industry update │ august 2017 - harris williams · furniture & furnishings retailers apparel...

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

CONSUMER & RETAIL

INDUSTRY UPDATE │ AUGUST 2017

PAGE |

www.harriswilliams.com

The Health & Fitness sector is large, growing, and global and is being driven by evolvingwellness trends causing a dramatic shift in the industry. Making up roughly 33% of globalsales, the U.S. market is a $28 billion industry serving 57 million members. The industry hasbeen fueled by younger generations of the population who continue to adopt healthierand more active lifestyles and are willing to spend considerably more on experiencesoffered by boutique fitness studios. In addition, the High-Value, Low Price (“HVLP”)segment (monthly dues less than $25 per month) has seen robust growth, with membershipsgrowing at a CAGR of ~35% over the past three years. Traditional mid-market gyms arecontinuing to adapt as they introduce new offerings within their facilities to appeal tocurrent consumer trends. Finally, technology is also playing a critical role in the segmentboth in the gym and at home. While companies continue to implement new technologyofferings to improve the experience, certain studios and gyms are also realizing the needsof consumers who do not always have the time for a workout outside of the house andhave introduced pay-as-you-go or monthly memberships to participate in online instructionor group classes.

Europe: The European market is the second largest globally, with the UK and Germanycombining to generate ~$12 billion in sales. Continental markets typically exhibitcharacteristics involving one to two significant operators of scale accompanied bynumerous smaller players. Similar to the U.S., the European mid-market segment has facedmounting pressure from the premium and HVLP segments, with the HVLP segment drivingmost of the growth in the market. Within the studio segment, these concepts are becomingmore prevalent in London and gaining steam in other regions as well. Larger Europeanoperators are increasingly seeking growth opportunities outside their own domestic marketswith a number of operators already considering the U.S. opportunity. This interest may seeEuropean operators being more aggressive acquirers of U.S. health and fitness assets.

Asia Pacific: The Asia-Pacific region serves approximately 17 million member across 14markets, generating roughly $14 billion in revenue. A penetration rate of ~4% in the regionprovides for significant growth and opportunity for major players to emerge in the industry –mainland China has a penetration rate of only 0.4% and no clear leader in the market.Recently the acquisitions by Wanda Group of World Triathlon Corp. and the CompetitorGroup demonstrate that fitness/health is a growing theme in China attracting investmentsfrom Chinese corporates and financial buyers.

37.0% 34.8%

1.0%

10.7%

1.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Studios High Value,

Low Price

(<$25)

Mid-Market

($24 - $74)

Premium

($75 - $99)

Luxury

(>$99)

$27.6

$6.1 $5.6 $5.2 $2.7 $2.6 $2.5 $2.5 $2.4 $2.1

$0

$10

$20

$30

WORLDWIDE INDUSTRY REVENUE BY COUNTRY6

$18 $19 $19 $20 $20 $21 $22 $22$24 $26

$28

-

$5

$10

$15

$20

$25

$30

$ in Billions

HARRIS WILLIAMS & CO. CONSUMER UPDATE

1

GROUP OVERVIEW

Harris Williams & Co. is a leadingadvisor to the Consumer market. Oursignificant experience covers a broadrange of end markets, industries, andbusiness models. This particular reportfocuses on trends and metrics in thefollowing areas:

Consumer Durables

Consumer Electronics

Consumer Services

Footwear, Apparel, andAccessories

Franchise Platforms

Internet Retail

Health & Fitness

Home Furnishings

Household Goods

Infant and Juvenile Products

Jewelry, Gifts, and Collectibles

Omni / Multi-Channel Brands

Outdoor and Lifestyle

Personal Care Products

Pet Care

Specialty and MassMerchant Retailing

CONTACTS

North America

John NeunerManaging [email protected]+1 (804) 915-0125

Ryan BudlongManaging Director [email protected] +1 (415) 217-3409

Brent SpillerManaging [email protected]+1 (804) 915-0183

Corey [email protected]+1 (804) 932-1342

Zach EnglandVice [email protected]+1 (415) 217-3429

Beau PierceVice [email protected]+1 (804) 887-6113

Europe

Edward ArkusManaging [email protected]+44 207 518 8905

Will [email protected]+44 207 518 8906

CONSUMER AND RETAIL


SPOTLIGHT ON THE U.S. HEALTH & FITNESS INDUSTRY

A GLOBAL INDUSTRY - A CLOSER LOOK AT EUROPE AND ASIA

5% CAGR

U.S. INDUSTRY REVENUE6

$ in BillionsHVLP AND STUDIO GROWTH LEADS

CATEGORY (2012-2015 MEMBERSHIP CAGR)6

http://www.harriswilliams.com/

http://www.harriswilliams.com/industries/consumer

mailto:[email protected]








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Over the past few years (and recent months), we have continued to see these trends play out as investors seek to capitalize onthe attractive fundamentals presented by the health & fitness industry. Since 2013, HW&Co. Professionals have advised on eightdeals in the space. In addition, Ed Arkus, who heads Harris Williams & Co.’s consumer efforts in Europe, has completed over 20health & fitness deals in Europe.

Significant runway remains for many concepts in the U.S., which could be the next pillar of growth many of the incumbentoperators. In addition, the potential for cross-border M&A may be on the horizon, particularly for larger operators in Europe whoare already operating beyond their domestic borders. Finally, Asia represents a significantly underpenetrated market, wherefitness is a growing interest among both corporate and financial buyers. Select Harris Williams & Co. transactions include:

HARRIS WILLIAMS & CO. CONSUMER UPDATE

2

CONSUMER AND RETAIL


PERSPECTIVES ON M&A REMAIN STRONG

GOING GLOBAL – RECENT GYMS AND STUDIOS EXPANDING THEIR FOOTPRINT ABROAD

Noteworthy International Expansion Description

Granted the first franchising license for a U.S. based gym in China, creating new opportunities to strengthen its Asian footprint. Anytime Fitness currently has seven locations open and operating in

China, and anticipates 300-500 gyms by 2020.

Entered and entering new markets such as Milan, Italy; Stockholm, Sweden; and Toronto, Canada, increasing the total number of its studios to 39 worldwide. Barry’s already operates in the UK, Norway,

and the United Arab Emirates.

Announced exclusive partnership with Life Wellness International Development to open 10 locations throughout Taiwan.

Planet Fitness continued its expansion into Latin America with the announcement that it would open two locations in Panama in 2017.

Announced master franchise agreement with 3 Kings to open 70 studios over the next decade throughout Southern England, including 30 studios in London.

has been acquired by

a portfolio company of

The UK Division of

has received a majority equity investment from






TRT Holdings, Inc.

has received a growth equity investment from

has received a minority investment from


http://www.brockwaymoran.com/pressreleases/(Empty Reference!)

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PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL


3

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services

Apparel & Footwear 24 $2,643 3.4% (8.8%) 1.3x 10.6x 1.7x 10.9x

Consumer Durables 6 6,888 (0.5%) 13.4% 1.0x 11.0x 1.0x 12.0x

Consumer Serv ices and Retail Franchisors 7 3,122 10.8% (20.8%) 2.0x 10.4x 1.5x 6.8x

Home & Office Furniture & Furnishings 10 1,396 (9.9%) (5.2%) 0.8x 8.0x 1.0x 13.1x

Household Products 5 19,655 (1.3%) 19.0% 3.9x 15.4x 3.9x 17.0x

Housewares 7 2,896 (7.9%) 15.0% 1.6x 12.2x 1.8x 11.9x

Infant & Juvenile 12 1,302 (8.1%) (7.6%) 0.9x 9.3x 0.9x 10.9x

Outdoor & Lifestyle 20 1,149 5.4% 5.0% 1.2x 11.1x 1.5x 12.7x

Personal Care Products 13 3,581 (1.8%) 10.8% 1.5x 12.5x 1.6x 10.4x

Pet Care 8 1,369 (1.1%) 16.3% 2.1x 13.7x 1.9x 16.4x

Retail

Apparel & Footwear Retail 30 820 (5.1%) (50.9%) 0.4x 4.7x 0.4x 3.5x

Department Chains 8 5,098 2.5% (51.3%) 0.4x 5.7x 0.4x 4.1x

Discount Stores & Mass Merchants 13 23,926 (4.1%) (1.5%) 0.6x 9.7x 0.7x 11.1x

Furniture & Furnishings Retailers 14 1,349 (2.6%) (31.3%) 0.8x 8.8x 0.9x 8.4x

Internet Retail 10 8,595 2.7% 80.6% 3.8x 21.4x 6.4x 34.8x

Specialty & Other Retail 15 2,623 (8.1%) (39.9%) 0.4x 5.8x 0.5x 6.7x

Consumer Products & Services 112 $2,769 (1.2%) 7.9% 1.4x 11.1x 1.6x 12.0x

Retail 90 $3,861 (3.4%) (35.6%) 0.5x 7.3x 0.6x 7.5x

Consumer & Retail Index 202 $2,769 (1.5%) (3.4%) 1.1x 10.5x 1.3x 11.0x

SectorNumber of

Companies

Median Enterprise

Value ($ M)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

Department Chains

Apparel & Footwear Retail

Specialty & Other Retail

Consumer Serv ices and Retail

Franchisors

Furniture & Furnishings Retailers

Apparel & Footwear

Infant & Juvenile

Home & Office Furniture &

Furnishings

Consumer & Retail Index

Discount Stores & Mass Merchants

Pet Care

Consumer Durables

Outdoor & Lifestyle

S&P 500

Housewares

Household Products

Personal Care Products

Internet Retail

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7)2

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)2

PAGE |

PUBLIC MARKETS OVERVIEW

4

CONSUMER AND RETAIL


Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($ M) Primary Industry

08/11/17 05/10/17 Norwegian Cruise Line NCLH Follow-On $818.6 Hotels/Resorts/Cruiselines

08/08/17 05/22/17 Hyatt Hotels Corp. H-US Follow-On 498.3 Hotels/Resorts/Cruiselines

08/09/17 08/08/17 Malibu Boats Inc MBUU Follow-On 50.5 Recreational Products

07/20/17 07/17/17 Floor & Décor Holdings Inc. FND-US Follow-On 428.7 Home Improvement Chains

06/29/17 06/28/17 Blue Apron APRN-US IPO 300.0 Internet Retail

06/21/17 06/21/17 Taylor Morrison Home Corp. TMHC-US Follow-On 233.0 Homebuilding

06/07/17 06/08/17 Hilton Worldwide Holdings Inc. HLT-US Follow-On 987.3 Hotels/Resorts/Cruiselines

06/07/17 06/07/17 Calatlantic Group Inc. CAA-US Follow-On 393.9 Homebuilding

05/22/17 05/23/17 Hyatt Hotels Corp. H-US Follow-On 230.1 Hotels/Resorts/Cruiselines

