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FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT July 2020 www.stifelib.com

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Page 1: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

FOOD & AGRIBUSINESSMONTHLY INTELLIGENCE REPORT

July 2020

www.stifelib.com

Page 2: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 1

Food & Agribusiness Monthly Intelligence ReportJuly 2020

(1) M&A analytics as of 4/30/20(2) Dealogic. Rank-eligible SEC registered IPOs and Follow-On offerings since 2010 as of 4/30/20(3) Includes transactions completed by senior bankers at prior firm

About Our Firm

Recent Transactions by Stifel’s Food & Agribusiness Senior Bankers (3)

#2Middle Market Firm in M&A Transactions Under $1 Billion (1)

#1Equity Deals Under $1 Billion in Market

Cap (2)

10Dedicated

Consumer & Retail Managing Directors

100+Consumer & Retail M&A Transactions Completed Since

2009

18+Average Years

Experience Across Consumer & Retail

Senior Bankers

Stifel is a full-service investment bank with deep industry experience. We serve as strategic advisor toentrepreneurs, family-owned businesses, private equity groups, and leading public and private corporationsin North America, Europe, Asia, and Latin America.

Advisor to SellerDecember 2018

Advisor to SellerNovember 2018

Advisor to SellerDecember 2017

Advisor to SellerSeptember 2017

Has Received an Investment from

Has Received an Investment from

Has Been Acquired by Has Received an Investment from

Has Been Acquired by

Advisor to SellerApril 2019

a portfolio company of

Has Acquired

Advisor to BuyerDecember 2018

Page 3: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 2

Report Highlights

Source(s): S&P Capital IQ

Public Equity Market Overview | One-Year Stock Performance

TARGET:

CLOSED DATE: 7/22/2020 7/7/2020 6/25/2020

ENTERPRISE VALUE: NA NA $388M

EV / LTM REVENUE: NA NA NA

EV / LTM EBITDA: NA NA NA

S&P 500

Agribusiness & Ingredients

Beverages

Branded

Food & Drug Mass

Food Distribution

Fruit & Vegetable

Grocery Retail

Protein & Dairy

BUYER:

(60.0%)

(50.0%)

(40.0%)

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20

7/9/2020

NA

NA

NA

M&A Market Overview | Notable Transactions

Page 4: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 3

Report Highlights

Source(s): S&P Capital IQ

Contact Our Food & Agribusiness Team to Find Out More:

SoybeanPorkOilBeef Corn WheatChicken Sugar

Recommended Reads

Additional Stifel Resources

MICHAEL KOLLENDER

Head of Consumer & Retail, Diversified Industrials(212) [email protected]

ASHISH BURMAN

Head of Consumer & Retail – European Operations+44 (207) [email protected]

ROB HAILE

Managing Director – Food & Agribusiness(617) [email protected]

KC HAZARIKA

Managing Director – Food & Agribusiness(617) [email protected]

SEAN WRIGHT

Vice President(617) [email protected]

JOHN COYNE

Vice President(617) [email protected]

JOHN TILLOTSON

Associate(617) [email protected]

10.1%

(12.6%)

(4.2%)

2.4% 1.2% 1.6% 5.7%

8.0%

(15.0%)

(10.0%)

(5.0%)

0.0 %

5.0 %

10. 0%

15. 0%

Industry Data | One-Month Commodity Price Change

5 Ways the Coronavirus Changed How We Eat Fast Food

Cal-Maine Sales Rose Sharply as Consumers Stocked Up on Eggs

Vertical Farms Fill a Tall Order

Plant-Based, Sugar-Free Foods Are On The Rise

Page 5: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 4

M&A Market Overview

Source(s): S&P Capital IQ

Aggregate Enterprise Value Total # of Deals

($ in millions; deal count in actual)

Recent Food & Agribusiness M&A Transactions

$125,004

$265,337

$65,721

$129,529

$86,667

$40,683

$7,731

1,572 1,659 1,686 1,711

1,562 1,452

526

(500)

0

500

1,0 00

1,5 00

2,0 00

$0

$50 ,000

$10 0,000

$15 0,000

$20 0,000

$25 0,000

$30 0,000

$35 0,000

$40 0,000

2014 2015 2016 2017 2018 2019 YTD 2020

7/31/2020 Brach Holdings LLCCommack, NY-based manufacturer of chocolate and cocoa products. TruFood Manufacturing Private

7/30/2020Foodservice Business of TMI Trading

Brooklyn, NY-based distributor of foodservice products.

