food and beverage industry update may 2014...the new company, jacobs douwe egberts, will control...

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Member FINRA/SIPC

Food and Beverage Industry Update

May 2014

2 of 16

What We’re Seeing

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

NOTABLE 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 Gurtcheff | Managing Director

[email protected]

+1 (612) 359-2702

Tim Alexander | Managing Director

[email protected]

+1 (612) 359-2716

Ryan Budlong | Director

[email protected]

+1 (612) 359-2722

Brant Cash | Vice President

[email protected]

+1 (612) 359-2709

www.harriswilliams.com

Mondelez International is carving out its coffee business to combine it in a joint venture with Dutch

company, D.E Master Blenders 1753 of Amsterdam, to form a global coffee seller with more than $7

billion in annual revenue. The new company, Jacobs Douwe Egberts, will control coffee brands including

Gevalia, Tassimo, Senso, and Maxwell House. Access to the full article here.

Mondelez and Dutch Firm Create Coffee Giant

What We’re Reading

The cereal maker Post Holdings has reached a deal to buy Michael Foods, a food processing and

distribution company for $2.5 billion. Michael Foods, whose brands include Simply Potatoes, All Whites

and Crystal Farms, reported $1.9 billion of net sales for the year ended Dec. 28, an increase of 5 percent

from the year earlier. Access to the full article here.

Post Holdings Reaches $2.5 Billion Deal for Michael Foods

M&A activity in the food and beverage sector continued its momentum through Q1 and April 2014.

HW&Co. expects this momentum to carry throughout the year as strategic and private equity buyers alike

look to take advantage of financing markets and the diverse and attractive set of companies for sale.

Strategic buyers continue to be active as evidenced by deals announced by corporate buyers including

B&G, Hain, Hillshire, J&J Snack Food, Post, Seneca, Symrise, and Treehouse during the month of April.

Private equity investors were net sellers during April with funds such as American Capital, Catterton,

Charterhouse, and Encore Consumer all realizing exits. HW&Co. continues to be actively working on

multiple sell-side engagements and is seeing new deal activity increase again in May. The M&A market

continues it's steady, active pace.

Market Update

Food and Beverage Industry Update

May 2014

What We’ve Been Doing

Closed HW&Co. Transactions

Pinnacle Foods announced on May 12th that it would sell itself to Hillshire Brands in a $4.3 billion cash-

and-stock deal. The deal will combine Pinnacle, which owns brands including Duncan Hines and Log

Cabin syrup, with Hillshire, which has brands including Jimmy Dean and Sara Lee. Together, the

companies will have annual revenue of about $6.6 billion. Access to the full article here.

Hillshire Brands to Buy Pinnacle Foods for $4.3 Billion

a portfolio company of

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http://www.harriswilliams.com/industries/consumer

http://dealbook.nytimes.com/2014/05/07/snack-maker-mondelez-to-create-coffee-giant-in-joint-venture/?_php=true&_type=blogs&_r=0

http://dealbook.nytimes.com/2014/04/16/post-holdings-said-to-reach-2-5-billion-deal-for-michael-foods/

http://dealbook.nytimes.com/2014/05/12/pinnacle-foods-to-be-sold-to-hillshire-brands-for-4-3-billion/?_php=true&_type=blogs&_r=0

3 of 16

Food and Beverage Industry Vital Signs

Consumer Food

Price Index

Inflation2

Commodity

Price Indices1

50

100

150

200

250

Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14

Co

mm

od

ity

Pri

ce I

nd

ex

Corn Wheat Soybeans Crude Oil

Protein Price

Indices2,3

Restaurant and

Grocery Store

Sales Indices4

80

100

120

140


Sa

les

Ind

ex

Restaurant Grocery

90

100

110

120

130

140


Pro

tein

Pri

ce I

nd

ex

Beef Pork Poultry

-0.5

1.0

2.5

4.0

5.5


Infl

ati

on

(%

)

Restaurant:

25.6%

Grocery:

13.5%

Beef:

30.1%

Pork:

20.7%

Poultry:

19.2%

Wheat:

69.3%

Soybeans:

49.6%

Corn:

39.8%

Crude Oil:

31.2%

Net Debt /

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

Protein Processing 6.2% 34.4% (0.4%) 12.9% 12.8x 16.6x 7.6x 2.2x

Fruit and Vegetable 5.9% 7.9% 11.0% 23.3% 12.8x 23.8x 10.4x 3.3x

Ingredients / Flavors 11.1% 19.9% 6.2% 3.1% 19.6x 24.8x 13.1x 1.0x

Agribusiness 9.0% 17.7% 5.7% 27.0% 14.1x 21.4x 10.9x 0.8x

Branded Processed Foods 9.8% 6.6% (2.6%) 1.2% 20.2x 23.7x 13.2x 2.0x

Private Label Foods 4.1% 2.7% 0.6% (12.5%) 20.0x 25.2x 12.3x 2.6x

Natural / Organic Foods (1.4%) 33.3% 0.1% (13.3%) 26.1x 33.8x 15.0x 2.2x

Baked Goods / Snack Foods 7.0% 20.2% 1.8% 11.5% 20.0x 24.1x 11.7x 2.2x

Dairy 5.9% 3.3% 16.7% (1.4%) 18.8x 21.5x 13.4x 1.6x

Non-Alcoholic Beverages 2.6% 13.5% (1.3%) 2.3% 19.3x 20.5x 13.3x 1.4x

Alcoholic Beverages 7.7% (7.4%) 6.0% (5.4%) 19.6x 17.6x 12.8x 2.8x

Food Retail (1.3%) 3.4% (1.4%) (2.4%) 16.7x 18.6x 6.3x 3.5x

Grocery Distribution (0.8%) 28.6% (0.0%) 36.3% 18.7x 20.8x 10.8x 1.9x

Foodservice (16.7%) (4.6%) 2.1% 5.0% 19.9x 24.6x 9.7x 2.9x

Quick Service Restaurant 10.0% 38.3% 2.9% 18.7% 22.4x 32.4x 11.4x 2.1x

Casual Dining Restaurant 4.9% 6.7% 2.8% 7.0% 18.6x 22.6x 10.1x 2.3x

Fast Casual (7.5%) 22.0% (12.8%) 7.6% 32.8x 22.6x 13.9x 0.9x

Pizza 1.0% 31.6% (6.4%) 11.0% 24.5x 32.2x 14.8x 2.7x

Beverage / Snack Retail 0.9% 8.8% 1.8% 3.5% 23.7x 36.4x 16.6x 1.2x

Family Restaurant (2.9%) 9.3% 0.9% 17.7% 18.2x 20.0x 8.9x 2.0x

O verall Median 4.4% 10.6% 1.7% 5.9% 19.8x 22.9x 11.7x 2.0x

Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats

Fo

od

an

d B

ev

era

ge

Inp

uts

Co

nsu

mer a

nd

Reta

il

Key Trading

Statistics5

4 of 16

Public Equity Market Overview

Public

Company

Sector

Performance5

(One year change

in stock price)

Alcoholic Beverages

Foodservice

Private Label Foods

Dairy

Food Retail

Branded Processed Foods

Casual Dining Restaurant

Fruit and Vegetable

Beverage / Snack Retail

Family Restaurant

Non-Alcoholic Beverages

S&P

Agribusiness

Ingredients / Flavors

Baked Goods / Snack Foods

Fast Casual

Grocery Distribution

Pizza

Natural / Organic Foods

Protein Processing

Quick Service Restaurant

-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Inputs Food and Beverage Consumer and Retail

90

100

110

120

130

May-13 Jul-13 Sep-13 Dec-13 Feb-14 May-14

Restaurant Protein Processing/Dairy

Natural/Organic Beverage

Private Label Food Manufacturing S&P 500

Close

Date Filing Date Issuer Ticker

Transaction

Type

Gross

Proceeds

($mm) Use of Funds

04/29/14 04/29/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.3 General Corp. Purp.

04/21/14 04/21/14 Smart & Final Holdings Corp NA IPO $300.0 General Corp. Purp.

04/10/14 04/10/14 American Brewing Co Inc NA IPO $2.6 General Corp. Purp.

03/28/14 03/28/14 Keurig Green Mountain Inc GMCR Follow-On $105.5 General Corp. Purp.

