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MicroCapClub Invitational: Innovative Food Holdings (IVFH)

Ian Cassel
Ian Cassel
Ian CasselInvestor at MicroCapClub

Innovative Food Holdings (IVFH) is a leading nationwide provider of direct from source specialty foods, healthcare foods, gluten free foods, and artisanal foods. The company’s specialty food platform powers some of the largest food distributors in the country. Innovative Food Holdings has showcased over 50 consecutive months of year over year growth while increasing profitability. A few of us MicroCapClub members visited the company’s headquarters in Florida last summer and came away impressed with how management is positioning itself in the Specialty Food space. The industry is ripe for consolidation. In the month of January alone, there were 21 M&A transactions in the food distributor industry. In the specialty food distributor category The Chefs’ Warehouse (CHEF) and United Natural Foods (UNFI) have been growing rapidly, mostly by way of acquisitions. With Amazon.com (AMZN) now entering the direct to consumer space by way of amazonfresh, we feel Innovative Food Holdings is right in the sweet spot of the industry and also likely in the crosshairs of industry participants.

MicroCapClub Invitational: Innovative Food Holdings (IVFH)

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Ticker: IVFH

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Forward Looking Statements

This document contains certain forward-looking statements and
information relating to Innovative Food Holdings, Inc. (the
"Company") that are based on the current beliefs of the
Company's management, as well as assumptions made by, and
information currently available to, the Company. Such statements
reflect the current views of the Company with respect to future
events and are subject to certain assumptions, including those
described in this presentation. Should one or more of these
underlying assumptions prove incorrect, actual results may vary
materially from those described herein as “should,” “could,”
“anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” or
“expect.” All Financial and numerical information described in this
presentation are approximations. The Company does not intend
to update these forward-looking statements.
Ticker: IVFH
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Specialty Foods Market Opportunity
Specialty Food (including natural, organic, and health foods)
- $85 billion market1


Retail consumer market: +20% growth 2011-13



Specialty foodservice market: +20% growth 2011-13



Specialty foodservice market size: over $19 billion in 2013



Expected to grow 10% or more in 2014



Highly fragmented and highly segmented



Currently: little consolidation of “mom and pop” suppliers

All Sources – 1. Mitel

Ticker: IVFH

3
+

Broadline Foodservice Distributors



Broadliners distributes a full line of standard food products
and a wide variety of non-food products to their customers.



Full line of standard products: Heinz ® ketchup, potatoes,
Tyson® chicken nuggets etc.



High inventory turn products



Limited capability to serve higher end establishments



Less specialized product expertise



Limited line of specialty and niche products



Not ideally suited to offer small batch products from small
artisanal companies



Broadliners face perception and scale challenges related to
high end specialty foods

Ticker: IVFH

4
+ Specialty Foodservice vs. Broadline Foodservice

Bottom Line:

A typical broadline distributor is not able to
offer a specialty foodservice program with the
high quality products, high quality customer
service, dedicated chef expertise, proactive
procurement and logistics required for a
successful specialty program

5
Innovative Food Holdings
The Finest Specialty Food
Revenues
$18.6

Innovative Food Holdings,
distributes origin-specific
perishables, artisanal, direct
from source, gluten free,
health food and chef quality
specialty food products.

$11.5
$9.8
$7.5

Products are marketed via
national partnerships and
through In-House customer
relationships.

In Millions

+

6

2009

2010

2011

2012

EBITDA

Subsidiaries & Operating Businesses

$1.1

$0.4

$0.5

$0.2

2009

2010

2011

2012

Ticker: IVFH

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MicroCapClub Invitational: Innovative Food Holdings (IVFH)