Schwan's Food Service, Inc. TMI Trading Corp.

7/29/2020 Pfyffer Associates, Inc. Santa Cruz, CA-based grower of brussels sprouts. Hitchcock Farms, Inc. Private

7/28/2020 Pronto RestaurantRoyal Oak, MI-based provider of dining services, including catering and cooking classes. BG Media, Inc. Private

Announced Food & Agribusiness Transactions | 2014 – YTD 2020

Date Target Name Target Description Acquirer(s) Seller(s)

Page 6: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Date Target Name Target Description Acquirer(s) Seller(s)

Page | 5

M&A Market Overview

Source(s): S&P Capital IQ

7/22/2020 Gel Spice Co. LLCBeyonne, NJ-based importer and manufacturer of spices, seasonings, and foodservice products. Olde Thompson Inc. Private

7/21/2020Loveday Mushroom Farms Ltd. Winnipeg, Canada-based producer of mushrooms.

South Mill Mushroom Sales Inc. Private

7/21/2020 3 Points Urban Brewery Cincinnati, OH-based operator of a brewery.Braxton Brewing Company, LLC Hickory Wald Group

7/21/2020 Cup Of Coffee Inc. Hackettstown, NJ-based coffee roaster. W B Law & Sons, Inc. Private

7/20/2020Lounsbury Foods Limited

Toronto, Canada-based producer of horseradish and seafood cocktail sauce products. Giraffe Foods Inc. Private

7/14/2020 Saint Liberty Whiskey Austin, TX-based producer of crafted whiskies. Hands, LLC Private

7/9/2020 Chef's Cut Real JerkyNew York, NY-based producer and seller of steak and chicken jerkies. Sonoma Brands

Clearlake Capital Group, L.P.; CAVU Venture Partners

7/7/2020 Cali Fresh Produce Inc.San Francisco, CA-based producer and distributor of fruits and vegetables. GrubMarket, Inc. Private

7/2/2020 Henningsen Foods, Inc.Omaha, NE-based provider of specialty egg, meat, and poultry products.

Michael Foods of Delaware, Inc. Kifuki U.S.A. Co., Inc.

6/25/2020 Flavors Holdings Inc.New York, NY-based manufacturer and marketer of tabletop sweeteners.

Whole Earth Brands, Inc. (NasdaqCM:FREE)

MacAndrews & Forbes Holdings, Inc.

6/22/2020Radiant Pig Beer Company LLC New York, NY-based producer and distributor of beer.

Coastal Extreme Brewing Company, LLC Private

6/22/2020 Nestlé Vera s.r.l.Santo Stefano Quisquina, Italy-based producer and marketer of bottled water and non-alcoholic beverages. Acqua Vera S.p.A. Sanpellegrino S.p.A.

Recent Food & Agribusiness M&A Transactions

Page 7: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 6

M&A Market Overview

Source(s): S&P Capital IQ

6/19/2020Deleon's Bromeliads, Inc. Goulds, FL-based grower of bromeliads and orchids. Costa Farms, LLC Private

6/18/2020 All in Foods, SASaint-Herblain, France-based producer of plant-based cheese products.

Fromageries Bel SA (ENXTPA:FBEL) Private

6/15/2020 Osage Gardens Inc.New Castle, CO-based producer of organically grown culinary herbs and vegetables.

West Lake Creek Company, LLC Private

6/12/2020Rude Health Foods Limited

London, UK-based producer of cereals, porridge, organic dairy-free snacks, and other snack products.

