Consumer Food Flashcards
Monster
Rodney Cyril Sacks x 2, Hilton Schlosberg
12/31, $ x 3
DSD, Warehouse (old, restated Q2 2015 following TCCC transaction)
Finished Products (93%) Concentrate (5%) Other (2%)
US (79%), RoW (21%)
$140, 180m, $25.2bn, ($2.9bn) (2.9bn, –, –), $22.3bn
Trees, doves, snow lion, nip (nip, –, –), nun ohm
$2.9bn, 36%, $1.1bn, $3.46
nip, mage, tit, Marge
McCormick
Alan Wilson x 2, Gordon McKenzie Stetz
11/30, $ x 3
Consumer (61%), Industrial (39%)
US (57%), EMEA (21%), Others (22%)
$80, 130m, $10.4bn, $1.2bn (0.1, 1.4, 1.3 // 0.2, –, (0.1)), $11.6bn
Vice, dimes, taser, toon (tie, tree, time // wine, –, tie), tit itch
$4.5bn, 18%, 0.8, 3.84
roll, dove, hoof, mover
Danone
Franck Riboud / Emmanuel Faber / Cecile Cabanis
12/31, Euros x 3
Milk Products (49%), Early Life Nutrition (22%), Water (21%), Medical Nutrition (7%)
APAC LatAm MEA (40%), Europe ex-CIS (30%), CIS & NA (20%), France (10%)
€65, 605m, €39bn, €5.3bn (3.8, 12, 8.3 // 3.0, –, 3.0), €44.3bn
Jill, Chisel, Ump, Lamb (Movie, Tennis, FEMA // Maze, –, Maze), Roar ohm
22.8bn, 17%, 3.8bn, 3.08
Nun ivy, dick, movie, Missive
Mead Johnson
James Cornelius, Kasper Jakobsen, Michel Cup
12/31, USDx3
Asia (50%), NA/EU (31%), Latam (19%) Infant Formula (59%), Children's Nutrition (39%), Other (2%)
$70, 203m, $14.2bn, $0.1 ($1.5 cash, $1.5 debt, $0.1 NCI), $14.3
Kiss, noose ham, train, tie (tool, tool, tie), tram
$4.5, 27%, $1.2, $4.00
Roll, nuke, toon, roses
Kellogg
John Bryant x2, Ronald Dissinger
12/31, USDx3
US (55%) Europe (18%) Other NA (12%) LatAm (8%) APAC (7%)
$65, 355m, $23.1, $7.2 ($0.3 cash, $7.5 debt), $30.3
Jail, malala, Nomad, gun (moose, coal), museum
$13.9, 18%, $2.5, $3.75
Dumbo, dove, nail, muggle
General Mills
Kendall Powell x2, Don Mulligan
5/31, USDx3
U.S. Retail (60%) International (29%) Convenience Store and Foodservice (11%)
US (70%) ex-US (30%)
$55, 615, $33.8, $9.6 ($0.5, $9.4, $9.0 ND, $0.5, $1.2, $0.7 corp. adj), $43.4
Lily, chattel, mummy ivy, bitch (sail, bear, boa, sail, toon, key), armor
$17.2, 20%, $3.5, $3.00
Token, noose, mule, masses
WhiteWave
Gregg Engles x2, Kelly Haecker
12/31, USDx3
Americas F+B (72%), Americas Fresh Foods (14%), Europe F+B (14%)
North America (86%), Europe (14%)
$40, 180m, $7.2, $1.5 ($0.1 cash, $1.6 debt), $8.7
Horse, divas, gun, tail (tie, doge), fag
$4.3, 14%, $0.6, $1.40
Rum, otter, witch trees
Cott
David Gibbons, Jeremy Fowden, Jay Wells
North America (45%), DSS (34%), UK (9%), All Other (2%)
12/31, USDx3 $10, 100m, $1.0bn, $1.7bn ($0.1 cash, $1.8 debt), $2.7bn Toys, daisies, toys, dog (tie, TV), nuke $3.0, 12%, $0.4, $0.25 Mouse, toon, hero, snail
Dr. Pepper
Wayne Sanders, Larry Young, Martin Ellen
Packaged Beverages (72%), Beverage Concentrates (20%), LatAm Beverages (8%)
USS (89%) Intl (11%)
12/31, USDx3
$90, 190m, $17.1, $2.4 ($0.2, $2.6), $19.5
