industry update april 2015 - harris williams · ticker 4/10/15 52-wk high cap debt equiv. value...

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

FOOD AND BEVERAGE

INDUSTRY UPDATE │ APRIL 2015

PAGE |

www.harriswilliams.com

WHAT WE’RE SEEING

CONTENTS INDUSTRY VITAL SIGNS EQUITY MARKET OVERVIEW M&A MARKET OVERVIEW DEBT MARKET OVERVIEW RECENT M&A ACTIVITY PUBLIC COMPARABLES EARNINGS CALENDAR

GROUP OVERVIEWHarris 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

CONTACTSGlenn GurtcheffManaging [email protected]+1 (612) 359-2702Tim AlexanderManaging [email protected]+1 (612) 359-2716Ryan [email protected]+1 (415) 217-3409Brant [email protected]+1 (612) 359-2709Ryan FreemanVice [email protected]+1 (612) 359-2703Matt WhebbeVice [email protected]+1 (612) 359-2727Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

M&A activity in the food and beverage sector maintained momentum through the first quarter of 2015. H.J. Heinz, which is owned by 3G Capital and Berkshire Hathaway, merged with Kraft Foods. The merger will create the third largest food and beverage company in North America and fifth largest in the world. The transaction also demonstrates the pressure on slower-growth companies to pursue M&A as a strategy for creating shareholder value. We continue to see strong interest in high-quality food and beverage assets with over 100 deals announced in the first quarter of 2015.

FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2015

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

has divested selected assets to

and

a portfolio company of

has been acquired by



and








has acquired


has been acquired byhas been acquired by





A Private Investor Group

1

http://www.harriswilliams.com/

mailto:[email protected]







PAGE |

WHAT WE’RE READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

40

90

140

Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Co

mm

od

ity P

ric

e In

de

x

Corn Soybeans Wheat Crude Oil

90

100

110

120

130

140

150

Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Beef:

37.7%

Pork:

14.2%

Poultry:

6.1%

Wheat:

(27.1%)

Soybeans:

(27.9%)

Corn:

(40.0%)

Crude Oil:

(51.4%)

Bojangles’, a quick service chicken and biscuits chain and portfolio company of Advent International, recently

submitted a preliminary filing with the SEC. Bojangles’ has over 600 restaurants, approximately 60% of which are

franchised, and reported 2014 sales of $430.5 million. The IPO market has been very receptive of restaurants recently,

with both Dave & Buster’s and Shake Shack performing well after their market debuts.

Access to the full article here.

RESTAURANT CHAIN BOJANGLES' FILES FOR IPO

Sales of chocolate confectionary products in the U.S. have grown 24% over the last five years, reachingapproximately $21 billion in 2014. This steady growth trend is expected to continue, with 2019 sales projected atapproximately $25 billion, a 3.5% CAGR. Producer innovation through the formation of new and unique textures isexpected to be the primary growth driver.


US CHOCOLATE MARKET ON TRACK TO HIT $25 BILLION IN 2019

Worldwide meat consumption increased 3.0% year-over-year in 2014 to reach a total of approximately 225 milliontons. The main growth drivers are increased prosperity and rising populations in developing countries. Amongindividual categories, poultry grew the most, achieving a 4.0% volume increase.


GLOBAL MEAT CONSUMPTION REACHES 225 MILLION TONS IN 2014

http://www.reuters.com/article/2015/04/07/us-bojangles-ipo-update-idUSKBN0MY0B620150407

http://www.mintel.com/press-centre/food-and-drink/us-chocolate-market-on-track-to-hit-25-billion-in-2019-lags-behind-europe-in-product-innovation

http://www.businesswire.com/news/home/20150319005079/en#.VS8BV_nF-Yt

PAGE |

80

100

120

140

Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Sa

les

Ind

ex

Restaurant Grocery

VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

42.4%

Grocery:

11.8%

-0.5

1.0

2.5

4.0

5.5

Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15

Infla

tio

n (

%)

Net Debt /

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

Protein Processing (3.7%) 28.6% (9.9%) (19.5%) 12.8x 12.9x 6.6x 2.8x

Fruit and Vegetable 9.0% 24.2% 0.4% 1.8% 17.7x 14.4x 14.3x 1.0x

Ingredients / Flavors 4.3% 15.9% (6.2%) 10.1% 21.9x 24.3x 14.6x 1.5x

Agribusiness (4.9%) 6.0% (0.4%) (0.7%) 14.2x 18.8x 9.3x 1.3x

Branded Processed Foods 3.2% 7.7% 5.8% 9.6% 22.1x 25.9x 14.3x 2.8x

Private Label Foods 2.9% 11.0% (1.8%) 41.3% 22.1x 38.3x 16.8x 6.5x

Natural / Organic Foods 5.9% 24.5% 11.2% 2.6% 35.4x 49.1x 19.8x 3.2x

Baked Goods / Snack Foods 1.5% 4.3% 3.9% 6.9% 24.3x 27.9x 13.1x 2.7x

Dairy (0.4%) 3.9% (2.2%) 5.0% 21.5x 24.0x 12.7x 2.2x

Non-Alcoholic Beverages 5.9% 16.4% 4.4% 10.7% 22.5x 25.5x 14.9x 1.7x

Alcoholic Beverages 8.9% 2.5% 7.3% 12.3% 22.2x 28.4x 14.7x 3.0x

Food Retail 16.4% 3.9% 6.8% 17.3% 22.0x 23.9x 8.1x 2.2x

Grocery Distribution 3.6% 41.0% 5.4% 5.4% 20.0x 24.9x 8.0x 2.1x

Foodserv ice (7.2%) 6.3% (8.2%) 7.8% 24.2x 31.9x 10.6x 3.5x

Quick Serv ice Restaurant 3.6% 33.1% 5.9% 18.2% 31.2x 34.0x 14.1x 2.0x

Fast Casual (2.0%) (0.9%) (1.3%) (6.2%) 39.7x 45.4x 19.9x 0.8x

Differentiated Casual (0.0%) 5.5% (2.1%) 1.8% 31.0x 34.3x 14.2x 0.2x

Casual Dining Restaurant 0.6% 21.3% 0.5% 4.3% 23.9x 31.2x 11.0x 2.1x

Fine Dining (6.3%) 3.1% (9.7%) (5.6%) 20.0x 24.8x 10.8x 0.2x

Pizza (0.3%) 30.8% (3.4%) 6.9% 29.6x 35.0x 18.5x 3.9x

Beverage / Snack Retail 11.3% 26.8% 5.6% 5.6% 32.6x 29.9x 19.5x 2.2x

Family Restaurant 9.3% 17.5% 1.9% 34.7% 27.5x 24.0x 13.3x 2.7x

Overall Median 3.4% 10.0% 3.2% 9.1% 22.9x 25.9x 13.3x 2.2x

Co

nsu

me

r a

nd

Re

tail

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

Fo

od

an

d B

ev

era

ge

Inp

uts

PAGE |

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

04/02/15 04/02/15 Scor International Foods Inc - IPO $5.0 Working Capital

Oper Fund / Cash Res

03/25/15 03/25/15 Premium Brands Holding Corp PBH Convertible $48.0 Reduce Indebtedness

Future Acquisitions

03/16/15 03/16/15 Wayne Farms Inc - IPO $100.0 Reduce Indebtedness

Working Capital

03/09/15 09/08/14 Pinnacle Foods Inc PF Follow-On $532.1 Secondary

Pay Fees & Expenses

02/25/15 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.5 Working Capital

Property Development

02/10/15 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $0.1 General Corp. Purp.

01/28/15 03/10/14 Post Holdings Inc POST Follow-On $355.1 Acquisition Fin.

01/28/15 01/28/15 Atlantica Seafoods Co Inc N/A IPO $3.8 Prod Dev / R&D, General Corp.

Purp., Working Capital

01/23/15 01/16/15 Avidus Management Group Inc AVD Follow-On $0.5 General Corp. Purp. & Working

Capital

01/22/15 01/22/15 Feronia Inc FRN Convertible $7.2 Working Capital

12/30/14 12/30/14 ZRHO Beverages Inc N/A IPO $0.1 Marketing & Sales

Working Capital

12/11/14 12/11/14 Sweets & Treats Inc N/A IPO $0.0 Secondary

12/04/14 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $2.2 General Corp. Purp.