06/01/17 05/08/17 GMS, Inc. GMS-US Follow-On 165.0 Home Improvement Chains

05/04/17 05/04/17 Planet Fitness, Inc. PLNT Follow-On 326.2 Other Consumer Serv ices

04/28/17 04/28/17 Carvana Co. CVNA IPO 225.0 E-Commerce

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE2

RECENT EQUITY OFFERINGS3

50

75

100

125

150

175

200

Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17

Ind

ex

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

PAGE |

9.0x 9.2x 9.4x 9.1x 9.3x 9.5x 9.9x 9.8x 9.6x10.0x10.1x9.7x

6.9x 6.5x7.1x 6.9x 6.6x 6.4x 6.4x 6.6x 6.3x 6.6x 6.8x 6.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Median LTM Trading Multiples

Consumer Products & Services Retail

5

CONSUMER AND RETAIL


M&A OVERVIEW

Note: Transactions based on publicly available information

$30

$40 $38

$27 $28

$92

$72.9

$55

0

50

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200

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450

$0

$15

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2010 2011 2012 2013 2014 2015 2016 2017

YTD

Nu

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er o

f Tran

sac

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s

Ave

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tio

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alu

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($ in

bill

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Announced Consumer Transactions

Aggregate Transaction Value # of Deals

8.4x

10.7x 10.0x 9.8x

10.8x

12.4x 11.9x11.3x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

0.0x

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8.0x

12.0x

16.0x

20.0x

2010 2011 2012 2013 2014 2015 2016 2017

YTD

EV

/ LTM S

ale

s Mu

ltiple

EV

/ L

TM E

BIT

DA

Mu

ltip

leMedian Consumer Transaction Multiples

EBITDA Mult Rev Mult

66

35 39

68 7183

66

95

63 5767

39

2025 28

21

18 13

512

26

12

16

1410

13

5

8

27

2

0

20

40

60

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120

Nu

mb

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of

Tra

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s

Quarterly Consumer M&A Activity

Strategic Buyer PEG Acquirer

31

37

53

73

86

57

66

42

37

28

59

53

76

57

68

84

34

26

0

10

20

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50

60

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80

90

100

2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Nu

mb

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of

Tra

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cti

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s

Consumer Private Equity Investments and Exits

Number of Investments Number of Exits

CONSUMER AND RETAIL M&A TRENDS2,3

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY2,3

ANNOUNCED CONSUMER AND RETAIL M&A2,3

Announced Target Buyer

8/31/2017 Sev enOKs SternoCandleLamp

8/31/2017 Bluefin Seafood Creation Gardens

8/29/2017 Popcorn Indiana Eagle Family Foods

8/29/2017 Exhale Enterprises Hyatt

8/29/2017 Distinctiv e Apparel (Chuangkai) Shangying Global

8/28/2017 Whole Foods Market Amazon.com

8/23/2017 Jay Strongwater Rauch Industries

8/22/2017 Ed Wyse Beauty Supply Bassett Salon Solutions

8/21/2017 Trav isMathew Callaway Golf Company

8/17/2017 TicketsWest Spectra's Ticketing & Fan Engagement

8/15/2017 Casamigos Diageo

8/15/2017 Calera Wine Duckhorn Wine

8/14/2017 BakeMark USA CSM Bakery Solutions

8/11/2017 Astro Gaming Logitech

8/10/2017 Funky Buddha Brewery Constellation Brands

8/4/2017 Crocker & Winsor Seafoods Newport Organization

8/4/2017 Carousel Designs Crown Crafts

8/3/2017 Anchor Brewing Company Sapporo Holdings

8/2/2017 Vision-Ease Lens Hoya

8/2/2017 Stack-On Products Cannon Safe

Last 20 Deals Announced

PAGE |

0

2

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1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15

Loa

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Quarterly Retail Loan Volume

Institutional Pro Rata

6

CONSUMER AND RETAIL


DEBT MARKET OVERVIEW

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

4Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q16

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Quarterly Retail Loan Volume

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

L + 700

2008 2009 2010 2011 2012 2013 2014 2015 2016 4Q16

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Spread on Retail Loans

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 500

L + 1000

L + 1500

L + 2000

L + 2500

4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

Ave

rag

e S

pre

ad

Ove

r LI

BO

R

Average Secondary Spread

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Debt/EBITDA Senior

Debt/EBITDA

EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

ult

iple

Credit Statistics

2010 2011 2012 2013 2014 2015 2016

• Arrangers have launched a $260 million covenant-lite B term loan for Melissa & Doug, with commitments due byWednesday, June 21. Price talk on the seven-year loan is making the rounds at L+500, with a 1% LIBOR floor and anOID of 99. Lenders are offered six months of 101 soft call protection.

• Accounts have received allocations of a $205 million first-lien term loan for Rough Country. Golub Capital was solelead arranger. The covenant-lite term loan due 2023 (L+450, 1% LIBOR floor) priced in line with talk and broke to a99.5/100.25 market, from issuance at 99. The loan backs the buyout of the company by Gridiron Capital. First-lienfinancing also includes a $20 million, five-year revolver. An $85 million, second-lien term loan was privately placed.Carlyle Private Credit led the second-lien tranche. Dyersburg, Tenn.–based Rough Country is a provider of after-market auto products, focused on lift and level kits catered to off-road enthusiasts.

• The term debt of clothing retailer Eddie Bauer has been marked at 45.5/50 in the wake of the private release of a2017 budget which forecast a profit of half the previous forecast. Eddie Bauer placed a $225 million, six-year termloan (L+525) at 98.5 in May 2014. Proceeds from the loan were used to refinance secured notes and fund apayment to sponsor Golden Gate Capital. Goldman Sachs, Guggenheim, and MCS Capital Markets werearrangers.

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS4,5

KEY RETAIL CREDIT STATISTICS2,5

PAGE |

PUBLIC COMPARABLES(1)

CONSUMER AND RETAIL


7

Price at As a % of Market Cash & Enterprise LTM P/E

($ in millions, except per share data) Ticker 7/26/17 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

EV / LTM EV / 2017ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Consumer Products & Services

Apparel & Footwear

Coach, Inc. COH 41.70 85.4% 11,784 1,580 3,084 10,280 4,488 1,066 (0.1%) (2.3%) 68.6% 23.7% 20.0x 2.29x 9.6x 2.08x 6.6x

Columbia Sportswear Company COLM 57.29 90.1% 3,996 0 622 3,374 2,406 304 1.1% 10.1% 44.3% 12.6% 21.1x 1.40x 11.1x 2.00x 18.6x

Carter's, Inc. CRI 86.71 87.7% $4,148 $662 $174 $4,636 $3,261 $449 5.9% 5.8% 43.1% 13.8% 17.0x 1.42x 10.3x 1.76x 12.3x

Crocs, Inc. CROX 8.93 92.1% 641 2 159 483 1,014 40 (6.6%) (5.6%) 47.1% 4.0% NA 0.48x 12.0x 0.41x 3.6x

Deckers Outdoor Corporation DECK 63.90 87.9% 2,045 33 280 1,797 1,818 194 (1.1%) 3.7% 46.3% 10.6% NM 0.99x 9.3x 1.44x 9.0x

Fossil Group, Inc. FOSL 8.29 22.5% 402 646 320 729 2,876 181 (7.5%) (5.6%) 50.9% 6.3% NA 0.25x 4.0x 0.22x 1.1x

G-III Apparel Group, Ltd. GIII 27.50 81.8% 1,338 493 67 1,764 2,458 128 3.8% 10.7% 34.3% 5.2% 32.7x 0.72x 13.7x 1.04x 12.2x

Hanesbrands Inc. HBI 24.26 89.6% 8,842 4,226 449 12,619 6,363 1,046 11.8% 9.2% 39.0% 16.4% 16.0x 1.98x 12.1x 2.73x 18.4x

Iconix Brand Group, Inc. ICON 5.59 51.8% 319 962 313 968 298 147 (21.3%) (10.5%) 0.0% 49.2% NA 3.24x 6.6x 2.24x 3.7x

Kate Spade & Co KATE 0.00 0.0% 0 393 422 (30) 1,378 231 9.2% 4.1% 60.2% 16.7% NA NM NM NM NM

NIKE, Inc. Class B NKE 52.81 87.2% 86,764 3,802 6,179 84,387 34,254 5,020 5.5% 7.2% 43.4% 14.7% 21.0x 2.46x 16.8x 3.15x 21.1x

Oxford Industries, Inc. OXM 57.81 75.9% 972 93 7 1,059 1,039 116 7.6% 3.4% 56.6% 11.2% 19.5x 1.02x 9.1x 1.16x 9.2x

Perry Ellis International, Inc. PERY 21.83 75.3% 342 83 53 373 847 40 (4.1%) (2.0%) 35.8% 4.8% 19.1x 0.44x 9.2x 0.41x 11.4x

PVH Corp. PVH 125.89 96.7% 9,747 3,204 559 12,391 8,411 1,055 3.5% 0.6% 54.0% 12.5% 24.1x 1.47x 11.7x 1.55x 10.1x

Ralph Lauren Corporation Class A RL 87.89 77.1% 7,144 859 1,598 6,405 6,448 973 (12.1%) (4.9%) 57.6% 15.1% NA 0.99x 6.6x 0.87x 4.6x

Steven Madden, Ltd. SHOO 42.40 96.8% 2,508 0 157 2,352 1,485 184 5.2% 3.5% 37.5% 12.4% 20.4x 1.58x 12.8x 1.79x 10.9x

Skechers U.S.A., Inc. Class A SKX 26.43 88.1% 4,187 74 752 3,510 3,805 415 10.8% 21.9% 43.7% 10.9% 18.4x 0.92x 8.5x 1.90x 26.4x

Gildan Activewear Inc. GIL-CA 31.19 97.9% 7,002 705 73 7,634 2,685 574 7.5% 6.3% 28.5% 21.4% 18.9x 2.84x 13.3x 3.62x 17.8x

Under Armour, Inc. Class C UA 15.10 42.2% 6,852 955 166 7,642 4,985 532 12.7% 23.3% 46.0% 10.7% 30.9x 1.53x 14.4x 3.28x 24.2x

V.F. Corporation VFC 62.87 97.9% 24,747 3,287 673 27,361 11,789 1,745 (7.4%) 0.2% 49.3% 14.8% 23.9x 2.32x 15.7x 2.40x 14.5x

Vera Bradley, Inc. VRA 9.04 52.6% 328 0 84 244 477 48 (5.9%) (3.2%) 56.4% 10.1% 25.1x 0.51x 5.1x 0.46x 2.2x

Weyco Group, Inc. WEYS 27.55 85.3% 282 0 23 259 288 27 (8.5%) (1.3%) 36.8% 9.4% 17.8x 0.90x 9.5x 0.86x NA

