Food & Beverage Industry Q4/2014 Review Contents: North American M&A and Financing Trends Featured Transactions Bill Farrell Managing Director 416‐619‐9119 [email protected] Key Industry Trends Valuation & Operating Metrics Hugh Notman Managing Director 604‐689‐2495 [email protected] Boris Tsimerinov Vice President 416‐619‐9125 [email protected] March 2015 North American M&A and Financing Trends Q4/14 North American F&B Deal Volume by Segment(2) North American M&A Highlights – Food and beverage (“F&B”) deal activity decreased by 1% in Q4/14 compared to the previous quarter and 4% year over year. Retail & Distribution 33% • 107 majority stake transactions were announced in Q4/14 compared to 108 in Q3/14 and 111 in Q4/13. Dairy 3% Beverages 14% • Disclosed average deal size dropped to US$46M in Q4/14, a decrease of 36% compared to the previous quarter. This can be attributed to the abnormally high volume (70%) of deals valued below US$50M. Meat & Seafood • Five of the seven F&B segments saw a decrease in deal Processing volume compared to the previous quarter. Bread, Bakery & 6% Snack Foods decreased the most by 29% followed by Beverages at 21%, Packaged Foods at 17%, Meat & Seafood Agricultural Processing at 13% and Agricultural at 6%. The only 14% segment to increase was Retail & Distribution at 31% while Dairy remained unchanged. 107 Bread, Bakery & Snack Foods 11% Packaged Foods 19% Current North American Debt Terms – There were 10 Canadian‐based F&B transactions in Q4/14 which is slightly below the 2014 quarterly average of 13. – Lenders continue to aggressively deploy capital into high quality deals. Outside of the quality of the borrower, lenders differentiate deals by size, relationship & sponsored vs. standalone transactions. • Incumbent lenders will often significantly improve their pricing and terms in competitive refinancing situations. – There were nine Private Equity (“PE”) transactions relating to the F&B Industry along with seven additional non PE financial transactions reported in Q4/14. – Total F&B transactions for 2014 (428) increased by 15% compared to 2013 (371). – Large mid‐market deals can receive up to 4.25x (senior) / 6.00x (total) Debt / EBITDA; “typical” mid‐market financings are up to 3.00x‐3.75x senior / 4.25x‐4.75x total Debt / EBITDA range. Senior debt is now up to 50%‐65% of the capital structure. • Senior pricing is at Bankers’ Acceptance (0.9% on 13/03/15) + 1.50%‐3.50% at moderate to high leverage. Mezzanine pricing is at 12%‐17% total rate of return. • Conventional senior debt will have a 3‐7 year amortization with a 3‐5 year term. Mezzanine debt is normally a “bullet” with a 3‐5 year term. – Canadian buyout and PE transactions across all industries hit record levels in 2014. Control‐stake acquisitions, growth‐ related and other PE deals (announced and completed) totaled 410, a 23% increase over 2013. The value of disclosed transactions (announced and completed) totaled CAD$32.2B in 2014, more than tripling the CAD$10.3B reported in 2013. Thirteen large‐cap deals sized CAD$500M or more captured 75% of all disclosed disbursements, CAD$100M to CAD$500M took 15% and deals less than CAD$100M took the rest.(1) Sources: (1) Canadian Venture Capital & Private Equity Association, Thomson Reuters North American F&B Announced Deal Volume (3) North American F&B Average Deal Size (US$M) (2) $75 120 103 100 $60 83 80 $45 $53 $57 $15 40 $46 $43 104 18 8 90 93 96 Q3/13 Q4/13 Q1/14 13 109 108 107 11 15 16 98 93 91 Q2/14 Q3/14 Q4/14 9 60 $72 $61 $30 111 $28 74 20 $0 0 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q2/13 (2) Average transaction value for all deals with Strategic disclosed values under US$500M CCC’s food and beverage specialists can help to add value to your business. Please contact Bill Farrell or Boris Tsimerinov or visit our website at www.cccinvestmentbanking.com. Financial (3) Majority stake transactions 2 Q4/14 Featured Transactions Featured North American Transactions Packaged Foods Meat & Seafood Processing (cont’d) – New Jersey‐based Pinnacle Foods Inc. (NYSE:PF), a manufacturer of branded convenience food products in North America, acquired B.C.