food for thought - william blair & company · pdf filefood for thought overview, analysis,...

February 2015

Food for ThoughtOverview, Analysis, and Trends in the Food and Food Retailing Industries

William Blair

Food For Thought Table of Contents

Table of Contents

Selected Monthly M&A Activity – January .......................................................................................................................................................................................... 1 Noteworthy M&A Activity – LTM ............................................................................................................................................................................................................ 6 Historical M&A Trends in the Food and Food Retailing Industries ....................................................................................................................................... 9

Volume Trends ............................................................................................................................................................................................................................................ 9 Participant Trends.................................................................................................................................................................................................................................. 10 Valuation Trends ..................................................................................................................................................................................................................................... 11

Public Company Trading Statistics ...................................................................................................................................................................................................... 12 Food Production Companies ............................................................................................................................................................................................................. 12 Food Ingredients Companies ............................................................................................................................................................................................................ 13 Beverage Production Companies .................................................................................................................................................................................................... 13 Food Retail Companies......................................................................................................................................................................................................................... 14 Convenience Store Companies ......................................................................................................................................................................................................... 14

Same-Store Growth – Food & Convenience Retail ....................................................................................................................................................................... 15 U.S. Public Equity Financing Summary – LTM ............................................................................................................................................................................... 16

IPOs ................................................................................................................................................................................................................................................................ 16 Follow-Ons ................................................................................................................................................................................................................................................. 16

Selected Upcoming Industry Events ................................................................................................................................................................................................... 17 General Market Update ............................................................................................................................................................................................................................. 19 Quarterly Market Update – All Industries........................................................................................................................................................................................ 20 Domestic M&A Market Summary ......................................................................................................................................................................................................... 20

U.S. Activity Trends ........................................................................................................................................................................................................................... 20 U.S. Valuation Trends ....................................................................................................................................................................................................................... 21

U.S. Equity Capital Markets Summary .......................................................................................................................................................................................... 22 Debt Capital Markets Summary ............................................................................................................................................................................................................ 23 William Blair Food & Beverage and Food Convenience & Retail Investment Banking .............................................................................................. 24 Recent William Blair Consumer & Retail Transactions ............................................................................................................................................................. 26 William Blair Consumer & Retail Coverage .................................................................................................................................................................................... 27 Notes .................................................................................................................................................................................................................................................................. 28 Disclosures ...................................................................................................................................................................................................................................................... 29

William Blair

Food For Thought Selected Monthly M&A Activity – January 1

Selected Monthly M&A Activity – January

Food & Beverage Producer Transactions

($ in millions)

Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM

Announced Target Business Description Nation Buyer Value Sales EBITDA

01/30/15 Invermar Processer and seller of salmon

Chile Alimentos Marinos $175.5 1.51x -

01/30/15 Bakkersland Groep (ZAV Bread Products) Manufacturer of bread

Netherlands Dutch Bakery - - -

01/30/15 Luechinger + Schmid Producer of eggs and related food products

Switzerland Saviva - - -

01/30/15 Choupeaux - Beurre de Baratte Manufacturer of cheese

France Undisclosed Acquirer - - -

01/30/15 Minoya Kichibe Shoten Co. Manufacturer and seller of boiled fish paste

Japan Undisclosed Acquirer - - -

01/29/15 Yellow Limited Producer and packager of honey

Australia Capilano Honey (Australia) - - -

01/29/15 Krave Pure Foods Producer and seller of processed meat products

United States The Hershey Company - - -

01/29/15 Distilleerderij Wenneker (Olifant, Goblet and Dujardin Brands) Producer and marketer of alcoholic beverages

Netherlands La Martiniquaise - - -

01/29/15 Bella Vida Brands Importer and distributor of artisanal food and beverage products

United States Net Savings Link Inc. - - -

01/29/15 La Fraiseraie Producer and seller of ice-cream

France Private Investor (Alain Tetedoie)

- - -

01/29/15 Tibet Highland Natural Water Producer and exporter of bottled drinking water

China Tibet Glacier Mineral Water Co.

$229.6 - -

01/28/15 Naspac Marketing Wholesaler and distributor of food and beverage products

Singapore Kato Sangyo Co. - - -

01/28/15 Distribuidora de Lacteos Algil Producer and distributor of cheese

Mexico Lactalis Group $105.0 - -

01/27/15 PMG Premium Muehlen Gruppe (Diamant and Goldpuder Brands) Manufacturer of flour based products

Germany GoodMills Group - - -

01/27/15 Central Quesera Montesinos Manufacturer or cheese, milk, and related dairy products

Spain Queseria Lafuente - - -

01/27/15 Celigueta Producer of dry fruits and crisps

Spain Sibell - - -

01/27/15 Ishimskiy Vino-Vodochnyi Zavod (19.9%) Manufacturer of alcoholic beverages

Russian Federation

Zapsibkombank - - -

01/26/15 Sakaeya Co. (70%) Manufacturer of confectionery products

Japan Chateraise Holdings - - -

01/26/15 Cascina Cucco Azienda Agricola Producer of wine

Italy La Raia $11.3 - -

01/26/15 MOM Brands Producer and seller of cereal products in the United States

United States Post Holdings $1,151.7 - 7.9x

01/26/15 Molson Coors Brewing (UK) (Shobnall Maltings Business) Producer of malt extract

United Kingdom Soufflet Group - - -

Note: Includes global change-of-control (unless otherwise indicated) transactions announced in January 2015 Sources: Dealogic and Capital IQ

William Blair

Food For Thought 2 Selected Monthly M&A Activity – January

Food & Beverage Producer Transactions (cont.)

($ in millions)



01/24/15 Gausepohl Fleisch Producer of meat products

Germany Westfleisch - - -

01/23/15 Elysian Brewing Producer of beer

United States Anheuser-Busch InBev - - -

01/23/15 Industria de Alimentos Nilza (Nilza Brand) Producer and distributor of dairy products

Brazil Goiasminas Industria de Laticinios

- - -

01/22/15 Bodegas Bilbainas (5.9%) Producer and seller of wine

Spain Codorniu Group $53.9 - -

01/22/15 Ruprecht Manufacturer and processer of meat products

United States Hosen Capital - - -

01/21/15 Mcgrif do Brasil Manufacturer and marketer of juice and milk products

Brazil Mercado de Alimentos Mercal

$85.0 - -

01/21/15 Menora Foods Marketer and distributor of food and beverage products

Australia Monde Nissin Corp. $45.2 - -

01/21/15 Optimus Plus Manufacturer of vegetable oils

Ukraine Optimusagro Holding Ltd - - -

01/20/15 Domaines Lapalu Manufacturer of wine

France AdVini - - -

01/20/15 Wicksall Distributors Producer and distributor of wine

United States Great Lakes Wine & Spirits - - -

01/20/15 Especialidades Lacteas (49%) Manufacturer of cheese

Spain Grupo TGT - - -

01/20/15 Docereina - Sobremesas (49%) Provider of eggs and related products

Portugal Postres y Dulces Reina - - -

01/20/15 Azienda Agricola Tenuta Villa Rosa Producer of wine

Italy Private Investor (Cecchi Family)

- - -

01/20/15 Gapzco (42%) Producer of bread and bakery products

Tunisia Supreme Group - - -

01/20/15 LAG Manufacturer of bread

Italy Vandemoortele - - -

01/19/15 McWilliam's Wines Group (3 vineyards) Operator of vineyards

Australia CK Life Sciences International

$12.9 - -

01/19/15 Marine Harvest Chile Supplier and processer of salmon

Chile Empresas AquaChile - - -

01/19/15 Creative Occasions Manufacturer and distributor of cakes

United States Maplehurst Bakeries - - -

01/17/15 SL Mitros Producer and processer of meat

Serbia Gerlinger - - -

01/16/15 Cabomar Congelados (24%) Producer of seafood

Spain Existing Management (Enrique and Eduardo Freire)

- - -

01/15/15 Akcine Bendrove Anyksciu Vynas Producer and seller of alcoholic beverages

Lithuania AB NASDAQ OMX Vilnius $8.0 1.32x 16.1x

01/15/15 Taste Trends Manufacturer of frozen yoghurts

United Kingdom Lakeland Dairies - - -


William Blair



($ in millions)



01/15/15 Moraitis Supplier of fresh fruits and vegetables

Australia Perfection Fresh Australia - - -

01/15/15 Chojecki Producer of cookies, cakes, and biscuits

Poland Resource Partners; Ardian

- - -

01/15/15 Gersthofer Backbetriebe Manufacturer of bakery products

Germany Serafin - - -

01/15/15 Shearer's Foods Manufacturer and distributor of snack food products

United States Teachers Private Capital - - -

01/14/15 Altinyag Combine Producer of vegetable oils

Turkey Undisclosed Acquirer - - -

01/14/15 XS Energy Producer of sugar free energy drinks

United States Amway Corp. - - -

01/14/15 Vaasan (92%) Manufacturer of bread and bakery products

Finland Lantmannen Unibake - - -

01/14/15 Empresa Pesquera de la Patagonia y Antartida Producer of surimi and frozen fish

