january 2018 strategic & capital advisory …constellation brands, inc. stz 219.47 46.5% 42,719...

FOOD & BEVERAGE MONTHLY DASHBOARD JANUARY 2018

STRATEGIC & CAPITAL ADVISORY FOR CONSUMER COMPANIES

WWW.CODYPEAKADV.COM

TOP PERFORMING FOOD & BEVERAGE STOCKS BY SUBSECTOR

56.2% 120.1% 9.7% 66.0% 57.3% 111.2% 16.5% 39.5% 30.2%

Alc.

Bev

Non Alc.

Bev Bakery Candy

Fruit &

Veggie Ingred.

Packaged

Food Protein Snacks

PUBLIC COMPANY STOCK PERFORMANCE – TWELVE MONTHS ENDING JANUARY 31, 2018

OVERALL FOOD & BEVERAGE

STOCKS VS. S&P 500 INDEX

NATURAL FOOD & BEVERAGE

STOCKS VS. S&P500 INDEX

Note: Market-weighted index from Cody Peak Advisors’ Food Index

Con. 33.0%

S&P 23.9%

OVERALL FOOD & BEVERAGE

RELATIVE SUBSECTOR STOCK PERFORMANCE


RELATIVE STOCK PERFORMANCE

Nat. 2.3%

F&B 30.8%

S&P 23.9%

-20%

-10%

+0%

+10%

+20%

+30%

+40%

+50%

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Natural Conventional S&P 500

-5%

+0%

+5%

+10%

+15%

+20%

+25%

+30%

+35%

+40%

+45%

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Food & Beverage Manufacturers S&P 500

37.2% 32.8%

27.6% 24.4%

20.0%

11.3%

6.3%

0.8%

-10.2%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

-3.6%

-26.3%

17.3%

-14.9%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

HAIN LWAY Avg. Con.F&B

Avg. NatF&B

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

+2%

+4%

+6%

+8%

Feb

-16

Mar

-16

Ap

r-1

6M

ay-1

6Ju

n-1

6Ju

l-16

Au

g-1

6Se

p-1

6O

ct-1

6N

ov-

16

De

c-1

6Ja

n-1

7Fe

b-1

7M

ar-1

7A

pr-

17

May

-17

Jun

-17

Jul-

17A

ug-

17

Sep

-17

Oct

-17

No

v-1

7D

ec-

17

Jan

-18

-8%

-6%

-4%

-2%

0%

+2%

+4%

+6%

+8%

+10%

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

FOOD & BEVERAGE COMMODITY PRICING TRENDS

12-MONTH MEAN PRICING CHANGE

CODY FOOD COMMODITY INDEX

24-MONTH MEAN PRICING CHANGE

CODY FOOD COMMODITY INDEX

Chart Sources: Wall Street Journal Note: Commodities tracked include butter, cheese, corn, milk, cocoa, eggs, flour, sugar, beef, chicken & pork.

-0.53%

6.1%

RELATIVE TRAILING 12-MONTH VALUATION MULTIPLES FOR PUBLIC FOOD & BEVERAGE COMPANIES

OVERALL FOOD & BEVERAGE NATURAL FOOD & BEVERAGE

EV / REVENUE EV / EBITDA EV / REVENUE EV / EBITDA

3.5x

3.1x

2.8x

2.7x

2.5x

2.2x

1.2x

1.0x

0.8x

2.5x

Non-Alc.Beverages

Alc. Beverages

Ingredients

Confectionery

PackagedFoods

Snack Foods

Bakery

Fruits &Vegetables

ProteinProducts

Median

18.5x

18.1x

17.9x

17.2x

16.5x

15.0x

13.2x

10.8x

9.8x

16.5x

Non-Alc.Beverages

Ingredients

Confectionery

Alc. Beverages

Fruits &Vegetables

Snack Foods

PackagedFoods

Bakery

ProteinProducts

Median

1.3x

1.0x

1.6x

Median

LWAY

HAIN

17.2x

16.2x

18.3x

Median

HAIN

LWAY

TRAILING 12-MONTH VALUATION MULTIPLES FOR OVERALL PUBLIC FOOD & BEVERAGE COMPANIES

Source: Public company documents NA – Not available NMF – Not meaningful figure

EBITDA – Earnings before interest, taxes, depreciation & amortization Enterprise Value – Market value of equity + interest-bearing debt - cash

Market Data (Given in $Millions)

Price 1 Yr Est.

