march 2015 - william blair & company · march 2015 food for thought overview, analysis, and...

March 2015

Food for Thought Overview, Analysis, and Trends in the Food and Food Retailing Industries

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010-2014, the investment banking group completed more than 330 merger-and-acquisition transactions worth $73 billion in value, involving parties in 36 countries and �ive continents, was an underwriter on more than 20% of all U.S. initial public offerings, and raised nearly $100 billion in public and private �inancing.

About William Blair Investment Banking

Food For Thought_Current.indd 1-2 3/18/2015 2:37:17 PM

William Blair

Food For Thought Table of Contents

Table of Contents

Selected Monthly M&A Activity – February ....................................................................................................................................................................................... 1

Noteworthy M&A Activity – LTM ............................................................................................................................................................................................................ 6

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

Volume Trends ............................................................................................................................................................................................................................................ 9

Participant Trends.................................................................................................................................................................................................................................. 10

Valuation Trends ..................................................................................................................................................................................................................................... 11

Public Company Trading Statistics ...................................................................................................................................................................................................... 12

Food Production Companies ............................................................................................................................................................................................................. 12

Food Ingredients Companies ............................................................................................................................................................................................................ 13

Beverage Production Companies .................................................................................................................................................................................................... 13

Food Retail Companies......................................................................................................................................................................................................................... 14

Convenience Store Companies ......................................................................................................................................................................................................... 14

Same-Store Growth – Food & Convenience Retail ....................................................................................................................................................................... 15

U.S. Public Equity Financing Summary – LTM ............................................................................................................................................................................... 16

IPOs ................................................................................................................................................................................................................................................................ 16

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

Selected Upcoming Industry Events ................................................................................................................................................................................................... 17

General Market Update ............................................................................................................................................................................................................................. 19

Quarterly Market Update – All Industries........................................................................................................................................................................................ 20

Domestic M&A Market Summary ......................................................................................................................................................................................................... 20

U.S. Activity Trends ................................................................................................................................................................................................................................ 20

U.S. Valuation Trends ............................................................................................................................................................................................................................ 21

U.S. Equity Capital Markets Summary ............................................................................................................................................................................................... 22

Debt Capital Markets Summary ............................................................................................................................................................................................................ 23

William Blair Food & Beverage and Food Convenience & Retail Investment Banking .............................................................................................. 24

Recent William Blair Consumer & Retail Transactions ............................................................................................................................................................. 26

William Blair Consumer & Retail Coverage .................................................................................................................................................................................... 27

Notes .................................................................................................................................................................................................................................................................. 28

Disclosures ...................................................................................................................................................................................................................................................... 29

William Blair

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

Selected Monthly M&A Activity – February

Food & Beverage Producer Transactions

($ in millions)

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

Announced Target Business Description Nation Buyer Value Sales EBITDA

02/27/15 Ajinomoto General Foods Producer and seller of food and beverage products

Japan Ajinomoto Co. $451.3 0.37x -

02/27/15 United Dutch Breweries Producer of beer

Netherlands Gewestelijke Investeeringsmaatschappij voor Vlaanderen

- - -

02/27/15 Okanagan Specialty Fruits Producer of fruit

Canada Intrexon Corp. $32.9 - -

02/27/15 Lykis (26%) Manufacturer of tea

India Kedia Securities $16.4 0.79x -

02/27/15 Roxas Holdings Producer and seller of raw and refined sugar, molasses, and other sugar by-products

Philippines Roxas and Company - - -

02/26/15 Etablissements Baillet Producer of ham

France Agour - - -

02/26/15 ISBG Distributor of beverages

United States FIMA Inc. - - -

02/26/15 Palacios Alimentacion Producer and supplier of pre-cooked foods

Spain The Carlyle Group - - -

02/25/15 Yollibox Frozen Yoghurt Manufacturer of frozen yoghurt

Sweden Diplom-Is Sverige - - -

02/25/15 Thai Wah Food Products Manufacturer and marketer of food and beverage products

Thailand Thai Wah Starch - - -

02/24/15 Lionheart Chemical Enterprises Distributor of food and beverage products

South Africa Brenntag - - -

02/23/15 Vegam Distributor of cereals and grains

France Agrial - - -

02/23/15 Yukiguni Maitake Co. Manufacturer and seller of mushrooms and processed food in Japan

Japan Bain Capital $282.8 1.19x 8.7x

02/23/15 Wornick Co. Provider of ready-to-eat meals and convenience food products

United States Baxters Food Group - - -

02/23/15 Henson Foods Wholesaler of meat products

United Kingdom Bidvest Group - - -

02/23/15 The Local 123 Roaster of coffee

United States Highwire Coffee Roasters - - -

02/21/15 Anzco Foods Processer and marketer of meat and related products in New Zealand and internationally

New Zealand Itoham Foods $179.8 0.18x -

02/20/15 John Keeler & Co. Processer and seller of pasteurized crab meat in the United States

United States Bridgetech Holdings International

- - -

02/20/15 Ameta Manufacturer and processer of chicken and related food products

Bulgaria Bulgarian American Foods; PHW-Gruppe Lohmann & Co.

- - -

02/20/15 Centrale del Latte di Firenze, Pistoia e Livorno Producer and seller of milk and dairy products

Italy Centrale del Latte di Torino - - -

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

William Blair

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

Food & Beverage Producer Transactions (cont.)

($ in millions)



02/20/15 Drogheria & Alimentari Distributor of food products to the Italian retail market

Italy McCormick & Company $96.5 1.70x -

02/20/15 Red Carnica Processer of meat

Colombia Minerva $30.0 - -

02/20/15 Russkaya Promyshlenno-Finansovaya Kompaniya Wholesaler of oil seeds

Russian Federation

Private Investor (Stepanova Nadezhda Mikhaylovna)

- - -

02/20/15 Shirayuki Tofu Manufacturer and seller of tofu and processed tofu products

Japan Taishi-Food Inc. - - -

02/19/15 Cinco Tenedores Producer and processer of meat products

Spain Private Investor (Martinez Rodriguez )

- - -

02/18/15 Mont Marcal Vinicola (90%) Distributor of wine

Spain Bardinet $10.1 - -

02/18/15 Nissin Foods (Asia) (34%) Manufacturer and seller of instant noodles

Singapore Mitsubishi Corp. - - -

02/18/15 KRBL Limited Producer and seller of Basmati rice in India and internationally

India Radha Raj Ispat - - -

02/17/15 Healthy Food Ingredients Manufacturer of grains and food ingredients

United States Hesco - - -

02/16/15 Mazapanes Donaire Manufacturer of sweets and chocolates

Spain Delaviuda Confectionery Group

- - -

02/16/15 Serya Alimentos (30%) Manufacturer of food and beverage products

Brazil Laticinios Condessa - - -

02/16/15 Enjoy Life Foods Provider and marketer of snack products

United States Mondelez International - - -

02/16/15 Chocolaterie de Bourgogne Manufacturer of chocolate

France Varova - - -

02/16/15 Dulcette Technologies Marketer and distributor of antioxidants, sweeteners, and natural shelf-life enhancers for fruits and vegetables

