CONSUMER AND RETAIL | KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 6) PUBLIC MARKETS OVERVIEW...

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Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registrationnumber HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. JefferyH. Perkins.

CONSUMER AND RETAIL

INDUSTRY UPDATE │ SEPTEMBER 2016

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www.harriswilliams.de

HARRIS WILLIAMS & CO. CONSUMER UPDATE

1

GROUP OVERVIEW

Harris Williams & Co. is a leadingadvisor to the Consumer market. Oursignificant experience covers a broadrange of end markets, industries, andbusiness models. This particular reportfocuses on trends and metrics in thefollowing areas:

Consumer Durables

Consumer Electronics

Consumer Services

Footwear, Apparel, andAccessories

Franchise Platforms

Internet Retail

Home Furnishings

Household Goods

Infant and Juvenile Products

Jewelry, Gifts, and Collectibles

Omni / Multi-Channel Brands

Outdoor and Lifestyle

Personal Care Products

Pet Care

Specialty and MassMerchant Retailing

CONTACTS

North America

John NeunerManaging [email protected]+1 (804) 915-0125

Ryan BudlongManaging Director [email protected] +1 (415) 217-3409

Brent SpillerManaging [email protected]+1 (804) 915-0183

Corey [email protected]+1 (804) 932-1342

Matt [email protected] +1 (415) 217-3423

Europe

Edward ArkusManaging [email protected]+44 207 518 8905

Will [email protected]+44 207 518 8906

CONSUMER AND RETAIL


CONTINUED MOMENTUM ACROSS SECTORS – INFANT AND JUVENILE SPOTLIGHT

In addition, HW&Co. just returned from its annual trip to the Kind+ Jugend show in Cologne, Germany, where it met with manybusiness owners, strategic consolidators, and investors thatremain very active and interested in the infant and juvenilespace. This sentiment sets the stage for continued M&A activityacross the space. We will also be attending the ABC Kids Expoon Oct. 18-21 in Las Vegas. Please contact Brent Spiller [email protected] should you be attending and like tomeet during the show to discuss the infant and juvenile sector.

Hanna Andersson was founded in 1983 and is a leading lifestylebrand and omni-channel retailer in the premium children’sapparel market. Hanna Andersson is known for its iconic,premium and globally recognized apparel with superior quality,classic styling and unique designs that “let kids be kids.” Thecompany’s products are geared for babies, boys and girls, agesnewborn to 12 years. Hanna Andersson goes to market througha seamlessly connected omni-channel model by e-commerce,over 60 retail locations, and direct marketing/catalog.

SALE OF HANNA ANDERSSON TO L CATTERTON

Key Takeaways:

The ability for brands to provide a seamlessly connected omni-channelexperience for consumers continues to grow in importance.

Consumers are increasingly willing to pay a premium for higher quality, style, andenhanced features when shopping for their children.

Strategic and financial investors continue to seek out strong brands that forge anauthentic and lasting connection with consumers across the infant and juvenileindustry.

Swimways is a leisure and recreational water productsmanufacturer whose mission is to make free time more funthrough innovation. From its portfolio of licensed Swimways®pool chairs and toys to its line of innovative COOP® games andballs, Swimways products are must-haves for active families. Thecompany is respected for the quality and integrity of its productsand services and is passionate about making sure its customersare safe in and around the water.

SALE OF SWIMWAYS TO SPIN MASTER

Key Takeaways:

Today’s family is increasingly seeking ways to engage with each other, includingthrough recreational and outdoor activities.

The ability to leverage popular content through licenses and allow consumers toconnect with their favorite characters, shows, or movies across all areas ofrecreation is a key value driver.

Strategic acquirers continue to be on the hunt for brands that can complementand extend their current portfolio of brands, products, and content.

has been acquired by

has been acquired by

Harris Williams & Co.’s Consumer Group remains extremely active with recent closingsand ongoing engagements across multiple sectors of the broader consumerproducts and services industry. One sector that remains particularly active is theInfant and Juvenile sector, as evidenced by our recent sale of Hanna Andersson toL Catterton and Swimways to Spinmaster (see below for summary).

http://www.harriswilliams.com/

http://www.harriswilliams.com/industries/consumer

mailto:[email protected]








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KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 6)

PUBLIC MARKETS OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)

CONSUMER AND RETAIL


2

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 24 $2,612 (2.1%) (10.3%) 1.4x 10.1x 1.5x 10.3x

Consumer Durables 6 6,763 7.9% (2.6%) 0.9x 7.3x 1.0x 9.8x

Consumer Serv ices and Retail Franchisors 7 2,918 (0.2%) (28.4%) 2.0x 10.8x 1.4x 6.9x

Home & Office Furniture & Furnishings 10 1,557 (1.4%) (5.2%) 0.8x 8.9x 1.0x 13.0x

Household Products 5 18,125 (6.7%) 13.9% 3.9x 14.7x 4.1x 15.6x

Housewares 10 2,174 9.0% 1.1% 1.0x 12.5x 1.4x 9.7x

Infant & Juvenile 12 1,319 3.7% 22.7% 0.9x 10.5x 1.0x 11.9x

Outdoor & Lifestyle 20 1,016 10.2% (2.4%) 1.4x 9.9x 1.5x 13.7x

Personal Care Products 13 3,888 4.0% 13.3% 1.6x 11.8x 1.5x 10.8x

Pet Care 8 948 9.1% 18.7% 1.8x 13.8x 1.9x 17.8x

Retail

Apparel & Footwear Retail 31 1,108 3.9% (24.7%) 0.5x 6.3x 0.5x 6.4x

Department Chains 8 6,321 10.8% (39.9%) 0.5x 6.8x 0.6x 4.7x

Discount Stores & Mass Merchants 13 24,602 (5.3%) (1.1%) 0.7x 10.9x 0.7x 12.0x

Furniture & Furnishings Retailers 14 1,192 0.6% (41.1%) 0.7x 6.9x 0.9x 7.6x

Internet Retail 12 6,024 17.3% 27.0% 3.2x 18.8x 3.7x 21.2x

Specialty & Other Retail 15 2,302 8.8% (19.1%) 0.6x 8.6x 0.7x 5.9x

Consumer Products & Services 115 $2,393 3.8% (0.6%) 1.4x 10.7x 1.4x 11.3x

Retail 93 $4,163 6.3% (21.9%) 0.6x 7.8x 0.7x 7.0x

Consumer & Retail Index 208 $2,457 4.0% (2.5%) 1.0x 10.3x 1.2x 10.5x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Furniture & Furnishings Retailers

Department Chains

Consumer Serv ices and Retail Franchisors

Apparel & Footwear Retail

Specialty & Other Retail

Apparel & Footwear

Home & Office Furniture &

Furnishings

Consumer Durables

Consumer & Retail Index

Pet Care

Discount Stores & Mass Merchants

Housewares

S&P 500

Outdoor & Lifestyle

Household Products


Infant & Juvenile

Internet Retail

(50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0%

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CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

PUBLIC MARKETS OVERVIEW

3

RECENT EQUITY OFFERINGS

CONSUMER AND RETAIL


Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($ M) Primary Industry

07/27/16 07/27/16 Ollie's Bargain Outlet Holdings, Inc. OLLI Follow-on $303.8 Department Stores

06/22/16 06/22/16 Blue Buffalo Pet Products, Inc. BUFF Follow-on 330.0 Pet Food

05/30/16 05/30/16 Spin Master Corp. TOY Follow-on 100.0 Toys and Recreational Products

05/12/16 05/12/16 Bright Horizons Family Solutions BFAM Follow-on 138.7 Education Serv ices

05/05/16 02/17/16 Walgreens Boots Alliance WBA Follow-on 1,200.0 Drug Retail

04/22/16 02/12/16 Vince Holding Corp VNCE Follow-on 63.8Apparel, Accessories and Luxury

Goods

04/12/16 04/12/16 Sportsman's Warehouse SPWH Follow-on 67.5 Specialty Stores

03/22/16 03/22/16 The Michaels Companies, Inc. MIK Follow-on 443.4 Specialty Stores

02/18/16 02/05/16 Ollie's Bargain Outlet Holdings OLLI Follow-on 155.5 Retail

12/14/15 12/14/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-on 596.1 Hotels, Resorts and Cruise Lines

11/23/15 11/23/15 The J. M. Smucker Company SJM Follow-on 467.3 Packaged Foods and Meats

11/19/15 10/06/15 Duluth Holdings Inc. DLTH IPO 80.0 Internet Retail

50

75

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125

150

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250

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

Ind

ex

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

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CONSUMER AND RETAIL


M&A OVERVIEW

CONSUMER AND RETAIL M&A TRENDS

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

ANNOUNCED CONSUMER AND RETAIL M&A

Note: Transactions based on publicly available information

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.4x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

2010 2011 2012 2013 2014 2015 2016

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

Announced Target Buyer

9/28/2016 Lafayette Puzzle Factory LLC Cra-Z-Art LLC

9/23/2016 Fanlogic LLC HeadsUp Entertainment

9/21/2016 Corby LLC US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. Visual Promotions LLC

9/13/2016 Dav id Michael & Co., Inc. International Flav ors & Fragrances

9/13/2016 SalonQuest LLC Conair Corp.

9/12/2016 CID Entertainment LLC Clearlake Capital Group LP

9/9/2016 SRP Companies Aurora Capital Partners

9/6/2016 SharpShooter Imaging LLC Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. Vista Outdoor, Inc.

Last 10 Deals Announced

Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA

$110.9 216 1.20x 12.1x

LTM Deal Statistics

72

31

37

53

73

86

57

66

37

48

28

59

53

76

57

68

84

28

0

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100

2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Nu

mb

er

of

Tra

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cti

on

s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

11.7x 11.7x 12.2x 12.3x11.9x 11.6x

12.4x

11.7x11.4x 11.3x 11.4x 11.5x

11.8x

10.0x 10.2x 10.4x 10.0x

9.5x10.0x

10.0x 10.2x

9.1x

8.2x7.9x

8.5x 8.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Me

dia

n T

rad

ing

Mu

ltip

les

Median LTM Trading Multiples

Consumer Products & Services Retail

77

43

66

35 39

68 7183

66

95

6457 67

25

34

21

18 13

512

26

12

16

14

10

13

0

20

40

60

80

100

120

3Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q16

Nu

mb

er

of

Tra

nsa

cti

on

s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

$30

$40 $38

$27 $28

$92

$55.4

0

50

100

150

200

250

300

350

400

450

$0

$15

$30

$45

$60

$75

$90

$105

2010 2011 2012 2013 2014 2015 2016

YTD

Nu

mb

er o

f Tran

sac

tion

s

Ave

rag

e T

ran

sac

tio

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alu

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($ in

bill

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s)

Announced Consumer Transactions

Aggregate Transaction Value # of Deals

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0

2

4

6

8

10

12

14

1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

n V

olu

me

by

Qu

art

er

($ i

n b

illi

on

s)

Quarterly Retail Loan Volume

Institutional Pro Rata

5

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS1

KEY RETAIL CREDIT STATISTICS

1) Source: S&P Capital IQ LCD

• California Pizza Kitchen, sponsored by Golden Gate capital, is in the market with a first and second-lien refinancing.Price discussions are targeting L+600 with a 1% floor and a 99 OID on the six-year first-lien term loan. The second-lien,seven-year tranche has been rumored to be at L+1,000, with a 1% floor offered at 97. The refinancing deal isstructured as a $290 million first-lien term loan (B/B2), a $75 million second-lien term loan (CCC/Caa2), and a $30million revolver.

