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November 2014
Monthly Update
About William Blair
Investment Banking
Food For Thought_Current.indd 1-2
William Blair’s investment banking group combines signi�icant transaction experience,
rich industry knowledge, and deep relationships to deliver successful advisory and
�inancing solutions to our global base of corporate clients. We serve both publicly traded
and privately held companies, executing mergers and acquisitions, growth �inancing,
�inancial restructuring, and general advisory projects. This comprehensive suite of
services allows us to be a long-term partner to our clients as they grow and evolve. From
2010 - 2013, the investment banking group completed 250 merger-and-acquisition
transactions worth more than $52 billion in value, involving parties in 27 countries and
four continents, was an underwriter on over 20% of all U.S. initial public offerings and
arranged more than $11.5 billion of debt �inancing.
Food for Thought
Overview, Analysis, and Trends
in the Food and Food Retailing Industries
11/12/2014 2:31:09 PM
William Blair
Table of Contents
Selected Monthly M&A Activity – October ................................................................................................................................................................................... 1
Noteworthy M&A Activity – LTM ..................................................................................................................................................................................................... 5
Historical M&A Trends in the Food and Food Retailing Industries ................................................................................................................................... 8
Volume Trends .................................................................................................................................................................................................................................... 8
Participant Trends ............................................................................................................................................................................................................................. 9
Valuation Trends ..............................................................................................................................................................................................................................10
Public Company Trading Statistics ................................................................................................................................................................................................11
Food Production Companies .......................................................................................................................................................................................................11
Food Ingredients Companies ......................................................................................................................................................................................................12
Beverage Production Companies ..............................................................................................................................................................................................12
Food Retail Companies ..................................................................................................................................................................................................................13
Convenience Store Companies ...................................................................................................................................................................................................13
Same-Store Growth – Food & Convenience Retail ..................................................................................................................................................................14
U.S. Public Equity Financing Summary – LTM ..........................................................................................................................................................................15
IPOs ........................................................................................................................................................................................................................................................15
Follow-Ons ..........................................................................................................................................................................................................................................15
Selected Upcoming Industry Events .............................................................................................................................................................................................16
General Market Update.......................................................................................................................................................................................................................18
Quarterly Market Update – All Industries ..................................................................................................................................................................................19
Domestic M&A Market Summary ...................................................................................................................................................................................................19
U.S. Activity Trends ....................................................................................................................................................................................................................19
U.S. Valuation Trends.................................................................................................................................................................................................................20
U.S. Equity Capital Markets Summary .....................................................................................................................................................................................21
Debt Capital Markets Summary ......................................................................................................................................................................................................22
William Blair Food & Beverage and Food Convenience & Retail Investment Banking ...........................................................................................23
Recent William Blair Consumer & Retail Transactions ........................................................................................................................................................25
William Blair Consumer & Retail Coverage ...............................................................................................................................................................................26
Notes ..........................................................................................................................................................................................................................................................27
Disclosures...............................................................................................................................................................................................................................................28
Food For Thought
Table of Contents
William Blair
Selected Monthly M&A Activity – October
Food & Beverage Producer Transactions
($ in millions)
Date
Announced
10/31/14
Target (Unit Sold)/
Target Business Description
Harrell Nut Co.
Producer and distributor of pecans
Target
Nation
United States
10/31/14
FELDA IFFCO South China
Producer of edible oils
China
Felda Global Ventures
Holdings
10/31/14
Tomaszowska Spoldzielnia Mleczarska
Producer and seller of dairy products
Poland
10/31/14
True Health
Manufacturer of health supplements and nutritional
products
10/29/14
Buyer
Archer Daniels Midland
Enterprise
Value
-
Enterprise Value/LTM
Sales
-
EBITDA
-
$96.7
-
-
SM Mlekovita
-
-
-
United States
Gold Rock Holdings
-
-
-
Petrokholod (11%)
Producer of ice-cream
Russian
Federation
Private Investor
-
-
-
10/29/14
Teasdale Quality Foods
Producer and marketer of canned hominy and beans
United States
Snow Phipps Group
-
-
-
10/29/14
Janneau
Manufacturer of spirits
France
Spirit France
-
-
-
10/29/14
Schirnhofer Gesellschaft
Manufacturer and marketer of prepared meat products
Austria
Zielpunkt
-
-
-
10/28/14
Cedar River Foods
Manufacturer of food and beverage products
United States
Glow Holdings
-
-
-
10/28/14
Conseil Interprofessionnel du Vin de Bordeaux (8%)
Manufacturer of wine
France
Lidl Stiftung & Co.
-
-
-
10/27/14
High Country Shrimp Co.
Producer and supplier of shrimp
United States
Alkame Holdings
-
-
-
10/27/14
Junior Alimentos Industria e Comercio
Processer and marketer of convenience food products
Brazil
Kerry Group
-
-
-
10/24/14
Euro Gourmet
Manufacturer and seller of gourmet food and beverage
products
United States
Chefs' Warehouse
-
-
-
10/24/14
ProNatura
Producer and distributor of organic fruit and vegetables
France
Naxicap Partners
-
-
-
10/24/14
Gloria Jean's Gourmet Coffees
Producer of gourmet coffee
United States
Retail Food Group
$158.4
-
-
10/23/14
Benson Park
Manufacturer of poultry products
United Kingdom Cranswick
-
-
-
10/23/14
De Chocolate Korea Co.
Producer and distributor of coffee and related beverage
products
South Korea
Hollys F&B Co.
-
-
-
10/22/14
Chocri
Manufacturer and web-based retailer of made-to-order
chocolates
Germany
Hans Riegelein & Sohn
-
-
-
10/22/14
Pfunda Tea (90%)
Manufacturer of tea
Rwanda
McLeod Russel India
$21.7
-
-
10/22/14
Freskaleche
Manufacturer of dairy products
Colombia
Productos Naturales de la
Sabana SA - Alqueria
-
-
-
10/21/14
Sociedad Agrícola e Industrial San Carlos
Producer and seller of sugar and sugar products
Ecuador
Mayagüez
-
-
-
Note: Includes global change-of-control (unless otherwise indicated) transactions announced in October 2014
Sources: Dealogic and Capital IQ
Food For Thought
Selected Monthly M&A Activity – October 1
William Blair
Food & Beverage Producer Transactions (cont.)
($ in millions)
Date
Announced
10/21/14
Target (Unit Sold)/
Peresscol
Producer of flavorings and seasonings
Target
Nation
Malaysia
10/20/14
Doux (25%)
Producer and distributor of poultry
France
Abdullah Ali Almunajem
Sons Co.
10/20/14
Senagral (49%)
France
Agrial
10/20/14
Hainan Yedao Co. (11.2%)
China
China Orient Capital
Investment Group
10/20/14
Betta Foods Australia
Manufacturer of confectionery
Australia
Hilco Capital
10/20/14
Tanfield Food Company
Manufacturer of gourmet convenience foods
10/17/14
Buyer
T Hasegawa Co.
Enterprise
Value
-
-
EBITDA
-
-
-
-
-
-
-
6.19x
-
-
-
-
United Kingdom Symingtons
-
-
-
Gilbertson & Page
Supplier of malt and related products
Canada
Rahr Corp
-
-
-
10/17/14
Bogorodskie Delikatesi (5.7%)
Manufacturer and processer of meat and meat products
Russian
Federation
Sangri Management Co.
-
-
-
10/16/14
Falbygdens Ostnederlag
Manufacturer of cheese
Sweden
Arla Foods
-
-
-
10/16/14
Mercaoleo (50%)
Producer of olive oil
Spain
Dcoop S. Coop
-
-
-
10/16/14
Iquique U.S.
Producer and marketer of seafood products
United States
Kirin International
$87.2
-
-
10/16/14
Pa.fi.al. Group
Manufacturer of food dressings and sauces
Italy
La Doria
$83.5
0.91x
8.0x
10/16/14
Mars (20%)
Manufacturer of bread and bakery products
Kazakhstan
Private Investor
-
-
-
10/15/14
Yarkhlad
Producer and distributor of dairy products
Russian
Federation
Ekologiya Gorod
-
-
-
10/15/14
Cebu Canning Corp.
Processer of canned seafood
Philippines
Millennium Global Holdings
-
-
-
10/14/14
Savor Coffee
Roaster and distributor of coffee
United States
American Diversified
Holdings Corporation
-
-
-
10/14/14
Masada Bakery
Operator of a bakery
United States
Nashville Bun Company
-
-
-
10/13/14
Akhtyrskiy Khlebozavod
Russian
Federation
Investservis
-
-
-
10/10/14
Cosmo Enterprise (20%)
Manufacturer of in-flight meals
Japan
Deutsche Lufthansa
-
-
-
10/10/14
Fletchers Bakeries
United Kingdom Finsbury Food Group
$90.5
-
-
10/10/14
Lotte Chilsung Beverage Co. (Coffee Business)
Producer of coffee
South Korea
Lotte Food Co.
$10.8
-
-
10/09/14
Just Water International (29.2%)
Manufacturer of bottled water
New Zealand
Harvard Group
$20.7
1.00x
3.7x
10/09/14
Doma
Manufacturer of mayonnaise, flavored sauces and
dressings
Slovak Republic Nordic Partners
-
-
Food For Thought
2 Selected Monthly M&A Activity – October
$679.0
-
Sales
William Blair
($ in millions)
Date
Announced
10/08/14
Target (Unit Sold)/
Bakalland (17.5%)
Manufacturer and distributor of dried fruits and nuts
Target
Nation
Poland
10/08/14
Liaoning Huishan Dairy Group (50%)
Producer of milk and related dairy products
China
Koninklijke
FrieslandCampina
10/07/14
Salov
Manufacturer of cooking oils
Italy
10/07/14
Atlantic Trading Co.
