1、Industry InsightsFood and Beverage M&A LandscapeFall 2022M&A Market OverviewM&A Market OverviewRecent North American M&A Activity by SubsectorPublic Company Trading MultiplesAbout Our Food and Beverage Corporate Finance PracticeSelect Recent Transactions2512184M&A deal activity in the food and bever

2、age space slightly declined in Q3 2022,with 13 fewer transactions than the previous quarter.There were 322 deals closing over the trailing 12-month(TTM)period,ending September 30,2022,a decrease of 59 transactions year-over-year.Transaction volumes in Q3 2022 were lower than the previous year,with 7

3、1 deals announced compared to 97.Q3 2022 marks the ninth consecutive quarter with over 70 deals announced in the North American food and beverage space.Q3 2022 saw several North American deals in the specialty-pet and ingredients spaces.Notable transactions within these areas include Colgate-Palmoli

4、ve Companys acquisition of several dry pet-food facilities from Red Collar Pet Foods and Benford Capital Partners investment in Gum Products International.Kroll acted as the exclusive financial advisor to the shareholders of Gum Products International.Please see page 4 for more details.Alcoholic bev

5、erages,nonalcoholic beverages,better-for-you,general and ingredients categories were the most active in terms of deal volume,representing 69%of total transactions in the quarter.M&A activity in the food and beverage sector in TTM September 2022 is still predominately driven by strategic buyers(inclu

6、ding companies primarily owned by private equity investors),with strategic transactions representing 81%of total deal volume.Of the 348 deals closed over TTM September 2022,242(75%)were completed by privately owned buyers.A variety of macroeconomic factors has led to a slight decrease in Q3 2022 dea

7、l flow.Uncertainty over the geopolitical climate,rising interest rates and inflationary pressures have led to restraint among investors and strategic buyers.Specifically,within the food and beverage industry,companies continue to experience headwinds through increased costs of labor and raw material

8、 inputs.Many businesses in the space are implementing multiple planned price increases through 2023 to offset rising costs and maintain margins,which has led acquirers to shift their focus to sales volumes and normalized,sustainable margin levels.Rising borrowing costs for buyers through interest ra

9、te hikes will also constrain leverage availability,and in some cases,M&A valuations.That said,the market still has plenty of excess capital sitting with private equity investors and on the balance sheets of corporations.This will continue to drive demand for high-quality food and beverage assets,and

10、 recent inflationary issues in the sector will allow some buyers to be opportunistic with targets that are experiencing challenges from weathering the recent volatility.Table of ContentsFood and Beverage M&A Landscape|Fall 2022Source:Capital IQ as of September 30,2022.Note:M&A deal count is defined

11、by a list of subsectors viewed as the best representation of the industry.254637362776074806879456859293999785828471Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200022Strategic81%Financial19%Private75%Public25%3M&A Market Overview,continuedStrategic vs.Financi

12、al BuyerPublic vs.PrivateBuyerBy Number of Announced Deals(for the year ending September 30,2022)Number of Announced Deals(as of September 30,2022)Note:Includes food and beverage sector deals where the target was based in North America.Source:S&P Global Market Intelligence.Transactions with more tha

13、n 50%of the company acquired are included in the analysis.Food and Beverage M&A Landscape|Fall 2022Investindustrial Acquired a Portion of TreeHouseFoods(NYSE:THS)Meal Preparation DivisionOn August 11,2022,Investindustrial VII L.P.announced an agreement to acquire a significant portion of TreeHouse F

14、oods Meal Preparation Division for USD 950 million.“We are delighted to add the divisions of TreeHouse Foods meal preparation business to our portfolio of leading private label food companies.We understand that success in the food business requires us to provide our customers with the best service a

15、s well as high-quality products at a great value,”said Andrea Bonomi,Chairman of the Industrial Advisory Board of Investindustrial.4Select Recent Transactions1Colgate-Palmolive(NYSE:CL)Acquired Three Manufacturing Facilities from Red Collar Pet FoodsOn August 1,2022,Colgate-Palmolive Company announc

16、ed an agreement to acquire three manufacturing facilities from Red Collar Pet Foods,a portfolio company of Arbor Investments,for USD 700 million.Colgate-Palmolive Company plans to use the acquired facilities to support the global growth of its Hills Pet Nutrition business.“This investment will help

17、further strengthen the Hills business today and for the long term,”said Noel Wallace,Chairman,President and CEO of Colgate-Palmolive Company.Del Monte Foods(NYSE:FDP)Acquired Kitchen Basics from McCormick(NYSE:MKC)On August 3,2022,Del Monte Foods Inc.acquired Kitchen Basics,a line of ready-to-use st

18、ocks and broths from McCormick&Company,for USD 99 million.Kitchen Basics is well-known for its culinary quality.Were excited to bring Kitchen Basics into the Del Monte family of brands to help people create healthful meals they love,“said Bibie Wu,Chief Marketing Officer of Del Monte Foods.Benford C

19、apital Partners LLC Invested inGum Products International Inc.Kroll Corporate Finance acted as the exclusive sell-side advisor on this transaction.On August 10,2022,Benford Capital Partners LLC invested inGum Products International Inc.,a leading provider of gums,vinegars and related ingredients.“BC

20、Ps experience with similar B2B food ingredients investments enabled us to develop our value creation plan,”said Ben Riefe,Managing Director at Benford Capital Partners.1Deals in the U.S.and Canada,closed or announced over Q3 2022,selected subjectively based on being representative of recent market a

21、ctivity,excluding bankruptcy sales.Sources:S&P Global Market Intelligence,Mergermarket,company press releases and various news sources(e.g.,Newswire,Businesswire,GlobeNewswire).Note:All trademarks,trade names,or logos referenced herein are the property of their respective owners.House Foods Group Ac

22、quired Keystone Natural Holdings LLCOn September 16,2022,House Foods Group announced an agreement to acquire Keystone Natural Holdings LLC for USD 110 million.“Keystone Capital helped us successfully expand into additional strategic segments,which has positioned us to better serve our retail and foo

23、dservice customers in the ethnic and mainstream channel.We look forward to working with House Foods to continue our growth trajectory,”said Kenny Sung,CEO of Keystone Natural Holdings LLC.Kerry Group plc Acquired Kraft Heinzs (NASDAQ:KHC)B2B powdered cheese businessOn August 30,2022,Kerry Group plc

