Industry Insights: Q4 2019 Food & Beverage

Industry Insights: Q4 2019 Food & Beverage

Contents Industry Overview………...…….….………….. Transaction Activity………………………….. Transaction Multiples…....…...….….……….... Public Company Comparable Analysis…....... Active Buyers…...…………………….……...... Precedent Transactions Analysis…….……....

Industry Overview

Number of Closed Transactions1,2

Food and beverage companies are increasingly looking to the middle market in order to acquire smaller, niche brands and products to keep up with changing consumer preferences and remain relevant. During the fourth quarter of 2019, there were 114 M&A transactions within the food and beverage industry that closed. Food products led in terms of transaction volume (55), transacting at an average EV/EBITDA multiple of 9.2x. Looking at the LTM performance of the food and beverage industry relative to the S&P 500, only the food distributors segment, which returned 37.9%, outperforming the S&P 500, which returned 28.5%. Within the food and beverage industry, M&A is increasingly driven by the need for market disruption, rather than market share. Staying relevant to the consumer is becoming the biggest challenge. As consumer preferences continue to trend towards new and healthy products, strategic and financial buyers are responding by acquiring newer, smaller, niche brands and products, and are willing to pay a premium to compete with other potential buyers and avoid being left at the altar. The beverage sector continues to be an active space for M&A, with premiumization, in-part, driving sector sales. Despite flat-to-down per capita consumption, consumers’ tastes are moving towards higher priced beverages. Transactions in the alcoholic beverage sector are predominantly focused on small, private craft brewers, with the occasional large transaction, such as the acquisitions of Greene King plc. The strong activity in the non-alcoholic beverage sector is supported by tailwinds from cannabis-infused beverages, in addition to those from other specialty and craft-style drinks like kombucha, natural tea and cold brew coffee. Both strategic and financial buyers have delved into venture capital-type funding of growth equity investments to nurture growing brands, presumably as a precursor to eventual acquisitions.

The market witnessed three multi-billion-dollar transactions in the fourth quarter of 2019: the acquisition of Greene King plc by CK Asset Holdings Limited (SEHK:1113) for $6.1 billion; the acquisition of Arnott's Biscuits Holdings, Campbell Hong Kong and Related Business of Campbell Soup Company by KKR & Co. Inc. (NYSE:KKR) for $2.2 billion; and the acquisition of Reinhart FoodService L.L.C. and Associated Real Estate Companies by Performance Food Group Company (NYSE:PFGC) for $2 billion. Additionally, a few notable transactions were announced: the acquisition of the U.S. Ice Cream Business of Nestlé S.A. by Froneri International Limited for $4 billion; the acquisition of China Agri-Industries Holdings Limited (SEHK:606) by COFCO (Hong Kong) Limited for $1.2 billion; the acquisition of the Wine and Spirits Portfolio of Constellation Brands, Inc. by E. & J. Gallo Winery, Inc. for $1.1 billion; and the acquisition of Craft Brew Alliance, Inc. (NasdaqGS:BREW) by Anheuser-Busch Companies, LLC for $288 million. From an M&A perspective, the food and beverage sector will continue to be highly active as new entrants seek growth capital and mature conglomerates seek to diversify their portfolio of legacy brands with high-growth, specialty assets. Following years of aggressive cost-cutting and a focus on boosting margins, companies are paying more attention to spending in order to reignite growth and keep their brands competitive. The focus going forward will likely be on smaller deals that give scale, entrance into new markets or faster-growing categories to complement their existing portfolios. While strategic buyers still lead in terms of acquisitions within the food and beverage space, financial buyers are increasingly active due to the industry’s relative resistance to economic downturn.

Total Transaction Value ($bn)1 Transaction EV/EBITDA Multiples1

1 4 5 6 7 8

1 Source(s): S&P Capital IQ, Pitchbook 2 Number of closed transactions only include transactions with disclosed transaction values.

