Presentation for the William Blair Investment Banking case competition held at Miami University.

1. 1

2. 2

3. 3

4. $300 $400 $500 $600 $700
Comparables (9.8x - 10.1x)
Acquisitions (6.6x - 6.8x)
Perpetuity (11.0x-12.2x)
Exit Multiple (12.0x-13.6x)
LBO (10x - 11.0x)
4

5. 5

6. 6
$92.8
$99.3
$103.8
$108.6
$116.9
$75.0
$85.0
$95.0
$105.0
$115.0
$125.0
2010 2011 2012 2013 2014
Revenue($Billion)
9.9x
8.8x 8.3x 8.0x
11.3x
9.2x 9.7x
8.6x
0.00 x
0.25 x
0.50 x
0.75 x
1.00 x
1.25 x
1.50 x
1.75 x
2.00 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
14.0 x
16.0 x
2008 2009 2010 2011 2012 2013 2014 YTD
2015
EV/LTM EBITDA Multiple EV/ LTM Sales Multiple

7. o
o
o
o
o
7

8. 8
$0
$20
$40
$60
$80
$100
2013A 2014A 2015E 2016P 2017P 2018P 2019P
- -
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
EBITDA($mm)
RevenueGrowth
Revenue EBITDA
$0
$100
$200
$300
$400
$500
2013A 2014A 2015E 2016P 2017P 2018P 2019P 2020P
Food Products Beverage Products Restaurant Supply Products Restaurant Service
o
o
o
o

9. 9
54%
25%
17%
4%
Food Products
Beverage Products
Restaurant Supply Products
Restaurant Service
1.3%
6.3%
10.2%
40.4%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
Food Products
Beverage Products
Restaurant Supply Products
Restaurant Service
Packaged Foods,
fresh and organic
meals, and pre-
prepped meals.
Packaged drinks,
fountain drink refills,
and alcoholic
products.
Flatware, linens, and
cleaning supplies.
C02 system
installation and
repair, and appliance
maintenance.

10. 10

11. 11

12. 12

13. 13

14. 14

15. 15

16. 16

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→

18. 18

19. 19

20. $300 $400 $500 $600 $700
Comparables (9.8x - 10.1x)
Acquisitions (6.6x - 6.8x)
Perpetuity (11.0x-12.2x)
Exit Multiple (12.0x-13.6x)
LBO (10x - 11.0x)
o
o
o
20

21. 21

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23. 23