http://sdrventures.com/

•

•

•

1

2

3

4

-

3

-

1

3

-

1

2

3

4

5

Pet Food Pet Treats Retailers Hard Goods Co-Packers AnimalHealth

VeterinaryServices

Pet CareServices

Pet Tech

Strategic88%

Financial12%

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

- - -

- - -

- - -

- - -

- - -

- - -

60 - -

- - -

- - -

- - -

Financial Buyer Inv. Date Select Corporate Acquisitions

▪Graham Partners 11/11/2016 ▪ Mercer Foods LLC

4/28/2016 ▪ Ohio Pet Foods, Inc.

4/28/2016 ▪ Southern Tier Pet Nutrition LLC

4/28/2016 ▪ Blackwood Pet Food, LLC▪

Mistral Equity Partners LLC 10/10/2016 ▪ Sherpa Pet Trading Co.

5/28/2015 ▪ Quaker Pet Group

5/2/2011 ▪ Worldwise, Inc.▪

500 Startups 8/1/2016 ▪ Treat, Inc.

2/16/2016 ▪ PupBox, Inc.

4/9/2013 Bark & Co▪

Roark Capital Group 4/13/2015 ▪ Pet Supermarket, Inc.

8/31/2009 ▪ Pet Valu, Inc.

8/31/2009 ▪ Pet Valu Canada, Inc.▪

The Riverside Company 12/7/2016 ▪ Dublin Dog Co.

10/15/2015 ▪ Petstages, Inc.

9/9/2015 ▪ Zoo Active Products AB

1/13/2015 ▪ Bionic Pet Products Inc.

Strategic Buyer Inv. Date Select Corporate Acquisitions

Radio Systems Corporation 5/31/2016 ▪ The Piddle Place, LLC

2/5/2013 ▪ Pup-Pee Solutions USA LLC

11/30/2012 ▪ Lucky Litter LLC

6/7/2010 ▪ Veterinary Ventures, Inc.

3/1/2010 ▪ Premier Pet Products, LLC

Bentley's Pet Stuff LLC 9/29/2016 ▪ Moochie & Co., Inc.

9/29/2016 ▪ Pet Food Zoom, Inc.

7/14/2016 ▪ Go Dog Go, Inc.

5/4/2016 ▪ ITS A PETS LIFE, Inc.

4/22/2016 ▪ Natural Pet Marketplace, LLC

2/16/2016 ▪ The Pet Outpost, L.L.C

▪Innovetive Petcare, Inc. 9/8/2016 ▪ Crossroads Pet Hospital of Carrolton and Chisolm Trail Vet Clinics of Lockhart

5/8/2016 ▪ Veterinary Referral Hospital of Hickory

8/19/2015 ▪ Chattanooga Emergency Pet Hospital (CEPH)

2/24/2015 ▪ Animal Emergency & Specialty Center, LLC

▪VCA Inc. (NasdaqGS:WOOF) 2/29/2016 ▪ CAPNA, Inc.

10/28/2015 ▪ 19 Independent Animal Hospitals

12/4/2014 ▪ Lakeview Animal Hospital

12/24/2012 ▪ North Portland Veterinary Hospital

7/10/2011 ▪ BrightHeart Holdings, LLC

▪Mars, Incorporated 3/31/2016 ▪ Whistle Labs, Inc.

10/9/2015 ▪ BluePearl Veterinary Partners LLC

1/29/2015 ▪ Snaptracs, Inc.

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Nestlé SA NESN-CH 223,686$ 71.87$ -4.6% -2.0% 86.2% 5.0% 19.6% 2.8x 14.3x 25.2x 2.6x 13.6x

Colgate-Palmolive Co. CL-US 58,166 65.44 -11.7% -1.8% 86.8% 3.6% 29.4% 4.1x 14.4x 42.5x 4.0x 13.5x

The J. M. Smucker Co. SJM-US 14,911 128.06 -5.5% 3.8% 81.4% 0.8% 23.2% 2.7x 11.4x 20.9x 2.7x 11.4x

Spectrum Brands Holdings, Inc. SPB-US 7,299 122.33 -11.2% 20.2% 88.0% 2.8% 17.8% 2.1x 11.9x 20.4x 2.1x 10.6x