United States Viachem - - -

02/13/15 Better Bakery Manufacturer of premium stuffed sandwiches

United States AdvancePierre Foods - - -

02/13/15 Enoteca Co. Retailer and wholesaler of wine

Japan Asahi Group Holdings - - -

02/13/15 PalmitEco Engineering (50%) Manufacturer of fruit juice

Malaysia CB Industrial Product Holdings

- - -

02/13/15 Arho Nordic Wholesaler of fruits, olive oil and nuts

Finland MB Funds - - -

02/13/15 Ashbury Confectionery Manufacturer of confectionery products

United Kingdom Sweet Products - - -

02/12/15 Flavor & Fragrance Specialties Inc. Producer of flavor and fragrance enhancements for food and beverage products

United States Lucta - - -

02/12/15 Thong Siek Food Industry Ltd. Manufacturer and distributor of seafood products

Singapore Neo Group - - -

02/12/15 Cacolac Producer of chocolate drinks and flavored milk

France Private Investor (Christian Maviel)

- - -


William Blair



($ in millions)



02/11/15 U.S. Roasterie Manufacturer and distributor of coffee

United States Ronnoco Coffee - - -

02/10/15 Fonte Cutolo Rionero in Vulture Producer of bottled water

Italy Acqua Minerale San Benedetto

- - -

02/10/15 Cervejaria Wals Owner and operator of breweries

Brazil Anheuser-Busch InBev - - -

02/10/15 Tropical Juice Comercio e Industria de Bebidas Operator of a brewery

Brazil Cervejaria Bohemia - - -

02/10/15 Atlantic Galician Spirits Producer of Gin & Vodka

Spain Grupo Osborne - - -

02/10/15 Aguas El Pilar Distributor of bottled mineral water

Spain Hijos de Rivera - - -

02/10/15 MRRM Inc. Processer and seller of rice

Canada Marbour Group $10.6 0.21x 8.1x

02/10/15 Lakeview Farms Producer of desserts, dips and sour cream

United States Sequel Holdings - - -

02/10/15 Remy Cointreau (5.1%) Producer and distributor of wines and spirits

France Stichting Pensioenfonds $4,160.9 3.89x NMF

02/10/15 Purple Feet Wines Distributor of wine

United States Winebow Group - - -

02/10/15 Spiceco Importer and blender of spices for industrial food service retail and gourmet markets

United States Van De Vries Spice Corporation

- - -

02/09/15 Superior Fresh Cuts Manufacturer and marketer of fruits and vegetables

United States Field Fresh Foods - - -

02/09/15 Kenfood Trofognosia Manufacturer of confectionery products

Greece Loulis Mills - - -

02/08/15 A'Saffa Foods (33.3%) Manufacturer and distributor of poultry meat

Oman Hassad Food $245.3 3.10x 11.4x

02/06/15 Lucas Bols (5%) Manufacturer of spirits and liqueurs

Netherlands Boron Investments $443.9 4.98x 17.8x

02/06/15 Risenta Producer and marketer of sunflower seeds, lentils and nuts

Sweden Paulig - - -

02/05/15 Weetabix Producer, seller, and exporter of breakfast cereals

United Kingdom Bright Food Group - - -

02/04/15 Yellow Chips (51%) Manufacturer of vegetable and organic potato chips

Netherlands Diamond Foods - - -

02/04/15 Prolactal Manufacturer of dairy products

Austria Israel Chemicals - - -

02/04/15 Vietnam Vegetable Oils Producer of vegetable oils

Vietnam Kinh Do Corp. $91.4 - -

02/04/15 Oilseed Works Producer of edible oils and oilseed flours

Canada Mettrum Health Corp. - - -

02/04/15 Ackerman (21%) Producer of wine

France Terrena Viande - - -

02/04/15 Orion Seafood International Supplier of lobster and shrimp products

United States Tri-Union Frozen Products - - -


William Blair

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


($ in millions)



02/03/15 Zamanita Limited Producer of edible oil

Zambia Cargill $52.7 0.78x -

02/03/15 Rosendo Mila Manufacturer of bakery products

Spain Corpfin Capital - - -

02/03/15 Big Heart Pet Brands Manufacturer, distributor, and marketer of pet food and pet snacks

United States The J. M. Smucker Company $5,800.0 - -

02/03/15 Kerry Ingredients France Producer and supplier of fruit and vegetable products

France Mireolian - - -

02/02/15 Funkin Manufacturer of fruit purees, cocktail mixers and syrups

United Kingdom A.G. Barr $31.6 2.33x -

02/02/15 Bogorodskie Delikatesi Manufacturer of meat and meat products

Russian Federation

Maritegra Investment Limited

- - -

02/02/15 Danube Foods Producer of milk and dairy products

Serbia Mid Europa Partners $651.6 - -

02/02/15 W. Ratje Froskaller Manufacturer of health supplements and nutritional products

Denmark Orkla Health - - -

02/02/15 PHW Consolidated Ltd. Producer and seller of wine primarily in Australia

Australia Tomizone - - -

02/02/15 Fleischversand Heinz Gausepohl Producer of meat and meat-based products

Germany Westfleisch - - -

02/01/15 Piscifactorias de los Andes Producer of seafood

Peru Grupo Abaco (Peru) - - -

02/01/15 Yuhoku Suisan Manufacturer of seafood products

Japan Yuhoku Suisan Co. - - -


William Blair


Food & Convenience Retail Transactions

($ in millions)



02/18/15 Sunny Mart (Convenience stores division) Operator of convenience stores in Japan

Japan Lawson - - -

02/16/15 Gruppo Superconti Owner and operator of supermarkets and grocery stores

Italy Coop Centro Italia - - -

02/11/15 VPS Convenience Store Group Owner and operator of a chain of convenience stores

United States GPM Investments $59.5 - -

02/06/15 Abertsons (146 grocery stores) Operator of a chain of supermarkets

United States Haggen - - -

02/06/15 HelloFresh Online retailer of food ingredients

Germany Rocket Internet; Insight Venture Partners

$125.4 - -

02/05/15 US Mart Operator of supermarkets

Japan Nippon Sangyo Suishin Kiko - - -

02/04/15 Supermarkets (9 supermarkets) Operator of a chain of supermarkets

Philippines Puregold Price Club - - -


William Blair

Food For Thought 6 Noteworthy M&A Activity – LTM

Noteworthy M&A Activity – LTM

Food & Beverage Producer Transactions

($ in millions)



02/10/15 Remy Cointreau (5.1%) Producer and distributor of wines and spirits

France Stichting Pensioenfonds $4,160.9 3.89x NMF

02/03/15 Big Heart Pet Brands Manufacturer, distributor, and marketer of pet food and pet snacks