03/20/14 03/20/14 Russell Breweries Inc RB Follow-On $0.4 General Corp. Purp.

03/20/14 03/20/14 Big Rock Brewery Inc BR Follow-On $10.5 General Corp. Purp.

03/20/14 03/20/14 RiceBran Technologies RBIT Convertible $4.9 General Corp. Purp.

03/12/14 03/12/14 Post Holdings Inc POST Follow-On $316.3 General Corp. Purp.

02/27/14 02/27/14 Green Mountain Coffee GMCR Follow-On $1,251.0 General Corp. Purp.

02/20/14 02/20/14 Avidus Management Group Inc AVD Follow-On $0.7 General Corp. Purp.

12/19/13 12/19/13 Tootie Pie Co Inc TOOT.Q Follow-On $0.5 General Corp. Purp.

12/17/13 12/17/13 Sunora Foods Inc SNF Follow-On $1.8 General Corp. Purp.

12/13/13 12/13/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp.

Recent Equity

Offerings6

5 of 16

Public Equity Market Overview

Food and

Beverage

Industry Stock

Performance5

21.1%

15.5%

13.4%

6.7%

5.5%

2.6%

Last 10 Deals Announced Private Equity Investments and Exits

Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions North American

Food and

Beverage M&A

Trends5

6 of 16

M&A Market Overview

Latest Deals

and Announced

Private Equity

Activity5

Highlighted

Food and

Beverage M&A

Transactions

36

27

46

21

14

32

25 26

38

1215

27 26 27

17

34

18

36

43

19

0

5

10

15

20

25

30

35

40

45

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

be

r of

Inv

est

me

nts

Number of Investments Number of Exits

10.5x

9.9x

8.8x 8.3x 8.0x

11.3x

9.2x 8.4x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2007 2008 2009 2010 2011 2012 2013 2014

EV

/ LT

M S

ale

s Mu

ltiple

EV

/ L

TM

EB

ITD

A M

ultip

le

EV / LTM EBITDA EV / LTM Sales

$25.5

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$39.0

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2007 2008 2009 2010 2011 2012 2013 2014

Nu

mb

er o

f Tra

nsa

ctio

ns

Ag

gre

ga

te T

ran

sac

tio

n V

alu

e (

$ i

nb

illi

on

s)

Aggregate Deal Value # of deals

Announced Target Buyer1/0/1900 0 JAB Holdings B.V.

5/7/2014 Baptista's Bakery, Inc. Snyder's-Lance, Inc.

5/5/2014 Klement's Sausage Company, Inc. Tall Tree Foods Holdings Inc.

5/5/2014 Beyond Organic LLC Youngevity Essential Life Sciences

5/1/2014 Philly's Famous Water Ice, Inc. J&J Snack Foods Corp.

5/1/2014 Allied Blending & Ingredients, Inc. Niagara Fiber LLC

4/30/2014 ARMA Energy, Inc. -

4/28/2014 Charter Baking Company, Inc. The Hain Celestial Group, Inc.

4/28/2014 Autocrat, LLC James Finlay Limited

4/28/2014 Susser Holdings Corporation Energy Transfer Partners, L.P.

4/25/2014 JLM Enterprise, Inc. JBS United, Inc.

Post Holdings Reaches $2.5 Billion Deal for Michael Foods

• Post Holdings has reached a deal to buy Michael Foods, a food processing and

distribution company.

• The deal values Michael Foods at $2.5 billion. It would allow Post, known for

brands like Raisin Bran and Honey Bunches of Oats, to expand into dairy products,

including eggs and cheese, as well as potatoes. The Michael Foods acquisition will

be Post’s largest transaction to date.

• The transaction is expected to close in Q3 2014.

Enterprise Value: $1.8bn

Revenue Multiple: 2.9x

EBITDA Multiple: 14.0x

Announced: April 14, 2014

Ardian to Sell Food Ingredients Maker to Symrise for $1.8 Billion

• Symrise of Germany has offered to buy the Diana Group, a maker of food

ingredients, from the private equity firm Ardian for $1.8 billion.

• “With Diana we will be able to significantly diversify our portfolio for natural

ingredients, tap into new business segments, strengthen our raw material supply

and meet the requests for traceability from our customers,” Heinz-Jürgen Bertram,

the chief executive of Symrise, said in a statement.

• Diana, which posted revenue of €415 million in 2013, employs about 2,000 people

in 23 countries.

Enterprise Value: $1.5bn

EBITDA Multiple: 9.5x

Announced: April 17, 2014

Credit Statistics Average Secondary Spreads

Quarterly Loan Volume Average Spread on Food and Beverage Loans Food and

Beverage Loan

Activity7

Recent Debt

Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

04/30/14 Post Holdings Cereal breakfast foods USD 1,425,000,000 Other Loan N/A / B1 N/A

04/30/14 Post Holdings Cereal breakfast foods USD 340,000,000 Bridge Loan N/A / B1 N/A

04/25/14 Europastry SA Frozen bakery products EUR 265,000,000 Term Loan N/A / NR N/A

04/25/14 Europastry SA Frozen bakery products EUR 20,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

04/25/14 FrieslandCampina NV Fluid milk EUR 1,500,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

04/23/14 High Liner Foods Animal and marine fats and oils USD 180,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

04/23/14 High Liner Foods Animal and marine fats and oils USD 300,000,000 Term Loan B N/A / NR 325

04/16/14 Phibro Animal Health Holdings Inc Prepared feeds USD 100,000,000 Revolver/Line >= 1 Yr. N/A / NR 300

04/16/14 Phibro Animal Health Holdings Inc Prepared feeds USD 290,000,000 Term Loan B N/A / NR 300

04/16/14 Symrise GmbH & Co KG Flavoring extracts and syrups EUR 0 Bridge Loan N/A / NR N/A

04/14/14 Kato Brothers Honey Co Ltd Food preparations JPY 250,000,000 Term Loan N/A / NR N/A

04/14/14 Kato Brothers Honey Co Ltd Food preparations JPY 1,550,000,000 Term Loan N/A / NR N/A

04/14/14 Remy Cointreau SA Wines, brandy, and brandy spirits EUR 255,000,000 Revolver/Line >= 1 Yr. N/A / NR 100

04/01/14 China Huiyuan Juice Group Ltd Canned fruits and vegetables USD 140,000,000 Term Loan N/A / NR 385

04/01/14 Fuji Oil Co Ltd Vegetable oil mills JPY 5,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

04/01/14 Treehouse Foods Inc Canned fruits and vegetables USD 900,000,000 Revolver/Line >= 1 Yr. N/A / NR 150

7 of 16

Debt Market Overview

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA - Capex/

Cash Interest

EB

ITD

A M

ult

iple

2009 2010 2011 2012 2013

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

ver

age

Sp

read

Ov

er L

IBO

R

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2007 2008 2009 2010 2011 2012 2013

Av

erag

e S

pre

ad O

ver

LIB

OR

Revolving Credit / Term Loan A Weighted-Average Institutional

$0

$2

$4

$6

$8

$10

$12

$14

$16

1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14

Loan

Volu

me

by

Quar

ter

($ i

n b

illi

on

s)

Institutional Pro Rata

8 of 16

Recent North

American Food

and Beverage

M&A5

Recent North American Food

and Beverage M&A Activity

Quarterly M&A Activity Median LTM

Trading

Multiples and

Quarterly Food

and Beverage

M&A5

Median LTM Trading Multiples

48 47

35

25

36

22

34 36

46 47

2533

49

3442

53 5248

3933

46 4752

70

28

3 6

5

5

2

3

47

5 7

13

6

7

7

5

4 79

610

138

7

10

2

0

10

20

30

40

50

60

70

80

90

Q20

8

Q30

8

Q40

8

Q1

09

Q20

9

Q30

9

Q40

9

Q11

0

Q2

10

Q31

0

Q41

0

Q11

1

Q2

11

Q31

1

Q41

1

Q11

2

Q21

2

Q3

12

Q41

2

Q11

3

Q21

3

Q3

13

Q41

3

Q11

4

Q21

4

Num

be

r of

Tra

nsa

ction

s

Strategic Acquirer Private Equity Acquirer

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

5/7/2014 Baptista's Bakery, Inc. - Snyder's-Lance, Inc. - - - -

5/5/2014 Klement's Sausage Company, Inc. - Tall Tree Foods Holdings Inc. - - - -

5/5/2014 Beyond Organic LLC - Youngevity Essential Life Sciences - - - -

5/1/2014 Philly's Famous Water Ice, Inc. Encore Consumer Capital J&J Snack Foods Corp. - - - - P

