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1、HEALTH&WELLNESSREPORTExplore M&A Activity,Capital Market Conditions and Current Trends for the Health&Wellness Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.1H 2023HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.22
2、1.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS 1H23:WHAT TO KNOW TheThe freefree money/cheapmoney/cheap moneymoney daysdays areare inin thethe rearrear view,view,andand thatthat maymay bebe p
3、uttingputting moremore pressurepressure onon HealthHealth&WellnessWellness companiescompanies toto demonstratedemonstrate profitabilityprofitability andand value,value,notnot justjust potentialpotential.PandemicPandemic stimulusstimulus checkschecks areare over,over,andand interestinterest ratesrate
4、s toto borrowborrow areare risingrising.ShoppersShoppers lovedloved e e-commercecommerce untiluntil theythey didntdidnt.WereWere watchingwatching a a returnreturn toto brickbrick andand mortar,mortar,makingmaking omnichannelomnichannel thethe wordword ofof thethe dayday.If If itsits costingcosting m
5、oremore toto borrowborrow moneymoney (it(it is),is),privateprivate equityequity firmsfirms andand companiescompanies withwith bigbig stockpilesstockpiles ofof cashcash holdhold thethe upperupper handhand andand cancan setset thethe rulesrules.CashCash-readyready privateprivate equityequity is is ono
6、n thethe prowlprowl.HealthHealth andand WellnessWellness:AliveAlive andand WellWellIf ever a segment depended on consumer sentiment,discretionary spending,and trends,its Health&Wellness.The COVID-19 pandemic refocused consumers on whats going on in their bodies and staying healthy.The federal govern
7、ments reaction also pumped the U.S.economy with stimulus cash and provided financial relief to businesses.That stuff is over now.Instead of free money from Uncle Sam,consumers have seen prices at the store creep up with inflation and then the cost of borrowing including credit cards rise as the Fed
8、jacks up interest rates to fight that inflation.Consumers cant get a break,either deal with higher costs or higher credit card rates.1,2,3,4,5 Consumer trends also go beyond what they buy.It also includes how they buy it.The pandemic drove customers to online,home delivery,and contactless at-store p
9、ickups.But we have short memories,and not every learned behavior sticks.Consumers are showing they still like shopping in stores,and Health&Wellness products are no exception,as we see customers returning to brick and mortar.E-commerce isnt enough for brands that want to grow or maintain market shar
10、e.The new word is omnichannel.Meet the customers wherever they are,online or in store.6 Perhaps as a result of so much uncertainty,both in the economy and consumer sentiment,M&A activity in the consumer-focused Health and Wellness sector was a bit slow in 1H23.We may also be witnessing some crossed
11、signals over valuation between sellers and buyers.Financing or even restructuring debt is increasingly expensive,and we expect private equity,flush with dry powder,to lead the charge,as buyers recognize a growing interest in healthy,natural products.Gut health,nutrition as medicine,and transparency
12、appear to be todays magnets for investment.7,8,9PrivatePrivate EquityEquity:TheirTheir Money,Money,TheirTheir RulesRulesWith interest rates heading higher and banks watching their own backs,the private equity community,sitting on a mountain of cash after a strong fund-raising end to 2022,may hold th
13、e reins.As a result,sellers will be looking to play by todays rules.Nobody can predict the future,but well see in the2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consult
14、ing services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesHEALTH&WELLNESS CONTACTSCONTENTSThe info
15、rmation contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Scott MitchellScott MitchellManaging DirectorHealth&Wellness TSasha R
16、ogachevskySasha RogachevskyVice PresidentHealth&Wellness TIsaac HirschIsaac HirschAssociateHealth&Wellness T1H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and
