insider - bgl...and the hartman group1, food and beverage company performance was analyzed across...

FOOD & BEVERAGE

B G L C O . C O M D E C E M B E R | 2 0 1 7

INSIDER

JOHN R. TILSONMANAGING DIRECTOR & GROUP [email protected]

ALEXANDER N. TEETERDIRECTORHOME & FAMILY, [email protected]

DANIEL J. GOMEZDIRECTORFOOD & [email protected]

REBECCA A. DICKENSCHEIDTDIRECTOR OF [email protected]

CONSUMER CONFIDENCE REMAINS HIGH

Consumer confidence dipped slightly in November registering 98.5 on the sentiment index, declining from 100.7 in October — the highest monthly level since the beginning of 2004, reported Surveys of Consumers chief economist, Richard Curtin. Consumer expectations for future income remain optimistic, which is expected to buoy spending, despite waning confidence in the economy amid the prolonged recovery. Growth in personal consumption expenditures is forecasted at 2.7 percent in 2018.

2 C O N S U M E R P R O D U C T S & R E T A I L | M A C R O E N V I R O N M E N T

SENTIMENT SUPPORTS SPENDING GROWTH

Unemployment

Consumer Confidence

Housing Starts

Source: The University of Michigan.

Source: U.S. Census Bureau. Source: U.S. Census Bureau.

1,290

877

393

0

500

1,000

1,500

2,000

2,500

Jan

-05

Au

g-0

6

Mar

-08

Oct

-09

May

-11

Jan

-13

Au

g-1

4

Mar

-16

Oct

-17

(In

Th

ou

san

ds)

Total In Structures with 1 Unit In Structures with 5 Units or More

4.1%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

Jan-

05

Aug-

06

Mar

-08

Oct

-09

Jun-

11

Jan-

13

Aug-

14

Apr-

16

Nov

-17

98.5

50

60

70

80

90

100

110

Jan-

05

Aug-

06

Mar

-08

Oct

-09

Jun-

11

Jan-

13

Aug-

14

Apr-

16

Nov

-17

MONITOR

Consumer Sentiment

Unemployment

Housing Starts (SAAR in 000s)*

Existing Home Sales (SAAR in 000s)*

Mortgage Rate (30-year)

* Housing data as of October 2017.

N o v - 1 7 N o v - 1 6

9 8 . 5 9 3 . 8

4 . 1 % 4 . 6 %

1 , 2 9 0 1 , 3 2 8

5 , 4 8 0 5 , 5 3 0

3 . 9 2 % 3 . 7 7 %

FOOD & BEVERAGE

The food and beverage industry is undergoing a seismic shift, driven by changing consumer preferences toward more wholesome nutrition options. In addition to the inherent dietary and health benefits linked to better-for-you (BFY) alternatives, today’s selective consumer is also willing to pay a premium for the perceived value of specialty foods. Measures such as quality, variety, authenticity, transparency (e.g., clean label, sourcing), and environmental sustainability are impacting food choices, with locally sourced ingredients gaining considerable traction. Once considered just trending categories, including BFY, organic, free-from, natural, craft, and artisanal, have proven their staying power and are fueling the rapidly growing Specialty Foods marketplace.

3 C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E

Demographics are playing a pivotal role in the industry’s “revolution”. Millennials (18-34 yr), now the largest and most diverse segment of the U.S. population, are leading the BFY movement as major consumers of healthier food and beverage alternatives. Food companies are searching for innovative products to capture share of this coveted demographic. Drawing from the Organic Trade Association, Forbes reported a staggering 52 percent of all organic consumers are millennials, and of this health-conscious group, 40 percent are pursuing plant-based diets.

Food and beverage companies are looking to expand by capitalizing on this new selective consumer. The need to innovate is driving investment strategies of large market participants including Nestle and Mars, as “buy” trumps “build” in order to stay ahead of rapidly evolving consumer trends and increase penetration in faster-growing categories.

YOU ARE WHAT YOU EAT

Percentage of U.S. adults that currently purchase a specialty brand

Differentiated brands catering to the BFY and other specialty food segments are in high demand, driving robust acquisition activity across all sectors. Alternatively, a growing number of established food and beverage companies are backing disruptive brands —many promising start-ups—to supplant R&D and fast-track growth, and seeking innovative products to supplement their existing portfolios. High price tags for acquisitions in the current environment are functioning as a catalyst for such partnerships, as is increasing competitive pressure from private equity sponsors for specialty brands. Larger players are able to secure a foothold in emerging, high-growth categories at a lower cost while keeping a pulse on changing consumer behavior. Nestle, Kellogg, Campbell Soup, Tyson Foods, Dean Foods, and General Mills are among the major players that have formed venture arms in an effort to accelerate growth.

$127 billion

35%

25 millionNumber of confirmed annual millennial buyers of specialty foods and largest consumers in the category

SPECIALTY FOODS

Specialty Foods sales, an estimated 8-9 percent share within the broader Food and Beverage market, and growing rapidly

Source: Specialty Foods Association

S o u r c e s : P i t c h B o o k , C o m p a n y F i l i n g s ; p u b l i c d a t a .

http://www.foodbusinessnews.net/articles/news_home/Consumer_Trends/2016/09/Millennials_pushing_organic_to.aspx?ID=%7BAEBB3311-60FD-457C-808E-4EC37979C1D0%7D&cck=1

http://www.foodbusinessnews.net/articles/news_home/Consumer_Trends/2016/09/Millennials_pushing_organic_to.aspx?ID=%7BAEBB3311-60FD-457C-808E-4EC37979C1D0%7D&cck=1

https://hedgescompany.com/blog/2017/02/auto-parts-industry-trends-online-parts-sales-8-9-billion-201

FOOD & BEVERAGE

4 C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E

YOU ARE WHAT YOU EAT (cont.)

Kellogg Company agreed in September to acquire nutrition bar brand RXBAR to bolster its wholesome snacks business and broaden its reach to millennial consumers. The $600 million purchase price values the business at 12x-14x projected 2018 EBITDA. Kellogg’s venture fund Eighteen94 capital led an investment in Kuli Kuli this January, a manufacturer of nutrition bars, powders, and beverages made with moringa which has been billed as the next big superfood.