–based Garden Protein International, Inc. from TSG Consumer Partners for CAD$175M on November 15, 2014. Garden Protein is an innovator in the fast growing plant‐based protein segment, with a variety of frozen products that serve as alternatives for traditional animal‐based protein formats. – Nebraska‐based Standard Nutrition Company, a marketer of feed products and additives, agreed to acquire a Manitoba Feed Mill from Cargill Limited on November 13, 2014. – Massachusetts‐based Dianne’s Fine Desserts, Inc. acquired Virginia‐based Daystar Deserts LLC on December 31, 2014. – Japanese‐based tea leaf and beverage manufacturer Ito En, Ltd. (TSE:2593) has agreed to acquire Washington‐based coffee roaster and importer Distant Lands Trading Co. for approximately US$83M on December 25, 2014. – Olive oil producer California Olive Ranch Inc. acquired Miami‐ based Italian gourmet food manufacturer Lucini Italia Company LLC from Molinos USA, Corp. on December 25, 2014. – Vermont‐based specialty coffee and beverage producer Keurig Green Mountain, Inc. (NasdaqGS:GMCR) acquired Laughing Man Coffee and Tea Brand of New York‐based Laughing Man Worldwide, LLC on December 4, 2014. – U.K.‐based Unilver PLC (LSE:ULVR) acquired Dallas‐based Talenti Gelato e Sorbetto on December 2, 2014. Talenti reported revenue of US$72.5M in 2013. – Georgia‐based Golden Peanut and Tree Nuts, a subsidiary of Archer‐Daniels‐Midland Company (NYSE:ADM), acquired Georgia‐ based Harrell Nut Company for US$89M on October 31, 2014. In a related transaction, Golden Peanut also acquired a processing plant located in Oklahoma from Texoma Peanut Company on November 4, 2014. – U.S. PE firm Snow Phipps Group, LLC acquired California‐based Teasdale Foods, Inc. from Palladium Equity Partners on October 28, 2014. Teasdale produces various shelf stable food products. – New Jersey‐based Flavors Holdings Inc., the parent of Mafco Worldwide Corporation, a manufacturer of licorice extract and related derivatives, acquired Chicago‐based Merisant Company, Inc. from Wayzata Investment Partners LLC on October 3, 2014. Merisant manufactures several of the world’s top tabletop sweeteners, including Equal, Canderel and Pure Via. – Mississauga‐based Erie Meat Products Limited acquired the assets of Brampton‐based European Quality Meats & Sausages for CAD$7.9M in October 2014. – Seattle‐based Trident Seafoods Corporation agreed to acquire the Western Alaska Fisheries processing plant in Kodiak from Westward Seafoods, Inc. on December 8, 2014. – Texas‐based meat processor John Soules Foods, Inc. acquired Georgia‐based Pro View Foods, LLC on November 17, 2014. Pro View Foods processes and produces poultry products. Beverages – Minnesota‐based Rahr Corporation, a producer and supplier of malt products, acquired Ontario‐based Gilbertson & Page (Canada) Inc. on October 1, 2014. Gilbertson & Page engages in producing and distributing brewing products to the Canadian and American markets. – Toronto‐based investment management holding company Oakwest Corporation Limited acquired Ontario‐based De Sousa Wine Cellars Corporation from Diamond Estates Wines & Spirits Inc. (TSXV:DWS) for CAD$1.8M on November 10, 2014. – Florida‐based Silver Springs Citrus, Inc., a subsidiary of Sapporo International Inc., agreed to acquire Ohio‐based juice producer Country Pure Foods, Inc. from Mistral Equity Partners LLC and Winthorpe Holdings, Inc. on December 23, 2014. – Missouri‐based alcoholic beverage producer Luxco, Inc. acquired a 50% stake in Kentucky‐based Limestone Branch Distillery, Inc. from the Beam family on December 2, 2014. – Mississauga‐based private‐label beverage producer Cott Corporation (TSX:BCB) acquired Atlanta‐based DSS Group, Inc. from Crestview