industry update │ july 2016 - harriswilliams.com · 03/22/16 03/22/16 the michaels companies,...

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CONSUMER AND RETAIL

INDUSTRY UPDATE │ JULY 2016

PAGE |

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 5)

PUBLIC MARKETS OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)

CONSUMER AND RETAIL


1

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 24 $3,042 (3.8%) (3.2%) 1.4x 10.9x 1.7x 11.9x

Consumer Durables 6 6,502 1.9% 0.1% 1.0x 9.4x 1.0x 10.2x

Consumer Serv ices and Retail Franchisors 7 3,342 1.5% (23.9%) 1.9x 10.8x 1.5x 6.6x

Home & Office Furniture & Furnishings 10 1,677 6.9% 10.7% 1.0x 10.3x 1.2x 15.5x

Household Products 5 18,761 5.7% 15.9% 3.9x 15.6x 4.1x 16.2x

Housewares 10 2,370 2.4% (1.2%) 1.0x 11.4x 1.4x 9.5x

Infant & Juvenile 12 1,260 7.3% 22.5% 0.8x 11.2x 0.9x 10.1x

Outdoor & Lifestyle 20 1,117 0.8% (2.4%) 1.4x 10.8x 1.7x 11.5x

Personal Care Products 13 3,362 5.7% 10.1% 1.5x 10.3x 1.6x 11.4x

Pet Care 8 974 7.7% 15.2% 1.6x 13.2x 1.6x 16.5x

Retail

Apparel & Footwear Retail 31 1,245 (5.6%) (21.3%) 0.5x 6.4x 0.6x 6.8x

Department Chains 8 6,193 (12.2%) (44.8%) 0.6x 6.0x 0.6x 4.7x

Discount Stores & Mass Merchants 13 29,782 (2.0%) (1.8%) 0.7x 11.4x 0.8x 13.2x

Furniture & Furnishings Retailers 14 1,326 (9.7%) (37.6%) 0.6x 6.5x 0.9x 7.5x

Internet Retail 12 5,190 6.5% 13.5% 2.9x 17.0x 3.2x 18.4x

Specialty & Other Retail 15 2,581 (2.7%) (18.2%) 0.7x 7.1x 0.8x 6.3x

Consumer Products & Services 115 $2,706 4.0% 5.1% 1.4x 10.9x 1.6x 11.5x

Retail 93 $3,885 (4.1%) (19.8%) 0.7x 6.8x 0.8x 7.2x

Consumer & Retail Index 208 $2,811 1.7% (1.5%) 1.0x 10.8x 1.3x 10.8x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Department

Chains

Furniture & Furnishings

Retailers

Consumer Serv ices and Retail

Franchisors

Apparel & Footwear Retail

Specialty & Other Retail

Apparel & Footwear

Pet Care

Discount Stores & Mass Merchants

Consumer & Retail Index

Housewares

Consumer Durables

S&P 500

Outdoor & Lifestyle

Home & Office Furniture & Furnishings

Internet Retail

Personal Care Products

Household Products

Infant & Juvenile

(50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%

PAGE |

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

PUBLIC MARKETS OVERVIEW

2

RECENT EQUITY OFFERINGS

CONSUMER AND RETAIL


Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($ M) Primary Industry

07/27/16 07/27/16 Ollie's Bargain Outlet Holdings, Inc. OLLI Follow-on $303.8 Department Stores

06/22/16 06/22/16 Blue Buffalo Pet Products, Inc. BUFF Follow-on 330.0 Pet Food

05/30/16 05/30/16 Spin Master Corp. TOY Follow-on 100.0 Toys and Recreational Products

05/12/16 05/12/16 Bright Horizons Family Solutions BFAM Follow-on 138.7 Education Serv ices

05/05/16 02/17/16 Walgreens Boots Alliance WBA Follow-on 1,200.0 Drug Retail

04/22/16 02/12/16 Vince Holding Corp VNCE Follow-on 63.8Apparel, Accessories and Luxury

Goods

04/12/16 04/12/16 Sportsman's Warehouse SPWH Follow-on 67.5 Specialty Stores

03/22/16 03/22/16 The Michaels Companies, Inc. MIK Follow-on 443.4 Specialty Stores

02/18/16 02/05/16 Ollie's Bargain Outlet Holdings OLLI Follow-on 155.5 Retail

12/14/15 12/14/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-on 596.1 Hotels, Resorts and Cruise Lines

11/23/15 11/23/15 The J. M. Smucker Company SJM Follow-on 467.3 Packaged Foods and Meats

11/19/15 10/06/15 Duluth Holdings Inc. DLTH IPO 80.0 Internet Retail

50

75

100

125

150

175

200

225

250

Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16

Ind

ex

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

PAGE | 3

CONSUMER AND RETAIL


M&A OVERVIEW

CONSUMER AND RETAIL M&A TRENDS

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

ANNOUNCED CONSUMER AND RETAIL M&A

Note: Transactions based on publicly available information

11.7x 11.7x 12.2x 12.3x11.9x 11.6x

12.4x

11.7x11.4x 11.3x 11.4x 11.5x

11.8x

10.0x 10.2x 10.4x 10.0x

9.5x10.0x

10.0x 10.2x

9.1x

8.2x7.9x

8.5x 8.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Me

dia

n T

rad

ing

Mu

ltip

les

Median LTM Trading Multiples

Consumer Products & Services Retail

77

43

66

35 39

68 7183

66

95

6457

15

25

34

21

18 13

512

26

12

16

14

10

4

0

20

40

60

80

100

120

3Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q16

Nu

mb

er

of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

$30

$40 $38

$27 $28

$92

$53.5

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

$105

2010 2011 2012 2013 2014 2015 2016

YTD

Nu

mb

er o

f Tran

sac

tion

s

Ave

rag

e T

ran

sac

tio

n V

alu

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($ in

bill

ion

s)

Announced Consumer Transactions

Aggregate Transaction Value # of Deals

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.4x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2010 2011 2012 2013 2014 2015 2016

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

Announced Target Buyer

7/27/2016 Peds Legwear, Inc. Gildan Activ ewear, Inc.

7/26/2016 Vizio Holdings, Inc. Leshi Internet Information & Technology

7/26/2016 Legion Industries, Inc. The Legacy Cos.

7/25/2016 Donna Karan International, Inc. G-III Apparel Group Ltd.

7/22/2016 Model in a Bottle American International Industries

7/19/2016 Golden Enterprises, Inc. UTZ Quality Foods, Inc.

7/13/2016 Tessiv e LLC RealD, Inc.; Rizv i Trav erse Management LLC

7/7/2016 Erno Laszlo, Inc. CITIC Capital Partners Ltd.

7/6/2016 First Act, Inc. Alleghany Capital Partners LLC

7/6/2016 Idaho Pacific Holdings, Inc. Arlon Group LLC

Last 10 Deals Announced

Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA

$114.8 261 0.00x 12.1x

LTM Deal Statistics

72

31

37

53

73

86

57

66

28

48

28

59

53

76

57

68

84

24

0

10

20

30

40

50

60

70

80

90

100

2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Nu

mb

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of

Tra

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Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

PAGE |

0

2

4

6

8

10

12

14

1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

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Qu

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($ i

n b

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

4

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS1

• High Ridge Brands has received commitments for its $270 million senior secured credit facility that is set to back its$415 million acquisition by Clayton, Dubilier & Rice. High Ridge Brands, a portfolio of nine consumer brands in thehealth and beauty category, may also be poised to add additional financing facilities as it looks to continue itsadd-on acquisition strategy.

• Golub Capital announced it will act as the sole underwriter on a $130 million unitranche facility that close in Junefor Electric Guard Dog. The loan is set to finance Snow Phipps acquisition of the electric security fence systemsprovider from Ulysses Management, which had backed the business since 2009.

• Parts Authority recently wrapped up a $145 million first-lien term loan to support a buyout by The Jordan Company.The 5-year term loan is priced at L+475 with a 1% floor and a 99 OID, indicating a yield of about 6.08%. The facilityincludes six months of 101 soft call coverage and is guided by structured leverage covenants. The senior debt isexpected to be a 4x levels, with 4.8x total leverage all-in.

KEY RETAIL CREDIT STATISTICS

1) Source: S&P Capital IQ LCD

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

billio

ns)

Quarterly Retail Loan Volume

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q15

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Spread on Retail Loans

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 500

L + 1000

L + 1500

L + 2000

L + 2500

4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Secondary Spread

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ultip

le

Credit Statistics

2010 2011 2012 2013 2014 2015

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


5

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

($ in m illions, except per share data) Ticker 7/27/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear

Coach, Inc. COH 43.10 98.6% 11,983 884 1,282 11,584 4,341 885 0.4% (4.6%) 68.0% 20.4% 30.8x 2.67x 13.1x 2.35x 7.4x

Columbia Sportswear Company COLM 59.30 79.4% 4,131 15 451 3,695 2,372 288 10.0% 12.1% 43.0% 12.1% 23.4x 1.56x 12.9x 2.19x 20.4x

Carter's, Inc. CRI 100.84 89.6% $5,120 $580 $395 $5,305 $3,053 $429 4.3% 8.0% 42.0% 14.0% 21.9x 1.74x 12.4x 2.01x 14.1x

Crocs, Inc. CROX 11.52 72.6% 845 14 89 769 1,108 (0) (3.5%) (1.6%) 43.8% NM NA 0.69x NM 0.65x 5.7x

Deckers Outdoor Corporation DECK 63.72 86.5% 2,041 100 246 1,895 1,877 245 3.4% 9.9% 45.3% 13.1% 17.2x 1.01x 7.7x 1.52x 9.5x

Fossil Group, Inc. FOSL 31.23 45.0% 1,503 823 307 2,019 3,371 587 (2.5%) 4.6% 56.6% 17.4% 8.0x 0.60x 3.4x 0.62x 3.2x

G-III Apparel Group, Ltd. GIII 39.66 54.3% 1,808 0 95 1,712 2,369 205 8.5% 18.0% 34.7% 8.7% 16.7x 0.72x 8.3x 1.01x 11.9x

Hanesbrands Inc. HBI 26.07 76.3% 9,842 3,341 332 12,850 5,742 979 4.9% 8.8% 38.1% 17.0% 22.9x 2.24x 13.1x 2.78x 18.7x