Bus, tapes, duct, Henry (wine, nacho), South Pole
$6.3, 24%, $1.5, $4.15
Jam, Henry, tile, rattle
Post
William Stiritz, Robert Vitale, Jeff Zadoks
9/30, USDx3
Michael Foods (44%) Post Consumer Brands (34%), Active Nutrition (11%), Private Brands (11%)
US (91%) Intl (9%)
$55, 61m, $3.4bn, $4.2bn ($0.3, $4.5), $7.6
Lulu, Jada, hammer, rune (moose, rail), cage
$5.3, 15%, $0.8, $1.45
Loom, towel, safe, troll
Dean Foods
Jim Turner, Greg Tanner, Christopher Bellairs
1 segment
Products: Milk 70%, ice cream 14%, cream creamers cultured other bevs and others 16%
49% branded
$15, 95, $1.4, $0.7 (0.1, 0.8), $2.1
Tail, pail, door, key, (tie, safe), knight
$8.2, 5%, $0.4, $1.10
Fan, oil, hero, tits
Pinnacle
Roger Deromedi, Mark Clouse (rep. Bob Gamgort May 2016), Craig Steeneck
Birds Eye Frozen (39%), Duncan Hines Grocery (34%), Boulder Brands (16%), Specialty Foods (11%)
100% North America ~5% Canada
$40, 117m, $4.7, $2.2 ($0.1, $2.3), $6.9
Arrows, static, rook, nun (tie, gnome), jeep
$2.7, 21%, $0.6, $2.10
Ankh, newt, witch, knights
Hershey
John Bilbrey x2, Patricia Little,
12/31, USD x3
12% international
$90, 220m, $19.8, $2.1 (0.4, 2.4, 0.1 NCI), $21.9
Bus, nuns, tuba ivy, ant (oar, henry, noose // tie), sandbox
$7.8, 23%, $1.8bn, $4.50
Coffee, Nemo, diva, rolls
Pepsi
Indra Nooyi x2, Hugh Johnston
12/31, USD x3
PepsiCo Americas Beverages (32%/28%) Frito Lay North America (21%/32%) Europe (21%/13%), LatAm Foods (13%/11%), AMEA (10%/11%), QFNA (4%/5%)
Snacks/Beverages 53/47
Snacks: NA 26%, LatAm 14%, EU 9%, AMEA 5%
Bvg: Americas 30%, EU 10%, AMEA 6%
Developed/Emerging 69/31
5 countries 75% of total revenue: US, Canada, UK, Mexico, Russia (#F+B in all but Mex #2)
$100, 1.480bn, $148bn, 18.9 (10.7, 31.3, 21.2 // 2.3, 0.1 0.1, 2.3), $167bn
Daisies, dwarves, dwarves, tao of pooh (disk, motif, indian // enemy, soot, soot, enemy), DJ Cow
$64, 20%, 12.7, 4.70
Chair, noose, tank, rakes
Hain Celestial
Irwin David Simon x2, Pasquale Conte
US (48%) UK (24%) Hain Pure Protein (18%) RoW (10%)
Grocery (66%) Protein (13%) Snacks (11%) Personal Care (5%) Tea (5%)
$52, 100m, $5.2bn, 0.7 (0.1, 0.8), $5.9
Ellen, daisies, Ellen, key (tie, safe), lab
$3.1, 14%, $0.4, $2.30
Mud, tree, hero, gnomes
Campbell
Les Vinney (rep. Paull Charron Sep 15), Denise Morrison, Anthony DiSivestro 7/31, USD x3
U.S. Simple Meals and Beverages (55%), Global Baking and Snacks (33%), Campbell Fresh (12%)
US (79%) Australia (8%) Others (13%)
$50, 315, 15.8, 3.8 (0.3, 4.1), 19.6
Lois, Model, Adolf, Humvee (moose, rod), tuba joe
$8.2, 19%, $1.6, $2.60
Van, doobie, DJ, nachos
Flowers
George Deese, Allen Shiver, R. Steve Kinsey
DSD 84% Warehouse 16%
DSD: Branded retail 63%, Restaurant/institutional 20%, store-branded retail 14%, other 3%
Warehouse: 37% foodservice, 23% branded retail, 19% store-branded retail, 12% vending, 4% contract production, 5% other