17、 SIPC.1H 2023|VOL 11|ISSUE 1second half of the year what PE actually wants.9,10,11Adding to the uncertainty,were seeing geopolitical and financial instability and a consumer landscape thats been buffeted by the kind of change we can only hope well never see again in our lifetimes.We feel its only na
18、tural to expect PE investors to be looking for solid ground.Sure,the venture capital teams love a splashy idea,but the promise of endless growth is sometimes just smoke and mirrors.Looking at you,Theranos.PE teams,on the other hand,are careful.They expect a return on investment in a specified period
19、 of time.Got a good idea?Show me.Show me repeatable revenue,profitability,potential for continued straight line growth,left to right and up.Investors are also looking for resiliency and staying power.You made a fortune in 2020 selling N-95 masks?Not sure that has staying power today.We expect todays
20、 buyers in the ever-shifting consumer-driven Health&Wellness sector will also want to see a level of flexibility,a track record of adapting to changing tastes,and an understanding of whats next.Theres a reason PE investors have a lot of cash right now,theyre often the smartest guys in the room.Acqui
21、sitions cost money,not just the purchase and/or financing,but also the rebranding,the overhaul and integration of IT systems,and the severance of surplus management or closing of unneeded offices.Integration of an acquisition can run 7%-10%of the targets revenue and if the target isnt making money?W
22、ell,smart money doesnt chase losses.We saw what happened in the bubble of 1995-2000 when investors threw money at dreamers,never mind the P/E ratio,intrinsic value,and debt-to-equity ratio.Selling a dollar for 75 cents and hoping to make it up on volume is no recipe for success.Its no coincidence th
23、e bubble back then burst as the Fed raised interest rates.Sound familiar?We wont expect too many risky,pie-in-the-sky investments in the near future.Rather,were watching value-driven,profit-focused deals that bring real returns to the buyer.As we see it,for buyers that means exceptional due diligenc
24、e and sticking to a plan.For sellers,theyll want to show demonstrated,consistent profit and growth.12,13,14,15,16 WhereWhere youyou SellSell MattersMatters:TheThe ShiftingShifting MarketplaceMarketplaceSocial media marketing rules and consumer feelings over social media channels may have repercussio
25、ns for the e-commerce heavy Health&Wellness sector.When Gen Z starts to feel theres too much pressure to be perfect on social media,and when social media marketing isnt the Wild West anymore,companies will need to adapt.The Federal Trade Commission(FTC)today is looking at online ads the same way it
26、reviews traditional media advertising for truth,transparency,and clarity.Even social media“influencers”(think TikTok and Instagram)are under scrutiny.Advertising can get people in trouble.Testimonials and endorsements arent without consequences.Manipulating online reviews recently cost Nestles dieta
27、ry supplement company Bountiful a$600,000 fine.17,18 The big three in online advertising Apple,Google,and Meta(Facebook)have made,and continue to make,changes to how their platforms track users and employ that data to boost online advertising efficiencies.Its unclear what that will mean for products
28、 that depend on online ads and e-commerce,but we have to think it wont be great and will require adjustments.Google in 2024 is looking to disable third-party“cookies”those internet markers that make sure the pair of shoes you looked at once follow you around the web for the next six months.The Firef
29、ox browser is hunting down cookies as well.Narrowly targeting consumers on digital platforms is getting harder,and that means it will get a lot more expensive,especially for small,niche companies.This is not a small development,and savvy investors are watching how start-up companies react.19,20,21,2
30、2With people wearing masks,schools closed,and restaurants offering delivery only,the pandemic was a boom period for e-commerce.Stuck working from home,sitting in front of a computer,and eating takeout?Why not cruise the web for some nutritional supplements.But the pandemic is over.The feds even said
