tev/ date target buyer(s) segment - sdr … · 9/14/2017 blue bottle coffee, inc. nestlé sa...

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Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA9/22/2017 Angie's Artisan Treats LLC Conagra Brands, Inc. CPG Foods 250.00 - -

9/20/2017 Sager Creek Foods, Inc. McCall Farms, Inc. Produce 55.00 - -

9/19/2017 Bob Evans Farms, Inc. Post Holdings, Inc. Restaurants 1,612.00 8.15x -

9/14/2017 Blue Bottle Coffee, Inc. Nestlé SA Restaurants 735.29 - -

8/25/2017 Fells Point Wholesale Meats, Inc. The Chefs' Warehouse, Inc. Proteins 45.16 - -

8/21/2017 Boyd Coffee Co. Farmer Brothers Co. Ingredients & Flavors 42.00 - -

8/20/2017 Back To Nature Foods Co. LLC B&G Foods North America, Inc. CPG Foods 162.50 - -

8/17/2017 Capitol Wholesale Meats, Inc. Hormel Foods Corp. Proteins 425.00 - -

8/14/2017 Preferred Brands International, Inc. Mars Food US LLC CPG Foods 173.00 - -

8/4/2017 99 Restaurants LLC J. Alexander's Holdings LLC Restaurants 184.35 - -

7/20/2017 Creekstone Farms Premium Beef LLC Marubeni Corp. Proteins 170.00 - -

7/18/2017 Reckitt Benckiser Group Plc (Food Division) McCormick & Co., Inc. Ingredients & Flavors 4,200.00 - -

7/3/2017 Stonyfield Farm, Inc. Groupe Lactalis SA CPG Foods 875.00 - -

7/3/2017 Flavor Ingredient Holdings LLC T. Hasegawa USA, Inc. Ingredients & Flavors 55.00 - -

Strategic80%

Financial20%

12 6

5 1

6

10 11

2

21

1 -

5

10

15

20

25


Financial Buyer Inv. Date Select Corporate Investments

Levine Leichtman Capital Partners, Inc. 4/20/2017 ▪ Mountain Mike's Pizza LLC

10/5/2016 ▪ Denbra IP Holdings LLC (dba Nothing Bundt Cakes)

Advent International Corp. 7/27/2017 ▪ First Watch Restaurants, Inc.

6/8/2017 ▪ Rao's Specialty Foods, Inc.

2/1/2017 ▪ Bottom Line Food Processors, Inc.

11/21/2014 ▪ Noosa Yoghurt, LLC

301 Inc. 4/3/2017 ▪ Purely Elizabeth (Series A Investment)

9/19/2016 ▪ good culture, LLC (2nd Investment)

5/9/2016 ▪ Lyrical Foods, Inc.

3/29/2016 ▪ Tio Foods, LLC

3/8/2016 ▪ good culture, LLC

1/13/2016 ▪ Rhythm Superfoods, LLC

L Catterton 6/20/2017 ▪ Punch Bowl Social

9/2/2016 ▪ Front Burner Restaurants LP

9/2/2016 ▪ Velvet Taco12/22/2015 ▪ The Piada Group, LLC7/30/2015 ▪ Lily's Kitchen Limited

7/14/2015 ▪ Snap Kitchen LLC7/14/2015

Advantage Capital Partners 6/7/2017 ▪ BeetNPath, LLC

6/6/2017 ▪ Fishpeople Seafood, Inc. (Series B Investment)

8/24/2016 ▪ Hip Chick Farms, Inc.

7/12/2016 ▪ Freed Foods, Inc.

2/18/2016 ▪ American Botanicals LLC

Strategic Buyer Inv. Date Select Corporate Acquisitions

Conagra Brands, Inc. 9/22/2017 ▪ Angie's Artisan Treats LLC

3/16/2017 ▪ Thanasi Foods LLC

9/26/2016 ▪ Frontera Foods, Inc. /Packaged Food Bus/

9/26/2016 ▪ Red Fork LLC

Farmer Brother Co. 8/21/2017 ▪ Boyd Coffee Co.

2/7/2017 ▪ West Coast Coffee Co., Inc.

9/12/2016 ▪ China Mist Tea Company

11/17/2014 ▪ Rae' Launo Corporation

Constellation Brands, Inc. (NYSE: STZ) 8/10/2017 ▪ Funky Buddha Brewery LLC

6/16/2017 ▪ Schrader Cellars LLC

1/5/2017 ▪ Catoctin Creek Distilling Co. LLC

10/17/2016 ▪ The Bardstown Bourbon Co. LLC

10/17/2016 ▪ Charles Smith Wines LLC

9/25/2017 ▪ Virtue Cider Co.

7/20/2017 ▪ Hiball, Inc.

5/3/2017 ▪ Wicked Weed Brewing LLC

11/3/2016 ▪ Karbach Brewing Co. LLC

10/13/2016 ▪ Northern Brewer LLC

10/10/2016 ▪ SABMiller plc

9/9/2016 ▪ Boathouse Beverage, LLC

Dean Foods Co. (NYSE: DF) 6/22/2017 ▪ Uncle Matt's Organic, Inc.

6/18/2017 ▪ The Fresh Ice Cream Co. LLC

5/5/2017 ▪ Good Karma Foods, Inc.

