http://sdrventures.com/

7 6

3 2 1

8

6

-

2

4

6

8

10

Strategic79%

Financial21%

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA3/26/2018 The Finish Line, Inc. JD Sports Fashion; Pentland Group Activewear $480.34 - -

3/22/2018 Anna Kaiser Technique Xponential Fitness Health & Fitness - - -

3/20/2018 Green Chef Corp. HelloFresh Natural & Organic Foods - - -

3/20/2018 Oboz Footwear LLC Kathmandu Holdings Activewear $75.00 - -

3/19/2018 BaeTea LLC C3 Capital; New World Natural

Brands

Personal Care - - -

3/12/2018 Wellnext LLC ReNew Life Formulas Vitamins, Minerals, &

Supplements

$700.00 - -

3/6/2018 ViaViente Youngevity International Vitamins, Minerals, &

Supplements

$3.00 - -

2/22/2018 Total Woman Gym & Atmosphere Day Spa Town Sports International Holdings Health & Fitness $8.00 - -

2/17/2018 Curves International, Inc. Curves Holdings Health & Fitness $75.94 6.81x -

2/7/2018 Elite One Source Nutritional Services, Inc. DCC Health & Beauty Solutions Vitamins, Minerals, &

Supplements

$50.00 - -

1/8/2018 Rumble Equinox Health & Fitness - - -

1/4/2018 BHCosmetics, Inc. MidOcean US Advisor Personal Care - - -

Financial Buyer Inv. Date Select Corporate Acquisitions

3/28/2018 ▪Inter Valley Pool Supply, Inc. 

11/6/2017 ▪Strike King Lure Co

9/8/2017 ▪Hasa Inc

12/20/2016 ▪Sweet Harvest Foods Co.

11/14/2016 ▪Do Outdoors Inc

1/18/2018 ▪J R Watkins LLC

12/12/2016 ▪Halo Innovations

1/22/2016 ▪Swanson Health Products, Inc.

12/14/2015 ▪Captek Softgel International, Inc.

10/18/2016 ▪HME Products

6/9/2016 ▪Good Sportsman Marketing, L.L.C.

5/17/2016 ▪InterVision Systems, LLC

5/10/2016 ▪Systems, Inc.

1/11/2016 ▪Drake Automotive Group, Inc.Earnest Bros. Logistics

6/27/2016 ▪Drybar Holdings LLC

2/17/2016 ▪Ultimate Fitness Group, LLC

6/9/2015 ▪Naf Naf Grill, LLC

4/17/2015 ▪Driven Brands

5/16/2016 ▪SidelineSwap, LLC

1/15/2016 ▪Ample Foods Inc.

11/5/2015 ▪Clicky, Inc.

7/31/2015 ▪Pacifica Labs, Inc.

1/27/2015 ▪Remoov, Inc.

Huron Capital Partners

Roark Capital Group

500 Startups

Peak Rock Capital

Swander Pace Capital

Strategic Buyer Inv. Date Select Corporate Acquisitions

12/14/2017 ▪Schmidt's Deodorant Co. LLC

11/27/2017 ▪Sundial Brands LLC

6/19/2017 ▪Kingdom Animalia LLC (d.b.a. Hourglass Cosmetics)

5/15/2017 ▪Quala (Personal Care and Home Brands)

4/20/2017 ▪Kensington & Sons, LLC

7/20/2017 ▪Lankhorst Taselaar BV

11/18/2016 ▪Payne's Marine Supply, Inc.

8/31/2016 ▪Indoor Cycling Group

7/5/2016 ▪Thunder Jet Boats Inc.

1/20/2016 ▪Cybex International Inc.

6/19/2017 ▪Top Secret Nutrition LLC

10/5/2016 ▪Tribravus Enterprises

10/5/2016 ▪Prime Nutrition

4/28/2016 ▪Gaspari Nutrition Inc.

8/18/2015 ▪LG Sciences LLC

6/15/2017 ▪ Deciem, Inc.

11/14/2016 ▪Too Faced Cosmetics LLC

10/21/2016 ▪Becca, Inc.

10/25/2015 ▪Have & Be Co., Ltd.

12/19/2014 ▪GlamGlow, Inc.

Unilever

Brunswick Corporation

Hi-Tech Pharmaceuticals

Estee Lauder Cos.

-15%

-10%

-5%

0%

5%

10%

15%

20%

Health & Fitness Lifestyle CompaniesActivewear Natural & Organic FoodsOutdoor Products Personal CareVitamins, Minerals, & Supplements 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

Weight Watchers International, Inc. WTW 4,123$ 63.72$ 43.9% 43.9% 82.5% 21.8% 24.1% 4.5x 17.7x 26.6x 3.8x 13.3x

Planet Fitness, Inc. PLNT 3,305 37.77 9.1% 9.1% 94.3% 24.2% 37.5% 9.0x 21.5x 89.9x 6.7x 16.1x

Medifast, Inc. MED 1,125 93.45 33.9% 33.9% 99.0% 24.5% 13.4% 3.4x 23.4x 40.8x 2.7x 16.4x

