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Q2 & Q3 | 2019

Stable Volume and Heightened Multiples Define M&A Market

Consumer M&A Transactions by Year (Strategic Buyers Include Private Equity Owned Companies)

EdgePoint | 2000 Auburn Drive, Suite 330 | Beachwood, OH 44122 | (800) 217-7139 | www.edgepoint.com

Source: EdgePoint Proprietary Database, Company Filings, CapIQ, News Releases

10.0x

12.4x 12.7x 12.2x

14.9x 14.9x16.9x

8.8x6.8x

12.1x9.9x 9.6x

11.5x13.5x

12.5x

9.5x10.8x 10.8x

11.7x10.5x

12.4x

0.0x

5.0x

10.0x

15.0x

20.0x

2013 2014 2015 2016 2017 2018 LTM

EV

/ E

BIT

DA

Food & Beverage Household and Personal Products Consumer Durables and Apparel

802 907 1,057 1,147 1,159 1,273 1,277 1,349 1,356 1,283 1,259

96 160 184

191 220 206 232 228 215

178 196

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500

1,000

1,500

2,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM

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Strategic Buyers Financial Buyers

Consumers continue to be a key source of economic strength during the year, a trend supported by strong consumer indica-tors in 2Q and 3Q19, as consumer spending comprised a majori-ty portion of overall GDP growth. (Federal Reserve Economic Data)

Economists expect consumer fundamentals, including gains in employment and income to remain strong n 2020. Even still, while U.S. households have been the main driver of economic growth, global growth has weakened and manufacturing and business investment have fallen, which indicate that a drop in consumer spending could leave the economy vulnerable.

Despite competing economic indicators, consumer M&A vol-ume remained strong and is up 5% through the first three quar-ters of 2019 compared to the same period in 2018.

The latest round of interest rate cuts from the Federal Reserve make capital a cheap resource in the marketplace, and while this may cause speculation that economic contraction is on the horizon, it continues to enable cheap financing to fund acquisi-tions. Furthermore, increased transaction volume coupled with a continuation of strong consumer economic trends posits that consumer firms will continue to explore M&A activity as a source of above-average growth.

Although M&A activity has been driven by strategic acquirers, new fund raising rounds and record levels of dry powder at pri-vate equity firms and family offices will keep financial buyers motivated to pursue new platform investments and add-on ac-quisitions.

CONSUMER

Notable Recently Announced and Closed Consumer Transactions


Noteworthy Home Health & Hospice Care Transactions | Q1 - Q2 2017 (continued) CONSUMER Q2 & Q3 | 2019

Date: 8/28/2019 (Closed)

Castle Brands Inc. sells alcoholic and non-alcoholic beverage products in the United

States, Canada, Europe, and Asia. The company offers premium and super premium

rums, whiskey, liqueurs, vodka, tequila, wine, amaretto, and other spirits, as well as gin-

ger beer and ready-to-drink cocktails. The company offers its products through a net-

work of wholesale distributors and state-operated agencies. Castle Brands was incorpo-

rated in 2009 and is based in New York, New York.

• In acquiring a broad lineup of high-quality and premium brands, Pernod Ricard was particularly motivated to acquire Castle’s Jefferson’s Bourbon brand in order to gain a foothold in the U.S. bourbon category, a key market segment for Per-nod

Overview / Strategic Rationale: Food & Beverage

Date: 8/02/2019 (Announced)

Arnott's Biscuits Limited, founded in 1865 and is based in North Strathfield, Australia, produces and distributes biscuits and snacks. The company offers chocolate biscuits, sweet biscuits, and crackers. It exports its products to New Zealand, Indonesia, Malaysia, Singapore, and Japan.

• Campbell’s Soup, under intense pressure by activist investor Third Point to divest non-core assets, including Arnott’s, responded with plans to sell its offshore businesses and focus on its two core businesses in North America, soups and other foods

• KKR won the competitive bid by investing out of its core investment fund which targets lower-risk adjusted returns and long-term holding periods provided the company meets specified defensive qualities, suggesting ta conservative ap-proach in managing the 154 year-old brand

Overview / Strategic Rationale:


Creative Genius, Inc., doing business as Pura Vida Bracelets, designs and manufactures

handmade bracelets. It also sells anklets, rings, necklaces, earrings, and cuffs. In addition,

the company offers accessories, including clutches, beach towels, and keychains. The com-

pany sells its products online and through stores. Creative Genius, Inc. was founded in

2010 and is headquartered in La Jolla, California.