  • 2. + 2 Forward Looking Statements This document contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the "Company") that are based on the current beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this presentation. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” or “expect.” All Financial and numerical information described in this presentation are approximations. The Company does not intend to update these forward-looking statements. Ticker: IVFH
  • 3. + Specialty Foods Market Opportunity Specialty Food (including natural, organic, and health foods) - $85 billion market1  Retail consumer market: +20% growth 2011-13  Specialty foodservice market: +20% growth 2011-13  Specialty foodservice market size: over $19 billion in 2013  Expected to grow 10% or more in 2014  Highly fragmented and highly segmented  Currently: little consolidation of “mom and pop” suppliers All Sources – 1. Mitel Ticker: IVFH 3
  • 4. + Broadline Foodservice Distributors  Broadliners distributes a full line of standard food products and a wide variety of non-food products to their customers.  Full line of standard products: Heinz ® ketchup, potatoes, Tyson® chicken nuggets etc.  High inventory turn products  Limited capability to serve higher end establishments  Less specialized product expertise  Limited line of specialty and niche products  Not ideally suited to offer small batch products from small artisanal companies  Broadliners face perception and scale challenges related to high end specialty foods Ticker: IVFH 4
  • 5. + Specialty Foodservice vs. Broadline Foodservice Bottom Line: A typical broadline distributor is not able to offer a specialty foodservice program with the high quality products, high quality customer service, dedicated chef expertise, proactive procurement and logistics required for a successful specialty program 5
  • 6. Innovative Food Holdings The Finest Specialty Food Revenues $18.6 Innovative Food Holdings, distributes origin-specific perishables, artisanal, direct from source, gluten free, health food and chef quality specialty food products. $11.5 $9.8 $7.5 Products are marketed via national partnerships and through In-House customer relationships. In Millions + 6 2009 2010 2011 2012 EBITDA Subsidiaries & Operating Businesses $1.1 $0.4 $0.5 $0.2 2009 2010 2011 2012 Ticker: IVFH
  • 7. 7 Innovative Food Holdings Over 7,000 products Sourcing and product testing Product shipped from boat, farm, dock or warehouse Superior proactive logistics and Chef provided customer service Chef to Chef ordering, menu planning and customer service One stop shop unique specialty food for chefs Product ordering and processing Delivering to over 30,000 chefs Product delivered directly to Chef Ticker: IVFH
  • 9. + 9 The IVFH Experience IVFH Creates Simplicity, Efficiency Calls Mainline Distributor Doesn’t carry Calls Local Distributor 3-day old available Calls Local Distributor Not available Calls Regional Distributor Can ship Not fresh Shipment delayed Chicago-area Chef Order: 10 LB Live New England Lobster 25 LB Ahi Tuna 1 LB hand cut Emmentaler Cheese 24 Texas Cross Quail 1 Molecular Gastronomy Kit 1 box cheesecake Pops The IVFH Experience EDI-Calls Fresh and on-time + 2,500 packages out for delivery to chefs in a single day Shipped direct from source when possible World-class logistics Proactive monitoring of any issues Chef-to-Chef customer service Ticker: IVFH
  • 10. + 10 IVFH VS. Competition Comparison Overview IVFH Competition One Stop Shop for high end specialty food products NA Highest level of freshness: direct from Source products NA Chef to Chef Customer Service Quick, low cost nationwide new product & private label launches True next day delivery : Chef Needs- Chef Gets Small Batch unique Artisanal products Farm to Table Chef Source Service- Source any product in the world for direct delivery to chef NA NA NA NA NA NA Ticker: IVFH
  • 11. + 11 Organic Sales Growth A Detailed Snapshot  Expand:      Existing partnership sales In-house direct to chef driven sales: Warehouse bulk business – market opportunity to expand role as niche artisanal and specialty food wholesale distributor E-commerce business: prudent-low CAPEX approach Partnerships Add additional national partnerships  Nationwide private label partnership opportunities: margin and sales opportunity  E-Commerce B2B & B2C Proprietary product opportunities: margin and sales opportunity  Warehouse Business In-House Sales Expand foodservice relationship business: margin opportunity Ticker: IVFH
  • 12. + Top U.S. Foodservice Broadline Distributors 12 Broadline Market Share Sysco, $35.8 Announced agreement to combine on 12/9/13 All Others,- broadline distributors $89.5 – highly fragmentedactive consolidation continues Broadliners seek to enter into faster growing specialty foodservice market USFS, $18.8 PFG, $10.3 Gordon, $7.2 Costco, $6.2 Ben E. Keith, $2.1 Shamrock, $1.7 Sam's, $5.1 Rest. Depot/Jetro, $4.5 Maines, $3.0 Svcs. Group, $2.6 Reinhart, $4.2 Sysco revenue: FY 2013 10K; US Food, PFG and GFS revenues from 2013 Forbes list of private companies; Jetro revenue (2010 estimate) from Hale Group/IFMA’S Foodservice 2020 Strategic Issues Series Ticker: IVFH
