1. food and drink
2. desserts and baking

Food & Beverage Industry
Q4/2014 Review
Contents:
North American M&A and Financing Trends
Featured Transactions
Bill Farrell
Managing Director
416‐619‐9119
bfarrell@cccinvestmentbanking.com
Key Industry Trends
Valuation & Operating Metrics
Hugh Notman
Managing Director
604‐689‐2495
hnotman@cccinvestmentbanking.com
Boris Tsimerinov
Vice President
416‐619‐9125
bt@cccinvestmentbanking.com
March 2015
North American M&A and Financing Trends
Q4/14 North American F&B Deal Volume by Segment(2)
North American M&A Highlights
– Food and beverage (“F&B”) deal activity decreased by 1% in
Q4/14 compared to the previous quarter and 4% year over
year.
Retail & Distribution
33%
• 107 majority stake transactions were announced in Q4/14
compared to 108 in Q3/14 and 111 in Q4/13.
Dairy
3%
Beverages
14%
• Disclosed average deal size dropped to US$46M in Q4/14,
a decrease of 36% compared to the previous quarter. This
can be attributed to the abnormally high volume (70%) of
deals valued below US$50M.
Meat & Seafood • Five of the seven F&B segments saw a decrease in deal
Processing
volume compared to the previous quarter. Bread, Bakery &
6%
Snack Foods decreased the most by 29% followed by
Beverages at 21%, Packaged Foods at 17%, Meat & Seafood
Agricultural
Processing at 13% and Agricultural at 6%. The only
14%
segment to increase was Retail & Distribution at 31% while
Dairy remained unchanged.
107
Bread, Bakery & Snack Foods
11%
Packaged Foods
19%
Current North American Debt Terms
– There were 10 Canadian‐based F&B transactions in Q4/14
which is slightly below the 2014 quarterly average of 13.
– Lenders continue to aggressively deploy capital into high
quality deals. Outside of the quality of the borrower, lenders
differentiate deals by size, relationship & sponsored vs.
standalone transactions.
• Incumbent lenders will often significantly improve their
pricing and terms in competitive refinancing situations.
– There were nine Private Equity (“PE”) transactions relating to
the F&B Industry along with seven additional non PE financial
transactions reported in Q4/14.
– Total F&B transactions for 2014 (428) increased by 15%
compared to 2013 (371).
– Large mid‐market deals can receive up to 4.25x (senior) / 6.00x
(total) Debt / EBITDA; “typical” mid‐market financings are up
to 3.00x‐3.75x senior / 4.25x‐4.75x total Debt / EBITDA range.
Senior debt is now up to 50%‐65% of the capital structure.
• Senior pricing is at Bankers’ Acceptance (0.9% on 13/03/15) +
1.50%‐3.50% at moderate to high leverage. Mezzanine
pricing is at 12%‐17% total rate of return.
• Conventional senior debt will have a 3‐7 year amortization
with a 3‐5 year term. Mezzanine debt is normally a “bullet”
with a 3‐5 year term.
– Canadian buyout and PE transactions across all industries hit
record levels in 2014. Control‐stake acquisitions, growth‐
related and other PE deals (announced and completed)
totaled 410, a 23% increase over 2013. The value of disclosed
transactions (announced and completed) totaled CAD$32.2B
in 2014, more than tripling the CAD$10.3B reported in 2013.
Thirteen large‐cap deals sized CAD$500M or more captured
75% of all disclosed disbursements, CAD$100M to CAD$500M
took 15% and deals less than CAD$100M took the rest.(1)
Sources: (1) Canadian Venture Capital & Private Equity Association, Thomson Reuters
North American F&B Announced Deal Volume (3)
North American F&B Average Deal Size (US$M) (2)
$75
120
103
100
$60
83
80
$45
$53 $57 $15
40
$46 $43 104
18
8
90
93
96
Q3/13
Q4/13
Q1/14
13
109
108
107
11
15
16
98
93
91
Q2/14
Q3/14
Q4/14
9
60
$72 $61 $30
111
$28 74
20
$0
0
Q2/13
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Q4/14
Q2/13
(2) Average transaction value for all deals with
Strategic
disclosed values under US$500M
CCC’s food and beverage specialists can help to add value to your business. Please contact Bill Farrell or Boris Tsimerinov or visit our website at www.cccinvestmentbanking.com.