5/1/2014 Allied Blending & Ingredients, Inc. - Niagara Fiber LLC - - - -

4/28/2014 Charter Baking Company, Inc. Charterhouse Equity Partners The Hain Celestial Group, Inc. $61.3 1.02x - - P

4/28/2014 Autocrat, LLC Argosy Capital James Finlay Limited - - - - P

4/28/2014 Susser Holdings Corporation Susser Family Limited Partnership Energy Transfer Partners, L.P. $2,320.3 0.37x 14.4x 23.2x

4/25/2014 JLM Enterprise, Inc. - JBS United, Inc. - - - -

4/24/2014 Kenwood Vineyards, Inc. F. Korbel & Bros., Inc. Pernod Ricard USA, LLC - - - -

4/23/2014 Cedar River Foods LLC - Glow Holdings, Inc. - - - -

4/21/2014 CHS, Inc., Curley's Line of BBQ Sauces CHS, Inc. Garden Complements, Inc. - - - -

4/21/2014 Liz and Linda's Pepper Jelly, LLC - Riverfront Marketing Group, LLC - - - -

4/21/2014 PFF Capital Group Inc. Whitecap Venture Partners Treehouse Foods, Inc. $154.3 - - - P

4/21/2014 Van's International Foods, Inc. Catterton Partners Corporation The Hillshire Brands Company $165.0 - - - P

4/18/2014 Continental Dairy Products, Inc. - Select Milk Producers, Inc. - - - -

4/17/2014 A1 Vapors, Inc. - FreeButton, Inc. $12.6 - - -

4/17/2014 Michael Foods Inc. - Post Holdings, Inc. $2,500.0 - - -

4/16/2014 Dixie Foods International, Inc. Coast To Coast Equity Group KCI Investments LLC - - - - P

4/15/2014 Medallion Foods, Inc. RH Financial Corporation Shearer's Foods, Inc. $33.5 - - - P

4/14/2014 Diana Group Ardian Capital Symrise $1,800.0 2.90x 14.0x - P

4/9/2014 Pet Food Brands Iams, Eukanuba and Natura The Procter & Gamble Company Mars Petcare US, Inc. $2,900.0 - - -

4/9/2014 SweetWorks, Inc. - Chocolat Frey AG - - - -

4/9/2014 Synergy Strips Worldwide Inc. - Synergy Strips Corp. $160.0 - - -

4/8/2014 Just Dine In, LLC - Delivered Dish - - - -

4/7/2014 The Manischewitz Company Harbinger Capital Partners LLC Sankaty Advisors, LLC - - - - P

4/7/2014 Handsome Coffee Roasters And Tonx, Inc. - Blue Bottle Coffee Company - - - -

4/3/2014 Specialty Brands of America, Inc. American Capital, Ltd. B&G Foods North America, Inc. $155.0 - - - P

4/3/2014 Shivram Limited - Nando's Australia PTY LTD - - - -

4/1/2014 Truitt Bros., Inc. - Seneca Foods Corp. - - - -

4/1/2014 Cooperstown Brewing Company, LLC - Northern Eagle Beverages, Inc. - - - -

3/31/2014 Iconic Brands, Inc. - The Marijuana Business Academy - - - -

3/31/2014 Performance Chemicals & Ingredients LLC Highlander Partners, L.P. Balchem Corp. $567.0 - - - P

3/31/2014 Morgan's Foods Inc. Bandera Partners LLC Apex Restaurant Management, Inc $45.6 0.53x 7.1x 13.4x P

3/31/2014 Big Chicago Brewing Company, LLC - Ten Ninety Brewing Co. - - - -

3/27/2014 Dairytown Processing Ltd. - Agropur Cooperative - - - -

3/27/2014 Chronic Cellars Winery Inc. - Winery Exchange Inc. - - - -

3/26/2014 Sunland, Inc. - Golden Boy Foods Ltd. $26.0 - - -

3/18/2014 Toptable Restaurant Group - Aquilini Investment Group Inc. - - - -

3/17/2014 Hearthside Food Solutions LLC Wind Point Partners Goldman Sachs Group - - - - P

12.2x

11.9x12.1x

12.5x

11.2x

11.5x

11.8x12.0x

12.2x

12.0x

12.6x12.5x 12.5x

9.7x

10.0x10.1x

10.4x10.5x

10.9x11.2x

11.9x

12.3x

11.8x

12.4x

12.1x

11.9x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Ap

r-1

3

May

-13

Jun-1

3

Jul-

13

Au

g-1

3

Sep

-13

Oct-

13

No

v-1

3

Dec

-13

Jan

-14

Feb

-14

Mar-

14

Ap

r-1

4

Med

ian

Tra

din

g M

ultip

le

Food Products, Processing, and Ingredients Retail and Restaurants

Recent North

American Food

and Beverage

M&A5

(continued)

9 of 16

Recent North American Food

and Beverage M&A Activity

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

3/14/2014 Quantum Foods, LLC - Raging Bull Acquisition Company LLC $84.3 - - -

3/13/2014 Surfside Coffee Company, LLC - Fireman Capital Partners - - - -

3/13/2014 Furr's Restaurant Group, Inc. - Chatham Credit Management III, LLC $22.7 0.20x 8.4x -

3/12/2014 Forty Creek Distillery LTD - Davide Campari - Milano SpA $167.0 5.43x - -

3/10/2014 Pineridge Bakery, Inc. Pineridge Group ARYZTA AG $340.0 1.58x - -

3/10/2014 Cloverhill Pastry-Vend LLC Quad-C Management, Inc. ARYZTA AG $673.0 - - -

3/10/2014 Cereal Food Processors, Inc. - Milner Milling, Inc.; Pendleton Flour Mills, LLC - - - -

3/10/2014 Ronnoco Coffee Company, Bottled Water Business Ronnoco Coffee Company Absopure Water Company, Inc. - - - -

3/7/2014 American By-Products, Inc. - Wilbur-Ellis Company - - - -

3/6/2014 Apple Rush Company, Inc. - Livewire Ergogenics, Inc. - - - -

3/6/2014 Safeway Inc. - Albertsons, LLC $7,757.7 0.22x 4.8x 11.6x P

3/3/2014 Vanberg & DeWulf - Vino.Com L.L.C. - - - -

2/25/2014 Lettieri's, Inc. Orion Food Systems, LLC Greencore Group plc - - - -

2/25/2014 CitraSource LLC - Frutarom USA, Inc. - - - -

2/24/2014 El Taco Terrificos - Taco Bell Corp. - - - -

2/20/2014 Fuzzy Peach Franchising, LLC - U-Swirl International, Inc. $0.8 - - -

2/24/2014 React Presents, Inc. and Clubtix Inc. - SFX-React Operating LLC $10.2 - - -

2/24/2014 West Loop Management I, LLC - SFX-React Operating LLC $4.1 - - -

2/18/2014 Quantum Foods, LLC - CTI Foods, Inc. $51.0 - - -

2/17/2014 Delta Egg Farm, LLC Sunbest Foods of Iowa, Inc. Cal-Maine Foods, Inc. $34.0 - - -

2/20/2014 Head Country, Inc. - Gladstone Investment Corporation - - - - P

2/12/2014 Canada Bread Company Ltd. Maple Leaf Foods Inc. Grupo Bimbo, S.A.B. de C.V. $1,374.5 1.04x 8.4x 11.9x

2/11/2014 The Switch Beverage Company - Apple & Eve, LLC - - - -

2/10/2014 Pet Carousel Inc. - Cargill, Incorporated - - - -

2/10/2014 Pro's Ranch Markets, Inc. - Cardenas Markets, Inc. $55.0 - - -

2/8/2014 Patina Restaurant Group, LLC ShiDax Corp. Delaware North Companies, Inc. - - - -

2/8/2014 Sprout Healthy Vending LLC - Grow International, LLC - - - -

2/7/2014 Corn Flour Producers, LLC - Bunge North America, Inc. - - - -

2/7/2014 Theodoro Baking Co., Inc. - Nature's Bakery $4.1 - - -

2/7/2014 Fox & Hound Restaurant Group Steel Partners; Newcastle Partners Cerberus Capital Management, L.P. $129.8 - - - P