Quarterly Performance

210

159131 125 114

148

0

50

100

150

200

250

18Q4 19Q1 19Q2 19Q3 19Q4 Average

$31.0

$20.3

$13.3

$21.1$25.1

$22.2

$0$5

$10$15$20$25$30$35

18Q4 19Q1 19Q2 19Q3 19Q4 Average

10.7x12.0x

13.8x

9.1x 9.7x11.0x

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

18Q4 19Q1 19Q2 19Q3 19Q4 Average

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Industry Performance

Stock Price Performance LTM Relative Stock Price Performance1

PEG Ratio LTM PEG Ratio1,3

1 Source(s): S&P Capital IQ, Pitchbook 3 PEG = industry P/E ratio divided by the industry LT Growth (%) estimate.

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EV/EBITDA

LTM EV/EBITDA Multiples1

Industry Multiples

EV/Revenue LTM EV/Revenue Multiples1

1 Source(s): S&P Capital IQ, Pitchbook




4

Transaction Volume

Number of Closed Transactions1,2

Transaction Activity

1 Source(s): S&P Capital IQ, Pitchbook 2 Number of closed transactions only include transactions with disclosed transaction values.


Transaction Activity by Geographic Region Number of Closed Transactions by Geographic Region1

Anheuser-Busch InBev SA/NV (ENXTBR:ABI) completed the acquisition of ABI SAB Group

Holding Limited.



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Transaction Multiples

Transaction EV/EBITDA Multiples Transaction EV/EBITDA Multiples1



Transaction EV/Revenue Multiples Transaction EV/Revenue Multiples1



6

Beverages Public Company Comparable Analysis – Beverages ($mm)1

Public Company Comparable Analysis

Food Distributors Public Company Comparable Analysis – Food Distributors ($mm)1

Food Products Public Company Comparable Analysis – Food Products ($mm)1

Food Retail Public Company Comparable Analysis – Food Retail ($mm)1

Restaurants Public Company Comparable Analysis – Restaurants ($mm)1


1 Source(s): S&P Capital IQ, Pitchbook 4 Market Capitalization as of 12/31/19 5 Adj. mean excludes high and low values.

Company MarketCapitalization4

EnterpriseValue LTM REVENUE LTM EBITDA NTM EBITDA LTM

EV/EBITDANTM

EV/EBITDAConstellation Brands, Inc. (NYSE:STZ) $36,184 $49,952 $8,238 $3,017 $2,984 16.6x 16.7xKeurig Dr Pepper Inc. (NYSE:KDP) 40,726 56,200 10,999 3,485 3,539 16.1x 15.9xMolson Coors Brewing Company (NYSE:TAP) 11,691 21,111 10,512 2,181 2,203 9.7x 9.6xPepsiCo, Inc. (NasdaqGS:PEP) 190,577 218,938 66,045 12,787 13,614 17.1x 16.1xThe Boston Beer Company, Inc. (NYSE:SAM) 4,501 4,520 1,174 217 255 20.8x 17.7xThe Coca-Cola Company (NYSE:KO) 237,147 269,934 33,560 10,670 12,308 25.3x 21.9xSummary Statistics

Mean $86,804 $103,443 $21,755 $5,393 $5,817 17.6x 16.3xAdj. Mean5 69,795 86,551 15,827 4,838 5,259 17.7x 16.6x

Median 38,455 53,076 10,755 3,251 3,262 16.8x 16.4x



EV/EBITDANTM

EV/EBITDAHF Foods Group Inc. (NasdaqCM:HFFG) $1,017 $1,042 $299 $14 N/A 72.4x N/APerformance Food Group Company (NYSE:PFGC) 5,431 8,207 21,447 458 553 17.9x 14.8xSysco Corporation (NYSE:SYY) 43,645 52,560 60,202 3,400 3,768 15.5x 13.9xThe Chefs' Warehouse, Inc. (NasdaqGS:CHEF) 1,156 1,559 1,559 76 96 20.5x 16.2xUnited Natural Foods, Inc. (NYSE:UNFI) 469 4,739 24,538 455 549 10.4x 8.6xUS Foods Holding Corp. (NYSE:USFD) 9,192 14,418 25,046 1,065 1,333 13.5x 10.8xSummary Statistics

Mean $10,151 $13,754 $22,182 $911 $1,260 25.0x 12.9xAdj. Mean5 4,199 7,231 18,148 514 812 16.8x 13.2x

