7x 8.18x 16.3x 7.79x 14.7xJamba, Inc. JMBA 12.49 74.1% 187 0 0 20 167 162 2 (25.9%) (10.9%) 39.7% 1.0% 21.3x 1.03x NM 2.43x 17.1xKrispy Kreme Doughnuts, Inc. KKD 15.85 77.5% 1,008 0 12 51 969 519 73 5.8% 6.0% 20.1% 14.1% 32.5x 1.87x 13.3x 1.75x 12.1xStarbucks Corporation SBUX 61.44 96.0% 90,223 2 2,348 2,380 90,193 19,733 4,459 16.0% 13.1% 31.2% 22.6% 36.6x 4.57x 20.2x 4.08x 16.5x


Family RestaurantBob Evans Farms, Inc. BOBE $46.64 89.7% $916 $0 $496 $8 $1,405 $1,326 $154 (1.3%) (2.0%) 36.6% 11.6% 35.5x 1.06x 9.1x 1.05x 9.4xCracker Barrel Old Country Store, Inc. CBRL 152.95 94.2% 3,678 0 416 172 3,922 2,870 340 3.4% 2.8% 33.0% 11.8% 21.4x 1.37x 11.5x 1.32x 10.7xDenny's Corporation DENN 10.08 78.8% 780 0 217 2 996 491 87 4.0% 0.2% 39.7% 17.7% 24.7x 2.03x 11.4x 1.97x 10.5xLuby's, Inc. LUB 4.80 86.5% 138 0 35 2 172 428 22 8.2% 6.9% 31.3% 5.1% NM 0.40x 7.9x NA NA


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2016E

PAGE |

19.2%

12.8%

7.6%

(2.3%)

(9.2%)

(33.6%)


10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

EVANS FOOD GROUP ACQUIRED BY WIND POINT PARTNERS

Fyffes announced that it has acquired Highline Produce for $111 million incash.

Highline Produce grows and distributes fresh, organic, dried, stuffed, andexotic mushrooms to the retail and foodservice channels.

The transaction supplements Fyffes’ North American portfolio, withmushrooms joining its existing offerings of melons, bananas, and pineapples.

Enterprise Value: $111mmRevenue Multiple: NDEBITDA Multiple: 8.1xAnnounced: April 1, 2016

UNFI ACQUIRES NOR-CAL PRODUCE

FYFFES ACQUIRES HIGHLINE PRODUCE

UNFI announced that it has acquired Nor-Cal Produce for approximately$69 million in cash.

Nor-Cal Produce distributes conventional and organic produce in NorthernCalifornia.

The transaction will expand UNFI’s distribution network and fresh producepresence nationwide.

Enterprise Value: $69mmRevenue Multiple: 0.5xEBITDA Multiple: NDAnnounced: March 31, 2016

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Restaurant Natural/Organic

Beverage Private Label Food Manufacturing

Protein Processing/Dairy S&P 500

Wind Point Partners announced that it has acquired Evans Food Group for anundisclosed amount.

Evans Food Group produces branded and private label pork rinds for theretail and industrial channels.

Jose Luis Prado, formerly President of Quaker Oats North America, will joinEvans Food Group as Chairman and CEO in connection with the transaction.

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: April 11, 2016

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M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

4/11/2016 Crown Chicken Ltd Cranswick plc (LSE:CWK)

4/11/2016 Evans Food Group Ltd. Wind Point Partners

4/11/2016 Pink Taco LLC Z Capital Management LLC

4/6/2016 Huneeus Vintners, Certain Brands Constellat ion Brands Inc. (NYSE:STZ)

4/6/2016 Isbjorn Is AS Food Union

4/6/2016 Kiennast GmbH Julius Kiennast GmbH & Co. KG

4/5/2016 Royal Biscuit Nordic A/S Bisca A/S

4/4/2016 DE.AL. s.r.l. MARR SpA (BIT:MARR)

4/4/2016 FAR Jamon Serrano, s.a. Coopecarn Girona, S.L.U.

4/3/2016 Barries Ices Ltd Brymor Limited

9.9x

8.8x 8.3x

8.0x

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8.8x

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2008 2009 2010 2011 2012 2013 2014 2015 2016

YTD

EV

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Sa

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/ L

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DA

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EV / LTM EBITDA EV / LTM Sales

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$247.7

$7.6

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2008 2009 2010 2011 2012 2013 2014 2015 2016

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Aggregate Deal Value # of deals

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2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

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* M&A transactions include European and cross-border deals since 2015.