Performance Equity Firm Growth EV / LTM EBITDA

Company ($ mm) Ticker 01/31/18 LTM Value Value Rate Sales EBITDA Margin

Bakery

Aryzta AG ARYN $26.94 -0.7% $2,423 $4,548 NA 1.0x 9.6x 10.6%

Flowers Foods, Inc. FLO 19.61 -2.5% 4,110 4,959 0.4% 1.3x 12.0x 10.5%

Hostess Brands, Inc. TWNK 13.80 -3.4% 1,381 2,613 6.4% 3.4x 12.6x 27.4%

Grupo Bimbo SA BIMBO A 2.44 9.7% 11,480 15,441 11.4% 1.1x 9.1x 11.6%

Average 0.8% 6.1% 1.7x 10.8x 15.0%

Median -1.6% 6.4% 1.2x 10.8x 11.1%

Alcoholic Bev.

Anheuser-Busch InBev SA/NV ABI $113.37 9.3% $219,228 $345,746 24.0% 6.2x 17.2x 35.9%

Asahi Group Holdings, Ltd. 2502 50.25 42.8% 23,023 35,232 25.6% 2.1x 14.6x 14.6%

Big Rock Brewery Inc. TSX:BR 5.29 16.9% 37 45 NA 1.2x 38.4x 3.2%

The Boston Beer Company, Inc. SAM 189.85 23.5% 2,208 2,138 -4.7% 2.4x 11.4x 21.3%

Brick Brewing Co. Limited TSX:BRB 3.17 56.2% 112 119 17.8% 3.1x 17.6x 17.6%

Brown-Forman Corporation BF.B 69.30 52.0% 26,584 28,576 8.3% 9.1x 25.0x 36.4%

Constellation Brands, Inc. STZ 219.47 46.5% 42,719 51,930 3.3% 7.0x 19.0x 36.7%

Craft Brew Alliance, Inc. BREW 19.35 27.3% 373 399 2.5% 1.9x 27.9x 6.9%

Diageo plc DGE 35.97 29.9% 89,056 104,499 8.0% 6.4x 19.2x 33.1%

Heineken N.V. HEIA 112.65 50.8% 64,175 81,492 20.0% 3.4x 15.5x 21.8%

Kirin Holdings Company, Limited 2503 24.90 52.0% 22,727 28,635 13.5% 1.9x 14.0x 13.6%

Molson Coors Brewing Company TAP 84.02 -13.0% 18,108 29,666 126.0% 2.8x 12.1x 23.0%

Pernod Ricard SA RI 159.60 36.5% 42,142 52,156 7.7% 4.8x 16.3x 29.4%

Rémy Cointreau SA RCO 131.86 45.3% 6,584 7,121 19.2% 5.4x 23.4x 22.9%

Sapporo Holdings Limited 2501 30.02 15.2% 2,338 4,448 5.4% 0.9x 11.7x 7.8%

Average 32.8% 19.8% 3.9x 18.9x 21.6%

Median 36.5% 10.9% 3.1x 17.2x 21.8%

Non-Alcoholic Bev.

Coca Cola KO $47.59 14.5% $202,765 $224,608 -15.9% 6.0x 20.5x 29.3%

Cott BCB 16.70 57.7% 2,326 3,814 3.2% 1.0x 9.1x 11.0%

Dr. Pepper Snapple Group DPS 119.35 30.9% 21,548 25,966 4.2% 3.9x 16.5x 23.7%

Monster Beverage Corporation MNST 68.23 60.2% 38,479 37,383 11.5% 11.3x 28.4x 39.8%

National Beverage Corp. FIZZ 110.47 120.1% 5,148 5,014 18.8% 5.5x 24.7x 22.3%

New Age Beverages Corporation NBEV 3.58 -14.4% 124 131 124.6% 2.5x NM -0.3%

Pepsi PEP 120.30 15.9% 171,084 191,936 1.0% 3.0x 15.3x 19.8%

Reed's, Inc. REED 1.50 -64.3% 37 52 -11.8% 1.4x NM -12.9%

Average 27.6% 17.0% 4.3x 19.1x 16.6%

Median 23.4% 3.7% 3.5x 18.5x 21.1%

Confectionery

Barry Callebaut AG BARN $2,048.52 66.0% $11,220 $12,412 5.1% 1.8x 20.0x 8.8%

Chocoladefabriken Lindt & Sprüngli AG LISN 74,804.12 15.3% 16,582 16,954 8.9% 4.1x 22.5x 18.2%