United States The J. M. Smucker Company $5,800.0 - -

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

United States Post Holdings $1,151.7 - 7.9x

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

China China Dairy (Mauritius) Limited

$6,039.2 - -

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

United States Olam International $1,300.0 - -

11/20/14 Primo Smallgoods Producer of packaged meats

Australia JBS $1,255.4 - -

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

United States Cott Corp. $1,250.0 - -

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

Morocco Danone $1,677.9 2.10x 17.1x

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

United Kingdom Yildiz Holding $3,199.2 - -

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

China China Orient Capital Investment Group

$679.0 6.19x -

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

France Diana Holding - Groupe Zniber

$362.7 0.54x NMF

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

United States Ajinomoto North America $800.0 1.19x -

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

United States General Mills $821.2 3.95x NMF

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

United States Cargill $440.0 - -

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

Spain Empresas Comerciales e Industriales Valencianas

$3,589.8 1.37x 9.5x

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

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

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

United States Sucocitrico Cutrale; Banco Safra, Investment Arm

$1,193.1 0.39x 13.6x

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

Australia TPG Capital $3,323.0 2.00x 14.2x

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

United States Chocoladefabriken Lindt & Spruengli

$1,400.0 - -

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

Switzerland Archer Daniels Midland Europoort

$3,096.5 2.28x -

06/30/14 CytoSport Manufacturer of nutritional supplements

United States Hormel Foods Corporation $470.0 - -

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

United States Treehouse Foods $860.0 - -

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

William Blair

Food For Thought Noteworthy M&A Activity – LTM 7


($ in millions)



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

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

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

United States Mizkan Holdings $2,150.0 3.60x -

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

Israel Bright Food Group $1,711.2 - -

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

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

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

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

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

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

04/25/14 Deoleo Producer of cooking oils

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

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

United States Post Holdings $2,499.5 - -

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

India Diageo $1,895.8 4.88x NMF

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

France Symrise $1,796.2 2.88x 14.0x

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

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

$1,100.0 1.10x -

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

Singapore Temasek Holdings; Kewalram Singapore

$11,546.7 0.73x 13.0x

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

United States Aryzta $673.1 - -

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

Italy Charterhouse Capital Partners

$516.6 1.29x 10.1x


William Blair

Food For Thought 8 Noteworthy M&A Activity – LTM

Food & Convenience Retail Transactions

($ in millions)



02/06/15 HelloFresh Online retailer of food ingredients

Germany Rocket Internet; Insight Venture Partners

$125.4 - -

01/28/15 Controladora Comercial Mexicana Operator of a chain of supermarkets

Mexico Organizacion Soriana $2,676.0 1.38x 16.1x

12/18/14 The Pantry Operator of convenience stores that sell groceries and other items

United States Alimentation Couche-Tard $1,725.4 0.26x 7.8x

11/24/14 Dean & DeLuca Operator of retail stores that sell gourmet specialty food and beverage products

United States Pace Development Corporation

$140.0 - -

11/07/14 Nature's Pantry Operator of a chain of food retail stores

United States Natural Grocers by Vitamin Cottage

- - -

10/31/14 Maruetsu Operator of a chain of supermarkets

Japan Kasumi $685.6 0.23x 7.5x

10/03/14 Migros Ticaret Operator of a chain of supermarkets

Turkey Anadolu Endüstri Holding $2,705.4 0.79x 13.1x

09/30/14 Seijo Ishii Co. Operator of a chain of supermarkets

Japan Lawson $501.4 1.01x 9.7x

09/16/14 Grocery Outlet Inc. Operator of a chain of grocery stores

United States Hellman & Friedman - - -

08/11/14 Kinsho Store Co. Operator of a chain of supermarkets

Japan Kintetsu Corporation $645.3 1.13x -

07/02/14 Grupo El Árbol Distribución y Supermercados Supermarkets operator

Spain Distribuidora Internacional de Alimentación

$205.9 0.18x -

06/03/14 DIA France Operator of a chain of supermarkets

France Carrefour $816.9 - -

05/07/14 Roundy's (18 Rainbow Stores) Operator of 18 retail stores

United States SuperValu $65.0 - -

04/28/14 Susser Holdings Corporation Operator of a chain of convenience stores

United States Energy Transfer Partners $2,320.3 0.37x 14.4x

04/11/14 SPAR Group Operator of a chain of grocery and retail stores

South Africa Allan Gray $2,059.8 0.45x 13.0x

04/07/14 Carrefour Operator of a chain of supermarkets

France Motier $1,786.3 0.36x 12.2x

03/11/14 SPAR Ceska Obchodni Spolecnost Operator of a chain of supermarkets

Czech Republic Albert (Ahold) $266.2 0.36x -

03/10/14 Eataly Operator of a chain of food retail stores

Italy Tamburi Investment Partners

$832.7 - -

03/06/14 Safeway Operator of a chain of stores offering a selection of food and general merchandise

United States Albertsons (Cerberus Capital Management)

$8,198.9 0.22x 13.5x

03/04/14 Wumart Stores Operator of a retail chain of superstores

China Wumei Holdings $559.8 0.20x 4.4x


William Blair

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

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

Volume Trends

U.S. Monthly Announced M&A Activity

03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01/15 02/15

Food & Beverage Production 12 17 16 12 12 13 14 14 11 12 17 16

Food Retail & Convenience 3 2 1 1 0 1 1 1 6 6 1 2

U.S. Yearly Announced M&A Activity

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



Total Deal Value $13.5 $11.5 $29.1 $33.3 $93.3 $20.5 $39.0 $13.9 $36.0 $43.2 $59.9 $7.3

Global Yearly Announced M&A Activity

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



Total Deal Value $61.1 $97.8 $94.9 $132.3 $140.5 $72.0 $94.2 $125.4 $127.4 $109.7 $134.2 $12.7

Note: Data represents announced transactions including U.S.-based targets only Sources: Dealogic and Capital IQ as of February 28, 2015

0

5

10

15

20

10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11

Number of DealsFood & Beverage Production Food Retail & Convenience

1519 17

13 12 14 15 15 17 18 18 18

0

10

20

30

Number of Deals

$0.0 $20.0 $40.0 $60.0 $80.0 $100.0

050

100150200250

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Deal Value($ in billions)Number of Deals

Food & Beverage Production Food Retail & Convenience Total Deal Value (B)

181 166

232 223 170

127129

159185 189 194

36

$0

$40

$80

$120

0

100

200

300

Deal ValueNumber of Deals ($ in billions)

$0.0 $20.0 $40.0 $60.0 $80.0 $100.0

050

100150200250

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Deal Value($ in billions)Number of Deals

Food & Beverage Production Food Retail & Convenience Total Deal Value (B)

973 1,0491,193

1,325 1,3111,159 1,199

1,083979 926 932

173

$0

$50

$100

$150

$200

0

500

1,000

1,500

Deal ValueNumber of Deals ($ in billions)

William Blair

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

Participant Trends

Breakdown of Acquirers by Type

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

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

Public 24.0% 27.7% 28.0% 19.6% 21.6% 20.3% 17.4% 18.1% 15.6% 19.5% 25.8% 21.6% 25.0%

Private Equity 11.0% 9.2% 10.1% 13.8% 17.2% 13.1% 13.0% 13.2% 12.2% 7.2% 13.6% 12.5% 8.3%

Foreign 18.2% 19.0% 18.5% 14.6% 14.0% 16.7% 16.8% 19.1% 19.0% 17.3% 12.0% 18.8% 13.9%

Breakdown of Sellers by Type

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

Private 30.1% 46.4% 53.1% 50.5% 57.2% 46.3% 53.0% 49.7% 47.1% 53.4% 55.2% 53.4% 63.9%

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

Private Equity 17.1% 7.9% 9.1% 12.4% 8.1% 8.0% 8.5% 14.0% 5.3% 8.1% 7.8% 8.0% 11.1%

Divestiture 49.6% 39.3% 32.2% 35.1% 32.9% 42.0% 33.3% 30.2% 42.8% 36.0% 32.1% 31.3% 19.4%