• Personal care product provider High Ridge Brands secured its $270 million senior credit facility supporting CD&R’srecent $415 million acquisition of the company. The company plans to utilize additional facilities to continue itsaggressive add-on acquisition strategy, which it previously leveraged to build a portfolio of nine consumer brands.

• Parts Authority recently wrapped up a $145 million first-lien term loan to support a buyout by The Jordan Company.The 5-year term loan is priced at L+475 with a 1% floor and a 99 OID, indicating a yield of about 6.08%. The facilityincludes six months of 101 soft call coverage and is guided by structured leverage covenants. The senior debt isexpected to be a 4x levels, with 4.8x total leverage all-in.

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

billio

ns)

Quarterly Retail Loan Volume

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q15

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Spread on Retail Loans

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 500

L + 1000

L + 1500

L + 2000

L + 2500

4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Secondary Spread

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ultip

le

Credit Statistics

2010 2011 2012 2013 2014 2015

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PUBLIC COMPARABLES

CONSUMER AND RETAIL


6

Price at As a % of Market Cash & Enterprise LTM P/E

($ in m illions, except per share data) Ticker 9/29/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear

Coach, Inc. COH 36.60 83.7% 10,208 876 1,319 9,765 4,492 972 7.2% (4.0%) 67.9% 21.6% 21.8x 2.17x 10.1x 1.98x 6.3x

Columbia Sportswear Company COLM 56.25 85.2% 3,923 17 429 3,511 2,380 289 7.6% 12.4% 43.3% 12.1% 22.6x 1.48x 12.1x 2.08x 19.4x

Carter's, Inc. CRI 88.12 78.3% $4,411 $581 $205 $4,787 $3,080 $428 3.9% 7.7% 42.3% 13.9% 19.0x 1.55x 11.2x 1.81x 12.7x

Crocs, Inc. CROX 8.46 60.3% 622 5 147 480 1,086 (1) (2.8%) (3.2%) 43.0% NM NA 0.44x NM 0.40x 3.6x

Deckers Outdoor Corporation DECK 61.13 87.4% 1,958 143 202 1,899 1,837 235 1.0% 16.4% 45.7% 12.8% 18.5x 1.03x 8.1x 1.52x 9.5x

Fossil Group, Inc. FOSL 28.55 49.1% 1,373 735 232 1,876 3,316 524 (3.2%) 3.2% 55.9% 15.8% 9.8x 0.57x 3.6x 0.58x 2.9x

G-III Apparel Group, Ltd. GIII 29.36 42.4% 1,343 0 45 1,298 2,337 181 4.6% 16.0% 34.6% 7.7% 13.9x 0.56x 7.2x 0.77x 9.0x

Hanesbrands Inc. HBI 25.54 76.8% 9,649 3,828 661 12,816 5,692 952 0.7% 8.0% 38.0% 16.7% 20.6x 2.25x 13.5x 2.77x 18.6x

Iconix Brand Group, Inc. ICON 8.27 49.0% 464 1,351 215 1,600 382 176 2.5% 0.5% 0.0% 46.1% NA 4.19x 9.1x 3.70x 6.1x

Kate Spade & Co KATE 17.75 67.1% 2,272 394 307 2,360 1,300 203 9.7% (6.8%) 60.5% 15.6% 22.5x 1.81x NM 1.87x 20.3x

NIKE, Inc. Class B NKE 53.10 77.9% 90,324 2,055 5,457 86,922 32,464 4,653 5.8% 8.6% 44.6% 14.3% 24.7x 2.68x 18.7x 3.25x 21.7x

Oxford Industries, Inc. OXM 68.69 88.1% 1,152 106 8 1,250 997 123 (0.8%) 4.0% 57.0% 12.4% 18.8x 1.25x 10.1x 1.37x 10.9x

Perry Ellis International, Inc. PERY 19.40 85.4% 301 104 42 363 883 42 (2.9%) (3.0%) 34.9% 4.7% NA 0.41x 8.7x 0.40x 11.2x

PVH Corp. PVH 108.13 96.8% 8,675 3,378 742 11,311 8,128 1,071 1.0% 4.3% 51.4% 13.2% 12.9x 1.39x 10.6x 1.41x 9.2x

Ralph Lauren Corporation Class A RL 100.27 73.0% 8,250 978 1,109 8,119 7,339 1,058 (2.5%) 1.6% 56.2% 14.4% 27.1x 1.11x 7.7x 1.11x 5.9x

Steven Madden, Ltd. SHOO 34.69 89.5% 2,125 0 109 2,017 1,412 183 2.2% 4.2% 34.9% 13.0% 18.5x 1.43x 11.0x 1.53x 9.3x

Skechers U.S.A., Inc. Class A SKX 22.18 45.0% 3,501 73 629 2,945 3,435 439 22.2% 26.3% 43.0% 12.8% 13.0x 0.86x 6.7x 1.60x 22.2x

Gildan Activewear Inc. GIL-CA 28.20 88.4% 6,536 738 76 7,198 2,286 407 14.8% 2.8% 25.6% 17.8% 27.3x 3.15x 17.7x 3.41x 16.8x

Tumi Holdings, Inc. TUMI 26.74 96.0% 0 7 113 (106) 565 117 4.0% 9.2% 59.4% 20.7% NA NM NM NM NM

Under Armour, Inc. Class A UA 39.36 37.6% 16,111 1,015 121 17,005 4,423 537 29.3% 30.1% 47.4% 12.1% 46.1x 3.84x 31.7x 7.29x 53.8x

V.F. Corporation VFC 56.05 75.9% 23,238 2,809 676 25,370 12,337 1,962 (1.3%) 3.8% 47.3% 15.9% 19.4x 2.06x 12.9x 2.22x 13.4x

Vera Bradley, Inc. VRA 15.43 74.6% 565 0 86 479 505 79 1.6% (2.8%) 58.3% 15.6% 17.8x 0.95x 6.1x 0.89x 4.3x

Weyco Group, Inc. WEYS 26.58 91.1% 280 15 19 277 314 30 (3.2%) 2.0% 36.2% 9.4% 17.8x 0.88x 9.3x 0.92x NA

Wolverine World Wide, Inc. WWW 22.90 89.7% 2,277 808 222 2,864 2,591 286 (6.8%) 5.0% 39.7% 11.0% 23.2x 1.11x 10.0x 1.06x 9.7x

Mean 74.5% $8,315 $834 $549 $8,600 $4,316 $623 3.9% 6.1% 44.5% 15.2% 20.8x 1.62x 11.2x 1.91x 13.5x

Median 78.1% $2,275 $487 $210 $2,612 $2,359 $288 1.9% 4.1% 43.9% 13.9% 19.2x 1.39x 10.1x 1.53x 10.3x

Consumer Durables

Arcelik A.S. ARCLK-TR 7.07 92.0% 4,779 1,775 862 5,692 5,330 788 (1.8%) (2.8%) 32.2% 14.8% 11.4x 1.07x 7.2x 1.10x 10.5x

Electrolux AB Class B ELUX.B-SE 24.78 77.6% 7,684 1,180 1,031 7,833 14,395 1,195 (7.7%) (4.6%) 22.4% 8.3% 23.3x 0.54x 6.6x 0.46x 8.0x

iRobot Corporation IRBT 44.56 100.6% 1,211 0 173 1,038 630 70 10.5% 10.7% 47.4% 11.0% 32.1x 1.65x 14.9x 2.13x 18.0x

Middleby Corporation MIDD 124.88 88.6% 7,186 916 74 8,028 2,081 441 23.7% 18.8% 39.8% 21.2% 31.5x 3.86x 18.2x 5.62x 27.3x

Haier Electronics Group Co., Ltd. 1169-HK 1.69 81.1% 4,732 196 1,722 3,207 9,363 446 (11.6%) 0.1% 16.8% 4.8% 10.8x 0.34x 7.2x 0.31x 7.0x

Whirlpool Corporation WHR 162.18 83.6% 12,236 5,219 959 16,496 20,651 2,242 (1.1%) 4.2% 17.8% 10.9% 14.4x 0.80x 7.4x 0.88x 9.0x

Mean 87.2% $6,305 $1,548 $803 $7,049 $8,742 $864 2.0% 4.4% 29.4% 11.8% 20.6x 1.38x 10.2x 1.75x 13.3x

Median 86.1% $5,982 $1,048 $910 $6,763 $7,347 $617 (1.4%) 2.1% 27.3% 11.0% 18.8x 0.93x 7.3x 0.99x 9.8x

Last Twelve Months (LTM) EV / LTM EV / 2016ERevenue Growth LTM Margins

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PUBLIC COMPARABLES

CONSUMER AND RETAIL


7



Consumer Services and Retail Franchisors

GNC Holdings, Inc. Class A GNC 20.06 46.6% 1,372 1,595 48 2,918 2,633 441 0.9% 1.4% 36.2% 16.7% 7.3x 1.11x 6.6x 1.11x 5.6x

H&R Block, Inc. HRB 22.96 61.2% 5,030 1,493 430 6,093 3,026 797 (1.9%) 1.0% 44.9% 26.3% 17.8x 2.01x 7.6x 2.04x 6.9x

Planet Fitness, Inc. Class A PLNT 20.03 85.6% 999 483 57 1,425 349 132 10.8% 29.8% 41.6% 37.7% NM 4.08x 10.8x NA NA

Regis Corporation RGS 12.56 69.3% 580 120 168 533 1,791 85 (2.5%) (3.9%) 38.3% 4.8% NA 0.30x 6.3x 0.27x 4.8x

Realogy Holdings Corp. RLGY 25.84 59.4% 3,749 4,012 430 7,331 5,803 660 4.9% 5.2% 19.8% 11.4% 22.6x 1.26x 11.1x 1.39x 9.3x

Serv iceMaster Global Holdings, Inc. SERV 34.10 80.8% 4,621 2,774 363 7,032 2,661 608 5.2% (5.2%) 46.1% 22.8% 39.4x 2.64x 11.6x 3.07x 15.2x