6/20/2016 ▪ Friendly's Ice Cream, LLC

Anheuser-Busch Companies, LLC


-20%

-10%

0%

10%

20%

30%

40%

50%

Alcohol Non-Alcohol CPG Foods

Natural & Organic Foods Dairy Proteins

Produce Ingredients & Flavors Co-Packers

Restaurants Digitally Native S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

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Change

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Growth

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Margin

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EBITDA

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EBITDA

Anheuser-Busch InBev SA/NV ABI-BE 202,777$ 119.76$ 4.7% 0.7% 90.6% 3.4% 36.0% 6.3x 17.2x 59.0x 6.2x 15.6x

Diageo Plc DGE-GB 82,697 32.91 8.1% 16.3% 95.0% 4.5% 30.5% 5.9x 18.2x 24.5x 5.7x 16.3x

Constellation Brands, Inc. STZ-US 38,941 199.45 3.0% 30.1% 97.2% 6.2% 37.4% 6.4x 17.4x 25.5x 6.8x 18.5x

Brown-Forman Corp. BF.B-US 21,100 54.30 11.7% 20.9% 90.9% 7.5% 35.8% 7.6x 22.1x 30.1x 7.1x 19.6x

Molson Coors Brewing Co. TAP-US 16,109 81.64 -5.4% -16.1% 72.8% 28.3% 23.7% 3.3x 15.7x 8.1x 2.6x 11.6x

Boston Beer Co., Inc. SAM-US 1,393 156.20 18.2% -8.0% 86.6% (1.1%) 24.1% 2.0x 9.7x 22.3x 2.1x 11.4x

MGP Ingredients, Inc. MGPI-US 1,013 60.63 18.5% 21.3% 97.8% 5.9% 15.5% 3.1x 20.4x 31.6x 3.0x 17.3x

Craft Brew Alliance, Inc. BREW-US 339 17.55 4.2% 3.8% 90.5% 9.3% 8.8% 1.7x 28.6x NM 1.6x 22.0x

Castle Brands, Inc. ROX-US 220 1.34 -22.1% 76.3% 60.4% NM 1.2% 3.2x 83.2x NM NM NM

Willamette Valley Vineyards, Inc. WVVI-US 39 7.91 -2.2% -1.2% 94.7% NM 26.9% 2.4x 8.6x 19.3x NM NM

Truett-Hurst, Inc. THST-US 10 2.27 9.1% 27.5% 60.9% NM NM 1.0x 73.4x NM NM NM

Segment Average 8.0% 24.0% 3.9x 28.6x 27.5x 4.4x 16.5xSegment Median 6.1% 25.5% 3.2x 18.2x 25.0x 4.3x 16.8x

Market Stats Operating Stats LTM Multiples NTM Multiples



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The Coca-Cola Co. KO 191,981$ 45.01$ 0.4% 8.6% 95.8% (17.2%) 35.5% 5.6x 19.5x 47.4x 6.8x 19.3x

PepsiCo, Inc. PEP 158,469 111.43 -3.5% 6.5% 93.3% 3.1% 21.9% 2.8x 14.1x 23.0x 2.8x 13.2x

Monster Beverage Corp. MNST 31,391 55.25 11.2% 24.6% 96.5% 14.0% 40.4% 9.5x 23.6x 42.0x 8.4x 20.9x

Fomento Economico Mexicano SAB de CV FMX-US 20,646 95.53 -2.9% 25.4% 92.0% 21.1% 13.5% 1.8x 14.2x 30.4x 1.5x 11.5x

Coca-Cola European Partners Plc CCE 20,160 41.62 2.3% 32.5% 93.0% 8.3% 17.3% 2.2x 12.1x 23.8x 2.1x 11.0x

Dr Pepper Snapple Group, Inc. DPS 16,077 88.47 -2.9% -2.4% 88.9% 3.7% 23.7% 3.1x 12.9x 21.2x 3.0x 11.9x

National Beverage Corp. FIZZ 5,779 124.05 32.6% 142.9% 95.6% 17.6% 23.6% 6.4x 29.3x 49.8x 5.5x 23.9x

Hain Celestial Group, Inc. HAIN 4,268 41.15 6.0% 5.4% 90.2% 5.4% 9.9% 1.7x 22.2x NM 1.6x 13.7x

Coca-Cola FEMSA SAB de CV KOF 4,070 77.13 -8.9% 21.4% 84.0% 18.6% 18.7% 2.0x 11.0x 21.9x 1.7x 8.5x

TreeHouse Foods, Inc. THS 3,873 67.73 -17.1% -6.2% 74.9% (2.3%) 9.2% 1.0x 9.4x NM 1.0x 8.7x

Cott Corp. (Canada) BCB-CA 2,080 14.96 -0.1% 23.1% 92.5% (11.2%) 11.0% 1.1x 10.9x NM 1.2x 10.4x

Coca-Cola Bottling Co. Consolidated COKE 1,541 215.75 -5.7% 20.6% 86.5% NM 7.9% 0.9x 12.4x 44.0x NM NM

SodaStream International Ltd. SODA 1,442 66.45 24.2% 68.4% 99.8% 12.0% 17.3% 2.7x 14.7x 23.9x 2.5x 13.4x

Primo Water Corp. PRMW 354 11.85 -6.7% -3.5% 77.0% 40.8% 16.7% 3.0x 24.1x NM 2.2x 11.2x

Reed's, Inc. REED 33 2.20 -10.2% -46.3% 46.3% 8.2% (6.2%) 1.2x NM NM 1.1x NM

Coffee Holding Co., Inc. JVA 26 4.44 -0.2% -4.5% 76.6% NM (1.1%) 0.4x 17.2x 44.4x NM NM