Campbell Soup Company is reshaping its portfolio towards high-growth categories. In its annual investor meeting, Campbell identified the goal to be the leading health and well-being food company. The company announced in July it was acquiring Pacific Foods of Oregon, a maker of organic broth and soup and shelf-stable plant-based beverages, for $700 million or a 3.2x multiple of revenue. “The acquisition allows us to expand into faster-growing spaces such as organic and functional food,” said Campbell CEO Denise Morrison, adding, “It advances our strategic imperatives around real food, transparency, sustainability, and health and well-being.” In the acquisition press release, Campbell cited growth in the $11 billion U.S. organic food category, a market it said has achieved 15.3 percent growth annually over the past four years. Other targeted strategic acquisitions include Bolthouse Farms, Plum Organics, and Garden Fresh Gourmet.

Today, fresh products account for about $1 billion in Campbell’s sales. Its organic portfolio is in the top 10 in the industry and growing at double digits, the company said.

Acre Venture Partners, Campbell’s venture arm, has invested in more than ten start-ups during the last two years, including Back to the Roots and The Safe + Fair Food Company.

Tyson Foods announced the formation of Tyson New Ventures in December 2016, a $150 million venture fund with the stated mission to invest in alternative proteins. “This fund is about broadening our exposure to innovative, new forms of protein and ways of producing food while remaining focused on our core fresh meats, poultry, and prepared foods businesses, which are also experiencing tremendous consumer demand and growth,” said Monica McGurk, in an interview with the Wall Street Journal. McGurk oversees strategy and new ventures at Tyson Foods. “We look at [meat alternatives] as an ‘and,’ not an ‘or,’ ” compared with Tyson’s conventional meat business,” she said. In the same month, the company acquired a minority equity stake in Beyond Meat, maker of Beyond Burger, a plant-protein burger which Tyson identifies as a “game-changing product”, according to McGurk, giving Tyson “…exposure to this fast-growing part of the food business.”

Dean Foods acquired organic juice maker Uncle Matt’s Organic this June, a move to grow its portfolio of healthy products, said CEO Ralph Scozzafava. “Not only is the brand a great complement to our conventional portfolio, it further underscores our commitment to the organic space,” Scozzafava said. The acquisition follows other strategic investments in organics, including its May investment in Good Karma Foods, a maker of plant-based beverages and its joint venture with Organic Valley, announced in November 2016.

General Mills has made 11 investments since it launched venture arm 301 Inc. in early 2016, including probiotic food start-up Farmhouse Culture; Rhythm Superfoods, a maker of superfood snacks including kale chips; alternative protein company Beyond Meat; and plant-based yogurt maker Kite Hill.

Nestle is targeting plant-based foods, announcing in September an agreement to acquire Sweet Earth Natural Foods. This segment is seeing double-digit growth and is expected to reach $5 billion by 2020, Nestle said in a press release announcing the transaction. The move affords an entry into an emerging market, in line with the company’s strategic initiative to “...build out its portfolio of vegetarian and flexitarian choices in line with modern health trends,” said Nestle USA CEO Paul Grimwood. “In the United States, we’re experiencing a consumer shift toward plant-based proteins. In fact, as many as 50 percent of consumers now are seeking more plant-based foods in their diet and 40 percent are open to reducing their traditional meat consumption,” Grimwood added.

S o u r c e s : S & P C a p i t a l I Q , P i t c h B o o k , p u b l i c d a t a .

http://acre.vc/

http://fortune.com/fortune500/general-mills/

FOOD & BEVERAGE

5

SPECIALTY PROPELS BRAND SHIFT

Growth is in focus. Companies are taking steps to reshape their portfolios by shedding stagnant brands and expanding into adjacent specialty food categories to accelerate growth. Confectionary giant Hershey’s purchase of snacking chocolate brand barkTHINS and entry into meat snacks with Krave Pure Foods are illustrative of these trends.

In a study released by A.T. Kearney and The Hartman Group1, food and beverage company performance was analyzed across business size, revealing a significantly higher growth rate for smaller companies. According to the report, “Big Food”, defined as the top 25 U.S. food and beverage manufacturers, achieved only 1.8 percent growth in revenue over the last three years compared to 11-15 percent for specialty food companies.

Conagra Brands has made a number of acquisitions to refocus its brand strategy and position the company for growth. In a November presentation to analysts, CEO Sean Connolly spoke of the company’s overhaul of its branded business to improve competitiveness. Angie’s Artisan Treats, acquired this October, added Boomchickapop ready-to-eat popcorn,

a leading brand in the fast-growing, better-for-you snacking segment. Connolly called the buy “…another important step in our ongoing plan to modernize our portfolio and accelerate growth.” Other recent acquisitions include Thanasi Foods, maker of branded meat snack Duke’s and BIGS seed snacks, an extension into “faster-growing, more premium segments” and the packaged food businesses of Red Fork and Frontera Foods, which include the Frontera, Red Fork, and Salpica brands.

Divestitures are also reshaping Conagra’s brand portfolio. In May, the company announced it was selling the Wesson oil brand to The J.M. Smucker Company. In 2016, ConAgra completed the spin-off of the Lamb Weston frozen potato portfolio and sold JM Swank to Platinum Equity and its Spicetec Flavors & Seasonings business to Givaudan.

Nestle has signaled portfolio changes on the horizon, indicating the goal to replace upwards of 10 percent of group sales in higher-growth categories. In June, the company announced it was exploring strategic options for its U.S. confectionary business. In the same month, Nestle outlined the strategic

directive to advance high-growth food and beverage categories, naming coffee, bottled water, and infant nutrition among the targeted areas for investment. The news came under pressure from an activist investor, with analysts predicting future divestitures in the company’s packaged food business. Recent acquisitions of Sweet Earth Natural Foods (Page 4) and premium coffee brand Chameleon Cold Brew, underscore the move toward faster-growing specialty segments.

Mars is extending its commitment to the healthy snacks category. In November, the company announced it is acquiring a minority stake in KIND from VMG Partners. The maker of wholesome snacks, including nut and breakfast bars, will serve as the foundational brand to launch a new global platform in health and wellness. With reported sales of $719 million, KIND is ranked among the top three healthy snack bar brands by market share according to Euromonitor.

In the same month, Mars acquired Preferred Brands International and the Tasty Bite brand, expanding its all-natural vegetarian offerings.

