Food & beverage report spring 2020

FOOD & BEVERAGE
M&A Dynamics Amid COVID-19
Spring 2020
Industry Report – Spring 2020

216
137
102
26 23
143 129
97
24 19
Europe United States
and Canada
Asia / Pacific Latin America
and Caribbean
Africa / Middle
East
2019 2020
97.2 100.0 98.2 98.4
89.8 93.2
95.5 96.8 99.3 99.8 101.0
89.1
71.0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
 M&A activity in the first third of 2020 was off to a strong start with over 400 deals completed or announced globally. Much of the recent M&A
activity has been driven by industry participants trying to rapidly adapt to and/or meet shifting consumer needs and preferences
― Of note, ~42% of deals as of 4/30/20 were announced or closed in March and April, the first two months that experienced substantial
market volatility due to COVID-19
― North American M&A and direct investments in the Food & Beverage sector through early 2020 were supported by consumer confidence
and disposable income being at historic highs
 Acquisitions to address key industry trends was evident by many of the high-profile deals in Q1 2020:
― Acquisition of renowned brands in high value markets (Pepsi’s acquisition of Rockstar, Coke’s acquisition of Fairlife)
― Portfolio realignment after downward pressure from trendier competitors (Hershey’s divestiture of Krave)
― Expansion of capacity and product mix (C.J. Foods’ acquisition of American Nutrition)
FOOD & BEVERAGE INDUSTRY REPORT
Early 2020 M&A Activity Off to a Strong Start
INDUSTRY REPORT | 2
Consumer Confidence (4/2019 – 4/2020)
Source(s): CapitalIQ, Wall Street Journal, FoodBytes! Webinar, NOSH.com, University of Michigan.
Note (1): 1/1/20 - 4/30/20.
Deal Activity by Geography YTD(1)

Target Acquirer Details & Rationale Key Metrics
Recent Market Activity
INDUSTRY REPORT | 3
Food and beverage M&A remained active throughout the first quarter, with both large-cap and middle market deals being completed. Even with
COVID-19’s impact on the economy, activity in the space has continued.
Highlighted Transactions
AprFebMarApr
 Hershey divested Krave after facing significant on-
trend competition in the market
 Continues Sonoma’s strategy of building a portfolio
of premium branded products
 Ingredion acquired a 75% stake in PureCircle
 Strengthens Ingredion’s presence in sugar
reduction, a core part of its portfolio
 Platform will plug into existing distribution strength
 Complements Pepsi’s existing energy drinks,
allowing it to better compete
 Allows Pepsi to continue expanding in the space,
which was prohibited under its distribution contract
 CJ Foods continues building its platform after the
recent acquisition of Lortscher Animal Nutrition
 Positions the combined entity as the largest
manufacturer of pet food, with 1b lbs of capacity
Size: N/A
EV/EBITDA: N/A
EV/Revenue: N/A
Size: ~$91m
EV/EBITDA: N/A
EV/Revenue: ~2.6x
Source (s): CapitalIQ.
Size: ~$3.85b
EV/EBITDA: N/A
EV/Revenue: N/A
Size: N/A
EV/EBITDA: N/A
EV/Revenue: N/A

COVID-19’s Effect on the Food & Beverage Industry
INDUSTRY REPORT | 4
COVID-19 Has Caused Widespread Supply Chain and Manufacturing Issues
 COVID-19’s effect on the Food & Beverage industry has been widespread, resulting in major disruptions
 Supply chains have experienced significant strain, including the following:
― Manufacturers have had shipments of product and equipment from China and other countries delayed
― Farms have had to throw away produce and evaluate culling herds due to a lack of demand from certain customers
― Producers have lost capacity due to viral outbreaks and distancing guidelines, which can be seen (right) in the steep drop in Capacity
Utilization from March
Industrial Production and Capacity Utilization(1) (2020)
Source(s): Wall Street Journal, FoodBytes! Webinar, FRED.
Note (1) Month over month change, with the exception of March YoY.
 Manufacturers have had to quickly reexamine capacity, prioritizing
large brands with steady volume
― This lost capacity has resulted in smaller brands and startups
losing volume as co-manufacturers focus on key customers
 These market disruptions have created unique opportunities for well
capitalized companies to pursue targeted expansion and acquisitions
of capacity to fulfill markets more affected by supply chain issues
-1.0%
1.5%
-5.9% -6.3%
Jan Feb Mar Mar YoY

15.7x 15.1x
16.9x
11.1x
17.1x 16.9x
14.5x
16.2x
12.4x
9.5x
12.4x
14.8x
12.5x
12.7x
7.5x
10.1x
18.4x 18.4x
16.4x
15.6x
15.5x 15.5x
11.2x
15.0x
12.0x
11.2x
10.8x
12.3x
13.0x
10.4x
9.8x
8.7x
4/30/2019 4/30/2020 Median
Public Comparables
INDUSTRY REPORT | 5
Across the industry, 2020 EV / EBITDA multiples remained high, with only Food Service, Food Retail, and Agribusiness in the single digits.
 ~63% of the below food categories have declined year-over-year in large part due to market volatility caused by COVID-19, with Better-for-
You, Specialty Pet, Protein Processing, Grocery Distributors, Baked Goods, and Food Retail being holdouts
― These categories are up by an average of ~22% as prices rise, and consumers stockpile essential products
 As expected, Food Service experienced a significant drop of ~18% due to most of its end markets shutting down. On the other hand, Specialty
Pet increased ~21% due to continued pet spending and increased adoptions as consumers spend more time at home
Median EV / Projected EBITDA Multiples by Category
Source(s): CapitalIQ.
Median = 12.7x

Maintaining Value and Preparing for a Post-COVID-19
Market
INDUSTRY REPORT | 6
Being Proactive to Preserve Value
 M&A activity has slowed substantially since the first quarter as the impacts of COVID-19 are being felt across the globe. Private equity groups
that invest in the Food and Beverage sector have noted that deal flow has halted, with activity down by as much as 95%
― However, once the economy improves, analysts expect M&A activity to quickly rebound as cheaper debt, shown by the LIBOR curve
below, becomes more readily available, resulting in a surge of activity
― Many active acquirers and private equity groups are aggressively pursuing high performing Food & Beverage companies in order to take
advantage of the dislocation in the market and are employing creative structures to meet valuation expectations
 In order to maintain value as the world emerges from COVID-19, Food & Beverage companies need to have demonstrated an ability to pivot to
protect revenues, profitability, and customer relationships. Below are believed to be key value drivers post COVID-19:
― Leverage technology and the gig economy to maintain customer service while reducing overhead
― Superior customer service to maintain (and grow) brand recognition and customer loyalty
― Efficient use of capital, ability to manage production levels, and/or shift product mix to meet changing demand and supply channels
Source(s): CapitalIQ, RaboBank FoodBytes! Webinar, Second Measure, UBS.
New Product Mix Gig Economy Delivery Alternative Markets
F&B Company
Representative Food Service Pivots 3 Month LIBOR Rate (%)
0.00
0.50
1.00
1.50
2.00
2.50

Flexible Sourcing
As severe supply disruptions threaten the
supply of meat and other products, companies
need to build out the capacity to rapidly switch
supply to alternate, consumer-friendly sources
Industry Trends to Watch
INDUSTRY REPORT | 7
In the wake of COVID-19, analysts expect a number of new consumer trends to emerge that could also be future drivers of M&A as industry
participants once again seek to innovate and adapt to a new environment, where existing trends need to be reexamined and prioritized.
Possible New M&A Drivers
Sanitary Distribution
COVID-19 may reverse the industry’s shift
towards sustainable, plastic-less packaging, as
consumers place new emphasis on contagion-
free packaging and reduced human contact
Eat Local
With recent supply and demand disruptions,
crops and animals have been destroyed and
culled, placing a renewed focus on supply chain
efficiency and local farming to meet demand
eCommerce Growth
Stay-at-Home regulations and the closure of
restaurants have provided key tailwinds to D2C
offerings, with some delivery companies
reporting 50% increases in volume
Source(s): The NPD Group, FoodBytes! Webinar, The National Restaurant Association.
Core Focus on Value
Consumers will likely favor high value products,
such as private label goods, as disposable
incomes fall, leading to high dollar products
cutting prices to compete
Greater Focus on Better-for-You
As consumers see the firsthand effects of a
pandemic on individuals’ health, functional and
immune-boosting products will continue to
outperform as shown by their public multiples

9
Rocky Mountain West boutique investment banking advisory firm focused on closely held
companies with strong growth stories and market dominant products or services.
 Founded in 2004 with offices located in Denver,
Colorado & Salt Lake City, Utah
 Transaction sizes ranging from $10M — $200M
 EBITDA typically from $2M — $20M
 Nationwide clientele with global market reach
 Swarm transactions with senior advisors, with
more than $85B and 250 years of combined
experience
Focused on Excellence in Execution…
Senior-level
attention and
transaction
leadership
Focused,
dedicated
transaction
teams
Vertical and
industry
focused
expertise
Unbiased,
trusted
advisory
services
Quality of
service and
execution over
quantity
Track
record of
successful
outcomes
Middle Market
Leader
The Forbes M+A Group Advantage

 Food & Beverage
 Manufacturing & Co-Packing
 Distribution
 Natural & Organic
 Branded Products
 Ingredients
 Outdoor & Lifestyle
 Better-for-You
10
The Forbes Healthy Living & Lifestyle team is well versed in the issues facing the consumer
and retail markets and stays at the forefront of the latest trends, whether it’s the
importance of brand identity, the growing base of health-conscious consumers, or the
evolution of traditional supply chains.
Our team provides transaction and advisory services to companies across a broad array of
key subsectors, including:
Blake Shear
Healthy Living & Lifestyle
Group Head
303.246.8509
Blake.Shear@ForbesMA.com
Capital Raise
Advisory Services
Agribusiness Holding
Company
(in process)
has been acquired by
Sell-side
Advisory Services
Wildridge Capital
Management
received financing from
Capital Raise
Advisory Services
has been acquired by
Sell-side
Advisory Services
Representative Food & Beverage Experience
Healthy Living & Lifestyle Group
 Focus on healthy living and lifestyle
trends across consumer markets
 Prior to the Forbes M+A Group, was a
co-founder of the Leisure & Wellness
Group at KPMG Corporate Finance
 15+ years of domestic and cross-
border M&A advisory experience