4

FOOD AND BEVERAGE


PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE)

RECENT EQUITY OFFERINGS6

Fast Casual

Alcoholic Bev erages

Fine Dining

Dairy

Food Retail

Baked Goods / Snack Foods

Differentiated Casual

Agribusiness

Foodserv ice

Branded Processed Foods

Priv ate Label Foods

S&P

Ingredients / Flav ors

Non-Alcoholic Bev erages

Family Restaurant

Casual Dining Restaurant

Fruit and Vegetable

Natural / Organic Foods

Bev erage / Snack Retail

Protein Processing

Pizza

Quick Serv ice Restaurant

Grocery Distribution

-17.5% -5.0% 7.5% 20.0% 32.5% 45.0% 57.5%

Inputs Food and Beverage Consumer and Retail

PAGE |

Price at As a % of Market Cash & Enterprise P/E($ in millions, except per share data) Ticker 4/10/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and BeverageBranded Processed FoodsAssociated British Foods plc ABF $44.17 91.6% $34,748 $1,566 $842 $35,472 $21,010 $2,555 (0.6%) 6.3% 24.3% 12.2% 31.3x 1.69x 13.9x 1.81x 15.7xB&G Foods Inc. BGS 30.03 86.7% $1,614 $1,026 $1 $2,639 $848 $181 17.0% 16.0% 29.8% 21.4% 39.5x 3.11x 14.6x 3.03x 13.3xCampbell Soup Company CPB 45.82 94.9% 14,286 3,931 201 18,016 8,311 1,488 2.2% 2.6% 33.9% 17.9% 19.0x 2.17x 12.1x 2.20x 11.7xConAgra Foods, Inc. CAG 37.85 98.5% 16,164 8,370 137 24,397 17,546 2,311 6.7% 10.1% 19.8% 13.2% NM 1.39x 10.6x 1.53x 11.3xGeneral Mills, Inc. GIS 56.49 97.9% 33,673 10,291 784 43,180 17,615 3,153 (2.3%) 2.8% 33.8% 17.9% 24.4x 2.45x 13.7x 2.40x 12.1xHormel Foods Corporation HRL 57.96 98.3% 15,280 250 527 15,003 9,469 1,092 6.7% 5.7% 17.1% 11.5% 25.2x 1.58x 13.7x 1.51x 12.4xKellogg Company K 65.73 94.1% 23,412 7,370 443 30,339 14,580 1,865 (1.4%) 3.4% 35.9% 12.8% 37.6x 2.08x 16.3x 2.20x 12.3xKraft Foods Group, Inc. KRFT 89.27 97.8% 52,515 10,032 1,293 61,254 18,205 2,380 (0.1%) (0.7%) 26.9% 13.1% NM 3.36x NM 3.35x 16.4xMcCormick & Company, Incorporated MKC 77.75 98.8% 9,933 1,323 87 11,169 4,260 688 1.9% 3.7% 40.6% 16.1% 23.7x 2.62x 16.2x 2.58x 15.2xMondelez International, Inc. MDLZ 37.40 94.6% 61,691 16,781 1,703 76,769 34,244 5,030 (3.0%) (1.5%) 36.8% 14.7% 29.2x 2.24x 15.3x 2.49x 14.4xNestlé S.A. NESN 77.49 98.8% 245,575 21,838 9,027 258,386 92,479 17,547 (10.8%) 1.1% 48.2% 19.0% 16.8x 2.79x 14.7x 2.76x 14.7xPost Holdings, Inc. POST 47.70 85.5% 2,497 3,945 177 6,265 3,188 388 191.4% 49.0% 24.9% 12.2% NM 1.97x 16.1x 1.39x 10.5xThe Hain Celestial Group, Inc. HAIN 65.95 99.4% 6,708 875 135 7,448 2,469 295 27.8% 26.8% 24.3% 11.9% 49.1x 3.02x NM 2.65x 19.1xThe Hershey Company HSY 100.09 89.9% 22,103 2,184 472 23,815 7,422 1,665 3.9% 6.9% 45.0% 22.4% 26.5x 3.21x 14.3x 3.02x 13.4xThe J. M. Smucker Company SJM 116.75 99.2% 13,970 2,180 112 16,038 5,480 1,168 (4.1%) 0.8% 36.2% 21.3% 21.4x 2.93x 13.7x 2.15x 10.4x

Mean 15.7% 8.9% 31.8% 15.8% 28.6x 2.44x 14.2x 2.34x 13.5xMedian 1.9% 3.7% 33.8% 14.7% 25.9x 2.45x 14.3x 2.40x 13.3x

Private Label FoodsSeneca Foods Corp. SENE.A 29.90 91.6% 326 303 23 605 1,302 31 (1.5%) 1.6% 6.0% 2.4% NM 0.46x 19.7x NA NATreehouse Foods, Inc. THS 85.52 92.0% 3,659 1,460 61 5,058 2,946 367 28.4% 12.8% 21.1% 12.4% 38.3x 1.72x 13.8x 1.41x 11.4x


Natural / Organic FoodsBoulder Brands, Inc. BDBD 10.01 56.0% 613 305 32 887 517 59 12.0% 23.5% 37.0% 11.5% NM 1.72x 14.9x 1.60x 11.0xSunOpta Inc. TSX:SOY 11.06 85.8% 746 132 10 868 1,243 66 9.0% 6.8% 11.5% 5.3% NM 0.70x 13.1x 0.66x 11.2xThe Hain Celestial Group, Inc. HAIN 65.95 99.4% 6,708 875 135 7,448 2,469 295 27.8% 26.8% 24.3% 11.9% 49.1x 3.02x 25.3x 2.65x 19.1xThe WhiteWave Foods Company WWAV 46.36 99.7% 8,087 1,548 50 9,585 3,437 389 35.2% 19.3% 33.6% 11.3% NM 2.79x 24.6x 2.51x 19.5x


Baked Goods / Snack FoodsARYZTA AG SWX:ARYN $63.76 70.4% $5,622 $3,279 $985 $7,915 $5,753 $839 (6.1%) 4.1% 27.9% 14.6% 43.9x 1.38x 9.4x 1.52x 10.3xDiamond Foods, Inc. DMND 32.68 96.9% 1,028 649 49 1,628 886 89 5.5% (4.2%) 24.3% 10.1% NM 1.84x 18.3x 1.77x 13.5xFlowers Foods, Inc. FLO 23.26 98.5% 4,886 779 8 5,657 3,749 428 0.4% 10.6% 48.0% 11.4% 28.4x 1.51x 13.2x 1.49x 12.4xGeorge Weston Limited WN 84.18 99.0% 10,766 12,080 2,077 20,769 37,923 2,192 20.0% 6.0% 25.5% 5.8% NM 0.55x 9.5x 0.56x 6.9xGolden Enterprises Inc. GLDC 3.85 78.6% 43 10 1 52 133 7 (2.8%) (0.5%) 49.3% 5.2% 25.0x 0.40x 7.6x NA NAGrupo Bimbo, S.A.B. de C.V. BIMBO A 2.84 96.1% 13,338 4,326 174 17,490 12,672 1,444 (5.8%) 9.8% 53.0% 11.4% NM 1.38x 12.1x 1.28x 11.7xInventure Foods, Inc. SNAK 11.85 84.0% 232 85 0 317 286 24 32.5% 20.8% 18.6% 8.5% 22.4x 1.11x 13.1x 1.04x 12.2xJ&J Snack Foods Corp. JJSF 107.49 93.0% 2,009 0 98 1,911 929 143 5.6% 6.9% 31.1% 15.4% 28.6x 2.06x 13.4x 1.97x 12.1xJohn B Sanfilippo & Son Inc. JBSS 46.61 95.8% 519 71 4 585 833 57 12.1% 6.8% 14.9% 6.9% 21.2x 0.70x 10.2x 0.67x NALancaster Colony Corporation LANC 95.81 97.2% 2,621 0 256 2,364 1,064 165 3.0% (0.9%) 23.1% 15.5% 27.5x 2.22x 14.3x 2.12x 13.1xSnyder's-Lance, Inc. LNCE 31.86 96.8% 2,246 447 35 2,658 1,621 168 7.8% (0.3%) 35.7% 10.4% 37.9x 1.64x 15.8x 1.55x 13.0x