Hershey Foods HSY 110.33 4.6% 23,246 26,156 5.7% 3.5x 14.5x 24.0%

Natra SA BME:NAT 0.62 -25.1% 29 177 NA 0.4x 7.0x 5.9%

Petra Foods P34 1.25 -21.5% 765 745 -4.9% 1.9x 16.5x 11.7%

Tootsie Roll Industries TR 35.80 -1.5% 2,250 2,134 NA 4.1x 19.3x 21.4%

Average 6.3% 3.7% 2.6x 16.6x 15.0%

Median 1.5% 5.4% 2.7x 17.9x 14.9%

Fruits & Vegetables

Calavo Growers CVGW $87.00 57.3% $1,525 $1,540 17.9% 1.4x 21.9x 6.5%

Fresh Del Monte FDP 47.31 -17.4% 2,353 2,628 NA 0.6x 11.0x 5.9%

Average 20.0% 17.9% 1.0x 16.5x 6.2%

Median 20.0% 17.9% 1.0x 16.5x 6.2%

Ingredients

Archer Daniels ADM $42.95 -3.0% $24,020 $30,637 3.1% 0.5x 12.6x 4.0%

Bunge BG 79.43 14.8% 11,169 17,018 9.1% 0.4x 13.6x 2.7%

Corbion N.V. ENXTAM:CRBN 32.79 28.2% 1,884 2,080 12.0% 2.0x 11.0x 18.1%

Ingredion Incorporated INGR 143.64 12.1% 10,323 11,736 2.7% 2.0x 10.9x 18.5%

Frutarom Industries Ltd. FRUT 104.55 98.3% 6,224 6,791 17.6% 5.2x 27.1x 19.3%

Givaudan AG SWX:GIVN 2,407.49 33.8% 22,172 23,325 9.5% 4.5x 22.3x 20.2%

International Flavors & Fragrances IFF 150.30 28.2% 11,870 13,233 8.3% 4.0x 19.0x 21.1%

Kerry Group KRZ 106.67 51.8% 18,793 20,381 17.9% 2.8x 21.0x 13.5%

MGP Ingredients MGPI 89.54 111.2% 1,498 1,525 8.3% 4.5x 28.2x 15.9%

Sensient Technologies SXT 71.85 -6.4% 3,124 3,727 -0.8% 2.7x 14.2x 19.2%

Symrise AG XTRA:SY1 83.79 39.5% 10,877 12,725 18.1% 3.8x 18.1x 20.8%

Average 37.2% 9.6% 3.0x 18.0x 15.8%

Median 28.2% 9.1% 2.8x 18.1x 18.5%

TRAILING 12-MONTH VALUATION MULTIPLES FOR OVERALL PUBLIC FOOD & BEVERAGE COMPANIES

Source: Public company documents NA – Not available NMF – Not meaningful figure

EBITDA – Earnings before interest, taxes, depreciation & amortization Enterprise Value – Market value of equity + interest-bearing debt - cash

TRAILING 12-MONTH VALUATION MULTIPLES FOR NATURAL PUBLIC FOOD & BEVERAGE COMPANIES


Price 1 Yr Est.

Price Performance Equity Firm Growth EV / LTM EBITDA

Company ($ mm) Ticker 01/31/18 LTM Value Value Rate Sales EBITDA Margin

Natural

GNC Holdings, Inc. NYSE:GNC $4.35 -51.0% $364 $1,754 -2.9% 0.7x 7.1x 10.0%

Lifeway Foods, Inc. NasdaqGM:LWAY 7.94 -26.3% 127 126 -2.0% 1.0x 18.3x 5.6%

Natural Grocers by Vitamin Cottage, Inc. NYSE:NGVC 8.60 -32.0% 192 247 7.7% 0.3x 5.9x 5.3%

