investment banking & securities offered through sdr ......financial buyer inv. date select...

Investment Banking & Securities Offered Through SDR

Capital Markets, Inc., Member FINRA & SIPC.

http://sdrventures.com/







https://corporate.mcdonalds.com/content/corpmcd/scale-for-good/packaging-and-recycling.html#fn03

https://www.sustanagroup.com/

mailto:[email protected]





https://www.beveragedaily.com/Article/2017/07/12/Mintel-talks-trends-in-sugar-and-sweeteners-at-IFT-2017

https://www.bevindustry.com/articles/91738-innovative-less-sweet-juices-key-for-future

https://www.sujajuice.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA12/20/2018 Cargill, Inc. (Malt Business) Boortmalt NV Ingredients & Flavors - - -

12/18/2018 Conagra Brands, Inc. (Wesson Oil Business) Richardson International Ltd. Ingredients & Flavors - - -

12/17/2018 Agropur Cooperative (St Paul Plant) Dairy Farmers of America, Inc. Dairy - - -

12/3/2018 Yucatan Foods LP Apio, Inc. CPG Foods 80.00 1.33x -

11/29/2018 Primal Nutrition LLC The Kraft Heinz Co. Ingredients & Flavors 200.00 - -

11/19/2018 The Blommer Chocolate Co. Fuji Oil Holdings, Inc. Ingredients & Flavors 750.00 0.83x -

11/15/2018 Schwan's Co. CJ CheilJedang Corp. CPG Foods 2,305.00 - -

11/12/2018 Diageo Plc (19 Seagram's Brands) Sazerac Co., Inc. Alcohol 550.00 - -

11/6/2018 Bojangles', Inc. The Jordan Co. LP; Durational Capital

Partners LLC; Shareholders

Restaurants 716.23 - -

11/6/2018 Kraft Heinz Canada ULC (Canadian Natural Cheese

Business)

Parmalat SpA Dairy 1,237.73 - -

10/31/2018 Health Warrior, Inc. PepsiCo, Inc. CPG Foods - - -

10/26/2018 F&A Dairy Products, Inc. Saputo, Inc. Dairy 85.00 0.52x -

10/15/2018 Greencore USA, Inc. Charlesbank Capital Partners LLC; Partners

Group (Private Equity); Hearthside Food

Solutions LLC

CPG Foods 1,075.00 0.77x -

10/11/2018 Slim-Fast Foods Co. Glanbia Plc CPG Foods 350.00 1.65x 14.58x

10/2/2018 Les Produits Alimentaires Viau, Inc. Maple Leaf Foods, Inc. Proteins 167.64 - -

12

8

23

5 3

8

16

-

22

1

-

5

10

15

20

25

Strategic84%

Financial16%




Financial Buyer Inv. Date Select Corporate Investments

L Catterton 12/12/2018 ▪The Cholula Food Co., Inc.

10/11/2017 ▪Uncle Julio's Corp.

6/20/2017 ▪Punch Bowl Social9/2/2016 ▪Front Burner Restaurants LP9/2/2016 ▪Velvet Taco

12/22/2015 ▪The Piada Group, LLC42199Wind Point Advisors LLC 9/5/2018 ▪Sabra Dipping Co. LLC (Salsa Business)

1/30/2018 ▪California Natural Products Inc

12/6/2017 ▪Pacifica Foods LLC

11/6/2017 ▪Gaytan Foods Co.

4/11/2016 ▪Evans Food Group Ltd.

Brynwood Partners 7/9/2018 ▪U.S. Baking Business Of The J. M. Smucker Company

5/16/2018 ▪Carolina Beverage Group LLC

8/3/2017 ▪Cold Spring Brewing Co.

12/7/2016 ▪Nestle Healthcare Nutrition, Inc. (Nutrament Bus)

11/1/2016 ▪Faribault Foods, Inc. (Beverage Business)

Advent International Corp. 3/1/2018 ▪Lentz Milling Co.

3/1/2018 ▪Lentz Milling Co.

6/8/2016 ▪ConAgra Foods, Inc., JM Swank Business

9/20/2012 ▪Harvest Meat Company, Inc.

Apollo Global Management 12/19/2017 ▪Qdoba Restaurant Corp.

3/14/2016 ▪The Fresh Market, Inc.

2/16/2011 ▪Sprouts Farmers Market, Inc. (NasdaqGS:SFM)

1/30/2013 ▪Hostess Brands, Inc. (Certain Snack Cake Brands)

Strategic Buyer Inv. Date Select Corporate Acquisitions

MTY Food Group, Inc. 12/11/2018 ▪South Street Burger Co.

10/31/2018 ▪Restaurants Casa Grecque Inc.

9/4/2018 ▪All of the Assets of Sweet Frog Enterprises, LLC

2/19/2018 ▪Grabbagreen Franchsing LLC

Premium Brands Holdings Corp. 9/4/2018 ▪Ready Seafood Co.

7/30/2018 ▪Yorkshire Valley Farms Ltd

4/12/2018 ▪Oberto Sausage Co.

4/12/2018 ▪McLean Meats, Inc.

Tyson Foods, Inc. 8/20/2018 ▪Keystone Foods LLC

6/4/2018 ▪Tecumseh Poultry LLC

11/13/2017 ▪Original Philly Holdings, Inc.

4/25/2017 ▪AdvancePierre Foods Holdings, Inc.

Conagra Brands, Inc. 6/27/2018 ▪Pinnacle Foods, Inc.