EV / LTM EV / 2015ERevenue Growth LTM MarginsLast Twelve Months (LTM)

PUBLIC COMPARABLES5

FOOD AND BEVERAGEINDUSTRY UPDATE │ APRIL 2015

5

PAGE |


DairyBongrain SA ENXTPA:BH $61.81 89.6% $866 $1,168 $589 $1,445 $5,576 $254 (8.1%) 2.5% 31.7% 4.6% 21.4x 0.26x 5.7x 0.28x 4.8xDanone BN 68.92 100.0% $41,483 $13,487 $3,870 $51,100 $25,593 $4,015 (12.7%) 0.7% 47.7% 15.7% 34.5x 2.00x 12.7x 2.14x 12.8xDean Foods Company DF 17.44 88.3% 1,645 917 16 2,546 9,503 196 5.4% (0.7%) 17.6% 2.1% NM 0.27x 13.0x 0.30x 7.5xEmmi AG SWX:EMMN 341.50 85.8% 1,827 625 318 2,133 3,427 288 (7.5%) 5.6% 33.2% 8.4% 22.7x 0.62x 7.4x 0.64x 7.7xGlanbia plc GL9 18.88 99.5% 5,584 746 133 6,197 3,053 279 (5.8%) (4.1%) 30.2% 9.1% 36.1x 2.03x 22.2x 2.00x 19.3xLifeway Foods Inc. LWAY 21.19 94.7% 346 9 6 349 119 8 22.0% 19.4% 26.4% 6.5% NM 2.94x NM 2.55x 17.0xParmalat SpA BIT:PLT 2.66 98.0% 4,873 161 1,503 3,530 6,738 524 (8.9%) 4.8% 19.4% 7.8% 22.8x 0.52x 6.7x 0.53x 6.6xSaputo Inc. TSX:SAP 28.81 96.5% 11,301 1,719 41 12,979 9,179 956 10.8% 11.6% 10.4% 10.4% 25.2x 1.41x 13.6x 1.52x 13.6x

Mean (0.6%) 5.0% 27.1% 8.1% 27.1x 1.26x 11.6x 1.24x 11.1xMedian (6.7%) 3.7% 28.3% 8.1% 24.0x 1.02x 12.7x 1.08x 10.2x

Non-Alcoholic BeveragesA.G.Barr p.l.c. LSE:BAG $9.64 94.2% $1,113 $23 $38 $1,097 $392 $74 (6.5%) 3.9% 47.3% 18.8% 25.5x 2.80x 14.9x 2.74x 14.1xCott Corporation BCB 9.35 94.0% 872 1,798 86 2,584 2,103 174 0.4% (3.4%) 13.1% 8.3% NM 1.23x 14.9x 0.84x 7.4xDr Pepper Snapple Group, Inc. DPS 78.72 96.6% 15,171 2,600 248 17,523 6,121 1,396 2.1% 1.2% 59.3% 22.8% 22.1x 2.86x 12.6x 2.83x 11.8xKeurig Green Mountain, Inc. GMCR 116.54 73.4% 18,232 277 606 17,903 4,707 1,204 6.8% 13.3% 38.6% 25.6% 32.0x 3.80x 14.9x 3.42x 13.6xLassonde Industries Inc. LAS.A 109.63 95.6% 766 345 0 1,110 1,020 111 4.2% 10.9% 28.0% 10.9% 21.3x 1.09x 10.0x NA NAMonster Beverage Corporation MNST 138.34 96.1% 23,539 0 1,151 22,388 2,465 771 9.7% 13.1% 54.4% 31.3% 49.9x 9.08x 29.1x 7.69x 22.7xNational Beverage Corp. FIZZ 23.91 87.5% 1,109 15 40 1,083 646 84 0.1% 1.6% 33.9% 12.9% 23.0x 1.68x 13.0x 1.63x NAPepsico, Inc. PEP 96.20 95.5% 142,603 28,897 8,726 162,774 66,683 12,416 0.4% 0.1% 53.7% 18.6% 22.6x 2.44x 13.1x 2.51x 12.7xStarbucks Corporation SBUX 48.17 97.1% 72,236 2,085 1,953 72,367 17,011 3,709 11.1% 11.8% 30.4% 21.8% 29.2x 4.25x 19.5x 3.68x 16.0xThe Coca-Cola Company KO 40.88 90.8% 178,584 41,782 21,689 198,677 45,998 12,843 (1.8%) (0.4%) 61.1% 27.9% 25.6x 4.32x 15.5x 4.39x 16.1x


Alcoholic BeveragesAnheuser-Busch InBev SA/NV ENXTBR:ABI $125.27 99.5% $201,357 $51,122 $8,658 $243,821 $47,063 $17,997 9.0% 6.4% 60.1% 38.2% 25.8x 5.18x 13.5x 5.20x 13.1xBrown-Forman Corporation BF.B 93.60 95.5% 19,785 1,006 250 20,541 3,084 1,024 4.1% 4.1% 69.7% 33.2% 29.7x 6.66x 20.1x 4.90x 18.7xCarlsberg A/S CPSE:CARL B 85.91 98.1% 13,246 6,587 393 19,440 10,484 2,065 (11.7%) (1.9%) 49.3% 19.7% 21.0x 1.85x 9.4x 2.12x 10.5xConstellation Brands Inc. STZ 121.70 99.9% 23,514 7,348 110 30,752 6,028 1,785 23.8% 31.4% 43.8% 29.6% 29.2x 5.10x 17.2x 4.84x 15.3xDiageo plc DGE 28.38 94.3% 71,073 17,709 1,250 87,532 15,937 4,967 (14.6%) (0.0%) 58.5% 31.2% 25.0x 5.49x 17.6x 5.38x 16.0xHeineken NV ENXTAM:HEIA 79.26 99.4% 45,573 12,485 824 57,234 20,435 4,386 (22.7%) 4.0% 38.9% 21.5% 28.4x 2.80x 13.0x 2.66x 11.4xKirin Holdings Company, Limited TSE:2503 13.45 94.4% 12,296 6,684 413 18,567 18,256 2,188 (14.9%) 7.9% 43.0% 12.0% 45.9x 1.02x 8.5x 1.01x 8.6xPernod-Ricard SA RI 120.92 100.0% 31,922 11,719 703 42,939 9,679 2,716 (14.7%) (2.7%) 62.1% 28.1% 31.1x 4.44x 15.8x 4.64x 15.8xSABMiller plc LSE:SAB 53.73 95.2% 86,479 16,581 3,015 100,045 16,967 5,839 (0.9%) 2.1% 70.8% 34.4% 26.5x 5.90x 17.1x 5.80x 15.4xSapporo Holdings Ltd. TSE:2501 4.01 87.3% 1,561 2,134 81 3,615 4,313 357 (11.0%) 4.9% 35.2% 8.3% NM 0.84x 10.1x 0.81x 10.3x


InputsProtein ProcessingCal-Maine Foods, Inc. CALM $39.24 81.2% $1,902 $53 $238 $1,718 $1,545 $261 10.7% 12.7% 24.4% 16.9% 12.9x 1.11x 6.6x 1.08x 6.4xJBS S.A. BOVESPA:JBSS3 5.33 98.6% 15,413 15,079 5,610 24,882 45,323 3,888 15.2% 11.0% 15.5% 8.6% 23.2x 0.55x 6.4x 0.48x 5.9xSanderson Farms, Inc. SAFM 79.05 76.1% 1,832 20 173 1,679 2,857 505 6.9% 11.4% 20.7% 17.7% 6.4x 0.59x 3.3x 0.57x 3.7xSeaboard Corp. SEB 3,880.47 83.6% 4,544 76 575 4,045 6,473 516 (3.0%) 4.0% 10.5% 8.0% 12.5x 0.62x 7.8x 0.61x NATyson Foods, Inc. TSN 39.38 89.5% 16,018 7,527 383 23,162 39,636 2,237 14.0% 6.3% 7.7% 5.6% 16.5x 0.58x 10.4x 0.55x 7.2x