Winmark Corporation WINA 106.00 96.8% 436 53 1 488 65 37 (5.3%) 5.9% 92.4% 56.3% 21.9x 7.46x 13.2x NA NA

Mean 71.4% $2,398 $1,504 $214 $3,689 $2,333 $394 1.7% 4.9% 45.6% 25.1% 21.8x 2.69x 9.6x 1.58x 8.3x

Median 69.3% $1,372 $1,493 $168 $2,918 $2,633 $441 0.9% 1.4% 41.6% 22.8% 21.9x 2.01x 10.8x 1.39x 6.9x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 4.63 46.8% 75 118 0 192 411 17 (1.8%) 11.6% 24.6% 4.1% NA 0.47x 11.3x 0.56x NA

HNI Corporation HNI 40.17 70.5% 1,786 276 31 2,031 2,250 261 (4.4%) (8.7%) 37.8% 11.6% 16.0x 0.90x 7.8x 0.99x 13.2x

Hooker Furniture Corporation HOFT 25.26 70.3% 292 50 39 303 384 34 54.1% 19.0% 23.1% 8.9% 17.2x 0.79x 8.9x 1.33x 20.1x

Kimball International, Inc. Class B KBAL 12.79 95.0% 522 0 48 475 635 56 5.7% (19.2%) 32.1% 8.9% 23.1x 0.75x 8.4x 0.38x NA

Knoll, Inc. KNL 23.03 86.1% 1,131 208 4 1,336 1,149 149 5.4% 9.1% 38.1% 12.9% 16.1x 1.16x 9.0x 1.55x 17.8x

Leggett & Platt, Incorporated LEG 46.43 85.0% 6,204 1,048 285 6,967 3,860 618 0.9% 1.2% 24.1% 16.0% 17.1x 1.81x 11.3x 1.86x 14.7x

LaZBoy Incorporated LZB 24.80 79.4% 1,219 1 141 1,079 1,525 154 5.9% 4.1% 38.9% 10.1% 16.0x 0.71x 7.0x 0.80x 9.9x

Herman Miller, Inc. MLHR $28.89 79.2% $1,733 $222 $92 $1,863 $2,305 $305 7.6% 9.1% 39.7% 13.2% 12.8x 0.81x NM 1.01x 9.4x

Steelcase Inc. Class A SCS 14.19 69.7% 1,679 299 198 1,779 3,012 252 (2.0%) 1.6% 32.9% 8.4% 10.3x 0.59x 7.1x 0.60x 7.4x

Tempur Sealy International Inc TPX 55.63 67.3% 3,250 1,677 138 4,788 3,173 445 3.1% 22.2% 40.6% 14.0% 40.1x 1.51x 10.8x 1.94x 12.8x

Mean 74.9% $1,789 $390 $98 $2,081 $1,870 $229 7.4% 5.0% 33.2% 10.8% 18.7x 0.95x 9.1x 1.10x 13.2x

Median 74.9% $1,449 $215 $70 $1,557 $1,888 $203 4.2% 6.6% 35.3% 10.8% 16.1x 0.80x 8.9x 1.00x 13.0x

Household Products

Church & Dwight Co., Inc. CHD 48.00 89.4% 12,360 1,082 211 13,231 3,462 811 2.8% 3.7% 45.4% 23.4% 28.2x 3.82x 16.3x 4.14x 18.6x

Colgate-Palmolive Company CL $73.43 97.4% $65,453 $6,572 $1,298 $70,727 $15,505 $4,376 (7.4%) (3.5%) 59.2% 28.2% 47.2x 4.56x 16.2x 4.06x 15.4x

Clorox Company CLX 125.07 89.0% 16,206 2,320 401 18,125 5,761 1,233 1.9% 0.8% 45.2% 21.4% 25.6x 3.15x 14.7x 3.23x 15.6x

Prestige Brands Holdings, Inc. PBH 47.76 82.2% 2,527 1,577 29 4,076 824 294 8.2% 10.0% 55.0% 35.7% 37.4x 4.95x 13.9x 6.76x 19.5x

Procter & Gamble Company PG 88.05 98.1% 235,039 30,598 13,348 252,289 65,299 17,559 (14.4%) (8.1%) 50.7% 26.9% 25.2x 3.86x 14.4x 3.02x 13.2x

Mean 91.2% $66,317 $8,430 $3,057 $71,690 $18,170 $4,855 (1.8%) 0.6% 51.1% 27.1% 32.7x 4.07x 15.1x 4.24x 16.5x

Median 89.4% $16,206 $2,320 $401 $18,125 $5,761 $1,233 1.9% 0.8% 50.7% 26.9% 28.2x 3.86x 14.7x 4.06x 15.6x

Housewares

Fiskars Oyj Abp FIS1V-FI 19.62 93.4% 1,607 315 502 1,419 1,344 110 30.6% 10.7% 39.2% 8.2% NA 1.06x 12.9x 1.29x 10.9x

Helen of Troy Limited HELE 84.95 79.8% 2,365 587 23 2,929 1,550 209 4.8% 6.2% 41.7% 13.5% 24.5x 1.89x 14.0x 2.23x 15.1x

Jarden Corporation JAH 0.00 0.0% 0 6,381 1,298 5,083 8,603 965 3.8% 8.7% 30.9% 11.2% NA 0.59x 5.3x 0.69x 5.4x

Libbey Inc. LBY 17.42 48.7% 380 419 46 753 814 91 (4.4%) (0.4%) 20.8% 11.1% 6.6x 0.92x 8.3x 0.92x 5.6x

Lifetime Brands, Inc. LCUT 12.73 71.5% 184 120 7 297 578 33 (2.2%) 6.5% 36.2% 5.8% 16.9x 0.51x 8.9x 0.59x 7.4x

NACCO Industries, Inc. Class A NC 66.63 95.0% 454 151 34 571 877 8 (3.5%) (241.3%) 20.8% 0.9% 17.3x 0.65x 69.8x NA NA

Newell Brands Inc NWL 52.52 94.7% 25,325 12,988 627 37,686 8,264 945 42.5% 12.7% 33.7% 11.4% NM 4.56x 39.9x 6.62x 41.0x

Safety-Kleen, Inc. SK 0.21 88.6% 0 224 40 184 1,284 130 19.6% 1.4% 11.2% 10.1% NA 0.14x 1.4x NA NA

Spectrum Brands Holdings, Inc. SPB 136.42 99.7% 8,104 3,876 117 11,863 5,207 976 14.2% 11.3% 38.5% 18.8% 27.8x 2.28x 12.1x 2.84x 17.8x

Tupperware Brands Corporation TUP 64.96 97.1% 3,283 834 79 4,038 2,102 255 (13.8%) (7.5%) 65.4% 12.1% 17.3x 1.92x 15.9x 1.51x 8.5x

Mean 76.9% $4,170 $2,589 $277 $6,482 $3,063 $372 9.2% (19.2%) 33.9% 10.3% 18.4x 1.45x 18.8x 2.09x 14.0x

Median 91.0% $1,030 $503 $63 $2,174 $1,447 $170 4.3% 6.4% 35.0% 11.2% 17.3x 0.99x 12.5x 1.40x 9.7x

Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2016ERevenue Growth

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Infant & Juvenile

Carter's, Inc. CRI 88.12 78.3% 4,411 581 205 4,787 3,080 428 3.9% 7.7% 42.3% 13.9% 19.0x 1.55x 11.2x 1.81x 12.7x

Crown Crafts, Inc. CRWS 9.97 97.8% 100 0 12 87 82 12 (6.9%) 1.9% 27.5% 15.2% 13.9x 1.06x 7.0x 1.08x 8.2x

Dorel Industries Inc. Class B DII.B 26.99 90.6% 873 560 48 1,385 2,631 168 (2.9%) 2.7% 21.2% 6.4% NA 0.53x 8.2x 0.57x 8.2x

Hasbro, Inc. HAS 80.19 90.6% 10,056 1,553 947 10,662 4,651 853 8.5% 4.6% 50.8% 18.3% 20.8x 2.29x 12.5x 2.61x 14.3x

JAKKS Pacific, Inc. JAKK 8.66 88.8% 146 208 97 257 737 44 (13.1%) 5.3% 31.2% 5.9% NM 0.35x 5.9x 0.41x NM

Mattel, Inc. MAT 31.29 90.0% 10,656 2,153 318 12,492 5,618 960 (5.2%) (4.7%) 48.8% 17.1% 30.4x 2.22x 13.0x 1.93x 9.1x

Mothercare plc MTC-GB 1.55 39.8% 266 0 37 229 1,028 70 (10.6%) (4.6%) 8.9% 6.9% 27.1x 0.22x 3.2x 0.19x 4.0x

Newell Brands Inc NWL 52.52 94.7% 25,325 12,988 627 37,686 8,264 945 42.5% 12.7% 33.7% 11.4% NM 4.56x 39.9x 6.62x 41.0x

Children's Place, Inc. PLCE 80.00 88.9% 1,468 44 246 1,266 1,745 195 0.4% (1.3%) 33.3% 11.1% 20.2x 0.73x 6.5x 0.72x 7.2x

Goodbaby International Holdings Ltd. 1086-HK 0.54 85.2% 599 219 135 683 897 54 13.7% 15.2% 29.5% 6.0% 22.6x 0.76x 12.6x 1.27x 19.7x

Summer Infant, Inc. SUMR 2.10 86.1% 39 50 1 88 201 9 (2.7%) (5.1%) 28.9% 4.4% NA 0.44x 9.8x 0.42x 11.9x

Tomy Company, Ltd. 7867-JP 10.58 97.4% 1,018 703 350 1,372 1,398 108 5.5% (12.6%) 34.7% 7.8% NA 0.98x 12.6x 0.89x 12.0x

Mean 85.7% $4,580 $1,588 $252 $5,916 $2,528 $321 2.8% 1.8% 32.6% 10.4% 22.0x 1.31x 11.9x 1.54x 13.5x

Median 89.4% $946 $389 $170 $1,319 $1,572 $138 (1.1%) 2.3% 32.2% 9.5% 20.8x 0.87x 10.5x 0.99x 11.9x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $14.71 57.5% $192 $50 $14 $228 $603 ($14) (12.5%) (4.0%) 13.4% NM NA 0.38x NM 0.32x 3.1x

Brunswick Corporation BC 48.90 87.9% 4,412 453 506 4,358 4,291 457 11.2% 4.4% 27.1% 10.7% 19.2x 1.02x 9.5x 1.12x 10.7x

Black Diamond, Inc. BDE 5.11 73.7% 154 21 98 76 135 (5) (31.3%) (10.4%) 28.2% NM NA 0.57x NM 0.38x 9.8x

Columbia Sportswear Company COLM 56.25 85.2% 3,923 17 429 3,511 2,380 289 7.6% 12.4% 43.3% 12.1% 22.6x 1.48x 12.1x 2.08x 19.4x

