Health & Nutrition Industry Census 2011 - Trends in Mergers & Acquisitions
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Health & Nutrition Industry Census 2011 - Trends in Mergers & Acquisitions

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Health & Nutrition Industry Census 2011 - Trends in Mergers & Acquisitions Health & Nutrition Industry Census 2011 - Trends in Mergers & Acquisitions Presentation Transcript

  • Health & Nutrition Industry 2011 Census Trends in Mergers and Acquisitions Marco V. Galante, Principal Marco V. Galante, Principal J.H. Chapman Group, L.L.C. J.H. Chapman Group, L.L.C. 773-693-4800 773-693-4800 mgalante@jhchapman.com mgalante@jhchapman.com ©2012 J.H. Chapman Group, L.L.C.This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Contents Objective of Census . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Sub-Segment Analysis and Commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Healthy, natural, organic, functional foods and beverages . . . . . . . . . . . . . . . . . . 9 Health and nutrition ingredients suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Contract manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Branded nutritional supplements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 OTC and natural personal care products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Licensing and joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Retailers and distributors of these products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Conventional ingredients suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Recent Financings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 J.H. Chapman Group, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 J.H. Chapman Group, L.L.C. makes no representation as to the accuracy and completeness of the information provided. The information in this presentation is obtained from various public sources. In the listings of Acquirers and Targets, the columns are blank if amounts are unavailable. Please do not reproduce it for third parties, but notify us of others who would like to receive it and we will contact them directly. ©2012 J.H. Chapman Group, L.L.C. 2This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Objective of Census Provide for market participants a Census of M&A activity and trends in the sub-segment of their industry, within the $5 million to $100 million transaction value range. Identify, where applicable, future trends that are likely to have an influence on transaction activity and valuations. ©2012 J.H. Chapman Group, L.L.C. 3This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Executive SummaryM&A Transactions Licensing and joint ventures continued to grow, with an increase of 26% over 2010. This trend is aWhile the 2011 M&A transactions for the total food strong indicator of companies seeking alternativeindustry sector eked a small increase of 7.6% over strategic options for growth.2010, the “Food & Beverage Processor” categorydeclined by 21% (55 transactions in 2011 versus 77 Organic and Functional Food & Beveragein 2010). This category continues to be the largest M&AThe following information is a summary of M&A contributor accounting for 51% of the transactions.activity in the health and nutrition sector, followed by This expanding area enjoyed an increase of 28%statistical information for each identified segment. above 2010 and double the number of 2006 transactions. Health and Nutrition Health and Nutrition Ingredients Suppliers Steady and growing M&A activity is reflective of 2011 in the Health and Nutrition Sector. Objectives As the second largest transaction contributor, this were focused by acquirers on strategic transactions category was 39% higher than in 2010, achieving supporting their growth and to augment their the highest number of transactions since 2006. product and application offering. Branded Nutritional Supplements In the health and nutrition category, there were a total of 109 transactions in 2011 (excluding Transactions in 2011 were flat with one transaction less than that of 2010 and 2006. licensing, joint ventures, financing, retail and distribution), an increase of 20% over 2010 and a Licensing & Joint Ventures substantial increase of 56% over the peak of 2006. The organic/natural food and beverage sector was An increase of 26% to 53 transactions indicates that the largest contributor with 51% of the total, companies seeking growth are pursuing other ways followed by health and nutrition ingredients and means in addition to traditional M&A. suppliers at 23%. 4 ©2012 J.H. Chapman Group, L.L.C.This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Executive Summary (cont’d) Financing recovered by year-end resulting in higher growth than was expected for the year as a whole. While the first half of 2011 experienced some easing in the capital markets, this appeared to A significant factor against this backdrop is that slow in the second half. At 38 financings, 2011 food manufacturers are facing considerable and was 22% below that of 2010. increasing pressure from rising commodity prices, which are making an impact on margins that are Growth Prospects being squeezed as consumers continue to resist Companiesandmarkets.com predicts that the price increases. functional beverages market will experience the North American M&A Activity highest growth at 8.8%, rising from $57 billion to $87 billion over the five-year period. While buy and sell side activity of the first half of Nutraceutical foods will be the second highest 2011 showed a steady pace of M&A activity in growth at 8.4% – making it achieve an estimated both strategic and financial acquisitions across $49 billion in five years time. various industries as compared to the preceding six-month period, the second half ‘stalled’ inEconomic and Market Environment in 2011 comparison to 2010 levels. The US Economy That said, robust cash positions, strong balance Regardless of investor positive sentiment or sheets and improved credit markets, coupled with underlying financials, all it took was scary news mounting pressure for growth in a low internal from Europe and/or Capitol Hill to send markets growth environment, are cited as strong indicators into a funk! that more transactions will likely be announced during the course of 2012. Equally, the appetite Despite that volatility, growth in financial markets for M&A increases as companies are less likely to exceeded expectations at the beginning of the feel inhibited by the volatile economy and the year, then retreated in mid-year, but substantially political unrest in Washington DC, as evidenced ©2012 J.H. Chapman Group, L.L.C. 5This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Executive Summary (cont’d) by the return of the large strategic acquirers. Also, buyer-seller expectation gaps are narrowing and valuations are stabilizing.Raw Materials and Food Prices – InflationPricing pressures and volatile commodity/input pricesare cited as the most significant growth barriers in thenext year, much more so than labor costs and lack ofcustomer demand.Price levels in 2012 hinge significantly on severalmacro-economic factors: supply-side risks, bothpolitical and weather-related (US drought, La Ninapatterns), fuel prices, and the value of the US dollar, allwith considerable risks for price and volatility.However, government agency forecasts for 2012 foodprices is that inflation is expected to "abate" while stillslightly above the historical average for the past twodecades. According to The Food Institute’s analysis ofgovernment data, the all-food 2012 CPI is projected toincrease 2.5% to 3.5% over 2011. ©2012 J.H. Chapman Group, L.L.C. 6This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis and Commentary Health & Nutrition focuses on those “sub-segments” at the intersection of the giant healthcare, personal care and food industries. Personal Care Natural Personal Care Healthcare Nutritional Supplements Ingredients Suppliers Functional OTC Foods Natural and Food Pharmaceuticals Organic Foods ©2012 J.H. Chapman Group, L.L.C. 7This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis and Commentary Number of Transactions Number of Transactions Segment YE 2006 YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 Healthy, Natural, Organic, Functional Foods and Beverages 25 22 24 30 43 55 Health and Nutrition Ingredients Suppliers 21 20 17 7 17 25 Contract Manufacturers 3 2 4 3 7 4 Branded Nutritional Supplements 14 12 14 7 14 13 OTC & Natural Personal Care Products 7 6 2 5 9 12 Total 70 62 61 52 90 109 Licensing and Joint Ventures NA NA 21 52 42 53 Retailers and Distribution 13 12 6 2 8 8 Financings 25 19 25 44 49 39 Conventional Ingredients Suppliers NA 48 28 28 12 22 ©2012 J.H. Chapman Group, L.L.C. 8This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and BeveragesFresh Juice and fruit processing transaction activity continued in 2nd half of 2011 Lorton’s Fresh Squeezed Juices Starbucks entered into the fresh juice category by acquiring Evolution Fresh for $30 million. Starbucks plans to replace Pepsico’s Naked Juice products with Evolution juice in 2012 as well as open up juice bars to compete directly with Jamba Juice. Follow-on acquisitions by Starbucks is expected in the coming years. In an effort to expand their produce offering, Dole acquired the parent company of blueberry provider SunnyRidge Farm Inc. SunnyRidge also sources and sells blackberries, strawberries and raspberries which will complement Dole’s fresh and frozen berry