target acquiror acquisition synopsis sleep llc. …...ltm gross margin ltm ebitda margin 0.5x 2.5x...

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Target Acquiror Acquisition Synopsis Gift & Home Décor Pleasant Mattress, a manufacturer and retailer of branded sleep products, has aquired 119 year-old McRoskey Mattress Co., a San Francisco based manufacturer of high-end mattresses McRoskey will join Pleasant Mattress' portfolio of brands that includes Chattam & Wells, MAXX, Spring Air and Eclipse International Food & Beverage The Coffee Business of Luigi Lavazza SpA agreed to acquire the coffee business of Mars Inc., including Flavia single-serve and Klix vending systems, for approximately $650 million Flavia and Klix are two leading brands in office coffee service, and this purchase marks Lavazza's decision to pursue growth in avenues outside of the home; the transaction represents a multiple of 1.9x 2017 revenue Apparel & Accessories DSW and Authentic Brands Group have annouced the acquisition of Camuto Group best known for the Vince Camuto brand and the footwear licenses of Jessica Simpson and Lucky Brand, for $375 million DSW will contribute $56 million to acquire a 40% stake in the intellectual property and Authentic Brands will take the remaining 60%. DSW will also contribute $200 million to acquire Camuto Group's global production, sourcing and design infrastructure Recreational Products France The French subsidiary of Toys "R" Us was acquired out of receivership proceedings by Jellej Jouets, a group formed by Cyrus Capital Partners (a creditor to the US parent) in partnership with PicWic, a 25 store French toy retailer The 120 million takeover price includes a €70 million line of credit to secure Christmas inventory and invest in store renovations and digital technology; the acquirers intend to merge the 44 acquired stores with PicWic under a unified brand Personal Care Johnson and Johnson launched a tender offer to acquire Ci:z Holdings Co., a Japanese developer and distributor of cosmetic and skincare products, for $1.37 billion, representing a revenue multiple of 5.2x and an EBITDA multiple of 25.6x The acquisition will include the Company's range of brands including Dr.Ci:Labo, Labo Labo, and Genomer and is expected to strengthen J&J's market presence in Japan Home, Garden & Pet Radio Systems Corporation, a global leader in pet containment and lifestyle products including PetSafe, the Invisible Fence Brand, and SportDog, has acquired Motivation Design (d/b/a Kurgo), a developer and manufacturer of travel and active dog products The Kurgo acquisition will enable Radio Systems to expand their product lines beyond the home and enter the active lifestyle pet goods market Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA LTM Revenue Growth Enterprise Value / LTM Revenue Consumer Headline Transactions 3.2% 4.9% 6.4% 1.8% 9.4% 8.1% 3.0% 6.0% 9.0% 12.0% 15.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet LTM Revenue Growth Note: EBITDA Margins in green 36.7% 39.2% 48.2% 35.0% 57.3% 35.4% 8.5% 18.3% 12.2% 11.0% 17.3% 14.1% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet LTM EBITDA Margin LTM Gross Margin 0.5x 2.5x 1.4x 1.2x 2.5x 1.7x 1.0x 2.0x 3.0x Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet EV / LTM Revenue 7.2x 15.1x 9.8x 9.9x 13.2x 10.7x 5.0x 10.0x 15.0x 20.0x Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet EV / LTM EBITDA Consumer & Retail Monthly November 2018

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Page 1: Target Acquiror Acquisition Synopsis Sleep LLC. …...LTM Gross Margin LTM EBITDA Margin 0.5x 2.5x 1.4x 1.2x 2.5x 1.7x — 1.0x 2.0x 3.0x Gift & Home Décor Food & Beverage Apparel

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

Pleasant Mattress, a manufacturer and retailer of branded sleep products, has aquired 119 year-old McRoskey Mattress Co., a San Francisco based manufacturer of high-end mattresses McRoskey will join Pleasant Mattress' portfolio of brands that includes Chattam & Wells, MAXX, Spring Air and Eclipse International

Food & Beverage The Coffee Business of

Luigi Lavazza SpA agreed to acquire the coffee business of Mars Inc., including Flavia single-serve and Klix vending systems, for approximately $650 millionFlavia and Klix are two leading brands in office coffee service, and this purchase marks Lavazza's decision to pursue growth in avenues outside of the home; the transaction represents a multiple of 1.9x 2017 revenue

Apparel & Accessories

DSW and Authentic Brands Group have annouced the acquisition of Camuto Group best known for the Vince Camuto brand and the footwear licenses of Jessica Simpson and Lucky Brand, for $375 millionDSW will contribute $56 million to acquire a 40% stake in the intellectual property and Authentic Brands will take the remaining 60%. DSW will also contribute $200 million to acquire Camuto Group's global production, sourcing and design infrastructure

