health & wellness report q1 2017 - sdr ventures · 1/20/2017 emmaus life sciences, inc. generex...

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Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA3/31/2017 Maverick Brands LLC New Age Beverages Corp. Natural & Organic Foods 11.13 - -

3/2/2017 O Olive Oil, Inc. Landec Corp. Natural & Organic Foods 10.00 - -

2/14/2017 Cynosure, Inc. Hologic, Inc. Personal Care 1,426.61 3.29x 29.72x

2/13/2017 ZELTIQ Aesthetics, Inc. Allergan Plc Personal Care 2,234.37 6.31x NM

2/2/2017 Mead Johnson Nutrition Co. Reckitt Benckiser Group Plc Vitamins, Minerals, &

Supplements

17,710.29 4.73x 17.61x

1/24/2017 GenVec, Inc. Intrexon Corp. Personal Care 7.75 15.17x NM

1/20/2017 Emmaus Life Sciences, Inc. Generex Biotechnology Corp. Vitamins, Minerals, &

Supplements

440.70 NM -

1/10/2017 Younique LLC Coty, Inc. Lifestyle Companies 1,000.00 - -

1/10/2017 Mortara Instrument, Inc. Hill-Rom Holdings, Inc. Personal Care 330.00 2.87x -

- 3 1 6

5 6

11

- 2 4 6 8

10 12

Strategic87%

Financial13%


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Financial Buyer Inv. Date Select Corporate Acquisitions5/9/2016 ▪ Delta House FPS, LLC4/1/2016 ▪ LOGOS Resources, LLC3/31/2016 ▪ GULF OIL LP3/29/2016 ▪ Hovensa, LLC, Shuttered Refinery on St. Croix's South Shore12/31/2015 ▪ Deep Gulf Energy LP III

10/18/2016 ▪ HME Products6/9/2016 ▪ Good Sportsman Marketing, L.L.C.5/17/2016 ▪ InterVision Systems, LLC5/10/2016 ▪ Systems, Inc.1/11/2016 ▪ Drake Automotive Group, Inc.

Earnest Bros. Logistics12/12/2016 ▪ Halo Innovations1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. 10/14/2015 ▪ Voortman Cookies Limited1/31/2014 ▪ Recochem, Inc.

1/6/2016 ▪ Turning Point10/2/2015 ▪ Brooklyn Boulders LLC7/28/2015 ▪ Barry's Bootcamp LLC7/14/2015 ▪ SmartyPants, Inc. 7/2/2015 ▪ Sprout Foods, Inc.

6/27/2016 ▪ Drybar Holdings LLC2/17/2016 ▪ Ultimate Fitness Group, LLC6/9/2015 ▪ Naf Naf Grill, LLC5/13/2015 ▪ Pet Supermarket, Inc. 4/17/2015 ▪ Driven Brands

Huron Capital Partners

Swander Pace Capital

North Castle Partners, LLC

Roark Capital Group

The Riverside Company

Strategic Buyer Inv. Date Select Corporate Acquisitions6/8/2016 ▪ Trophy Taker, Inc. 3/24/2016 ▪ Ramcat Broadheads4/2/2015 ▪ Obsession Bows1/7/2015 ▪ Tink's Hunting Products, LLC

11/17/2014 ▪ Dead Down Wind LLC

10/5/2016 ▪ Prime Nutrition4/28/2016 ▪ Gaspari Nutrition Inc. 10/5/2016 ▪ Tribravus Enterprises8/18/2015 ▪ LG Sciences LLC7/9/2015 ▪ Sports One Inc.

2/1/2016 ▪ Ralcorp Holdings Inc.5/30/2014 ▪ PFF Capital Group Inc.10/8/2013 ▪ Associated Brands Income Fund5/1/2013 ▪ Cains Foods4/13/2012 ▪ Naturally Fresh

7/5/2016 ▪ Thunder Jet Boats Inc. 1/20/2016 ▪ Cybex International Inc. 12/6/2015 ▪ Garelick Mfg. Co.7/8/2015 ▪ SCIFIT Systems, Inc. 4/27/2015 ▪ Bob Littler Agencies Pty Ltd

1/21/2016 ▪ Triumph Sports USA, Inc. 9/30/2015 ▪ Goalsetter Systems, Inc. 7/29/2015 ▪ Onix Sports, Inc. 6/30/2014 ▪ Pickleball Now LLC10/28/2014 ▪ Cue & Case Sales Inc.