ClicktoeditMastertitlestyle
CONFIDENTIAL 11

(Dollars in millions, except per share data)
Investment
Date Target Target Description Buyer Size Revenue EBITDA
Food & Beverage
30-Apr-20 A. Zerega's Sons, Inc. A. Zerega's Sons, Inc. designs and produces custom dry pasta.
Philadelphia Macaroni
Company, Inc.
N/A N/A N/A
29-Apr-20 Galaktika LLC Galaktika LLC manufactures dairy products. Lateo LLC N/A N/A N/A
28-Apr-20 Pinegetta Farm Pinegetta Farm comprises a farm that produces carrots and potatoes.
Primewest Group Limited
& Others
$3 N/A N/A
28-Apr-20 JSC “Chernivtsi bread factory” JSC “Chernivtsi bread factory” produces and sells bakery products. GOC “HD-group” N/A N/A N/A
28-Apr-20
Manufacturing Processing Plant of
Australian Pomegranate Growers
As of April 28, 2020, Manufacturing Processing Plant of Australian
Pomegranate Growers Pty Ltd was acquired by SPC Ardmona Limited.
SPC Ardmona Limited N/A N/A N/A
27-Apr-20
Substantially all assets of Wildtree,
Inc.
Substantially all assets of Wildtree, Inc. comprises meal production activities. Altair Acquisitions, LLC N/A N/A N/A
27-Apr-20 Solens Solens operates as a pharmacy brand. Laboratoires Sicobel SAS N/A N/A N/A
27-Apr-20 Mati Inc. Mati Inc. produces and sells energy drinks in various flavors. NOBL Coffee, LLC N/A N/A N/A
27-Apr-20 Les Aliments Alternatifs 2000 inc. Les Aliments Alternatifs 2000 inc. engages in production of veterinary food. Aliments Mackenzie Inc. N/A N/A N/A
27-Apr-20 PT Diamond Food Indonesia Tbk
PT Diamond Food Indonesia Tbk, through its subsidiaries, engages in the
manufacture and distribution of consumer goods.
Temasek Holdings
(Private) Limited
N/A N/A N/A
26-Apr-20
Kurilsky Universal Complex/Moneron
JSC
Kurilsky Universal Complex/Moneron JSC comprises crab processing
business.
Undisclosed N/A N/A N/A
25-Apr-20
Luoyang Kingsino Xinda Feed Co.,
Ltd.
Luoyang Kingsino Xinda Feed Co., Ltd. engages in production of livestock
feed.
Henan Xinda Animal
Husbandry Company
$7 N/A N/A
25-Apr-20 Arden Fine Foods (UK) Ltd
Arden Fine Foods (UK) Ltd produces and supplies biscuits and bakery
products.
Adjusted Implied EV / LTM
INDUSTRY REPORT | 13
Select Recent Transactions (1/16)
Source(s): CapitalIQ

Investment
Food & Beverage
24-Apr-20 PT Pinang Witmas Sejati
PT Pinang Witmas Sejati engages in the establishment and operation of oil
palm plantations.
Taiko Plantations Pte Ltd $132 N/A N/A
24-Apr-20 Dicot Partners, S.L Dicot Partners, S.L. produces and markets wines.
Yantai Changyu Pioneer
Wine Company Limited
$38 N/A N/A
24-Apr-20 SuZhou ShenYuan Bio-Tech Co.,Ltd
Suzhou Shenyuan Bio-Tech Co., Ltd. engages in cultivating and breeding
Dendrobium candidum plants.
Wujiang Seedling Group
Co., Ltd.
N/A N/A N/A
24-Apr-20 EURODON LLC
EURODON LLC engages in turkey breeding and manufacturing business in the
Russian Federation.
24-Apr-20 Heijs Food Products BV
Heijs Food Products BV engages in the processing and production of poultry
products, including chicken and fillet products.
Remkes Food Products
B.V.
N/A N/A N/A
23-Apr-20 Laticinio Fazenda Sesmaria Ltda Laticinio Fazenda Sesmaria Ltda produces dairy products. Laticínios São João Ltda N/A N/A N/A
23-Apr-20
Select Assets of Kent, Washington
facility of Passport Foods (SVC), LLC
The Washington facility of Passport Foods (SVC), LLC comprises ingredient-
manufacturing facilities.
SAVr LLC N/A N/A N/A
23-Apr-20 Agromixt Buciumeni SA Agromixt Buciumeni SA produces and sells cereals and seeds in Romania. Holde Agri Invest SA N/A N/A N/A
22-Apr-20 Hunan Nongda Jinnong Seed Co., Ltd
Hunan Nongda Jinnong Seed Co., Ltd engages in the breeding, production,
and sales of cotton and rice seeds.
Hefei Fengle Seed Co., Ltd $2 N/A N/A
22-Apr-20 Lorsinal S.A. Lorsinal S.A. offers meat slaughtering and processing services. Undisclosed $32 N/A N/A
22-Apr-20
Tony China Limited/East Shine Group
Limited
Tony China Limited/East Shine Group Limited represents the combined
operations of Tony China Limited and East Shine Group Limited.
Undisclosed $0 N/A N/A
22-Apr-20 Bio Ton Company LLC Bio Ton Company LLC manufactures agricultural products. Undisclosed N/A N/A N/A
21-Apr-20
Quang Nam Center for Agro-Forestry
Varieties
Quang Nam Center for Agro-Forestry Varieties engages in the production of
rice varieties, maize varieties, and bio-preparations.

Investment
Food & Beverage
21-Apr-20 Gratitude Health, Inc.
As of April 21, 2020, Gratitude Health, Inc. was acquired by Home Bistro, Inc,
in a reverse merger transaction.
Gratitude Health, Inc. N/A N/A N/A
21-Apr-20
Zhejiang Wufangzhai Industrial Co.,
Ltd.
Zhejiang Wufangzhai Industrial Co., Ltd. produces and sells food products.
Shanghai Galaxy
Investment Co., Ltd
$247 N/A N/A
21-Apr-20
35 grain elevators of Bunge North
America, Inc.
35 grain elevators of Bunge North America, Inc. comprises grain origination
elevators.
CGB Enterprises, Inc. N/A N/A N/A
20-Apr-20 Tiger Brands Limited
Tiger Brands Limited engages in the manufacture and marketing of fast-
moving consumer goods primarily in Southern Africa.
Silchester International
Investors LLP
N/A N/A N/A
20-Apr-20 Yeosu Saegomak Co., Ltd.
Yeosu Saegomak Inc. is located in Yeosu, Jeonnam, Republic Of Korea and is
part of the Food Wholesalers Industry.
Kyobo 9 Special Purpose
Acquisition Company
N/A N/A N/A
20-Apr-20 Ivoricca Dreams and Venture LLP
Ivoricca Dreams and Venture LLP engages in the online retail and delivery of
meat and chicken products.
FreshWorld N/A N/A N/A
19-Apr-20 Rich Graviss Products Private Limited
Rich Graviss Products Private Limited operates as a food company that
produces cakes, icings, pizza, and other bakery products.
Rich Products
Corporation
N/A N/A N/A
17-Apr-20 Food & Partners Co., Ltd.
Food & Partners Co., Ltd. produces and sells food and food related products
in Japan.
Kai Corporation $1 N/A N/A
17-Apr-20 PROVINS société coopérative PROVINS société coopérative produces wines. fenaco Genossenschaft N/A N/A N/A
16-Apr-20 Danish Salmon A/S Danish Salmon A/S harvests, processes, and ships Atlantic salmon.
Marubeni Corporation;
Nippon Suisan Europe
N/A N/A N/A
16-Apr-20 FeedNova FeedNova produces feed additives for farm animals and pets.
UMG Investment
Company
N/A N/A N/A
16-Apr-20 Margherita s.r.l. Margherita s.r.l. produces frozen pizzas under Re Pomodoro brand. KADI AG N/A N/A N/A
16-Apr-20 Barnacle LLC
Barnacle LLC, a food company, produces and sells salsas, hot sauces, pickles,
jams, and jellies.
Sealaska Corporation N/A N/A N/A

Investment
Food & Beverage
15-Apr-20 SARL BIOMAT SARL BIOMAT manufactures organic animal feed. JYM Nutrition N/A N/A N/A
15-Apr-20
K9 Nature Supplements/Ruff Trade
Dog
K9 Nature Supplements/Ruff Trade Dog represents the combined operations
of K9 Nature Supplements and Ruff Trade Dog.
Pawzitivity Pet Products N/A N/A N/A
14-Apr-20 Santa Emiliana
As of April 25, 2020, Santa Emiliana was acquired by Viña Concha y Toro S.A.
Santa Emiliana comprises a wine brand.
Viña Concha y Toro S.A. N/A N/A N/A
13-Apr-20 UAB "Mesa LT"
UAB "Mesa LT" engages in the production and sale of meat and meat
products.
AS BaltCap; BaltCap
Private Equity Fund III
N/A N/A N/A
13-Apr-20
Hilo facility and distribution in Big
Island, Kauai and Maui
Hilo facility and distribution branches in Big Island, Kauai and Maui
comprises dairy products manufacturing and distribution facilities.
10-Apr-20 Laticinio Bufalo Dourado Ltda. Laticinio Bufalo Dourado Ltda. Ultracheese N/A N/A N/A
9-Apr-20 PureCircle Limited
PureCircle Limited, an investment holding company, engages in the
production, marketing, and distribution of natural sweeteners and flavors.
Ingredion Incorporated $315 N/A NM
9-Apr-20
175,000 Square Foot Facility in
Effingham, Illinois
Facility acquired by Continental Mills, Inc. 175,000 Square Foot Facility in
Effingham, Illinois comprises food producing unit.
Continental Mills, Inc. N/A N/A N/A
9-Apr-20 Vanguard Seed Vanguard Seed produces lettuce seed. Sakata Seed America, Inc. N/A N/A N/A
8-Apr-20
Exclusive Global Rights to Ahiflower®
of Natures Crops International
Exclusive Global Rights to Ahiflower® of Natures Crops International
comprises seed oil producing business.
Dosecann Inc. N/A N/A N/A
8-Apr-20 LA Patate Saint-Ambroise Inc.
LA Patate Saint-Ambroise Inc. processes and packages potatoes and
vegetables.
Québec Parmentier Inc. N/A N/A N/A
7-Apr-20 Kronos Foods Corp.
Kronos Foods Corp. manufactures and distributes Mediterranean food
products in the United States.
Grecian Delight Foods,
Inc.
N/A N/A N/A
6-Apr-20 Manna Resources, Inc.
Manna Resources, Inc. operates a bottled water trading business focused on
China and other Asian markets under the brand Manna Water.
Astron Connect Inc. $0 N/A N/A

