1、FOOD&BEVERAGE REPORTExplore M&A Activity,Capital Market Conditions and Current Trends for the Food&Beverage Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.2H 2023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities

2、 Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.FOOD&BEVERAGE REPORT2H 2023 2H 2023|VOL 12|ISSUE 22Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting

3、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 VenturesFOOD&BEVERAGE CONTACTSCONTENTSThe informatio

4、n 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.FOOD&BEVERAGE 2H23:WHAT TO KNOW If If wewe cancan saysay anythinganything a

5、boutabout 20232023 inin FoodFood andand Beverage,Beverage,wewe cancan saysay it it hasnthasnt beenbeen dulldull.ItsIts beenbeen a a yearyear ofof laborlabor shortagesshortages andand unrest,unrest,newnew products,products,newnew challenges,challenges,andand changingchanging tastestastes.MissMiss a a

6、 little,little,missmiss a a lotlot.CraftCraft beerbeer waswas thethe hottesthottest thingthing onon wheels,wheels,untiluntil it it wasntwasnt.ConsumersConsumers areare a a ficklefickle bunch,bunch,hashas craftcraft beerbeer reachedreached itsits peak?peak?CollateralCollateral damagedamage is is alwa

7、ysalways interestinginteresting.InIn thisthis case,case,a a newnew wavewave ofof dietdiet drugsdrugs thatthat actuallyactually workwork hashas thethe potentialpotential toto impactimpact snacksnack foodsfoods.WellWell seesee whatwhat happenshappens whenwhen peoplepeople aroundaround thethe globeglob

8、e nono longerlonger havehave thethe munchiesmunchies.FromFrom WhatWhat WeWe EatEat andand DrinkDrink toto WhoWho MakesMakes WhatWhat WeWe EatEat andand Drink,Drink,A A ShakeupShakeupThe Food and Beverage sector covers a wide range of products across restaurants,home delivery,and grocery store sales

9、and the companies who make all that stuff.Perhaps more than most sectors,the space is subject to external factors including the introduction of new products,dietary trends,scientific developments,labor,and consumer tastes.With so many moving parts,not to mention supply chain issues,F&B offers an eve

10、r-shifting array of challenges and opportunities.1,2 In 2H23 we saw several developments that are pushing the sector to adapt.Changes to what we want to eat,how we make what we eat,and how much we want to eat all affected the space.New health guidelines and concerns are threatening to disrupt the cr

11、aft beer industry and shake up sweeteners.New robotics,AI integration,and vending technologies are struggling to compensate for rising labor costs and shortages.And who could have predicted the advent of todays“miracle”weight loss drugs such as Ozempic and the seismic ripples through F&B as producer

12、s fear people using these new drugs simply wont want to eat(and its estimated 24 million Americans will be on one of these drugs in less than 10 years).3,4,5,6,7 A A “Dry“Dry January”January”ThatThat LastsLasts 1212 MonthsMonths A A Year?Year?If 2023 was a difficult year for beer,including the once

13、hot craft beer segment,imagine if this is just the start.Millennials,the largest generation in the U.S.,were already drinking less than their Gen X and Boomer parents and grandparents,ditching the after-work cold one at the neighborhood pub.But the younger generation,Gen Z,is showing signs it will d

14、rink even less,and may prefer to drink spirits rather than beer when they do imbibe.Maybe thats good for their health and maybe its no accident.But its not good for the beer industry.As one analyst noted,“Twenty years of anti-drug,anti-smoking and anti-alcohol education has done its job.”Considering

15、 half of Americans smoked cigarettes in the 1940s,it took 80 years to bring that number down to only 10%.Alcohol research and awareness efforts may be proving more effective thanBen LuchowBen LuchowVice PresidentFood&Beverage TBen PaddorBen PaddorSenior Analyst Food&Beverage TEric BosveldEric Bosvel

16、dSenior Advisor Food&Beverage TScott MitchellScott MitchellManaging DirectorFood&Beverage T720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 2anti-smoking programs.3,8Canadian r

17、esearchers in 2023 reported as few as three drinks per week are risk factors for some types of cancers,and inthe U.S.,the federal Centers for Disease Control and Prevention reported even one drink a day can have serious healthconsequences.9,10In July,the oldest craft brewery in America,Anchor Brewin