2/7/2014 Allens, Inc. - Sankaty Advisors $148.0 - - - P

2/5/2014 Blue Point Brewing Company, Inc. - Anheuser-Busch InBev SA/NV - - - -

2/3/2014 PowerBar, Inc. Nestle USA, Inc. Post Holdings, Inc. - - - -

2/3/2014 Felda IFFCO, LLC - Marathon Petroleum Corporation - - - -

2/3/2014 Salerno Dairy Products Limited - Gay Lea Foods Co-operative Ltd. - - - -

2/3/2014 The Good Egg - First Watch Restaurants, Inc. - - - -

1/31/2014 Oakhurst Dairy Inc. - Dairy Farmers of America, Inc. - - - -

1/31/2014 Don Pablo's Operating Corp. Rita Restaurant Corp. Food Management Partners, Inc. - - - -

1/30/2014 Exetare Partnership, L.L.P. - Christensen Farms and Feedlots, Inc. - - - -

1/29/2014 Gilster-Mary Lee Corpor. - Pinnacle Foods Inc. $16.5 - - -

1/28/2014 Bofinger BBQ Smokehouse - MMCN Investments Inc. - - - - P

1/27/2014 Uncle Charley's Sausage Co. - Tecum Capital Management - - - - P

1/27/2014 Peligroso Spirits Company, LLC - Diageo North America Inc. - - - -

1/24/2014 Checkers Drive-In Restaurants, Inc. Wellspring Capital Management LLC Sentinel Capital Partners, L.L.C. - - - - P

1/24/2014 Bi-Wise Market, Inc. - Associated Grocers of New England, Inc. - - - -

1/24/2014 Clear Creek Distillery LLC - Hood River Distillers, Inc. - - - -

1/22/2014 Les Aliments Lebel Foods Inc. - Scotsburn Co-operative Services Ltd. - - - -

1/22/2014 SunWise Foods, LLC - J.S.B. Industries, Inc. - - - -

1/21/2014 Shangri La Tea Company Inc. - LaRue Distributing, Inc. - - - -

1/20/2014 Paradise on Wings Franchise Group, LLC - American Restaurant Concepts, Inc. $1.6 - - -

1/18/2014 Artinian, Inc. - Tyson Foods, Inc. - - - -

1/17/2014 Yogli Mogli, LLC - U-Swirl, Inc. $2.4 - - -

1/17/2014 CherryBerry Enterprises, LLC - U-Swirl, Inc. $7.1 - - -

1/17/2014 Scotsburn Co-Operative Services - Saputo, Inc. $55.7 0.38x 7.6x -

1/17/2014 David's Supermarkets, Inc. - Brookshire Brothers, Ltd. - - - -

1/16/2014 Fernbrook Springs Bottled Water Company - Ice River Springs Water Co. Inc. - - - -

1/15/2014 CEC Entertainment Inc. (NYSE:CEC) - Apollo Global Management, LLC $1,295.4 1.58x 7.6x 14.1x

1/15/2014 Brand Vitamin Discounters LLC - The Professional Supplement Center - - - -

1/15/2014 Performance Pet Nutrition, LLC Encore Consumer Capital Nestle Purina PetCare Company - - - - P

1/15/2014 Advanced Ag, LLC - Wilbur-Ellis Company - - - -

1/14/2014 CLIC International Inc. Desjardins Business Capital Alliance Grain Traders Inc. - - - -

1/13/2014 Williams & Bennett - BBX Sweet Holdings - - - -

10 of 16

Member FINRA/SIPC

Trading Statistics Detail5

Price at As a % of Market Cash & Enterprise P/E

($ in millions, except per share data) Ticker 5/6/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF $50.27 100.0% $39,695 $1,934 $602 $41,027 $22,373 $2,713 2.9% 7.6% 24.2% 12.1% 37.2x 1.83x 15.1x 1.81x 15.0x

Campbell Soup Company CPB 44.90 92.0% 14,087 4,205 314 17,978 8,131 1,389 11.9% 2.2% 36.3% 17.1% 20.3x 2.21x 12.9x 2.12x 10.8x

ConAgra Foods, Inc. CAG 30.19 81.0% 12,715 9,491 239 21,967 17,895 2,304 25.2% 14.0% 21.3% 12.9% 16.6x 1.23x 9.5x 1.29x 9.1x

General Mills, Inc. GIS 52.86 99.6% 32,482 8,929 847 40,564 18,037 3,496 3.5% 6.9% 35.7% 19.4% 19.2x 2.25x 11.6x 2.20x 11.1x

Hormel Foods Corporation HRL 47.29 95.6% 12,484 250 640 12,094 8,878 964 6.9% 6.2% 16.5% 10.9% 23.7x 1.36x 12.5x 1.33x 11.4x

Kellogg Company K 65.34 96.1% 23,460 7,358 273 30,545 14,673 3,831 0.4% 5.3% 42.7% 26.1% 13.4x 2.08x 8.0x 2.02x 11.0x

McCormick & Company, Incorporated MKC 70.62 93.8% 9,218 1,299 99 10,418 4,182 714 3.5% 7.6% 40.5% 17.1% 24.0x 2.49x 14.6x 2.41x 13.9x

Mondelez International, Inc. MDLZ 35.22 97.7% 59,833 17,159 2,937 74,055 35,196 5,614 0.3% (11.3%) 37.1% 16.0% 27.0x 2.10x 13.2x 2.06x 12.8x

Nestlé S.A. NESN 77.40 99.0% 246,906 24,673 8,018 263,560 105,528 19,774 2.7% (1.0%) 47.9% 18.7% 21.6x 2.50x 13.3x 2.52x 13.1x

The Hain Celestial Group, Inc. HAIN 86.83 87.9% 4,340 628 68 4,900 1,932 256 25.3% 24.8% 26.7% 13.3% 33.8x 2.54x 19.1x 2.10x 14.3x

The Hershey Company HSY 96.06 88.4% 21,392 1,962 1,119 22,236 7,190 1,572 6.7% 7.3% 45.9% 21.9% 28.5x 3.09x 14.1x 2.91x 12.9x

The J. M. Smucker Company SJM 96.45 84.1% 10,001 2,029 182 11,848 5,716 1,226 (3.3%) 6.7% 36.4% 21.5% 17.9x 2.07x 9.7x 2.08x 9.6x

The WhiteWave Foods Company WWAV 27.17 89.2% 4,724 708 101 5,330 2,542 274 11.0% NA 35.7% 10.8% 49.4x 2.10x 19.5x NA NA

Mean 7.4% 6.3% 34.4% 16.7% 25.6x 2.14x 13.3x 2.07x 12.1x

Median 3.5% 6.8% 36.3% 17.1% 23.7x 2.10x 13.2x 2.09x 12.1x

Private Label Foods

Flowers Foods, Inc. FLO $20.76 80.9% $4,338 940 9 $5,269 $3,751 $417 23.1% 13.4% 47.4% 11.1% 19.1x 1.40x 12.6x 1.30x 10.9x

Snyder's-Lance, Inc. LNCE 25.97 79.9% 1,820 498 14 2,304 1,761 187 8.8% 21.6% 34.0% 10.6% 25.2x 1.31x 12.3x 1.26x 10.6x

Treehouse Foods, Inc. THS 73.90 96.3% 2,699 940 55 3,584 2,294 297 5.1% 8.1% 21.5% 13.0% 30.7x 1.56x 12.1x 1.43x 10.1x

Mean 12.3% 14.3% 34.3% 11.6% 25.0x 1.43x 12.3x 1.33x 10.5x

Median 8.8% 13.4% 34.0% 11.1% 25.2x 1.40x 12.3x 1.30x 10.6x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $14.18 56.7% $506 $160 $35 $631 $501 $65 25.0% 129.2% 22.9% 13.0% 23.3x 1.26x 9.7x 1.03x 8.0x

Annie's, Inc. BNNY 31.90 60.9% 542 0 3 539 197 26 22.7% 27.0% 38.0% 13.3% 46.4x 2.74x 20.6x 2.40x 16.8x

SunOpta Inc. TSX:SOY 11.65 95.3% 777 191 9 959 1,182 60 8.3% 12.4% 11.1% 5.1% NM 0.81x 16.0x 0.76x 12.1x