EV / 2015ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

PUBLIC COMPARABLES5


6

PAGE |


Fruit and VegetableCalavo Growers Inc. CVGW $50.58 94.4% $876 $60 $5 $931 $809 $47 12.4% 13.8% 9.5% 5.8% NM 1.15x 19.7x 0.99x 16.2xFresh Del Monte Produce Inc. FDP 40.77 99.9% 2,125 267 34 2,358 3,928 264 6.6% 3.0% 9.3% 6.7% 16.1x 0.60x 8.9x 0.60x 9.1xSeneca Foods Corp. SENE.A 29.90 91.6% 326 303 23 605 1,302 31 (1.5%) 1.6% 6.0% 2.4% NM 0.46x 19.7x NA NATotal Produce plc ISE:T7O 1.19 96.1% 393 161 140 413 3,228 76 (11.1%) 2.8% 13.7% 2.3% 12.7x 0.13x 5.5x 0.14x 6.3x


Ingredients / FlavorsGivaudan SA SWX:GIVN $1,819.30 91.5% $16,712 $1,215 $479 $17,447 $4,433 $909 (9.6%) 1.9% 46.0% 20.5% 29.5x 3.94x 19.2x 4.00x 16.8xIngredion Incorporated INGR $78.22 89.7% $5,597 $1,827 $614 $6,810 $5,668 $794 (10.4%) (3.0%) 19.7% 14.0% 16.5x 1.20x 8.6x 1.16x 8.0xInternational Flavors & Fragrances Inc. IFF 118.97 96.7% 9,606 942 479 10,069 3,089 688 4.6% 3.5% 44.4% 22.3% 23.5x 3.26x 14.6x 3.27x 13.9xKerry Group plc ISE:KRZ 70.37 99.9% 12,376 1,917 352 13,940 6,968 876 (13.3%) 0.4% 44.5% 12.6% 24.3x 2.00x 15.9x 2.20x 16.2xSensient Technologies Corporation SXT 69.16 98.7% 3,287 467 20 3,733 1,448 273 (1.0%) 0.4% 33.9% 18.8% 41.4x 2.58x 13.7x 2.62x 13.5xSymrise AG XTRA:SY1 63.95 97.8% 8,301 1,661 243 9,719 2,566 530 1.8% 7.6% 42.5% 20.7% 40.8x 3.79x 18.3x 3.56x 16.1xTate & Lyle plc TATE 9.53 87.4% 4,421 1,291 527 5,185 4,592 608 (5.5%) 0.5% 26.2% 13.2% 16.6x 1.13x 8.5x 1.31x 9.6x


AgribusinessArcher-Daniels-Midland Company ADM $47.96 89.0% $30,164 $5,690 $1,614 $34,240 $81,201 $3,755 (9.6%) (2.7%) 5.9% 4.6% 14.0x 0.42x 9.1x 0.41x 8.4xBunge Limited BG 84.91 91.1% 12,355 5,200 1,813 15,742 57,161 1,670 (6.8%) 0.6% 4.8% 2.9% 28.7x 0.28x 9.4x 0.27x 7.4xCF Industries Holdings, Inc. CF 284.52 90.5% 13,629 4,593 1,997 16,225 4,743 1,993 (13.4%) (8.0%) 37.5% 42.0% 10.5x 3.42x 8.1x 3.59x 7.0xDarling Ingredients Inc. DAR 14.38 67.2% 2,376 2,152 109 4,419 3,956 508 119.5% 30.1% 22.3% 12.9% 36.9x 1.12x 8.7x 1.19x 8.8xMonsanto Company MON 120.14 93.3% 57,199 8,311 2,716 62,794 14,947 4,298 (3.1%) 4.6% 53.8% 28.8% 25.8x 4.20x 14.6x 3.85x 11.9xNutreco N.V. ENXTAM:NUO 48.02 96.4% 3,224 667 167 3,724 6,358 374 (11.8%) 1.2% 19.7% 5.9% 20.6x 0.59x 9.9x 0.65x 10.6xThe Andersons, Inc. ANDE 40.51 57.9% 1,159 380 115 1,424 4,540 143 (19.0%) (0.3%) 8.7% 3.2% 10.5x 0.31x 10.0x 0.32x 7.0xThe Mosaic Company MOS 45.85 85.2% 16,774 3,833 2,375 18,232 9,056 2,299 10.8% (5.8%) 21.8% 25.4% 17.1x 2.01x 7.9x 1.79x 7.2x

Mean 8.3% 2.5% 21.8% 15.7% 20.5x 1.54x 9.7x 1.51x 8.6xMedian (8.2%) 0.2% 20.7% 9.4% 18.8x 0.85x 9.3x 0.92x 7.9x

Consumer and RetailFood RetailCostco Wholesale Corporation COST $149.64 95.4% 65,836 5,030 7,453 63,413 115,637 4,547 7.2% 7.4% 12.8% 3.9% 29.3x 0.55x 13.9x 0.52x 13.1xEstablishments Delhaize Freres DELB 94.78 99.7% 9,640 3,355 2,139 10,856 25,856 1,496 (8.8%) 0.7% 24.1% 5.8% 48.5x 0.42x 7.3x 0.42x 6.5xFairway Group Holdings Corp. FWM 6.91 88.5% 301 258 40 519 799 (4) 5.9% 25.8% 31.4% NM NM 0.65x NM 0.64x 13.5xIngles Markets, Incorporated IMKT.A 52.23 95.7% 1,058 970 6 2,022 3,855 233 2.8% 2.3% 22.5% 6.0% 20.2x 0.52x 8.7x 0.53x 8.4xJ. Sainsbury plc LSE:SBRY 4.06 79.5% 7,767 4,981 2,304 10,445 38,904 2,256 1.2% 4.5% 6.2% 5.8% NM 0.27x 4.6x 0.30x 5.7xKoninklijke Ahold N.V. ENXTAM:AH 20.65 99.9% 16,941 3,892 2,277 18,557 39,903 2,528 (11.2%) 0.5% 26.5% 6.3% 22.1x 0.47x 7.3x 0.47x 7.4xNatural Grocers by Vitamin Cottage NGVC 28.82 77.2% 648 28 2 675 546 44 19.9% 25.5% 29.0% 8.0% 45.9x 1.24x 15.5x 1.03x 13.5xRoundy's, Inc. RNDY 5.68 80.7% 280 643 59 865 3,855 117 15.0% 0.1% 26.3% 3.0% NM 0.22x 7.4x 0.21x 7.3xSprouts Farmers Market, Inc. SFM 35.03 91.1% 5,337 407 131 5,614 2,967 257 21.7% NA 29.8% 8.6% NM 1.89x 21.9x 1.55x 17.5xSUPERVALU Inc. SVU 11.90 99.9% 3,109 3,223 418 5,914 17,411 759 1.8% (21.9%) 14.8% 4.4% 24.9x 0.34x 7.8x 0.32x 7.5xTesco PLC LSE:TSCO 3.67 78.3% 29,633 23,001 7,006 45,628 102,935 5,666 3.3% 0.3% 6.1% 5.5% 23.8x 0.44x 8.1x 0.50x 10.4xThe Kroger Co. KR 77.07 99.1% 37,850 11,656 268 49,238 108,465 5,163 10.3% 6.3% 21.8% 4.8% 22.4x 0.45x 9.5x 0.44x 8.9xThe Pantry, Inc. PTRY 0.00 #DIV/0! 0 930 123 807 6,635 261 (4.0%) (3.7%) 13.0% 3.9% NA 0.12x 3.1x 0.11x 3.2xVillage Super Market Inc. VLGE.A 33.28 98.6% 468 46 95 419 1,560 62 5.0% 4.5% 27.1% 4.0% 23.9x 0.27x 6.8x 0.26x NAWeis Markets, Inc. WMK 48.62 93.7% 1,308 0 97 1,211 2,777 150 3.1% 0.3% 27.1% 5.4% 23.7x 0.44x 8.1x NA NAWhole Foods Market, Inc. WFM 51.53 89.5% 18,590 64 738 17,916 14,626 1,351 10.0% 11.7% 35.5% 9.2% 32.2x 1.22x 13.3x 1.10x 12.1x