18、g,announced it was closing.And across the country,craftbreweries shut down at an alarming rate,more than 385 reported capping the taps in 2023.Overall,including massproduced suds,U.S.beer shipments fell more than 5%in the first nine months of the year,approaching the lowest levelin 25 years.Consumer

19、 tastes have changed.As Oregon Public Broadcasting asked in the land of beards,skinny jeans,and craft beer,“Is Peak Craft Beer Over?”11,12,13,14SouringSouring OnOn SweetenersSweeteners.MaybeMaybeArtificial sweeteners are better for us than processed sugar,right?Well In 2023,some popular artificial s

20、weetenerscame under new scrutiny.One ingredient,erythritol,found itself under the microscope as a study connected the productto risks of heart attacks,strokes,even death.And,maybe counterintuitively,the product was also connected with weightgain.Erythritol is all around us,and is used a bulking ingr

21、edient in sugar substitutes such as Truvia,and SplendaNaturalsStevia.15,16In July,the World Health Organization(WHO)announced another sugar substitute,aspartame,is“possiblycarcinogenic”(cancer causing).Maybe its not the end of the world for the sweetener,considering the WHO ratesalcohol and processe

22、d or red meats as a greater risk factor for cancers,and consumers arent showing a reaction to thenews.But still,the sugar substitute is found in a lot of places,including both Diet Pepsi and Diet Coke.Sugar free softdrinks make up about 27%of the soda market.17,18Does this mean producers will race t

23、o replace these sweeteners?Probably not.Those old enough will remember thefuror over the sweetener saccharin when Canadian researchers in the 1970s reported evidence that the substance causedcancer in lab rats.By 2000,scientists determined it did not pose a real risk of cancer.The popular sugar subs

24、titute SweetN Low is still in its little pink packets,and saccharin is still an ingredient.When it comes to sugar substitutes,experts saythe danger is in the quantity of consumption.What happens next will likely depend on consumer reactions.And yes,market researchers have been scouring social media

25、for a decade looking for hints of how consumers feel about sugarsubstitutes and potential health effects.Consumer sentiment is king,and data mining social media platforms isreal.19,20,21,22TheThe SqueakySqueaky WheelWheel GetsGets TheThe GreaseGrease.TheThe ReallyReally SqueakySqueaky WheelWheel Get

26、sGets ReplacedReplacedPost-pandemic labor shortages continued into 2023.And even when employers can hire someone,wages are on the rise,either spurred by regulations(minimum wage laws),unionization,or simply the supply and demand for workers,especially in food service.In September,California set the

27、minimum wage for workers in large,chain fast food outlets at$20 an hour.The city of Denver in 2024 hiked its minimum wage to$18.29 an hour,$15.27 for tipped employees,suchas food servers.Seattle went one better,setting its minimum wage at$19.97 an hour.At Waffle House,the officialrestaurant of post

28、natural disaster cleanup in the South,workers in November rallied for a$25 minimum wage plus 24/7on-site security.Workers at Starbucks have been unionizing,or trying to,for the past two years.5,23,24,25,27,28So,whats the market to do?Automate.If the F&B sector cant find people to do the work,maybe m

29、achines are theanswer.Were watching efforts to accelerate automation and AI integration across the space.Ohio-based Donatos pizzachain in 2H23 unveiled a fully autonomous pizza maker/vending machine,hinting that in the future,the chain may openautomated stand-alone locations,pizza restaurants withou

30、t any human employees.Food manufacturers are incorporatingAI for security,error detection,and efficiency.Chipotle teamed up with robotics maker Hyphen to develop robots thatbuild salads and burrito bowls.Fast casual restaurant Sweetgreen in October installed its first conveyor belt/salad gunsetup th

31、at makes salads on its own,slashing the number of employees needed.Hamburger chain White Castle hasdeveloped“Flippy,”an automated fry station.McDonalds and Wendys inked deals with Google to use its generative3720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered T

32、hrough SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 2AI technology to improve restaurant operations and take drive through orders though voice recognition andcomprehension programming.29,30,31,32,33Even self-checkout at larger stores has become the norm,accounting for m

