Consumer Monthly January 2017 - TM Capital Corp....Hypermarcas S.A., Personal Hygiene Business Ontex...
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1.2% 2.7% 0.5% 7.4% 1.6% 0.6% 0.0% 2.0% 4.0% 6.0% 8.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet LTM Revenue Growth Target Acquiror Acquisition Synopsis Gift & Home Décor • • Bain Capital Private Equity, LP, a private investment firm, agreed to acquire Innocor Inc. from Sun Capital Partners Innocor Inc. is a provider of foam mattresses, pillows, specialty sleep products, furniture, kitchen mats, bathroom mats, utility mats and memory foam mattress toppers Food & Beverage • • Ferrero, an Italian marketer of chocolate products, bakery products, snacks, spreads, mints and drinks, acquired Delacre from Yildiz's subsidiary, United Biscuits Delacre, based in Belgium, comprises the Delacre and Delichoc biscuit brands Apparel & Accessories • • Caleres, Inc. (NYSE:CAL) a retailer and wholesaler of footwear, acquired Allen Edmonds Corporation from Brentwood Associates for $255 million Allen Edmonds Corporation is a marketer of men’s premium handcrafted leather footwear and accessories Recreational Products • • L Catterton, a private equity firm, acquired Cicli Pinarello S.p.A Cicli Pinarello S.p.A is an Italian manufacturer and marketer of road bikes, apparel and accessories Personal Care • • Prestige Brands Holdings, Inc. (NYSE:PBH), a marketer of over-the-counter ("OTC") healthcare and household cleaning products, agreed to acquire C.B. Fleet Company from Gryphon Investors for $825 million, representing a 4.0x EV / Revenue multiple C.B. Fleet Company is a manufacturer, marketer, and distributor of feminine care and other OTC healthcare products Home, Garden & Pet • • Littlejohn & Co. LLC, a private equity firm, agreed to acquire Brown Jordan International Brown Jordan International is a manufacturer of indoor and outdoor furniture serving a variety of commercial and consumer markets Consumer Headline Transactions LTM Gross & EBITDA Margins Enterprise Value / LTM EBITDA Enterprise Value / LTM Revenue Consumer Monthly January 2017 Note: EBITDA Margins in green LTM Revenue Growth 37.4% 38.8% 46.7% 37.9% 56.7% 36.8% 8.8% 17.5% 13.1% 12.7% 18.7% 16.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet LTM EBITDA Margin LTM Gross Margin 0.8x 2.7x 1.1x 1.2x 2.4x 2.1x 0.0 1.0x 2.0x 3.0x 4.0x Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet EV / LTM Revenue 8.3x 14.2x 10.6x 9.8x 12.8x 12.2x 0.0 5.0x 10.0x 15.0x 20.0x Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products Personal Care Home, Garden & Pet EV / LTM EBITDA
Transcript of Consumer Monthly January 2017 - TM Capital Corp....Hypermarcas S.A., Personal Hygiene Business Ontex...
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1.2%
2.7%
0.5%
7.4%
1.6%
0.6%
0.0%
2.0%
4.0%
6.0%
8.0%
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden &Pet
LTM
Rev
enu
e G
row
th
Target Acquiror Acquisition Synopsis
Gift & Home Décor •
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Bain Capital Private Equity, LP, a private investment firm, agreed to acquire Innocor Inc. from Sun Capital PartnersInnocor Inc. is a provider of foam mattresses, pillows, specialty sleep products, furniture, kitchen mats, bathroom mats, utility mats and memory foam mattress toppers
Food & Beverage•
•
Ferrero, an Italian marketer of chocolate products, bakery products, snacks, spreads, mints and drinks, acquired Delacre from Yildiz's subsidiary, United BiscuitsDelacre, based in Belgium, comprises the Delacre and Delichoc biscuit brands
Apparel & Accessories
•
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Caleres, Inc. (NYSE:CAL) a retailer and wholesaler of footwear, acquired Allen Edmonds Corporation from Brentwood Associates for $255 millionAllen Edmonds Corporation is a marketer of men’s premium handcrafted leather footwear and accessories
Recreational Products •
•L Catterton, a private equity firm, acquired Cicli Pinarello S.p.ACicli Pinarello S.p.A is an Italian manufacturer and marketer of road bikes, apparel and accessories
Personal Care •
•
Prestige Brands Holdings, Inc. (NYSE:PBH), a marketer of over-the-counter ("OTC") healthcare and household cleaning products, agreed to acquire C.B. Fleet Company from Gryphon Investors for $825 million, representing a 4.0x EV / Revenue multipleC.B. Fleet Company is a manufacturer, marketer, and distributor of feminine care and other OTC healthcare products
Home, Garden & Pet •