Crystal Rock Holdings, Inc. CRVP 15 0.70 -14.6% -14.1% 66.7% NM 8.7% 0.5x 5.7x 30.2x NM NM

Leading Brands, Inc. LBIX 2 0.84 -50.0% -45.1% 28.8% NM NM (0.4x) NM NM NM NM



($ in Mil)Price ($)

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Mondelez International, Inc. MDLZ 61,301$ 40.66$ -5.9% -8.3% 86.1% 2.2% 20.0% 3.1x 16.5x 35.6x 3.1x 14.9x

General Mills, Inc. GIS 29,417 51.76 -6.6% -16.2% 80.6% 0.1% 20.9% 2.6x 12.2x 18.6x 2.6x 12.1x

Kellogg Co. K 21,526 62.37 -10.2% -15.4% 79.6% (1.0%) 23.8% 2.3x 8.2x 28.2x 2.4x 11.1x

Hormel Foods Corp. HRL 16,964 32.14 -5.8% -7.7% 82.7% 2.5% 13.9% 1.8x 11.8x 19.8x 1.8x 11.6x

Campbell Soup Co. CPB 14,071 46.82 -10.2% -22.6% 72.9% 0.0% 31.4% 2.2x 8.7x 16.2x 2.2x 9.8x

Conagra Brands, Inc. CAG 14,024 33.74 -5.6% -14.7% 69.1% 10.8% 20.1% 2.2x 13.8x 24.0x 2.2x 11.6x

McCormick & Co., Inc. MKC 13,437 102.64 5.3% 10.0% 96.4% 16.0% 19.9% 4.1x 22.7x 28.5x 3.5x 17.2x

Pinnacle Foods, Inc. PF 6,792 57.17 -3.8% 7.0% 85.8% 1.0% 21.4% 3.1x 14.3x 37.1x 3.1x 13.2x

Post Holdings, Inc. POST 5,840 88.27 13.7% 9.8% 99.1% 15.2% 22.3% 1.9x 10.5x NM 1.7x 8.5x

Flowers Foods, Inc. FLO 3,938 18.81 8.7% -5.8% 89.6% 0.4% 11.3% 1.2x 11.7x 24.8x 1.2x 10.6x

Lancaster Colony Corp. LANC 3,297 120.12 -2.0% -15.0% 80.5% 3.4% 17.1% 2.6x 14.5x 28.6x 2.5x 14.1x

J&J Snack Foods Corp. JJSF 2,460 131.30 -0.6% -1.6% 91.7% 7.2% 16.3% 2.3x 15.1x 32.7x 2.1x 13.7x

B&G Foods, Inc. BGS 2,118 31.85 -10.5% -27.3% 64.4% 10.7% 20.6% 2.6x 12.5x 21.1x 2.3x 10.4x

Cal-Maine Foods, Inc. CALM 1,799 41.10 3.8% -7.0% 89.1% 16.2% (4.3%) 1.7x NM NM 1.5x 20.0x

Dean Foods Co. DF 989 10.88 -36.0% -50.0% 48.8% (2.4%) 4.9% 0.2x 5.1x 17.7x 0.2x 5.2x

Farmer Brothers Co. FARM 553 32.85 8.6% -10.5% 87.5% 11.8% 6.4% 1.1x 16.4x 22.7x 1.0x 10.4x

Amplify Snack Brands, Inc. BETR 544 7.09 -26.5% -19.5% 43.2% 21.1% 22.7% 3.2x 14.2x 47.3x 2.6x 10.9x

Lifeway Foods, Inc. LWAY 143 8.90 -4.7% -22.7% 48.2% 7.0% 8.4% 1.1x 21.6x NM 1.1x NM

Inventure Foods, Inc. SNAK 93 4.69 8.8% -52.4% 46.2% (16.1%) 5.8% 0.8x 45.8x NM 0.8x 10.9x

Rocky Mountain Chocolate Factory, Inc. RMCF 69 11.82 0.5% 16.0% 89.3% NM 22.1% 1.8x 9.8x 20.0x NM NM




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Pinnacle Foods, Inc. PF 6,792 57.17 -3.8% 7.0% 85.8% 1.0% 21.4% 3.1x 14.3x 37.1x 3.1x 13.2x

Hain Celestial Group, Inc. HAIN 4,268 41.15 6.0% 5.4% 90.2% 5.4% 9.9% 1.7x 22.2x 63.3x 1.6x 13.7x

Darling Ingredients, Inc. DAR 2,886 17.52 11.3% 35.7% 93.9% 3.4% 12.2% 1.3x 10.7x 34.4x 1.3x 9.9x

Sprouts Farmers Markets, Inc. SFM 2,545 18.77 -17.2% -0.8% 72.2% 16.1% 7.4% 0.7x 10.1x 20.9x 0.6x 9.0x

United Natural Foods, Inc. UNFI 2,105 41.59 13.3% -12.8% 83.6% 5.8% 3.7% 0.3x 7.8x 16.2x 0.3x 7.3x

Calavo Growers, Inc. CVGW 1,283 73.20 6.0% 19.2% 95.3% 21.1% 5.0% 1.3x 19.8x 35.4x 1.0x 15.3x

SunOpta, Inc. SOY-CA 748 8.64 -18.1% 13.0% 84.7% (3.1%) 5.4% 0.9x 26.4x NM 1.0x 13.3x

