Food & Beverage Deals Flashcards
Minerals Technologies / AMCOL International
Announce / Close dates
Offer price, implied EV, LTM EBITDA, EV/EBITDA
3/10/14 // 5/9/14
$42.00/share in cash
EV $1,577m
EBITDA $150m 10.5x
WAG/AB Step 2
Offer price, implied EV, LTM EBITDA, EV/EBITDA
8/6/2014 // Before market open 144.3m WAG shares + £3.1bn cash Implied EV: $38,212m EBITDA (8/2014): $2,301m / 16.6x
ArcelorMittal and NSSMC / TK Steel USA
EV and multiple
11/29/2013 // 2/27/2014
$1,550
No multiple: EBITDA essentially zero at the time
Fiat Industrial CNH Dates Offer Implied EV LTM EBITDA Implied LTM Multiple
11/26/2012
9/28/2013 CNH Global NV merged into CNH Industrial NV
9/29/2013 Fiat Industrial SpA merged into CNH Industrial NV
9/30/2013 CNH Industrial begins trading on NYSE and Mercato Telematico Azionario (MTA)
3.828 NewCo shares and $10.00 special dividend
at 11/23 FI price of $11.03, implies $52.21 offer price
EV: $9,552
EBITDA (2012): $1,728 / 5.7x
Cutrale-Safra/Chiquita: date, figures
Ann. Date: 10/27/2014 Offer price: $14.50/share in cash (34% premium to 3/7/14, date of Fyffe's announcement) EV: $1,315m Sales ~$3.3bn / 0.4x EBITDA ~$137m 9.6x
Ajinomoto / Windsor Quality Foods
9/10/14 // 11/5/14
$800m
Sales ~$667m / 1.2x
EBITDA $70-$80m / 10-11x
General Mills / Annie’s
9/8/14 // 10/21/14 $46/share in cash (tender offer, reverse triangular) $820m Sales ~$215m / 3.8x EBITDA ~$29m / 28.5x
Lindt + Spruengli / Russel Stover
7/14/14 // 9/15/14
>$1,500m
Sales ~$500m / ~3x
EBITDA ~$100m / ~15x
Kainos Capital / Slim-Fast Foods (Unilever)
7/10/2014 // 7/10/2014
Terms not disclosed
Unilever to retain minority stake
Hormel / Cytosport
6/30/2014 // 8/12/14
$450m
Sales ~$375m / 1.2x
EBITDA ~$30m / ~15x
Treehouse/Flagstone Foods
From Gryphon Investors 6/30/14 // 7/29/14 $860m Sales ~$780m / ~1.1x EBITDA NA
Tyson Food/Hillshire
6/9/14 // 8/28/14
$8,550
Sales ~$4100m / 2.1x
EBITDA ~$512m / 16.7x
Mizkan Group / Ragu (Unilever)
5/22/14 // 6/30/14
$2,150m
Sales ~$600m / ~3.6x
EBITDA ~$180m / ~12x
Hillshire Brands/Pinnacle
5/12/14 // (Terminated) Offer price: $18 cash and .5 Hillshire shares > $36.02 (18% premium to 5/9/14 closing price) $6,637m 2.7x Sales (~2,500) 13.1x EBITDA (~507)
Mars / IAMS (P+G)
4/9/14 // 8/1/14
$2,900m
NA
EBITDA ~$160m / ~18x
Post / Michael Foods (Goldman Sachs Group)
4/17/14 // 6/2/14
$2,450m
Sales ~$2,040m / 1.2x
EBITDA ~$255-$270 / 9.1x-9.6x
Glanbia / thinkThin
November 16 2015
$217m (antique)
2.6x sales (nacho)
–
TreeHouse / ConAgra Private Label
November 2 2015
$2,700 nukes
0.8x safe
9.0x bus
Snyder’s Lance / Diamond Foods
October 28 2015
$1,914 (tuba tree)
2.22x (nanana)
17.8x (duck safe)
Kerry Group / Red Arrow Products, Island Oasis, and Biothera Inc.’s Wellmune Business
October 15 2015
735m (camel)
2.44x (snorer)
12.5x (tunnel)
Monde Nissin/Quorn
10/1/2015
$832 famine
3.7x sales (mug)
–
Monde Nissin is a Philippines instant noodles maker
Quorn is a British meat subsitute maker - mycoprotein, made from fungus
Sellers were UK-based investment firms Exponent Private Equity and Intermediate Capital Group
Other bidders were Danone, Singapore’s Wilmar International, McCain, Kerry Group
Monde Nissin is owned by Betty Ang, planning an IPO perhaps in 2016; earlier in 2015 bought Australia’s Black Swan (chilled dips) and Nudie (juices)
Arca Continental / Corporacion Lindley
September 10 2015
???