EV / 2015ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins

PUBLIC COMPARABLES5


7

PAGE |


Grocery DistributionAMCON Distributing Co. DIT $83.00 93.9% $51 $25 $0 $76 $859 $12 3.7% 5.6% 8.9% 1.4% 11.7x 0.09x 6.3x NA NACore-Mark Holding Company, Inc. CORE 64.59 90.3% 1,495 97 14 1,578 8,170 102 5.9% 9.8% 7.0% 1.2% 35.3x 0.19x 15.5x 0.14x 12.4xSpartanNash Company SPTN 32.04 97.9% 1,212 570 6 1,776 7,916 222 128.6% 45.1% 14.6% 2.8% 20.4x 0.22x 8.0x 0.23x 7.4xSUPERVALU Inc. SVU 11.90 99.9% 3,109 3,223 418 5,914 17,411 759 1.8% (21.9%) 14.8% 4.4% 24.9x 0.34x 7.8x 0.32x 7.5xUnited Natural Foods, Inc. UNFI 74.56 88.9% 3,733 555 27 4,261 7,555 280 17.0% 15.8% 16.0% 3.7% 28.6x 0.56x 15.2x 0.49x 12.4x


FoodserviceColabor Group Inc. TSX:GCL $0.91 26.6% $25 $167 $0 $193 $1,233 $25 (9.0%) (1.5%) 2.1% 2.0% NM 0.16x 7.7x 0.16x 7.9xSysco Corporation SYY 38.17 92.1% 22,610 7,637 4,908 25,339 48,097 2,383 5.8% 5.4% 17.5% 5.0% 26.0x 0.53x 10.6x 0.50x 10.2xThe Chefs' Warehouse, Inc. CHEF 21.57 89.6% 541 144 3 681 837 40 24.2% 27.8% 24.6% 4.8% 37.8x 0.81x 16.9x 0.64x 10.5x


Quick Service RestaurantJack in the Box Inc. JACK 95.95 96.0% 3,653 559 9 4,203 1,503 274 1.1% 1.1% 26.4% 18.2% 39.6x 2.80x 15.3x 2.69x 14.4xMcDonald's Corp. MCD 97.80 94.2% 93,997 14,997 2,081 106,914 27,441 9,612 (2.4%) 0.5% 38.1% 35.0% 20.3x 3.90x 11.1x 4.23x 11.9xPopeyes Louisiana Kitchen, Inc. PLKI 59.18 89.0% 1,368 110 8 1,470 236 75 14.4% 15.3% 65.2% 31.7% 37.0x 6.24x 19.7x 5.46x 17.3xRestaurant Brands International Inc. QSR 38.98 85.3% 18,210 10,263 1,803 26,670 1,197 439 4.4% (20.0%) 72.8% 36.6% NM 22.27x NM 6.46x 16.8xSonic Corp. SONC 31.85 86.7% 1,656 507 27 2,136 582 153 7.4% 2.1% 54.1% 26.3% 32.8x 3.67x 14.0x 3.48x 12.6xThe Wendy's Company WEN 10.72 93.2% 3,941 1,448 267 5,122 2,061 360 (17.1%) (5.4%) 32.0% 17.5% 33.5x 2.49x 14.2x 2.80x 12.8xYum! Brands, Inc. YUM 80.02 95.7% 34,680 3,344 578 37,446 13,279 2,781 1.5% 1.7% 25.9% 20.9% 34.5x 2.82x 13.5x 2.64x 12.6x

Mean 1.3% (0.7%) 44.9% 26.6% 32.9x 6.31x 14.6x 3.97x 14.1xMedian 1.5% 1.1% 38.1% 26.3% 34.0x 3.67x 14.1x 3.48x 12.8x

Fast CasualChipotle Mexican Grill, Inc. CMG $683.02 93.8% 21,207 0 758 20,449 4,108 828 27.8% 21.9% 37.8% 20.2% 48.3x 4.98x 24.7x 4.23x 20.3xEl Pollo Loco Holdings, Inc. LOCO 27.63 66.3% 1,034 166 11 1,188 345 60 9.6% NA 25.9% 17.3% 22.3x 3.45x 19.9x 3.19x 18.1xFiesta Restaurant Group, Inc. FRGI 61.24 88.8% 1,604 69 5 1,668 611 82 17.3% 36.0% 25.4% 13.5% 45.4x 2.73x 20.3x 2.37x 16.5xThe Habit Restaurants, Inc. HABT 31.00 70.1% 407 2 49 360 175 17 17.3% 36.0% 21.3% 9.9% NM 2.06x 20.7x 1.62x 16.9xNoodles & Company NDLS 18.10 47.6% 540 28 2 565 404 45 17.3% 36.0% 20.0% 11.2% 48.9x 1.40x 12.5x 1.19x 10.6xPanera Bread Company PNRA 166.30 92.9% 4,459 100 196 4,363 2,529 401 17.3% 36.0% 34.1% 15.9% 25.0x 1.73x 10.9x 1.60x 10.8xPotbelly Corporation PBPB 14.09 77.3% 406 1 63 345 327 31 17.3% 36.0% 30.2% 9.4% NM 1.05x 11.2x 0.93x 9.9xZoe's Kitchen, Inc. ZOES 34.09 88.7% 658 24 29 652 172 6 47.6% NA 20.2% 3.4% NM 3.80x NM 2.96x 37.0x


Differentiated CasualBJ's Restaurants, Inc. BJRI $50.93 91.9% $1,338 $58 $31 $1,365 $846 $95 9.1% 10.8% 17.9% 11.3% NM 1.61x 14.3x 1.46x 12.3xBuffalo Wild Wings Inc. BWLD 184.89 94.4% 3,502 0 113 3,389 1,516 238 19.7% 24.6% 24.4% 15.7% 37.4x 2.24x 14.2x 1.86x 11.9xChuy's Holdings, Inc. CHUY 23.65 58.0% 389 9 4 394 245 26 19.9% 23.4% 18.0% 10.7% 34.3x 1.61x 15.0x 1.36x 12.5xIgnite Restaurant Group, Inc. IRG 3.95 24.3% 103 163 18 248 837 26 17.3% 36.0% 29.7% 3.1% NM 0.30x 9.6x 0.49x 8.5xThe Cheesecake Factory Incorporated CAKE 49.12 89.1% 2,450 77 58 2,469 1,977 228 5.3% 4.0% 42.5% 11.5% 25.1x 1.25x 10.8x 1.16x 9.9x


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

PUBLIC COMPARABLES5


8

PAGE |


Casual Dining RestaurantBloomin' Brands, Inc. BLMN 23.61 89.9% 2,921 1,316 166 4,071 4,443 438 7.6% 5.0% 16.5% 9.9% 33.2x 0.92x 9.3x 0.89x 8.4xBrinker International, Inc. EAT 60.98 96.2% 3,849 929 78 4,700 2,969 443 3.7% 2.2% 19.5% 14.9% 25.5x 1.58x 10.6x 1.52x 9.8xDarden Restaurants, Inc. DRI 68.78 97.7% 8,652 1,527 436 9,743 6,536 699 51.9% (6.2%) 20.3% 10.7% NM 1.49x 13.9x 1.40x 11.1xDineEquity, Inc. DIN 104.94 91.9% 1,999 1,455 104 3,351 655 252 2.3% (15.2%) 57.3% 38.5% NM 5.12x 13.3x 4.88x 11.7xRed Robin Gourmet Burgers Inc. RRGB 84.89 94.9% 1,198 147 22 1,323 1,146 121 12.7% 7.8% 22.6% 10.5% 37.7x 1.15x 11.0x 1.03x 9.4xRuby Tuesday, Inc. RT 6.76 78.9% 419 251 61 609 1,137 85 (3.4%) (4.5%) 17.2% 7.5% NM 0.54x 7.2x 0.54x 9.6xTexas Roadhouse, Inc. TXRH 35.96 93.6% 2,512 51 86 2,476 1,582 190 11.2% 12.6% 32.8% 12.0% 29.2x 1.57x 13.0x 1.38x 11.1x