Financial
(3) Majority stake transactions
2
Q4/14 Featured Transactions
Featured North American Transactions
Packaged Foods
Meat & Seafood Processing (cont’d)
– New Jersey‐based Pinnacle Foods Inc. (NYSE:PF), a manufacturer
of branded convenience food products in North America,
acquired B.C.–based Garden Protein International, Inc. from TSG
Consumer Partners for CAD$175M on November 15, 2014.
Garden Protein is an innovator in the fast growing plant‐based
protein segment, with a variety of frozen products that serve as
alternatives for traditional animal‐based protein formats.
– Nebraska‐based Standard Nutrition Company, a marketer of feed
products and additives, agreed to acquire a Manitoba Feed Mill
from Cargill Limited on November 13, 2014.
– Massachusetts‐based Dianne’s Fine Desserts, Inc. acquired
Virginia‐based Daystar Deserts LLC on December 31, 2014.
– Japanese‐based tea leaf and beverage manufacturer Ito En, Ltd.
(TSE:2593) has agreed to acquire Washington‐based coffee
roaster and importer Distant Lands Trading Co. for approximately
US$83M on December 25, 2014.
– Olive oil producer California Olive Ranch Inc. acquired Miami‐
based Italian gourmet food manufacturer Lucini Italia Company
LLC from Molinos USA, Corp. on December 25, 2014.
– Vermont‐based specialty coffee and beverage producer Keurig
Green Mountain, Inc. (NasdaqGS:GMCR) acquired Laughing Man
Coffee and Tea Brand of New York‐based Laughing Man
Worldwide, LLC on December 4, 2014.
– U.K.‐based Unilver PLC (LSE:ULVR) acquired Dallas‐based Talenti
Gelato e Sorbetto on December 2, 2014. Talenti reported
revenue of US$72.5M in 2013.
– Georgia‐based Golden Peanut and Tree Nuts, a subsidiary of
Archer‐Daniels‐Midland Company (NYSE:ADM), acquired Georgia‐
based Harrell Nut Company for US$89M on October 31, 2014. In
a related transaction, Golden Peanut also acquired a processing
plant located in Oklahoma from Texoma Peanut Company on
November 4, 2014.
– U.S. PE firm Snow Phipps Group, LLC acquired California‐based
Teasdale Foods, Inc. from Palladium Equity Partners on October
28, 2014. Teasdale produces various shelf stable food products.
– New Jersey‐based Flavors Holdings Inc., the parent of Mafco
Worldwide Corporation, a manufacturer of licorice extract and
related derivatives, acquired Chicago‐based Merisant Company,
Inc. from Wayzata Investment Partners LLC on October 3, 2014.
Merisant manufactures several of the world’s top tabletop
sweeteners, including Equal, Canderel and Pure Via.
– Mississauga‐based Erie Meat Products Limited acquired the
assets of Brampton‐based European Quality Meats &
Sausages for CAD$7.9M in October 2014.
– Seattle‐based Trident Seafoods Corporation agreed to acquire
the Western Alaska Fisheries processing plant in Kodiak from
Westward Seafoods, Inc. on December 8, 2014.
– Texas‐based meat processor John Soules Foods, Inc. acquired
Georgia‐based Pro View Foods, LLC on November 17, 2014. Pro
View Foods processes and produces poultry products.
Beverages
– Minnesota‐based Rahr Corporation, a producer and supplier of
malt products, acquired Ontario‐based Gilbertson & Page
(Canada) Inc. on October 1, 2014. Gilbertson & Page engages in
producing and distributing brewing products to the Canadian
and American markets.
– Toronto‐based investment management holding company
Oakwest Corporation Limited acquired Ontario‐based De Sousa
Wine Cellars Corporation from Diamond Estates Wines &
Spirits Inc. (TSXV:DWS) for CAD$1.8M on November 10, 2014.