24、announced an agreement to acquire The Kraft Heinz Companys B2B powdered cheese business for USD 108 million.The transaction is in line with The Kraft Heinz Companys portfolio optimization strategy.Over the past two years,Kraft has divested multiple businesses,including its natural cheese business,to

25、 focus on its core competencies.Food and Beverage M&A Landscape|Fall 2022General10%Dairy7%Better-for-You8%Specialty-Pet6%Protein Producers9%Confectionery/Snacks6%Produce7%Ingredients10%Bakery7%Nonalcoholic Beverages10%Alcoholic Beverages20%5Recent North American M&A Activity by Subsector Food and Be

26、verage Subsector DefinitionsDeals by Subsector(TTM as of September 30,2022)FoodBeveragesBakery:Production and distribution of baked goodsBetter-for-You:Differentiated food products with health benefitsConfectionery/Snacks:Chocolate,candy,nuts and other convenient snack foodsDairy:Production and dist

27、ribution of dairy or dairy by-products,such as cheese or yogurt General:Conglomerates and general food businessesIngredients:Goods used in the production of other food-related itemsProduce:Fresh produce or other agricultural productsProtein Producers:Meat and seafood producers and distributorsSpecia

28、lty-Pet:Producers of pet food and treatsAlcoholic Beverages:Wine,beer and spiritsNonalcoholic Beverages:Beverages that do not contain alcoholFood and Beverage M&A Landscape|Fall 2022Better-for-You(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM

29、 RevenueTTM EBITDASep-22Salvation Nutraceuticals Inc.United StatesTerrace Energy Corp.Salvation Nutraceuticals Inc.,doing business as Kudo,produces and sells popcorn and gummies.-Sep-22Keystone Natural Holdings LLCUnited StatesHouse Foods America CorporationKeystone Natural Holdings LLC,through its

30、subsidiaries,produces plant-based protein food products.110.02.0 x39.6xSep-22Gathered Foods CorporationUnited StatesWicked Foods Inc.Gathered Foods Corporation develops vegan,plant-based food substitutes for seafood.-Sep-22SwapplesUnited StatesStones Throw Hash LLCSwapples produces and sells gluten-

31、free waffles.-Aug-22Laird Superfood Inc.United StatesPrivate BuyerLaird Superfood Inc.manufactures and markets plant-based natural and functional food.9.70.3x-0.5xJul-22Brave Foods LLCUnited StatesCreatd Inc.Brave Foods LLC operates as a plant-based food company that manufactures and sells breakfast

32、-food products online.-Jul-22Only What You Need Inc.United StatesPurchase Capital LLC;United Nutritional Brands LLCOnly What You Need Inc.,doing business as OWYN,a plant-protein brand,produces and sells nutrition products.-Jul-22Blossom Water LLCUnited StatesEntertainment Arts Research Inc.Blossom W

33、ater LLC manufactures and retails botanical,fruity flavored refreshment drinks for maintaining wellness and vitality.-Enterprise Value as a Multiple of:Bakery(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Sokol&Company

34、Inc.United StatesBurlington Capital Partners LLC Sokol&Company Inc.,doing business as Solo Foods,manufactures food and baking products.-Sep-22Renwood Mills LLC.United StatesThe Mennel Milling CompanyRenwood Mills LLC.operates flour mills for converting local grains into flour,corn meal,and baking mi

35、xes.-Jul-22Klosterman Baking Cincinnati LLCUnited StatesNew Water Capital L.P.Klosterman Baking Company LLC is a full-service bakery that produces and markets hearth bread,rolls,and various other baked goods to restaurants,groceries,hospitals,and schools.-Jul-22Roskam Baking CompanyUnited StatesOrga

36、nic Milling Acquisitions LLC Roskam Baking Company owns and operates a bakery.-Jul-22Moxy Cincinnati LLCUnited StatesUrbana Cafe LLCMoxy Cincinnati LLC produces and sells bakery products that include pastries,croissants,rollovers,tarts,twists,buns,cakes and cookies.-Enterprise Value as a Multiple of

37、:6Q3 2022 Food and Beverage Transactions11Includes majority acquisitions and mergers with disclosed financial details.Excludes bankruptcy sales.Source:S&P Global Market Intelligence as of September 30,2022.Enterprise Value=Market capitalization+total debt+preferred equity cash and short-term investm

38、ents.EBITDA=Earnings before interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.TTM=Trailing 12 months.General(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Handi Foo

39、ds Ltd.CanadaIronbridge Equity Partners LimitedHandi Foods Ltd.manufactures crackers,chips,crisps,puffs,snacks,and Mediterranean breads.-Aug-22Lean Culinary Services LLCUnited StatesNationsBenefits LLCLean Culinary Services LLC manufactures ready-to-eat meals.-Aug-22Shinmei Foods USA CorporationUnit

40、ed StatesNichirei Foods Inc.Shinmei Foods USA Corporation produces and sells frozen cooked rice.-Aug-22Freeze-Dry Foods Inc.United StatesThrive Foods LLCFreeze-Dry Foods Inc.processes and supplies freeze-dried products in North America.-Aug-22CJ Foods USA Inc.United StatesSchwans CompanyCJ Foods USA

41、 Inc.manufactures and distributes packaged-food products.-Aug-22Portion of Meal Preparation Business of TreeHouse Foods Inc.United StatesInvestindustrial VII L.P.The Meal Preparation Business of TreeHouse Foods Inc.950.00.6x13.6xAug-22Assets of Mendocino Foods Inc.United StatesOhio-South Farm Produc

42、ts LLCAssets of Mendocino Foods Iprises a sandwich-producing business.-Enterprise Value as a Multiple of:Confectionery/Snacks(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDAJul-22Seattle Gourmet Foods Inc.United StatesPromise

43、Holdings LLC.Seattle Gourmet Foods Inc.manufactures chocolates and gourmet food products.-Enterprise Value as a Multiple of:Dairy(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDAAug-22Mill Creek Cheese LLCUnited StatesV&V Supre

44、mo Foods Inc.Mill Creek Cheese LLC operates a cheese plant.-Aug-22Richmond Beverage Solutions and Pacific Dairy SolutionsUnited StatesDairy Farmers of America Inc.Richmond Beverage Solutions and Pacific Dairy Solutions comprises a dairy-product production business.-Jul-22Assets of Borden Dairy Compa