Manufacturer and distributor of seafood
10/07/14
Buyer
Innova Capital;
EMP Investments
Enterprise
Value
$43.5
Sales
0.67x
EBITDA
-
$227.9
-
-
Bright Food Co.
-
-
-
United States
High Liner Foods
-
-
-
Cadaico Catalunya
Distributor of food and beverage products
Spain
Pomona
-
-
-
10/06/14
Belvedere (7.3%)
Producer and marketer of alcoholic beverages
France
Diana Holding - Groupe
Zniber
$362.7
0.54x
NMF
10/06/14
Premia Foods (Ice-Cream and Frozen Goods Business)
Producer of ice-cream and frozen food
Estonia
Food Union
$33.9
-
-
10/06/14
Trentinalatte
Producer of yogurt
Italy
Livia International Ventures
& Investment Activities
-
-
-
10/06/14
Broderna Nilsson Delikatesser
Wholesaler of meat
Sweden
Scandza
-
-
-
10/03/14
Cremolatti
Producer of ice-cream
Peru
Alimentos Trendy
$10.0
-
-
10/03/14
Mondelez Argentina (Pasta Division)
Manufacturer of pasta
Argentina
Molinos Rio de la Plata
$17.0
-
-
10/02/14
Anastasia Confections
Manufacturer and marketer of sweets and chocolates
United States
BBX Capital
-
-
-
10/02/14
Bay Hill Seafood
Distributor of seafood products
United States
Private Investor (Justin
Conrad)
-
-
-
10/01/14
Free House Wine & Spirits
Producer and distributor of wine
Canada
Icon Fine Wine & Spirits
-
-
-
10/01/14
Kinmon Shuzou
Manufacturer and seller of Japanese sake
Japan
Private Investor (Hirohisa
Nishiide)
-
-
-
10/01/14
Angie's Artisan Treats
Manufacturer and distributor of popcorn and other
flavored snack foods
United States
TPG Capital
-
-
-
Food For Thought
Selected Monthly M&A Activity – October 3
William Blair
Food & Convenience Retail Transactions
($ in millions)
Date
Announced
Target (Unit Sold)/
Target
Nation
Buyer
Enterprise
Value
10/31/14
Maruetsu
Operator of a chain of supermarkets
Japan
Kasumi
$685.6
10/27/14
Bimart Hypermarket
(3 hypermarkets in Central Russia)
Operator of hypermarkets
Russia
Lenta
10/24/14
C.D.E.B. Trgovacko Drustvo
Bosnia and
Herzegovina
Bingo Export Import
10/24/14
JA Tomikawa
Japan
10/22/14
Koa Trading Co.
Wholesaler of groceries
10/15/14
Sales
EBITDA
0.23x
7.5x
-
-
-
$37.9
-
-
JA Biratoricho
-
-
-
United States
Y. Hata & Co.
-
-
-
RS Service
Wholesaler of general line groceries
Russian
Federation
Alnasmash
-
-
-
10/15/14
Agrotorg-Samara
Operator of a chain of grocery stores
Russian
Federation
X5 Retail Group
-
-
-
10/10/14
Simply Fresh & Local (20%)
Operator of retail stores that sell groceries and other
items
United Kingdom Bibby Line Group
-
-
-
10/08/14
Jibi Handel
Germany
J. Buenting Beteiligungs
-
-
-
10/07/14
Kaiser's Tengelmann
Operator of a chain of food retail stores
Germany
Edeka Zentrale & Co.
-
-
-
10/06/14
ICA Norway
Norway
Coop Norge Handel
$387.2
0.18x
-
10/03/14
Migros Ticaret
Turkey
Anadolu Endüstri Holding
$2,705.4
0.79x
13.1x
Food For Thought
4 Selected Monthly M&A Activity – October
William Blair
Noteworthy M&A Activity – LTM
Food & Beverage Producer Transactions
($ in millions)
Enterprise
Value
Date
Announced
Target (Unit Sold)/
Target
Nation
10/20/14
Hainan Yedao Co. (11.2%)
China
China Orient Capital
Investment Group
$679.0
6.19x
-
10/06/14
Belvedere (7.3%)
Producer and marketer of alcoholic beverages
France
Diana Holding - Groupe
Zniber
$362.7
0.54x
NMF
09/10/14
Windsor Quality Food Company
Producer and marketer of frozen foods and appetizers
United States
Ajinomoto North America
$800.0
1.19x
-
09/08/14
Annie's
Producer of natural and organic foods
United States
General Mills
$821.2
3.95x
NMF
09/02/14
Archer Daniels Midland Company (Global Chocolate
Business)
Producer of chocolate
United States
Cargill
$440.0
-
-
08/21/14
Ebro Foods (2%)
Manufacturer of pasta, rice, and ready-to-eat food
Spain
Empresas Comerciales e
Industriales Valencianas
$3,589.8
1.37x
9.5x
08/15/14
Vietnam Dairy Products (2%)
Vietnam
Fraser & Neave
$4,534.6
2.90x
14.1x
08/11/14
Chiquita Brands International
United States
Producer and distributor of fruit and other fresh produce
Sucocitrico Cutrale;
Banco Safra, Investment Arm
$1,193.1
0.39x
13.6x
08/11/14
Treasury Wine Estates
Australia
TPG Capital
$3,323.0
2.00x
14.2x
07/14/14
Russell Stover Candies
United States
Chocoladefabriken Lindt &
Spruengli
$1,400.0
-
-
07/07/14
WILD Flavors
Manufacturer of food ingredients and preservatives
Switzerland
Archer Daniels Midland
Europoort
$3,096.5
2.28x
-
06/30/14
CytoSport
Manufacturer of nutritional supplements
United States
Hormel Foods Corporation
$470.0
-
-
06/30/14
Flagstone Foods
Producer and distributor of dried fruits and nuts
United States
Treehouse Foods
$860.0
-
-
05/29/14
Hillshire Brands Co.
Manufacturer of consumer food and beverage products
United States
Tyson Foods
$8,533.5
2.10x
15.3x
05/22/14
Conopco (North America Pasta Sauces Business)
Producer of pasta sauce
United States
Mizkan Holdings
$2,150.0
3.60x
-
05/21/14
Tnuva Food Industries
Producer and distributor of dairy and frozen food
products
Israel
Bright Food (Group)
$1,711.2
-
-
05/20/14
Treasury Wine Estates
Australia
KKR & Co.
$3,188.3
1.90x
NMF
05/12/14
Pinnacle Foods
Manufacturer of convenience food products
United States
Hillshire Brands
$6,729.2
2.70x
15.2x
04/27/14
Goodman Fielder
Manufacturer and distributor of food ingredients
Australia
First Pacific Company
$1,698.4
0.84x
8.8x
04/25/14
Deoleo
Producer of cooking oils
Spain
CVC Capital Partners
$1,261.8
1.16x
12.5x
04/17/14
MFI Holding Corporation
Processer and distributor of commercial food products
United States
Post Holdings
$2,499.5
-
-
04/15/14
United Spirits
Manufacturer and seller of alcoholic beverages
India
Diageo
$1.895.8
4.88x
NMF
04/14/14
DIANA
Provider of organic and natural foods
France
Symrise
$1,796.2
2.88x
14.0x
Buyer
Sales
EBITDA
Note: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve months
Food For Thought
Noteworthy M&A Activity – LTM 5
William Blair
($ in millions)
Date
Announced
Target (Unit Sold)/
Target
Nation
03/17/14
Hearthside Food Solutions
Manufacturer of consumer baked foods and snacks
United States
Goldman Sachs Group,
Merchant Banking Division;
Vestar Capital Partners
03/14/14
Olam International
Supplier of food ingredients such as coffee, cocoa and
cashew nuts
Singapore
Temasek Holdings;
Kewalram Singapore
03/10/14
Cloverhill Pastry-Vend
United States
Producer of baked goods primarily sold through vending
machines
03/03/14
Nuova Castelli
Producer and distributor of dairy and canned tuna fish
products
02/28/14
Buyer
Enterprise
Value
Sales
EBITDA
$1,100.0
1.10x
-
$11,546.7
0.73x
13.0x
Aryzta
$673.1
-
-
Italy
Charterhouse Capital
Partners
$516.6
1.29x
10.1x
Sokolow
Processer of packaged meats such as canned hams,
kielbasa and pre-packaged sliced meats
Poland
Danish Crown
$492.6
-
-
02/20/14
Shree Renuka Sugars (26%)
Manufacturer of sugar
India
Wilmar International
$1,331.2
0.79x
11.9x
02/12/14
Canada Bread Co.
Manufacturer of flour based products
Canada
Grupo Bimbo
$1,487.6
1.06x
12.6x
01/20/14
Oriental Brewery Co.