Blue Buffalo Pet Products, Inc. BUFF-US 4,722 24.04 1.2% 28.5% 87.4% 13.4% 24.3% 4.3x 19.0x 45.4x 3.8x 15.6x

Central Garden & Pet Co. CENT-US 1,555 33.09 27.3% 144.7% 95.9% 5.1% 6.2% 1.1x 11.4x 38.0x 1.0x 10.8x

Omega Protein Corp. OME-US 562 25.05 7.2% 12.8% 95.2% (3.0%) 26.9% 1.4x 5.5x 18.0x 1.4x 5.8x

Freshpet Inc. FRPT-US 344 10.15 17.3% 19.6% 85.9% 17.1% 10.2% 2.7x 46.6x NM 2.3x 17.4x

Segment Average $38,905 2.5% 28.2% 88.4% 5.6% 19.7% 2.6x 16.8x 30.1x 2.5x 12.4x

Segment Median $6,011 (1.7%) 16.2% 87.1% 4.3% 21.4% 2.7x 13.1x 25.2x 2.5x 12.5x

Market Stats Operating Stats LTM Multiples NTM Multiples

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Pet Food Retailers Hard Goods Animal Health S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Tractor Supply Co. TSCO-US 9,950$ 75.81$ 12.6% -11.3% 78.0% 10.0% 11.5% 1.6x 12.6x 24.1x 1.5x 11.8x

PetMed Express, Inc. PETS-US 474 23.07 13.8% 34.6% 97.0% 2.9% 13.1% 1.8x 12.0x 21.6x 1.7x 11.6x

Boss Holdings, Inc. BSHI-US 27 13.03 0.9% 7.0% 74.4% NM 5.8% 0.2x 3.8x 13.3x NM NM

Jewett-Cameron Trading Co. Ltd. JCTCF-US 29 12.90 4.5% 28.7% 86.3% NM NM 0.5x 6.4x NM NM NM

Segment Average $2,620 7.9% 14.7% 83.9% 6.5% 10.1% 1.0x 8.7x 19.6x 1.6x 11.7x

Segment Median $252 8.5% 17.8% 82.1% 6.5% 11.5% 1.0x 9.2x 21.6x 1.6x 11.7x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Merck & Co., Inc. MRK-US 162,313$ 58.87$ -5.7% 11.5% 89.9% 1.4% 40.7% 4.4x 12.0x 30.0x 4.4x 10.6x

Sanofi SAN-FR 104,702 81.11 13.7% -2.2% 90.7% 7.2% 28.4% 3.4x 10.8x 22.6x 3.1x 9.4x

Eli Lilly & Co. LLY-US 81,195 73.55 -8.4% -12.7% 85.8% 5.1% 26.6% 4.1x 17.1x 32.0x 3.8x 12.6x

Zoetis, Inc. ZTS-US 26,435 53.53 2.9% 11.7% 98.9% 6.5% 35.9% 6.2x 18.6x 38.5x 5.9x 15.4x

Henry Schein, Inc. HSIC-US 12,211 151.71 -6.9% -4.1% 82.9% 7.2% 8.7% 1.2x 14.3x 25.2x 1.2x 13.1x

IDEXX Laboratories, Inc. IDXX-US 10,514 117.27 4.0% 60.8% 96.3% 11.1% 24.0% 6.5x 27.9x 49.9x 5.9x 24.4x

VCA, Inc. WOOF-US 5,570 68.65 -1.9% 24.8% 93.2% 16.8% 20.5% 2.9x 14.6x 24.2x 2.5x 12.5x

Akorn, Inc. AKRX-US 2,734 21.83 -19.9% -41.5% 55.3% 2.8% 41.5% 3.0x 7.3x 14.9x 3.0x 6.8x

Neogen Corp. NEOG-US 2,506 66.00 18.0% 16.8% 95.5% 13.5% 22.5% 6.9x 32.7x 64.1x 6.2x 27.6x

Phibro Animal Health Corp. PAHC-US 543 29.30 7.8% -2.8% 82.1% 2.4% 15.7% 1.9x 13.0x 15.3x 1.9x 12.0x

Trupanion, Inc. TRUP-US 454 15.52 -8.2% 59.0% 87.8% 31.2% (0.9%) 2.3x NM NM 1.7x 94.3x