PepsiCo, Inc. (NasdaqGS:PEP) Private

6/10/2020Pennsylvania Dutch Candies

Camp Hill, PA-based producer and distributor of snacks and confectionary food products. Nassau Candy, Inc. The Warrell Corporation

6/9/2020 Divine Chocolate Ltd.London, UK-based producer and seller of chocolate and cocoa bars.

Ludwig Weinrich GmbH & Co. KG Private

6/8/2020 Westroot TavernSan Diego, CA-based owner and operator of a restaurant.

Cohn Restaurant Group, Inc. Verant Group LLC

6/6/2020 Hydra Beer Company Sioux Falls, SD-based producer of beer. Lupulin Brewing LLC Private

6/1/2020 Dyna-Gro, Inc.Richmond, CA-based producer and distributor of liquid plant nutrient products.

Plantation Products, LLC Private

5/28/2020White Whale Group LLC Denver, CO-based producer and seller of coffee.

SCB Global Java Holdings, LLC Private

5/27/2020 Willie Bird Turkeys, Inc.Sonoma, CA-based producer and supplier of turkey products. Diestel Turkey Ranch Private

5/22/2020 Freshstone Brands Inc.Vaughan, Canada-based manufacturer of prepared food products.

Tillridge Capital Partners, LLC Private

Recent Food & Agribusiness M&A Transactions

Date Target Name Target Description Acquirer(s) Seller(s)

Page 8: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 7

M&A Market Overview

Source(s): S&P Capital IQ

5/22/2020 Prime Pork, LLCWindom, MN-based producer and processor of all-natural pork products. HyLife Ltd. Taylor Corporation

5/19/2020 Citrus Extracts, Inc.Fort Pierce, FL-based processor and producer of dehydrated food-grade citrus ingredients and products.

The Firmament Group; Sweat Equities, LLC; McLean Family Farms, Inc.

Private

5/18/2020 Longflint Drinks Co.London, UK-based producer of craft spirits, rums, and gins.

East London Liquor Company Private

5/14/2020 Krystal CompanyDunwoody, GA-based operator and franchisor of quick-service restaurants.

Fortress Investment Group LLC; Golden Child Holdings

Argonne Capital Group, LLC

5/13/2020Tri-Blend Bakery Mixes Inc.

Cambridge, Canada-based manufacturer of bakery and confectionary blends.

Blendtek Fine Ingredients Inc. Private

5/11/2020 Butts Foods, Inc.Jackson, TN-based distributor of protein products, including poultry, pork, beef, and more. Quirch Foods, LLC Private

5/7/2020Benchmark Beverage Company West Bloomfield, MI-based producer of craft spirits. LKI Investments, LLC

Midwest Independent Retailers Association

5/7/2020 Ingredients Inc.Buffalo Grove, IL-based developer and supplier of food ingredients.

Barentz International BV Private

5/6/2020Orchard Valley Foods Limited

Worcestershire, UK-based producer and supplier of confections, decorations, functional ingredients, and dairy products.

NIC Enterprises Limited Private

5/6/2020Commonwealth Coffee Roasters, Inc. Denver, CO-based owner and operator of coffee shops.

Huckleberry Roasters LLC Private

5/5/2020Chicago Custom Foods LLC

Elk Grove Village, IL-based manufacturer of food products and non-alcoholic beverages. Sauer Brands, Inc.

Highlander Partners, L.P.