Wolverine World Wide, Inc. WWW 26.30 91.8% 2,542 805 413 2,934 2,523 268 (2.6%) (2.2%) 38.6% 10.6% 30.9x 1.16x 11.0x 1.09x 9.9x

Mean 76.2% $8,128 $994 $723 $8,399 $4,583 $643 0.3% 3.1% 44.3% 13.8% 22.2x 1.41x 10.6x 1.66x 11.8x

Median 87.2% $2,542 $646 $313 $2,934 $2,523 $268 1.1% 3.4% 44.3% 12.4% 20.4x 1.28x 10.6x 1.65x 10.9x

Consumer Durables

Arcelik A.S. ARCLK-TR 6.95 89.1% 4,697 1,911 583 6,026 5,410 542 1.7% (1.8%) 31.7% 10.0% 16.0x 1.11x 11.1x 1.17x 11.1x

Electrolux AB Class B ELUX.B-SE 36.31 99.2% 11,225 1,195 1,224 11,197 13,986 1,214 (2.9%) (5.5%) 21.0% 8.7% 18.7x 0.80x 9.2x 0.66x 11.5x

iRobot Corporation IRBT 95.42 86.9% 2,640 0 260 2,380 733 88 16.4% 13.2% 49.8% 12.0% 46.8x 3.25x 27.1x 4.88x 41.2x

Middleby Corporation MIDD 121.70 80.7% 7,011 803 65 7,750 2,281 535 9.6% 14.1% 40.1% 23.5% 22.8x 3.40x 14.5x 5.42x 26.3x

Haier Electronics Group Co., Ltd. 1169-HK 2.66 92.5% 7,437 197 1,889 5,745 9,600 523 (4.0%) (1.8%) 17.3% 5.5% 17.7x 0.60x 11.0x 0.56x 12.5x

Whirlpool Corporation WHR 171.62 84.5% 12,525 5,401 1,041 16,885 21,037 2,150 1.9% 3.8% 17.1% 10.2% 17.2x 0.80x 7.9x 0.90x 9.3x

Mean 88.8% $7,589 $1,585 $844 $8,330 $8,841 $842 3.8% 3.7% 29.5% 11.6% 23.2x 1.66x 13.5x 2.27x 18.7x

Median 88.0% $7,224 $999 $812 $6,888 $7,505 $539 1.8% 1.0% 26.4% 10.1% 18.2x 0.96x 11.0x 1.03x 12.0x

PAGE |


CONSUMER AND RETAIL


8




GNC Holdings, Inc. Class A GNC 8.30 37.2% 568 1,510 52 2,025 2,484 268 (5.7%) (2.0%) 32.7% 10.8% NA 0.82x 7.5x 0.77x 3.9x

H&R Block, Inc. HRB 26.74 84.1% 5,590 1,494 1,118 5,967 3,036 898 (0.1%) 0.1% 45.5% 29.6% 13.3x 1.97x 6.6x 2.00x 6.8x

Planet Fitness, Inc. Class A PLNT 25.37 99.7% 2,495 706 79 3,122 402 165 15.0% 24.0% 46.5% 41.1% NM 7.77x 18.9x NA NA

Regis Corporation RGS 13.28 85.1% 616 121 191 545 1,692 65 (5.5%) (3.7%) 37.4% 3.8% NA 0.32x 8.4x 0.28x 4.9x

Realogy Holdings Corp. RLGY 33.90 96.4% 4,622 3,706 226 8,102 6,010 779 3.6% 4.1% 19.3% 13.0% 19.8x 1.35x 10.4x 1.53x 10.2x

Serv iceMaster Global Holdings, Inc. SERV 47.12 99.9% 6,288 2,819 403 8,704 2,841 663 6.7% (0.2%) 46.0% 23.3% 28.4x 3.06x 13.1x 3.80x 18.8x

Winmark Corporation WINA 131.85 95.7% 556 31 1 586 68 40 4.7% 6.2% 92.8% 57.8% 24.7x 8.55x 14.8x NA NA

Mean 85.4% $2,962 $1,484 $296 $4,150 $2,362 $411 2.7% 4.1% 45.7% 25.6% 21.6x 3.41x 11.4x 1.68x 8.9x

Median 95.7% $2,495 $1,494 $191 $3,122 $2,484 $268 3.6% 0.1% 45.5% 23.3% 22.3x 1.97x 10.4x 1.53x 6.8x

Home & Office Furniture & Furnishings

Dixie Group, Inc. DXYN 4.10 73.7% 66 124 0 190 408 15 (0.9%) 2.4% 24.8% 3.8% NA 0.47x 12.4x 0.55x NA

HNI Corporation HNI 36.65 64.3% 1,616 333 29 1,920 2,158 240 (4.1%) 1.4% 38.1% 11.1% 26.2x 0.89x 8.0x 0.93x 12.5x

Hooker Furniture Corporation HOFT 40.25 86.4% 466 46 54 459 586 49 90.4% 35.9% 21.5% 8.4% 16.9x 0.78x 9.4x 2.02x 30.4x

Kimball International, Inc. Class B KBAL 16.96 89.5% 634 4 99 539 670 71 5.5% (19.5%) 33.3% 10.6% 17.1x 0.80x 7.6x 0.43x NA

Knoll, Inc. KNL 18.05 63.6% 890 234 6 1,118 1,110 142 (3.3%) 5.6% 37.8% 12.8% 12.4x 1.01x 7.9x 1.30x 14.9x

Leggett & Platt, Incorporated LEG 45.97 83.6% 6,081 1,187 335 6,933 3,809 588 (1.3%) 0.3% 23.0% 15.4% 18.2x 1.82x 11.8x 1.85x 14.7x

LaZBoy Incorporated LZB 23.85 69.9% 1,151 0 142 1,009 1,536 157 0.8% 3.6% 39.9% 10.2% 14.0x 0.66x 6.4x 0.75x 9.3x

Herman Miller, Inc. MLHR $33.65 92.3% $2,012 $200 $105 $2,107 $2,278 $262 0.6% 6.6% 37.9% 11.5% 16.4x 0.93x NM 1.15x 10.7x

Steelcase Inc. Class A SCS 13.20 72.7% 1,558 297 181 1,673 3,049 258 (0.8%) 0.0% 33.6% 8.5% 13.1x 0.55x 6.5x 0.56x 7.0x

Tempur Sealy International Inc TPX 61.90 75.2% 3,341 1,862 39 5,164 2,983 426 (6.0%) 1.8% 41.9% 14.3% 17.6x 1.73x 12.1x 2.10x 13.8x

Mean 77.1% $1,782 $429 $99 $2,111 $1,859 $221 8.1% 3.8% 33.2% 10.6% 16.9x 0.96x 9.1x 1.16x 14.1x

Median 74.5% $1,354 $217 $76 $1,396 $1,847 $198 (0.8%) 2.1% 35.7% 10.8% 16.9x 0.85x 8.0x 1.04x 13.1x

Household Products

Church & Dwight Co., Inc. CHD 50.17 92.6% 12,518 1,523 238 13,804 3,542 849 2.3% 3.3% 45.7% 24.0% 29.7x 3.90x 16.3x 4.32x 19.4x

Colgate-Palmolive Company CL $71.64 92.7% $63,104 $6,519 $1,396 $68,227 $15,176 $4,416 (2.1%) (4.5%) 60.5% 29.1% 26.6x 4.50x 15.4x 3.92x 14.9x

Clorox Company CLX 138.53 97.7% 17,880 2,195 420 19,655 5,973 1,294 3.7% 2.2% 44.8% 21.7% 26.0x 3.29x 15.2x 3.51x 17.0x

Prestige Brands Holdings, Inc. PBH 50.71 85.0% 2,688 2,145 44 4,789 929 296 12.8% 15.4% 53.4% 31.8% 25.0x 5.15x 16.2x 7.95x 22.9x

Procter & Gamble Company PG 92.27 99.3% 235,290 31,592 15,137 251,745 65,058 17,188 (0.4%) (8.2%) 50.6% 26.4% 25.3x 3.87x 14.6x 3.01x 13.2x

Mean 93.5% $66,296 $8,795 $3,447 $71,644 $18,136 $4,809 3.3% 1.6% 51.0% 26.6% 26.5x 4.14x 15.5x 4.54x 17.5x

Median 92.7% $17,880 $2,195 $420 $19,655 $5,973 $1,294 2.3% 2.2% 50.6% 26.4% 26.0x 3.90x 15.4x 3.92x 17.0x

Housewares

Helen of Troy Limited HELE 90.30 87.8% 2,458 454 17 2,896 1,549 224 (0.1%) 5.4% 43.9% 14.4% 19.7x 1.87x 12.9x 2.21x 15.0x

Libbey Inc. LBY 8.17 39.4% 180 396 28 548 776 70 (4.7%) (2.4%) 19.0% 9.0% NA 0.71x 7.8x 0.67x 4.1x

Lifetime Brands, Inc. LCUT 17.40 82.1% 257 99 4 352 594 43 2.8% 3.2% 37.0% 7.3% 14.4x 0.59x 8.1x 0.70x 8.8x

NACCO Industries, Inc. Class A NC 72.50 72.8% 496 123 60 559 855 28 (2.6%) (2.4%) 23.9% 3.2% 14.0x 0.65x 20.2x NA NA

Newell Brands Inc NWL 48.28 87.7% 23,662 11,394 780 34,276 15,411 2,150 86.5% 39.1% 34.8% 14.0% 19.3x 2.22x 15.9x 6.02x 37.3x

Spectrum Brands Holdings, Inc. SPB 109.96 75.3% 6,382 4,101 110 10,373 4,935 853 (3.7%) 4.0% 37.9% 17.3% 22.4x 2.10x 12.2x 2.49x 15.6x

Tupperware Brands Corporation TUP 57.87 77.8% 2,944 779 85 3,638 2,250 396 4.2% (5.4%) 67.6% 17.6% 18.7x 1.62x 9.2x 1.36x 7.7x

Mean 74.7% $5,197 $2,478 $155 $7,520 $3,767 $538 11.8% 5.9% 37.7% 11.8% 18.1x 1.39x 12.3x 2.24x 14.7x

Median 77.8% $2,458 $454 $60 $2,896 $1,549 $224 (0.1%) 3.2% 37.0% 14.0% 19.0x 1.62x 12.2x 1.78x 11.9x

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Carter's, Inc. CRI 86.71 87.7% 4,148 662 174 4,636 3,261 449 5.9% 5.8% 43.1% 13.8% 17.0x 1.42x 10.3x 1.76x 12.3x

Crown Crafts, Inc. CRWS 6.65 64.9% 67 0 12 55 64 9 (22.0%) (7.3%) 28.1% 14.4% 13.3x 0.86x 6.0x 0.68x 5.2x