Brewer and marketer of beer
South Korea
Anheuser-Busch InBev
$5,800.0
-
-
01/13/14
Tilda
Provider of basmati and specialty rice products
United Kingdom Hain Celestial Group
$357.7
-
-
01/13/14
Beam
Manufacturer and seller of distilled spirits
United States
Suntory Holdings
$15,816.6
6.27x
20.4x
12/19/13
Shanghai Jinsihou Food
China
Hershey Netherlands
$584.0
-
-
12/09/13
Industrias Bachoco (10%)
Producer and distributor of poultry
Mexico
GBM Grupo Bursatil
Mexicano
$1,588.8
0.51x
5.7x
11/21/13
TSB Sugar Holdings (22%)
Producers of sugar
South Africa
RCL Foods
$393.8
-
-
11/14/13
Campofrio Food Group
International producer of meat products
Spain
Sigma Alimentos
$1,583.9
0.61x
8.5x
11/14/13
Roxas Holdings
Manufacturer of sugar
Philippines
First Pacific
$358.1
14.08x
NMF
11/07/13
Grieg Seafood (26%)
Provider of seafood
Norway
Marine Harvest
$642.0
1.80x
13.1x
11/01/13
Bega Cheese (6%)
Australia
Fonterra Cooperative Group
$795.3
0.83x
19.1x
Food For Thought
6 Noteworthy M&A Activity – LTM
William Blair
Food & Convenience Retail Transactions
($ in millions)
Date
Announced
Target (Unit Sold)/
Target
Nation
Buyer
Enterprise
Value
10/31/14
Maruetsu
Japan
Kasumi
$685.6
0.23x
7.5x
10/03/14
Migros Ticaret
Turkey
Anadolu Endüstri Holding
$2,705.4
0.79x
13.1x
09/30/14
Seijo Ishii Co.
Japan
Lawson
$501.4
1.01x
9.7x
09/16/14
Grocery Outlet Inc.
United States
Hellman & Friedman
-
-
08/11/14
Kinsho Store Co.
Japan
Kintetsu Corporation
$645.3
1.13x
-
07/02/14
Grupo El Árbol Distribución y Supermercados
Supermarkets operator
Spain
Distribuidora Internacional
de Alimentación
$205.9
0.18x
-
06/03/14
DIA France
France
Carrefour
$816.9
-
-
05/07/14
Roundy's (18 Rainbow Stores)
Operator of 18 retail stores
United States
SuperValu
$65.0
-
-
04/28/14
Susser Holdings Corporation
Operator of a chain of convenience stores
United States
Energy Transfer Partners
$2,320.3
0.37x
14.4x
04/11/14
SPAR Group
Operator of a chain of grocery and retail stores
South Africa
Allan Gray
$2,059.8
0.45x
13.0x
04/07/14
Carrefour
France
Motier
$1786.3
0.36x
12.2x
03/11/14
SPAR Ceska Obchodni Spolecnost
Czech Republic
Albert (Ahold)
$266.2
0.36x
-
03/10/14
Eataly
Operator of a chain of food retail stores
Italy
Tamburi Investment
Partners
$832.7
-
-
03/06/14
Safeway
Operator of a chain of stores offering a selection of food
and general merchandise
United States
Albertsons (Cerberus
Capital Management)
$8,198.9
-
13.5x
03/04/14
Wumart Stores
Operator of a retail chain of superstores
China
Wumei Holdings
$559.8
0.20x
4.4x
02/13/14
Sobeys (29 stores)
Canada
Overwaitea Food Group;
Federated Co-operatives
$391.0
-
-
02/11/14
Walmart Chile
Chile
Inversiones Australes Tres
Limitada
$7,575.8
1.36x
15.1x
01/31/14
Izumiya Co.
Operator of retail stores that sell groceries and other
items
Japan
H2O Retailing Corporation
$1,099.2
0.33x
11.6x
12/20/13
Arden Group
Operator of supermarkets in Southern California
United States
TPG Capital
$364.0
0.80x
9.9x
11/22/13
Wal-Mart Chile (25%)
Operator of supermarkets in Chile
Chile
Inversiones Australes Tres
(Wal-Mart Stores)
$7,515.1
1.30x
21.6x
-
Sales
EBITDA
Food For Thought
Noteworthy M&A Activity – LTM 7
William Blair
Historical M&A Trends in the Food and Food Retailing Industries
Volume Trends
U.S. Monthly Announced M&A Activity
Food & Beverage Production
Food Retail & Convenience
Number of Deals
30
20
20
17
14
22
19
15
17
13
12
14
15
15
10
0
11/13
12/13
01/14
2/14
03/14
04/14
05/14
06/14
07/14
08/14
09/14
10/14
8
14
13
15
12
17
16
12
12
13
14
14
6
6
4
7
3
2
1
1
0
1
1
1
U.S. Yearly Announced M&A Activity
Total Deal Value
Deal Value
Number
of Deals
($ in billions)
300
232
159
200
181
223
$120
170
166
127
129
159
189
185
159
$80
$40
100
$0
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
98
128
101
145
127
106
79
109
127
161
147
138
61
53
65
87
96
64
48
20
32
24
42
21
$7.9
$13.5
$11.5
$29.1
$33.3
$93.3
$20.5
$39.0
$13.9
$36.0
$43.2
$55.0
Total Deal Value
Global Yearly Announced M&A Activity
Total Deal Value
Number
of Deals
Deal Value
($ in billions)
1,500
1,000
994
973
1,049
1,193
1,325
1,311
1,159
1,199
1,083
$200
979
926
756
$150
$100
500
$50
$0
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
859
799
870
996
1,104
1,042
948
969
906
814
768
643
135
174
179
197
221
269
211
230
177
165
158
113
$41.7
$61.1
$97.8
$94.9
$132.3
$140.5
$72.0
$94.2
$125.4
$127.4
$109.7
$118.6
Total Deal Value
Note: Data represents announced transactions including U.S.-based targets only
Sources: Dealogic and Capital IQ as of October 31, 2014
Food For Thought
8 Historical M&A Trends in the Food and Food Retailing Industries
2014 YTD
William Blair
Participant Trends
Breakdown of Acquirers by Type
Percent of Deals
60%
50%
40%
30%
20%
10%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
Private
43.0%
46.8%
44.1%
43.4%
51.9%
47.2%
50.0%
52.8%
49.5%
53.2%
56.0%
48.6%
44.7%
Public
25.6%
24.0%
27.7%
28.0%
19.6%
21.6%
20.3%
17.4%
18.1%
15.6%
19.5%
25.8%
24.8%
Private Equity
11.0%
11.0%
9.2%
10.1%
13.8%
17.2%
13.1%
13.0%
13.2%
12.2%
7.2%
13.6%
12.8%
Foreign
20.3%
18.2%
19.0%
18.5%
14.6%
14.0%
16.7%
16.8%
19.1%
19.0%
17.3%
12.0%
17.7%
Breakdown of Sellers by Type
Percent of Deals
70%
60%
50%
40%
30%
20%
10%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
Private
50.0%
30.1%
46.4%
53.1%
50.5%
57.2%
46.3%
53.0%
49.7%
47.1%
53.4%
55.2%
53.2%
Public
2.5%
3.3%
6.4%
5.6%
2.0%
1.7%
3.7%
5.1%
6.1%
4.8%
2.5%
4.9%
9.2%
4.2%
17.1%
7.9%
9.1%
12.4%
8.1%
8.0%
8.5%
14.0%
5.3%
8.1%
7.8%
7.8%
43.2%
49.6%
39.3%
32.2%
35.1%
32.9%
42.0%
33.3%
30.2%
42.8%
36.0%
32.1%
29.8%
Private Equity
Divestiture
Note: Data represents announced transactions including U.S.-based targets only
Sources: Dealogic and Capital IQ as of October 31, 2014
Food For Thought
Historical M&A Trends in the Food and Food Retailing Industries 9
William Blair
Valuation Trends
Average EBITDA Multiples for Food Transactions(1)
Average EV/EBITDA Multiple
Number of Disclosed Deals
EV/EBITDA Multiple
40
20.0x
35
15.0x
13.2x
9.1x
10.0x
8.6x
12.0x
11.4x
11.8x
10.4x
9.9x
9.3x
8.4x
30
13.0x
12.4x
25
20
8.2x
15
10
5.0x
5
0
0.0x
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
8.6x
8.4x
9.1x
11.4x
9.9x
12.0x
10.4x
9.3x
8.2x
11.8x
13.2x
13.0x
12.4x
20
25
20
14
28
23
20
14
11
7
12
22
30
Average EBITDA Multiples for Beverage Transactions(2)
EV/EBITDA Multiple
25.0x
20
20.0x
17.3x
11.8x
15.0x
14.1x
