-

1. MARKET AND M&A TRENDS & OUR ADDED-VALUE
IN THE FOOD & BEVERAGE SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
JANUARY 2024

2. 2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market and M&A trends in the F&B sector 03
III. About GEREJE Corporate Finance 24
II. Our expertise, added-value & methodology 11

3. MARKET AND M&A
TRENDS IN THE F&B
SECTOR
I

4. 4
P R I V A T E & C O N F I D E N T I A L
F&B MARKET AND KEY M&A TRENDS
Sources: Forward Fooding, The Beet, The Business Research Company, Innova Market Insights study, GCF research
Strategic investors remain the most active in the sector
▪ Strategic players made 80% of the transactions in 2023
Rapid development of sustainable ingredients companies
▪ Investments in alternative proteins reached nearly $15bn in 2023 of which
$12bn invested since 2020.
▪ Demand for plant-based and dairy-free products growing at a CAGR of 12% (vs.
7.5% for the F&B sector)
Growing interest for eco-friendly packaging:
▪ As France houses the second-largest packaged food market in Europe
Attractivity of French Food & Agriculture Tech
▪ Fundraising was up to €1.5bn in France in Q3 of 2023
▪ Funding for French AgriTech is ranked N1 & FoodTech is ranked N2 in Europe
5 839
7 526
8 638
11 980
-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
2020 2023 2025 2030
Global F&B industry market size (in $bn)
2020-2030

5. 5
P R I V A T E & C O N F I D E N T I A L
Attractivity of Plant-based or vegan “Grab-and Go”
options, resulting in +8% CAGR between 2020 and 2023
Sustainable & Biodegradable packaging trend, mirroring
the global consciousness
Since agriculture is responsible for up to 20% of the world's GHG emissions, developing and promoting sustainable
food solutions among consumers is crucial for limiting environmental adverse effects.
Rising public awareness of the health effects
▪ 49% of European consumers say protecting their health is the top priority
▪ Leading to positive growth perspectives for the plant-based food market.
FOCUS: SUSTAINABILITY IMPACT
Global plant-based food market size (in $bn)
2023-2030
52,5
77,8
123,4
161,9
160
140
120
100
80
60
40
20
0
2023 2025 2028 2030
Sources: Forward Fooding, The Beet, The Business Research Company, Innova Market Insights study, GCF research

6. 6
P R I V A T E & C O N F I D E N T I A L
FOCUS: AGRI-TECH
France: the European investment hub
▪ €3bn commited to the agriculture, F&B sector in the France 2030 government plan
▪ With 90% fertile land, France‘s agriculture industry presents ample opportunities
for digitisation to enhance efficiency and productivity.
Solving economic challenges
▪ High-Tech Solutions Ease Labor Shortages And Boost Efficiency
▪ By 2029, the number of people working in Agriculture is expected to drop by 6%.
Agri Tech companies' emergence to improve the food chain
with a positive environment impact
▪ World population is expected to reach 9.7bn people by 2050, the demand for food
is expected to increase by 70 %.
▪ Agri-Tech startups are at the forefront of developing solutions to meet this
growing demand
The French agricultural sector is undergoing a transformative phase, marked by the AgriTech innovations and
investments surge, as highlighted by the France 2030 plan.
20
27
36
43
0
5
10
15
20
25
30
35
40
45
50
2022 2025 2028 2030
Global Agri-Tech Market size (in $bn)
2022-2030
Sources: Forward Fooding, The Beet, The Business Research Company, Innova Market Insights study, GCF research

7. 7
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS [1/2]
Company Size
▪ The largest the company, the higher the multiple with key thresholds (10M revenue;
50M revenue; 100M revenue…)
Profitability
▪ EBITDA margin compared to peers may be the most important comparison criteria
when the companies’ sizes are similar
Market position
▪ A leading position within a local market improves a valuation multiple, on the other
hand, a mid-tier position will drive a lower valuation.
Within the same sector, valuation multiples vary according to the size, profitability, and market
positioning of the company