Iconix Brand Group, Inc. ICON 7.20 32.8% 375 1,443 247 1,571 380 176 1.2% 1.4% 0.0% 46.2% NA 4.13x 8.9x 3.63x 6.0x

Kate Spade & Co KATE 21.66 81.9% 2,772 395 261 2,906 1,262 196 18.4% (6.8%) 60.8% 15.5% 33.2x 2.30x NM 2.30x 25.0x

NIKE, Inc. Class B NKE 55.79 81.8% 94,936 2,055 5,457 91,534 32,464 4,653 5.8% 8.6% 44.6% 14.3% 25.8x 2.82x 19.7x 3.42x 22.8x

Oxford Industries, Inc. OXM 57.14 62.6% 957 153 7 1,103 965 117 (3.5%) 4.0% 57.4% 12.1% 17.6x 1.14x 9.4x 1.21x 9.6x

Perry Ellis International, Inc. PERY 21.56 84.4% 336 172 37 471 894 48 (0.5%) (2.5%) 34.7% 5.4% NA 0.53x 9.7x 0.51x 14.5x

PVH Corp. PVH 100.47 83.3% 8,124 3,159 365 10,918 8,059 1,010 (1.2%) 7.3% 51.0% 12.5% 12.0x 1.35x 10.8x 1.36x 8.9x

Ralph Lauren Corporation Class A RL 99.25 72.2% 8,254 1,000 1,118 8,136 7,405 1,060 (2.8%) 2.2% 55.9% 14.3% 21.5x 1.10x 7.7x 1.11x 5.9x

Steven Madden, Ltd. SHOO 35.31 78.9% 2,183 0 105 2,078 1,411 184 4.2% 4.4% 34.6% 13.0% 19.0x 1.47x 11.3x 1.58x 9.6x

Skechers U.S.A., Inc. Class A SKX 24.33 44.6% 3,847 83 444 3,486 3,358 443 29.2% 26.5% 43.4% 13.2% 13.8x 1.04x 7.9x 1.89x 26.3x

Gildan Activewear Inc. GIL-CA 29.21 83.2% 6,835 584 57 7,361 1,934 426 (15.8%) (2.2%) 27.8% 22.0% 24.1x 3.81x 17.3x 3.49x 17.2x

Tumi Holdings, Inc. TUMI 26.74 96.0% 1,809 10 102 1,717 556 119 5.0% 9.6% 59.6% 21.4% 27.9x 3.09x 14.5x 3.67x 16.8x

Under Armour, Inc. Class A UA 39.72 37.5% 16,516 935 157 17,294 4,206 531 29.5% 29.8% 47.5% 12.6% 38.2x 4.11x 32.5x 7.42x 54.7x

V.F. Corporation VFC 61.72 79.7% 25,738 2,542 586 27,694 12,435 1,922 0.5% 4.4% 47.1% 15.5% 22.1x 2.23x 14.4x 2.43x 14.6x

Vera Bradley, Inc. VRA 14.62 70.7% 541 0 82 459 507 81 2.0% (2.5%) 57.7% 16.0% 16.8x 0.91x 5.7x 0.86x 4.2x

Weyco Group, Inc. WEYS 27.63 94.0% 293 25 20 298 321 32 (0.7%) 3.3% 36.0% 9.8% 17.3x 0.93x 9.4x 0.99x NA

Wolverine World Wide, Inc. WWW 24.79 82.8% 2,465 870 158 3,177 2,638 287 (4.6%) 10.3% 39.5% 10.9% 25.0x 1.20x 11.1x 1.18x 10.7x

Mean 73.7% $8,886 $799 $517 $9,168 $4,293 $621 3.8% 6.4% 44.5% 15.5% 21.7x 1.81x 11.9x 2.09x 14.7x

Median 79.6% $2,619 $488 $247 $3,042 $2,370 $287 1.6% 4.5% 44.2% 14.0% 21.9x 1.41x 10.9x 1.73x 11.9x

Consumer Durables

Arcelik A.S. ARCLK-TR 6.61 91.0% 4,464 1,965 887 5,542 5,230 529 (6.9%) (3.9%) 31.7% 10.1% 13.9x 1.06x 10.5x 1.07x 10.2x

Electrolux AB Class B ELUX.B-SE 27.01 84.6% 8,355 1,180 1,031 8,504 14,395 1,195 (7.7%) (4.6%) 22.4% 8.3% 25.3x 0.59x 7.1x 0.50x 8.7x

iRobot Corporation IRBT 38.36 98.4% 1,054 0 247 807 630 73 12.3% 12.3% 47.3% 11.6% 26.6x 1.28x 11.0x 1.66x 14.0x

Middleby Corporation MIDD 117.38 92.4% 6,754 763 56 7,461 1,936 412 15.9% 19.4% 39.7% 21.3% 32.2x 3.85x 18.1x 5.22x 25.4x

Haier Electronics Group Co., Ltd. 1169-HK 1.63 65.6% 4,551 197 1,621 3,127 9,996 458 (8.3%) 4.3% 16.3% 4.6% 10.4x 0.31x 6.8x 0.30x 6.8x

Whirlpool Corporation WHR 190.62 98.5% 14,381 5,219 959 18,641 20,651 2,242 (1.1%) 4.2% 17.8% 10.9% 16.9x 0.90x 8.3x 0.99x 10.2x

Mean 88.4% $6,593 $1,554 $800 $7,347 $8,806 $818 0.7% 5.3% 29.2% 11.1% 20.9x 1.33x 10.3x 1.62x 12.6x

Median 91.7% $5,653 $971 $923 $6,502 $7,613 $493 (4.0%) 4.2% 27.1% 10.5% 21.1x 0.98x 9.4x 1.03x 10.2x

Last Twelve Months (LTM) EV / LTM EV / 2016ERevenue Growth LTM Margins

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


6



Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC 27.23 52.7% 1,862 1,541 61 3,342 2,638 457 1.2% 2.2% 36.8% 17.3% 10.6x 1.27x 7.3x 1.27x 6.4x

H&R Block, Inc. HRB 24.12 64.3% 5,332 1,503 1,002 5,833 3,038 807 (1.3%) 1.5% 45.1% 26.6% 16.2x 1.92x 7.2x 1.95x 6.6x

Planet Fitness, Inc. Class A PLNT 20.32 96.8% 883 484 44 1,324 337 123 12.7% 28.3% 40.4% 36.5% NM 3.93x 10.8x NA NA

Regis Corporation RGS 13.47 74.3% 626 120 141 605 1,806 82 (2.8%) (4.7%) 38.3% 4.5% NA 0.33x 7.4x 0.31x 5.4x

Realogy Holdings Corp. RLGY 30.62 61.7% 4,471 3,964 289 8,146 5,793 676 7.4% 6.7% 19.8% 11.7% 26.2x 1.41x 12.1x 1.54x 10.3x

Serv iceMaster Global Holdings, Inc. SERV 39.90 94.5% 5,416 2,748 396 7,768 2,631 581 5.5% (5.8%) 45.8% 22.1% 32.1x 2.95x 13.4x 3.39x 16.8x

Winmark Corporation WINA 101.50 93.7% 417 53 1 469 65 37 (5.3%) 5.9% 92.4% 56.3% 21.1x 7.17x 12.7x NA NA

Mean 76.9% $2,715 $1,488 $276 $3,927 $2,330 $395 2.5% 4.9% 45.5% 25.0% 21.2x 2.71x 10.1x 1.69x 9.1x

Median 74.3% $1,862 $1,503 $141 $3,342 $2,631 $457 1.2% 2.2% 40.4% 22.1% 21.1x 1.92x 10.8x 1.54x 6.6x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 3.91 34.1% 63 126 0 188 416 17 (0.3%) 14.2% 24.5% 4.0% NA 0.45x 11.4x 0.55x NA

HNI Corporation HNI 52.56 99.5% 2,385 300 44 2,642 2,282 244 (0.5%) 4.5% 36.8% 10.7% 22.0x 1.16x 10.8x 1.28x 17.2x

Hooker Furniture Corporation HOFT 23.33 64.9% 270 52 32 289 308 30 26.2% 11.4% 25.1% 9.9% 16.8x 0.94x 9.5x 1.27x 19.2x

Kimball International, Inc. Class B KBAL 11.54 88.8% 473 0 44 429 629 56 (19.2%) (18.8%) 32.0% 8.9% 22.5x 0.68x 7.6x 0.34x NA

Knoll, Inc. KNL 25.61 99.7% 1,256 220 5 1,471 1,123 143 3.2% 8.0% 37.8% 12.7% 18.8x 1.31x 10.3x 1.71x 19.6x

Leggett & Platt, Incorporated LEG 53.54 98.9% 7,192 1,036 250 7,977 3,896 602 1.7% 1.6% 23.7% 15.5% 22.5x 2.05x 13.2x 2.13x 16.9x

LaZBoy Incorporated LZB 30.06 99.4% 1,471 1 137 1,335 1,525 152 7.0% 4.6% 38.3% 10.0% 19.4x 0.87x 8.8x 0.99x 12.3x

Herman Miller, Inc. MLHR $32.87 96.5% $1,973 $240 $63 $2,151 $2,233 $254 7.4% 8.8% 38.5% 11.4% 16.6x 0.96x NM 1.17x 10.9x

Steelcase Inc. Class A SCS 14.56 71.5% 1,735 299 152 1,883 3,073 263 1.0% 2.4% 32.5% 8.6% 10.7x 0.61x 7.2x 0.63x 7.8x

Tempur Sealy International Inc TPX 63.39 76.7% 3,862 1,473 37 5,297 3,133 412 3.5% 30.5% 39.9% 13.1% 44.6x 1.69x 12.9x 2.15x 14.1x

Mean 83.0% $2,068 $375 $76 $2,366 $1,862 $217 3.0% 6.7% 32.9% 10.5% 21.5x 1.07x 10.2x 1.22x 14.7x

Median 92.7% $1,603 $230 $44 $1,677 $1,879 $198 2.5% 6.3% 34.6% 10.3% 19.4x 0.95x 10.3x 1.22x 15.5x

Household Products

Church & Dwight Co., Inc. CHD 97.75 91.0% 12,544 1,151 194 13,501 3,432 782 3.1% 4.5% 44.7% 22.8% 31.2x 3.93x 17.3x 4.23x 19.0x