C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E

S o u r c e s : 1 I s B i g Fo o d i n Tr o u b l e ? , A . T. K e a r n e y a n d T h e H a r t m a n G r o u p , 2 0 1 6 . S & P C a p i t a l I Q , P i t c h B o o k , p u b l i c d a t a .

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R AT I O N A L EDAT E TA R G E T B U Y E R D E A L S TAT S

Enterprise Value (EV): $340M

Enterprise Value (EV): $1.27BEV/Revenue: .60xEV/EBITDA: 15.6x

6 C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E | I N D U S T R Y M E T R I C S

S o u r c e s : S & P C a p i t a l I Q , P i t c h B o o k , E q u i t y R e s e a r c h , p u b l i c d a t a .

R AT I O N A L EDAT E TA R G E T B U Y E R

Enterprise Value (EV): $384MEV/Revenue: 3.41xPe n d i n g

Acquisition of millennial-focused brand will accelerate growth in the fast-growing specialty tea segment, joining other tea brands Lipton, Pure Leaf, PG Tips, and Pukka.

Branded,Specialty,Beverage

Pe n d i n gInternational acquisition broadens footprint and product offering in the U.S. market, adding new confectionary categories in gummy and seasonal candies.

Branded.Confectionery

S E C TO R

SELECT RECENT FOOD & BEVERAGE M&A ACTIVITY

Pe n d i n gB e t i n , I n c .

Acquisition of goat cheese manufacturer broadens Saputo’s presence in specialty cheese in the United States.

Branded, Specialty,Dairy

Enterprise Value (EV): $140.9MEV/Revenue: .52xPe n d i n g

Complementary acquisition expands snack products portfolio, enhancing geographic footprint, customer relationships, and distribution. Inventure manufactures branded and licensed snack food products under Boulder Canyon Foods, Jamba, Nathan’s Famous and TGI Friday’s.

Branded,Specialty,Snacks

Pe n d i n g Branded, Specialty,Snacks

Maker of clean label, high-protein bars bolsters Kellogg’s wholesome snacks business and broadens reach to millennial consumers.

Enterprise Value (EV): $600MEV/Revenue: 5.0x (2017P)EV/EBITDA: 12x-14x (2018P)

Pe n d i n g Branded,Beverage

Acquisition expands portfolio of non-alcoholic beverages adding organic energy drinks and sparkling juices and waters. Deal marks return to the energy drink category after a three year absence.

N o v - 1 7Acquisition enhances entry into the functional bar category, expanding R&D, production capabilities, and geographic reach. SFFG is the third acquisition in just over two years in the bar category, which expanded share in the Americas and Europe.

Private Label,Snacks

Pe n d i n gAcquisition will expand Campbell Soup’s footprint in the faster-growing organic and functional food spaces. Pacific produces natural and organic broths, soups, shelf-stable plant-based beverages, meals, and side dishes which are sold under the Pacific brand name.

Branded,Specialty

Enterprise Value (EV): $700MEV/Revenue: 3.21x

Fo o d s e r v i c e D i s t r i b u t i o n D i v i s i o n

Pe n d i n g Acquisition expands distribution footprint in the Southeast U.S. Distribution

Pe n d i n gEnterprise Value (EV): $285MEV/Revenue: 1.24xEV/EBITDA: 9.5x

We ss o n O i l B r a n d

Acquisition in adjacent edible oils complements existing Crisco brand.Ingredients

Pe n d i n gAcquisition establishes platform for Vestar. Nonni’s manufactures artisanal cookies and other premium baked snacks which are marketed under the Nonni’s, THINaddictives, and La Dolce Vita brand names.


Pe n d i n g

Move to gain local production with acquisition of U.S.-based maker of private label frozen pizza and deli pizza for food retailers. Richilieu also makes sauces and dressings for retail grocery and foodservice customers. Complements Freiberger Group, a leading manufacturer of private label chilled and frozen pizza in Europe.

Private Label,Baked Goods

Enterprise Value (EV): $435MEV/Revenue: 1.34x

Enterprise Value (EV): $850MEV/Revenue: 2.83xEV/EBITDA: 13x-15x (2018P)

N o v - 1 7Acquisition enhances position in premium, authentic deli meats with the addition of a premium salami and charcuterie offering, positioning Hormel as a total deli solutions provider.

Branded,Protein

Pe n d i n g

Acquisition gains entry into the emerging plant-based foods segment. Sweet Earth’s core platforms consist of entrees, breakfast, and plant-based proteins, called Righteous Meats®, and include such trending proteins as seitan (wheat-based), tofu, and legumes like lentils, chickpeas, and beans.

Branded, Specialty,Protein

Pe n d i n g

Pe n d i n gEnterprise Value (EV): $120MEV/Revenue: 3.16x

Acquisition of minority equity stake in leading maker of wholesome snacks including nut and breakfast bars, clusters, and fruit bites. With the investment, Mars will increase its penetration in the healthy snacks category and leverage the brand to establish a new global platform in health and wellness.

Producer of premium grain-based ’meat’ and vegan cheese products expands portfolio in the North American market for alternative proteins. Products include fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers, and Chao brand vegan cheese slices and entrees.


Branded,Specialty,Protein

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C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E | I N D U S T R Y M E T R I C S


R AT I O N A L EDAT E TA R G E T B U Y E R S E C TO R


O c t - 1 7Acquisition of Boomchickapop ready-to-eat popcorn brand complements Conagra’s growing snack business, adding leader in fast-growing, better-for-you segment. Addition also furthers stated goal to modernize brand portfolio as a means to accelerate growth.

Branded,Specialty, Snacks

Acquisition of broadline distributor extends footprint in the Mid-Atlantic region.

DistributionO c t - 1 7

S e p - 1 7Platform acquisition in branded and premium private label specialty food products. Products consist of sauces and condiments made with natural, non-GMO, and organic ingredients.

Branded,Specialty,Condiments

A u g - 1 7Acquisition of fresh seafood distributor broadens product offering and brings stronger presence in Kentucky, Indiana, and Ohio.

Distribution

A u g - 1 7Acquisition of Baltimore-based specialty protein manufacturer and distributor will add processing capacity to grow protein in the Northeast region.

Processing,ProteinEnterprise Value (EV): $45M

O c t - 1 7Acquisition of national coffee roaster and services company builds brand portfolio, adds strong West Coast presence to increase distribution footprint, and enhances position in complementary channels.