Median 3,293 6,473 22,993 457 553 16.7x 13.9x



EV/EBITDANTM

EV/EBITDAB&G Foods, Inc. (NYSE:BGS) $1,148 $3,059 $1,648 $287 $291 10.7x 10.5xCampbell Soup Company (NYSE:CPB) 14,908 23,457 8,088 1,457 1,640 16.1x 14.3xGeneral Mills, Inc. (NYSE:GIS) 32,394 46,940 16,783 3,723 3,645 12.6x 12.9xKellogg Company (NYSE:K) 23,590 32,069 13,672 2,065 2,270 15.5x 14.1xMcCormick & Company, Incorporated (NYSE:MKC) 22,572 27,080 5,437 1,129 1,178 24.0x 23.0xThe Hershey Company (NYSE:HSY) 30,707 35,152 7,906 2,056 2,076 17.1x 16.9xSummary Statistics


Median 23,081 29,575 7,997 1,756 1,858 15.8x 14.2x



EV/EBITDANTM

EV/EBITDACasey's General Stores, Inc. (NasdaqGS:CASY) $5,850 $7,144 $8,302 $606 $652 11.8x 11.0xGrocery Outlet Holding Corp. (NasdaqGS:GO) 2,885 4,062 2,489 118 173 34.4x 23.4xNatural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC) 222 274 904 46 N/A 5.9x N/ASprouts Farmers Market, Inc. (NasdaqGS:SFM) 2,286 3,933 5,539 334 324 11.8x 12.1xThe Kroger Co. (NYSE:KR) 23,209 43,243 120,989 5,138 5,633 8.4x 7.7xWeis Markets, Inc. (NYSE:WMK) 1,089 1,155 3,534 172 N/A 6.7x N/ASummary Statistics

Mean $5,923 $9,969 $23,626 $1,069 $1,695 13.2x 13.6xAdj. Mean5 3,027 4,074 4,966 307 488 9.7x 11.6x

Median 2,585 3,997 4,537 253 488 10.1x 11.6x



EV/EBITDANTM

EV/EBITDABloomin' Brands, Inc. (NasdaqGS:BLMN) $1,892 $4,440 $4,130 $390 $412 11.4x 10.8xChipotle Mexican Grill, Inc. (NYSE:CMG) 23,268 25,262 5,371 653 837 38.7x 30.2xDarden Restaurants, Inc. (NYSE:DRI) 13,365 18,442 8,666 1,195 1,319 15.4x 14.0xMcDonald's Corporation (NYSE:MCD) 148,819 193,077 20,891 10,357 10,938 18.6x 17.7xShake Shack Inc. (NYSE:SHAK) 2,011 2,305 567 71 86 32.6x 26.7xYUM! Brands, Inc. (NYSE:YUM) 30,467 41,152 5,461 1,994 2,160 20.6x 19.1xSummary Statistics


Median 18,316 21,852 5,416 924 1,078 19.6x 18.4x



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Active Industry Buyers Strategic Buyers

Active Strategic Buyers – Food & Beverage1

Financial Buyers Active Financial Buyers – Food & Beverage1



Acquiring Company Announced Closed TargetJul-19 Dec-19 Dairy and Water Business in UzbekistanJul-19 Jul-19 Itambé Alimentos S.A.Jul-19 Jul-19 Commonw ealth Dairy, LLCDec-19 Dec-19 Senselet Food Processing PlcFeb-19 Apr-19 CytoSport Business of Hormel Foods CorporationNov-18 Jan-19 Pipers Crisps LtdDec-18 Dec-19 Saint Paul, Minnesota Facility of Agropur Inc.Jun-19 Aug-19 St. Albans Cooperative Creamery, Inc.Apr-19 Jan-19 Stremicks Heritage Foods, LLCOct-19 Dec-19 Tortoise Restaurant Group Inc.Apr-19 Jul-19 Assets of Allô! Mon CocoJun-19 Jul-19 Assets of Yuzu SushiNov-19 Nov-19 National Beef Packing Company, LLCDec-18 May-19 Quickfood Sociedad AnonimaDec-18 Jan-19 Várzea Grande-MT Unit of BRF S.A.Nov-19 Nov-19 Krispy Kreme Mexico, S. de R.l. de C.V.