13.5x
12.0x
10.0x
15
13.6x
13.4x
11.7x
9.5x
10.9x
14.5x
11.6x
9.8x
5
5.0x
0.0x
10
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
9.5x
11.8x
14.1x
12.0x
13.5x
13.4x
17.3x
11.7x
10.9x
9.8x
13.6x
14.5x
11.6x
15
9
16
12
15
5
4
9
1
3
6
4
10
(1) Excludes Food & Convenience retail transactions
(2) Includes alcoholic and nonalcoholic beverages
Note: Data represents global transactions announced in the respective sectors
Note: Transactions with multiples that are not meaningful are categorized as undisclosed
Sources: Dealogic and William Blair as of October 31, 2014
Food For Thought
10 Historical M&A Trends in the Food and Food Retailing Industries
William Blair
Public Company Trading Statistics
Food Production Companies
($ in millions)
Company
Nestlé
Unilever
Forward
% Change
Market Cap
MTD
$233,373.3
(0.4%)
YTD
(0.3%)
17.5x
PEG
380.1%
Enterprise
Value
$257,258.3
P/E
Sales
2.54x
EBITDA
13.6x
$114,197.8
(4.1%)
(2.2%)
16.9x
168.9%
$127,682.6
1.93x
11.5x
Mondelez International
$59,444.4
2.9%
(0.1%)
17.8x
165.1%
$75,869.4
2.17x
14.3x
Danone
$40,724.4
1.5%
(5.7%)
16.5x
190.2%
$52,800.5
1.86x
12.3x
Associated British Foods
$34,697.5
1.4%
8.7%
25.2x
260.1%
$36,585.8
1.74x
14.3x
General Mills
$31,370.7
3.0%
4.1%
17.3x
221.0%
$41,289.0
2.32x
12.5x
Kellogg Company
$23,033.5
3.8%
4.7%
15.1x
193.1%
$30,318.5
2.08x
8.1x
The Hershey Company
$21,183.6
0.5%
(1.4%)
21.2x
249.3%
$23,129.2
3.14x
14.4x
Tyson Foods
$15,154.0
2.5%
20.6%
13.6x
160.4%
$16,406.0
0.45x
7.8x
ConAgra Foods
$14,592.8
4.0%
1.9%
14.9x
223.4%
$23,059.3
1.30x
9.8x
Hormel Foods Corporation
$14,202.9
4.9%
19.3%
24.1x
283.5%
$13,930.2
1.53x
13.5x
Campbell Soup Company
$13,882.3
3.4%
2.1%
17.3x
288.0%
$17,648.3
2.13x
11.3x
12.1x
Grupo Bimbo
$13,745.8
0.8%
(4.9%)
24.5x
54.5%
$18,098.0
1.32x
JBS
$13,011.8
20.5%
21.1%
12.1x
NA
$24,786.4
0.51x
7.1x
Saputo
$11,093.4
1.1%
24.5%
9.0x
90.2%
$13,038.9
1.44x
13.4x
The J. M. Smucker Company
$10,589.0
5.1%
0.4%
16.6x
214.2%
$12,777.9
2.29x
10.8x
George Weston
$10,455.9
3.4%
11.9%
15.0x
149.6%
$28,769.2
0.86x
16.4x
McCormick & Company
$9,128.0
5.7%
2.6%
21.4x
259.6%
$10,412.1
2.46x
14.3x
ARYZTA
$7,498.2
(1.2%)
10.7%
14.6x
49.5%
$9,835.3
1.53x
11.1x
Pilgrim's Pride Corporation
$7,359.0
(7.0%)
74.8%
39.5x
NA
$6,995.9
0.82x
6.0x
The Hain Celestial Group
$5,456.4
5.8%
19.2%
31.5x
212.8%
$6,200.6
2.69x
22.0x
Flowers Foods
$3,981.3
3.5%
(11.5%)
16.1x
151.0%
$4,798.9
1.28x
11.4x
Treehouse Foods
$3,583.0
5.8%
23.6%
21.2x
199.0%
$4,577.1
1.69x
13.5x
Lancaster Colony Corporation
$2,501.6
7.3%
3.8%
22.3x
202.9%
$2,274.1
2.16x
13.2x
Cal-Maine Foods
$2,123.7
(1.7%)
45.8%
9.1x
NA
$1,972.2
1.33x
9.1x
Snyder's-Lance
$2,092.5
12.4%
3.9%
21.2x
141.0%
$2,778.1
1.53x
14.4x
Sanderson Farms
$1,937.5
(4.5%)
16.1%
9.2x
NA
$1,818.2
0.66x
4.9x
J&J Snack Foods Corp.
$1,921.0
10.1%
16.3%
27.0x
300.4%
$1,853.8
2.02x
12.8x
Fresh Del Monte Produce
$1,809.9
0.7%
13.5%
13.4x
267.6%
$1,952.3
0.50x
8.4x
Tootsie Roll Industries
$1,748.0
5.9%
(6.1%)
NA
NA
$1,661.0
3.07x
16.4x
Post Holdings
$1,680.9
13.0%
(23.9%)
40.8x
510.1%
$5,183.3
3.12x
21.1x
B&G Foods
$1,580.9
6.9%
(13.1%)
16.4x
NA
$2,620.3
3.19x
14.0x
Dean Foods Company
$1,379.4
11.0%
(14.4%)
13.8x
186.6%
$2,306.0
0.25x
10.4x
Diamond Foods
$946.0
5.4%
16.7%
35.3x
321.1%
$1,599.1
1.85x
19.6x
Lotus Bakeries
$909.9
(0.8%)
18.5%
18.8x
187.7%
$987.6
2.12x
12.4x
Calavo Growers
$765.1
7.5%
60.4%
30.1x
262.1%
$793.1
1.03x
19.0x
Chiquita Brands International
$678.9
1.6%
23.3%
13.0x
325.0%
$1,261.5
0.41x
12.6x
Boulder Brands
$541.7
(34.8%)
(44.0%)
15.5x
88.3%
$826.2
1.61x
12.1x
John B Sanfilippo & Son
$411.1
14.8%
50.5%
NA
NA
$468.2
0.58x
8.2x
Seneca Foods Corp.
$297.6
(6.0%)
(15.7%)
NA
NA
$635.2
0.48x
18.2x
Inventure Foods
$258.6
2.2%
(0.2%)
19.2x
140.7%
$346.8
1.28x
15.3x
Bridgford Foods Corp.
$75.2
4.8%
(13.9%)
NA
NA
$74.3
0.56x
NMF
Golden Enterprises
$52.6
(3.9%)
9.3%
NA
NA
$58.6
0.43x
9.2x
Mean
2.8%
8.6%
19.6x
215.1%
$20,645.1
1.59x
12.7x
Median
3.4%
4.1%
17.3x
202.9%
$5,183.3
1.53x
12.6x
Note: Data as of October 31, 2014
Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates
Food For Thought
Public Company Trading Statistics 11
William Blair
Food Ingredients Companies
($ in millions)
Company
Forward
% Change
Market Cap MTD
YTD
P/E
Enterprise
Value
PEG
Sales
EBITDA
Givaudan
$15,331.5
4.2%
16.4%
20.5x
171.2%
$16,533.3
3.38x
16.5x
Kerry Group
$11,933.2
(3.6%)
(2.4%)
16.2x
142.9%
$13,476.7
1.70x
14.2x
13.1x
International Flavors & Fragrances
$8,047.1
3.4%
15.3%
18.0x
256.9%
$8,657.9
2.83x
Symrise
$7,296.7
5.6%
21.8%
20.9x
157.2%
$7,350.2
2.92x
14.1x
Barry Callebaut
$5,738.6
(5.8%)
(16.7%)
17.9x
81.9%
$7,670.2
1.20x
13.9x
Sensient Technologies Corporation
$2,853.6
13.0%
22.0%
18.1x
190.8%
$3,269.4
2.24x
12.2x
Frutarom Industries
$1,449.3
(2.0%)
18.2%
16.4x
NA
$1,640.8
2.16x
12.3x
T. Hasegawa Co.
$632.0
(0.3%)
10.4%
16.8x
NA
$427.1
0.95x
5.7x
Takasago International Corporation
$466.4
(0.8%)
(16.5%)
11.6x
NA
$812.2
0.62x
9.1x
Mean
Median
1.5%
7.6%
17.4x
166.8%
$6,648.6
2.00x
12.3x
(0.3%)
15.3%
17.9x
164.2%
$7,350.2
2.16x
13.1x
Beverage Production Companies
($ in millions)
Company
Forward
% Change
Market Cap
MTD
YTD
P/E
Enterprise
Value
PEG
Sales
EBITDA
The Coca-Cola Company
$183,439.1
(1.8%)
1.4%
18.7x
227.5%
$201,758.1
4.37x
15.4x
Anheuser-Busch InBev
$177,339.3
(0.8%)
3.7%
18.5x
148.1%
$224,005.3
4.79x
12.4x
Pepsico
$143,928.6
3.3%
16.0%
19.6x
239.0%
$163,743.6
2.45x
12.8x
$90,560.1
1.4%
9.7%
20.0x
156.9%
$106,669.1
6.39x
19.6x
SABMiller
Diageo
$73,653.7
1.5%
(11.3%)
17.2x
167.0%
$90,159.3
5.14x
15.5x
Keurig Green Mountain
$24,647.6
16.6%
100.9%
39.6x
219.5%
$23,734.4
5.21x
20.7x
Brown-Forman Corporation
$19,534.4
2.7%
22.6%
25.9x
NA
$20,085.4
6.67x
19.5x
Constellation Brands
$17,650.9
5.0%
30.1%
20.3x
152.1%
$24,744.2
4.22x
14.6x
Monster Beverage Corporation
$16,866.3
10.0%
48.9%
34.1x
243.7%
$16,039.3
6.68x
22.3x
Molson Coors Brewing Company
$13,778.6
(0.1%)
32.5%
17.2x
224.3%
$16,956.2
4.04x
20.5x
Dr Pepper Snapple Group
$13,462.8
7.7%
42.1%
18.8x
255.1%
$15,737.8
2.59x
10.8x
Coca-Cola Enterprises
$10,479.2
(2.3%)
(1.8%)
13.4x
149.6%
$14,409.2
1.72x
10.0x
The WhiteWave Foods Company
$6,483.5
2.5%
62.3%
32.4x
185.2%
$7,782.1
2.43x
21.8x
Boston Beer Co.
$3,252.9
12.3%
3.0%
34.2x
NA
$3,196.3
3.59x
18.0x
National Beverage Corp.
$1,164.1
28.8%
24.6%
NA
NA
$1,146.9
1.78x
14.4x
11.2x
Coca-Cola Bottling Co.