33、ore than half of all grocery checkout sales ascustomers adapt,cutting labor costs.But of course,not every automation is a hit at first.F&B depends a lot on humanconsumers in human situations.In 2023 we saw a backlash against grocery store automated,self-checkout stations bothfrom consumers who find

34、them inconvenient or impersonal and also as a bottom-line issue as businesses combat fraudand theft(known as“shrink”)at the stations.Walmart,Dollar General,and Costco in 2023 began to reconsider thewidespread use of self-checkout machines.It may come down to what costs less,the occasional theft or t

35、he cost of a$20and hour checkout worker.34,35Ozempic,Ozempic,WeightWeight Loss,Loss,andand CollateralCollateral DamageDamageFinally,theres the explosion of GLP-1 weight loss drugs.Drugs that make people“forget to eat”may be bad news forthe business of making,preparing,and selling food.Drug maker Nov

36、o Nordisks Ozempic and Wegovy made headlinesin 2023,sending shockwaves through food and snack providers including McDonalds,Hershey,and Kraft.And this maybe just the beginning.More pharmaceutical companies are getting into the field and more potent weight loss drugs areon the horizon.36,37,38Obesity

37、 is a serious problem around the world,and a drug that helps people shed pounds and live healthier is certainlynot a bad thing,as far as we know.The medical field is watching for unintended side effects.But for the food industry,from groceries to fast food and snacks,this is an area to watch closely

38、.Well see how producers and distributors respondif people around the world lose the urge to snack.39ServingServing UpUp thethe VittlesVittles:MergersMergers&AcquisitionsAcquisitions Home delivered meal kit producer Blue Apron in September was acquired by Wonder Group,a fine dining and fooddelivery c

39、ompany.The deal was valued at$103 million in cash,a 137%premium to shareholders of the share price onthe day prior to the announcement.Blue Apron,founded in 2012,reported Wonder will manage the company underthe same Blue Apron brand.The companies said the acquisition will allow Wonder to expand serv

40、ices to moreregions.Wonder reported it is also developing a better online app to bolster its food hall and home delivered meals.Blue Apron,once a leader in the delivered home meal kit business,struggled in recent years,going public in 2017and enduring multiple leadership shakeups,competition,and an

41、eroding customer base.40,41 Pet and people food maker J.M.Smucker Co.in November closed its deal to purchase snack maker Hostess for$5.6billion including assumed debt,a 54%premium of share pricing at the time of the announcement.In a news release,Smucker officials said the deal will add distribution

42、 channels,especially to convenience stores,while Smucker will addmarketing expertise and production capacity to the Hostess brand.Smucker makes household brand names such asJif peanut butter,Folgers and Dunkin coffees,jams,and pet treats Meow Mix and Milk-Bone.For its part,Hostess,founded more than

43、100 years ago,is known for its snack foods including Twinkies,Zingers,and Ding Dongs.Thecompany has been through several acquisitions,declaring bankruptcy in 2012 before going public through a SpecialPurpose Acquisition Company(SPAC)in 2016.42,43,44 Family-owned maker of confections,food,and pet car

44、e and service products,Mars in August acquired Kevins NaturalFoods,a high-growth meal company focused on nutritional offerings including entres,sides,and sauces withvariations of Paleo,Keto,and gluten-free meals without refined sugar,artificial ingredients,grains,soy,antibiotics,orhormones.Kevins fo

45、ods are available online and in grocery stores.Mars is known for its M&Ms,Snickers,Dove andKind bars,and Bens Original,as well as pet foods Pedigree,Whiskas,and Royal Canin.Terms were not disclosed butthe deal was reportedly valued at about$800 million.Virginia-based Mars generates about$48 billion

46、in annualsales.45,464720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 2ReadingReading thethe TeaTea Leaves,Leaves,A A LookLook AheadAheadMaybe we should start imaging what the

47、future holds by reviewing the year that just was.It was an eventful year acrossthe F&B sector,and after being tossed like a salad,investors across the space may be ready to advance cautiously.Interest rates remain high,and there is a likely focus on paying down debt and shoring up the corporate foun

48、dations.Butfood inflation is finally showing signs of easing,and the runup in wages seems to be slowing,providing breathing roomacross the sector.Freed from the confines of their homes during the pandemic,consumers appear to be focused onexperiences like dining out with friends after spending a coup