31、 so.Well be watching for how Health&Wellness brands continue their momentum as consumers return to brick and mortar shopping and how theyll continue to engage and retain younger,sometimes more skeptical,new customers.Were seeing that any growth in the sector is being driven by retail,in-person shopp
32、ing.And well be watching for brands that can stretch from e-commerce to omnichannel success.Markets change,successful companies adapt.23,24,25 31H 2023 1H 2023|VOL 11|Issue 11H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and S
33、ecurities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 1MixingMixing TheThe IngredientsIngredients:MergersMergers&AcquisitionsAcquisitions A couple of moves shook up the weight loss world,both involving household name:Jenny Craig.The 40-year-old,California-based
34、 company,held by private equity group H.I.G.Capital,filed for bankruptcy in May and announced it was closing its pricey meal delivery service and hundreds of weight loss centers around the country and the world.The company was reportedly$250 million in debt and facing challenges from competitors,inc
35、luding online competitors such as Noom and the new weight loss drug Ozempic.The pandemic pushed the company toward online coaching,but it was too little,too late.But wait,theres more to the story.A month later,Chapter 7 filing barely in the rearview,rival Wellful snapped the brands assets out of ban
36、kruptcy and said it will be reviving Jenny Craig as an e-commerce platform with delivered meals ordered online and online coaching.Wellful,which also owns Nutrisystem,acquired Jenny Craigs intellectual property,including the brand,for an undisclosed cost,estimated earlier by the bankruptcy court at
37、up to$10 million.26,27 In May,Franchise Group owner of health supplement,vitamin and health and beauty retailer Vitamin Shoppe announced plans to go from NASDAQ-traded to privately held in a$2.6 billion move by a consortium of investors led by Franchises CEO and senior leadership,which will stay on
38、to lead the newly-private company.Franchise Group,which also includes furniture outlets,has some 3,000 retail outlets,including Vitamin Shoppe,which also has a robust e-commerce platform as well as retail locations.28,29 Also in May,privately held Biofarma Group acquired New Jersey-based US Pharma L
39、ab in a highly structured,creative deal that involves Pharma Lab stakeholders funding part of the deal and remaining involved.Pharma Lab is a fast-growing nutraceutical Contract Development Manufacturing Organization(CDMO)focused on the development,manufacture,and distribution of nutraceuticals incl
40、uding probiotics,vitamins,minerals,supplements,and premium dietary ingredients.Biofarma said the move makes it the first global CDMO focused on nutraceuticals.The company will have production facilities in the U.S.as well as Europe and Asia.30 NothingNothing ArtificialArtificial AboutAbout ThisThis
41、(Marketing)(Marketing)IntelligenceIntelligenceWhile were watching a back-to-normal,back-to-basics approach show us the profitability,show us you can sell to anyone,anywhere were also watching a new wild card:Artificial Intelligence.AI.Its been hard to read or see or hear anything in 1H23 without not
42、icing AI and its rapid development.Bursting onto the scene in late 2022,AI has continued to grab headlines,and we cant help wonder how this will affect the sales of a consumer driven segment as personal as Health&Wellness products,from supplements to exercise programs and performance tracking.31,32
43、Generative AI is being called as important to marketing as social media or even the internet were when they hit the mainstream.Think about how products were marketed in 1990,then in 2005,and now today.Well be watching how Health and Wellness products adapt to changing times.Everything evolves.Do the
44、y even sell Flintstones Vitamins anymore(they do,but you were wondering there for a second).In this sector,youre either top of mind or bottom shelf.If the online bigs are changing the rules of marketing,generative AI may be the next step.Some are calling the impact of AI on marketing“seismic.”33,34