45、nyUnited StatesHiland Dairy Foods Company LLCBorden Dairy produces dairy products.-Enterprise Value as a Multiple of:7Q3 2022 Food and Beverage Transactions11Includes majority acquisitions and mergers with disclosed financial details.Excludes bankruptcy sales.Source:S&P Global Market Intelligence as

46、 of September 30,2022.Enterprise Value=Market capitalization+total debt+preferred equity cash and short-term investments.EBITDA=Earnings before interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.TTM=Trailing 12 months.Ingredients(USD in millions)

47、Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Spice Chain CorporationUnited StatesiSpice Foods IncSpice Chain Corporation engages in importing,processing,blending,and packaging spices.-Sep-22Four Grain Handling Facilities in Northweste

48、rn KansasUnited StatesThe Scoular CompanyFour Grain Handling Facilities in Northwestern Kansas comprises grain handling facilities.-Aug-22B2B Powdered Cheese Business of The Kraft Heinz CompanyUnited StatesKerry Group plcB2B Powdered Cheese Business and Related Assets of The Kraft Heinz Company comp

49、rises a condiments and sauces production facility.107.5-Aug-22Meridian Flavors Inc.United StatesFlavorSum LLCMeridian Flavors Inc.manufactures natural,non-GMOs,and organic flavors for the bakery,beverage,brewery,cereal,confection,dairy,and pet-food industries.-Aug-22Parker Food GroupUnited StatesInv

50、estindustrial VII L.P.Parker Food Group develops and manufactures specialty value-added ingredients in the North American market.-Aug-22Gum Products International Inc.CanadaBenford Capital Partners LLCGum Products International Inc.produces and distributes specialized ingredients.-Aug-22Kitchen Basi

51、cs Brand Assets of McCormick Ready-to-use BrothUnited StatesDel Monte Foods Inc.Kitchen Basics Brand Assets of McCormick Ready-to-use Stock and Broth comprises a flavoring production business.99.02.2x-Aug-22Assets of Flavor Advantage LLCUnited StatesBrookside Flavors&Ingredients LLCAssets of Flavor

52、Advantage LLC comprises a sweet-flavors manufacturing business.-Jul-22Worth A SquirtCanadaMeatSoHorny Enterprises LLCWorth A Squirt offers hot sauces with flavors.-Jul-22Natural Products Inc.United StatesGrain Processing CorporationNatural Products Inc.manufactures full-fat soy ingredients made from

53、 non-GMO or certified organic soybeans.-Enterprise Value as a Multiple of:General(continued)(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDAJul-22The Quit Company LLCUnited StatesOne Puff Inc.The Quit Company LLC manufactures

54、and distributes herbal teas and supplements for smokers.-Jul-22Red River Cereal Brand of Smucker Foods of Canada Corp.CanadaArva Flour Mills Inc.Red River is a porridge made with a blend of cracked wheat,rye,and brown flaxseeds.-Jul-22CholesteradeUnited StatesEmerge Nutraceuticals Inc.Cholesterade p

55、roduces a formula that helps to lower cholesterol and improve digestive,colon,and kidney health.-Jul-22Blue River Organic Seed LLCUnited StatesAlbert Lea Seed House Inc.Blue River Organic Seed LLC produces and sells corn and soybean seeds.-Enterprise Value as a Multiple of:8Q3 2022 Food and Beverage

56、 Transactions11Includes majority acquisitions and mergers with disclosed financial details.Excludes bankruptcy sales.Source:S&P Global Market Intelligence as of September 30,2022.Enterprise Value=Market capitalization+total debt+preferred equity cash and short-term investments.EBITDA=Earnings before

57、 interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.TTM=Trailing 12 months.Protein Producers(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Trans American Aquaculture

58、 LLCUnited StatesGold River Productions Inc.Trans American Aquaculture LLC offers sea food.-Aug-22American Foods Group LLCUnited StatesPremium Brands Holdings CorporationAmerican Foods Group LLC processes and supplies beef products to grocery stores,arenas,stadiums,schools,and other markets.-Aug-22G

59、olden Valley Farms Inc.CanadaPremium Brands Holdings CorporationGolden Valley Farms Inc.processes and packages ready-to-eat,deli-sliced products that includes chicken,turkey,beef,and pork.-Aug-22Jobbers Meat Packing Co.Inc.United StatesRandall Foods Inc.Jobbers Meat Packing Co.Inc.,doing business as

60、 WilMar,produces meat products.-Enterprise Value as a Multiple of:Produce(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Miracle Life Farm LLC.United StatesBlueFire Equipment Corporation Miracle Life Farm LLC.produces fr

61、uits including,Thai guava,sugar apple,and mamay.-Sep-22FresH2O Growers Inc.United StatesGotham Greens Holdings PBCFresH2O Growers Inc.produces salad products.-Sep-22Bell-Carter Foods Inc.United StatesAceitunas Guadalquivir S.L.Bell-Carter Foods Inc.produces,processes,markets,and sells table olives a

62、nd olive-related specialty products.-Aug-22Minnesota HarvestUnited StatesFergusons Morningside Orchard LLCMinnesota Harvest owns and operates an apple orchard.-Aug-22Sauerkraut business of GLK Foods LLCUnited StatesFermented Food Holdings Inc.GLK Foods is a food producer,providing a range of solutio

63、ns for retail,foodservice,and B2B.-Jul-22Stadelman Fruit Pear Assets of S.S.Steiner Inc.United StatesUnderwood Fruit and Warehouse LLCStadelman Fruit Pear Assets of S.S.Steiner Iprises fruit pear assets.-Enterprise Value as a Multiple of:9Q3 2022 Food and Beverage Transactions11Includes majority acq

64、uisitions and mergers with disclosed financial details.Excludes bankruptcy sales.Source:S&P Global Market Intelligence as of September 30,2022.Enterprise Value=Market capitalization+total debt+preferred equity cash and short-term investments.EBITDA=Earnings before interest,taxes,depreciation and amo

65、rtization.EBITDA does not reflect adjustments for extraordinary items.TTM=Trailing 12 months.Alcoholic Beverages(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Perfect Plain Brewing Co.United StatesLouisiana Roots LLCPer

66、fect Plain Brewing Co.produces and sells beers.-Sep-22Assets of a New York State Regional Brewery and Brew PubUnited States1812 Brewing Company Inc.Assets of a New York State Regional Brewery and Brew Pub comprises a brewery and brew pub.-Sep-22Groupe Glutenberg Inc.CanadaGroupe TrianiGroupe Glutenb