8. 8
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS [2/2]
TEV/EBITDA
Target
Buyers
Transaction
Value
€12m €17m £12m $62m £5.7m
Information
Tuscan Savini Tartufi (IT): an
Italian fine food producer
focussing on truffle culture
Grybai (LT):a producer
and seller of ready
meals
Meatless Farm (UK): a
plant-based meat
maker
Proxecar (Columbia):
a producer of raw materials
in food preparation.
Lees (UK):a manufacturer of
confectionery and meringues
Date Oct. 2023 July 2023 June 2023 May 2023 Jan.2023
Learn more here here here here here
9,2x
13,1x
7,5x
8,2x
6,3x

9. 9
P R I V A T E & C O N F I D E N T I A L Source Mergermarket, Fusacq, GCF Research, Click on the logo to access the website
RECENT TRANSACTIONS IN F&B
Date Buyers Target
Target
revenue
Information
Learn
More
Sep.
2023
€30m
Brasserie du Mont Blanc (FR): a French
brewery
here
July
2023
€64m
ASV Packaging (FR): a local leading
sustainable packaging designer and
manufacturer, mainly for F&B industry
here
June
2023
€45m
Dammann Freres (FR): a French tea
house/brand owned by Illy, the Italian
coffee group
here
Mar.
2023
€26m
Proper Cornish (UK): a Cornish pasty
maker since 1988
here
Mar.
2023
€25m
Algaia (FR): a producer of sustainable
algae-based ingredient
here

10. 10
P R I V A T E & C O N F I D E N T I A L
Date Buyers Target
Transaction
Value
Information
Learn
More
Aug..
2023
€40m
Enough (UK): a producer of mycoprotein of
mushrooms
here
Jun.
2023.
€30m
Uncommen (UK): a producer of cultured
“lab-grown”meat
here
Apr.
2023
€160m
Ynsect (FR): a major group in insect
ingredient production
here
Mar.
2023
€48m
Agdatahub (FR):
An intermediary platform for agricultural
data
here
Mar.
2023
€5m
3Bee (IT) provides a solution to monitor
and improve bees' health. One of the main
objectives of this fundraising to accelerate
the development of its solution in France
here
Source Mergermarket, Fusacq, GCF Research, MBA Capital Click on the logo to access the website
RECENT TRANSACTIONS IN AGRITECH

11. OUR EXPERTISE,
ADDED-VALUE AND
METHODOLOGY
II

12. 12
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
We have a solid track record in the F&B industry. We have a direct access to > 500
companies in this specific sector in Europe, Asia, and internationally
1. Our Expertise & Experience in the F&B sector
Our multicultural teams with our own offices in Europe (France (Paris – Lyon – Nantes),
Switzerland, Portugal, Germany & Austria) & ASEAN (Bangkok and Singapore)
2. Our International presence
Entrepreneurs close to Entrepreneurs = reactivity & adaptability
3. Our “entrepreneurial” culture
Privileged access to > 700 investors (Cap development funds, VC, debt funds, Family
Offices), with a specific interest in the F&B industry
4. Our Privileged access to Strategic & Financial Investors

13. 13
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
We prefer to act over the long term as partners alongside business leaders
5. Advisor & Partner
With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021 in
the Advisory Fusacq ranking – Corporate banking fundraising rankings in France
6. Our Track-Record
Our expertise in structuring complex operations : Earn-Out, Management Buy-Out, Owner
Buy-Out, Joint Venture…
7. Our Expertise in complex structuring
We work with no conflict of interests and ensure confidentiality & discretion
8. Our independence

14. 14
P R I V A T E & C O N F I D E N T I A L
Small Cap companies
~120 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Mid Cap companies
~300 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
● ● ●
OUR DIRECT ACCESS TO STRATEGIC PLAYERS

15. 15
P R I V A T E & C O N F I D E N T I A L
Financial Investors
~700 investors (PE, VC, CVC, Family Offices, etc.)
with a specific interest in the sector - listed in our
proprietary data base
OUR DIRECT ACCESS TO POTENTIAL INVESTORS
B VALUE
INVEST
Strategic investors
~100 strategic investors - listed in our proprietary
data base
● ● ●
FOOD
INVEST