Sprouts Farmers Market, Inc. NasdaqGS:SFM 27.93 49.6% 3,717 4,182 15.2% 0.9x 13.4x 6.9%

The Hain Celestial Group, Inc. NasdaqGS:HAIN 38.14 -3.6% 3,959 4,596 4.8% 1.6x 16.2x 9.8%

United Natural Foods, Inc. NasdaqGS:UNFI 47.60 4.2% 2,399 2,825 7.0% 0.3x 8.8x 3.4%

Vitamin Shoppe, Inc. NYSE:VSI 4.25 -80.4% 102 237 -8.3% 0.2x 3.1x 6.3%

Median Natural F&B -14.9% 1.4% 1.3x 17.2x 7.7%

Median Natural Retail & Distribution -32.0% 7.0% 0.3x 7.1x 6.3%


Price 1 Yr Est.

Performance Equity Firm Growth EV / LTM

Company ($ mm) Ticker 01/31/18 LTM Value Value Rate Sales EBITDA

Packaged Foods

B&G Foods BGS $33.00 -25.6% $2,194 $4,025 20.5% 2.5x 12.3x

Campbells Soup CPB 46.55 -25.2% 13,993 17,296 2.0% 2.2x 8.8x

ConAgra Foods CAG 38.00 -2.8% 15,225 18,758 0.5% 2.4x 13.0x

Dean Foods DF 10.37 -47.8% 944 1,867 1.4% 0.2x 5.4x

General Mills GIS 58.49 -6.4% 33,283 43,200 0.5% 2.8x 13.4x

Hain Celestial Group HAIN 38.14 -3.6% 3,959 4,596 4.8% 1.6x 16.2x

Hormel Foods HRL 34.33 -5.4% 18,184 17,994 8.0% 2.0x 13.1x

JM Smucker SJM 126.89 -6.6% 14,414 19,488 0.0% 2.7x 12.1x

Kellogg Company K 68.11 -6.3% 23,530 31,520 -0.6% 2.4x 13.0x

The Kraft Heinz Company NasdaqGS:KHC 78.39 -12.2% 95,516 125,796 -0.7% 4.8x 15.0x