Callaway Golf Company ELY 11.71 98.4% 1,101 6 68 1,039 849 53 3.8% 1.8% 43.7% 6.3% 30.3x 1.22x NM 1.23x 31.9x

Escalade, Incorporated ESCA 12.59 66.6% 180 34 3 210 205 22 37.3% 10.1% 25.6% 10.5% 15.3x 1.03x 9.7x NA NA

Fox Factory Holding Corp. FOXF 22.05 97.6% 822 73 10 886 384 59 16.7% 14.7% 31.3% 15.2% 28.6x 2.30x 15.1x 3.25x 17.9x

GoPro, Inc. Class A GPRO 16.79 52.6% 2,342 0 279 2,063 1,241 (198) (26.9%) 33.1% 40.5% NM NA 1.66x NM 2.09x 16.1x

Amer Sports Oyj Class A AMEAS-FI 30.69 96.6% 3,637 922 255 4,304 2,896 285 (0.5%) 2.4% 44.5% 9.8% 24.8x 1.49x 15.1x 1.46x 15.9x

Rapala VMC Oyj RAP1V-FI 4.94 86.8% 193 134 12 314 306 28 (15.5%) (6.4%) 26.1% 9.0% 26.7x 1.03x 11.4x 0.80x 6.8x

Harley-Davidson, Inc. HOG 53.19 92.8% 9,510 7,061 948 15,624 6,109 1,296 1.8% 1.8% 37.0% 21.2% 13.6x 2.56x 12.1x 2.97x 11.5x

Johnson Outdoors Inc. Class A JOUT 36.53 97.7% 366 7 76 298 444 48 3.4% 1.6% 40.8% 10.7% 21.2x 0.67x 6.3x 0.70x NA

Malibu Boats Inc Class A MBUU 14.76 81.6% 261 71 26 306 253 41 10.6% 14.8% 27.6% 16.4% 15.0x 1.21x 7.4x NA NA

Marine Products Corporation MPX 8.96 95.5% 344 0 15 329 226 24 21.6% 12.3% 21.0% 10.5% 21.3x 1.46x NM 1.96x 30.6x

Nautilus, Inc. NLS 23.21 92.9% 722 72 73 720 379 54 22.4% 24.1% 53.0% 14.1% 25.7x 1.90x 13.5x 3.29x 37.6x

Polaris Industries Inc. PII 76.08 61.2% 4,876 468 147 5,198 4,675 676 (1.3%) 11.5% 26.9% 14.5% 13.0x 1.11x 7.7x 1.38x 7.9x

Sturm, Ruger & Company, Inc. RGR 57.79 74.0% 1,096 0 103 993 614 152 23.2% 1.1% 32.2% 24.7% 14.5x 1.62x 6.5x 1.44x 5.0x

Smith & Wesson Holding Corporation SWHC 26.06 83.5% 1,464 172 215 1,421 782 219 37.8% 7.9% 39.4% 28.0% 13.1x 1.82x 6.5x 2.32x 8.5x

Shimano Inc. 7309-JP 152.90 91.2% 14,177 74 1,744 12,507 2,986 764 (8.3%) 0.7% 40.8% 25.6% 26.5x 4.19x 16.4x 4.85x 25.5x

Vista Outdoor Inc VSTO 39.86 73.9% 2,402 1,058 66 3,395 2,387 343 17.5% 25.9% 27.3% 14.4% 17.2x 1.42x 9.9x NA NA

Mean 82.4% $2,609 $535 $254 $2,889 $1,607 $230 5.9% 8.0% 33.5% 14.9% 20.5x 1.51x 10.6x 1.86x 16.1x

Median 86.0% $1,099 $72 $87 $1,016 $698 $56 5.7% 6.2% 31.8% 14.1% 21.2x 1.44x 9.9x 1.46x 13.7x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2016E

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Avon Products, Inc. AVP 5.59 93.6% 2,441 2,188 742 3,888 5,284 384 (34.7%) (20.5%) 60.1% 7.3% NA 0.74x 10.1x 0.39x 3.8x

Estee Lauder Companies Inc. Class A EL 87.20 89.5% 31,985 2,242 1,383 32,843 11,262 2,237 4.5% 3.4% 80.8% 19.9% 29.9x 2.92x 14.7x 3.10x 16.0x

Herbalife Ltd. HLF 61.51 85.2% 5,717 1,427 937 6,206 4,523 526 (2.9%) 0.8% 78.7% 11.6% 21.1x 1.37x 11.8x 1.29x 7.2x

Kimberly-Clark Corporation KMB 126.08 90.8% 45,338 7,677 656 52,359 18,321 4,092 (0.6%) (4.7%) 36.2% 22.3% 23.5x 2.86x 12.8x 2.48x 12.5x

Medifast, Inc. MED 37.25 95.1% 441 0 80 362 271 37 2.8% (9.7%) 74.2% 13.8% 26.5x 1.34x 9.7x 1.01x 6.8x

Nu Skin Enterprises, Inc. Class A NUS 63.89 99.1% 3,574 459 556 3,476 2,217 265 (5.8%) (1.8%) 75.6% 12.0% 36.5x 1.57x 13.1x 1.09x 5.9x

Procter & Gamble Company PG 88.05 98.1% 235,039 30,598 13,348 252,289 65,299 17,559 (14.4%) (8.1%) 50.7% 26.9% 25.2x 3.86x 14.4x 3.02x 13.2x

Elizabeth Arden, Inc. RDEN 13.98 98.9% 0 422 45 377 966 15 0.0% (10.4%) 40.6% 1.5% NA 0.39x 25.2x 0.30x 3.8x

Revlon, Inc. Class A REV 36.92 97.2% 1,938 1,805 186 3,557 1,922 351 1.5% 10.6% 60.7% 18.3% 38.7x 1.85x 10.1x 2.38x 13.6x

Sally Beauty Holdings, Inc. SBH 26.52 80.5% 3,884 1,784 91 5,576 3,984 657 4.5% 3.5% 47.8% 16.5% 18.7x 1.40x 8.5x 1.53x 9.3x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 239.20 85.8% 14,919 0 304 14,615 4,322 757 22.1% 20.9% 35.9% 17.5% 42.3x 3.38x 19.3x 5.55x 34.4x

USANA Health Sciences, Inc. USNA 136.94 95.8% 1,648 0 112 1,536 918 152 16.2% 9.9% 37.1% 16.5% 19.1x 1.67x 10.1x 2.14x 12.2x

All for One Steeb AG A1OS-DE $60.52 72.8% $301 $26 $29 $298 $288 $28 0.5% 7.5% 19.4% 9.7% 24.0x 1.04x 10.7x 1.11x NA

Mean 90.9% $26,710 $3,740 $1,421 $29,029 $9,198 $2,082 (0.5%) 0.1% 53.7% 14.9% 27.8x 1.88x 13.1x 1.95x 11.6x

Median 93.6% $3,574 $1,427 $304 $3,888 $3,984 $384 0.5% 0.8% 50.7% 16.5% 25.2x 1.57x 11.8x 1.53x 10.8x

Pet Care

Blue Buffalo Pet Products Inc BUFF 23.85 86.7% 4,685 385 274 4,797 1,091 240 12.3% 27.8% 43.1% 21.9% 43.6x 4.40x 20.0x NA NA

Central Garden & Pet Company CENT $25.31 90.7% $1,246 $395 $52 $1,589 $1,802 $163 10.0% 2.3% 30.0% 9.0% 28.2x 0.88x 9.8x 0.97x 19.5x

Freshpet Inc FRPT $8.93 75.6% $300 $8 $2 $306 $125 $4 22.2% 42.2% 41.7% 3.1% NA 2.45x 79.2x NA NA

Oil-Dri Corporation of America ODC 37.84 95.8% 238 15 28 226 263 30 0.4% 2.0% 28.5% 11.4% 20.6x 0.86x 7.6x NA NA

Spectrum Brands Holdings, Inc. SPB 136.42 99.7% 8,104 3,876 117 11,863 5,207 976 14.2% 11.3% 38.5% 18.8% 27.8x 2.28x 12.1x 2.84x 17.8x

Maabarot Products Ltd. MABR-IL 16.02 100.0% 157 3 48 112 89 8 (5.5%) (2.6%) 41.7% 9.2% 20.9x 1.26x 13.8x NA NA

Echo Trading Co., Ltd. 7427-JP 6.06 98.6% 37 50 29 57 647 (2) (1.8%) (10.2%) 11.6% NM 23.9x 0.09x NM 0.08x NA

Unicharm Corporation 8113-JP 25.77 97.2% 16,001 680 1,412 15,270 6,263 970 (10.2%) 1.8% 45.6% 15.5% 43.3x 2.44x 15.7x 2.80x 17.6x

Mean 93.0% $3,846 $677 $245 $4,277 $1,936 $299 5.2% 9.3% 35.1% 12.7% 29.8x 1.83x 22.6x 1.67x 18.3x

Median 96.5% $773 $217 $50 $948 $869 $96 5.2% 2.2% 40.1% 11.4% 27.8x 1.77x 13.8x 1.88x 17.8x

LTM MarginsLast Twelve Months (LTM) EV / 2016ERevenue Growth EV / LTM

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($ in millions, except per share data) Ticker 9/29/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

LTM MarginsLast Twelve Months (LTM) EV / 2016ERevenue Growth EV / LTM

Retail

Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 18.01 92.1% 3,274 0 248 3,026 3,597 507 5.1% 1.6% 33.5% 14.1% 14.4x 0.84x 6.0x 0.91x 8.1x

Abercrombie & Fitch Co. Class A ANF $15.83 48.2% $1,071 $337 $456 $953 $3,460 $293 (2.8%) (7.9%) 55.7% 8.5% 24.5x 0.28x 3.3x 0.23x 2.1x

Arcandor AG ARO-DE 0.02 50.9% 5 4,963 1,077 3,891 29,669 (695) 8.5% 14.7% 15.9% NM NA 0.13x NM NA NA

Ascena Retail Group, Inc. ASNA 5.66 38.4% 1,099 1,649 374 2,374 6,995 543 45.6% 14.1% 51.0% 7.8% NA 0.34x 4.4x 0.50x 5.0x

Buckle, Inc. BKE 24.17 63.1% 1,175 0 207 968 1,068 233 (7.4%) (2.4%) 41.9% 21.8% 8.9x 0.91x 4.2x 0.86x 3.3x

Cabela's Incorporated CAB 52.02 94.9% 3,562 5,933 583 8,912 4,129 480 8.0% 6.5% 38.7% 11.6% 20.0x 2.16x 18.6x 2.48x 19.4x

Caleres, Inc. CAL 25.09 78.4% 1,077 197 166 1,108 2,545 185 (1.5%) (0.5%) 41.0% 7.3% 13.2x 0.44x 6.0x 0.44x 7.0x

