TEV/ Date Target Buyer(s) Segment · 8/31/2016 Indoor Cycling Group 7/5/2016 Thunder Jet Boats Inc....
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Transcript of TEV/ Date Target Buyer(s) Segment · 8/31/2016 Indoor Cycling Group 7/5/2016 Thunder Jet Boats Inc....
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1,097
415487
3%
6%7%
14%
0%
2%
4%
6%
8%
10%
12%
14%
16%
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CognitiveHealth
CardiovascularHealth
Eye Health DigestiveHealth
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m)
Size Expected CAGR
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Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA9/29/2017 Koios LLC Super Nova Petroleum Corp. Vitamins, Minerals, &
Supplements
$3.00 - -
9/27/2017 Bird & Cronin, Inc. Dynatronics Corp. Personal Care $15.50 - -
9/21/2017 iGalen International, Inc. Holista CollTech Ltd. Vitamins, Minerals, &
Supplements
$0.00 - -
9/5/2017 Therapeutic Research Center LLC Levine Leichtman Capital Partners,
Inc.; Therapeutic Research Center
LLC
Lifestyle Companies $172.00 - -
8/20/2017 Back To Nature Foods Co. LLC B&G Foods North America, Inc. Natural & Organic Foods $162.50 - -
8/14/2017 Williamson-Dickie Mfg. Co. VF Corp. Lifestyle Companies $820.00 0.94x -
8/1/2017 Novel Ingredient Services LLC Innophos Holdings, Inc. Natural & Organic Foods $125.00 - -
7/26/2017 ZEN HERO, Inc. Michael James Enterprises, Inc. Natural & Organic Foods $0.85 - -
7/14/2017 Lucille Roberts Health Clubs, Inc. Town Sports International Holdings,
Inc.
Lifestyle Companies $0.95 - -
Strategic82%
Financial18%
Financial Buyer Inv. Date Select Corporate Acquisitions12/12/2016 ▪ Halo Innovations1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. 1/31/2014 ▪ Recochem, Inc.
10/18/2016 ▪ HME Products6/9/2016 ▪ Good Sportsman Marketing, L.L.C.5/17/2016 ▪ InterVision Systems, LLC5/10/2016 ▪ Systems, Inc.1/11/2016 ▪ Drake Automotive Group, Inc.
Earnest Bros. Logistics6/27/2016 ▪ Drybar Holdings LLC2/17/2016 ▪ Ultimate Fitness Group, LLC6/9/2015 ▪ Naf Naf Grill, LLC4/17/2015 ▪ Driven Brands
5/16/2016 ▪ SidelineSwap, LLC1/15/2016 ▪ Ample Foods Inc.11/5/2015 ▪ Clicky, Inc.7/31/2015 ▪ Pacifica Labs, Inc.1/27/2015 ▪ Remoov, Inc.
1/6/2016 ▪ Turning Point10/2/2015 ▪ Brooklyn Boulders LLC7/28/2015 ▪ Barry's Bootcamp LLC7/14/2015 ▪ SmartyPants, Inc. 7/2/2015 ▪ Sprout Foods, Inc.
Huron Capital Partners
Roark Capital Group
500 Startups
North Castle Partners, LLC
Swander Pace Capital
Strategic Buyer Inv. Date Select Corporate Acquisitions7/20/2017 ▪ Lankhorst Taselaar BV11/18/2016 ▪ Payne's Marine Supply, Inc.
8/31/2016 ▪ Indoor Cycling Group
7/5/2016 ▪ Thunder Jet Boats Inc.1/20/2016 ▪ Cybex International Inc.
6/19/2017 ▪ Top Secret Nutrition LLC10/5/2016 ▪ Tribravus Enterprises 10/5/2016 ▪ Prime Nutrition4/28/2016 ▪ Gaspari Nutrition Inc. 8/18/2015 ▪ LG Sciences LLC▪6/15/2017 ▪ Deciem, Inc.11/14/2016 ▪ Too Faced Cosmetics LLC10/21/2016 ▪ Becca, Inc.10/25/2015 ▪ Have & Be Co., Ltd.
12/19/2014 ▪ GlamGlow, Inc.
1/9/2017 ▪ Jim Fletcher Archery Aids, Inc.1/21/2016 ▪ Thunder Jet Boats Inc. 9/30/2015 ▪ Goalsetter Systems, Inc. 9/11/2015 ▪ Counting Numbering Machine, Inc.7/29/2015 ▪ Onix Sports, Inc.
Brunswick Corporation
Hi-Tech Pharmaceuticals
Estee Lauder Cos.
Escalade, Inc.