Argentina Newsan - - -

01/14/15 Lykkeberg Provider of seafood

Denmark Tenax Sild - - -

01/13/15 Baeckerei Vehreschild Backfrisch Baeckerei Operator of a bakery

Germany Baeckerei - - -

01/13/15 Mauna Loa Macadamia Nut Corporation Processer and marketer of macadamia nut products

United States Hawaiian Host - - -

01/13/15 GlavTorgProduct (5.4%) Supplier of fish, meat and dairy products

Russian Federation

Undisclosed Acquirer - - -

01/12/15 B. Roberts Foods Producer of sauces, entrees, and customized recipes for grocery stores and restaurants

United States Bakkavor Group - - -

01/12/15 J.L. Freeman (Cheese Business) Producer and distributor of cheese

Canada Emmi International - - -

01/12/15 Bioleche Lacteos (90%) Manufacturer of dairy products

Chile Granarolo - - -

01/12/15 Khlebnaya Baza Manufacturer of bread and flour based food products

Russian Federation

LipetskKhlebMakaronProm - - -

01/12/15 Granja La Luz Manufacturer of cheese

Spain Queseria Iberica - - -

01/12/15 Del Monte Capitol Meat Co. Supplier of meat products

United States The Chefs' Warehouse $217.1 - -

01/11/15 Delta Food Industries (20%) Producer of tomato paste and milk powder

United Arab Emirates

Rafi Agri Foods International - - -

01/09/15 Burgerbrau Wolnzach Brewer of beer

Germany Urban Chestnut Brewing - - -

01/08/15 Innova Phoenix Manufacturer of puddings and cake mixes

Poland Bakalland $12.0 - -

01/08/15 Nestlé España (La Cocinera Frozen Meals Business) Manufacturer and distributor of frozen foods

Spain Findus Group - - -


William Blair

Food For Thought 4 Selected Monthly M&A Activity – January


($ in millions)



01/08/15 Grupe Ren Manufacturer and distributor of frozen foods

Poland Hortex Holding - - -

01/08/15 Karma Tarimsal Uretim ve Ticaret Producer and distributor of frozen agricultural products

Turkey Kerevitas Gida Sanayi ve Ticaret Anonim Sirketi

- - -

01/08/15 Kokken & Konditoren Provider of food products and catering services

Denmark Polaris Private Equity - - -

01/07/15 Kingoma Honpo Co. Processer of sesame seeds

Japan Namisato Corp. - - -

01/07/15 Wilhelm Gruyters (90%) Manufacturer of biscuits

Germany Private Investor (Karl-Heinz Maneke and Peter Rinsch)

- - -

01/07/15 Pacmar Manufacturer and distributor of fruit juice products

South Africa Rhodes Food Group $14.1 0.40x 7.4x

01/07/15 Saratoga Sweets Producer of handmade chocolates

United States The Candy Company of Saratoga Springs

- - -

01/07/15 Kusataro Manufacturer of confectioneries

Japan Undisclosed Acquirer - - -

01/06/15 Fruchtimport vanWylick Wholesaler and distributor of fruits and vegetables

Germany Capespan Continent - - -

01/06/15 Juice & Nectar Partner Company Producer and marketer of citrus fruit juices

Morocco Holmarcom Group - - -

01/06/15 Butcombe Brewery Producer and seller of beer

United Kingdom Liberation Group - - -

01/06/15 Biscuiterie Terre d'Embruns Producer of ready-to-cook specialty sweets and pastries

France Cadavenir - - -

01/05/15 Sun Orchard Inc. Provider of premium juice and beverage products

United States Centre Partners Management

- - -

01/05/15 Long Island Brand Beverages Producer of ready-to-drink teas

United States Cullen Agricultural Holding Corp.

- - -

01/05/15 Columbus Exotics Distributor and importer of fruits and vegetables

Netherlands H. L. Hall and Sons - - -

01/02/15 Pure Water Solutions Inc. Distributor and supplier of ready-to-drink beverages

United States Mar Cor Purification Inc. $11.9 - -

01/01/15 United Package Liquor Producer and seller of alcoholic beverages

United States Big Red Liquors - - -


William Blair


Food & Convenience Retail Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM

Announced Target Business Description Nation Buyer Value Sales EBITDA01/28/15 Paradise Foods Operator of a chain of grocery stores United States Nugget Market - - -

01/28/15 Controladora Comercial Mexicana Operator of a chain of supermarkets Mexico Organizacion Soriana $2,676.0 1.38x 16.1x

01/23/15 ADM Londis Operator of a chain of supermarkets and food retailing stores

Ireland BWG Group $25.9 0.12x -01/23/15 Shanghai Mineni Foods (80%) Wholesaler of groceries

China Kokubu & Co. - - -01/14/15 Supermarkets (7 supermarkets ) Supermarkets operator

Netherlands VastNed Retail $46.2 - -01/12/15 Supermarkets (10 Consum supermarkets in Spain) Operator of a chain or supermarkets

Spain Meridia Capital Partners $35.5 - -01/09/15 Marumiyastore Co. Operator of a chain of supermarkets

Japan Marukyu Co. $35.3 0.11x 4.7xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in January 2015Sources: Dealogic and Capital IQ

William Blair

Food For Thought 6 Noteworthy M&A Activity – LTM

Noteworthy M&A Activity – LTM

Food & Beverage Producer Transactions

($ in millions)



01/26/15 MOM Brands Producer and seller of cereal products in the United States

United States Post Holdings $1,151.7 - 7.9x

12/31/14 Inner Mongolia Mengniu Dairy Company Manufacturer of dairy products

China China Dairy (Mauritius) Limited

$6,039.2 - -

12/15/14 Archer Daniels Midland Company (Global Cocoa Business) Producer of cocoa

United States Olam International $1,300.0 - -

11/20/14 Primo Smallgoods Producer of packaged meats

Australia JBS $1,255.4 - -

11/06/14 DSS Group Producer and distributor of bottled water

United States Cott Corp. $1,250.0 - -

11/03/14 Centrale Laitiere Producer and seller of packaged milk and dairy products

Morocco Danone $1,677.9 2.10x 17.1x

11/03/14 United Biscuits Manufacturer and distributor of biscuits, snacks, and frozen foods

United Kingdom Yildiz Holding $3,199.2 - -

10/20/14 Hainan Yedao Co. (11.2%) Manufacturer of food and beverage products

China China Orient Capital Investment Group

$679.0 6.19x -

10/06/14 Belvedere (7.3%) Producer and marketer of alcoholic beverages

France Diana Holding - Groupe Zniber

$362.7 0.54x NMF

09/10/14 Windsor Quality Food Company Producer and marketer of frozen foods and appetizers

United States Ajinomoto North America $800.0 1.19x -

09/08/14 Annie's Producer of natural and organic foods

United States General Mills $821.2 3.95x NMF

09/02/14 Archer Daniels Midland Company (Global Chocolate Business) Producer of chocolate

United States Cargill $440.0 - -

08/21/14 Ebro Foods (2%) Manufacturer of pasta, rice, and ready-to-eat food

Spain Empresas Comerciales e Industriales Valencianas

$3,589.8 1.37x 9.5x

08/15/14 Vietnam Dairy Products (2%) Manufacturer of dairy products

Vietnam Fraser & Neave $4,534.6 2.90x 14.1x

08/11/14 Chiquita Brands International Producer and distributor of fruit and other fresh produce

United States Sucocitrico Cutrale; Banco Safra, Investment Arm

$1,193.1 0.39x 13.6x

08/11/14 Treasury Wine Estates Producer and distributor of wine

Australia TPG Capital $3,323.0 2.00x 14.2x

07/14/14 Russell Stover Candies Manufacturer and marketer of sweets and chocolates

United States Chocoladefabriken Lindt & Spruengli

$1,400.0 - -

07/07/14 WILD Flavors Manufacturer of food ingredients and preservatives

Switzerland Archer Daniels Midland Europoort

$3,096.5 2.28x -

06/30/14 CytoSport Manufacturer of nutritional supplements

United States Hormel Foods Corporation $470.0 - -

06/30/14 Flagstone Foods Producer and distributor of dried fruits and nuts

United States Treehouse Foods $860.0 - -

05/29/14 Hillshire Brands Co. Manufacturer of consumer food and beverage products

United States Tyson Foods $8,533.5 2.10x 15.3x

05/22/14 Conopco (North America Pasta Sauces Business) Producer of pasta sauce

United States Mizkan Holdings $2,150.0 3.60x -

Note: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve months Sources: Dealogic and Capital IQ

William Blair

Food For Thought Noteworthy M&A Activity – LTM 7


($ in millions)



05/21/14 Tnuva Food Industries Producer and distributor of dairy and frozen food products

Israel Bright Food (Group) $1,711.2 - -

05/20/14 Treasury Wine Estates Producer and distributor of wine

Australia KKR & Co. $3,188.3 1.90x NMF

05/12/14 Pinnacle Foods Manufacturer of convenience food products

United States Hillshire Brands $6,729.2 2.70x 15.2x

04/27/14 Goodman Fielder Manufacturer and distributor of food ingredients

Australia First Pacific Company $1,698.4 0.84x 8.8x

04/25/14 Deoleo Producer of cooking oils

Spain CVC Capital Partners $1,261.8 1.16x 12.5x

04/17/14 MFI Holding Corporation Processer and distributor of commercial food products