Investment
Food & Beverage
6-Apr-20
Agronomy Inputs business of
Pipeline Foods LLC
As of April 6, 2020, Agronomy Inputs business of Pipeline Foods LLC was
acquired by Crystal Valley Coop.
Crystal Valley
Cooperative
N/A N/A N/A
1-Apr-20
McArthur Dairy Assets in Florida of
Dean Foods Company
McArthur Dairy Assets in Florida of Dean Foods Company comprises dairy
business.
NA $17 N/A N/A
31-Mar-20 Amethyst Beverage, LLC
Amethyst Beverage, LLC operates as a water bottler, producing drinkable
water with additional formulation, including ionic minerals and others.
Anything Technologies
Media, Inc.
N/A N/A N/A
31-Mar-20
Meadow Gold Hawaii Business of
Dean Foods Company
Meadow Gold Hawaii Business of Dean Foods Company comprises milk and
frozen food producing business.
Industrial Realty Group,
LLC
N/A N/A N/A
31-Mar-20 Steck Wholesale Foods, Inc.
Steck Wholesale Foods, Inc. manufactures and distributes bakery products,
such as muffins and biscuits.
The Bun Company N/A N/A N/A
31-Mar-20 Uncle Matt's Organic Inc. Uncle Matt's Organic Inc. produces organic fruit juices. Harmoni, Inc. N/A N/A N/A
29-Mar-20 TH Foods, Inc. TH Foods, Inc. produces snack food products for customers worldwide. Kameda Seika Co.,Ltd. N/A N/A N/A
26-Mar-20 Tollden Farms Inc.
Tollden Farms Inc. produces frozen raw pet food using human-grade meat
and vegetables.
United Raw Pet Foods Inc. N/A N/A N/A
25-Mar-20
Carrot Operations of Rousseau
Farming Company
Carrot Operations of Rousseau Farming Company comprises carrot farming
services.
Wm. Bolthouse Farms,
Inc.
N/A N/A N/A
25-Mar-20 Ultimate Superfoods, Inc
Wholesales Groceries , Specializing In Natural Or Organic Foods (100%). The
company was incorporated in 2008 and is based in the USA.
Cambridge Commodities
Limited
N/A N/A N/A
24-Mar-20 First Start Holdings Inc.
First Start Holdings Inc. provides organic food and snacking products for
baby, toddler, and little kids.
Grays Peak Capital LP N/A N/A N/A
20-Mar-20
NA Frozen Manufacturing Business of
Dawn Food Products, Inc.
North American Frozen Manufacturing Business of Dawn Food Products, Inc.
manufactures frozen foods.
Rise Baking Company N/A N/A N/A
18-Mar-20 Casbah Sahara Natural Foods, Inc.
Casbah Sahara Natural Foods, Inc. produces vegetarian prepared mixes and
side dishes.
US Durum Products Ltd. N/A N/A N/A

Investment
Food & Beverage
18-Mar-20 Europe's Best, Inc. Europe's Best, Inc. processes and produces frozen fruits and vegetables.
Nature's Touch Frozen
Foods, LLC
N/A N/A N/A
16-Mar-20
Assets of Arro Corporation's Food
Processing and Ingredients Division
The division comprises product development and packaging solutions for the
bake mix, powdered beverage, ingredient, and other categories.
Mount Franklin Foods,
LLC
N/A N/A N/A
14-Mar-20 Quinlan Brothers Ltd. Quinlan Brothers Ltd. processes seafood. Royal Greenland A/S N/A N/A N/A
13-Mar-20 Artisan Growers Ltd. Artisan Growers Ltd. cultivates and supplies craft mushrooms. Champignon Brands Inc. $7 N/A N/A
12-Mar-20 Bavarian Meat Products, Inc. Bavarian Meat Products, Inc. produces and sells meat products.
Premium Brands Holdings
Corporation
N/A N/A N/A
12-Mar-20
Diamond Creek Vineyards Winery
LLC
Diamond Creek Vineyards Winery LLC owns and operates cabernet
sauvignon estate vineyards.
Champagne Louis
Roederer S.A.
N/A N/A N/A
11-Mar-20 Rockstar, Inc.
Rockstar, Inc. produces energy drinks for people with active lifestyles ranging
from athletes to rock stars.
PepsiCo, Inc. $4,550 N/A N/A
11-Mar-20
Substantially all of the assets of
Omega Sea LLC
Substantially all assetes acquired by Spectrum Brands Pet LLC. These assets
of Omega Sea LLC comprises fish food product manufacturing business unit.
Spectrum Brands Pet LLC N/A N/A N/A
10-Mar-20
1,850-acre Almond Orchard in Fresno
County
The orchard was acquired by Gold Leaf Farming, LLC and is spread across
1,850 acres.
Gold Leaf Farming, LLC N/A N/A N/A
10-Mar-20 Salty Nut Brewery LLC Salty Nut Brewery LLC operates a craft brewery. Straight To Ale Brands Inc N/A N/A N/A
9-Mar-20
Substantially All Assets of Mountain
Valley Water Co.
Mountain Valley Water Co. delivers bottled and cooler water for in New
York, offering bottled spring, fluoridated spring, and distilled water.
DS Services of America,
Inc.
N/A N/A N/A
6-Mar-20 Stromberg's Unlimited, Inc. Stromberg's Unlimited, Inc. supplies live poultry and poultry equipment. Mann Lake, Ltd. N/A N/A N/A
6-Mar-20
Certain soil processing assets of
WinField United
The soil processing assets of WinField United comprises soil processing and
analyzing assets.
Trace Genomics, Inc. N/A N/A N/A

Investment
Food & Beverage
6-Mar-20
Farmers Fresh Mushrooms California,
Inc.
Premier Mushrooms Inc. composts, grows, processes, and distributes
mushrooms in Northern California.
Farmers' Fresh
Mushrooms Inc.
N/A N/A N/A
5-Mar-20 Ransom Wine Co. & Distillery Ransom Wine Co. & Distillery produces wines, vermouths, and spirits.
Integrated Beverage
Group LLC
N/A N/A N/A
5-Mar-20 Engelman's Bakery Inc.
Engelman's Bakery Inc. manufactures and distributes fresh and frozen bakery
products.
Shoreline Equity Partners,
LLC
N/A N/A N/A
5-Mar-20
Performance Brand and Feed Assets
from Hanby Farms, Inc.
The assets comprise feed production, grain production, trucking, and
agronomy businesses.
Heritage Cooperative Inc. N/A N/A N/A
4-Mar-20 Freak'N Brewing facility operations
As of March 4, 2020, Freak'N Brewing facility operations were acquired by
Throne Brewing.
Throne Brewing Company N/A N/A N/A
3-Mar-20 New Columbia Distillers LLC
New Columbia Distillers LLC. produces and markets Green Hat and operates
a distillery with a retail tasting room, bar and gin garden.
MGP Ingredients, Inc. N/A N/A N/A
2-Mar-20 Virginia's Kitchen, LLC
Virginia's Kitchen, LLC, doing business as BlueKudu, produces cannabis
chocolates and gummies.
Curaleaf Holdings, Inc. N/A N/A N/A
2-Mar-20 Milwaukee Brewing Company Milwaukee Brewing Company produces and supplies beers. Liquid Collective LLC N/A N/A N/A
28-Feb-20 Eire Born Spirits LLC Eire Born Spirits LLC owns and markets the Proper No. Becle, S.A.B. de C.V. N/A N/A N/A
27-Feb-20 Plenty-Full Food Services Corp.
Plenty-Full Food Services Corp. manufctures and delivers prepared meal
ingredients to customers.
1237696 BC Ltd. N/A N/A N/A
27-Feb-20 Schoep's Ice Cream Co., Inc.
Schoep's Ice Cream Co., Inc. produces and sells ice cream, novelties, and
sherbet.
Brothers International
Desserts Inc.
$8 N/A N/A
26-Feb-20 Assets of Infusion Works Inc.
The Assets of Infusion Works Inc. comprises cannabinoid based food
manufacturing business.
City View Green Holdings
Inc.
$2 N/A N/A
25-Feb-20 Give and Go Prepared Foods Corp.
Give and Go Prepared Foods Corp. manufactures and sells frozen and thaw-
and-sell baked goods to retailers and food service operators.
Mondelez International,
Inc.
N/A N/A N/A

Investment
Food & Beverage
24-Feb-20 Sandbanks Estate Winery Inc. Sandbanks Estate Winery Inc. produces and sells wine.
Arterra Wines Canada,
Inc.
N/A N/A N/A
24-Feb-20 Fresh Foods Corporation Of America Fresh Foods Corporation of America produces baked and cream pies. Sara Lee Frozen Bakery N/A N/A N/A
23-Feb-20 The Best Chocolate in Town, Inc.
The Best Chocolate in Town, Inc. manufactures, distributes, and retails
chocolates and desserts.
Newfangled Confections
LLC
N/A N/A N/A
21-Feb-20 Hint Inc. Hint Inc. produces fruit-infused flavored water and personal care items. Undisclosed N/A N/A N/A
21-Feb-20 Music City Beer Company LLC
Music City Beer Company LLC owns and operates a brewery that produces
beer.
Fat Bottom Brewing Co. N/A N/A N/A
20-Feb-20 Sadler's Smokehouse, Ltd. Sadler's Smokehouse, Ltd. processes and sells pit-smoked meats.
Hormel Foods
Corporation
$270 N/A N/A
20-Feb-20 Tropical Aquaculture Products, Inc. Tropical Aquaculture Products, Inc. engages in harvesting and raising of fish. Geneseas Holding S.A. N/A N/A N/A
20-Feb-20 Brekki LLC Brekki LLC manufactures oat based breakfast products. Undisclosed N/A N/A N/A
19-Feb-20 Farmwise LLC Farmwise LLC produces frozen French fries. B&G Foods, Inc. N/A N/A N/A
18-Feb-20 The Quit Company, LLC
The Quit Company, LLC manufactures and distributes herbal tea and
supplements for smokers.
B & B Systems, Inc. N/A N/A N/A
18-Feb-20 Celtrade Canada Inc.
Celtrade Canada Inc. develops and manufactures private label food
products.
STIR Foods, LLC N/A N/A N/A
18-Feb-20
Five Production Facilities and
Ledbetter Branded Retail Products
The assets were acquired by JBS USA Food Company and comprise
production of case ready meat products.
JBS USA Food Company,
LLC
$238 N/A N/A
18-Feb-20 Toogood Estate Winery, Inc. Toogood Estate Winery, Inc. produces and sells wine. Undisclosed $2 N/A N/A