$838.5
21.2%
23.6%
24.7x
NA
$1,402.2
0.82x
Cott Corporation
$567.5
(12.0%)
(24.8%)
12.9x
NA
$1,135.5
0.56x
6.5x
Farmer Brothers Co.
$466.5
0.7%
25.4%
28.8x
144.1%
$441.7
0.83x
14.0x
Lifeway Foods
$270.5
19.3%
3.6%
31.8x
198.9%
$274.0
2.38x
NMF
Jones Soda Co.
$17.6
(0.4%)
(6.2%)
NA
NA
$17.1
1.29x
NMF
Mean
5.8%
20.3%
23.8x
193.6%
$46,671.9
3.40x
15.6x
Median
2.6%
19.3%
20.2x
192.1%
$15,888.6
3.09x
15.0x
Food For Thought
12 Public Company Trading Statistics
William Blair
Food Retail Companies
($ in millions)
Company
Forward
% Change
Market Cap
MTD
YTD
P/E
Enterprise
Value
PEG
Sales
EBITDA
The Kroger Co.
$27,358.7
7.1%
40.9%
15.8x
175.3%
$38,335.7
0.37x
8.1x
Whole Foods Market
$14,207.8
3.2%
(32.0%)
24.9x
138.8%
$13,473.8
0.95x
10.2x
Safeway
$8,035.2
1.6%
7.0%
29.2x
317.1%
$9,437.7
0.26x
6.2x
Sprouts Farmers Market
$4,379.8
0.1%
(24.3%)
34.5x
NA
$4,628.1
1.63x
18.9x
14.7x
United Natural Foods
$3,393.3
10.7%
(9.8%)
25.5x
166.9%
$3,826.4
0.56x
SUPERVALU
$2,253.4
(3.5%)
18.4%
12.9x
NA
$4,920.4
0.29x
6.1x
The Fresh Market
$1,777.5
5.1%
(9.4%)
20.2x
101.9%
$1,796.7
1.09x
10.4x
Weis Markets
$1,200.7
14.4%
(15.1%)
NA
NA
$1,113.9
0.41x
7.0x
Smart & Final Stores(1)
$1,048.1
2.2%
22.9%
20.2x
NA
$1,687.7
0.51x
11.1x
SpartanNash Company
$845.4
15.2%
(7.7%)
11.5x
114.7%
$1,422.7
0.19x
7.1x
Ingles Markets
$612.2
13.6%
(0.7%)
13.1x
116.1%
$1,517.5
0.40x
7.1x
Natural Grocers by Vitamin Cottage
$407.1
11.2%
(57.3%)
27.9x
105.4%
$420.2
0.84x
10.7x
Village Super Market
$390.0
21.8%
(10.5%)
NA
NA
$358.8
0.24x
6.9x
Roundy's
$162.3
12.7%
(65.8%)
8.5x
32.2%
$837.1
0.20x
5.9x
Fairway Group Holdings
$129.9
(20.1%)
(83.5%)
NMF
NA
$337.2
0.42x
11.4x
Mean
6.4%
(15.1%)
20.4x
140.9%
$5,607.6
0.56x
9.5x
Median
7.1%
(9.8%)
20.2x
116.1%
$1,687.7
0.41x
8.1x
Convenience Store Companies
($ in millions)
Company
Alimentation Couche-Tard
Forward
% Change
Market Cap
MTD
YTD
P/E
Enterprise
Value
PEG
Sales
EBITDA
$19,317.4
5.8%
35.3%
22.5x
NA
$21,253.6
0.56x
13.1x
$3,162.4
14.2%
16.5%
20.4x
183.5%
$3,899.6
0.53x
10.3x
$604.2
27.4%
53.6%
113.2x
1028.8%
$1,490.8
0.22x
7.4x
Mean
15.8%
35.1%
52.0x
606.2%
$8,881.3
0.44x
10.3x
Median
14.2%
35.3%
22.5x
606.2%
$3,899.6
0.53x
10.3x
Casey's General Stores
The Pantry
(1) Company had an initial public offering in 2014 – performance over pricing
Food For Thought
Public Company Trading Statistics 13
William Blair
Same-Store Growth – Food & Convenience Retail
Grocery Stores & Supermarkets
9.0%
Smart & Final Stores
6.6%
Publix Super Markets
5.0%
Kroger(1)
4.8%
3.1%
Whole Foods Market
3.1%
The Fresh Market
2.9%
Weis Markets
2.6%
Ingles Markets
2.1%
Safeway(1)
1.8%
Village Super Market
0.9%
SpartanNash
0.4%
SUPERVALU
0.4%
Roundy's
(2.7%)
(3.9%)
Convenience Stores
Casey's General Stores
5.7%
Alimentation Couche-Tard
4.4%
The Pantry
2.5%
(1) Excludes fuel sales
Note: Bolded companies reflect recently announced same-store sales data (announced in October/November 2014)
Note: Data represents growth in the most recent reported fiscal quarter over the year-ago period
Sources: Company filings and Capital IQ as of October 31, 2014
Food For Thought
14 Same-Store Growth – Food & Convenience Retail
William Blair
U.S. Public Equity Financing Summary – LTM
IPOs
($ in millions)
At Filing
Initial
Filing
Date
Offer
Date
Ticker
Issuer
Shares/
ADS Exc.
Ovl.
06/20/14
09/23/14
SFS
Smart & Final Stores
13.5
At Pricing
Filing
Range
$12.00 $14.00
Pricing & Performance - % Change Offer/
Deal
Shares/
Value at ADS Inc. Offer
Midpoint Ovl.
Price
Deal
Value
175.5
$186.0
15.5
$12.00
Market
Value
$852.7
Relative
to Range 1 Day
In Range
1 Month 3 Months Current
4.2%
9.2%
0.0%
22.9%
Mean
4.2%
9.2%
0.0% 22.9%
Median
4.2%
9.2%
0.0% 22.9%
Follow-Ons
($ in millions)
Pricing Performance - % Change
% Shares Offered
Shares/
ADS Offered Offer
(mm)
Price
Deal Value
(mm)
Primary
Last Trade Before
Pricing
Date
Ticker Issuer
Business Description
Filing/
Secondary Offer
Offer/
Offer
Offer/
Current
09/11/14
SNAK
Inventure Foods
Manufacturer and marketer of natural snack
food products
3.6
$12.85
$46.2
0%
100%
(9.7%)
(4.6%)
3.0%
09/08/14
PF
Pinnacle Foods
Manufacturer and marketer of convenience
food products
15.0
$31.90
$478.5
0%
100%
6.0%
6.0%
6.0%
08/12/14
SFM
Specialty retailer of natural and organic
food
15.0
$30.00
$450.0
0%
100%
5.6%
8.5%
(3.0%)
07/30/14
TSN
Tyson Foods
Producer and distributor of chicken and
related food products
23.8
$37.80
$900.0
100%
0%
5.4%
3.6%
12.3%
07/16/14
THS
Treehouse Foods
Manufacturer and distributor of food and
beverage products
4.3
$75.50
$325.0
100%
0%
4.0%
2.2%
12.8%
05/21/14
POST
Post Holdings
food products
5.5
$47.70
$262.4
100%
0%
(1.6%)
(2.5%)
(21.4%)
03/27/14
SFM
food
15.0
$33.75
$506.3
0%
100%
12.5%
4.5%
(13.7%)
03/12/14
POST
Post Holdings
food products
5.0
$55.00
$275.0
100%
0%
8.1%
(0.1%)
(31.8%)
02/03/14
RNDY
Roundy's
Operator of a supermarket chain in the
Midwest
8.8
$7.00
$61.9
33%
67%
25.9%
21.1%
(51.9%)
12/11/13
PF
Pinnacle Foods
food products
17.0
$26.75
$454.8
0%
100%
(5.7%)
(1.0%)
26.4%
11/25/13
SFM
food
17.0
$37.00
$629.0
0%
100%
(23.0%)
(2.3%)
(21.3%)
11/12/13
BNNY
Annie's
Producer of natural and organic foods
2.5
$47.95
$119.9
0%
100%
(3.0%)
(1.7%)
(100.0%)
Mean
2.0%
2.8%
(18.5%)
Median
4.7%
1.1%
(8.5%)
Sources: Dealogic and FactSet Research Systems
Note: LTM as of October 31, 2014
Food For Thought
U.S. Public Equity Financing Summary – LTM 15
William Blair
Selected Upcoming Industry Events
Date
Event
Location
November 2014
11-12
Kosherfest
Secaucus, NJ
16-18
PLMA's Private Label Trade Show
Rosemont, IL
16-19
Outlook Leadership 2013 (CSP)
Scottsdale, AZ
SOHO Expo
Orlando, FL
December 2014
4-7
January 2015
11-13
Winter Fancy Food Show
San Francisco, CA
12-14
NW Food Manufacturing & Packaging Exposition
Portland, OR
14-15
MarcabyBolognaFiere
Bologna, Italy
18-20
Retail Industry Leaders Association – The Leadership Forum
Amelia Island, FL
24-27
FMI’s Midwinter Executive Conference
Miami Beach, FL
27-29
International Production & Processing Expo
Atlanta, GA
February 2015
1-6
NAFDMA Convention
Nashville, TN
4-6
Convenience Retailing University
Dallas, TX
8-11
N.G.A. 2015 Annual Convention and Supermarket Synergy Showcase
Las Vegas, NV
15-18
IFA’s Annual International Franchise Convention
Las Vegas, NV
16-19
NCA State of the Industry Conference
Miami, FL
21-25
AFFI Frozen Food Convention
Anaheim, CA
22-24
AMI Foundation Annual Meat Conference
Nashville, TN
22-25
RILA Supply Chain Conference
Orlando, FL
24-26
Snack, Beverage & Grocery EPPS
Jacksonville, FL
March 2015
2-4
FMI Annual Business Conference
Chicago, IL
5-8
Natural Products Expo West
Anaheim, CA
9-12
FMI Asset Protection Conference
Memphis, TN
15-17
Seafood Expo North America & Seafood Processing North America
Boston, MA
22-25
Restaurant Leadership Conference
Scottsdale, AZ
22-26
NACS Global Forum
Singapore
22-26
AFFI Annual Food and Beverage Environmental Conference
Point Clear, Ala
28-1
American Bakers Association Annual Convention
Orlando, FL
April 2015
12-15
Grocery Manufacturers Association Science Forum
National Harbor, MD
14-16
NACS State of the Industry Summit
Chicago, IL
15-16
NGA Day in Washington (NGA, FMI and FIAE)
Washington, DC