Partners, L.P. and others for approximately US$1.25B on December 12, 2014. DSS Group is a direct‐to‐ consumer provider of bottled water, office coffee and water filtration services. The deal will enable Cott to expand beyond carbonated beverages and juices and open new distribution channels outside of large retail and supermarket stores. Dairy – Mississauga‐based dairy co‐operative Gay Lea Foods Co‐ operative Ltd. agreed to acquire Ontario‐based Hewitt’s Dairy Limited on October 15, 2014. Hewitt’s specializes in the processing of high quality milk, cream, yogurt, premium ice cream and a complete line of goat milk products. – Kansas‐based packaging developer KanPak LLC acquired New York‐based yogurt producer Emmi Penn Yan LLC from Emmi AG (SWX:EMMN) on December 19, 2014. – U.S. PE firm Advent International Corporation acquired a majority stake in Colorado‐based Noosa Yoghurt, LLC on November 21, 2014. Noosa produces flavoured yogurt. Meat & Seafood Processing – Toronto‐based ZF Max International, an importer and exporter of seafood in Canada and internationally, acquired Nova Scotia‐ based seafood manufacturer Capital Seafood International Inc., formerly known as H & H Fisheries Limited, on October 17, 2014. 3 Q4/14 Featured Transactions Featured North American Transactions Agricultural Food Retail & Distribution (cont’d) – California‐based S&W Seed Company (Nasdaq:SANW) acquired the alfalfa production and research facility assets as well as all conventional alfalfa germplasm from DuPont Pioneer for US$49M on December 19, 2014. – Singapore‐based agri‐business Olam International Limited (SGX:032) agreed to acquire the global cocoa business of Chicago‐ based Archer‐Daniels‐Midland Company for US$1.3B in cash on December 15, 2014. In a related transaction, Olam also agreed to acquire Georgia‐based McCleskey Mills, Inc. for an enterprise value of approximately US$180M on December 4, 2014. McCleskey is currently the third largest peanut sheller in the U.S. – Florida‐based agribusiness Alico, Inc. (NasdaqGS:ALCO) agreed to acquire citrus producer 734 Citrus Holdings, LLC, doing business as Silver Nip Citrus, from 734 Agriculture LLC for US$72M on December 2, 2014. In a related transaction, Alico also acquired certain citrus assets from Florida‐based Orange‐Co, LP for approximately US$270M on December 1, 2014. – Colorado‐based Farmland Partners Inc. (AMEX:FPI), a real estate company seeking primary row crop farmland, agreed to acquire eight farms in Colorado, Arkansas and Nebraska for approximately US$18M on November 17, 2014. In a related transaction, Farmland Partners also acquired seven row crop farms in South Carolina for US$27.5M on December 22, 2014. – Ohio‐based The Andersons, Inc. (NasdaqGS:ANDE), a diversified company rooted in agriculture, acquired Michigan‐based Auburn Bean & Grain Co., an owner and operator of grain elevators and agronomy centres for US$50.8M on October 7, 2014. – Australian‐based food franchisor and wholesale coffee roaster Retail Food Group Limited (ASX:RFG) acquired California‐based Gloria Jean’s Gourmet Coffee Corp. for approximately AUD$180M on December 3, 2014. Gloria Jean’s operates as a retailer of specialty coffees with 800 franchised outlets across 40 countries, including 450 in the U.S. – Chicago‐based agricultural processor and ingredient provider Archer Daniels Midland Company (NYSE:ADM) acquired North Dakota‐based Specialty Commodities Inc. from Goldner Hawn Johnson & Morrison for US$170M on November 18, 2014. Specialty Commodities distributes healthy ingredients including nuts, fruits, seeds, legumes and ancient grains. – California‐based food and drug retailer Safeway Inc. agreed on December 19, 2014 to sell eight stores in Montana and Wyoming to Idaho‐based Ridley’s Food Corporation and Missoula Fresh Market; four specific stores to Minyard Food Stores, Inc.; 12 stores in Texas to Associated Wholesale Grocers, Inc. and an unspecified amount of stores