Investment
Food & Beverage
17-Feb-20 American Nutrition, Inc.
American Nutrition, Inc. manufactures, packages, and distributes pet foods
for dogs and cats.
C. J. Foods, Inc. N/A N/A N/A
17-Feb-20 Assets of Dean Foods Company
Assets of Dean Foods Company comprises fluid and frozen facilities and the
real estate, inventory, equipment, and assets necessary for operation.
Dairy Farmers of America,
Inc.
$433 N/A N/A
14-Feb-20
Allisonville Home & Garden by
Sullivan
Allisonville Home & Garden by Sullivan operates a garden center,
houseplant, and home decor store.
13-Feb-20 Flo Beverages, LLC Flo Beverages, LLC manufactures custom beverages. Kona Gold Solutions, Inc. N/A N/A N/A
12-Feb-20 Kronos Foods Corp.
Kronos Foods Corp. manufactures and distributes Mediterranean food
products in the United States.
Entrepreneurial Equity
Partners LP
N/A N/A N/A
12-Feb-20
Hemp4mula CBD Confections
Operations of Kali, Inc.
Hemp4mula CBD Confections Operations of Kali, Inc. comprises CBD Infused
confectionary products.
Puration, Inc. N/A N/A N/A
10-Feb-20 Mulch Manufacturing, Inc. Mulch Manufacturing, Inc. produces packaged mulch products.
National Storm Recovery
Inc.
N/A N/A N/A
7-Feb-20 Fortune Fish Company Inc. Fortune Fish Company Inc. processes and distributes seafood. Investcorp Holdings B.S.C. N/A N/A N/A
6-Feb-20 Grieg NL Seafarms Ltd
Grieg NL Seafarms Ltd constructs and operates salmon hatcheries to produce
farmed fish.
Grieg Seafood ASA $143 N/A N/A
6-Feb-20 Edible Bean Business of Scoular
The edible Bean Business of Scoular comprises edible bean processing plant
and is located in the United States.
Cooperative Elevator Co. N/A N/A N/A
5-Feb-20
Quinoa Operations of Andean
Naturals Inc.
Quinoa Operations of Andean Naturals Inc. comprises quinoa sourcing,
cleaning, and packaging operations in Yuba City, California.
Ardent Mills, LLC N/A N/A N/A
5-Feb-20 Charlestowne Premium Beverage Inc.
Charlestowne Premium Beverage Inc. develops, produces, markets, and
distributes alcoholic beverages worldwide.
1st Prestige Wealth
Management, Inc.
N/A N/A N/A
4-Feb-20
New Production Facility Located in
Saint Charles, Missouri
New Production Facility Located in Saint Charles, Missouri comprises a pizza
crusts production business.
TNT Crust, Inc. N/A N/A N/A

Investment
Food & Beverage
4-Feb-20 Morey's Seafood International, LLC
Morey's Seafood International, LLC processes, produces, and distributes fish
and seafood products.
SeaPak Shrimp & Seafood
Company
N/A N/A N/A
3-Feb-20
Substantially all of the assets of
Cambridge Packing Company, Inc.
Substantially all of the assets of Cambridge Packing Company, Inc. comprises
beef, poultry, pork, and seafood products manufacturing operations.
The Chefs' Warehouse,
Inc.
$20 N/A N/A
1-Feb-20 Clear Springs Foods, Inc.
Clear Springs Foods, Inc. engages in the production and processing of
aquaculture rainbow trout.
Riverence Holdings LLC N/A N/A N/A
31-Jan-20
Marroquin Organic International,
Inc.
Marroquin Organic International, Inc. provides organic and non-GMO
ingredients.
AGRANA Beteiligungs-
Aktiengesellschaft
N/A N/A N/A
31-Jan-20 S&D Coffee, Inc.
S&D Coffee, Inc. is engaged in roasting, blending, and supplying coffee, iced
tea, and extracts for customers in the United States and Canada.
Westrock Coffee
Company, LLC
$405 N/A N/A
31-Jan-20 RBI Ventures Ltd. RBI Ventures Ltd. does not have significant business operations.
Tevano Payment Systems
Inc.
N/A N/A N/A
31-Jan-20 Sprecher Brewing Company, Inc.
Sprecher Brewing Company, Inc. was founded in 1985 and is based in
Milwaukee, Wisconsin.
Silicon Pastures LLC N/A N/A N/A
31-Jan-20 Produits Alimentaires Berthelet, Inc.
Produits Alimentaires Berthelet, Inc. manufactures dehydrated food
products.
Solina Group SAS N/A N/A N/A
30-Jan-20 Mochi Ice Cream Company
Mochi Ice Cream Company engages in the production of Japanese pastries
and frozen desserts, including ice cream and gelato.
Lakeview Capital Inc. N/A N/A N/A
30-Jan-20 Cavalier Agrow Ltd.
Cavalier Agrow Ltd. produces seed, crops, chemicals, inoculants, and liquid
fertilizer.
G-Mac's AgTeam Inc. N/A N/A N/A
30-Jan-20 XYZ Beverage LLC
XYZ Beverage LLC, doing business as Press Premium Alcohol Seltzer, produces
and sells alcohol seltzers in various, unique flavors.
Constellation Brands, Inc. N/A N/A N/A
29-Jan-20 Banded Peak Brewing Ltd. Banded Peak Brewing Ltd. produces and retails beer.
Labatt Brewing Company
Limited
N/A N/A N/A
28-Jan-20
Portfolio of Wines of Niven Family
Wine Estates
As of January 28, 2020, Portfolio of Wines of Niven Family Wine Estates was
acquired by WX.
WX N/A N/A N/A

Investment
Food & Beverage
27-Jan-20 G&W Distilling Inc.
G&W Distilling Inc. produces and sells craft spirits and crafted cocktails in
Canada.
Labatt Brewing Company
Limited
N/A N/A N/A
27-Jan-20 RB Foods, Inc.
As of December 31, 2019, RB Foods, Inc. was acquired by The Good Bean, Inc.
RB Foods, Inc., doing business as Beanitos, Inc., produces bean chips.
The Good Bean, Inc. N/A N/A N/A
23-Jan-20 Superior Ice Company Inc.
Superior Ice Company Inc. manufactures and distributes packaged ice
products.
Arctic Glacier Income
Fund
N/A N/A N/A
23-Jan-20 Limitless Coffee, LLC Limitless Coffee, LLC produces and sells coffee and tea. Keurig Dr Pepper Inc. N/A N/A N/A
22-Jan-20 Atwater Brewing Co. Atwater Brewing Co. produces beer.
Tenth and Blake Beer
Company
N/A N/A N/A
21-Jan-20 Wasatch Arborists, Inc.
Wasatch Arborists, Inc., doing business as Wasatch Arborists Snow Removal,
provides tree caring and forestry management services.
SavATree N/A N/A N/A
21-Jan-20 SFFI Company, Inc.
SFFI Company, Inc., d.b.a Simply Fresh Fruit, processes and supplies a line of
fresh-cut fruits primarily serving the foodservice and hospitality markets.
Renaissance Food Group,
LLC
N/A N/A N/A
20-Jan-20 Westbloom Inc.
Westbloom Inc., a beverage company, specializes in coffees, teas, and cold
brew beverages.
JUSU BAR INC. N/A N/A N/A
17-Jan-20
Ultra-Clean Label CBD Beverage
Products of MCTC Holdings Inc.
Ultra-Clean Label CBD Beverage Products of MCTC Holdings Inc. comprises a
business unit which produces cannabis beverage products.
hempSMART Ltd. N/A N/A N/A
16-Jan-20 Minerco, Inc.
A brand management and holding company specializing in the development
of beverage, entertainment and ancillary brands
Mushrooms International
Enterprises
N/A N/A N/A
16-Jan-20 Category One Botanicals, LLC Category One Botanicals, LLC grows marijuana. Undisclosed N/A N/A N/A
16-Jan-20
Thrushwood Farms Quality Meats,
Inc.
Thrushwood Farms Quality Meats, Inc. manufactures and sells meat snack
sticks and protein products.
Western's Smokehouse,
LLC
N/A N/A N/A
16-Jan-20 Rizzuto Foods Inc.
Rizzuto Foods Inc., f.k.a TR Rizzuto Pizza Crust produces pizza dough and
pizza crust.
Rich Products
Corporation
N/A N/A N/A