45、As for applications,think beyond nutritional suggestions and advertising to uses in fitness coaching,gym memberships,smart cardio equipment,wearables,sleep quality,even mental health.35,36,37 The Health&Wellness sector is a fickle partner.Weve come a long way from Jim Fixxs book“The Complete Book of
46、 Running”(he died at age 52,by the way).While were watching how organizations evolve from the e-commerce boom of the pandemic and show meat and potatoes fundamentals to investors,were keeping an eye on the future as well.Not every moonshot is a success.But not every moonshot is a bust either.Even if
47、 investors are focused on the bedrock of profitability and scalability,there may be value in innovation.Amazon started as a bookstore,today it pretty much runs the cloud.Just a few years ago,Peloton was a stationary bike for rich people,now its an app.How many times can we say,“didnt see that coming
48、.”38,39,40 41H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 15Source:PitchBook Financial Data and Analytics Note:This data repres
49、ents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.TRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY5 or more transactions3-4 transactions1-2 transactions0 or less transactionsTRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPEIf You Are a Busi
50、ness Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.Strategic62%Financial38%1H 2023|VOL 11|ISSUE 1DateT
51、argetBuyer(s)SegmentDateTargetBuyer(s)SegmentAmount($in Mil)Amount($in Mil)TEV/RevTEV/RevTEV/EBITDATEV/EBITDA6/23/2023Sapientia TechnologySuperlatusWest Coast10.00-6/5/2023Avrio HealthArcadia Consumer Healthcare,Bansk Group,Constitution Capital PartnersNortheast397.00-5/3/2023TactacamBertram Capital
52、 ManagementGreat Lakes350.003.18-4/28/2023BattlBoxBattlbrands HoldingsSoutheast7.170.38-4/27/2023Revela(Woburn)Fidelity Investments,First Light Capital Group,Franklin Templeton,IL Makiage,L CattertonNortheast76.00-4/11/2023Morphe&vest,Cerberus Capital Management,Jefferies Finance,Oaktree Specialty L
53、ending BDC,Oaktree Strategic Income BDCWest Coast33.000.06-HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 1FIRMSELECT SUBSIDIARY BRANDS6ACTIVE BUYERSS
54、ource:PitchBook Financial Data and Analytics Note:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.MOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMSELECT SUBSIDIARY BRANDS1H 2023|VOL
55、11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 1PUBLIC BASKET7HEALTH&FITNESSSegment Market Cap Performance Running 12 MonthsHEALTH&WELLNESS
56、SEGMENTS VS.S&P 500Source:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAPlanet FitnessPLNT5,730$67.44$(13.2%)(14.4
57、%)78.5%16.6%39.0%7.8x20.0 xNM6.7x16.4xMedifast(Maryland)MED1,003 92.16 (11.1%)(20.1%)48.8%(26.4%)12.7%0.6x4.6x7.2x0.8xNMWWWW529 6.72 63.1%74.1%67.1%0.0%(28.1%)1.9xNMNM1.9x13.2xF.I.T GroupFIT80 0.23 37.9%55.9%70.3%NM22.8%2.2x9.6x7.6xNMNMNautilusNLS39 1.22 (9.0%)(20.3%)46.9%1.1%(29.0%)0.2xNMNM0.2x(23.
58、0 x)Segment Average13.5%15.0%62.3%(2.2%)3.5%2.6x11.4x7.4x2.4x2.2xSegment Median(9.0%)(14.4%)67.1%0.6%12.7%1.9x9.6x7.4x1.4x13.2xMarket StatsOperating Stats LTM Multiples NTM Multiples HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Off
59、ered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 18PUBLIC BASKET(CONTINUED)LIFESTYLE COMPANIESACTIVEWEARNATURAL&ORGANIC FOODSSource:PitchBook Financial Data and AnalyticsOUTDOOR PRODUCTS1H 2023|VOL 11|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeY
60、TD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAGarminGRMN19,950$104.29$3.3%13.0%96.3%6.9%24.2%3.8x15.9x20.9x3.6x14.0 xVail ResortsMTN9,707 251.76 7.7%5.6%93.4%6.3%29.3%4.2x14.3xNM4.0 x12.7xPolaris(US)PII6,882 120.93 9.3%19.7%97.6%(1.8%)
61、12.7%1.0 x7.7x11.2x1.0 x7.6xBrunswick(US)BC6,127 86.64 5.7%20.2%93.0%2.5%17.3%1.2x7.0 x10.4x1.2x6.5xVista OutdoorVSTO1,604 27.67 (0.1%)13.5%84.9%(5.4%)6.6%0.9x13.2xNM0.9xNMGoProGPRO644 4.14 (17.7%)(16.9%)59.9%9.5%0.4%0.5xNMNM0.5x9.0 xClarus(Utah)CLAR340 9.14 (3.3%)16.6%31.2%0.0%(11.7%)1.1xNMNM1.1x8.