– Florida‐based Silver Springs Citrus, Inc., a subsidiary of Sapporo
International Inc., agreed to acquire Ohio‐based juice producer
Country Pure Foods, Inc. from Mistral Equity Partners LLC and
Winthorpe Holdings, Inc. on December 23, 2014.
– Missouri‐based alcoholic beverage producer Luxco, Inc.
acquired a 50% stake in Kentucky‐based Limestone Branch
Distillery, Inc. from the Beam family on December 2, 2014.
– Mississauga‐based private‐label beverage producer Cott
Corporation (TSX:BCB) acquired Atlanta‐based DSS Group, Inc.
from Crestview Partners, L.P. and others for approximately
US$1.25B on December 12, 2014. DSS Group is a direct‐to‐
consumer provider of bottled water, office coffee and water
filtration services. The deal will enable Cott to expand beyond
carbonated beverages and juices and open new distribution
channels outside of large retail and supermarket stores.
Dairy
– Mississauga‐based dairy co‐operative Gay Lea Foods Co‐
operative Ltd. agreed to acquire Ontario‐based Hewitt’s Dairy
Limited on October 15, 2014. Hewitt’s specializes in the
processing of high quality milk, cream, yogurt, premium ice
cream and a complete line of goat milk products.
– Kansas‐based packaging developer KanPak LLC acquired New
York‐based yogurt producer Emmi Penn Yan LLC from Emmi
AG (SWX:EMMN) on December 19, 2014.
– U.S. PE firm Advent International Corporation acquired a
majority stake in Colorado‐based Noosa Yoghurt, LLC on
November 21, 2014. Noosa produces flavoured yogurt.
Meat & Seafood Processing
– Toronto‐based ZF Max International, an importer and exporter of
seafood in Canada and internationally, acquired Nova Scotia‐
based seafood manufacturer Capital Seafood International Inc.,
formerly known as H & H Fisheries Limited, on October 17, 2014.
3
Q4/14 Featured Transactions
Featured North American Transactions
Agricultural
Food Retail & Distribution (cont’d)
– California‐based S&W Seed Company (Nasdaq:SANW) acquired
the alfalfa production and research facility assets as well as all
conventional alfalfa germplasm from DuPont Pioneer for
US$49M on December 19, 2014.
– Singapore‐based agri‐business Olam International Limited
(SGX:032) agreed to acquire the global cocoa business of Chicago‐
based Archer‐Daniels‐Midland Company for US$1.3B in cash on
December 15, 2014. In a related transaction, Olam also agreed to
acquire Georgia‐based McCleskey Mills, Inc. for an enterprise
value of approximately US$180M on December 4, 2014.
McCleskey is currently the third largest peanut sheller in the U.S.
– Florida‐based agribusiness Alico, Inc. (NasdaqGS:ALCO) agreed to
acquire citrus producer 734 Citrus Holdings, LLC, doing business
as Silver Nip Citrus, from 734 Agriculture LLC for US$72M on
December 2, 2014. In a related transaction, Alico also acquired
certain citrus assets from Florida‐based Orange‐Co, LP for
approximately US$270M on December 1, 2014.
– Colorado‐based Farmland Partners Inc. (AMEX:FPI), a real estate
company seeking primary row crop farmland, agreed to acquire
eight farms in Colorado, Arkansas and Nebraska for
approximately US$18M on November 17, 2014. In a related
transaction, Farmland Partners also acquired seven row crop
farms in South Carolina for US$27.5M on December 22, 2014.
– Ohio‐based The Andersons, Inc. (NasdaqGS:ANDE), a diversified
company rooted in agriculture, acquired Michigan‐based Auburn
Bean & Grain Co., an owner and operator of grain elevators and
agronomy centres for US$50.8M on October 7, 2014.
– Australian‐based food franchisor and wholesale coffee roaster
Retail Food Group Limited (ASX:RFG) acquired California‐based
Gloria Jean’s Gourmet Coffee Corp. for approximately
AUD$180M on December 3, 2014. Gloria Jean’s operates as a
retailer of specialty coffees with 800 franchised outlets across
40 countries, including 450 in the U.S.