12/31, USD x3 $25, 210, $5.3, 0.6 (0.1, 0.7), $5.9 Nail, ants, lamb, Joe (tie, key), lab $4.0, 13%, $0.5, $1.10 Rose, time, oil, tits
Hormel
Jeffrey Ettinger x2, Jody Feragen
10/31, USD x3
Refrigerated Foods (47%), Jennie-O Turkey Stores (18%), Grocery Products 18%), Specialty Foods (12%), International and Other (6%)
US 94%
$60, 270m, $16.2, $0 (0.3, 0.6, 0.3 // 0.2, –, 0.2), $16.2
Jews, nuke, dojo wine, (moose, joe, moose // wine, –, wine), dojo wine
$9.9, 13%, $1.3, $2.85
Pope, Adam, Adam, novel
Nestle
Peter Brabeck-Letmathe, Paul Bulcke, Francois-Xavier Marie Roger
12/31, CHF x3
Powdered and liquid beverages (22%), nutrition and health science (17%), milk products and ice cream (16%), prepared dishes and cooking aids (14%), pet care (13%), confectionery (10%), water (8%)
AMS (44%), EMENA (31%), AOA (25%)
Zone Americas (29%), Zone EMENA (18%), Zone AOA (16%), Nestle Nutrition (12%), Nestle Waters (9%), Other Businesses (16%)
Developed/Emerging 57%/43%
CHF75, 3.160bn, 237bn, 11bn (5.1, 22.8, 17.7 // 8.2, 1.6, 6.6), 248
Coal, meat juice, Namco, tit (latte, Nineveh, doohickey key // fan, doge, Cheech), nerf
93bn, 19%, 18bn, 3.50
bum, doobie, diva, emilies
ConAgra
Steven Goldstone, Sean Connelly, John Gehring
5/31, USDx3
Consumer, Commercial
$40, 435m, $17.4, $7.0 ($0.1, $7.9, $7.8 // $0.9, $0.1, ($0.8)), $24.4
Rose, Rommel, dagger, hook (tie, cub, coffee // bee, tie, safe), Henry hero
$11.8, $19%, $2.2, $2.35
tit ivy, doobie, nun, Animal
Coca-Cola
Muhtar Kent x2, Kathy Waller
12/31, USD x3
North America (49%), APAC (11%), Europe (10%), LatAm (9%), Eurasia Africa (5%), Bottling Investments (15%)
$42, $4.4, $184, $11 ($23, 46, 23 // 12, –, 12), $195
Ernie, rower, diver, tit (nemo, roach, nemo // toon, –, toon) south pole
$44.6, 28%, 12.4, $2.00
Rower witch, knife, diner, nooses
Grupo Bimbo
Daniel Servitje x2, Guillermo Quiroz Abed
12/31, MXN x3
North America 52%, Mexico 34%, Other LatAm 11%, Europe 3%
47, 4700m, 221bn, 63bn (6.4, 68.4, 62.0 // 1.9, 3.2, 1.3) 284
Rook, rickshaws, annoint, jam (chair, Chauffer, chains // tape, moon, time), never
226, 11%, 25, 1.75
ninja, data, nail, tickle
Smucker
Timothy Smucker, Richard Smucker, Mark Belgya
4/30, USD x3
U.S. Retail Consumer Food (29%), USR Coffee (29%), USR Pet Foods (29%), International and Foodservice (13%)
Category: 32% coffee, 30% pet food and snacks, 9% peanut butter, 4% fruit spreads, 4% shortening and oils, 4% baking mixes and frosting, 17% other
93% US, 6% Canada, 1% other international
$110, 120m, $13.2bn, $5.9 (0.1, 6.0), 19.1
Tits, toons, demon, lappe (tie, jews), top hat
$8.1, 22%, 1.7bn, $6.20
Photo, onion, dog, chains
Fresh Del Monte
Mohammad Ahmed Mohammad Abu Gazaleh x2, Richard Contreras
12/31, USD x3
Bananas 46%, Other Fresh 45% (incl. 14% pineapple, 7% non-tropical fruit), Prepared Food 9%
North America 55%, EU 18%, 14% ME North Africa, 11% Asia, 2% Other