Heska Corp. HSKA-US 494 71.60 31.5% 85.1% 96.3% 18.4% 17.0% 4.2x 28.0x 57.3x 3.8x 22.0x

Aratana Therapeutics, Inc. PETX-US 266 7.18 -23.3% 28.7% 66.9% (35.6%) (30922.5%) 5.3x NM NM 7.7x NM

Jaguar Animal Health, Inc. JAGX-US 10 0.72 -44.1% -68.2% 15.6% 2389.8% (6282.7%) 68.5x NM NM 2.3x NM

RiceBran Technologies RIBT-US 11 1.03 -23.7% -45.8% 43.6% 17.8% (15.5%) 0.7x NM NM 0.5x NM

Sonoma Pharmaceuticals, Inc. OCLS-US 21 5.04 16.1% -12.3% 70.5% 30.8% (45.8%) 1.2x NM NM 0.9x NM

Segment Average $25,624 (3.0%) 6.8% 78.2% 157.9% (2311.6%) 7.7x 17.8x 34.0x 3.4x 21.7x

Segment Median $2,620 (3.8%) 4.6% 86.8% 9.2% 18.7% 3.8x 14.6x 30.0x 3.0x 12.9x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Clorox Co. CLX-US 15,452$ 120.02$ -4.1% -5.4% 85.4% 4.3% 22.4% 3.0x 14.2x 24.2x 2.9x 13.5x

Church & Dwight Co., Inc. CHD-US 11,428 44.19 -7.8% 4.1% 82.3% 3.2% 25.5% 3.5x 14.9x 25.4x 3.4x 14.2x

Spectrum Brands Holdings, Inc. SPB-US 7,299 122.33 -11.2% 20.2% 88.0% 2.8% 17.8% 2.1x 11.9x 20.4x 2.1x 10.6x

HRG Group, Inc. HRG-US 3,126 15.56 -0.9% 14.7% 94.9% NM 11.4% 1.8x 12.2x NM NM NM

Central Garden & Pet Co. CENT-US 1,555 33.09 27.3% 144.7% 95.9% 5.1% 6.2% 1.1x 11.4x 38.0x 1.0x 10.8x

Oil-Dri Corp. of America ODC-US 194 38.21 1.5% 3.7% 93.3% NM 9.3% 0.9x 10.7x 27.3x NM NM

Boss Holdings, Inc. BSHI-US 27 13.03 0.9% 7.0% 74.4% NM 5.8% 0.2x 3.8x 13.3x NM NM

Jewett-Cameron Trading Co. Ltd. JCTCF-US 29 12.90 4.5% 28.7% 86.3% NM NM 0.5x 6.4x NM NM NM

Segment Average $4,889 1.3% 27.2% 87.6% 3.9% 14.1% 1.6x 10.7x 24.8x 2.4x 12.3x

Segment Median $2,340 0.0% 10.9% 87.2% 3.8% 11.4% 1.4x 11.7x 24.8x 2.5x 12.1x

Market Stats Operating Stats LTM Multiples NTM Multiples

http://sdrventures.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA12/19/2016 Holistic Pet Source, Inc Animal Supply Co. LLC Retailers - - -

12/7/2016 Dublin Dog Co. Riverside Partners LLC (New York); The Kyjen Co. LLCHard Goods - - -

12/6/2016 PawPack LLC The Gift Box, Inc. Pet Treats - - -

11/22/2016 Wyldlifepets.Com Chew.Club LLC Pet Treats - - -

11/17/2016 Veterinary Products Laboratories Pegasus Laboratories, Inc. Animal Health - - -

11/15/2016 Such A Good Dog LLC Flex Creative, Inc. Pet Care Services - - -

11/15/2016 PawedIn LLC FetchFind LLC Pet Tech - - -

11/11/2016 Mercer Foods LLC Graham Partners, Inc. Pet Food - - -

11/10/2016 Ipsos America, Inc. (Agri & Animal Health Bus) Kynetec UK Ltd. Animal Health - - -

11/1/2016 20x60 LLC Born To Sell LLC Hard Goods - - -

10/28/2016 Intersections, Inc. (Pet Health Monitoring) Loeb Holding Corp. Animal Health - - -