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0.0x

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Debt/

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Senior Debt/

EBITDA

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Cash Interest

EBITDA - Capex/

Cash Interest

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2011 2012 2013 2014 2015

L + 0

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$4

$6

$8

$10

$12

$14

$16

4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Loa

n V

olu

me

by

Qu

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($ in

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Institutional Pro Rata

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

04/12/16 Ecom Agroindustrial Corp Frozen specialties, nec USD 470 364-Day Facility N/A 145

04/04/16 Frutarom Ltd Flavoring extracts/syrups, nec USD 90 Undisclosed N/A 135

03/31/16 Cosmos Foods Co Ltd Frozen specialties, nec JPY 905 364-Day Facility N/A N/A

03/31/16 Evans Food Group Ltd Frozen specialties, nec USD 9 Revolver/Line >= 1 Yr. N/A N/A

03/31/16 Evans Food Group Ltd Frozen specialties, nec USD 41 Term Loan N/A N/A

03/31/16 FrieslandCampina NV Fluid milk EUR 75 Schuldschein N/A N/A




03/31/16 Nissin Sugar Manufacturing Cane sugar refining JPY 2,000 Revolver/Line >= 1 Yr. N/A N/A

03/31/16 Rokko Butter Co Ltd Cheese, natural and processed JPY 1,500 364-Day Facility N/A N/A

03/31/16 Tine SA Dry/condensed products EUR 50 Undisclosed N/A N/A

03/31/16 Tingyi Holding Corp Food preparations, nec USD 200 Term Loan N/A N/A

03/30/16 Chongqing Red Dragonfly Oil Food preparations, nec USD 126 Term Loan N/A 200

03/30/16 Kikkoman Corp Pickles/sauces/salad dressings JPY 20,000 Revolver/Line >= 1 Yr. N/A N/A

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

4/11/2016 Crown Chicken Ltd - Cranswick plc (LSE:CWK) $57.0 0.5x 6.1x - P EU

4/11/2016 Evans Food Group Ltd. - Wind Point Partners - - - - P N.A.

4/11/2016 Pink Taco LLC - Z Capital Management LLC - - - - P N.A.

4/6/2016 Huneeus Vintners, Certain Brands Huneeus Vintners LLC Constellat ion Brands Inc. (NYSE:STZ) $285.0 - - - N.A.

4/6/2016 Isbjorn Is AS - Food Union - - - - EU

4/6/2016 Kiennast GmbH - Julius Kiennast GmbH & Co. KG - - - - EU

4/5/2016 Royal Biscuit Nordic A/S - Bisca A/S - - - - EU

4/4/2016 DE.AL. s.r.l. - MARR SpA (BIT:MARR) $41.0 0.6x - - EU

4/4/2016 FAR Jamon Serrano, s.a. - Coopecarn Girona, S.L.U. - - - - EU

4/3/2016 Barries Ices Ltd - Brymor Limited - - - - EU

4/1/2016 La Donatella SRL - Forno d'Asolo S.p.A - - - - EU

4/1/2016 The Kobos Company - Groundwork Coffee Company, Inc. - - - - N.A.

4/1/2016 Highline Produce Limited - Fyffes plc (ISE:FQ3) $110.9 - 8.1x - Cross Border

3/31/2016 Groupe St-Hubert Inc. - Cara Operations Limited (TSX:CAO) $414.1 0.9x 12.0x - N.A.

3/31/2016 Nor-Cal Produce - United Natural Foods, Inc. $68.6 0.5x - - N.A.

3/30/2016 Sterling Foods, LLC - Cotton Creek Capital - - - - P N.A.

3/29/2016 DIS B.V. Sligro Food Group Nederland B.V. Refresco Gerber N.V. $80.6 0.8x 7.5x - EU

3/29/2016 Bowood Farms Limited - Yorkshire Halal Meat Supplies Ltd. $2.9 - - - EU

3/29/2016 Noga Dairy Inc. - Raymundo's Food Group, LLC. - - - - N.A.

3/28/2016 Greenfruit Avocados, LLC - Frut ival S.A. de C.V. - - - - Cross Border

3/24/2016 Edsung, Inc. - Hawaiian Housewares, Ltd. - - - - N.A.