Branded,Beverage

Enterprise Value (EV): $58.6MEV/Revenue: .62x

A u g - 1 7Branded,Specialty,Snacks

Maker of gluten-free food products broadens better-for-you offering and is expected to increase distribution in thousands of new retail outlets across the U.S. and Canada. Flagship also stated plans to increase manufacturing capabilities in the Pacific Northwest post-acquisition.

O c t - 1 7Branded,Specialty,Snacks

Acquisition broadens brand portfolio in better-for-you category. Offerings include Non-GMO Project Verified, organic, and gluten free products in cookies, crackers, nuts and trail mixes, granola, juices, soups, and cereal.

Enterprise Value (EV): $162.5MEV/Revenue: 2.0x (P)EV/EBITDA: 9.6x (P)

N o v - 1 7 Branded,Specialty

Acquisition of fast-growing Indian/Asian dinner time brand expands Mars Food’s all-natural vegetarian offerings in the U.S.

P r e f e r r e d B r a n d s I n t e r n a t i o n a l

Enterprise Value (EV): $172.8M

N o v - 1 7Acquisition furthers strategy to expand into extended shelf life processing. Maker of ultra-pasteurized dairy products supplies leading quick-service restaurants, convenience and grocery chains, wholesale food distributors, and fine-casual restaurants nationwide.

Processing,Dairy

O c t - 1 7Private Label,Baked Goods

Acquisition furthers Grupo Bimbo’s global growth strategy gaining entry into eight new countries which broadens footprint to 32 countries. Bimbo formed new division Bimbo QSR to target the quick-service restaurant sector. East Balt produces buns, English muffins, rolls, tortillas, bagels, artisanal bread, and other baked goods.

Enterprise Value (EV): $650MEV/Revenue: 1.55xEV/EBITDA: 9.29x

A u g - 1 7Branded,Baked Goods

Acquisition expands product portfolio adding premium breads, rolls, and artisan soft pretzels. P l a z a B e l m o n t

M a n a g e m e n t G r o u p

S e p - 1 7B e s t B r a n d s

Branded,Baked Goods

First add-on acquisition, expanding product portfolio with the addition of bakery mixes, fillings, icings, as well as frozen bakery products. Pamplona Capital Management acquired BakeMark from CSM Bakery Solutions in September 2017.


N o v - 1 7

Platform acquisition of beef processor serving the Certified Organic, grass-fed, antibiotic-free, toll processing, and other niche markets. High Street stated plans to expand production to serve the growing niches of Certified Organic and grass-fed beef.

Processing,Protein

N o v - 1 7Acquisition expands Nestle’s access to the emerging cold brew category, furthering its strategy in coffee across format, taste, and price points.


O c t - 1 7Branded,Specialty,Ingredients

Platform acquisition of specialty ingredients manufacturer. Product offerings include toppings, inclusions, grinds, flavor bases, icings, and swirls that address growing demand for clean-label, natural, and organic ingredients. Riverside stated plans to source and integrate strategic add-ons during its nvestment.

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A u g - 1 7Branded,Beverage

Platform acquisition of Calypso flavored lemonade brand, a leader within the shelf stable lemonade category. With Mason Wells’ backing, the company will look to expand its retail relationships and distribution network.

J u l - 1 7Branded,Specialty,Dairy

Acquisition of start-up brand in spreadable feta cheese furthers Land O’ Lakes’ innovation strategy with a foothold in the snacking and specialty dairy category.

Enterprise Value (EV): $170MEV/Revenue: .31x

A u g - 1 7Fo o d D i v i s i o n Branded,

Condiments

Acquisition adds leading brands in condiments and sauces that include Frank’s RedHot Hot Sauce and French’s Mustard, furthering strategy to become a one-stop shop for condiment, spice, and seasoning needs and expanding its portfolio and consumer base.

Enterprise Value (EV): $4.2BEV/Revenue: 7.44xEBITDA: 20.4x

J u l - 1 7Branded, Specialty,Baked Goods

Maker of fresh and frozen breads, buns, rolls, and sweet goods establishes growth platform. Peak Rock highlighted growth opportunities in the natural food space and plans to pursue accretive add-on acquisitions.

A u g - 1 7 Acquisition establishes specialty distribution platform in the baked goods industry.

Distribution

J u l - 1 7Material ownership interest in maker of premium tomato sauces and salsas in the better-for-you food space. KEEN is pursuing a strategy of product line expansion and nationwide retail penetration for the brand.


Acquisition strengthens position in the fast-growing organic dairy category. Stonyfield is a leader in the U.S. organic yogurt market with brands Stonyfield, Brown Cow, and Grassfed.

Branded,Dairy

Enterprise Value (EV): $875MEV/Revenue: 2.36xEV/EBITDA: 20.0x

A u g - 1 7

J u n - 1 7Material ownership interest in maker of premium hummus and hummus dressings in the better-for-you food space. KEEN is pursuing a strategy of nationwide retail penetration for the brand.

Branded,Specialty

J u n - 1 7Acquisition of organic juice brand furthers strategy to grow portfolio of healthy products. Uncle Matt’s produces probiotic-infused juices and fruit-infused waters.


Acquisition of clean label, super premium pasta sauce maker is the second add-on acquisition for Sovos Brands in 2017, broadening its portfolio in on-trend categories. Michael Angelo’s Gourmet Foods was acquired in February 2017,


J u l - 1 7

Acquisition of the Soup and Infant Feeding business from TreeHouse Foods, renamed Riverbend Foods. Products include soups, broths, gravies, and infant feeding products. Insight Equity stated that it is considering acquisitions to accelerate growth in the newly-formed food manufacturing platform.

Private LabelM a y - 1 7

Soup and Infant Feeding Business

M a y - 1 7Acquisition establishes specialty distribution platform in the produce industry. Rotunda stated opportunity to expand IF&P’s reach and offerings through organic growth as well as potential acquisitions.

Distribution

A u g - 1 7 Processing,Protein

Acquisition strengthens focus on branded pre-rigor pork products.

J u l - 1 7 Branded,Protein

Acquisition gains entry into the production and sales of beef in the United States.

Enterprise Value (EV): $170MEV/Revenue: .31x

A u g - 1 7Acquisition furthers geographic diversification in adjacent markets. Dairy Fresh services retail food stores and foodservice customers in Michigan, Ohio, northern Kentucky, Indiana, and the greater Chicago area.