Dorel Industries Inc. Class B DII.B 22.80 73.5% 739 493 39 1,193 2,577 158 (2.1%) 0.4% 23.8% 6.1% 24.4x 0.46x 7.6x 0.49x 7.1x

Hasbro, Inc. HAS 98.25 84.6% 12,289 1,736 1,457 12,568 5,121 990 10.1% 7.2% 51.7% 19.3% 21.3x 2.45x 12.7x 3.08x 16.9x

JAKKS Pacific, Inc. JAKK 3.45 35.4% 93 153 68 178 684 27 (7.2%) 1.4% 30.8% 3.9% NA 0.26x 6.7x 0.28x NM

Mattel, Inc. MAT 16.22 48.0% 5,559 2,642 275 7,926 5,340 703 (5.0%) (5.5%) 45.0% 13.2% 23.5x 1.48x 11.3x 1.22x 5.8x

Mothercare plc MTC-GB 1.28 71.6% 219 20 11 228 869 58 (15.4%) (8.9%) 9.6% 6.7% 20.5x 0.26x 3.9x 0.19x 4.0x

Newell Brands Inc NWL 48.28 87.7% 23,662 11,394 780 34,276 15,411 2,150 86.5% 39.1% 34.8% 14.0% 19.3x 2.22x 15.9x 6.02x 37.3x

Children's Place, Inc. PLCE 106.15 84.7% 1,872 55 258 1,669 1,805 230 3.4% 0.9% 34.1% 12.7% 15.2x 0.92x 7.3x 0.94x 9.4x

Goodbaby International Holdings Ltd. 1086-HK 0.53 92.5% 597 158 101 654 804 52 (10.4%) 14.2% 33.8% 6.5% 21.7x 0.81x 12.6x 1.21x 18.7x

Summer Infant, Inc. SUMR 2.04 86.1% 38 45 1 81 194 8 (3.3%) (0.7%) 29.9% 3.9% NA 0.42x 10.6x 0.39x 10.9x

Tomy Company, Ltd. 7867-JP 13.35 95.3% 1,285 491 366 1,410 1,580 172 12.6% 1.8% 38.4% 10.9% 16.7x 0.89x 8.2x 0.92x 12.4x

Mean 76.0% $4,214 $1,487 $295 $5,406 $3,143 $417 4.4% 4.0% 33.6% 10.4% 19.3x 1.04x 9.4x 1.43x 12.7x

Median 84.6% $1,012 $325 $137 $1,302 $1,692 $165 (2.7%) 1.2% 34.0% 11.8% 19.9x 0.88x 9.3x 0.93x 10.9x

Outdoor & Lifestyle

Arctic Cat Inc. ACAT $0.00 0.0% $0 $79 $10 $69 $508 ($61) (16.7%) (10.1%) 7.6% NM NA 0.13x NM 0.10x 0.9x

Brunswick Corporation BC 52.48 82.2% 4,656 444 449 4,651 4,688 606 9.3% 6.3% 26.9% 12.9% 16.6x 0.99x 7.7x 1.20x 11.5x

Clarus Corporation BDE 7.25 95.4% 218 0 63 155 153 (1) 2.1% (9.0%) 27.6% NM NA 1.01x NM 0.76x 19.9x

Columbia Sportswear Company COLM 57.29 90.1% 3,996 0 622 3,374 2,406 304 1.1% 10.1% 44.3% 12.6% 21.1x 1.40x 11.1x 2.00x 18.6x

Callaway Golf Company ELY 13.94 98.8% 1,316 7 62 1,260 965 92 13.6% 2.8% 45.4% 9.6% 7.7x 1.31x NM 1.50x 38.1x

Escalade, Incorporated ESCA 12.05 82.0% 173 24 2 195 168 16 4.0% 2.3% 24.0% 9.8% 15.3x 1.16x 11.8x NA NA

Fox Factory Holding Corp. FOXF 40.00 99.6% 1,497 65 43 1,519 448 74 16.5% 15.6% 31.9% 16.5% 32.3x 3.39x 20.6x 5.57x 30.7x

GoPro, Inc. Class A GPRO 9.21 52.1% 1,326 126 150 1,302 1,296 (173) 4.4% 7.8% 38.0% NM NA 1.00x NM 1.32x 10.1x

Amer Sports Oyj Class A AMEAS-FI 26.41 83.1% 3,130 948 281 3,796 2,898 274 0.1% (0.1%) 45.7% 9.4% 25.0x 1.31x 13.9x 1.29x 14.0x

Rapala VMC Oyj RAP1V-FI 4.73 85.7% 185 138 27 295 282 13 (8.7%) (9.5%) 21.2% 4.7% NA 1.05x 22.4x 0.75x 6.4x

Harley-Davidson, Inc. HOG 47.01 74.1% 8,020 7,172 1,052 14,140 5,653 913 (7.5%) (3.4%) 32.1% 16.1% 13.7x 2.50x 15.5x 2.69x 10.5x

Johnson Outdoors Inc. Class A JOUT 63.80 97.9% 638 0 94 544 474 54 6.6% 4.3% 42.4% 11.3% 19.6x 1.15x 10.1x 1.28x NA

Malibu Boats Inc Class A MBUU 26.97 91.4% 484 55 32 506 274 45 10.7% 13.6% 28.0% 16.6% 21.6x 1.85x 11.1x NA NA

Marine Products Corporation MPX 15.58 95.9% 543 0 9 535 255 28 13.1% 12.9% 21.6% 10.8% 29.1x 2.10x NM 3.18x 49.7x

Nautilus Inc NLS 16.35 65.4% 503 56 85 474 397 53 4.6% 17.6% 51.8% 13.2% 17.8x 1.19x 9.0x 2.17x 24.7x

Polaris Industries Inc. PII 93.23 94.0% 5,832 1,068 127 6,773 4,922 435 4.1% 6.4% 23.6% 8.8% 39.0x 1.38x 15.6x 1.79x 10.3x

Sturm, Ruger & Company, Inc. RGR 45.80 66.6% 809 0 44 765 622 148 1.3% (2.7%) 31.2% 23.8% 11.7x 1.23x 5.2x 1.11x 3.9x

American Outdoor Brands Corporation SWHC 16.32 55.2% 881 218 62 1,037 903 253 24.9% 13.0% 41.5% 28.1% 7.4x 1.15x 4.1x 1.69x 6.2x

Shimano Inc. 7309-JP 135.02 76.7% 12,519 63 1,919 10,663 2,930 718 (1.9%) 0.2% 40.9% 24.5% 29.2x 3.64x 14.8x 4.13x 21.7x

Vista Outdoor Inc VSTO 20.50 49.6% 1,170 1,107 54 2,223 2,485 285 4.1% 9.9% 25.9% 11.5% NA 0.89x 7.8x NA NA

Mean 76.8% $2,395 $578 $259 $2,714 $1,636 $204 4.3% 4.4% 32.6% 14.1% 20.5x 1.49x 12.0x 1.91x 17.3x

Median 82.7% $1,025 $64 $63 $1,149 $763 $83 4.1% 5.3% 31.6% 12.6% 19.6x 1.21x 11.1x 1.50x 12.7x

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Avon Products, Inc. AVP 2.49 35.8% 1,095 1,887 634 2,348 5,706 470 (5.1%) (15.2%) 61.2% 8.2% NA 0.41x 5.0x 0.24x 2.3x

Estee Lauder Companies Inc. Class A EL 106.99 99.1% 39,333 3,572 1,741 41,164 11,824 2,411 5.0% 2.5% 79.3% 20.4% 31.9x 3.48x 17.1x 3.89x 20.0x

Herbalife Ltd. HLF 69.01 92.6% 6,485 2,288 1,624 7,149 4,416 681 (2.4%) (4.4%) 81.1% 15.4% 14.5x 1.62x 10.5x 1.48x 8.3x

Kimberly-Clark Corporation KMB 123.29 90.5% 43,559 8,023 1,051 50,531 18,175 4,049 (0.8%) (5.0%) 36.6% 22.3% 20.6x 2.78x 12.5x 2.39x 12.0x

Medifast, Inc. MED 56.62 99.9% 675 0 89 587 277 46 2.5% (5.7%) 75.6% 16.6% 28.5x 2.12x 12.7x 1.64x 11.1x

Nu Skin Enterprises, Inc. Class A NUS 60.83 92.1% 3,220 425 353 3,292 2,186 329 (1.4%) (12.5%) 78.6% 15.0% 20.6x 1.51x 10.0x 1.04x 5.6x

Procter & Gamble Company PG 92.27 99.3% 235,290 31,592 15,137 251,745 65,058 17,188 (0.4%) (8.2%) 50.6% 26.4% 25.3x 3.87x 14.6x 3.01x 13.2x

Elizabeth Arden, Inc. RDEN 0.00 0.0% 0 422 45 377 966 17 (1.6%) (10.4%) 40.7% 1.7% NA 0.39x 22.3x 0.30x 3.8x

Revlon, Inc. Class A REV 16.90 44.5% 889 2,776 84 3,581 2,646 300 37.7% 14.1% 57.5% 11.3% NA 1.35x 11.9x 2.40x 13.7x

Sally Beauty Holdings, Inc. SBH 18.59 61.6% 2,442 1,867 54 4,255 3,940 617 (1.1%) 2.0% 47.1% 15.6% 11.3x 1.08x 6.9x 1.16x 7.1x

Ulta Beauty Inc ULTA 221.01 70.2% 13,710 0 273 13,437 5,317 970 23.0% 21.9% 36.1% 18.3% 29.4x 2.53x 13.8x 5.11x 31.6x

USANA Health Sciences, Inc. USNA 59.20 78.9% 1,451 0 229 1,221 1,029 157 6.6% 12.1% 47.6% 15.2% 15.3x 1.19x 7.8x 1.70x 9.7x

All for One Steeb AG A1OS-DE $77.29 97.6% $385 $31 $24 $393 $315 $29 8.9% 3.2% 18.8% 9.2% 27.6x 1.24x 13.6x 1.47x NA

Mean 74.0% $26,810 $4,068 $1,641 $29,237 $9,373 $2,097 5.5% (0.4%) 54.7% 15.1% 22.5x 1.81x 12.2x 1.99x 11.5x

Median 90.5% $2,442 $1,867 $273 $3,581 $3,940 $470 (0.4%) (4.4%) 50.6% 15.4% 23.0x 1.51x 12.5x 1.64x 10.4x

Pet Care

Blue Buffalo Pet Products Inc BUFF 25.76 97.0% 5,078 396 339 5,135 1,180 278 8.1% 17.9% 45.9% 23.6% 36.3x 4.35x 18.5x NA NA