• Vera Bradley acquired a 75% stake in Pura Vida for $75mm, citing alignment with Pura Vida’s casual, affordable lifestyle brand, devoted, emotionally-connected and multi-generational customer base, positioning as gifting and socially-connected brands, entrepreneurial culture, multi-channel distribution strategies, and talented core leadership team committed to long-term success of its brand

Overview / Strategic Rationale: Consumer Durables and Apparel

Superior Cake Products, Inc. produces and supplies sweet baked goods. Its offers breads,

pastries, cupcakes, handheld pies, éclairs, mini éclairs, madeleine cookies, brownie bites,

and seasonal varieties. The company was founded in 1908 and is based in Southbridge,

Massachusetts.

• The Acquisition accelerates Sara Lee Frozen Bakery’s strategic goal of expanding their presence within the high-growth in-store bakery category

• Hostess Brands sold the business after acquiring it in 2016 for $51mm in order to deleverage its balance sheet, pursue strategic acquisitions, and reinvest in core areas of the business. Hostess successfully grew the business from $33mm in the twelve months preceding the deal to $43mm of revenue net revenue (TTM ending April 30)

Overview / Strategic Rationale: Food & Beverage

Acquirer:

Key Metrics:

Implied Enterprise Value ($M) EV/FTM EBITDA EV/FTM Revenue

Target:

$276 36.1x

2.7x

Food & Beverage

Acquirer:

Key Metrics:

Implied Enterprise Value ($M) EV/LTM EBITDA EV/LTM Revenue

Target:

$2,200 6.5x 2.1x

Acquirer:

Key Metrics:


Target:

$65 9.3x 1.5x

Acquirer:

Key Metrics:


Target:

$97.5 8.9x 1.8x



Recent Announced & Closed Transactions (select transactions, not intended to be all-inclusive)

Sources: EdgePoint Proprietary Database, Company Filings, CapIQ, News Releases


Price Revenue EBITDA

($MM) Multiple Multiple

CONSUMER DURABLE & APPAREL

8/13/2019 Steven Madden, Ltd. B. B. Dakota, Inc. B. B. Dakota, Inc. provides apparel for women. $ 29 0.7x -

7/9/2019 Rapala VMC Corporation DQC International Corp

DQC International Corp, also known as 13 Fishing, engages in

manufacturing, sourcing, and distributing fishing tackle

products.

13 0.5x 16.1x

6/20/2019 Vera Bradley, Inc. Creative Genius, Inc.Creative Genius, Inc., doing business as Pura Vida Bracelets,

designs and manufactures handmade bracelets. 123 1.8x 8.9x

5/7/2019 Randa Corporation Texas Clothing Holding Corp.

Texas Clothing Holding Corp., along with its subsidiaries,

primarily engages in the design, import, and sale of apparel in

the United States.

254 0.6x -

5/2/2019Xtep International Holdings

LimitedE-Land Footwear USA Holdings Inc.

E-Land Footwear USA Holdings Inc. designs, develops, and

markets footwear, apparel, accessories. 260 1.2x NM

4/25/2019Mainland Headwear Holdings

LimitedAquarius Ltd.

Aquarius Ltd. designs, manufactures, and markets accessories

for men, women, and children in United States. 9 0.3x -

FOOD & BEVERAGE

9/18/2019 Grupo Nutresa S. A.Cameron's Coffee and Distribution

Company

Cameron's Coffee and Distribution Company produces and

supplies coffee and tea. $ 113 1.6x -

9/12/2019 Huddle House, Inc. Perkins & Marie Callender's, LLC

Perkins & Marie Callender's, LLC doing business as Perkins

Restaurant and Bakery owns and operates a chain of restaurants

and bakeries in the United States and Canada.

52 0.1x -

9/9/2019The Alkaline Water Company

Inc.AQUAhydrate, Inc.

AQUAhydrate, Inc., a health and fitness company, produces

alkalized water that supports active lifestyle individuals, such as

health and fitness authorities, and athletes and celebrities.

51 3.4x -

8/28/2019 Pernod Ricard SA Castle Brands Inc.