12/21/2017 ▪Kangaroo Brands, Inc. (Sandwich Bros Business)*

9/22/2017 ▪Angie's Artisan Treats LLC

3/16/2017 ▪Thanasi Foods LLC

Nestlé 5/7/2018 ▪Starbucks Corp. (Consumer & Foodservice Business)

11/3/2017 ▪Chameleon Cold Brew LLC

9/14/2017 ▪Blue Bottle Coffee, Inc.

9/7/2017 ▪Sweet Earth, Inc.




-50%

-40%

-30%

-20%

-10%

0%

10%

20%

Alcohol Non-Alcohol CPG Foods

Natural & Organic Foods Dairy Proteins

Produce Ingredients & Flavors Co-Packers

Restaurants Digitally Native S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Anheuser-Busch InBev SA/NV ABI-BE 111,686$ 65.96$ (23.3%) (38.0%) 56.3% 1.5% 37.7% 4.5x 11.6x 16.2x 4.5x 10.9x

Diageo Plc DGE-GB 86,113 35.60 2.8% 2.6% 94.2% 7.4% 32.1% 6.5x 18.8x 21.7x 6.2x 17.0x

Constellation Brands, Inc. STZ-US 30,552 160.82 (25.4%) (29.6%) 68.0% 6.3% 35.4% 5.4x 14.7x NM 5.6x 14.8x

Brown-Forman Corp. BF.B-US 22,667 47.58 (5.9%) (13.4%) 79.9% 5.3% 37.7% 7.6x 22.7x NM 7.3x 20.8x

Molson Coors Brewing Co. TAP-US 11,151 56.16 (8.7%) (31.6%) 65.4% (0.3%) 24.8% 2.0x 9.1x 7.4x 2.0x 8.9x

Boston Beer Co., Inc. SAM-US 2,072 240.84 (16.2%) 26.0% 73.0% 12.6% 19.4% 2.8x 17.6x 28.0x 2.5x 14.3x

MGP Ingredients, Inc. MGPI-US 962 57.05 (27.8%) (25.8%) 57.2% 11.5% 15.5% 2.8x 18.2x 25.7x 2.5x 14.4x

Craft Brew Alliance, Inc. BREW-US 277 14.31 (12.5%) (25.5%) 68.1% 4.7% 4.9% 1.3x 14.6x 22.4x 1.3x 12.5x

Castle Brands, Inc. ROX-US 143 0.85 (20.5%) (30.3%) 59.9% 12.3% 5.4% 2.0x 34.1x NM 1.8x 19.2x

Willamette Valley Vineyards, Inc. WVVI-US 34 6.89 (12.9%) (16.5%) 80.6% NM 25.2% 2.3x 9.7x 15.2x NM NM

Truett-Hurst, Inc. THST-US 9 1.93 4.9% (6.8%) 60.5% NM (26.7%) 1.4x 10.1x NM NM NM

Segment Average (13.2%) (17.2%) 69.4% 6.8% 19.2% 3.5x 16.5x 19.5x 3.7x 14.8xSegment Median (12.9%) (25.5%) 68.0% 6.3% 24.8% 2.8x 14.7x 21.7x 2.5x 14.4x

Market Stats Operating Stats LTM Multiples NTM Multiples





($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Coca-Cola Co. KO 201,546$ 47.35$ 2.5% 3.2% 93.1% 3.0% 34.7% 7.2x 21.2x 71.7x 7.0x 19.2x

PepsiCo, Inc. PEP 155,950 110.48 (1.2%) (7.9%) 90.2% NM NM 2.7x 14.0x NM 2.7x 13.1x

Dr Pepper Snapple Group, Inc. DPS 36,046 25.64 10.7% (73.6%) 20.2% 37.0% 23.1% 6.6x 32.6x 4.3x 4.5x 15.4x

Monster Beverage Corp. MNST 27,217 49.22 (15.5%) (22.2%) 70.1% 12.5% 36.2% 7.1x 19.8x 29.3x 6.4x 17.7x

Coca-Cola European Partners Plc CCE 22,288 45.85 0.8% 15.1% 92.8% 4.7% 19.7% 2.1x 11.5x 27.3x 2.1x 11.2x

Fomento Economico Mexicano SAB de CV FMX-US 18,597 86.05 (13.1%) (8.4%) 85.1% 8.7% 13.0% 1.5x 12.4x NM 1.4x 11.2x

National Beverage Corp. FIZZ 3,347 71.77 (38.5%) (26.3%) 56.4% 10.1% 19.7% 3.0x 14.9x 20.1x 2.8x 12.2x

SodaStream International Ltd. SODA 3,263 142.25 (0.6%) 102.2% 98.8% NM NM 5.0x 24.1x NM NM NM

Coca-Cola FEMSA SAB de CV KOF 3,178 60.84 (0.7%) (12.6%) 76.6% (2.8%) 19.7% 1.6x 9.2x NM 1.7x 8.8x

TreeHouse Foods, Inc. THS 2,840 50.71 6.0% 2.5% 91.2% (6.2%) 9.1% 0.8x 10.6x NM 0.9x 9.4x

Cott Corp. (Canada) BCB-CA 1,941 13.92 (8.8%) (9.4%) 80.1% 8.9% 13.6% 1.3x 11.3x NM 1.3x 9.1x

Hain Celestial Group, Inc. HAIN 1,650 15.86 (41.5%) (62.6%) 37.1% 2.7% 0.5% 0.9x 15.3x NM 0.9x 8.6x

Coca-Cola Bottling Co. Consolidated COKE 1,267 177.38 (2.7%) (17.6%) 80.0% NM 7.5% 0.6x 12.6x NM NM NM

Primo Water Corp. PRMW 540 14.01 (22.4%) 11.5% 67.6% 6.2% 19.7% 2.4x 13.9x NM 2.3x 11.9x