  • 13. + Strategic M&A 13 M&A Growth Opportunities Specialty food distribution remains highly fragmented  High quality acquisition opportunities at below $15 million – as major buyers focus on larger opportunities Financial strength to execute acquisition strategy   ~ $1.4M cash at end of Q3, more at year end 2013 + $1.35M bank line Additional highly flexible bank lending support for synergistic acquisitions Target small specialty distributors  < than $10M annual sales; positive EBITDA, local and regional specialty operators Selected specialty food E-commerce opportunities Heavily venture capital backed , little profits - market ripe for opportunistic acquisitions Focus on GM opportunities/expansion  Successful acquisition/integration of Artisan Specialty Foods, Inc.  Geographical synergy: reduces shipping costs, delivery times and additional local program flexibility  GM improvements since Artisan acquisition/integration
  • 14. + Specialty Food Acquisition Landscape IVFH M&A Model  Hundreds of small “mom and pops”  Prudent acquisition multiple model: 2-3.5X EBITDA target  Operate as stand alone local distributor with staged IT integration  Instill financial discipline and financial reporting to operations  Build out select geographic footprint slowly- synergistic to overall business  Less competition for quality targets at lower end of market  Artisan Specialty integration complete Ticker: IVFH 14
  • 15. + 15 Online Specialty Foods Still in Early Stages…  Chefs starting to move towards online purchasing  10% < of consumers buy food online – still overwhelmingly in-store driven.*  Online grocery sales growth expected to increase**  Expect online specialty foods to grow faster than overall e-grocer market  Foodservice/Consumer specialty food - not yet disrupted via E-commerce  Amazon® and Amazon Fresh® likely to be major disrupter and create growth opportunities in the sector  Highly fragmented specialty E-commerce market  Heavily VC backed and hyped - but still little or no profits  Biggest operational challenge: food logistics, GM sustainability and ability to scale *Mitel **Boston Consulting group Ticker: IVFH
  • 16. The Specialty “Food Chain” - Current System Producer/Exporter + B r o k e r Importer Distributor Retailer Consumer Consumer Ticker: IVFH 16
  • 17. + 17 IVFH & E-commerce  Scale and infrastructure available for potential B2B and B2C Ecommerce sales growth  Partnership & white label models www.forthegourmet.com and partners including Amazon, < 5% of IVFH sales  Acquisition  Challenging costs of customer acquisition   Low cost, low spend approach and run as profitable business Incremental improvements in customer acquisition  Current perishable ship models add additional significant ship costs  Expand E-commerce offerings targeted to pro chef  Currently-For The Gourmet: home chef, consumer focused  Ticker: IVFH
  • 21. + 21 Nine Months YTD Financial Results Revenues EBITDA $17.1 $1.3 In Millions In Millions $12.7 9M 2012 9M 2013 $0.7 9M 2012 9M2013 Ticker: IVFH
  • 22. + 22 Balance Sheet Information  Strong financial profile  Cash at end of Q3 ~ $1.4 million.  $1.35 million bank credit/loan available.  Total: Cash availability – approx. : $2.7 million- additional capital available for acquisition targets with favorable lending profiles $1.2 million Artisan acquisition loan has been completely paid down  Total non-bank debt (P & I): Approx. $1.5 mil  Strong first tier commercial banking relationship – enhanced financial flexibility for future opportunities Ticker: IVFH
  • 23. + 23 Financial Ratios Comparative Analysis EBITDA Margins 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% *Approximation – 9 months 2013 Ticker: IVFH
  • 24. + 24 Financial Ratios Efficient Inventory Model Inventory Days 41.5 13.6 Year End 2012 Date : Source Company Filings Ticker: IVFH
  • 25. + 25 Financial Ratios Comparative Analysis Approximate Nine Month EBITDA Growth Rates 120% 100% 80% 60% 40% 20% 0% Ticker: IVFH 9 months 2013- source company filings * 12 MONTHS
  • 26. + 26 Key Financial Metrics Q3 2013  Q3 Sales: $6.0 million vs. $5.1 million (17% growth)  Q3 Adjusted EPS: $0.06 vs. $0.04 (54% growth)  Current Market Cap: Approx. $9.5 million  Q3 Cash EBITDA: $481,000 vs. $293,000 (64% growth)  9M cash EBITDA: 97% growth to $1.3 million vs. $656,000  9M operating income: 141.7% to $1.0 million vs. $433,000  9M adjusted EPS: 86% to $0.17 vs. $0.09  Strongly focused on minimizing future dilution with a goal to maximize shareholder value; ongoing activities and discussions in that regard Ticker: IVFH
  • 27. + 27 Investment Highlights $85 Billion specialty food market Low CAPEX Strong sales, EBITDA and cash flow Trend: Gourmeting of America Organic Growth: Partnerships and In-House Acquisition growth: distributors, E-commerce Ticker: IVFH
  • 28. + Thank You Innovative Food Holdings, Inc. Sam Klepfish Chief Executive Officer Phone: 239-449-3249 sklepfish@innovativefoodholdings.com @IVFHCompany Ticker: IVFH