Arcus Hunting, LLC

Hi-Tech Pharmaceuticals

Treehouse Foods, Inc.

Brunswick Corporation

Indian Industries, Inc.


-15%

-10%

-5%

0%

5%

10%

15%

20%

Health & Fitness Lifestyle Companies Activewear

Natural & Organic Foods Outdoor Products Personal Care

Vitamins, Minerals, & Supplements S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Fitbit, Inc. FIT 1,087$ 5.92$ -19.1% -19.1% 31.4% (25.3%) (28.7%) 0.3x NM NM 0.4x NM

Planet Fitness, Inc. PLNT 1,396 19.27 -4.1% -4.1% 76.8% 11.5% 37.4% 4.7x 12.1x 38.5x 3.4x 7.9x

Weight Watchers International, Inc. WTW 996 15.57 36.0% 36.0% 78.4% 5.9% 20.8% 2.5x 10.9x 15.1x 2.3x 9.6x

Nutrisystem, Inc. NTRI 1,660 55.50 60.2% 60.2% 99.3% 21.0% 15.5% 3.0x 24.0x 46.6x 2.4x 17.7x

Nautilus, Inc. NLS 560 18.25 -1.4% -1.4% 73.0% 7.6% 17.0% 1.3x 8.8x 16.7x 1.3x 8.4x

Medifast, Inc. MED 528 44.37 6.6% 6.6% 95.7% 8.2% 12.5% 1.6x 11.4x 29.8x 1.5x 10.6x

Segment Average $1,038 13.0% 13.0% 75.8% 4.8% 12.4% 2.2x 13.4x 29.4x 1.9x 10.9xSegment Median $1,042 2.6% 2.6% 77.6% 7.9% 16.3% 2.0x 11.4x 29.8x 1.9x 9.6x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Garmin Ltd. GRMN 10,124$ 51.11$ 5.4% 5.4% 91.0% 0.3% 21.3% 2.8x 12.0x 18.9x 2.8x 12.2x

Polaris Industries Inc. PII 5,274 83.80 1.7% 1.7% 80.4% 13.1% 10.3% 1.4x 14.4x 25.6x 1.3x 9.6x

Vail Resorts, Inc. MTN 7,673 191.90 19.0% 19.0% 98.9% 15.5% 42.0% 5.2x 17.7x 41.2x 4.6x 14.4x

Brunswick Corp. BC 5,479 61.20 12.2% 12.2% 99.1% 8.7% 5.5% 1.2x 10.3x 20.4x 1.1x 8.2x

Vista Outdoor, Inc. VSTO 1,175 20.59 -44.2% -44.2% 38.8% (5.1%) 13.6% 0.9x 6.4x NM 0.9x 7.6x

GoPro, Inc. GPRO 917 8.70 -0.1% -0.1% 49.2% 7.7% (2.7%) 0.9x NM NM 0.8x 23.6x

Intrawest Resorts Holdings, Inc. SNOW 995 25.01 40.1% 40.1% 98.9% 3.8% 1.0% 2.4x 12.9x 25.3x 2.3x 9.7x

Arctic Cat, Inc. ACAT #N/A 18.50 23.2% 23.2% 94.4% 19.1% (12.6%) 0.6x NM NM 0.5x 13.3x

Black Diamond, Inc. BDE 164 5.45 1.9% 1.9% 79.6% 6.2% 0.3% 0.6x NM NM 0.6x 15.8x

Peak Resorts, Inc. SKIS 79 5.65 1.8% 1.8% 91.1% 11.9% 35.3% 2.1x 10.2x NM 2.0x 7.8x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

NIKE, Inc. NKE 73,855$ 55.73$ 9.6% 9.6% 90.1% 6.9% 15.7% 2.6x 18.6x 23.2x 2.5x 15.5x