Castle Brands Inc., together with its subsidiaries, develops,

markets, imports, and sells beverage alcohol and non-alcoholic

beverage products in the United States, Canada, Europe, and

Asia.

276 3.1x 61.1x

8/21/2019Ajinomoto Health & Nutrition

North America, Inc.More Than Gourmet, Inc. More Than Gourmet, Inc. produces and distributes sauces. 7,585 2.9x -

8/1/2019 Sara Lee Frozen Bakery Superior Cake Products, Inc.Superior Cake Products, Inc. produces and supplies sweet baked

goods. 65 1.5x 9.3x

5/9/2019 The Boston Beer Company, Inc. Off-Centered Way LLCOff-Centered Way LLC, together with its subsidiaries, operates a

brewery under the name Dogfish Head Brewery. 309 2.9x 14.0x

4/1/2019 Ferrero International S.A.Cookies and Fruit Snacks Business of

Kellogg Company

The acquired cookie brands include Keebler, Famous Amos,

Mother's, and Murray's, as well as Little Brownie Bakers,

supplier of cookies to the Girl Scouts, while the acquired fruit

snacks brands include Stretch Island and Fruity Snacks.

1,300 1.4x -

4/1/2019 RiceBran Technologies MGI Grain Processing, LLCMGI Grain Processing, LLC owns and operates barley and oat

grain processing facility. 4 1.3x -

HOUSEHOLD & PERSONAL PRODUCTS

5/13/2019 Beiersdorf AktiengesellschaftCoppertone Business of Bayer

Aktiengesellschaft

Coppertone manufactures and markets suncare products in the

U.S., Canada, and China $ 550 2.6x -

5/9/2019 Perrigo Company plc Ranir, LLCRanir, LLC develops, manufactures, and sells consumer oral and

personal care products. 750 2.6x -

5/2/2019 Alternate Health Corp. Blaine Labs, Inc.Blaine Labs, Inc. develops and distributes dermatological

products for medical, cosmetic, and retail markets. 20 1.4x -

PET PRODUCTS

5/8/2019 Petiq, LLC Sergeant's Pet Care Products, Inc.Sergeant's Pet Care Products, Inc. manufactures and markets pet

products for customers in the United States. 186 2.0x -

Target DescriptionDate Acquirer Target


Sub-Sector Profile: Spirits and Liquors


Active Spirits and Liquors Buyers

• Firestone & Robertson Distilling Company, LLC

• Rabbit Hole Spirits, LLC

Date of Investment Select Strategic Buyers Acquisition Activity

• Montanya Distillers, LLC

• Durham Distillery, LLC

• Nelson's Green Brier Distillery, LLC

The wine and spirits sub-sector experienced robust deal flow

involving primarily large strategic buyers during 2Q19 and

3Q19. Innovation within the spirits segment, including craft spir-

its, canned cocktails, and craft mixers helped to drive M&A ac-

tivity in the spirits and liquors sub-sector.

Buyers in this sub-sector continue to utilize M&A as a means to

drive above-average growth, and are actively looking to add

unique craft spirits brands to their portfolios. This trend is ex-

pected to continue through 1H2020, as buyers aggressively

compete for market share. Strategic buyers such as Pernod Ri-

card and Constellation Brands continue to remain active acquir-

ers in the spirits and liquors sub-sector.

Pernod Ricard acquired Firestone & Robertson Distilling Compa-

ny and Rabbit Hole Spirits to complement its existing portfolio

of small-batch, local whiskey and bourbon spirits, while its ac-

quisition of Castle Brands (including Brady’s Irish Cream and

Goslings Rum) complement its portfolio of international strate-

gic brands.

Constellation Brands acquired Montanya Distillers, a Crested

Butte, CO based producer of craft rum while Constellation's

venture arm acquired Durham Distillery, a NC based distillery of

craft spirits and canned cocktails, and Nelson’s Green Brier Dis-

tillery, a Nashville, TN producer of craft whiskey. Pernod Ricard

and Constellation Brands are expected to continue to be active

acquirers in the space.

One notable trend within the subsector was the acquisition of

canned cocktail producers by major brewers and regional beer

companies, including AB InBev’s acquisition of Cutwater Spirits;

and Buoy Beer Company’s acquisition of Pilot House Distilling.