Flowers // Alpine Valley Bread Compnay
September 9, 2015
$120m twins
1.3x time
–
Organic bread maker in Mesa, Arizona
two bakeries
90% cash 10% stock
3-year trailing revenue CAGR of ~50%
WhiteWave // Wallaby Yogurt Company
September 7 2015
$125m tunnel
2.8x knife
Flowers / Dave’s Killer Bread
August 12, 2015
$275m (nickel)
1.67x (toe chick)
– (–)
DKB based in Oregon
Dave’s Killer Bread started in the Portland Farmer’s Market
100% organic
Formation of CCEP
August 6, 2016
SunOpta / Sunrise
July 31, 2015
$450m (Rollos)
1.50x (Dallas)
Acquired from Paine and Partners
Supplier of private label frozen fruit
To be financed with debt and equity issuance
B+G / Green Giant and Le Sueur
July 3 2015
765 (cudgel)
1.39x (dumbo)
7.8x (coffee)
Nomad/Findus
June 24 2015
$779 (K-Cup)
1.19x (Dead bee)
10.9x (Toys bee)
Continental European operations of Findus
Acquired from Highbridge Principal Strategies, Lion Capital and Sankaty Advisors
Sweden, Norway, Finland, Denmark, France, Spain, and Belgium
Findus, Lutosa, La Cocinera brands
Remaining Findus, including Young’s Seafood in the UK to remain with seller
Nomad founded early 2014; Martin Franklin and Noam Gottesman; 20% owned by Pershing Square
Centerview advised Findus
McCormick / Stubb’s (One World Foods)
June 24, 2015
$100m (daisies)
3.33x (meemeemee)
10.0 (toys)
Barbecue sauce
“Authentic, craft brand” growing fast - 20%+ in recent years
JBS / Moy Park (Marfrig)
June 22, 2015
Campbell / Garden Fresh Gourmet
June 9, 2015
$231 (nomad)
2.31x (nomad)
#1 refrigerated salsa brands Also makes hummus etc.
WhiteWave / Vega
June 9, 2015
$550 (lillies)
- 50x (lillies)
- 5x (delilah) - JPM ESTIMATE
Vega sold plant-based powdered protein shakes and snack bars; leader in category
20%-30% growth
Distributed through Vitamin World/GNC, Whole Foods
BAML/Haynes and Boone advised WhiteWave
Moelis and Piper Jaffray advised Vega
Hormel/Applegate Farms
May 26 2015
$775 giggle
2.28x Nineveh
19.4x (press report on EBITDA) tapir
Nomad/Iglo
April 20 2015
3,260 munchies
1.74x Dagger
8.2x Van
Acquired from Permira funds, which retained 9% stake
Presence in 12 markets with majority of sales in UK, Germany and Italy, where it has leading market shares
#1 in European frozen food, over 2x next player (Dr. Oetker; Findus Nestle McCain round out top 5)
Fish, vegetables, poultry, meals and other
Nomad listed on LSE in conjunction with the transaction and pursuing a primary listing of ordinary shares on NYSE
Rolled over a portion of Iglo’s existing term loan Bs, with ratings upgrade and reducction in net leverage from 4.5x to 3.5x
Heinz/Kraft
March 25 2015
55,318 Lulu motif
3.04x miser
15.3x Doll ohm
Smucker / Big Heart Pet Brands
Feb 3 2015
5,800 lava
2.52x Nylon
12.9x Danube
Post/MOM Brands
Jan 26 2015
1,150 doodles
1.51x delta
9.6x peach
Cash (1.05bn) and stock
$50m synergies announced
70-80 one-time costs
Thai Union/Bumble Bee Foods
Dec 19 2014
1,510 Deltas
1.51x Delta
10.4x tazer
Olam/ADM Cocoa
Dec 15 2014
1,300 time
NA
9.5x polo
Lactalis do Brasil (Parmalat)/BRF Dairy Products
9/3/14
~820 vines
0.69x jeep
NA
11 dairy plants
JBS/Primo
Nov 21 2014
$1,320 demons
.91x spot
9.7x bug