– Chicago‐based agricultural processor and ingredient provider
Archer Daniels Midland Company (NYSE:ADM) acquired North
Dakota‐based Specialty Commodities Inc. from Goldner Hawn
Johnson & Morrison for US$170M on November 18, 2014.
Specialty Commodities distributes healthy ingredients
including nuts, fruits, seeds, legumes and ancient grains.
– California‐based food and drug retailer Safeway Inc. agreed on
December 19, 2014 to sell eight stores in Montana and
Wyoming to Idaho‐based Ridley’s Food Corporation and
Missoula Fresh Market; four specific stores to Minyard Food
Stores, Inc.; 12 stores in Texas to Associated Wholesale
Grocers, Inc. and an unspecified amount of stores to Haggen,
Inc., doing business as Top Food & Drugs.
– Washington‐based grocery store operator Albertsons, LLC
agreed on December 19, 2014 to sell two stores in
Washington to SUPERVALU Inc. (NYSE:SVU); eight stores to
Minyard Food Stores, Inc. and an unspecified amount of
stores to Haggen, Inc.
Bread, Bakery & Snack Foods
– Mississauga‐based Hershey Canada Inc. acquired Mississauga‐
based The Allan Candy Company Limited from
ReichmannHauer Capital Partners Inc. for CAD$28M in cash on
December 4, 2014. The Allan Candy Company is a leading
North American manufacturer of confectionery products.
– Toronto‐based Canada Bread Company Ltd. agreed to acquire
Quebec‐based Saputo Bakery Group, Inc. from Saputo Inc.
(TSX:SAP) for CAD$120M on December 18, 2014. Saputo
Bakery Group manufactures snack‐cake and bakery products,
mainly under the “Vachon” brand and reported revenues of
approximately CAD$139M during the fiscal year 2014.
– California‐based nutritional bar manufacturer Nellson
Nutraceutical, LLC agreed to acquire Montreal‐based Le
Groupe Multibar Inc. on November 24, 2014. Multibar
produces nutrition food and snack bars in North America.
– Utah‐based Mrs. Fields Confections acquired Utah‐based
Maxfield Candy Company on December 24, 2014.
– U.S. PE firm Mill City Capital, L.P. acquired Colorado‐based
Impact Confections, Inc. in November 2014.
– U.S.‐based BBX Sweet Holdings, LLC, acquired California‐based
The Toffee Box, LLC and Orlando‐based Anastasia
Confections, Inc. in October 2014.
Food Retail & Distribution
– Quebec‐based convenience store operator Alimentation Couche‐
Tard Inc. (TSX:ATD.B) has agreed to acquire North Carolina‐based
The Pantry, Inc. (NasdaqGS:PTRY) from SSgA Funds Management,
Inc., Indus Capital Partners, LLC and others for a Total Enterprise
Value (“TEV”) of US$1.7B in cash including debt assumed on
December 15, 2014. The Pantry operates convenience stores in
the southeastern United States and the deal will add more than
1,500 stores to Couche‐Tard’s North American network of 6,300
stores. The deal represents a TEV to Last Twelve Months (“LTM”)
EBITDA of 7.8x and a TEV to LTM Revenue of 0.3x.
– Ohio‐based retail grocery chain Fresh Encounter, Inc. agreed to
acquire Ohio‐based supermarket operator Chief Super Market,
Inc. on November 19, 2014.
– Colorado‐based Natural Grocers by Vitamin Cottage, Inc.
(NYSE:NGVC) acquired Missouri‐based Nature’s Pantry, Inc. on
December 7, 2014. Nature’s Pantry retails natural food products.
– Illinois‐based discount grocery store operator ALDI Inc. agreed to
acquire Bottom Dollar Food’s 66 store locations in Philadelphia
and Pittsburgh for US$15M on November 5, 2014.
4
Beverage & Sweetener Trends
Consumer Need/Interest in Specific Beverage Attributes (1)
• The Beverage Industry conducted its
annual New Product Development
Outlook Survey. Respondents included
various individuals across the beverage
processing industry.