Reed's, Inc. REED 53 2.07 (36.3%) 33.5% 52.4% 13.4% (17.8%) 1.8x NM NM 1.6x NM

Coffee Holding Co., Inc. JVA 20 3.53 (20.1%) (17.1%) 61.4% NM NM 0.3x 5.1x NM 0.2x NM

Leading Brands, Inc. LBIX 8 2.02 (52.5%) (75.2%) 17.6% NM NM NM NM NM NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Mondelez International, Inc. MDLZ 58,197$ 40.03$ (6.8%) (6.5%) 86.0% (0.6%) 19.4% 2.9x 16.2x NM 3.0x 14.6x

General Mills, Inc. GIS 23,237 38.94 (9.3%) (34.3%) 64.2% 4.9% 21.2% 2.4x 11.6x 11.4x 2.3x 11.1x

Hormel Foods Corp. HRL 22,817 42.68 8.3% 17.3% 92.3% 3.4% 15.0% 2.4x 17.4x 22.9x 2.4x 16.1x

Kellogg Co. K 19,784 57.01 (18.6%) (16.1%) 76.0% 1.6% 17.3% 2.2x 10.9x 10.7x 2.1x 12.0x

McCormick & Co., Inc. MKC 18,329 139.24 5.7% 36.6% 89.3% NM NM 4.3x 21.1x NM 4.1x 19.3x

Conagra Brands, Inc. CAG 10,373 21.36 (37.1%) (43.3%) 54.2% 28.2% 15.6% 2.9x 16.5x 11.7x 1.9x 9.9x

Campbell Soup Co. CPB 9,931 32.99 (9.9%) (31.4%) 68.1% 7.4% 19.5% 2.1x 11.2x NM 2.0x 10.7x

Post Holdings, Inc. POST 5,943 89.13 (9.1%) 12.5% 87.9% (7.0%) 19.2% 2.0x 10.5x 14.5x 2.2x 10.5x

Lancaster Colony Corp. LANC 4,862 176.86 18.5% 36.9% 91.0% 5.4% 17.7% 3.7x 22.6x 33.6x 3.6x 20.2x

Flowers Foods, Inc. FLO 3,895 18.47 (1.0%) (4.4%) 81.0% 2.1% 10.5% 1.2x 11.4x 18.2x 1.2x 11.0x

J&J Snack Foods Corp. JJSF 2,714 144.59 (4.2%) (4.8%) 88.8% 3.8% 14.3% 2.3x 16.4x 26.3x 2.2x 15.1x

B&G Foods, Inc. BGS 1,906 28.91 5.3% (17.8%) 81.2% (4.6%) 19.9% 2.3x 14.0x NM 2.4x 12.2x

Cal-Maine Foods, Inc. CALM 1,854 42.30 (12.4%) (4.8%) 80.9% (8.6%) 11.6% 1.1x 6.7x 10.1x 1.2x 14.4x

Farmer Brothers Co. FARM 396 23.33 (11.6%) (27.4%) 68.7% 2.2% 8.8% 0.8x 10.1x NM 0.8x 8.6x

Dean Foods Co. DF 348 3.81 (46.3%) (67.0%) 31.6% (1.9%) 0.4% 0.2x 5.3x NM 0.2x 5.3x

Rocky Mountain Chocolate Factory, Inc. RMCF 51 8.52 (16.9%) (27.7%) 67.6% NM 12.3% 1.3x 8.7x 21.7x NM NM

Lifeway Foods, Inc. LWAY 30 1.88 (29.3%) (76.5%) 21.7% NM 1.2% 0.3x 268.9x NM NM NM






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Darling Ingredients, Inc. DAR 3,168$ 19.24$ (0.4%) 6.1% 86.0% 4.1% 12.2% 1.4x 11.1x 19.2x 1.3x 10.0x

Sprouts Farmers Markets, Inc. SFM 3,000 23.51 (14.2%) (3.4%) 79.2% 13.8% 6.4% 0.7x 10.1x 16.7x 0.6x 9.7x

Hain Celestial Group, Inc. HAIN 1,650 15.86 (41.5%) (62.6%) 37.1% 2.7% 0.5% 0.9x 15.3x NM 0.9x 8.6x

Calavo Growers, Inc. CVGW 1,282 72.96 (24.5%) (13.6%) 67.6% 12.5% 3.8% 1.2x 18.4x 39.7x 1.1x 14.6x

United Natural Foods, Inc. UNFI 543 10.59 (64.6%) (78.5%) 21.2% 112.3% 2.6% 0.4x 11.9x 4.6x 0.2x 6.1x

Limoneira Co. LMNR 345 19.55 (25.1%) (12.7%) 58.5% 55.8% (40.5%) 3.4x 23.6x 16.1x 2.0x 12.1x

Natural Grocers by Vitamin Cottage, Inc. NGVC 343 15.33 (9.2%) 71.7% 62.6% 8.8% 5.2% 0.5x 8.3x 27.1x 0.4x 7.8x

SunOpta, Inc. SOY-CA 338 3.87 (44.2%) (45.5%) 42.3% 8.6% 4.7% 0.8x 20.9x NM 0.7x 12.7x

RiceBran Technologies RIBT 86 3.00 4.5% 102.7% 83.7% 125.2% (43.1%) 5.3x NM NM 2.1x NM

AMCON Distributing Co. DIT 62 99.75 14.7% 9.9% 95.0% NM 1.3% 0.1x 10.0x 18.6x NM NM