67、erg Inc.produces and distributes gluten-free beer.-Sep-22A to Z Wineworks LLCUnited StatesSte.Michelle Wine Estates Ltd.A to Z Wineworks LLC is a distilling and winemaking company.-Aug-22Oso VineyardUnited StatesPlumpJack Management Group LLCOso Vineyard operates as a vineyard.14.2-Aug-22CADE Estate

68、 Winery/Odette Estate WineryUnited StatesPlumpJack Management Group LLCCADE Estate Winery/Odette Estate Winery produces and sells wines.-Aug-22Taproom service at Milwaukee Brewing Co.United StatesPilot Project BrewingMilwaukee Brewing Co.produces and serves beer.-Aug-22Wigle WhiskeyUnited StatesPriv

69、ate BuyerWigle Whiskey produces whiskey.-Aug-22Methven Family Vineyards LLCUnited StatesDomaine Drouhin Oregon Inc.Methven Family Vineyards LLC produces and manufactures of wine.-Aug-221 Mill Road Winery Ltd.CanadaPrivate Buyer1 Mill Road Winery Ltd.produces handcrafted wines.-Enterprise Value as a

70、Multiple of:Specialty-Pet(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Ark Naturals CompanyUnited StatesAntelopeArk Naturals Company produces health,remedy,and lifestyle solutions for pets.-Aug-22Puppy Gang Fresh Foods

71、/Blank Slate WellnessCanadaLiveFit North America Inc.Puppy Gang Fresh Foods Ltd.manufactures and sells human-grade,whole pet food across Canada.Blank Slate Wellness Corporation produces and sells cold-pressed juices.-Aug-22Three Dry Pet Food Manufacturing Plants in the U.S.United StatesColgate-Palmo

72、live CompanyThree Dry Pet Food Manufacturing Plants in the U.S.comprises a pet food manufacturing plant.700.0-Enterprise Value as a Multiple of:10Q3 2022 Food and Beverage Transactions11Includes majority acquisitions and mergers with disclosed financial details.Excludes bankruptcy sales.Source:S&P G

73、lobal Market Intelligence as of September 30,2022.Enterprise Value=Market capitalization+total debt+preferred equity cash and short-term investments.EBITDA=Earnings before interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.TTM=Trailing 12 months.

74、Alcoholic Beverages(continued)(USD in millions)Date AnnouncedTargetTarget CountryAcquirerTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDAJul-22Amsterdam Brewing Co.LimitedCanadaRoyal Unibrew A/SAmsterdam Brewing Co.Limited,is a craft brewing company,produces beer.33.81.3x8.8xJul-22Ass

75、ets of Mesa VineyardsUnited StatesGordon Brothers Group;New Mill Capital;Onyx Asset AdvisorsAssets of Mesa Vineyards comprises a stainless-steel tank farm and other winemaking machinery.-Enterprise Value as a Multiple of:Nonalcoholic Beverages(USD in millions)Date AnnouncedTargetTarget CountryAcquir

76、erTarget Business DescriptionEnterpriseValueTTM RevenueTTM EBITDASep-22Coffee Holding Co.Inc.United StatesDelta Corp Holdings LtdCoffee Holding Co.Inc.manufactures,roasts,packages,markets,and distributes roasted and blended coffees.39.60.6x38.4xSep-22Powell&Mahoney Ltd.United StatesFevertree Drinks

77、PLCPowell&Mahoney Ltd.produces drink mixers.5.9-Sep-22Urban Farm FermentoryUnited StatesMaine Bio-Fuel Inc.Urban Farm Fermentory produces and sells fermented beverages.-Aug-22Crescent Dairy&Beverages LLCUnited StatesGehl Foods LLCCrescent Dairy&Beverages LLC produces and sells milk and beverages.-Au

78、g-22Up Coffee RoastersUnited StatesFairWave Holdings LLCUp Coffee Roasters manufactures roasted coffee.-Aug-22Hairless Dog Brewing Co.United StatesFINNEGANS Brew Co.LLCHairless Dog Brewing Co.manufactures nonalcoholic beers.-Jul-22Original New York Seltzer LLC./LA Bottle Works Inc.United StatesEnter

79、tainment Arts Research Inc.Original New York Seltzer LLC./LA Bottle Works Inc.produces soft drinks.-Jul-22HMB Of Gainesville IncUnited StatesDS Services of America Inc.HMB Of Gainesville Inc distributes drinking water.-Enterprise Value as a Multiple of:11Q3 2022 Food and Beverage Transactions11Inclu

80、des majority acquisitions and mergers with disclosed financial details.Excludes bankruptcy sales.Source:S&P Global Market Intelligence as of September 30,2022.Enterprise Value=Market capitalization+total debt+preferred equity cash and short-term investments.EBITDA=Earnings before interest,taxes,depr

81、eciation and amortization.EBITDA does not reflect adjustments for extraordinary items.TTM=Trailing 12 months.12.0 x 12.9x12.3x 12.3x12.9x19.8x17.7x19.1x18.5x13.9x14.3x16.3x 16.4x18.5x16.1x14.7x14.2x12.1x9.9x18.7x12.3x18.5x16.3x14.2x2002022200219

82、20202021202218.7x16.4x16.1x15.3x13.9x12.9x12.7x12.4x8.9x7.8x5.9x12.9xDairyNonalcoholicBeveragesConfectionery/SnacksAlcoholicBeveragesBetter-for-YouBakeryIngredientsGeneralProduceSpecialty-PetProteinProducers12Public Company Trading MultiplesEV/TTM EBITDA Median Multiples Food and Beverage Subsectors

83、(as of September 30,2022)EV/TTM EBITDA Median Multiples by Subsector(as of September 30,2022)DairyBakeryBetter-for-YouConfectionery/SnacksFive-year medianNote:Sector constituents based on selected comparable companies;certain periods exclude outliers based on Kroll analysis;EBITDA does not reflect a

84、djustments for extraordinary items.EV=Enterprise value=market capitalization+total debt+preferred equity cash and short-term investments.TTM=Trailing 12 months.Source:S&P Global Market Intelligence.MedianFood and Beverage M&A Landscape|Fall 20229.7x8.9x7.3x9.3x7.8x13.7x18.0 x 18.1x19.3x15.3x14.2x16.

