Food and Beverage Industry Update
September 2014
Member FINRA/SIPC
www.harriswilliams.com
Food and Beverage Industry Update
September 2014
What We’re Seeing
CONTENTS
Market Update
M&A activity in the food and beverage sector continued to carry momentum through the summer as
several headline deals were announced in late August. HW&Co. anticipates an active marketplace for the
remainder of the year as strategic and private equity buyers look to take advantage of current market
conditions and aggressively pursue well positioned food & beverage companies. Activity remains strong
in the natural/organic food industry, as General Mills acquired Annie’s. Further strategic activity included
Burger King and Tim Horton’s reaching an agreement to merge. HW&Co. continues to see new deal
activity, reinforcing the M&A market’s momentum. Equity markets are also ripe for food and beverage
investing, with Shake Shack’s upcoming IPO on pace to receive a $1 billion+ valuation.
INDUSTRY VITAL SIGNS
EQUITY MARKET OVERVIEW
M&A MARKET OVERVIEW
DEBT MARKET OVERVIEW
NOTABLE M&A ACTIVITY
PUBLIC COMPARABLES
EARNINGS CALENDAR
GROUP OVERVIEW
What We’ve Been Doing
Closed HW&Co. Transactions
has divested
selected assets to
a portfolio company of
a portfolio company of
a portfolio company of
a portfolio company of
has acquired
has been acquired by
and
has been acquired by
has been acquired by
has been acquired by
and
a portfolio company of
a portfolio company of
a portfolio company of
has been acquired by
has been acquired by
a portfolio company of
a portfolio company of
has been acquired by
has been acquired by
has been acquired by
has been acquired by
What We’re Reading
Harris Williams & Co. is a leading
advisor to the food and beverage
market. Our significant experience
covers a broad range of end
markets, industries, and business
models. This particular report
focuses on trends and metrics in the
following areas:
•
•
•
•
•
•
•
•
•
•
•
•
•
Agribusiness
Baked and Prepared Goods
Beverages
Branded and Private Label
Dairy
Distribution
Ingredients
Meat and Protein
Natural and Organic
Processing
Produce
Restaurant and Retail
Snacks
General Mills Adds Organic Foods With Purchase of Annie’s
CONTACTS
General Mills is acquiring Annie’s for approximately $820 million. Annie’s investors will receive $46 a
share in cash, 37% above its closing price on September 8th. Annie’s posted sales of $204 million in its
most recent fiscal year. That compares with about $330 million in revenue for General Mills’ organicproduct division, which also includes Muir Glen tomatoes and Larabar energy bars. Large packaged-food
companies are increasingly looking to natural and organic products to help spur growth.
Access to the full article here.
Glenn Gurtcheff | Managing Director
[email protected]
+1 (612) 359-2702
Burger King and Tim Hortons to Merge
Ryan Budlong | Director
[email protected]
+1 (612) 359-2722
On August 27th, Burger King and Tim Hortons announced their intention to merge, creating the 3rd largest
QSR chain as measured by system-wide sales. The companies expect the transaction to be highly
synergistic, as both chains are nearly 100% franchised. The merger will provide Burger King with more
exposure to the increasingly popular breakfast daypart and assist in fueling growth outside of the United
States. Amid heightened scrutiny of tax inversion deals, Burger King says the plan to have the new
company’s headquarters in Canada is strictly about growth and has nothing to do with potential tax
savings.
Access to the investor presentation here.
Shake Shack Targeting $1 Billion IPO
Leonard Green & Partners, the private equity group that owns Shake Shack via its Union Hospitality
Group holding, may seek a valuation for $1 billion or more for the upcoming offering. This valuation
would represent a multiple of about 50x 2014 EPS, similar to recent restaurant IPOs.
Access to the full article here.
Tim Alexander | Managing Director
[email protected]
+1 (612) 359-2716
Brant Cash | Vice President
[email protected]
+1 (612) 359-2709
Ryan Freeman | Vice President
[email protected]
+1 (612) 359-2703
Matt Whebbe | Vice President
[email protected]
+1 (612) 359-2727
www.harriswilliams.com
2 of 16
Food and Beverage Industry Vital Signs
250
Commodity Price Index
Commodity
Price Indices1
Wheat:
67.1%
200
Soybeans:
24.2%
150
Crude Oil:
33.9%
100
Corn:
15.4%
50
Aug-10
Feb-11
Aug-11
Corn
Aug-13
Wheat
Feb-14
Aug-14
Crude Oil
Beef:
120
32.4%
Pork:
110
20.8%
Poultry:
11.5%
100
Jan-11
Jul-11
Jan-12
Beef
Jul-12
Jan-13
Pork
Poultry
Jul-13
Jan-14
Jul-14
Sales Index
140
Restaurant:
24.1%
120
Grocery:
15.0%
100
80
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Restaurant
Jan-13
Jul-13
Jan-14
Jul-14
Grocery
5.5
Inflation (%)
Consumer Food
Price Index
Inflation2
Feb-13
130
90
Jul-10
Restaurant and
Grocery Store
Sales Indices4
Aug-12
Soybeans
140
Protein Price Index
Protein Price
Indices2,3
Feb-12
4.0
2.5
1.0
-0.5
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
3 of 16
Public Equity Market Overview
Stock Price % ChangeEV/EBITDA % Change
Industry and Segment
Consumer and Retail
Food and Beverage
Inputs
Key Trading
Statistics5
3 Month
Protein Processing
Fruit and Vegetable
Ingredients / Flavors
Agribusiness
Branded Processed Foods
Private Label Foods
Natural / Organic Foods
Baked Goods / Snack Foods
Dairy
Non-Alcoholic Beverages
Alcoholic Beverages
Food Retail
Grocery Distribution
Foodservice
Quick Service Restaurant
Casual Dining Restaurant
Fast Casual
Pizza
Beverage / Snack Retail
Family Restaurant
O verall Median
1 Year
3 Month
1 Year
Current Valuation Stats
Fwd PE
Net Debt /
LTM PE EV/EBITDA EBITDA
(2.2%)
12.2%
(1.1%)
3.8%
(3.5%)
1.1%
1.3%
2.1%
(4.1%)
5.2%
(1.1%)
(2.3%)
1.0%
(2.0%)
(1.7%)
(9.0%)
(5.2%)
(2.3%)
8.4%
2.9%
29.9%
8.0%
20.6%
22.6%
8.8%
1.7%
16.7%
22.9%
9.8%
18.2%
12.3%
(7.0%)
9.0%
(15.9%)
18.2%
4.7%
(5.8%)
21.4%
8.5%
5.2%
(2.4%)
6.2%
(3.7%)
(0.1%)
2.1%
(6.3%)
1.2%
(0.6%)
15.1%
6.1%
5.4%
0.7%
0.7%
3.8%
(1.5%)
(8.5%)
(2.9%)
(3.1%)
7.2%
6.8%
(1.4%)
16.8%
7.4%
33.6%
1.4%
(6.7%)
1.3%
18.1%
18.0%
14.0%
3.1%
2.0%
23.9%
20.3%
10.9%
2.7%
(8.5%)
6.2%
0.2%
20.1%
14.2x
21.3x
19.4x
14.6x
20.0x
20.2x
24.4x
18.8x
20.5x
20.0x
20.1x
19.8x
23.2x
20.1x
22.5x
19.3x
36.6x
22.8x
25.4x
19.9x
13.7x
26.5x
27.3x
16.5x
23.4x
26.3x
26.2x
25.5x
23.5x
21.6x
22.9x
19.1x
26.7x
27.8x
28.4x
22.7x
20.9x
26.4x
31.3x
19.2x
7.5x
13.6x
13.3x
11.9x
13.4x
14.0x
14.3x
12.2x
14.0x
14.0x
13.9x
6.9x
10.1x
11.0x
11.6x
11.1x
11.4x
14.4x
18.1x
9.8x
1.9x
3.0x
1.1x
1.1x
2.1x
3.1x
2.5x
2.8x
2.2x
1.6x
2.8x
2.4x
1.6x
3.3x
2.6x
2.4x
0.9x
2.8x
1.7x
2.1x
(0.7%)
12.3%
0.2%
7.2%
20.1x
24.1x
12.2x
2.0x
Protein Processing
Baked Goods / Snack Foods
Public
Company
Sector
Performance5
Agribusiness
Pizza
S&P
Ingredients / Flavors
(One year change
in stock price)
Quick Service Restaurant
Non-Alcoholic Beverages
Natural / Organic Foods
Alcoholic Beverages
Dairy
Grocery Distribution
Branded Processed Foods
Beverage / Snack Retail
Fruit and Vegetable
Family Restaurant
Casual Dining Restaurant
Private Label Foods
Fast Casual
Food Retail
Foodservice
-20.0%
-10.0%
0.0%
10.0%
Inputs
20.0%
Food and Beverage
30.0%
Consumer and Retail
40.0%
50.0%
60.0%
4 of 16
Public Equity Market Overview
Recent Equity
Offerings6
Ticker
SNAK
Transaction
Type
Follow-On
Gross
Proceeds
($mm)
$38.2
Youngevity International Inc
YGYI
Convertible
$4.4
07/30/14
Tyson Foods Inc
TSN
Convertible
$1,500.0
07/30/14
07/30/14
Tyson Foods Inc
TSN
Follow-On
$900.0
07/28/14
07/28/14
Avidus Management Group Inc
AVD
Follow-On
$0.7
07/18/14
07/18/14
United Natural Foods Inc
UNFI
Follow-On
$7.0
07/17/14
07/17/14
TreeHouse Foods Inc
THS
Follow-On
$373.8
06/20/14
06/20/14
RiceBran Technologies
RBIT
Follow-On
$7.5
06/12/14
06/12/14
Russell Breweries Inc
RB
Follow-On
$0.5
06/02/14
06/02/14
Captiva Verde Industries Ltd
VEG.H
Follow-On
$0.5
Future Acquisitions
Pay Fees & Expenses
Working Capital
Paymnt on Borrowings
Working Capital
Investment/Loan
Working Capital
05/30/14
05/30/14
MamaMancini's Holdings Inc
MMMB
Follow-On
$2.4
General Corp. Purp.