Fitbit, Inc. FIT 1,062 5.10 -10.7% -10.7% 69.7% (8.2%) 1.1% 0.3x NM NM 0.3x NM

Nutrisystem, Inc. NTRI 806 26.95 -48.8% -48.8% 39.7% 2.3% 15.7% 1.1x 7.4x 14.2x 1.0x 7.4x

Nautilus, Inc. NLS 408 13.45 0.7% 0.7% 67.9% 7.1% 13.7% 0.9x 6.9x 15.8x 0.9x 7.3x

Segment Average $1,805 4.7% 4.7% 75.5% 11.9% 17.6% 3.2x 15.4x 37.5x 2.6x 12.1xSegment Median $1,093 4.9% 4.9% 76.1% 14.4% 14.7% 2.2x 17.7x 26.6x 1.9x 13.3x

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

Garmin Ltd. GRMN 11,049$ 58.93$ -1.1% -1.1% 89.3% 3.9% 22.7% 3.3x 13.3x 16.0x 3.1x 12.8x

Vail Resorts, Inc. MTN 8,962 221.70 4.3% 4.3% 93.2% 6.7% 42.1% 5.2x 17.1x NM 5.0x 15.6x

Polaris Industries Inc. PII 7,224 114.52 -7.6% -7.6% 83.2% 5.7% 12.2% 1.5x 13.5x 42.6x 1.4x 10.5x

Brunswick Corp. BC 5,188 59.39 7.6% 7.6% 92.1% 7.5% 10.0% 1.1x 8.5x 36.5x 1.1x 8.0x

Vista Outdoor, Inc. VSTO 936 16.32 12.0% 12.0% 65.1% (2.1%) 7.1% 0.7x 9.1x NM 0.8x 8.7x

GoPro, Inc. GPRO 523 4.79 -36.7% -36.7% 40.3% (8.6%) (12.9%) 0.5x NM NM 0.5x NM

Clarus Corp. BDE 203 6.75 -14.0% -14.0% 84.4% 21.0% 6.4% 1.3x 68.8x NM 1.1x 12.5x

Peak Resorts, Inc. SKIS 68 4.85 -10.2% -10.2% 79.5% 4.2% 35.4% 1.9x 10.0x NM 2.0x 9.3x

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

NIKE, Inc. NKE 86,231$ 66.44$ 6.2% 6.2% 94.6% 8.5% 15.5% 3.0x 21.3x 61.5x 2.8x 18.4x

VF Corp. VFC 29,403 74.12 0.2% 0.2% 87.8% 13.3% 14.3% 2.7x 18.2x 46.1x 2.4x 15.6x

lululemon athletica, inc. LULU 11,194 89.12 13.4% 13.4% 99.5% 15.8% 30.8% 4.2x 18.3x 46.9x 3.6x 15.4x

Gildan Activewear, Inc. GIL-CA 6,327 28.86 -8.4% -8.4% 84.3% 3.8% 17.4% 2.5x 11.6x 17.8x 2.4x 11.4x

Under Armour, Inc. UA 6,178 14.35 7.7% 7.7% 65.8% 4.4% 3.3% 1.6x 23.9x NM 1.5x 22.2x

Foot Locker, Inc. FL 5,520 45.54 -2.9% -2.9% 58.5% (0.7%) 12.2% 0.6x 5.0x 20.5x 0.7x 5.6x

Deckers Outdoor Corp. DECK 2,860 90.03 12.2% 12.2% 91.0% 2.2% 25.7% 1.3x 9.1x NM 1.3x 8.3x

Wolverine World Wide, Inc. WWW 2,753 28.90 -9.3% -9.3% 85.5% (2.3%) 2.2% 1.3x 14.5x NM 1.3x 10.0x

Sequential Brands Group, Inc. SQBG 132 2.09 17.1% 17.1% 51.1% 6.8% 55.6% 4.9x 8.8x NM 4.5x 7.9x

Iconix Brand Group, Inc. ICON 71 1.11 -14.0% -14.0% 13.4% (11.2%) 26.6% 3.6x 6.7x NM 4.0x 7.9x

Cherokee, Inc. CHKE 18 1.30 -31.6% -31.6% 12.1% NM NM 1.2x 10.8x NM 1.6x 8.1x

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

Pinnacle Foods, Inc. PF 6,440$ 54.10$ -9.0% -9.0% 81.2% 0.5% 25.2% 2.9x 13.5x 12.2x 2.9x 12.8x

Hain Celestial Group, Inc. HAIN 3,333 32.07 -24.3% -24.3% 70.3% 5.5% 7.7% 1.4x 15.3x 33.8x 1.3x 11.1x

Darling Ingredients, Inc. DAR 2,850 17.30 -4.6% -4.6% 88.7% 2.5% 11.5% 1.2x 10.6x 22.5x 1.2x 9.8x

United Natural Foods, Inc. UNFI 2,165 42.94 -12.8% -12.8% 81.5% 8.6% 2.9% 0.3x 7.9x 14.0x 0.2x 7.4x