The M&A outlook in 2020 in the spirits and liquors sub-sector is

expected to remain strong. A significant portion of M&A activity

is expected to continue to come from strategic buyers seeking

unique and craft brands to add to their portfolios.

08/05/2019

06/14/2019

08/05/2019

08/28/2019

05/02/2019

• Stillhouse Spirits Co. 11/15/2019

• Cocktail Crate LLC 10/10/2019


Sub-Sector Profile: Beer & Craft Breweries


Active Beer and Craft Beverage Buyers

• Craft Brew Alliance (NasdaqGS: BREW)

• Platform Beer Co.

Date of Investment Select Strategic Buyers Acquisition Activity

• Off-Centered Way LLC (Dogfish Head Brewery)

Increased competition from the boom in craft breweries, which

has doubled to 7,450 over the past five years, coupled with de-

clining beer volume in the U.S. from changing consumer trends

has placed renewed pressure of beer and craft beer producers

in the U.S.

Operating on thin margins and high financing costs, craft brew-

eries face intense pressure, especially given their competition in

a highly fragmented industry controlled by oligopolies like AB

InBev. And while overall U.S. beer volume has declined, the

market share for craft beer increased only 4.8% over the past

five years, a small increase considering the entrance of thou-

sands of new competitors to the market. (Inc.com)

This pressure was most notable with the acquisition of New Bel-

gium Brewing Company, the fourth-largest U.S. craft beer com-

pany in 2018, by Lion Little World Beverage (owned by Japan’s

Kirin Holdings Co.). According to MarketWatch.com, “New Bel-

gium was struggling to stay independent at such a large scale,

amid intense competition from a new generation of craft brew-

eries that has doubled the total of such businesses in just four

years and was struggling to meet cash demands of the ESOP

and selling stockholders while expanding the business both in

production and branding."

Another notable acquisition includes the $300mm acquisition of

Off-Centered Way LLC (dba Dogfish Head Brewery) by The Bos-

ton Beer Company. The combination of the second and thir-

teenth largest craft brewers in the country are expected to carry

major impacts in the industry. According to a press release, the

merger “creates a powerful American owned platform for craft

beer and beyond”. Boston Beer CEO Dave Burwick said (via the

release) “It is expected that we’ll see more consolidation in the

craft industry over time, and we’ll be in the best position to take

advantage of those changes.”

Meanwhile, AB InBev purchased Platform Beer Co. and an-

nounced that they will purchase the remaining 69% share of

Craft Beer Alliance for $221mm.

Increased consolidation among craft breweries is expected to

continue as beer continues to lose market share to liquors, craft

spirits and spiked seltzer drinks.

11/11/2019

08/31/2019

07/03/2019

• New Belgium Brewing Company, Inc. 11/19/2019

Legacy Breweries Inc.

• Aspen Brewing Company

• Laurelwood Brewing Company

• Ninkasi Holding Company Inc.

10/10/2019

10/10/2019

04/04/2019

• Rochester Mills Production Brewery, LLC 09/10/2019



What We are Reading:

The Future of Packaging (McKinsey & Company, October 2019)

The three key roles of packaging: protecting, promoting, and performing have defined the evolution of packaging over the past 15 years

and will continue to define the future of the industry, with a particular focus on performance. Sustainability in the form of paper-based

packaging made from renewable and recyclable sources are increasingly demanded by consumers, who also appreciate less material and

promote sustainability. Technological performance, such as getting information about products by scanning labels is continuing to evolve.

McKinsey experts predict tomorrow’s packaging to be smart, personalized and reusable. Moreover, tomorrow’s packaging may address

concerns with many of today’s food, healthcare, and personal care packaged products like spoilage, authenticity, and origin. Personalization

in digital print is being tested, such as placing a personalized name on a product, while smart packaging—like scanning a label that tells you

how to make a recipe and other needed ingredients. Smart bottles and edible boxes such as algae or protein-based boxes may be another

realm of innovation.

To capture and maintain market share, today’s packaging companies need to establish closer partnerships with brand owners, like retailers,

upstream recyclers, and downstream customers (like-retailers) will be critical to understanding how innovations in packaging will impact

the entire value chain. Proactiveness in asking for what consumers seek in packaging versus waiting for consumers to come forward with a

request will be an opportunity to provide value-added solutions while maintaining engagement and creating innovation in a value-chain.