TBD
FMI’s FutureConnect
Orlando, FL
Food For Thought
16 Selected Upcoming Industry Events
William Blair
Date
Event
Location
May 2015
3-6
RILA Asset Protection Conference
Orlando, FL
3-6
FMI’s 2015 Financial Executive Conference and Internal Auditing Conference (Co-Located)
New Orleans, LA
16-19
NRA Restaurant Hotel Motel Show
Chicago, IL
19-20
PLMA’s Annual “World of Private-Label”
Amsterdam
19-21
NCA Sweets & Snacks Expo
Chicago, IL
31-Jun 2
AFFI Food Logistics Forum
Incline Village, NV
31-Jun 4
NGA Leadership Development Program (Cornell)
Ithaca, NY
TBD
CSP Leadership and Crisis Prevention Forum
TBD
TBD
The Tech Event (NACS and PCATS)
TBD
7-9
International Dairy Deli Bakery Association Annual Convention "Dairy-Deli-Bake"
Atlanta, GA
7-11
NGA Leadership Development Program (USC)
Los Angeles, CA
7-12
Insight NACS Future of Convenience
London, UK
9-11
FMI Connect
Chicago, IL
9-11
United Fresh 2014
Chicago, IL
22-24
Foodservice at Retail Expo 2014
Nashville, TN
28-29
TRA Marketplace (formerly Southwest Foodservice Expo)
Dallas, TX
28-30
NASFT – Summer International Fancy Food & Confection Show
New York, NY
June 2015
July 2015
20-23
NBJ Summit
Dana Point, CA
26-28
The International Foods Planning
TBD
27-29
Center Store Grocery, Snack & Beverage Planning
TBD
NACDS Total Store Expo
Denver, CO
Food Evolution Summit
Phoenix, AZ
August 2015
22-25
September 2015
1-2
15-18
RILA Retail Sustainability Conference
Austin, TX
17-19
All Things Organic - BioFach America
Baltimore, MD
17-20
Natural Products Expo East
Baltimore, MD
20-22
MUFSO Conference
Dallas, TX
20-23
Candy Annual Planning
Chandler, AZ
28-29
Canadian Federation of Independent Grocers-Grocery Innovations
Toronto, Canada
10-13
National Frozen and Refrigerated Foods Convention
Dallas, TX
13-15
Shopper Marketing Expo
Minneapolis, MN
18-20
Consumer Goods Forum: Future Leaders Congress
Rio De Janeiro, Brazil
October 2015
Food For Thought
Selected Upcoming Industry Events 17
William Blair
General Market Update
Percentage Change
As of
10/31/14
Month-to-Date
Year-to-Date
Equity Market Indices
Dow Jones Industrial Average
$17,390.52
2.0%
4.9%
Nasdaq Composite
$4,630.74
3.1%
10.9%
S&P 500
9.2%
$2,018.05
2.3%
S&P Food Products Index
$478.79
2.3%
6.5%
S&P Food & Staples Retail Index
$342.16
4.5%
7.7%
S&P Restaurants Index
$799.12
0.2%
(0.7%)
WB Corporate Finance Indices(1)
Food Index
$810.99
1.9%
11.4%
Ingredients Index
$894.59
2.1%
16.4%
$4,193.72
1.2%
8.1%
$837.46
5.4%
4.0%
Convenience Store Index
$20,915.83
8.8%
41.2%
Currencies
Dollar to Canadian Dollar
Dollar to Euro
Dollar to Peso
Dollar to Pound
$1.13
$0.80
$13.48
$0.63
0.9%
0.8%
0.4%
1.3%
6.1%
10.0%
2.9%
3.5%
$1.88
$3.77
$0.24
$2,899.00
$80.54
$0.35
$0.16
$5.33
(2.8%)
17.5%
(1.1%)
(12.2%)
(11.6%)
7.5%
(2.5%)
11.5%
69.8%
(10.7%)
23.0%
7.0%
(18.2%)
(11.1%)
(2.3%)
(12.0%)
Beverage Index
Food Retail Index
Commodities(2)
Coffee Beans (Cents and 1/100 of a Cent Up to 2 Decimal Places)
Corn (Cents per Bushel)
Milk (Cents per 2,000 lbs.)
Cocoa (Dollars per Metric Ton)
Oil (Dollars per Barrel)
Soybean Oil (Cents per Bushel)
World Sugar (Cents and 1/100 of a Cent up to 2 Decimal Places)
Wheat (Cents per Bushel)
Yield (%) 52-Week Range
As of
10/31/14
52-Week
Low
INTEREST RATES
10-Year Treasury
30-Year Treasury
3-Month LIBOR
Fed Funds Effective Rate
Prime Rate
0.0%
2.3%
3.1%
0.2%
0.1%
3.3%
2.1%
2.9%
0.2%
0.1%
3.3%
52-Week
High
Latest
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3.0%
3.9%
0.2%
0.1%
3.3%
(1) WB Corporate Finance indices are determined by FactSet Research Systems, as of October 31, 2014. Data is based on a weighted average by market capitalization calculation.
(2) Commodities represent futures prices
Source: FactSet Research Systems as of October 31, 2014
WB Corporate Finance Food Index includes: ARYZTA, Associated British Foods, B&G Foods, Bridgford Foods, Calavo Growers, Cal-Maine Foods, Campbell Soup, Chiquita Brands International, ConAgra Foods, Danone, Dean Foods, Diamond
Foods, Dole Food Company, Flowers Foods, Fresh Del Monte Produce, General Mills, George Weston Limited, Golden Enterprises, Grupo Bimbo, Hormel Foods, Inventure Foods, J&J Snack Foods, JBS, John B Sanfilippo & Son, Kellogg
Company, Kraft Foods, Lancaster Colony Corporation, McCormick & Co., Nestlé, Overhill Farms, Pilgrim’s Corp., Post Holdings, Sanderson Farms, Saputo, Seneca Foods, Nestlé, Ralcorp Holdings, Reddy Ice Holdings, Sanderson Farms, Saputo,
Sara Lee, Seneca Foods, Smart Balance, Smithfield Foods, Snyder’s-Lance, The Hain Celestial Group, The Hershey Company, The J. M. Smucker Company, Tootsie Roll Industries, Treehouse Foods, Tyson Foods, Unilever
WB Corporate Finance Beverage Index includes: Anheuser-Busch InBev, Boston Beer Co., Brown-Forman Corporation, Coca-Cola Bottling Co. Consolidated, Coca-Cola Enterprises, Constellation Brands, Cott Corporation, Diageo, Dr Pepper
Snapple Group, Farmer Brothers Co., Green Mountain Coffee Roasters, Jones Soda Co., Lifeway Foods, Molson Coors Brewing Company, Monster Beverage Corporation, National Beverage, Pepsico, SABMiller, The Coca-Cola Company
WB Corporate Finance Ingredients Index includes: Barry Callebaut, Frutarom Industries, Givaudan, International Flavors & Fragrances, Kerry Group, Sensient Technologies Corporation, Symrise, T. Hasegawa Co., Takasago International
WB Corporate Finance Food Retail Index includes: Arden Group (Gelson’s), Fairway Group Holdings, Harris Teeter Supermarkets, Ingles Markets, Nash Finch, Roundy’s, Safeway, Smart & Final Stores, Spartan Stores, SUPERVALU, The
Fresh Market, The Kroger Co., United Natural Foods, Village Super Market, Vitamin Cottage Natural Food Markets, Weis Markets, Whole Foods Market
WB Corporate Finance Convenience Store Index includes: Alimentation Couche-Tard, Casey’s General Stores, Pantry
Food For Thought
18 General Market Update
Quarterly Market
Update – All
Industries
William Blair
Domestic M&A Market Summary
U.S. Activity Trends
M&A Activity
Undisclosed
Number of Deals
18,000
12,000
6,000
0
Middle Market
12,420
13,340
11,488
2006
2007
2008
>$750M
Deal Value
12,749
13,397
14,634
2010
2011
2012
12,089
Deal Value
($ in billions)
12,479
$1,800
$1,200
$600
$0
8,792
9,934
10,087
2003
2004
2005
147
233
281
362
460
228
156
287
262
312
Middle Market
4,239
4,527
4,453
4,548
4,537
4,766
4,144
6,224
5,360
5,155
4,203
3,920
Undisclosed
4,406
5,174
5,353
7,510
8,343
6,494
5,075
6,238
7,775
9,167
7,574
8,182
Deal Value
$688
$992
$1,297
$1,647
$1,750
$1,075
$886
$1,048
$1,174
$1,104
$1,294
$1,829
9,375
2009
2013
LTM
Number of Deals
>$750M
312
377
Middle-Market M&A Activity
<$50M
Number of Deals
10,000
4,239
4,527
4,453
4,548
4,537
$50-250M
4,766
4,144
$250 -750M
6,224
5,360
Deal Value
5,155
4,203
Deal Value
($ in millions)
3,920
$600
$400
$200
0
$0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
LTM
Number of Deals
$250M-$750M
314
402
424
536
627
417
269
457
475
467
512
538
$50M-$250M
1,065
1,218
1,265
1,294
1,333
1,195
791
1,138
1,148
1,151
1,095
1,097
<$50M
2,860
2,907
2,764
2,718
2,577
3,154
3,084
4,629
3,737
3,537
2,596
2,285
Deal Value
$292
$351
$364
$421
$466
$355
$239
$370
$383
$380
$387
$391
Private-Equity Activity