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

Unilever Plc ULVR-GB 68,348$ 55.49$ -4.1% -4.1% 92.1% (1.8%) 18.4% 2.7x 14.0x 22.8x 2.8x 13.3x

Estee Lauder Cos., Inc. EL 33,621 149.72 17.7% 17.7% 99.5% 10.7% 24.6% 4.4x 20.4x 52.2x 4.1x 19.5x

Coty, Inc. COTY 13,716 18.30 -8.0% -8.0% 84.4% 3.8% 16.6% 2.3x 20.4x NM 2.3x 13.7x

Ulta Beauty, Inc. ULTA 12,381 204.27 -8.7% -8.7% 64.9% 15.4% 16.5% 2.0x 11.6x 22.8x 1.8x 10.5x

Nu Skin Enterprises, Inc. NUS 3,888 73.71 8.0% 8.0% 98.3% 8.2% 17.7% 1.7x 11.3x 31.2x 1.6x 10.6x

USANA Health Sciences, Inc. USNA 2,061 85.90 16.0% 16.0% 98.2% 8.3% 14.7% 1.7x 12.2x 34.0x 1.7x 11.0x

Sally Beauty Holdings, Inc. SBH 2,058 16.45 -12.3% -12.3% 77.0% 0.8% 14.3% 1.0x 6.3x 9.0x 1.0x 6.5x

Inter Parfums, Inc. IPAR 1,474 47.15 8.5% 8.5% 95.6% 9.8% 6.3% 2.4x 15.4x 35.5x 2.1x 14.1x

Avon Products, Inc. AVP 1,251 2.84 32.1% 32.1% 58.0% 1.1% 11.6% 0.5x 5.9x NM 0.5x 5.6x

Revlon, Inc. REV 1,085 20.60 -5.5% -5.5% 72.7% (0.3%) 14.1% 1.4x 16.5x NM 1.4x 13.2x

Natural Health Trends Corp. NHTC 216 19.01 25.1% 25.1% 62.8% NM 19.1% 0.4x 1.9x 9.1x NM NM

United-Guardian, Inc. UG 82 17.78 -3.9% -3.9% 83.4% NM 43.9% 5.6x 13.5x 21.2x NM NM

LifeVantage Corp. LFVN 51 3.61 -24.2% -24.2% 52.8% NM 5.4% 0.2x 10.1x 40.1x NM NM

CCA Industries, Inc. CAW 19 2.95 -6.3% -6.3% 77.4% NM NM 1.2x 6.7x NM NM NM

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

Herbalife Ltd. HLF 8,499$ 97.47$ 43.9% 43.9% 97.0% 7.4% 15.6% 2.1x 14.0x 37.8x 1.9x 12.0x

Medifast, Inc. MED 1,125 93.45 33.9% 33.9% 99.0% 24.5% 13.4% 3.4x 23.4x 40.8x 2.7x 16.4x

GNC Holdings, Inc. GNC 323 3.86 4.6% 4.6% 35.3% (3.2%) 9.9% 0.6x 6.0x NM 0.6x 7.4x

Nature's Sunshine Products, Inc. NATR 209 11.00 -4.8% -4.8% 74.6% NM (0.3%) 0.5x 15.7x NM NM NM

Vitamin Shoppe, Inc. VSI 105 4.35 -1.1% -1.1% 21.0% (4.3%) 2.6% 0.2x 3.6x NM 0.2x 5.9x

LifeVantage Corp. LFVN 51 3.61 -24.2% -24.2% 52.8% NM 5.4% 0.2x 10.1x 40.1x NM NM

Mannatech, Inc. MTEX 43 15.70 4.7% 4.7% 90.8% NM 3.3% 0.0x 1.1x NM NM NM

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

Brunswick Corp. BC 5,188$ 59.39$ 7.6% 7.6% 92.1% 7.5% 10.0% 1.1x 8.5x 36.5x 1.1x 8.0x

Callaway Golf Co. ELY 1,565 16.36 17.4% 17.4% 98.1% 9.3% (6.7%) 1.5x 14.7x 39.0x 1.4x 13.1x

Vista Outdoor, Inc. VSTO 936 16.32 12.0% 12.0% 65.1% (2.1%) 7.1% 0.7x 9.1x NM 0.8x 8.7x

Sturm, Ruger & Co., Inc. RGR 916 52.50 -6.0% -6.0% 76.3% 2.8% 18.7% 1.6x 7.7x 18.0x 1.6x 7.0x

Johnson Outdoors, Inc. JOUT 545 62.00 -0.1% -0.1% 81.4% 6.1% 8.8% 1.1x 8.3x 19.9x 1.0x 8.1x

Escalade, Inc. ESCA 197 13.70 11.4% 11.4% 95.3% 2.2% 12.1% 1.2x 13.8x 14.0x 1.2x 10.7x

Market Stats Operating Stats LTM Multiples NTM Multiples

5.5x 5.8x 5.9x6.4x6.4x 6.6x 6.5x 6.7x

7.5x 7.8x7.3x

8.3x7.5x

9.0x 9.0x 9.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

2014 2015 2016 2017

$10-25mm $25-50mm $50-100mm $100-250mm