16. 16
P R I V A T E & C O N F I D E N T I A L 16
Fabrice LOMBARDO
Founder & CEO of GEREJE Corporate Finance
Expertise at the international level, in Europe, Asia (especially ASEAN), Middle East & Africa, in
GEREJE’s 8 key sectors
Education:
BBA at Oxford Brookes Université, Grenoble Business School, Executive MBA at ESSEC, SFAF
Certified
Key Points:
● + 12 years in Business Dev. (multinationals) ● Creation of GEREJE: 2008 ● +100 deals closed
OUR EXPERTISE IN THE F&B SECTOR [1/2]
EXPERIENCE & EXPERTISE
➢ + 15 years in M&A consulting for SMID & Large Caps
➢ Buy-Side Mandate & Sell-Side Mandate
➢ Fundraisings (Equity / Debt)
➢ Valuation & Structuring
➢ Speaker & Lecturer at ESSEC Paris, EGE, EDC Paris BS
➢ Specific expertise in F&B
▪ Alain Milliat, DANONE, LACTALIS, Château d’Esclans,
KATRINA Group, etc.

17. 17
P R I V A T E & C O N F I D E N T I A L 17
OUR EXPERTISE IN THE F&B SECTOR [2/2]
Olivier JOB
Senior Advisor at GEREJE Corporate Finance, Lyon
Expertise in the luxury/F&B/tourism industry, in France and internationally
Key Points:
● + 30 years of experience in luxury industry
● + 15 partnerships created
● Founder of LUXURY.CX
EXPERIENCE & EXPERTISE
➢ Creation of partnerships in the F&B & Luxury industry
➢ Franchises, Licences, Transfer of companies’ know-how
➢ Fundraisings
➢ Business Development
➢ Event/Brand Management
➢ Marketing Strategy
➢ Consultant in F&B
▪ Wine & Business Club, Escoffier Ritz Paris, Le Cordon
Bleu, The Bubble Lounge Champagne, Sopexa, etc.

18. 18
P R I V A T E & C O N F I D E N T I A L
OUR TRACK RECORD IN THE F&B SECTOR

19. 19
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE clear & ambitious strategies for yourself & the potential
target: analyse value creation through cross-selling (integration
of a new activity, a new country, customer portfolio, etc.)
1
2
BE PROACTIVE to approach actionable targets with which
there is a cultural and business "Fit" to ensure value creation
3
TIME is the essence: giving rhythm by respecting the steps of a
structured M&A process
4
COMMUNICATION: take the time to explain each stage of the
process and take the time to ensure a possible deal before
moving to the closing (SPA)
1
2
3
4

20. 20
P R I V A T E & C O N F I D E N T I A L
OPTIMIZE the structuring (earn-out) which allows to align
the interests regarding valuation
5
THINK about the forward value by working on a joint business
model on which the seller could commit
6
ANTICIPATE tax and legal issues (shareholders' agreement)
7
ANTICIPATE the cultural differences (cross border)
8
BUY-SIDE BEST PRACTICES [2/2]

21. 21
P R I V A T E & C O N F I D E N T I A L
OUR BUY-SIDE METHODOLOGY
Option: Preparation of a "Long-List" of
potential targets in the targeted sector
and geographical area and ranking them
in order of interest and according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Meeting between GEREJE and the client
to select a short list of targets to be
approached in phase 2
Assist our client in the final Due
Diligence
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations with the target(s)
until closing.
Assist in the drafting & proof-reading of
final contracts.
Drafting & negotiation of a Letter of
Intent (LOI)
Management of client’s questions &
requests (Q&A)
Optimize the negotiations with the
target
Advise on the best structuring (equity /
debt / mix) in the interest of the
shareholders
Option : Preparation of a strategic and
financial note (detailed profile of the
target) for the client
Signing of the Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA).
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – 1 to 3 months
Market Screening & Preliminary
Approach
Phase 2 – 4 to 9 months
Maximization of Negotiations –
Signing of LOI
Phase 3 – 2 to 4 months
Final DD – Offer – Optimization of the
Closing

22. 22
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS
Phase 1 – 1 to 2 months
Preparation phase
Financial analysis (past results and
business plan)
Analysis of possible structuring schemes
(equity/debt/mix)
Set-up of an electronic dataroom
Blind Teaser online on our web
platform
In order to optimize the process, it is essential to prepare the project seriously, explain the use of the
funds and demonstrate the positive impact on turnover and margins
Phase 2 – 2 to 6 months
Selection, teasing and approach of
investors - Maximization of
negotiations
Identification of candidates (”long list”)
Checking of candidates’ seriousness, e-
NDA signing, transmission of
documents
Management and optimization of
negotiations with a ”short list” of
qualified candidates
Phase 3 – 1 to 2 months
Closing optimization
Optimize the discussions between all
involved parties, in particular, legal &
audit advisors of both parties
Supervision of financial audits (option)
Advise on strategy and tactics for final
negotiations
Prepare a Strategic & Financial Note for
investors
Negotiation and signature of the Letter
of Intent (LOI), including all the key
terms of the deal
Transition to phase 2 after mutual consent
Valuation report for business owner(s)
Approach of candidates with a 100%
digitalized process
Set-up of a calendar & deadlines
Advise on the different structuring
schemes (earn out) and final review of
the documents in a M&A point of view
Prepare the executive managers for the
negotiations with the investors in Phase 2