-15%
-10%
-5%
0%
5%
10%
15%
20%
Health & Fitness Lifestyle CompaniesActivewear Natural & Organic FoodsOutdoor Products Personal CareVitamins, Minerals, & Supplements S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Weight Watchers International, Inc. WTW 2,804$ 43.55$ 30.3% 280.3% 88.3% 9.2% 32.7% 3.8x 14.9x 27.9x 3.5x 13.0x
Planet Fitness, Inc. PLNT 2,311 26.98 15.6% 34.2% 99.2% 10.7% 43.4% 7.3x 17.7x 45.0x 6.2x 14.0x
Nutrisystem, Inc. NTRI 1,679 55.90 7.4% 61.3% 82.3% 18.7% 20.3% 2.5x 18.5x 34.7x 2.1x 13.7x
Fitbit, Inc. FIT 1,367 6.96 31.1% -4.9% 45.8% 0.8% (14.3%) 0.6x NM (6.6x) 0.5x (20.4x)
Medifast, Inc. MED 708 59.37 43.2% 42.6% 98.7% 15.3% 16.3% 2.2x 15.0x 29.8x 2.0x 11.9x
Nautilus, Inc. NLS 520 16.90 -11.7% -8.6% 73.0% 14.9% 7.9% 1.2x 9.3x 18.4x 1.1x 7.1x
Segment Average $1,565 19.3% 67.5% 81.2% 11.6% 17.7% 2.9x 15.1x 24.9x 2.6x 6.5xSegment Median $1,523 23.0% 38.4% 85.3% 12.8% 18.3% 2.4x 15.0x 28.9x 2.0x 12.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Garmin Ltd. GRMN 10,150$ 53.97$ 5.8% 11.3% 96.8% 0.5% 27.5% 3.0x 12.4x 15.2x 3.0x 12.3x
Vail Resorts, Inc. MTN 9,129 228.12 12.5% 41.4% 98.0% 8.8% (24.4%) 5.5x 17.7x 43.7x 5.1x 15.7x
Polaris Industries Inc. PII 6,546 104.63 13.4% 27.0% 96.5% 7.6% 10.1% 1.5x 17.3x 43.8x 1.4x 10.6x
Brunswick Corp. BC 4,966 55.97 -10.8% 2.6% 87.7% 8.0% 15.1% 1.1x 8.2x 17.7x 1.0x 7.1x
Vista Outdoor, Inc. VSTO 1,309 22.94 1.9% -37.8% 55.6% (2.0%) 10.9% 0.9x 7.7x (4.7x) 1.0x 8.6x
GoPro, Inc. GPRO 1,179 11.01 35.4% 26.4% 62.3% 9.1% (3.0%) 1.2x NM (4.3x) 1.0x 14.8x
Black Diamond, Inc. BDE 225 7.50 12.8% 40.2% 96.2% 7.6% (10.1%) 1.1x NM (31.9x) 1.0x 21.6x
Peak Resorts, Inc. SKIS 61 4.35 6.1% -21.6% 70.2% 6.0% (110.4%) 1.8x 9.0x (97.3x) 1.7x 7.7x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
NIKE, Inc. NKE 68,128$ 51.85$ -12.1% 2.0% 85.7% 6.8% 14.6% 2.4x 16.4x 22.1x 2.3x 15.2x
VF Corp. VFC 25,022 63.57 10.4% 19.2% 98.5% 3.4% 10.1% 2.3x 15.2x 24.1x 2.2x 14.5x
lululemon athletica, inc. LULU 7,819 62.25 4.3% -4.2% 85.6% 13.1% 16.0% 3.2x 14.7x 30.1x 2.8x 12.8x
Gildan Activewear, Inc. GIL-CA 6,998 31.18 -2.2% 14.4% 97.7% 0.3% 23.2% 2.7x 12.5x 18.8x 2.7x 12.6x
Under Armour, Inc. UA 6,340 15.02 -25.5% -40.3% 43.8% 13.5% 3.4% 1.6x 14.8x 30.8x 1.4x 16.0x
Foot Locker, Inc. FL 4,367 35.22 -28.5% -50.3% 44.3% (0.2%) 9.6% 0.4x 3.2x 8.1x 0.5x 4.0x
Wolverine World Wide, Inc. WWW 2,788 28.85 3.0% 31.4% 98.8% (8.5%) 10.6% 1.3x 11.1x 33.9x 1.4x 10.3x
Deckers Outdoor Corp. DECK 2,189 68.41 0.2% 23.5% 94.1% (1.5%) (19.6%) 1.1x 8.6x NM 1.1x 7.8x
Iconix Brand Group, Inc. ICON 325 5.69 -17.7% -39.1% 52.7% (36.2%) 60.6% 3.6x 6.9x (0.9x) 4.8x 9.1x
Sequential Brands Group, Inc. SQBG 189 2.99 -25.1% -36.1% 35.2% 7.8% 60.2% 5.2x 9.8x NM 4.8x 8.0x