to Haggen, Inc., doing business as Top Food & Drugs. – Washington‐based grocery store operator Albertsons, LLC agreed on December 19, 2014 to sell two stores in Washington to SUPERVALU Inc. (NYSE:SVU); eight stores to Minyard Food Stores, Inc. and an unspecified amount of stores to Haggen, Inc. Bread, Bakery & Snack Foods – Mississauga‐based Hershey Canada Inc. acquired Mississauga‐ based The Allan Candy Company Limited from ReichmannHauer Capital Partners Inc. for CAD$28M in cash on December 4, 2014. The Allan Candy Company is a leading North American manufacturer of confectionery products. – Toronto‐based Canada Bread Company Ltd. agreed to acquire Quebec‐based Saputo Bakery Group, Inc. from Saputo Inc. (TSX:SAP) for CAD$120M on December 18, 2014. Saputo Bakery Group manufactures snack‐cake and bakery products, mainly under the “Vachon” brand and reported revenues of approximately CAD$139M during the fiscal year 2014. – California‐based nutritional bar manufacturer Nellson Nutraceutical, LLC agreed to acquire Montreal‐based Le Groupe Multibar Inc. on November 24, 2014. Multibar produces nutrition food and snack bars in North America. – Utah‐based Mrs. Fields Confections acquired Utah‐based Maxfield Candy Company on December 24, 2014. – U.S. PE firm Mill City Capital, L.P. acquired Colorado‐based Impact Confections, Inc. in November 2014. – U.S.‐based BBX Sweet Holdings, LLC, acquired California‐based The Toffee Box, LLC and Orlando‐based Anastasia Confections, Inc. in October 2014. Food Retail & Distribution – Quebec‐based convenience store operator Alimentation Couche‐ Tard Inc. (TSX:ATD.B) has agreed to acquire North Carolina‐based The Pantry, Inc. (NasdaqGS:PTRY) from SSgA Funds Management, Inc., Indus Capital Partners, LLC and others for a Total Enterprise Value (“TEV”) of US$1.7B in cash including debt assumed on December 15, 2014. The Pantry operates convenience stores in the southeastern United States and the deal will add more than 1,500 stores to Couche‐Tard’s North American network of 6,300 stores. The deal represents a TEV to Last Twelve Months (“LTM”) EBITDA of 7.8x and a TEV to LTM Revenue of 0.3x. – Ohio‐based retail grocery chain Fresh Encounter, Inc. agreed to acquire Ohio‐based supermarket operator Chief Super Market, Inc. on November 19, 2014. – Colorado‐based Natural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC) acquired Missouri‐based Nature’s Pantry, Inc. on December 7, 2014. Nature’s Pantry retails natural food products. – Illinois‐based discount grocery store operator ALDI Inc. agreed to acquire Bottom Dollar Food’s 66 store locations in Philadelphia and Pittsburgh for US$15M on November 5, 2014. 4 Beverage & Sweetener Trends Consumer Need/Interest in Specific Beverage Attributes (1) • The Beverage Industry conducted its annual New Product Development Outlook Survey. Respondents included various individuals across the beverage processing industry. • Results found that “high protein” and “natural” beverage attributes are most likely to be the latest trend in 2015. “High protein” surged all the way to No. 1 after being No. 10 in the previous year. • Organic witnessed the biggest decline with only 18% of respondents naming this attribute as a latest trend, compared to 27% in 2014. High Protein ‐11% 16% Natural 0% Healthy ‐4% Convenience 18% Organic ‐7% ‐9% Vitamin, mineral fortified Low need/interest ‐20% 22% 42% 22% 31% 29% 22% 42% 38% 18% 38% 20% ‐13% ‐40% 53% 29% ‐11% Low sugar 27% 31% ‐18% Low Calorie 38% 56% 22% ‐7% Probiotic/prebiotic 42% 44% 13% ‐2% Energy boosting 31% 56% 29% 0% 42% 20% 40% Moderate need/interest 18% 16% 16% 60% High need/interest 80% 100% This is the latest trend Top Beverage Flavours of 2014 and Forecasts for 2015 (1) Top Flavors Used in 2014 • Traditional flavours make up a large portion of beverage makers selections, but tropical and exotic flavours continue to close the gap. • Most beverage makers reported using on average 