Investment
Food & Beverage
15-Jan-20 Outer Galactic Chocolates LLC Outer Galactic Chocolates LLC produces dark chocolate and milk chocolate.
Mendo Distribution and
Transportation, LLC
$0 N/A N/A
15-Jan-20
Processing Plant of St. Anthony
Seafoods Limited Partnership
Processing Plant in St. Anthony of St. Anthony Seafoods Limited Partnership
comprises fish processing plant.
Clearwater Seafoods;
Quin Sea Fisheries
N/A N/A N/A
15-Jan-20 Schlafly Bankside Schlafly Bankside engages in brewing beer.
The Saint Louis Brewery,
LLC
N/A N/A N/A
15-Jan-20 Burera Dairy Limited Burera Dairy Limited engages in processing of milk.
African Solutions Private
Ltd
N/A N/A N/A
15-Jan-20 Samhae-Yamako Co., Ltd.
Samhae-Yamako Co., Ltd. was incorporated in 2000 and is based in Seoul,
South Korea.
Sam Hae Commercial Co.,
Ltd.
$3 N/A N/A
14-Jan-20 Enokiboya Co., Ltd Enokiboya Co., Ltd produces and cultivates mushrooms. Sanrin Co., Ltd. N/A N/A N/A
14-Jan-20 Dunn's River Brands, LLC Dunn's River Brands, LLC manages and advises beverage brands. Purity Organic, LLC N/A N/A N/A
14-Jan-20 Selma's Cookies, Inc. Selma's Cookies, Inc. produces cookies and brownies.
Byrd Cookie Company,
Inc.
N/A N/A N/A
14-Jan-20 Artebianca Natura & Tradizione S.r.l. Artebianca Natura & Tradizione S.r.l. bakes and produces biscuits. Panealba S.R.L. N/A N/A N/A
14-Jan-20 Saga-Foods Zrt. As of January 13, 2020, Saga-Foods Zrt.
Master Good Termelo Es
Kereskedelmi
$12 N/A N/A
14-Jan-20 Edmonton I, II and III facilities Edmonton I, II and III facilities comprises cannabis extraction facilities. 2238501 Alberta Ltd. $14 N/A N/A
14-Jan-20 Daco France SA Daco France SA operates as a distributor and trader of dried fruits.
UI Gestion SA; Cap Grand
Ouest, FPCI; Cap 6, FPCI
N/A N/A N/A
13-Jan-20
Two In-Store Bakery Manufacturing
Plants of TreeHouse Foods, Inc.
As of April 17, 2020, Two In-Store Bakery Manufacturing Plants in Fridley,
Minn.
Rich Products
Corporation
N/A N/A N/A

Investment
Food & Beverage
13-Jan-20 The Scottish Salmon Company PLC
The Scottish Salmon Company PLC produces, processes, markets, and sells
Scottish seafood products primarily in Scotland.
P/F Bakkafrost $655 N/A N/A
13-Jan-20 CropMetrics LLC
CropMetrics LLC operates as a precision agriculture company that specializes
in precision irrigation management services.
CropX inc. N/A N/A N/A
11-Jan-20 HCM CITY Hùng Vuong Corporation
HCM CITY Hùng Vuong Corporation produces and processes packaged foods
and meat products.
Thadi Agriculture Farming
Processing & Distribution
N/A N/A N/A
11-Jan-20
Tata Global Beverages Czech
Republic A.S.
JEMCA, A.S., Tradicní Výrobce Caju is a producer of tea. Dr. Müller Pharma s.r.o. $4 N/A N/A
11-Jan-20 Hung Vuong Corporation Hung Vuong Corporation produces and processes fish products in Vietnam.
Thadi Agriculture Farming
Processing & Distribution
N/A N/A N/A
11-Jan-20 Lizza GmbH
As of January 11, 2020, Lizza GmbH operates as a subsidiary of Peter Cremer
Holding GmbH & Co. KG.
Peter Cremer Holding
GmbH & Co. KG
N/A N/A N/A
10-Jan-20 Tiger Brands Limited
Tiger Brands Limited engages in the manufacture and marketing of fast-
moving consumer goods primarily in Southern Africa.
Silchester International
Investors LLP
N/A N/A N/A
10-Jan-20 Bonny Doon Winery, Inc.
Bonny Doon Winery, Inc., a vineyard, engages in the production and sale of
wine in California.
WarRoom Ventures, LLC N/A N/A N/A
10-Jan-20 Fresh-Care Convenience B.V.
Fresh-Care Convenience B.V. produces and processes fresh fruits and
vegetables into mixes, meal components and meal salads in Europe.
Plukon Food Group BV N/A N/A N/A
10-Jan-20 Pändy Foods AB
Pändy Foods AB produces and sells low sugar and high protein snacks,
including candy, energy drinks, lentil chips, and protein bars.
Bayn Europe AB (publ) $12 N/A N/A
10-Jan-20 SalzburgMilch GmbH SalzburgMilch GmbH produces and supplies dairy products.
Milchhof Salzburg reg.
Gen.m.b.H. & Others
N/A N/A N/A
10-Jan-20
Production Unit of Hermanos Font
Verdaguer Sa
The Production Unit of Hermanos Font Verdaguer Sa comprises sausage
production business.
Noel Alimentaria S.A.U. N/A N/A N/A
10-Jan-20 Prepared Food Manufacturing Plant
As of January 10, 2020, New plant in Portland was acquired by Blount Fine
Foods Corp.
Blount Fine Foods Corp. N/A N/A N/A

Investment
Food & Beverage
9-Jan-20 Clearwater Kereskedelmi
Clearwater Kereskedelmi és Szolgáltató Korlátolt Felelosségu Társaság
provides water in Hungary.
Cott and Eden Springs N/A N/A N/A
9-Jan-20 Effeffe Pet Food S.p.A. Effeffe Pet Food S.p.A. produces pet food.
United Petfood France
SAS
N/A N/A N/A
9-Jan-20
Mata Tea Co. Ltd/Gisakura Tea Co.
Ltd
Mata & Gisakura represents the combined operations of Mata Tea Co. Ltd
and Gisakura Tea Co. Ltd in their sale to Grand Lacs Trading SA.
Grand Lacs Trading SA $10 N/A N/A
8-Jan-20
Guilin Haijixing Agricultural Products
Group Co., Ltd.
Guilin Haijixing Agricultural Products Group Co., Ltd. engages in developing
and selling of agricultural products.
Fujian Longwang
Investment Group
$70 N/A N/A
8-Jan-20 PP servis a.s. PP servis a.s. engages in the production of hops. Agro-Chmel s.r.o. N/A N/A N/A
7-Jan-20
Shanghai Milkground Food Tech Co.,
Ltd
Shanghai Milkground Food Tech Co., Ltd primarily manufactures and sells
cheese and liquid milk products to consumers.
Inner Mongolia Mengniu
Dairy (Group) Co., Ltd.
$850 N/A N/A
7-Jan-20 Yerbalatina Ltda. Yerbalatina Ltda.
Archer-Daniels-Midland
Company
N/A N/A N/A
7-Jan-20
Palm Oil Business in Brazil of Archer-
Daniels-Midland Company
Palm Oil Business in Brazil of Archer-Daniels-Midland Company comprises
palm oil manufacturing operations and are located in Brazil.
Marborges Agroindústria
S.A.
N/A N/A N/A
7-Jan-20 Mlin i Pekara d.d. Ljubace Tuzla Mlin i Pekara d.d. Ljubace Tuzla produces wheat mill products. AS HOLDING d.o.o. $0 N/A N/A
7-Jan-20 Creminelli Fine Meats, LLC Creminelli Fine Meats, LLC produces and sells Italian salami sausages.
Daniele International,
Inc.
N/A N/A N/A
7-Jan-20 F.H.Prager s.r.o. F.H.Prager s.r.o. manufactures and sells apple cider products.
Kofola CeskoSlovensko
a.s.
N/A N/A N/A
7-Jan-20 S.C. Lipomin S.A. / Carpatina SA
S.C. Lipomin S.A. / Carpatina SA represents the combined operations of S.C.
Lipomin S.A. and Carpatina SA in their sale to Prodal 94 Srl.
Prodal 94 Srl N/A N/A N/A
7-Jan-20 Healthy People BV Healthy People BV produces juices. Riedel Drinks B.V. N/A N/A N/A

Investment
Food & Beverage
7-Jan-20 Pamela's Products, Inc.
Pamela's Products, Inc. produces and sells gluten-free baking mixes, biscuits,
snacks, cookies, graham crackers, pasta and pasta meals, and cookies.
Quinoa Corporation N/A N/A N/A
7-Jan-20 The Lion Brewery, Inc.
The Lion Brewery, Inc. produces and sells beers under the Lionshead and
Stegmaier brand names in the United States.
Encore Consumer Capital,
LP
N/A N/A N/A
7-Jan-20
Eating with the Seasons Inc. & EJ
Food Distributor Inc.
Eating with the Seasons, LLC engages in the production of organic fruits and
vegetables.
GrubMarket, Inc. N/A N/A N/A
6-Jan-20
Medical Marihuana Group
Corporation
Medical Marihuana Group Corporation/Medical Marijuana Group
Consulting Ltd. represents both firms in their sale to Sensi Brands Inc.
Sensi Brands Inc. $3 N/A N/A
6-Jan-20 Wholesome Sweeteners, Inc.
Wholesome Sweeteners, Inc. produces, packages, and supplies sweeteners
and honey.
Falcon Investment
Advisors & Others
N/A N/A N/A
6-Jan-20
Two Rice Milling Operations of Sage
V Foods, LLC
Two Rice Milling Operations in Stuttgart, Arkansas comprises rice milling
operations.
Producers Rice Mill, Inc. N/A N/A N/A
4-Jan-20 Caffetino Kaffeerösterei AG Caffetino Kaffeerösterei AG produces and sells roasted coffee. Undisclosed N/A N/A N/A
3-Jan-20 Lam Dong Tea Joint Stock Company
Lam Dong Tea Joint Stock Company cultivates, produces, and sells tea in
Vietnam.
3-Jan-20 Industrias Ales C.A.
Industrias Ales C.A., an agribusiness company, produces, markets, and
distributes foodstuffs and cleaning products in Ecuador.
Corporación Superior
Corsuperior S.A & Others
$20 N/A N/A
3-Jan-20 Kasa Wholefoods Company S.A.S.
Kasa Wholefoods Company S.A.S. produces fruit juices, pulps, and
chocolates.
Flora Growth Corp. $0 N/A N/A
3-Jan-20 America's Food Technologies, Inc. America's Food Technologies, Inc. manufactures dispensed beverages. Sunny Sky Products, LLC N/A N/A N/A
3-Jan-20 Jinzi Ham Co.,Ltd.
Jinzi Ham Co.,Ltd. engages in the research and development, production,
and sale of fermented meat products in China and Southeast Asia.
3-Jan-20 fairlife, LLC fairlife, LLC provide dairy products. The Coca-Cola Company N/A N/A N/A

