Analysis of recent transactions in Packaged Food & Meat Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. PACKAGED FOOD
Mergers & Acquisitions Analysis
September 2015
Alps Venture Partners
TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP

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Merger & Acquisition Summary – Packaged Food & Meats
Valuation Summary
Total Deal Value ($mm) 295,895
Average Deal Value ($mm) 371
Average TEV/Revenue 1.5x
Average TEV/EBITDA 15.7x
Average Day Prior Premium (%) 16%
Average Week Prior Premium (%) 19%
Average Month Prior Premium (%) 20%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2010 – August 15, 2015
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Transaction Ranges
Greater than $1 billion 43
$500 - $999.9 mm 44
$100 - $499.9 mm 138
Less than $100 mm 573

3. PACKAGED FOOD & MEAT– HISTORICAL TREND ANALYSIS

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Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
1.3x 1.6x 1.5x 1.4x 1.5x 1.5x
12.8x
15.0x
15.9x
18.7x
15.6x 14.9x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2010 2011 2012 2013 2014 2015
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014 2015 5 Year
Average TEV/Revenue 1.3x 1.6x 1.5x 1.4x 1.5x 1.5x 1.5x
Average TEV/EBITDA 12.8x 15.0x 15.9x 18.7x 15.6x 14.9x 15.6x
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Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
8 10
2
11 8
413
2
9 11
6 3
20
25 28 29
24
12
103 103 106
110
94
57
-
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year
Average Deal Value 362 278 127 501 258 944 305
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Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 36%Americas – 24% Europe/MENA/Africa – 40%
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Region / Transactions Number Total Value Average Size
Asia Pacific 292 36,623 125
Europe/MENA/Africa 316 99,328 314
Americas 190 159,944 842

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Biggest Transactions
Target Deal Value ($mm)
Kraft Foods Group, Inc. 55,032
H. J. Heinz Corporation II 28,686
Cadbury Limited 22,343
D.E Master Blenders 1753 N.V. 10,442
The Hillshire Brands Company 8,932
DuPont Nutrition Biosciences ApS 7,354
Smithfield Foods, Inc. 7,276
Ralcorp Holdings Inc. 7,153
Iglo Foods Holdings Limited 6,444
Big Heart Pet Brands 5,482
*Source – CapitalIQ, AlpsVP Analysis
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8. Alps Venture Partners has established a team of experts that have experience in valuing businesses
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pre-IPO stage. With the team having experience of both valuations and audits, our detailed and
insightful valuation appraisal reports, along with our responsive support, help our clients easily pass
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