Reed's, Inc. REED 53 2.07 (36.3%) 33.5% 52.4% 13.4% (17.8%) 1.8x NM NM 1.6x NM

Lifeway Foods, Inc. LWAY 30 1.88 (29.3%) (76.5%) 21.7% NM 1.2% 0.3x NM NM NM NM

Tofutti Brands, Inc. TOF 9 1.83 (32.2%) 1.7% 57.7% NM (3.1%) 0.7x 14.4x 15.0x NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Danone SA BN-FR 48,170$ 70.32$ (7.8%) (12.1%) 79.7% 1.4% 23.0% 2.1x 10.1x 14.1x 2.1x 11.0x

Dean Foods Co. DF 348 3.81 (46.3%) (67.0%) 31.6% (1.9%) 0.4% 0.2x 5.3x NM 0.2x 5.3x

Lifeway Foods, Inc. LWAY 30 1.88 (29.3%) (76.5%) 21.7% NM 1.2% 0.3x NM NM NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Hormel Foods Corp. HRL 22,817$ 42.68$ 8.3% 17.3% 92.3% 3.4% 15.0% 2.4x 17.4x 22.9x 2.4x 16.1x

Tyson Foods, Inc. TSN 15,787 53.40 (10.3%) (34.1%) 64.7% 4.1% 11.1% 0.7x 6.8x 6.4x 0.7x 7.0x

Post Holdings, Inc. POST 5,943 89.13 (9.1%) 12.5% 87.9% (7.0%) 19.2% 2.0x 10.5x 14.5x 2.2x 10.5x

Seaboard Corp. SEB 4,143 3,538.01 (4.6%) (19.8%) 80.1% NM 4.2% 0.5x 9.3x 42.7x NM NM

Pilgrim's Pride Corp. PPC 3,862 15.51 (14.3%) (50.1%) 49.6% 0.8% 6.1% 0.5x 6.3x 9.9x 0.5x 6.1x

Nomad Foods Ltd. NOMD 2,909 16.72 (17.5%) (1.1%) 77.9% 11.6% 14.2% 1.9x 12.3x 16.1x 1.8x 10.1x

Sanderson Farms, Inc. SAFM 2,200 99.29 (3.9%) (28.5%) 72.2% 2.8% (3.6%) 0.6x 13.5x 36.8x 0.6x 13.1x

Cal-Maine Foods, Inc. CALM 1,854 42.30 (12.4%) (4.8%) 80.9% (8.6%) 11.6% 1.1x 6.7x 10.1x 1.2x 14.4x

Premium Brands Holdings Corp. PBH-CA 1,851 54.81 (20.6%) (27.4%) 56.1% 31.0% 8.5% 1.3x 15.3x 22.9x 1.0x 11.1x

Pingtan Marine Enterprise, Ltd. PME 202 2.55 13.8% (16.4%) 60.7% NM 60.8% 4.4x 9.4x 9.7x NM NM

Bridgford Foods Corp. BRID 180 19.87 18.7% 58.3% 92.2% NM NM 1.0x 12.8x NM NM NM

Renmin Tianli Group, Inc. ABAC 9 0.87 (56.9%) (70.5%) 25.7% NM (1.2%) (1.9x) NM NM NM NM






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Sysco Corp. SYY 31,644$ 60.73$ (14.5%) 3.2% 79.9% 4.4% 5.6% 0.7x 12.8x 21.5x 0.7x 11.4x

US Foods Holding Corp. USFD 7,174 31.93 2.7% (0.9%) 78.0% 2.9% 4.3% 0.4x 10.3x 12.5x 0.4x 8.7x

Nomad Foods Ltd. NOMD 2,915 16.91 (17.5%) (1.1%) 78.8% 11.6% 14.2% 1.9x 12.3x 16.3x 1.8x 10.1x

United Natural Foods, Inc. UNFI 2,483 49.27 (64.6%) (78.5%) 98.6% 112.3% 2.6% 0.4x 11.9x 21.6x 0.2x 6.1x

Fresh Del Monte Produce, Inc. FDP 2,371 47.67 (16.6%) (40.7%) 90.9% NM 2.8% 0.5x 10.9x NM NM NM

Calavo Growers, Inc. CVGW 1,480 84.40 (24.5%) (13.6%) 78.1% 12.5% 3.8% 1.2x 18.4x NM 1.1x 14.6x

SpartanNash Co. SPTN 986 26.68 (14.4%) (35.6%) 96.2% 0.3% 2.5% 0.2x 6.6x 11.9x 0.2x 6.0x

SunOpta, Inc. ¹ SOY-CA 670 7.73 (44.2%) (45.5%) 84.5% 8.6% 4.7% 0.8x 20.9x NM 0.7x 12.7x

Landec Corp. LNDC 347 12.60 (17.8%) (6.0%) 80.8% 15.9% 1.4% 0.8x 23.7x 16.1x 0.7x 10.0x

Limoneira Co. LMNR 323 22.40 (25.1%) (12.7%) 67.0% 55.8% (40.5%) 3.4x 23.6x 18.5x 2.0x 12.1x

Seneca Foods Corp. SENEA 306 30.75 (16.3%) (8.2%) 85.7% NM 1.3% 0.5x 20.6x NM NM NM

Village Farms International, Inc. ¹ VFF-CA 256 6.10 (36.6%) (42.1%) 77.7% 36.9% 2.4% 1.4x NM NM 0.9x 6.2x

Alico, Inc. ALCO 243 29.50 (12.7%) 0.0% 85.1% NM (5.2%) 4.6x 14.2x 18.8x NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

McCormick & Co., Inc. MKC 18,329$ 139.24$ 5.7% 36.6% 89.3% NM NM 4.3x 21.1x NM 4.1x 19.3x

Ingredion, Inc. INGR 6,462 91.40 (12.9%) (34.6%) 62.5% 1.3% 18.3% 1.3x 7.5x 14.9x 1.3x 7.4x