Note: Data represents announced transactions including U.S.-based targets only Sources: Dealogic and Capital IQ as of February 28, 2015

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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011YTD

Percent of Deals

Private Public Private Equity Foreign

0%

10%

20%

30%

40%

50%

60%

Percent of Deals

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011YTD

Percent of Deals

Private Public Private Equity Divestiture

0%

10%

20%

30%

40%

50%

60%

70%

Percent of Deals

William Blair

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

Valuation Trends

Average EBITDA Multiples for Food Transactions(1)

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

Average EV/EBITDA Multiple 8.4x 9.1x 11.4x 9.9x 12.0x 10.4x 9.3x 8.2x 11.8x 13.2x 13.0x 13.0x 9.0x

Number of Disclosed Deals 25 20 14 28 23 20 14 11 7 17 22 34 4

Average EBITDA Multiples for Beverage Transactions(2)

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

Average EV/EBITDA Multiple 11.8x 14.1x 12.0x 13.5x 13.4x 17.3x 11.7x 10.9x 9.8x 13.6x 14.5x 11.8x 13.8x

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

(1) Excludes Food & Convenience retail transactions (2) Includes alcoholic and nonalcoholic beverages Note: Data represents global transactions announced in the respective sectors Note: Transactions with multiples that are not meaningful are categorized as undisclosed Sources: Dealogic and William Blair as of February 28, 2015

12.0x8.7x 8.6x 8.4x 9.1x

11.4x 9.9x12.0x 10.4x 9.3x 8.2x

11.8x

051015202530

0.0x2.0x4.0x6.0x8.0x

10.0x12.0x14.0x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD 2011

Average EV/EBITDA Multiple Number of Disclosed Deals

8.4x

9.1x

11.4x

9.9x

12.0x

10.4x9.3x

8.2x

11.8x

13.2x 13.0x 13.0x

9.0x

0

5

10

15

20

25

30

35

40

0.0x

5.0x

10.0x

15.0x

20.0x

EV/EBITDA Multiple

10.1x 12.9x 9.5x 11.8x 14.1x 12.0x 13.5x 13.4x 17.3x 11.7x 10.9x 9.8x

0246810121416180.0x5.0x10.0x15.0x20.0x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD2011

Average EV/EBITDA Multiple Number of Disclosed Deals

11.8x 14.1x

12.0x13.5x 13.4x

17.3x

11.7x10.9x

9.8x

13.6x14.5x

11.8x

13.8x

0

5

10

15

20

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

EV/EBITDA Multiple

William Blair

Food For Thought 12 Public Company Trading Statistics

Public Company Trading Statistics

Food Production Companies

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

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

Nestlé $247,953.1 2.4% 6.6% NA NA $262,529.8 2.85x 15.0x

Unilever $125,762.5 0.6% 8.1% 18.6x 186.0% $138,486.6 2.36x 12.9x

Mondelez International $60,923.6 4.8% 1.7% 18.6x 172.9% $76,104.6 2.22x 15.1x

Danone $41,884.4 3.9% 6.0% 17.0x 195.7% $41,884.4 1.64x 10.5x

Associated British Foods $37,982.0 3.6% (1.7%) 27.7x 285.1% $39,218.9 1.87x 15.3x

Kraft Foods Group $37,666.6 (2.0%) 2.2% 18.5x 217.7% $46,405.6 2.55x 19.5x

General Mills $32,475.6 2.5% 0.9% 17.9x 228.8% $43,455.6 2.46x 13.5x

Kellogg Company $22,991.8 (1.7%) (1.5%) 15.2x 194.7% $29,980.8 2.06x 16.1x

The Hershey Company $22,917.5 1.5% (0.1%) 22.9x 269.7% $24,694.5 3.33x 14.8x

Tyson Foods $16,803.1 5.8% 3.0% 14.0x 164.2% $23,961.1 0.60x 10.7x

Hormel Foods Corporation $15,425.5 14.2% 12.3% 26.1x 307.6% $15,148.4 1.60x 13.9x

ConAgra Foods $14,898.6 (1.3%) (3.6%) 15.2x 227.5% $23,365.5 1.33x 10.0x

Campbell Soup Company $14,598.7 1.9% 5.9% 18.2x 303.8% $18,290.7 2.20x 11.9x

Grupo Bimbo $13,288.0 11.1% 2.5% 23.7x 52.7% $17,582.0 1.39x 12.2x

JBS $12,675.4 3.1% 3.9% 11.8x NA $23,838.5 0.52x 6.3x

The J. M. Smucker Company $11,738.3 11.8% 14.2% 18.4x 237.6% $13,806.4 2.52x 11.8x

Saputo $11,351.3 0.8% (3.7%) 9.2x 92.3% $13,087.0 1.43x 13.7x

George Weston $10,840.4 6.8% (2.2%) 15.5x 155.3% $28,477.1 0.75x 13.0x

McCormick & Company $9,667.8 5.6% 1.5% 22.8x 276.7% $10,885.2 2.57x 15.8x

Pilgrim's Pride Corporation $7,123.6 1.0% (16.3%) 38.1x NA $6,554.6 0.76x 4.9x

ARYZTA $7,067.3 6.8% 3.5% 13.7x 46.7% $9,404.4 1.46x 10.6x

The Hain Celestial Group $6,360.3 18.5% 7.3% 18.2x 122.9% $7,100.3 2.88x 24.1x

Flowers Foods $4,531.5 10.6% 12.8% 18.3x 172.0% $5,303.1 1.41x 12.4x

Treehouse Foods $3,536.8 (7.9%) (2.3%) 20.8x 195.2% $4,935.6 1.68x 13.5x

Post Holdings $2,589.9 4.7% 18.1% 53.8x 673.1% $6,358.1 1.99x 16.4x

Lancaster Colony Corporation $2,500.0 1.6% (2.4%) 22.3x 202.7% $2,243.8 2.11x 13.6x

Snyder's-Lance $2,172.0 6.1% 1.0% 21.9x 146.0% $2,602.9 1.61x 15.5x

Tootsie Roll Industries $1,989.5 5.7% 7.6% NA NA $1,858.5 3.42x 17.8x

Sanderson Farms $1,974.7 6.6% 1.4% 9.4x NA $1,821.6 0.64x 3.6x

J&J Snack Foods Corp. $1,891.0 3.1% (7.0%) 26.6x 295.1% $1,793.4 1.93x 12.5x

Fresh Del Monte Produce $1,861.9 4.7% 4.9% 14.7x 293.4% $2,134.7 0.54x 8.1x

Cal-Maine Foods $1,820.6 7.4% (3.6%) 7.8x NA $1,676.1 1.12x 7.2x

Lotus Bakeries $1,638.9 10.9% 17.9% 21.4x 214.4% $1,674.8 3.98x 22.3x

B&G Foods $1,537.5 (4.0%) (4.2%) 15.9x NA $2,561.8 3.02x 14.1x

Dean Foods Company $1,517.8 (11.0%) (16.8%) 15.1x 204.5% $2,418.6 0.25x 12.4x

Diamond Foods $846.7 9.6% (4.5%) 31.6x 287.0% $1,494.4 1.69x 16.8x

Calavo Growers $725.5 4.6% (11.3%) 26.0x 226.5% $762.8 0.94x 16.2x

Boulder Brands $631.7 2.8% (6.8%) 17.9x 102.5% $906.5 1.75x 15.3x

John B Sanfilippo & Son $412.3 1.6% (18.6%) NA NA $478.5 0.57x 8.4x

Seneca Foods Corp. $300.2 4.5% 0.1% NA NA $582.1 0.45x 19.0x

Inventure Foods $197.1 (0.8%) (20.8%) 14.7x 107.3% $282.0 0.99x 11.5x

Bridgford Foods Corp. $71.3 4.3% 1.0% NA NA $72.5 0.53x NMF

Golden Enterprises $45.8 5.7% 10.4% NA NA $51.2 0.38x 8.0x

Mean 4.0% 0.6% 20.0x 214.3% $22,239.0 1.68x 13.2x

Median 4.3% 1.0% 18.3x 203.6% $6,554.6 1.64x 13.5x

Note: Data as of February 28, 2015 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought Public Company Trading Statistics 13