85、4x16.6x18.5x16.4x8.9x18.0 x16.4x200202220021202211.0 x11.9x10.6x12.1x12.4x11.9x14.0 x11.8x17.7x12.7x14.5x16.2x11.0 x13.3x8.9x11.2x12.3x7.8x8.0 x5.9x11.9x12.7x13.3x8.0 x2002022200202213Public

86、 Company Trading MultiplesEV/TTM EBITDA Median Multiples Food and Beverage Subsectors(as of September 30,2022)Specialty-PetAlcoholic BeveragesNonalcoholic BeveragesFive-year medianProtein ProducersGeneralIngredientsProduceFive-year medianNote:Sector constituents based on selected comparable companie

87、s;certain periods exclude outliers based on Kroll analysis;EBITDA does not reflect adjustments for extraordinary items.EV=enterprise value=market capitalization+total debt+preferred equity cash and short-term investments.TTM=trailing 12 months.Source:S&P Global Market Intelligence.Food and Beverage

88、M&A Landscape|Fall 202210.5%-4.2%6.4%6.8%21.4%17.0%20.3%14.0%17.3%13.5%6.9%-5.9%4.4%3.7%5.6%7.9%4.4%7.0%5.3%3.4%3.2%-7.6%2.5%0.7%-6.4%0.8%-16.2%0.9%2.0%-2.8%15.1x18.9x21.5x23.1x21.2x21.8x21.3x13.8x33.0 x25.5x12.9x13.9x16.1x18.7x12.4x12.7x8.9x5.9x15.3x16.4x10.7x3.2x9.1x14.4x8.2x4.1x5.4x3.9x9.0 x8.4x1

89、4Select Public Company Operating and Trading StatisticsEnterprise Value/TTM EBITDA(by sector)1 Range and Median(as of September 30,2022)*Five-Year Revenue Growth Rate(CAGR)1 Range and Median(as of September 30,2022)*Specialty-Pet companies were excluded due to insufficient data.1 The values above re

90、present high,median and low data points for each category as of September 30,2022.Source:S&P Global Market Intelligence.CAGR:Compound annual growth rate.Food and Beverage M&A Landscape|Fall 2022(USD in millions,except per share data)30-Sep-22%ofOperating Metrics(TTM)Enterprise Value as a Multiple of

91、Stock52-WkMarketEnterprise RevenueEBITDARet.onNet Debt/RevenueEBITDACompany HQPriceHighCap.ValueRevenueCAGR,5-Yr.MarginAssetsAssetsEBITDATTM2022E2023ETTM2022E2023EBakeryFlowers Foods Inc.U.S.24.69 83%5,230 6,266 4,576 3.2%12.8%3,341 6.7%2.1x1.4x1.3x1.3x10.7x12.3x11.6xHostess Brands Inc.U.S.23.24 93%

92、3,172 4,051 1,258 10.5%21.3%3,529 3.7%3.4x3.2x3.1x2.9x15.1x14.0 x12.8xMedian88%4,201 5,158 2,917 6.9%17.0%3,435 5.2%2.8x2.3x2.2x2.1x12.9x13.2x12.2xMean88%4,201 5,158 2,917 6.9%17.0%3,435 5.2%2.8x2.3x2.2x2.1x12.9x13.2x12.2xBetter-for-YouBellRing Brands Inc.U.S.20.61 66%2,808 3,687 1,332 NA18.3%715 19

93、.9%3.6x2.8x2.6x2.3x15.1x13.9x11.9xThe Simply Good Foods CompanyU.S.31.99 70%3,211 3,609 1,154 NA20.1%2,115 6.1%1.8x3.1x3.1x2.9x15.5x15.7x14.4xThe Hain Celestial Group Inc.U.S.16.88 35%1,508 2,447 1,892 -4.2%10.2%2,458 3.5%5.3x1.3x1.3x1.2x12.6x12.5x10.4xSunOpta Inc.U.S.9.10 79%980 1,352 886 -7.6%8.1%

94、844 1.7%5.9x1.5x1.4x1.2x18.9x17.7x13.5xWhole Earth Brands Inc.U.S.3.84 30%161 597 526 NA11.3%921 NA8.6x1.1x1.1x1.1x10.0 x7.2x6.4xTattooed Chef Inc.U.S.4.98 26%411 408 241 NA-22.2%241 -14.7%0.0 x1.7x1.4x1.2xNMNMNMVital Farms Inc.U.S.11.97 59%487 400 302 NA41.5%200 -2.3%29.5x1.3x1.2x0.9x3.2x30.5x14.7x

95、Median59%980 1,352 886 -5.9%11.3%844 2.6%5.3x1.5x1.4x1.2x13.9x14.8x12.7xMean52%1,367 1,786 905 -5.9%12.5%1,071 2.3%7.8x1.8x1.7x1.6x12.6x16.3x11.9xConfectionery/SnacksMondelez International Inc.U.S.54.83 79%75,148 92,841 29,878 3.2%24.1%66,014 4.6%2.9x3.1x3.0 x2.9x12.9x15.6x14.7xThe Hershey CompanyU.

96、S.220.47 94%45,193 50,196 9,725 5.3%26.8%10,589 14.2%2.0 x5.2x4.9x4.6x19.2x18.9x17.8xPost Holdings Inc.U.S.81.91 69%4,895 10,605 6,874 6.4%13.6%11,560 3.1%5.4x1.5x1.8x1.8x11.4x11.4x10.5xUtz Brands Inc.U.S.15.10 76%1,220 2,916 1,305 NA5.7%2,775 -0.5%14.4x2.2x2.2x2.1xNA18.2x16.2xJ&J Snack Foods Corp.U

97、.S.129.47 78%2,485 2,579 1,303 4.8%10.3%1,291 3.6%0.8x2.0 x1.9x1.7x19.2x21.9x13.8xTootsie Roll Industries Inc.U.S.33.28 87%2,296 2,266 636 4.0%16.6%1,001 5.4%NA3.6xNANA21.5xNANAJohn B.Sanfilippo&Son Inc.U.S.75.73 82%873 926 956 2.5%10.6%447 12.0%0.5x1.0 xNANA9.1xNANAMedian79%2,485 2,916 1,305 4.4%13

98、.6%2,775 4.6%2.4x2.2x2.2x2.1x16.1x18.2x14.7xMean81%18,873 23,190 7,240 4.4%15.4%13,382 6.1%4.3x2.7x2.8x2.6x15.6x17.2x14.6xGeneralThe Kraft Heinz CompanyU.S.33.35 74%40,868 60,683 25,632 -0.3%28.8%91,676 3.4%3.3x2.4x2.3x2.3x8.2x10.3x10.1xGeneral Mills Inc.U.S.76.61 94%45,471 56,689 19,171 4.4%21.0%31