United States Post Holdings $2,499.5 - -

04/15/14 United Spirits Manufacturer and seller of alcoholic beverages

India Diageo $1.895.8 4.88x NMF

04/14/14 DIANA Provider of organic and natural foods

France Symrise $1,796.2 2.88x 14.0x

03/17/14 Hearthside Food Solutions Manufacturer of consumer baked foods and snacks

United States Goldman Sachs Group, Merchant Banking Division; Vestar Capital Partners

$1,100.0 1.10x -

03/14/14 Olam International Supplier of food ingredients such as coffee, cocoa and cashew nuts

Singapore Temasek Holdings; Kewalram Singapore

$11,546.7 0.73x 13.0x

03/10/14 Cloverhill Pastry-Vend Producer of baked goods primarily sold through vending machines

United States Aryzta $673.1 - -

03/03/14 Nuova Castelli Producer and distributor of dairy and canned tuna fish products

Italy Charterhouse Capital Partners

$516.6 1.29x 10.1x

02/28/14 Sokolow Processer of packaged meats such as canned hams, kielbasa and pre-packaged sliced meats

Poland Danish Crown $492.6 - -

02/20/14 Shree Renuka Sugars (26%) Manufacturer of sugar

India Wilmar International $1,331.2 0.79x 11.9x

02/12/14 Canada Bread Co. Manufacturer of flour based products

Canada Grupo Bimbo $1,487.6 1.06x 12.6x

Note: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve months Sources: Dealogic and Capital IQ

William Blair

Food For Thought 8 Noteworthy M&A Activity – LTM

Food & Convenience Retail Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM

Announced Target Business Description Nation Buyer Value Sales EBITDA01/28/15 Controladora Comercial Mexicana Operator of a chain of supermarkets Mexico Organizacion Soriana $2,676.0 1.38x 16.1x

12/18/14 The Pantry Operator of convenience stores that sell groceries and other items United States Alimentation Couche-Tard $1,725.4 0.26x 7.8x11/24/14 Dean & DeLuca Operator of retail stores that sell gourmet specialty food and beverage products

United States Pace Development Corporation $140.0 - -11/07/14 Nature's Pantry Operator of a chain of food retail stores

United States Natural Grocers by Vitamin Cottage - - -10/31/14 Maruetsu Operator of a chain of supermarkets Japan Kasumi $685.6 0.23x 7.5x10/03/14 Migros Ticaret Operator of a chain of supermarkets Turkey Anadolu Endüstri Holding $2,705.4 0.79x 13.1x09/30/14 Seijo Ishii Co. Operator of a chain of supermarkets Japan Lawson $501.4 1.01x 9.7x09/16/14 Grocery Outlet Inc. Operator of a chain of grocery stores United States Hellman & Friedman - - -08/11/14 Kinsho Store Co. Operator of a chain of supermarkets Japan Kintetsu Corporation $645.3 1.13x -07/02/14 Grupo El Árbol Distribución y Supermercados Supermarkets operator Spain Distribuidora Internacional de Alimentación $205.9 0.18x - 06/03/14 DIA France Operator of a chain of supermarkets France Carrefour $816.9 - -05/07/14 Roundy's (18 Rainbow Stores) Operator of 18 retail stores United States SuperValu $65.0 - -04/28/14 Susser Holdings Corporation Operator of a chain of convenience stores United States Energy Transfer Partners $2,320.3 0.37x 14.4x04/11/14 SPAR Group Operator of a chain of grocery and retail stores South Africa Allan Gray $2,059.8 0.45x 13.0x04/07/14 Carrefour Operator of a chain of supermarkets France Motier $1786.3 0.36x 12.2x03/11/14 SPAR Ceska Obchodni Spolecnost Operator of a chain of supermarkets

Czech Republic Albert (Ahold) $266.2 0.36x -03/10/14 Eataly Operator of a chain of food retail stores

Italy Tamburi Investment Partners $832.7 - -03/06/14 Safeway Operator of a chain of stores offering a selection of food and general merchandise

United States Albertsons (Cerberus Capital Management) $8,198.9 0.22x 13.5x03/04/14 Wumart Stores Operator of a retail chain of superstores

China Wumei Holdings $559.8 0.20x 4.4x02/13/14 Sobeys (29 stores) Operator of a chain of grocery stores Canada Overwaitea Food Group;Federated Co-operatives $391.0 - -02/11/14 Walmart Chile Operator of a chain of supermarkets Chile Inversiones Australes Tres Limitada $7,575.8 1.36x 15.1xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought Historical M&A Trends in the Food and Food Retailing Industries 9

Historical M&A Trends in the Food and Food Retailing Industries

Volume Trends

U.S. Monthly Announced M&A Activity

2/14 03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01/15Food & Beverage Production 15 12 17 16 12 12 13 14 14 11 12 17Food Retail & Convenience 7 3 2 1 1 0 1 1 1 6 6 1U.S. Yearly Announced M&A Activity

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDFood & Beverage Production 128 101 145 127 106 79 109 127 161 147 161 17Food Retail & Convenience 53 65 87 96 64 48 20 32 24 42 33 1Total Deal Value $13.5 $11.5 $29.1 $33.3 $93.3 $20.5 $39.0 $13.9 $36.0 $43.2 $59.9 $1.4 Global Yearly Announced M&A Activity

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTDFood & Beverage Production 799 870 996 1104 1042 948 969 906 814 768 792 82Food Retail & Convenience 174 179 197 221 269 211 230 177 165 158 140 7Total Deal Value $61.1 $97.8 $94.9 $132.3 $140.5 $72.0 $94.2 $125.4 $127.4 $109.7 $134.2 $4.9 Note: Data represents announced transactions including U.S.-based targets onlySources: Dealogic and Capital IQ as of January 31, 2015

Food & Beverage Production Food Retail & Convenience22 15 19 17 13 12 14 15 15 17 18 18

0102030Number of Deals

Food & Beverage Production Food Retail & Convenience Total Deal Value

181 166 232 223 170 127 129 159 185 189 19418 $0$40$80$120

0100200300Deal ValueNumber

of Deals ($ in billions)

Food & Beverage Production Food Retail & Convenience Total Deal Value

973 1,049 1,193 1,325 1,311 1,159 1,199 1,083 979 926 93289 $0$50$100$150$200

05001,0001,500Deal ValueNumber

of Deals ($ in billions)

William Blair

Food For Thought 10 Historical M&A Trends in the Food and Food Retailing Industries

Participant Trends

Breakdown of Acquirers by Type

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Private 46.8% 44.1% 43.4% 51.9% 47.2% 50.0% 52.8% 49.5% 53.2% 56.0% 48.6% 47.2% 45.0%

Public 24.0% 27.7% 28.0% 19.6% 21.6% 20.3% 17.4% 18.1% 15.6% 19.5% 25.8% 21.6% 30.0%

Private Equity 11.0% 9.2% 10.1% 13.8% 17.2% 13.1% 13.0% 13.2% 12.2% 7.2% 13.6% 12.5% 15.0%

Foreign 18.2% 19.0% 18.5% 14.6% 14.0% 16.7% 16.8% 19.1% 19.0% 17.3% 12.0% 18.8% 10.0%

Breakdown of Sellers by Type

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Private 30.1% 46.4% 53.1% 50.5% 57.2% 46.3% 53.0% 49.7% 47.1% 53.4% 55.2% 53.4% 65.0%

Public 3.3% 6.4% 5.6% 2.0% 1.7% 3.7% 5.1% 6.1% 4.8% 2.5% 4.9% 7.4% 5.0%

Private Equity 17.1% 7.9% 9.1% 12.4% 8.1% 8.0% 8.5% 14.0% 5.3% 8.1% 7.8% 8.0% 10.0%

Divestiture 49.6% 39.3% 32.2% 35.1% 32.9% 42.0% 33.3% 30.2% 42.8% 36.0% 32.1% 31.3% 20.0%

Note: Data represents announced transactions including U.S.-based targets only Sources: Dealogic and Capital IQ as of January 31, 2015

Private Public Private Equity Foreign

0%

10%

20%

30%

40%

50%

60%Percent of Deals

Private Public Private Equity Divestiture

0%

10%

20%

30%

40%

50%

60%

70%

Percent of Deals

William Blair

Food For Thought Historical M&A Trends in the Food and Food Retailing Industries 11

Valuation Trends

Average EBITDA Multiples for Food Transactions(1)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Average EV/EBITDA Multiple 8.4x 9.1x 11.4x 9.9x 12.0x 10.4x 9.3x 8.2x 11.8x 13.2x 13.0x 13.0x 7.9x

Number of Disclosed Deals 25 20 14 28 23 20 14 11 7 17 22 34 1

Average EBITDA Multiples for Beverage Transactions(2)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Average EV/EBITDA Multiple 11.8x 14.1x 12.0x 13.5x 13.4x 17.3x 11.7x 10.9x 9.8x 13.6x 14.5x 11.8x 11.7x