05/29/14
05/29/14
Thinspace Technologies Inc
THNS
Convertible
$0.3
General Corp. Purp.
05/21/14
05/21/14
Post Holdings Inc
POST
Convertible
$250.0
General Corp. Purp.
Acquisitions
Close
Date
Filing Date
Issuer
09/05/14
09/05/14
Inventure Foods Inc
08/04/14
08/04/14
07/30/14
Use of Funds
Other
General Corp. Purp.
Acquisition Fin.
Pay Fees & Expenses
Acquisition Fin.
Pay Fees & Expenses
Future Acquisitions
General Corp. Purp.
Secondary
130
Food and
Beverage
Industry Stock
Performance5
120
23.8%
19.8%
110
12.6%
8.2%
100
(4.3% )
(3.8% )
90
80
Sep-13
Nov-13
Jan-14
Apr-14
Jun-14
Restaurant
Protein Processing/Dairy
Natural/Organic
Beverage
Private Label Food Manufacturing
S&P 500
Sep-14
5 of 16
M&A Market Overview
Highlighted General Mills Acquires Annie’s
Food and
• General Mills will pay $46 cash per share for each Annie’s share, representing a
37% premium.
Beverage M&A
Transactions Enterprise Value: $821.4mm • Annie’s will be integrated into General Mills’ organic-product division, which did
$330 million in revenue in its most recent fiscal year.
Revenue Multiple: 3.9x
• The transaction is expected to be highly synergistic and should boost General
EBITDA Multiple: 38.6x
Announced: September 8, 2014 Mills’ profit within the first year.
Burger King and Tim Hortons to Merge
• Burger King will pay C$65.50 cash and .8025 shares for each Tim Hortons share,
representing a value of C$89.32 based on BKW’s closing as of August 22nd.
• Post close, 3G Capital will own 51% of the new company, with Burger King
shareholders owning 27% and Tim Hortons’ shareholders owning 22%.
Enterprise Value: $11.9bn
Revenue Multiple: 3.8x
EBITDA Multiple: 15.4x
Announced: August 27, 2014
• The offer price of C$89.32 per share is a 39% premium to Tim Hortons 30 day
volume-weighted average share price.
Coca-Cola Acquires Stake in Monster
• The Coca-Cola Company will acquire a 16.7% percent stake in Monster for $2.15
billion in cash.
• Coca-Cola can accumulate a maximum stake of 25% through open market
transactions under the agreement.
Enterprise Value: $12.9bn
Revenue Multiple: 5.5x
EBITDA Multiple: 18.8x
Announced: August 14, 2014
Median Food and Bev. Transaction Multiples
14x
12x
$120
1.50x
11.3x
10.5x
1.25x
9.9x
10x
9.2x
8.8x
8.3x
8x
1.00x
8.0x
0.75x
6x
0.50x
4x
0.25x
2x
0x
0.00x
2007
2008
2009
2010
2011
EV / LTM EBITDA
2012
2013
$101.8
$100
250
$80
200
100
$25.5
$24.0
$8.2
$20
$0
0
2007
2008
2009
9/8/2014
Annie's, Inc.
General Mills, Inc.
40
9/2/2014
Harry & David Holdings, Inc.
1-800-Flowers.com Inc.
35
9/2/2014
ADM Global Chocolate Business
Cargill, Incorporated
9/2/2014
Manzen, LLC
Big Red, Inc.
8/29/2014
SC Zaharul Liesti SA
8/26/2014
CCA Industries, Inc., Mega-T Brand Casla Partners
AGRANA Zucker GmbH
8/26/2014
Tim Hortons Inc.
Burger King Worldwide, Inc.
8/26/2014
The Cook & Baker, LLC
Portable Pantry LLC
8/25/2014
Rusty Taco, Inc.
Buffalo Wild Wings Inc.
2011
2012
2013
2014
# of deals
Private Equity Investments and Exits
45
Braintrust Investments, LLC
2010
Ag gregate Deal Valu e
0 JAB Holdings B.V.Buyer
Inko's LLC
50
$9.3
EV / LTM Sa les
9/2/2014
150
$40
50
Target
$55.7
$67.2
$60
Last 10 Deals Announced
Announced
1/0/1900
300
$110.2
2014
Number of Investments
Latest Deals
and Announced
Private Equity
Activity5
1.75x
Aggregate Transaction Value ($ inbillions)
13.5x
Number of Transactions
EV / LTM EBITDA Multiple
16x
Announced Food and Bev. Transactions
EV / LTM Sales Multiple
North American
Food and
Beverage M&A
Trends5
• The stock up was 20% after announcement, despite some equity research analysts
preferring a complete acquisition.
46
43
36
32
27 27
30
20
34
27
26
25
36
38
34
26
25
24
21
18
17
15
14
15
10
5
0
2005
2006
2007
2008
2009
Nu mb er o f Inv estments
2010
2011
2012
2013
Number of Exits
6 of 16
2014
Debt Market Overview
Quarterly Loan Volume
Average Spread on Food and Beverage Loans
$16
Loan Volume by Quarter
($ in billions)
L + 600
$14
Average Spread Over LIBOR
Food and
Beverage Loan
Activity7
$12
$10
$8
$6
$4
$2
L + 500
L + 400
L + 300
L + 200
L + 100
L+0
$0
2Q08
2Q09
2Q10
2Q11
2Q12
Institutional
2Q13
2007
2Q14
Credit Statistics
2011
2012
4.0x
2.0x
0.0x
Debt/
EBITDA
Recent Debt
Offerings8
Effective Date
2010
2011
2012
2013
Weighted-Average Institutional
L + 1000
2013
Average Spread Over LIBOR
EBITDA Multiple
2010
2009
Average Secondary Spreads
6.0x
2009
2008
Revolving Credit / Term Loan A
Pro Rata
Senior Debt/
EBITDA
EBITDA/ EBITDA - Capex/
Cash Interest Cash Interest
Borrower Name
Description
L + 800
L + 600
L + 400
L + 200
L+0
Tranche Amount
Type
Rating
Spread
09/01/14
Imperial Tobacco Group Plc
Cigarettes
USD 4,100,000,000
Term Loan
N/A / Baa3
N/A
09/01/14
Imperial Tobacco Group Plc
Cigarettes
EUR 1,000,000,000
Revolver/Line >= 1 Yr.
N/A / Baa3
N/A
09/01/14
Imperial Tobacco Group Plc
Cigarettes
USD 1,500,000,000
Term Loan
N/A / Baa3
N/A
09/01/14
Imperial Tobacco Group Plc
Cigarettes
EUR 2,835,000,000
Revolver/Line >= 1 Yr.
N/A / Baa3
N/A
09/01/14
Imperial Tobacco Group Plc
Cigarettes
GBP 500,000,000
Revolver/Line >= 1 Yr.
N/A / Baa3
N/A
09/01/14
Imperial Tobacco Group Plc
Cigarettes
USD 1,500,000,000
Term Loan
N/A / Baa3
N/A
08/29/14
Usina Santa Fé SA
Raw cane sugar
USD 52,500,000
Term Loan
N/A / NR
N/A
08/29/14
Vedan Enterprise Corp
Food preparations
TWD 3,500,000,000
Term Loan
N/A / NR
90
08/29/14
WhiteWave Foods
Fluid milk
USD 1,000,000,000
Revolver/Line >= 1 Yr.
N/A / NR
175
08/29/14
WhiteWave Foods
Fluid milk
USD 250,000,000
Term Loan A
N/A / NR
175
08/29/14
WhiteWave Foods
Fluid milk
USD 750,000,000
Term Loan A
N/A / NR
175
08/28/14
Fuller Smith & Turner Plc
Malt beverages
GBP 180,000,000
Undisclosed
N/A / NR
N/A
08/25/14
Formosa Oilseed Processing Co.
Edible fats and oils
TWD 400,000,000
Term Loan
N/A / NR
71
08/25/14
Formosa Oilseed Processing Co.
Edible fats and oils
TWD 400,000,000
Revolver/Line >= 1 Yr.
N/A / NR
76
08/25/14
Formosa Oilseed Processing Co.
Edible fats and oils
TWD 200,000,000
Revolver/Line >= 1 Yr.
N/A / NR
N/A
08/22/14
AAA Oils & Fats Pte Ltd
Edible fats and oils
USD 585,000,000
Revolver/Line >= 1 Yr.