The Hain Celestial Group, Inc. HAIN 86.83 87.9% 4,340 628 68 4,900 1,932 256 25.3% 24.8% 26.7% 13.3% 33.8x 2.54x 19.1x 2.10x 14.3x

United Natural Foods, Inc. UNFI 65.48 82.2% 3,249 275 15 3,509 6,457 251 15.6% 16.0% 16.8% 3.9% 29.5x 0.54x 14.0x 0.49x 12.3x

Whole Foods Market, Inc. WFM 47.95 73.1% 17,836 32 1,042 16,826 13,595 1,276 8.6% 12.2% 35.8% 9.4% 34.8x 1.24x 13.2x 1.13x 11.9x

Mean 17.6% 36.9% 25.2% 9.7% 33.6x 1.52x 15.4x 1.32x 12.6x

Median 19.1% 20.4% 24.8% 11.2% 33.8x 1.25x 15.0x 1.08x 12.2x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $93.11 100.0% $8,205 $2,187 $808 $9,584 $6,318 $806 4.0% 8.9% 27.2% 12.8% NM 1.52x 11.9x 1.42x 10.7x

Diamond Foods, Inc. DMND 30.34 85.3% 952 567 4 1,516 840 65 (7.8%) 0.5% 25.0% 7.8% NM 1.80x 23.2x 1.74x 13.2x

Flowers Foods, Inc. FLO 20.76 80.9% 4,338 940 9 5,269 3,751 417 23.1% 13.4% 47.4% 11.1% 19.1x 1.40x 12.6x 1.30x 10.9x

George Weston Limited WN 75.15 92.2% 9,613 9,071 3,951 14,733 30,831 2,275 2.6% 1.8% 24.7% 7.4% 18.3x 0.48x 6.5x 0.38x 5.0x

Golden Enterprises Inc. GLDC 4.46 97.6% 52 7 1 58 137 5 (0.2%) 1.7% 48.2% 3.7% NM 0.43x 11.6x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.78 76.9% 13,083 3,137 191 16,030 13,591 1,449 1.6% 14.3% 52.3% 10.7% 38.1x 1.18x 11.1x 1.13x 10.6x

Inventure Foods, Inc. SNAK 12.49 86.1% 243 72 1 314 235 19 25.6% 19.0% 18.0% 8.3% 43.2x 1.34x 16.1x 1.08x 11.7x

J&J Snack Foods Corp. JJSF 91.26 93.3% 1,707 1 106 1,602 884 137 2.6% 7.6% 30.6% 15.4% 27.3x 1.81x 11.7x 1.74x 10.9x

John B Sanfilippo & Son Inc. JBSS 24.35 92.6% 269 69 10 328 753 57 4.1% 5.1% 16.0% 7.6% 11.8x 0.44x 5.7x NA NA

Lancaster Colony Corporation LANC 87.11 87.3% 2,377 0 176 2,201 1,180 187 0.8% 2.9% 23.0% 15.8% 24.1x 1.87x 11.8x 2.06x 11.2x

Penford Corporation PENX 11.85 74.2% 149 74 0 222 455 21 1.1% 18.7% 9.3% 4.5% NM 0.49x 10.8x 0.45x 7.0x

Mean 5.2% 8.5% 29.3% 9.6% 26.0x 1.16x 12.1x 1.26x 10.1x

Median 2.6% 7.6% 25.0% 8.3% 24.1x 1.34x 11.7x 1.30x 10.9x

Last Twelve Months (LTM) EV / LTM EV / 2013ERevenue Growth LTM Margins

Member FINRA/SIPC

11 of 16

Trading Statistics Detail (continued)5



Dairy

Danone BN $72.74 87.8% $42,663 $16,353 $5,253 $53,763 $29,649 $4,792 2.1% 7.8% 48.5% 16.2% 21.2x 1.81x 11.2x 1.83x 11.1x

Dean Foods Company DF 15.27 36.3% 1,428 897 17 2,308 9,016 374 (2.8%) (5.9%) 20.6% 4.1% 4.7x 0.26x 6.2x 0.25x 6.7x

Glanbia plc GL9 15.15 96.1% 4,467 659 146 4,980 3,316 318 41.1% 7.4% 100.0% 9.6% 21.7x 1.50x 15.6x 1.47x 15.6x

Lifeway Foods Inc. LWAY 14.95 74.8% 244 10 4 251 98 10 19.9% 18.6% 30.0% 10.6% 35.2x 2.57x 24.2x 2.06x 15.9x

Saputo Inc. TSX:SAP 53.94 100.0% 10,530 1,510 77 11,963 8,079 893 26.7% 14.2% 11.0% 11.0% 21.5x 1.48x 13.4x 1.34x 12.0x

Mean 17.4% 8.4% 42.0% 10.3% 20.9x 1.52x 14.1x 1.39x 12.3x

Median 19.9% 7.8% 30.0% 10.6% 21.5x 1.50x 13.4x 1.47x 12.0x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $10.69 100.0% $1,235 $25 $21 $1,238 $431 $77 6.9% 4.5% 45.7% 17.8% 25.6x 2.87x 16.1x 2.78x 15.0x

Cott Corporation BCB 8.06 77.7% 760 458 47 1,171 2,064 188 (7.5%) 1.5% 12.0% 9.1% 46.9x 0.57x 6.2x 0.57x 6.3x

Dr Pepper Snapple Group, Inc. DPS 56.15 100.0% 11,027 2,608 170 13,465 6,015 1,385 0.0% 1.7% 58.3% 23.0% 17.6x 2.24x 9.7x 2.23x 9.9x

Keurig Green Mountain, Inc. GMCR 95.27 76.6% 15,414 265 349 15,331 4,406 1,042 9.1% 40.6% 37.8% 23.7% 32.2x 3.48x 14.7x 3.17x 13.2x

Lassonde Industries Inc. LAS.A 95.02 88.6% 664 244 12 895 955 106 1.8% 24.7% 27.4% 11.1% 17.4x 0.94x 8.4x NA NA

Monster Beverage Corporation MNST 66.05 87.3% 11,035 0 614 10,422 2,246 606 9.0% 19.9% 52.2% 27.0% 34.9x 4.64x 17.2x 4.11x 14.6x

National Beverage Corp. FIZZ 18.29 82.2% 847 35 27 855 645 78 (2.3%) 2.6% 34.2% 12.0% 20.5x 1.33x 11.0x 1.34x NA

Pepsico, Inc. PEP 85.37 98.1% 129,425 29,639 9,678 149,386 66,457 12,560 1.2% 3.2% 53.0% 18.9% 19.2x 2.25x 11.9x 2.22x 11.5x

Starbucks Corporation SBUX 69.58 84.3% 52,380 2,048 1,703 52,725 15,663 3,168 11.8% 11.9% 57.3% 20.2% NM 3.37x 16.6x 3.09x 13.6x

The Coca-Cola Company KO 40.49 93.2% 177,961 37,082 20,268 194,775 46,395 13,077 (3.2%) 6.8% 60.7% 28.2% 20.0x 4.20x 14.9x 4.16x 14.6x

Mean 2.7% 11.7% 43.9% 19.1% 26.0x 2.59x 12.7x 2.63x 12.3x

Median 1.5% 5.7% 49.0% 19.6% 20.5x 2.56x 13.3x 2.78x 13.4x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $106.65 99.4% $171,342 $49,126 $9,962 $210,506 $43,195 $16,683 8.6% 6.0% 59.3% 38.6% 12.3x 4.87x 12.6x 4.43x 11.1x

Brown-Forman Corporation BF.B 89.78 98.5% 19,090 1,006 287 19,809 2,962 1,008 6.1% 5.3% 69.0% 34.0% 30.0x 6.69x 19.7x 4.98x 18.3x

Constellation Brands Inc. STZ 80.66 93.9% 15,490 7,176 70 22,596 4,868 1,304 74.1% 13.5% 40.3% 26.8% 8.6x 4.64x 17.3x 3.82x 13.4x

Diageo plc DGE 31.00 86.8% 77,842 16,128 1,478 92,493 19,323 6,710 4.8% 5.2% 61.6% 34.7% 17.4x 4.79x 13.8x 4.90x 14.1x