Dec-19 Nov-19 Six Krispy Kreme Franchise Locations of Westw ard Dough Operating Company, LLC

Jul-18 Jul-19 Insomnia Cookies, LLCNov-19 Nov-19 Pahlmeyer, LLC

Apr-19 Apr-19 Portfolio Of Wine And Spirits Brands And Six Winemaking Facilities of Constellation Brands, Inc.

Jun-18 Jul-18 Locations Brand Of Shooting Gallery Wines, LLCAug-19 Nov-19 Operations In Cambria, Wisconsin of Del Monte Foods, Inc.Sep-19 Sep-19 Wisconsin Vegetable Processing PlantFeb-18 Feb-18 Maraschino Cherry Business of Burnette Foods, Inc.Oct-19 Oct-19 Les Rotisseries BennyAug-19 Aug-19 ChocolatoJun-19 Jun-19 Big Rig Restaurants/Big Rig Brew ery

Groupe Lactalis S.A.

E. & J. Gallo Winery, Inc.

MTY Food Group Inc.

Marfrig Global Foods S.A.

Krispy Kreme Doughnut Corporation

PepsiCo, Inc.

Dairy Farmers of America, Inc.

Seneca Foods Corporation

Foodtastic Inc.

Acquiring Company Announced Closed Target

Aug-19 Dec-19 Arnott's Biscuits Holdings, Campbell Hong Kong and Related Business of Campbell Soup Company

Dec-17 Jul-18 Upfield FoodsOct-17 Oct-17 PT Nippon Indosari Corpindo TbkDec-19 Dec-19 Comercial Gallo S.A.Mar-19 Mar-19 Astral Foods LimitedJan-19 Jan-19 The SPAR Group LtdOct-19 Oct-19 Buffalo Wild Wings Restaurant Property Located in TexasSep-19 Sep-19 Outback Steakhouse Restaurant Property in OhioAug-19 Aug-19 McDonald's Restaurant in VirginiaAug-19 Aug-19 Arby's Restaurant Property in IndianaJun-19 Jun-19 Wendys Restaurant in OhioJun-19 Jun-19 Three Arby's RestaurantsJun-19 Jun-19 Property Located in FloridaApr-19 Apr-19 LongHorn Steakhouse Property and An IHOP PropertyJan-19 Jan-19 Outback Steakhouse Restaurant in New MexicoOct-19 Oct-19 Matthew WalkerSep-19 Oct-19 Kettle Foods Ltd./Yellow Chips B.V.Dec-17 Dec-17 Confectionery Division of Raisio plcJun-19 Sep-19 Del Frisco's Restaurant Group, Inc.Apr-19 Apr-19 Susana Balbo WinesDec-18 Apr-19 The Cholula Food Company IncSep-19 Sep-19 Cafe Valley, Inc.Jun-19 Jun-19 Bragg Live Food Products, Inc.Nov-18 Nov-18 Backerhaus Veit Ltd.Jun-19 Jun-19 La Galvanina S.p.AFeb-19 Feb-19 E&A Scheer BVJan-17 Jan-17 NuStef Foods LimitedMar-19 Apr-19 Turkey Hill Business of The Kroger Co.Oct-18 Oct-18 Pretzels, Inc.Oct-18 Oct-18 Louisiana Fish Fry Products LTD

The Riverside Company

Peak Rock Capital

KKR & Co. Inc.

BlackRock, Inc.

CapVest Partners LLP(Valeo Foods Ltd.)

Sw ander Pace Capital

L Catterton Partners

Four Corners Property Trust, Inc.



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Transaction Activity Recently Closed Food & Beverage Transactions1

Precedent Transactions Analysis



Date Closed

Target Target Description Acquiring Company Transaction Value

LTM EV/Revenue

LTM EV/EBITDA

Announced Nestlé S.A.(U.S. Ice Cream Business)

Business comprises ice cream manufacturing operations.