N/A / NR
280
7 of 16
Recent North American Food
and Beverage M&A Activity
Median LTM Trading Multiples
Quarterly M&A Activity
100
13.2x
12.6x 12.6x 12.6x
12.4x
12.3x
12.2x
12.0x
11.9x 12.0x
11.8x
11.8x
12.0x
80
12.4x
10
12.1x
11.9x 11.8x12.0x
11.9x
11.6x
11.4x
11.2x
11.2x
10.9x
11.0x
6
90
12.7x12.8x
10.5x
10.0x
Number of Transactions
13.0x
Median Trading Multiple
Median LTM
Trading
Multiples and
Quarterly Food
and Beverage
M&A5
70
60
50
6
5
5
2
30
20
4
7
89 8
6
10
7
6
7
13 8
9
5
40
70
13
5
47
3
36
35
25
10
53 52
49
46 47
34 36
33
42
48
39
34
46 47
52
39
33
25
22
Announced
Jul-14
Aug-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Food Products, Processing, and Ingredient s
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
0
9.0x
Recent North
American Food
and Beverage
M&A5
4 7
7
7
Stra tegi c Acquirer
Priv ate Eq uity Acq uirer
Retail and Restaurants
Target
Seller
Buyer
Enterprise
Value ($mm)
Enterprise Value
Sales EBITDA EBIT
Private Equity
Involvement
9/8/2014
Annie's, Inc.
-
General Mills, Inc.
$821.4
3.95x
38.6x
41.9x
9/2/2014
Harry & David Holdings, Inc.
Wasserstein & Co., LP
1-800-Flowers.com Inc.
$101.8
0.27x
5.0x
8.4x
9/2/2014
ADM Global Chocolate Business
Archer-Daniels-Midland Company
Cargill, Incorporated
$440.0
-
-
-
9/2/2014
Inko's LLC
-
Braintrust Investments, LLC
-
-
-
-
9/2/2014
Manzen, LLC
Manchester Consolidated Corp.
Big Red, Inc.
-
-
-
-
8/29/2014
SC Zaharul Liesti SA
Lemarco SA
AGRANA Zucker GmbH
-
-
-
-
8/26/2014
CCA Industries, Inc., Mega-T Brand
CCA Industries Inc.
Casla Partners
$2.3
-
-
-
8/26/2014
Tim Hortons Inc.
-
Burger King Worldwide, Inc.
$13,351.0
4.35x
17.4x
21.5x
8/26/2014
The Cook & Baker, LLC
-
Portable Pantry LLC
-
-
-
-
8/25/2014
Rusty Taco, Inc.
-
Buffalo Wild Wings Inc.
-
-
-
-
8/21/2014
HDOS Enterprises
-
Global Franchise Group, LLC
-
-
-
-
8/20/2014
Nice N Easy Grocery Shoppes, Inc.
-
CST Brands, Inc.
-
-
-
-
8/20/2014
McCain Foods, N. American Frozen Pizza Business McCain Foods Limited
Dr. Oetker GmbH
-
-
-
-
8/19/2014
Lodi Olive Oil Company, LLC
-
Coldani Olive Ranch LLC
-
-
-
-
8/18/2014
Drake Enterprises Incorporated, Certain Assets
Drake Enterprises Incorporated
Papa Murphy's Company Stores, Inc.
$3.4
-
-
-
8/18/2014
Cookie Commissary LLC
-
The Riverside Company
-
-
-
-
P
8/18/2014
The Marshall Retail Group, LLC
ICV Partners
Brentwood Associates, Inc.
-
-
-
-
P
8/14/2014
Coca-Cola Company, Worldwide Energy Business
The Coca-Cola Company
Monster Beverage Corporation
$12,900.0
5.50x
18.8x
-
8/13/2014
Casa Noble Tequila
Casa Noble Holdings LLC
Constellation Brands Inc.
-
-
-
-
8/11/2014
Chiquita Brands International Inc.
BlackRock, Inc.
Sucocitrico Cutrale Ltda
$1,193.1
0.39x
13.6x
51.6x
8/11/2014
Continental Seasoning, Inc.
-
Newly Weds Foods, Inc.
-
-
-
-
8/8/2014
John Conti Coffee Co. Inc.
-
Canteen Service Co. of Kentuckiana, Inc.
8/7/2014
American Blanching Co., Inc.
Ironwood Capital
Nuts Distributor of America Inc.
8/1/2014
Mighty Leaf Tea Company
VMG Partners
8/1/2014
Faribault Foods, Inc.
7/28/2014
7/24/2014
P
P
P
-
-
-
-
$128.0
-
-
-
P
Peet's Coffee & Tea
-
-
-
-
P
-
Arizona Canning Company, LLC
-
-
-
-
M&M Meat Shops Ltd.
-
Searchlight Capital Partners
-
-
-
-
Market Basket
-
Arthur DeMoulas
-
-
-
-
7/22/2014
Davisco Foods Intl.
Davisco Foods Intl.
Agropur Cooperative
-
-
-
-
7/21/2014
Helen Grace Chocolates, Inc.
-
BBX Sweet Holdings
-
-
-
-
7/17/2014
Hain Pure Protein Corporation
Pegasus Capital Advisors
The Hain Celestial Group, Inc.
-
-
-
-
7/15/2014
Gamila Products, LLC
-
Seventh Generation, Inc.
-
-
-
-
7/14/2014
Russell Stover Candies, Inc.
-
Chocoladefabriken Lindt & Spruengli
-
-
-
-
7/14/2014
Bistro AIX, LLC
-
Ovinte Partners
-
-
-
-
7/11/2014
Crumbs Bake Shop, Inc.
Crumbs Bake Shop, Inc.
Fischer Enterprises, Marcus Lemonis
-
-
-
-
7/11/2014
Slim-Fast Brand
Unilever
Kainos Capital
-
-
-
-
7/10/2014
Avión Spirits LLC
Avión Tequila LLC
Pernod Ricard USA, LLC
-
-
-
-
7/8/2014
Café Dépôt, Sushiman Inc., Muffin Plus, Fabrika
-
MTY Tiki Ming Enterprises, Inc.
$13.9
-
-
-
7/8/2014
Maurice Cooper et Cie., LLC
Maurice Cooper et Cie., LLC
Heaven Hill Distilleries, Inc.
-
-
-
-
7/7/2014
Wild Flavors GmbH
Kholberg Kravis Roberts & Co.
Archer Daniels Midland
$2,276.4
2.30x
-
-
P
7/7/2014
Truco Enterprises, LP
Arbor Private Investment Company
Insignia Capital Group, LLC
-
-
-
-
P
8 of 16
P
P
P
Recent North American Food
and Beverage M&A Activity
Recent North
American Food
and Beverage
M&A5
(continued)
Buyer
Seller
Target
Announced
Enterprise
Value ($mm)
Private Equity
Involvement
Enterprise Value
Sales EBITDA EBIT
7/3/2014
Apple & Eve, LLC
ClearLight Partners LLC; Ares Capital
Lassonde Industries Inc.
$147.9
-
9.7x
-
7/3/2014
Romeo's NY Pizza
-
Cardiff International Inc.
$1.0
-
-
-
7/3/2014
Ker, Inc.
-
Third Lake Capital
-
-
-
-
7/3/2014
Allan Candy Company Ltd, Ju Ju Candies
The Allan Candy Company Limited
Weaver Nut Company, Inc.
-
-
-
-
7/3/2014
SoCal Eats LLC
-
-
$1.8
-
-
-
7/2/2014
Juicy Juice Business
Nestle USA, Inc.
Brynwood Partners
-
-
-
-
6/30/2014
Sequoia Spring Water, Inc.
-
DS Services of America, Inc.
-
-
-
-
6/30/2014
Havana Manor LLC
-
Smoker Friendly International LLC
6/27/2014
Flagstone Foods
Gryphon Investors; Prospect Capital
Bay Valley Foods, LLC
6/25/2014
McAlister's Deli Located in Renaissance Center
CAERUS Group
6/25/2014
Uncorked LLC
-
6/25/2014
Sierra Soups, Inc. and Meadow Lakes Dressings Inc. -
6/23/2014
Great Sandhills Terminal Ltd.
-
Canadian Wheat Board
6/23/2014
Mr. B's Pub, Inc.
-
6/23/2014
Furr's Restaurant Group, Inc. and Dynamic Foods
Buffet Partners, L.P.
6/20/2014
Anodyne Coffeehouse
6/20/2014
-
-
-
-
$1,322.9
1.83x
24.3x
33.7x
Southern Deli Holdings LLC
-
-
-
-
-
-
-
-
-
Sierra Foods Co. Inc.
-
-
-
-
$23.9
0.46x
-
-
-
-
-
Food Management Partners, Inc.
-
-
-
-
-
Bull Run Coffee Bar
-
-
-
-
S.B. Restaurant Co. Inc.
Ares Capital; KarpReilly LLC; Fidus
Cerberus Business Finance, LLC
-
-
-
-
6/19/2014
Great Harvest Franchising, Inc.
-
-
-
-
-
-
6/17/2014
Première Moisson Inc.
-
Metro Inc.
6/16/2014
Central Garden & Pet Company, Pet Segment
Central Garden & Pet Company
Harbinger Group Inc.
6/16/2014
ProBlend Ingredients, Inc.
-
6/16/2014
BB's Bagels & Bread LLC
6/16/2014
P
P
P
P
40.3x 138.1x
-
-
-
-
$750.0
0.85x
-
-
Eurogerm USA, Inc.
-
-
-
-
-
Zi Pani
-
-
-
-
Spot Coffee Orchard Park, LLC
SPoT Coffee Buffalo Inc.