• Results found that “high protein” and
“natural” beverage attributes are most
likely to be the latest trend in 2015.
“High protein” surged all the way to No.
1 after being No. 10 in the previous year.
• Organic witnessed the biggest decline
with only 18% of respondents naming
this attribute as a latest trend,
compared to 27% in 2014.
High Protein
‐11%
16%
Natural
0%
Healthy
‐4%
Convenience
18%
Organic
‐7%
‐9%
Vitamin, mineral fortified
Low need/interest
‐20%
22%
42%
22%
31%
29%
22%
42%
38%
18%
38%
20%
‐13%
‐40%
53%
29%
‐11%
Low sugar
27%
31%
‐18%
Low Calorie
38%
56%
22%
‐7%
Probiotic/prebiotic
42%
44%
13%
‐2%
Energy boosting
31%
56%
29%
0%
42%
20%
40%
Moderate need/interest
18%
16%
16%
60%
High need/interest
80%
100%
This is the latest trend
Top Beverage Flavours of 2014 and Forecasts for 2015 (1)
Top Flavors Used in 2014
• Traditional flavours make up a large portion of beverage makers
selections, but tropical and exotic flavours continue to close the gap.
• Most beverage makers reported using on average 11.5 flavours in 2014.
• New top‐selling flavors to reach the top 10 in 2014 include raspberry,
coffee, black tea, orange and peach, knocking out apple, berry, fruit
punch, lime and strawberry.
• Approximately 70% of survey respondents indicated that they will
incorporate natural flavors into their new products this year due to
cleaner labels and the influence of consumer demand.
Orange
Vanilla
Lemon
Strawberry
Peach
Lime Chocolate
Mango
Berry Coffee
Top‐Selling Flavors of 2014
49%
49%
47%
47%
44%
42%
42%
40%
38%
36%
Chocolate
Vanilla
Mango
Green Tea
Raspberry
Coffee
Lemon
Black Tea
Orange
Peach
29%
24%
22%
13%
13%
11%
11%
9%
9%
9%
Anticipated Top‐
Selling Flavors for 2015
Chocolate
Coffee
Vanilla
Orange
Cinnamon
Lemon
Mango
Strawberry
Coconut
Apple
29%
22%
20%
18%
18%
16%
16%
13%
13%
11%
* Percent of respondents using, multiple responses allowed
Sugar & Sweet Ingredient Sales in Canada (2)
52 Weeks Ending September 20, 2014
$Vol %
Change
Unit (000's)
$(000's)
SWEETNERS
SUGAR
HONEY
PURE MAPLE SYRUPS
SUGAR SUBSTITUTES
TABLE SYRUPS
MOLASSES
FRUIT PECTIN & PRESERVATIVES
HEAVY SYRUPS
Sales of sugar are down 4% in dollars, but up 1% in volume
A tale of two syrups: pure maple syrup is up 11%, but table syrup has fallen 5%
52 Weeks Ending
September 20, 2013
Units Vol
% Change
$(000's)
Unit (000's)
491,687.8
1.2%
122,182.6
1.3%
485,756.3 120,590.5
197,361.9
104,914.1
79,437.2
52,107.5
30,809.4
11,247.2
8,039.9
7,770.7
‐4.2%
7.9%
11.3%
2.8%
‐5.3%
‐0.5%
‐3.5%
‐5.6%
71,512.8
15,314.4
9,395.2
7,705.7
10,087.3
3,094.7
3,110.0
1,962.4
1.2%
1.7%
13.2%
1.8%
‐4.3%
‐0.3%
‐4.6%
‐6.5%
206,069.7
97,188.8
71,399.1
50,702.3
32,532.1
11,300.1
8,331.5
8,232.7
70,661.3
15,053.8
8,296.5
7,569.7
10,544.3
3,105.2
3,261.6
2,098.1
• Consumers continue to rely on white table sugar to sweeten their food, but stats are beginning to show that many are vying for more
natural options such as honey and pure maple syrups.