Food Ingredients Companies



Givaudan $17,691.2 5.6% 6.7% 23.8x 198.0% $18,427.1 4.16x 20.3x

Kerry Group $12,813.6 0.5% 5.5% 17.4x 153.5% $14,375.0 2.06x 16.4x

International Flavors & Fragrances $9,872.9 14.9% 20.3% 22.1x 315.9% $10,336.7 3.35x 15.0x

Symrise $8,273.3 (2.9%) 5.0% 23.7x 178.3% $9,838.8 3.83x 18.6x

Barry Callebaut $5,697.0 4.5% 1.1% 17.8x 81.4% $7,673.1 1.20x 13.9x

Sensient Technologies Corporation $3,022.9 4.3% 5.4% 19.5x 205.1% $3,469.4 2.40x 12.7x

Frutarom Industries $1,874.9 2.5% 3.9% 21.2x NA $2,044.2 2.53x 14.3x

T. Hasegawa Co. $604.6 0.1% 2.6% 16.1x NA $464.1 1.25x 8.1x

Takasago International Corporation $458.4 (7.7%) 1.6% 11.4x NA $783.9 0.72x 11.2x

Mean 2.4% 5.8% 19.2x 188.7% $7,490.3 2.39x 14.5x

Median 2.5% 5.0% 19.5x 188.2% $7,673.1 2.40x 14.3x

Beverage Production Companies



Anheuser-Busch InBev $204,918.8 4.5% 12.2% 21.4x 171.1% $251,667.8 5.35x 14.0x

The Coca-Cola Company $189,058.4 5.2% 2.6% 19.4x 235.2% $209,392.4 4.55x 16.3x

Pepsico $146,724.9 5.5% 4.7% 20.2x 246.0% $166,865.9 2.50x 13.4x

SABMiller $91,353.0 4.2% 8.4% 20.1x 158.0% $106,126.0 6.25x 18.2x

Diageo $74,999.7 1.0% 3.8% 17.5x 169.9% $93,746.7 5.88x 18.9x

Monster Beverage Corporation $23,668.9 20.7% 30.2% 47.7x 340.9% $22,517.5 9.14x 29.2x

Constellation Brands $22,215.8 3.9% 16.9% 25.5x 190.6% $29,490.5 4.95x 16.9x

Keurig Green Mountain $20,626.5 4.1% (3.6%) 33.3x 184.6% $20,309.1 4.31x 16.9x

Brown-Forman Corporation $19,424.5 3.2% 4.4% 25.6x NA $20,311.5 6.59x 19.8x

Dr Pepper Snapple Group $15,203.6 2.0% 9.9% 21.4x 290.3% $17,555.6 2.87x 12.6x

Molson Coors Brewing Company $14,138.5 (0.1%) 1.8% 17.5x 228.9% $16,736.2 4.04x 21.0x

Coca-Cola Enterprises $10,896.5 9.7% 4.5% 14.3x 159.5% $14,625.5 1.77x 10.4x

The WhiteWave Foods Company $7,139.9 24.2% 17.0% 35.7x 203.8% $8,606.7 2.50x 22.1x

Boston Beer Co. $3,477.2 (14.9%) (7.6%) 36.7x NA $3,401.4 3.77x 18.5x

National Beverage Corp. $1,038.5 3.1% (0.9%) NA NA $1,011.3 1.58x 12.6x

Coca-Cola Bottling Co. $967.8 7.0% 18.6% 28.5x NA $1,521.4 0.87x 10.4x

Cott Corporation $897.1 26.7% 39.5% 20.5x NA $2,764.6 1.31x 15.9x

Farmer Brothers Co. $387.7 (19.0%) (17.7%) 24.0x 119.8% $368.4 0.69x 12.7x

Lifeway Foods $306.2 2.3% 1.1% 36.0x 225.1% $309.5 2.69x NMF

Jones Soda Co. $16.8 17.5% 17.1% NA NA $16.2 1.20x NMF

Mean 5.5% 8.1% 25.9x 208.8% $49,367.2 3.64x 16.7x

Median 4.2% 4.6% 22.7x 197.2% $17,145.9 3.32x 16.6x


William Blair

Food For Thought 14 Public Company Trading Statistics

Food Retail Companies



The Kroger Co. $34,957.7 3.0% 10.8% 20.2x 223.9% $46,254.7 0.43x 9.1x

Whole Foods Market $20,379.5 8.4% 12.0% 35.8x 199.4% $19,705.5 1.35x 14.6x

Sprouts Farmers Market $5,597.5 1.1% 8.3% 43.6x NA $5,874.0 1.98x 22.9x

United Natural Foods $4,152.2 7.5% 7.4% 31.1x 203.7% $4,682.1 0.62x 16.7x

SUPERVALU $2,581.6 1.4% 1.9% 14.8x NA $5,395.6 0.31x 7.1x

The Fresh Market $1,843.8 (0.1%) (7.6%) 21.0x 105.7% $1,853.9 1.06x 9.8x

Weis Markets $1,268.8 2.9% (1.4%) NA NA $1,174.3 0.42x 7.8x

Smart & Final Stores $1,100.5 0.4% (4.3%) 20.6x NA $1,580.7 0.46x 10.4x

SpartanNash Company $995.5 3.1% 1.6% 13.6x 135.9% $1,544.3 0.20x 7.0x

Ingles Markets $876.0 1.4% 16.6% 21.1x 186.6% $1,840.2 0.48x 7.9x

Natural Grocers by Vitamin Cottage $662.3 (4.4%) 4.5% 45.4x 171.5% $688.8 1.26x 15.8x