Darling Ingredients, Inc. DAR 3,168 19.24 (0.4%) 6.1% 86.0% 4.1% 12.2% 1.4x 11.1x 19.2x 1.3x 10.0x

Sensient Technologies Corp. SXT 2,361 55.85 (27.0%) (23.7%) 71.2% 3.6% 18.5% 2.2x 12.5x 17.3x 2.1x 11.4x

SunOpta, Inc. SOY-CA 338 3.87 (44.2%) (45.5%) 42.3% 8.6% 4.7% 0.8x 20.9x NM 0.7x 12.7x

Feronia, Inc. FRN-CA 100 0.21 (17.5%) (29.3%) 53.4% NM 3.4% 5.4x NM NM NM NM

LTM Multiples NTM Multiples Market Stats Operating Stats


($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Pilgrim's Pride Corp. PPC 3,862$ 15.51$ (14.3%) (50.1%) 49.6% 0.8% 6.1% 0.5x 6.3x 9.9x 0.5x 6.1x

John B. Sanfilippo & Son, Inc. JBSS 487 55.66 (22.0%) (12.0%) 70.1% 6.5% 7.0% 0.8x 11.0x 22.6x 0.8x 10.1x

Landec Corp. LNDC 345 11.84 (17.8%) (6.0%) 75.9% 15.9% 1.4% 0.8x 23.7x 15.2x 0.7x 10.0x

High Liner Foods, Inc. HLF-CA 187 5.61 (4.8%) (48.3%) 45.7% 2.1% 5.9% 0.5x 9.2x 5.8x 0.5x 8.4x

Bridgford Foods Corp. BRID 180 19.87 18.7% 58.3% 92.2% NM NM 1.0x 12.8x NM NM NM

RiceBran Technologies RIBT 86 3.00 4.5% 102.7% 83.7% 125.2% (43.1%) 5.3x NM NM 2.1x NM

Coffee Holding Co., Inc. JVA 20 3.53 (20.1%) (17.1%) 61.4% NM NM 0.3x 5.1x NM 0.2x NM

Amira Nature Foods Ltd. ANFI 19 0.42 (75.1%) (89.9%) 9.5% NM NM 0.7x NM NM NM NM






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Darden Restaurants, Inc. DRI-US 12,394$ 99.86$ (10.2%) 4.0% 80.5% 6.8% 11.8% 1.6x 11.8x 18.6x 1.5x 10.8x

Cracker Barrel Old Country Store, Inc. CBRL-US 3,842 159.86 8.7% 0.6% 86.4% 0.8% 11.8% 1.4x 10.9x 15.5x 1.3x 10.4x

Ruth's Hospitality Group, Inc. RUTH-US 700 22.73 (28.0%) 5.0% 67.0% 5.4% 10.9% 1.7x 10.0x 19.1x 1.6x 9.5x

Del Frisco's Restaurant Group, Inc. DFRG-US 238 7.15 (13.9%) (53.1%) 37.9% 25.8% 5.5% 1.3x 14.3x NM 0.9x 8.0x

J. Alexander's Holdings, Inc. JAX-US 121 8.23 (30.8%) (15.2%) 61.4% 9.8% 4.4% 0.6x 5.8x 14.3x 0.5x 5.3x

The ONE Group Hospitality, Inc. STKS-US 87 3.07 (13.0%) 28.5% 83.4% 9.6% 9.0% 1.2x 8.7x NM 1.1x 7.6x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Starbucks Corp. SBUX-US 79,895$ 64.40$ 13.3% 12.1% 93.4% 7.7% 19.9% 3.3x 15.6x 19.9x 3.4x 15.4x

Chipotle Mexican Grill, Inc. CMG-US 11,998 431.79 (5.0%) 49.4% 81.4% 9.7% 10.9% 2.4x 20.9x NM 2.2x 17.4x

Shake Shack, Inc. SHAK-US 1,334 45.42 (27.9%) 5.1% 64.8% 33.1% 17.2% 3.0x 16.3x NM 2.3x 16.9x

Bojangles', Inc. BOJA-US 604 16.08 2.4% 36.3% 94.0% (6.7%) 10.4% 1.3x 10.9x 11.5x 1.4x 11.7x

El Pollo Loco Holdings, Inc. LOCO-US 593 15.17 20.9% 53.2% 89.5% 7.4% 10.9% 1.5x 15.6x 41.1x 1.4x 10.4x

Potbelly Corp. PBPB-US 200 8.05 (34.6%) (34.6%) 56.9% (0.3%) 7.1% 0.4x 5.5x NM 0.4x 5.5x

The Habit Restaurants, Inc. HABT-US 217 10.50 (34.2%) 9.9% 57.4% 17.3% 8.8% 0.6x 6.8x NM 0.5x 6.2x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Restaurant Brands International, Inc. QSR-US 13,132$ 52.30$ (11.8%) (14.9%) 80.3% 12.2% 40.4% 5.1x 11.9x 21.7x 6.8x 16.1x

Texas Roadhouse, Inc. TXRH-US 4,272 59.70 (13.8%) 13.3% 79.3% 13.7% 11.2% 1.7x 12.7x 27.4x 1.5x 12.3x

Cheesecake Factory, Inc. CAKE-US 1,973 43.51 (18.7%) (9.7%) 72.3% 5.8% 10.5% 0.9x 8.7x 14.5x 0.9x 8.7x

Dave & Buster's Entertainment, Inc. PLAY-US 1,722 44.56 (32.7%) (19.2%) 66.5% 10.1% 17.0% 1.7x 6.9x 14.7x 1.6x 7.2x

