Consumer Monthly June 2016
Transcription
Consumer Monthly June 2016
Consumer Monthly June 2016 Consumer Headline Transactions Target Acquiror Acquisition Synopsis Gift & Home Décor • The Carlyle Group (NASDAQ: CG) and Centre Lane Partners, LLC partnered to form Luminex Home Décor & Fragrance Holding Corporation • Luminex combines two candle and home fragrance companies: Candle-lite Company (Centre Lane portfolio company) and PartyLite (Carlyle portfolio company) Food & Beverage • JAB Holdings, a Luxembourg based investment firm, agreed to acquire Krispy Kreme Doughnuts, Inc. (NYSE:KKD) for approximately $1.35 billion • Krispy Kreme is a retailer and wholesaler of doughnuts, coffee and other complementary beverages, and packaged sweets Apparel & • TM Capital assisted our MAI partner, Cavendish, in connection with the sale of Radley & Co. Accessories to Bregal Freshstream, a UK based private equity firm • Radley is a leading UK handbag and accessories brand Recreational • Sequential Brands Group, Inc. (NasdaqCM:SQBG), a marketer of consumer products, agreed to Products acquire GAIAM's (NASDAQ:GAIA) consumer product business for $146 million Branded Consumer • GAIAM's branded consumer product business is comprised of yoga, fitness and wellness products Product Business Personal Care • The Clorox Company (NYSE:CLX), a marketer of household products, acquired ReNew Life Formulas, Inc. from Swander Pace Capital for $290 million • Renew Life is a provider of probiotics and other digestive care supplements Home, Garden & • Energizer Holdings, Inc. (NYSE: ENR), a provider of batteries and lighting products, agreed to Pet acquire HandStands Holding Corporation from Trivest Partners for $340 million • HandStands is a marketer of automotive air freshener and appearance products Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA 4.0x 20.0x 15.0x 2.7x 2.3x 2.0x 1.2x 1.0x 2.0x 1.2x EV / LTM EBITDA EV / LTM Revenue 15.4x 3.0x 0.7x Gift & Home Décor 7.0x 5.0x Food & Beverage Apparel & Accessories Recreational Products Gift & Home Décor Personal Care Home, Garden & Pet LTM Revenue Growth Food & Beverage Apparel & Accessories Recreational Products 60.0% 8.0% LTM Gross Margin 2.3% 2.8% 2.0% 0.0% (2.0%) (2.7%) (4.0%) (6.0%) Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Products 46.9% Personal Care Home, Garden & Pet 40.0% 37.5% 38.2% 50.0% 36.5% 35.9% 30.0% 30.0% 17.0% 20.0% 10.0% 40.0% 9.7% 18.2% 13.6% 16.3% 20.0% 11.7% 10.0% 0.0% 0.0% Gift & Home Décor Food & Beverage Apparel & Accessories Recreational Personal Care Home, Garden Products & Pet Note: EBITDA Margins in green LTM EBITDA Margin 3.4% 4.5% 60.0% 55.2% 50.0% 5.3% 6.0% Personal Care Home, Garden & Pet LTM Gross & EBITDA Margins 10.0% LTM Revenue Growth 11.6x 9.9x 10.0x 0.0 0.0 4.0% 12.9x 12.4x LTM Stock Price Index 120% 112% Food & Beverage Share Price Index 110% 109% Home, Garden & Pet 100% 107% Personal Care 90% 99% S&P 500 80% 95% Recreational Products 70% 83% Gift & Home Décor 60% Jun-15 78% Apparel & Accessories Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Selected Consumer Transactions Gift & Home Décor Target Acquiror Transaction Description Baby Tula LLC The ERGO Baby Carrier, Inc. Food & Beverage Target Acquiror The ERGO Baby Carrier, a marketer of baby carriers and Friendly's Ice Cream, Dean Foods Company Dean Foods, a food and beverage company, acquired Transaction Description related products, acquired Baby Tula, a marketer of Manufacturing and (NYSE:DF) Friendly's Ice Cream's manufacturing and retail ice toddler carrier products, for approximately $74 million Retail Ice Cream cream business for $155 million Business Lighthouse Holdings Ltd. Portmeirion Group plc (AIM:PMP) Portmeirion Group, a UK based marketer of ceramic Justin's, LLC homeware products, acquired Lighthouse Holdings, a Hormel Foods Hormel, a marketer of various meat and food products, Corporation (NYSE:HRL) acquired Justin's, a marketer of Justin’s brand nut butter UK based provider of home fragrances, for $25.4 spreads, squeeze packs, peanut butter cups and snack million packs Apparel & Accessories Target Acquiror Transaction Description Travelpro Group MidOcean Partners Holdings Inc. MidOcean Partners, a private equity firm, acquired Recreational Products Target Acquiror K'NEX Brands, L.P. Cathay Capital Private Cathay Capital, a French private equity firm, acquired Equity K'NEX Brands, a marketer of children's toys Aquamira Technologies, Aquamira Technologies, a provider of water filtration, Inc. purification and storage solutions, acquired Hub City Travelpro, a leading provider of luggage, assorted bags Transaction Description and travel accessories Jade Swimwear The Riverside Company The Riverside Company, a private equity firm, acquired Hub City Outdoor, Inc. and added Jade Swimwear, a provider of swimwear and accessories, to its Elite Sportwear platform Outdoor, a manufacturer of hydration systems and hydration packs Personal Care Target Acquiror Transaction Description High Ridge Brands Co. Clayton, Dubilier & Rice, Clayton, Dubilier & Rice, a private equity firm, acquired Inc. High Ridge Brands, a provider of hair care and skin Home, Garden & Pet Target Acquiror The Piddle Place, LLC Radio Systems Radio Systems, a marketer of pet lifestyle products, Transaction Description Corporation acquired The Piddle Place, a marketer of pet toilet grass cleansing products, for $415 million Salu Beauty, Inc. The Hut Group Ltd. The Hut Group, a UK based online retailer of health and pads and accessories Nature's Variety Inc. Agrolimen SA beauty products, acquired Salu Beauty, an online Agrolimen, a Spain based provider of pet food, acquired Nature's Variety, a marketer of pet food retailer of skincare and beauty products Selected TM Capital Consumer Experience New York 641 Lexington Avenue 30th Floor New York, NY 10022 Tel: 212.809.1360 Boston 201 Washington Street 32nd Floor Boston, MA 02108 Tel: 617.259.2200 TM Capital’s Consumer Industry Contacts James S. Grien Craig M. Gibson Philip S. Krieger Managing Director [email protected] 404-995-6235 Managing Director [email protected] 617-259-2204 Principal [email protected] 404-995-6242 Atlanta 3575 Piedmont Rd NE Suite 1010 Atlanta, GA 30305 Tel: 404.995.6230 www.tmcapital.com
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