• Natural sweeteners/substitutes continue to be in the exploratory phase but should continue to grow as many product manufacturers are
still struggling to find the right balance to keep that natural sweet taste.
Sources: (1) Beverage Industry ‐ BNP Media’s Market Research Division, 2014 Product Development Outlook Study
(2) Nielsen National
5
Q4/14 Valuation and Operating Metric Trends
Selected North American Public Companies
Ticker
Company
Food Conglomerates Market
NYSE:CAG
ConAgra Foods, Inc.
NYSE:GIS
General Mills, Inc.
NasdaqGS:MDLZ Mondelez International, Inc.
Stock Price
31-Dec-14
52 Week
High
Low
Total
Enterprise
Value
(TEV)
(US$)
Total
Debt
Total
Debt to
LTM
LTM
EBITDA
LTM
Revenue EBITDA Margin EBITDA
TEV / LTM TEV / LTM
Revenue(1) EBITDA(1)
(US$ millions)
$36.28 $37.46 $28.09
53.33 55.64 46.70
36.33 39.54 31.83
$23,919 43,178
77,233
$8,479 $17,617 $2,336 10,535 17,642 3,229
16,781 34,244 5,030
13%
18%
15%
3.63x
3.26x
3.34x
1.36x
2.45x
2.26x
10.24x
13.37x
15.35x
$75.66 $76.83 $55.81 53.68 54.63 35.68 26.86 26.86 17.54 64.21 64.98 35.13 85.88 88.09 72.27 $9,401 32,904 7,854 42,845 330,864 $2,769 $21,507 $1,112 11,963 34,495 2,235 1,142 10,099 686 11,536 106,480 4,883 55,830 483,792 35,696 5%
6%
7%
5%
7%
2.49x
5.35x
1.67x
2.36x
1.56x
0.45x
0.98x
0.78x
0.40x
0.68x
8.68x
15.15x
11.42x
8.77x
9.27x
$13.01 $13.56 $11.31 6.92 8.16 5.75 74.52 77.93 50.90 94.56 100.70 77.01 42.22 45.00 36.89 $282 1,190
16,636
161,334
203,247
$81 609
3,187
28,897
41,745
$270 $30 2,043
176
4,146
798
66,683 12,416
45,998 12,500
11%
9%
19%
19%
27%
2.67x
3.46x
3.99x
2.33x
3.34x
1.04x
0.61x
4.01x
2.42x
4.42x
9.37x
7.03x
20.84x
12.99x
16.26x
$23.78 $25.71 $13.68
52.00 53.91 37.92 84.84 87.20 58.28 11.88 14.01 7.67 $842 34,170 7,477 953 $330 5,690 1,827 151 $1,193 81,201 5,668 1,276 $67 3,755 794 70 6%
5%
14%
5%
4.94x
1.52x
2.30x
2.17x
0.73x
0.42x
1.32x
0.77x
13.05x
9.10x
9.42x
14.05x
Flowers Foods, Inc.
George Weston Limited
J&J Snack Foods Corp.
Kellogg Company
Snyder's‐Lance, Inc.
$19.19 $22.22 $17.46
86.65 89.80 64.89 108.77 112.74 84.30 65.44 69.50 55.69 30.55 31.25 24.67 $4,837 28,243
1,939
30,581
2,484
$817 12,698
0
7,712
452
$3,730 35,619
929
14,567
1,821
$426 2,526
143
3,755
192
11%
7%
15%
26%
11%
1.92x
5.03x
0.00x
2.05x
2.35x
1.30x
0.82x
2.09x
2.10x
1.36x
11.36x
11.50x
13.56x
8.14x
12.91x
Cal‐Maine Foods, Inc.
Dean Foods Company
Saputo Inc.