3/23/2016 Papillon Agricultural Company, Inc. - MIN-AD Inc $5.6 - - - N.A.

3/22/2016 Bellacino's Pizza & Grinders - Healthy & Tasty Brands Corporation - - - - N.A.

3/22/2016 VEEV Spirits, L.L.C. - Luxco, Inc. - - - - N.A.

3/22/2016 Emballages C & C Packing Inc. - Premium Brands Holdings $113.9 0.6x - - N.A.

3/22/2016 Litt letown Farm Limited - Central Supplies (Brierley Hill) Ltd - - - - EU

3/21/2016 That's How We Roll LLC - Better For You Holdings - - - - N.A.

3/21/2016 Smith & Wollensky Restaurant Group Bunker Hill Capital Danu Investment Partners Limited - - - - P Cross Border

3/21/2016 Nature's Choice Produce, Inc. - H.C. Schmieding Produce - - - - N.A.

3/18/2016 MPM Products Limited - ECI Partners LLP - - - - P EU

3/17/2016 Gelmer SAS Asarmona Holdings Limited Greenland Seafood Wilhelmshaven - - - - EU

3/16/2016 SpoonRocket, Inc. Foundation Capital iFood.com Agência de Restaurantes - - - - P Cross Border

3/14/2016 Cigar City Brewing, LLC - Fireman Capital Partners - - - - P N.A.

3/14/2016 The Fresh Market, Inc. - Apollo Global Management, LLC $1,335.0 0.7x 6.9x - P N.A.

3/10/2016 Grass Run Farm, Meat Snacks Division Grass Run Farm, Inc. Link Snacks, Inc. - - - - N.A.

3/9/2016 NOVA FOODS s.r.l. - Affinity Petcare S.A. - - - - EU

3/7/2016 Distribuciones Juan Luna, S.L. - Nazca Capital, SGEIC, S.A. - - - - P EU

3/7/2016 Chocolate Pizazz, LLC - Michael's Cookie Jar, LLC - - - - N.A.

3/4/2016 Stokes and Moncrieff - Karma Group - - - - Cross Border

3/4/2016 CulinArt Inc. - Compass Group USA, Inc. - - - - N.A.

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Ma

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Ap

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Food Products, Processing, and Ingredients Retail and Restaurants

33

49

3442

53 52 4839

33

46 47 52

70

89

58 57

82

141

118

92 94

6

7

7

5

4 79

610

13 87

10

6

105

20

18

8

1918

0

20

40

60

80

100

120

140

160

180

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

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15

Q2

15

Q3

15

Q4

15

Q1

16

Nu

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sStrategic Acquirer Private Equity Acquirer

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

3/4/2016 Caterfood Holdings Limited - Bidvest Foodservice - - - - EU

3/3/2016 Fat Frog Sauces - Sauceworks Ltd. - - - - EU

3/2/2016 South Coast Baking, LLC - Le Petit Pain Holdings, LLC - - - - N.A.

3/1/2016 Comfort Foods, Inc. - DTS8 Coffee Company, Ltd. $4.7 - - - Cross Border

3/1/2016 Jim Peet (Agriculture) Ltd. - NWF Group plc (AIM:NWF) - - - - EU

3/1/2016 Liberty USA Inc - Eby-Brown Company, LLC - - - - N.A.

3/1/2016 The Waverley Bakery Limited - Idun Industri AS $7.3 0.9x 7.4x - EU

3/1/2016 Simpson Ready Foods, Certain Brands Simpson Ready Foods Malton Foods Limited - - - - EU

2/29/2016 Nordic Service Partners Holding AB European Digital Partners LGT Capital Partners AG $54.6 0.5x 7.4x 26.5x P EU

2/29/2016 Haddon House Food Products, Inc. - United Natural Foods, Inc. $218.0 0.4x - - N.A.

2/26/2016 Cara Donna Provision Co., Inc. - US Foods, Inc. - - - - N.A.

2/26/2016 PERE OLIVE SA/NV and King Cuisine B.V. Maison Menissez SAS Labeyrie Fine Foods SAS - - - - EU

2/25/2016 North Star Seafood, LLC Trivest Partners, L.P. Sysco Corporation (NYSE:SYY) - - - - P N.A.

2/25/2016 Vegafish AB - Wallenius Water AB - - - - EU

2/25/2016 Grandma Lu's Spice Cabinet, LLC - Snack It Forward, LLC - - - - N.A.