operations that have so far focused on strawberries. Blueberries and blackberries are some of the fastest growing items in the produce category. SunOpta Inc. announced that its subsidiary SunOpta Global Organic Ingredients acquired Lortons Fresh Squeezed Juices, Inc., located in San Bernadino, California. With approximately $10 million in sales, Lorton’s produces citrus based products in both industrial and packaged formats. ©2012 J.H. Chapman Group, L.L.C. 9This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Corporate Strategic acquirers remain active As part of their growth strategy, The Hain Celestial Group announced two more acquisitions outside the USA. The company acquired Europe’s Best, a leading Canadian brand of natural frozen fruits and vegetables. Europes Best was previously a brand of Smucker Foods of Canada Corp., a subsidiary of The J.M. Smucker Company. Hain also acquired the Daniels Group, a marketer and manufacturer of natural chilled foods in the United Kingdom with three leading brands. This builds on Hain’s previous acquisitions in the UK (Linda McCartney brand in 2006 and Daily Bread in 2008) to create a strong portfolio of natural and fresh brands in the United Kingdom. Smart Balance, a leading manufacturer of heart healthy spreads and oils, acquired gluten-free food manufacturer, Glutino for $66.3 million. As the gluten-free market continues to grow, Smart Balance plans to further build upon this momentum, offering new products and building upon its existing portfolio of products. Farmer-owned cooperative, Sunsweet Growers Inc, announced their acquisition of Function Drinks. This marks the first foray into functional beverages by Sunsweet which recently developed the New Ventures Initiatives at Sunsweet. ©2012 J.H. Chapman Group, L.L.C. 10This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Bella Petrallas Holdings Advanced Nutritional Solutions Nov. Protenergy Natural Foods FoodSwing Nov. ConAgra Foods Agro Tech Foods Limited Kretschmer Wheat Germ Brand and Nov. Brynwood Partners VI L.P. Manufacturing Facility from The Quaker Oats Company Nov. Hearthside Food Solutions Roskam Baking Co (granola business unit) Nov. Starbucks Evolution Fresh 30.0 Oct. Richardson International Limited Innovative Foods Corporation Oct. The Hain Celestial Group Daniels Group 230.0 280.0 0.8 Oct. The Hain Celestial Group Europes Best brand Oct. Big Red Inc. Thomas Kemper Soda Company Oct. Dole SunnyRidge Farms Sept. C.H. Robinson Timco Worldwide, Inc. Golden Guernsey and La Vaca Bonita Aug. OpenGate Capital Brands & Dairy Processing Plant (Dean Foods) Arlon Food and Agriculture Aug. Kettle Cuisine Investment Aug. SunOpta Lortons Fresh Squeezed Juices 2.5 10.0 0.3 Aug. Blount Fine Foods Neco Foods LLC Aug. Bright Food Group Manassen Foods 516.0 Aug. Smart Balance Inc. Glutino Food Group 66.3 53.9 1.2 Aug. Groupe Danone Wockhardt Group (nutrition business) 354.7 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 11This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. 2011 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) Aug. MidOcean Partners South Beach Diet brand Aug. Sunsweet Growers Function Drinks July Associated Seafoods Lossie Seafood Natural Foods Holdings (Niman Ranch, June LNK Partners Sioux-Preme trade brand and Prairie 68.0 Grove Farms) June Yungevity Javalution Coffee Company June Lassonde Industries Clement Pappas and Company 390.0 390.0 1.0 60.0 6.5 June Cell-nique Cherrybrook Kitchen June TSG Consumer Partners Stumptown Coffee June Sun Rype Naumes Concentrates Inc. 11.0 SunOptas frozen fruit processing June Cal Pacific Specialty Foods, LLC. 1.8 equipment June General Mills Yoplait 1039.0 June Third Street Chai Cooper Tea Pita King Bakery (Commercial Baking May Kronos Foods Assets) May Calavo Growers Renaissance Food Group, LLC, May Mariani Packing Company Urban Processing, LLC SunOptas frozen fruit assets in Rosarito, May Fruvemex 3.2 Mexico May Blue Gold Beverages Epic Nutrition May Sara Lee Aidells Sausage Company 87.0 May Nestle W aters Sweet Tea Leaf Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 12This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. 2011 Acquirer Target Value Sales Multiple of EBITDA Multiple of (Contd) (US $M) Sales (US $M) EBITDA (US $M) April Nestle Yinlu Foods Group of China April Lidestri Food & Beverage M.H. Zeigler’s & Sons, LLC April Orkla Brands Rasoi Magic Foods March Cargill Sweekar March Beam Global Skinnygirl Spirits Brand Premier Foods plc (Quorn and Cauldron March Exponent Private Equity 331.9 brands) March Bazooka Candy Sharkies Organic Fruit Chews March Coca Cola Honest Tea March Heinz Coniexpress S.A. Industrias Alimenticias 2720.0 Feb. Evolv Health XOW ii Feb. Raisio Big Bear Group 130.2 89.0 1.5 18.6 7.0 Feb. Hain Celestial Group GG UniqueFiber AS 2.0 Feb. Hain Celestial Group Danival SAS 10.0 Jan. Smart Balance Bestlife Brand Dean Foods’ customer-brand yogurt Jan. Schreiber Foods business Jan. Thomas H. Lee Partners Acosta Sales and Marketing Jan. Lea Nature Ekibio Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 13This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Western European Sunny Delight juice Dec. Orangina Schweppes drink Dec. Cellnique Hibix Corporation Dec. Meyer Natural Foods Dakota Beef Dec. High Road Capital Partners Panos Brands 22.0 Dec. Yoplait Liberté 175.0 Dec. New Image Group Somnaceutics Nov. General Mills Mountain High Yoghurt Nov. W eston Foods Ace Bakery 110.0 Nov. Danone YoCream International 103.0 Nov. Umami Sustainable Seafood Baja Aqua Farms Sept. Lactalis Ebros dairy business Aug. Emmi Cypress Grove Chèvre 10.0 Aug. Usana Health Sciences BabyCare Limited 62.7 15.0 4.2 Aug. Cott Corporation Cliffstar 569.0 100.0 5.7 Aug. Lactalis Rachels Yogurt Aug. Lion Capital Picard Surgele 1970.0 1440.0 1.4 Aug. Nestle Vitaflo 42.0 Aug. SAIF Partners Huiyuan Juice Aug. Danone Proviva 50.0 July Gertrude Hawk Chocolates Drews All Natural July The Hain Celestial Group 3 Greek Gods 10.0 June Heart Health Blue Gold Beverages Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 14This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. 2010 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) June Darwin Private Equity Plum Baby 15.0 22.0 0.7 June Danone Unimilk June Hain Celestial Group Churchill Food Products Ltd. May Hearthside Food Solutions Golden Temple (Cereal Division) May Coffee Holding Co. Inc. Organic Products Trading Company May Hain Celestial Group W orld Gourmet May Empire Kosher Kosher Valley April E&A Industries Udis Healthy Foods April Coca Cola Innocent April China Haisheng Juice Holdings Yitian Group April Sweet Tea Leaf Tradewinds Beverage March Mach One W hite Hat Brands March T reeHouse Foods Sturm Foods 660.0 340.0 1.9 March Fresh Harvest Products, Inc. AC La Rocco Pizza 1.5 Feb. Kore Go All In Feb. North Castle Partners Flatout, Inc. Feb. Raisio Glisten 29.7 Feb. Diamond Foods Kettle Foods 615.0 250.0 2.5 Jan. Malt-O-Meal Farina Mills Brand Jan. Shashi Foods MJs Fine Foods Specialty Foods Indias healthcare nutrition Jan. Nestle India 6.3 business Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 15This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. DS Waters Owaters LLC Dec. Attune Foods Uncle Sam and Erewhon brands Dec. Danone Danone Clover Nov. Brynwood Partners VI L.P. Balance Bar Company (from Kraft Foods) Oct. Hain Celestial Group Infinitea Kombucha Oct. Food Collective Helens Kitchen and Organic Bistro Sept. Pulmuone Monterey Gourmet Foods Sept. Full Motion Beverage Performaxx Brands, Inc (Energize Brand) Aug. Full Motion Beverage Mojava Aug. AMI Brands Embodi Aug. Pepsico Amacoco Aug. Foster Farms Dairy Humboldt Creamery July Skinny Nutritional Corp. "Skinny" Trademarks July Pegasus Capital Advisors Hain Pure Protein June Fresh Harvest Products Organic Chef June Renaissance Food Group Really Cool Food Company June Beverages Holdings LLC Bossa Nova June Dean Foods Alpro 458.0 366.0 1.3 June Dinewise Home Bistro June Nutrition Solutions (Atkins) Bora Bora April Swander Pace Applegate Farms Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 16This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans.2009 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) BAZZA High-Energy Tea trademark from March BYB Brands, Inc. Cooper Tea Company Feb. Andromeda Acquisition Corp. Galaxy Nutritional Foods, Inc. 6.8 24.8 0.3 1.2 5.7 Feb. Lifeway Foods Fresh Made Dairy 14.0 10.0 1.4 Feb. M&K Acquisitions Gleukos, Inc. Feb. Nest Collective Plum Organics Frucor Beverages Group Ltd (from Groupe Feb. Suntory 775.0 270.0 2.9 Danone SA) Jan. Otsuka Pharmaceuticals Nutrition & Santé Jan. Hilco Equity Partners Niman Ranch 47.8 Jan. Tivall (a division of Osem Group) Foodtech International 20.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 17This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. Osem Group Tribe Mediterranean Foods 57.0 32.0 1.8 Oct. Pepsico Spitz International Company Sept. Green Mountain Coffee Roasters Tullys 40.0 30.4 1.3 Sept. Ians Natural Foods Inc. Healthy Handfuls LLC Aug. Aventura Equities Inc. Byers Food Inc. Aug. Promax Nutrition Corp. Pure of Holland LLC Aug. SunOpta Pure Nature Organics July W essanen So Good 11.7 July Olympus Partners Anns House of Nuts Inc. July Campbell Soup Co. Country Gourmet Foods June General Mills Humm Foods June Meyer Natural Angus Coleman Natural Foods May Pepsico V Water April SunOpta Tradin Organics 120.0 April T he Hain Celestial Group Daily Bread, Ltd. April T SG Consumer Partners MonaVie March Natures Products Inc. Champion Nutrition March T he Hain Celestial Group MaraNatha and SunSpire Brands 40.0 Pilgrims Pride Corporation (Turkey March T he Hain Celestial Group Operation) Feb. Coca-Cola Honest Tea Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 18This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans.2008 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) Feb. Coca-Cola NutriJoy Inc. Feb. Robertet Group Plantes Aromatiques du Diois 8th Continent (A General Mills and Dupont Feb. Stremicks Heritage Foods JV) Jan. Meyer Natural Angus Lauras Lean Beef Co. 150.