Central Garden & Pet Company CENT $35.25 89.6% $1,781 $435 $25 $2,191 $1,977 $199 9.7% 7.3% 30.7% 10.0% 26.5x 1.11x 11.0x 1.33x 26.8x

Freshpet Inc FRPT $15.85 86.8% $541 $8 $1 $547 $143 $10 14.3% 31.3% 40.7% 6.7% NA 3.83x 57.1x NA NA

Oil-Dri Corporation of America ODC 40.70 92.8% 275 12 32 255 261 29 (0.6%) (0.3%) 29.3% 10.9% 20.2x 0.97x 8.9x NA NA

Spectrum Brands Holdings, Inc. SPB 109.96 75.3% 6,382 4,101 110 10,373 4,935 853 (3.7%) 4.0% 37.9% 17.3% 22.4x 2.10x 12.2x 2.49x 15.6x

Maabarot Products Ltd. MABR-IL 18.09 87.7% 177 5 208 (26) 89 4 (0.1%) (4.7%) 40.3% 4.7% NA NM NM NA NA

Echo Trading Co., Ltd. 7427-JP 6.21 94.4% 38 51 32 57 718 3 11.3% (1.2%) 12.0% 0.4% 22.4x 0.08x 18.2x 0.08x NA

Unicharm Corporation 8113-JP 23.51 83.6% 14,593 596 1,007 14,182 6,318 1,038 3.3% 1.8% 45.0% 16.4% 31.9x 2.24x 13.7x 2.60x 16.4x

Mean 88.4% $3,608 $700 $219 $4,089 $1,953 $302 5.3% 7.0% 35.2% 11.3% 26.6x 2.10x 19.9x 1.62x 19.6x

Median 88.7% $1,161 $223 $71 $1,369 $949 $114 5.7% 2.9% 39.1% 10.5% 24.5x 2.10x 13.7x 1.91x 16.4x

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Apparel & Footwear Retail

American Eagle Outfitters, Inc. AEO 11.95 62.8% 2,116 0 193 1,923 3,644 479 1.3% 3.8% 32.3% 13.1% 12.3x 0.53x 4.0x 0.58x 5.2x

Abercrombie & Fitch Co. Class A ANF $12.74 71.5% $867 $310 $421 $756 $3,302 $170 (5.5%) (7.0%) 54.5% 5.1% NA 0.23x 4.5x 0.18x 1.6x

Ascena Retail Group, Inc. ASNA 2.04 24.5% 398 1,608 300 1,705 6,804 570 7.1% 12.3% 52.4% 8.4% NA 0.25x 3.0x 0.36x 3.6x

Buckle, Inc. BKE 14.15 52.2% 691 0 261 430 944 174 (13.6%) (5.8%) 40.7% 18.4% 7.5x 0.46x 2.5x 0.38x 1.5x

Cabela's Incorporated CAB 53.70 84.4% 3,702 5,625 219 9,107 4,060 424 (1.7%) 4.8% 37.9% 10.4% 27.7x 2.24x 21.5x 2.53x 19.8x

Caleres, Inc. CAL 26.98 73.7% 1,160 282 72 1,370 2,626 193 2.6% 1.4% 41.3% 7.3% 18.4x 0.52x 7.1x 0.54x 8.6x

Cato Corporation Class A CATO 13.16 35.9% 335 0 241 93 876 21 (12.6%) (2.6%) 31.8% 2.4% 20.3x 0.11x 4.4x 0.10x 0.9x

Chico's FAS, Inc. CHS 7.68 45.6% 994 76 186 884 2,360 258 (7.4%) (3.4%) 37.7% 10.9% NM 0.37x 3.4x 0.34x 2.6x

Citi Trends, Inc. CTRN 18.13 79.8% 249 0 63 186 712 36 4.2% 3.9% 35.8% 5.1% 19.9x 0.26x 5.2x 0.30x 8.7x

Destination Maternity Corporation DEST 1.20 14.3% 17 39 2 54 416 15 (13.7%) (8.3%) 52.5% 3.7% NA 0.13x 3.5x 0.11x NA

DSW Inc. Class A DSW 18.53 71.4% 1,489 0 275 1,214 2,743 262 2.4% 4.7% 28.2% 9.6% 12.5x 0.44x 4.6x 0.51x 3.6x

Destination XL Group, Inc. DXLG 1.85 37.0% 90 68 7 152 453 24 0.9% 4.5% 38.2% 5.3% NA 0.33x 6.3x 0.39x 12.9x

Express, Inc. EXPR 6.37 44.3% 499 68 191 376 2,157 161 (8.3%) (0.1%) 29.1% 7.5% 12.5x 0.17x 2.3x 0.17x 1.3x

Finish Line, Inc. Class A FINL 8.33 34.0% 334 0 76 258 1,868 116 (1.6%) 2.7% 26.6% 6.2% 26.4x 0.14x 2.2x 0.16x 1.6x

Foot Locker, Inc. FL 35.23 44.4% 4,626 127 1,050 3,703 7,780 1,139 4.0% 4.9% 31.6% 14.6% 7.2x 0.48x 3.3x 0.57x 4.6x

Genesco Inc. GCO 21.15 29.4% 414 178 43 549 2,863 196 (4.9%) 2.4% 49.1% 6.9% 4.7x 0.19x 2.8x 0.21x 2.1x

Guess?, Inc. GES 15.58 93.8% 1,297 24 316 1,004 2,219 129 2.1% (4.4%) 33.5% 5.8% NM 0.45x 7.8x 0.39x 3.1x

Gap, Inc. GPS 23.62 76.8% 9,263 1,248 1,609 8,902 15,466 1,897 (0.4%) (1.7%) 37.1% 12.3% 11.2x 0.58x 4.7x 0.55x 3.4x

J.Jill, Inc. JILL 9.71 67.4% 425 267 15 677 639 96 13.7% 11.9% 67.0% 15.0% 17.7x 1.06x 7.1x NA NA

L Brands, Inc. LB 36.22 46.7% 10,389 5,746 1,555 14,580 12,397 2,426 1.2% 4.4% 40.2% 19.6% 9.5x 1.18x 6.0x 1.36x 6.9x

Lululemon Athletica Inc LULU 57.55 74.2% 7,868 0 721 7,146 2,436 515 11.0% 13.3% 52.1% 21.1% 27.7x 2.93x 13.9x 4.55x 16.3x

Tailored Brands, Inc. TLRD 11.82 41.1% 580 1,588 67 2,101 3,333 323 (3.1%) 10.2% 42.5% 9.7% NM 0.63x 6.5x 0.85x 8.0x

New York & Company, Inc. NWY 1.93 74.4% 124 12 76 60 914 20 (2.7%) (0.7%) 29.5% 2.2% NA 0.07x 2.9x 0.06x 1.7x

Children's Place, Inc. PLCE 106.15 84.7% 1,872 55 258 1,669 1,805 230 3.4% 0.9% 34.1% 12.7% 15.2x 0.92x 7.3x 0.94x 9.4x

Ross Stores, Inc. ROST 58.45 83.7% 22,748 397 1,258 21,886 13,084 2,133 8.2% 8.1% 28.7% 16.3% 20.0x 1.67x 10.3x 2.15x 14.3x

Shoe Carnival, Inc. SCVL 20.10 63.2% 347 27 19 355 997 65 0.1% 3.7% 28.8% 6.5% 16.6x 0.36x 5.4x 0.40x 5.8x

Stein Mart, Inc. SMRT 1.25 15.3% 60 157 16 202 1,342 24 (1.5%) 1.8% 23.3% 1.8% NA 0.15x 8.3x 0.16x 2.8x

Stage Stores, Inc. SSI 1.82 31.0% 50 223 22 251 1,419 36 (9.5%) (4.5%) 21.1% 2.5% NA 0.18x 7.0x 0.15x 2.0x

Urban Outfitters, Inc. URBN 20.44 50.1% 2,275 0 371 1,904 3,544 446 2.2% 4.3% 34.6% 12.6% 12.0x 0.54x 4.3x 0.62x 3.4x

Zumiez Inc. ZUMZ 12.45 46.9% 314 0 76 237 844 65 5.6% 4.6% 31.2% 7.7% 13.0x 0.28x 3.7x 0.33x 2.4x

Mean 55.1% $2,520 $604 $333 $2,791 $3,468 $421 (0.5%) 2.3% 37.5% 9.4% 15.6x 0.59x 5.9x 0.69x 5.7x

Median 51.2% $635 $68 $192 $820 $2,290 $183 0.5% 3.2% 35.2% 8.0% 14.1x 0.41x 4.7x 0.39x 3.5x

Department Chains

Bon-Ton Stores, Inc. BONT $0.66 33.3% $14 $1,034 $7 $1,041 $2,619 $100 (5.5%) (2.0%) 33.3% 3.8% NA 0.40x 10.5x 0.37x 6.3x

Dillard's, Inc. Class A DDS 60.80 72.9% 1,775 818 135 2,458 6,307 506 (4.7%) (1.4%) 31.0% 8.0% 15.5x 0.39x 4.9x 0.37x 3.0x

J. C. Penney Company, Inc. JCP 3.87 36.0% 1,203 4,293 314 5,182 12,486 888 (1.1%) 0.9% 30.5% 7.1% NA 0.41x 5.8x 0.43x NM

Nordstrom, Inc. JWN 44.62 71.0% 7,418 2,740 919 9,239 15,005 1,690 4.0% 5.1% 36.1% 11.3% 21.2x 0.62x 5.5x 0.74x 5.1x

Kohl's Corporation KSS 39.78 66.7% 6,782 4,566 552 10,796 18,519 2,312 (2.4%) (0.6%) 31.1% 12.5% 10.2x 0.58x 4.7x 0.57x 4.1x

Macy's Inc M 20.77 45.7% 6,326 6,317 783 11,860 25,031 2,638 (5.1%) (3.7%) 35.0% 10.5% 9.4x 0.47x 4.5x 0.43x 3.1x

Stage Stores, Inc. SSI 1.82 31.0% 50 223 22 251 1,419 36 (9.5%) (4.5%) 21.1% 2.5% NA 0.18x 7.0x 0.15x 2.0x

Hudson's Bay Co. HBC-CA 9.48 66.8% 1,728 3,359 72 5,015 10,896 257 15.7% 23.1% 36.3% 2.4% NA 0.46x 19.5x 1.04x 13.6x

Mean 52.9% $3,162 $2,919 $351 $5,730 $11,535 $1,053 (1.1%) 2.1% 31.8% 7.3% 14.1x 0.44x 7.8x 0.51x 5.3x

Median 56.2% $1,751 $3,050 $225 $5,098 $11,691 $697 (3.5%) (1.0%) 32.2% 7.6% 12.8x 0.44x 5.7x 0.43x 4.1x