Red vs Blue Economy (Wall Street Journal 11/25/19; Richard Curtin, 9/12/18)

The University of Michigan’s consumer sentiment survey, long-held as an accurate stalwart amongst leading economic indicators, has be-

come increasingly divided by political affiliation. Since President Trump’s inauguration, Republican’s have had overwhelmingly bullish ex-

pectations of economic growth, while Democrats have remained much more pessimistic. This stark divide calls into question the reliability

of the survey as participants show more responsiveness to political developments rather than economic developments.

Discount & Convenience Stores Lead Retail Sales Growth (Supermarket News, 10/18/19)

Citing consumer preference for speed and value over selection, analysis suggests that discount and convenience stores will outpace the rest

of the food, drug and mass retail channel in offline sales growth. Food discount stores like Aldi and Lidl, which are simpler to shop, are ex-

pected to grow at a 5.3% CAGR to $54 billion in sales in 2024 from $42 billion in 2019. Nonfood discounters like dollar chain stores are ex-

pected to grow at a 5% CAGR from $66 billion in 2019 to $84 billion in 2024, while convenience stores are expected to grow at a 5.4% CAGR

from $30 billion to $39 billion. The increasing emphasis on low cost and convenience mirrors the same trends that made online shopping so

popular (data from Edge by Ascential).

Six Red Flags When Vetting a Co-Packer (New Hope Network, 10/4/19)

According to the New Hope Network, there are six red flags to look for when selecting a co-packer and manufacturing partner. Specifically,

those red flags are (1) Eagerness to work without a contract, (2) a lack of expertise in your specific category, (3) demand for equity, (4) de-

mand for IP, (5) extraneous hidden fees, and (6) being too large or too small a percent of their business.

FDA Issues Warning Over CBD Use in Food (Just-Food, 11/27/19)

The FDA released a new consumer guidance document on CBD that raises significant concerns about the CBD industry, issuing warning

letters and an explicit position that CBD is a drug and is illegal for use in foods, beverages, supplements and animal products. Further, the

government office has warned that it cannot guarantee that the use of CBD in food products is safe, and has sent letters to 15 companies

for illegally selling such products that directly violate the Federal Food, Drug, and Cosmetic Act.

“This is a significant, concerted and highly orchestrated effort by FDA to put the brakes on the CBD market,” said Loren Israelsen, President

of the United Natural Products Alliance and a veteran of FDA and congressional affairs. The agency stated that it wants to be clear that they

have seen only limited data about CBD’s safety and these data point to real risks that need to be considered (New Hope Network).

Laura MacCleery, policy director at US consumer watchdog The Center for Science in the Public Interest believes “if the hemp industry

wants CBD to be legal in foods or supplements, it will need to affirmatively convince the FDA that it is safe. And as of now, given the gaps in

research noted by the FDA, CBD makers have an uphill battle on their hands.”



What We are Reading: Deep Dive on Plant-Based Meats

“Flexitarian” Segment Drives Demand for Plant-Based Meat

A growing number of the U.S. population are considered “flexitarians”, defined as those who normally consumes a meatless diet but occa-

sionally consumes meat or fish. Approximately one-third of the U.S. population identifies as flexitarian compared to 7% who are vegetarian

or vegan. A number of plant-based specialists are targeting the growing number of flexitarians. In fact, according to the Good Food Insti-

tute, “93% of consumers in conventional grocery stores that are buying a Beyond Meat product are also putting animal meat in their bas-

ket” (What’s NEXT In Natural, 7/26/19; Data from the Good Foods Institute).

According to SmartBrief, plant-based meat purchasing is happening in a cultural atmosphere that is distinctly different from the sustainabil-

ity-driven vegetarianism of the 1970’s: Less than half of plant-based purchasers today (41%) think of themselves as people who are limiting

meat in their diet, and one in five actually describe themselves as carnivores. Only 12% of plant-based meat purchasers describe them-

selves as consciously vegetarians, while 41% of them describe their eating styles as “omnivore.” The rise in the flexitarian / omnivore cate-

gory leads to the conclusion that the growth in consumption of meat and dairy alternatives is not being driven by eradicating animal prod-

ucts from diet based on moral principles (distinguishing it from the hardline vegetarianism of past decades), but from a broad base of con-

sumers seeking a diversified diet (SmartBrief, 9/25/19).