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 19This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) W holesome and Hearty Foods Company Nov. Kelloggs (Gardenburger brand) Nov. Kelloggs Bear Naked 20.0 Oct. Amish Naturals Schlabach Amish Wholesale Bakery Oct. Amish Naturals Prima Pasta Oct. Clearlight Partners Apple and Eve Zero Debt Bottling Corp. (a.k.a. 505 Aug. Creo Capital Partners Southwestern) Aug. T he Hain Celestial Group Plainville T urkey Farm 30.0 July ConAgra Alexia Foods 35.0 July Nestle Novartis Medical Nutrition 2500.0 Vialat (70% of its fresh dairy activity in May Group DANONE Chile) May Clearly Canadian Beverage Corp. My Organic Baby 2.5 May Coca Cola Glaceau 4100.0 355.0 11.5 May T he Hain Celestial Group Tofu Business of WhiteWave Foods March Integrated Biopharma BevSpec (Syzmo Brand) Feb. Clearly Canadian Beverage Corp. DMR Food Corporation Feb. Rich Products GLP Free Manufacturing Susquehanna International Group Feb. U.S. Mills (SIG) Investments Jan. Coca Cola Fuze Beverage Jan. Catterton Partners CoolBrands Dairy, Inc. Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 20This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Healthy, Natural, Organic, Functional Foods and Beverages Trans. 2007 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) Eskimo Pie, Chipwich brands, Real Fruit Jan. Dreyers Grand Ice Cream trademark and Eskimo Pie foodservice business (Coolbrands) Jan. Health Sciences Group Kalahari Tea Jan. ICBS DNA Distribution (maker of GO-JI Plus) Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 21This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredient Suppliers • Israeli based, Frutarom Industries announced their fifth acquisition of 2011, acquiring USA based Flavor Systems International for $35.3 million. Flavor Systems most recently reported revenue of approximately $18.4 million. With this acquisition, Frutarom intends to further build its presence in North America, entering new markets such as flavored coffees and shakes as well as savory flavors where it only has a presence in Europe. Just prior to this announcement, the company acquired, Aromco for $25 million. Aromco is a UK-based flavors company serving developing markets such as Eastern Europe, Africa and Asia. The company was founded in 1985 by Keith Brown and achieved $13 million in revenue in 2010. • US based, CHS Inc, a leading cooperative owned by farmers, ranchers and co-ops, announced their acquisition of Solbar, in a deal valued at approximately $133 million. CHS is a diversified energy, grains and foods business and a Fortune 100 company while Solbar is headquartered in Ashdod, Israel, and provides soy protein ingredients to manufacturers in the meat, vegetarian, beverage, bars and crisps, confectionery, bakery and pharmaceutical manufacturing markets. Both companies are publicly traded and CHS achieved sales of $25.3 billion in 2010. ©2012 J.H. Chapman Group, L.L.C. 22This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Nov. CHS Solbar 133.0 Nov. Innophos Holdings Kelatron Corporation 21.0 Oct. Naturex Burgundy Botanical Extracts 18.0 Oct. FMC Corporation South Pole Biogroup Ltda A.M. Todd Groups Ingredients and Flavors Oct. W ILD Flavors GmbH Division Sept. Synergy Flavors Sensus, LLC Sept. Frutarom Flavor Systems International Inc. 18.4 Sept. W ILD Flavors GmbH A.M. Todd Ingredients/Flavors 100.0 Aug. Ashland Inc Specialty Products Inc. 3200.0 The C.F. Sauer Company (margarine Aug. Bunge North America assets) Aug. Frutarom Aromco 25.0 13.0 1.9 Aug. ADM Elstar Oils S.A. of Poland July AarhusKarlshamn (AAK) Golden Foods/Golden Brands 120.0 June Viterra Premier Pulses International June Israel Chemicals Cosmocel Quimica June Stepan Company Lipid Nutrition B.V. May Royal DSM N.V. Vitatene S.A.U . May Palsgaard Emulsion Holland Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 23This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. 2011 Acquirer Target Value Sales Multiple of EBITDA Multiple of (Contd) (US $M) Sales (US $M) EBITDA (US $M) April Evolva Abunda Nutrition March Azelis S&D Group Limited Feb. Nestle CM&D Pharma Jan. HallStar BioChemica International Jan. ICV Partners Stauber Performance Ingredients Jan. Frutarom East Anglian Food Ingredients Ltd. 4.8 8.4 0.6 Jan. Dupont Danisco 6300.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 24This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. DSM Martek 1087.0 450.0 2.4 Dec. Omega Protein Cyvex Nutrition Sept. DSM Microbia Sept. Solbar Green Planet Farms 7.8 Martek Biosciences manufacturing plant in Sept. Alltech 14.0 W inchester, KY Aug. T rygg Pharma AS EPAX AS 91.0 51.2 1.8 July Marco Hi-Tech Reducol Assets (from Forbes Medi-tech) June Novus International IQF Group June BASF Cognis 3833.0 3215.0 1.2 450.0 8.5 May Viterra 21st Century Grain Processing 90.5 March Lallemand Health Ingredients Lal’Food March H2 Equity Partners Kirin Agribio Company Nutra Cea (Natural Glo, Satin Finish, and March Manna Pro Products 0.7 Max-E-Glo Brands and Trademarks) March Institut Rosell-Lallemand DSM (LAFTI range of probiotic strains) NutraCeas cereal ingredient Feb. Kerry Group 4.0 business Albion Laboratories, Inc. (Animal Nutrition Feb. Novus International Division) Jan. Kemin Industries Soda Feed Ingredients Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 25This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. DSM Martek 1087.0 450.0 2.4 Dec. Omega Protein Cyvex Nutrition Sept. DSM Microbia Sept. Solbar Green Planet Farms 7.8 Martek Biosciences manufacturing plant in Sept. Alltech 14.0 W inchester, KY Aug. T rygg Pharma AS EPAX AS 91.0 51.2 1.8 July Marco Hi-Tech Reducol Assets (from Forbes Medi-tech) June Novus International IQF Group June BASF Cognis 3833.0 3215.0 1.2 450.0 8.5 May Viterra 21st Century Grain Processing 90.5 March Lallemand Health Ingredients Lal’Food March H2 Equity Partners Kirin Agribio Company Nutra Cea (Natural Glo, Satin Finish, and March Manna Pro Products 0.7 Max-E-Glo Brands and Trademarks) March Institut Rosell-Lallemand DSM (LAFTI range of probiotic strains) NutraCeas cereal ingredient Feb. Kerry Group 4.0 business Albion Laboratories, Inc. (Animal Nutrition Feb. Novus International Division) Jan. Kemin Industries Soda Feed Ingredients Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 26This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Nov. Symrise (Germany) Futura Labs Oct. Advitech Botaneco Sept. Qualsec Vitamin Spice Aug. Naturex Natraceutical March Burgundy Botanical Cognis botanicals extract business Feb. Mach One Corporation Ceres Organic Harvest 8.0 20.0 0.4 Jan. Chr. Hansen Urex Biotech Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 27This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Nov. Biorigin PTX Food Corp. Oct. Danisco GraceLink Ltd. (Glucagel brand) Sept. RFI Ingredients W ilsey and Sons Qufu Shengwang Stevia Biology and Sept. Sunwin International Neutraceuticals Science Company Aug. DSM Provexis (30% purchased) 2.0 Aug. Glanbia Optimum Nutrition 315.0 185.0 1.7 July Besins Healthcare S.A. Olympian Labs July Dynova Laboratories SiCap Industries July Rousselot PEPTAN June All American Pharmaceutical Laurel Dairy May Premium Ingredients International Bulk Pharmaceuticals Inc. April Iranex Group Bio-Serae 11.0 March Cognis InterMed Discovery March NutraCea Irgovel 14.0 Feb. Barentz Europe Vitablend Holding Jan. Eurogerm Leag 5.8 Jan. Naturex Berkems "Actifs Innovants" division 14.0 5.6 2.5 Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 28This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Health and Nutrition Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Chr. Hansen Medipharm Dec. Natrol, Inc. Plethico Pharmaceuticals Limited 81.0 Dec. Naturex Chart Corporation Nov. Frutarom RAD Technologies 4.1 1.5 2.7 Tat Nisasta (Galam and Tat Nisasta, a Turkish starch, glucose and isoglucose manufacturer, have Nov. Galam formed a partnership to meet the increasing global demand for fructose) Oct. Galam Group Atomer S.L. Oct. Novozymes Biocons enzyme business 115.0 27.0 4.2 Pizzeys Milling (Omega 3 ingredient Sept. Glanbia business) Sept. Natraceutical Cevena Bioproducts 2.8 July Avesthagen Renaissance Herbs May Gadot Biochemical Industries Ltd. Pharmline Holding Inc. (85%) 37.0 May Lonza S.A.M. Electron Technologies First Israeli Turnaround Enterprise May Solbar (51% stake) 19.6 Fund May Naturex HP Botanicals 3.0 3.8 0.8 MDB Twello BV (operates under the name April Barentz Europe Fa. L.I. Frank - Fa. Wed. W. Miedendorp) Chinook Group Limited (certain choline March Balchem Corporation chloride business assets) Tempo Canada (expansion of strategic Feb. Lipid Nutrition partnership) Feb. Univars Czech Ekozym Jan. Naturex Hammer Pharma 13.0 10.1 1.3 1.2 11.2 Jan. Polifenoles Naturales National Bioscience Corp 29 ©2012 J.H. Chapman Group, L.L.C.This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient withoutWhere available, data isChapman Group. permission from the J.H. b eing provided.
