Consumer Monthly August 2015

Transcription

Consumer Monthly August 2015
Consumer Monthly
August 2015
Column M: 0.58 (7 pixels)
15.86 (116 pixels)
Consumer Headline Transactions
16.00 (117 pixels)
20.42 (148 pixels)
65.71 (465 pixels)
Target
Acquiror
Acquisition Synopsis
Gift & Home Décor
15.86 (116 pixels)
• Jarden Corporation (NYSE:JAH), a diversified consumer products company, acquired WNA, Inc. for
16.00 (117 pixels)
20.42 (148 pixels)
Target
Acquiror
$1.4 billion
Column M: 0.58 (7 pixels)
• WNA, Inc. is a provider of plastic disposable drinkware, dinnerware, servingware, cutlery and
65.71 (465 pixels)
custom packaging products
Acquisition Synopsis
Food & Beverage
Gift & Home Décor
Jarden Corporation
a diversified
consumer
acquired
Inc. for
• Constellation
Brands(NYSE:JAH),
Inc. (NYSE:STZ),
a marketer
of beer,products
wine andcompany,
spirits, acquired
theWNA,
Meiomi
$1.4 billion
wine
brand for $315 million
WNA,
Inc. is brand
a provider
of plasticofdisposable
drinkware,
dinnerware,
cutlery
and
• The
Meiomi
is comprised
high-growth,
luxury Pinot
Noir andservingware,
Chardonnay wine
brands
custom packaging products
Apparel &
Food & Beverage
Accessories
• Marquee Brands LLC, a brand management firm sponsored by Neuberger Berman Private Equity,
acquired
the Ben
Sherman
brand for $63.6
millionof beer, wine and spirits, acquired the Meiomi
Constellation
Brands
Inc. (NYSE:STZ),
a marketer
Sherman
brand
is a British menswear brand which is best known for its uniquely
• The
wineBen
brand
for $315
million
designed
button-down
shirts
The Meiomi
brand is comprised
of high-growth, luxury Pinot Noir and Chardonnay wine brands
Recreational
Apparel &
Products
Accessories
• Vista Outdoor (NYSE:VSTO), a marketer of recreational products, acquired CamelBak Products for
• Marquee Brands LLC, a brand management firm sponsored by Neuberger Berman Private Equity,
$413 million, representing a 12.0x EV/EBITDA and 2.6x EV/Revenue multiple
acquired the Ben Sherman brand for $63.6 million
• CamelBak Products is a provider of hands-free hydration solutions for outdoor, recreation and
• The Ben Sherman brand is a British menswear brand which is best known for its uniquely
military use
designed button-down shirts
Personal Care
Recreational
• Walgreens Boots Alliance (Nasdaq: WBA), a pharmacy-led, health and wellbeing company,
Vista Outdoor
(NYSE:VSTO),
marketer
recreational
products,
• acquired
Liz Earle
Beauty Co.afrom
Avon of
Products
for $215
millionacquired CamelBak Products for
Products
$413
million,
representing
a 12.0x
EV/EBITDAand
andmarketer
2.6x EV/Revenue
multiple
Earle
Beauty
Co. is a UK based
manufacturer
of skincare,
bath and body, hair
• Liz
CamelBak
Products
is a provider
of hands-free hydration solutions for outdoor, recreation and
• care,
fragrance
and make
up products
military use
• Middleby (NasdaqGS:MIDD), a provider of foodservice equipment, agreed to acquire Aga
Walgreens Boots
Alliance
WBA),representing
a pharmacy-led,
health
and wellbeing
company,
• Rangemaster
(LSE:AGA)
for(Nasdaq:
$200 million,
a 0.5x
EV/Revenue
multiple
Home, Garden &
Personal
PetCare
acquired
Liz Earle Group
Beauty(LSE:AGA)
Co. from is
Avon
for $215 million
Rangemaster
a UKProducts
based manufacturer
of residential kitchen equipment
• Aga
Liz Earle Beauty
is a and
UK based
manufacturer and marketer of skincare, bath and body, hair
• including
ranges,Co.
ovens
refrigeration
Enterprise
Home, Garden
&
care, fragrance and make up products
Value / LTM Revenue
Enterprise Value / LTM EBITDA
• Middleby (NasdaqGS:MIDD), a provider of foodservice equipment, agreed to acquire Aga
Pet
4.0x
20.0x
(LSE:AGA)
Rangemaster
12.0
for $200 million, representing a 0.5x EV/Revenue multiple
including ranges, ovens and refrigeration
15.0x
3.0x
2.6x
2.4x
2.0x
1.7x
1.6x
1.3x
1.0x
EV / LTM EBITDA
EV / LTM Revenue
• Aga Rangemaster Group (LSE:AGA) is a UK based manufacturer of residential kitchen equipment
11.5x
10.0x
12.9x
11.7x
9.8x
0.0
LTM Revenue Growth
8.0%
3.4%
2.0%
3.1%
2.9%
20.0%
4.0%
20.0%
20.0%
1.4%
0.0%
10.0%
10.0%
2.0%
10.0%
-2.0%
(2.8%)
-4.0%
Gift & Home
Décor
Food &
Beverage
Apparel & Recreational Personal Care
Home,
Accessories
Products
Garden & Pet
Apparel & Recreational Personal Care
Home,
Accessories
Products
Garden & Pet
7.7%
38.4%
38.4%
38.4%
9.8%
9.8%
10.2%
48.1%
48.1%
48.0%
36.9%
36.9%
36.6%
15.7%
15.7%
16.2%
2.4%
5.8%
13.4%
13.4%
12.9%
8.0%
36.1%
36.1%
36.1%
12.1%
12.1%
12.1%
Beverage
Accessories
Products
50.0%
50.0%
50.0%
51.5%
35.5%