Cato Corporation Class A CATO 33.00 81.5% 917 0 310 607 1,003 114 1.2% 2.3% 36.6% 11.3% 12.8x 0.61x 5.3x 0.66x 5.9x

Chico's FAS, Inc. CHS 12.23 77.4% 1,614 87 151 1,551 2,547 245 (5.5%) (0.8%) 46.0% 9.6% NM 0.61x 6.3x 0.60x 4.6x

Citi Trends, Inc. CTRN 19.76 71.2% 294 0 77 217 684 37 (0.4%) 2.0% 36.1% 5.4% 22.6x 0.32x 5.9x 0.35x 10.2x

Destination Maternity Corporation DEST 6.26 61.1% 88 43 3 128 469 19 22.4% (4.5%) 51.5% 4.1% NA 0.27x 6.6x 0.26x NA

DSW Inc. Class A DSW 20.68 70.0% 1,701 0 174 1,527 2,678 250 3.3% 4.4% 28.2% 9.3% 16.5x 0.57x 6.1x 0.65x 4.5x

Destination XL Group, Inc. DXLG 4.30 68.8% 219 64 6 277 449 30 4.0% 4.4% 39.3% 6.8% NA 0.62x 9.1x 0.71x 23.5x

Express, Inc. EXPR 11.85 54.9% 929 69 120 878 2,320 264 2.6% 1.9% 33.3% 11.4% 9.2x 0.38x 3.3x 0.40x 3.1x

Finish Line, Inc. Class A FINL 23.50 95.8% 953 0 114 839 1,925 116 2.8% 8.0% 26.8% 6.0% NM 0.44x 7.2x 0.51x 5.2x

Foot Locker, Inc. FL 67.72 91.6% 9,026 129 945 8,210 7,568 1,119 4.3% 6.1% 31.8% 14.8% 16.8x 1.08x 7.3x 1.27x 10.3x

Genesco Inc. GCO 54.48 73.4% 1,124 175 41 1,257 2,980 238 1.7% 4.3% 48.4% 8.0% 11.8x 0.42x 5.3x 0.48x 4.9x

Guess?, Inc. GES 14.65 62.5% 1,236 24 415 844 2,173 149 (6.0%) (6.2%) 34.3% 6.9% 17.9x 0.39x 5.7x 0.33x 2.6x

Gap, Inc. GPS 22.10 72.5% 8,804 1,745 1,681 8,868 15,531 1,852 (4.3%) (1.4%) 35.1% 11.9% 12.5x 0.57x 4.8x 0.55x 3.4x

L Brands, Inc. LB 70.98 70.2% 20,298 5,719 1,273 24,744 12,381 2,662 6.1% 5.0% 42.0% 21.5% 17.3x 2.00x 9.3x 2.30x 11.7x

Lululemon Athletica Inc LULU 61.93 75.7% 8,487 0 535 7,952 2,194 434 15.6% 13.7% 48.9% 19.8% 32.7x 3.62x 18.3x 5.06x 18.1x

Tailored Brands, Inc. TLRD 15.42 34.5% 751 1,614 11 2,354 3,430 338 (5.4%) 11.1% 41.9% 9.8% NM 0.69x 7.0x 0.95x 9.0x

New York & Company, Inc. NWY 2.27 54.7% 147 13 64 96 940 15 0.3% (0.8%) 27.7% 1.6% NA 0.10x 6.3x 0.10x 2.7x

Children's Place, Inc. PLCE 80.00 88.9% 1,468 44 246 1,266 1,745 195 0.4% (1.3%) 33.3% 11.1% 20.2x 0.73x 6.5x 0.72x 7.2x

Pacific Sunwear of California, Inc. PSUN 0.01 1.8% 1 132 11 121 800 4 (0.2%) (0.2%) 25.6% 0.5% NA 0.15x NM 0.15x 35.7x

Ross Stores, Inc. ROST 63.84 96.3% 25,318 396 945 24,769 12,303 1,980 6.6% 6.7% 28.3% 16.1% 24.1x 2.01x 12.5x 2.43x 16.2x

Shoe Carnival, Inc. SCVL 26.76 88.8% 504 0 42 462 996 72 3.4% 3.5% 29.4% 7.2% 17.9x 0.46x 6.4x 0.52x 7.6x

Stein Mart, Inc. SMRT 6.72 65.3% 315 167 12 471 1,370 72 1.1% 3.0% 25.9% 5.3% 15.7x 0.34x 6.5x 0.37x 6.4x

Stage Stores, Inc. SSI 5.52 48.7% 150 206 21 335 1,525 69 (7.0%) (3.0%) 23.8% 4.5% NA 0.22x 4.8x 0.21x 2.6x

Urban Outfitters, Inc. URBN 34.85 92.1% 4,085 50 302 3,832 3,492 515 1.7% 5.7% 35.8% 14.7% 17.9x 1.10x 7.4x 1.25x 6.9x

Zumiez Inc. ZUMZ 17.70 79.9% 440 0 52 387 798 63 (3.8%) 3.9% 27.4% 8.0% 24.7x 0.49x 6.1x 0.54x 3.9x

Mean 69.1% $3,230 $766 $344 $3,652 $4,315 $400 3.2% 3.0% 36.0% 9.9% 17.7x 0.75x 7.1x 0.89x 8.7x

Median 71.2% $1,077 $69 $174 $1,108 $2,320 $233 1.7% 3.0% 35.1% 8.9% 17.3x 0.49x 6.3x 0.54x 6.4x

Department Chains

Bon-Ton Stores, Inc. BONT $1.64 39.2% $35 $949 $7 $977 $2,758 $110 (2.2%) (1.5%) 32.9% 4.0% NA 0.35x 8.9x 0.34x 5.9x

Dillard's, Inc. Class A DDS 61.50 65.3% 2,104 821 128 2,797 6,618 633 (4.3%) (0.6%) 31.2% 9.6% 10.1x 0.42x 4.4x 0.42x 3.5x

J. C. Penney Company, Inc. JCP 9.59 80.0% 2,951 4,725 429 7,247 12,622 778 1.9% 1.4% 31.1% 6.2% NA 0.57x 9.3x 0.61x NM

Nordstrom, Inc. JWN 52.13 68.9% 9,041 2,782 892 10,931 14,421 1,459 2.3% 5.0% 35.5% 10.1% 22.1x 0.76x 7.5x 0.87x 6.1x

Kohl's Corporation KSS 43.29 83.1% 7,774 4,629 700 11,703 18,968 2,392 (0.7%) (0.6%) 31.0% 12.6% 14.1x 0.62x 4.9x 0.61x 4.4x

Macy's Inc M 36.44 69.4% 11,241 7,630 1,000 17,871 26,380 2,957 (5.4%) (1.8%) 35.1% 11.2% 14.8x 0.68x 6.0x 0.64x 4.7x

Stage Stores, Inc. SSI 5.52 48.7% 150 206 21 335 1,525 69 (7.0%) (3.0%) 23.8% 4.5% NA 0.22x 4.8x 0.21x 2.6x

Hudson's Bay Co. HBC-CA 12.94 66.2% 2,358 3,124 87 5,395 10,314 627 41.1% 35.7% 36.9% 6.1% 21.6x 0.52x 8.6x 1.12x 14.7x

Mean 65.1% $4,457 $3,108 $408 $7,157 $11,701 $1,128 3.2% 4.3% 32.2% 8.0% 16.5x 0.52x 6.8x 0.60x 6.0x

Median 67.6% $2,654 $2,953 $279 $6,321 $11,468 $706 (1.5%) (0.6%) 32.0% 7.9% 14.8x 0.55x 6.8x 0.61x 4.7x

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Discount Stores & Mass Merchants

Big Lots, Inc. BIG 47.67 84.7% 2,123 258 58 2,322 5,216 385 0.5% (1.3%) 37.8% 7.4% 14.8x 0.45x 6.0x 0.44x 7.5x

Costco Wholesale Corporation COST 148.70 87.6% 65,140 5,114 6,021 64,233 144,038 5,918 24.2% 11.2% 13.2% 4.1% 23.1x 0.45x 10.9x 0.60x 15.7x

CVS Health Corporation CVS 90.00 84.4% 95,959 28,636 1,207 123,388 166,729 12,303 14.5% 10.5% 16.6% 7.4% 20.8x 0.74x 10.0x 0.97x 12.5x

Dollar General Corporation DG 69.47 71.7% 19,570 3,058 185 22,443 21,011 2,403 6.8% 7.7% 31.0% 11.4% 16.5x 1.07x 9.3x 1.29x 10.9x

Dollar Tree, Inc. DLTR 78.04 78.1% 18,398 7,301 1,097 24,602 20,393 2,152 109.0% 38.4% 30.0% 10.6% 25.6x 1.21x 11.4x 3.15x 21.3x

Gordmans Stores, Inc. GMAN 0.87 22.3% 17 63 9 71 642 6 (1.0%) 1.1% 38.6% 1.0% NA 0.11x 11.1x 0.12x 2.7x

PriceSmart, Inc. PSMT 82.11 83.4% 2,496 98 203 2,390 2,893 178 6.1% 9.1% 15.7% 6.2% 28.0x 0.83x 13.4x 1.01x 15.0x

Rite Aid Corporation RAD 7.65 87.5% 8,025 6,974 145 14,854 32,273 1,320 20.8% 8.6% 24.4% 4.1% NM 0.46x 11.3x 0.58x 11.6x

Target Corporation TGT 68.26 81.1% 39,246 12,710 1,480 50,476 71,603 7,368 (1.5%) (0.9%) 26.6% 10.3% 12.7x 0.70x 6.9x 0.69x 8.0x

TJX Companies, Inc. TJX 74.59 89.2% 48,973 1,616 2,225 48,364 32,140 4,446 7.5% 6.3% 28.9% 13.8% 21.6x 1.50x 10.9x 1.77x 12.5x

Tuesday Morning Corporation TUES 5.82 63.1% 259 0 14 245 956 27 5.5% 4.5% 35.7% 2.9% NM 0.26x NM 0.29x NA

Walgreens Boots Alliance Inc WBA 79.86 83.4% 86,434 13,525 3,326 96,633 117,237 7,931 24.7% 18.0% 23.2% 6.8% 28.4x 0.82x 12.2x 1.31x 17.4x

Wal-Mart Stores, Inc. WMT 71.15 94.6% 220,101 47,491 7,676 259,916 483,298 32,962 (0.5%) 0.7% 25.4% 6.8% 15.5x 0.54x 7.9x 0.55x 7.1x

Mean 77.8% $46,672 $9,757 $1,819 $54,611 $84,495 $5,954 16.7% 8.8% 26.7% 7.1% 20.7x 0.70x 10.1x 0.98x 11.8x