-
-
-
-
-
6/16/2014
Corr Brands, Inc.
-
ID Global Corporation
-
-
-
-
6/13/2014
Diversified Food And Seasoning, Inc.
Diversified Food And Seasoning, Inc.
Popeyes Louisiana Kitchen, Inc.
$43.0
-
-
-
6/13/2014
Michael Angelo's
-
-
-
-
-
-
6/11/2014
Carlisle Corporation, 56 Wendy's Restaurants
Carlisle Corporation
NPC Quality Burgers, Inc.
$58.2
0.76x
-
-
6/11/2014
The H.Wood Group
-
Hakkasan Ltd.
-
-
-
-
6/10/2014
Supreme Cattle Feeders L.L.C.
Agri Beef Co.
Green Plains Inc.
-
-
-
-
6/9/2014
Edgewood Bakery, Inc.
-
-
$1.0
-
-
-
6/9/2014
Central Garden & Pet Company
Spectrum Asset Management, Inc.
Harbinger Group Inc.
$1,020.0
0.62x
11.2x
19.8x
6/6/2014
Fruitbud Juice LLC
-
Country Pure Foods, Inc.
-
-
-
-
6/5/2014
Ovale SEC
-
Nutri-Oeuf Inc.
-
-
-
-
6/5/2014
Carneros Interests
Michael Mondavi Family Estate
Kieu Hoang Winery, LLC
-
-
-
-
6/4/2014
S.S. of Kansas, Inc.
-
Kelly Capital Investments, L.L.C.
-
-
-
-
6/3/2014
Pronto Restaurant
Rutabagas Inc.
-
-
-
-
-
6/3/2014
Premier Food Services, Inc.
-
SMG
-
-
-
-
6/2/2014
LM Foods, LLC
-
Salt Creek Capital II, LLC
-
-
-
-
6/1/2014
Yankie Creek Coffee House
-
-
-
-
-
-
5/31/2014
U-Swirl, Inc., Three Company Owned Cafes
U-Swirl, Inc.
-
5/29/2014
The Hillshire Brands Company
Soros Fund Management LLC
Tyson Foods, Inc.
5/29/2014
FoodCrafters Group Inc.
-
5/28/2014
Pavilion 117
BMOC
5/28/2014
Saint Cupcake LLC
-
5/27/2014
Flynn Restaurant Group LLC
Teachers' Private Capital
Goldman Sachs, Merchant Banking Division
5/27/2014
The Hillshire Brands Company
Soros Fund Management LLC
Pilgrim's Pride Corporation
5/27/2014
Track Enterprises, Inc.
-
5/27/2014
Canopy Management Wine Company
-
5/24/2014
Scottsboro Coca-Cola Bottling Company
Coca-Cola Enterprises Inc.
5/23/2014
-
-
-
-
$8,543.1
2.14x
15.8x
22.8x
A.C. Simmonds and Sons Inc.
-
-
-
-
Baristas Coffee Company Inc.
-
-
-
-
-
-
-
-
-
-
-
-
-
$7,298.7
1.83x
13.5x
19.5x
Ferris Coffee and Nut Company Inc.
-
-
-
-
Vintage Wine Estates, Inc.
-
-
-
-
Coca-Cola Bottling Company UNITED
-
-
-
-
Contessa Premium Foods, Inc.
$21.0
Inc.; Rosetta Capital Corporation
Co.
Partners,
Red Chamber
Main Street Capital Holdings, LLC; Sun Capital
-
-
-
5/23/2014
Moark, LLC
Land O Lakes Inc.
Southern California Egg Cooperative, Inc.
-
-
-
-
5/23/2014
Prime Select Seafoods, Inc.
-
Northern Fish Products, Inc.
5/22/2014
SoCal Eats LLC
-
Paraiso Culinary Ventures LLC
5/22/2014
Conopco Inc., North America Pasta Sauces Business Conopco, Inc.
5/21/2014
Wintercreek LLC
-
5/20/2014
Vegetable Juices Inc
5/20/2014
P
P
P
P
P
-
-
-
-
$2.6
-
-
-
$2,150.0
3.58x
-
-
DS Services of America, Inc.
-
-
-
-
-
Naturex Société Anonyme
-
-
-
-
TGI Friday's Inc.
Carlson Companies, Inc.
Sentinel Capital Partners; Tri-Artisan
-
-
-
-
P
5/20/2014
Next Generation Vending, LLC
H.I.G. Capital, LLC
Aramark
-
-
-
-
P
5/16/2014
507 Restaurant Properties of Red Lobster
Golden Gate Capital
American Realty Capital Properties, Inc.
$1,500.0
-
-
-
P
5/15/2014
Red Lobster Seafood Co.
Darden Restaurants, Inc.
Golden Gate Capital
$2,113.0
0.85x
9.2x
-
5/14/2014
Jeff's Gourmet Pies, Inc.
-
David's Cookies, Inc.
-
-
-
-
Mizkan Holdings Co., Ltd.
9 of 16
Trading Statistics Detail5
Member FINRA/SIPC
($ in millions, except per share data)
Food and Beverage
Branded Processed Foods
Associated British Foods plc
Campbell Soup Company
ConAgra Foods, Inc.
General Mills, Inc.
Hormel Foods Corporation
Kellogg Company
McCormick & Company, Incorporated
Mondelez International, Inc.
Nestlé S.A.
The Hain Celestial Group, Inc.
The Hershey Company
The J. M. Smucker Company
The WhiteWave Foods Company
Private Label Foods
Flowers Foods, Inc.
Snyder's-Lance, Inc.
Treehouse Foods, Inc.
Natural / Organic Foods
Amira Nature Foods Ltd.
Annie's, Inc.
SunOpta Inc.
The Hain Celestial Group, Inc.
United Natural Foods, Inc.
Whole Foods Market, Inc.
Baked Goods / Snack Foods
ARYZTA AG
Diamond Foods, Inc.
Flowers Foods, Inc.
George Weston Limited
Golden Enterprises Inc.
Grupo Bimbo, S.A.B. de C.V.
Inventure Foods, Inc.
J&J Snack Foods Corp.
John B Sanfilippo & Son Inc.
Lancaster Colony Corporation
Penford Corporation
Ticker
ABF
CPB
CAG
GIS
HRL
K
MKC
MDLZ
NESN
HAIN
HSY
SJM
WWAV
FLO
LNCE
THS
ANFI
BNNY
TSX:SOY
HAIN
UNFI
WFM
SWX:ARYN
DMND
FLO
WN
GLDC
BIMBO A
SNAK
JJSF
JBSS
LANC
PENX
Price at
As a % of
Market
9/8/14
52-wk High
Cap
$44.51
43.39
32.67
53.51
50.85
64.44
69.13
35.32
76.89
97.79
91.94
101.97
35.72
$19.16
27.86
81.56
$18.95
33.51
12.79
97.79
64.40
38.81
$87.99
27.43
19.16
79.13
4.55
3.13
11.16
96.14
31.82
87.49
14.12
85.1%
93.0%
95.3%
96.2%
100.0%
92.7%
94.3%
89.3%
97.6%
98.9%
84.6%
90.3%
100.0%
74.6%
91.3%
98.0%
75.8%
64.0%
91.7%
98.9%
80.9%
59.2%
90.8%
77.1%
74.6%
97.6%
92.9%
92.7%
77.0%
96.1%
100.0%
87.7%
93.0%
$35,152
13,621
13,868
32,775
13,397
23,206
8,978
59,546
245,312
4,924
20,395
10,382
6,221
$4,015
1,957
3,431
$681
573
856
4,924
3,198
14,020
$7,754
861
4,015
10,136
53
14,724
218
1,793
352
2,392
179
Debt
$1,907
3,912
8,994
8,786
250
7,527
1,325
18,576
26,355
868
1,993
2,351
1,365
826
705
1,021
$185
0
174
868
302
62
$2,153
654
826
13,207
8
4,693
79
1
82
0
85
Cash &
Enterprise
Equiv.
