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Food & Beverage Deals Flashcards

1
Q

Minerals Technologies / AMCOL International
Announce / Close dates
Offer price, implied EV, LTM EBITDA, EV/EBITDA

A

3/10/14 // 5/9/14
$42.00/share in cash

EV $1,577m
EBITDA $150m 10.5x

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2
Q

WAG/AB Step 2

Offer price, implied EV, LTM EBITDA, EV/EBITDA

A 
8/6/2014 // 
Before market open
144.3m WAG shares + £3.1bn cash
Implied EV: $38,212m
EBITDA (8/2014): $2,301m / 16.6x
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3
Q

ArcelorMittal and NSSMC / TK Steel USA

EV and multiple

A

11/29/2013 // 2/27/2014
$1,550
No multiple: EBITDA essentially zero at the time

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4
Q 
Fiat Industrial CNH
Dates
Offer
Implied EV
LTM EBITDA
Implied LTM Multiple
A

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

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5
Q

Cutrale-Safra/Chiquita: date, figures

A 
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
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6
Q

Ajinomoto / Windsor Quality Foods

A

9/10/14 // 11/5/14
$800m
Sales ~$667m / 1.2x
EBITDA $70-$80m / 10-11x

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7
Q

General Mills / Annie’s

A 
9/8/14 // 10/21/14
$46/share in cash (tender offer, reverse triangular)
$820m
Sales ~$215m / 3.8x 
EBITDA ~$29m / 28.5x
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8
Q

Lindt + Spruengli / Russel Stover

A

7/14/14 // 9/15/14
>$1,500m
Sales ~$500m / ~3x
EBITDA ~$100m / ~15x

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9
Q

Kainos Capital / Slim-Fast Foods (Unilever)

A

7/10/2014 // 7/10/2014
Terms not disclosed
Unilever to retain minority stake

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10
Q

Hormel / Cytosport

A

6/30/2014 // 8/12/14
$450m
Sales ~$375m / 1.2x
EBITDA ~$30m / ~15x

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11
Q

Treehouse/Flagstone Foods

A 
From Gryphon Investors
6/30/14 // 7/29/14
$860m
Sales ~$780m / ~1.1x
EBITDA NA
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12
Q

Tyson Food/Hillshire

A

6/9/14 // 8/28/14
$8,550
Sales ~$4100m / 2.1x
EBITDA ~$512m / 16.7x

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13
Q

Mizkan Group / Ragu (Unilever)

A

5/22/14 // 6/30/14
$2,150m
Sales ~$600m / ~3.6x
EBITDA ~$180m / ~12x

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14
Q

Hillshire Brands/Pinnacle

A 
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)
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15
Q

Mars / IAMS (P+G)

A

4/9/14 // 8/1/14
$2,900m
NA
EBITDA ~$160m / ~18x

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16
Q

Post / Michael Foods (Goldman Sachs Group)

A

4/17/14 // 6/2/14
$2,450m
Sales ~$2,040m / 1.2x
EBITDA ~$255-$270 / 9.1x-9.6x

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17
Q

Glanbia / thinkThin

A

November 16 2015
$217m (antique)
2.6x sales (nacho)
–

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18
Q

TreeHouse / ConAgra Private Label

A

November 2 2015
$2,700 nukes
0.8x safe
9.0x bus

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19
Q

Snyder’s Lance / Diamond Foods

A

October 28 2015
$1,914 (tuba tree)
2.22x (nanana)
17.8x (duck safe)

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20
Q

Kerry Group / Red Arrow Products, Island Oasis, and Biothera Inc.’s Wellmune Business

A

October 15 2015
735m (camel)
2.44x (snorer)
12.5x (tunnel)

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21
Q

Monde Nissin/Quorn

A

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)

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22
Q

Arca Continental / Corporacion Lindley

A

September 10 2015

???