49、le of years renovating the home office and retooling thekitchen,good news for restaurants that struggled while people cooked at home and hunkered down.Of course,the newconcern is how long consumers can keep spending.America household debt was up nearly$24 billion in November,more than in previous mo

50、nths,and costly credit card debt was up 17%over the previous year.Those governmentstimulus checks dont last forever.Well be watching for ways the F&B sector can control consumer prices and find newefficiencies and profits by adapting through technology,streamlining services,and meeting ever-changing

51、 consumertastes.47,48,495720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 2 DateTargetBuyer(s)Segment DateTargetBuyer(s)SegmentAmount($in Mil)Amount($in Mil)TEV/RevTEV/RevTEV/E

52、BITDATEV/EBITDA12/4/2023Wonder Brands Holdings and FGF Brands Olympus Partners,Rise Baking CompanyCPG Foods-12/1/2023Newly Weds FoodsRedwood HoldingsIngredients&Flavors4000.00-12/1/2023Yamachan RamenKanematsuCPG Foods-11/13/2023Blue ApronWonderDigitally Native75.770.2x-11/8/2023FreshDirectGetirDigit

53、ally Native-11/7/2023Hostess BrandsThe J.M.Smucker Co.CPG Foods5472.243.9x19.8x10/24/2023NoodleboxFoodtasticRestaurants-10/18/2023Jelly Belly CandyFerrara Candy CompanyCPG Foods-10/17/2023818 SpiritsFTXAlcohol-10/10/2023Bazooka Candy BrandsApax PartnersCPG Foods700.00-10/2/2023Mondelez International

54、(Chewing Gum Business)Perfetti Van MelleCPG Foods1350.00-6Sources:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS

55、 BY LOCATIONTRANSACTION ACTIVITY10 or more transactions5-9 transactions1-4 transactions0 transactionsCANADAIf You Are a Business 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 7

56、20.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.48 19 31 3 13 13 8 21 12 37 10 -10 20 30 40 50 60Strategic70%Financial30%720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H

57、 2023|VOL 12|ISSUE 27ACTIVE BUYERSSources:PitchBook Financial Data and Analytics;MergermarketFIRMSELECT SUBSIDIARY BRANDSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMSELECT SUBSIDIARY BRANDS720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securi

58、ties Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 2PUBLIC BASKET8ALCOHOLIC BEVERAGESFOOD&BEVERAGE SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsSources:PitchBook Financial Data and Analytics-40%-30%-20%-10%0%10%20%30%Dec-22Jan-23Feb-

59、23Mar-23Apr-23May-23Jun-23Jul-23Aug-23 Sep-23Oct-23Nov-23 Dec-23AlcoholNon-AlcoholCPG FoodsNatural&Organic FoodsDairyProteinsProduceIngredients&FlavorsCo-PackersRestaurantsDigitally NativeS&P 500720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Cap

60、ital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 29PUBLIC BASKET(CONTINUED)NON-ALCOHOLIC BEVERAGESCPG FOODS(INCLUDING SNACKS)NATURAL&ORGANIC FOODSSources:PitchBook Financial Data and Analytics720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered

61、 Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 210PUBLIC BASKET(CONTINUED)DAIRYPROTEINSPRODUCE/AGRIBUSINESSINGREDIENTS&FLAVORSSources:PitchBook Financial Data and Analytics720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered T

62、hrough SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 2CASUAL DINING11PUBLIC BASKET(CONTINUED)CO-PACKERSFINE DININGSources:PitchBook Financial Data and AnalyticsFAST CASUAL RESTAURANTS720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offere

63、d Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 212PUBLIC BASKET(CONTINUED)FAST FOOD RESTAURANTSDIGITALLY NATIVESources:PitchBook Financial Data and Analytics720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Cap

64、ital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 213U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of Nov 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCA

65、PITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics47%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 DebtEquity202020222021202

66、3720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.FOOD&BEVERAGE REPORT2H 2023 2H 2023|VOL 12|ISSUE 2FOOD&BEVERAGE EXPERTISEOur experience,network and relationships have positioned us as thoughtleaders surrounding M&A and priv