Village Super Market $388.4 (4.6%) 0.9% NA NA $365.9 0.23x 5.9x

Fairway Group Holdings Corp. $242.8 22.1% 76.8% NMF NA $460.7 0.58x NMF

Roundy's $196.0 13.1% (15.9%) 10.3x 38.9% $806.3 0.21x 7.0x

Mean 4.0% 8.0% 25.2x 135.1% $6,587.6 0.69x 10.9x

Median 2.2% 3.2% 21.0x 171.5% $1,710.5 0.47x 9.1x

Convenience Store Companies



Alimentation Couche-Tard $21,993.8 (1.7%) (8.3%) 25.6x NA $23,659.0 0.62x 14.1x

Casey's General Stores $3,391.5 (3.9%) (2.8%) 21.9x 196.7% $4,173.8 0.57x 9.5x

The Pantry $862.6 (0.5%) (1.0%) 161.2x 1465.2% $1,669.7 0.25x 6.4x

Mean (2.0%) (4.0%) 69.6x 831.0% $9,834.2 0.48x 10.0x

Median (1.7%) (2.8%) 25.6x 831.0% $4,173.8 0.57x 9.5x


William Blair

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

Same-Store Growth – Food & Convenience Retail

Grocery Stores & Supermarkets

Sprouts Farmers Market 9.0%

Smart & Final Stores 6.6%

Publix Super Markets 6.4%

Natural Grocers by Vitamin Cottage 6.2%

The Kroger Co. (1) 6.0%

Whole Foods Market 4.5%

The Fresh Market 3.0%

Weis Markets 2.6%

Ingles Markets 2.3%

SUPERVALU 2.3%

Safeway(1) 1.8%

Village Super Market 1.6%

SpartanNash 0.4%

Fairway Group Holdings (2.2%)

Roundy's (2.3%)

Convenience Stores

Casey's General Stores 10.2%

The Pantry 3.6%

Alimentation Couche-Tard 2.8%

(1) Excludes fuel sales Note: Bolded companies reflect recently announced same-store sales data (announced in February/March 2015) Note: Data represents growth in the most recent reported fiscal quarter over the year-ago period Sources: Company filings and Capital IQ as of February 28, 2015

William Blair

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

U.S. Public Equity Financing Summary – LTM

IPOs

($ in millions)

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

Initial Filing Date

Offer Date Ticker Issuer

Shares/ ADS Exc. Ovl.

Filing Range

Deal Value at Midpoint

Shares/ADS Inc. Ovl.

Offer Price

Deal Value

Market Value

Relative to Range 1 Day 1 Month 3 Months Current

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

$175.5 15.5 $12.00 $186.0 $852.7 In Range 4.2% 9.2% 29.2% 25.5%

Mean 4.2% 9.2% 29.2% 25.5%

Median 4.2% 9.2% 29.2% 25.5%

Follow-Ons

($ in millions)

Pricing Performance - % Change

% Shares Offered Last Trade Before

Pricing Date Ticker Issuer Business Description

Shares/ ADS Offered (mm)

Offer Price

Deal Value (mm) Primary Secondary

Filing/ Offer

Offer/ Offer

Offer/ Current

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

6.5 $47.50 $308.8 100% 0% (12.8%) 2.6% 4.2%

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

20.0 $32.11 $642.2 0% 100% 4.8% 4.8% 13.0%

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

15.0 $29.38 $440.7 0% 100% 7.9% 7.9% 25.3%

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

3.6 $12.85 $46.2 0% 100% (9.7%) (4.6%) (21.5%)

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

15.0 $31.90 $478.5 0% 100% 6.0% 6.0% 13.8%


15.0 $30.00 $450.0 0% 100% 5.6% 8.5% 22.7%

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

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

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

4.3 $75.50 $325.0 100% 0% 4.0% 2.2% 10.7%


5.5 $47.70 $262.4 100% 0% (1.6%) (2.5%) 3.7%


15.0 $33.75 $506.3 0% 100% 12.5% 4.5% 9.1%


5.0 $55.00 $275.0 100% 0% 8.1% (0.1%) (10.0%)

Mean 2.7% 3.0% 7.6%

Median 5.4% 3.6% 10.7%

Sources: Dealogic and FactSet Research Systems Note: LTM as of February 28, 2015

William Blair

Food For Thought Selected Upcoming Industry Events 17

Selected Upcoming Industry Events

Date Event Location

March 2015

2-4 FMI Annual Business Conference Chicago, IL

5-8 Natural Products Expo West Anaheim, CA

9-12 FMI Asset Protection Conference Memphis, TN

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

22-25 Restaurant Leadership Conference Scottsdale, AZ

22-26 NACS Global Forum Singapore

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

29-1 American Bakers Association Annual Convention Orlando, FL

April 2015

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

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

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

May 2015

3-6 RILA Asset Protection Conference Orlando, FL

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

16-19 NRA Restaurant Hotel Motel Show Chicago, IL

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

19-21 NCA Sweets & Snacks Expo Chicago, IL

20-22 CSP Leadership and Crisis Prevention Forum Denver, CO

31-2 AFFI Food Logistics Forum Incline Village, NV

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

June 2015

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

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

7-12 Insight NACS Future of Convenience London, UK

8-10 United Fresh 2015 Chicago, IL

8-11 FMI Connect Chicago, IL

22-24 Foodservice at Retail Expo 2015 Nashville, TN

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

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

28-30 Georgia Association of Convenience Stores Annual Convention/Tabletop Show Amelia Island, FL

July 2015

20-23 NBJ Summit Dana Point, CA

26-28 The International Foods Planning TBD

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

August 2015

22-25 NACDS Total Store Expo Denver, CO

William Blair

Food For Thought 18 Selected Upcoming Industry Events

Date Event Location

September 2015

1-2 Food Evolution Summit Phoenix, AZ

15-18 PROCESS EXPO Chicago, IL

15-18 RILA Retail Sustainability Conference Austin, TX

16-18 NCA Washington Forum Washington, D.C

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

17-20 Natural Products Expo East Baltimore, MD

20-22 MUFSO Conference Dallas, TX

20-23 Candy Annual Planning Chandler, AZ

27-30 Energy & Store Development Conference (FMI) San Diego, CA

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

October 2015

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

11-14 NACS Show Las Vegas, NV

13-15 Shopper Marketing Expo Minneapolis, MN

22-24 Consumer Goods Forum: Future Leaders Congress Rio De Janeiro, Brazil

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

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

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

November 2015

10-11 Kosherfest Secaucus, NJ

14-16 Outlook Leadership 2015 (CSP) TBD

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

December 2015

3-6 SOHO Expo Orlando, FL

January 2016

13-14 MarcabyBolognaFiere Bologna, Italy

17-19 Winter Fancy Food Show San Francisco, CA

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

26-28 International Production & Processing Expo Atlanta, GA

February 2016

23-25 Convenience Retailing University Dallas, TX

28-2 N.G.A. 2016 Annual Convention and Supermarket Synergy Showcase Las Vegas, NV

28-2 RILA Supply Chain Conference Dallas, TX

William Blair

Food For Thought General Market Update 19

General Market Update

Percentage Change

As of 2/28/15 Month-to-Date Year-to-Date

Equity Market Indices

Dow Jones Industrial Average $18,132.70 5.6%

9.4%

Nasdaq Composite $4,963.53 7.1% 18.8%

S&P 500 $2,104.50 5.5% 13.9%

S&P Food Products Index $498.78 3.1% 10.9%

S&P Food & Staples Retail Index $402.62 4.3% 26.7%

S&P Restaurants Index $905.61 5.9% 12.5%

WB Corporate Finance Indices(1)

Food Index $844.93 6.4%

15.9%

Ingredients Index $992.37 7.4% 29.0%

Beverage Index $4,464.81 4.7% 15.0%

Food Retail Index $1,052.90 4.2% 30.7%

Convenience Store Index $26,299.57 (3.4%) 77.7%

Currencies

Dollar to Canadian Dollar $1.25 (1.5%)