99、,107 6.3%2.9x3.0 x2.9x2.8x14.1x14.6x14.0 xKellogg CompanyU.S.69.66 90%23,692 31,492 14,578 2.7%17.8%18,937 6.7%3.0 x2.2x2.1x2.1x12.1x13.5x12.8xConagra Brands Inc.U.S.32.63 88%15,638 24,877 11,787 8.8%17.0%22,220 4.5%4.9x2.1x2.1x2.0 x12.4x11.3x10.7xThe J.M.Smucker CompanyU.S.137.41 94%14,642 19,302 8

100、,014 1.8%20.7%16,277 4.2%3.0 x2.4x2.3x2.2x11.6x12.1x11.1xCampbell Soup CompanyU.S.47.12 91%14,106 19,049 8,562 8.0%21.9%11,892 6.7%3.1x2.2x2.1x2.1x10.2x11.3x11.0 xPremium Brands Holdings CorporationCA61.91 62%2,774 4,506 4,226 21.4%7.0%3,802 3.6%6.7x1.1x1.1x1.0 x15.2x12.1x10.4xTreeHouse Foods Inc.U.

101、S.42.42 84%2,377 4,236 4,606 -6.4%7.9%5,267 1.2%6.0 x0.9x0.8x0.9x11.6x10.7x9.4xLancaster Colony CorporationU.S.150.28 85%4,136 4,112 1,676 6.9%12.1%1,090 8.2%NA2.5x2.2x2.1x20.2x16.7x13.4xB&G Foods Inc.U.S.16.49 48%1,182 3,508 2,098 6.9%13.2%3,917 2.9%8.9x1.7x1.6x1.6x12.7x11.6x10.2xSovos Brands Inc.U

102、.S.14.24 82%1,437 1,865 775 NA11.3%1,157 2.4%5.2x2.4x2.2x2.1x21.2x16.4x14.2xMedian85%14,106 19,049 8,014 5.6%17.0%11,892 4.2%4.1x2.2x2.1x2.1x12.4x12.1x11.0 xMean81%15,120 20,938 9,193 5.4%16.3%18,849 4.5%4.7x2.1x2.0 x1.9x13.6x12.8x11.6x15Public Company Trading StatisticsGlossaryCAGR:Compound annual

103、growth rate.EBITDA:Earnings before interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.Enterprise Value:Market capitalization+total debt+preferred equity+minority interest cash and short-term investments.TTM:Trailing 12 months,NA:Not applicable,NM

104、:Negative multiple.Source:S&P Global Market Intelligence as of September 30,2022.Companies selected based on being most representative of their specific industry group.(USD in millions,except per share data)30-Sep-22%ofOperating Metrics(TTM)Enterprise Value as a Multiple ofStock52-WkMarketEnterprise

105、 RevenueEBITDARet.onNet Debt/RevenueEBITDACompany HQPriceHighCap.ValueRevenueCAGR,5-Yr.MarginAssetsAssetsEBITDATTM2022E2023ETTM2022E2023EDairySaputo Inc.CA23.98 94%10,048 12,951 12,324 6.8%7.3%10,638 3.0%3.7x1.1x1.0 x1.0 x14.4x12.2x10.3xLifeway Foods Inc.U.S.5.72 64%89 89 128 0.7%3.0%69 0.6%0.1x0.7x

106、0.7x0.6x23.1xNANAMedian79%5,068 6,520 6,226 3.7%5.2%5,353 1.8%1.9x0.9x0.9x0.8x18.7x12.2x10.3xMean79%5,068 6,520 6,226 3.7%5.2%5,353 1.8%1.9x0.9x0.9x0.8x18.7x12.2x10.3xIngredientsArcher-Daniels-Midland CompanyU.S.80.45 81%45,097 56,928 94,364 8.7%6.4%61,828 4.3%2.4x0.6x0.6x0.6x9.4x9.3x10.5xInternatio

107、nal Flavors&Fragrances Inc.U.S.90.83 59%23,157 35,569 12,635 31.5%22.2%39,304 2.2%4.7x2.8x2.8x2.7x12.7x13.9x12.9xMcCormick&Company Inc.U.S.71.27 66%19,115 24,222 6,385 6.9%19.0%12,941 4.6%4.4x3.8x3.8x3.7x19.9x20.8x19.2xBunge LimitedU.S.82.57 64%12,542 19,860 64,613 7.0%7.5%27,419 5.9%2.2x0.3x0.3x0.3

108、x4.1x6.5x6.7xDarling Ingredients Inc.U.S.66.15 76%10,609 13,628 5,513 9.5%24.6%8,027 6.1%2.9x2.5x2.2x2.0 x10.0 x8.3x6.9xIngredion Inc.U.S.80.52 79%5,276 7,430 7,454 5.1%12.3%7,389 6.1%2.3x1.0 x0.9x0.9x8.1x7.5x7.0 xBalchem CorporationU.S.121.58 70%3,905 4,275 877 9.2%22.3%1,607 6.5%1.9x4.9x4.5x4.2x21

109、.8x19.6x17.9xSensient Technologies CorporationU.S.69.34 65%2,915 3,415 1,412 0.8%18.2%1,803 7.0%2.0 x2.4x2.4x2.3x13.3x13.6x12.7xMGP Ingredients Inc.U.S.106.16 91%2,335 2,541 734 17.0%20.1%1,107 7.3%1.4x3.5x3.3x3.2x17.2x15.6x14.7xMedian70%10,609 13,628 6,385 8.7%19.0%8,027 6.1%2.3x2.5x2.4x2.3x12.7x13

110、.6x12.7xMean72%13,883 18,652 21,554 10.6%17.0%17,936 5.6%2.7x2.4x2.3x2.2x13.0 x12.8x12.0 xProduceLamb Weston Holdings Inc.U.S.77.38 93%11,130 13,451 4,240 5.7%22.0%4,410 7.9%3.1x3.2x2.8x2.6x14.4x14.6x12.0 xDole plcU.S.7.30 43%693 2,260 8,799 20.3%3.0%4,544 NA7.7x0.3x0.3x0.2x8.6x6.9x6.1xFresh Del Mon