Brinker International, Inc. EAT-US 1,698 43.98 (5.9%) 13.2% 81.2% 1.9% 9.7% 0.9x 7.1x 13.9x 0.9x 7.9x

Bloomin' Brands, Inc. BLMN-US 1,644 17.89 (9.6%) (16.2%) 71.6% (0.2%) 6.9% 0.6x 7.0x 15.6x 0.7x 6.7x

Dine Brands Global, Inc. DIN-US 1,193 67.34 (17.2%) 32.7% 70.8% 37.8% 29.5% 3.4x 12.8x 8.9x 2.9x 9.2x

BJ's Restaurants, Inc. BJRI-US 1,077 50.57 (30.0%) 38.9% 66.1% 6.5% 9.8% 1.0x 8.9x 17.1x 1.0x 8.6x

Denny's Corp. DENN-US 1,015 16.21 10.1% 22.4% 89.3% (2.6%) 16.5% 2.2x 13.1x 23.8x 2.3x 13.3x

Fiesta Restaurant Group, Inc. FRGI-US 423 15.51 (42.0%) (18.4%) 50.2% 5.7% 8.3% 0.7x 8.1x 87.1x 0.7x 6.6x

Carrols Restaurant Group, Inc. TAST-US 360 9.84 (32.6%) (19.0%) 60.0% 9.7% 8.3% 0.5x 6.1x 36.4x 0.5x 5.5x

Red Robin Gourmet Burgers, Inc. RRGB-US 347 26.72 (33.4%) (52.6%) 39.8% (2.1%) 8.3% 0.4x 4.2x 26.7x 0.4x 4.5x

Chuy's Holdings, Inc. CHUY-US 301 17.74 (32.4%) (36.8%) 52.0% 7.7% 9.3% 0.7x 6.1x 16.8x 0.7x 7.3x






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

McDonald's Corp. MCD-US 136,890$ 177.57$ 6.1% 3.2% 93.0% (1.9%) 49.9% 7.8x 16.6x 26.9x 8.1x 15.5x

Yum! Brands, Inc. YUM-US 28,707 91.92 1.1% 12.6% 97.7% (2.2%) 35.4% 6.7x 19.1x 18.8x 7.0x 18.8x

Domino's Pizza, Inc. DPZ-US 10,315 247.99 (15.9%) 31.2% 81.2% NM NM 4.2x 21.9x NM 3.7x 19.5x

Dunkin' Brands Group, Inc. DNKN-US 5,296 64.12 (13.0%) (0.5%) 83.1% 53.3% 33.2% 6.4x 16.9x NM 5.7x 16.4x

The Wendy's Co. WEN-US 3,696 15.61 (8.9%) (4.9%) 83.5% 10.0% 26.3% 3.8x 14.1x 6.5x 3.6x 13.1x

Jack in the Box, Inc. JACK-US 1,998 77.63 (7.4%) (20.9%) 75.8% 1.6% 30.2% 3.5x 11.6x 24.7x 3.7x 12.5x

Wingstop, Inc. WING-US 1,881 64.19 (6.0%) 64.7% 84.9% 46.4% 30.0% 14.8x NM NM 11.9x NM

Four Corners Property Trust, Inc. FCPT-US 1,775 26.20 2.0% 1.9% 91.8% 13.4% 78.5% 16.1x 20.9x 20.6x 13.9x 17.5x

Sonic Corp. SONC-US #N/A 43.48 0.3% 58.2% 96.9% NM NM 5.2x 15.8x NM 5.6x 15.6x

Papa John's International, Inc. PZZA 1,256 39.81 (22.4%) (29.1%) 57.3% (5.6%) (0.7%) 1.1x 14.6x 31.1x 1.2x 13.5x

Del Taco Restaurants, Inc. TACO-US 377 9.99 (15.4%) (17.6%) 67.4% 8.2% 13.8% 1.1x 8.1x 8.2x 1.0x 7.7x

Papa Murphy's Holdings, Inc. FRSH-US 81 4.75 (8.5%) (11.7%) 81.3% 3.6% 16.3% 1.4x 6.5x 4.9x 1.6x 8.0x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

GrubHub, Inc. GRUB-US 6,967$ 76.81$ (44.6%) 7.0% 51.4% 44.9% 18.4% 7.5x 34.6x 50.9x 5.3x 22.9x

Delivery Hero AG DHER-DE 6,908 37.15 (21.5%) (1.5%) 60.8% NM (24.1%) 9.9x NM NM 4.8x NM

JUST EAT Plc JE-GB 5,090 7.47 (12.4%) (24.9%) 58.7% 49.8% 22.0% 6.0x 23.5x NM 4.0x 19.2x

Yelp, Inc. YELP-US 2,907 34.99 (28.9%) (16.6%) 66.6% 14.0% 8.7% 2.3x 34.1x NM 2.2x 10.4x

Blue Apron Holdings, Inc. APRN-US 79 1.02 (40.7%) (74.7%) 24.3% (17.4%) (15.5%) 0.3x NM NM 0.4x NM





Source: GF Data®

Source: GF Data®




•

•

•

•

•

•

•

•

•

•







($ in Mil)

TEV/

Rev

TEV/

EBITDA12/27/2018 Wild Poppy Co., Inc. Life On Earth, Inc. Non-Alcohol 1.45 - -

12/20/2018 Cargill, Inc. (Malt Business) Boortmalt NV Ingredients & Flavors - - -

12/20/2018 Revive Brands Peet's Coffee & Tea, Inc. Non-Alcohol - - -

12/20/2018 Tio Foods LLC Novamex (United States) CPG Foods - - -

12/19/2018 Best Cheese Corp. Royal FrieslandCampina NV Dairy - - -

12/18/2018 Conagra Brands, Inc. (Wesson Oil Business) Richardson International Ltd. Ingredients & Flavors - - -