5/4/2020 Krave Pure Foods, Inc.Austin, TX-based producer and seller of culinary-style meat and poultry snacks. Sonoma Brands

The Hershey Company (NYSE:HSY)

Recent Food & Agribusiness M&A Transactions

Date Target Name Target Description Acquirer(s) Seller(s)

Page 9: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 8

Public Equity Market Overview

Source(s): S&P Capital IQ(1) See page 11 for further details on public comparables

Median % of 52-Week High

Median EV / LTM Revenue

87.9% 86.9% 87.9% 82.5% 95.5% 90.7%

77.7% 74.0% 82.5% 85.3%

0.0 %

20. 0%

40. 0%

60. 0%

80. 0%

100 .0%

120 .0%

Grocery Retail Ingredients &Flavors

Natural &Organic

Non-AlcoholicBeverages

Pet Products &Retail

Private Label ProteinProcessing

Seafood Snacks,Confectionary,

& BakedGoods

Vitamins,Minerals, &

Supplements

0.6x

2.8x2.2x

1.7x0.8x

0.2x0.7x 0.3x

4.7x

0.7x

0.0 x

0.5 x

1.0 x

1.5 x

2.0 x

2.5 x

3.0 x

3.5 x

4.0 x

4.5 x

5.0 x

Agribusiness AlcoholicBeverages

Branded Coffee & Tea Dairy DiversifiedFood

Companies

Food & DrugMass

FoodDistribution

Food Safety &Animal Health

Fruit &Vegetable

0.4x

1.3x 1.4x

2.4x 2.2x

1.1x0.7x

1.2x1.6x 1.5x

0.0 x

0.5 x

1.0 x

1.5 x

2.0 x

2.5 x

3.0 x

Grocery Retail Ingredients &Flavors

Natural &Organic

Non-AlcoholicBeverages

Pet Products &Retail

Private Label ProteinProcessing

Seafood Snacks,Confectionary,

& BakedGoods

Vitamins,Minerals, &

Supplements

63.1% 78.5%

90.6% 78.7% 81.3% 74.3%

63.5% 58.3%

88.1% 76.0%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

90. 0%

100 .0%

Agribusiness AlcoholicBeverages

Branded Coffee & Tea Dairy DiversifiedFood

Companies

Food & DrugMass

FoodDistribution

Food Safety &Animal Health

Fruit &Vegetable

Public Comparables | Trading Metrics (1)

Page 10: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

7/30/2020 Vital Farms, Inc. VITL IPO $204.7

7/1/2020 Denny's Corporation DENN Follow-on Equity Offering $73.2

7/16/2020 Premium Brands Holdings Corporation TSX:PBH Follow-on Equity Offering $88.7

6/25/2020 Young & Co.'s Brewery, P.L.C. YNGA Follow-on Equity Offering $106.1

6/25/2020 Revolution Bars Group plc RBG Follow-on Equity Offering $7.5

6/25/2020 Albertsons Companies, Inc. ACI IPO $800.0

6/24/2020 Alcanna Inc. CLIQ Follow-on Equity Offering $20.3

6/18/2020 NuZee, Inc. NUZE IPO $6.3

Page | 9

Public Equity Market Overview

Source(s): S&P Capital IQ(1) See page 11 for further details on public comparables

Median EV / LTM EBITDA

Recent Food & Agribusiness Equity Offerings

8.6x

15.2x12.9x

15.5x13.2x

10.1x 8.9x12.5x

15.1x11.5x

0.0 x

2.0 x

4.0 x

6.0 x

8.0 x

10. 0x

12. 0x

14. 0x

16. 0x

18. 0x

Grocery Retail Ingredients &Flavors

Natural &Organic

Non-AlcoholicBeverages

Pet Products &Retail

Private Label ProteinProcessing

Seafood Snacks,Confectionary,

& BakedGoods

Vitamins,Minerals, &

Supplements

12.3x15.1x

12.7x15.3x

12.7x

7.3x

11.6x 11.3x

18.1x

10.7x

0.0 x

2.0 x

4.0 x

6.0 x

8.0 x

10. 0x

12. 0x

14. 0x

16. 0x

18. 0x

20. 0x

Agribusiness AlcoholicBeverages

Branded Coffee & Tea Dairy DiversifiedFood

Companies

Food & DrugMass

FoodDistribution

Food Safety &Animal Health

Fruit &Vegetable

($ in millions)

Public Comparables | Trading Metrics (1)