23. 23
P R I V A T E & C O N F I D E N T I A L
DIFFERENT TYPE OF INVESTORS
Strategic and financial investors have different investment criteria and objectives involving
different sales strategies and structuring scenarios themselves
• Strategic investors are often competitors, suppliers or customers of the target.
• Their objective is to identify companies whose products or services can be integrated in synergy with their
existing portfolio or gain market share, in order to create long-term value for their shareholders.
• The main driver of the acquisition is strategic (vs. rapid return on investment). These buyers may also be
unconnected to the target and seek to expand in its market to diversify their revenue sources.
Strategic
investors
• Financial investors/buyers include private equity firms, hedge funds, family offices ...
• These players make investments in companies and achieve a return on investment within 5-7 years with a
sale or IPO.
• Some Family Offices have an unlimited time horizon and can invest large sums of money to support the
growth of the business at all stages of its development.
Financial
investors
These buyers have fundamentally different objectives, so the way they will approach
the activities of the targets in an M&A process will differ considerably.

24. ABOUT GEREJE
CORPORATE FINANCE
III

25. 25
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as well
as our working philosophy.
THE “GEREJE” PHILOSOPHY

26. 26
P R I V A T E & C O N F I D E N T I A L
OUR WORLDWIDE REACH
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial advisory services,
composed of a multidisciplinary team based between Europe & Asia
Our Corporate Film
EUROPE
▪ Paris
▪ Lyon
▪ Geneva
▪ Nantes
▪ Vienna
▪ Lisbon
▪ Munich
▪ Zurich
ASIA
▪ Singapore
▪ Bangkok
EUROPE
MIDDLE
EAST
ASIE

27. 27
P R I V A T E & C O N F I D E N T I A L
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Hugo MONNET
M&A Vice President, Lyon
Fabrice LOMBARDO
Founder & CEO
Antoine ALEMANY
Partner, Lisbon
Laurent GOBINET
Partner, Nantes
Clarisse SUN
M&A Associate, Paris
Hugo NAOUR
M&A Analyst, Paris
Hannah DERENBACH
M&A Associate, Paris
Att ASAVANUND
Partner MFO, Bangkok
Nicolai PREUSSNER
Partner NP CF, Zurich
En partenariat En partenariat

28. 28
P R I V A T E & C O N F I D E N T I A L
Bertrand LAM
Senior advisor, Singapore
Servais MICOLOT
Senior Advisor, Geneva
François LAURENT
Senior Advisor, Paris / HK
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
Jeff CZELUSTA
M&A Director, Munich
Olivier JOB
Senior Advisor, Lyon
SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES

29. 29
P R I V A T E & C O N F I D E N T I A L
OUR SYNERGETIC SERVICES OFFERING
The quality of our services relies in
our 100% in-house team enabling us
to manage the entire transaction
process, thereby ensuring efficiency,
confidentiality and tangible results
• Buy mandate / Acquisition / Joint-Ventures: Optimising
external cross-border expansion strategies
• Partial or Total Sell mandate: Managing and Optimising a
sell process, leveraging on our structuring experience,
valuation expertise & international network to maximize
the transaction price. Leveraging on every structuring &
financials tools to align the interests of all parties
In order to optimize the process, it is essential to prepare the
project seriously, explain the use of the funds and demonstrate
the positive impact on turnover and margin
M&A : Buy-side & Sell-Side Growth Capital > 5 M€
Fundraising– Club Deal
• Identifying the growth axis (organic, external, digital
& ESG) and how to optimize the financing
• Obtaining Grants/Subsidies/Debt financing
• Opening new markets through sales contracts
(distribution, franchises, …)
Business Consulting –
Strategic & Financial advisory

30. 30
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized execution, enhanced
by a multidisciplinary team acting under one hat !
Execution
Excellence
Each assignment is managed by
one Team leader to optimize the process
We rely on our own proprietary
research
Our mandates are on an exclusivity basis
only, including fixed and success fee
Our mandates are tailor-made
We manage 100% of the Transaction
coordinating the process
We deliver regular reports to optimize
the momentum
Our digital platform allows us to have constant
access to all the necessary information

31. 31
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logo to access the website.