  • Sub-Segment Analysis Contract Manufacturers • Omega Protein Corporation, an ingredients supplier and the nations leading producer of Omega- 3 fish oil and specialty fish meal products, announced their acquisition of InCon Processing LLC, a Batavia, Illinois based specialty toll processor that utilizes molecular distillation technology to concentrate a variety of compound products, including Omega-3 fish oils. This acquisition further develops Omega Protein’s vertical integration of their commercial fishery and human nutrition distribution channels. The concentrated fish oils manufactured by InCon will be marketed and sold under the Companys OmegaActivTM brand by Cyvex Nutrition, a subsidiary of Omega Protein that the company acquired in December 2010. ©2012 J.H. Chapman Group, L.L.C. 30This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Contract Manufacturers Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Sept. Omega Protein Corporation InCon Processing LLC Kohlberg Kravis Roberts & Co L.P. April Pfizers Capsugel business 2375.0 750.0 3.2 (KKR) April Gumlink A/S Tab Labs Skyline Global Partners & Prairie April Captek Softgel International Capital Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Nov. SunOpta Edner of Nevada 4.0 10.0 0.4 Nov. UAS Labs APN Labs Aug. Danisco Research Solutions July National Enzyme Company Sora Laboratories April Pharmachem AmeriFill April ConAgra Elan Nutrition April Milk Specialties Global Protient’s Dairy Processing Facility Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Aug. Herbalife Micelle Laboratories April CapsCanada Two additional gelatin production facilities March Milk Specialties Global Edan Naturals Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 31This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Contract Manufacturers Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Nov. Joshua Partners LLC Medicia Holdings LLC MSC Animal Nutrition (A division of Oct. Manufacturing Facility Milk Specialties Global) Sep. Perrigo JB Laboratories 44.0 70.0 0.6 Jul. Probio Gelkaps Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Jan. Atrium Biotechnologies Inc. AquaCap Pharmaceutical, Inc. 21.5 3.6 6.0 T he Qualicaps Group (The Carlyle Jan. Pharmaphil, Inc. Group) Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 32This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Branded Nutritional Supplements Florida-based, IMD Corporation, engaged in the medical diagnostics and health and fitness industries, acquired nutraceutical company Botanical Sciences. Botanical Sciences manufacturers and sells nutritional supplements targeting men’s health, sleep and weight control. Joint Juice, creator of ready-to-drink glucosamine supplements, announced their acquisition of Premier Nutrition. Premier Nutrition offers several lines of high-protein nutrition products, including ready-to-drink shakes, bars, powders and cookies. With this acquisition, Joint Juice enters into the growing sports nutrition market . In October, Private Equity Firm, The Riverside Company, acquired Biosan Laboratories, a vertically- integrated manufacturer, marketer, and distributor of premium, all-natural whole food nutritional supplements. Biosan products are sold across several channels and their Megafood and Innate Response brands recently received an investment by 2X Management. Botanical Sciences, Inc. ©2012 J.H. Chapman Group, L.L.C. 33This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Branded Nutritional Supplements Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. The Riverside Company BioSan Oct. Joint Juice Premier Nutrition Sept. Protexin Fiber Formula Aug. Bioforce Bekunis Brand Aug. Botanical Science IMD Companies June Provexis SiS (Science in Sport) 11.5 6.6 1.7 June Schiff Nutrition Ganeden Biotech, Inc. 40.0 17.0 2.4 April Designer Protein Designer Whey brand Marc h Adcock Ingram NutriLida Healthcare Marc h Pfizer Ferrosan’s Consumer Healthcare Business J an. Glanbia Bio-Engineered Supplements and Nutrition 144.0 J an. TA Associates Dymatize Enterprises J an. Atrium Innovations Inc. Seroyal 110.0 40.0 2.8 14.7 7.5 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 34This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Branded Nutritional Supplements Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Stockton Road Capital Maximum Human Performance (MHP) Dec. Atkins Nutritionals Roark C apital Group 170.0 Dec. Atrium Innovations Inc. Minami Nutrition 7.4 6.7 1.1 1.3 5.5 Dec. GlaxoSmithKline Maxinutrition Group Holdings 250.0 56.0 4.5 Nov. Levine Leichtman Capital Partners Santa C ruz Nutritionals Cataline LifeSciences (Bariatric Aug. Metagenics Advantage) July Carlyle Group NBTY 4000.0 2600.0 1.5 500.0 8.0 June Thorne Research Diversified Natural Products June Danone Medical Nutrition 62.0 16.0 3.9 May Vitacyclix, LLC Freeman Industries April Baird Capital Partners New Vitality Marc h Atrium Innovations Trophic Canada 11.0 7.5 1.5 J an. International Vitamin Corporation Inverness Medical Innovations 63.4 J an. Martek Amerifit Nutrition Inc. 200.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 35This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Branded Nutritional Supplements Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. GF Capital Private Equity Fund Airborne Sept. Atrium Innovations Garden of Life 35.0 52.0 0.7 NataFort and NataChew and related U.S. Sept. Mission Pharmacal patents from W arner Chilcot Aug. Alticor Metagenics Feb. Sergeant Chomp Jan. Atrium Innovations Inc. Nutri-Health Supplements 24.0 27.0 0.9 Jan. Genesis Pharmaceuticals Hongrui Pharmaceuticals Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 36This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Branded Nutritional Supplements Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. T he Neutraceutical Company Trimlife Nov. Kubicki Company Berkeley Premium Nutraceuticals Oct. Atrium Innovations Inc. Orthos Europe B.V. 11.0 Dr. Willmar Schwabe Oct. Enzymatic Therapy Pharmaceuticals Sept. NBTY Inc. Baugur Group (Julian Graves Ltd.) 25.0 Sept. W almark Aminostar Aug. Miles Kimball As We Change 2.0 July NeutraHealth Perrigo UK Ltd. 9.3 8.3 1.1 0.7 12.9 June NBTY Leiner Health Products 371.0 April Humet Enerex Botanicals Feb. Atrium Innovations MCO Health 24.8 22.0 1.1 Feb. Encore Consumer Capital Isopure Jan. Maabarot Products Analit Extracts Jan. Natural Nutrition Interactive Nutrition International Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 37This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Branded Nutritional Supplements Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Darwin Private Equity Maximuscle Nov. Plethico Pharmaceuticals Limited Natrol 81.0 73.9 1.1 Sept. North Castle Partners Atkins Nutritionals Sept. T SG Consumer Partners Cytosport, Inc. Aug. Diverse Investor Group Nellson Nutraceutical Aug. MBF Healthcare Partners Nutriforce / FDC Vitamins 30.0 July Atrium Innovations Inc. Mucos Emulsions GmbH 175.0 85.0 2.1 27.0 6.5 June Natrol Medical Research Institute 8.0 May GeoPharma Dynamic Health Products 15.0 50.0 0.3 April Baywood International Nutritional Specialties, Inc. (Lifetime brand) 11.0 11.9 0.9 Natural Channel Brands of Botanical March Nutraceutical International Laboratories Jan. NeutraHealth Brunel Healthcare 5.0 Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 38This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis OTC and Personal Care Virginia-based, Lansinoh Laboratories, a leading provider of premium products for breastfeeding moms, acquired UK-based Earth Friendly Baby. Earth Friendly Baby is a marketer of natural shampoos, bubble bath, and skin care products using organic ingredients. The company was first acquired by UK-based Healthquest in 2004. The products are primarily sold throughout the United Kingdom but are available in the US through specialty retailers and in several northeast regional Whole Foods Stores. ©2012 J.H. Chapman Group, L.L.C. 39This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis OTC and Natural Personal Care Products Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. Mistral Ventures Natures Bioceuticals Sept. Lansinoh Laboratories Inc. Earth Friendly Baby June Colgate Sanex brand 952.0 June Catterton Partners Cover FX June Undisclosed Buyer Blessed Herbs Inc. June Nestle Prometheus Laboratories 1100.0 250.0 4.4 June mBeach Software Pomega, Inc April First Natural, Ltd. Barefoot Botanicals March LVMH Moët Hennessy–Louis Vuitton Ole Henriksen March LVMH Moët Hennessy–Louis Vuitton Nude Skincare Jan. TSG Consumer Partners EyesLipsFace (e.l.f.) Cosmetics Jan. Teva Pharmaceuticals Théramex Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 40This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis OTC and Natural Personal Care Products Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Nov. Dabur India Limited Namaste Laboratories 100.0 Nov. Gojo Purell Brand Sara Lees global body care and European Nov. Unilever 1631.0 984.5 1.7 168.0 9.7 detergents businesses Oct. New Image Living Nature May Perrigo PBM Holdings 808.0 April Avon Liz Earle Beauty March Dr. Fresh Dr. Kens Feb. Revive Personal Products Natural Dentist Jan. Shiseido Bare Escentuals 1700.0 556.0 3.1 Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Alberto Culver Simple Heath and Beauty 390.0 104.0 3.8 Dec. Sanofi Aventis Chattem 1900.0 Sept. Galaxy Nutritionals BeeCeuticals Aug. Catterton Partners Strivectin June Swander Pace Insight Pharmaceuticals Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 41This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis OTC and Natural Personal Care Products Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) July Dynova Laboratories SiCap Industries (Sinus Buster Brand) Goldman Sachs Urban Investment June Group and Cordova, Smart & H20 W illiams Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. Clorox Burts Bees Inc 925.0 170.0 5.4 Oct. VMG Equity Partners Colorescience May First Natural Limited Tisserand Jan. Kiluva Laboratorios Abad 3.0 Jan. Procter & Gamble Co HDS Cosmetics Lab, Inc. (DDF Brand) Jan. Purity Life Hebron Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 42This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures ©2012 J.H. Chapman Group, L.L.C. 43This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures Ingredient supplier, Lonza, announced partnerships with Mesoblast Limited and Pasteuria Bioscience. Mesoblast Limited is a regenerative medicine company and the two companies have entered into a strategic alliance for clinical and long-term commercial production of Mesoblast’s off-the-shelf (allogeneic) adult stem cell products. Lonza views cell therapy as a major growth industry over the next 20 years. Lonza’s second partnership is with Pasteuria Bioscience that commercializes biological nematicides based on Pasteuria, a natural microbe found in the soil that infects and kills harmful nematodes. This arrangement will secure a process transfer and manufacturing plan to produce Pasteuria spores in Lonza’s biochemical plant in Kouřim, Czech Republic. Nutritional ingredient supplier Omniactive Health Technologies formed a partnership with Kalsec to develop natural zeaxanthin from paprika. Under the agreement, OmniActive will educate consumers and increase awareness of the health benefits of zeaxanthin, while developing delivery forms and distributing them to the marketplace. Pepsico and Theo Muller Group teamed up to launch an unnamed yogurt brand. This joint venture will allow Pepsico to enter the US dairy market for the first time as the company is targeting to grow its nutritional and functional foods product portfolio to $30 billion by 2020. PepsiCo recently closed a $3.8 million takeover deal of Russian juice and dairy producer Wimm-Bill-Dann. New Zealand-based Fonterra and UK-based First Milk today announced a strategic joint venture to produce premium whey proteins for Fonterra’s growing food ingredients business. The premium whey proteins from First Milk Lake District creamery will be applied in Fonterra’s functional and cultured nutrition ingredients like PowerProtein™ and ElevateProtein™, based on Whey Protein 80% ingredients (WPC80). ©2012 J.H. Chapman Group, L.L.C. 44This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2011 Partnership Partnership Nov. Apple Flavor and Fragrance Aromatech Nov. CK Nutritionals Kelatron Nov. Synergy Omya Eminate Ltd (a wholly owned subsidiary of The University of Nottingham, Oct. Tate & Lyle UK) Oct. PureCircle Firmenich Oct. Mesoblast Lonza Oct. Omniactive Health Technologies Kalsec Oct. Chromadex Organic Revolution Worldwide Oct. Indena Thorne Research Oct. Lonza Lipogen Oct. Pepsico Theo Muller Group Sept. Mycell Technologies Natures Way Pure Water Systems Sept. McCormick & Company Kohinoor Foods Sept. Lonza Pasteuria Bioscience Sept. Chr. Hansen Amino Up Chemical Company Sept. Fonterra First Milk Sept. Imperial Sugar Company Amax NutraSource Aug. Jennewein Biotechnologie Pfizer Nutrition Aug. FMC Corporation Chr. Hansen Aug. TSI Health Sciences Metabolic Technologies Aug. BioGaia C.B. Fleet Aug. Cyvex Nutrition Solanic Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 45This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2011 Partnership Partnership (Contd) July Firmenich Amyris July BioExx Specialty Proteins Ltd. Hormel Foods July Suntory GarudaFood July Provexis DSM June Barry Callebaut Chocolates Turin June Cargill USJ June Bioforce Bionorica June DSM Yixing Qiancheng Bio-Engineering June Stratum Nutrition CK Nutritional Ingredients May Banawi Industrial Group MANE Flavor May Glanbia Immunotec May Tate and Lyle BioVittoria May DMK Arla Foods May Sunwin International Nutraceuticals, Domino Foods W ild Flavors Gmbh April Enzymotec Lupin Limited April Rhenovia Sodiaal-Candia April Kraft Medisyn Technologies April Lonza Organobalance March Danisco Arboris March Farbest Brands Gushen Group March BASF Evolva Feb. Biothera XST O Solutions Feb. DSM DuPont Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 46This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2011 Partnership Partnership (Contd) Feb. Corazonas Foods Cargill Jan. Fuji Health Science Sanat Products Jan. Vitiva Savannah Fine Chemicals Jan. Amarillo Biosciences Oasis Diagnostics Jan. W ILD Flavors Sterling T echnology Jan. GLG Life Tech Corporation ANOC Jan. NutraCea Nutra SA Jan. NutraCea Alothon Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 47This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2010 Partnership Partnership Dec. NutraCea AF Bran Holdings Dec. DSM (anti-infectives) Sinochem Group Nov. Nutraceutical International Peruvian Nature Nov. AB Enzymes Bio Sun FFI Nov. Jamba Juice Zola Acai Nov. Jamba Juice O.N.E Nov. Novus ESM Technologies Nov. Burcon (Clarisoy) ADM Nov. Firmenich Amyris Nov. Spice Depot Ever Fresh Nov. CK Nutritional Ingredients Nut-trition Nov. Novasep Mega Nov. McCormick and Co. Eastern Condiments Private Nov. Kemin Health National and World para-triathlete, Champion Aaron Scheidies Nov. Solazyme Roquette Oct. Chr. Hansen TI Food and Nutrition Oct. Ebro Foods Ricegrowers Limited Aug. Ganeden Biotech Agostino Chocolate July GLG Life Tech Corporation Grupo Azucarero Mexico July Ariste Flavor Essence Bestino Natural Oils July Grain Processing Corporation (GPC) ENERCO July Ganeden Biotech Glanbia Nutritionals Where availabl e, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 48This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2010 Partnership Partnership (Contd) GAT Food Essentials (GAT) Omega-3 microencapsulation-emulsion July Ocean Nutrition Canada technology June AB Enzymes (part of Associated British Foods) The Ingredients Company June International Flavors & Fragrances Reddpoint June MegaFood Organic Valley Cooperative May Lamb Weston/Meijer Frisch & Frost Nahrungsmittel GmbH May S&W Seed Company PureCircle May PL Thomas Polifenoles Naturales April Alterra Coffee Mars Drinks March Mead Johnson Almarai Company March Solazyme Unilever March Fluxome Glycanova Feb. BioGaia Nippon Access Feb. Ganeden Biotech Pathway International Feb. DSM Anchor Biotechnologies Jan. DSM Tatenergo Jan. VitaminSpice Amdistco for Iron Chef America Co-Branded VitaminSpice Seasonings Jan. Cyvex Nutrition The Salk Institute for Biological Studies Jan. Pure Circle Cooperativa Colonias Unidas Jan. Pure Circle Imperial Sugar Company Jan. Ayala Herbal W ater Sunsweet Where availabl e, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 49This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2009 Partnership Partnership Dec. W ellgen RFI Ingredients Dec. Aker BioMarine Schiff Nutrition Dec. SunOpta Grains & Foods Group Specialized Protein Products Nov. Statum Nutrition (Human Nutrition division of Novus International) ESM Technologies Nov. SunOpta Inc. Kaleb Service Farmers House Nov. Chr. Hansen Probiomics Ltd. Nov. MGP Ingredients Illinois Corn Processing Holdings Oct. SunOpta Ingredients Group Best Cooking Pulses Oct. Sanofi-Aventis Minsheng Oct. T ate & Lyle Solvay Oct. Hormel Foods Herdez Del Fuerte Complete Sept. DSM Nutritional Products Myprotein.co.uk Aug. Pharmachem Probiotical, S.p.A Aug. Martek Biosciences E.T. Horn Aug. Cargill Health and Nutrition Sentosa Taiwan Aug. Lithos Food GTC Nutrition Aug. Nutritional Products International Sea2O Aug. AHD International Maruzen Pharmaceutical Aug. Martek Biosciences Puleva Food Aug. Martek Biosciences Milk Powder Solutions June DSM Nutritional Products Lonza Where availabl e, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 50This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2009 Partnership Partnership (Contd) June Bunge ITOCHU and STX Pan Ocean June Dole Fresh Vegetables Monsanto May Chr Hansen ProteoNic May Enzymotec Phosphotec April Albemarle Corporation Zymes LLC April Coca-Cola Innocent April Martek Biosciences Corporation Lactalis Nutrition April Old Orchard Brands Chiquita April T ate & Lyle A. Holliday March Access Beverage, Inc. New Patagonia SA March Avesthagen Uxmal March Cognis Intermed Discovery March Embria Health Sciences Rio de Janeiros Pharma Nostra March Frutarom Collactive March Granular Paraguay March Symrise Flavors First Choice Ingredients March DSM Roquette March Ganeden Biotech Heartland Sweeteners March Green Meadows Foods Arla Foods March GTC Nutrition Nu-Mega Ingredients March InterMed Discovery GmbH Axxam SpA March Natural Alternatives International Carnosyn Where availabl e, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 51This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2009 Partnership Partnership (Contd) March Pure Circle Cerilliant Feb. Danisco Mingtai Feb. Frutarom Copalis, France Feb. Monterey Gourmet Foods, Inc. Aidells Sausage Company, Inc. Feb. NattoPharma ASA Danisco A/S Feb. Sirion Therapeutics Advanced Vision Research Feb. W ILD Flavors, Inc. Sunwin International Neutraceuticals, Inc. Jan. International Flavors & Fragrances Barentz Jan. SunOpta Ingredients Group PolyCell Technologies Where availabl e, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 52This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Licensing and Joint Ventures 2008 Partnership Partnership Dec. Gourmetceuticals, LLC Curamedics Pharmaceuticals, Inc. Dec. Natreon, Inc. Abelei Inc. Dec. Nellson Nutraceutical, LLC Ganeden Biotech, Inc. Dec. Nutri Pharmaceuticals Research, Inc. SourceOne Global Partners Nov. Solae Novozymes Nov. Senomyx Inc. Firmenich SA Nov. ChromaDex Cargill Oct. ACH Food Companies, Inc. Archer Daniels Midland Company Oct. GTC Nutrition Ganeden Sept. GLG Life Tech Corporation Weider Global Nutrition Aug. DSM Provexis Aug. Nutraceuticals Discoveries Inc. Attitude Drinks Inc. Aug. FutureCeuticals, Inc. Comax Flavors Aug. ChromaDex SUNY Buffalo Aug. Market-Wide Nutrition LLC Northern Light Food Processing June Blue Pacific Flavors Inc. HortResearch June Organic Prairie Dakota Beef May Naturex Scalime Nutrition April Kraft Foods Probi Feb. Kerry Dierbergers Oleaos Essencias Feb. Numico Martek Biosciences Corp. Where availabl e, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 53This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Retailers and Distributors • Nutritional products retailer GNC Holdings acquired online retailer LuckyVitamin.com for an undisclosed sum. Lucky was founded in 2004 and has revenue of approximately $40 million. With this acquisition, GNC hopes to broaden its