Value (EV)
$521
239
192
867
531
290
91
2,290
4,244
124
660
149
66
9
18
26
$38
2
7
124
17
796
$795
7
9
2,162
1
467
1
68
2
212
0
$36,538
17,294
22,669
40,694
13,116
30,443
10,212
75,832
267,422
5,668
21,728
12,584
7,519
$4,832
2,643
4,425
$828
571
1,024
5,668
3,483
13,286
$9,112
1,508
4,832
21,181
60
18,949
296
1,725
432
2,180
264
Last Twelve Months (LTM)
Revenue
$22,096
8,139
17,703
17,910
9,096
14,644
4,213
35,037
101,648
2,154
7,260
5,584
2,986
$3,759
1,797
2,474
$576
208
1,260
2,154
6,672
13,914
$6,126
846
3,759
33,595
136
13,799
253
904
779
1,041
452
EBITDA
Revenue Growth
1 Year
3 Years
LTM Margins
Gross
EBITDA
P/E
Multiple
EV / LTM
Revenue
EV / 2014E
EBITDA
Revenue
EBITDA
$2,679
1,407
2,403
3,481
1,031
3,805
718
5,651
18,950
289
1,579
1,184
332
14.8%
9.8%
14.8%
0.8%
5.8%
(1.4%)
3.8%
(0.3%)
4.3%
24.2%
6.2%
(5.0%)
24.0%
8.7%
2.2%
12.6%
6.4%
5.0%
4.3%
7.0%
(12.4%)
2.6%
24.8%
7.0%
4.0%
24.8%
24.4%
35.7%
21.0%
35.6%
16.8%
43.7%
40.7%
36.9%
47.8%
26.5%
45.5%
36.3%
34.3%
12.1%
17.3%
13.6%
19.4%
11.3%
26.0%
17.0%
16.1%
18.6%
13.4%
21.8%
21.2%
11.1%
36.6x
19.6x
45.5x
18.7x
23.0x
12.8x
23.1x
32.1x
23.8x
34.6x
24.8x
19.1x
NM
1.65x
2.12x
1.28x
2.27x
1.44x
2.08x
2.42x
2.16x
2.63x
2.63x
2.99x
2.25x
2.52x
13.6x
12.3x
9.4x
11.7x
12.7x
8.0x
14.2x
13.4x
14.1x
19.6x
13.8x
10.6x
22.6x
1.62x
2.05x
1.39x
2.19x
1.36x
2.03x
2.36x
2.13x
2.57x
2.05x
2.82x
2.16x
2.13x
13.4x
10.4x
10.3x
11.2x
11.2x
11.0x
13.5x
12.7x
13.4x
15.2x
12.4x
9.9x
16.7x
Mean
Median
7.8%
5.8%
7.5%
6.4%
34.2%
35.7%
16.9%
17.0%
26.1x
23.4x
2.19x
2.25x
13.6x
13.4x
2.07x
2.13x
12.4x
12.4x
$419
187
317
7.5%
14.9%
12.6%
12.9%
10.7%
8.1%
47.6%
33.9%
21.5%
11.2%
10.4%
12.8%
23.9x
26.3x
37.6x
1.29x
1.47x
1.79x
11.5x
14.1x
14.0x
1.22x
1.61x
1.27x
10.1x
13.7x
9.9x
Mean
Median
11.7%
12.6%
10.5%
10.7%
34.3%
33.9%
11.5%
11.2%
29.3x
26.3x
1.52x
1.47x
13.2x
14.0x
1.37x
1.27x
11.2x
10.1x
$82
21
67
289
262
1,301
29.8%
19.2%
10.2%
24.2%
15.7%
8.3%
88.8%
20.8%
9.2%
24.8%
15.2%
12.2%
24.2%
34.6%
11.2%
26.5%
16.8%
35.6%
14.3%
10.2%
5.3%
13.4%
3.9%
9.4%
14.7x
45.4x
NM
34.6x
26.2x
25.2x
1.44x
2.75x
0.81x
2.63x
0.52x
0.95x
10.0x
26.8x
15.3x
19.6x
13.3x
10.2x
1.24x
2.28x
0.76x
2.05x
0.47x
0.86x
9.0x
16.8x
10.8x
15.2x
11.8x
9.5x
Mean
Median
17.9%
17.5%
28.5%
18.0%
24.8%
25.4%
9.4%
9.8%
29.2x
26.2x
1.52x
1.20x
15.9x
14.3x
1.28x
1.05x
12.2x
11.3x
3.3%
(4.8%)
7.5%
3.0%
(1.1%)
3.5%
31.4%
3.7%
6.0%
2.7%
(1.7%)
8.4%
(2.4%)
12.9%
0.5%
1.2%
10.6%
19.5%
7.6%
4.9%
(1.5%)
15.3%
27.2%
25.1%
47.6%
23.6%
48.7%
53.0%
18.2%
31.1%
15.8%
23.9%
10.0%
12.8%
9.9%
11.2%
5.2%
4.9%
10.8%
9.0%
15.7%
7.6%
16.7%
4.6%
NM
NM
23.9x
NM
NM
39.5x
30.0x
25.5x
13.3x
23.8x
44.5x
1.49x
1.78x
1.29x
0.63x
0.44x
1.37x
1.17x
1.91x
0.55x
2.09x
0.58x
11.7x
18.0x
11.5x
12.1x
9.1x
12.7x
13.0x
12.2x
7.3x
12.5x
12.6x
1.36x
1.69x
1.22x
0.51x
NA
1.24x
0.98x
1.82x
NA
2.04x
0.55x
10.1x
13.2x
10.1x
5.8x
NA
11.6x
10.1x
11.3x
NA
12.2x
8.1x
4.9%
3.3%
7.0%
7.6%
29.5%
25.1%
9.9%
9.9%
28.6x
25.5x
1.21x
1.29x
12.1x
12.2x
1.27x
1.24x
10.3x
10.1x
$782
84
419
1,757
7
1,491
23
142
59
174
21
Mean
Median
10 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
($ in millions, except per share data)
Dairy
Danone
Dean Foods Company
Glanbia plc
Lifeway Foods Inc.
Saputo Inc.
Non-Alcoholic Beverages
A.G.Barr p.l.c.
Cott Corporation
Dr Pepper Snapple Group, Inc.
Keurig Green Mountain, Inc.
Lassonde Industries Inc.
Monster Beverage Corporation
National Beverage Corp.
Pepsico, Inc.
Starbucks Corporation
The Coca-Cola Company
Alcoholic Beverages
Anheuser-Busch InBev SA/NV
Brown-Forman Corporation
Constellation Brands Inc.
Diageo plc
Heineken NV
Kirin Holdings Company, Limited
Pernod-Ricard SA
SABMiller plc
Sapporo Holdings Ltd.
Inputs
Protein Processing
Cal-Maine Foods, Inc.
JBS S.A.
Sanderson Farms, Inc.
Seaboard Corp.
Tyson Foods, Inc.
Ticker
BN
DF
GL9
LWAY
TSX:SAP
LSE:BAG
BCB
DPS
GMCR
LAS.A
MNST
FIZZ
PEP
SBUX
KO
ENXTBR:ABI
BF.B
STZ
DGE
ENXTAM:HEIA
TSE:2503
RI
LSE:SAB
TSE:2501
CALM
BOVESPA:JBSS3
SAFM
SEB
TSN
Price at
As a % of
Market
9/8/14
52-wk High
Cap
Debt
$42,504
1,474
4,398
230
11,840
$16,239
986
762
9
1,931
$70.88
15.72
14.89
14.09
60.46
$10.22
7.54
62.31
129.34
115.09
89.91
18.44
91.86
77.67
41.78
$111.77
90.67
86.41
29.38
76.62
13.26
117.04
55.31
4.15
$81.04
4.10
91.26
2,860.50
38.32
92.7%
79.1%
94.2%
81.9%
95.1%
91.7%
86.9%
100.0%
94.5%
96.4%
94.7%
82.8%
98.2%
94.1%
98.1%
99.0%
93.3%
91.2%
85.0%
100.0%
86.5%
93.5%
96.4%
91.2%
98.9%
94.3%
87.8%
91.7%
86.6%
$1,180
706
12,158
21,008
804
15,032
854
138,414
58,346
183,244
$179,601
19,246
16,641
73,796
44,054
12,115
30,810
88,783
1,617
$1,960
11,874
2,105
3,350
14,392
$25
656
2,622
278
253
0
30
32,848
2,048
40,247
$55,511
1,011
7,209
16,258
15,585
7,630
12,773
17,077
2,513
$61
15,879
20
131
1,825
Cash &
Enterprise
Equiv.