Heineken NV ENXTAM:HEIA 68.00 83.3% 39,097 16,763 1,792 54,068 26,732 5,424 4.5% 6.0% 38.0% 20.3% 21.4x 2.02x 10.0x 2.04x 9.0x

Kirin Holdings Company, Limited TSE:2503 13.57 75.5% 12,608 7,613 1,082 19,140 22,261 2,936 19.5% 6.3% 42.9% 13.2% 15.5x 0.86x 6.5x 0.88x 6.8x

Pernod-Ricard SA RI 119.20 87.8% 31,379 12,717 895 43,200 11,468 3,369 (1.5%) 4.0% 62.7% 29.4% 18.9x 3.77x 12.8x 3.77x 13.2x

SABMiller plc LSE:SAB 54.46 89.1% 87,053 17,699 1,286 103,466 17,191 5,504 (13.8%) 5.7% 70.4% 32.0% 23.6x 6.02x 18.8x 5.56x 15.1x

Sapporo Holdings Ltd. TSE:2501 4.21 92.5% 1,643 2,478 111 4,010 5,016 437 3.5% 9.4% 35.4% 8.7% 17.6x 0.80x 9.2x 0.79x 10.0x

Mean 11.8% 6.8% 53.3% 26.4% 18.4x 3.83x 13.4x 3.46x 12.3x

Median 4.8% 6.0% 59.3% 29.4% 17.6x 4.64x 12.8x 3.82x 13.2x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $59.05 91.9% $1,428 $64 $191 $1,301 $1,395 $156 12.8% 14.8% 18.8% 11.2% 20.5x 0.93x 8.4x 0.95x 7.2x

JBS S.A. BOVESPA:JBSS3 3.59 90.2% 10,300 14,358 3,950 20,708 41,698 2,742 22.7% 19.3% 12.8% 6.6% 24.1x 0.50x 7.6x 0.44x 6.9x

Sanderson Farms, Inc. SAFM 82.99 100.0% 1,915 40 59 1,896 2,672 322 8.4% 11.4% 13.6% 12.1% 10.8x 0.71x 5.9x 0.73x 6.6x

Seaboard Corp. SEB 2,401.01 81.4% 2,850 164 391 2,623 6,568 300 4.2% 10.8% 7.0% 4.6% 15.1x 0.40x 8.8x 0.38x NA

Tyson Foods, Inc. TSN 38.25 86.5% 13,434 1,942 826 14,550 35,418 2,089 6.3% 5.1% 7.2% 5.9% 16.6x 0.41x 7.0x 0.41x 6.5x

Mean 10.9% 12.3% 11.9% 8.1% 17.4x 0.59x 7.5x 0.58x 6.8x

Median 8.4% 11.4% 12.8% 6.6% 16.6x 0.50x 7.6x 0.44x 6.8x

Last Twelve Months (LTM) EV / LTMRevenue Growth LTM Margins EV / 2013E

Member FINRA/SIPC

12 of 16




Fruit and Vegetable

Calavo Growers Inc. CVGW $30.36 82.1% $477 $65 $6 $535 $720 $34 25.6% 19.5% 8.5% 4.7% 28.7x 0.74x 15.9x 0.67x 11.8x

Chiquita Brands International Inc. CQB 11.37 83.1% 533 632 54 1,111 3,057 117 (0.7%) (1.8%) 11.5% 3.8% NM 0.36x 9.5x 0.36x 6.2x

Fresh Del Monte Produce Inc. FDP 28.56 92.7% 1,590 251 43 1,799 3,747 195 8.9% 1.5% 7.9% 5.2% NM 0.48x 9.2x 0.48x 9.2x

Seneca Foods Corp. SENE.A 28.33 78.0% 309 273 18 564 1,321 50 3.9% 2.7% 7.5% 3.8% 18.9x 0.43x 11.3x NA NA

Mean 9.4% 5.5% 8.9% 4.4% 23.8x 0.50x 11.5x 0.50x 9.1x

Median 6.4% 2.1% 8.2% 4.3% 23.8x 0.45x 10.4x 0.48x 9.2x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,591.38 100.0% $14,625 $1,490 $677 $15,438 $4,991 $989 2.6% 1.0% 44.7% 19.8% 25.9x 3.09x 15.6x 3.10x 13.6x

International Flavors & Fragrances Inc. IFF 98.06 100.0% 7,971 933 406 8,498 2,995 639 5.5% 3.7% 43.8% 21.3% 22.6x 2.84x 13.3x 2.73x 12.5x

Kerry Group plc ISE:KRZ 78.33 98.9% 13,770 1,818 337 15,251 8,125 964 (0.2%) 5.6% 100.0% 11.9% NM 1.88x 15.8x 1.88x 14.5x

Sensient Technologies Corporation SXT 53.78 94.2% 2,700 355 20 3,035 1,470 262 0.8% 2.5% 32.6% 17.8% 25.0x 2.06x 11.6x 2.03x 11.0x

Symrise AG XTRA:SY1 51.69 100.0% 6,108 751 187 6,673 2,565 519 4.7% 4.9% 42.1% 20.2% 24.8x 2.60x 12.9x 2.54x 12.4x

Tate & Lyle plc TATE 11.98 81.2% 5,579 1,362 745 6,196 5,704 755 5.8% 9.5% 38.5% 13.2% 23.5x 1.09x 8.2x 1.17x 8.3x

Mean 3.2% 4.5% 50.3% 17.4% 24.4x 2.26x 12.9x 2.24x 12.0x

Median 3.7% 4.3% 43.0% 18.8% 24.8x 2.33x 13.1x 2.29x 12.4x

Agribusiness

Archer Daniels Midland Company ADM $43.14 98.1% $28,234 $6,879 $3,554 $31,559 $88,773 $2,994 (2.6%) 3.2% 4.3% 3.4% 21.4x 0.36x 10.5x 0.35x 7.9x

Bunge Limited BG 75.48 89.7% 11,112 9,114 5,374 14,852 60,023 1,554 (4.5%) 8.1% 4.5% 2.6% NM 0.25x 9.6x 0.24x 6.8x

CF Industries Holdings, Inc. CF 243.52 90.9% 13,010 3,098 1,711 14,397 5,475 2,756 (10.3%) 11.4% 46.0% 50.3% 10.5x 2.63x 5.2x 2.99x 6.5x

Darling International Inc. DAR 19.84 82.8% 3,266 887 871 3,282 1,724 292 1.3% 33.5% 26.8% 16.9% 22.8x 1.90x 11.3x 0.84x 5.2x

Monsanto Company MON 114.00 97.0% 59,755 3,155 3,850 59,060 15,425 4,576 4.7% 12.4% 53.1% 29.7% 23.3x 3.83x 12.9x 3.65x 12.6x

Omega Protein Corporation OME 11.23 73.5% 235 24 34 225 244 77 3.7% 12.0% 33.9% 31.5% 8.8x 0.92x 2.9x 0.94x 3.9x

The Andersons, Inc. ANDE 61.94 99.5% 1,735 429 309 1,855 5,605 145 6.3% 18.2% 6.5% 2.6% 19.2x 0.33x 12.8x 0.33x 8.1x

The Mosaic Company MOS 48.66 75.3% 19,408 3,032 5,293 17,147 7,844 1,456 NA (4.3%) 17.4% 18.6% 36.1x 2.19x 11.8x 1.93x 7.7x

Mean (0.2%) 11.8% 24.1% 19.4% 20.3x 1.55x 9.6x 1.41x 7.3x

Median 1.3% 11.7% 22.1% 17.7% 21.4x 1.41x 10.9x 0.89x 7.2x

Consumer and Retail

Food Retail

Costco Wholesale Corporation COST 112.83 89.5% 49,631 4,985 6,482 48,134 107,893 4,055 4.6% 9.6% 12.6% 3.8% 25.1x 0.45x 11.9x 0.42x 10.9x

Establishments Delhaize Freres DELB 73.22 99.5% 7,414 3,851 1,782 9,483 29,384 1,721 0.6% 0.4% 24.2% 5.9% 24.3x 0.32x 5.5x 0.33x 5.1x

Fairway Group Holdings Corp. FWM 6.08 21.1% 262 256 54 464 754 2 19.2% NA 32.7% 0.3% NM 0.62x 195.9x 0.56x 9.3x