Amplify Snack Brands, Inc. BETR 544 7.09 -26.5% -19.5% 43.2% 21.1% 22.7% 3.2x 14.2x 47.3x 2.6x 10.9x

Limoneira Co. LMNR 334 23.17 -1.9% 7.7% 94.6% 2.6% 36.6% 3.6x 20.4x 38.0x 3.6x 18.2x

Lifeway Foods, Inc. LWAY 143 8.90 -4.7% -22.7% 48.2% 7.0% 8.4% 1.1x 21.6x 89.0x 1.1x NM

Natural Grocers by Vitamin Cottage, Inc. NGVC 125 5.58 -32.5% -53.1% 40.5% 7.2% 4.7% 0.2x 4.1x 17.4x 0.2x 4.0x

Inventure Foods, Inc. SNAK 93 4.69 8.8% -52.4% 46.2% (16.1%) 5.8% 0.8x 45.8x NM 0.8x 10.9x

AMCON Distributing Co. DIT 61 90.00 -14.4% -21.9% 73.2% NM 0.4% 0.1x 8.2x 17.7x NM NM

Reed's, Inc. REED 33 2.20 -10.2% -46.3% 46.3% 8.2% (6.2%) 1.2x NM NM 1.1x NM

RiceBran Technologies RIBT 18 1.30 35.4% 26.2% 88.4% (62.7%) (64.8%) 0.7x NM NM 1.1x NM

Tofutti Brands, Inc. TOF 9 1.82 -7.8% 11.0% 62.8% NM 7.7% 0.7x 38.3x 45.5x NM NM



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Danone SA BN-FR 52,626$ 78.46$ 0.9% 10.2% 95.6% 11.9% 17.4% 2.6x 14.9x 24.5x 2.3x 12.7x

Dean Foods Co. DF 989 10.88 -36.0% -50.0% 48.8% (2.4%) 4.9% 0.2x 5.1x 17.7x 0.2x 5.2x

Lifeway Foods, Inc. LWAY 143 8.90 -4.7% -22.7% 48.2% 7.0% 8.4% 1.1x 21.6x 89.0x 1.1x NM



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Tyson Foods, Inc. TSN 20,379 70.45 12.5% 14.2% 93.2% 8.2% 9.6% 1.0x 9.6x 14.5x 0.9x 8.6x

Hormel Foods Corp. HRL 16,964$ 32.14$ -5.8% -7.7% 82.7% 2.5% 13.9% 1.8x 11.8x 19.8x 1.8x 11.6x

Pilgrim's Pride Corp. PPC 7,067 28.41 29.6% 49.6% 95.1% 18.0% 19.0% 1.0x 7.7x 14.3x 0.8x 6.5x

Post Holdings, Inc. POST 5,840 88.27 13.7% 9.8% 99.1% 15.2% 22.3% 1.9x 10.5x NM 1.7x 8.5x

Seaboard Corp. SEB 5,275 4,505.00 12.8% 14.0% 99.0% NM 5.9% 0.8x 12.2x 16.4x NM NM

Sanderson Farms, Inc. SAFM 3,674 161.52 39.7% 71.4% 97.6% 8.4% 21.8% 1.0x 6.2x 13.0x 0.9x 6.5x

Nomad Foods Ltd. NOMD 2,511 14.57 3.3% 52.2% 94.1% 9.6% 17.1% 1.8x 11.0x 35.2x 1.7x 9.6x

Premium Brands Holdings Corp. PBH-CA 2,381 79.56 6.9% 44.3% 95.4% 19.5% 9.5% 1.6x 18.7x 37.6x 1.4x 14.7x

Cal-Maine Foods, Inc. CALM 1,799 41.10 3.8% -7.0% 89.1% 16.2% (4.3%) 1.7x NM NM 1.5x 20.0x

Pingtan Marine Enterprise Ltd. PME 228 2.88 -27.1% 65.5% 55.6% NM 33.2% 5.1x 25.7x 15.2x NM NM

Bridgford Foods Corp. BRID 109 12.05 -14.1% 6.0% 66.9% NM 9.5% 0.6x 7.1x 13.0x NM NM

Aoxin Tianli Group, Inc. ABAC 19 2.37 12.9% -34.5% 58.2% NM 12.2% (1.3x) NM NM NM NM




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Monsanto Co. MON 52,640$ 119.82$ 1.2% 13.9% 99.5% 2.8% 6.2% 4.0x 14.2x 23.5x 3.9x 13.0x

Fresh Del Monte Produce, Inc. FDP 2,278 45.46 -10.7% -25.0% 68.0% 4.7% 8.8% 0.6x 8.8x 14.4x 0.6x 7.9x

Calavo Growers, Inc. CVGW 1,283 73.20 6.0% 19.2% 95.3% 21.1% 5.0% 1.3x 19.8x 35.4x 1.0x 15.3x

Limoneira Co. LMNR 334 23.17 -1.9% 7.7% 94.6% 2.6% 36.6% 3.6x 20.4x 38.0x 3.6x 18.2x

S&W Seed Co. SANW 65 3.15 -24.1% -31.5% 58.9% 2.8% (9.1%) 1.4x 65.0x NM 1.2x 20.6x

China Green Agriculture, Inc. CGA 47 1.23 -3.9% 2.5% 73.2% NM NM (0.2x) NM NM NM NM

Origin Agritech Ltd. SEED 38 1.64 14.7% -30.5% 57.1% NM NM 1.6x NM NM NM NM



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McCormick & Co., Inc. MKC 13,437$ 102.64$ 5.3% 10.0% 96.4% 16.0% 19.9% 4.1x 22.7x 28.5x 3.5x 17.2x