62、0 xSegment Average0.7%10.3%79.5%2.6%11.2%1.8x11.6x14.1x1.7x9.6xSegment Median3.3%13.5%93.0%2.5%12.7%1.1x13.2x11.2x1.1x8.5xMarket StatsOperating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/Re
63、vTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANikeNKE169,637$110.37 (10.0%)(5.7%)84.1%6.3%14.4%3.3x23.4x34.2x3.2x22.6xLululemon AthleticaLULU48,094 378.50 3.9%18.1%97.3%14.6%21.1%5.7x26.9xNM5.0 x18.7xDeckers BrandsDECK13,804 527.66 17.4%32.2%99.6%12.2%19.3%3.6x18.6x27.2x3.2x16.3xV.F.VFC7,421 19.0
64、9 (16.7%)(30.9%)39.3%1.9%4.0%1.3x31.4xNM1.2x10.9xUnder ArmourUA3,097 6.71 (21.3%)(24.8%)58.8%1.6%7.4%0.7x8.9x8.0 x0.7x9.4xFoot LockerFL2,546 27.11 (31.7%)(28.3%)57.4%(4.8%)7.1%0.6x8.8x10.3x0.7x9.5xWolverine World WideWWW1,167 14.69 (13.8%)34.4%61.0%(3.5%)(5.5%)0.9xNMNM0.9x8.0 xSegment Average(10.3%)
65、(0.7%)71.1%4.0%9.7%2.3x19.7x19.9x2.1x13.6xSegment Median(13.8%)(5.7%)61.0%1.9%7.4%1.3x21.0 x18.8x1.2x10.9xMarket StatsOperating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice
66、/EPSTEV/NTM RevenueTEV/NTM EBITDAUnited Natural FoodsUNFI1,146$19.55$(25.8%)(49.5%)40.5%2.5%2.0%0.1x7.5x9.1x0.1x8.2xThe Hain Celestial GroupHAIN1,119 12.51 (27.1%)(22.7%)49.1%2.7%(1.8%)1.1xNMNM1.1x11.0 xDel Monte(Singapore)D03281 0.14 (18.3%)(42.0%)52.9%4.1%18.7%1.1x5.8x6.9x1.1xNMSeneca FoodsSENEA25
67、1 32.68 (37.5%)(46.4%)47.5%NM6.7%0.5x7.3x7.8xNMNMSegment Average(27.2%)(40.1%)47.5%3.1%6.4%0.7x6.8x7.9x0.8x9.6xSegment Median(26.4%)(44.2%)48.3%2.7%4.3%0.8x7.3x7.8x1.1x9.6xMarket StatsOperating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of
68、 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDABrunswick(US)BC6,127$86.64$5.7%20.2%93.0%2.5%17.3%1.2x7.0 x10.4x1.2x6.5xVista OutdoorVSTO1,604 27.67 (0.1%)13.5%84.9%(5.4%)6.6%0.9x13.2xNM0.9xNMSturm,Ruger&CompanyRGR938 52.96 (7.8%)4.6%79.0%(2.2%)18.9
69、%1.4x7.4x13.0 x1.4xNMJohnson OutdoorsJOUT630 61.45 (2.5%)(7.1%)83.7%(0.8%)9.3%0.7x8.0 x14.1x0.7xNMEscaladeESCA183 13.35 (8.6%)31.1%84.3%(7.7%)7.9%0.9x12.0 x17.6x1.0 xNMSegment Average(2.7%)12.5%85.0%(2.7%)12.0%1.0 x9.5x13.8x1.1x6.5xSegment Median(2.5%)13.5%84.3%(2.2%)9.3%0.9x8.0 x13.6x1.0 x6.5xMarke
70、t StatsOperating Stats LTM Multiples NTM Multiples HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 19PUBLIC BASKET(CONTINUED)PERSONAL CAREVITAMINS,MINE
71、RALS&SUPPLEMENTSSource:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAUnileverULVR130,060$51.68$(0.4%)2.5%89.8%6.5%
72、21.2%2.5x11.7x16.4x2.3x12.0 xEste LauderEL70,189 196.38 (20.3%)(20.8%)69.0%9.6%14.7%4.7x32.1xNM4.3x22.3xULTA BeautyULTA23,436 470.60 (13.8%)0.3%84.5%7.4%17.9%2.4x13.1x19.1x2.2x13.0 xCotyCOTY10,481 12.29 1.9%43.6%97.2%9.6%18.9%2.8x15.0 xNM2.6x14.2xInter ParfumsIPAR4,329 135.23 (4.9%)40.1%83.9%17.6%21
73、.1%3.9x18.6x31.0 x3.3xNMNu Skin EnterprisesNUS1,657 33.20 (15.5%)(21.3%)70.2%(0.3%)6.0%0.9x15.2x21.8x0.9x7.6xSally Beauty HoldingsSBH1,328 12.35 (20.7%)(1.4%)67.0%0.8%10.5%0.8x7.5x8.5x0.8x6.2xUSANA Health SciencesUSNA1,217 63.04 0.2%18.5%82.3%(2.0%)12.3%0.9x7.7x18.6x1.0 x7.4xNatural Health TrendsNHT