Distribution

A u g - 1 7

C a p i t o l W h o l e s a l e M e a t s

Branded,Protein

Acquisition of premium meat products brand will accelerate growth in foodservice division. Products include authentic Italian meats and sausages, as well as pizza toppings, meatballs, and other premium meat products.


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INDUSTRY METRICS


PUBLIC COMPANY OPERATING METRICS

NOTE: Figures in bold and italic type were excluded from median and mean calculation.(1) As of 12/8/2017.(2) Market Capitalization is the aggregate value of a �rm's outstanding common stock.(3) Enterprise Value is the total value of a �rm (including all debt and equity).Source: S&P Capital IQ.

($ in millions, except per share data) Current % of Market Enterprise Total Debt/ TTMCompany Name Country Ticker Stock Price (1) 52W High Capitalization (2) Value (3) Revenue EBITDA EBITDA Revenue Gross EBITDA

BRANDED PROCESSED FOODS

Nestlé S.A. Switzerland SWX: NESN $85.87 98.8% $266,057 $287,327 3.2x 15.7x 1.5x $93,599 50.5% 19.2%

Mondelez International, Inc. United States NasdaqGS:MDLZ 42.65 90.3% 63,736 81,976 3.2x 16.5x 4.1x 25,700 38.9% 18.1%

General Mills, Inc. United States NYSE:GIS 55.84 87.2% 31,736 42,350 2.7x 12.4x 3.0x 15,481 35.7% 21.5%

Associated British Foods plc United Kingdom LSE:ABF 38.58 85.1% 30,408 29,605 1.4x 11.7x 0.5x 20,858 23.5% 11.9%

The Hershey Company United States NYSE:HSY 113.20 97.2% 23,851 26,761 3.5x 15.1x 1.8x 7,546 44.5% 23.4%

Kellogg Company United States NYSE:K 66.53 86.8% 22,984 30,974 2.4x 13.4x 3.6x 12,811 37.0% 17.9%

Hormel Foods Corporation United States NYSE:HRL 37.24 98.0% 19,656 19,462 2.1x 13.8x 0.2x 9,168 21.9% 15.0%

Conagra Brands, Inc. United States NYSE:CAG 37.25 89.4% 15,217 18,343 2.4x 12.6x 2.4x 7,736 30.1% 17.7%

Campbell Soup Company United States NYSE:CPB 48.95 76.2% 14,715 18,018 2.3x 9.2x 1.8x 7,849 38.2% 25.0%

The J. M. Smucker Company United States NYSE: SJM 118.61 82.6% 13,474 18,548 2.5x 11.5x 3.3x 7,335 38.0% 22.0%

McCormick & Company, Incorporated United States NYSE:MKC 101.16 95.0% 13,265 18,488 4.0x 22.2x 6.7x 4,570 41.3% 17.4%

Pinnacle Foods Inc. United States NYSE:PF 56.69 85.0% 6,747 9,589 3.1x 14.3x 4.4x 3,119 29.2% 21.5%

Post Holdings, Inc. United States NYSE:POST 77.26 86.8% 5,108 10,980 2.1x 11.6x 7.8x 5,226 30.1% 18.1%

B&G Foods, Inc. United States NYSE:BGS 33.50 70.2% 2,228 4,058 2.5x 12.4x 5.7x 1,608 29.5% 20.3%

Median $56.27 87.0% $17,436 $19,005 2.5x 13.0x 3.1x $7,792 36.4% 18.7%

Mean $65.42 87.7% $37,799 $44,034 2.7x 13.8x 3.3x $15,900 34.9% 19.2%

PRIVATE LABEL

McCormick & Company, Incorporated United States NYSE:MKC $101.16 95.0% $13,265 $18,488 4.0x 22.2x 6.7x $4,570 41.3% 17.4%

Lamb Weston Holdings, Inc. United States NYSE:LW 56.20 99.6% 8,216 10,632 3.3x 14.6x 3.7x 3,209 25.0% 20.7%

Treehouse Foods, Inc. United States NYSE:THS 46.83 51.8% 2,679 5,217 0.8x 8.1x 4.2x 6,384 18.6% 10.0%

Cott Corporation United States TSX:BCB 17.59 99.6% 2,451 3,871 1.0x 9.5x 3.6x 3,832 34.7% 11.0%

Dean Foods Company United States NYSE:DF 11.28 50.6% 1,027 1,949 0.2x 5.7x 2.8x 7,878 23.8% 4.4%

John B. Sanfilippo & Son, Inc. United States NasdaqGS:JBSS 61.74 82.7% 698 762 0.9x 10.6x 0.9x 839 16.7% 8.6%

Seneca Foods Corporation United States NasdaqGS:SENE.A 31.25 73.3% 307 735 0.6x 16.1x 9.8x 1,292 7.2% 3.5%

Median $46.83 82.7% $2,451 $3,871 0.9x 10.6x 3.7x $3,832 23.8% 10.0%

Mean $46.58 78.9% $4,092 $5,951 1.6x 12.4x 4.5x $4,001 23.9% 10.8%

DAIRY

The Kraft Heinz Company United States NasdaqGS:KHC $78.48 80.3% $95,625 $125,905 4.8x 15.0x 3.8x $26,212 38.4% 32.0%

Danone France ENXTPA:BN 83.40 98.5% 52,227 73,779 2.7x 15.2x 5.4x 26,264 50.2% 17.7%

The Kroger Co. United States NYSE:KR 26.68 73.2% 23,515 37,986 0.3x 6.8x 2.6x 119,242 22.7% 4.7%

Saputo Inc. Canada TSX:SAP 34.33 90.3% 13,273 14,375 1.6x 14.1x 1.2x 9,171 11.5% 11.5%

Parmalat S.p.A. Italy BIT:PLT 3.72 96.2% 6,884 6,832 0.9x 14.7x 1.6x 7,754 18.7% 5.8%

Glanbia plc Ireland ISE:GL9 18.45 80.1% 5,444 6,366 1.8x 13.9x 2.6x 3,372 30.1% 11.9%

Emmi AG Switzerland SWX:EMMN 684.10 88.3% 3,660 4,052 1.2x 12.4x 1.9x 3,408 36.1% 9.9%