11.5 flavours in 2014. • New top‐selling flavors to reach the top 10 in 2014 include raspberry, coffee, black tea, orange and peach, knocking out apple, berry, fruit punch, lime and strawberry. • Approximately 70% of survey respondents indicated that they will incorporate natural flavors into their new products this year due to cleaner labels and the influence of consumer demand. Orange Vanilla Lemon Strawberry Peach Lime Chocolate Mango Berry Coffee Top‐Selling Flavors of 2014 49% 49% 47% 47% 44% 42% 42% 40% 38% 36% Chocolate Vanilla Mango Green Tea Raspberry Coffee Lemon Black Tea Orange Peach 29% 24% 22% 13% 13% 11% 11% 9% 9% 9% Anticipated Top‐ Selling Flavors for 2015 Chocolate Coffee Vanilla Orange Cinnamon Lemon Mango Strawberry Coconut Apple 29% 22% 20% 18% 18% 16% 16% 13% 13% 11% * Percent of respondents using, multiple responses allowed Sugar & Sweet Ingredient Sales in Canada (2) 52 Weeks Ending September 20, 2014 $Vol % Change Unit (000's) $(000's) SWEETNERS SUGAR HONEY PURE MAPLE SYRUPS SUGAR SUBSTITUTES TABLE SYRUPS MOLASSES FRUIT PECTIN & PRESERVATIVES HEAVY SYRUPS Sales of sugar are down 4% in dollars, but up 1% in volume A tale of two syrups: pure maple syrup is up 11%, but table syrup has fallen 5% 52 Weeks Ending September 20, 2013 Units Vol % Change $(000's) Unit (000's) 491,687.8 1.2% 122,182.6 1.3% 485,756.3 120,590.5 197,361.9 104,914.1 79,437.2 52,107.5 30,809.4 11,247.2 8,039.9 7,770.7 ‐4.2% 7.9% 11.3% 2.8% ‐5.3% ‐0.5% ‐3.5% ‐5.6% 71,512.8 15,314.4 9,395.2 7,705.7 10,087.3 3,094.7 3,110.0 1,962.4 1.2% 1.7% 13.2% 1.8% ‐4.3% ‐0.3% ‐4.6% ‐6.5% 206,069.7 97,188.8 71,399.1 50,702.3 32,532.1 11,300.1 8,331.5 8,232.7 70,661.3 15,053.8 8,296.5 7,569.7 10,544.3 3,105.2 3,261.6 2,098.1 • Consumers continue to rely on white table sugar to sweeten their food, but stats are beginning to show that many are vying for more natural options such as honey and pure maple syrups. • Natural sweeteners/substitutes continue to be in the exploratory phase but should continue to grow as many product manufacturers are still struggling to find the right balance to keep that natural sweet taste. Sources: (1) Beverage Industry ‐ BNP Media’s Market Research Division, 2014 Product Development Outlook Study (2) Nielsen National 5 Q4/14 Valuation and Operating Metric Trends Selected North American Public Companies Ticker Company Food Conglomerates Market NYSE:CAG ConAgra Foods, Inc. NYSE:GIS General Mills, Inc. NasdaqGS:MDLZ Mondelez International, Inc. Stock Price 31-Dec-14 52 Week High Low Total Enterprise Value (TEV) (US$) Total Debt Total Debt to LTM LTM EBITDA LTM Revenue EBITDA Margin EBITDA TEV / LTM TEV / LTM Revenue(1) EBITDA(1) (US$ millions) $36.28 $37.46 $28.09 53.33 55.64 46.70 36.33 39.54 31.83 $23,919 43,178 77,233 $8,479 $17,617 $2,336 10,535 17,642 3,229 16,781 34,244 5,030 13% 18% 15% 3.63x 3.26x 3.34x 1.36x 2.45x 2.26x 10.24x 13.37x 15.35x $75.66 $76.83 $55.81 53.68 54.63 35.68 26.86 26.86 17.54 64.21 64.98 35.13 85.88 88.09 72.27 $9,401 32,904 7,854 42,845 330,864 $2,769 $21,507 $1,112 11,963 34,495 2,235 1,142 10,099 686 11,536 106,480 4,883 55,830 483,792 35,696 5% 6% 7% 5% 7% 2.49x 5.35x 1.67x 2.36x 1.56x 0.45x 0.98x 0.78x 0.40x 0.68x 8.68x 15.15x 11.42x 8.77x 9.27x $13.01 $13.56 $11.31 6.92 8.16 5.75 74.52 77.93 50.90 94.56 100.70 77.01 42.22 45.00 36.89 $282 1,190 16,636 161,334 203,247 $81 609 3,187 28,897 41,745 $270 $30 2,043 176 4,146 798 66,683 12,416 45,998 12,500 11% 9% 19% 19% 27% 2.67x 3.46x 3.99x 2.33x 3.34x 1.04x 0.61x 4.01x 2.42x 4.42x 9.37x 7.03x 20.84x 12.99x 16.26x $23.78 $25.71 $13.68 52.00 53.91 37.92 84.84 87.20 58.28 11.88 14.01 7.67 $842 34,170 7,477 953 $330 5,690 1,827 151 $1,193 81,201 5,668 1,276 $67 3,755 794 70 6% 5% 14% 5% 4.94x 1.52x 2.30x 2.17x 0.73x 0.42x 1.32x 0.77x 13.05x 9.10x 9.42x 14.05x Flowers Foods, Inc. George Weston Limited J&J Snack Foods Corp. Kellogg Company Snyder's‐Lance, Inc. $19.19 $22.22 $17.46 86.65 89.80 64.89 108.77 112.74 