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CONSUMER AND RETAIL


12




Big Lots, Inc. BIG 47.60 84.2% 2,104 116 66 2,154 5,185 381 (0.7%) (0.6%) 38.3% 7.3% 13.0x 0.42x 5.7x 0.41x 6.9x

Costco Wholesale Corporation COST 156.74 85.6% 68,745 3,979 5,725 66,999 123,285 5,189 4.5% 4.0% 13.3% 4.2% 27.2x 0.54x 12.9x 0.62x 16.4x

CVS Health Corporation CVS 77.34 82.1% 78,621 26,764 2,169 103,216 180,785 12,754 8.4% 11.0% 15.8% 7.1% 15.4x 0.57x 8.1x 0.81x 10.5x

Dollar General Corporation DG 72.56 89.9% 19,898 3,085 214 22,768 22,767 2,442 8.4% 7.9% 30.6% 10.7% 16.4x 1.00x 9.3x 1.31x 11.1x

Dollar Tree, Inc. DLTR 79.64 87.1% 18,862 5,761 697 23,926 21,205 2,409 4.0% 37.5% 31.0% 11.4% 20.4x 1.13x 9.9x 3.07x 20.7x

Ollie's Bargain Outlet Holdings Inc OLLI 41.85 90.8% 2,557 128 34 2,651 924 120 16.5% 19.6% 39.6% 12.9% 39.5x 2.87x 22.2x NA NA

PriceSmart, Inc. PSMT 81.25 86.1% 2,470 125 193 2,402 2,974 185 2.8% 6.2% 15.9% 6.2% 26.5x 0.81x 13.0x 1.01x 15.1x

Rite Aid Corporation RAD 2.42 27.6% 2,549 7,240 221 9,568 32,442 1,000 0.5% 8.1% 23.5% 3.1% NA 0.29x 9.6x 0.38x 7.4x

Target Corporation TGT 54.53 68.7% 29,786 12,246 2,291 39,741 69,577 6,455 (2.8%) (1.7%) 26.1% 9.3% 11.0x 0.57x 6.2x 0.55x 6.3x

TJX Companies Inc TJX 72.30 89.3% 46,003 2,229 2,952 45,280 33,901 4,548 5.5% 6.3% 28.9% 13.4% 20.5x 1.34x 10.0x 1.66x 11.7x

Tuesday Morning Corporation TUES 2.25 33.0% 102 31 6 126 967 (11) 1.1% 3.8% 33.2% NM NA 0.13x NM 0.15x NA

Walgreens Boots Alliance Inc WBA 81.50 92.6% 87,213 19,210 12,253 94,170 116,701 7,118 (0.5%) 15.7% 23.4% 6.1% 20.5x 0.81x 13.2x 1.28x 17.0x

Wal-Mart Stores, Inc. WMT 78.07 95.2% 235,342 47,643 6,469 276,516 489,926 32,788 1.4% 0.7% 25.6% 6.7% 18.8x 0.56x 8.4x 0.58x 7.6x

Mean 77.9% $45,712 $9,889 $2,561 $53,040 $84,665 $5,798 3.8% 9.1% 26.6% 8.2% 20.8x 0.85x 10.7x 0.99x 11.9x

Median 86.1% $19,898 $3,979 $697 $23,926 $32,442 $2,442 2.8% 6.3% 26.1% 7.2% 20.4x 0.57x 9.7x 0.72x 11.1x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $44.27 91.8% $3,131 $401 $283 $3,250 $3,224 $350 (0.3%) 11.2% 47.1% 10.9% 22.7x 1.01x 9.3x 1.45x 11.9x

At Home Group, Inc. HOME 24.50 92.8% 1,479 450 11 1,918 805 114 23.3% 25.9% 31.8% 14.2% NM 2.38x 16.8x NA NA

Bed Bath & Beyond Inc. BBBY 27.59 56.5% 3,976 1,492 469 4,999 12,220 1,365 1.0% 1.9% 37.3% 11.2% 6.4x 0.41x 3.7x 0.44x 2.7x

Conn's, Inc. CONN 17.35 73.1% 538 1,208 273 1,473 1,564 107 (4.5%) 6.9% 49.4% 6.9% NA 0.94x 13.7x 1.26x 8.4x

Ethan Allen Interiors Inc. ETH 29.25 75.4% 803 14 58 759 763 78 (3.9%) 0.7% 55.0% 10.2% 22.7x 0.99x 9.7x 1.03x 8.6x

Haverty Furniture Companies, Inc. HVT 23.45 89.2% 498 55 74 479 830 78 1.8% 3.6% 54.4% 9.4% 16.3x 0.58x 6.1x 0.64x 6.5x

Kirkland's, Inc. KIRK 11.53 66.2% 184 0 60 125 597 39 4.2% 8.5% 13.8% 6.5% 21.4x 0.21x 3.2x 0.27x 3.2x

LaZBoy Incorporated LZB 23.85 69.9% 1,151 0 142 1,009 1,536 157 0.8% 3.6% 39.9% 10.2% 14.0x 0.66x 6.4x 0.75x 9.3x

Pier 1 Imports, Inc. PIR 4.19 43.3% 354 201 162 393 1,820 118 (2.3%) 0.4% 35.5% 6.5% 10.2x 0.22x 3.3x 0.22x 1.8x

Rent-A-Center Inc RCII 12.10 87.1% 645 636 74 1,207 2,798 110 (11.8%) (3.7%) 34.6% 3.9% NA 0.43x 11.0x 0.39x 3.6x

RH RH 46.79 58.6% 988 803 80 1,711 2,241 141 4.6% 11.5% 32.2% 6.3% NM 0.76x 12.2x 1.13x 11.9x

Select Comfort Corporation SCSS 29.53 80.4% 1,213 14 2 1,225 1,360 148 11.6% 10.6% 63.1% 10.8% 21.9x 0.90x 8.3x 1.28x 10.1x

Sherwin-Williams Company SHW 339.27 93.6% 31,691 11,504 210 42,985 12,559 2,096 8.7% 5.4% 48.4% 16.7% 28.0x 3.42x 20.5x 4.22x 31.4x

Williams-Sonoma, Inc. WSM 46.00 80.8% 3,945 45 94 3,896 5,098 656 1.1% 4.4% 37.0% 12.9% 13.4x 0.76x 5.9x 0.89x 6.5x

Mean 75.6% $3,614 $1,202 $142 $4,673 $3,387 $397 2.4% 6.5% 41.4% 9.7% 17.7x 0.98x 9.3x 1.07x 8.9x

Median 77.9% $1,069 $301 $87 $1,349 $1,692 $129 1.0% 4.9% 38.6% 10.2% 18.8x 0.76x 8.8x 0.89x 8.4x

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CONSUMER AND RETAIL


13




Amazon.com, Inc. AMZN 980.60 90.5% 471,061 23,619 21,451 473,229 150,124 12,633 24.4% 22.5% 36.0% 8.4% NM 3.15x 37.5x 6.36x 91.9x

Alibaba Group Holding Ltd. Sponsored ADR BABA $171.74 97.0% $434,393 $13,764 $22,984 $425,173 $25,849 $9,851 47.7% 40.3% 60.8% 38.1% NM 16.45x 43.2x 61.44x 105.4x

Cimpress N.V. CMPR 92.44 88.7% 2,894 1,036 26 3,904 2,135 148 19.4% 18.9% 50.2% 6.9% NA 1.83x NM 3.20x 23.4x

eBay Inc. EBAY 36.13 96.4% 38,671 11,466 9,017 41,120 9,157 2,870 4.2% (18.8%) 76.5% 31.3% 5.5x 4.49x 14.3x 2.56x 7.6x

MercadoLibre, Inc. MELI 258.47 86.7% 11,413 325 589 11,149 1,078 249 52.5% 28.7% 60.2% 23.2% NM 10.35x NM 23.59x 65.7x

Overstock.com, Inc. OSTK 21.95 98.7% 549 57 104 501 1,832 16 7.5% 10.1% 17.2% 0.9% NA 0.27x 31.1x 0.38x 15.4x

Priceline Group Inc PCLN 1,852.08 89.6% 90,861 8,479 6,357 92,983 11,483 4,342 17.1% 14.9% 81.7% 37.8% 39.3x 8.10x 21.4x 13.69x 34.8x

Shutterfly, Inc. SFLY 45.58 84.4% 1,521 396 171 1,746 1,150 162 4.4% 11.5% 48.3% 14.1% NM 1.52x 10.8x 2.23x 11.6x

Stamps.com Inc. STMP 191.25 86.8% 3,234 134 110 3,258 420 170 46.0% 47.3% 79.2% 40.6% 31.0x 7.76x 19.1x 25.49x 79.6x

Wayfair, Inc. Class A W 71.01 86.4% 6,214 83 256 6,040 3,930 (127) 37.0% 52.6% 24.1% NM NA 1.54x NM NA NA

Mean 90.5% $106,081 $5,936 $6,107 $105,910 $20,716 $3,031 26.0% 22.8% 53.4% 22.4% 25.3x 5.55x 25.3x 15.44x 48.4x

Median 89.1% $8,813 $716 $422 $8,595 $3,033 $210 21.9% 20.7% 55.2% 23.2% 31.0x 3.82x 21.4x 6.36x 34.8x

Specialty & Other Retail

Best Buy Co., Inc. BBY 54.26 85.7% 16,547 1,347 3,782 14,112 39,488 2,442 0.2% (2.1%) 23.6% 6.2% 14.6x 0.36x 5.8x 0.33x 7.4x

Big 5 Sporting Goods Corporation BGFV 7.65 37.6% 167 53 7 213 1,042 59 2.0% 2.4% 32.7% 5.7% 7.0x 0.20x 3.6x 0.21x 3.1x

Barnes & Noble, Inc. BKS $7.75 58.7% $563 $65 $12 $616 $3,895 $176 (11.5%) (15.2%) 28.1% 4.5% 27.7x 0.16x NM 0.09x 3.6x

Dick's Sporting Goods, Inc. DKS 26.36 41.9% 2,883 192 132 2,943 8,276 748 10.2% 8.5% 29.6% 9.0% 9.4x 0.36x 3.9x 0.48x 4.2x

Home Depot, Inc. HD 149.87 93.2% 176,669 24,967 4,830 196,806 97,356 16,092 5.8% 6.5% 32.3% 16.5% 21.5x 2.02x 12.2x 2.51x 18.3x

Hibbett Sports, Inc. HIBB 12.30 26.8% 255 3 76 183 967 107 1.2% 3.4% 32.2% 11.0% 5.0x 0.19x 1.7x 0.22x 1.4x

MarineMax, Inc. HZO 16.15 68.3% 383 242 59 566 1,029 54 13.8% 19.0% 24.8% 5.2% 16.0x 0.55x 10.5x 0.95x 36.1x