Median 83.4% $19,570 $5,114 $1,097 $24,602 $32,140 $2,403 6.8% 7.7% 26.6% 6.8% 21.2x 0.70x 10.9x 0.69x 12.0x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $25.05 61.4% $1,823 $494 $263 $2,053 $3,233 $1,669 5.7% 12.9% 47.5% 51.6% 13.7x 0.64x 1.2x 0.92x 7.5x

Bed Bath & Beyond Inc. BBBY 42.66 69.4% 6,488 1,491 567 7,412 12,103 1,636 1.2% 2.3% 38.0% 13.5% 8.5x 0.61x 4.5x 0.65x 4.0x

Conn's, Inc. CONN 10.51 37.5% 323 1,183 87 1,420 1,639 93 5.2% 18.8% 46.1% 5.7% NA 0.87x 15.3x 1.22x 8.1x

Ethan Allen Interiors Inc. ETH 31.40 85.4% 872 42 53 861 794 109 5.2% 2.9% 55.7% 13.7% 16.1x 1.08x 7.9x 1.17x 9.8x

hhgregg, Inc. HGG 1.82 31.1% 51 0 1 49 1,943 2 (7.4%) (8.2%) 26.8% 0.1% NA 0.03x 31.7x 0.02x 0.9x

Haverty Furniture Companies, Inc. HVT 20.27 82.6% 427 56 58 425 815 71 3.1% 4.6% 53.6% 8.7% 16.7x 0.52x 6.0x 0.57x 5.8x

Kirkland's, Inc. KIRK 12.21 50.1% 194 0 30 164 581 45 9.8% 8.3% 33.8% 7.8% 16.2x 0.28x 3.6x 0.36x 4.2x

LaZBoy Incorporated LZB 24.80 79.4% 1,219 1 141 1,079 1,525 154 5.9% 4.1% 38.9% 10.1% 16.0x 0.71x 7.0x 0.80x 9.9x

Pier 1 Imports, Inc. PIR 4.74 57.6% 397 202 128 470 1,879 112 (0.0%) 2.6% 33.9% 5.9% 13.8x 0.25x 4.2x 0.27x 2.1x

Rent-A-Center Inc RCII 12.58 47.9% 669 725 88 1,305 3,171 977 (2.3%) 1.0% 37.0% 30.8% NA 0.41x 1.3x 0.42x 3.9x

Restoration Hardware Holdings, Inc. RH 33.62 31.6% 1,369 560 209 1,721 2,178 204 9.1% 16.8% 34.0% 9.4% 28.3x 0.79x 8.4x 1.13x 12.0x

Select Comfort Corporation SCSS 22.97 81.1% 1,055 16 2 1,069 1,218 87 (4.1%) 9.3% 60.7% 7.2% 43.9x 0.88x 12.3x 1.11x 8.8x

Sherwin-Williams Company SHW 279.35 89.4% 25,757 1,971 403 27,325 11,550 1,956 2.2% 6.0% 50.7% 16.9% 23.8x 2.37x 14.0x 2.68x 20.0x

Williams-Sonoma, Inc. WSM 51.44 64.7% 4,554 125 111 4,568 5,075 665 4.8% 6.3% 36.7% 13.1% 15.2x 0.90x 6.9x 1.05x 7.6x

Mean 62.1% $3,228 $490 $153 $3,566 $3,408 $556 2.7% 6.3% 42.4% 13.9% 19.3x 0.74x 8.9x 0.88x 7.5x

Median 63.0% $963 $163 $100 $1,192 $1,911 $133 4.0% 5.3% 38.5% 9.7% 16.1x 0.67x 6.9x 0.86x 7.6x

EV / 2016ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM

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PUBLIC COMPARABLES

CONSUMER AND RETAIL


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Internet Retail

Amazon.com, Inc. AMZN 832.11 100.2% 394,728 11,766 16,996 389,498 120,637 10,810 25.9% 21.7% 34.1% 9.0% NM 3.23x 36.0x 5.23x 75.6x

Alibaba Group Holding Ltd. Sponsored ADR BABA $106.19 96.6% $264,849 $11,920 $13,938 $262,831 $17,533 $6,469 34.5% 41.6% 62.0% 36.9% 35.9x 14.99x 40.6x NA NA

Cimpress N.V. CMPR 100.63 96.6% 3,183 831 85 3,929 1,788 241 19.7% 15.3% 56.7% 13.5% NM 2.20x NM 3.22x 23.5x

eBay Inc. EBAY 32.85 100.1% 37,100 9,054 8,086 38,068 4,522 2,134 (74.5%) (32.9%) 96.0% 47.2% 19.6x 8.42x 17.8x 2.37x 7.0x

MercadoLibre, Inc. MELI 186.11 97.1% 8,218 297 395 8,120 707 181 15.5% 19.3% 61.6% 25.6% NM 11.49x NM 17.18x 48.1x

Blue Nile, Inc. NILE 34.87 89.4% 405 0 37 369 477 20 (1.4%) 3.4% 19.5% 4.1% 40.1x 0.77x 18.8x 0.82x 17.1x

Overstock.com, Inc. OSTK 15.38 85.8% 390 43 123 309 1,704 15 5.8% 12.3% 16.5% 0.9% 37.7x 0.18x 20.9x 0.24x 9.5x

Priceline Group Inc PCLN 1,477.35 100.1% 72,954 7,255 4,372 75,838 9,807 3,720 11.5% 18.6% 85.3% 37.9% 27.9x 7.73x 20.4x 11.16x 28.4x

Shutterfly, Inc. SFLY 44.62 81.7% 1,516 375 131 1,760 1,101 146 13.6% 16.3% 49.4% 13.3% NM 1.60x 12.1x 2.25x 11.7x

Stamps.com Inc. STMP 93.86 75.8% 1,622 164 123 1,663 287 99 67.0% 32.6% 78.6% 34.6% 49.2x 5.78x 16.7x 13.01x 40.6x

Rakuten, Inc. 4755-JP 13.48 93.1% 19,310 7,149 5,407 21,052 6,443 1,289 12.8% 5.0% 71.5% 20.0% NM 3.27x 16.3x 4.27x 18.9x

Wayfair, Inc. Class A W 40.36 80.7% 3,430 30 303 3,157 2,868 (84) 72.7% 68.4% 23.9% NM NA 1.10x NM NA NA

Mean 91.4% $67,309 $4,074 $4,166 $67,216 $13,989 $2,087 16.9% 18.5% 54.6% 22.1% 35.1x 5.06x 22.2x 5.97x 28.0x

Median 94.8% $5,824 $603 $349 $6,024 $2,328 $211 14.6% 17.4% 59.1% 20.0% 36.8x 3.25x 18.8x 3.74x 21.2x

Specialty & Other Retail

Best Buy Co., Inc. BBY 37.93 93.5% 12,034 1,384 3,640 9,778 39,418 2,236 (0.2%) (1.8%) 23.5% 5.7% 12.4x 0.25x 4.4x 0.23x 5.1x

Big 5 Sporting Goods Corporation BGFV 13.77 94.0% 303 60 8 356 1,021 41 2.2% 1.3% 31.2% 4.1% 26.0x 0.35x 8.6x 0.36x 5.2x

Barnes & Noble, Inc. BKS $11.12 80.1% $814 $47 $14 $848 $4,164 $166 (31.4%) (15.2%) 28.6% 4.0% NA 0.20x NM 0.13x 5.0x

Dick's Sporting Goods, Inc. DKS 57.54 92.9% 6,495 158 112 6,540 7,511 730 6.2% 7.9% 30.0% 9.7% 20.7x 0.87x 9.0x 1.06x 9.4x

Home Depot, Inc. HD 129.17 92.9% 159,636 20,943 4,018 176,561 92,033 14,669 7.8% 5.7% 32.3% 15.9% 21.7x 1.92x 12.0x 2.25x 16.4x

Hibbett Sports, Inc. HIBB 39.82 94.9% 876 3 46 833 963 130 3.9% 4.4% 33.6% 13.5% 13.1x 0.86x 6.4x 0.98x 6.5x

MarineMax, Inc. HZO 21.01 95.4% 543 177 56 665 904 47 24.5% 16.5% 24.1% 5.2% 10.6x 0.74x 14.1x 1.12x 42.4x

Lumber Liquidators Holdings, Inc. LL 19.95 91.8% 541 32 13 561 942 (102) (9.9%) 1.5% 29.0% NM NM 0.59x NM 0.56x 4.1x

Lowe's Companies, Inc. LOW 72.70 86.9% 63,596 15,811 2,156 77,251 61,090 7,057 5.9% 5.6% 32.3% 11.6% 23.0x 1.26x 10.9x 1.45x 13.6x

Movado Group, Inc. MOV 21.80 70.4% 500 38 207 331 573 74 (2.7%) 2.5% 53.8% 13.0% 13.0x 0.58x 4.5x 0.59x 3.8x

Office Depot, Inc. ODP 3.60 45.1% 1,958 1,462 1,118 2,302 13,930 677 (8.5%) 10.0% 24.0% 4.9% 7.3x 0.17x 3.4x 0.20x 5.9x

Staples, Inc. SPLS 8.46 62.7% 5,509 1,222 775 5,956 20,714 1,386 (5.1%) (4.7%) 25.7% 6.7% NA 0.29x 4.3x 0.26x 3.4x

Tiffany & Co. TIF 72.32 85.9% 9,030 1,092 720 9,402 3,975 959 (5.3%) 0.6% 61.5% 24.1% 20.3x 2.37x 9.8x 2.34x 9.8x

Tractor Supply Company TSCO 69.30 71.3% 9,263 219 151 9,331 6,443 801 6.5% 9.6% 32.4% 12.4% 22.0x 1.45x 11.7x 1.81x 15.2x

Vitamin Shoppe, Inc. VSI 26.43 76.8% 634 133 2 765 1,277 130 1.5% 7.9% 29.8% 10.2% 15.2x 0.60x 5.9x 0.70x 5.4x

Mean 82.3% $18,116 $2,852 $869 $20,099 $16,997 $1,933 (0.3%) 3.4% 32.8% 10.1% 17.1x 0.83x 8.1x 0.94x 10.1x

Median 86.9% $1,958 $177 $151 $2,302 $4,164 $677 1.5% 4.4% 30.0% 9.9% 17.8x 0.60x 8.6x 0.70x 5.9x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2016E

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M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

CONSUMER AND RETAIL


13

Private Equity

Announced Target Seller Buyer Involvement

9/28/2016 Lafayette Puzzle Factory LLC - Cra-Z-Art LLC

9/23/2016 Fanlogic LLC - HeadsUp Entertainment

9/21/2016 Corby LLC - US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. - Visual Promotions LLC

9/13/2016 David Michael & Co., Inc. - International Flavors & Fragrances

9/13/2016 SalonQuest LLC - Conair Corp.