111、te Produce Inc.U.S.23.24 68%1,112 1,809 4,371 1.4%5.5%3,396 1.3%3.7x0.4x0.4x0.4x7.6x9.6x7.8xMission Produce Inc.U.S.14.46 70%1,022 1,228 1,045 NA5.5%954 1.6%3.9x1.2x1.2x1.1x21.3x18.0 x11.8xLassonde Industries Inc.CA79.19 60%542 767 1,545 5.6%8.0%1,180 4.4%1.6x0.5x0.5x0.5x6.2x6.6x5.4xRogers Sugar Inc

112、.CA4.50 94%470 767 760 8.6%11.0%763 5.4%3.9x1.0 x1.1x1.0 x9.2x10.6x9.8xCalavo Growers Inc.U.S.31.75 70%563 653 1,221 3.1%2.6%431 0.6%4.2x0.5x0.5x0.5x20.2x18.1x10.2xSeneca Foods CorporationU.S.50.44 79%400 623 1,415 2.8%8.2%1,032 4.2%2.1x0.4xNANA5.4xNANALandec CorporationU.S.8.89 74%263 415 188 -16.2

113、%6.2%286 -1.7%15.7x2.2x2.1x2.3xNA17.5x14.3xMedian70%563 767 1,415 4.4%6.2%1,032 2.9%3.9x0.5x0.8x0.8x8.9x12.6x10.0 xMean72%1,799 2,441 2,620 3.9%8.0%1,888 3.0%5.1x1.1x1.1x1.1x11.6x12.7x9.7xProtein ProducersTyson Foods Inc.U.S.65.93 65%23,710 31,013 52,356 7.0%14.9%36,245 10.3%1.0 x0.6x0.6x0.6x4.0 x5.

114、4x6.1xHormel Foods CorporationU.S.45.44 82%24,819 27,276 12,630 6.3%17.0%13,140 6.4%1.6x2.2x2.2x2.1x12.7x17.5x16.4xPilgrims Pride CorporationU.S.23.02 66%5,503 8,547 16,738 10.6%13.0%9,323 11.9%1.5x0.5x0.5x0.5x3.9x4.9x5.6xSeaboard CorporationU.S.3,402.66 77%3,950 4,497 10,422 13.5%9.5%7,810 4.4%0.7x

115、0.4xNANA4.6xNANAMaple Leaf Foods Inc.CA15.03 63%1,857 3,023 3,595 6.3%6.1%3,567 1.2%6.5x0.8x0.9x0.8x13.8x12.1x6.9xCal-Maine Foods Inc.U.S.55.59 89%2,720 2,438 2,111 14.0%19.5%1,555 15.5%NA1.2x1.0 x1.2x5.9x4.3x8.5xBeyond Meat Inc.U.S.14.17 13%902 1,609 464 NA-58.9%1,218 -14.1%NA3.5x3.3x2.8xNMNMNMHigh

116、 Liner Foods IncorporatedCA9.48 84%314 591 990 0.9%9.4%858 5.5%3.3x0.6x0.6x0.6x6.4x5.9x5.3xMedian72%3,335 3,760 7,009 7.0%11.3%5,689 5.9%1.5x0.7x0.9x0.8x5.9x5.7x6.5xMean68%7,972 9,874 12,413 8.4%3.8%9,215 5.1%2.4x1.2x1.3x1.2x7.3x8.4x8.2x16Public Company Trading StatisticsSource:S&P Global Market Int

117、elligence as of September 30,2022.Companies selected based on being most representative of their specific industry group.GlossaryCAGR:Compound annual growth rate.EBITDA:Earnings before interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.Enterprise

118、 Value:Market capitalization+total debt+preferred equity+minority interest cash and short-term investments TTM:Trailing 12 months,NA:Not applicable,NM:Negative multiple.(USD in millions,except per share data)30-Sep-22%ofOperating Metrics(TTM)Enterprise Value as a Multiple ofStock52-WkMarketEnterpris

119、e RevenueEBITDARet.onNet Debt/RevenueEBITDACompany HQPriceHighCap.ValueRevenueCAGR,5-Yr.MarginAssetsAssetsEBITDATTM2022E2023ETTM2022E2023ESpecialty-PetCentral Garden&Pet CompanyU.S.36.04 63%1,960 3,074 3,370 11.3%11.8%3,345.93 5.0%3.5x0.9x0.9x0.9x7.8x8.7x8.6xFreshpet Inc.U.S.50.09 31%2,395 2,150 502

120、 28.9%-2.3%1,174 -2.6%25.1x4.3x3.7x2.9xNMNA27.2xMedian47%2,178 2,612 1,936 20.1%4.7%2,260 1.2%14.3x2.6x2.3x1.9x7.8x8.7x17.9xMean47%2,178 2,612 1,936 20.1%4.7%2,260 1.2%14.3x2.6x2.3x1.9x7.8x8.7x17.9xAlcoholic BeveragesConstellation Brands Inc.U.S.229.68 88%42,360 54,853 9,441 4.8%17.6%24,281 8.0%3.1x

121、5.8x5.8x5.4x33.0 x15.7x14.3xBrown-Forman CorporationU.S.66.57 85%31,895 33,412 4,034 5.7%34.9%6,521 12.3%1.0 x8.3x8.3x7.9x23.7x24.2x22.5xMolson Coors Beverage CompanyU.S.47.99 80%10,401 17,170 10,578 3.8%18.1%27,388 2.5%3.5x1.6x1.6x1.6x9.0 x8.3x8.0 xThe Boston Beer Company Inc.U.S.323.65 58%3,949 3,

122、869 1,956 17.3%3.2%1,480 -1.1%NA2.0 x1.9x1.8xNA16.2x13.2xThe Duckhorn Portfolio Inc.U.S.14.43 57%1,658 1,902 367 NA27.4%1,252 4.5%2.5x5.2x4.8x4.4x18.9x14.1x13.0 xVintage Wine Estates Inc.U.S.2.77 22%163 446 283 NA3.0%766 -1.3%32.8x1.6x1.5x1.3xNA7.5x6.5xAndrew Peller LimitedCA4.09 61%176 332 294 2.0%

123、9.6%424 2.0%6.5x1.1x1.2x1.1x11.8x11.6x9.5xWaterloo Brewing Ltd.CA2.21 43%80 132 83 16.6%13.8%104 2.3%6.8x1.6x1.6x1.5x11.6x9.0 x7.6xMedian59%2,803 2,886 1,162 5.3%15.7%1,366 2.4%3.5x1.8x1.8x1.7x15.3x12.9x11.3xMean62%11,335 14,015 3,380 8.4%16.0%7,777 3.7%8.0 x3.4x3.3x3.1x18.0 x13.3x11.8xNonalcoholic