Offering Date Issuer Ticker Transaction Type Gross Proceeds

Page 11: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 10

Industry Data

Source(s): S&P Capital IQ

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20$0.00

$20.00

$40.00

$60.00

$80.00

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

CORN PRICES

$3.27

OIL PRICES

$40.27

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20$0.00

$3.00

$6.00

$9.00

$12.00

$15.00

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

PORK PRICES

$0.50

SOYBEAN PRICES

$8.93

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20$0.00

$2.00

$4.00

$6.00

$8.00

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

SUGAR PRICES

$0.13

WHEAT PRICES

$5.31

$0.00

$0.50

$1.00

$1.50

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

BEEF PRICES

$1.46

CHICKEN PRICES

$0.65

Historical Commodity Prices

Page 12: FOOD & AGRIBUSINESS MONTHLY INTELLIGENCE REPORT - Stifel

Page | 11

Food & AgribusinessMonthly Intelligence ReportJuly 2020

Stifel collectively refers to Stifel, Nicolaus & Company, Incorporated and other affiliated broker-dealer subsidiaries of Stifel Financial Corp. The information and statistical data contained herein have been obtained from sources that Stifel believes are reliable, but Stifel makes no representation or warranty as to the accuracy or completeness of any such information or data and expressly disclaims any and all liability relating to or resulting from your use of these materials. The information and data contained herein are current only as of the date(s) indicated, and Stifel has no intention, obligation, or duty to update these materials after such date(s). These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities, and Stifel is not soliciting any action based on this material. Stifel may be a market-maker in certain of these securities, and Stifel may have provided investment banking services to certain of the companies listed herein. Stifel and/or its respective officers, directors, employees, and affiliates may at any time hold a long or short position in any of these securities and may from time-to-time purchase or sell such securities. This material was prepared by Stifel Investment Banking and is not the product of the Stifel Research Department. It is not a research report, and should not be construed as such. This material may not be distributed without Stifel's prior written consent.

Copyright 2020 Stifel, Nicolaus & Company, Incorporated. All rights reserved.

• Agribusiness: RYCE, ADM, DB:BYW, BG, CVGW, CF, SET:CPF, DAR, FDP, ASX:GNC, JBSS, TSE:8002, SGX:O32, ANDE, MOS, SGX:F34

• Alcoholic Beverages: ENXTPA:ADVI, BOVESPA:ABEV3, ENXTBR:ABI, TSE:2502, ASX:AVG, BF.B, CPSE:CARL B, SNSE:CCU, STZ, BREW, BIT:CPR, LSE:DGE, ENXTAM:HEIA, TSE:2503, SHSE:600519, ENXTPA:ALLAN, ENXTPA:MBWS, TAP, ENXTPA:RI, ENXTPA:RCO, TSE:2501, XTRA:SWA, LSE:STCK, SAM, ASX:TWE, OTCPK:THST, SEHK:168, ENXTPA:VRAP, WVVI

• Branded: TSE:2802, RYCE, HLSE:ATRAV, BGS, TSE:2229, CPB, SEHK:506, CAG, BME:EBRO, DB:NLM, GIS, HRL, TSE:2810, K, TSE:2809, TSE:2801, LANC, ENXTBR:LOTB, TSX:MFI, MDLZ, SWX:NESN, TSE:2871, TSE:2897, NOMD, OB:ORK, PEP, POST, LSE:PFD, TXS:PBH, HLSE:RAIVV, TASE:STRS, ENXTBR:TERB, HSY, SJM, KHC, JSE:TBS, SEHK:322, LSE:ULVR, SEHK:151, TSE:2267

• Coffee & Tea: DTEA, DNKN, FARM, BSE:500166, TSE:2593, BIT:MZB, BSE:532654, ASX:RFG, SBUX, TSE:2587, BSE:500800, SJM, LSE:WTB

• Dairy: ASX:BGA, SEHK:2319, ENXTPA:BN, OTCPK:DFOD.Q, EMMN, ENXTPA:FBEL, ISE:GL9, SWX:HOCN, LWAY, TSE:2270, TSE:2201, TSX:SAP, ENXTPA:SAVE, ENXTPA:UNBL