9/12/2016 CID Entertainment LLC - Clearlake Capital Group LP P

9/9/2016 SRP Companies Seidler Equity Partners Aurora Capital Partners

9/6/2016 SharpShooter Imaging LLC - Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. - Vista Outdoor, Inc.

9/1/2016 Amety Ltd. - Park Lawn Corp.

9/1/2016 Jones Media, Inc. - Adams Publishing Group LLC

9/1/2016 New Homes Guide - NewPoint Media Group LLC

9/1/2016 Diversified Industrial Services - Orion Industries

8/31/2016 Focus Products Group International LLC /Kitchen Division/ - Lifetime Brands, Inc.

8/31/2016 Promax Nutrition Corp. /Sport Perfomance Brand/ - NuGo Nutrition

8/31/2016 Boomerang Carwash LLC - Zips Car Wash LLC

8/30/2016 Plus II Sanitation Supplies, Inc. - Bunzl Plc

8/30/2016 Apex Sanitation Products Ltd. - Bunzl Plc P

8/30/2016 800Razors.com LLC - Shave Mob LLC

8/30/2016 The River Club - Landeavor LLC

8/30/2016 Coast Apparel LLC - Delta Apparel, Inc.

8/30/2016 Heritage Golf Club - ClubCorp Holdings, Inc.

8/30/2016 True Contact - Appsbuyout P

8/29/2016 Playworld Systems, Inc. - Littlejohn & Co. LLC; PlayPower, Inc.

8/29/2016 Toulon Design - Callaway Golf Co.

8/19/2016 Affinity Sports - Dick's Sporting Goods, Inc.

8/17/2016 Ecodesarrollo Papagayo SA - Gencom Group

8/16/2016 RunHaven Moko Social Media Ltd. Calera Capital Advisors P

8/16/2016 RCL Benziger Publishing LLC New Mountain Learning LLC Kendall/Hunt Publishing Co.

8/16/2016 Alienation, Inc. - J&B Importers, Inc.

8/16/2016 LeftField Media LLC - Urban Exposition LLC

8/2/2016 Swimways Corp. - Spin Master Corp.

8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG

8/15/2016 Wisconsin Cemeteries - StoneMor Partners LP

8/15/2016 Pounds Media LLC - Snapshot Interactive LLC

8/12/2016 Edwards & Zuck DPC - Stantec, Inc.

8/12/2016 The Car Wash Barn - Car Wash Partners, Inc.

8/11/2016 Canada à la Carte Viad Corp. VBR Tours LLC

8/10/2016 Preptix LLC - Huddle, Inc.

8/10/2016 Dacor, Inc. - Samsung Electronics America, Inc.

8/10/2016 Sina Pearson Textiles, Inc. - Riverside Partners LLC (New York); Momentum Textiles, Inc.; Momentum GroupP

8/10/2016 ECM Publishers, Inc. - Adams Publishing Group LLC

8/10/2016 Mocean Holding Co. Llc - SNC Technical Services LLC

8/9/2016 Stefano A, Inc. - JN Phillips Auto Glass, Inc.

8/9/2016 Hope River Entertainment - Moonstruck Management LLC

8/9/2016 Herington Times-Sun Printing & Publishing - Kansas Publishing Ventures LLC

8/8/2016 Becker & Mayer LLC The McEvoy Group LLC Quarto Publishing Group USA, Inc.

8/8/2016 Whistler Blackcomb Holdings, Inc. - Vail Resorts, Inc.

8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water Technologies LLCP

8/8/2016 Flick Brothers Auto Body - 3-D Body Works, Inc.

8/8/2016 Rooftop2 Productions, Inc. - Lagardère Sports SAS

8/5/2016 Pokervision Media, Inc. - Network Life Sciences, Inc.

8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada)

8/3/2016 Stein World Operating Co. - ELK Group International, Inc.

8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP; Give & Go Prepared Foods Corp. P

8/2/2016 Oak State Products, Inc. - Vestar Capital Partners, Inc.; Goldman Sachs Private Equity Group; Hearthside Food Solutions LLCP

8/2/2016 HC Operating Co. LLC - Avista Capital Holdings LP; WideOpenWest Finance LLC; Constitution Capital Partners LLC

8/2/2016 The GameTV Corp. Kilmer Group Anthem Sports & Entertainment Corp.

8/1/2016 Carstar Collision Care of Kings, Inc. /Cincinnati 10 Shops/ Carstar Collision Care of Kings, Inc. The Boyd Group, Inc.

7/29/2016 Dr. Smoothie Brands, Inc. Dr. Smoothie Enterprises Highlander Partners LP; Bevolution Group P

7/27/2016 Peds Legwear, Inc. - Gildan Activewear, Inc.

7/26/2016 Vizio Holdings, Inc. - Leshi Internet Information & Technology

7/26/2016 Legion Industries, Inc. - The Legacy Cos.

7/25/2016 Donna Karan International, Inc. LVMH Moët Hennessy Louis Vuitton SE G-III Apparel Group Ltd.

7/22/2016 Model in a Bottle - American International Industries P

7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc.

7/13/2016 Tessive LLC - RealD, Inc.; Rizvi Traverse Management LLC P

7/7/2016 Erno Laszlo, Inc. - CITIC Capital Partners Ltd. P

7/6/2016 First Act, Inc. - Alleghany Capital Partners LLC P

7/6/2016 Idaho Pacific Holdings, Inc. - Arlon Group LLC

7/5/2016 Source Media LLC /Traders Magazine/ Source Media LLC Markets Media LLC

7/5/2016 Hostess Brands LLC - The Gores Group LLC; Gores Holdings, Inc. P

7/5/2016 Thunder Jet - Brunswick Corp.

7/5/2016 Sea Crest Resort & Conference Center Scout Real Estate Capital LLC Delaware North Cos., Inc.

7/5/2016 D.K. Shifflet & Associates Ltd. - Peninsula Capital Partners LLC; MMGY Global Inc.

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

CONSUMER AND RETAIL


14

Private Equity


7/1/2016 Oliva Cigar Co. - V.D.M. Invest CVA; J. Cortès Cigars NV

7/1/2016 Harris Publications, Inc. - Athlon Media Group

7/1/2016 Supplies On The Fly Instawares Holding Co. LLC Sysco Corp.

7/1/2016 Heartland Habitat for Humanity, Inc. - Habitat For Humanity Kansas City, Inc.

6/30/2016 VF Corp. /Contemporary Premium Brand Business/ VF Corp. Delta Galil Industries Ltd.

6/30/2016 The Hershey Co. - Mondelez International, Inc.

6/28/2016 Peekaboo Child Care Centre, Inc. /Child Care Centres (20)/Peekaboo Child Care Centre, Inc. BrightPath Early Learning, Inc.

6/28/2016 Mile High Hoodies LLC - Vaprwear Gear LLC

6/28/2016 ABT Power Management, Inc. - Total Fleet Solutions Ltd.

6/27/2016 Clean Ones Corp. - Butler Home Products LLC

6/26/2016 Bromeland Publishing, Inc. /Scuttlebutt Magazine/ Bromeland Publishing, Inc. Forum Communications Co.

6/24/2016 The Sun Products Corp. - Henkel AG & Co. KGaA

6/24/2016 Skullcandy, Inc. - Incipio Technologies, Inc.

6/23/2016 HDMI Digital Media, Inc. - 8020 Connect, Inc.

6/22/2016 Hillcrest Golf & Country Club LP - PulteGroup, Inc.

6/22/2016 Binder Casting - RWS & Associates Entertainment, Inc.

6/22/2016 Collision Care Auto Body Centers, Inc. - Caliber Bodyworks, Inc.

6/21/2016 Fodors LLC Bertelsmann SE & Co. KGaA Kohlberg Kravis Roberts & Co. LP; Internet Brands, Inc. P

6/20/2016 Plantation Patterns LLC - Kohlberg & Co. LLC; NBGroup LLC

6/17/2016 Vista Clara Ranch Spa Resort - The Chi Center, Inc.

6/17/2016 Autism Behavioral Consulting, Inc. - CARD Capital

6/16/2016 Elizabeth Arden, Inc. - Revlon, Inc.

6/15/2016 24 Hour Fitness USA, Inc. 24 Hour Fitness Worldwide, Inc. Gold's Gym International, Inc.

6/15/2016 EBONY Magazine Johnson Publishing Co., Inc. Clear View Group LLC

6/13/2016 Georgia International Travel, Inc. - ABRY Partners LLC; Direct Travel, Inc. P

6/13/2016 Superior Cake Products, Inc. - Hostess, Apollo Global Management

6/13/2016 Charlebois Truck Parts, Inc. - FleetPride, Inc.; TPG Capital Management LP

6/10/2016 Generation Brands Holdings Quad-C Management, Inc. AEA Investors LP P

6/6/2016 Aardvark Safaris, Inc. - Inflexion Private Equity Partners LLP; Scott Dunn

6/3/2016 EdgeCraft Corp. Domajaparo, Inc. The Legacy Cos.

6/2/2016 Vogue International LLC - Johnson & Johnson

6/2/2016 Gurwitch Products LLC (New York) - Shiseido Americas Corp.

6/1/2016 The Redbury Hotel Alticor Global Holdings, Inc. 1717 Vine LLC

5/27/2016 Fly by Wings SA de CV /6 Wings Restaurants/ - Operadora y Administradora de Restaurantes Gigante SA de CV

5/25/2016 Tripoli Country Club, Inc. Pebblebrook Hotel Trust University Club of Milwaukee

5/24/2016 Keenmount Ltd. - Global Harvest, Inc. (BVI)

5/24/2016 Chinook Asia LLC /Mozo Shoes Brand/ CMR SAB de CV Advent International Corp.; AEA Investors LP; Shoes for Crews LLC; CCMP Capital Advisors LP; SFC Holdings LLC

5/23/2016 Conagra Foods, Inc. /Spicetec Flavors & Seasonings Business/3G Capital Partners LP (New York) Givaudan SA

5/20/2016 Hudson Lock LLC - Jacob Holtz Co. P

5/19/2016 John C. Nordt, Inc. - Richline Group, Inc.

5/19/2016 MMO Music Group, Inc. - Hal Leonard Corp.

5/18/2016 Global Fantasy Sports, Inc. Chinook Asia LLC Satya Worldwide, Inc.

5/18/2016 Empacadora Ponderosa SA de CV ConAgra Foods, Inc. Grupo Bafar SAB de CV

5/18/2016 Traveline Travel Agency, Inc. - ABRY Partners LLC; Direct Travel, Inc.

5/16/2016 High Ridge Brands Co. - Clayton, Dubilier & Rice, Ltd. P

5/12/2016 P& Christina Aguilera Line - Elizabeth Arden, Inc..

5/10/2016 Gaiam Inc. - Sequential Brands Group (NasdaqCM:SQBG)

5/9/2016 Baby Tula LLC - The ERGO Baby Carrier, Inc.