10/24/2016 Segrest, Inc. Central Garden & Pet Co. Retailers 60.00 - -

10/19/2016 DCl Ventures, Inc. PetSmart, Inc. Pet Tech - - -

10/18/2016 Wylie Wagg Healthy Pet Food & Supplies Kriser's Feeding Pets for Life LLC Retailers - - -

10/12/2016 Intelligent Content Corp. Independence Holding Co. Pet Tech - - -

10/10/2016 Sherpa Pet Trading Co. Worldwise, Inc. Hard Goods - - -

10/4/2016 Bugout Pet Feeding Systems Coastal Integrated Services, Inc. Hard Goods - - -

9/29/2016 Petsense, Inc. Tractor Supply Company (NasdaqGS:TSCO)Retailers 116.00 - -

9/29/2016 Moochie & Co., Inc. Bentley's Pet Stuff LLC Hard Goods - - -

9/29/2016 Pet Food Zoom, Inc. Bentley's Pet Stuff LLC Hard Goods - - -

9/28/2016 DaySmart Software LLC SFW Capital Partners, L.P. Pet Tech - - -

9/13/2016 Dog Gone Smart Individual Angel Investor Hard Goods 0.40 - -

9/12/2016 A Place for Rover, Inc. (dba Rover.com) Madrona Venture Group, Menlo Ventures and Foundry GroupPet Tech 300.00 3.00x -

9/8/2016 Crossroads Pet Hospital of Carrolton and Chisolm Trail Vet Clinics of LockhartInnovetive Petcare, Inc. Veterinary Services - - -

9/8/2016 Eyenimal Inc Num'Axes SA Pet Tech - - -

9/6/2016 Perimeter Security Systems Electric Guard Dog, LLC Pet Tech - - -

9/1/2016 Scratch Financial, LLC - Pet Tech 3.00 - -

8/22/2016 Pathway Partners Holdings LLC Morgan Stanley Global Private Equity Veterinary Services - - -

8/22/2016 Thrive Affordable Vet Care Pathway Partners Vet Holding LLC Veterinary Services - - -

8/17/2016 Zomedica Pharmaceuticals Corp. (TSXV:ZOM) - Animal Health 11.65 - -

8/15/2016 AuxThera, LLC - Animal Health 2.00 - -

8/12/2016 Nano Pet Products, LLC - Hard Goods 0.75 - -

8/12/2016 Petnet, Inc. PETCO Animal Supplies, Inc.; Aspiration GrowthPet Tech 20.54 - -

8/4/2016 Cartoonize My Pet LLC Cuddle Clones LLC Pet Tech - - -

8/3/2016 Gulf Coast Veterinary Services Pllc Quad-C Management, Inc.; Veterinary Specialists of North America LLCVeterinary Services - - -

8/3/2016 Vetify, LLC Individual Angel Investor Animal Health 0.45 - -

8/1/2016 Treat, Inc. 500 Startups Pet Tech 0.13 - -

7/31/2016 Pawbo Inc. Acer Incorporated Pet Tech - - -

7/29/2016 Sure Boutique Animal Backer Retailers - - -

7/26/2016 PetCure Oncology LLC - Veterinary Services 3.50 - -

7/19/2016 Prairie Dog Pet Products, LLC - Pet Treats 9.94 - -

7/18/2016 Tediferous, LLC - Pet Tech 0.08 - -

7/15/2016 Skyline Vet Pharma, Inc. - Animal Health 1.55 - -

7/14/2016 Go Dog Go, Inc. Bentley's Pet Stuff LLC Retailers - - -

7/12/2016 PetCARE Television Network, LLC Health Media Network LLC Pet Tech - - -

7/11/2016 Pet Valu & Pet Supermarket Pet Retail Brands Retailers - - -

7/7/2016 Precision Pet Products, Inc. Doskocil Manufacturing Company, Inc.Hard Goods - - -

7/6/2016 ELIAS Animal Health Individual Angel Investor Animal Health 0.65 - -

7/5/2016 Stockmen's Supply, Inc. ANIMART LLC Retailers - - -

7/1/2016 Waggle Ventures, Inc. - Pet Tech 2.24 - -