Investment
Food & Beverage
3-Jan-20 Nãmfungi, Lda. Nãmfungi, Lda. Nabeirogest N/A N/A N/A
2-Jan-20 EnviroFlight, LLC
EnviroFlight, LLC produces plant and animal feeds by processing waste
distillers grains using black soldier fly larvae.
Darling Ingredients Inc. $24 N/A N/A
2-Jan-20 SARL Fromagerie Du Col Del Fach
SARL Fromagerie Du Col Del Fach engages in the production of goat milk and
cheese processing.
Mean $230.5 2.8x NM
Median $12.9 1.9x NM
25th Percentile $3.0 0.5x 26.0x
75th Percentile $166.8 2.8x NM

Select Public Comparables (1/4)
Stock % of Equity Cash LTM LTM
Price 52 Week Market Enterprise LTM Cash Equivalents Operating Net EBITDA LTM EV / Revenue EV / EBITDA
Company 4/30/2020 High Cap Value ($mm) Revenue (FY) Debt (FY) Expenditure (Debt)/Cash Margin EBITDA LTM 2020 LTM 2020
Branded CPG Companies
Nestlé S.A. $106.83 94.4% $303,668.1 $332,603.2 $95,886.4 $7,469.0 $37,457.0 $28,435.0 27,137.0 20.1% $19,283.6 3.5x 3.5x 15.7x 16.9x
General Mills, Inc. $60.50 94.2% $36,301.7 $50,556.9 $16,765.3 $606.9 $14,038.5 $2,826.8 13,431.6 21.7% $3,643.2 3.1x 3.0x 13.1x 13.6x
The Hershey Company $134.60 83.0% $27,546.7 $31,746.2 $8,007.1 $1,094.8 $5,291.0 $1,912.2 4,196.2 24.2% $1,937.1 4.0x 4.0x 16.0x 6.2x
Hormel Foods Corporation $47.74 92.6% $25,194.8 $24,839.4 $9,521.4 $724.4 $379.5 $713.6 (359.7) 13.6% $1,293.2 2.7x 2.6x 18.7x 18.0x
Kellogg Company $66.51 93.6% $22,433.7 $30,987.7 $13,468.0 $1,016.0 $9,108.0 $2,728.0 8,092.0 16.4% $2,209.0 2.3x 2.3x 13.3x 14.2x
McCormick & Company, Incorporated $155.92 89.3% $20,842.1 $25,258.8 $5,327.9 $170.8 $4,574.8 $1,090.2 4,404.0 21.3% $1,137.5 5.0x 4.7x 21.4x 22.1x
Associated British Foods plc $24.64 90.3% $18,810.1 $22,388.3 $20,349.1 $1,320.0 $4,100.0 $2,324.0 2,751.0 13.1% $2,659.5 1.0x 1.1x 8.3x 10.8x
Conagra Brands, Inc. $34.28 96.3% $16,287.8 $26,551.2 $10,379.7 $99.0 $10,283.5 $1,201.4 10,184.5 19.7% $2,046.5 2.6x 2.8x 12.3x 12.2x
Campbell Soup Company $50.87 88.4% $15,081.2 $21,112.2 $8,078.0 $58.0 $6,084.0 $1,440.0 6,026.0 17.9% $1,447.0 2.7x 2.3x 13.3x 11.8x
Post Holdings, Inc. $93.83 83.1% $6,420.9 $12,574.7 $5,833.0 $1,179.4 $7,904.8 $939.5 6,717.6 18.8% $1,093.8 2.2x 2.2x 11.4x 10.8x
B&G Foods, Inc. $19.89 78.9% $1,243.7 $3,154.0 $1,697.1 $127.1 $2,020.7 $147.9 1,893.6 18.0% $304.9 2.1x 1.9x 10.1x 9.4x
Grupo Simec, S.A.B. de C.V. $0.00 0.0% $965.7 $698.7 $1,417.6 $6,116.3 $7.3 $1,703.4 (6,108.9) 13.1% $186.1 0.5x 0.4x 3.8x 5.9x
Mean 82.0% $41,233 $48,539 $16,394.2 $1,665.1 $8,437.4 $3,788.5 $6,530.4 18.2% $3,103.5 2.6x 2.6x 13.1x 12.7x
Median 89.8% $19,826 $25,049 $8,799.7 $870.2 $5,687.5 $1,571.7 $5,215.0 18.4% $1,692.0 2.6x 2.5x 13.2x 12.0x
Private Label Manufacturers
Kerry Group plc $114.10 90.2% $20,232.2 $22,480.2 $8,126.2 $554.9 $2,655.5 $2,279.7 2,054.9 14.7% $1,192.7 2.7x 2.9x 19.3x 19.8x
Lamb Weston Holdings, Inc. $63.43 65.9% $8,960.9 $11,359.0 $3,948.9 $30.1 $2,428.2 $341.9 2,398.1 21.6% $853.6 2.6x 3.1x 12.3x 13.9x
Charoen Pokphand Foods Public Company Limited $0.85 2.7% $6,824.2 $17,662.6 $16,729.3 $79,847.1 $419,117.6 $56,485.0 337,521.3 9.7% $1,624.4 1.1x 1.0x 10.2x 10.8x
Post Holdings, Inc. $93.83 83.1% $6,420.9 $12,574.7 $5,833.0 $1,179.4 $7,904.8 $939.5 6,717.6 18.8% $1,093.8 2.2x 2.2x 11.4x 10.8x
TreeHouse Foods, Inc. $51.75 85.7% $2,910.5 $5,062.2 $4,307.0 $330.4 $2,463.7 $476.4 2,133.3 10.5% $454.3 1.2x 1.2x 9.9x 10.1x
Seneca Foods Corporation $36.15 86.3% $329.7 $647.9 $1,290.5 $13.9 $331.3 $71.1 317.5 5.2% $67.7 0.5x NA 7.1x NA
Mean 78.0% $7,613 $11,631 $6,037.6 $292.5 $2,541.9 $1,310.8 $2,226.5 18.1% $1,023.1 1.7x 2.1x 11.7x 13.1x
Median 78.0% $6,623 $11,967 $6,037.6 $292.5 $2,541.9 $1,310.8 $2,226.5 18.1% $1,023.1 1.7x 2.2x 10.8x 10.8x
Better-for-You / Nutrition
Danone S.A. $68.55 83.2% $44,868.1 $59,355.6 $28,377.3 $644.0 $17,381.0 $8,158.0 13,106.0 20.6% $5,850.1 2.1x 2.1x 10.1x 11.1x
Otsuka Corporation $47.47 0.9% $8,584.7 $7,097.8 $8,291.5 $167,919.0 $6,500.0 $113,775.0 (161,419.0) 8.0% $660.8 0.9x 0.9x 10.7x 11.7x
Vitasoy International Holdings Limited $0.00 0.0% $3,828.8 $3,796.9 $990.1 $848.8 $306.8 $2,889.7 (542.5) 16.2% $160.8 3.8x 3.9x 23.6x 23.1x
The Hain Celestial Group, Inc. $26.81 84.0% $2,697.3 $3,076.8 $2,245.3 $41.5 $453.9 $346.7 412.4 8.4% $187.9 1.4x 1.3x 16.4x 16.3x
Health and Happiness (H&H) International Holdings Limited $0.00 0.0% $2,455.1 $3,015.3 $1,569.1 $2,217.3 $6,101.0 $5,129.4 3,881.6 18.7% $294.1 1.9x 2.0x 10.3x 9.6x
The Simply Good Foods Company $18.81 60.0% $1,797.9 $2,403.9 $657.9 $46.1 $652.1 $156.4 606.0 17.5% $115.0 3.7x 4.7x 20.9x 24.9x
Freedom Foods Group Limited $2.82 47.1% $782.2 $990.0 $398.2 $7.2 $325.0 $88.1 317.8 7.1% $28.1 2.5x 2.9x NM 25.5x
SunOpta Inc. $2.59 41.0% $248.5 $854.1 $1,220.7 $2.7 $535.2 $104.9 532.5 4.1% $50.3 0.7x 0.7x 17.0x 20.5x
Mean 39.5% $8,158 $10,074 $5,468.8 $21,465.8 $4,031.9 $16,331.0 ($17,888.1) 12.6% $918.4 2.1x 2.3x 15.6x 17.8x
Median 44.0% $2,576 $3,046 $1,394.9 $345.1 $593.7 $1,618.2 $472.4 12.3% $174.4 2.0x 2.0x 16.4x 18.4x