5/9/2016 Jade Swimwear L.P - The Riverside Company P

5/9/2016 The Mountain Corporation - Gladstone Investment Corporation

5/5/2016 Go Green Hydroponics Inc. OSL Holdings Inc. (OTCPK:OSLH) Growlife, Inc. (OTCPK:PHOT)

5/4/2016 A and G, Inc. Ennis Inc. (NYSE:EBF) Gildan Activewear Inc. (TSX:GIL)

5/2/2016 ReNew Life Formulas, Inc. Swander Pace Capital The Clorox Company (NYSE:CLX) P

4/29/2016 Norvell Skin Solutions, LLC - MT Industries, Inc.

4/29/2016 Eagle One Industries, Inc. Niteo Products, LLC American Covers Inc.

4/27/2016 Baby Trend Inc. - Alpha Group (SZSE:002292)

4/27/2016 Gemvara, Inc. Canaan Partners; Highland Capital Partners; Norwest Venture Partners; Balderton CapitalRichline Group, Inc.

4/26/2016 NeoStrata Company, Inc. McGovern Capital LLC Johnson & Johnson Consumer Inc. P

4/25/2016 Twin-Star International, Inc. Trivest Partners, L.P. Z Capital Management LLC P

4/19/2016 Southern Tide, LLC Brazos Private Equity Partners, LLC; Golub Capital CP Funding, LLC; Golub Capital Pearls Direct Lending Program, L.P; CenterOak Partners LLC; S/T Group Blocker, Inc.; GCP Southern Tide Coinvest, Inc.; S/T Group AIV2, LP; S/T Group AIV1, LP; GCP Equity Ltd.Oxford of South Carolina, Inc. P

4/19/2016 WKI Holding Company, Inc. - GP Investments Acquisition Corp. (NasdaqCM:GPIA)

4/19/2016 World Kitchen - GPIAC P

4/18/2016 ILLUME - Regent Holding Company

4/12/2016 JAYBIRD, LLC - Logitech International SA (SWX:LOGN)

4/12/2016 Scorpion Bike Stands LLC - Feedback Sports LLC

4/6/2016 Always For Me LLC - Waveland Investments LLC P

4/5/2016 TK Enterprises - The Jordan Company, L.P. P

4/1/2016 Alstyle Apparel, LLC Ennis Inc. (NYSE:EBF) Alstyle Apparel, LLC

4/1/2016 Momentum Textiles, LLC Norwest Equity Partners The Riverside Company P

4/1/2016 Strength of Nature Global, LLC - Godrej Consumer Products

4/1/2016 Wilton Armetale, Inc. - Lifetime Brands, Inc. (NasdaqGS:LCUT)

3/31/2016 POW Inc. Alliance of Angels, Investment Arm; Dan Rosen and Associates; Columbia Pacific Advisors, LLC; POW Holdings, LLCRojo Australia Pty Ltd.

3/29/2016 J.America, Inc. - Blue Point Capital Partners P

3/28/2016 South Moon Sales, Inc. - NewSpring Capital; JPB Capital Partners P

3/24/2016 Ramcat Broadheads - Arcus Hunting, LLC

3/22/2016 Controlled Products, LLC - Clearview Capital, LLC P

PAGE |

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

15

HW&CO. CONSUMER TEAM

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Brant [email protected]+1 (612) 359-2709

Ed ArkusManaging [email protected]+44 20 7518 8905

Ryan BudlongManaging [email protected]+1 (415) 217-3409

John Neuner IVManaging [email protected]+1 (804) 915-0125

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Corey [email protected]+1 (804) 932-1342

Will [email protected]+44 20 7518 8906

Brent SpillerManaging [email protected]+1 (804) 915-0183

Matt [email protected]+1 (415) 217-3423

Andy WarczakVice [email protected]+1 (612) 359-2714

Ryan [email protected]+1 (612) 359-2703

Private Equity


3/21/2016 Karmaloop, Inc. CapX Partners; Comvest Partners Shiekh Shoes, LLC P

3/17/2016 Newell Rubbermaid Inc., Window Coverings Business Newell Rubbermaid Inc. (NYSE:NWL) Hunter Douglas N.V. (ENXTAM:HDG)

3/12/2016 Thom Browne, Inc. Stripe International Inc. Sandbridge Capital, LLC P

3/10/2016 Denver Design Company, LLC - 5 Horizons Group, LLC

3/10/2016 Natural Dynamics, LLC - Wellnext, LLC

3/9/2016 The Gents Place Men's Fine Grooming of Leawood, LLC - Massage Heights Corporate, LLC

3/8/2016 Thirsty Promo and Bag Warehouse Mark-It Smart Inc. The Image Group, Inc.

3/3/2016 The Procter & Gamble Company., Portfolio of Hair Care BrandsThe Procter & Gamble Company (NYSE:PG) Henkel AG & Co. KGaA (DB:HEN3)

3/3/2016 Tumi Holdings, Inc. (NYSE:TUMI) Doughty Hanson & Co.; Stockwell Capital LLC Samsonite International S.A. (SEHK:1910)

3/2/2016 The Guildery Inc. SoftTech VC; Forerunner Ventures; Cowboy Ventures; BBG VenturesMINTED LLC P

3/1/2016 Kuissential - SCS Direct Inc.

2/26/2016 DECIEM, Grow Gorgeous DECIEM Inc. The Hut.com Ltd

2/24/2016 Bell Sports Corp. BRG Sports, Inc. Vista Outdoor Inc. (NYSE:VSTO)

2/22/2016 Hayneedle Inc. Insight Venture Partners; Sequoia Capital Jet.com, Inc. P

2/22/2016 Zenith Products Corporation Charlesbank Capital Partners, LLC The Laces Company P

2/19/2016 Flint And Tinder USA, LLC Lerer Hippeau Ventures Huckberry LLC P

2/18/2016 Lise Watier Cosmétiques, Inc. Imperial Capital Group Ltd. Groupe Marcelle Inc. P

2/16/2016 Ebuys, Inc. - DSW Shoe Warehouse, Inc.

2/16/2016 The Pet Outpost, L.L.C - Bentley's Pet Stuff LLC

2/15/2016 True Textiles, Inc. Thomas H. Lee Partners, L.P.; LBC Credit Partners, Inc.; Sun Capital Partners, Inc.Duvaltex Inc. P

2/12/2016 THE WHEAT GROUP, INC. - United Legwear Company, LLC

2/11/2016 Furniture Factory Outlet, LLC Alpine Investors, LP Sun Capital Partners, Inc. P

2/11/2016 Sprig Toys, Inc. - BeginAgain, Inc.

2/11/2016 Etch A Sketch and Doodle Sketch The Ohio Art Company, Inc. (OTCPK:OART) Spin Master Corp. (TSX:TOY)

2/11/2016 WorldStrides, Inc. The Carlyle Group LP (NasdaqGS:CG) Metalmark Capital LLC P

2/10/2016 Stop Aging Now, LLC - Wellnext, LLC

2/10/2016 iDevices, LLC, iGrill® iDevices, LLC Weber-Stephen Products LLC

2/7/2016 Apollo Education (NasdaqGS:APOL) Glenview Capital Management, LLC; Fidelity Management & Research Company; Robeco Boston Partners; T. Rowe Price Associates, Inc.; Aronson+Johnson+Ortiz, LPNajafi Companies P

2/5/2016 LeapFrog Enterprises Inc. (NYSE:LF) Blue Pacific Partners, LLC; Franklin Templeton Investments Corp.Vtech Holdings Ltd. (SEHK:303) P

2/5/2016 efsAUDIO Inc. - Compass Biotechnologies Inc. (OTCPK:COBI)

2/4/2016 Large Car Wash Operation - First Colombia Gold Corp. (OTCPK:FCGD)

2/4/2016 LMC Right Start, Inc. Liberty Interactive Corporation (NasdaqGS:QVCA)giggle, Inc.

2/2/2016 Rona Inc. (TSX:RON) Capital d'Amérique CDPQ Inc.; Invesco Canada Ltd.; First Asset Investment Management Inc.; Fonds régional de solidarité FTQ Montérégie; Caisse de dépôt et placement du Québec; Fonds de solidarité FTQLowe's Companies Canada, ULC P

2/2/2016 mophie, inc. mStation Corporation; Beringea LLC; Grosvenor Capital Management Customized Fund Investment GroupZAGG Inc (NasdaqGS:ZAGG) P

2/2/2016 Blumenthal Lansing Company, LLC - CSS Industries Inc. (NYSE:CSS)

2/1/2016 Vitamin World, Inc. NBTY, Inc. Centre Lane Partners, LLC P

1/29/2016 Creative Embroidery - -

1/28/2016 TicketBreak Ltd. MapleCore Ltd. Ticketfly, Inc.

1/28/2016 All Star Vending & Coffee Service LLC - Canteen Vending Services, Inc.

1/28/2016 Ellsworth Handcrafted Bicycles, Inc. Iso Nano International LLC -

1/28/2016 GetGoing, Inc. Y Combinator; Data Collective; TA Ventures; InVenture PartnersBCD Travel B.V. P

1/28/2016 Really Good Stuff, Inc. - Excelligence Learning Corporation

1/27/2016 Triboro Quilt Manufacturing Corporation - Gerber Childrenswear LLC

1/25/2016 Valeant Groupe Cosméderme Inc. Valeant Canada Ltd. INTEGA Skin Sciences Inc.

1/25/2016 Mccarthy's Hockey & Lacrose Supply Co, Inc. - LaxWorld Inc.

1/22/2016 Swanson Health Products, Inc. - Swander Pace Capital P

1/22/2016 Fiskars Brands, Inc., American Designer Pottery Fiskars Brands, Inc. Bloem Living LLC

1/21/2016 Triumph Sports USA, Inc. - Escalade Sports, Inc.

1/21/2016 SparkBox Toys LLC. - Pley Inc.

1/21/2016 Rose America Corporation - Guardian Capital Partners P

1/21/2016 A Fresh Start II, LLC - CORE TEAM, Inc.

1/20/2016 Cybex International Inc. UM Holdings Ltd. Brunswick Corporation (NYSE:BC) P

1/20/2016 BBC Ice Cream, LLC Iconix Brand Group, Inc. (NasdaqGS:ICON) -













Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Consumer

16

OUR FIRM

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website.


CONSUMER AND RETAIL

PAGE |

HARRIS WILLIAMS & CO.

17

SOURCES

S&P Capital IQ.

Thomson Financial.

Reuters.

S&P Capital IQ LCD.

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze, and Mr. Aadil Khan authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates September be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also September provide, September have provided, or September seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees September hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report September not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material September be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2016 Harris Williams & Co., all rights reserved.

CONSUMER AND RETAIL


DISCLOSURES

http://www.harriswilliams.com/

http://www.harriswilliams.de/

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