Savencia SA France ENXTPA:SAVE 94.11 88.0% 1,307 1,933 0.4x 4.9x 2.9x 5,342 36.5% 7.0%

Dean Foods Company United States NYSE:DF 11.28 50.6% 1,027 1,949 0.2x 5.7x 2.8x 7,878 23.8% 4.4%

Lifeway Foods, Inc. United States NasdaqGM:LWAY 9.45 78.2% 151 151 1.2x 21.8x 0.9x 123 29.7% 5.6%

Median $30.50 84.1% $6,164 $6,599 1.2x 14.0x 2.6x $7,816 29.9% 8.5%

Mean $104.40 82.4% $20,311 $27,333 1.5x 12.5x 2.6x $20,877 29.8% 11.0%

TTM MarginsEnterprise Value / TTM

INDUSTRY METRICS

1 0 C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E | I N D U S T R Y M E T R I C S




ORGANICS

The Hain Celestial Group, Inc. United States NasdaqGS:HAIN $40.89 89.7% $4,244 $4,882 1.7x 17.7x 2.8x $2,880 19.6% 9.6%

The Simply Good Foods Company United States NasdaqCM:SMPL 13.42 97.8% 947 1,083 2.7x 16.4x 2.9x 396 47.0% 16.7%

SunOpta Inc. Canada TSX:SOY 7.69 73.2% 667 1,219 1.0x 19.2x 7.5x 1,285 11.3% 5.1%

Amplify Snack Brands, Inc. United States NYSE:BETR 6.45 56.8% 485 1,067 2.9x 12.9x 7.2x 372 39.6% 22.2%

Amira Nature Foods Ltd. United Arab Emirates NYSE:ANFI 4.35 61.7% 177 438 0.8x 5.9x 3.1x 570 16.6% 13.1%

Median $7.69 73.2% $667 $1,083 1.7x 16.4x 3.1x $570 19.6% 13.1%

Mean $14.56 75.8% $1,304 $1,738 1.8x 14.4x 4.7x $1,100 26.8% 13.3%

BAKED GOODS

General Mills, Inc. United States NYSE:GIS $55.84 87.2% $31,736 $42,350 2.7x 12.4x 3.0x $15,481 35.7% 21.5%

Kellogg Company United States NYSE:K 66.53 86.8% 22,984 30,974 2.4x 13.4x 3.6x 12,811 37.0% 17.9%

Campbell Soup Company United States NYSE:CPB 48.95 76.2% 14,715 18,018 2.3x 9.2x 1.8x 7,849 38.2% 25.0%

George Weston Limited Canada TSX:WN 86.01 88.1% 11,000 25,286 0.7x 7.4x 3.0x 38,586 29.5% 9.1%

Grupo Bimbo, S.A.B. de C.V. Mexico BMV:BIMBO A 2.25 86.2% 10,579 14,466 1.0x 8.9x 2.5x 14,612 53.7% 11.6%

Flowers Foods, Inc. United States NYSE:FLO 20.26 96.5% 4,247 5,096 1.3x 12.3x 2.1x 3,916 48.9% 10.5%

Lancaster Colony Corporation United States NasdaqGS:LANC 130.21 87.2% 3,573 3,416 2.8x 16.0x 0.0x 1,209 25.9% 17.6%

ARYZTA AG Switzerland SWX:ARYN 36.82 79.8% 3,270 5,260 1.2x 10.4x 5.6x 4,475 18.2% 10.6%

Hostess Brands, Inc. United States NasdaqCM:TWNK 14.00 81.5% 1,401 2,633 3.5x 12.7x 4.8x 759 42.3% 27.4%

Median $48.95 86.8% $10,579 $14,466 2.3x 12.3x 3.0x $7,849 37.0% 17.6%

Mean $51.21 85.5% $11,501 $16,389 2.0x 11.4x 2.9x $11,078 36.6% 16.8%

SNACKS

Pepsico, Inc. United States NYSE:PEP $116.57 97.6% $165,779 $186,631 2.9x 14.8x 3.1x $63,514 54.9% 19.8%

Mondelez International, Inc. United States NasdaqGS:MDLZ 42.65 90.3% 63,736 81,976 3.2x 16.5x 4.1x 25,700 38.9% 18.1%

Snyder's-Lance, Inc. United States NasdaqGS:LNCE 38.44 94.1% 3,746 4,864 2.2x 17.3x 4.0x 2,231 36.8% 12.6%

J&J Snack Foods Corp. United States NasdaqGS:JJSF 148.37 96.3% 2,769 2,620 2.4x 16.4x 0.0x 1,084 30.5% 14.8%

Tootsie Roll Industries, Inc. United States NYSE:TR 36.00 89.0% 2,280 2,164 4.2x 19.5x 0.1x 518 38.0% 21.4%

John B. Sanfilippo & Son, Inc. United States NasdaqGS:JBSS 61.74 82.7% 698 762 0.9x 10.6x 0.9x 839 16.7% 8.6%

Inventure Foods, Inc. United States NasdaqGS:SNAK 4.00 39.4% 79 138 0.5x NM NM 272 11.6% 0.8%

Median $42.65 90.3% $2,769 $2,620 2.4x 16.4x 2.0x $1,084 36.8% 14.8%

Mean $63.97 84.2% $34,155 $39,879 2.3x 15.8x 2.0x $13,451 32.5% 13.7%

PROTEIN PROCESSING

Tyson Foods, Inc. United States NYSE:TSN $83.62 98.8% $31,386 $41,286 1.1x 10.4x 2.6x $38,260 13.6% 10.3%

Hormel Foods Corporation United States NYSE:HRL 37.24 98.0% 19,656 19,462 2.1x 13.8x 0.2x 9,168 21.9% 15.0%

Conagra Brands, Inc. United States NYSE:CAG 37.25 89.4% 15,217 18,343 2.4x 12.6x 2.4x 7,736 30.1% 17.7%

Pilgrim's Pride Corporation United States NasdaqGS:PPC 37.15 96.8% 9,241 11,460 1.4x 9.4x 2.1x 8,449 14.8% 14.4%

JBS S.A. Brazil BOVESPA:JBSS3 2.66 69.8% 7,249 21,533 0.4x 6.0x 5.0x 51,329 14.4% 7.3%