Number of Disclosed Deals 9 16 12 15 5 4 9 1 3 6 4 13 2

(1) Excludes Food & Convenience retail transactions (2) Includes alcoholic and nonalcoholic beverages Note: Data represents global transactions announced in the respective sectors Note: Transactions with multiples that are not meaningful are categorized as undisclosed Sources: Dealogic and William Blair as of January 31, 2015

Average EV/EBITDA Multiple Number of Disclosed Deals

8.4x

9.1x

11.4x

9.9x

12.0x

10.4x9.3x

8.2x

11.8x13.2x 13.0x 13.0x

7.9x

0

5

10

15

20

25

30

35

40

0.0x

5.0x

10.0x

15.0x

20.0x

EV/EBITDA Multiple

Average EV/EBITDA Multiple Number of Disclosed Deals

11.8x 14.1x12.0x

13.5x 13.4x

17.3x

11.7x 10.9x9.8x

13.6x14.5x

11.8x 11.7x

0

5

10

15

20

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

EV/EBITDA Multiple

William Blair

Food For Thought 12 Public Company Trading Statistics

Public Company Trading Statistics

Food Production Companies

($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA

Nestlé $243,970.1 4.1% 4.1% NA NA $267,855.1 2.90x 15.3x Unilever $124,867.8 7.5% 7.5% 18.5x 184.9% $137,591.9 2.35x 14.1x Mondelez International $59,200.5 (3.0%) (3.0%) 17.8x 165.0% $75,410.5 2.20x 15.0x Danone $40,305.4 2.0% 2.0% 16.3x 188.4% $52,381.5 2.05x 13.1x Kraft Foods Group $38,473.8 4.3% 4.3% 18.9x 222.0% $47,557.8 2.61x 20.0x Associated British Foods $36,672.1 (5.1%) (5.1%) 26.7x 275.2% $37,909.0 1.80x 14.8x General Mills $31,684.7 (1.6%) (1.6%) 17.5x 223.2% $42,664.7 2.42x 13.2x Kellogg Company $23,283.1 0.2% 0.2% 15.5x 198.0% $30,631.1 2.10x 16.4x The Hershey Company $22,575.1 (1.7%) (1.7%) 22.6x 265.6% $24,287.6 3.27x 14.6x Tyson Foods $15,863.1 (2.6%) (2.6%) 13.2x 155.2% $23,021.1 0.58x 10.3x ConAgra Foods $15,090.2 (2.3%) (2.3%) 15.4x 230.5% $23,557.1 1.34x 10.1x Campbell Soup Company $14,332.3 4.0% 4.0% 17.9x 298.2% $18,150.3 2.18x 11.8x Hormel Foods Corporation $13,503.5 (1.7%) (1.7%) 22.9x 269.3% $13,425.7 1.42x 12.4x JBS $12,288.8 0.7% 0.7% 11.5x NA $23,451.9 0.51x 6.2x Grupo Bimbo $11,959.9 (7.8%) (7.8%) 21.3x 47.4% $16,312.1 1.19x 10.9x Saputo $11,255.4 (4.5%) (4.5%) 9.2x 91.6% $13,079.2 1.42x 13.7x The J. M. Smucker Company $10,502.4 2.1% 2.1% 16.4x 212.5% $12,817.3 2.34x 11.0x George Weston $10,150.6 (8.4%) (8.4%) 14.5x 145.4% $27,787.4 0.78x 11.0x McCormick & Company $9,172.2 (3.9%) (3.9%) 21.6x 262.0% $10,389.6 2.45x 15.0x Pilgrim's Pride Corporation $7,032.6 (17.2%) (17.2%) 37.7x NA $6,669.5 0.78x 4.9x ARYZTA $6,616.9 (3.1%) (3.1%) 12.8x 43.7% $8,954.0 1.39x 10.1x The Hain Celestial Group $5,366.7 (9.5%) (9.5%) 15.4x 103.7% $6,161.5 2.50x 20.9x Flowers Foods $4,106.2 1.9% 1.9% 16.6x 155.5% $4,914.7 1.31x 11.4x Treehouse Foods $3,839.1 6.0% 6.0% 22.6x 211.9% $5,370.6 1.82x 14.6x Post Holdings $2,473.1 12.8% 12.8% 51.4x 642.8% $6,101.3 1.91x 15.7x Lancaster Colony Corporation $2,459.0 (4.0%) (4.0%) 21.9x 199.5% $2,202.8 2.07x 13.3x Snyder's-Lance $2,044.2 (4.8%) (4.8%) 20.7x 137.7% $2,381.7 1.47x 14.4x Tootsie Roll Industries $1,931.8 1.8% 1.8% NA NA $1,859.6 3.44x 18.3x Fresh Del Monte Produce $1,891.9 0.2% 0.2% 14.0x 280.3% $2,034.3 0.52x 7.7x Sanderson Farms $1,851.2 (4.8%) (4.8%) 8.8x NA $1,705.6 0.60x 3.4x J&J Snack Foods Corp. $1,833.7 (9.8%) (9.8%) 25.7x 286.1% $1,736.1 1.87x 12.1x Dean Foods Company $1,700.1 (6.5%) (6.5%) 17.0x 229.9% $2,647.9 0.28x 13.5x Cal-Maine Foods $1,695.8 (10.2%) (10.2%) 7.3x NA $1,551.3 1.03x 6.6x B&G Foods $1,601.3 (0.2%) (0.2%) 16.6x NA $2,640.7 3.11x 14.9x Lotus Bakeries $937.0 6.2% 6.2% 19.3x 193.3% $1,014.7 2.41x 13.5x Diamond Foods $772.2 (12.9%) (12.9%) 28.8x 261.8% $1,419.9 1.62x 16.6x Calavo Growers $693.7 (15.2%) (15.2%) 24.9x 216.6% $731.0 0.93x 16.6x Boulder Brands $613.2 (9.3%) (9.3%) 17.5x 99.8% $902.8 1.76x 13.2x John B Sanfilippo & Son $405.8 (19.8%) (19.8%) NA NA $472.1 0.57x 8.3x Seneca Foods Corp. $291.6 (4.3%) (4.3%) NA NA $629.2 0.48x 20.5x Inventure Foods $198.7 (20.2%) (20.2%) 14.8x 108.1% $286.9 1.06x 12.7x Bridgford Foods Corp. $68.4 (3.1%) (3.1%) NA NA $69.6 0.52x NMF Golden Enterprises $43.3 4.4% 4.4% NA NA $48.8 0.37x 7.6x Mean (3.2%) (3.2%) 19.2x 206.4% $22,343.9 1.62x 12.9x

Median (3.0%) (3.0%) 17.5x 205.7% $6,161.5 1.62x 13.3x

Note: Data as of January 31, 2015 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought Public Company Trading Statistics 13

Food Ingredients Companies



Givaudan $16,757.1 1.1% 1.1% 22.5x 187.5% $17,493.0 3.95x 19.2x

Kerry Group $12,746.6 5.0% 5.0% 17.3x 152.7% $14,290.2 2.05x 16.3x

International Flavors & Fragrances $8,591.9 4.7% 4.7% 19.2x 275.0% $9,135.2 2.96x 13.2x

Symrise $8,517.9 8.1% 8.1% 24.3x 183.5% $10,083.4 4.08x 19.1x

Barry Callebaut $5,452.5 (3.3%) (3.3%) 17.1x 77.9% $7,428.6 1.16x 13.4x

Sensient Technologies Corporation $2,937.6 1.1% 1.1% 18.7x 196.7% $3,372.4 2.33x 12.4x

Frutarom Industries $1,828.4 1.3% 1.3% 20.6x NA $1,997.7 2.47x 14.0x

T. Hasegawa Co. $603.7 2.5% 2.5% 16.0x NA $414.7 1.12x 7.3x

Takasago International Corporation $496.8 10.1% 10.1% 12.3x NA $820.1 0.75x 11.7x

Mean 3.4% 3.4% 18.7x 178.9% $7,226.1 2.32x 14.1x

Median 2.5% 2.5% 18.7x 185.5% $7,428.6 2.33x 13.4x

Beverage Production Companies



Anheuser-Busch InBev $196,104.6 7.4% 7.4% 20.5x 163.8% $242,770.6 5.19x 13.5x

The Coca-Cola Company $180,329.3 (2.5%) (2.5%) 18.4x 223.6% $198,648.3 4.32x 15.9x

Pepsico $140,351.7 (0.8%) (0.8%) 19.1x 233.0% $160,166.7 2.40x 12.9x

SABMiller $87,931.4 4.0% 4.0% 19.3x 151.5% $102,704.4 6.05x 17.6x

Diageo $74,217.9 2.7% 2.7% 17.3x 168.1% $92,964.9 5.83x 18.7x

Constellation Brands $21,391.8 12.5% 12.5% 24.5x 183.5% $28,666.5 4.81x 16.4x

Keurig Green Mountain $19,855.9 (7.4%) (7.4%) 32.0x 177.3% $19,289.0 4.10x 16.0x

Monster Beverage Corporation $19,605.3 7.9% 7.9% 39.6x 282.5% $18,608.9 7.75x 25.8x