Fine DiningDel Frisco's Restaurant Group, Inc. DFRG 20.30 72.0% 476 0 4 472 302 42 11.0% 15.0% 24.2% 13.8% 29.0x 1.57x 11.3x 1.35x 9.4xRuth's Hospitality Group Inc. RUTH 15.45 95.5% 537 13 4 546 346 53 7.4% (2.0%) 25.0% 15.3% 20.6x 1.58x 10.3x 1.44x 9.7x


PizzaDomino's Pizza, Inc. DPZ 100.50 94.4% 5,591 1,524 31 7,084 1,994 380 10.6% 6.5% 29.8% 19.1% 35.1x 3.55x 18.6x 3.32x 16.6xPapa John's International Inc. PZZA 61.06 92.6% 2,435 230 20 2,645 1,598 158 11.1% 9.5% 32.7% 9.9% 34.9x 1.66x 16.8x 1.60x 15.2xPapa Murphy's Holdings, Inc. FRSH 19.19 96.0% 325 115 5 435 97 23 21.0% NA 54.2% 24.1% NM 4.47x 18.5x 3.69x 15.2x


Beverage / Snack RetailDunkin' Brands Group, Inc. DNKN $49.26 99.6% $4,808 $1,819 $210 $6,417 $749 $364 4.9% 6.0% 78.9% 48.6% 29.9x 8.57x 17.7x 8.09x 15.8xJamba, Inc. JMBA 16.77 99.3% 276 0 18 258 218 5 (4.9%) (1.3%) 35.1% 2.4% NM 1.18x NM 1.49x 15.3xKrispy Kreme Doughnuts, Inc. KKD 19.89 89.1% 1,291 10 51 1,250 490 62 6.5% 6.7% 18.6% 12.7% 45.2x 2.55x 20.0x 2.27x 15.4xStarbucks Corporation SBUX 48.17 97.1% 72,236 2,085 1,953 72,367 17,011 3,709 11.1% 11.8% 30.4% 21.8% 29.2x 4.25x 19.5x 3.68x 16.0x


Family RestaurantBob Evans Farms, Inc. BOBE $46.13 76.7% $1,091 $448 $4 $1,535 $1,343 $110 0.5% (6.8%) 34.8% 8.2% NM 1.14x 13.9x 1.12x 10.2xCracker Barrel Old Country Store, Inc. CBRL $148.89 93.1% $3,562 $415 $183 $3,794 $2,775 $305 4.3% 4.0% 67.3% 11.0% 24.0x 1.37x 12.4x 1.31x 11.9xDenny's Corporation DENN 11.97 99.1% 1,015 159 3 1,170 472 81 2.1% (4.3%) 38.2% 17.1% 32.4x 2.48x 14.5x 2.44x 13.4xFrisch's Restaurants, Inc. FRS 27.68 89.6% 142 2 5 140 215 22 5.3% 18.8% 11.7% 10.1% 12.9x 0.65x 6.4x NA NALuby's, Inc. LUB 5.34 88.1% 152 55 2 205 398 15 1.4% 3.8% 30.8% 3.9% NM 0.52x 13.3x 0.51x NA


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

PUBLIC COMPARABLES5


9

PAGE |

Gehl Foods produces cheese sauces, iced lattes, puddings, smoothies, pie

fillings, and a variety of other dairy products.

Eric Beringause, previously the CEO of Sturm Foods, has been appointed CEO

concurrent with the transaction closing.

Gehl Foods reported net sales of approximately $250 million last year, a nearly

80% increase since 2007.



FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

WIND POINT PARTNERS ACQUIRES GEHL FOODS

Highlighted Food and Beverage M&A Transactions

HEINZ & KRAFT TO MERGE, CREATING THE KRAFT HEINZ COMPANY

M&A MARKET OVERVIEW

75

85

95

105

115

125

135

Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15

Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500

For each Kraft share, shareholders will receive one share of the newly-formed

Kraft Heinz Company and a special dividend of $16.50 in cash.

Berkshire Hathaway and 3G are contributing $10 billion in additional equity in

order to fund the special dividend.

The pro forma ownership split will be 51%/49%, with Heinz shareholders retaining

the majority position.

Enterprise Value: $53.7bnRevenue Multiple: 3.0xEBITDA Multiple: 14.9xAnnounced: 3/24/2015

21.1%

18.4%

16.2%

14.7%

14.3%

12.8%

Enterprise Value: N/ARevenue Multiple: N/AEBITDA Multiple: N/AAnnounced: 3/27/2015

10

PAGE |

M&A MARKET OVERVIEW

11

FOOD AND BEVERAGE


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

4/13/2015 Henry H. Ottens Manufacturing Co. International Flavors & Fragrances Inc.

4/10/2015 Greenyard Foods NV Univeg and Peatinvest

4/10/2015 Naked Wines Majest ic Wine Warehouses Ltd.

4/10/2015 Baker Boys, LLC Ginsburg Bakery Inc.

4/9/2015 Condor Snack Company UTZ Quality Foods, Inc.

4/8/2015 H.C. Schmieding Produce Company Woerner Holdings, Inc.

4/8/2015 Tresch Organisat ion S.A. Les Grands Chais De France SA

4/7/2015 Caldic B.V., Herbs & Business Intertaste BV

4/7/2015 Harris Teeter, Inc. The Kroger Co. (NYSE:KR)

4/6/2015 Kencraft, Inc. BBX Sweet Holdings, LLC

9.9x

8.8x 8.3x

8.0x

11.3x

9.2x 9.7x

9.3x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2008 2009 2010 2011 2012 2013 2014 YTD

2015

EV

/ LTM

Sa

les M

ultip

leEV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$63.7

0

50

100

150

200

250

300

350

$0

$20

$40

$60

$80

$100

$120

$140

2008 2009 2010 2011 2012 2013 2014 YTD

2015

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

alu

e (

$ in

billio

ns)

Aggregate Deal Value # of deals

27

46

21

14

32

25 26

38

31

20

27 26 27

17

34

18

36

4348

10

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

04/09/15 Pacific Andes Food (Hong Kong) Co LtdEdible fats and oils USD 80,000,000 Term Loan N/A N/A

03/31/15 Cosmos Foods Co Ltd Food preparations JPY 905,000,000 Revolver/Line >= 1 Yr. N/A 475

03/31/15 Dean Foods Co Wines, brandy, and brandy spirits USD 450,000,000 Revolver/Line >= 1 Yr. N/A N/A

03/31/15 Fuji Oil Co Ltd Candy & other products JPY 15,000,000,000 Revolver/Line >= 1 Yr. N/A 500

03/31/15 Post Holdings Distilled and blended liquors USD 700,000,000 Term Loan B N/A 260

03/30/15 ITO EN Ltd Candy & other products USD 64,000,000 Term Loan N/A N/A

03/30/15 ITO EN Ltd Cigarettes USD 95,000,000 Term Loan N/A 20

03/30/15 Kikkoman Corp Flavoring extracts and syrups JPY 20,000,000,000 Revolver/Line >= 1 Yr. N/A N/A

03/30/15 Lotte Co Ltd Cereal breakfast foods JPY 120,000,000,000 Revolver/Line >= 1 Yr. N/A N/A

03/30/15 Nisshin Oillio Group Ltd Edible fats and oils JPY 10,000,000,000 Revolver/Line >= 1 Yr. N/A N/A

03/28/15 Shimanoka Co Ltd Candy & other confectionery JPY 800,000,000 Revolver/Line >= 1 Yr. N/A N/A

03/28/15 Zest Cook Co Ltd Bread, cake, and related products JPY 2,030,000,000 Term Loan N/A N/A

03/27/15 Bakkavor Group hf Food preparations EUR 150,000,000 Term Loan N/A N/A

03/27/15 Bakkavor Group hf Ice cream and frozen desserts EUR 70,000,000 Revolver/Line >= 1 Yr. N/A 500

03/27/15 Kadoya Sesame Mills Inc Poultry slaughtering and processing JPY 3,000,000,000 Revolver/Line >= 1 Yr. N/A 150

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

$0

$2

$4

$6

$8

$10

$12

$14

$16

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2008 2009 2010 2011 2012 2013 2014

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

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

2010 2011 2012 2013 2014

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

4/13/2015 Henry H. Ottens Manufacturing Co. - International Flavors & Fragrances Inc. - - - - N.A.