67、ate placements in CPG and natural foodand beverages.When the time comes to buy,sell or seek investments togrow your business,lean on our expertise to guide a successful process.Our Food&Beverage industry investment banking expertise includes thefollowing segments:We have been featured in many top fo

68、od and beverage publications,includingThe Packer,Beverage WorldandFood Dive.14SDR SERVICE OFFERINGSTHOUGHT LEADERSHIP IN FOOD&BEVERAGEOur experience,network and relationships have positioned us as thought leaders surrounding M&A and private placements in CPG.CONTACT USPRIVATE CAPITAL FORMATIONSELL-S

69、IDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTING Alcoholic Beverages Non-Alcoholic Beverages CPG Foods Natural&Organic Foods Dairy Proteins Produce/Agribusiness Ingredients&Flavors Co-Packers Restaurants Ben LuchowBen LuchowVice PresidentFood&Beverage TEric BosveldEric BosveldSenior Advisor Food&Be

70、verage TScott MitchellScott MitchellManaging DirectorFood&Beverage T720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 215ADDITIONAL REFERENCES1.“A Matter Of Taste:Navigating Tre

71、nds In The Food And Beverage Industry,”Johnson&Wales University report,Oct.27,2023 https:/online.jwu.edu/blog/a-matter-of-taste-navigating-trends-in-the-food-and-beverage-industry/2.“Major Food and Beverage Industry Challenges And Trends Of 2021 And Beyond,”Quantzig,Jan.8,2024https:/ Is Gen Z Drinki

72、ng Less?”The Hill,Alejandra OConnell-Domenech,Apr.06,2023 https:/ Bud Light,Popular Beer Brand Files For Bankruptcy,”The Street,Daniel Kline,Oct.20,2023https:/ 5.“How Technology Is Helping Restaurants Overcome Labor Shortage Challenges,”Nasdaq,Chris Versace,Mark Abssy,Jan.30,2023 https:/ 6.“Restaura

73、nts Are Still Struggling To Hire As 2 Million Jobs Remain Unfilled,”The Robb Report,Tori Latham,Feb.3,2023 https:/ Food Giants Confront the Ozempic Era,”Wall Street Journal,Jesse Newman,Oct.5,2023https:/ 8.“US Cigarette Smoking Rate Falls To Historic Low,But E-Cigarette Use Keeps Climbing,”CNN,Jen C

74、hristensen,Apr.27,2023 https:/ Guidance On Alcohol And Health,”Canadian Centre on Substance Abuse and Addiction,accessed Jan.18,2024 https:/www.ccsa.ca/canadas-guidance-alcohol-and-health 10.“Dietary Guidelines For Alcohol,”U.S.Centers for Disease Control and Prevention,accessed Jan.18,2024https:/ww

75、w.cdc.gov/alcohol/fact-sheets/moderate-drinking.htm 11.“The Oldest Craft Brewery In The United States Is Shutting Down After 127 Years,”CBS News,Jordan Valinsky,Jul.12,2023 https:/ Many Craft Breweries,The Apocalypse Is Now,”Paste Magazine,Jim Vorel,Nov.17,2023https:/ 13.“The Bud Light Boycott Was J

76、ust The Beginning Of A Crazy Year For Beer,”Wall Street Journal,Jennifer Maloney,Dec.27,2023 https:/ 14.“7 Portland Breweries And Taprooms Are Closing.Is Peak Craft Beer Over?”Oregon Public Broadcasting,OPB.com,Rolando Hernandez,Jul.25,2023 https:/www.opb.org/article/2023/07/25/craft-beer-portland/1

77、5.“Erythritol And Health Risk:How Much Weight Is Behind The Claims?”Food Navigator,Oliver Morrison,Mar.6,2023https:/ 16.“Artificial Sweetener Erythritols Major Health Risks,”Cleveland Clinic,Mar.6,2023 https:/health.clevelandclinic.org/erythritol 17.“Coca-Cola,PepsiCo Sales Likely To Withstand WHO A

78、spartame Cancer Ruling,”Food Dive,Christopher Doering,Jul.17,2023 https:/ REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 216ADDITIONAL REFERENCES(CONTINUED)18.“Consumers Back Diet Colas From PepsiCo Despite Aspartame