VF Corp. VFC 22,786 54.97 3.0% 3.0% 82.9% 2.0% 13.1% 2.0x 13.2x 18.9x 2.0x 12.1x

Under Armour, Inc. UA 7,650 18.30 -27.3% -27.3% 39.6% 14.9% 15.8% 1.9x 16.0x 41.1x 1.7x 18.3x

lululemon athletica, inc. LULU 6,602 51.87 -20.2% -20.2% 63.4% 10.9% 27.9% 2.7x 12.7x 23.5x 2.5x 11.3x

Gildan Activewear, Inc. GIL-CA 6,203 26.94 5.4% 5.4% 84.5% 10.1% 17.5% 2.6x 12.9x 18.3x 2.4x 11.9x

Foot Locker, Inc. FL 9,818 74.81 5.5% 5.5% 94.2% 6.1% 15.0% 1.1x 7.6x 15.2x 1.1x 7.3x

Wolverine World Wide, Inc. WWW 2,421 24.97 13.8% 13.8% 94.5% (7.5%) 8.2% 1.1x 11.0x 28.1x 1.2x 10.3x

Deckers Outdoor Corp. DECK 1,908 59.73 7.8% 7.8% 85.4% (0.1%) 7.7% 0.9x 21.1x NM 0.9x 7.5x

Sequential Brands Group, Inc. SQBG 243 3.89 -16.9% -16.9% 42.6% 11.9% 53.9% 6.0x 12.0x NM 5.4x 9.2x

Iconix Brand Group, Inc. ICON 428 7.52 -19.5% -19.5% 69.6% (2.7%) 38.7% 4.2x 8.7x NM 4.2x 8.9x

Cherokee, Inc. CHKE 111 8.60 -18.1% -18.1% 47.4% NM NM 3.6x 12.5x NM 1.7x 4.1x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The WhiteWave Foods Co. WWAV 9,977$ 56.15$ 1.0% 1.0% 98.8% 7.5% 13.5% 2.9x 21.7x 47.6x 2.7x 18.4x

Pinnacle Foods, Inc. PF 6,837 57.87 8.3% 8.3% 97.9% 3.2% 24.6% 3.1x 15.0x 32.3x 3.0x 13.5x

Hain Celestial Group, Inc. HAIN 3,848 37.20 -4.7% -4.7% 65.3% NM NM 1.6x 12.4x NM 1.5x 11.6x

Darling Ingredients, Inc. DAR 2,392 14.52 12.5% 12.5% 91.1% 3.3% 13.2% 1.2x 9.5x 23.4x 1.2x 8.8x

United Natural Foods, Inc. UNFI 2,187 43.23 -9.4% -9.4% 82.8% 9.0% 3.0% 0.3x 8.8x 17.1x 0.3x 8.2x

Amplify Snack Brands, Inc. BETR 645 8.40 -4.7% -4.7% 47.9% 54.4% 22.9% 4.5x 15.5x 23.3x 2.8x 11.0x

Inventure Foods, Inc. SNAK 87 4.42 -55.1% -55.1% 43.5% (4.9%) (2.5%) 0.7x 37.6x NM 0.8x 14.2x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Unilever Plc ULVR-GB 63,225$ 49.26$ 19.7% 19.7% 96.6% 11.4% 18.1% 2.9x 15.8x 24.3x 2.6x 13.7x

Estee Lauder Cos., Inc. EL 18,847 84.79 10.9% 10.9% 87.0% 7.9% 23.3% 2.9x 14.8x 29.2x 2.8x 14.1x

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 17,722 285.23 11.9% 11.9% 98.6% 22.1% 17.9% 3.6x 20.0x 43.7x 3.0x 16.2x

Coty, Inc. COTY 13,545 18.13 -1.0% -1.0% 57.4% 56.7% 15.9% 3.5x 23.3x NM 2.3x 12.5x

Sally Beauty Holdings, Inc. SBH 2,934 20.44 -22.6% -22.6% 62.4% 3.3% 14.3% 1.2x 7.9x 12.7x 1.1x 7.4x

Nu Skin Enterprises, Inc. NUS 2,934 55.54 16.2% 16.2% 84.1% 4.3% 15.1% 1.3x 8.9x 21.8x 1.4x 9.0x

Revlon, Inc. REV 1,463 27.85 -4.5% -4.5% 73.4% NM 15.8% 1.7x 10.4x NM NM NM

Avon Products, Inc. AVP 1,927 4.40 -12.7% -12.7% 63.2% 1.5% 8.7% 0.6x 6.7x NM 0.6x 6.8x