online presence and gain more market share in the rapidly-growing discount e-commerce channel. LuckyVitamin.com sells a wide range of nutritional supplements and wellness-oriented products. • Tasti D-Lite, the lower-calorie frozen dessert chain catering to health-conscious consumers, acquired Planet Smoothie, LLC, a franchise system with more than 100 units in operation, mainly in Georgia and Florida. The strategic acquisition will allow both brands to broaden product offerings, improve retail sales and accelerate unit growth through co-branding initiatives and non- traditional development opportunities. ©2012 J.H. Chapman Group, L.L.C. 54This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Retailers and Distributors Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Tasti D-Lite Planet Smoothie 25.0 Aug. GNC LuckyVitamin 40.0 June Yum Brands Little Sheep June Roark Capital Group Il Fornaio America Corporation 110.0 June L&R Distributors Inc. UNFIs Non Foods Business Lines April Richards Foodporium 3 Good Earth Natural Foods March W algreens Drugstore.com 429 456.5 0.9 21.4 20.0 Jan. Catterton Partners Noodles and Company 192.7 Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. Endeavor Capital Bristol Farms July NutriPure Beverages Brenlin June Musclemartonline, Inc. Nutriseller.com June Musclemartonline, Inc. Conditionnutrition.com May Catalyst Capital Group Inc. Planet Organic Health Corp. May W hole Foods Market Inc. Greenlife Grocery LLC SunOpta Inc (Canadian food distribution May United Natural Foods, Inc. 66.2 assets) March Jamm Enterprises Sangsters Health Centres Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 55This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Retailers and Distributors Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Kehe Food Distributors Tree of Life 190.0 1,162.0 0.2 17.5 10.9 Oct. Inventages Mixt Greens Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Sep. NBTY Julian Graves 25.0 120.0 0.2 Jul. Organic to Go Marvelous Market June Organic to Go High Noon (A Balduccis Business) 6.0 May Organic to Go Mels Market, Joelles and Simons March Lovejuice Barefoot Juice March Vitamin Shoppe Nutrition Depot (5 Locations) Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 56This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Retailers and Distributors Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Oct. Abel and Cole Phoenix Equity Partners 30.0 Henrys Farmers Markets and Sun Harvest Oct. Smart and Final 166.0 Markets Oct. United Natural Foods, Inc. Millbrook Distribution Services Inc. 300.0 April Tree of Life Organica USA Ares Management LLC and Ontario March GNC 1650.0 Teachers´ Pension Plan March Bare Escentuals Cosmeceuticals Ltd. March Organic to Go Jackrabbit Catering 2.0 March Planet Organic Health Corp Mrs. Greens Natural Market, Inc. 34.0 38.0 0.9 4.8 7.1 Feb. SPG Partners Tasti D-Lite Feb. W hole Foods Wild Oats 671.0 1200.0 0.6 47.0 14.3 Jan. G. W illi-Food Laish Israeli Food Products Ltd. 3.7 7.5 0.5 Jan. NeutraHealth Brunel Healthcare Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 57This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers • The Kerry Group acquired SuCrest, a European ingredients and flavours company. The German- headquartered company provides sweet ingredients to the bakery, ice-cream, confectionery and cereal and snack sectors in Europe and had revenues of $64 million in 2010. With this acquisition, The Kerry Group will be significantly expanding their sweet ingredients & flavours business in the EMEA region. The Kerry Group also acquired Cargill Flavor Systems for a consideration of $230 million. This division of Cargill had sales of approximately $200 million in 2010. The acquisition strengthens Kerrys capability to provide integrated customer solutions across all food and beverage end-use markets. • Synergy Flavors, a member of the Irish based Carberrry Group, announced its acquisition of flavor company Sethness Greenleaf. The acquisition provides additional scale to Synergy in important Beverage, Dairy and Bakery markets and follows Synergys acquisition of Sensus, which was also completed in 2011. Cargill Flavor Systems ©2012 J.H. Chapman Group, L.L.C. 58This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2011 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Kerry Group Cargill Flavor Systems 230.0 200.0 1.2 Nov. Penford Corporation Carolina Starches Vallabhadas Kanji Limited (bulk spices Oct. Olam International and private label assets) Oct. MGP Ingredients LDIs beverage alcohol distillery assets 15.0 Oct. Synergy Flavors Sethness Greenleaf Sept. Ebro Deoleo rice businesses Sept. Kerry Group SuCrest Hydrosol Produktionsgesellschaft July C.C.A. Klimmeck GmbH mbH & Co. July Kerry Group General Cereals May Takasago Americas Brazilian flavor and fragrance facility May Frutarom Savory Activity of Chr. Hansen Group April Puratos Group Pure Food March Dawn Foods Unfine Food and Bake Ingredients March Ohly Bakon Yeast March Cargill Sorini Feb. Kerry Group EMI Cremica Feb. CSM Classic Cakes Jan. Kerry Group Headland Foods Jan. Dupont Danisco 6300.0 Jan. Cargill Schwartauer Werke Kakao Verarbeitung Jan. Frutarom British East Anglian Food Ingredients 4.8 8.4 0.6 Jan. Cargill Sorini ©2012 J.H. Chapman Group, L.L.C. 59 Where available, data is being provided.This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2010 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Rieber and Son (Industrial Spices and Dec. Frutarom 4.2 6.3 0.7 Savory Unit) Dec. AGROPUR Main Street Ingredients Nov. Kerry Group Key Essentials Inc. Nov. SunOpta Dahlgren & Co. Food Ingredient Technologies, LLC July SensoryEffects (emulsifier technology and Encap product line) July Brenntag EAC Industrial Ingredients Tate and Lyles European Sugar July American Sugar Refining Operations June Newly Weds Foods W itwood Food Products June SFINC JADICO June Corn Products International National Starch May Orkla Food Ingredients Sonneveld Group B.V. Feb. Linsalata Capital Partners Eatem Foods Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 60This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2009 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Goodman Fielder (edible fats and oil Dec. Cargill 212.0 business) Dec. Barry Callebaut Spanish Chocolate Maker Chocovic Dec. Agropur Green Meadows Food Dec. Agropur Farmland Dairies Grand Rapids facility Nov. Symrise AG Futura Labs Group Penfords specialty starch business in Nov. National Starch Australia Cargills animal nutrition business in Spain Nov Nutreco and Portugal Oct. Chicago Sweeteners Inc. Industrial Ingredients Inc. (ABI) Sept. K&S Aktiengesellschaft Morton Salt New Zealand private investment Sept. Penford New Zealand Limited company (undisclosed) Aug. Brenntag UK Cargills packaged glucose syrup Aug. Lallemand Bio-Ingredients Lake States Yeast Company (W isconsin) Aug. Lallemand GB Ingredients (GBI)s UK yeast facilities July AFG Unlimited REX Fine Foods June Diehl ACH Food Companies Savory Functional Systems Activities of June Frutarom 7.3 7.7 0.9 Chr. Hansen Group April Stanko, Warren Alchemy Spice Company April Bunge North America Mid-Atlantic Vegetable Shortening, Inc. IDI Inc. (US subsidiary of Ingredia April Kantner Ingredients Group) Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 61This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. 2009 Acquirer Target Value Sales Multiple of EBITDA Multiple of (Contd) (US $M) Sales (US $M) EBITDA (US $M) April K+S Aktiengesellschaft Morton International, Inc. April Olam International SK Foods 39.0 March Frutarom Flavor Specialties 17.2 11.5 1.5 Feb. Berje Inc. W hole Herb Company Feb. Food Ingredients & Specialties Fromatech Feb. Kerry X Café Jan. Xcell International Corporation Grand Carnival Jan. ADM (Archer Daniels Midland) Schokinag-Schokolade-Industrie Herrmann Jan. Osem Investments FoodTech International 20.0 Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 62This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2008 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Agropur Schroder Company 3.0 Dec. AXA Private Equity Sfinc Dec. Frutarom Oxford Chemicals Nov. Danisco A/S Agtech Products Inc. 42.0 Nov. Riverside Company The Herbal Garden Oct. T ree Top, Inc. Sabroso Company Aug. FMC Corp. International Specialty Products Inc. Aug. Global Sweeteners Holdings Jinzhou Yuanchen Bio-chem Technology July Ashland Hercules 3300.0 July DSM Valley Research July Emerging Capital Partners (ECP) Salt Investment 30.0 July FMC CoLiving Food Ingredients July FMC ISPs Food Ingredients division July DSM Valley Research June Cody Resources ChromaDex May FMC Corporation International Specialty Products May Naturex Scalime Nutrition May Symrise Chr. Hansens flavor division April CHS Legacy Foods April T he Riverside Company HerbThyme Farms Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 63This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. 2008 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) W ingate Partners & Lake Pacific April Cal Pacific Specialty Foods Partners March C.H. Guenther & Son, Inc. W illiams Foods March Kerry Presco Food Seasonings Feb. Kerry Dierbergers Oleos Essencias Feb. McCormick & Company, Inc. Billy Bee Honey Products Ltd. Performance Chemicals & Feb. Givaudans St. Louis ingredient facility Ingredients Company Jan. Kerry CSMs QA Products business Jan. Akzo Nobel N.V. Imperial Chemical Industries Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 64This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. Sales Multiple of EBITDA Multiple of 2007 Acquirer Target Value (US $M) Sales (US $M) EBITDA (US $M) Dec. Kerry CSMs QA Products Business 35.0 Nov. McCormick & Co. Lawrys 605.0 Oct. Galam Group Atomer S.L. Oct. Bakkavor W elcome Food Ingredients Oct. Frutarom Gewurzmuller 67.0 65.0 1.0 9.4 7.1 Sept. Symrise Aromatics S.A.S. (remaining shares) Chr Hansen (coatings & excipients Sept. Colorcon business) Unilevers UK non-branded food Sept. Symrise 6.4 ingredients business Federal Land Development Authority Aug. Twin Rivers Technologies 241.0 (FELDA) Aug. PGP International Riverend Rice Mill, Inc. Aug. Royal Cosun Atlanta Dethmers Aug. SunOpta ProSoya July Avesthagen Renaissance Herbs July Danisco Innovative Ingredients July Fuso Chemical CSMs gluconic acid business 2.5 5.7 0.4 July Proliant Meat Ingredients Fisher Foods Tate & Lyles Food and Industrial July Syral SAS 427.2 222.8 1.9 Ingredients, Europe division (TALFIIE) July Danisco Innovative Ingredients July Firmenich Daniscos Flavor division 613.0 273.0 2.2 Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 65This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. 