12/17/2018 Agropur Cooperative (St Paul Plant) Dairy Farmers of America, Inc. Dairy - - -

12/16/2018 MarketPlace Grill LLC Clean Plate Restaurants, Inc. Restaurants - - -

12/14/2018 Ariake USA, Inc. Kerry Group Plc Proteins - - -

12/14/2018 Southeastern Mills, Inc. (Coatings & Seasonings

Business)

Kerry Group Plc Ingredients & Flavors - - -

12/14/2018 Smashburger Master LLC Jollibee Worldwide Pte Ltd.; Bee Good, Inc. Restaurants - - -

12/14/2018 SupplementHunt.com Innovus Pharmaceuticals, Inc. Digitally Native - - -

12/14/2018 Humble Pie LLC Cornwell Corp. Restaurants - - -

12/13/2018 Dole Food Co., Inc. (2 Subsidiaries) BAMA Gruppen AS Produce - - -

12/12/2018 The Cholula Food Co., Inc. Catterton Management Co. LLC Ingredients & Flavors - - -

12/12/2018 Tribe Mediterranean Foods Inc Lakeview Farms LLC; RRZ Capital Markets

Inc

Ingredients & Flavors - - -

12/11/2018 Betta4U Brands, Inc. DNA Brands, Inc. Non-Alcohol - - -

12/11/2018 South Street Burger Co. MTY Food Group, Inc. Restaurants - - -

12/11/2018 Fresh Kitchen LLC Derise Kitchen LLC Restaurants - - -

12/11/2018 Giraffe Foods, Inc. Graham Partners, Inc. Ingredients & Flavors - - -

12/7/2018 Patty King, Inc. Grace Foods (USA), Inc. Proteins - - -

12/7/2018 Moishes (Canada) Sportscene Group, Inc. Restaurants - - -

12/5/2018 Del Frisco's Restaurant Group, Inc. Engaged Capital Holdings LLC Restaurants - - -

12/5/2018 United States Beef Corp. Flynn Restaurant Group LP; RB American

Group LLC

Restaurants - - -

12/5/2018 Bobtail Ice Cream Co. Johnson's Real Ice Cream LLC Restaurants - - -

12/4/2018 Yalla Mediterranean LLC FAT Brands, Inc. Restaurants - - -

12/4/2018 Jana Dairy Imports LLC Royal FrieslandCampina NV Dairy - - -

12/3/2018 Morinda Holdings, Inc. New Age Beverages Corp. Non-Alcohol 99.34 - -

12/3/2018 Yucatan Foods LP Apio, Inc. CPG Foods 80.00 1.33x -

11/30/2018 Body Symphony LLC Cambridge Golf, Inc. CPG Foods - - -

11/29/2018 Primal Nutrition LLC The Kraft Heinz Co. Ingredients & Flavors 200.00 - -

11/29/2018 Frozen Specialties, Inc. Bellisio Foods, Inc. CPG Foods 515.00 - -

11/28/2018 Watusee Foods Co. ArchPoint Partners LLC CPG Foods - - -

11/28/2018 Neal Brothers Foods, Inc. Newstrike Brands Ltd. CPG Foods - - -

11/26/2018 Simply Fresh Foods, Inc. Lakeview Farms LLC; Falcon Investment

Advisors LLC; RRZ Capital Markets Inc; WP

Global Partners LLC

CPG Foods - - -

11/22/2018 Enoteca Monza Pizzeria Restaurants Foodtastic, Inc. Restaurants - - -

11/21/2018 Bendistillery, Inc. Acquired Sales Corp. Alcohol 30.00 - -

11/21/2018 Paradise Health Foods, Inc. Healthy Choice Markets, Inc. CPG Foods 2.09 - -

11/20/2018 Brookfield Office Properties, Inc. (6 Restaurant

Properties)

Four Corners Property Trust, Inc. Restaurants 7.54 - -

11/20/2018 Drew's LLC Frontenac Co. LLC; Schlotterbeck & Foss

LLC; Abacus Finance Group LLC

CPG Foods - - -

11/19/2018 The Blommer Chocolate Co. Fuji Oil Holdings, Inc. Ingredients & Flavors 750.00 0.83x -

11/16/2018 Omni Baking Co. LLC T. Marzetti Co. Ingredients & Flavors 25.00 - -

11/16/2018 Pearson Candy Co. Spell Capital Partners LLC CPG Foods - - -

11/15/2018 Schwan's Co. CJ CheilJedang Corp. CPG Foods 2,305.00 - -

11/15/2018 Backerhaus Veit Ltd. Swander Pace Capital LLC Produce - - -

11/15/2018 Boulangerie St-Méthode, Inc. Boulangerie St-Méthode, Inc. (Faucher) Produce - - -

11/13/2018 Verve Beverage Co. Weekend Unlimited, Inc. Non-Alcohol - - -

11/12/2018 Diageo Plc (19 Seagram's Brands) Sazerac Co., Inc. Alcohol 550.00 - -

11/12/2018 Wenner Bread Products, Inc. Europastry SA Produce - - -

11/7/2018 Canyon Bakehouse LLC Flowers Foods, Inc. Produce 205.00 - -





($ in Mil)

TEV/

Rev

TEV/

EBITDA11/6/2018 Bojangles', Inc. The Jordan Co. LP; Durational Capital

Partners LLC; Shareholders

Restaurants 716.23 - -

11/6/2018 Golden Ridge Rice Mills LLC RiceBran Technologies Produce 7.02 - -

11/6/2018 Kraft Heinz Canada (Natural Cheese Business) Parmalat SpA Dairy 1,237.73 - -

11/5/2018 Tilted Kilt Franchise Operating LLC ARC Group, Inc. Restaurants 0.00 - -

11/5/2018 Lamb Weston BSW LLC Lamb Weston Holdings, Inc. CPG Foods 129.97 - -

11/5/2018 Qupe Wines Vintage Wine Estates, Inc. Alcohol - - -

11/1/2018 Logan's Roadhouse, Inc. Centerbridge Partners LP; Craftworks

Restaurants & Breweries Group, Inc.