Recreational Products

France

The French subsidiary of Toys "R" Us was acquired out of receivership proceedings by Jellej Jouets, a group formed by Cyrus Capital Partners (a creditor to the US parent) in partnership with PicWic, a 25 store French toy retailer The €120 million takeover price includes a €70 million line of credit to secure Christmas inventory and invest in store renovations and digital technology; the acquirers intend to merge the 44 acquired stores with PicWic under a unified brand

Personal Care▪

Johnson and Johnson launched a tender offer to acquire Ci:z Holdings Co., a Japanese developer and distributor of cosmetic and skincare products, for $1.37 billion, representing a revenue multiple of 5.2x and an EBITDA multiple of 25.6xThe acquisition will include the Company's range of brands including Dr.Ci:Labo, Labo Labo, and Genomer and is expected to strengthen J&J's market presence in Japan

Home, Garden & Pet▪

Radio Systems Corporation, a global leader in pet containment and lifestyle products including PetSafe, the Invisible Fence Brand, and SportDog, has acquired Motivation Design (d/b/a Kurgo), a developer and manufacturer of travel and active dog productsThe Kurgo acquisition will enable Radio Systems to expand their product lines beyond the home and enter the active lifestyle pet goods market

Enterprise Value / LTM EBITDA

Enterprise Value / LTM EBITDA

LTM Revenue Growth

Enterprise Value / LTM Revenue

Consumer Headline Transactions

3.2%4.9%

6.4%

1.8%

9.4%8.1%

3.0%

6.0%

9.0%

12.0%

15.0%

Gift & HomeDécor

Food &Beverage

Apparel &Accessories

RecreationalProducts

PersonalCare

Home, Garden& Pet

LTM

Rev

enue

Gro

wth

Note: EBITDA Margins in green

36.7% 39.2%48.2%

35.0%

57.3%

35.4%

8.5%18.3%

12.2% 11.0%17.3% 14.1%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Gift & HomeDécor

Food &Beverage

Apparel &Accessories

RecreationalProducts

Personal Care Home,Garden & Pet

LTM EBITDA M

arginLTM

Gro

ss M

argin

0.5x

2.5x

1.4x 1.2x

2.5x

1.7x

1.0x

2.0x

3.0x

Gift & HomeDécor

Food &Beverage

Apparel &Accessories

RecreationalProducts

PersonalCare

Home, Garden& Pet

EV /

LTM

Rev

enue

7.2x

15.1x

9.8x 9.9x

13.2x 10.7x

5.0x

10.0x

15.0x

20.0x

Gift & HomeDécor

Food &Beverage

Apparel &Accessories

RecreationalProducts

PersonalCare

Home, Garden& Pet

EV /

LTM

EBI

TDA

Consumer & Retail Monthly November 2018

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

TargetAcquirorAcquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

TargetAcquirorAcquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

TargetAcquirorAcquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

TargetAcquirorAcquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Target Acquiror Acquisition SynopsisGift & Home Décor

DreamCloud Holdings, the fastest growing player in the online mattress industry, announced an agreement to acquire science-based bedding product company, Level Sleep LLC. TM Capital previously served as financial advisor to DreamCloud Holdings (d/b/a Nectar Sleep) in completing a growth equity and strategic partnership transaction

Food & Beverage

US Baking Business of The J.M. Smucker Company

Brynwood Partners acquired the U.S. Baking Business of The J.M. Smucker Company (NYSE: SJM) for $375 million, representing a revenue multiple of 1.0x Brands acquired include Pillsbury® baking mix as well as other center aisle labels such as Hungry Jack® pancake mix, White Lily® and Martha White® baking products, and Jim Dandy® quick grits

Apparel & Accessories

Delta Galil Industries Ltd., a manufacturer and marketer of private label apparel products, acquired Eminence SAS and its subsidiaries for $148 millionAcquired brands include Eminence, the second largest men's underwear brand in France, ATHENA, a French women's underwear brand, and Liabel, an Italian mass-market underwear and t-shirt brand

Recreational Products

Groupe Bénéteau, an international designer and manufacturer of boats and mobile homes, has purchased a 60% stake in the Slovenian performance sailing yacht company Seascape d.o.oThis transaction will extend Bénéteau into the small sailing yacht category, targeting novice sailers and younger enthusiasts with affordable, transportable cruisers

Personal Care▪

Johnson & Johnson has entered an agreement to acquire Zarbee's Inc., a leader in naturally-based healthcare products The acquisition will include the full line of Zarbee's Naturals products for children and adults and is anticipated to help Johnson & Johnson bolster sales in their consumer-health division with an on-trend clean-label offering