Ingredion, Inc. INGR 8,648 120.64 1.2% -3.5% 87.7% 3.9% 18.3% 1.8x 9.6x 18.2x 1.7x 9.1x

Sensient Technologies Corp. SXT 3,374 76.92 -4.5% -2.1% 90.5% 5.6% 19.1% 2.9x 14.6x 30.9x 2.8x 14.1x

Darling Ingredients, Inc. DAR 2,886 17.52 11.3% 35.7% 93.9% 3.4% 12.2% 1.3x 10.7x 34.4x 1.3x 9.9x

SunOpta, Inc. SOY-CA 748 8.64 -18.1% 13.0% 84.7% (3.1%) 5.4% 0.9x 26.4x NM 1.0x 13.3x

Feronia, Inc. FRN-CA 56 0.16 -4.7% 12.8% 61.3% NM (17.4%) 5.4x NM NM NM NM

TerraVia Holdings, Inc. TVIA 1 0.01 -97.8% -99.6% 0.2% NM NM 5.7x NM NM NM NM

LTM Multiples NTM Multiples Market Stats Operating Stats


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Pilgrim's Pride Corp. PPC 7,067$ 28.41$ 29.6% 49.6% 95.1% 18.0% 19.0% 1.0x 7.7x 14.3x 0.8x 6.5x

John B. Sanfilippo & Son, Inc. JBSS 586 67.31 6.7% -4.4% 90.1% 5.0% 7.6% 1.0x 11.1x 21.2x 0.9x NM

High Liner Foods, Inc. HLF-CA 373 11.20 -19.9% -29.8% 54.1% 12.0% 2.4% 0.7x 11.2x NM 0.6x 8.3x

Landec Corp. LNDC 356 12.95 -12.8% -6.2% 83.5% 6.1% 9.2% 0.8x 12.8x 38.1x 0.7x 12.0x

Amira Nature Foods Ltd. ANFI 223 6.02 8.7% -2.1% 70.0% NM 12.3% 0.8x 6.3x 7.2x NM NM

Bridgford Foods Corp. BRID 109 12.05 -14.1% 6.0% 66.9% NM 9.5% 0.6x 7.1x 13.0x NM NM

Coffee Holding Co., Inc. JVA 26 4.44 -0.2% -4.5% 76.6% NM (1.1%) 0.4x 17.2x 44.4x NM NM

RiceBran Technologies RIBT 18 1.30 35.4% 26.2% 88.4% (62.7%) (64.8%) 0.7x NM NM 1.1x NM




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EBITDA

Darden Restaurants, Inc. DRI-US 9,875$ 78.78$ -12.9% 8.3% 82.7% 10.2% 13.3% 1.4x 11.0x 20.4x 1.3x 9.5x

Cracker Barrel Old Country Store, Inc. CBRL-US 3,647 151.62 -9.3% -9.2% 86.6% 5.1% 14.3% 1.3x 9.7x 18.1x 1.3x 9.2x

Ruth's Hospitality Group, Inc. RUTH-US 637 20.95 -3.7% 14.5% 92.5% 7.6% 15.3% 1.6x 10.4x 20.7x 1.6x 9.7x

Fogo de Chão, Inc. FOGO-US 350 12.40 -10.8% -13.6% 72.7% 12.3% 17.0% 1.5x 8.6x 15.7x 1.4x 7.3x

Del Frisco's Restaurant Group, Inc. DFRG-US 307 14.55 -9.6% -14.4% 77.4% 6.5% 10.6% 0.9x 8.0x 25.1x 0.9x 7.0x

J. Alexander's Holdings, Inc. JAX-US 171 11.60 -5.3% 7.9% 94.3% 8.3% 5.5% 0.8x 9.9x 27.0x 0.8x 3.1x

The ONE Group Hospitality, Inc. STKS-US 42 1.68 -22.6% -24.3% 49.0% 2.2% (3.4%) 0.7x NM NM 0.7x 7.0x

Bravo Brio Restaurant Group, Inc. BBRG-US 34 2.28 -50.5% -40.1% 42.9% (3.0%) 7.6% 0.2x 3.0x NM 0.2x 2.8x



($ in Mil)Price ($)

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Change

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Growth

EBITDA

Margin

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EBITDA

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Revenue

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NTM

EBITDA

Starbucks Corp. SBUX-US 77,552$ 53.71$ -7.9% -3.3% 82.8% 10.5% 23.4% 3.5x 15.1x 27.1x 3.2x 12.8x

Chipotle Mexican Grill, Inc. CMG-US 8,777 307.83 -26.0% -18.4% 61.7% 14.0% 12.6% 1.9x 20.7x 65.2x 1.7x 13.5x

Shake Shack, Inc. SHAK-US 863 33.23 -4.7% -7.2% 83.7% 33.1% 18.7% 2.7x 16.9x 57.3x 2.0x 13.4x

Bojangles', Inc. BOJA-US 499 13.50 -16.9% -27.6% 60.4% 4.4% 13.3% 1.2x 8.4x 14.4x 1.2x 8.9x

El Pollo Loco Holdings, Inc. LOCO-US 470 12.15 -12.3% -1.2% 81.8% 9.0% 16.8% 1.4x 9.5x 26.4x 1.3x 8.3x

Potbelly Corp. PBPB-US 311 12.40 7.8% -3.9% 85.2% 7.8% 9.2% 0.7x 7.6x 77.5x 0.6x 7.3x