Colgate-Palmolive Company CL $73.28 97.3% $65,440 $6,580 $1,151 $70,869 $15,726 $4,379 (7.6%) (2.9%) 58.7% 27.8% 48.2x 4.51x 16.2x 4.07x 15.4x

Clorox Company CLX 131.03 93.3% 16,947 2,228 414 18,761 5,718 1,268 1.9% 0.6% 45.3% 22.2% 25.6x 3.28x 14.8x 3.35x 16.2x

Prestige Brands Holdings, Inc. PBH 54.43 93.7% 2,879 1,625 27 4,477 806 288 12.8% 8.9% 55.2% 35.7% 29.0x 5.55x 15.6x 7.43x 21.4x

Procter & Gamble Company PG 84.46 97.2% 224,820 32,815 13,819 243,816 66,987 17,670 (13.6%) (7.2%) 50.6% 26.4% 28.0x 3.64x 13.8x 2.92x 12.8x

Mean 94.5% $64,526 $8,880 $3,121 $70,285 $18,534 $4,877 (0.7%) 0.8% 50.9% 27.0% 32.4x 4.18x 15.5x 4.40x 17.0x

Median 93.7% $16,947 $2,228 $414 $18,761 $5,718 $1,268 1.9% 0.6% 50.6% 26.4% 29.0x 3.93x 15.6x 4.07x 16.2x

Housewares

Fiskars Oyj Abp FIS1V-FI 19.72 87.7% 1,615 379 591 1,403 1,293 118 26.3% 10.3% 38.6% 9.1% NM 1.08x 11.9x 1.27x 10.8x

Helen of Troy Limited HELE 99.62 93.5% 2,773 587 23 3,337 1,550 209 4.8% 6.2% 41.7% 13.5% 28.5x 2.15x 15.9x 2.54x 17.3x

Jarden Corporation JAH 0.00 0.0% 0 6,381 1,298 5,083 8,603 965 3.8% 8.7% 30.9% 11.2% NA 0.59x 5.3x 0.69x 5.4x

Libbey Inc. LBY 18.87 47.9% 411 425 26 810 821 94 (4.7%) (0.1%) 21.5% 11.4% 6.6x 0.99x 8.7x 0.99x 6.0x

Lifetime Brands, Inc. LCUT 14.66 82.4% 209 109 6 312 581 37 (0.7%) 6.8% 36.2% 6.4% 20.9x 0.54x 8.4x 0.62x 7.8x

NACCO Industries, Inc. Class A NC 58.69 95.8% 404 163 36 531 896 6 (1.9%) 49.8% 19.8% 0.6% 17.3x 0.59x 93.7x NA NA

Newell Brands Inc NWL 49.16 96.6% 22,450 11,375 8,181 25,645 5,967 869 3.6% 0.9% 38.7% 14.6% NM 4.30x 29.5x 4.51x 27.9x

Safety-Kleen, Inc. SK 0.21 87.8% 0 224 40 184 1,284 130 19.6% 1.4% 11.2% 10.1% 0.1x 0.14x 1.4x NA NA

Spectrum Brands Holdings, Inc. SPB 118.50 96.7% 7,039 4,104 133 11,010 5,009 832 12.8% 12.5% 36.7% 16.6% 32.0x 2.20x 13.2x 2.64x 16.5x

Tupperware Brands Corporation TUP 62.24 97.4% 3,143 843 99 3,888 2,228 360 (11.8%) (5.1%) 66.9% 16.2% 15.7x 1.75x 10.8x 1.46x 8.2x

Mean 78.6% $3,804 $2,459 $1,043 $5,220 $2,823 $362 5.2% 9.1% 34.2% 11.0% 17.3x 1.43x 19.9x 1.84x 12.5x

Median 90.7% $1,013 $506 $69 $2,370 $1,422 $170 3.7% 6.5% 36.4% 11.3% 17.3x 1.04x 11.4x 1.36x 9.5x

Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2016ERevenue Growth

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Infant & Juvenile

Carter's, Inc. CRI 101.97 90.6% 5,177 580 395 5,362 3,053 429 4.3% 8.0% 42.0% 14.0% 21.9x 1.76x 12.5x 2.03x 14.2x

Crown Crafts, Inc. CRWS 10.07 98.8% 101 0 8 93 84 13 (1.9%) 2.5% 27.4% 14.8% 14.8x 1.10x 7.4x 1.15x 8.8x

Dorel Industries Inc. Class B DII.B 28.55 96.1% 922 590 41 1,471 2,664 168 (1.2%) 2.7% 20.9% 6.3% 29.7x 0.55x 8.7x 0.60x 8.7x

Hasbro, Inc. HAS 80.62 91.1% 10,112 1,636 1,119 10,630 4,573 849 5.9% 3.7% 50.6% 18.6% 21.6x 2.32x 12.5x 2.60x 14.3x

JAKKS Pacific, Inc. JAKK 9.31 90.6% 191 208 119 279 727 41 (13.6%) 2.7% 30.8% 5.7% NM 0.38x 6.8x 0.44x NM

Mattel, Inc. MAT 32.86 94.5% 11,187 2,085 600 12,673 5,649 889 (5.9%) (4.5%) 48.4% 15.7% 31.6x 2.24x 14.3x 1.95x 9.2x

Mothercare plc MTC-GB 1.80 39.8% 307 0 37 270 1,028 70 (10.6%) (4.6%) 8.9% 6.8% 31.1x 0.26x 3.8x 0.22x 4.8x

Newell Brands Inc NWL 49.24 96.7% 22,487 11,375 8,181 25,681 5,967 869 3.6% 0.9% 38.7% 14.6% NM 4.30x 29.6x 4.51x 27.9x

Children's Place, Inc. PLCE 83.76 98.1% 1,581 25 234 1,372 1,740 188 (0.9%) (1.0%) 32.9% 10.8% 24.6x 0.79x 7.3x 0.78x 7.8x

Goodbaby International Holdings Ltd. 1086-HK 0.46 72.5% 510 219 135 594 897 54 13.7% 15.2% 29.5% 6.0% 19.8x 0.66x 11.0x 1.10x 17.1x

Summer Infant, Inc. SUMR 1.80 80.0% 33 46 0 79 202 7 (2.5%) (5.9%) 26.7% 3.4% NA 0.39x 11.5x 0.38x 10.6x

Tomy Company, Ltd. 7867-JP 8.76 85.2% 843 673 356 1,159 1,358 98 (0.5%) (14.3%) 34.0% 7.2% NA 0.85x 11.8x 0.75x 10.2x

Mean 86.2% $4,454 $1,453 $935 $4,972 $2,329 $306 (0.8%) 0.4% 32.6% 10.3% 24.4x 1.30x 11.4x 1.38x 12.1x

Median 90.8% $883 $400 $184 $1,266 $1,549 $133 (1.0%) 1.7% 31.9% 9.0% 23.2x 0.82x 11.3x 0.94x 10.2x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $18.25 60.2% $238 $0 $18 $220 $633 ($3) (9.4%) (2.0%) 14.5% NM NA 0.35x NM 0.31x 3.0x

Brunswick Corporation BC 48.99 87.8% 4,440 451 296 4,595 4,190 441 8.7% 3.9% 27.0% 10.5% 19.9x 1.10x 10.4x 1.18x 11.3x

Black Diamond, Inc. BDE 4.22 41.8% 130 21 96 54 139 (8) (25.4%) (8.2%) 27.8% NM NA 0.39x NM 0.27x 7.0x

Columbia Sportswear Company COLM 59.07 79.1% 4,115 15 451 3,679 2,372 288 10.0% 12.1% 43.0% 12.1% 23.4x 1.55x 12.8x 2.18x 20.3x

Callaway Golf Company ELY 10.41 96.6% 979 79 35 1,023 834 50 1.8% (0.1%) 43.3% 6.0% NM 1.23x NM 1.21x 31.4x

Escalade, Incorporated ESCA 10.45 54.4% 149 34 3 180 157 17 14.1% 1.7% 25.9% 10.7% 15.3x 1.15x 10.7x NA NA

Fox Factory Holding Corp. FOXF 19.11 97.4% 699 57 9 747 379 58 19.1% 15.7% 30.2% 15.3% 26.4x 1.97x 12.9x 2.74x 15.1x

GoPro, Inc. Class A GPRO 12.92 19.7% 1,785 0 389 1,396 1,440 (48) (5.3%) 39.9% 41.5% NM NA 0.97x NM 1.42x 10.9x

Amer Sports Oyj Class A AMEAS-FI 28.72 92.0% 3,404 947 334 4,017 2,864 287 (1.8%) 2.5% 44.4% 10.0% 23.4x 1.40x 14.0x 1.36x 14.8x

Rapala VMC Oyj RAP1V-FI 4.75 78.8% 185 134 12 307 306 28 (15.5%) (6.4%) 26.1% 9.0% 24.8x 1.00x 11.2x 0.78x 6.6x

Harley-Davidson, Inc. HOG 50.60 83.4% 9,160 7,113 832 15,441 6,072 1,327 (1.7%) 2.0% 37.5% 21.8% 13.4x 2.54x 11.6x 2.94x 11.4x

Johnson Outdoors Inc. Class A JOUT 28.99 96.7% 291 38 51 277 446 44 4.7% 1.8% 40.5% 9.8% 14.0x 0.62x 6.3x 0.65x NA

Malibu Boats Inc Class A MBUU 13.14 65.4% 235 74 19 290 247 45 11.6% 16.3% 27.1% 18.1% 11.6x 1.18x 6.5x NA NA

Marine Products Corporation MPX 9.00 96.0% 345 0 18 327 220 24 26.5% 12.3% 21.0% 11.0% 21.5x 1.49x NM 1.95x 30.4x

Nautilus, Inc. NLS 18.59 86.5% 577 76 73 580 360 50 20.6% 21.3% 52.6% 13.8% 21.6x 1.61x 11.7x 2.65x 30.3x

Polaris Industries Inc. PII 95.22 68.1% 6,101 468 147 6,422 4,675 676 (1.3%) 11.5% 26.9% 14.5% 16.6x 1.37x 9.5x 1.70x 9.8x

Sturm, Ruger & Company, Inc. RGR 68.65 87.9% 1,302 0 80 1,221 587 142 14.8% 3.1% 32.3% 24.3% 19.3x 2.08x 8.6x 1.77x 6.2x