Value (EV)
$4,208
60
121
6
45
$21
91
150
1,204
16
827
30
11,299
1,196
21,612
$8,845
460
382
1,064
1,147
421
899
2,131
105
$209
4,670
139
447
589
$54,535
2,401
5,040
234
13,726
$1,184
1,271
14,630
20,082
1,041
14,205
855
159,963
59,198
201,879
$226,267
19,797
23,467
88,990
58,492
19,324
42,683
103,729
4,025
$1,812
23,083
1,986
3,033
15,628
Last Twelve Months (LTM)
Revenue
$28,348
9,231
3,317
109
9,076
$419
2,051
6,035
4,559
991
2,355
641
66,544
16,081
46,220
$46,245
3,010
5,720
17,546
24,785
21,109
10,877
16,704
4,942
$1,441
48,452
2,741
6,578
36,369
EBITDA
Revenue Growth
1 Year
3 Years
LTM Margins
Gross
EBITDA
P/E
Multiple
EV / LTM
Revenue
EV / 2014E
EBITDA
Revenue
EBITDA
$4,304
247
288
7
982
1.7%
0.2%
8.6%
22.4%
23.1%
2.0%
(9.7%)
0.3%
18.8%
12.1%
47.2%
18.4%
29.0%
25.7%
10.8%
15.2%
2.7%
8.7%
6.3%
10.8%
29.9x
4.2x
22.8x
NM
24.2x
1.92x
0.26x
1.52x
2.15x
1.51x
12.7x
9.7x
17.5x
33.9x
14.0x
1.88x
0.26x
1.47x
1.84x
1.45x
11.5x
9.3x
15.5x
17.0x
12.8x
Mean
Median
11.2%
8.6%
4.7%
2.0%
26.2%
25.7%
8.7%
8.7%
20.3x
23.5x
1.47x
1.52x
17.5x
14.0x
1.38x
1.47x
13.2x
12.8x
$75
183
1,447
1,144
111
687
76
12,657
3,340
13,092
11.7%
(5.5%)
0.5%
7.1%
1.2%
10.6%
(3.2%)
0.8%
11.3%
(2.9%)
6.0%
(2.2%)
1.4%
25.4%
19.6%
15.7%
2.2%
2.1%
11.8%
3.1%
45.7%
11.9%
59.4%
38.2%
27.5%
53.1%
33.9%
53.4%
57.9%
61.0%
17.8%
8.9%
24.0%
25.1%
11.2%
29.2%
11.9%
19.0%
20.8%
28.3%
26.4x
NM
16.8x
36.8x
19.0x
37.3x
20.4x
20.9x
NM
22.3x
2.82x
0.62x
2.42x
4.40x
1.05x
6.03x
1.33x
2.40x
3.68x
4.37x
15.8x
6.9x
10.1x
17.6x
9.4x
20.7x
11.2x
12.6x
17.7x
15.4x
2.66x
0.60x
2.40x
3.98x
NA
5.39x
1.32x
2.34x
3.32x
4.24x
14.3x
6.6x
10.3x
16.6x
NA
18.0x
NA
12.0x
14.1x
14.9x
Mean
Median
3.2%
1.0%
8.5%
4.5%
44.2%
49.4%
19.6%
19.9%
25.0x
21.6x
2.91x
2.62x
13.8x
14.0x
2.92x
2.66x
13.4x
14.2x
$17,790
1,028
1,630
5,824
5,192
2,665
3,068
5,445
422
14.7%
4.9%
101.8%
2.1%
0.6%
8.8%
(2.4%)
(3.9%)
(2.0%)
7.0%
4.3%
21.6%
4.3%
4.1%
6.6%
0.5%
3.3%
8.4%
60.2%
69.6%
42.4%
60.9%
38.6%
43.0%
62.7%
69.6%
35.3%
38.5%
34.2%
28.5%
33.2%
20.9%
12.6%
28.2%
32.6%
8.5%
21.3x
29.8x
8.0x
19.0x
24.4x
32.3x
20.0x
26.5x
NM
4.89x
6.58x
4.10x
5.07x
2.36x
0.92x
3.92x
6.21x
0.81x
12.7x
19.3x
14.4x
15.3x
11.3x
7.3x
13.9x
19.1x
9.5x
4.54x
4.61x
3.85x
4.89x
2.24x
0.89x
3.93x
5.91x
0.79x
11.2x
17.4x
13.0x
14.6x
9.7x
6.8x
13.7x
15.7x
9.6x
Mean
Median
13.8%
2.1%
6.7%
4.3%
53.6%
60.2%
26.4%
28.5%
22.7x
22.9x
3.87x
4.10x
13.6x
13.9x
3.52x
3.93x
12.4x
13.0x
$188
3,478
374
380
2,097
11.9%
29.9%
5.3%
1.6%
7.6%
15.2%
9.5%
12.1%
8.3%
5.1%
21.0%
13.6%
16.1%
8.4%
7.4%
13.0%
7.2%
13.6%
5.8%
5.8%
17.4x
41.2x
10.2x
13.7x
13.5x
1.26x
0.48x
0.72x
0.46x
0.43x
9.7x
6.6x
5.3x
8.0x
7.5x
1.21x
0.45x
0.72x
0.45x
0.39x
8.3x
6.5x
4.4x
NA
5.2x
Mean
Median
11.2%
7.6%
10.0%
9.5%
13.3%
13.6%
9.1%
7.2%
19.2x
13.7x
0.67x
0.48x
7.4x
7.5x
0.64x
0.45x
6.1x
5.8x
11 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
($ in millions, except per share data)
Fruit and Vegetable
Calavo Growers Inc.
Chiquita Brands International Inc.
Fresh Del Monte Produce Inc.
Seneca Foods Corp.
Ticker
CVGW
CQB
FDP
SENE.A
Ingredients / Flavors
Givaudan SA
SWX:GIVN
International Flavors & Fragrances Inc. IFF
Kerry Group plc
ISE:KRZ
Sensient Technologies Corporation
SXT
Symrise AG
XTRA:SY1
Tate & Lyle plc
TATE
Agribusiness
Archer Daniels Midland Company
Bunge Limited
CF Industries Holdings, Inc.
Darling Ingredients Inc.
Monsanto Company
Omega Protein Corporation
The Andersons, Inc.
The Mosaic Company
Consumer and Retail
Food Retail
Costco Wholesale Corporation
Establishments Delhaize Freres
Fairway Group Holdings Corp.
Ingles Markets, Incorporated
J. Sainsbury plc
Koninklijke Ahold N.V.
Natural Grocers by Vitamin Cottage
Roundy's, Inc.
Safeway Inc.
Sprouts Farmers Market, Inc.
SUPERVALU Inc.
The Kroger Co.
The Pantry, Inc.
Village Super Market Inc.
Weis Markets, Inc.
Whole Foods Market, Inc.
ADM
BG
CF
DAR
MON
OME
ANDE
MOS
COST
DELB
FWM
IMKT.A
LSE:SBRY
ENXTAM:AH
NGVC
RNDY
SWY
SFM
SVU
KR
PTRY
VLGE.A
WMK
WFM
Price at
As a % of
Market
9/8/14
52-wk High
Cap
$38.65
13.60
33.03
30.11
$1,653.65
101.34
73.03
55.32
52.30
11.02
$50.53
85.62
253.08
19.44
114.67
15.20
69.38
47.14
126.60
69.35
4.36
25.99
4.71
16.63
18.83
3.61
34.65
31.48
9.68
52.17
21.25
23.70
43.38
38.81
97.9%
95.1%
100.0%
86.7%
97.7%
95.7%
95.4%
96.5%
94.3%
80.5%
100.0%
100.0%
94.5%
81.2%
89.0%
99.5%
100.0%
92.0%
100.0%
95.7%
16.7%
89.3%
66.3%
81.3%
42.2%
32.9%
86.1%
63.7%
99.0%
100.0%
98.2%
59.7%
80.1%
59.2%
$609
639
1,833
326
$15,223
8,225
12,838
2,667
6,789
5,150
$32,618
12,492
12,571
3,201
60,155
321
1,943
17,661
55,488
7,047
189
592
9,001
14,039
423
174
7,983
4,736
2,524
25,507
498
333
1,167
14,020
Debt
$52
637
182
228
$1,603
936
1,861
495
716
1,305
$5,622
8,731
4,592
2,371
3,211
22
417
3,026
4,985
3,532
257
909
4,735
4,116
20
711
3,814
433
2,762
11,316
937
43
0
62
Cash &
Enterprise
Equiv.
Value (EV)
$20
55
48
11
$401
329
317
28
673
772
$1,996
3,607
2,194
144
1,817
40
47
2,367
7,275
1,685
49
4
2,646
2,753
7
36
2,304
184
90
265
50
73
87
796
$641
1,221
1,967
543
$16,425
8,832
14,382
3,134
6,833
5,684
$36,244
17,616
14,969
5,428
61,549
303
2,313
18,320
53,198
8,894
397
1,497
11,090
15,401
436
849
9,494
4,985
5,196
36,558
1,385
303
1,080
13,286
Last Twelve Months (LTM)
Revenue
$749
3,059
3,855
1,348
$4,887
3,026
7,914
1,466
2,516
5,245
$87,726
61,325
5,029
2,793
15,427
289
5,081
7,665
109,604
28,955
787
3,820
39,799
43,571
500
4,081
36,333
2,708
17,148
101,339
6,825
1,498
2,727
13,914
EBITDA
Revenue Growth
1 Year
3 Years
LTM Margins
Gross
EBITDA
P/E
Multiple
EV / LTM
Revenue
EV / 2014E
EBITDA
Revenue
EBITDA
$40
87
210
41
24.7%
0.7%
9.9%
5.5%
20.1%
(1.5%)
2.1%
3.0%
9.2%
10.5%
8.2%
6.5%
5.3%
2.9%
5.5%
3.0%
25.3x
NM
NM
27.7x
0.86x
0.40x
0.51x
0.40x
16.1x
14.0x
9.4x
13.2x
0.78x
0.40x
0.50x
NA
13.2x
8.1x
8.1x
NA
Mean
Median
10.2%
7.7%
5.9%
2.6%
8.6%
8.7%
4.2%
4.2%
26.5x
26.5x
0.54x
0.46x
13.2x
13.6x
0.56x
0.50x
9.8x
8.1x
$1,001
653
952
268
523
737
6.2%
5.3%
3.5%
(0.3%)
7.6%
0.3%
0.6%
3.5%
1.7%
1.4%
3.0%
8.9%
45.9%
44.5%
43.2%
33.5%
43.0%
37.7%
20.5%
21.6%
12.0%
18.3%
20.8%
14.0%
27.3x
21.9x
NM
32.2x
27.3x
13.1x
3.36x
2.92x
1.82x
2.14x
2.72x
1.08x