Baked Goods
George Weston Limited $73.59 64.6% $10,919.4 $29,275.1 $35,621.0 $2,784.0 $21,405.0 $13,347.0 18,271.0 8.6% $3,080.0 0.8x 0.8x 9.5x 8.6x
Grupo Bimbo, S.A.B. de C.V. $1.47 3.5% $6,822.5 $12,239.2 $12,685.7 $25,442.8 $151,134.1 $129,513.8 125,691.3 12.7% $1,607.2 1.0x 0.8x 7.6x 6.3x
Flowers Foods, Inc. $22.41 89.4% $4,713.6 $5,987.3 $4,124.0 $11.0 $1,284.8 $1,548.6 1,273.7 9.8% $402.5 1.5x 1.5x 14.9x 14.9x
Lancaster Colony Corporation $141.98 85.4% $3,704.1 $3,530.0 $1,337.2 $177.8 $27.8 $166.9 (150.0) 15.9% $212.2 2.6x 2.7x 16.6x 16.9x
Hostess Brands, Inc. $12.22 82.2% $1,480.7 $2,278.0 $928.4 $96.2 $1,140.2 $149.8 1,044.1 18.1% $167.9 2.5x 2.5x 13.6x 13.0x
Mean 64.6% $5,528 $10,662 $35,621.0 $2,784.0 $21,405.0 $13,347.0 $18,271.0 8.6% $3,080.0 1.7x 1.6x 12.4x 11.9x
Median 64.6% $4,714 $5,987 $35,621.0 $2,784.0 $21,405.0 $13,347.0 $18,271.0 8.6% $3,080.0 1.5x 1.5x 13.6x 13.0x
Dairy
Danone S.A. $68.55 83.2% $44,868.1 $59,355.6 $28,377.3 $644.0 $17,381.0 $8,158.0 13,106.0 20.6% $5,850.1 2.1x 2.1x 10.1x 10.1x
Glanbia plc $10.51 64.1% $3,126.3 $3,800.5 $4,330.4 $269.0 $885.3 $503.1 616.3 7.8% $339.8 0.9x 0.9x 11.2x 11.2x
Lifeway Foods, Inc. $2.81 59.2% $41.5 $41.1 $93.7 $3.8 $3.5 $23.9 (0.3) 1.5% $1.4 0.4x 0.4x 29.3x 29.3x
Dean Foods Company $0.08 3.5% $7.3 $1,373.0 $7,328.7 $80.0 $1,434.8 $1,629.3 1,354.8 (0.8%) ($56.9) 0.2x 0.2x NM NM
Mean 83.2% $12,011 $16,143 $28,377.3 $644.0 $17,381.0 $8,158.0 $13,106.0 20.6% $5,850.1 0.9x 0.9x 16.9x 16.9x
Median 83.2% $1,584 $2,587 $28,377.3 $644.0 $17,381.0 $8,158.0 $13,106.0 20.6% $5,850.1 0.7x 0.7x 11.2x 11.2x
Snack Producers
PepsiCo, Inc. $132.41 90.0% $183,552.4 $213,642.4 $68,158.0 $11,089.0 $41,243.0 $26,157.0 29,996.0 18.4% $12,542.0 3.1x 3.2x 17.0x 17.0x
Mondelez International, Inc. $50.53 84.3% $73,428.8 $91,744.8 $26,037.0 $1,925.0 $20,236.0 $5,932.0 18,238.0 19.7% $5,135.0 3.5x 3.5x 17.9x 17.3x
The Hershey Company $134.60 83.0% $27,546.7 $31,746.2 $8,007.1 $1,094.8 $5,291.0 $1,912.2 4,196.2 24.2% $1,937.1 4.0x NA 16.4x NA
Post Holdings, Inc. $93.83 83.1% $6,420.9 $12,574.7 $5,833.0 $1,179.4 $7,904.8 $939.5 6,717.6 18.8% $1,093.8 2.2x NA 11.5x NA
J & J Snack Foods Corp. $135.50 68.8% $2,399.3 $2,255.3 $1,193.5 $143.0 $68.3 $238.1 (144.0) 12.9% $154.3 1.9x 1.9x 14.6x 13.6x
John B. Sanfilippo & Son, Inc. $85.20 79.0% $947.5 $1,013.3 $892.7 $1.0 $66.8 $102.7 65.8 10.5% $93.8 1.1x 1.2x 10.8x 14.0x
Mean 87.1% $49,049 $58,829 $47,097.5 $6,507.0 $30,739.5 $16,044.5 $24,117.0 19.1% $8,838.5 2.6x 2.4x 14.7x 15.5x
Median 87.1% $16,984 $22,160 $47,097.5 $6,507.0 $30,739.5 $16,044.5 $24,117.0 19.1% $8,838.5 2.6x 2.5x 15.5x 15.5x
Protein Processors
Tyson Foods, Inc. $63.00 66.9% $22,701.7 $34,597.7 $43,472.0 $437.0 $12,661.0 $2,078.0 12,222.0 9.4% $4,096.0 0.8x 0.8x 8.4x 8.7x
JBS S.A. $4.40 12.9% $11,753.9 $21,478.6 $50,881.6 $10,034.0 $59,755.0 $18,492.5 49,721.0 8.9% $4,551.6 0.4x 0.4x 4.7x 4.7x
Pilgrim's Pride Corporation $22.00 65.3% $5,428.2 $7,858.5 $11,759.5 $511.2 $2,930.9 $392.1 2,419.7 8.0% $936.3 0.7x NA 8.4x NA
Seaboard Corporation $3,249.99 70.1% $3,495.2 $3,954.2 $6,980.0 $101.0 $1,675.0 $328.0 449.0 4.8% $332.0 0.6x 0.6x 11.9x 17.0x
Sanderson Farms, Inc. $131.73 73.4% $3,027.5 $3,178.9 $3,519.9 $63.4 $214.8 $202.1 151.4 5.2% $184.7 0.9x 0.9x 17.2x 15.6x
Cal-Maine Foods, Inc. $42.75 91.6% $2,024.6 $1,880.2 $1,178.8 $67.8 $3.6 $172.5 (145.0) (3.6%) ($42.0) 1.6x 1.4x NM 18.3x
Mean 39.9% $8,072 $12,158 $47,176.8 $5,235.5 $36,208.0 $10,285.2 $30,971.5 9.2% $4,323.8 0.8x 0.8x 10.1x 12.9x
Median 39.9% $4,462 $5,906 $47,176.8 $5,235.5 $36,208.0 $10,285.2 $30,971.5 9.2% $4,323.8 0.7x 0.8x 8.4x 15.6x
Fresh Produce
Fresh Del Monte Produce Inc. $29.67 76.5% $1,360.5 $2,217.7 $4,452.8 $20.7 $798.1 $190.5 777.4 4.0% $176.5 0.5x 0.5x 12.6x 11.0x
Calavo Growers, Inc. $62.11 61.8% $1,021.6 $1,120.1 $1,211.1 $4.9 $101.8 $60.8 96.8 5.5% $66.0 0.9x 0.9x 17.0x 13.6x
Seneca Foods Corporation $36.15 86.3% $329.7 $647.9 $1,290.5 $13.9 $331.3 $71.1 317.5 5.2% $67.7 0.5x 0.5x 9.6x NM
Mean 74.9% $904 $1,329 $2,831.9 $12.8 $449.9 $125.7 $437.1 4.7% $121.3 0.6x 0.7x 13.0x 12.3x
Median 76.5% $1,022 $1,120 $2,831.9 $12.8 $449.9 $125.7 $437.1 4.7% $121.3 0.5x 0.5x 12.6x 12.3x

Ingredient Developers
McCormick & Company, Incorporated $155.92 88.3% $20,842.1 $25,258.8 $5,327.9 $170.8 $4,574.8 $1,090.2 4,404.0 21.3% $1,137.5 4.7x NA 22.2x NA
Kerry Group plc $114.10 90.2% $20,232.2 $22,480.2 $8,126.2 $554.9 $2,655.5 $2,279.7 2,054.9 14.7% $1,192.7 2.8x 2.8x 18.8x 18.8x
International Flavors & Fragrances Inc. $131.43 85.9% $13,994.3 $18,176.7 $5,190.0 $433.2 $4,332.5 $809.0 3,899.2 21.7% $1,128.4 3.5x 3.5x 16.1x 16.4x
Symrise AG $101.52 101.5% $13,677.5 $15,495.7 $3,824.3 $419.1 $2,062.6 $728.3 1,604.8 20.4% $780.5 4.1x 4.1x 19.9x 19.9x
Ingredion Incorporated $82.50 82.9% $5,443.5 $7,205.5 $6,216.0 $278.0 $2,107.0 $614.0 1,827.0 14.7% $913.0 1.2x 1.2x 7.9x 7.9x
Tate & Lyle plc $8.96 110.4% $4,179.9 $4,725.5 $3,502.9 $361.0 $794.0 $221.0 433.0 17.0% $596.5 1.3x 1.3x 7.9x 8.1x
Sensient Technologies Corporation $48.38 64.3% $2,022.8 $2,609.2 $1,326.1 $23.1 $609.4 $259.1 586.4 15.5% $206.2 2.0x NA 12.7x NA
Mean 89.1% $11,485 $13,707 $5,327.9 $170.8 $4,574.8 $1,090.2 $4,404.0 21.3% $1,137.5 2.8x 2.6x 15.1x 14.2x
Median 88.3% $13,677 $15,496 $5,327.9 $170.8 $4,574.8 $1,090.2 $4,404.0 21.3% $1,137.5 2.8x 2.8x 16.1x 16.4x
Agribusines
Archer-Daniels-Midland Company $38.40 81.4% $20,694.7 $28,558.7 $64,322.0 $4,734.0 $13,490.0 $2,531.0 8,756.0 4.1% $2,609.0 0.4x 0.4x 10.9x 11.1x
Bunge Limited $41.21 69.1% $5,638.9 $11,878.9 $40,375.0 $193.0 $5,709.0 $1,261.0 5,232.0 3.0% $1,207.0 0.3x 0.3x 9.8x 8.0x
The Mosaic Company $11.71 45.6% $4,362.5 $8,833.9 $8,804.7 $1,069.2 $5,760.8 $328.5 4,691.6 12.6% $1,106.9 1.0x 1.0x 8.0x 6.6x
Darling Ingredients Inc. $21.81 73.8% $3,377.6 $5,160.8 $3,381.6 $76.3 $1,880.0 $377.5 1,803.6 12.4% $419.0 1.5x 1.5x 12.3x 12.7x
The Andersons, Inc. $18.19 59.6% $557.1 $2,040.7 $8,046.5 $19.7 $1,536.7 $427.8 1,517.0 2.5% $201.7 0.3x 0.2x 10.1x 8.7x
Mean 75.2% $6,926 $11,295 $52,348.5 $2,463.5 $9,599.5 $1,896.0 $6,994.0 3.5% $1,908.0 0.7x 0.7x 10.2x 9.4x
Median 75.2% $4,363 $8,834 $52,348.5 $2,463.5 $9,599.5 $1,896.0 $6,994.0 3.5% $1,908.0 0.4x 0.4x 10.1x 8.7x
Grocery Distributors
Performance Food Group Company $30.20 55.4% $3,888.3 $6,646.1 $25,211.4 $372.1 $3,840.5 $2,513.4 3,468.4 1.9% $472.0 0.3x 0.3x 14.1x 15.2x
Core-Mark Holding Company, Inc. $29.28 71.5% $1,295.8 $1,909.0 $13,512.8 $26.0 $617.4 $827.8 591.4 1.2% $158.2 0.1x 0.1x 12.1x 12.4x
SpartanNash Company $17.65 90.6% $614.7 $1,588.8 $8,536.1 $24.2 $998.3 $1,192.2 974.2 1.7% $142.2 0.2x 0.2x 11.2x 11.2x
United Natural Foods, Inc. $11.15 47.7% $570.5 $4,719.9 $24,526.9 $0.0 $4,192.6 $2,211.8 4,152.3 2.0% $478.3 0.2x 0.2x 9.9x 10.8x
AMCON Distributing Company $0.00 0.0% $37.0 $103.0 $1,059.1 $0.7 $66.6 $74.3 66.0 0.9% $10.0 0.1x 0.1x 10.3x 8.7x
Mean 63.5% $1,281 $2,993 $19,362.1 $199.1 $2,229.0 $1,670.6 $2,029.9 1.5% $315.1 0.2x 0.2x 11.5x 11.7x
Median 63.5% $615 $1,909 $19,362.1 $199.1 $2,229.0 $1,670.6 $2,029.9 1.5% $315.1 0.2x 0.2x 11.2x 11.2x
Food Retail
Walmart Inc. $123.08 92.3% $344,436.5 $414,983.5 $523,964.0 $9,465.0 $73,129.0 $107,891.0 63,664.0 6.3% $32,935.0 0.8x 0.8x 12.6x 12.7x
Costco Wholesale Corporation $306.15 94.1% $133,798.7 $134,243.7 $158,350.0 $7,786.0 $8,775.0 $15,530.0 60.0 4.1% $6,479.0 0.8x 0.9x 20.7x 21.6x
Tesco PLC $3.05 116.9% $28,836.8 $46,373.4 $82,683.2 $2,044.0 $17,061.0 $2,066.0 13,941.0 6.1% $5,064.9 0.6x 0.6x 9.2x 10.9x
Koninklijke Ahold Delhaize N.V. $25.28 103.2% $25,929.6 $38,612.0 $76,050.6 $5,231.0 $16,213.0 $15,655.0 10,599.0 6.7% $5,099.2 0.5x 0.5x 7.6x 8.1x
The Kroger Co. $31.70 86.0% $24,589.2 $45,358.2 $122,286.0 $399.0 $21,197.0 $22,577.0 20,798.0 4.4% $5,354.0 0.4x 0.4x 8.5x 8.7x
J Sainsbury plc $2.69 113.7% $5,518.3 $13,871.5 $37,759.7 $447.0 $7,159.0 $1,352.0 6,630.0 5.6% $2,132.0 0.4x 0.4x 6.5x 5.7x
Sprouts Farmers Market, Inc. $20.66 77.0% $2,442.6 $4,092.5 $5,867.5 $247.1 $1,660.9 $1,619.4 1,413.8 6.7% $393.4 0.7x 0.7x 10.4x 11.8x
Weis Markets, Inc. $50.84 85.6% $1,345.7 $1,434.1 $3,652.4 $158.3 $216.1 $865.3 (4.2) 5.4% $195.7 0.4x 0.4x 7.3x 8.2x
Ingles Markets, Incorporated $40.34 82.1% $827.2 $1,700.1 $4,362.2 $145.0 $884.7 $889.1 739.7 6.7% $293.6 0.4x 0.4x 5.8x 6.5x
Natural Grocers by Vitamin Cottage, Inc. $11.17 68.2% $253.5 $663.2 $959.2 $29.4 $404.6 $231.3 375.2 5.6% $53.8 0.7x 0.7x 12.3x 14.4x
Mean 93.2% $56,798 $70,133 $341,157.0 $8,625.5 $40,952.0 $61,710.5 $31,862.0 5.2% $19,707.0 0.6x 0.6x 10.1x 10.8x
Median 93.2% $15,054 $26,242 $341,157.0 $8,625.5 $40,952.0 $61,710.5 $31,862.0 5.2% $19,707.0 0.5x 0.5x 8.8x 9.8x