2007 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) July Frutarom Abaco 5.1 3.2 1.6 July Frutarom Adumim 4.3 5.5 0.8 July Solae Cargills soy protein line (Prolisse) July Fuso Chemical CSMs gluconic acid business July Proliant Meat Ingredients Fisher Foods Tessenderlo Groups flavourings and food June Nactris ingredients activity Chr. Hansens paprika & spice oleoresin June A&P Group business activities and production facilities in Spain & India June AXA Private Equity Diana Ingredients 958.0 351.0 2.7 16.9 June CSM Titteringtons June Frutarom Raychan Food Industries 2.3 May Naturex HP Botanicals May Gadot Biochemical Industries Ltd. Pharmline Holding Inc. (85%) First Israeli Turnaround Enterprise May Solbar (51% stake) 19.6 Fund May Hawkins, Inc. Trumark, Inc. May SunOpta Baja California Congelados 14.0 April Frutarom Jupiter Flavours Limited 2.8 2.0 1.4 April Royal Cosun CSM Suiker 339.9 April T ate and Lyle GC Hahn 158.0 March Frutarom Belmay March Royal Cosun Atlanta Dethmers Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 66This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Sub-Segment Analysis Conventional Ingredients Suppliers Trans. 2007 Sales Multiple of EBITDA Multiple of Acquirer Target Value (Contd) (US $M) Sales (US $M) EBITDA (US $M) March Symrise Steng Ltd. 6.9 American Flavors and Fragrance do Brasil March Synergy Flavors (AFF) Yamaki Co., Ltd. (joint venture to form a Feb. Ajinomoto Co., Inc. capital & business alliance) Feb. Danone Calpis Ajinomoto Danone Feb. Main Street Ingredients Hilton House Foods Food Business of SPI Polyols and Jan. Corn Products International remaining 50% of SPI’s Brazilian joint 100.0 venture ADMs North American bakery ingredients Jan. CSM 55.0 division Jan. International Speciality Products Vincience Jan. Synergy Flavors Vanlab Corporation Where available, data is b eing provided. ©2012 J.H. Chapman Group, L.L.C. 67This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings Healthy, fast casual restaurants garner investor interest Brentwood Associate’s portfolio company, Zoe’s Kitchen received a $20 million credit facility from GE Capital. Founded in 1995, Zoes Kitchen USA, LLC is a rapidly growing, fast casual restaurant concept offering fresh, made-from-scratch sandwiches, salads and roll-ups inspired by Mediterranean flavors. Veggie Grill, a Santa Monica based chain of plant-based comfort food, raised $11 million in its third round of funding from Brentwood Associates. Veggie Grill’s revenue increased by more than 70% in 2011 and the company has recently announced plans to expand outside of Southern California for the first time. Healthy Beverages Manpasand Beverages, an Indian juice company, received a $10 million investment from SAIF Partners. The firm is best known for its brand Mango Sip, which has a strong presence in semi- urban and rural India. Tata Global Beverages announced that the company increased their stake in The Rising Beverage Company, the maker of Activate drinks. This investment follows their $21 million investment from October 2010. The incremental investment was based on achievement of certain milestones set while making the earlier investment. ©2012 J.H. Chapman Group, L.L.C. 68This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings Investment 2011 Company Funds Segment (US $M) Dec. MegaFood and Innate Response 2x Consumer Products Growth Partners Supplements Nov. Prolacta Bioscienes Health Evolution Partners Ingredients & Contract Manufacturing Nov. Zoes Kitchen GE C apital Retail and Distribution 20.0 Oct. Veggie Grill Brentwood Associates Retail and Distribution 11.0 Aug. Dr. Lucys, LLC LaSalle C apital Group Branded Food and Beverage Aug. Manpasand Beverages SAIF Partners India Branded Food and Beverage 10.0 The Rising Beverage Company (Activate Aug. Tata Global Beverages Branded Food and Beverage brand) Aug. Nawgan Kirin Branded Food and Beverage Aug. NuMe Health BVM Capital LLC Ingredients & Contract Manufacturing 0.7 Diverse Investor Group, including William Aug. Skinny Nutritional Corp. Branded Food and Beverage 2.7 (Bill) Apfelbaum Juggernaut Capital Partners LP and Aug. Voss Water Branded Food and Beverage 18.0 Centra Capital AS ICOS Capital, Nedermaas Ventures and Aug. BioActor BV Ingredients & Contract Manufacturing 2.9 Limburg Ventures July Vital Foods Nestl é Health Science Branded Food and Beverage July Purity Organics First Beverage Corporation Branded Food and Beverage July Skinny Nutritional Corp. Russell Simmons Branded Food and Beverage July Petflow Lightspeed Ventures Retail and Distribution 10.0 June eMindful MBF Healthcare Partners Technology G2 Investment Group and singer John June Hint W ater Branded Food and Beverage Legend with The Artists Organization Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 69This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings 2011 Investment Company Funds Segment(Contd) (US $M) Syngenta Ventures, Mitsui Global June Marrone Bio Innovations Investment, and a family investment trust. Technology 25.4 Existing investors include a diverse investo r group. June Icelandic Water Holdings Bidvest Branded Food and Beverage 13.5 June Sharcare New Evolution Ventures Technology June Thorne Research, Inc. Helsinn Group Supplements May Amilina Roquette May Advanced BioNutrition Ingredients & Contract Manufacturing 1.2 April Quantec Central Capital Investments Ingredients and Contract Manufacturing 0.3 True Ventures and 2X Consumer March Orabrush Technology 2.5 Products Growth Partners March Biopharmacopae Design International Inc. Avrio Ventures Ingredients and Contract Manufacturing 2.0 Generation Investment Management and March Agraquest Technology 17.7 Otter Capital Greylock Partners, Redpoint Ventures March Just-Eat Technology 48.0 and Index Ventures March Q.bel Foods Diverse Investor Group Branded Food and Beverage 1.2 March Dr. Sears Family Essentials Intuitive Venture Partners Branded Food and Beverage 5.6 March mix1 Hershey Co. Branded Food and Beverage March Cambrooke Foods Galen Partners Branded Food and Beverage March Grubhub DAG Ventures and Benchmark Capital Retail and Distribution 20.0 March AquaHydrate The Yucaipa Companies Branded Food and Beverage 10.0 Feb. DC Brands International Centurion Private Equity Supplements 10.0 Jan. Burger Lounge Karp Reilly LLC Retail and Distribution Jan. Activate Tata Group Branded Food and Beverage Jan. Nest Collective Catterton Partners Branded Food and Beverage ©2012 J.H. Chapman Group, L.L.C. 70 Where available, data is being provided.This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings Investment 2010 Company Funds Segment (US $M) Caltius Equity Partners, in partnership Dec. Kiss My Face Personal Care with Lisa Yarnell and Ron Gordon Nov. O.N.E Pepsi Bottling and Catterton Partners Branded Food and Beverage Nov. Pacific Catch Pacific Community Ventures Retail and Distribution 4.0 Nov. Tonys Farm Tsing Capital Branded Food and Beverage 10.0 Nov. Blue Horizon W ild Bradmer Foods Branded Food and Beverage Oct. EcoSMART Technologies Greenmont Capital Partners Technology 2.0 Tata Group, First Beverage Group and Oct. Activate Branded Food and Beverage 15.0 Tornante Sept. Fortitech Trilantic Capital Partners Ingredients and Contract Manufacturing Sept. Tasty Bite 2x Capital Partners Branded Food and Beverage Sept. Orabrush 2x Capital Partners Technology Sept. Shopwell Technology New Venture Partners and IDEO 1.1 Sept. Zevia Northwood Ventures and Paddy Spence Branded Food and Beverage Sept. Manitoba Harvest Avrio Ventures Branded Food and Beverage Chevron Technology Ventures, Bunge, Aug. Solazyme Ingredients and Contract Manufacturing 52.0 Unilever, and others Aug. Madhava Honey Greenmont Capital Partners Branded Food and Beverage June Siggis Revelry Brands Branded Food and Beverage June Phils Fresh Foods Revelry Brands Branded Food and Beverage June Diet Chef Piper Private Equity Branded Food and Beverage 4.5 May Tropical Smoothie Café BIP Opportunities Fund Retail and Distribution 4.4 May Prosperity Organic Foods Diverse Investor Group Branded Food and Beverage May Hugos Naturals Manhattan Growth Partners Branded Food and Beverage Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 71This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings 2010 Investment Company Funds Segment (Contd) (US $M) May Chiapas Organic Holdings IGNIA Fund I, LP Branded Food and Beverage 6.5 May Evolution Fresh Fireman Capital Branded Food and Beverage May Tossed Beringea Retail and Distribution 2.3 April ChromaDex Frost Group Ingredients and Contract Manufacturing Good Capital, Serious Change Fund, April Alter Eco Branded Food and Beverage 2.0 Renewal2 Investment Fund April Hibix (Ooba brand) Branded Food and Beverage 5.8 April Perfect Smile Corporation Bioactives Ingredients and Contract Manufacturing April Sweet Leaf Tea Branded Food and Beverage 19.0 April Yogurt Mountain Holding, LLC Books-A-Million, Inc. Retail and Distribution April Ayala Herbal W ater Sunsweet Branded Food and Beverage April The FRS Company Oak Investment Partners Branded Food and Beverage 23.1 CIC Partners, Michael Rawlings, Sherbrooke Capital, Pacific Community April Adina for Life Branded Food and Beverage 14.0 Ventures, Good Capital, and Seraph Capital First Beverage Group, The Tornante March Activate Branded Food and Beverage 6.0 Group and others March Hint W ater Verlinvest Branded Food and Beverage 2.0 March Botanical Labs Triangle Capital Supplements 10.5 March Artisanal Premium Cheese Branded Food and Beverage 2.5 March LifeVantage Aspenwood Capital Supplements 5.0 March LocalDirt Peak Ridge Capital Technology Feb. ONE Bio UTA Capital Technology 3.0 Feb. Rudolf Wild GmbH & Co. Kohlberg Kravis Roberts & Co. Ingredients and Contract Manufacturing Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 72This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings 2010 Investment Company Funds Segment (Contd) (US $M) Madonna, Guy Oseary, Matthew Feb. Vita Coco McConaughey, Demi Moore, and Red Hot Branded Food and Beverage Chili Peppers front-man Anthony Kiedis Feb. Home Market Foods Key Principal Partners Branded Food and Beverage 22.0 Feb. Vitamin Research Products Castanea Partners Supplements Feb. Health Resources Castanea Partners Supplements Feb. Speirs Nutritionals Partners LP Manawatu Investment Group Ingredients and Contract Manufacturing 1.0 Jan. Tanfield Foods Inventages Branded Food and Beverage 6.0 SJF Ventures, CEI Community Ventures Jan. Rustic Crust Branded Food and Beverage 2.3 and Investors Renewal2 Jan. Island Oasis TSG Consumer Partners Branded Food and Beverage 10.