74、C64 5.53 11.9%61.2%78.5%NM2.7%0.0 x0.8xNMNMNMLifevantageLFVN56 4.35 21.2%16.9%75.8%4.5%2.7%0.2x8.8xNM0.2x2.3xUnited-GuardianUG38 8.26 (12.1%)(20.8%)47.4%NM27.7%2.7x9.8x15.9xNMNMSegment Average(5.8%)20.2%80.5%5.5%12.8%1.7x11.1x19.8x1.8x9.7xSegment Median(4.9%)18.5%82.3%4.1%12.3%0.9x13.1x19.1x1.6x7.6x
75、Market StatsOperating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHerbalife NutritionHLF1,310$13.24$(17.8%)(11.0%)43.2%(2.7%)11.5%0.7x6.3x5
76、.2x0.7xNMMedifast(Maryland)MED1,003 92.16 (11.1%)(20.1%)48.8%(26.4%)12.7%0.6x4.6x7.2x0.8xNMNatures Sunshine ProductsNATR260 13.65 33.7%64.1%94.3%5.3%6.4%0.5x8.1xNM0.5x6.5xLifevantageLFVN56 4.35 21.2%16.9%75.8%4.5%2.7%0.2x8.8xNM0.2x2.3xMannatechMTEX22 12.01 (30.4%)(32.9%)42.9%NM1.5%0.1x6.1xNMNMNMSegm
77、ent Average(0.9%)3.4%61.0%(4.8%)7.0%0.4x6.8x6.2x0.6x4.4xSegment Median(11.1%)(11.0%)48.8%0.9%6.4%0.5x6.3x6.2x0.6x4.4xMarket StatsOperating Stats LTM Multiples NTM Multiples HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Throu
78、gh SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 147%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity10U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF D
79、ataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of May 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics2020202220212
80、023*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B5001,5002,5003,5004,5002022 Q22022 Q32022 Q42023 Q12023 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0 x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2020202120222023 YTD$10-25mm$25-50mm$50-100mm$100-25
81、0mmHEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS EXPERTISEHealth&Wellness has become a very active industry of late,but we have been
82、 involved in the space for several years.Our experience and drive have put us at the leading edge of information in the market,giving you an advantage when the time comes to buy,sell or seek investments to grow your business.Our Health&Wellness investment banking expertise includes the following ind
83、ustry segments:Health&Fitness Lifestyle Companies Activewear Natural&Organic Foods Outdoor Products Personal Care Vitamins,Minerals&Supplements 11SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGSELECT CONSUMER EXPERIENCESDR has completed numerous
84、transactions types throughout various industries,including:CONTACT USScott MitchellScott MitchellManaging DirectorHealth&Wellness TSasha RogachevskySasha RogachevskyVice PresidentHealth&Wellness TIsaac HirschIsaac HirschAssociateHealth&Wellness T1H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H
85、 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 112ADDITIONAL RESOURCES1.“How Effective Were Those Stimulus Checks?Some Argue The Money May Have Fueled Inflation,”CNBC,Lorie Konish,Ju