Lumber Liquidators Holdings, Inc. LL 37.53 95.5% 1,066 57 8 1,116 1,001 (14) 6.2% (0.7%) 34.1% NM NM 1.11x NM 1.12x 8.1x

Lowe's Companies, Inc. LOW 73.89 85.7% 61,846 16,065 2,047 75,864 66,643 7,414 10.7% 7.4% 32.2% 11.1% 23.2x 1.14x 10.2x 1.43x 13.4x

Movado Group, Inc. MOV 27.75 86.9% 637 30 164 504 542 64 (5.3%) (2.6%) 52.2% 11.8% 24.1x 0.93x 7.8x 0.89x 5.9x

Office Depot, Inc. ODP 4.29 68.6% 2,224 1,162 763 2,623 10,600 627 (23.9%) (9.5%) 24.5% 5.9% 9.1x 0.25x 4.2x 0.23x 6.7x

Staples, Inc. SPLS 10.22 99.7% 6,708 1,048 1,199 6,557 17,969 1,267 (13.3%) (7.7%) 26.2% 7.1% NA 0.36x 5.2x 0.28x 3.8x

Tiffany & Co. TIF 91.40 93.9% 11,380 1,116 1,044 11,453 4,038 958 1.6% (1.4%) 62.8% 23.7% 24.8x 2.84x 12.0x 2.86x 11.9x

Tractor Supply Company TSCO 59.51 69.9% 7,540 491 68 7,963 7,041 847 9.3% 9.3% 31.9% 12.0% 17.9x 1.13x 9.4x 1.54x 13.0x

Vitamin Shoppe, Inc. VSI 5.35 18.8% 127 127 2 252 1,241 89 (2.8%) 2.8% 28.4% 7.2% NA 0.20x 2.8x 0.23x 1.8x

Mean 68.7% $19,267 $3,131 $946 $21,451 $17,408 $2,062 0.3% 1.3% 33.0% 9.8% 16.7x 0.79x 6.9x 0.89x 9.2x

Median 69.9% $2,224 $242 $132 $2,623 $4,038 $627 1.6% 2.4% 31.9% 8.1% 17.0x 0.36x 5.8x 0.48x 6.7x

PAGE |

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A1

CONSUMER AND RETAIL


14

Private Equity

Announced Target Seller Buyer Involvement

8/31/2017 SevenOKs - SternoCandleLamp

8/31/2017 Bluefin Seafood - Creation Gardens

8/29/2017 Popcorn Indiana - Eagle Family Foods

8/29/2017 Exhale Enterprises - Hyatt P

8/29/2017 Distinctive Apparel (Chuangkai) Blackstreet Capital Management Shangying Global P

8/28/2017 Whole Foods Market - Amazon.com

8/23/2017 Jay Strongwater Aurora Brands Rauch Industries

8/22/2017 Ed Wyse Beauty Supply - Bassett Salon Solutions

8/21/2017 TravisMathew - Callaway Golf Company

8/17/2017 TicketsWest Red Lion Hotels Spectra's Ticketing & Fan Engagement

8/15/2017 Casamigos - Diageo

8/15/2017 Calera Wine - Duckhorn Wine

8/14/2017 BakeMark USA CSM Bakery Solutions CSM Bakery Solutions P

8/11/2017 Astro Gaming - Logitech P

8/10/2017 Funky Buddha Brewery - Constellation Brands

8/4/2017 Crocker & Winsor Seafoods - Newport Organization

8/4/2017 Carousel Designs - Crown Crafts

8/3/2017 Anchor Brewing Company Anchor Brewers & Distillers Sapporo Holdings

8/2/2017 Vision-Ease Lens Constitution Capital Partners Hoya P

8/2/2017 Stack-On Products - Cannon Safe

8/2/2017 Sebago Wolverine World Wide BasicNet

8/2/2017 Fitness Management - Fuzion Investment Capital

8/2/2017 Fiesta Mart ACON Investments Pulse Beverage P

7/31/2017 Albertville Quality Foods H.I.G. Capital OK Foods P

7/25/2017 Reynolds American - British American Tobacco

7/20/2017 Hydro-Photon - Katadyn Group P

7/18/2017 Friendly Robotics CDIB Capital Group MTD Products P

7/18/2017 EbLens Fidus Investment, KarpReilly J.W. Childs Associates P

7/10/2017 Kate Spade & Company - Coach

7/6/2017 Cobalt Boats Rosewood Capital Malibu Boats P

6/30/2017 Vivid Seats - Vista Equity Partners P

6/30/2017 Superior Recreational Products Antares Capital PlayCore P

6/29/2017 West Marine - Monomoy Capital Partners P

6/29/2017 BathWraps - Jacuzzi P

6/28/2017 Staples - Sycamore Partners Management P

6/28/2017 NovaCopy - Trivest Partners P

6/28/2017 Globe Holding Company - MSA Safety

6/28/2017 CST Brands - Alimentation Couche Tard P

6/26/2017 Spot Canine Club Drayton Park Capital, Mistral Equity Partners American Kennel Club P

6/16/2017 Bonobos - Wal-Mart Store

6/14/2017 Custom Lighting & Hardware - Ferguson Enterprises

6/11/2017 Campbell Mattress - Mattress Direct

6/9/2017 Pacific Coast Feather Company - Hollander (Sentinel Capital Partners) P

6/7/2017 Mary's Bridal - Rachel Allan

6/2/2017 Crosman Wellspring Capital Management LLC Compass Group Management P

5/29/2017 Assured Automotive, Inc. - Boyd Group Income Fund P

5/26/2017 Newell Brands Winter Sports Newell Brands, Inc. Kohlberg & Co. LLC P

5/22/2017 Petmate Wind Point Partners Olympus Partners P

5/18/2017 Deva Concepts LLC Tengram Capital Partners Ares Management P

5/17/2017 Uncle Milton Industries, Inc. - Tech 4 Kids

5/15/2017 Mathis Tire & Auto Service, Inc. - The Pep Boys

5/15/2017 CIBT, Inc. ABRY Partners Kohlberg & Co. LLC P

5/10/2017 AFCO Systems, Inc. Ultimate Precision Metal Products, Inc. Legrand North America LLC

5/10/2017 Taylor Made Golf Co., Inc. adidas AG KPS Capital Partners LP P

5/8/2017 Kate Spade & Co. - Coach, Inc.

5/8/2017 Supreme Brands LLC - Roustan Capital P

5/8/2017 WRB Communications, Inc. - Diplomat Pharmacy, Inc.

5/6/2017 Yummly, Inc. Bauer Venture Partners Whirlpool Corp. P

5/4/2017 Northern Lite Manufacturing Ltd. - KV Private Equity, Inc. P

5/3/2017 Park Plus Parking, Inc. - TA Associates Management / Towne Park P

5/1/2017 K&H Manufacturing LLC Benford Capital Partners Central Garden & Pet Co. P

4/28/2017 PetMatrix LLC - Spectrum Brands Holdings, Inc. P

4/27/2017 NBGroup LLC Kohlberg & Company, L.L.C. Sycamore Partners Management LP P

4/25/2017 Lifted Research Group, Inc. - Mad Engine LLC

4/25/2017 GSC Technologies Corp. - Ameriform Acquisition Co., LLC P

4/20/2017 MooreCo, Inc. - Prudential Capital Group (Private Equity); Mooreco, Inc. /Private Group/P

4/20/2017 TheSockGame.com - Hoopswagg LLC

4/19/2017 Merle's Automotive Supply, Inc. - Genuine Parts Co.

4/19/2017 Distinctive Diamonds, Inc. - Blackstone Corporate Private Equity; Diamonds Direct USA, Inc.

4/19/2017 Chewy.com Volition Capital, T. Rowe Price PetSmart P

4/10/2017 Marbles LLC Marbles LLC Spin Master Ltd.

4/6/2017 Mizzen + Main - L Catterton P

4/6/2017 Sunoco LP Sunoco LP 7-Eleven, Inc.

4/6/2017 eBags, Inc. - Samsonite LLC

4/5/2017 Panera Bread Co. - Agnaten SE; BDT Capital Partners P

4/4/2017 TCG International, Inc. Skidmore Group Holdings, Inc. Fix Auto Canada, Inc. P

PAGE |

M&A TRANSACTIONS

15

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

CONSUMER AND RETAIL


Private Equity


4/4/2017 VF Licensed Sports Group LLC VF Corp. Fanatics, Inc.

4/4/2017 I and Love and You - L Catterton P

4/3/2017 Velvet LLC - Adastria Co., Ltd.

4/3/2017 Kimmel Athletic Supply Co., Inc. - Herff Jones LLC; BSN Sports LLC P

4/3/2017 World Kitchen LLC - Cornell Capital LLC P

4/3/2017 Scivation, Inc. - MidOcean Partners P

3/31/2017 Duralee Fabrics Ltd. - The Robert Allen Group / Altamont Capital Management LLC P

3/30/2017 Gander Mountain Co. - Gordon Brothers Group P

3/21/2017 Professional Carwash Systems, Inc. - Lubrication Technologies, Inc.

3/20/2017 Arctic Glacier Group Holdings, Inc. H.I.G. Capital, LLC The Carlyle Group LP P

3/16/2017 Eastman Outdoors, Inc. - Snow Phipps Group / FeraDyne P

3/15/2017 1-800-FLOWERS.COM, Inc. (Sub) 1-800-FLOWERS.COM, Inc. Ferrero International SA

3/13/2017 Lifetime Brands, Inc. - Mill Road Capital Management LLC P

3/9/2017 Valenti Mid South Management Valenti Mid-South Management LLC NPC Quality Burgers, Inc.

3/2/2017 O Olive Oil, Inc. - Landec Corp.

2/22/2017 Skip Hop Fireman Capital Carter's P

2/21/2017 Popeyes Louisiana Kitchen, Inc. - Restaurant Brands International, Inc.

2/16/2017 Kohler Interiors Group Ltd. Kohler Co. Samson Investment Holding Co.

2/10/2017 Summit Research Labs, Inc. - Elementis Plc

2/7/2017 West Coast Coffee Co., Inc. - Farmer Brothers Co.

2/6/2017 Anova Applied Electronics, Inc. - Electrolux AB

2/2/2017 Mead Johnson Nutrition Co. - Reckitt Benckiser Group Plc P

2/1/2017 Calbee North America LLC - Calbee America, Inc.

1/26/2017 Belden, Inc. Belden, Inc. WIKA Alexander Wiegand SE & Co. KG

1/25/2017 Arctic Cat, Inc. - Textron, Inc.

1/24/2017 Bob Evans Farms, Inc. /522 Restaurants/ Bob Evans Farms, Inc. Golden Gate Private Equity, Inc. P

1/24/2017 Axiometrics, Inc. - RealPage, Inc.