4/10/2015 Greenyard Foods NV - Univeg and Peatinvest - - - - EU

4/10/2015 Naked Wines WIV Wein International AG Majest ic Wine Warehouses Ltd. $102.5 0.9x - - EU

4/10/2015 Baker Boys, LLC Amoroso's Baking Co Inc. Ginsburg Bakery Inc. - - - - N.A.

4/9/2015 Condor Snack Company - UTZ Quality Foods, Inc. - - - - N.A.

4/8/2015 H.C. Schmieding Produce Company - Woerner Holdings, Inc. - - - - N.A.

4/8/2015 Tresch Organisat ion S.A. - Les Grands Chais De France SA - - - - EU

4/7/2015 Caldic B.V., Herbs & Business Caldic B.V. Intertaste BV - - - - EU

4/7/2015 Harris Teeter, Inc. - The Kroger Co. (NYSE:KR) - - - - N.A.

4/6/2015 Kencraft, Inc. Dynamic Confections, Inc. BBX Sweet Holdings, LLC - - - - N.A.

4/6/2015 Bruce Foods, Hot Sauce Business Bruce Foods Corporation Southeastern Mills, Inc. - - - - N.A.

4/2/2015 Laceys Farmacy Inc. - Wilbur-Ellis Company Inc. - - - - N.A.

4/1/2015 Illegal Burger LLC - Nexus Energy Services, Inc. - - - - N.A.

4/1/2015 B&R Liquid Adventure, LLC - American Brewing Company, Inc. $1.7 - - - N.A.

4/1/2015 Jamba Juice Company, Inc., 100 Units Jamba Juice Company, Inc. Vitaligent, LLC $36.0 - - - N.A.

3/31/2015 BT's Burgerjoint Management, LLC - American Roadside Burgers, Inc. $2.4 0.7x - - N.A.

3/31/2015 Carroll Cuisine Ltd. ARYZTA AG (SWX:ARYN) Carlyle Cardinal Ireland - - - - P Cross Border

3/31/2015 Sea Farm Ionian S.A. - Nireus Aquaculture SA (ATSE:NIR) - - - - EU

3/30/2015 Sicilian Sun Limited, LLC - Firma Holdings Corp. (OTCPK:FRMA) $3.6 - - - N.A.

3/30/2015 AOR N.V. - Archer-Daniels-Midland - - - - Cross Border

3/30/2015 Rocca Limited Lombra Limited The Fulham Shore PLC (AIM:FUL) $49.5 5.8x 27.9x - EU

3/30/2015 Soframa SAS - DGF SAS - - - - EU

3/27/2015 Azteca Foods Europe and AFIFT Azteca Azteca Foods, Inc.; Fat Taco, S.L. Gruma International Foods $48.3 - - - EU

3/27/2015 Angel's Share Brands LLC - Bacardi Limited - - - - Cross Border

3/27/2015 Gehl Foods, Inc. - Wind Point Partners - - - - P N.A.

3/27/2015 Perrin Brewing Company, LLC - Oskar Blues Brewing Company - - - - N.A.

3/25/2015 Hickory Springs Bott ling, Inc. - Silver Springs Bott led Water Company $16.3 - - - N.A.

3/24/2015 Kraft Foods Group, Inc. (NasdaqGS:KRFT) - H.J. Heinz Holding Corporation $53,739.0 3.0x 14.9x 16.6x P N.A.

3/24/2015 Ad van Geloven BV Carson Private Capital TowerBrook Capital Partners L.P. - - - - P Cross Border

3/24/2015 J Vineyards & Winery LLC - E. & J. Gallo Winery, Inc. - - - - N.A.

3/20/2015 Lemon-X, Corp. Comvest Partners Juice Tyme, Inc. - - - - P N.A.

3/19/2015 SaumonFrance Cherbourg S.A. - Aquaponic Management Project - - - - EU

3/19/2015 Nibnibs Ltd. - Haywood & Padgett Ltd. - - - - EU

3/17/2015 Catalina Restaurant Group Inc. Zensho America Corporation Food Management Partners, Inc. - - - - N.A.

3/16/2015 TAIGA International NV - Frutarom Belgium NV $2.9 0.6x - - EU

3/16/2015 Senoble SA, Spanish And Slovak Activit ies Senoble SA Schreiber Foods Inc. - - - - Cross Border

3/16/2015 Fresca's Mexican Grill and JoJo's Pizza Kitchen - American Restaurant Holdings, - - - - N.A.

3/13/2015 Flatout, Inc. North Cast le Partners, LLC Lancaster Colony Corporation $92.0 2.0x 9.2x - P N.A.

3/12/2015 Del Taco Holdings, Inc. Leonard Green & Partners Levy Acquisit ion Corp. $558.0 1.4x 9.5x - P N.A.

3/11/2015 Vantage Seafood, LLC - Keyport LLC - - - - N.A.

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Ma

r-14

Ap

r-1

4

Ma

y-1

4

Ju

n-1

4

Ju

l-14

Au

g-1

4

Se

p-1

4

Oc

t-1

4

No

v-1

4

De

c-1

4

Ja

n-1

5

Fe

b-1

5

Ma

r-15

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

25

36

22

34 3646 47

2533

49

3442

53 52 4839

33

46 4752

70

89

58 57

83

5

2

3

47

5 7

136

7

7

5

4 79

610

13 87

10

6

105

19

0

20

40

60

80

100

120

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

Q1

15

Nu

mb

er

of

Tra

nsa

ctio

ns

St rategic Acquirer Private Equity Acquirer

M&A OVERVIEW

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

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

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

3/11/2015 Sager Creek Vegetable Company, Inc. Sankaty Advisors, LLC Del Monte Foods, Inc. $75.0 0.3x - - N.A.

3/11/2015 Adelie Foods Group Ltd India Hospitality Corp. H.I.G. Europe - - - - P EU

3/9/2015 American Beverage Corporation Wessanen U.S.A., Inc. Harvest Hill Beverage Company $55.0 0.5x 6.0x - P N.A.

3/9/2015 Brand Aromatics, Inc. - McCormick & Company $63.0 2.3x 10.0x - N.A.

3/9/2015 Mixum AB - PicaDeli - - - - EU

3/9/2015 Farmhaus Produktions Stockheim Air Catering, Inc. Hardy Remagen GmbH & Co. KG - - - - EU

3/9/2015 Hauser & Cie AG, Neumühle Töss - The Kornspitz Company - - - - EU

3/7/2015 Romano's Macaroni Grill Ignite Restaurant Group, Inc. Redrock Partners, LLC $8.0 - - - N.A.

3/6/2015 Florigo Industry B.V. - TNA Australia Pty Limited - - - - Cross Border

3/6/2015 AN, s.coop - UNICA Group - - - - EU

3/5/2015 Conditorei Coppenrath & Wiese - Dr. August Oetker KG - - - - EU

3/5/2015 Starr Culinary Delights Inc. - Weston Foods (Canada) Inc. - - - - N.A.

3/5/2015 Perheleipurit Oy - Leipomo Salonen Oy - - - - EU

3/4/2015 Empire Kosher Poultry, Inc. Palisades Associates, Inc. The Hain Celest ial Group - - - - P N.A.

3/3/2015 South West Seeds Ltd. - Agrovista UK Limited - - - - EU

3/3/2015 Shot Spirits Corporation - My Big Coin Pay, Inc. - - - - N.A.

3/3/2015 The Lafragette & Legier Group Vintners Inc. Quintessential Brands S.A. - - - - EU

3/2/2015 Citrusource, LLC Orange County Citrus SunOpta Grains and Foods Inc. $13.3 0.4x - - N.A.

3/2/2015 Brandywine Ingredient and Glide LLC Del Campo Baking Co., Inc. Research Products Company, Inc. - - - - N.A.

2/28/2015 Industrias Alimentarias de Navarra, S.A.U Viscofan SA (CATS:VIS) Portobello Capital Gest ión $59.8 - - - P EU

2/28/2015 Ritual Wellness, Inc. - Project Juice LLC - - - - N.A.