86、n.11,2022 https:/ 2.“Coronavirus Tax Relief for Businesses and Tax-Exempt Entities,”IRS.gov,accessed Jun.13,2023 https:/www.irs.gov/coronavirus/coronavirus-tax-relief-for-businesses-and-tax-exempt-entities 3.“Federal COVID Relief For Small Businesses Arrived Quickly,But With Risks To Loan Programs,”
87、GAO,U.S.Government Accountability Office,Aug.10,2021 https:/www.gao.gov/blog/federal-covid-relief-small-businesses-arrived-quickly%2C-risks-loan-programs 4.“2022 Has Been A Year Of Brutal Inflation,”The Economist,Dec.21,2022 https:/ 5.“Your Credit Card Debt Is Probably About To Get More Expensive He
88、res Why,”CNBC,Cheyenne DeVon,May 11,2023 https:/ 6.“NRF Forecasts 2023 Retail Sales To Grow Between 4%and 6%,”National Retail Foundation,Danielle Inman,Mar.29,2023 https:/ 7.“Global M&A Trends In Consumer Markets:2023 Mid-Year Update,”PwC,accessed Jun.13,2023 https:/ 8.“Health And Wellness:Mergers A
89、nd Acquisitions In 2023,”Nutritional Outlook,Joy Choquette,Feb.3,2023 https:/ 9.“VCs Explain Why The Health And Wellness Landscape Could See More M&A Activity In 2023,”Fast Company,Jessica Bursztynsky,Mar.5,2023 https:/ 10.“M&A Is Expected To Pick Up In 2023 As Companies Adapt To Tougher Conditions,
90、”Wall Street Journal,Kristin Broughton,Jan.5,2023 https:/ 11.“McKinsey Global Private Markets Review:Private Markets Turn Down The Volume,”Mar.21,2023 https:/ 12.“Acquisition Criteria:What Every Private Equity Firm Is Looking For,”Quantive,Emily Caldwell,Feb.24,2023 https:/ Rise And Fall Of Elizabet
91、h Holmes,The Former Theranos CEO Whose Prison Term Has Been Shortened By 2 Years,”Business Insider,Avery Hartmans,Sarah Jackson,Azmi Haroun,and Sam Tabahriti,Jul.11,2023 https:/ Things PE Firms Are Looking For In 2023,”Forbes,Patrick Galleher,Apr.27,2023 https:/ Drives One-Time M&A Integration Costs
92、 And How To Estimate Them,”EY,Brian Salsberg and Elizabeth Kaske,Feb.7,2023 https:/ 1H 2023 1H 2023|VOL 11|Issue 11H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FIN
93、RA and SIPC.1H 2023|VOL 11|ISSUE 113ADDITIONAL RESOURCES(CONTINUED)16.“Dot Com Bubble Explained,The True Story Of 1995-2000 Stock Market,”Finbold,Diana Paluteder,Aug.8,2022 https:/ Media Trends And What They Mean For Marketers,”Forbes,Zarnaz Arlia,Aug.16,2022 https:/ Social Media Advertising Landsca
94、pe:An Update from a Senior FTC Official,”Holland&Knight,Anthony E.DiResta et al.,Apr.18,2023 https:/ 19.“The Privacy Changes As Part Of Apple iOS 17 And Googles Chrome Could Mean A Messy Month For Marketing,”Digiday,Marty Swant,Jul.5,2023 https:/ Will Disable Third-Party Cookies For 1%Of Chrome User
95、s In Q1 2024,”Techcrunch,Frederic Lardinois,May 16,2023 https:/ Rolls Out Total Cookie Protection By Default To More Users Worldwide,”Mozilla,Apr.11,2023 https:/blog.mozilla.org/en/mozilla/firefox-rolls-out-total-cookie-protection-by-default-to-all-users-worldwide/22.“For Small Online Retailers,Digi