2/23/2016 Chef Creations, Inc. - Kett le Cuisine, Inc. - - - - N.A.

2/23/2016 American Fruits And Flavors - Monster Beverage Corp. $690.0 - - 7.5x N.A.

2/23/2016 HZPC Sadokas Oy - HZPC Holland B.V. - - - - EU

2/22/2016 Sugar Americane Refining LLC - Michigan Sugar Company, Inc. - - - - N.A.

2/22/2016 Premier Fish Limited - Owner Venture Managers Ltd. - - - - P EU

2/19/2016 Brake Bros Limited Bain Capital Private Equity Sysco Corporation (NYSE:SYY) $3,100.0 - - - P Cross Border

2/19/2016 Fuerst Day Lawson Holdings Limited - Highlander Partners, L.P. - - - - P Cross Border

2/19/2016 Van Heinde 's-Hertogenbosch B.V. - Sligro Food Group NV - - - - EU

2/19/2016 Goose Island Brewpub - Fulton Street Brewery, LLC - - - - N.A.

2/19/2016 Apetito France SA apetito AG Newrest Group International S.A.S - - - - EU

2/18/2016 Monterrey Provision Co., Inc. - KeHE Distributors, LLC - - - - N.A.

2/17/2016 Europa Sports Products, Inc. - Lone Star Distribut ion, Inc. - - - - N.A.

2/17/2016 Diana Fruit Co., Inc. - Gray & Company, Inc. - - - - N.A.

2/17/2016 Tivoli Malz GmbH HEMERA Anglia Malt ings (Holdings) Ltd. - - - - EU

2/16/2016 Pacific Paradise Foods, Inc. - Asrapport Dining Co., Ltd. $5.0 - - - Cross Border

2/16/2016 Bejaco NV - Sligro Food Group NV - - - - EU

2/16/2016 Southern Tier Brewing Company, LLC Ulysses Management LLC Craft Revolut ion LLC - - - - N.A.

2/16/2016 Victory Brewing Company - Craft Revolut ion LLC - - - - N.A.

2/15/2016 Day Six Pet Nutrit ion, LLC - C. J. Foods, Inc. - - - - N.A.

2/12/2016 Liguria Foods, Inc. BBH Capital Partners CTI Foods, Inc. - - - - P N.A.

2/12/2016 RUNGIS express AG CCG Cool Chain Group Holding AG METRO AG (DB:MEO) - - - - EU

2/12/2016 Provincial Beverages of Canada Inc. - Colio Estate Wines Inc. - - - - N.A.

2/12/2016 Landhandel GmbH Gransee GETREIDE AG ATR Beteiligungsgesellschaft mbH - - - - EU

2/12/2016 Ole Smoky Whiskey - Ole Smoky Dist illery, LLC - - - - N.A.

2/11/2016 Holton Food Products Co., Inc. - Mantrose-Haeuser Co., Inc. - - - - N.A.

2/11/2016 Pointer Pet Products Ltd. - Fold Hill Foods Limited - - - - EU

2/11/2016 Les Domaines C.G.R - Hongkong Funshare Life Group - - - - Cross Border

2/10/2016 Chantilly Patisserie - Haydens Bakery Ltd. $2.5 0.7x 3.5x - EU

2/10/2016 Amazon Preservation Partners, Inc. - KarpReilly LLC - - - - P N.A.

2/10/2016 L.B. Maple Treat, Inc. Bedford Capital Management Inc. Champlain Financial Corporation - - - - P N.A.

2/10/2016 Harris + Hoole Ltd. Taylor St Baristas Limited Tesco PLC (LSE:TSCO) - - - - EU

2/10/2016 Eisberg Schweiz AG - Gastro Star Ag - - - - EU

2/10/2016 Tatte Bakery & Cafe - Panera Bread Company - - - - N.A.

2/9/2016 The Fresh Diet, Inc. Innovative Food Holdings, Inc. New Fresh Co., LLC $9.7 - - - N.A.

2/9/2016 Lunchbox, Inc. - Bradford Catered Events, LLC - - - - N.A.

2/8/2016 Piramide Thee Organic Flavour Company B.V. Koninklijke Wessanen - - - - EU

2/6/2016 Prime Pork - Taylor Corporation - - - - N.A.