124、BeveragesThe Coca-Cola CompanyU.S.56.02 83%242,266 275,262 41,322 1.2%36.3%93,169 8.1%2.4x6.7x6.5x6.4x18.4x20.3x19.6xPepsiCo Inc.U.S.163.26 90%224,925 258,992 83,644 5.7%19.5%94,461 8.4%2.1x3.1x3.1x3.0 x15.9x17.3x16.0 xKeurig Dr Pepper Inc.U.S.35.82 87%50,725 63,434 13,273 NA28.1%51,428 3.5%3.6x4.8x

125、4.5x4.3x17.0 x15.1x14.3xMonster Beverage CorporationU.S.86.96 87%45,818 43,386 6,009 13.5%28.3%8,175 13.4%NA7.2x6.7x6.1x25.5x25.5x20.3xCelsius Holdings Inc.U.S.90.68 77%6,859 6,800 487 75.6%4.0%350 3.6%NA14.0 x11.0 x7.3xNANANANational Beverage Corp.U.S.38.54 60%3,597 3,577 1,144 5.6%19.0%456 21.5%NA

126、3.1x3.1x2.9x16.4x18.7x15.4xPrimo Water CorporationU.S.12.62 68%2,034 3,539 2,166 0.5%19.5%3,629 2.3%4.4x1.6x1.6x1.5x8.4x8.5x7.8xFarmer Bros.Co.U.S.4.69 51%88 214 469 -2.8%3.0%350 -3.2%19.5x0.5x0.4x0.4x15.3x9.1x6.4xMedian80%26,339 25,093 4,088 5.6%19.5%5,902 5.9%3.6x4.0 x3.8x3.6x16.4x17.3x15.4xMean75

127、%72,039 81,900 18,564 14.2%19.7%31,502 7.2%6.4x5.1x4.6x4.0 x16.7x16.3x14.3x17Public Company Trading StatisticsSource:S&P Global Market Intelligence as of September 30,2022.Companies selected based on being most representative of their specific industry group.GlossaryCAGR:Compound annual growth rate.

128、EBITDA:Earnings before interest,taxes,depreciation and amortization.EBITDA does not reflect adjustments for extraordinary items.Enterprise Value:Market capitalization+total debt+preferred equity+minority interest cash and short-term investments.TTM:Trailing 12 months,NA:Not applicable,NM:Negative mu

129、ltiple.18About Our Food and Beverage Corporate Finance Practice#5 U.S.Middle-Market M&A Advisor over the past 10 years1600+M&A transactions over the past 10 years#1 for total number of U.S.and global Fairness Opinions over the past 10 years2Over 2,178 fairness and solvency opinions for over$6 trilli

130、on in deal value since 2005We Work With:51%of the S&P 500 Companies68%of Fortune 100 CompaniesThe 25 largest private equity firms in the PEI 30093%of Am Law 100 law firmsKrolls Consumer Group is among the most active middle-market advisors,providing sell-side,buy-side and capital-raising services fo

131、r clients worldwide.With expertise in consumer,food and beverage,restaurant and retail sectors,our professionals have executed more than 100 industry transactions over the past 10 years.Proven Execution100+consumer M&A and capital-raising transactions over the past 10 yearsDeep Sector ExpertiseCateg

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134、a 2012-2021Food and Beverage M&A Landscape|Fall 202219SELL-SIDE ADVISORhas been acquired byFINANCIAL ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORSELL-SIDE ADVISORSELL-SIDE ADVISORhas been acquired byBUY-SIDE ADVISORhas acquiredFINANCIAL ADVISORhas secured senior

135、debt financing from a consortium of lendersSELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORNote:All trademarks,trade names,or logos referenced herein are the property of their respective owners.Select Kroll Corporate Finance Food and Beverage Experiencea portfolio company ofhas been acquired b

136、yhas secured senior debt financing fromhas been acquired bya portfolio company ofFood and Beverage M&A Landscape|Fall 202220SELL-SIDE ADVISORhas been acquired byBUY-SIDE ADVISORhas acquired SELL-SIDE ADVISORSELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORha

137、s been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bya division ofhas been acquired byportfolio companies ofNote:All trademarks,trade names,or logos referenced herein are the property of

138、their respective owners.Select Kroll Corporate Finance Food and Beverage ExperienceFood and Beverage M&A Landscape|Fall 202221SELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORa portfol

139、io company ofSELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas merged withSELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired bySELL-SIDE ADVISORhas been acquired byNote:All trademarks,trade names,or logos referenced herein are the property of their respective owners.has

140、been acquired bya portfolio company ofSelect Kroll Corporate Finance Food and Beverage ExperienceFor more information,please contact:About KrollAs the leading independent provider of risk and financial advisory solutions,Kroll leverages our unique insights,data and technology to help clients stay ah

141、ead of complex demands.Krolls team of more than 6,500 professionals worldwide continues the firms nearly 100-year history of trusted expertise spanning risk,governance,transactions and valuation.Our advanced solutions and intelligence provide clients the foresight they need to create an enduring com

142、petitive advantage.At Kroll,our values define who we are and how we partner with clients and communities.Learn more at K.M&A advisory,capital raising and secondary market advisory services in the United States are provided by Kroll Securities,LLC(member FINRA/SIPC).M&A advisory,capital raising and s

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144、r a category 1 merchant banker license issued by the Securities and Exchange Board of India.2022 Kroll,LLC.All rights reserved.The material in this report is for information purposes only and is not intended to be relied upon as financial,accounting,tax,legal or other professional advice.This report

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146、data provided from third-party resources.Although,we endeavor to provide accurate information from third party sources,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.Bob Bartell,CFAPresident of Corporate

147、 Finance Chicago+1 312-697-4654 Jon PrattManaging Director,Consumer,Food,Restaurant and Retail Corporate FinanceBoston+1 857-327-Joshua BennGlobal Head of Consumer,Food,Restaurant and Retail Corporate FinanceNew York+1 212-450-Farzad MukhiManaging Director,Consumer,Food,Restaurant and Retail Corporate Finance Los Angeles+1 424-249-Dr.Howard E.JohnsonManaging Director,Canadian M&A AdvisoryToronto+1 416-597-Devin KennealyDirector,Canadian M&A AdvisoryToronto+1 416-361-