Seaboard Corporation United States AMEX:SEB 4,243.32 90.5% 4,967 4,201 0.8x 10.3x 1.6x 5,596 9.9% 7.0%

Sanderson Farms, Inc. United States NasdaqGS:SAFM 170.12 96.4% 3,869 3,471 1.1x 6.6x 0.0x 3,213 19.6% 16.4%

Premium Brands Holdings Corporation Canada TSX:PBH 82.38 96.2% 2,471 2,827 1.7x 19.8x 2.6x 1,717 19.3% 8.6%

Cal-Maine Foods, Inc. United States NasdaqGS:CALM 46.45 92.2% 2,256 2,142 2.0x NM NM 1,098 6.6% -4.7%

Median $46.45 96.2% $7,249 $11,460 1.4x 10.4x 2.3x $7,736 14.8% 10.3%

Mean $526.69 92.0% $10,701 $13,858 1.4x 11.1x 2.1x $14,063 16.7% 10.2%


INDUSTRY METRICS

1 1 C O N S U M E R P R O D U C T S & R E T A I L | F O O D & B E V E R A G E | I N D U S T R Y M E T R I C S




FRUITS AND VEGETABLES

Fresh Del Monte Produce Inc. United States NYSE:FDP $47.37 75.4% $2,356 $2,631 0.6x 11.0x 1.2x $4,087 8.2% 5.9%

B&G Foods, Inc. United States NYSE:BGS 33.50 70.2% 2,228 4,058 2.5x 12.4x 5.7x 1,608 29.5% 20.3%

Calavo Growers, Inc. United States NasdaqGS:CVGW 71.90 92.3% 1,261 1,291 1.2x 19.1x 0.6x 1,046 10.5% 6.5%

Total Produce plc Ireland ISE:T7O 2.99 98.8% 969 1,237 0.3x 9.9x 2.6x 3,811 13.7% 2.8%

Seneca Foods Corporation United States NasdaqGS:SENE.A 31.25 73.3% 307 735 0.6x 16.1x 9.8x 1,292 7.2% 3.5%

Median $33.50 75.4% $1,261 $1,291 0.6x 12.4x 2.6x $1,608 10.5% 5.9%

Mean $37.40 82.0% $1,424 $1,990 1.1x 13.7x 4.0x $2,369 13.8% 7.8%

NON-ALCOHOLIC BEVERAGES

Nestlé S.A. Switzerland SWX: NESN $85.87 98.8% $266,057 $287,327 3.2x 15.7x 1.5x $93,599 50.5% 19.2%

The Coca-Cola Company United States NYSE:KO 45.31 95.4% 193,051 214,894 5.8x 17.9x 4.5x 37,307 61.5% 29.3%

Pepsico, Inc. United States NYSE:PEP 116.57 97.6% 165,779 186,631 2.9x 14.8x 3.1x 63,514 54.9% 19.8%

Monster Beverage Corporation United States NasdaqGS:MNST 63.22 99.5% 35,654 34,558 10.4x 26.2x 0.0x 3,312 64.4% 39.8%

Dr Pepper Snapple Group, Inc. United States NYSE:DPS 94.15 94.7% 16,998 21,416 3.2x 13.6x 2.9x 6,625 59.9% 23.7%

National Beverage Corp. United States NasdaqGS:FIZZ 100.84 77.7% 4,699 4,565 5.0x 22.5x 0.0x 911 39.8% 22.3%

Cott Corporation United States TSX:BCB 17.59 99.6% 2,451 3,871 1.0x 9.5x 3.6x 3,832 34.7% 11.0%

Lassonde Industries Inc. Canada TSX:LAS.A 195.67 97.4% 1,367 1,545 1.3x 11.5x 1.1x 1,207 28.3% 11.4%

A.G. BARR p.l.c. United Kingdom LSE:BAG 8.34 94.0% 954 943 2.6x 13.5x 0.2x 352 46.5% 19.5%

Median $85.87 97.4% $16,998 $21,416 3.2x 14.8x 1.5x $3,832 50.5% 19.8%

Mean $80.84 95.0% $76,334 $83,972 4.0x 16.1x 1.9x $23,407 48.9% 21.8%

FOODSERVICE

Sysco Corporation United States NYSE:SYY $62.64 99.8% $32,639 $40,800 0.7x 13.4x 3.0x $56,053 19.0% 5.4%

US Foods Holding Corp. United States NYSE:USFD 31.00 99.1% 6,655 10,214 0.4x 11.1x 4.0x 23,829 17.5% 3.9%

United Natural Foods, Inc. United States NasdaqGS:UNFI 49.75 94.4% 2,507 2,933 0.3x 9.1x 1.4x 9,454 15.3% 3.4%

Core-Mark Holding Company, Inc. United States NasdaqGS:CORE 31.96 72.4% 1,476 1,966 0.2x 15.6x 4.3x 12,066 6.5% 1.0%

SpartanNash Company United States NasdaqGS:SPTN 26.12 64.7% 966 1,623 0.2x 7.1x 2.9x 8,032 14.3% 2.8%

The Chefs' Warehouse, Inc. United States NasdaqGS:CHEF 20.60 94.1% 547 862 0.7x 14.8x 5.5x 1,287 25.4% 4.5%

Colabor Group Inc. Canada TSX:GCL 0.60 50.7% 61 153 0.1x 7.6x 4.6x 1,113 2.0% 1.9%

Median $29.53 94.1% $1,476 $1,966 0.3x 11.1x 4.0x $9,454 15.3% 3.4%

Mean $31.81 82.2% $6,407 $8,365 0.4x 11.3x 3.7x $15,976 14.3% 3.3%


GLOBAL CONSUMER PRODUCTS & RETAIL

1 2 C O N S U M E R P R O D U C T S & R E T A I L | A B O U T U S

FOCUS AREAS

• Furniture & Home Décor

• Decorative Lighting

• Kitchen & Bath

• Outdoor

• Youth / Juvenile

• Fitness & Functional

• Distribution & Logistics

• Basics

• Branded & Private Label

• Distribution & Logistics

• Processing

• Specialty Products

WHO WE ARE

• Outdoor

• Recreation

• Pet

• Automotive Enthusiast Brands

• Independent investment banking advisory firm focused on the middle market since 1989

• Senior bankers with significant experience and tenure; partners average over 20 years of experience