Home, Garden & Pet▪

Outward Hound, a designer and developer of pet toys owned by JW Childs, acquired Wholesome Pride Pet Treats, a producer of 100% all natural pet treats founded in 2013Wholesome Pride will become a new treat division within Outward Hound's pet products platform

Page 2: Target Acquiror Acquisition Synopsis Sleep LLC. …...LTM Gross Margin LTM EBITDA Margin 0.5x 2.5x 1.4x 1.2x 2.5x 1.7x — 1.0x 2.0x 3.0x Gift & Home Décor Food & Beverage Apparel

Selected TM Capital Consumer Experience TM Capital’s Consumer Industry Contacts

Home, Garden & Pet

Recreational Products

Food & Beverage

Personal Care

Apparel & Accessories

Gift & Home Decor

LTM Stock Price Index

80%

90%

100%

110%

120%

130%

Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Sha

re P

rice

Inde

x

Food & Beverage95%

Gift & Home Décor95%

Personal care102%

S&P 500105%

Recreational Products97%

Home, Garden and Pet 87%

Apparel & Accessories121%

David M. Felts

Managing Director [email protected]

404-995-6252

Craig M. Gibson

Managing Director [email protected]

617-259-2204

James S. Grien

Managing Director [email protected]

404-995-6235

Target Acquiror Transaction DescriptionVionic Group, LLC Caleres, Inc. (NYSE:

CAL)Caleres (NYSE: CAL), a diverse portfolio of global footwear brands, including Allen Edmonds and Same Edelman has announced its acquisition of Vionic Group, a disruptive manufacturer of footwear and foot care products, for $360 million

ELOQUII Design, Inc.

Walmart, Inc. (NYSE: WMT)

Walmart (NYSE: WMT) has announced its plans to acquire ELOQUII Design, a direct-to-consumer fashion startup focused on apparel specifically designed for women size 14 and up , for $100 million

Target Acquiror Transaction DescriptionGolf Town Limited Sporting Life, Inc. Fairfax Financial Holdings has announced plans to merge two of

its portfolio companies, Sporting Life Inc. and Golf Town Ltd.; both retailers will continue to operate separately but will make joint technology, staffing and supply chain investments

ABCya.com IXL Learning IXL Learning, a K-12 personalized learning platform, has announced the acquisition of ABCya.com, creator of more than 400 educational computer games and applications for children

Target Acquiror Transaction DescriptionParfums Caron S.A.S

Cattleya France Parfums Caron, a France-based manufacturer and marketer of perfumes, was sold to Luxembourg-based private equity firm Cattleya Finance in a corporate divestiture from Alés Groupe, the French cosmetics and fragrance company

Kiss My Face, LLC Aliph Brands Diversified consumer brand management company, Aligh Brands, has completed the acquisition of Kiss My Face, LLC, a natural personal care brand with a portfolio of products including olive oil, argan oil, and various lotions

Target Acquiror Transaction DescriptionTarget Acquiror Transaction DescriptionPlanet Dog, Inc.® Outward Hound® Outward Hound, portfolio company of J.W. Childs Associates, has

continued its acquisition strategy with the purchase of Planet Dog®, producer of Made-in-USA Orbee durable toys, plush and travel dog products

Bonide Products Inc. Control Solutions Inc.

Control Solutions Inc., a provider of solutions to the Pest Control, Turf & Ornamental and Animal Health Care markets has announced the acquisition of Bonide Products, a provider of pest-control solutions to the consumer Home & Garden market

Target Acquiror Transaction DescriptionHealth Warrior, Inc. PepsiCo, Inc.

(NasdaqGS: PEP)PepsiCo has completed the acquisition of Health Warrior, a producer of nutrient-dense, non-GMO and gluten-free plant-based products including nutrition bars, mug muffins and protein powder

SlimFast and Health and Nutrition Systems

Glanbia plc (ISE: GL9)

Glanbia plc, a global nutrition company, has agreed to acquire SlimFast and Health and Nutrition Systems from Kainos Capital for $350 million, representing a 2017 revenue multiple of 1.7x and a 2017 EBITDA multiple of 14.6x

Selected Consumer Transactions

Target Acquiror Transaction DescriptionMcNeilly Furniture Ison Furniture, LLC McNeilly, a North Carolina-based producer of leather upholstery

has been acquired by Ison Furniture, an operator of furniture stores based out of Thomasville, North Carolina

White Hinge Limited Dee Set Logistics Limited

Retail distribution group Dee Set Logistics has acquired White Hinge Limited, an e-commerce distributor of a range of household products including hardware, tools, stationery, homeware and car accessories

Philip S. Krieger

Managing Director [email protected]

404-995-6242

Kevin Atchue

Vice President [email protected]

617-259-2209

tmcapital.com

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