Restaurants - - -

11/1/2018 Distillery No. 209 Ltd. Vintage Wine Estates, Inc. Alcohol - - -

11/1/2018 Pacific Coast Canola LLC Viterra, Inc. Ingredients & Flavors - - -

10/31/2018 Health Warrior, Inc. PepsiCo, Inc. CPG Foods - - -

10/31/2018 Restaurants Casa Grecque Inc. MTY Food Group, Inc. Restaurants 17.02 - -

10/31/2018 Flavormatic Industries, Inc. Flavor Producers, Inc. Ingredients & Flavors - - -

10/30/2018 Noosa Yoghurt LLC Sovos Brands Intermediate, Inc. CPG Foods - - -

10/30/2018 Kellogg Co. (Baking Plant at Seelyville) Charlesbank Capital Partners LLC; Partners


Solutions LLC

Produce - - -

10/29/2018 Signature Brands LLC Traub Capital CPG Foods - - -

10/29/2018 Chick'N Rice LLC Rooster & Rice Too, Inc. Restaurants - - -

10/26/2018 F&A Dairy Products, Inc. Saputo, Inc. Dairy 85.00 0.52x -

10/25/2018 Fleischmann's Vinegar Co., Inc. Kerry Group Plc Ingredients & Flavors 350.00 - -

10/25/2018 Dimensions Beverage & Branding LLC M Line Holdings, Inc. Ingredients & Flavors 0.01 - -

10/24/2018 Morley Candy Makers, Inc. Palladium Equity Partners Advisor LLC; Kar

Nut Products Co. LLC

CPG Foods - - -

10/23/2018 Bryant-Lake Bowl & Theater Bryant Lake Bowl & Theater (Shareholders) Restaurants - - -

10/23/2018 Joey's Fine Foods, Inc. AUA Private Equity Partners LLC; Indulge

Desserts Holdings LLC

CPG Foods - - -

10/22/2018 Bantam Bagels LLC T. Marzetti Co. CPG Foods 34.00 - -

10/22/2018 Alkaline Spring, Inc. Jiminex, Inc. Non-Alcohol 1.26 - -

10/22/2018 Vista Hills Vineyard The Family Coppola Alcohol - - -

10/19/2018 Jerusalem Mfg. Natural Food Wholesalers, Inc. Lipari Foods, Inc. Ingredients & Flavors - - -

10/16/2018 Rivertowne Brewing Co. County of Westmoreland (Pennsylvania);

Helltown Brewing LLC

Alcohol - - -

10/16/2018 Mustache Mentors LLC (2 Brands) D. E. Shaw Laminar Portfolios LLC; Winery

Exchange, Inc.

Alcohol - - -

10/15/2018 Greencore USA, Inc. Charlesbank Capital Partners LLC; Partners


Solutions LLC

CPG Foods 1,075.00 0.77x -

10/15/2018 Mountain Valley Spring Co. LLC DS Services of America; DSS Group, Inc. Non-Alcohol 78.50 - -

10/11/2018 Slim-Fast Foods Co. Glanbia Plc CPG Foods 350.00 1.65x 14.58x

10/11/2018 Pump Hospitality Group Shareholders Restaurants - - -

10/10/2018 Loveland Distributing Co., Inc. Premium Distributors of Virginia, Inc. Alcohol - - -

10/10/2018 Featherland Egg Farms, Inc. Cal-Maine Foods, Inc. Produce 17.90 - -

10/10/2018 Wynwood Brewing Co. Craft Brew Alliance, Inc. Alcohol - - -

10/10/2018 Appalachian Mountain Brewery, Inc. Craft Brew Alliance, Inc. Alcohol - - -

10/10/2018 The Fountain of Juice Rijuice LLC Non-Alcohol - - -

10/10/2018 Cisco Brewers, Inc. Craft Brew Alliance, Inc. Alcohol 23.00 - -

10/9/2018 Louisiana Fish Fry Products Ltd. Peak Rock Capital LLC CPG Foods - - -

10/8/2018 Burger King Corp. (43 Restaurants) Carrols Restaurant Group, Inc. Restaurants - - -

10/8/2018 Loving Cup, Inc. La Boulangerie de San Francisco CPG Foods - - -

10/8/2018 Gulf Coast Blenders, Inc. L.H. Hayward & Co. LLC Ingredients & Flavors - - -

10/5/2018 eegee's, Inc. Knott Partners LP; ORIX Restaurants - - -

10/4/2018 D'Lucas Nineteen 61 LLC Restaurants - - -

10/3/2018 Parker Station, Inc. (Parker Station Brand) Guarachi Wine Partner, Inc. CPG Foods - - -

10/3/2018 Wine Stream, Inc. (Certain Operational Assets) Wine On Tap, Inc. Alcohol - - -

10/2/2018 MAV Nutrition LLC Viva 5 Corp. Ingredients & Flavors - - -

10/2/2018 Les Produits Alimentaires Viau, Inc. Maple Leaf Foods, Inc. Proteins 167.64 - -




investment banking & securities offered through sdr ......financial buyer inv. date select...

Documents