Undisclosed
Number of Deals
5,000
1,200
1,646
1,812
2004
2005
Middle Market
>$750M
Deal Value
Deal Value
($ in billions)
$800
2,247
2,316
1,821
1,462
2007
2008
2009
1,976
2,035
2,091
2010
2011
2012
1,749
2,092
2013
LTM
0
$0
2003
2006
Number of Deals
>$750M
Middle Market
$400
33
61
84
106
149
64
34
94
88
95
88
113
626
906
859
998
826
788
742
869
698
660
507
550
Undisclosed
541
679
869
1,143
1,341
969
686
1,013
1,249
1336
1154
1429
Deal Value
$120.4
$224.6
$287.6
$523.7
$644.3
$243.7
$149.3
$272.3
$268.6
$264.5
$282.6
$371.7
Note: Year-to-date as of September 30, 2014
Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only
Food For Thought
19 Domestic M&A Market Summary
William Blair
U.S. Valuation Trends
Median EV/EBITDA Multiples
Middle Market
Overall Market
15.0x
12.0x
9.0x
6.0x
3.0x
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
LTM
Middle Market
7.5x
7.4x
8.7x
10.1x
10.0x
9.5x
7.9x
6.4x
9.3x
10.0x
9.1x
9.9x
10.2x
Overall Market
7.9x
8.0x
9.1x
10.3x
11.0x
11.2x
9.0x
7.4x
9.9x
10.8x
9.6x
10.0x
11.1x
Median EV/EBITDA Middle-Market Multiples
< $50M
16.0x
$50M-$250M
$250M-$750M
12.0x
8.0x
4.0x
0.0x
< $50M
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
LTM
4.1x
7.1x
6.4x
7.2x
10.2x
7.8x
4.9x
3.9x
8.8x
9.0x
6.8x
8.1x
7.8x
$50M-$250M
7.5x
6.9x
8.7x
11.3x
9.5x
10.4x
9.1x
7.1x
9.3x
10.0x
9.2x
11.3x
10.9x
$250M-$750M
9.7x
9.2x
9.1x
10.0x
11.0x
9.4x
8.3x
7.9x
9.7x
10.7x
10.2x
12.9x
11.5x
Average Acquisition Premiums
1-Week Premium
4-Week Premium
50%
40%
30%
20%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
LTM
1-Week Premium
36%
32%
28%
26%
26%
27%
36%
38%
34%
36%
36%
23%
29%
4-Week Premium
38%
40%
32%
31%
31%
29%
37%
41%
38%
39%
39%
30%
32%
Notes: Data limited to a range of 1 to 100 and LTM is as of September 30, 2014
Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only
Food For Thought
Domestic M&A Market Summary 20
William Blair
U.S. Equity Capital Markets Summary
Historical IPO Issuance
200
187
175
139
150
100
119
105
95
54
50
28
35
13
19
39
50
25
20
21
48
56
70
63
54
21
0
2009 2010 2011 2012 2013 2013 2014
YTD YTD
1Q 11 2Q 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Historical Follow-On Issuance
700
600
657
564
500
506
399
400
470
464
501
300
135
200
128
50
100
86
130
98
115
127
152
139
173
193
198
183
120
0
2009 2010 2011 2012 2013 2013 2014
YTD YTD
1Q 11 2Q 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Note: Excludes follow-on offerings for CLEFs, REITs, and SPACs
IPO Pricings by Sector – Last 4 Quarters:
243 Total Deals
14
Business Services
22
61
Follow-on Pricings by Sector – Last 4 Quarters:
694 Total Deals
26
133
Consumer
68
Financial
Industrial
94
Technology
Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis
Food For Thought
21 Domestic M&A Market Summary
Consumer
66
Financial
Healthcare
Healthcare
26
Business Services
48
205
174
Industrial
Technology
William Blair
Debt Capital Markets Summary
Average Equity Contribution
Less than $50 million EBITDA
More than $50 million EBITDA
60%
50%
41%
40%
36%
40%
37% 38%
31%
40%
32%
32%
35%
34%
30%
30%
46% 47% 45%
38%
40%
41%
32% 30%
29%
41%
37%
49%
46%
39%
37%
33%
20%
10%
0%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
Quarterly LBO Debt Multiples – Less Than $50 Million EBITDA
Total Debt/EBITDA
Senior Debt/EBITDA
7.0x
7.0x
6.0x
5.0x
4.0x
3.6x
3.8x
3.7x
4.2x
4.0x
4.0x
3.8x
3.7x
3.0x
3.0x
2.0x
2001
4.2x
4.9x
6.0x
4.8x
5.0x
4.4x
4.5x
4.8x
2003
3.3x
2004
4.4x
5.0x
5.1x
5.0x
4.0x
3.4x
3.8x
2.2x
2002
3.8x
5.1x
3.7x
3.1x
3.0x
3.2x
2.0x
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Quarterly LBO Debt Multiples – Greater Than $50 Million EBITDA
Total Debt/EBITDA
6.8x
7.0x
5.5x
6.6x
6.0x
5.0x
Senior Debt/EBITDA
4.1x
4.5x
4.8x
5.3x
5.7x
4.9x
4.8x
5.0x
4.4x
4.4x
3.0x
2.0x
2001
2.6x
4.3x
2.6x
2002
2003
2004
5.5x
4.9x
3.9x
3.5x
2.9x
6.0x
5.1x
4.0x
4.0x
3.1x
5.3x
5.0x
4.0x
4.0x
3.0x
3.1x
2.9x
2005
7.0x
2.0x
2006
2007
2008
2009
2010
2011
2012
2013
2014
Sources: Dealogic and Standard & Poor’s as of September 30, 2014
Food For Thought
Debt Capital Markets Summary 22
William Blair
William Blair Food & Beverage and Food Convenience & Retail Investment Banking
Jim Bertram is the global head of the firm’s consumer and retail investment banking group. Before joining William
Blair in 2006, he was the co-head of Banc of America Securities’ global consumer products investment banking
practice. In this role, he assisted domestic and international consumer products manufacturers and distributors in
executing mergers and acquisitions and raising debt and equity capital through both public and private market
transactions. Before joining Banc of America Securities, he was responsible for leading Deutsche Bank Alex.
Brown’s food-and-beverage investment banking activity. Before working at Deutsche Bank Alex. Brown, he was
vice president in the corporate finance department at George K. Baum & Company, an investment and merchant
banking firm where he advised clients in executing public equity offerings, mergers and acquisitions, and private
debt placements. Mr. Bertram began his career in investment banking at Salomon Brothers.
Mr. Bertram graduated with highest honors from the University of Illinois with a B.S. in finance.
[email protected]
+1 312 364 5426
Brent Smith is a managing director in the consumer and retail group. Since joining William Blair in 2000, Mr.
Smith has also been a member of the firm’s mergers-and-acquisitions practice and currently heads William Blair’s
consumer M&A effort. Over this period, he has worked on a range of public and private M&A, primarily in the
consumer and industrial sectors, totaling more than $18 billion in aggregate transaction value. Mr. Smith’s
financial advisory experience includes sell-side and buy-side transactions, corporate divestitures, take-private
transactions, strategic options studies, valuations, fairness opinions, and special committee situations. Mr. Smith is
a member of William Blair’s Fairness Opinion Committee. Before joining William Blair, Mr. Smith worked at both
Lehman Brothers and Heitman Financial.
Mr. Smith holds an M.B.A. with honors from the University of Chicago and a B.B.A. with high distinction from the
University of Michigan.
[email protected]
+1 312 364 5392
Adam Filkin joined William Blair in 2007 and is a managing director in the consumer and retail investment
banking group. Mr. Filkin has extensive transaction experience across numerous consumer verticals, including
food, consumer products, and personal care. He joined William Blair from Banc of America Securities, the
investment banking arm of Bank of America. Mr. Filkin spent three years at Banc of America, serving as an
associate in the consumer and retail practice. Before joining Banc of America, Mr. Filkin was a manager at A.T.
Kearney, focusing on growth strategies and operational improvement studies for consumer and retail companies.
He has more than 10 years of experience working with consumer and retail companies.
Mr. Filkin holds an M.B.A. with a concentration in finance from the University of Chicago and holds a B.S.E. in
chemical engineering from the University of Michigan.