Lancaster Colony LANC 128.40 -2.0% 3,525 3,346 0.4% 2.8x 16.6x

Lamb Weston Holdings LW 58.60 NMF 8,569 11,035 5.4% 3.4x 16.2x

McCormick & Co. MKC 108.77 13.8% 14,263 19,117 13.0% 4.0x 21.3x

Mondelez International, Inc. MDLZ 44.40 0.3% 66,351 83,322 4.2% 3.2x 17.2x

Pinnacle Foods Inc. PF 61.94 16.5% 7,372 10,214 1.0% 3.3x 15.2x

Post Holdings, Inc. POST 75.67 -9.6% 5,011 10,882 18.3% 2.0x 11.2x

Seneca Foods SENE.A 31.55 -12.0% 309 755 NA 0.6x 18.0x

The Simply Good Foods Company SMPL 13.60 NMF 960 1,089 NA NMF NFM

Treehouse Foods THS 47.16 -37.8% 2,698 5,236 2.0% 0.8x 8.2x

Average -10.2% 4.7% 2.4x 13.7x

Median -6.4% 2.0% 2.5x 13.2x

Protein Products

Sanderson Farms SAFM $126.90 39.5% 2,897 2,478 3.9% 0.7x 4.7x

Seaboard Corp SEB 4,336.00 12.6% 5,076 4,310 NA 0.8x 11.0x

Tyson Foods TSN 76.11 21.2% 28,540 38,440 6.2% 1.0x 9.8x

Average 24.4% 5.1% 0.8x 8.5x

Median 21.2% 5.1% 0.8x 9.8x

Snack Foods

John B Sanfilippo & Son Inc. JBSS 62.62 -4.8% 707 772 2.3% 0.9x 11.7x

J&J Snack Foods JJSF 138.44 8.5% 2,584 2,455 6.4% 2.2x 15.0x

Snyder Lance LNCE 49.98 30.2% 4,860 5,977 6.1% 2.7x 21.2x

Average 11.3% 4.9% 1.9x 15.9x

Median 8.5% 6.1% 2.2x 15.0x

MERGER & ACQUISITION / FINANCING OVERVIEW

OVERALL FOOD & BEVERAGE M&A ACTIVITY

U.S. TARGETS

NATURAL FOOD & BEVERAGE M&A ACTIVITY

U.S. TARGETS

OVERALL FOOD & BEVERAGE TRANSACTION MIX BY

SUBSECTOR - U.S. TARGETS

NATURAL FOOD & BEVERAGE TRANSACTION MIX BY


Chart Source: Capital IQ & Cody Peak research

Chart Sources: Capital IQ / Cody Peak M&A database


FINANCING VOLUME


FINANCING MIX / STAGE

Bakery, 7.3%

Beverages - Alc, 16.0%

Beverages - Non-Alc,

11.5%

Confectionery, 3.3%

Fruits & Veggies,

5.8% Ingredients,

10.7%

Packaged Foods, 28.5%

Protein, 12.0%

Snack Foods, 4.9%

195 199 218

251

311

21

2013 2014 2015 2016 2017 YTD 2018

15

36

42

22

50

13

2013 2014 2015 2016 2017 YTD 2018

Bakery, 2.5% Beverages,

16.0% Fruits & Veggies,

2.5%

Ingredients, 4.5%

Pet Food, 4.0%

Prepared Foods, 42.0%

Protein, 3.5%

Retailer, 3.5%

Snacks, 14.0%

Supplements, 4.5%

Wholesaler, 3.0%

1

134

93

64

22 19 11

YTD 2018201720162015201420132012 YTD 2018201720162015201420132012

Angel / Seed Early VC Late VCGrowth Equity Corporate Secondary / PublicDebt

HIGHLIGHTED CONVENTIONAL FOOD & BEVERAGE M&A TRANSACTIONS

Target: Sandwich Bros. Buyer: Conagra Brands, Inc. Transaction Value: $87 million TV / Rev: 1.5x TV / EBITDA: NA

Conagra Brands announced that it has completed the acquisition of Sandwich Bros in February.

Conagra is undertaking a transformation in the frozen food aisle in order to appeal to millennial consumers. Sandwich Bros offers pocket sandwiches that are appealing to the younger generation.

This acquisition enables Conagra to leverage their unique capabilities and expertise within the frozen handheld category.

Target: Atoka Cranberries Inc. Buyer: Ocean Spray Cranberries, Inc. Transaction Value: NA TV / Rev: NA TV / EBITDA: NA

Ocean Spray completed the acquisition of Atoka Cranberries in February. Terms of the deal were not disclosed.

Atoka’s processing facility are located in Quebec, the second largest and fastest growing cranberry farming region in the world.

The acquisition enhances Ocean Spray’s global footprint and expands the company’s global market reach.

MERGER & ACQUISITION / FINANCING OVERVIEW

MEDIAN FOOD & BEVERAGE REVENUE MULTIPLES BY


MEDIAN FOOD & BEVERAGE EBITDA MULTIPLES BY


Note : Median from 2004 - 2017

Note : Median from 2004 - 2017

HIGHLIGHTED NATURAL FOOD & BEVERAGE TRANSACTIONS

Target: Field Roast Grain Meat Co., Inc Buyer: Maple Leaf Foods Inc Transaction Value: $120 million TV / Rev: NA TV / EBITDA: NA

Maple Leaf Foods completed its acquisition of Field Roast Grain Meat Co., a premium grain-based ‘meat’ and vegan products in January.

Consumers demand for healthy protein alternatives has been a tailwind for the plant-based protein segment. This segment has been growing rapidly within the US retail market.

The acquisition of Field Roast Grain, along with Lightlife Foods acquired in 2017, positions Maple Leaf as a leader in the plant-based protein market.

Target: Best Bar Ever, Inc Buyer: The Nature’s Bounty Co Transaction Value: $31 million TV / Rev: NA TV / EBITDA: NA

Nature’ Bounty announced the acquisition of Best Bar Ever, Inc in January 2018. Terms of the deal were not disclosed.

The Best Bar Ever offers better-for-you snack bars with no fillers or sugar alcohols.

Consumers are increasingly seeking convenient and great-tasting nutrition bars. Best Bar Ever compliments Nature’s Bounty umbrella of healthy snacks products.