$40, 53m, $2.1bn, $0.2bn, $2.3bn
Arrows, lamb, knight, wine, gnome
$4.0, 6%, 0.3, $2.50
rose, witch, Sam, nails
Lancaster Colony
John Gerlach x2, Douglas Fell
6/30, USD x3
Retail 51% (22% Frozen, 18% produce, 11% grocery), Foodservice (dressings & sauces, pasta, breads and rolls) 49%
$100, 27m, 2.7bn, (0.2bn all cash), $2.5bn
Daisies, ankh, ankh, wine, nail
1.2, 17%, 0.2, 4.22
teen, dick, wine, Ronin
ABF
Charles James Francis Sinclair, George Garfield Weston, John George Bason
9/13, GBP x3
(% Sales/% Adj. EBIT)
Retail (42%/59%), Grocery (25%/25%), Sugar (14%/4%), Ingredients (10%/7%), Agriculture (9%/5%)
34, 790, 27bn, 0.7 (0.4, 1.1, 0.7 // 0.2, 0.3, 0.1), 27.6
Mary, Cubs, nuke, ski (shire, tit, ski // swan, Sam, soot), nuke joe
13.7, 11%, 1.6, 1.00
atomic, data, DJ, daisies
KHC
Alex Behring, Bernardo Hees, Paulo Basilio
12/31, USD x3
U.S. (72%), Canada (8%), Europe (8%), RoW (12%)
$74, 1,200m, $90bn, $29bn ($4.4, $25.3 // $8.3 pref $0.2 NCI) $119
Car, dennises, Bus, newb (rower, nail ohm // FEMA, swan)
$27.0, 27%, $7.3, $2.95
Nukes, nuke, gamma, nipple
Unilever
Michael Treschow, Paul Polman, Graeme Pitkethly
12/31, EUR x3
Personal care (38%/48%), Foods (24%/31%), Home Care (19%/10%), Refreshment (19%/11%)
Asia/AMET/RUB (42%), The Americas (32%), Europe (25%)
Foods, Refreshments, Personal Care, Home Care
Asia/AMET (Africa, Middle East, and Turkey)/RUB (Russia, Ukraine, Belarus), Europe, The Americas
EUR 37, 2.840, 108bn, 12 (3.1, 14.6, 11.5 // 0.6 NCI) 120
Mickey, Universe, adhesive, toon (meat, torch, doodle // witch), toons
54bn, 18%, 9.8bn, 1.90
lara, dive, buffy, tapes
Lindt
Ernst Tanner x2, Dieter Weisskopf
12/31 CHF x3
Europe (50%), NAFTA (43%), RoW (7%)
66k, 237k, 15.6bn, 0.7bn (0.6, 1.3), 16.4bn
Cheech, NAMCO, deluge, sock (switch, dime), the witcher
4.0, 18%, 0.7, 1,750
rose, dove, ski, tickles
Kellogg core six brands
Special K, Frosted Mini-Wheats, Raisin Bran, Rice Krispies, Frosted Flakes, Froot Loops
In that order - Special K is their most important cereal brand
Saputo
Emanuele Saputo, Sr. // Lino Anthony Saputo, Jr. // Louis-Philippe Carriere
CAD x3, 3/31
Cheese+Dairy Foods (50%), Dairy (35%), Dairy Ingredients (15%)
US (50%), Canada (36%), International (14%)
37, 400, C$14.7bn, C$1.7bn (0.3, 1.9 // 0.1 NCI), 16.4
Mag, roses, truck, duck (sam, tape // soot), the witcher
11.0, 11%, 1.2, 1.55
titus, tit, dune, delilah
Ebro
Antonio Hernandez Callejas x2
12/31, EUR x3
Rice Business (52%), Pasta Business (48%), EP HoldCo
Western EU (52%, of which Spain 6%), North America (40%), Asia (5%), Africa (3%)
17.00, 155m, 2.6bn, 0.3bn (0.2, 0.5), 3.0
tookses, delilah, nacho, sam (swine, soil), mass
2.5bn, 13%, 0.3, 1.07
nail, time, sum, tusk
J+J Snack Foods
Gerald Shreiber x2, Dennis Moore
Food Service (64%), Frozen Beverages (23%), Retail Supermarket (12%)
97% U.S.