Ingles Markets, Incorporated IMKT.A 26.64 90.8% 606 925 5 1,527 3,776 214 0.1% 3.0% 22.0% 5.7% 30.5x 0.40x 7.1x 0.39x 7.2x

J. Sainsbury plc LSE:SBRY 5.66 79.7% 10,764 4,835 1,000 14,599 40,629 2,647 4.0% 4.8% 5.6% 6.5% 9.3x 0.36x 5.5x 0.36x 6.3x

Koninklijke Ahold N.V. ENXTAM:AH 19.11 89.9% 16,607 4,142 5,421 15,328 45,403 2,971 (0.2%) 3.4% 26.6% 6.5% 17.1x 0.34x 5.2x 0.34x 5.1x

Natural Grocers by Vitamin Cottage NGVC 23.78 53.3% 535 20 7 547 479 37 26.5% 32.5% 29.3% 7.8% NM 1.14x 14.6x 0.97x 12.1x

Roundy's, Inc. RNDY 6.65 60.7% 318 742 82 979 3,950 168 1.5% 0.7% 26.6% 4.3% 9.1x 0.25x 5.8x 0.22x 5.9x

Safeway Inc. SWY 34.15 84.8% 7,865 4,193 4,728 7,329 36,223 1,524 1.3% (4.4%) 27.3% 4.2% NA 0.20x 4.8x 0.20x 4.5x

Sprouts Farmers Market, Inc. SFM 31.09 62.9% 4,641 431 78 4,994 2,438 189 35.8% NA 29.7% 7.8% NM 2.05x 26.4x 1.72x 21.0x

SUPERVALU Inc. SVU 6.99 79.8% 1,819 3,016 72 4,763 17,155 835 0.1% (0.4%) 14.9% 4.9% NM 0.28x 5.7x 0.28x 6.2x

The Kroger Co. KR 46.39 100.0% 23,694 11,309 401 34,602 98,375 4,485 1.8% 6.2% 20.6% 4.6% 15.5x 0.35x 7.7x 0.33x 7.1x

The Pantry, Inc. PTRY 14.41 81.8% 338 942 33 1,248 6,794 196 (5.7%) 0.7% 11.7% 2.9% NM 0.18x 6.4x 0.17x 5.8x

Village Super Market Inc. VLGE.A 23.20 58.4% 321 43 104 261 1,485 52 1.9% 5.1% 26.8% 3.5% NM 0.18x 5.0x 0.17x NA

Weis Markets, Inc. WMK 45.14 83.4% 1,214 0 90 1,124 2,693 178 (0.3%) 0.9% 27.7% 6.6% 18.6x 0.42x 6.3x 0.41x NA

Whole Foods Market, Inc. WFM 47.95 73.1% 17,836 32 1,042 16,826 13,595 1,276 8.6% 12.2% 35.8% 9.4% 34.8x 1.24x 13.2x 1.13x 11.9x

Mean 6.2% 5.3% 23.4% 5.3% 20.5x 0.55x 20.4x 0.50x 8.5x

Median 1.7% 3.2% 26.6% 5.3% 18.6x 0.36x 6.3x 0.35x 6.7x

LTM Margins EV / 2013ELast Twelve Months (LTM) Revenue Growth EV / LTM

Member FINRA/SIPC

13 of 16




Grocery Distribution

AMCON Distributing Co. DIT $80.34 86.5% $49 $34 $0 $82 $828 $12 2.0% 7.4% 9.4% 1.5% 10.9x 0.10x 6.7x NA NA

Core-Mark Holding Company, Inc. CORE 79.55 99.4% 917 81 11 986 7,717 99 11.8% 11.9% 7.0% 1.3% 20.8x 0.13x 10.0x 0.09x 8.3x

Spartan Stores Inc. SPTN 21.49 83.5% 812 605 9 1,408 3,190 120 22.3% 8.0% 19.4% 3.8% NM 0.44x 11.7x 0.33x 10.4x

United Natural Foods, Inc. UNFI 65.48 82.2% 3,249 275 15 3,509 6,457 251 15.6% 16.0% 16.8% 3.9% 29.5x 0.54x 14.0x 0.49x 12.3x

Mean 12.9% 10.8% 13.1% 2.6% 20.4x 0.30x 10.6x 0.31x 10.3x

Median 13.7% 9.9% 13.1% 2.6% 20.8x 0.28x 10.8x 0.33x 10.4x

Foodservice

Colabor Group Inc. TSX:GCL $3.58 52.7% $97 $161 $0 $258 $1,308 $28 (2.5%) 10.2% 2.4% 2.2% NM 0.20x 9.1x 0.20x 7.3x

Sysco Corporation SYY 36.57 84.3% 21,378 3,206 451 24,133 45,831 2,482 4.5% 5.3% 17.4% 5.4% 21.7x 0.53x 9.7x 0.51x 9.7x

The Chefs' Warehouse, Inc. CHEF 19.17 63.9% 480 148 20 608 721 43 38.3% 28.1% 25.6% 6.0% 27.6x 0.84x 14.0x 0.74x 11.9x

Mean 13.4% 14.5% 15.1% 4.5% 24.6x 0.52x 11.0x 0.48x 9.6x

Median 4.5% 10.2% 17.4% 5.4% 24.6x 0.53x 9.7x 0.51x 9.7x

Quick Service Restaurant

Burger King Worldwide, Inc. BKW 25.89 92.6% 9,112 3,037 787 11,362 1,060 665 (38.7%) (23.4%) 69.7% 62.8% 40.8x 10.72x 17.1x 10.66x 15.9x

Jack in the Box Inc. JACK 55.11 87.6% 2,309 420 10 2,719 1,486 252 (1.3%) (13.3%) 25.1% 17.0% 30.1x 1.83x 10.8x 1.86x 10.0x

McDonald's Corp. MCD 100.95 97.3% 99,781 14,142 2,799 111,124 28,201 10,115 2.1% 4.7% 38.8% 35.9% 17.6x 3.94x 11.0x 3.82x 10.5x

Sonic Corp. SONC 19.64 83.4% 1,067 458 35 1,490 542 132 0.8% (0.1%) 53.0% 24.4% 33.4x 2.75x 11.3x 2.68x 10.2x

The Wendy's Company WEN 8.38 81.6% 3,073 1,464 580 3,957 2,487 342 (0.7%) 1.5% 26.0% 13.7% NM 1.59x 11.6x 1.95x 10.0x

Yum! Brands, Inc. YUM 75.85 96.4% 33,479 2,989 573 35,895 13,273 2,864 (1.1%) 5.1% 26.2% 21.6% 32.4x 2.70x 12.5x 2.47x 11.4x

Mean (6.5%) (4.2%) 39.8% 29.2% 30.9x 3.92x 12.4x 3.91x 11.3x

Median (0.9%) 0.7% 32.5% 23.0% 32.4x 2.73x 11.4x 2.58x 10.3x

Casual Dining Restaurant

BJ's Restaurants, Inc. BJRI $29.53 72.0% $840 $0 $31 $809 $792 $75 8.6% 13.8% 17.5% 9.5% 43.5x 1.02x 10.8x 0.95x 9.9x

Bloomin' Brands, Inc. BLMN 22.13 81.2% 2,764 1,419 210 3,973 4,129 405 3.5% NA 16.3% 9.8% 14.7x 0.96x 9.8x 0.90x 8.3x

Brinker International, Inc. EAT 49.08 88.5% 3,188 834 63 3,959 2,877 420 1.1% 1.1% 19.0% 14.6% 22.2x 1.38x 9.4x 1.34x 8.9x

Buffalo Wild Wings Inc. BWLD 146.04 91.4% 2,760 0 65 2,695 1,330 213 21.6% 27.4% 23.7% 16.0% 38.7x 2.03x 12.7x 1.82x 11.4x

Chuy's Holdings, Inc. CHUY 35.14 79.8% 578 6 5 578 214 25 17.5% 27.2% 19.7% 11.9% NM 2.71x 22.7x 2.36x 18.7x

Darden Restaurants, Inc. DRI 49.23 89.1% 6,496 2,730 127 9,100 8,740 951 5.1% 5.8% 20.8% 10.9% 20.7x 1.04x 9.6x 1.02x 9.3x

Del Frisco's Restaurant Group, Inc. DFRG 26.16 88.3% 618 0 14 604 279 41 16.4% 20.3% 24.9% 14.7% NM 2.17x 14.7x 1.94x 12.6x