2.11x 2.03x

1.86x

1.66x

1.40x

1.19x 1.17x

0.70x 0.61x

1.40x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x13.8x

13.2x

10.7x 10.0x 10.0x

9.0x 8.3x 7.9x 7.4x

10.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

JANUARY 2018- SELECT FOOD & BEVERAGE TRANSACTIONS

This report is for information purposes only and is not intended as an offer or solicitation with respect to any purchase or sale of any security. Cody Peak Advisors, LLC gathers its data from sources it considers reliable; however, it does not guarantee the accuracy of completeness of the information provided within this publication. The opinions presented herein reflect the current judgment of the authors and are subject to change. Cody Peak Advisors, LLC makes no warranties, expressed or implied, regarding the accuracy of this information or the subjective opinions expressed by the authors. Cody Peak Advisors, LLC, its officers, directors and partners may at any time have positions in the securities of the companies discussed herein.

Cody Peak Advisors is an independent strategic and capital advisory firm that focuses exclusively on the consumer sector. Our senior professionals have completed over 100 transactions with an aggregated value in excess of $7 billion. We have a successful track record of helping middle market branded and non-branded consumer manufacturing, marketing and distribution companies strategically unlock and enhance value through mergers, acquisitions and financings.

Robert J. Parzick Managing Director 310.616.0782 [email protected]

Jacques A. Perrone Managing Director 310.616.0781 [email protected]

ABOUT CODY PEAK ADVISORS CONTACT

Cody Peak Advisors, LLC 201 Continental Blvd, Suite 200 El Segundo, California 90245 www.codypeakadv.com

February 2018 Copyright© 2018 Cody Peak Advisors, LLC., all rights reserved.

Sources: Capital IQ / Cody Peak M&A database

Closed Date Target/Issuer

Total Transaction Value ($mm) Transaction Type Buyers Subsector Target Business Description

01/09/2018 Best Bar Ever, Inc. - M&A The Nature's Bounty Co.

Snacks Best Bar Ever produces and sells gluten-free protein bars.

01/12/2018 Metzger Specialty Brands, Inc.

- M&A Stonewall Kitchen, LLC

Packaged Foods Metzger Specialty Brands, Inc produces pickled vegetable.

01/12/2018 Bob Evans Farms, Inc. $1,756.6 M&A Post Holdings, Inc. Packaged Foods Bob Evans produces and distributes refrigerated and frozen food items.

01/16/2018 Kernel Season's LLC - M&A Highlander Partners, L.P.

Packaged Foods Kernel Season's produces and sells popcorn seasonings.

01/24/2018 Galaxy Nutritional Foods, Inc.

$16.9 M&A GreenSpace Brands Inc.

Packaged Foods Galaxy Nurtitional Foods produces plant-based cheese-free products.

01/24/2018 Feronia Inc. (TSXV:FRN)

$11.4 M&A Straight KKM 2 Limited

Ingredients Feronia produces crude palm oil and palm kernel oil.

01/25/2018 Evans Brewing Company Inc.

- M&A I-ON Communications Corp.

Alc. Beverage Evans Brewing produces and sells craft beer in the US.

01/29/2018 Field Roast Grain Meat Co., Inc.

$120.0 M&A Maple Leaf Foods Inc. Packaged Foods Field Roast Grain Meat produces and markets vegan meat products.

01/30/2018 Paleo Meals to Go - M&A Wild Zora Foods, LLC Packaged Foods Paleo Meals to Go manufactures freeze-dried meals which include five gluten, grain, milk and soy-free savory meals.

01/30/2018 Minsa Corporation - M&A Bunge North America, Inc.

Ingredients Minsa Corporation owns and operates corn flour manufacturing plant and engages in the production and sale of corn flour.

01/30/2018 California Natural Products Inc.

- M&A Gehl Foods, LLC Ingredients California Natural Products manufactures nutritional, and organic food ingredients in the US.

01/30/2018 Cott Beverages $1,250.0 M&A Refresco Group Beverage Cott Beverages produces, packages, and distributes soft drinks.

01/31/2018 Amplify Snack Brands, Inc.

$1,535.6 M&A The Hershey Company (NYSE:HSY)

Snacks Amplify Snack Brands develops, markets and distributes better-for-you snack products internationally.

january 2018 strategic & capital advisory …constellation brands, inc. stz 219.47 46.5% 42,719...

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