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23
Q

Flowers // Alpine Valley Bread Compnay

A

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%

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24
Q

WhiteWave // Wallaby Yogurt Company

A

September 7 2015
$125m tunnel
2.8x knife

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25
Q

Flowers / Dave’s Killer Bread

A

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

26
Q

Formation of CCEP

A

August 6, 2016

27
Q

SunOpta / Sunrise

A

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

28
Q

B+G / Green Giant and Le Sueur

A

July 3 2015
765 (cudgel)
1.39x (dumbo)
7.8x (coffee)

29
Q

Nomad/Findus

A

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

30
Q

McCormick / Stubb’s (One World Foods)

A

June 24, 2015
$100m (daisies)
3.33x (meemeemee)
10.0 (toys)

Barbecue sauce
“Authentic, craft brand” growing fast - 20%+ in recent years

31
Q

JBS / Moy Park (Marfrig)

A

June 22, 2015

32
Q

Campbell / Garden Fresh Gourmet

A

June 9, 2015
$231 (nomad)
2.31x (nomad)

#1 refrigerated salsa brands
Also makes hummus etc.
33
Q

WhiteWave / Vega

A

June 9, 2015

$550 (lillies)

  1. 50x (lillies)
  2. 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

34
Q

Hormel/Applegate Farms

A

May 26 2015
$775 giggle
2.28x Nineveh
19.4x (press report on EBITDA) tapir

35
Q

Nomad/Iglo

A

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

36
Q

Heinz/Kraft

A

March 25 2015
55,318 Lulu motif
3.04x miser
15.3x Doll ohm

37
Q

Smucker / Big Heart Pet Brands

A

Feb 3 2015
5,800 lava
2.52x Nylon
12.9x Danube

38
Q

Post/MOM Brands

A

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

39
Q

Thai Union/Bumble Bee Foods

A

Dec 19 2014
1,510 Deltas
1.51x Delta
10.4x tazer

40
Q

Olam/ADM Cocoa

A

Dec 15 2014
1,300 time
NA
9.5x polo

41
Q

Lactalis do Brasil (Parmalat)/BRF Dairy Products

A

9/3/14
~820 vines
0.69x jeep
NA

11 dairy plants

42
Q

JBS/Primo

A

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

43
Q

Cott / DSS

A

Nov 6 2014
1,250 tunnels
1.29x danube
7.1x cat

44
Q

Danone/Yashili

A

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

45
Q

Snow Phipps/Teasdale

A 
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)

46
Q

SHV/Nutreco

A

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

47
Q

Coca-Cola / Monster

A

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

48
Q

ADM/WILD flavors

A

7/7/14
3,124 (meat henry)
2.30x gnomes

49
Q

Grupo Bimbo/Canada Bread

A

Feb 12 2014
1,376 time cage
1.0x toes
8.6x fudge

50
Q

Sysco/US Foods

A

Dec 8 2013
8,200 Fonzies
0.37x smaug
9.9x pope

51
Q

ConAgra/Ralcorp

A

Nov 27 2012
6,821 chive nut
1.58x adolf
8.4x fire

52
Q

Suntory/Beam

A

1/13/14
$15.8 Adolf
5.01x LSD
20.9x nose bee

53
Q

Del Monte Pacific/Del Monte Foods

A

10/10/13
$1,675 doge collie
0.93x spam
9.4x bra

54
Q

Berkshire Hathaway and 3G/Heinz

A

February 14, 2013
$27,981 (nuke Buffet)
2.4x (henry)
13.9x (dumbo)

55
Q

Shuanghui/Smithfield

A

May 30, 2013
$6,615 (judge tail)
0.4x (sail)
8.8x (FIFA)

56
Q

David Murdock/Dole

A

June 11, 2013
$1,600 (duchesses)
0.3x (shamu)
10x-11x (toes to tits)

57
Q

Saputo/Morningstar

A

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.

58
Q

Reckitt Benckiser/Schiff Nutrition

A

Nov 21 2012
$1,444 Tree roar
3.8x humvee
17.1x duct

Vitamins and nutritional supplements

59
Q

Shearer’s Foods/Snyder’s-Lance Private Brands

A

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

60
Q

Pinnacle/Boulder

A

November 24 2015
$975 Boggle
1.9x Tape
22.6x ninja

61
Q

Itochu/Dole Packaged Foods

A

9/13/2012
$1,685 DJ Foil
0.67x sage key
8.9x vape

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