DineEquity, Inc. DIN 79.54 92.8% 1,523 1,381 106 2,798 644 268 (16.0%) (20.4%) 60.2% 41.5% 21.3x 4.34x 10.5x 4.29x 10.2x

Ignite Restaurant Group, Inc. IRG 15.16 71.2% 396 132 1 527 857 22 78.7% 32.7% 30.7% 2.6% NM 0.61x 23.6x 0.60x 10.9x

Red Robin Gourmet Burgers Inc. RRGB 65.33 75.2% 941 89 17 1,013 1,017 106 4.1% 5.6% 23.0% 10.4% 33.4x 1.00x 9.6x 0.91x 8.5x

Ruby Tuesday, Inc. RT 7.73 78.1% 475 273 24 724 1,178 52 (8.9%) (1.3%) 15.9% 4.4% NM 0.62x 13.8x 0.63x 12.7x

Ruth's Hospitality Group Inc. RUTH 12.77 83.5% 460 19 11 468 410 49 1.2% 4.9% 22.5% 12.0% 18.5x 1.14x 9.5x 1.09x 8.9x

Texas Roadhouse, Inc. TXRH 24.72 85.0% 1,726 54 95 1,685 1,460 174 12.5% 12.4% 33.3% 11.9% 23.6x 1.15x 9.7x 1.08x 8.7x

The Cheesecake Factory Incorporated CAKE 44.47 89.4% 2,151 66 62 2,156 1,896 235 3.3% 4.3% 43.6% 12.4% 22.9x 1.14x 9.2x 1.08x 8.2x

Mean 10.6% 10.3% 26.5% 13.0% 26.0x 1.52x 12.5x 1.43x 10.5x

Median 4.6% 5.8% 22.8% 11.9% 22.6x 1.14x 10.1x 1.08x 9.6x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E

14 of 16


Member FINRA/SIPC



Fast Casual

Chipotle Mexican Grill, Inc. CMG $501.91 80.6% $15,601 $0 $578 $15,023 $3,392 $654 20.4% 20.6% 37.4% 19.3% NM 4.43x 23.0x 3.96x 19.3x

Einstein Noah Restaurant Group, Inc. BAGL 15.23 83.2% 273 108 6 375 438 45 2.2% 2.0% 20.4% 10.2% 20.0x 0.86x 8.4x 0.83x 7.0x

Fiesta Restaurant Group, Inc. FRGI 37.10 69.9% 974 74 11 1,037 563 71 8.9% 9.2% 24.7% 12.6% NM 1.84x 14.6x 1.69x 12.9x

Noodles & Company NDLS 33.19 63.9% 985 6 1 991 359 42 17.3% 36.0% 21.6% 11.8% NM 2.76x 23.4x 2.43x 19.3x

Potbelly Corporation PBPB 16.51 48.7% 481 1 70 413 305 31 17.3% 36.0% 30.8% 10.2% NM 1.35x 13.3x 1.24x 11.6x

Panera Bread Company PNRA 155.66 79.9% 4,276 6 125 4,156 2,429 413 10.7% 14.9% 35.3% 17.0% 25.2x 1.71x 10.1x 1.63x 9.7x

Mean 12.8% 19.8% 28.4% 13.5% 22.6x 2.16x 15.4x 1.96x 13.3x

Median 14.0% 17.7% 27.7% 12.2% 22.6x 1.78x 13.9x 1.66x 12.2x

Pizza

Domino's Pizza, Inc. DPZ 72.25 89.6% 4,019 1,536 14 5,541 1,838 346 7.4% 5.2% 30.5% 18.8% 31.3x 3.01x 16.0x 2.91x 14.8x

Papa John's International Inc. PZZA 44.14 80.3% 1,821 158 14 1,966 1,485 144 8.6% 8.8% 33.6% 9.7% 33.2x 1.32x 13.6x 1.26x 12.6x

Mean 8.0% 7.0% 32.0% 14.3% 32.2x 2.17x 14.8x 2.08x 13.7x

Median 8.0% 7.0% 32.0% 14.3% 32.2x 2.17x 14.8x 2.08x 13.7x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $44.51 83.9% $4,745 $1,831 $257 $6,319 $724 $335 8.4% 7.1% 78.2% 46.2% 36.4x 8.73x 18.9x 8.23x 15.7x

Jamba, Inc. JMBA 10.81 61.8% 186 0 32 153 229 10 0.2% (4.4%) 37.4% 4.5% NM 0.67x 14.7x 0.69x 8.5x

Krispy Kreme Doughnuts, Inc. KKD 17.70 66.5% 1,153 2 56 1,099 460 59 5.6% 8.3% 18.3% 12.8% 36.5x 2.39x 18.6x 2.20x 15.3x

Starbucks Corporation SBUX 69.58 84.3% 52,380 2,048 1,703 52,725 15,663 3,168 11.8% 11.9% 57.3% 20.2% NM 3.37x 16.6x 3.09x 13.6x

Tim Hortons Inc. THI 54.79 94.2% 7,570 917 46 8,442 3,021 741 5.1% 8.2% 24.6% 24.5% 21.6x 2.79x 11.4x 2.73x 10.8x

Mean 6.2% 6.2% 43.1% 21.7% 31.5x 3.59x 16.1x 3.39x 12.8x

Median 5.6% 8.2% 37.4% 20.2% 36.4x 2.79x 16.6x 2.73x 13.6x

Family Restaurant

Bob Evans Farms, Inc. BOBE $46.34 77.0% $1,144 $374 $5 $1,512 $1,615 $165 14.5% (1.7%) 36.7% 10.2% NM 0.94x 9.2x 1.10x 8.6x

Denny's Corporation DENN 6.59 87.7% 574 173 3 744 460 75 (3.4%) (5.6%) 37.2% 16.3% 25.2x 1.62x 10.0x 1.59x 9.4x

Frisch's Restaurants, Inc. FRS 23.85 85.9% 122 11 2 131 204 21 1.0% (12.2%) 8.1% 10.3% 14.9x 0.64x 6.2x 0.62x NA

Luby's, Inc. LUB 5.05 55.0% 143 37 2 179 400 21 11.9% 11.3% 31.3% 5.2% NM 0.45x 8.6x 0.48x NA

Mean 6.0% (2.1%) 28.3% 10.5% 20.0x 0.91x 8.5x 0.95x 9.0x

Median 6.4% (3.7%) 34.0% 10.2% 20.0x 0.79x 8.9x 0.86x 9.0x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E

Earnings

Release

Calendar5

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Food and Beverage Earnings Release Calendar

May 2014

Date Company

5/21/2014 Flowers Foods, Inc. (NYSE:FLO)

5/22/2014 SABMiller plc (LSE:SAB)

5/22/2014 Chiquita Brands International Inc. (NYSE:CQB)

5/29/2014 SunOpta Inc. (TSX:SOY)

June 2014

Date Company

6/2/2014 Monster Beverage Corporation (NasdaqGS:MNST)

6/4/2014 Molson Coors Brewing Company (NYSE:TAP)

6/6/2014 Wal-Mart Stores Inc. (NYSE:WMT)

6/10/2014 Pinnacle Foods Inc. (NYSE:PF)

6/19/2014 The Kroger Co. (NYSE:KR)

6/24/2014 Walgreen Co. (NYSE:WAG)

6/25/2014 General Mills, Inc. (NYSE:GIS)

6/26/2014 ConAgra Foods, Inc. (NYSE:CAG)

July 2014

Date Company

7/10/2014 Associated British Foods plc (LSE:ABF)

7/10/2014 Costco Wholesale Corporation (NasdaqGS:COST)

7/16/2014 Safeway Inc. (NYSE:SWY)

7/17/2014 Philip Morris International, Inc. (NYSE:PM)

7/22/2014 Premier Foods plc (LSE:PFD)

7/22/2014 Campbell Soup Company (NYSE:CPB)

7/22/2014 Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A)

7/24/2014 Tate & Lyle plc (LSE:TATE)

7/24/2014 Unilever plc (LSE:ULVR)

7/31/2014 Kellogg Company (NYSE:K)

7/31/2014 Kraft Foods Group, Inc. (NasdaqGS:KRFT)

7/31/2014 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

Sources:

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

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