16.4x
13.5x
15.1x
11.7x
13.1x
7.7x
3.34x
2.80x
1.80x
2.12x
2.29x
1.21x
14.1x
12.3x
13.6x
10.9x
10.6x
8.1x
Mean
Median
3.8%
4.4%
3.2%
2.3%
41.3%
43.1%
17.9%
19.4%
24.4x
27.3x
2.34x
2.43x
12.9x
13.3x
2.26x
2.20x
11.6x
11.6x
$3,371
1,731
2,244
416
4,611
92
137
1,357
(3.6%)
(4.0%)
(14.7%)
59.9%
4.5%
21.5%
(10.2%)
(23.7%)
0.8%
6.3%
(0.7%)
28.8%
10.4%
13.1%
6.5%
(8.3%)
4.8%
4.4%
40.0%
25.8%
53.6%
34.0%
7.5%
14.1%
3.8%
2.8%
44.6%
14.9%
29.9%
32.0%
2.7%
17.7%
19.8x
NM
9.0x
NM
23.7x
8.4x
16.5x
NM
0.41x
0.29x
2.98x
1.94x
3.99x
1.05x
0.46x
2.39x
10.8x
10.2x
6.7x
13.0x
13.3x
3.3x
16.9x
13.5x
0.42x
0.28x
3.38x
1.36x
3.80x
1.07x
0.47x
1.85x
8.5x
7.7x
7.1x
8.8x
11.9x
4.8x
9.4x
7.3x
Mean
Median
3.7%
(3.8%)
7.1%
6.4%
23.0%
20.0%
18.6%
16.3%
15.5x
16.5x
1.69x
1.50x
11.0x
11.9x
1.58x
1.22x
8.2x
8.1x
4,086
1,621
14
214
2,411
2,847
39
141
1,511
228
825
4,598
202
51
155
1,301
4.5%
5.8%
13.6%
0.8%
12.9%
0.9%
23.4%
10.6%
4.2%
23.9%
0.1%
3.9%
(3.5%)
1.9%
0.7%
8.3%
8.9%
(1.2%)
NA
2.9%
5.2%
1.1%
30.1%
2.7%
(4.8%)
NA
(22.7%)
6.1%
(1.0%)
4.9%
1.1%
12.2%
12.6%
24.0%
31.9%
21.9%
5.8%
26.6%
29.2%
26.6%
27.1%
30.0%
14.9%
21.3%
11.9%
26.8%
27.1%
35.6%
3.7%
5.6%
1.8%
5.6%
6.1%
6.5%
7.9%
3.5%
4.2%
8.4%
4.8%
4.5%
3.0%
3.4%
5.7%
9.4%
27.1x
NM
NM
11.6x
8.2x
15.4x
33.9x
NM
NM
NM
16.0x
17.1x
NM
44.4x
21.1x
25.2x
0.49x
0.31x
0.50x
0.39x
0.28x
0.35x
0.87x
0.21x
0.26x
1.84x
0.30x
0.36x
0.20x
0.20x
0.40x
0.95x
13.0x
5.5x
28.3x
7.0x
4.6x
5.4x
11.1x
6.0x
6.3x
21.8x
6.3x
8.0x
6.9x
5.9x
7.0x
10.2x
0.45x
0.32x
0.48x
0.38x
0.27x
0.35x
0.73x
0.21x
0.26x
1.54x
0.29x
0.33x
0.18x
0.20x
0.39x
0.86x
11.8x
5.1x
8.2x
6.8x
4.7x
5.5x
9.7x
7.0x
7.2x
18.0x
6.8x
7.1x
6.2x
NA
NA
9.5x
7.0%
4.3%
3.2%
2.8%
23.3%
26.6%
5.2%
5.2%
22.0x
19.1x
0.50x
0.36x
9.6x
6.9x
0.45x
0.34x
8.1x
7.1x
Mean
Median
12 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
($ in millions, except per share data)
Grocery Distribution
AMCON Distributing Co.
Core-Mark Holding Company, Inc.
SpartanNash Company
United Natural Foods, Inc.
Foodservice
Colabor Group Inc.
Sysco Corporation
The Chefs' Warehouse, Inc.
Quick Service Restaurant
Burger King Worldwide, Inc.
Jack in the Box Inc.
McDonald's Corp.
Sonic Corp.
The Wendy's Company
Yum! Brands, Inc.
Casual Dining Restaurant
BJ's Restaurants, Inc.
Bloomin' Brands, Inc.
Brinker International, Inc.
Buffalo Wild Wings Inc.
Chuy's Holdings, Inc.
Darden Restaurants, Inc.
Del Frisco's Restaurant Group, Inc.
DineEquity, Inc.
Ignite Restaurant Group, Inc.
Red Robin Gourmet Burgers Inc.
Ruby Tuesday, Inc.
Ruth's Hospitality Group Inc.
Texas Roadhouse, Inc.
The Cheesecake Factory Incorporated
Ticker
DIT
CORE
SPTN
UNFI
TSX:GCL
SYY
CHEF
BKW
JACK
MCD
SONC
WEN
YUM
BJRI
BLMN
EAT
BWLD
CHUY
DRI
DFRG
DIN
IRG
RRGB
RT
RUTH
TXRH
CAKE
Price at
As a % of
Market
9/8/14
52-wk High
Cap
$84.97
51.70
21.60
64.40
$3.52
38.75
18.58
32.31
61.78
92.50
21.87
8.02
72.34
$36.78
16.96
50.44
147.63
27.60
48.03
22.60
82.77
7.00
53.73
6.25
11.36
26.81
45.25
91.4%
100.0%
83.9%
80.9%
69.7%
89.3%
62.0%
95.1%
98.2%
89.1%
92.1%
78.1%
86.6%
99.1%
62.2%
91.0%
88.1%
63.6%
87.5%
76.3%
96.5%
40.0%
61.9%
76.0%
74.2%
92.2%
91.0%
$51
1,193
815
3,198
$95
22,737
466
11,372
2,411
90,828
1,183
2,943
31,804
$1,035
2,130
3,259
2,793
454
6,368
532
1,644
183
771
386
405
1,864
2,162
Debt
$25
43
584
302
$173
2,760
146
3,024
535
15,431
467
1,454
3,165
$0
1,404
860
0
8
2,756
0
1,373
119
137
259
22
53
97
Cash &
Enterprise
Equiv.
Value (EV)
$0
16
6
17
$0
413
15
905
10
3,671
35
372
831
$30
156
58
101
4
100
12
100
1
61
51
3
77
26
$76
1,220
1,392
3,483
$268
25,084
597
13,491
2,936
102,588
1,615
4,026
34,138
$1,004
3,379
4,062
2,692
457
9,024
520
2,916
301
847
594
424
1,839
2,234
Last Twelve Months (LTM)
Revenue
$834
7,942
6,175
6,672
$1,313
46,517
764
1,042
1,477
28,299
547
2,280
13,573
$813
4,287
2,905
1,391
223
6,286
286
647
859
1,069
1,169
413
1,503
1,923
EBITDA
Revenue Growth
1 Year
3 Years
LTM Margins
Gross
EBITDA
P/E
Multiple
EV / LTM
Revenue
EV / 2014E
EBITDA
Revenue
EBITDA
$11
100
174
262
2.2%
10.5%
78.3%
15.7%
7.8%
11.5%
33.6%
15.2%
9.2%
6.9%
15.5%
16.8%
1.4%
1.3%
2.8%
3.9%
13.7x
27.3x
47.6x
26.2x
0.09x
0.15x
0.23x
0.52x
6.7x
12.2x
8.0x
13.3x
NA
0.11x
NA
0.47x
NA
9.9x
NA
11.8x
Mean
Median
26.7%
13.1%
17.0%
13.4%
12.1%
12.3%
2.3%
2.1%
28.7x
26.7x
0.25x
0.19x
10.0x
10.1x
0.29x
0.29x
10.8x
10.8x
(8.1%)
4.7%
32.5%
4.2%
5.8%
28.7%
2.2%
17.6%
25.1%
2.1%
4.9%
5.3%
NM
23.9x
31.8x
0.20x
0.54x
0.78x
9.5x
11.0x
14.8x
0.20x
0.51x
0.67x
7.6x
10.3x
12.3x
Mean
Median
9.7%
4.7%
12.9%
5.8%
15.0%
17.6%
4.1%
4.9%
27.8x
27.8x
0.51x
0.54x
11.8x
11.0x
0.46x
0.51x
10.1x
10.3x
672
266
10,149
135
339
2,989
(28.9%)
(1.6%)
1.8%
2.4%
(9.5%)
3.1%
(23.5%)
(13.1%)
3.5%
(0.1%)
(1.5%)
5.2%
78.5%
25.8%
38.7%
53.3%
28.6%
27.0%
64.5%
18.0%
35.9%
24.7%
14.9%
22.0%
41.3x
25.2x
17.0x
29.0x
30.9x
27.7x
12.94x
1.99x
3.63x
2.95x
1.77x
2.52x
20.1x
11.0x
10.1x
11.9x
11.9x
11.4x
12.33x
1.96x
3.58x
2.85x
2.03x
2.31x
17.8x
10.6x
9.8x
10.7x
10.1x
10.1x
Mean
Median
(5.4%)
0.1%
(4.9%)
(0.8%)
42.0%
33.7%
30.0%
23.4%
28.5x
28.4x
4.30x
2.73x
12.7x
11.6x
4.18x
2.58x
11.5x
10.3x
$78
417
424
227
26
643
41
272
24
109
52
49
181
238
8.8%
5.5%
2.1%
19.9%
16.5%
6.2%
14.8%
(7.1%)
46.1%
7.1%
(6.6%)
1.9%
13.0%
3.8%
13.3%
6.0%
1.7%
26.9%
25.1%
(5.7%)
20.6%
(18.7%)
31.1%
6.3%
(2.5%)
4.5%
12.6%
4.5%
16.8%
16.2%
19.3%
25.1%
18.8%
20.6%
24.7%
60.6%
29.8%
23.1%
15.6%
21.8%
33.1%
43.3%
9.6%
9.7%
14.6%
16.3%
11.4%
10.2%
14.5%
42.0%
2.8%
10.2%
4.5%
11.8%
12.0%
12.4%
NM
13.9x
21.8x
31.0x
40.7x
34.5x
38.3x
21.2x
NM
23.6x
NM
16.9x
22.7x
21.3x
1.24x
0.79x
1.40x
1.94x
2.04x
1.44x
1.82x
4.51x
0.35x
0.79x
0.51x
1.03x
1.22x
1.16x
12.9x
8.1x
9.6x
11.8x
17.9x
14.0x
12.5x
10.7x
12.4x
7.8x
11.4x
8.7x
10.2x
9.4x
1.13x
0.74x
1.35x
1.67x
1.71x
1.35x
1.59x
4.54x
0.36x
0.68x
0.52x
0.96x
1.12x
1.09x
11.0x
7.2x
8.8x
10.3x
13.8x
11.9x
10.3x
10.8x
9.7x
6.6x
10.0x
7.5x
8.8x
8.5x
9.4%
6.6%
9.0%
6.1%
26.3%
22.4%
13.0%
11.6%
26.0x
22.7x
1.44x
1.23x
11.2x
11.1x
1.34x
1.13x
9.7x
9.9x
$28
2,277
40
Mean
Median
13 of 16
Trading Statistics Detail (continued)5
Member FINRA/SIPC
($ in millions, except per share data)
Fast Casual
Chipotle Mexican Grill, Inc.