32. 32
P R I V A T E & C O N F I D E N T I A L
Strategic & financial partners Institutional partners
French national agency in charge of the
international development of companies, their
exports & foreign investments in France
(covering 110 countries)
Accompany / advice to small & large cap
companies in their growth options
(collaborative, organic, external)
Accompany / advice on "capitalist"
strategy
Accompany / advice on international
development
360° early stage financing
Accounting : audit, consulting and social
Community of +13,000 presidents, directors and
members of the Comex around the resolution of
strategic issues of SMEs & SMIs
Accompany companies in their development
in Austria (contacts, taxes, establishment...)
Chamber of Commerce and Industry: supporting
the development of French companies and
businesses
OUR STRONG NETWORK OF PARTNERS
The synergies with our partners allow us to accompany our clients and create value.

33. 33
P R I V A T E & C O N F I D E N T I A L
TESTIMONIES
In this complicated economic
environment, the support and
involvement of the GEREJE teams
were key to the success of the
project.
Mr. François-
Denis POITRINAL
Founder & CEO
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
In this complicated economic context,
the support and involvement of the
GEREJE teams were key elements in
the success of the operation
Mr. Guillaume
RAGUET
CEO
*click on a logo to access the website
GEREJE's efficiency and discipline,
as well as the fluidity of our
exchanges, have been essential to
the successful financing of the
LAPSA group's R&D projects!
Mme. Maroua BEN
MARZOUK
Chargée d’affaires
Entreprises

34. 34
P R I V A T E & C O N F I D E N T I A L
BIBLIOGRAPHY
Articles
Surveys
Investing in alternative Protein
DigitalFoodLab gives us a taste of the future of foodtech
Circana’s 2024 Food and Beverage Outlook Predicts Modest Volume Growth Following Three-Year Decline
FMCG Food Industry Trends
Revolutionizing the Fields: France‘s AgTech Surge in their 2030 Vision
Food packaging market: a growing industry driven by convience and sustainability
Green packaging material – understanding the dynamics and latest trends
Value of the plant-based foor market worldwide from 2020 to 2030
Promising leaders and major evolutions in the French FoodTech, Business France
WTW - Global Food & Beverage Survey Report
TriStar - Food and Beverage Industry Overview
Comment nourrit-on le monde aujourd'hui?
KPMG - Covid-19 : Food & Beverage Sector Dynamics
Deloitte - Impact on food & beverage consumer products companies
Dealroom - The State of European Food Tech 2021

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This presentation is based on publicly available information and/or data provided by GCF’s client which have not been independently verified by GCF. Any estimates and projections contained herein
involve significant elements of subjective judgment and analysis, which may or may not be correct. Neither GCF nor any of its affiliates, or any of its direct or indirect shareholders, or any of its or their
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completeness of the information and data contained herein or assumes any obligation for damages, losses or costs (including, without limitation, any direct or consequential losses) resulting from any
errors or omissions in this presentation.
This presentation was prepared by GCF (GEREJE Corporate Finance) exclusively in the framework of an agreement for the benefit of its clients in connection with the possible Transaction. GCF has duly
and professionally challenged all information & data provided by our clients, including past & existing figures, assumptions of the Business Plan as well as the professionalism of the management team/
shareholders.
The economic valuations and proposed deal structuring contained in this presentation are fair and based on current market practices, which may change significantly over a short period of time.
Changes and events occurring after the date hereof may, therefore, affect the validity of the information contained in this presentation and GCF assumes no obligation to update and/or revise this
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GEREJE Advisory Asia Pte Ltd (Singapore) is MAS (Monetary Authority of Singapore) Exempt Corporate Finance Advisor
© Copyright 2024 GEREJE Corporate Finance. All rights reserved

36. More information at:
www.gerejecorpfinance.com