Brown-Forman Corporation $18,776.7 1.2% 1.2% 24.8x NA $19,663.7 6.44x 19.4x

Dr Pepper Snapple Group $15,022.0 7.8% 7.8% 21.0x 284.7% $17,297.0 2.83x 12.4x

Molson Coors Brewing Company $14,085.5 1.9% 1.9% 17.6x 229.0% $16,844.7 4.06x 21.1x

Coca-Cola Enterprises $10,177.0 (4.8%) (4.8%) 13.0x 145.3% $14,107.0 1.71x 10.1x

The WhiteWave Foods Company $5,748.6 (5.8%) (5.8%) 28.7x 164.0% $7,077.8 2.06x 18.1x

Boston Beer Co. $4,108.8 8.6% 8.6% 43.2x NA $4,052.2 4.49x 22.1x

National Beverage Corp. $1,007.5 (3.9%) (3.9%) NA NA $980.3 1.53x 12.2x

Coca-Cola Bottling Co. $904.3 10.8% 10.8% 26.7x NA $1,457.9 0.86x 11.7x

Cott Corporation $707.9 10.0% 10.0% 16.2x NA $1,275.9 0.61x 9.7x

Farmer Brothers Co. $478.5 1.6% 1.6% 29.6x 147.8% $462.5 0.86x 15.9x

Lifeway Foods $299.1 (1.2%) (1.2%) 35.2x 220.0% $302.5 2.63x NMF

Jones Soda Co. $14.3 (16.7%) (27.1%) NA NA $13.8 1.04x NMF

Mean 2.5% 2.5% 24.8x 198.2% $47,367.7 3.48x 16.1x

Median 1.8% 1.8% 22.8x 180.4% $17,070.9 3.45x 16.0x


William Blair

Food For Thought 14 Public Company Trading Statistics

Food Retail Companies



The Kroger Co. $33,925.9 7.5% 7.5% 19.6x 217.3% $45,222.9 0.42x 9.3x

Whole Foods Market $18,754.7 3.3% 3.3% 33.0x 183.9% $18,073.7 1.24x 13.4x

Sprouts Farmers Market $5,508.0 7.2% 7.2% 43.2x NA $5,774.1 2.03x 23.6x

United Natural Foods $3,864.2 (0.1%) (0.1%) 29.0x 189.6% $4,394.1 0.61x 16.0x

SUPERVALU $2,545.0 0.4% 0.4% 14.6x NA $5,359.0 0.31x 7.1x

The Fresh Market $1,846.2 (7.5%) (7.5%) 21.0x 105.8% $1,856.3 1.09x 10.5x

Weis Markets $1,232.7 (4.2%) (4.2%) NA NA $1,138.3 0.41x 7.1x

Smart & Final Stores $1,096.1 (4.6%) (4.6%) 20.5x NA $1,576.3 0.46x 10.4x

SpartanNash Company $965.9 (1.5%) (1.5%) 13.2x 131.8% $1,514.7 0.21x 7.5x

Ingles Markets $864.1 15.0% 15.0% 20.8x 184.1% $1,792.7 0.46x 7.7x

Natural Grocers by Vitamin Cottage $692.6 9.3% 9.3% 47.5x 179.3% $719.1 1.32x 16.5x

Village Super Market $407.2 5.8% 5.8% NA NA $384.7 0.25x 7.1x

Fairway Group Holdings Corp. $198.2 44.8% 44.8% NMF NA $417.5 0.52x NMF

Roundy's $173.4 (25.6%) (25.6%) 9.1x 34.4% $783.6 0.19x 5.5x

Mean 3.6% 3.6% 24.7x 130.8% $6,357.6 0.68x 10.9x

Median 1.9% 1.9% 20.8x 179.3% $1,684.5 0.46x 9.3x

Convenience Store Companies



Alimentation Couche-Tard $22,305.2 (6.7%) (6.7%) 26.0x NA $23,970.4 0.63x 14.3x

Casey's General Stores $3,526.6 1.1% 1.1% 22.8x 204.6% $4,308.9 0.57x 11.0x

The Pantry $867.3 (0.4%) (0.4%) 162.0x 1473.2% $1,674.4 0.25x 6.4x

Mean (2.0%) (2.0%) 70.3x 838.9% $9,984.6 0.48x 10.6x

Median (0.4%) (0.4%) 26.0x 838.9% $4,308.9 0.57x 11.0x


William Blair

Food For Thought Same-Store Growth – Food & Convenience Retail 15

Same-Store Growth – Food & Convenience Retail

Grocery Stores & Supermarkets

Sprouts Farmers Market 9.0%

Smart & Final Stores 6.6%

Natural Grocers by Vitamin Cottage 6.2%

The Kroger Co. (1) 5.6%

Publix Super Markets 5.0%

The Fresh Market 3.3%

Whole Foods Market 3.1%

Weis Markets 2.6%

SUPERVALU 2.3%

Safeway(1) 1.8%

Village Super Market 1.6%

Ingles Markets 0.9%

SpartanNash 0.4%

Fairway Group Holdings (2.2%)

Roundy's (2.7%)

Convenience Stores Casey's General Stores 8.5%

Alimentation Couche-Tard 2.8%

The Pantry 2.5%

(1) Excludes fuel sales Note: Bolded companies reflect recently announced same-store sales data (announced in Jan/Feb 2015) Note: Data represents growth in the most recent reported fiscal quarter over the year-ago period Sources: Company filings and Capital IQ as of January 31, 2015

William Blair

Food For Thought 16 U.S. Public Equity Financing Summary – LTM

U.S. Public Equity Financing Summary – LTM

IPOs

($ in millions)

At Filing At Pricing Pricing & Performance - % Change Offer/

Initial Filing Date

Offer Date Ticker Issuer

Shares/ ADS Exc. Ovl.

Filing Range

Deal Value at Midpoint

Shares/ADS Inc. Ovl.

Offer Price

Deal Value

Market Value

Relative to Range 1 Day 1 Month 3 Months Current

06/20/14 09/23/14 SFS Smart & Final Stores 13.5 $12.00 - $14.00

175.5 15.5 $12.00 $186.0 $852.7 In Range 4.2% 9.2% 29.2% 25.0%

Mean 4.2% 9.2% 29.2% 25.0%

Median 4.2% 9.2% 29.2% 25.0%

Follow-Ons

($ in millions)

Pricing Performance - % Change

% Shares Offered Last Trade Before

Pricing Date Ticker Issuer Business Description

Shares/ ADS Offered (mm)

Offer Price

Deal Value (mm) Primary Secondary

Filing/ Offer

Offer/ Offer

Offer/ Current

01/28/15 POST Post Holdings Manufacturer and marketer of convenience food products

6.5 $47.50 $308.8 100% 0% (12.8%) 2.6% (0.5%)

11/17/14 PF Pinnacle Foods Manufacturer and marketer of convenience food products

20.0 $32.11 $642.2 0% 100% 4.8% 4.8% 12.0%

11/10/14 SFM Sprouts Farmers Market Specialty retailer of natural and organic food

15.0 $29.38 $440.7 0% 100% 7.9% 7.9% 23.9%

09/11/14 SNAK Inventure Foods Manufacturer and marketer of natural snack food products

3.6 $12.85 $46.2 0% 100% (9.7%) (4.6%) (20.9%)

09/08/14 PF Pinnacle Foods Manufacturer and marketer of convenience food products

15.0 $31.90 $478.5 0% 100% 6.0% 6.0% 12.8%


15.0 $30.00 $450.0 0% 100% 5.6% 8.5% 21.4%

07/30/14 TSN Tyson Foods Producer and distributor of chicken and related food products

23.8 $37.80 $900.0 100% 0% 5.4% 3.6% 12.3%

07/16/14 THS Treehouse Foods Manufacturer and distributor of food and beverage products

4.3 $75.50 $325.0 100% 0% 4.0% 2.2% 20.1%


5.5 $47.70 $262.4 100% 0% (1.6%) (2.5%) (0.9%)


15.0 $33.75 $506.3 0% 100% 12.5% 4.5% 7.9%


5.0 $55.00 $275.0 100% 0% 8.1% (0.1%) (14.1%)

02/03/14 RNDY Roundy's Operator of a supermarket chain in the Midwest

8.8 $7.00 $61.9 33% 67% 25.9% 21.1% (48.6%)

Mean 4.7% 4.5% 2.1%

Median 5.5% 4.1% 10.0%

Sources: Dealogic and FactSet Research Systems Note: LTM as of January 31, 2015

William Blair

Food For Thought Selected Upcoming Industry Events 17

Selected Upcoming Industry Events

Date Event Location

February 2015

1-6 NAFDMA Convention Nashville, TN

4-6 Convenience Retailing University Dallas, TX

8-11 N.G.A. 2015 Annual Convention and Supermarket Synergy Showcase Las Vegas, NV