Smith & Wesson Holding Corporation SWHC 29.58 97.2% 1,656 174 191 1,639 723 195 31.0% 7.2% 38.4% 27.0% 17.8x 2.27x 8.4x 2.67x 9.8x

Shimano Inc. 7309-JP 151.19 90.2% 14,018 93 1,593 12,519 3,019 778 (6.6%) 0.4% 40.5% 25.8% 27.0x 4.15x 16.1x 4.85x 25.5x

Vista Outdoor Inc VSTO 50.05 92.8% 3,016 670 152 3,534 2,271 336 9.0% 23.8% 27.3% 14.8% 21.3x 1.56x 10.5x NA NA

Mean 78.6% $2,641 $522 $240 $2,923 $1,597 $236 5.2% 7.9% 33.4% 15.0% 19.8x 1.50x 10.7x 1.80x 15.2x

Median 87.2% $1,140 $75 $88 $1,122 $678 $54 6.7% 3.5% 31.3% 13.8% 20.6x 1.39x 10.7x 1.70x 11.4x

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

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Personal Care Products

Avon Products, Inc. AVP 3.90 58.3% 1,701 2,214 755 3,160 5,673 386 (33.0%) (18.9%) 60.2% 6.8% NA 0.56x 8.2x 0.32x 3.1x

Estee Lauder Companies Inc. Class A EL 92.41 94.8% 34,121 1,925 1,074 34,973 11,140 2,068 1.4% 3.6% 80.5% 18.6% 29.7x 3.14x 16.9x 3.31x 17.0x

Herbalife Ltd. HLF 67.09 92.9% 6,226 1,403 774 6,855 4,483 734 (6.6%) 1.9% 78.7% 16.4% 16.1x 1.53x 9.3x 1.42x 8.0x

Kimberly-Clark Corporation KMB 130.50 94.0% 46,932 7,677 656 53,953 18,321 4,092 (0.6%) (4.7%) 36.2% 22.3% 24.2x 2.94x 13.2x 2.55x 12.8x

Medifast, Inc. MED 34.74 98.4% 411 0 72 340 272 37 (0.1%) (9.3%) 73.9% 13.5% 20.9x 1.25x 9.2x 0.95x 6.4x

Nu Skin Enterprises, Inc. Class A NUS 52.56 99.5% 2,940 263 265 2,938 2,174 286 (11.0%) (1.2%) 77.4% 13.2% 30.7x 1.35x 10.3x 0.92x 5.0x

Procter & Gamble Company PG 84.46 97.2% 224,820 32,815 13,819 243,816 66,987 17,670 (13.6%) (7.2%) 50.6% 26.4% 28.0x 3.64x 13.8x 2.92x 12.8x

Elizabeth Arden, Inc. RDEN 13.87 99.3% 415 422 41 797 945 (70) (4.2%) (11.0%) 33.3% NM NA 0.84x NM 0.63x 8.1x

Revlon, Inc. Class A REV 33.14 87.2% 1,742 1,802 182 3,362 1,915 354 0.3% 10.3% 61.1% 18.5% 25.5x 1.76x 9.5x 2.25x 12.9x

Sally Beauty Holdings, Inc. SBH 29.43 89.4% 4,306 1,783 89 6,001 3,945 646 3.9% 3.4% 47.6% 16.4% 20.4x 1.52x 9.3x 1.64x 10.1x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 257.73 98.6% 16,097 0 369 15,727 4,130 721 21.6% 21.0% 35.6% 17.5% 47.8x 3.81x 21.8x 5.98x 37.0x

USANA Health Sciences, Inc. USNA 141.66 80.1% 1,696 66 151 1,611 940 157 13.6% 12.3% 37.2% 16.7% 19.0x 1.72x 10.3x 2.24x 12.8x

All for One Steeb AG A1OS-DE $63.70 76.6% $317 $28 $32 $314 $283 $29 (1.8%) 8.9% 19.4% 10.1% 25.5x 1.11x 10.9x 1.17x NA

Mean 89.7% $26,287 $3,877 $1,406 $28,757 $9,324 $2,085 (2.3%) 0.7% 53.2% 16.4% 26.2x 1.94x 11.9x 2.02x 12.2x

Median 94.0% $2,940 $1,403 $265 $3,362 $3,945 $386 (0.6%) 1.9% 50.6% 16.5% 25.5x 1.53x 10.3x 1.64x 11.4x

Pet Care

Blue Buffalo Pet Products Inc BUFF 25.39 88.2% 4,983 386 265 5,104 1,059 223 12.6% 26.5% 41.8% 21.1% NM 4.82x 22.9x NA NA

Central Garden & Pet Company CENT $24.36 96.3% $1,176 $497 $22 $1,651 $1,747 $151 8.0% 0.5% 29.7% 8.6% 31.6x 0.95x 10.9x 1.01x 20.2x

Freshpet Inc FRPT $8.86 50.8% $297 $0 $0 $297 $121 $5 27.6% 40.5% 42.4% 4.2% NA 2.46x 58.6x NA NA

Oil-Dri Corporation of America ODC 36.74 94.4% 231 15 28 219 263 30 0.4% 2.0% 28.5% 11.4% 19.7x 0.83x 7.3x NA NA

Spectrum Brands Holdings, Inc. SPB 118.50 96.7% 7,039 4,104 133 11,010 5,009 832 12.8% 12.5% 36.7% 16.6% 32.0x 2.20x 13.2x 2.64x 16.5x

Maabarot Products Ltd. MABR-IL 14.75 95.4% 145 4 43 105 88 7 (10.0%) (1.5%) 41.8% 8.4% 32.8x 1.19x 14.3x NA NA

Echo Trading Co., Ltd. 7427-JP 5.66 97.0% 34 50 29 55 647 (2) (1.8%) (10.2%) 11.6% NM 22.2x 0.08x NM 0.08x NA

Unicharm Corporation 8113-JP 20.39 81.5% 12,658 633 1,250 12,041 6,114 916 (8.3%) 0.7% 44.9% 15.0% 33.9x 1.97x 13.1x 2.21x 13.9x

Mean 87.5% $3,320 $711 $221 $3,810 $1,881 $270 5.2% 8.9% 34.7% 12.2% 28.7x 1.81x 20.1x 1.48x 16.9x

Median 94.9% $737 $218 $36 $974 $853 $90 4.2% 1.4% 39.2% 11.4% 31.8x 1.58x 13.2x 1.61x 16.5x

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

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Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 17.62 95.3% 3,187 0 239 2,948 3,572 489 7.1% 1.3% 33.2% 13.7% 15.1x 0.83x 6.0x 0.89x 7.9x

Abercrombie & Fitch Co. Class A ANF $20.44 62.3% $1,382 $337 $491 $1,229 $3,495 $312 (3.8%) (7.6%) 55.8% 8.9% 24.9x 0.35x 3.9x 0.30x 2.7x

Arcandor AG ARO-DE 0.03 62.7% 6 4,963 1,077 3,892 29,669 (570) 8.5% 14.7% 15.9% NM NA 0.13x NM NA NA

Ascena Retail Group, Inc. ASNA 8.05 54.5% 1,562 1,707 248 3,021 6,353 402 31.9% 12.5% 36.9% 6.3% NA 0.48x 7.5x 0.64x 6.4x

Buckle, Inc. BKE 27.17 59.8% 1,321 0 193 1,128 1,092 246 (5.3%) (1.1%) 42.4% 22.5% 9.7x 1.03x 4.6x 1.00x 3.9x

Cabela's Incorporated CAB 51.61 94.1% 3,523 5,320 182 8,661 4,035 468 7.6% 7.0% 39.4% 11.6% 20.5x 2.15x 18.5x 2.41x 18.9x

Caleres, Inc. CAL 26.52 78.6% 1,151 197 150 1,198 2,560 189 (0.9%) (0.0%) 40.9% 7.4% 14.8x 0.47x 6.4x 0.48x 7.5x

Cato Corporation Class A CATO 35.80 88.4% 990 0 303 687 1,015 121 2.9% 2.7% 36.8% 11.9% 14.1x 0.68x 5.7x 0.75x 6.7x

Chico's FAS, Inc. CHS 11.97 70.0% 1,589 90 107 1,571 2,592 252 (3.5%) (0.1%) 50.1% 9.7% NM 0.61x 6.2x 0.61x 4.6x

Citi Trends, Inc. CTRN 16.96 59.1% 253 0 93 160 683 38 0.7% 2.2% 36.2% 5.5% 19.4x 0.23x 4.2x 0.26x 7.5x

Destination Maternity Corporation DEST 5.50 44.2% 77 51 4 124 482 16 21.1% (3.8%) 50.2% 3.3% NA 0.26x 7.7x 0.25x NA

DSW Inc. Class A DSW 24.31 71.9% 1,994 0 165 1,829 2,646 266 3.7% 4.8% 28.7% 10.1% 17.9x 0.69x 6.9x 0.78x 5.4x

Destination XL Group, Inc. DXLG 5.04 75.2% 256 80 6 330 446 29 5.7% 3.9% 39.5% 6.4% NA 0.74x 11.5x 0.85x 28.1x

Express, Inc. EXPR 14.95 69.3% 1,182 6 111 1,077 2,351 282 6.5% 2.8% 34.0% 12.0% 10.8x 0.46x 3.8x 0.49x 3.8x

Finish Line, Inc. Class A FINL 21.80 75.1% 925 0 85 840 1,899 121 2.2% 8.8% 27.8% 6.4% NM 0.44x 7.0x 0.51x 5.2x

Foot Locker, Inc. FL 59.15 76.6% 8,004 129 1,062 7,071 7,483 1,105 3.9% 6.2% 31.8% 14.8% 15.1x 0.94x 6.4x 1.09x 8.9x

Genesco Inc. GCO 69.14 95.2% 1,434 149 43 1,540 3,010 240 4.1% 5.1% 48.1% 8.0% 16.6x 0.51x 6.4x 0.59x 5.9x

Guess?, Inc. GES 14.73 62.8% 1,242 28 427 842 2,174 157 (8.4%) (6.1%) 34.8% 7.2% 23.9x 0.39x 5.4x 0.33x 2.6x

Gap, Inc. GPS 25.31 68.9% 10,072 1,742 1,313 10,501 15,578 2,030 (4.5%) (0.7%) 35.1% 13.0% 12.9x 0.67x 5.2x 0.65x 4.0x