$105, 19, $2.0, -0.1 (0.1), $1.9
Dazzle, dab, nose, soot, dab
1.0, 15%, 0.2, 4.10
Toys, tile, swan, rats
Premier Foods
David Beever, Garvin Darby, Alastair Murray
GBP x3, March
Grocery (73%), Sweet Treats (27%)
96% of sales in UK
0.35, 850, 0.3, 0.6 (0.6)
sommelier, floss, sum, switch, sofa
0.8, 19%, 0.1, 0.08
safe, tape, seed, sissiphus
Amplify Snack Brands
MV $1bn EBITDA margin 37% ~$175m sales Better-for-you snacks HQ in Austin, TX SkinnyPop BFY popcorn IPO August 2015 (TA Associates, 58% owner)
CLIF
~$750m retail sales #3 in U.S. snack bars with 5% share HQ in Emeryville, CA Brands include Clif, Luna Co-owners are Erickson and Kit Crawford Kevin Cleary is CEO
Just Born
Sugar confectionery
~$200m in annual retail sales
Family-owned
Peeps, Mike and Ike, Hot Tamales
Kenny’s
~$15m annual retail sales
Licorice and gummy’s; licenses flavors from Dr. Pepper, Hawaiian Punch, Crush, A&W
Minnesota; Nelson family - also owns other businesses (Kookamunga Snacks, flavored popcorn crunch; Tuffy’s organic pet foods)
Kind
~$400m retail sales
Founded by Daniel Lubetzky in 2003
In March 2014, Lubetzky reacquired ~30% stake from PE firm VMB for $220m (~$730m valuation; ~15x EBITDA)
YumEarth
Organic candies
HQ in NJ
Founded in 2005 by Rob Wunder and Sergio Bica
Hard candies and gummies
McKee
~$2bn in retail sales
Drake’s and Little Debbie snack cakes, Heartland granola cereals, Sunbelt Baker and Fieldstone Bakery both for foodservice
McKee family - 3rd gen. chair 4th gen mgmt
Acquired Drake’s for $30m in 2013 from Hostess
Nonni’s
Premium biscotti and almond thins
HQ Tulsa, Oklahoma
Wind Point Partners acquired in Feb 2011 (terms not disclosed but 4th acquisition for $915m fund)
Acquired in partnership with Dave Bere, previously President Dollar General, CEO of McCain, President of Quaker Oats Breakfast Division, who became CEO
Acquired THINaddictives Almond Thins from V.I.S. in January 2012
See’s Candies
~$400m retail sales
Boxed chocolates and other chocolates and candies
200+ owned stores on west coast
100% owned by Berkshire Hathaway
Tootsie Roll
~$2-$2.5bn market cap
90% of sales in U.S.
~20% EBITDA margin
Led and majority-owned by Gordon family. 60% economic 75% voting, 10-vote Class B. Melvin Gordon, 94, is the oldest CEO of any company listed on the NYSE or NASDAQ; his wife, Ellen Gordon, 82, is COO. Succession plan is not thought to involve Melvin and Ellen’s children
Topps
~$150m retail sales
Voortman
~$[75]m retail sales
Premium cookies
Canadian
Acquired by Swander Pace in 2015 (terms not disclosed)
Former Clorox exec Douglas MacArthur replaced founder as CEO
Britvic
$3.5bn EV, $2.0bn Sales, $330m EBITDA
UK, France, Ireland
Acquired ebba (Brazilian fruit drinks) $170m 2015
Acquired Fruite (France fruit juices) $292m 2010
AC&C Group’s soft drinks division $337m 2007
Tampico
Supplies juice drink concentrates
Acquired by Houchens Industries in 2008 (diversified US conglomerate with sales of ~$3.3bn)
Tampico brand #1 “refrigerated juice drink” in the US
Juice concentrate sales to 55 countries
Brasil Kirin
Part of Kirin
Created after Kirin acquisition of Schincariol for $1.8bn in 2011
#2 brewer in Brazil with 10% share with additional presence in juices
2014 Sales ~$1.7bn, EBITDA ~$200m, Net Lvg. ~2.9x
Exports to other LatAm and other regions
Postobon
Largest bvg. distributor in Colombia with >50% share in non-alcoholic market
Acquired Productora de Jugos (Colombia juice) $55m in 2007 to become #1 in Colombia RTD juice and bvg.