35.5%
35.5%
17.3%
17.3%
17.5%
0.8%
0.0%
0.0%
Gift & Home Décor
Apparel & Accessories
Personal Care
0.0%
0.0%
Gift & Home Décor
Apparel & Accessories
Personal Care
Gift Gift
& Home
Décor FoodApparel
& Accessories
Personal
& Home
&
Apparel
& Recreational
PersonalCare
Care
Décor
60.0%
60.0%
60.0%
53.3%
53.3%
14.7%
14.7%
2.9%
14.8%
40.0%
40.0%
40.0%
30.0%
30.0%
30.0%
20.0%
20.0%
20.0%
10.0%
10.0%
10.0%
LTM
EBITDA
Margin
LTM
EBITDA
Margin
LTM
EBITDA
Margin
6.2%
50.0%
50.0%
50.0%
8.0%
40.0%
40.0%
40.0%
6.0%
30.0%
30.0%
30.0%
Food &
Beverage
LTM Gross & EBITDA Margins
60.0%
60.0%
10.0%
60.0%
10.0%
4.0%
Gift & Home
Décor
Apparel & Recreational Personal Care
Home,
Accessories
Products
Garden & Pet
LTM Revenue Growth
Food &
Beverage
LTM
Gross
Margin
LTM
Gross
Margin
LTM
Gross
Margin
Gift & Home
Décor
LTM Revenue Growth
12.8x
5.0x
0.9x
0.0
6.0%
14.1x
0.0%
0.0%
0.0%
Home,
Garden & Pet
Note: EBITDA Margins in red
LTM Stock Price Index
Share Price Index
140%
126% Gift & Home Décor
130%
122% Recreational Products
120%
114% Food & Beverage
110%
110% Home, Garden & Pet
100%
109% S&P 500
108% Personal Care
90%
80%
Aug-14
105% Apparel & Accessories
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15 Mar-15
Apr-15
May-15
Jun-15
Jul-15
Selected Consumer Transactions
Gift & Home Décor
Target
Acquiror
Wayfair Australia Pty Ltd. Temple & Webster Pty
Ltd.
Food & Beverage
Target
Acquiror
Temple & Webster, an Australian online furniture and
Spartan Foods Of
B&G Foods Inc.
B&G, a provider of food and household products,
homeware merchant, acquired the Australian arm of
America, Inc.
(NYSE:BGS)
acquired Spartan Foods, a provider of branded pizza
Transaction Description
Transaction Description
crusts,
Wayfair, an online décor and home furnishing retailer
for
$50.0
million,
representing
a
6.7x
EV/EBITDA multiple
Artissimo Designs Inc.
Seabrook Crisps Ltd.
LDC (Managers) Ltd.
Excelsior Capital, a private equity firm, acquired
Artissimo Designs, a designer and manufacturer of wall
Crisps, a UK based provider of potato crisps, for $54.6
décor products sold through retail channels
million, representing a 1.2x EV/Revenue multiple
Apparel & Accessories
Target
Acquiror
Backcountry.com, LLC
TSG Consumer Partners
Transaction Description
TSG Consumer Partners, a private equity firm, acquired
Recreational Products
Target
Acquiror
Jimmy Styks, LLC
Vista Outdoor Inc.
Vista Outdoor, a marketer of recreational products,
(NYSE:VSTO)
acquired Jimmy Styks, a provider of paddle boards, for
Backcountry.com, an online specialty retailer of outdoor
Transaction Description
$40 million, representing a 5.5x EV/EBITDA multiple
gear and apparel
Maier Sports GmbH &
Findos Investor
Co. KG
Findos Investor, a German private equity firm, acquired
SCIFIT Systems, Inc.
Maier Sports, a German manufacturer of clothing for
Brunswick Corporation
Brunswick Corporation, a marketer of recreational
(NYSE:BC)
products, acquired SCIFIT Systems, a provider of fitness
equipment
outdoor sports and skiing
Personal Care
Target
Acquiror
Murad, Inc.
Unilever United States,
Unilever, a provider of food, home and personal care
Inc.
products, agreed to acquire Murad, a provider of
Transaction Description
Home, Garden & Pet
Target
Acquiror
Merrick Pet Care, Inc.
Nestlé Purina PetCare
Nestlé Purina, a supplier of nutrition, health, and food
Company
products for cats and dogs, agreed to acquire Merrick
skincare products and dietary supplements
Advanced Beauty
LDC, a UK based private equity firm, acquired Seabrook
Excelsior Capital
Partners
PDC Brands
Systems, Inc.
PDC Brands, a supplier of fragrances, body lotions, body
Pet Care, a producer of pet food products
Lantmännen Doggy AB
NDX Group
NDX,
a
Lithuanian
investment
firm,
acquired
washes and beauty products, acquired Advanced
Lantmännen Doggy, a Swedish producer of cat and dog
Beauty, a provider of health and beauty products
food
Selected TM Capital Consumer Experience
New York
641 Lexington Avenue
30th Floor
New York, NY 10022
Tel: 212.809.1360
Transaction Description
Boston
201 Washington Street
32nd Floor
Boston, MA 02108
Tel: 617.259.2200
TM Capital’s Consumer Industry Contacts
James S. Grien
Craig M. Gibson
Philip S. Krieger
Managing Director
jgrien@tmcapital.com
404-995-6235
Managing Director
cgibson@tmcapital.com
617-259-2204
Vice President
pkrieger@tmcapital.com
404-995-6242
Atlanta
3575 Piedmont Rd NE
Suite 1010
Atlanta, GA 30305
Tel: 404.995.6230
www.tmcapital.com

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