•Littlejohn & Co. LLC, a private equity firm, agreed to acquire Brown Jordan InternationalBrown Jordan International is a manufacturer of indoor and outdoor furniture serving a variety of commercial and consumer markets
Consumer Headline Transactions
LTM Gross & EBITDA Margins
Enterprise Value / LTM EBITDAEnterprise Value / LTM Revenue
Consumer MonthlyJanuary 2017
Note: EBITDA Margins in green
LTM Revenue Growth
37.4% 38.8%
46.7%
37.9%
56.7%
36.8%
8.8%
17.5%13.1% 12.7%
18.7% 16.7%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden& Pet
LTM EB
ITDA
Margin
LTM
Gro
ss M
argi
n
0.8x
2.7x
1.1x 1.2x
2.4x 2.1x
0.0
1.0x
2.0x
3.0x
4.0x
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden &Pet
EV /
LTM
Rev
enu
e
8.3x
14.2x
10.6x 9.8x
12.8x 12.2x
0.0
5.0x
10.0x
15.0x
20.0x
Gift & HomeDécor
Food &Beverage
Apparel &Accessories
RecreationalProducts
Personal Care Home, Garden &Pet
EV /
LTM
EB
ITD
A
-
80%
90%
100%
110%
120%
130%
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
Shar
e Pr
ice
Inde
x
Food & Beverage
Personal Cae
Gift & Home Décor
Home, Garden & Pet
Recreational Products
Apparel & Accessories
S&P 500
127%
108%
108%
111%
107%
100%
96%
New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360
Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200
Atlanta3575 Piedmont Rd NE Suite 1010Atlanta, GA 30305 Tel: 404.995.6230
www.tmcapital.com
TM Capital’s Consumer Industry Contacts
Craig M. Gibson Managing Director
[email protected] 617-259-2204
James S. Grien Managing Director
[email protected] 404-995-6235
Philip S. Krieger Principal
[email protected] 404-995-6242
Gift & Home Décor
Selected TM Capital Consumer Experience
Target Acquiror Transaction Description
Pebble Technology Corp. Fitbit, Inc. (NYSE:FIT) Fitbit, a provider of wearable health and fitness tracking devices, acquired Pebble Technology, a marketer of smartwatches
Buccellati Holding Italia SpA
Gangtai Group Gangtai Group, a Chinese conglomerate, agreed to acquire Buccellati, an Italian provider of fine jewelry, luxury watches and silverware
Target Acquiror Transaction Description
Aqua Lung International Montagu Private Equity LLP
Montagu Private Equity, a UK based private equity firm, acquired Aqua Lung, a French provider of scuba diving gear
CARDIOfitness GmbH & Co. KG
Dyaco International Inc. (TSEC:1598)
Dyaco, a Taiwan based provider of fitness equipment and sporting goods, agreed to acquire CARDIOfitness, a German online marketer of fitness equipment
LTM Stock Price Index
Food & Beverage
Apparel & Accessories Recreational Products
Personal Care Home, Garden & PetTarget Acquiror Transaction Description
Hypermarcas S.A., Personal Hygiene Business
Ontex Group NV (ENXTBR:ONTEX)
Ontex Group, a Belgium marketer of personal hygiene products, agreed to acquire the personal hygiene business of Hypermarcas, for $305 million
Laura Geller, Julep and Clark’s Botanicals
Glansaol LLC Glasonol, formed in partnership with Warburg Pincus, launched with the acquisitions of Laura Geller, Julep and Clark’s Botanicals, three beauty and personal care businesses
Target Acquiror Transaction Description
Dublin Dog Company, Inc.
Outward Hound Outward Hound, a marketer of plush toys, travel gears, and games and puzzle toys for dogs, acquired Dublin Dog, a provider of collars, leashes, gears, beds and toys for pets
Jeyes Group Ltd., Selected Home Care Brands
Henkel AG & Co. KGaA (DB:HEN3)
Henkel, a German provider of laundry and home care, beauty care, and adhesive technology products, acquired selected home care brands in the UK and Ireland from Jeyes Group
Target Acquiror Transaction Description
Victoria Fine Foods Holding Company and Victoria Fine Foods, LLC
B&G Foods, Inc. (NYSE:BGS)
B&G, a provider of food and household products,acquired Victoria, a provider of premium pasta and specialty sauces, savory condiments and gourmet spreads, for $70.0 million
Sweet Harvest Foods Inc. Natural American Foods, Inc.
Natural American Foods, a provider of honey and commercial sweeteners, acquired Sweet Harvest Foods, a provider of honey, peanut butter and syrup products
Selected Consumer Transactions
Target Acquiror Transaction Description
Smith Mountain Industries, Inc.
Newell Brands Inc. (NYSE:NWL)
Newell, a marketer of consumer goods, acquired Smith Mountain, a provider of home fragrance products, primarily marketed under the WoodWick® Candle brand, for $100 million
Lladró S.A. PHI Asset Management Partners
PHI Asset Management, a Spain based private equity firm, agreed to acquire Lladró, a Spain based marketer of porcelain home décor products