15-18 IFA’s Annual International Franchise Convention Las Vegas, NV

16-19 NCA State of the Industry Conference Miami, FL

21-25 AFFI Frozen Food Convention Anaheim, CA

22-24 AMI Foundation Annual Meat Conference Nashville, TN

22-25 RILA Supply Chain Conference Orlando, FL

24-26 Snack, Beverage & Grocery EPPS Jacksonville, FL

March 2015

2-4 FMI Annual Business Conference Chicago, IL

5-8 Natural Products Expo West Anaheim, CA

9-12 FMI Asset Protection Conference Memphis, TN

15-17 Seafood Expo North America & Seafood Processing North America Boston, MA

22-25 Restaurant Leadership Conference Scottsdale, AZ

22-26 NACS Global Forum Singapore

22-26 AFFI Annual Food and Beverage Environmental Conference Point Clear, Ala

28-1 American Bakers Association Annual Convention Orlando, FL

April 2015

12-15 Grocery Manufacturers Association Science Forum National Harbor, MD

14-16 NACS State of the Industry Summit Chicago, IL

15-16 NGA Day in Washington (NGA, FMI and FIAE) Washington, DC

May 2015

3-6 RILA Asset Protection Conference Orlando, FL

3-6 FMI’s 2015 Financial Executive Conference and Internal Auditing Conference (Co-Located) New Orleans, LA

16-19 NRA Restaurant Hotel Motel Show Chicago, IL

18-20 CSP Leadership and Crisis Prevention Forum Denver, CO

19-20 PLMA’s Annual “World of Private-Label” Amsterdam

19-21 NCA Sweets & Snacks Expo Chicago, IL

31-Jun 2 AFFI Food Logistics Forum Incline Village, NV

31-Jun 4 NGA Leadership Development Program (Cornell) Ithaca, NY

William Blair

Food For Thought 18 Selected Upcoming Industry Events

Date Event Location

June 2015

7-9 International Dairy Deli Bakery Association Annual Convention "Dairy-Deli-Bake" Atlanta, GA

7-11 NGA Leadership Development Program (USC) Los Angeles, CA

7-12 Insight NACS Future of Convenience London, UK

8-11 United Fresh 2015 Chicago, IL

9-11 FMI Connect Chicago, IL

22-24 Foodservice at Retail Expo 2015 Nashville, TN

28-29 TRA Marketplace (formerly Southwest Foodservice Expo) Dallas, TX

28-30 NASFT – Summer International Fancy Food & Confection Show New York, NY

July 2015

20-23 NBJ Summit Dana Point, CA

26-28 The International Foods Planning TBD

27-29 Center Store Grocery, Snack & Beverage Planning TBD

August 2015

22-25 NACDS Total Store Expo Denver, CO

September 2015

1-2 Food Evolution Summit Phoenix, AZ

15-18 RILA Retail Sustainability Conference Austin, TX

16-18 NCA Washington Forum Washington D.C

17-19 All Things Organic - BioFach America Baltimore, MD

17-20 Natural Products Expo East Baltimore, MD

20-22 MUFSO Conference Dallas, TX

20-23 Candy Annual Planning Chandler, AZ

28-29 Canadian Federation of Independent Grocers-Grocery Innovations Toronto, Canada

October 2015

10-13 National Frozen and Refrigerated Foods Convention Dallas, TX

11-14 NACS Show Las Vegas, NV

13-15 Shopper Marketing Expo Minneapolis, MN

15-18 PROCESS EXPO Chicago, IL

18-20 Consumer Goods Forum: Future Leaders Congress Rio De Janeiro, Brazil

23-25 Fresh Summit International Convention & Exposition Atlanta, GA

26-27 IFE Americas Food & Beverage Show Miami, FL

28-29 National Chicken Council - Annual Conference Washington, DC

November 2015

10-11 Kosherfest Secaucus, NJ

14-16 Outlook Leadership 2015 (CSP) TBD

15-17 PLMA's Private Label Trade Show Chicago, IL

December 2015

3-6 SOHO Expo Orlando, FL

January 2016

17-19 Winter Fancy Food Show San Francisco, CA

24-26 Retail Industry Leaders Association – The Leadership Forum Naples, FL

William Blair

Food For Thought General Market Update 19

General Market Update

Percentage Change

As of 1/31/15 Month-to-Date Year-to-Date

Equity Market Indices

Dow Jones Industrial Average $17,164.95 (3.7%)

3.5%

Nasdaq Composite $4,635.24 (2.1%) 11.0% S&P 500 $1,994.99 (3.1%) 7.9% S&P Food Products Index $483.81 (2.3%) 7.6% S&P Food & Staples Retail Index $385.88 0.3% 21.4% S&P Restaurants Index $855.37 1.9% 6.2%

WB Corporate Finance Indices(1)

Food Index $794.16 (6.8%)

9.0%

Ingredients Index $923.16 (4.5%) 20.1% Beverage Index $4,260.05 2.1% 9.7% Food Retail Index $1,012.07 4.1% 25.7%

Convenience Store Index $27,229.55 3.9% 84.0% Currencies

Dollar to Canadian Dollar $1.27 9.5%

19.3%

Dollar to Euro $0.89 7.2% 22.1% Dollar to Peso $14.97 1.6% 14.3% Dollar to Pound $0.67 3.8% 10.3% Commodities(2) Coffee Beans (Cents and 1/100 of a Cent Up to 2 Decimal Places) $1.62 (2.8%)

46.3%

Corn (Cents per Bushel) $3.70 (6.8%) (12.3%) Milk (Cents per 2,000 lbs.) $0.16 1.4% (16.5%) Cocoa (Dollars per Metric Ton) $2,693.00 (7.5%) (0.6%) Oil (Dollars per Barrel) $48.24 (9.4%) (51.0%) Soybean Oil (Cents per Bushel) $0.30 (6.7%) (23.3%) World Sugar (Cents and 1/100 of a Cent up to 2 Decimal Places) $0.15 1.9% (9.9%) Wheat (Cents per Bushel) $5.03 (14.8%) (16.9%)

Yield (%) 52-Week Range

As of 1/31/15

52-Week Low Latest

52-Week High

INTEREST RATES

10-Year Treasury 1.7% 1.7% 2.8% 30-Year Treasury 2.3% 2.3% 3.7% 3-Month LIBOR 0.3% 0.2% 0.3% Fed Funds Effective Rate 0.1% 0.1% 0.1% Prime Rate 3.3% 3.3% 3.3% (1) WB Corporate Finance indices are determined by FactSet Research Systems, as of January 31, 2015. Data is based on a weighted average by market capitalization calculation. (2) Commodities represent futures prices Source: FactSet Research Systems as of January 31, 2015 WB Corporate Finance Food Index includes: ARYZTA, Associated British Foods, B&G Foods, Bridgford Foods, Calavo Growers, Cal-Maine Foods, Campbell Soup, Chiquita Brands International, ConAgra Foods, Danone, Dean Foods, Diamond Foods, Dole Food Company, Flowers Foods, Fresh Del Monte Produce, General Mills, George Weston Limited, Golden Enterprises, Grupo Bimbo, Hormel Foods, Inventure Foods, J&J Snack Foods, JBS, John B Sanfilippo & Son, Kellogg Company, Kraft Foods, Lancaster Colony Corporation, McCormick & Co., Nestlé, Overhill Farms, Pilgrim’s Corp., Post Holdings, Sanderson Farms, Saputo, Seneca Foods, Nestlé, Ralcorp Holdings, Reddy Ice Holdings, Sanderson Farms, Saputo, Sara Lee, Seneca Foods, Smart Balance, Smithfield Foods, Snyder’s-Lance, The Hain Celestial Group, The Hershey Company, The J. M. Smucker Company, Tootsie Roll Industries, Treehouse Foods, Tyson Foods, Unilever WB Corporate Finance Beverage Index includes: Anheuser-Busch InBev, Boston Beer Co., Brown-Forman Corporation, Coca-Cola Bottling Co. Consolidated, Coca-Cola Enterprises, Constellation Brands, Cott Corporation, Diageo, Dr Pepper Snapple Group, Farmer Brothers Co., Green Mountain Coffee Roasters, Jones Soda Co., Lifeway Foods, Molson Coors Brewing Company, Monster Beverage Corporation, National Beverage, PepsiCo, SABMiller, The Coca-Cola Company WB Corporate Finance Ingredients Index includes: Barry Callebaut, Frutarom Industries, Givaudan, International Flavors & Fragrances, Kerry Group, Sensient Technologies Corporation, Symrise, T. Hasegawa Co., Takasago International WB Corporate Finance Food Retail Index includes: Arden Group (Gelson’s), Fairway Group Holdings, Harris Teeter Supermarkets, Ingles Markets, Nash Finch, Roundy’s, Safeway, Smart & Final Stores, Spartan Stores, SUPERVALU, The Fresh Market, The Kroger Co., United Natural Foods, Village Super Market, Vitamin Cottage Natural Food Markets, Weis Markets, Whole Foods Market WB Corporate Finance Convenience Store Index includes: Alimentation Couche-Tard, Casey’s General Stores, Pantry