L Brands, Inc. LB 73.84 73.0% 21,229 5,726 1,267 25,688 12,256 2,645 5.9% 5.0% 42.4% 21.6% 18.9x 2.10x 9.7x 2.39x 12.2x

Lululemon Athletica Inc LULU 77.44 98.6% 10,608 0 550 10,058 2,132 410 16.1% 14.2% 48.3% 19.2% 40.9x 4.72x 24.6x 6.40x 22.9x

Tailored Brands, Inc. TLRD 14.51 23.8% 706 1,656 36 2,325 3,440 366 (1.9%) 11.0% 42.0% 10.6% NM 0.68x 6.4x 0.94x 8.9x

New York & Company, Inc. NWY 1.81 43.6% 117 13 48 83 943 17 1.7% (0.8%) 27.6% 1.8% NA 0.09x 4.8x 0.09x 2.3x

Children's Place, Inc. PLCE 83.76 98.1% 1,581 25 234 1,372 1,740 188 (0.9%) (1.0%) 32.9% 10.8% 24.6x 0.79x 7.3x 0.78x 7.8x

Pacific Sunwear of California, Inc. PSUN 0.01 1.1% 1 132 11 121 800 4 (0.2%) (0.2%) 25.6% 0.5% NA 0.15x NM 0.15x 35.8x

Ross Stores, Inc. ROST 61.23 98.2% 24,462 396 928 23,931 12,091 1,924 7.0% 6.9% 28.2% 15.9% 24.0x 1.98x 12.4x 2.35x 15.6x

Shoe Carnival, Inc. SCVL 26.06 90.2% 512 0 66 446 992 73 3.6% 4.7% 29.4% 7.4% 17.8x 0.45x 6.1x 0.51x 7.3x

Stein Mart, Inc. SMRT 8.51 74.1% 394 149 16 527 1,362 73 1.5% 2.9% 26.1% 5.4% 17.2x 0.39x 7.2x 0.42x 7.2x

Stage Stores, Inc. SSI 5.75 31.8% 156 201 23 334 1,568 77 (4.2%) (1.9%) 24.4% 4.9% NA 0.21x 4.3x 0.20x 2.6x

Urban Outfitters, Inc. URBN 29.83 85.8% 3,494 75 288 3,281 3,469 502 2.8% 6.5% 35.3% 14.5% 16.9x 0.95x 6.5x 1.07x 5.9x

Zumiez Inc. ZUMZ 16.82 62.9% 423 0 62 361 800 71 (3.2%) 5.1% 28.6% 8.8% 19.4x 0.45x 5.1x 0.50x 3.7x

Mean 69.2% $3,349 $747 $317 $3,780 $4,281 $405 3.5% 3.4% 35.8% 10.0% 18.8x 0.81x 7.5x 0.95x 9.0x

Median 71.9% $1,242 $80 $165 $1,229 $2,351 $240 2.8% 2.9% 35.1% 9.3% 17.8x 0.51x 6.4x 0.62x 6.7x

Department Chains

Bon-Ton Stores, Inc. BONT $1.48 30.4% $31 $996 $8 $1,019 $2,771 $110 (2.0%) (1.8%) 33.0% 4.0% NA 0.37x 9.3x 0.36x 6.2x

Dillard's, Inc. Class A DDS 65.99 64.0% 2,279 823 150 2,952 6,680 659 (2.4%) (0.4%) 31.5% 9.9% 10.3x 0.44x 4.5x 0.44x 3.7x

J. C. Penney Company, Inc. JCP 9.43 78.6% 2,899 4,733 415 7,217 12,579 700 2.2% 0.3% 31.1% 5.6% NA 0.57x 10.3x 0.60x NM

Nordstrom, Inc. JWN 43.13 53.9% 7,482 2,786 470 9,798 14,471 1,604 4.9% 5.7% 35.9% 11.1% 15.5x 0.68x 6.1x 0.78x 5.4x

Kohl's Corporation KSS 40.75 63.5% 7,488 4,690 423 11,755 19,053 2,384 (0.1%) (0.3%) 30.9% 12.5% 14.0x 0.62x 4.9x 0.62x 4.5x

Macy's Inc M 35.74 51.0% 11,019 7,632 734 17,917 26,618 3,057 (5.1%) (1.6%) 36.2% 11.5% 11.8x 0.67x 5.9x 0.64x 4.7x

Stage Stores, Inc. SSI 5.75 31.8% 156 201 23 334 1,568 77 (4.2%) (1.9%) 24.4% 4.9% NA 0.21x 4.3x 0.20x 2.6x

Hudson's Bay Co. HBC-CA 12.67 61.2% 2,308 2,948 81 5,175 9,438 594 29.0% 32.0% 36.7% 6.3% 8.5x 0.55x 8.7x 1.07x 14.1x

Mean 54.3% $4,208 $3,101 $288 $7,021 $11,647 $1,148 2.8% 4.0% 32.4% 8.2% 12.0x 0.51x 6.7x 0.59x 5.9x

Median 57.6% $2,603 $2,867 $283 $6,196 $11,008 $680 (1.1%) (0.3%) 32.2% 8.1% 11.8x 0.56x 6.0x 0.61x 4.7x


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Discount Stores & Mass Merchants

Big Lots, Inc. BIG 52.75 97.8% 2,341 154 64 2,430 5,223 381 0.9% (1.2%) 37.5% 7.3% 17.6x 0.47x 6.4x 0.46x 7.8x

Costco Wholesale Corporation COST 166.15 97.9% 72,785 5,114 6,021 71,878 144,038 5,918 24.2% 11.2% 13.2% 4.1% 25.7x 0.50x 12.1x 0.67x 17.6x

CVS Health Corporation CVS 92.73 81.6% 99,594 27,469 1,864 125,199 160,173 12,024 12.0% 9.2% 16.9% 7.5% 20.2x 0.78x 10.4x 0.99x 12.7x

Dollar General Corporation DG 95.07 98.1% 26,979 2,991 188 29,782 20,715 2,362 7.3% 8.2% 31.0% 11.4% 23.0x 1.44x 12.6x 1.71x 14.5x

Dollar Tree, Inc. DLTR 95.72 98.2% 22,558 7,330 934 28,955 18,408 1,863 109.7% 34.7% 29.7% 10.1% NM 1.57x 15.5x 3.71x 25.1x

Gordmans Stores, Inc. GMAN 1.25 21.7% 25 54 9 70 654 12 1.2% 2.2% 38.9% 1.9% NA 0.11x 5.7x 0.11x 2.6x

PriceSmart, Inc. PSMT 78.74 77.8% 2,393 98 203 2,288 2,893 178 6.1% 9.1% 15.7% 6.2% 26.8x 0.79x 12.8x 0.96x 14.3x

Rite Aid Corporation RAD 6.97 73.6% 7,311 6,974 145 14,141 32,273 1,320 20.8% 8.6% 24.4% 4.1% NM 0.44x 10.7x 0.55x 11.0x

Target Corporation TGT 75.25 88.9% 44,343 14,223 4,036 54,530 72,862 7,458 0.2% (0.1%) 26.6% 10.2% 14.0x 0.75x 7.3x 0.75x 8.6x

TJX Companies, Inc. TJX 81.18 99.4% 53,667 1,615 2,348 52,934 31,622 4,397 7.4% 6.4% 28.9% 13.9% 23.9x 1.67x 12.0x 1.94x 13.7x

Tuesday Morning Corporation TUES 7.87 75.5% 350 0 15 335 947 29 4.5% 4.4% 35.5% 3.0% NM 0.35x NM 0.39x NA

Walgreens Boots Alliance Inc WBA 79.94 82.2% 86,520 13,525 3,326 96,719 117,237 7,931 24.7% 18.0% 23.2% 6.8% 28.1x 0.82x 12.2x 1.31x 17.4x

Wal-Mart Stores, Inc. WMT 73.32 98.6% 228,513 50,022 7,597 270,938 483,208 33,223 (0.5%) 0.9% 25.3% 6.9% 16.2x 0.56x 8.2x 0.57x 7.4x

Mean 83.9% $49,798 $9,967 $2,058 $57,708 $83,866 $5,931 16.8% 8.6% 26.7% 7.2% 21.7x 0.79x 10.5x 1.09x 12.7x

Median 88.9% $26,979 $5,114 $934 $29,782 $31,622 $2,362 7.3% 8.2% 26.6% 6.9% 23.0x 0.75x 11.4x 0.75x 13.2x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $22.90 56.1% $1,666 $518 $141 $2,043 $3,212 $1,704 8.5% 12.9% 47.6% 53.0% 12.3x 0.64x 1.2x 0.91x 7.5x

Bed Bath & Beyond Inc. BBBY 43.94 66.8% 6,787 1,491 567 7,712 12,103 1,636 1.2% 2.3% 38.0% 13.5% 8.8x 0.64x 4.7x 0.68x 4.2x

Conn's, Inc. CONN 7.11 19.6% 218 1,204 106 1,317 1,637 120 8.1% 21.4% 47.3% 7.4% NM 0.80x 10.9x 1.13x 7.5x

Ethan Allen Interiors Inc. ETH 34.02 92.5% 944 48 49 943 782 102 2.9% 2.2% 55.3% 13.0% 18.6x 1.21x 9.3x 1.28x 10.7x

hhgregg, Inc. HGG 2.00 30.4% 56 10 4 62 1,960 1 (8.0%) (7.5%) 26.6% 0.1% NA 0.03x 50.4x 0.03x 1.1x

Haverty Furniture Companies, Inc. HVT 18.35 74.8% 406 56 74 388 808 70 3.9% 5.3% 53.5% 8.6% 15.8x 0.48x 5.6x 0.52x 5.3x

Kirkland's, Inc. KIRK 15.60 55.3% 246 0 38 208 573 47 10.8% 8.3% 34.5% 8.1% 18.1x 0.36x 4.5x 0.45x 5.3x

LaZBoy Incorporated LZB 30.06 99.4% 1,471 1 137 1,335 1,525 152 7.0% 4.6% 38.3% 10.0% 19.4x 0.87x 8.8x 0.99x 12.3x

Pier 1 Imports, Inc. PIR 5.11 42.2% 426 202 128 500 1,879 112 (0.0%) 2.6% 33.9% 5.9% 16.5x 0.27x 4.5x 0.28x 2.3x