Einstein Noah Restaurant Group, Inc.
Fiesta Restaurant Group, Inc.
Noodles & Company
Potbelly Corporation
Panera Bread Company
Pizza
Domino's Pizza, Inc.
Papa John's International Inc.
Beverage / Snack Retail
Dunkin' Brands Group, Inc.
Jamba, Inc.
Krispy Kreme Doughnuts, Inc.
Starbucks Corporation
Tim Hortons Inc.
Ticker
CMG
BAGL
FRGI
NDLS
PBPB
PNRA
DPZ
PZZA
DNKN
JMBA
KKD
SBUX
THI
Price at
As a % of
Market
9/8/14
52-wk High
Cap
$678.37
14.03
48.68
17.70
12.42
155.74
76.06
40.24
$46.36
14.75
17.67
77.67
81.40
97.2%
76.6%
91.7%
35.6%
36.6%
80.6%
94.4%
73.2%
87.4%
98.7%
66.4%
94.1%
98.5%
$21,040
252
1,281
527
366
4,215
4,192
1,647
$4,861
254
1,135
58,346
10,796
Debt
$0
102
69
10
1
100
1,524
210
$1,816
0
2
2,048
1,360
Cash &
Enterprise
Equiv.
Value (EV)
$805
4
4
1
71
185
15
20
$176
32
44
1,196
24
$20,235
350
1,346
536
297
4,130
5,701
1,837
$6,500
222
1,093
59,198
12,132
Last Twelve Months (LTM)
Revenue
$3,625
442
576
369
310
2,471
1,875
1,516
$732
222
461
16,081
3,152
EBITDA
BOBE
DENN
FRS
LUB
$44.52
7.01
26.25
5.21
73.9%
93.3%
94.6%
56.9%
$1,050
595
134
148
$463
180
9
36
$4
1
2
2
$1,509
774
141
182
$1,325
458
209
401
3 Years
LTM Margins
Gross
EBITDA
P/E
Multiple
EV / LTM
Revenue
EV / 2014E
EBITDA
Revenue
EBITDA
$691
45
74
42
30
408
23.2%
2.7%
8.9%
17.3%
17.3%
9.7%
21.1%
2.4%
9.5%
36.0%
36.0%
13.9%
37.3%
20.3%
25.0%
20.9%
30.3%
34.7%
19.1%
10.2%
12.9%
11.5%
9.7%
16.5%
NM
19.5x
NM
NM
NM
22.3x
5.58x
0.79x
2.34x
1.45x
0.96x
1.67x
29.3x
7.8x
18.2x
12.6x
9.9x
10.1x
4.57x
0.75x
2.07x
1.21x
0.87x
1.56x
21.5x
6.7x
15.1x
10.4x
9.6x
9.7x
Mean
Median
13.2%
13.5%
19.8%
17.5%
28.1%
27.7%
13.3%
12.2%
20.9x
20.9x
2.13x
1.56x
14.6x
11.4x
1.84x
1.38x
12.2x
10.1x
354
145
7.2%
8.5%
5.4%
9.2%
30.1%
33.1%
18.9%
9.6%
28.0x
24.9x
3.04x
1.21x
16.1x
12.6x
2.87x
1.14x
14.6x
11.0x
Mean
Median
7.8%
7.8%
7.3%
7.3%
31.6%
31.6%
14.2%
14.2%
26.4x
26.4x
2.13x
2.13x
14.4x
14.4x
2.01x
2.01x
12.8x
12.8x
8.1%
(5.0%)
3.0%
11.3%
5.6%
7.1%
(1.7%)
7.2%
11.8%
4.4%
78.3%
37.4%
18.8%
57.9%
24.6%
47.4%
4.9%
13.1%
20.8%
24.5%
31.3x
NM
33.8x
NM
29.4x
8.88x
1.00x
2.37x
3.68x
3.85x
18.7x
20.5x
18.1x
17.7x
15.7x
8.31x
1.01x
2.17x
3.32x
3.76x
16.2x
10.3x
15.6x
14.1x
14.9x
4.6%
5.6%
5.8%
7.1%
43.4%
37.4%
22.1%
20.8%
31.5x
31.3x
3.96x
3.68x
18.2x
18.1x
3.72x
3.32x
14.2x
14.9x
(0.8%)
(2.1%)
2.7%
8.4%
(7.4%)
(5.8%)
1.2%
8.2%
35.2%
37.2%
10.5%
31.3%
8.9%
16.5%
10.2%
4.9%
NM
24.6x
13.8x
NM
1.14x
1.69x
0.67x
0.45x
12.8x
10.2x
6.6x
9.3x
1.07x
1.64x
0.67x
0.45x
9.4x
9.1x
NA
NA
2.0%
0.9%
(0.9%)
(2.3%)
28.5%
33.3%
10.1%
9.6%
19.2x
19.2x
0.99x
0.91x
9.7x
9.8x
0.96x
0.87x
9.2x
9.2x
$347
11
60
3,340
771
Mean
Median
Family Restaurant
Bob Evans Farms, Inc.
Denny's Corporation
Frisch's Restaurants, Inc.
Luby's, Inc.
Revenue Growth
1 Year
$118
76
21
20
Mean
Median
14 of 16
Food and Beverage Earnings Release Calendar
September 2014
Earnings
Release
Calendar5
Date
Company
9/8/2014
9/9/2014
9/9/2014
9/11/2014
9/12/2014
9/17/2014
9/18/2014
9/18/2014
9/22/2014
Campbell Soup Company (NYSE:CPB)
Toho Co., Ltd. (TSE:8142)
Hilton Food Group plc (LSE:HFG)
The Kroger Co. (NYSE:KR)
Del Monte Pacific Limited (SGX:D03)
United Natural Foods, Inc. (NasdaqGS:UNFI)
ConAgra Foods, Inc. (NYSE:CAG)
Rite Aid Corporation (NYSE:RAD)
Finsbury Food Group plc (AIM:FIF)
October 2014
Date
Company
10/8/2014
10/8/2014
10/9/2014
10/16/2014
10/16/2014
10/23/2014
10/29/2014
10/30/2014
10/30/2014
10/30/2014
10/31/2014
Safeway Inc. (NYSE:SWY)
Costco Wholesale Corporation (NasdaqGS:COST)
Pepsico, Inc. (NYSE:PEP)
Philip Morris International, Inc. (NYSE:PM)
Diageo plc (LSE:DGE)
Unilever plc (LSE:ULVR)
Kraft Foods Group, Inc. (NasdaqGS:KRFT)
Kellogg Company (NYSE:K)
Bunge Limited (NYSE:BG)
Maple Leaf Foods Inc. (TSX:MFI)
Anheuser-Busch InBev (ENXTBR:ABI)
November 2014
Date
Company
11/3/2014
11/4/2014
11/4/2014
11/5/2014
11/5/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/7/2014
11/10/2014
11/13/2014
11/17/2014
Sysco Corporation (NYSE:SYY)
Archer Daniels Midland Company (NYSE:ADM)
Treehouse Foods, Inc. (NYSE:THS)
Coca-Cola Bottling Co. Consolidated (NasdaqGS:COKE)
SunOpta Inc. (TSX:SOY)
Boulder Brands, Inc. (NasdaqGS:BDBD)
Flowers Foods, Inc. (NYSE:FLO)
Kerry Group (ISE:KRZ)
Whole Foods Market, Inc. (NasdaqGS:WFM)
Ajinomoto Co., Inc. (TSE:2802)
Coca-Cola HBC AG (LSE:CCH)
Dairy Crest Group plc (LSE:DCG)
Tate & Lyle plc (LSE:TATE)
Molson Coors Brewing Company (NYSE:TAP)
Annie's, Inc. (NYSE:BNNY)
ARIAKE JAPAN Co., Ltd. (TSE:2815)
SABMiller plc (LSE:SAB)
Tyson Foods, Inc. (NYSE:TSN)
15 of 16
Sources:
1. IMF
2. U.S. Bureau of Labor Statistics
3. Unweighted Average
4. U.S. Census Bureau
5. Capital IQ
6. Thomson Financial
7. S&P
8. Reuters
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