The WhiteWave Foods Company
$39.03 $48.31 $24.45
19.38 19.66 12.62
30.15 30.34 20.68
34.99 38.64 21.92
$1,744 2,766 13,540 7,430 $56 917 1,719 1,517 $1,503 9,503 9,179 3,437 $234 196 956 392 16%
2%
10%
11%
0.24x
4.69x
1.80x
3.87x
1.16x
0.29x
1.48x
2.16x
7.44x
14.14x
14.16x
18.95x
$10.24 $10.56
19.57 21.99 16.81 17.97 84.03 103.90 40.09 44.24 $799 929 1,954 1,800 24,068 $236 341 22 20 7,527 $384 1,035 4,082 2,775 39,636 $66 81 126 446 2,237 17%
8%
3%
16%
6%
3.58x
4.22x
0.17x
0.04x
3.36x
2.08x
0.93x
0.50x
0.65x
0.61x
12.11x
11.95x
16.13x
4.03x
10.76x
Food Retailing Market
TSX:EMP.A
TSX:L
TSX:MRU
NYSE:KR
NYSE:WMT
Empire Company Limited
Loblaw Companies Limited
Metro Inc.
The Kroger Co.
Wal‐Mart Stores Inc.
Beverages Market
TSX:ADW.A
TSX:BCB
NYSE:TAP
NYSE:PEP
NYSE:KO
Andrew Peller Limited
Cott Corporation
Molson Coors Brewing Company
Pepsico, Inc.
The Coca‐Cola Company
Agricultural Food Market
TSX:AGT
NYSE:ADM
NYSE:INGR
TSX:SOY
AGT Food and Ingredients Inc.
Archer‐Daniels‐Midland Company
Ingredion Incorporated
SunOpta Inc.
Bread, Bakery & Snack Foods Market
NYSE:FLO
TSX:WN
NasdaqGS:JJSF
NYSE:K
NasdaqGS:LNCE
Dairy Market
NasdaqGS:CALM
NYSE:DF
TSX:SAP
NYSE:WWAV
Meat & Seafood Processing Market
TSX:CLR
TSX:HLF
TSX:MFI
NasdaqGS:SAFM
NYSE:TSN
Clearwater Seafoods Incorporated
High Liner Foods Inc.
Maple Leaf Foods Inc.
Sanderson Farms, Inc.
Tyson Foods, Inc.
$5.96
16.49 13.03 70.36 33.03 Notes:
As at December 31, 2014
(1) All trading multiples based upon trading currency
Source: Capital IQ
6
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– CCC is the exclusive Canadian member of Corporate Finance International (“CFI”), a global network of leading independent middle‐market investment banking firms with members or partners in North America, Western & Eastern Europe, Asia and South America
– To find out how CCC can add value to your business, please contact one of our food and beverage specialists:
Bill Farrell, Managing Director
• 416‐619‐9119
• bfarrell@cccinvestmentbanking.com
– CCC leads CFI’s working group specializing in cross‐
border transactions with a focus on the food and beverage sector.
Hugh Notman, Managing Director
• 604‐689‐2495
• hnotman@cccinvestmentbanking.com
Boris Tsimerinov, Vice President
• 416‐619‐9125
• bt@cccinvestmentbanking.com
We welcome your feedback. Let us know what you’d like to see in our next quarterly review.
For more information on CCC, please visit: www.cccinvestmentbanking.com.
This market overview is not an offer to sell or solicit an offer to buy any security. It is not intended to be directed to investors as a basis for making an investment decision. This market overview does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision.
The information provided in this market overview was obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. It is not to be construed as legal, accounting, financial, or investment advice. Information, opinions, and estimates reflect CCC’s judgment as of the date of publication and are subject to change without notice. CCC undertakes no obligation to notify any recipient of this market overview of any such change. The charts and graphs used in this market overview have been compiled by CCC solely for illustrative purposes. All financial data and transaction summaries were collected from Capital IQ. This market overview is not directed to, or intended for distribution to, any person in any jurisdiction where such distribution would be contrary to law or regulation, or which would subject CCC to licensing or registration requirements in such jurisdiction.
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Toronto Office
150 King Street West, Suite 2020, PO Box 20
Toronto, Ontario M5H 1J9
T: 416 599 4206 F: 416 599 9250
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Vancouver, B.C. V6C 3A6
T: 604 689 2495
www.cccinvestmentbanking.com