Rent-A-Center Inc RCII 13.26 47.4% 704 744 46 1,402 3,236 1,004 1.1% 1.8% 37.1% 31.0% NA 0.43x 1.4x 0.45x 4.2x

Restoration Hardware Holdings, Inc. RH 29.56 27.8% 1,200 552 337 1,415 2,142 234 11.4% 18.8% 35.5% 10.9% 17.8x 0.66x 6.1x 0.93x 9.9x

Select Comfort Corporation SCSS 23.04 86.2% 1,058 0 30 1,029 1,217 98 (1.1%) 9.3% 60.8% 8.1% 32.9x 0.85x 10.4x 1.07x 8.5x

Sherwin-Williams Company SHW 292.30 93.5% 26,956 2,040 71 28,926 11,463 1,890 2.2% 6.2% 50.1% 16.5% 25.8x 2.52x 15.3x 2.84x 21.1x

Williams-Sonoma, Inc. WSM 52.01 58.2% 4,637 100 99 4,638 5,043 661 6.1% 7.0% 36.8% 13.1% 15.6x 0.92x 7.0x 1.06x 7.7x

Mean 60.7% $3,341 $498 $130 $3,708 $3,399 $559 3.9% 6.8% 42.5% 14.2% 18.3x 0.76x 10.0x 0.90x 7.7x

Median 57.2% $1,001 $151 $87 $1,326 $1,919 $136 3.4% 5.7% 38.2% 10.4% 17.8x 0.65x 6.5x 0.92x 7.5x

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

PAGE |

PUBLIC COMPARABLES

CONSUMER AND RETAIL


11



Internet Retail

Amazon.com, Inc. AMZN 736.67 97.3% 347,582 17,612 16,170 349,024 113,417 9,250 23.3% 21.0% 32.6% 8.2% NM 3.08x 37.7x 4.69x 67.8x

Alibaba Group Holding Ltd. Sponsored ADR BABA $83.10 96.2% $207,357 $8,933 $18,097 $198,193 $15,904 $5,690 29.3% 42.5% 63.1% 35.8% 18.2x 12.46x 34.8x NA NA

Cimpress N.V. CMPR 94.25 92.6% 2,966 852 83 3,735 1,689 277 16.4% 14.1% 57.9% 16.4% NM 2.21x NM 3.06x 22.3x

eBay Inc. EBAY 31.31 98.5% 35,350 9,054 8,086 36,318 4,522 2,134 (74.5%) (32.9%) 96.0% 47.2% 19.3x 8.03x 17.0x 2.26x 6.7x

MercadoLibre, Inc. MELI 151.40 97.2% 6,685 299 340 6,644 661 168 12.2% 19.0% 65.9% 25.5% 49.8x 10.05x NM 14.06x 39.3x

Blue Nile, Inc. NILE 29.09 74.6% 338 0 30 308 477 19 0.1% 4.8% 19.4% 4.1% 32.7x 0.65x 15.8x 0.69x 14.3x

Overstock.com, Inc. OSTK 16.63 69.3% 421 28 129 321 1,673 22 7.7% 13.3% 16.7% 1.3% 32.0x 0.19x 14.6x 0.25x 9.9x

Priceline Group Inc PCLN 1,324.48 89.7% 65,746 6,421 3,384 68,783 9,531 3,656 10.3% 19.9% 78.1% 38.4% 26.2x 7.22x 18.8x 10.13x 25.7x

Shutterfly, Inc. SFLY 49.43 96.9% 1,703 379 170 1,913 1,081 140 14.5% 17.5% 49.9% 13.0% NM 1.77x 13.7x 2.44x 12.7x

Stamps.com Inc. STMP 79.54 64.3% 1,388 172 120 1,440 252 81 59.3% 28.2% 78.1% 32.0% NM 5.72x 17.9x 11.27x 35.2x

Rakuten, Inc. 4755-JP 10.91 65.0% 15,626 6,214 5,678 16,162 6,127 1,289 8.6% 3.4% 72.8% 21.0% 43.9x 2.64x 12.5x 3.28x 14.5x

Wayfair, Inc. Class A W 40.25 70.8% 3,419 0 309 3,110 2,573 (60) 75.7% 62.4% 24.0% NM NA 1.21x NM NA NA

Mean 84.4% $57,382 $4,164 $4,383 $57,163 $13,159 $1,889 15.2% 17.8% 54.5% 22.1% 31.7x 4.60x 20.3x 5.21x 24.8x

Median 91.2% $5,052 $616 $325 $5,190 $2,131 $223 13.4% 18.3% 60.5% 21.0% 32.0x 2.86x 17.0x 3.17x 18.4x

Specialty & Other Retail

Best Buy Co., Inc. BBY 33.14 84.8% 10,696 1,378 3,252 8,822 39,413 2,222 (1.1%) (2.8%) 23.6% 5.6% 11.5x 0.22x 4.0x 0.21x 4.6x

Big 5 Sporting Goods Corporation BGFV 10.74 70.7% 237 60 6 290 1,020 43 3.0% 1.8% 31.3% 4.2% 19.9x 0.28x 6.8x 0.29x 4.2x

Barnes & Noble, Inc. BKS $13.06 48.9% $965 $47 $14 $998 $4,164 $166 (31.4%) (15.2%) 28.6% 4.0% NA 0.24x NM 0.15x 5.9x

Dick's Sporting Goods, Inc. DKS 50.19 93.2% 5,725 163 92 5,796 7,366 731 6.1% 7.8% 30.0% 9.9% 17.9x 0.79x 7.9x 0.94x 8.3x

Home Depot, Inc. HD 136.31 98.9% 169,571 20,948 3,257 187,262 90,390 14,272 7.1% 5.9% 32.3% 15.8% 24.0x 2.07x 13.1x 2.39x 17.4x

Hibbett Sports, Inc. HIBB 36.41 78.3% 815 4 73 745 955 130 3.7% 5.0% 33.5% 13.6% 11.9x 0.78x 5.7x 0.88x 5.8x

MarineMax, Inc. HZO 20.24 91.9% 520 219 44 695 790 38 11.5% 13.0% 24.8% 4.9% 10.0x 0.88x 18.1x 1.17x 44.3x

Lumber Liquidators Holdings, Inc. LL 15.10 69.5% 410 32 13 429 942 (102) (9.9%) 1.5% 29.0% NM NM 0.46x NM 0.43x 3.1x

Lowe's Companies, Inc. LOW 80.76 96.5% 71,562 15,405 4,735 82,232 60,179 7,069 5.7% 6.1% 32.3% 11.7% 26.8x 1.37x 11.6x 1.55x 14.5x

Movado Group, Inc. MOV 22.54 72.8% 519 35 205 348 589 81 0.3% 4.8% 53.5% 13.8% 11.9x 0.59x 4.3x 0.62x 4.0x

Office Depot, Inc. ODP 3.61 44.5% 1,986 1,474 879 2,581 14,152 703 (9.4%) 10.3% 24.1% 5.0% NM 0.18x 3.7x 0.23x 6.6x

Staples, Inc. SPLS 9.25 62.8% 5,978 3,506 946 8,538 20,898 1,375 (5.4%) (4.6%) 25.8% 6.6% 16.5x 0.41x 6.2x 0.37x 4.9x

Tiffany & Co. TIF 63.11 65.4% 7,953 1,103 790 8,266 4,034 957 (4.0%) 1.4% 60.9% 23.7% 18.2x 2.05x 8.6x 2.06x 8.6x

Tractor Supply Company TSCO 89.94 92.5% 12,000 271 75 12,197 6,363 793 8.6% 10.4% 32.5% 12.5% 29.2x 1.92x 15.4x 2.36x 19.8x

Vitamin Shoppe, Inc. VSI 31.70 83.4% 769 123 2 890 1,266 126 2.0% 8.9% 30.1% 10.0% 17.8x 0.70x 7.1x 0.82x 6.3x

Mean 76.9% $19,314 $2,985 $959 $21,339 $16,835 $1,907 (0.9%) 3.6% 32.8% 10.1% 18.0x 0.86x 8.7x 0.96x 10.6x

Median 78.3% $1,986 $219 $92 $2,581 $4,164 $703 2.0% 5.0% 30.1% 9.9% 17.9x 0.70x 7.1x 0.82x 6.3x


PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

CONSUMER AND RETAIL


12

Private Equity

Announced Target Seller Buyer Involvement

7/27/2016 Peds Legwear, Inc. - Gildan Activewear, Inc.

7/26/2016 Vizio Holdings, Inc. - Leshi Internet Information & Technology

7/26/2016 Legion Industries, Inc. - The Legacy Cos.

7/25/2016 Donna Karan International, Inc. LVMH Moët Hennessy Louis Vuitton SE G-III Apparel Group Ltd.

7/22/2016 Model in a Bottle - American International Industries

7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc.

7/13/2016 Tessive LLC - RealD, Inc.; Rizvi Traverse Management LLC P

7/7/2016 Erno Laszlo, Inc. - CITIC Capital Partners Ltd. P

7/6/2016 First Act, Inc. - Alleghany Capital Partners LLC P

7/6/2016 Idaho Pacific Holdings, Inc. - Arlon Group LLC

7/5/2016 Source Media LLC /Traders Magazine/ Source Media LLC Markets Media LLC

7/5/2016 Hostess Brands LLC - The Gores Group LLC; Gores Holdings, Inc. P

7/5/2016 Thunder Jet - Brunswick Corp.

7/5/2016 Sea Crest Resort & Conference Center Scout Real Estate Capital LLC Delaware North Cos., Inc.

7/5/2016 D.K. Shifflet & Associates Ltd. - Peninsula Capital Partners LLC; MMGY Global Inc.

7/1/2016 Oliva Cigar Co. - V.D.M. Invest CVA; J. Cortès Cigars NV

7/1/2016 Harris Publications, Inc. - Athlon Media Group

7/1/2016 Supplies On The Fly Instawares Holding Co. LLC Sysco Corp.

7/1/2016 Heartland Habitat for Humanity, Inc. - Habitat For Humanity Kansas City, Inc.

6/30/2016 VF Corp. /Contemporary Premium Brand Business/ VF Corp. Delta Galil Industries Ltd.

6/30/2016 The Hershey Co. - Mondelez International, Inc.

6/28/2016 Peekaboo Child Care Centre, Inc. /Child Care Centres (20)/Peekaboo Child Care Centre, Inc. BrightPath Early Learning, Inc.