Primo aka P+M Quality Smallgoods (smallgoods means bacon, sausage, etc small meat products in Australia and NZ)
Australian bacon, pork etc
Brands: Primo Smallgoods, Hans, Beehive Hunter Valley Quality Meats and Primo Quality Meats
In Oct 2011 Affinity Capital bought ~70% stake in Primo
5 mfg plants, 7 dist centers, 30 retail shops in AU and NZ
Cott / DSS
Nov 6 2014
1,250 tunnels
1.29x danube
7.1x cat
Danone/Yashili
Oct 31, 2014
1,456 tree lich
3.16x medici
25.5x nile oil
437m eur private placement for 25% stake; Mengniu to hold 51% stake
Chinese infant milk
Danone to recommend CEO
expands scope of 2013 strategic alliance among Danone, Mengniu, and COFCO
Parties to study possible investment by Yashili in Danone subsidiary Dumex China
Snow Phipps/Teasdale
Oct 29, 2014 $200m, nooses NA 8.0x vase (nums are all estimates, not public)
Snow Phipps private equity firm
Teasdale canned hominy and beans
Acquired from Palladium (private equity, acquired 2011)
SHV/Nutreco
Oct 20, 2014 (initial press release)
$4,385 ram fly
0.65x satchel
10.4x dozer
SHV one of the largest privately-owned trading companies in the world, owned by ???
Formed in 1896 by merger of 8 dutch coal wholesalers
Nutreco Dutch-based international animal nutrition and fish feed
Formed in 1994 after Cinven-led buyout of feed and animal nutrition division of BP
listed on ASX in 97
Coca-Cola / Monster
8/14/14
2.15bn plus asset swap - nadal
KO purchased 16.7% stake in Monster
KO gives energy portfolio to Monster, Monster non-energy to KO
KO to expand NA distribution and become exclusive international dist partner
equity accounting for KO
2 directors
KO net cash payment of 2.15bn to Monster
ADM/WILD flavors
7/7/14
3,124 (meat henry)
2.30x gnomes
Grupo Bimbo/Canada Bread
Feb 12 2014
1,376 time cage
1.0x toes
8.6x fudge
Sysco/US Foods
Dec 8 2013
8,200 Fonzies
0.37x smaug
9.9x pope
ConAgra/Ralcorp
Nov 27 2012
6,821 chive nut
1.58x adolf
8.4x fire
Suntory/Beam
1/13/14
$15.8 Adolf
5.01x LSD
20.9x nose bee
Del Monte Pacific/Del Monte Foods
10/10/13
$1,675 doge collie
0.93x spam
9.4x bra
Berkshire Hathaway and 3G/Heinz
February 14, 2013
$27,981 (nuke Buffet)
2.4x (henry)
13.9x (dumbo)
Shuanghui/Smithfield
May 30, 2013
$6,615 (judge tail)
0.4x (sail)
8.8x (FIFA)
David Murdock/Dole
June 11, 2013
$1,600 (duchesses)
0.3x (shamu)
10x-11x (toes to tits)
Saputo/Morningstar
Dec 3 2012
$1,450 (Darrels)
0.91x spat
9.5x pool
Morningstar division of Dean Foods; The deal will give Saputo, one of the world’s biggest dairy companies, its most prominent business in America. Morningstar Foods – not to be confused with Morningstar Farms, the popular maker of vegetarian food – makes Friendship cottage cheese and various private-label dairy products like coffee creamers and ice cream mix.
Reckitt Benckiser/Schiff Nutrition
Nov 21 2012
$1,444 Tree roar
3.8x humvee
17.1x duct
Vitamins and nutritional supplements
Shearer’s Foods/Snyder’s-Lance Private Brands
May 7 2014
$430 rams
1.5x tail
All of SL private brands
Contract mfg. cookies and crackers
BAML advised SL
Shearer’s owned by Wind Point
Pinnacle/Boulder
November 24 2015
$975 Boggle
1.9x Tape
22.6x ninja
Itochu/Dole Packaged Foods
9/13/2012
$1,685 DJ Foil
0.67x sage key
8.9x vape