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 73This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings Investment 2009 Company Funds Segment (US $M) Dec. New Seasons Market Endeavor Capital Retail and Distribution Fifth T hird Bank & existing financial Dec. SunFlower Farmers Markets Retail and Distribution 35.0 partner, Pacific Corporate Group Dec. Attune Foods (Existing investors) Branded Food and Beverage 5.0 Greenmont Capital, Bradmer Foods and Dec. Blue Horizon Organic Seafood Branded Food and Beverage Renewal2 Social Funds Dec. ChromaDex Jinke Group Ltd Ingredients and Contract Manufacturing 1.0 Nov. Deccan Healthcare Nexus Venture Partners Supplements 30.0 Nov. Chef Solutions Mistral Equity Partners Retail and Distribution 24.0 Nov. GoodHealth Natural Products Salem Halifax Capital Partners Branded Food and Beverage Oct. Lonza Cilian AG Ingredients and Contract Manufacturing LFE Capital, Sherbrooke Capital and Sept. Immaculate Baking Branded Food and Beverage 3.0 Dogwood Equity Sept. Dutchy Originals W aitrose Supermarkets Branded Food and Beverage Phenomenelle Angels Fund, Fisher Sept. Leland Cherry Supplements 0.8 Properties and other angels Sept. Moobella Inventages Technology 18.0 Sept. O.N.E Pepsi Bottling and Catterton Partners Branded Food and Beverage Sept. Zico Coca Cola and individuals Branded Food and Beverage 15.0 Aug. mix1 Highland Consumer Fund Branded Food and Beverage 6.0 Highland Capital Partners, Highland Aug. Pharmaca Retail and Distribution 6.6 Consumer Fund and Physic Ventures OVP Venture Partners led the round; Aug. Novomer Technology 14.0 joined by return backers Physic Ventures Aug. T rue Food Kitchen Pf Changs Retail and Distribution 10.0 Aug. American Dairy Sequoia Capital Branded Food and Beverage 63.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 74This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings 2009 Investment Company Funds Segment (Contd) (US $M) Aug. MyWebGrocer Stripes Group Retail and Distribution 13.0 Aug. Revolution Foods Catamount Ventures Branded Food and Beverage 6.5 July Pro-Organico Ignia Fund Branded Food and Beverage 3.0 July Earthbound Farms HM Capital Partners Branded Food and Beverage June Sunflower Food and Spice Company Advantage Capital Partners Branded Food and Beverage 7.0 June Jamba Juice Mistral Equity Partners & Serruya Family Retail and Distribution 35.0 June Red Mango Diverse Investor Group Retail and Distribution 1.2 June Burcon Diverse Investor Group Ingredients and Contract Manufacturing 17.0 Braemar Energy Ventures, Lightspeed June Solazyme Ingredients and Contract Manufacturing 57.0 Venture Partners, VantagePoint Venture June Polaris SA Seventure Venture of Paris Ingredients and Contract Manufacturing 8.4 June Big Idea Holdings Mindful Investors Branded Food and Beverage 2.0 June Burcon Diverse Investor Group Ingredients and Contract Manufacturing 17.0 June Polaris SA Seventure Venture of Paris Ingredients and Contract Manufacturing 8.4 June Solazyme Diverse Investor Group Ingredients and Contract Manufacturing 57.0 May Sambazon Rustic Canyon/Fontis Partners Branded Food and Beverage April Pinkberry Diverse Investor Group Retail and Distribution 5.8 March Ascenta Health Avrio Ventures Ingredients and Contract Manufacturing 4.0 March Manitoba Harvest Avrio Ventures Ingredients and Contract Manufacturing March Phils Fresh Foods Burrito Investor Group Branded Food and Beverage 2.0 March SinoVeda Canada AVAC Ingredients and Contract Manufacturing 3.0 March Sweet Leaf Tea Nestle Branded Food and Beverage 15.6 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 75This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings 2009 Investment Company Funds Segment (Contd) (US $M) Galam Ltd, Ofer Hi-Tech Investments, Feb. Enzymotec Millennium II Materials Technology Fund Ingredients and Contract Manufacturing 11.0 and Arancia International Feb. Herbal Magic Torquest and Cameron Capital Retail and Distribution Jan. Intermed Discovery Biotropics Malaysia Berhad Ingredients and Contract Manufacturing Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 76This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings Investment 2008 Company Funds Segment (US $M) Dec. Kind VMG Partners Branded Food and Beverage Sherbrooke Capital and Pacific Dec. Adina for Life Branded Food and Beverage 10.4 Community Ventures Dec. Biopharmacopae Design International Inc. Avrio Ventures Ingredients and Contract Manufacturing Dec. Jamba Juice CIC Advantage Holding Retail and Distribution Verlinvest, Bradmer Foods and RSF Dec. Sambazon Branded Food and Beverage Social Finance Nov. VMG Partners Roberts American Gourmet Branded Food and Beverage Nov. US Nutraceuticals EID Parry Ingredients and Contract Manufacturing Oct. Evesse Danisco Ingredients and Contract Manufacturing Oct. Gaia Herbs TBL Capital Branded Food and Beverage 3.0 Aug. GU Sports Adventure Funds Branded Food and Beverage Aug. Next Foods Maveron Branded Food and Beverage 16.0 Aug. Origin BioMed Avrio Ventures OT C 5.1 Aug. Red Mango CIC Partners Retail and Distribution 12.0 July MyChelle Dermaceuticals Encore Consumer Capital Personal Care San Francisco Equity Partners and Simon July Yes to Carrots Personal Care 14.0 Equity Partners June Botaneco Specialty Ingredients Inc. Avrio Ventures Ingredients and Contract Manufacturing 4.0 Sherbrooke Capital and Encore June Ciao Bella Branded Food and Beverage Consumer Capital May Sprouts Farmers Markets Diverse Investor Group Retail and Distribution 22.0 May The Healthy Beverage Co. Inventages & Whitefish Group Branded Food and Beverage 11.0 April MonaVie TSG Consumer Partners Branded Food and Beverage Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 77This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings 2008 Investment Company Funds Segment (Contd) (US $M) April Sweet Leaf Tea Catterton Partners Branded Food and Beverage 18.0 Highland Capital Partners, the Highland March Pharmaca Retail and Distribution 20.0 Consumer Fund and Physic Ventures March Snikiddy D.E. Shaw and Company Branded Food and Beverage 15.0 March Telunapa Pty Ltd. Freedom Nutritional Products Ltd. (FNP) Branded Food and Beverage 5.0 Feb. Organic to Go Inventages Retail and Distribution 10.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 78This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Recent Financings Investment 2007 Company Funds Segment (US $M) Dec. Pinkberry Maveron Retail and Distribution 27.5 DSM Venturing, Capital Resource Nov. Ganeden Ingredients and Contract Manufacturing 12.0 Partners and others Oct. Mix1 Diverse Investor Group Branded Food and Beverage 6.0 Sept. Rustic Crust Inc. SJF Ventures Branded Food and Beverage 1.8 Aug. HerbalScience Nutraceuticals LLC Aisling Capital and W eston Presidio Ingredients and Contract Manufacturing 28.0 Aug. Plum Organics Simon Equity Partners Branded Food and Beverage July Immaculate Baking Dogwood Equity and Sherbrooke Capital Branded Food and Beverage 1.5 Physic Ventures, Dean Foods Co. and June Dreamerz Branded Food and Beverage 10.0 Fonterra Co-operative Group Ltd. Oak Investment Partners, Radar Partners June New Sun Nutrition Branded Food and Beverage 25.0 and Thomas W eisel May Sahale Snacks Palladium Equity Partners Branded Food and Beverage April Agrofrut Competitive Technologies, Inc. Ingredients and Contract Manufacturing 0.8 Aisling Capital, Great Sprit Ventures, April T he Natural Dentist Burrill & Company, Prolog Ventures, and Personal Care Brooke Private Equity March Agraquest Diverse Investor Group Other 14.4 March FoodShouldTasteGood Sherbrooke Capital Branded Food and Beverage March Pharmachem IGI, INC. Branded Supplements 1.5 Feb. NutraCea (Private placement of common stock) Branded Supplements 50.0 Jan. Adina for Life Diverse Investor Group Branded Food and Beverage 5.0 Jan. Blue Horizon Organic Seafood Greenmont Capital Branded Food and Beverage Jan. Honest Tea Stonyfield Farm and Inventages Branded Food and Beverage 12.0 Where available, data is being provided. ©2012 J.H. Chapman Group, L.L.C. 79This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • J.H. Chapman Group, L.L.C. Tap into the exceptional experience of a leading investment banking firm J.H. Chapman Group, L.L.C. Providing advisory services for mergers & acquisitions Specializing in the food, beverage and food ingredient industries – from raw materials/ingredients to consumer products Founded in 1982 Offices and principals in the United States (Chicago) and Europe (Paris) Specialize in transactions $10 - $500 million, with clients ranging from closely held businesses to Fortune 500 corporations Extensive experience representing both sellers and buyers, with most clients in North America & Europe Visit our website (www.jhchapman.com) to view our transactions and track record of success ©2012 J.H. Chapman Group, L.L.C. 80This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.
  • Contact Information J.H. CHAPMAN GROUP, L.L.C® 9700 Higgins Road Suite 630 Rosemont, IL 60018 Telephone: (773) 693-4800 Telefax: (773) 693-6255 www.jhchapman.com Marco V. Galante, Principal, J.H. Chapman Group, will be pleased to respond to questions you may have concerning this information and the services of our group. mgalante@jhchapman.com ©2012 J.H. Chapman Group, L.L.C. 81This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.