6/28/2016 Mile High Hoodies LLC - Vaprwear Gear LLC

6/28/2016 ABT Power Management, Inc. - Total Fleet Solutions Ltd.

6/27/2016 Clean Ones Corp. - Butler Home Products LLC

6/26/2016 Bromeland Publishing, Inc. /Scuttlebutt Magazine/ Bromeland Publishing, Inc. Forum Communications Co.

6/24/2016 The Sun Products Corp. - Henkel AG & Co. KGaA

6/24/2016 Skullcandy, Inc. - Incipio Technologies, Inc.

6/23/2016 HDMI Digital Media, Inc. - 8020 Connect, Inc.

6/22/2016 Hillcrest Golf & Country Club LP - PulteGroup, Inc.

6/22/2016 Binder Casting - RWS & Associates Entertainment, Inc.

6/22/2016 Collision Care Auto Body Centers, Inc. - Caliber Bodyworks, Inc.

6/21/2016 Fodors LLC Bertelsmann SE & Co. KGaA Kohlberg Kravis Roberts & Co. LP; Internet Brands, Inc. P

6/20/2016 Plantation Patterns LLC - Kohlberg & Co. LLC; NBGroup LLC

6/17/2016 Vista Clara Ranch Spa Resort - The Chi Center, Inc.

6/17/2016 Autism Behavioral Consulting, Inc. - CARD Capital

6/16/2016 Elizabeth Arden, Inc. - Revlon, Inc.

6/15/2016 24 Hour Fitness USA, Inc. 24 Hour Fitness Worldwide, Inc. Gold's Gym International, Inc.

6/15/2016 EBONY Magazine Johnson Publishing Co., Inc. Clear View Group LLC

6/13/2016 Georgia International Travel, Inc. - ABRY Partners LLC; Direct Travel, Inc. P

6/13/2016 Superior Cake Products, Inc. - Hostess, Apollo Global Management

6/13/2016 Charlebois Truck Parts, Inc. - FleetPride, Inc.; TPG Capital Management LP

6/10/2016 Generation Brands Holdings Quad-C Management, Inc. AEA Investors LP P

6/6/2016 Aardvark Safaris, Inc. - Inflexion Private Equity Partners LLP; Scott Dunn

6/3/2016 EdgeCraft Corp. Domajaparo, Inc. The Legacy Cos.

6/2/2016 Vogue International LLC - Johnson & Johnson

6/2/2016 Gurwitch Products LLC (New York) - Shiseido Americas Corp.

6/1/2016 The Redbury Hotel Alticor Global Holdings, Inc. 1717 Vine LLC

5/27/2016 Fly by Wings SA de CV /6 Wings Restaurants/ - Operadora y Administradora de Restaurantes Gigante SA de CV

5/25/2016 Tripoli Country Club, Inc. Pebblebrook Hotel Trust University Club of Milwaukee

5/24/2016 Keenmount Ltd. - Global Harvest, Inc. (BVI)

5/24/2016 Chinook Asia LLC /Mozo Shoes Brand/ CMR SAB de CV Advent International Corp.; AEA Investors LP; Shoes for Crews LLC; CCMP Capital Advisors LP; SFC Holdings LLC

5/23/2016 Conagra Foods, Inc. /Spicetec Flavors & Seasonings Business/3G Capital Partners LP (New York) Givaudan SA

5/20/2016 Hudson Lock LLC - Jacob Holtz Co. P

5/19/2016 John C. Nordt, Inc. - Richline Group, Inc.

5/19/2016 MMO Music Group, Inc. - Hal Leonard Corp.

5/18/2016 Global Fantasy Sports, Inc. Chinook Asia LLC Satya Worldwide, Inc.

5/18/2016 Empacadora Ponderosa SA de CV ConAgra Foods, Inc. Grupo Bafar SAB de CV

5/18/2016 Traveline Travel Agency, Inc. - ABRY Partners LLC; Direct Travel, Inc.

5/16/2016 High Ridge Brands Co. - Clayton, Dubilier & Rice, Ltd. P

5/12/2016 P& Christina Aguilera Line - Elizabeth Arden, Inc..

5/10/2016 Gaiam Inc. - Sequential Brands Group (NasdaqCM:SQBG)

5/9/2016 Baby Tula LLC - The ERGO Baby Carrier, Inc.

5/9/2016 Jade Swimwear L.P - The Riverside Company P

5/9/2016 The Mountain Corporation - Gladstone Investment Corporation

5/5/2016 Go Green Hydroponics Inc. OSL Holdings Inc. (OTCPK:OSLH) Growlife, Inc. (OTCPK:PHOT)

5/4/2016 A and G, Inc. Ennis Inc. (NYSE:EBF) Gildan Activewear Inc. (TSX:GIL)

5/2/2016 ReNew Life Formulas, Inc. Swander Pace Capital The Clorox Company (NYSE:CLX) P

4/29/2016 Norvell Skin Solutions, LLC - MT Industries, Inc.

4/29/2016 Eagle One Industries, Inc. Niteo Products, LLC American Covers Inc.

4/27/2016 Baby Trend Inc. - Alpha Group (SZSE:002292)

4/27/2016 Gemvara, Inc. Canaan Partners; Highland Capital Partners; Norwest Venture Partners; Balderton CapitalRichline Group, Inc.

4/26/2016 NeoStrata Company, Inc. McGovern Capital LLC Johnson & Johnson Consumer Inc. P

4/25/2016 Twin-Star International, Inc. Trivest Partners, L.P. Z Capital Management LLC P

4/19/2016 Southern Tide, LLC Brazos Private Equity Partners, LLC; Golub Capital CP Funding, LLC; Golub Capital Pearls Direct Lending Program, L.P; CenterOak Partners LLC; S/T Group Blocker, Inc.; GCP Southern Tide Coinvest, Inc.; S/T Group AIV2, LP; S/T Group AIV1, LP; GCP Equity Ltd.Oxford of South Carolina, Inc. P

4/19/2016 WKI Holding Company, Inc. - GP Investments Acquisition Corp. (NasdaqCM:GPIA)

PAGE |

M&A TRANSACTIONS

13

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

CONSUMER AND RETAIL


Private Equity


4/19/2016 World Kitchen - GPIAC P

4/18/2016 ILLUME - Regent Holding Company

4/12/2016 JAYBIRD, LLC - Logitech International SA (SWX:LOGN)

4/12/2016 Scorpion Bike Stands LLC - Feedback Sports LLC

4/6/2016 Always For Me LLC - Waveland Investments LLC P

4/5/2016 TK Enterprises - The Jordan Company, L.P. P

4/1/2016 Alstyle Apparel, LLC Ennis Inc. (NYSE:EBF) Alstyle Apparel, LLC

4/1/2016 Momentum Textiles, LLC Norwest Equity Partners The Riverside Company P

4/1/2016 Strength of Nature Global, LLC - Godrej Consumer Products

4/1/2016 Wilton Armetale, Inc. - Lifetime Brands, Inc. (NasdaqGS:LCUT)

3/31/2016 POW Inc. Alliance of Angels, Investment Arm; Dan Rosen and Associates; Columbia Pacific Advisors, LLC; POW Holdings, LLCRojo Australia Pty Ltd.

3/29/2016 J.America, Inc. - Blue Point Capital Partners P

3/28/2016 South Moon Sales, Inc. - NewSpring Capital; JPB Capital Partners P

3/24/2016 Ramcat Broadheads - Arcus Hunting, LLC

3/22/2016 Controlled Products, LLC - Clearview Capital, LLC P

3/21/2016 Karmaloop, Inc. CapX Partners; Comvest Partners Shiekh Shoes, LLC P

3/17/2016 Newell Rubbermaid Inc., Window Coverings Business Newell Rubbermaid Inc. (NYSE:NWL) Hunter Douglas N.V. (ENXTAM:HDG)

3/12/2016 Thom Browne, Inc. Stripe International Inc. Sandbridge Capital, LLC P

3/10/2016 Denver Design Company, LLC - 5 Horizons Group, LLC

3/10/2016 Natural Dynamics, LLC - Wellnext, LLC

3/9/2016 The Gents Place Men's Fine Grooming of Leawood, LLC - Massage Heights Corporate, LLC

3/8/2016 Thirsty Promo and Bag Warehouse Mark-It Smart Inc. The Image Group, Inc.

3/3/2016 The Procter & Gamble Company., Portfolio of Hair Care BrandsThe Procter & Gamble Company (NYSE:PG) Henkel AG & Co. KGaA (DB:HEN3)

3/3/2016 Tumi Holdings, Inc. (NYSE:TUMI) Doughty Hanson & Co.; Stockwell Capital LLC Samsonite International S.A. (SEHK:1910)

3/2/2016 The Guildery Inc. SoftTech VC; Forerunner Ventures; Cowboy Ventures; BBG VenturesMINTED LLC P

3/1/2016 Kuissential - SCS Direct Inc.

2/26/2016 DECIEM, Grow Gorgeous DECIEM Inc. The Hut.com Ltd

2/24/2016 Bell Sports Corp. BRG Sports, Inc. Vista Outdoor Inc. (NYSE:VSTO)

2/22/2016 Hayneedle Inc. Insight Venture Partners; Sequoia Capital Jet.com, Inc. P

2/22/2016 Zenith Products Corporation Charlesbank Capital Partners, LLC The Laces Company P

2/19/2016 Flint And Tinder USA, LLC Lerer Hippeau Ventures Huckberry LLC P

2/18/2016 Lise Watier Cosmétiques, Inc. Imperial Capital Group Ltd. Groupe Marcelle Inc. P

2/16/2016 Ebuys, Inc. - DSW Shoe Warehouse, Inc.

2/16/2016 The Pet Outpost, L.L.C - Bentley's Pet Stuff LLC

2/15/2016 True Textiles, Inc. Thomas H. Lee Partners, L.P.; LBC Credit Partners, Inc.; Sun Capital Partners, Inc.Duvaltex Inc. P

2/12/2016 THE WHEAT GROUP, INC. - United Legwear Company, LLC

2/11/2016 Furniture Factory Outlet, LLC Alpine Investors, LP Sun Capital Partners, Inc. P

2/11/2016 Sprig Toys, Inc. - BeginAgain, Inc.