USANA Health Sciences, Inc. USNA 1,411 57.60 -5.9% -5.9% 76.8% 8.4% 17.0% 1.2x 8.1x 14.4x 1.2x 7.6x

Inter Parfums, Inc. IPAR 1,138 36.55 11.6% 11.6% 95.7% 9.8% 6.6% 2.1x 13.8x 34.2x 1.9x 12.3x

Natural Health Trends Corp. NHTC 328 28.90 16.3% 16.3% 74.1% NM 32.3% 0.7x 3.1x 6.0x NM NM

LifeVantage Corp. LFVN 75 5.37 -34.1% -34.1% 33.6% NM 2.3% 0.3x 5.9x 16.8x NM NM

United-Guardian, Inc. UG 68 14.85 -4.2% -4.2% 68.8% NM 33.3% 5.3x 16.1x 26.5x NM NM

Perfumania Holdings, Inc. PERF 19 1.20 -20.0% -20.0% 40.0% NM NM 0.4x 44.7x NM NM NM

CCA Industries, Inc. CAW 19 3.15 21.2% 21.2% 78.9% NM NM 1.3x 9.0x NM NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Mead Johnson Nutrition Co. MJN 16,352$ 89.08$ 25.9% 25.9% 94.4% (1.8%) 28.9% 4.7x 17.5x 30.5x 4.8x 18.1x

Herbalife Ltd. HLF 5,410 58.14 20.8% 20.8% 80.5% 1.9% 14.3% 1.3x 11.9x 19.3x 1.2x 8.0x

GNC Holdings, Inc. GNC 503 7.36 -33.3% -33.3% 20.5% (4.7%) 7.3% 0.8x 5.7x NM 0.8x 7.7x

Vitamin Shoppe, Inc. VSI 480 20.15 -15.2% -15.2% 62.4% (1.2%) 8.7% 0.5x 4.6x 19.4x 0.5x 4.8x

Medifast, Inc. MED 528 44.37 6.6% 6.6% 95.7% 8.2% 12.5% 1.6x 11.4x 29.8x 1.5x 10.6x

Nutraceutical International Corp. NUTR 288 31.15 -10.9% -10.9% 82.2% NM 18.2% 1.4x 7.4x 15.5x NM NM

LifeVantage Corp. LFVN 75 5.37 -34.1% -34.1% 33.6% NM 2.3% 0.3x 5.9x 16.8x NM NM

Nature's Sunshine Products, Inc. NATR 189 10.00 -33.3% -33.3% 60.8% NM (0.2%) 0.5x 11.2x 90.9x NM NM

Mannatech, Inc. MTEX 44 16.40 -19.2% -19.2% 68.9% NM 0.6% 0.1x 6.2x NM NM NM



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Brunswick Corp. BC 5,479$ 61.20$ 12.2% 12.2% 99.1% 8.7% 5.5% 1.2x 10.3x 20.4x 1.1x 8.2x

Vista Outdoor, Inc. VSTO 1,175 20.59 -44.2% -44.2% 38.8% (5.1%) 13.6% 0.9x 6.4x NM 0.9x 7.6x

Sturm, Ruger & Co., Inc. RGR 946 53.55 1.6% 1.6% 74.5% (3.4%) 25.8% 1.3x 5.1x 11.7x 1.5x 5.9x

Callaway Golf Co. ELY 1,038 11.07 1.0% 1.0% 88.1% 7.4% (7.2%) 1.1x 14.8x 5.6x 1.0x 14.4x

Johnson Outdoors, Inc. JOUT 320 36.50 -8.0% -8.0% 80.5% 5.0% 3.8% 0.7x 7.6x 20.2x 0.7x 6.8x

Performance Sports Group Ltd. PSG-CA 38 NA NA NA NA NM NM 0.8x 14.1x NM 0.9x 8.8x

Escalade, Inc. ESCA 185 12.90 -2.3% -2.3% 87.8% 1.0% 9.9% 1.2x 9.4x 16.1x 1.2x 9.9x



health & wellness report q1 2017 - sdr ventures · 1/20/2017 emmaus life sciences, inc. generex...

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