The Habit Restaurants, Inc. HABT-US 265 13.05 -17.4% -24.3% 66.1% 24.7% 8.8% 0.8x 8.8x 52.2x 0.7x 7.1x

Zoe's Kitchen, Inc. ZOES-US 246 12.63 6.0% -47.4% 46.1% 19.8% 8.6% 1.0x 12.6x NM 0.8x 10.9x



($ in Mil)Price ($)

Quarter

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Change

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Growth

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Margin

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Restaurant Brands International, Inc. QSR-US 15,019$ 63.88$ 2.1% 34.0% 96.9% 15.2% 45.6% 6.7x 14.9x 44.5x 9.0x 19.3x

Texas Roadhouse, Inc. TXRH-US 3,491 49.14 -3.6% 1.9% 94.7% 12.7% 13.7% 1.6x 12.4x 29.6x 1.5x 11.0x

Dave & Buster's Entertainment, Inc. PLAY-US 2,157 52.48 -21.1% -6.8% 71.4% 16.6% 23.7% 2.2x 9.2x 20.4x 2.0x 8.5x

Cheesecake Factory, Inc. CAKE-US 1,980 42.12 -16.3% -29.7% 62.7% 2.7% 13.0% 0.9x 7.1x 14.7x 0.9x 7.7x

Bloomin' Brands, Inc. BLMN-US 1,644 17.60 -17.1% -2.4% 79.4% (0.2%) 8.8% 0.6x 6.6x 19.1x 0.7x 6.8x

Buffalo Wild Wings, Inc. BWLD-US 1,638 105.70 -16.6% -31.5% 60.4% 1.3% 10.0% 1.0x 7.7x 26.8x 1.0x 7.5x

Bob Evans Farms, Inc. BOBE-US 1,544 77.51 7.9% 45.7% 99.1% 19.5% 17.5% 2.5x 27.7x NM 3.3x 14.4x

Brinker International, Inc. EAT-US 1,544 31.86 -16.4% -35.7% 57.1% 0.9% 15.8% 0.9x 6.6x 10.8x 0.9x 7.0x

Red Robin Gourmet Burgers, Inc. RRGB-US 866 67.00 2.7% 18.8% 90.4% (14.9%) 10.2% 0.9x 6.9x 52.8x 0.8x 7.3x

Denny's Corp. DENN-US 836 12.45 5.8% -3.0% 87.4% 4.4% 17.5% 2.1x 9.5x 24.4x 2.1x 11.1x

DineEquity, Inc. DIN-US 774 42.98 -2.4% -44.2% 48.8% (3.6%) 38.5% 3.3x 8.6x 9.6x 3.4x 9.1x

BJ's Restaurants, Inc. BJRI-US 653 30.45 -18.3% -22.5% 64.0% 4.6% 12.0% 0.8x 6.6x 17.9x 0.8x 6.6x

Fiesta Restaurant Group, Inc. FRGI-US 514 19.00 -8.0% -36.3% 62.0% (3.7%) 11.4% 0.8x 7.0x NM 0.8x 7.0x

Carrols Restaurant Group, Inc. TAST-US 394 10.90 -11.0% -28.5% 62.1% 10.9% 9.4% 0.6x 7.9x 14.2x 0.7x 8.1x

Chuy's Holdings, Inc. CHUY-US 356 21.05 -10.0% -35.1% 59.6% 15.4% 12.3% 1.0x 8.2x 21.3x 0.8x 7.3x




($ in Mil)Price ($)

Quarter

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Change

% of 52

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Est.

Revenue

Growth

EBITDA

Margin

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TEV/

EBITDA

Price/

EPS

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NTM

Revenue

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NTM

EBITDA

McDonald's Corp. MCD-US 126,910$ 156.68$ 2.3% 28.7% 96.9% (14.8%) 41.7% 6.3x 15.9x 25.7x 7.5x 15.1x

Yum! Brands, Inc. YUM-US 25,379 73.61 -0.2% 16.2% 80.1% (19.7%) 30.1% 4.1x 23.9x 19.8x 6.9x 17.1x

Domino's Pizza, Inc. DPZ-US 9,581 198.55 -6.1% 24.7% 89.6% 13.4% 19.6% 4.3x 21.5x 39.6x 4.1x 20.1x

Dunkin' Brands Group, Inc. DNKN-US 4,790 53.08 -3.7% 1.2% 88.9% 3.9% 54.8% 8.3x 15.3x 23.3x 8.1x 14.3x

The Wendy's Co. WEN-US 3,781 15.53 0.1% 14.9% 93.2% (2.1%) 36.8% 4.8x 17.0x 41.3x 5.0x 14.3x

Jack in the Box, Inc. JACK-US 2,999 101.92 3.5% -8.7% 90.0% (11.9%) 22.4% 2.6x 11.8x 23.5x 3.0x 11.8x

Papa John's International, Inc. PZZA 2,661 73.07 1.8% -14.6% 80.7% 5.5% 11.0% 1.7x 15.0x 25.5x 1.6x 13.9x

Four Corners Property Trust, Inc. FCPT-US 1,525 24.92 -0.8% 21.4% 96.1% 13.7% 75.6% 15.8x 20.3x 18.5x 13.7x 17.7x

Sonic Corp. SONC-US 1,064 25.45 -3.9% -4.0% 84.7% NM NM 3.1x 10.6x NM 3.6x 10.9x

Wingstop, Inc. WING-US 963 33.25 7.6% 12.4% 92.6% 13.7% 38.6% 11.3x 31.3x NM 10.0x 24.9x

Del Taco Restaurants, Inc. TACO-US 593 15.34 11.6% 8.6% 95.9% 7.5% 14.6% 1.6x 10.9x 26.9x 1.5x 9.9x

Papa Murphy's Holdings, Inc. FRSH-US 101 5.95 36.2% 41.0% 86.5% (18.8%) 24.3% 1.6x 15.1x NM 2.0x 9.8x



($ in Mil)Price ($)

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YTD

Change

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Est.