• Offices in Chicago, Cleveland, and Philadelphia

• Founding member and U.S. partner of Global M&A Partners, Ltd., the world’s leading partnership of investment banking firms focusing on middle market transactions

• Deep industry experience across core sectors of focus, including: Business Services, Consumer, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate

Sell-Side Advisory

Acquisitions & Divestitures

Public & Private Mergers

Special Committee Advice

Strategic Partnerships & Joint Ventures

Fairness Opinions & Fair Value Opinions

All Tranches of

Debt & Equity Capital for:

Growth

Acquisitions

Recapitalizations

Dividends

General Financial & Strategic Advice

Balance Sheet

Restructurings

Sales of Non-Core Assets or Businesses

§363 Auctions

ENTHUSIAST BRANDS APPAREL FOOD & BEVERAGEHOME & FAMILY

The information contained in this publication was derived from proprietary research conducted by a division or owned or affiliated entity of Brown Gibbons Lang & Company LLC. Any projections, estimates or other forward-looking statements contained in this publication involve numerous and significant subjective assumptions and are subject to risks, contingencies, and uncertainties that are outside of our control, which could and likely will cause actual results to differ materially. We do not expect to, and assume no obligation to update or otherwise revise this publication or any information contained herein. Neither Brown Gibbons Lang & Company LLC, nor any of its officers, directors, employees, affiliates, agents or representatives makes any representation or warranty, expressed or implied, as to the accuracy, completeness or fitness of any information contained in this publication, and no legal liability is assumed or is to be implied against any of the aforementioned with respect thereto. This publication does not constitute the giving of investment advice, nor a part of any advice on investment decisions and nothing in this publication is intended to be a recommendation of a specific security or company, nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Brown Gibbons Lang & Company LLC, its affiliates and their officers, directors, employees or affiliates, or members of their families, may have a beneficial interest in the securities of a specific company mentioned in this publication and may purchase or sell such securities in the open market or otherwise. Nothing contained in this publication constitutes an offer to buy or sell or the solicitation of an offer to buy or sell any security.

LEADING INDEPENDENT FIRM COMPREHENSIVE CAPABILITIES

M&A ADVISORY PRIVATE PLACEMENTS

FINANCIAL ADVISORY

For questions about content and circulation, please contact editor, Rebecca Dickenscheidt, at [email protected] or 312-513-7476.

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Operating Advisor Network

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RESEARCH

E C O M M E R C E / D 2 C F O C U S



DEDICATED LEADERSHIP

CONTACTS

J O H N T I L S O NManaging DirectorGroup Head

• Leads BGL’s Consumer Products & Retail practice

• Over 25 years of investment banking and corporate finance experience

• Former Managing Director at Banc One Capital Markets (JP Morgan Chase)

• Former Managing Director at First Chicago Capital Markets, founding the Detroit office for the firm in 1996

• Serves on the National Board of Directors for the Gift of Adoption Fund

• B.S., University of Illinois

• M.B.A., Northwestern University Kellogg School of Management

• Eagle Scout

PROFESSIONAL EXPERIENCE EDUCATIONEDUCATION

A L E X T E E T E RDirectorHome & Family, Apparel

• Over 15 years of M&A and corporate finance experience

• Former senior banker within the Consumer and Retail Group at KeyBanc Capital Markets

• M&A and corporate finance attorney for Wilmer Cutler Pickering Hale and Dorr LLP and Calfee, Halter & Griswold LLP

PROFESSIONAL EXPERIENCE

• B.A., Colgate University

• J.D., Boston College Law School

EDUCATIONEDUCATION

DA N G O M E ZDirectorFood & Beverage

EDUCATIONEDUCATION


• Investment banking positions at Piper Jaffray and Deutsche Bank Securities

• Former Lieutenant Commander in the United States Navy as a designated Naval Aviator


• B.S., United States Naval Academy

• M.B.A., Northwestern University Kellogg School of Management

One Magnif icent Mile 980 N. Michigan Avenue Suite 1880 Chicago, IL 60611p. 312.658.1600

One Cleveland Center1375 East 9th StreetSuite 2500 Cleveland, OH 44114p. 216.241.2800

C H I C A G O C L E V E L A N D

One Liberty Place 1650 Market StreetSuite 3600 Philadelphia , PA 19103p. 610.941.2765

P H I L A D E L P H I A

EDUCATIONEDUCATIONB O B K E N TManaging DirectorFinancial Sponsor Coverage


• Former Managing Director in the Financial Sponsors Group at Stifel Investment Banking

• Investment banking positions at Banc of America Securities in San Francisco and Charlotte and at Brown Brothers Harriman in New York


• A.B., Princeton University

• Diploma in Accounting and Finance from the London School of Economics

• M.B.A., Darden School of Business at the University of Virginia

• Chartered Financial Analyst



REPRESENTATIVE TRANSACTIONS

acquired by

Premium Branded

Outdoor Products

Pending Sale

acquired by

acquired by

and

C S WPrivate Equity Investments

acquired by

acquired the Wisconsinwhey processing operations of

a wholly owned subsidiary of

recapitalized by acquired the outstanding stockcontrolled by non-management

shareholders

with financing provided by

Senior Management of

and

recapitalized by acquired by

acquired by

a portfolio company of

Cross River, LLC

Shanghai Shenda Co. Ltd.


a subsidiary of

acquired by

acquired by


of

composed of

The Housewaresand Wine Divisions

acquired by


of

composed of

eCommerceB2B Promotional

Products

Pending Sale

Leading eCommerceRetailer of

AutomotiveRepair Tools

Pending Sale

Branded Organizational

Products

Pending Sale

acquired byacquired by



acquired

Branded Outdoor

Lifestyle Games

Pending Sale

BeefProcessingCompany

Pending Sale

BeverageCompany

Pending Sale

FoodLogisticsCompany

Pending Sale

CONTACTS

One Magnif icent Mile 980 N. Michigan Avenue Suite 1880 Chicago, IL 60611p. 312.658.1600

One Cleveland Center1375 East 9th StreetSuite 2500 Cleveland, OH 44114p. 216.241.2800

C H I C A G O C L E V E L A N D

One Liberty Place 1650 Market StreetSuite 3600 Philadelphia , PA 19103p. 610.941.2765

P H I L A D E L P H I A

insider - bgl...and the hartman group1, food and beverage company performance was analyzed across...

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