Pepsi bottler
Owned by Organizacion Ardila Lulle, one of largest Colombian corporate groups
Grupo Nutresa
EV $4.7bn, Net Lvg. 2.5x, 15 Sales $2.9bn EBITDA $350m
#1 food company in Colombia with ~60% mkt. share
20+ acquisitions since 2000
Controlled by Grupo Empresarial Antioqueno, one of Colombia’s largest conglomerates
CCU
EV $4.2bn, Net Lvg. 0.4x, 15 Sales $2.3bn EBITDA $425m
Leader in Chile bvg: #1 beer, #2 soft drinks, #2 juice, #3 water and nectar
Chile, Argentina, Uruguay, Parabuay, Colombia, Bolivia
Trying to grow in regional non-alcoholic bvg
Acuired 50.1% stake in Bebidas del Paraguay in 2013 (alcoholic and non-alcoholic drinks)
Pepsi bottler, agreements with Heineken, ABI, Nestle
60% controlled by Inversiones y Rentas, 50/50 JV between Quinenco and Heineken
Vigor
EV $1.3bn, Net Lvg. 1.7x, 15 Sales $1.6bn, 15 EBITDA $125m
Leading Brazilian dairy player
Juice brand Vig
Acuiqred competing dairy player Itambe Alimentos for $208m in 2013
Controlled by FB Participacoes (JBS controlling shareholders’ investment vehicle)
Grupo Gloria
13 Sales $2.1bn, 13 EBITDA $245m
Conglomerate in dairy, fruit juices, consumer products, building products, paper, logistics
Geography: Peru, Bolivia, COlombia, Ecuador, Argentina, Uruguay, Puerto Rico
Acuired Industria Colombiana de Lacteos, juice and dairy player, for $86m in 2014
Cabcorp
Leading Central American bvg. player Exclusive Pepsi bottler in Central America since 1942 Partner with ABI/AmBev since 2003 Pepsi has 18% stake Mexico, Central America, US
FIFCO (Florida Ice and Farm Co)
15 Sales $1.2bn, 15 EBITDA $235m, Net Lvg. 2.4x
Costa Rica bvg player: water, soft drinks, energy drinks, juice and beer (#1 or #2 in all these categories)
Juice brands include Tropical, Ducal, Kern’s, Tampico, Fun C
Strategic alliance with Coopeleche (dairy coop) 2012
Acquired Embotelladora Centroamericana (Pepsi bottler) $116m 2007
Heineken owns 25% stake in subsidiary Cerveceria Costa Rica and invests alongside FIFCO internationally
Watt’s
EV $744m, Net Lvg. 2.6x, 15 Sales $590m, 15 EBITDA $75m
Chile conglomerate in food and wine, with share in dairy, edible oils, juice, jams, frozen fruits and vegetables
#1 Chile juice player with 45% share
Chile, ARgentina, Paraguay, Peru, Asia, export to 30+
CCA
Guatemala family company in malt bvg and hard ciders
Cerveza Gallo is flagship brand
Castillo brothers are founders and owners
75% share in Guatemala, with exports
Acquired 49.9% stake in Compania Cervecera de Nicaragua, partners with FIFCO and Heineken
Wow! Nutrition
Brazil healthy bvg. business, juice, canned tea, soy beverages
Juice brands Sufresh and akoko (coconot water), #3 player with 6.1% market share
Soy-based bvg. brand: Soyos
In 2012, JPM investment arm One Equity Partners acquired 40% stake
Jumex
Juice and nectar player in Mexico with 25% share
Juice brands include Jumex Frutzzo (JV with Pepsi), Jumex Fresh, Capri Sun
JVs with Pepsi and Nestle
RPB
14 Sales $375m
Argenitna mineral waters and soft drinks
Juice brand Baggio Pronto and Baggio Fresh
Soy brand Baggio Soyyo
Citrosuco
14A sales ~$1.3bn
World’s largest orange juice producer
Created in merger of Citrosuco and Citrovita in 2012
50% owned by Votorantim, 50% by Fischer Group
40% of all juice produced and exported from Brazil
Otsuka
EV $21bn, Net Lvg. 1.1x, 15 Sales 12bn, 15 EBITDA 1.8bn
Pharmaceutical and healtchare conglomerate
Acquired Jasmine Alimentos, Brazil health foods, in 2014
HQ in Japan with operations in 26 countries incl Brazil
Suntory
EV $14bn, Net Lvg. 1.8x 15 Sales $11.4bn, 15 EBITDA $1.4bn
Non-alcoholic and alcoholic beverages
Acquired Beam for $15.8bn in Jan 2015
Asahi
EV $20bn, Net Lvg. 0.8x, 15 Sales $15.3bn, 15 EBITDA $1.7bn
Japan beer and soft drinks
Acquired P&N Beverages (Australia water and juice divisions) for $200m in 2011
Acquired Charlie’s Group (NZ fruit juice) for $107m in 2011