96、tal Advertising Has Become More Expensive,”Marketplace.org,Justin Ho,Feb.16,2023 https:/www.marketplace.org/2023/02/16/digital-advertising-more-expensive-small-online-retailers/23.“Fact Sheet:End of the COVID-19 Public Health Emergency,”U.S.Department of Health and Human Services,May 9,2023 https:/w
97、ww.hhs.gov/about/news/2023/05/09/fact-sheet-end-of-the-covid-19-public-health-emergency.html 24.“New Customers New Strategies,”Nutritional Outlook,Sarah Marion PhD.,Apr.2023 https:/cdn.sanity.io/files/0vv8moc6/nutrioutlook/c955d56dfc875447d0d471424d3c8615692764a8.pdf/NO0423_eZine%20(1).pdf 25.“Withi
98、n Slowing Growth Script,Supplement Shoppers Returning To Brick And Mortar,”Natural Products Insider,Hank Schultz,Mar.14,2023 https:/ 26.“Jenny Craig Will Be Revived For E-Commerce By The Owner Of Diet Meal Maker Nutrisystem,”NBC News,Sara Ruberg,Jul.5,2023 https:/ 27.“Heres Why Jenny Craig Really Sh
99、ut Down,”Forbes,Shimite Obialo,Jun.13,2023 https:/ 28.Federal COVID Relief for Small Businesses Arrived Quickly,But With Risks to Loan Programs 29.“Franchise Group To Be Taken Private By Consortium Led By Management In Deal Valued At About$2.6 Billion Including Debt,”MarketWatch,Clara Linnane,May 10
100、,2023 https:/ 30.“Vitamin Shoppe Owner Taken Private In$2.6 Bln.Deal With CEO-Led Group,”Reuters,May 10,2023 https:/ 2023 1H 2023|VOL 11|Issue 11H 2023|VOL 11|ISSUE 1HEALTH&WELLNESS REPORT2H 2022 2H 2022|VOL 10|ISSUE 2720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR
101、Capital Markets,LLC,Member FINRA and SIPC.1H 2023|VOL 11|ISSUE 114ADDITIONAL RESOURCES(CONTINUED)31.“Biofarma Acquires US Pharma Lab And Focuses Solely On Nutraceuticals,”Nutraceutical Business Review,May 19,2023 https:/ 32.“A Short History Of ChatGPT:How We Got To Where We Are Today,”Forbes,Bernard
102、 Marc,May 19,2023 https:/ 33.“The Promise Of AI,”Nutritional Outlook,Publishers Note,Apr.2023 https:/cdn.sanity.io/files/0vv8moc6/nutrioutlook/c955d56dfc875447d0d471424d3c8615692764a8.pdf/NO0423_eZine%20(1).pdfo)34.“How The Generative A.I.Boom Could Forever Change Online Advertising,”CNBC,Jonathan V
103、anian,Jul.12,2023 https:/ 35.Flintstones Vitamins,https:/ The Bots Make My Fitness Business And Me Better?”Fitness On Demand,Uday Anumalachetty,May 15,2023 https:/ Role Of AI In Improving Sleep Quality And Overall Wellness,”Myrth,May 9,2023 https:/ 38.“Data Shows AI Accurately Tracks Therapy Progres
104、s,Helping Therapists Improve Mantal Health Treatment,”PR Newswire,May 17,2023 https:/ 39.“Running,Heart Disease,And The Ironic Death Of Jim Fixx,”U.S.National Library of Medicine,Darcy Plymire,Mach 2022 https:/pubmed.ncbi.nlm.nih.gov/11926483/#:text=Jim%20Fixx%20was%20one%20of,of%2052%20years%20while%20running 40.“From A To Z:The Complete History Of Amazon,”Ecomcrew,May 26,2023 https:/ Aims To Rebrand As A Fitness Company For All With Focus On App,Tiered Subscription Pricing,”CNBC,Gabrielle Fonrouge,May 23,2023 https:/ 1H 2023 1H 2023|VOL 11|Issue 11H 2023|VOL 11|ISSUE 1