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%

Quarterly Market Update – All Industries

William Blair

Food For Thought 20 Domestic M&A Market Summary

Domestic M&A Market Summary

U.S. Activity Trends

M&A Activity

Number of Deals 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

>$750M 147 233 281 362 460 228 156 287 262 301 310 372

Mid-Cap 4,239 4,527 4,453 4,548 4,537 4,766 4,144 6,224 5,360 5,153 4,258 3,880

Undisclosed 4,406 5,174 5,353 7,510 8,343 6,494 5,075 6,238 7,775 9,189 7,630 8,461

Deal Value $688 $992 $1,297 $1,647 $1,750 $1,075 $886 $1,048 $1,174 $1,080 $1,242 $1,806

Mid-Cap M&A Activity

Number of Deals 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$250M-$750M 314 402 424 536 627 417 269 457 475 463 523 504

$50M-$250M 1,065 1,218 1,265 1,294 1,333 1,195 791 1,138 1,148 1,148 1,094 1,137

<$50M 2,860 2,907 2,764 2,718 2,577 3,154 3,084 4,629 3,737 3,542 2,641 2,239

Deal Value $292 $351 $364 $421 $466 $355 $239 $370 $383 $378 $386 $381

Private-Equity Activity

Number of Deals 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

>$750M 33 61 84 106 149 64 34 94 88 92 93 115

Mid-Cap 626 906 859 998 826 788 742 869 698 688 557 534

Undisclosed 541 679 869 1,143 1,341 969 686 1,013 1,249 1,384 1,238 1,507

Deal Value $120.4 $224.6 $287.6 $523.7 $644.3 $243.7 $149.3 $272.3 $268.6 $262.1 $307.5 $382.5

Note: Year-to-date as of December 31, 2014 Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only

8,792 9,934 10,087 12,420 13,340 11,4889,375

12,749 13,397 14,643 12,198 12,713

$0$600$1,200$1,800

06,000

12,00018,000

Deal Value($ in billions)

Number of Deals Undisclosed Middle Market >$750M Deal Value

4,239 4,527 4,4534,548 4,537 4,766 4,144 6,224 5,360 5,153 4,258 3,880

$0$200$400$600

0

10,000

Deal Value($ in millions)Number of Deals <$50M $50-250M $250 -750M Deal Value

1,200 1,646 1,8122,247

2,316 1,821 1,462 1,976 2,035 2,164 1,888 2,156

$0

$400

$800

0

5,000

Deal Value($ in billions)

Number of Deals Undisclosed Middle Market >$750M Deal Value

William Blair

Food For Thought Domestic M&A Market Summary 21

U.S. Valuation Trends

Median EV/EBITDA Multiples

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Mid-Cap 7.5x 7.4x 8.7x 10.1x 10.0x 9.5x 7.9x 6.4x 9.3x 10.0x 9.1x 9.9x 10.2x

Overall Market 7.9x 8.0x 9.1x 10.3x 11.0x 11.2x 9.0x 7.4x 9.9x 10.8x 9.6x 10.0x 11.2x

Median EV/EBITDA Mid-Cap Multiples

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

< $50M 4.1x 7.1x 6.4x 7.2x 10.2x 7.8x 4.9x 3.9x 8.8x 9.0x 6.8x 8.1x 7.7x

$50M-$250M 7.5x 6.9x 8.7x 11.3x 9.5x 10.4x 9.1x 7.1x 9.3x 10.0x 9.2x 11.3x 10.1x

$250M-$750M 9.7x 9.2x 9.1x 10.0x 11.0x 9.4x 8.3x 7.9x 9.7x 10.7x 10.2x 12.9x 10.5x

Average Acquisition Premiums

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1-Week Premium 36% 32% 28% 26% 26% 27% 36% 38% 34% 36% 36% 23% 31%

4-Week Premium 38% 40% 32% 31% 31% 29% 37% 41% 38% 39% 39% 30% 34%

Notes: Data limited to a range of 1 to 100 and LTM is as of December 31, 2014 Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only

3.0x

6.0x

9.0x

12.0x

15.0x

Middle Market Overall Market

0.0x

4.0x

8.0x

12.0x

16.0x< $50M $50M-$250M $250M-$750M

20%

30%

40%

50%

1-Week Premium 4-Week Premium

William Blair

Food For Thought 22 Domestic M&A Market Summary

U.S. Equity Capital Markets Summary

Historical IPO Issuance

Historical Follow-On Issuance

Note: Excludes follow-on offerings for CLEFs, REITs, and SPACs

IPO Pricings by Sector – Last 4 Quarters: 243 Total Deals

Follow-on Pricings by Sector – Last 4 Quarters: 694 Total Deals

Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis

54

139

95 105

175

243

28 3513 19

39 25 20 21 2150 48 56 63 70 54 56

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014 1Q 11 2Q 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

564506

399470

657612

135 12850 86

130 98 115 127 152 139 173 193 198 183120 111

0

100

200

300

400

500

600

700

2009 2010 2011 2012 2013 2014 1Q 11 2Q 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

1116

31

100

26

59 Business Services

Consumer

Financial

Healthcare

Industrial

Technology

60

48

58

162

177

107 Business Services

Consumer

Financial

Healthcare

Industrial

Technology

William Blair

Food For Thought Debt Capital Markets Summary 23

Debt Capital Markets Summary

Average Equity Contribution

Quarterly LBO Debt Multiples – Less Than $50 Million EBITDA

Quarterly LBO Debt Multiples – Greater Than $50 Million EBITDA

Sources: Dealogic and Standard & Poor’s as of December 31, 2014

36%41%

38% 40%35% 34% 32%

40%46% 45%

41% 41%46%

43%

31%

37%

32% 32% 30% 29% 30%

38%

47%

40%37% 37%

33%36%

0%

10%

20%

30%

40%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Less than $50 million EBITDA More than $50 million EBITDA

Total Debt/EBITDA Senior Debt/EBITDA

3.6x3.8x

3.7x

4.0x 4.2x4.2x

4.9x 4.8x

4.4x

3.4x

3.8x 4.4x

5.0x 5.1x

3.0x

3.8x

3.7x

2.2x

4.0x 3.8x4.5x

4.8x

3.3x3.1x

3.7x3.2x

5.0x 5.1x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total Debt/EBITDA Senior Debt/EBITDA

4.1x4.5x 4.4x

4.8x 4.9x5.0x

5.7x

6.8x

4.0x

4.8x

5.3x

4.3x

5.1x

5.5x

3.1x2.6x

2.6x2.9x 2.9x

3.5x

4.4x

6.6x

3.1x

3.9x

5.3x

4.0x

4.9x5.5x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

William Blair

Food For Thought 24 William Blair Food & Beverage and Food Convenience & Retail Investment Banking

William Blair Food & Beverage and Food Convenience & Retail Investment Banking

Food & Beverage Production

Jim Bertram is the global head of the firm’s consumer and retail investment banking group. Before joining William Blair in 2006, he was the co-head of Banc of America Securities’ global consumer products investment banking practice. In this role, he assisted domestic and international consumer products manufacturers and distributors in executing mergers and acquisitions and raising debt and equity capital through both public and private market transactions. Before joining Banc of America Securities, he was responsible for leading Deutsche Bank Alex. Brown’s food-and-beverage investment banking activity. Before working at Deutsche Bank Alex. Brown, he was vice president in the corporate finance department at George K. Baum & Company, an investment and merchant banking firm where he advised clients in executing public equity offerings, mergers and acquisitions, and private debt placements. Mr. Bertram began his career in investment banking at Salomon Brothers.

Mr. Bertram graduated with highest honors from the University of Illinois with a B.S. in finance. [email protected] +1 312 364 5426

Brent Smith is a managing director in the consumer and retail group. Since joining William Blair in 2000, Mr. Smith has also been a member of the firm’s mergers-and-acquisitions practice and currently heads William Blair’s consumer M&A effort. Over this period, he has worked on a range of public and private M&A, primarily in the consumer and industrial sectors, totaling more than $18 billion in aggregate transaction value. Mr. Smith’s financial advisory experience includes sell-side and buy-side transactions, corporate divestitures, take-private transactions, strategic options studies, valuations, fairness opinions, and special committee situations. Mr. Smith is a member of William Blair’s Fairness Opinion Committee. Before joining William Blair, Mr. Smith worked at both Lehman Brothers and Heitman Financial.

Mr. Smith holds an M.B.A. with honors from the University of Chicago and a B.B.A. with high distinction from the University of Michigan.

[email protected] +1 312 364 5392

Adam Filkin joined William Blair in 2007 and is a managing director in the consumer and retail investment banking group. Mr. Filkin has extensive transaction experience across numerous consumer verticals, including food, consumer products, and personal care. He joined William Blair from Banc of America Securities, the investment banking arm of Bank of America. Mr. Filkin spent three years at Banc of America, serving as an associate in the consumer and retail practice. Before joining Banc of America, Mr. Filkin was a manager at A.T. Kearney, focusing on growth strategies and operational improvement studies for consumer and retail companies. He has more than 10 years of experience working with consumer and retail companies.

Mr. Filkin holds an M.B.A. with a concentration in finance from the University of Chicago and holds a B.S.E. in chemical engineering from the University of Michigan.