Food Service
Sysco Corporation $57.55 66.9% $28,613.8 $37,665.4 $59,501.6 $2,240.8 $11,501.3 $8,986.6 9,247.5 5.1% $3,024.9 0.6x 0.6x 12.5x 11.3x
US Foods Holding Corp. $21.73 50.4% $4,732.6 $9,771.6 $26,247.0 $1,077.0 $6,084.0 $3,836.0 5,007.0 4.1% $1,071.0 0.4x 0.4x 9.1x 8.7x
The Chefs' Warehouse, Inc. $14.56 34.6% $436.8 $821.4 $1,610.2 $193.5 $637.8 $364.0 444.3 4.4% $70.5 0.5x 0.5x 11.6x 10.4x
Mean 66.9% $11,261 $16,086 $59,501.6 $2,240.8 $11,501.3 $8,986.6 $9,247.5 5.1% $3,024.9 0.5x 0.5x 11.1x 10.1x
Median 66.9% $4,733 $9,772 $59,501.6 $2,240.8 $11,501.3 $8,986.6 $9,247.5 5.1% $3,024.9 0.5x 0.5x 11.6x 10.4x
Non-Alcoholic Beverages
The Coca-Cola Company $47.00 78.2% $197,092.6 $231,506.6 $37,173.0 $13,561.0 $50,416.0 $11,874.0 32,738.0 32.6% $12,120.0 6.2x 6.2x 19.1x 19.3x
PepsiCo, Inc. $132.41 90.0% $183,552.4 $213,642.4 $68,158.0 $11,089.0 $41,243.0 $26,157.0 29,996.0 18.4% $12,542.0 3.1x 3.2x 17.0x 17.0x
Keurig Dr Pepper Inc. $26.62 83.2% $37,233.2 $52,309.2 $11,229.0 $197.0 $15,273.0 $3,804.0 15,076.0 29.5% $3,308.0 4.7x 4.7x 15.8x 15.5x
Monster Beverage Corporation $62.34 88.4% $32,545.9 $31,244.8 $4,316.9 $701.8 $30.3 $686.1 (905.0) 35.4% $1,526.6 7.2x 7.4x 20.5x 21.1x
National Beverage Corp. $50.55 87.0% $2,341.5 $2,122.4 $977.9 $261.7 $47.5 $202.9 (214.2) 17.4% $170.5 2.2x 2.1x 12.4x 10.9x
Primo Water Corporation $10.39 48.9% $1,605.8 $2,890.8 $2,441.0 $112.2 $1,595.5 $1,132.3 1,483.3 13.3% $323.8 1.2x 1.2x 8.9x 9.4x
A.G. BARR p.l.c. $6.31 64.4% $691.3 $687.5 $334.2 $10.9 $7.9 $68.3 (3.0) 18.1% $60.6 2.1x 1.9x 11.3x 9.8x
Mean 84.1% $65,009 $76,343 $52,665.5 $12,325.0 $45,829.5 $19,015.5 $31,367.0 25.5% $12,331.0 3.8x 3.8x 15.0x 14.7x
Median 84.1% $32,546 $31,245 $52,665.5 $12,325.0 $45,829.5 $19,015.5 $31,367.0 25.5% $12,331.0 3.1x 3.2x 15.8x 15.5x
Alcoholic Beverages
Anheuser-Busch InBev SA/NV $49.25 53.1% $89,770.0 $191,682.6 $51,108.0 $0.0 $103,042.0 $16,295.0 95,712.0 37.2% $19,013.8 3.8x 3.7x 10.1x 9.6x
Diageo plc $34.82 95.8% $80,874.6 $99,414.1 $17,428.0 $950.0 $13,958.0 $2,095.0 13,008.0 34.1% $5,949.3 5.7x 6.1x 16.7x 17.6x
Pernod Ricard SA $151.13 84.2% $39,992.4 $49,245.2 $10,628.4 $1,152.0 $9,390.0 $3,116.0 8,238.0 31.8% $3,384.6 4.6x 4.7x 14.5x 15.4x
Constellation Brands, Inc. $166.95 78.8% $31,293.0 $44,299.7 $8,343.5 $81.4 $12,745.6 $1,585.8 12,664.2 36.4% $3,041.2 5.3x 5.5x 14.6x 15.0x
Kirin Holdings Company, Limited $19.70 0.8% $16,339.5 $21,997.3 $17,950.6 $159,294.0 $690,066.0 $550,245.0 530,772.0 15.8% $2,827.4 1.2x 1.2x 7.8x 9.6x
The Boston Beer Company, Inc. $458.00 90.6% $5,616.1 $5,657.7 $1,328.7 $129.5 $171.2 $490.4 41.7 15.7% $208.8 4.3x 4.5x 27.1x 26.7x
Sapporo Holdings Limited $19.11 0.7% $1,503.2 $3,774.5 $4,526.2 $15,215.0 $257,800.0 $143,490.0 242,585.0 8.2% $369.8 0.8x 0.8x 10.2x 10.2x
Mean 74.5% $37,913 $59,439 $34,268.0 $475.0 $58,500.0 $9,195.0 $54,360.0 35.7% $12,481.5 3.7x 3.8x 14.4x 14.9x
Median 74.5% $31,293 $44,300 $34,268.0 $475.0 $58,500.0 $9,195.0 $54,360.0 35.7% $12,481.5 4.3x 4.5x 14.5x 15.0x
Specialty Pet
Yantai China Pet Foods Co., Ltd. $3.58 11.1% $617.7 $672.1 $241.2 $225.5 $506.4 $243.9 280.9 10.6% $25.5 2.8x 2.7x 26.4x 26.6x
TDH Holdings, Inc. $1.02 42.9% $41.7 $54.2 $20.2 $2.0 $14.5 $5.4 12.5 (37.3%) ($7.5) 2.7x NA NM NA
Central Garden & Pet Company $33.93 93.2% $1,719.0 $2,076.2 $2,433.4 $331.6 $796.9 $543.4 465.3 8.3% $200.8 0.9x 0.9x 10.3x 10.1x
Freshpet, Inc. $76.49 94.1% $3,035.2 $3,089.8 $261.2 $149.5 $9.3 $110.1 (160.2) 6.5% $17.0 NM NM NM NM
All American Pet Company, Inc. $0.00 0.0% $0.0 $0.0 $0.2 $0.1 $0.3 $6.5 0.2 (3462.0%) ($7.1) 0.0x NA 0.0x NA
Mean 27.0% $1,083 $1,178 $130.7 $113.7 $260.4 $124.7 $146.7 (13.4%) $9.0 1.6x 1.8x 12.2x 18.4x
Median 27.0% $618 $672 $130.7 $113.7 $260.4 $124.7 $146.7 (13.4%) $9.0 1.8x 1.8x 10.3x 18.4x

Food & beverage report spring 2020

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Food & beverage report spring 2020