Cherokee, Inc. CHKE 38 2.75 -60.4% -73.8% 23.2% 11.8% 8.5% 1.8x 13.1x (1.4x) 1.5x 5.7x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Pinnacle Foods, Inc. PF 6,792$ 57.17$ -3.8% 7.0% 85.8% 1.0% 21.4% 3.1x 14.3x 37.1x 3.1x 13.2x
Hain Celestial Group, Inc. HAIN 4,268 41.15 6.0% 5.4% 90.2% 5.4% 9.9% 1.7x 22.2x NM 1.6x 13.7x
Darling Ingredients, Inc. DAR 2,886 17.52 11.3% 35.7% 93.9% 3.4% 12.2% 1.3x 10.7x 34.4x 1.3x 9.9x
United Natural Foods, Inc. UNFI 2,105 41.59 13.3% -12.8% 83.6% 5.8% 3.7% 0.3x 7.8x 16.2x 0.3x 7.3x
Amplify Snack Brands, Inc. BETR 544 7.09 -26.5% -19.5% 43.2% 21.1% 22.7% 3.2x 14.2x 47.3x 2.6x 10.9x
Inventure Foods, Inc. SNAK 93 4.69 8.8% -52.4% 46.2% (16.1%) 5.8% 0.8x 45.8x NM 0.8x 10.9x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Unilever Plc ULVR-GB 72,607$ 57.95$ 3.9% 31.2% 96.5% 3.5% 19.1% 2.9x 15.3x 25.9x 2.8x 13.6x
Estee Lauder Cos., Inc. EL 24,142 107.84 12.4% 41.0% 97.2% 10.3% 17.4% 3.5x 17.2x 32.2x 3.2x 15.8x
Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 13,887 226.06 -21.3% -11.3% 71.8% 21.1% 18.8% 2.6x 14.0x 30.1x 2.1x 11.6x
Coty, Inc. COTY 12,381 16.53 -11.9% -9.7% 65.2% 18.5% 7.8% 2.5x 18.9x (25.0x) 2.0x 12.3x
Nu Skin Enterprises, Inc. NUS 3,255 61.48 -2.2% 28.7% 93.1% 7.3% 15.0% 1.5x 9.3x 20.6x 1.5x 9.3x
Sally Beauty Holdings, Inc. SBH 2,572 19.58 -3.3% -25.9% 64.9% 2.1% 16.6% 1.1x 7.6x 11.9x 1.1x 7.0x
USANA Health Sciences, Inc. USNA 1,414 57.70 -10.0% -5.7% 76.9% 5.4% 14.2% 1.2x 8.1x 15.0x 1.1x 7.5x
Revlon, Inc. REV 1,292 24.55 3.6% -15.8% 65.6% 0.1% 8.7% 1.5x 13.1x (11.2x) 1.5x 13.1x
Inter Parfums, Inc. IPAR 1,286 41.25 12.6% 26.0% 98.0% 6.5% 12.8% 2.2x 13.9x 32.0x 2.1x 13.4x
Avon Products, Inc. AVP 1,025 2.33 -38.7% -53.8% 33.5% 2.8% 7.4% 0.5x 5.4x NM 0.5x 5.5x
Natural Health Trends Corp. NHTC 271 23.90 -14.2% -3.8% 78.5% NM 25.3% 0.6x 2.2x 5.2x NM NM
United-Guardian, Inc. UG 90 19.50 26.2% 25.8% 95.1% NM 41.9% 6.1x 16.5x 26.4x NM NM
LifeVantage Corp. LFVN 60 4.22 -2.5% -48.2% 41.4% NM 3.8% 0.3x 15.6x 38.4x NM NM
Perfumania Holdings, Inc. PERF 29 1.90 13.8% 26.7% 63.3% NM NM 0.3x NM NM NM NM
CCA Industries, Inc. CAW 20 3.35 -1.5% 28.8% 87.9% NM NM 1.4x 8.4x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Herbalife Ltd. HLF 6,374$ 67.83$ -4.9% 40.9% 91.1% 5.1% 16.8% 1.6x 10.3x 14.3x 1.4x 8.8x
Medifast, Inc. MED 708 59.37 43.2% 42.6% 98.7% 15.3% 16.3% 2.2x 15.0x 29.8x 2.0x 11.9x
GNC Holdings, Inc. GNC 605 8.84 4.9% -19.9% 39.6% (1.1%) 11.4% 0.8x 7.4x (1.7x) 0.8x 7.9x
Nature's Sunshine Products, Inc. NATR 192 10.15 -23.4% -32.3% 61.7% NM 2.7% 0.5x 14.7x NM NM NM
Vitamin Shoppe, Inc. VSI 127 5.35 -54.1% -77.5% 18.8% (4.7%) 2.6% 0.2x 2.8x (0.8x) 0.2x 3.3x
LifeVantage Corp. LFVN 60 4.22 -2.5% -48.2% 41.4% NM 3.8% 0.3x 15.6x 38.4x NM NM
Mannatech, Inc. MTEX 39 14.50 -7.1% -28.6% 60.9% NM 7.3% 0.0x 1.2x 58.6x NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Brunswick Corp. BC 4,966$ 55.97$ -10.8% 2.6% 87.7% 8.0% 15.1% 1.1x 8.2x 17.7x 1.0x 7.1x