• Diversified Food Companies: LSE:ABF, TSE9869, TSE:7451, SGX:O32

• Food & Drug Mass: TSX:ATD.B, CASY, AIM:CVSG, DK, GNC, RAD, WBA

• Food Distribution: DIT, ARMK, JSE:BVT, CORE, AIM:DTG, FARM, LSE:GNC, GRUB, BIT:MARR, ASX:MTS, PFGC, ENXTAM:SLIGR, SGRP, SPTN, SYY, CHEF, UNFI, USFD

• Food Safety & Animal Health: AIM:ANP, LLY, ENXTPA:ERF, MRK, NEOG, PAHC, ZTS

• Fruit & Vegetable: ALCO, ENXTPA:BON, CVGW, ASX:CGC, FDP, ENXTBR:GREEN, TSE:1379, BIT:LD, LMNR, MLP, SENE.A, NZSE:TGG, ISE:T70

• Grocery Retail: SGX:D01, IMKT.A, LSE:SBRY, ENXTAM:AD, TSX:L, ASX:MTS, MRU, NGVC, LSE:OCDO, JSE:SHP, SPTN, SFM, LSE:TSCO, KR, VLGE.A, WMK, LSE:MRW

• Ingredients & Flavors: OM:AAK, LSE:ABF, CPSE:CHR, DAR, TSE:2607, SWX:GIVN, ISE:GL9, INGR, IFF, ISE:KRZ, TSE2809, MKC, TSE:2001, TSE:2002, OB:ORK, AIM:RGD, SXT, TSX:SOY, XTRA:SY1, TSE:4958, TSE:4914, LSE:TATE, LSE:TET

• Natural & Organic: LWAY, NGVC, HLSE:RAIVV, SFM, NZSE:SML, HAIN, UNFI, VITL

• Non-Alcoholic Beverages: LSE:BAG, BMV:AC *, LSE:BVIC, AIM:FEVR, BMV:FEMSA UBD, TSE:2593, JSDA, KDP, LAS.A, MNST, FIZZ, AIM:NICL, PEP, REED, TSE:2587, KO

• Pet Products & Retail: CENT, CHWY, FRPT, GIS, SWX:NESN, PETS, LSE:PETS, PAHC, SPB, SJM, DB:ZO1

• Private Label: FLO, SENE.A, THS

• Protein Processing: BYND, BRFS3, CALM, SET:CPF, SEHK:1068, LSE:CWK, SZSE:000895, HLSE:HKSAV, HRL, BOVESPA:JBSS3, ENXTPA:LOUP, BOVESPA:MRFG3, TSE:2288, BOVESPA:BEEF3, TSE:2282, PPC, JSE:RCL, SAFM, OM:SCST, SEB, ENXTBR:TERB, TSN, VITL

• Seafood: SET:ASIAN, BVL:AUSTRAC1, TSX:CLR, KOSE:A049770, OB:GSF, TSX:HLF, OB:LSG, OB:MOWI, TSE:8002, TSE:1333, TSE:2871, NOMD, OB:SALM, OB:SSC

• Snacks, Confectionary, & Baked Goods: SWX:ARYN, SWX:BARN, TSE:2229, SWX:LISN, OM:CLA B, TSE:2206, AIM:FIF, FLO, TXS:WN, BMW:BIMBO A, AIM:HOTC, JJSF, JBSS, LANC, KOSE:A004990, ENXTBR:LOTB, TSE:2201, SWX:NESN, OB:ORK, AIM:RGD, HSY, SMPL, TR, TSE:2212

• Vitamins, Minerals, & Supplements: ASX:BKL, CPSE:CHR, BIT:ENV, GNC, HLF, ENXTAM:DSM, LFVN, MED, NATR, NUS, PRGO, AIM:SIS, USNA, WW

Footnote Details & Disclosure