17.5%

Dollar to Euro $0.89 0.6% 22.9%

Dollar to Peso $14.95 (0.1%) 14.2%

Dollar to Pound $0.65 (2.8%) 7.2%

Commodities(2)

Coffee Beans (Cents and 1/100 of a Cent Up to 2 Decimal Places) $1.41 (13.2%)

26.9%

Corn (Cents per Bushel) $3.93 6.3% (6.8%)

Milk (Cents per 2,000 lbs.) $0.16 (2.8%) (18.9%)

Cocoa (Dollars per Metric Ton) $3,016.00 12.0% 11.3%

Oil (Dollars per Barrel) $49.76 3.2% (49.4%)

Soybean Oil (Cents per Bushel) $0.33 9.8% (15.8%)

World Sugar (Cents and 1/100 of a Cent up to 2 Decimal Places) $0.14 (6.9%) (16.1%)

Wheat (Cents per Bushel) $5.13 2.0% (15.2%)

Yield (%) 52-Week Range

As of 02/28/15

52-Week Low Latest

52-Week High

INTEREST RATES

10-Year Treasury 2.0% 1.7% 2.8%

30-Year Treasury 2.6% 2.3% 3.7%

3-Month LIBOR 0.3% 0.2% 0.3%

Fed Funds Effective Rate 0.1% 0.1% 0.1%

Prime Rate 3.3% 3.3% 3.3%

(1) WB Corporate Finance indices are determined by FactSet Research Systems, as of February 28, 2015. Data is based on a weighted average by market capitalization calculation. (2) Commodities represent futures prices Source: FactSet Research Systems as of February 28, 2015 WB Corporate Finance Food Index includes: ARYZTA, Associated British Foods, B&G Foods, Bridgford Foods, Calavo Growers, Cal-Maine Foods, Campbell Soup, Chiquita Brands International, ConAgra Foods, Danone, Dean Foods, Diamond Foods, Dole Food Company, Flowers Foods, Fresh Del Monte Produce, General Mills, George Weston Limited, Golden Enterprises, Grupo Bimbo, Hormel Foods, Inventure Foods, J&J Snack Foods, JBS, John B Sanfilippo & Son, Kellogg Company, Kraft Foods, Lancaster Colony Corporation, McCormick & Co., Nestlé, Overhill Farms, Pilgrim’s Corp., Post Holdings, Sanderson Farms, Saputo, Seneca Foods, Nestlé, Ralcorp Holdings, Reddy Ice Holdings, Sanderson Farms, Saputo, Sara Lee, Seneca Foods, Smart Balance, Smithfield Foods, Snyder’s-Lance, The Hain Celestial Group, The Hershey Company, The J. M. Smucker Company, Tootsie Roll Industries, Treehouse Foods, Tyson Foods, Unilever WB Corporate Finance Beverage Index includes: Anheuser-Busch InBev, Boston Beer Co., Brown-Forman Corporation, Coca-Cola Bottling Co. Consolidated, Coca-Cola Enterprises, Constellation Brands, Cott Corporation, Diageo, Dr Pepper Snapple Group, Farmer Brothers Co., Green Mountain Coffee Roasters, Jones Soda Co., Lifeway Foods, Molson Coors Brewing Company, Monster Beverage Corporation, National Beverage, PepsiCo, SABMiller, The Coca-Cola Company WB Corporate Finance Ingredients Index includes: Barry Callebaut, Frutarom Industries, Givaudan, International Flavors & Fragrances, Kerry Group, Sensient Technologies Corporation, Symrise, T. Hasegawa Co., Takasago International WB Corporate Finance Food Retail Index includes: Arden Group (Gelson’s), Fairway Group Holdings, Harris Teeter Supermarkets, Ingles Markets, Nash Finch, Roundy’s, Safeway, Smart & Final Stores, Spartan Stores, SUPERVALU, The Fresh Market, The Kroger Co., United Natural Foods, Village Super Market, Vitamin Cottage Natural Food Markets, Weis Markets, Whole Foods Market WB Corporate Finance Convenience Store Index includes: Alimentation Couche-Tard, Casey’s General Stores, Pantry

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

Quarterly Market

Update – All

Industries

William Blair

Food For Thought 20 Domestic M&A Market Summary

Domestic M&A Market Summary

U.S. Activity Trends

M&A Activity

Number of Deals

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

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

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

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

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

Mid-Cap M&A Activity

Number of Deals

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

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

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

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

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

Private-Equity Activity

Number of Deals

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

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

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

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

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

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

8,792 9,934 10,08712,420 13,340 11,488

9,37512,749 13,397 14,643

12,198 12,713

$0

$600

$1,200

$1,800

0

6,000

12,000

18,000

Deal Value($ in billions)

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

4,239 4,527 4,4534,548

4,537 4,7664,144 6,224 5,360 5,153 4,258 3,880

$0

$200

$400

$600

0

10,000

Deal Value($ in millions)

Number of Deals <$50M $50-250M $250 -750M Deal Value

1,200 1,646 1,8122,247

2,316 1,821 1,4621,976 2,035 2,164 1,888 2,156

$0

$400

$800

0

5,000

Deal Value($ in billions)

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

William Blair

Food For Thought Domestic M&A Market Summary 21

U.S. Valuation Trends

Median EV/EBITDA Multiples

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

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

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

Median EV/EBITDA Mid-Cap Multiples

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

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

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

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

Average Acquisition Premiums

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

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

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

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

3.0x

6.0x

9.0x

12.0x

15.0x

Middle Market Overall Market

0.0x

4.0x

8.0x

12.0x

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

20%

30%

40%

50%

1-Week Premium 4-Week Premium

William Blair

Food For Thought 22 U.S. Equity Capital Markets Summary

U.S. Equity Capital Markets Summary

Historical IPO Issuance

Historical Follow-On Issuance

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

IPO Pricings by Sector – Last 4 Quarters:

243 Total Deals

Follow-on Pricings by Sector – Last 4 Quarters:

694 Total Deals

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

54

139

95 105

175

243

28 3513 19

3925 20 21 21

50 48 56 63 7054 56

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014 1Q 11 2Q 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

564506

399470

657612

135 128

5086

13098 115 127 152 139

173 193 198 183120 111

0

100

200

300

400

500

600

700

2009 2010 2011 2012 2013 2014 1Q 11 2Q 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