2/4/2016 Ultracongelados de la Ribera S.L. Bonduelle SA (ENXTPA:BON) Ardo NV - - - - EU

2/4/2016 L.O. Smith AB Constellat ion Brands Inc. Cefour Wine & Beverage $1.8 - - - EU

2/4/2016 National Deli, Inc. River Associates Investments, LLC K2d, Inc. - - - - P N.A.

2/3/2016 D'Orazio Foods, Inc. - Seviroli Foods Inc. - - - - N.A.

2/2/2016 Harvest Innovations LLC - Archer-Daniels-Midland Company - - - - N.A.

2/1/2016 TFC Holland B.V. - BayWa AG (DB:BYW) $45.7 - - - EU

2/1/2016 Flat Top Grill Inc. Flat Out Crazy, LLC BD’s Mongolian Grill - - - - N.A.

2/1/2016 Progressive Produce Corporation - Total Produce plc (ISE:T7O) - - - - Cross Border

2/1/2016 HuHot Mongolian Grills, LLC - Sun Capital Partners, Inc. - - - - P N.A.

2/1/2016 Mulligans Beach House Bar & Grill - JPB Capital Partners - - - - P N.A.

1/29/2016 PANOS brands High Road Capital Partners Hammond, Kennedy, Whitney - - - - P N.A.

1/27/2016 Seven Hills Winery LLC - Double Canyon Vineyards, LLC $5.8 - - - N.A.

1/26/2016 La Place B.V. V&D B.V. Jumbo Groep Holding B.V. - - - - EU

M&A OVERVIEW*

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

April 2016

Date Company

4/18/2016 Pepsico, Inc. (NYSE:PEP)

4/18/2016 Associated British Foods plc (LSE:ABF)

4/20/2016 The Coca-Cola Company (NYSE:KO)

4/20/2016 Cloetta AB (publ) (OM:CLA B)

4/21/2016 Yum! Brands, Inc. (NYSE:YUM)

4/21/2016 Starbucks Corporation (NasdaqGS:SBUX)

4/21/2016 The Boston Beer Company, Inc. (NYSE:SAM)

4/21/2016 Arca Continental, S.A.B. de C.V. (BMV:AC *)

4/21/2016 McDonald's Corp. (NYSE:MCD)

4/26/2016 The Hershey Company (NYSE:HSY)

4/26/2016 Bloomin' Brands, Inc. (NasdaqGS:BLMN)

4/26/2016 J&J Snack Foods Corp. (NasdaqGS:JJSF)

4/26/2016 Buffalo Wild Wings Inc. (NasdaqGS:BWLD)

4/26/2016 Chipotle Mexican Grill, Inc. (NYSE:CMG)

4/26/2016 Panera Bread Company (NasdaqGS:PNRA)

4/26/2016 Kikkoman Corp. (TSE:2801)

4/26/2016 Royal Unibrew A/S (CPSE:RBREW)

4/27/2016 Mondelez International, Inc. (NasdaqGS:MDLZ)

4/27/2016 Dr Pepper Snapple Group, Inc. (NYSE:DPS)

4/27/2016 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

4/27/2016 Ingredion Incorporated (NYSE:INGR)

4/28/2016 Pilgrim's Pride Corporation (NasdaqGS:PPC)

4/28/2016 Domino's Pizza, Inc. (NYSE:DPZ)

May 2016

Date Company

5/2/2016 Sysco Corporation (NYSE:SYY)

5/2/2016 Texas Roadhouse, Inc. (NasdaqGS:TXRH)

5/2/2016 Archer-Daniels-Midland Company (NYSE:ADM)

5/3/2016 Molson Coors Brewing Company (NYSE:TAP)

5/3/2016 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

5/4/2016 Maple Leaf Foods Inc. (TSX:MFI)

5/4/2016 Whole Foods Market, Inc. (NasdaqGS:WFM)

5/5/2016 Cott Corporation (TSX:BCB)

5/5/2016 Treehouse Foods, Inc. (NYSE:THS)

5/5/2016 Bojangles', Inc. (NasdaqGS:BOJA)

5/9/2016 Tyson Foods, Inc. (NYSE:TSN)

5/9/2016 Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI)

5/9/2016 Ajinomoto Co., Inc. (TSE:2802)

5/9/2016 Naturex Société Anonyme (ENXTPA:NRX)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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OUR FIRM

FOOD AND BEVERAGE


16

PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

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The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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DISCLOSURES

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