Revenue

Growth

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EPS

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NTM

EBITDA

JUST EAT Plc JE-GB 6,096$ 8.97$ 2.1% 14.6% 94.6% 31.6% 28.1% 9.7x 33.8x 55.8x 7.4x 21.7x

Delivery Hero AG DHER-DE 6,812 39.60 20.5% NA 89.4% NM (62.3%) 18.8x NM NM 7.9x NM

GrubHub, Inc. GRUB-US 4,549 52.66 20.8% 40.0% 91.4% 34.6% 21.4% 7.3x 31.4x 77.4x 5.5x 19.9x

Yelp, Inc. YELP-US 3,542 43.30 44.2% 13.6% 97.9% 24.1% 8.5% 3.8x 54.7x NM 3.2x 17.4x

Blue Apron Holdings, Inc. APRN-US 164 5.45 -41.6% NA 49.5% 6.0% (10.8%) 0.8x NM NM 0.7x NM




($ in Mil)

TEV/

Rev

TEV/

EBITDA9/28/2017 Corporate Caterers, Inc. Salt Creek Capital Management LLC Restaurants - - -

9/27/2017 Morgan Drive Associates LLC (Assets) Carlyle Cocoa Co. LLC Ingredients & Flavors 8.39 - -

9/26/2017 Angry Anemal LLC Cardiff International, Inc. Non-Alcohol - - -

9/25/2017 Virtue Cider Co. Anheuser-Busch Cos. LLC; Fulton Street

Brewery LLC

Alcohol - - -

9/22/2017 Angie's Artisan Treats LLC Conagra Brands, Inc. CPG Foods 250.00 - -

9/20/2017 Sager Creek Foods, Inc. McCall Farms, Inc. Produce 55.00 - -

9/20/2017 Tom+Chee Worldwide LLC Gold Star Chili, Inc. Restaurants - - -

9/19/2017 Bob Evans Farms, Inc. Post Holdings, Inc. Restaurants 1,612.00 8.15x -

9/15/2017 Round Table Pizza, Inc. Levine Leichtman Capital Partners, Inc.;

Global Franchise Group LLC

Restaurants - - -

9/14/2017 Blue Bottle Coffee, Inc. Nestlé SA Restaurants 735.29 - -

9/13/2017 Seven Sundays LLC Katjes International GmbH & Co. KG;

Katjesgreenfood GmbH & Co. KG

Produce - - -

9/12/2017 Inventure Foods, Inc. (Frozen Business) Oregon Potato Co. Produce 50.00 - -

9/12/2017 Ruby Fresh, Inc. POM Wonderful LLC Co-Packers - - -

9/12/2017 Aristocrat Group Corp. (Certain Assets) International Spirit & Beverage Group, Inc. Alcohol - - -

9/7/2017 Gertrude Hawk Ingredients LLC Barry Callebaut AG Ingredients & Flavors - - -

9/7/2017 Sweet Earth, Inc. Nestle Holdings, Inc.; Nestle USA, Inc. Produce - - -

9/6/2017 Schlotterbeck & Foss Co., Inc. Frontenac Co. LLC; Abacus Finance Group

LLC; Schlotterbeck & Foss Co., Inc. (Private

Group)

Ingredients & Flavors - - -

8/31/2017 Southeast Milk, Inc. (Dairy Product Business) Saputo, Inc. Dairy - - -

8/31/2017 Bluefin Seafoods Corp. Creation Gardens, Inc. Proteins - - -

8/29/2017 Dale & Thomas Popcorn LLC Kelso & Co. LP; Eagle Family Foods Group

LLC

CPG Foods - - -

8/29/2017 ARC Group, Inc. Arc Group, Inc. (Management) Restaurants 5.55 1.95x -

8/29/2017 Cafe Rio, Inc. Freeman Spogli Management Co. LP Restaurants - - -

8/25/2017 Fells Point Wholesale Meats, Inc. The Chefs' Warehouse, Inc. Proteins 45.16 - -

8/24/2017 Bruegger's Enterprises, Inc. Caribou Coffee Co., Inc. Restaurants - - -

8/22/2017 Joseph Epstein Food Enterprises, Inc. MamaMancini's Holdings, Inc. Produce - - -

8/21/2017 Boyd Coffee Co. Farmer Brothers Co. Ingredients & Flavors 42.00 - -

8/21/2017 Cyclone Anaya's Heritage Restaurant Group LLC Restaurants - - -

8/20/2017 Back To Nature Foods Co. LLC B&G Foods North America, Inc. CPG Foods 162.50 - -

8/17/2017 Capitol Wholesale Meats, Inc. Hormel Foods Corp. Proteins 425.00 - -

8/17/2017 Labriola Baking Co. LLC J&J Snack Foods Corp. Produce - - -

8/17/2017 Pepper Joe's Clickstop, Inc. Ingredients & Flavors - - -

8/16/2017 Germain-Robin Alambic, Inc. E.&J. Gallo Winery, Inc. Alcohol - - -

8/16/2017 Louis Dreyfus Armateurs SAS (Winter Garden Juice

Facility)

Berezovsky International Ltd. Non-Alcohol - - -

8/15/2017 RichGood Gourmet LLC Royal Cup, Inc. Non-Alcohol - - -

8/15/2017 Calera Wine Co. TSG Consumer Partners LLC; Duckhorn

Wine Co.