William Blair

Food For Thought William Blair Food & Beverage and Food Convenience & Retail Investment Banking 25

Food & Convenience Retail

Tim Carroll joined William Blair in 2002 and serves as a managing director in the consumer and retail investment banking group. He joined William Blair from Andersen Corporate Finance LLC, the investment banking arm of Andersen. Mr. Carroll spent four years at Andersen, serving as a national director and managing director/co-head of the products and business services industry team. Before joining Andersen, he was a founder and principal of Wyndam Capital, a broker-dealer serving middle-market companies, and a founder and principal of a $120 million private-equity fund. Mr. Carroll has served on the board of directors for seven privately held businesses and has more than 27 years of investment banking experience, 7 years of commercial banking experience, and 2 years of commercial real estate experience.

Mr. Carroll graduated with a B.S. in business finance from Indiana University.


Michael Siska is a managing director in the consumer and retail investment banking group at William Blair. He originally joined the firm in 2002 and then rejoined in 2006 after attaining his M.B.A. at the University of Chicago. Before joining William Blair, Mr. Siska worked in private equity for Allstate Private Equity in Chicago and 3i Group in London. He also spent five years in the products and business services industry group at Andersen Corporate Finance LLC, the investment banking arm of Andersen. He focuses on specialty retail, food retail, restaurants, and consumer services.

Mr. Siska earned an M.B.A. from the University of Chicago and a B.S., with honors, from the University of Illinois at Urbana-Champaign.


Europe

Alex Matthes is a managing director at William Blair. Before he joined William Blair in 2013, Mr. Matthes worked in Commerzbank’s M&A advisory team with a focus on consumer and retail. Before joining Dresdner Kleinwort in 2006 as vice president, he worked in the M&A department of Lazard as analyst and associate since 2000.

Mr. Matthes studied business administration at the universities of Frankfurt and Cologne and obtained a master’s degree in business administration (Diplom Kaufmann) in 2000.


Beth Pickens is a managing director and head of European consumer banking. She joined William Blair in 2000 and has been located in William Blair’s London office since 2001. Ms. Pickens specializes in advising international consumer growth companies across consumer products, personal care, and consumer services. She is also an angel investor in early-stage consumer companies, including Bonobos.com and DefySupply.com.

Ms. Pickens holds a master’s degree in business administration from the University of Chicago Graduate School of Business and a bachelor’s degree in finance from the University of Illinois at Urbana-Champaign. She also completed studies at the Université de Paris IV-Sorbonne. A Chicago native, she lives in London with her husband and children.


William Blair

Food For Thought 26 Recent William Blair Consumer & Retail Transactions

Recent William Blair Consumer & Retail Transactions

$223,905,000

Follow-on Offering

February 2015

$120,750,000

Initial Public Offering

January 2015

®

Not Disclosed

has been acquired by

Wasserstein & Co., LP

December 2014

Not Disclosed

has been acquired by One Rock Capital

Partners

December 2014

Not Disclosed

has been acquired by Knowlton Development

Corporation

December 2014

Not Disclosed

has acquiredRobert Bosch Tool

Corporation, Garden & Watering Business

December 2014

Not Disclosed

has been acquired by Frutarom

Industries Ltd.

November 2014

€220,000,000


Abris Capital Partners

November 2014

$186,300,000

Follow-on Offering

November 2014

$139,840,000

Follow-on Offering

November 2014

$105,000,000

Follow-on Offering

November 2014

$128,000,000


Post Holdings, Inc.

November 2014

Not Disclosed

Growth Equity Recapitalization

October 2014

Not Disclosed

has been acquired byMonomoy Capital

Partners

October 2014

$108,235,280


October 2014

$85,000,000

Senior Credit Facility

September 2014

$53,117,980

Follow-on Offering

September 2014

Not Disclosed

has a strategic investment from

Standard Chartered Private Equity

August 2014

$156,543,750

Follow-on Offering

August 2014

Not Disclosed

has been acquired byPeet’s Coffee & Tea /

Next World Capital

August 2014

$123,214,290


July 2014

$89,125,000

Follow-on Offering

July 2014

$373,749,990

Follow-on Offering

July 2014

$171,646,263

Follow-on Offering

June 2014

$202,000,000


Snyder’s Lance

June 2014

CAD$170,000,000


TreeHouse Foods, Inc.

May 2014

Not Disclosed


Milner Milling, Inc.

May 2014

$64,166,663


May 2014

$132,050,000


April 2014

$100,624,980


April 2014

$61,300,000

has been acquired byThe Hain

Celestial Group

April 2014

Not Disclosed


Bregal Partners

March 2014

Not Disclosed


Greencore Group

February 2014

Not Disclosed

has been acquired byADKM, Inc.

(DBA Harry's)

January 2014

Not Disclosed

has been recapitalized by

TZP Group

December 2013

William Blair

Food For Thought William Blair Consumer & Retail Coverage 27

William Blair Consumer & Retail Coverage

Mark Miller, CFA +1 312 364 8498 Broad Assortment and Hardlines, E-commerce, Health, Beauty, and Convenience

Sharon Zackfia, CFA +1 312 364 5386 Apparel and Accessories, Leisure, Restaurants

Company Ticker Company Ticker Amazon.com AMZN BJ’s Restaurants BJRI Blue Nile NILE Bloomin’ Brands BLMN Cabela’s CAB CarMax KMX Costco Wholesale Corporation COST Carnival Corporation CCL CVS Health Corporation CVS Cheesecake Factory (The) CAKE Dick’s Sporting Goods DKS Chipotle Mexican Grill CMG Fairway Group Holdings FWM Dunkin’ Brands Group DNKN Fresh Market (The) TFM El Pollo Loco Holdings LOCO JD.com JD Harley-Davidson HOG MercadoLibre MELI Life Time Fitness LTM Natural Grocers by Vitamin Cottage NGVC Lululemon Athletica LULU Sportsman’s Warehouse Holdings SPWH Panera Bread Company PNRA Target Corporation TGT Papa Murphy’s Holdings FRSH Tractor Supply Company TSCO Potbelly PBPB Walgreens Boots Alliance WBA Royal Caribbean Cruises RCL Wal-Mart Stores WMT Sonic Corp. SONC Wayfair Inc. W Starbucks Corporation SBUX Whole Foods Market WFM Tilly’s TLYS Zulily ZU Tumi Holdings TUMI Under Armour UA Urban Outfitters URBN Zoe’s Kitchen ZOES Zumiez ZUMZ

Jon Andersen, CFA +1 312 364 8697 Consumer Products

Daniel Hofkin, Analyst +1 312 364 8965 Hardlines, Specialty Retail

AptarGroup ATR Advance Auto Parts AAP Boulder Brands BDBD AutoZone AZO Church & Dwight CHD Bed Bath & Beyond BBBY Colgate-Palmolive Company CL Luxottica Group LUX Scotts Miracle-Gro Company (The) SMG Mattress Firm Holding Corp. MFRM Fox Factory Holding Corp. FOXF O’Reilly Automotive ORLY Inventure Foods SNAK PetSmart PETM J&J Snack Foods JJSF Regis Corporation RGS J.M. Smucker Company (The) SJM Restoration Hardware Holdings RH Jarden Corporation JAH Ross Stores ROST Kellogg Company K Steiner Leisure STNR Keurig Green Mountain GMCR TJX Companies (The) TJX Mead Johnson Nutrition Company MJN Ulta Salon, Cosmetics & Fragrance ULTA Perrigo Company PRGO Williams-Sonoma WSM Prestige Brands Holdings PBH Procter & Gamble Company (The) PG SodaStream International SODA Tempur Sealy International TPX TreeHouse Foods THS

Amy Noblin, Analyst +1 415 248 2874 Apparel and Accessories

Abercrombie & Fitch ANF Nordstrom JWN Coach COH Tiffany & Co. TIF DSW DSW Tumi Holdings TUMI Francesca’s Holdings FRAN Vera Bradley VRA Michael Kors Holdings KORS Vince Holding Corp. VNCE

William Blair

Food For Thought 28 Notes

Notes

William Blair

William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities and Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States.

This material has been approved for distribution in the United Kingdom by William Blair International Limited, Regulated by the Financial Conduct Authority (FCA), and is directed only at, and is only made available to, persons falling within COB 3.5 and 3.6 of the FCA Handbook (being “Eligible Counterparties” and Professional Clients). This Document is not to be distributed or passed on to any “Retail Clients.” No persons other than persons to whom this document is directed should rely on it or its contents or use it as the basis to make an investment decision.

William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com January 7, 2015

Food For Thought Disclosures 29

Disclosures

William Blair’s investment banking group combines signi icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and inancing solutions to our global base of corporate clients. We serve both publicly traded

and privately held companies, executing mergers and acquisitions, growth inancing, inancial restructuring, and general advisory projects. This comprehensive suite of

services allows us to be a long-term partner to our clients as they grow and evolve. From 2010-2014, the investment banking group completed more than 330 merger-and-acquisition transactions worth $73 billion in value, involving parties in 36 countries and ive continents, was an underwriter on more than 20% of all U.S. initial public offerings,

and raised nearly $100 billion in public and private inancing.About William Blair Investment Banking

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