Impossible Foods, the company behind the Impossible Burger being rolled out nationwide in the U.S. through Burger King, recently estab-

lished a manufacturing contract with OSI Group, one of the world’s largest meat processors. Although some skeptics believe this relation-

ship might push some uncompromising vegetarian or vegan consumers to steer clear of a plant-based burger made with OSI, the relation-

ship lends credit to the trend for plant-based meat producers to target the flexitarian segment of the market (Just-Food, 8/2/19).

Three Dynamic Trends Driving Demand for Plant-Based Meats (Smart Brief, 9/25/19)

Health and wellness, sustainability, and culinary engagement are all cited by SmartBrief as drivers behind meat analogs in today’s food cul-

ture.

Consumers expressing greater interest in enhanced mind and body functionality are replacing refined carbohydrates with a wide range of

proteins and fat-rich foods. At the same time, consumers expressing concerns with the health impacts of industrially processed red meats

and the use of antibiotics and hormones are seeking a greater diversity of nutrient sources in their diets.

Today’s consumers also show a growing awareness of the ecological impacts of meat-eating coupled with the desire to promote animal

welfare. A 2017 Sustainability report by SmartBrief shows that 71% of consumers say that when making purchase decisions, “It is important

that companies avoid inhumane treatment of animals.”

Finally, as consumers broaden their culinary engagement through new food and beverage experiences, meat substitutes are proving fertile

territory for experimentation and novelty in consumer diets. Culinary engagement creates greater exposure to and interest in vegetable-

focused cuisines and traditions.

Potential for Consumer Pushback (Specialty Foods Association, 11/19/19)

Specialty Foods Association predicts a pushback for meat replacements in 2020, predicting “consumers will begin to think critically about

meat replacements, looking more closely at the ingredient lists, supply chains, water usage, and food safety, prompting renewed interest in

plants as plants, according to the panel.” Despite this prediction, SFA believes that growth will continue across the segment, followed by a

return to real fruits and vegetables.

Forecasts for Continued Growth

Restaurant sales of meat alternatives have risen 268% year-over-year (2019/2018) compared to just 21.66% in 2018/2017 (Dining Alliance).

According to experts at UBS, plant-based protein and meat alternatives could grow to $85 billion in 2030 from just $4.6 billion in 2018. UBS

said that their estimates could be conservative if innovation and consumer awareness drive increased consumption (Food Dive, 7/22/19).

Source: CapIQ, public trading data as of December 3, 2019

Representative EdgePoint Consumer Transactions


EdgePoint is an independent, advisory-focused,

investment banking firm serving the middle market.

Public Company Comparisons Trading Multiples

Source: CapIQ, public trading data as of December 3, 2019

Sell-Side Advisory

Day Motor Sports has sold to

Gen Cap America

Sell-Side Advisory

Pyramyd Air Ltd. has been recapitalized by

Gen Cap America, Inc.

Sell-Side Advisory

Edge Entertainment Distribution has sold to

Alliance Entertainment

Financing Advisory

Initials, Inc. has been financed

Sell-Side Advisory

Ohio Travel Bag has sold to

Zorro Capital, LLC

Sell-Side Advisory

The Apple Fiber division of Tastee Apple has sold to

Mayer Brothers

Sell-Side Advisory

OmegaSea, Ltd. has sold to

Austin Capital Partners

Financing Advisory

Garick Corporation has completed capital

restructuring by A Private Equity Group


6.9x

8.8x 9.1x 8.7x9.7x

11.4x 11.6x12.3x 11.9x

13.1x11.9x

15.1x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM

Consumer Annual Public EV/EBITDA Multiples8

.7x

9.8

x

11

.1x

11

.6x

13

.6x

12

.8x

14

.9x

13

.9x 16

.8x

8.6

x

8.9

x

9.9

x

10

.6x

12

.3x

12

.2x

14

.4x

12

.8x

17

.3x

9.2

x

9.7

x

11

.9x

12

.0x

11

.0x

10

.0x

12

.1x

8.4

x 10

.9x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2011 2012 2013 2014 2015 2016 2017 2018 LTM

Consumer Public EV/EBITDA Multiples by Sector

Food & Beverage Household and Personal Products Consumer Durables and Apparel

consumer · coppertone manufactures and markets suncare products in the u.s., canada, and china $...

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