84.30 65.44 69.50 55.69 30.55 31.25 24.67 $4,837 28,243 1,939 30,581 2,484 $817 12,698 0 7,712 452 $3,730 35,619 929 14,567 1,821 $426 2,526 143 3,755 192 11% 7% 15% 26% 11% 1.92x 5.03x 0.00x 2.05x 2.35x 1.30x 0.82x 2.09x 2.10x 1.36x 11.36x 11.50x 13.56x 8.14x 12.91x Cal‐Maine Foods, Inc. Dean Foods Company Saputo Inc. The WhiteWave Foods Company $39.03 $48.31 $24.45 19.38 19.66 12.62 30.15 30.34 20.68 34.99 38.64 21.92 $1,744 2,766 13,540 7,430 $56 917 1,719 1,517 $1,503 9,503 9,179 3,437 $234 196 956 392 16% 2% 10% 11% 0.24x 4.69x 1.80x 3.87x 1.16x 0.29x 1.48x 2.16x 7.44x 14.14x 14.16x 18.95x $10.24 $10.56 19.57 21.99 16.81 17.97 84.03 103.90 40.09 44.24 $799 929 1,954 1,800 24,068 $236 341 22 20 7,527 $384 1,035 4,082 2,775 39,636 $66 81 126 446 2,237 17% 8% 3% 16% 6% 3.58x 4.22x 0.17x 0.04x 3.36x 2.08x 0.93x 0.50x 0.65x 0.61x 12.11x 11.95x 16.13x 4.03x 10.76x Food Retailing Market TSX:EMP.A TSX:L TSX:MRU NYSE:KR NYSE:WMT Empire Company Limited Loblaw Companies Limited Metro Inc. The Kroger Co. Wal‐Mart Stores Inc. Beverages Market TSX:ADW.A TSX:BCB NYSE:TAP NYSE:PEP NYSE:KO Andrew Peller Limited Cott Corporation Molson Coors Brewing Company Pepsico, Inc. The Coca‐Cola Company Agricultural Food Market TSX:AGT NYSE:ADM NYSE:INGR TSX:SOY AGT Food and Ingredients Inc. Archer‐Daniels‐Midland Company Ingredion Incorporated SunOpta Inc. Bread, Bakery & Snack Foods Market NYSE:FLO TSX:WN NasdaqGS:JJSF NYSE:K NasdaqGS:LNCE Dairy Market NasdaqGS:CALM NYSE:DF TSX:SAP NYSE:WWAV Meat & Seafood Processing Market TSX:CLR TSX:HLF TSX:MFI NasdaqGS:SAFM NYSE:TSN Clearwater Seafoods Incorporated High Liner Foods Inc. Maple Leaf Foods Inc. Sanderson Farms, Inc. Tyson Foods, Inc. $5.96 16.49 13.03 70.36 33.03 Notes: As at December 31, 2014 (1) All trading multiples based upon trading currency Source: Capital IQ 6 CCC Investment Banking About CCC Investment Banking Established in 1975, CCC is Canada’s leading independent middle market investment bank. CCC has a specialization in the North American food and beverage industry. CCC provides advisory services in: Mergers & Acquisitions Management Buy‐outs Divestitures Financing Strategy and Placement Restructurings Strategic Reviews Valuations and Fairness Opinions CFI Network Contact Us – CCC is the exclusive Canadian member of Corporate Finance International (“CFI”), a global network of leading independent middle‐market investment banking firms with members or partners in North America, Western & Eastern Europe, Asia and South America – To find out how CCC can add value to your business, please contact one of our food and beverage specialists: Bill Farrell, Managing Director • 416‐619‐9119 • [email protected] – CCC leads CFI’s working group specializing in cross‐ border transactions with a focus on the food and beverage sector. Hugh Notman, Managing Director • 604‐689‐2495 • [email protected] Boris Tsimerinov, Vice President • 416‐619‐9125 • [email protected] We welcome your feedback. Let us know what you’d like to see in our next quarterly review. For more information on CCC, please visit: www.cccinvestmentbanking.com. This market overview is not an offer to sell or solicit an offer to buy any security. It is not intended to be directed to investors as a basis for making an investment decision. This market overview does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision. The information provided in this market overview was obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. It is not to be construed as legal, accounting, financial, or investment advice. Information, opinions, and estimates reflect CCC’s judgment as of the date of publication and are subject to change without notice. CCC undertakes no obligation to notify any recipient of this market overview of any such change. The charts and graphs used in this market overview have been compiled by CCC solely for illustrative purposes. 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