[email protected]
+1 312 364 8077
Food For Thought
23 William Blair Food & Beverage and Food Convenience & Retail Investment Banking
William Blair
Food & Convenience Retail
Tim Carroll joined William Blair in 2002 and serves as a managing director in the consumer and retail investment
banking group. He joined William Blair from Andersen Corporate Finance LLC, the investment banking arm of
Andersen. Mr. Carroll spent four years at Andersen, serving as a national director and managing director/co-head
of the products and business services industry team. Before joining Andersen, he was a founder and principal of
Wyndam Capital, a broker-dealer serving middle-market companies, and a founder and principal of a $120 million
private-equity fund. Mr. Carroll has served on the board of directors for seven privately held businesses and has
more than 27 years of investment banking experience, 7 years of commercial banking experience, and 2 years of
commercial real estate experience.
Mr. Carroll graduated with a B.S. in business finance from Indiana University.
[email protected]
+1 312 364 8532
Michael Siska is a managing director in the consumer and retail investment banking group at William Blair. He
originally joined the firm in 2002 and then rejoined in 2006 after attaining his M.B.A. at the University of Chicago.
Before joining William Blair, Mr. Siska worked in private equity for Allstate Private Equity in Chicago and 3i Group
in London. He also spent five years in the products and business services industry group at Andersen Corporate
Finance LLC, the investment banking arm of Andersen. He focuses on specialty retail, food retail, restaurants, and
consumer services.
Mr. Siska earned an M.B.A. from the University of Chicago and a B.S., with honors, from the University of Illinois at
Urbana-Champaign.
[email protected]
+1 312 364 5393
Europe
Alex Matthes is a managing director at William Blair. Before he joined William Blair in 2013, Mr. Matthes worked
in Commerzbank’s M&A advisory team with a focus on consumer and retail. Before joining Dresdner Kleinwort in
2006 as vice president, he worked in the M&A department of Lazard as analyst and associate since 2000.
Mr. Matthes studied business administration at the universities of Frankfurt and Cologne and obtained a master’s
degree in business administration (Diplom Kaufmann) in 2000.
[email protected]
+49 69 509527 612
Beth Pickens is a managing director and head of European consumer banking. She joined William Blair in 2000
and has been located in William Blair’s London office since 2001. Ms. Pickens specializes in advising international
consumer growth companies across consumer products, personal care, and consumer services. She is also an angel
investor in early-stage consumer companies, including Bonobos.com and DefySupply.com.
Ms. Pickens holds a master’s degree in business administration from the University of Chicago Graduate School of
Business and a bachelor’s degree in finance from the University of Illinois at Urbana-Champaign. She also
completed studies at the Université de Paris IV-Sorbonne. A Chicago native, she lives in London with her husband
and children.
[email protected]
+44 20 7868 4479
Food For Thought
William Blair Food & Beverage and Food Convenience & Retail Investment Banking 24
William Blair
Recent William Blair Consumer & Retail Transactions
$105,000,000
Not Disclosed
Not Disclosed
Follow-on Offering
Growth Equity
Recapitalization
has been acquired by
Monomoy Capital
Partners
November 2014
October 2014
October 2014
Not Disclosed
$156,543,750
$85,000,000
$53,117,980
has a strategic
investment from
Standard Chartered
Private Equity
Follow-on Offering
Senior Credit Facility
Follow-on Offering
September 2014
September 2014
August 2014
August 2014
$123,214,290
$89,125,000
$373,749,990
$171,646,263
Initial Public Offering
Follow-on Offering
Follow-on Offering
Follow-on Offering
Snyder’s Lance
July 2014
July 2014
July 2014
June 2014
June 2014
CAD$170,000,000
Not Disclosed
$64,166,663
$100,624,980
$202,000,000
TreeHouse Foods, Inc.
Milner Milling, Inc.
May 2014
May 2014
May 2014
April 2014
$61,300,000
Not Disclosed
Not Disclosed
Not Disclosed
Not Disclosed
The Hain
Celestial Group
Greencore Group
ADKM, Inc.
(DBA Harry's)
has been recapitalized by
Bregal Partners
April 2014
March 2014
February 2014
January 2014
December 2013
$51,500,000
$290,950,000
$230,000,000
$59,400,000
$120,750,000
has divested Mervin
Manufacturing Inc. to
TZP Group
has divested certain
assets in Charlotte to
Altamont Capital
Partners
Publix Super Markets
November 2013
November 2013
November 2013
October 2013
October 2013
$45,755,000
$775,500,000
$147,857,145
$644,000,000
€122,000,000
Credit Tenant Lease
Follow-on Offering
Follow-on Offering
October 2013
September 2013
August 2013
July 2013
Food For Thought
25 Recent William Blair Consumer & Retail Transactions
a portfolio company of
Gilde Equity Management
Gilde Buy Out Partners
June 2013
William Blair
William Blair Consumer & Retail Coverage
Mark Miller, CFA
+1 312 364 8498
Broad Assortment and Hardlines,
E-commerce, Health, Beauty, and Convenience
Sharon Zackfia, CFA
+1 312 364 5386
Apparel and Accessories, Leisure, Restaurants
Company
Ticker
Company
Ticker
Amazon.com
Blue Nile
Cabela’s
Costco Wholesale Corporation
CVS Caremark Corporation
Dick’s Sporting Goods
Fresh Market (The)
GNC Holdings
JD.com
MercadoLibre
Sportsman’s Warehouse Holdings
Target Corporation
Tractor Supply Company
Vitamin Shoppe
Walgreen Co.
Wal-Mart Stores
Wayfair Inc.
Whole Foods Market
Zulily
AMZN
NILE
CAB
COST
CVS
DKS
FWM
TFM
GNC
JD
MELI
NGVC
SPWH
TGT
TSCO
VSI
WAG
WMT
W
WFM
ZU
BJ’s Restaurants
Bloomin’ Brands
CarMax
Carnival Corporation
Cheesecake Factory (The)
Chipotle Mexican Grill
Dunkin’ Brands Group
El Pollo Loco Holdings
Harley-Davidson
Life Time Fitness
Lululemon Athletica
Panera Bread
Papa Murphy’s Holdings
Potbelly
Royal Caribbean Cruises
Sonic Corp.
Starbucks Corporation
Tilly’s
Tumi Holdings
Under Armour
Urban Outfitters
Zoe’s Kitchen
Zumiez
BJRI
BLMN
KMX
CCL
CAKE
CMG
DNKN
LOCO
HOG
LTM
LULU
PNRA
FRSH
PBPB
RCL
SONC
SBUX
TLYS
TUMI
UA
URBN
ZOES
ZUMZ
Jon Andersen, CFA
+1 312 364 8697
Daniel Hofkin, Analyst
+1 312 364 8965
Consumer Products
Hardlines, Specialty Retail
AptarGroup
Boulder Brands
Church & Dwight
Colgate-Palmolive Company
Fox Factory Holding
Inventure Foods
J&J Snack Foods
J.M. Smucker Company (The)
Jarden Corporation
Kellogg Company
Keurig Green Mountain
Mead Johnson Nutrition Company
Perrigo Company
Prestige Brands Holdings
Procter & Gamble Company (The)
Scotts Miracle-Gro Company (The)
SodaStream International
Tempur Sealy International
TreeHouse Foods
ATR
BDBD
CHD
CL
FOXF
SNAK
JJSF
SJM
JAH
K
GMCR
MJN
PRGO
PBH
PG
SMG
SODA
TPX
THS
Amy Noblin, Analyst
+1 415 248 2874
Apparel and Accessories
Abercrombie & Fitch
Coach
DSW
Francesca’s Holdings
Michael Kors Holdings
ANF
COH
DSW
FRAN
KORS
Advance Auto Parts
AutoZone
Bed Bath & Beyond
Luxottica Group
Mattress Firm Holding Corp.
O’Reilly Automotive
PetSmart
Regis Corporation
Restoration Hardware Holdings
Ross Stores
Steiner Leisure
TJX Companies (The)
Ulta Salon, Cosmetics & Fragrance
Williams-Sonoma
AAP
AZO
BBBY
LUX
MFRM
ORLY
PETM
RGS
RH
ROST
STNR
TJX
ULTA
WSM
Nordstrom
Tiffany & Co.
Tumi Holdings
Vera Bradley
Vince Holding Corp
JWN
TIF
TUMI
VRA
VNCE
Food For Thought
William Blair Consumer & Retail Coverage 26
William Blair
Notes
Food For Thought
27 Notes
William Blair
Disclosures
William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities and
Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Services Authority
("FSA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions
situated within the United States and are not offered to persons or institutions outside of the United States.
This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at, professional clients and eligible counterparties (as defined in COBS
3.5 and 3.6 of the FSA Handbook). This advertisement is not intended to be investment advice.
William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com
November 20, 2014
Food For Thought
Disclosures 28
November 2014
Monthly Update
About William Blair
Investment Banking
Food For Thought_Current.indd 1-2
William Blair’s investment banking group combines signi�icant transaction experience,
rich industry knowledge, and deep relationships to deliver successful advisory and
�inancing solutions to our global base of corporate clients. We serve both publicly traded
and privately held companies, executing mergers and acquisitions, growth �inancing,
�inancial restructuring, and general advisory projects. This comprehensive suite of
services allows us to be a long-term partner to our clients as they grow and evolve. From
2010 - 2013, the investment banking group completed 250 merger-and-acquisition
transactions worth more than $52 billion in value, involving parties in 27 countries and
four continents, was an underwriter on over 20% of all U.S. initial public offerings and
arranged more than $11.5 billion of debt �inancing.
Food for Thought
Overview, Analysis, and Trends
in the Food and Food Retailing Industries
11/12/2014 2:31:09 PM

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