2/27/2015 Mont Marçal Vinicola S.A. - Bardinet S.A. $9.9 1.3x - - EU

2/27/2015 United Dutch Breweries B.V. Egeria BV GIMV NV (ENXTBR:GIMB) - - - - P EU

2/26/2015 Tomalgae C.V.B.A - Benchmark Holdings plc (AIM:BMK) - - - - EU

2/26/2015 Palacios Alimentación, S.A.U Talde Gest ión, S.G.E.C.R. The Carlyle Group - - - - P Cross Border

2/24/2015 Tican A/S - Leverandørselskabet - - - - EU

2/23/2015 Twisters, Inc. - VKC Delights Inc. - - - - N.A.

2/23/2015 Larsen Danish Seafood Larsen Danish Seafood A/S P/f Christ ian I Grot inum - - - - EU

2/22/2015 Henson Foods Ltd. - Bidvest Fresh Limited - - - - EU

2/20/2015 Drogheria & Alimentari Spa Sviluppo Imprese Centro Italia McCormick & Company $96.5 1.7x 9.0x - P Cross Border

2/20/2015 Centrale del Latte di Firenze - Centrale del Latte di Torino & C. S.p.A. - - - - EU

2/19/2015 House of Raeford Farms House of Raeford Farms, Inc. Butterball, LLC - - - - N.A.

2/18/2015 BGR Holdings, LLC - Chanticleer Holdings, Inc. (NasdaqCM:HOTR) - - - - N.A.

2/17/2015 The Robin Hood Marston's plc (LSE:MARS) NewRiver Retail Limited (AIM:NRR) - - - - P EU

2/16/2015 Enjoy Life Foods, LLC - Mondelez International, Inc. - - - - N.A.

2/13/2015 Better Bakery, Manufacturing Assets - AdvancePierre Foods, Inc. - - - - N.A.

2/13/2015 Cotton Patch Cafe, Inc. - Altamont Capital Partners - - - - P N.A.

2/13/2015 Ashbury Chocolates Limited - N.V. Baronie Chocolates Belgium - - - - EU

2/12/2015 World's Finest Chocolate Inc., Manufact. World's Finest Chocolate Inc. Barry Callebaut AG (SWX:BARN) - - - - Cross Border

2/11/2015 U.S. Roasterie, Inc. - Ronnoco Coffee (Huron Capital) - - - - P N.A.

2/10/2015 Dulcette Technologies LLC Camlin Fine Sciences Viachem, LLC - - - - N.A.

2/10/2015 MRRM Inc. (TSXV:MRR) Trebuchet, Inc. Marbour SAS $10.6 0.2x 8.1x - Cross Border

2/10/2015 Lakeview Farms LLC. - Falcon Investment Advisors - - - - P N.A.

2/4/2015 Oilseed Works Inc. - Mettrum Health Corp. (TSXV:MT) $0.2 - - - N.A.

2/4/2015 Yellow Chips B.V. - Diamond Foods, Inc. - - - - Cross Border

2/4/2015 Orion Seafood International, Inc. - Chicken of the Sea Frozen Foods - - - - N.A.

2/3/2015 Hawthorne Plaza - CalPERS - - - - N.A.

2/3/2015 Big Heart Pet Brands KKR; Vestar; Centerview The J.M. Smucker Company $5,800.0 2.6x 9.8x - P N.A.

2/2/2015 11 Distribut ion Centers US Foods, Inc. Performance Food Group Company $850.0 0.2x - - N.A.

2/2/2015 funkin Limited - A.G.Barr p.l.c. (LSE:BAG) $31.5 2.3x - - EU

2/2/2015 Sweet Frog Enterprises, LLC - Boxwood Capital Partners - - - - N.A.

2/2/2015 Danube Foods Group B.V. Salford Capital Partners Inc. Mid Europa Partners LLP $651.6 - - - P EU

1/29/2015 Krave Pure Foods, Inc. Alliance Consumer Growth The Hershey Company (NYSE:HSY) - - - - N.A.

1/29/2015 Novy Family Wines and Siduri Wines, LLC - Jackson Family Wines, Inc. - - - - N.A.

1/26/2015 Muscle Maker Franchising, LLC - American Restaurant Holdings Inc. - - - - N.A.

1/25/2015 MOM Brands Company - Post Holdings, Inc. (NYSE:POST) $1,151.5 1.5x 6.8x - N.A.

1/23/2015 Ocean Gold Seafoods, Inc. - Pacific Sea Food Company, Inc. - - - - N.A.

1/20/2015 Salix LLC - United Pet Group, Inc. - - - - N.A.

1/20/2015 Road Runner Food Delivery - Delivered Dish - - - - N.A.

1/20/2015 Van Law Food Products, Inc. - Encore Consumer Capital - - - - P N.A.

1/20/2015 Landshire, Inc., Wholesale and Manufact. Landshire, Inc. AdvancePierre Foods, Inc. - - - - N.A.

1/19/2015 Manna Pro Products, LLC Advantage Capital Partners Broad Sky Partners - - - - N.A.

1/19/2015 Creative Occasions, Inc. - Maplehurst Bakeries, LLC. - - - - N.A.

1/16/2015 Schratter Foods, Inc. Bongrain SA (ENXTPA:BH) ECB-USA; Voss Enterprises, Inc. - - - - N.A.

1/14/2015 XS Energy LLC - Amway Corporation - - - - N.A.

M&A OVERVIEW

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5

Last Updated 4/14/2015

PAGE |

April 2015

Date Company

4/21/2015 Associated British Foods plc (LSE:ABF)

4/21/2015 Yum! Brands, Inc. (NYSE:YUM)

4/21/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG)

4/22/2015 McDonald's Corp. (NYSE:MCD)

4/22/2015 Tesco PLC (LSE:TSCO)

4/22/2015 The Coca-Cola Company (NYSE:KO)

4/22/2015 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

4/23/2015 Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A)

4/23/2015 Dunkin' Brands Group, Inc. (NasdaqGS:DNKN)

4/23/2015 Pepsico, Inc. (NYSE:PEP)

4/23/2015 The Hershey Company (NYSE:HSY)

4/23/2015 Dr Pepper Snapple Group, Inc. (NYSE:DPS)

4/23/2015 Domino's Pizza, Inc. (NYSE:DPZ)

4/23/2015 B&G Foods Inc. (NYSE:BGS)

4/23/2015 Starbucks Corporation (NasdaqGS:SBUX)

4/27/2015 Kikkoman Corp. (TSE:2801)

4/28/2015 Panera Bread Company (NasdaqGS:PNRA)

4/28/2015 Royal Unibrew A/S (CPSE:RBREW)

4/28/2015 Kraft Foods Group, Inc. (NasdaqGS:KRFT)

4/28/2015 Buffalo Wild Wings Inc. (NasdaqGS:BWLD)

4/29/2015 Mondelez International, Inc. (NasdaqGS:MDLZ)

4/29/2015 Boston Beer Co. Inc. (NYSE:SAM)

4/30/2015 DineEquity, Inc. (NYSE:DIN)

4/30/2015 Kerry Group plc (ISE:KRZ)

4/30/2015 Kirin Holdings Company, Limited (TSE:2503)

4/30/2015 Maple Leaf Foods Inc. (TSX:MFI)

4/30/2015 Ingredion Incorporated (NYSE:INGR)

4/30/2015 Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI)

May 2015

Date Company

5/1/2015 The Habit Restaurants, Inc. (NasdaqGM:HABT)

5/4/2015 Tyson Foods, Inc. (NYSE:TSN)

5/4/2015 Denny's Corporation (NasdaqCM:DENN)

5/4/2015 Texas Roadhouse, Inc. (NasdaqGS:TXRH)

5/5/2015 Archer-Daniels-Midland Company (NYSE:ADM)

5/5/2015 Bloomin' Brands, Inc. (NasdaqGS:BLMN)

5/5/2015 Kellogg Company (NYSE:K)

5/6/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701

Philadelphia1600 Market Street21st FloorPhiladelphia, Pennsylvania 19103Phone: +1 (267) 675-5900Fax: +1 (267) 675-5901

Richmond (U.S. Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187

Consumer

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

OUR FIRM

FOOD AND BEVERAGE


16

PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


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

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

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

Copyright© 2015 Harris Williams & Co., all rights reserved.

DISCLOSURES

17

http://www.harriswilliams.com/

industry update april 2015 - harris williams · ticker 4/10/15 52-wk high cap debt equiv. value...

Documents