Froneri International Limited $4,000 N/A N/A

Announced China Agri-Industries Holdings Limited

Engages in the production, processing, and distribution of agricultural products.

COFCO (Hong Kong) Limited 1,266 0.4x 14.6x

Announced Constellation Brands, Inc.(Wine And Spirits Portfolio)

Portfolio comprises w ine and spirit production operations.

E. & J. Gallo Winery, Inc. 1,093 N/A N/A

Announced Craft Brew Alliance, Inc. Brew s and sells craft beers and ciders. Anheuser-Busch Companies 288 1.9x 15.8x

Dec-19 HyLife Ltd. Produces and distributes pork products for customers w orldw ide.

Charoen Pokphand Foods Public Company Limited

373 N/A N/A

Dec-19Reinhart FoodService L.L.C. and Associated Real Estate Companies

Operates as a foodservice distributor.Performance Food Group Company 2,000 0.3x N/A

Dec-19

Campbell Soup Company(Arnott's Biscuits Holdings, Campbell Hong Kong and Related Business)

Business comprises snacks, soups, meals, and beverages.

KKR & Co. Inc. 2,200 N/A 6.5x

Dec-19 Bare Arms Brew ing LLC Produces craft beer. Tw o Rivers Beer Company N/A N/A N/A

Dec-19 Medicannabis S.A.S. Ow ns and operates as a medicinal cannabis company.

Xebra Brands Ltd. N/A N/A N/A

Dec-19 Ruchi Soya Industries Limited Engages in processing of oil seeds in India. Patanjali Ayurved Limited 608 N/A N/A

Dec-19 PNC, Inc. Operates as an independent w holesale food distributor.

Pacif ic Ventures Group, Inc. 6 0.2x N/A

Dec-19 Goodman Fielder Pty LimitedEngaged in the production, marketing, and distribution of bread, grocery, dairy, and poultry products.

Wilmar International Limited 325 0.3x N/A

Dec-19 Zumbro River Brand, Inc. Engages in producing and packaging food ingredients and f inished products.

SensoryEffects Flavor Company 52 N/A N/A

Dec-19 Druid City Brew ing Company, LLC Operates a brew ery. Straight To Ale Brands Inc N/A N/A N/A

Dec-19 Ballast Point Brew ing & Spirits Operates as a brew ery. Kings & Convicts Brew ing N/A N/A N/A

Nov-19 National Beef Packing Company, LLC

Produces and sells meat products. Marfrig Global Foods S.A. 970 0.4x 4.6x

Nov-19 Nireus Aquaculture S.A. Produces and trades in Mediterranean aquaculture species w orldw ide.

Andromeda Seafood Limited 206 0.8x 4.9x

Nov-19 GongCha Korea.Co.,Ltd Ow ns and operates bubble tea restaurants. TA Associates Management 320 2.9x 12.0xNov-19 Pahlmeyer, LLC Produces w ines. E. & J. Gallo Winery, Inc. N/A N/A N/ANov-19 Chicken Time Co., Ltd. Ow ns and operates dining restaurants. Minor Food Group Plc 66 N/A N/A

Nov-19 Somerset Inc. Produces and sells caffeinated w ater beverages.

New Slice Ventures LLC N/A N/A N/A

Nov-19 Stillhouse Spirits Co. Produces and sells w hiskey. Bacardi Limited N/A N/A N/ANov-19 Southern Clif f Brands Inc. Manufactures and distributes cider. Valens GroWorks Corp. 5 N/A N/A

Nov-19 Jetro Holdings, Inc. Operates restaurants and distributes groceries.

Fomento Económico Mexicano, S.A.B. de C.V.

750 N/A N/A

Nov-19 Quest Nutrition, LLC Produces and markets protein bars. Atkins Nutritionals Holdings, Inc. 1,000 N/A N/A

Nov-19 Hunan 39 PU Tea Co., Ltd. Engages in research and development, and distribution of tea products.

Ming Yun Tang (Shanghai) Tea 14 N/A N/A

Nov-19 B&R Global Holdings, Inc.Operates as a food w holesaler and distributor for Asian restaurants in the United States.