Callaway Golf Co. ELY 1,362 14.43 12.9% 31.7% 99.6% 8.4% 18.1% 1.4x 14.0x 8.0x 1.3x 13.9x
Vista Outdoor, Inc. VSTO 1,309 22.94 1.9% -37.8% 55.6% (2.0%) 10.9% 0.9x 7.7x (4.7x) 1.0x 8.6x
Sturm, Ruger & Co., Inc. RGR 914 51.70 -16.8% -1.9% 75.1% (7.8%) 18.7% 1.4x 5.9x 13.1x 1.5x 5.9x
Johnson Outdoors, Inc. JOUT 644 73.28 52.0% 84.6% 99.4% 5.8% 18.1% 1.3x 11.9x 22.6x 1.3x 10.1x
Escalade, Inc. ESCA 195 13.60 3.8% 3.0% 92.5% 7.4% 8.8% 1.3x 10.4x 17.4x 1.2x 10.0x
Market Stats Operating Stats LTM Multiples NTM Multiples
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA9/29/2017 Koios LLC Super Nova Petroleum Corp. Vitamins, Minerals, &
Supplements
$3.00 - -
9/28/2017 Pro Pac Labs, Inc. Linden Capital Partners; MeriCal LLC Vitamins, Minerals, &
Supplements
- - -
9/27/2017 Bird & Cronin, Inc. Dynatronics Corp. Personal Care $15.50 - -
9/21/2017 iGalen International, Inc. Holista CollTech Ltd. Vitamins, Minerals, &
Supplements
$0.00 - -
9/5/2017 Therapeutic Research Center LLC Levine Leichtman Capital Partners,
Inc.; Therapeutic Research Center
LLC (Private Group)
Lifestyle Companies $172.00 - -
8/30/2017 Exhale Enterprises, Inc. Hyatt Hotels Corp. Health & Fitness - - -
8/29/2017 Dale & Thomas Popcorn LLC Kelso & Co. LP; Eagle Family Foods
Group LLC
Natural & Organic Foods - - -
8/20/2017 Back To Nature Foods Co. LLC B&G Foods North America, Inc. Natural & Organic Foods $162.50 - -
8/15/2017 Alliance Sports Group LP LKCM Capital Group LLC; LKCM
Headwater Investments GP LLC
Outdoor Products - - -
8/15/2017 Sovereign Home Health of Connecticut LLC Care Finders Total Care LLC Long Term & Behavioral
Care
- - -
8/14/2017 Williamson-Dickie Mfg. Co. VF Corp. Lifestyle Companies $820.00 0.94x -
8/8/2017 Neocell Corp. Wellnext LLC; WM Partners LP Vitamins, Minerals, &
Supplements
- - -
8/1/2017 Novel Ingredient Services LLC Innophos Holdings, Inc. Vitamins, Minerals, &
Supplements
$125.00 - -
7/26/2017 Bestowed LLC UrthBox, Inc. Natural & Organic Foods - - -
7/26/2017 ZEN HERO, Inc. Michael James Enterprises, Inc. Natural & Organic Foods $0.85 - -
7/24/2017 The Nature's Bounty Co. Kohlberg Kravis Roberts & Co. LP Vitamins, Minerals, &
Supplements
- - -
7/20/2017 Hiball, Inc. Anheuser-Busch InBev SA NV Natural & Organic Foods - - -
7/14/2017 Lucille Roberts Health Clubs, Inc. Town Sports International Holdings,
Inc.
Health & Fitness $0.95 - -
7/10/2017 Central Florida Health Clubs LLC 1847 Holdings LLC Health & Fitness $15.24 - -
7/7/2017 Impact Fitness Bain Capital Double Impact LP Health & Fitness - - -
7/3/2017 Stonyfield Farm, Inc. Groupe Lactalis SA Natural & Organic Foods $875.00 - -
7/3/2017 Mineral Fusion Natural Brands LLC BWX Ltd. Vitamins, Minerals, &
Supplements
$43.00 - -
7/1/2017 Taylor Made For You, Inc. Taylor Made For You, Inc. (Private
Group)
Lifestyle Companies - - -