1/23/2017 Home2 Suites By Hilton /Four Hotels/ Hilton Worldwide Holdings, Inc. Condor Hospitality Trust, Inc.

1/20/2017 Jaclyn, Inc. - Golden Touch Imports, Inc.

1/18/2017 Rural Broadband Investments LLC - Cable One, Inc.

1/17/2017 Kasper Sycamore Partners Nine West P

1/4/2017 Time-It Lube Corp. /28 Stores/ Time-It Lube Corp. Valvoline, Inc.; Valvoline LLC

1/3/2017 Presto Absorbent Products, Inc. National Presto Industries, Inc. Drylock Technologies Ltd.

1/3/2017 Dr. Fresh 0 High Ridge Brands Co. P

12/30/2016 Bonjour Beauty International Ltd. Town Health International Medical Group Ltd. Profit Castle Holdings Ltd. P

12/29/2016 FlyOver Canada Productions, Inc. - Viad Corp.

12/27/2016 KOMO Plaza Hines Global REIT, Inc. GI Manager LP P

12/20/2016 Ben & Florentine Restaurants, Inc. - Imvescor Restaurant Group, Inc.

12/14/2016 Innocor, Inc. - Bain Capital Investors LLC P

12/13/2016 Allen Edmonds Corp. - Caleres, Inc.

12/12/2016 DuPont Authentication, Inc. E.I. du Pont de Nemours & Co. De La Rue Plc

12/12/2016 Smith Mountain Industries, Inc. - Newell Brands, Inc.

12/7/2016 Pebble Technology Corp. - Fitbit, Inc.

12/7/2016 Hyatt Regency Pier Sixty-Six Boca Resorts LLC Tavistock Development Co. P

12/2/2016 Victoria Fine Foods LLC - B&G Foods, Inc.

12/2/2016 Cosi, Inc. - Milfam LLC; AB Opportunity Fund LLC; Cosi, Inc. /Private Group/

11/25/2016 REINS International (USA) Co. Ltd. - Reins International, Inc.

11/22/2016 KeVita, Inc. - PepsiCo, Inc. P

11/22/2016 Bai Brands LLC - Dr Pepper Snapple Group, Inc.

11/18/2016 Natural Essence Group SPV - LifeBrandz Ltd.

11/17/2016 Bellisio Foods, Inc. - Charoen Pokphand Foods Public Co. Ltd.

11/17/2016 Ryeson Corp. - Snap-On, Inc.

11/16/2016 Elore Enterprises LLC - The Carlyle Group LP (Corporate Private Equity); Grupo Empresarial Palacios Alimentación SAP

11/14/2016 Harman International Industries, Inc. - Samsung Electronics America, Inc.

11/14/2016 Too Faced Cosmetics LLC - Estee Lauder Cos., Inc.

11/14/2016 American Apparel LLC /American Apparel Brand/ American Apparel, Inc. Gildan Activewear, Inc.

11/10/2016 JemPak GK, Inc. - Acasta Enterprises, Inc.

11/9/2016 Kimpton Hotel Allegro - Hospitality Properties Trust

11/8/2016 GlassMasters Autoglass Ltd. - The Western Investment Co. of Canada Ltd. P

11/8/2016 ARG Wholesale Ltd. - Alberta Treasury Branches Financial; The Western Investment Co. of Canada Ltd.; Arg Wholesale Ltd. /Private Group/P

11/7/2016 Coleman Homes LLC - Toll Brothers, Inc.

11/4/2016 Dick Clark Productions, Inc. - Dalian Wanda Group Co., Ltd.

11/4/2016 Ultimate Survival Technologies, Inc. - Battenfeld Technologies, Inc.

11/3/2016 Angelic Bakehouse, Inc. - T. Marzetti Co., Inc.

10/31/2016 Performance Sports Group Ltd. - Fairfax Financial Holdings Ltd.; Sagard Capital Partners Management Corp.; Performance Sports Group Ltd. /Private Group/P

10/31/2016 Grupo Modelo Sab De Cv /Obregon Brewery/ Anheuser-Busch InBev SA/NV Constellation Brands, Inc.

10/26/2016 Pacific Island Restaurants, Inc. - Restaurant Brands New Zealand Ltd.

10/25/2016 Courtyard By Marriott (Sunnyvale) Marriott International, Inc. Hersha Hospitality Trust

10/24/2016 Mactac Americas, LLC - LINTEC Corp.

10/17/2016 Constellation Brands Canada, Inc. Constellation Brands, Inc. Ontario Teachers' Pension Plan Board; Province of Ontario

10/17/2016 International Palms Resort & Conference Center Orlando Lone Star Funds Empresas Brasif SA P

10/17/2016 Charles Smith Wines LLC /Wines Business/ Charles Smith Wines LLC Constellation Brands, Inc.

10/12/2016 Newell Brands, Inc. /Tools Business/ Newell Brands, Inc. Stanley Black & Decker, Inc.

10/5/2016 Pocahontas Parkway Holdings LLC - Optrust Private Equity; GlobalVia Infraestructuras SA; PGGM Vermogensbeheer BV (Private Equity)

10/4/2016 High West Distillery & Saloon - Constellation Brands, Inc.

10/3/2016 Point Grey Research, Inc. - FLIR Systems, Inc.

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HW&CO. CONSUMER TEAM

M&A TRANSACTIONS

CONSUMER AND RETAIL


RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

16

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Brant [email protected]+1 (612) 359-2709

Ed ArkusManaging [email protected]+44 20 7518 8905

Ryan BudlongManaging [email protected]+1 (415) 217-3409

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Ryan [email protected]+1 (612) 359-2703

Andy WarczakVice [email protected]+1 (612) 359-2714

Zach EnglandVice [email protected]+1 (415) 217-3429

Beau PierceVice [email protected]+1 (804) 887-6113

John Neuner IVManaging [email protected]+1 (804) 915-0125

Brent SpillerManaging [email protected]+1 (804) 915-0183

Will [email protected]+44 20 7518 8906

Corey [email protected]+1 (804) 932-1342

Private Equity


10/3/2016 EPS Financial LLC Drake Enterprises Ltd. MetaBank

10/3/2016 Stone Canyon Industries LLC /2 Subsidiaries/ - Green Plains, Inc.

9/28/2016 Lafayette Puzzle Factory LLC - Cra-Z-Art LLC

9/23/2016 Fanlogic LLC - HeadsUp Entertainment

9/21/2016 Corby LLC - US Lighting Group, Inc.

9/21/2016 Frio Ice Chest Co. - Visual Promotions LLC

9/13/2016 David Michael & Co., Inc. - International Flavors & Fragrances

9/13/2016 SalonQuest LLC - Conair Corp.

9/12/2016 CID Entertainment LLC - Clearlake Capital Group LP P

9/9/2016 SRP Companies Seidler Equity Partners Aurora Capital Partners

9/6/2016 SharpShooter Imaging LLC - Magic Memories Group Holdings Ltd.

9/1/2016 L.O.P. Enterprises, Inc. - Vista Outdoor, Inc.

9/1/2016 Amety Ltd. - Park Lawn Corp.

9/1/2016 Jones Media, Inc. - Adams Publishing Group LLC

9/1/2016 New Homes Guide - NewPoint Media Group LLC

9/1/2016 Diversified Industrial Services - Orion Industries

8/31/2016 Focus Products Group International LLC /Kitchen Division/ - Lifetime Brands, Inc.

8/31/2016 Promax Nutrition Corp. /Sport Perfomance Brand/ - NuGo Nutrition

8/31/2016 Boomerang Carwash LLC - Zips Car Wash LLC

8/30/2016 Plus II Sanitation Supplies, Inc. - Bunzl Plc

8/30/2016 Apex Sanitation Products Ltd. - Bunzl Plc P

8/30/2016 800Razors.com LLC - Shave Mob LLC

8/30/2016 The River Club - Landeavor LLC

8/30/2016 Coast Apparel LLC - Delta Apparel, Inc.

8/30/2016 Heritage Golf Club - ClubCorp Holdings, Inc.

8/30/2016 True Contact - Appsbuyout P

8/29/2016 Playworld Systems, Inc. - Littlejohn & Co. LLC; PlayPower, Inc.

8/29/2016 Toulon Design - Callaway Golf Co.

8/19/2016 Affinity Sports - Dick's Sporting Goods, Inc.

8/17/2016 Ecodesarrollo Papagayo SA - Gencom Group

8/16/2016 RunHaven Moko Social Media Ltd. Calera Capital Advisors P

8/16/2016 RCL Benziger Publishing LLC New Mountain Learning LLC Kendall/Hunt Publishing Co.

8/16/2016 Alienation, Inc. - J&B Importers, Inc.

8/16/2016 LeftField Media LLC - Urban Exposition LLC

8/2/2016 Swimways Corp. - Spin Master Corp.

8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG

8/15/2016 Wisconsin Cemeteries - StoneMor Partners LP

8/15/2016 Pounds Media LLC - Snapshot Interactive LLC

8/12/2016 Edwards & Zuck DPC - Stantec, Inc.

8/12/2016 The Car Wash Barn - Car Wash Partners, Inc.

8/11/2016 Canada à la Carte Viad Corp. VBR Tours LLC

8/10/2016 Preptix LLC - Huddle, Inc.

8/10/2016 Dacor, Inc. - Samsung Electronics America, Inc.

8/10/2016 Sina Pearson Textiles, Inc. - Riverside Partners LLC (New York); Momentum Textiles, Inc.; Momentum GroupP

8/10/2016 ECM Publishers, Inc. - Adams Publishing Group LLC

8/10/2016 Mocean Holding Co. Llc - SNC Technical Services LLC

8/9/2016 Stefano A, Inc. - JN Phillips Auto Glass, Inc.

8/9/2016 Hope River Entertainment - Moonstruck Management LLC

8/9/2016 Herington Times-Sun Printing & Publishing - Kansas Publishing Ventures LLC

8/8/2016 Becker & Mayer LLC The McEvoy Group LLC Quarto Publishing Group USA, Inc.

8/8/2016 Whistler Blackcomb Holdings, Inc. - Vail Resorts, Inc.

8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water Technologies LLCP

8/8/2016 Flick Brothers Auto Body - 3-D Body Works, Inc.














Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonOne International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501

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Beijing

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PAGE |

Consumer

OUR FIRM

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.


CONSUMER AND RETAIL

17

PAGE |

HARRIS WILLIAMS & CO.

18

SOURCES

1) Pitch Book

2) FactSet

3) Thomson Financial

4) Reuters

5) S&P Capital IQ LCD

6) IHRSA

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2017 Harris Williams & Co., all rights reserved.

CONSUMER AND RETAIL


DISCLOSURES

http://www.harriswilliams.com/

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