HF Foods Group Inc. 808 1.5x 33.9x

Nov-19International Dehydrated Foods, Inc. and American Dehydrated Foods, Inc.

Develops, produces, and supplies ingredients to pet-food manufacturers. Symrise AG 900 4.1x N/A

Nov-19 Simply Southern Restaurant Group, Inc.

Ow ns, operates, and franchises restaurants in the Southeast United States.

Brentw ood Associates, Inc. N/A N/A N/A

Oct-19 Caviar Inc. Provides an online platform that enables users to order food from local restaurants.

DoorDash, Inc. 410 N/A N/A

Oct-19 Million Master Investment Limited Ow ns and operates an agricultural and food produce retail chain.

Yield Smart Limited 133 1.2x N/A

Oct-19 Food Junction Management Ow ns and manages food courts and outlets. Topw in Investment Holding 58 N/A N/A

Oct-19 Greene King plc Operates as a pub retailer and brew er in the United Kingdom.

CK Asset Holdings Limited 6,074 2.2x 10.0x

Oct-19 Nutritional Holdings Limited Manufactures and sells staple dry foods. Empire Cannabis Holding Limited 71 N/A N/A



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1 Source(s): S&P Capital IQ, Pitchbook 5 Adj. mean excludes high and low values.

Precedent Transactions Analysis Cont. Transaction Activity

Recently Closed Food & Beverage Transactions1


Date Closed

Target Target Description Acquiring Company Transaction Value

LTM EV/Revenue

LTM EV/EBITDA

Oct-19 C.P. Lotus Corporation Operates hypermarket stores. Charoen Pokphand Group Co. 63 0.7x 12.0x

Oct-19 Func Food Group Oyj Provides functional beverages and foods that aid w ell-being.

Celsius Holdings, Inc. 31 0.8x N/A

Oct-19 Strathearn Distillery Ltd. Produces and provides craft spirits distilleries.

Douglas Laing & Co Ltd N/A N/A N/A

Oct-19 Karan Beef (Pty) Ltd Produces and supplies beef products. Pelo Agricultural Ventures 362 N/A N/A

Oct-19 Perkins & Marie Callender's, LLC Ow ns and operates a chain of restaurants and bakeries.

Huddle House, Inc. 52 0.1x N/A

Oct-19 OAO Moscow Distillery Kristall Produces vodka. Altera OOO N/A N/A N/AOct-19 Matthew Walker Produces puddings, sponges, and cakes. Valeo Foods Ltd. 83 N/A N/A

Oct-19 Productos Alimenticios Gallo S.L. Produces semolinas, pastas and pasta sauces.

IPA Capital, S.L.U. 255 N/A 10.0x

Oct-19 Tulip LtdProduces and supplies pork and meat products for retail and food service markets. Pilgrim's Pride Corporation 355 0.3x N/A

Oct-19 F & B Nutrition Sdn BhdProduces sw eetened beverage creamers, sw eetened condensed f illed milk, and evaporated creamers.

Southern Capital Group 239 1.2x 13.3x

Oct-19 Dangote Flour Mills Plc Engages in the milling of w heat and production of w heat products.

Crow n Flour Mills Nigeria Limited 484 1.4x N/A

Oct-19 Agincourt Industries, LLC Operates franchised fast casual restaurants. Cracker Barrel Old Country Store 36 N/A N/A

Oct-19 Aspen Brew ing Company Engages in the brew ing of beer. Legacy Brew eries Inc. N/A N/A N/A

Oct-19 Cocktail Crate LLC Produces and provides w hiskey and alcoholic cocktail beverages.

Traverse City Whiskey Co. N/A N/A N/A

Oct-19 Castle Brands Inc.Develops, markets, imports, and sells beverage alcohol and non-alcoholic beverage products.

Pernod Ricard SA 277 3.1x 61.1x

Oct-19 The Scottish Salmon Company PLC

Produces, processes, markets, and sells Scottish seafood products.

P/F Bakkafrost 487 2.8x 12.3x

Oct-19 Sojaprotein a.d. Engages in processing soybean products in Europe.

Victoria Group a.d. 3 0.9x 10.6x

Oct-19 Hakurei Brew ing Co., Ltd. Produces and markets Japanese sake, plum w ine, and liquor.