1116

31

100

26

59Business Services

Consumer

Financial

Healthcare

Industrial

Technology

60

48

58

162

177

107 Business Services

Consumer

Financial

Healthcare

Industrial

Technology

William Blair

Food For Thought Debt Capital Markets Summary 23

Debt Capital Markets Summary

Average Equity Contribution

Quarterly LBO Debt Multiples – Less Than $50 Million EBITDA

Quarterly LBO Debt Multiples – Greater Than $50 Million EBITDA

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

36%

41%38% 40%

35% 34%32%

40%

46% 45%41% 41%

46%43%

31%

37%

32% 32%30% 29% 30%

38%

47%

40%37% 37%

33%36%

0%

10%

20%

30%

40%

50%

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

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

3.6x3.8x 3.7x

4.0x

4.2x

4.2x 4.9x4.8x

4.4x

3.4x

3.8x

4.4x5.0x 5.1x

3.0x3.8x

3.7x

2.2x

4.0x3.8x

4.5x4.8x

3.3x3.1x 3.7x 3.2x

5.0x

5.1x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

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

Total Debt/EBITDA Senior Debt/EBITDA

3.6x3.8x

3.7x

4.0x4.2x

4.2x4.9x 4.8x

4.4x

3.4x

3.8x 4.4x

5.0x 5.1x

3.0x

3.8x

3.7x

2.2x

4.0x 3.8x

4.5x4.8x

3.3x3.1x

3.7x3.2x

5.0x 5.1x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

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

3.6x3.8x 3.7x

4.0x

4.2x

4.2x 4.9x4.8x

4.4x

3.4x

3.8x

4.4x5.0x 5.1x

3.0x3.8x

3.7x

2.2x

4.0x3.8x

4.5x4.8x

3.3x3.1x 3.7x 3.2x

5.0x

5.1x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

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

Total Debt/EBITDA Senior Debt/EBITDA

4.1x4.5x 4.4x

4.8x 4.9x

5.0x

5.7x

6.8x

4.0x

4.8x

5.3x

4.3x

5.1x

5.5x

3.1x2.6x

2.6x2.9x

2.9x

3.5x

4.4x

6.6x

3.1x

3.9x

5.3x

4.0x

4.9x

5.5x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

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

William Blair

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

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

Food & Beverage Production

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

Mr. Bertram graduated with highest honors from the University of Illinois with a B.S. in finance.

[email protected] +1 312 364 5426

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

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


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

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


William Blair

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

Food & Convenience Retail

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

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


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

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


Europe

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

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


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

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


William Blair

Food For Thought 26 Recent William Blair Consumer & Retail Transactions

Recent William Blair Consumer & Retail Transactions

$500,000,000

Fairness Opinion

March 2015

$223,905,000

Follow-on Offering

February 2015

$120,750,000

Initial Public Offering

January 2015

Not Disclosed

has been acquired by

Wasserstein & Co., LP

December 2014

Not Disclosed


One Rock Capital Partners

December 2014

Not Disclosed


Knowlton Development Corporation

December 2014

Not Disclosed

has acquiredRobert Bosch Tool

Corporation, Garden & Watering Business

December 2014

Not Disclosed


FrutaromIndustries Ltd.

November 2014

€220,000,000


Abris Capital Partners

November 2014

$186,300,000

Follow-on Offering

November 2014

$139,840,000

Follow-on Offering

November 2014

$105,000,000

Follow-on Offering

November 2014

$128,000,000


Post Holdings, Inc.

November 2014

Not Disclosed

Growth Equity Recapitalization

October 2014

Not Disclosed


Monomoy Capital Partners

October 2014

$108,235,280


October 2014

$85,000,000

Senior Credit Facility

September 2014

$53,117,980

Follow-on Offering

September 2014

Not Disclosed

has a strategic investment from

Standard Chartered Private Equity

August 2014

$156,543,750

Follow-on Offering

August 2014

Not Disclosed


Peet’s Coffee & Tea / Next World Capital

August 2014

$123,214,290


July 2014

$89,125,000

Follow-on Offering

July 2014

$373,749,990

Follow-on Offering

July 2014

$171,646,263

Follow-on Offering

June 2014

$202,000,000


Snyder’s Lance

June 2014

CAD$170,000,000


TreeHouse Foods, Inc.

May 2014

Not Disclosed


Milner Milling, Inc.

May 2014

$64,166,663


May 2014

$132,050,000


April 2014

$100,624,980


April 2014

$61,300,000


The HainCelestial Group

April 2014

Not Disclosed


Bregal Partners

March 2014

Not Disclosed


Greencore Group

February 2014

Not Disclosed


ADKM, Inc. (DBA Harry's)

January 2014

William Blair

Food For Thought William Blair Consumer & Retail Coverage 27

William Blair Consumer & Retail Coverage

Mark Miller, CFA +1 312 364 8498

Broad Assortment and Hardlines, E-commerce, Health, Beauty, and Convenience

Sharon Zackfia, CFA +1 312 364 5386

Apparel and Accessories, Leisure, Restaurants

Company Ticker Company Ticker

Amazon.com AMZN BJ’s Restaurants BJRI

Blue Nile NILE Bloomin’ Brands BLMN

Cabela’s CAB CarMax KMX

Costco Wholesale Corporation COST Carnival Corporation CCL

CVS Health Corporation CVS Cheesecake Factory (The) CAKE

Dick’s Sporting Goods DKS Chipotle Mexican Grill CMG

Fairway Group Holdings FWM Dunkin’ Brands Group DNKN

Fresh Market (The) TFM El Pollo Loco Holdings LOCO

JD.com JD Harley-Davidson HOG

MercadoLibre MELI Life Time Fitness LTM

Natural Grocers by Vitamin Cottage NGVC Lululemon Athletica LULU

Sportsman’s Warehouse Holdings SPWH Panera Bread Company PNRA

Target Corporation TGT Papa Murphy’s Holdings FRSH

Tractor Supply Company TSCO Potbelly PBPB

Walgreens Boots Alliance WBA Royal Caribbean Cruises RCL

Wal-Mart Stores WMT Sonic Corp. SONC

Wayfair Inc. W Starbucks Corporation SBUX

Whole Foods Market WFM Tilly’s TLYS

Zulily ZU Tumi Holdings TUMI

Under Armour UA

Urban Outfitters URBN

Zoe’s Kitchen ZOES

Zumiez ZUMZ

Jon Andersen, CFA +1 312 364 8697

Consumer Products

Daniel Hofkin, Analyst +1 312 364 8965

Hardlines, Specialty Retail

AptarGroup ATR Advance Auto Parts AAP

Boulder Brands BDBD AutoZone AZO

Church & Dwight CHD Bed Bath & Beyond BBBY

Colgate-Palmolive Company CL Luxottica Group LUX

Scotts Miracle-Gro Company (The) SMG Mattress Firm Holding Corp. MFRM

Fox Factory Holding Corp. FOXF O’Reilly Automotive ORLY

Inventure Foods SNAK PetSmart PETM

J&J Snack Foods JJSF Regis Corporation RGS

J.M. Smucker Company (The) SJM Restoration Hardware Holdings RH

Jarden Corporation JAH Ross Stores ROST

Kellogg Company K Steiner Leisure STNR

Keurig Green Mountain GMCR TJX Companies (The) TJX

Mead Johnson Nutrition Company MJN Ulta Salon, Cosmetics & Fragrance ULTA

Perrigo Company PRGO Williams-Sonoma WSM

Prestige Brands Holdings PBH

Procter & Gamble Company (The) PG

SodaStream International SODA

Tempur Sealy International TPX

TreeHouse Foods THS

Amy Noblin, Analyst +1 415 248 2874

Apparel and Accessories

Abercrombie & Fitch ANF Nordstrom JWN

Coach COH Tiffany & Co. TIF

DSW DSW Tumi Holdings TUMI

Francesca’s Holdings FRAN Vera Bradley VRA

Michael Kors Holdings KORS Vince Holding Corp. VNCE

William Blair

Food For Thought 28 Notes

Notes

William Blair

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

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

William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com March 11, 2015

Food For Thought Disclosures 29

Disclosures

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

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

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

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

march 2015 - william blair & company · march 2015 food for thought overview, analysis, and...

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