2/11/2016 Etch A Sketch and Doodle Sketch The Ohio Art Company, Inc. (OTCPK:OART) Spin Master Corp. (TSX:TOY)

2/11/2016 WorldStrides, Inc. The Carlyle Group LP (NasdaqGS:CG) Metalmark Capital LLC P

2/10/2016 Stop Aging Now, LLC - Wellnext, LLC

2/10/2016 iDevices, LLC, iGrill® iDevices, LLC Weber-Stephen Products LLC

2/7/2016 Apollo Education (NasdaqGS:APOL) Glenview Capital Management, LLC; Fidelity Management & Research Company; Robeco Boston Partners; T. Rowe Price Associates, Inc.; Aronson+Johnson+Ortiz, LPNajafi Companies P

2/5/2016 LeapFrog Enterprises Inc. (NYSE:LF) Blue Pacific Partners, LLC; Franklin Templeton Investments Corp.Vtech Holdings Ltd. (SEHK:303) P

2/5/2016 efsAUDIO Inc. - Compass Biotechnologies Inc. (OTCPK:COBI)

2/4/2016 Large Car Wash Operation - First Colombia Gold Corp. (OTCPK:FCGD)

2/4/2016 LMC Right Start, Inc. Liberty Interactive Corporation (NasdaqGS:QVCA)giggle, Inc.

2/2/2016 Rona Inc. (TSX:RON) Capital d'Amérique CDPQ Inc.; Invesco Canada Ltd.; First Asset Investment Management Inc.; Fonds régional de solidarité FTQ Montérégie; Caisse de dépôt et placement du Québec; Fonds de solidarité FTQLowe's Companies Canada, ULC P

2/2/2016 mophie, inc. mStation Corporation; Beringea LLC; Grosvenor Capital Management Customized Fund Investment GroupZAGG Inc (NasdaqGS:ZAGG) P

2/2/2016 Blumenthal Lansing Company, LLC - CSS Industries Inc. (NYSE:CSS)

2/1/2016 Vitamin World, Inc. NBTY, Inc. Centre Lane Partners, LLC P

1/29/2016 Creative Embroidery - -

1/28/2016 TicketBreak Ltd. MapleCore Ltd. Ticketfly, Inc.

1/28/2016 All Star Vending & Coffee Service LLC - Canteen Vending Services, Inc.

1/28/2016 Ellsworth Handcrafted Bicycles, Inc. Iso Nano International LLC -

1/28/2016 GetGoing, Inc. Y Combinator; Data Collective; TA Ventures; InVenture PartnersBCD Travel B.V. P

1/28/2016 Really Good Stuff, Inc. - Excelligence Learning Corporation

1/27/2016 Triboro Quilt Manufacturing Corporation - Gerber Childrenswear LLC

1/25/2016 Valeant Groupe Cosméderme Inc. Valeant Canada Ltd. INTEGA Skin Sciences Inc.

1/25/2016 Mccarthy's Hockey & Lacrose Supply Co, Inc. - LaxWorld Inc.

1/22/2016 Swanson Health Products, Inc. - Swander Pace Capital P

1/22/2016 Fiskars Brands, Inc., American Designer Pottery Fiskars Brands, Inc. Bloem Living LLC

1/21/2016 Triumph Sports USA, Inc. - Escalade Sports, Inc.

1/21/2016 SparkBox Toys LLC. - Pley Inc.

1/21/2016 Rose America Corporation - Guardian Capital Partners P

1/21/2016 A Fresh Start II, LLC - CORE TEAM, Inc.

1/20/2016 Cybex International Inc. UM Holdings Ltd. Brunswick Corporation (NYSE:BC) P

1/20/2016 BBC Ice Cream, LLC Iconix Brand Group, Inc. (NasdaqGS:ICON) -

1/19/2016 ABC Phones of North Carolina, Inc. Atlantic Street Capital Management, LLC Lone Star Funds P

1/19/2016 LIDS Team Sports The LIDS Sports Group BSN Sports, LLC

1/18/2016 Jerry's Sporting Goods Store - BSN Sports, LLC

1/15/2016 GE Appliances Inc. General Electric Company (NYSE:GE) Qingdao Haier Co., Ltd. (SHSE:600690)

1/14/2016 Prime Life Nutriceuticals, Inc. - Sisquoc Healthcare, Inc.

1/13/2016 Epic Performance, LLC. - NutraFuels, Inc. (OTCPK:NTFU)

1/13/2016 Easton Hockey, Inc. Chartwell Investments Inc. Performance Sports Group Ltd. (TSX:PSG) P

1/8/2016 Long Elegant Legs, Inc. - Long Tall Sally Ltd.

PAGE |

HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

14

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

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

Ed ArkusManaging [email protected]+44 20 7518 8905

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

John Neuner IVManaging [email protected]+1 (804) 915-0125

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

Corey [email protected]+1 (804) 932-1342

Will [email protected]+44 20 7518 8906

Brent SpillerManaging [email protected]+1 (804) 915-0183

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

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

Matt ConatyVice [email protected]+1 (415) 217-3423

Private Equity


1/7/2016 Gilt Groupe Inc. Draper Fisher Jurvetson, General Atlantic LLC Hudson's Bay Company (TSX:HBC) P

1/7/2016 Majorsales, LLC - Level Nine Sports, INC.

1/7/2016 Sojourner Farms, LLC - WellPet LLC

1/6/2016 Solutions In Mind, Inc. - Frontline Technologies Group LLC

1/6/2016 Maykah, Inc. iD Ventures America, LLC; StartX Patch Products, Inc.

1/6/2016 California Family Health, LLC Bunker Hill Capital Perpetual Capital Partners LLC P

1/6/2016 Holiday Travel, Inc. - Xanterra Parks & Resorts, Inc.

1/5/2016 Home Meridian International, Inc. - Hooker Furniture Corp. (NasdaqGS:HOFT)

1/5/2016 Mills e-Commerce Enterprises, Inc. - KKR & Co. L.P. (NYSE:KKR) P

1/5/2016 Slim, Inc. - Ricardo Beverly Hills, Inc.

1/5/2016 Reef One Inc - OASE GmbH

1/4/2016 509, Inc. - Polaris Industries Inc. (NYSE:PII)

12/31/2015 Octane Fitness, LLC North Castle Partners, LLC Nautilus Inc. (NYSE:NLS)

12/29/2015 Loken Imports, LLC - BCS International, Inc.

12/28/2015 Fitness First Inc. - Combat Brands, LLC

12/23/2015 Orapup - TRUPET LLC

12/22/2015 Brooklyn Nets / Barclay's Center (Minority Stake) Nets Sports and Entertainment LLC Onexim Sports and Entertainment Holding USA, Inc.

12/22/2015 Complete Nutrition, Inc. - Dominus Capital, L.P. P

12/17/2015 Avon Products, Inc., North American business Avon Products Inc. (NYSE:AVP) Cerberus Capital Management, L.P. P

12/17/2015 SBD Holdings Group Corp., South Beach Diet Brand SBD Holdings Group Corp. Nutrisystem, Inc. (NasdaqGS:NTRI)

12/16/2015 1-800 CONTACTS, Inc. Thomas H. Lee Partners, L.P. AEA Investors LP P

12/15/2015 Arrow Group Industries, Inc. - ShelterLogic Corp.

12/15/2015 PRO-TEC Brand DYE Precision, Inc. Bravo Sports Corporation

12/14/2015 TractorSearch.com USAgNet LLC Machinery Pete LLC

12/13/2015 Jarden Corp. The Vanguard Group & J.P. Morgan Newell Rubbermaid Inc.

12/11/2015 Bryan Schuetz DC Inc. - BioStem Technologies, Inc.

12/10/2015 Smart Wireless, 56 stores in OR & WA Smart Wireless, Inc. Spring Communications, Inc.

12/10/2015 Nobile Communications, 50 stores in FL Nobile Communications Spring Communications, Inc.

12/7/2015 Next University, Inc. Flybridge Capital Partners & Grupo Arcano Open English LLC P

12/7/2015 Runaway Tours, LLC - NFL On Location

12/4/2015 Brahms Mount - SFERRA Bros., Ltd.

12/4/2015 Truckee Rents, Inc. - Mountain Hardware & Sports, Inc.

12/4/2015 FDS Inc. Inspired Beauty Brands Inc. WellSpring Pharmaceutical Corporation

12/3/2015 Balboa Water Group, Inc. Quad-C Management, Inc. - P

12/3/2015 Bargain Hunt Superstores - Thomas H. Lee Partners, L.P. P

12/3/2015 Clipper Mill, Inc. - G.E.T. Enterprises, LLC

12/3/2015 Rothschild's Home Health Care Center Inc. - Nunn's Home Medical Equipment, Inc.

12/2/2015 The One World Doll Project, Inc. One World Holdings, Inc. Tonner Doll Company, Inc.

12/2/2015 Environment Furniture, Inc. HCAP Partners Cisco Bros. Corp. P

12/2/2015 MynettMusic, LLC - Sweetwater Sound Inc.

12/1/2015 Alexandria Holdings Corp. Fila Korea Ltd. -

11/27/2015 D&J Hobby Inc. - -

11/25/2015 EXO, Inc. - PF Hospitality Group, Inc

11/25/2015 The Brace Shop, LLC - VeriTeQ Corporation

11/25/2015 Sleepy's, LLC Calera Capital Mattress Firm, Inc. P

11/24/2015 CucinaPro, Inc. - SCS Direct Inc.

11/24/2015 Old Time SPORTS, Inc. - '47 Brand, Inc.

11/24/2015 All Aboard USA, Inc. - Premier Transportation, LLC

11/23/2015 Tri-Lite, Inc., Heater Business Tri-Lite, Inc. Bird-X, Inc.

11/23/2015 DenTek Oral Care, Inc. TSG Consumer Partners Prestige Brands Holdings, Inc. P

11/23/2015 PETCO Animal Supplies, Inc. Freeman Spogli, LG&P, TPG, and others CVC & CPPIB P

11/23/2015 Coveroo, Inc. Rembrandt Venture Partners Zazzle Inc. P

11/20/2015 Bernard Chaus, Inc. - Camuto Group, Inc.

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CONSUMER AND RETAIL


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

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HARRIS WILLIAMS & CO.

16

SOURCES

S&P Capital IQ.

Thomson Financial.

Reuters.

S&P Capital IQ LCD.

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 authorized 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.

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