Tomomasu Drink Co., Ltd. N/A N/A N/A

Oct-19 KT Restaurant Co., Ltd. Ow ns and operates chain of steakhouse restaurants in Southeast Asia.

Food Factors Co., Ltd 44 N/A N/A

Oct-19 North Italia Concept Operates restaurant in the United States. The Cheesecake Factory Incorporated

130 N/A N/A

Oct-19 Fox Restaurant Concepts Ow ns and operates a chain of restaurants in the United States.

The Cheesecake Factory Incorporated

223 N/A N/A

Oct-19 Alimentation Sante SA Produces organic food. Midsona AB 64 1.6x 13.1x

Oct-19 Margarine Industries Limited Manufactures and sells margarine and its related products.

Quality Beverages Limited 2 0.3x N/A

Mean $618 1.3x 15.6xAdj. Mean5 503 1.2x 13.0x

Median 266 0.9x 12.0x

Summary Statistics



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Balmoral specializes in helping clients sell their businesses, source and complete acquisitions, and raise or refinance capital. We work with business owners, corporations and financial investors worldwide involving early-stage growth companies, successful mature businesses, corporate divestitures, special situations, and restructurings. Mergers & Acquisitions

♦ Buy- and sell-side advisory Capital Raising

♦ Growth and acquisition capital, leveraged buyouts, financial restructuring, late-stage venture capital and recapitalizations Other Services

♦ Valuation analysis, consulting, financial modeling and forecasting

Balmoral is an independent investment bank focused on providing mergers & acquisitions, corporate finance, and financial restructuring advisory services involving mid-sized transactions. We bring a powerful combination of deep experience, industry expertise, and broad market reach to every client engagement. Our senior professionals have decades of experience and collectively have advised on more than $35 billion of transactions. Unlike firms that have a more rigid transaction approach, we focus first and foremost on understanding our clients’ goals and developing tailored solutions to achieve exceptional outcomes on their behalf. Our practice is global, but the culture of our firm reflects our Midwestern roots in terms of values, work ethic, and focus on developing long-term relationships. Our clients value our advice and appreciate our results. Since inception, more than half of our completed transactions were with repeat clients.


About Balmoral Advisors

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Completed Transactions Since 2015

Acted as Financial Advisor to Advanced Diamond Technologies Inc. Acted as Financial Advisor to Arsenal Capital Partners

Acted as Financial Advisor to Cathay Industries Acted as Financial Advisor to East West Copolymer Acted as Financial Advisor to East West Copolymer Acted as Financial Advisor to East West Copolymer

Acted as Financial Advisor to Melior Innovations

Acted as Financial Advisor to L Street Collaborative

Acted as Financial Advisor to Haverhill Chemicals

Acted as Financial Advisor to East West Copolymer

Acted as Financial Advisor to Axiall Corporation

Acted as Financial Advisor to Axiall Corporation

Has sold its U.S. High Purity Division to

Has been acquired by

Acted as Financial Advisor to NGC Acted as Financial Advisor to Oldcastle Infrastructure

Acted as Financial Advisor to P2 Science

Acted as Financial Advisor to Particle Dynamics

Acted as Financial Advisor to PlastiComp

Acted as Financial Advisor to SemiTorr Group, Inc.

Has sold its Industrial Division to


Stetco Hydraulic Crane

A division of



A subsidiary of


An affiliated portfolio company of

Acted as Financial Advisor to Transom Capital Group

Has received financing in relation to their acquisition of

An Affiliated Portfolio Company of

Has been refinanced by

Has Divested its Specialty Phosgene Derivatives Business to

Has Sold its Manufacturing Facilities in a Chapter 11 §363 Asset Sale to $16,000,000

Senior Secured Credit Facility Provided by Has Received a Growth Capital Investment

from

Has Received a Second Growth Capital Investment from

Has Sold its Manufacturing Facilities in a Chapter 11 §363 Asset Sale to

and

and Has Received an Investment from

Raised a Series B Financing Round Co-led by



Industry Insights: Q4 2019 Food & Beverage

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