Alcohol - - -

8/15/2017 IF&P Foods, Inc. Rotunda Capital Partners LLC Produce - - -

8/14/2017 Preferred Brands International, Inc. Mars Food US LLC CPG Foods 173.00 - -

8/14/2017 Kansas City Sausage Co. LLC Smithfield Foods, Inc. Proteins - - -

8/10/2017 Funky Buddha Brewery LLC Constellation Brands, Inc. Alcohol - - -

8/10/2017 Magnolia Brewing Co. LLC New Belgium Brewing Co., Inc.; Magnolia

Brewing Co. LLC (Private Group)

Alcohol 2.70 - -

8/10/2017 Jax Cafe, Inc. Oliver's Real Food Ltd. Restaurants 1.60 - -

8/8/2017 Star Route Farms LLC University of San Francisco Produce 10.40 - -

8/7/2017 Garden Fresh Restaurant LLC Perpetual Capital LLC; CR3 Capital LLC;

Garden Fresh Restaurant Corp. (Private

Group)

Restaurants - - -

8/4/2017 99 Restaurants LLC J. Alexander's Holdings LLC Restaurants 184.35 - -

8/3/2017 Anchor Brewing Co. LLC Sapporo Holdings Ltd. Alcohol - - -

8/3/2017 Cold Spring Brewing Co. Brynwood Partners Alcohol - - -

8/1/2017 King Juice Co., Inc. Mason Wells Buyouts; King Juice Co., Inc.

(Private Group)

Co-Packers - - -



($ in Mil)

TEV/

Rev

TEV/

EBITDA8/1/2017 S&S Bakery, Inc. Baked in the Sun, Inc. Restaurants - - -

7/27/2017 First Watch Restaurants, Inc. Advent International Corp. Restaurants - - -

7/26/2017 Dixie Brewing Co. LLC Dixie Brewing Co. LLC (Private Group) Alcohol - - -

7/26/2017 ZEN HERO, Inc. Michael James Enterprises, Inc. Non-Alcohol 0.85 - -

7/24/2017 NE Foods, Inc. (2 Subsidiaries) Schwan's Co. Produce - - -

7/20/2017 Creekstone Farms Premium Beef LLC Marubeni Corp. Proteins 170.00 - -

7/20/2017 Hiball, Inc. Anheuser-Busch InBev SA/NV Non-Alcohol - - -

7/20/2017 East Balt, Inc. Grupo Bimbo SAB de CV Restaurants 650.00 - -

7/20/2017 Taste, Inc. Morgan Stanley Global Private Equity; Hojeij

Branded Foods, Inc.

Restaurants - - -

7/18/2017 Reckitt Benckiser Group Plc (Food Division) McCormick & Co., Inc. Ingredients & Flavors 4,200.00 - -

7/18/2017 Monkey Paw Coronado Brewing Co., Inc. Alcohol - - -

7/17/2017 BakeMark USA Pamplona Capital Management LLP Ingredients & Flavors - - -

7/17/2017 Albertville Quality Foods, Inc. O.K. Foods, Inc. Proteins - - -

7/17/2017 Gold Coast Bakeries LLC Peak Rock Capital LLC Ingredients & Flavors - - -

7/17/2017 Breakthru Beverage Group LLC Allied Beverage Group LLC Non-Alcohol - - -

7/13/2017 Woodinville Whiskey Co., LLC Moët Hennessy USA, Inc. Alcohol - - -

7/12/2017 Rudys Food Products, Inc. Snow Phipps Group LLC; Teasdale Foods,

Inc.

Produce - - -

7/11/2017 Affinity Flavors, Inc. T. Hasegawa USA, Inc. Ingredients & Flavors - - -

7/10/2017 Back Yard Burgers, Inc. Axum Capital Partners LLC Restaurants - - -

7/10/2017 Home Bistro Foods, Inc. AlphaPoint Technology, Inc. Restaurants - - -

7/10/2017 Jim 'N Nick's Bar-B-Q, Inc. Roark Capital Group, Inc. Restaurants - - -

7/8/2017 WineBid.com, Inc. Third Leaf Partners Digitally Native - - -

7/5/2017 The Wine Advocate, Inc. Compagnie Générale des Établissements

Michelin SCA

Alcohol - - -

7/4/2017 La Provence Wholesale LLC Consupan SL Restaurants - - -

7/3/2017 Stonyfield Farm, Inc. Groupe Lactalis SA CPG Foods 875.00 - -

7/3/2017 Flavor Ingredient Holdings LLC T. Hasegawa USA, Inc. Ingredients & Flavors 55.00 - -

7/3/2017 A&C United Agriculture Developing, Inc. A&C United Agriculture Developing, Inc. Ingredients & Flavors - - -

7/1/2017 MO' Bettahs Hawaiian Style Food Four Foods Group Holdings LLC Restaurants - - -


tev/ date target buyer(s) segment - sdr … · 9/14/2017 blue bottle coffee, inc. nestlé sa...

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