79、s Possible Ties To Cancer,”Food Dive,Christopher Doering,Sept.21,2023 https:/ Saccharin Saga,Part 3,”Chemistry Views,Klaus Roth and Erich Luck,Dec.1,2015 https:/www.chemistryviews.org/details/ezine/8613401/The_Saccharin_Saga_Part_3/20.“Sweet N Low FAQ,”Sweet N Low,accessed Jan.18,2024https:/ There A

80、 Healthiest Sugar Substitute?What To Know After WHOs Aspartame Announcement,”USA Today,Clare Mulroy,Jun.11,2023 https:/ Of Sugar Substitutes In Social Media,”Food Manufacturing,Aug.2,2012https:/ 23.“The Restaurant Labor Shortage:How We Got Here And A 2023 Update,”OpenTable,accessed Jan.18,2024https:

81、/ Increases Minimum Wage Protections For Fast-Food Workers,”Office of Governor Gavin Newsom,Sep.28,2023 http:/ 25.“Minimum Wage In 2024:$18.29/Hour,”City of Denver,Denvergov.org,accessed Jan.18,2024 http:/ 26.“Minimum Wage,”Seattle,Office of Labor Standards,accessed Jan.18,2024https:/www.seattle.gov

82、/laborstandards/ordinances/minimum-wage 27.“Waffle House Workers Are Demanding A$25 Hourly Wage And 24/7 Security To Protect Them From The Constant Threat Of Violence,”Business Insider,Grace Dean,Nov.10,2023 https:/ 28.“A Look At Recent Unionization Efforts By The Numbers,”Ragan Communications,Allis

83、on Carter,Jan.17,2024https:/ Donatos Sees Opportunity In Automated Vending Machines,”Restaurant Dive,Danielle McLean,Sep.18,2023 https:/ Intelligence Is Redefining Food&Beverage Manufacturing,”Food Manufacturing,Aug.20,2023https:/ 31.“Chipotle Teams Up With Hyphen To Begin Testing New Digital Makeli

84、ne,”Chipotle newsroom,Oct.3,2023https:/ 32.“Sweetgreen Hires Kale-Shooting Robots To Speed Up Service,”Wall Street Journal,Heather Haddon,Oct.16,2023https:/ 720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC

85、.2H 2023 2H 2023|VOL 12|ISSUE 217ADDITIONAL REFERENCES(CONTINUED)33.“McDonalds Taps Generative AI As Restaurants Turn To Automation,”PYMNTS,Dec.8,2023 https:/ Is Now The Dominant Checkout Format In Grocery,Study Says,”Grocery Dive,Grocery Dive,Petyon Bigora,Apr.26,2023 https:/ General Joins Growing

86、List Of Retailers,Including Target And Costco,To Reverse Course On Self-Checkout Due To Shoplifting And Machine Costs After Adding Them To More Than Half Its 19,000 Stores,”Daily Mail,Isabelle Stanley,Dec.11,2023 https:/www.dailymail.co.uk/yourmoney/article-12851875/Dollar-General-cutting-self-check

87、outs.html 36.“Forget To Eat:How Ozempic Went From Diabetes Medicine To Blockbuster Diet Drug,”NPR,Stacey Vanek Smith,Apr.1,2023 https:/www.opb.org/article/2023/04/01/how-ozempic-went-from-diabetes-medicine-to-blockbuster-diet-drug/37.“Ozempic,Weight-Loss Drug Fears Settle Into Longer-Term Risks For

88、Food Companies,”Yahoo Finance,Brooke DiPalma,Dec.11,2023 https:/ 38.“The Drugs That Are Gaining On Ozempic,”Wall Street Journal,Peter Loftus,Jun.27,2023 https:/ 39.“Will Weight Loss Drugs Kill The Fast Food Business?”Julia Kollewe et al.,The Guardian,Jan.6,2024 https:/ 40.“Blue Apron Announces Agree

89、ment To Be Acquired By Wonder Group,”Blue Apron newsroom,Sep.29,2023 https:/ 41.“Blue Apron To Be Acquired By Wonder Group For$103 Million,Capping Tumultuous Post-IPO Ride,”CNBC,Drew Richardson,Sep.29,2023 http:/ 42.“The J.M.Smucker Co.Completes The Acquisition Of Hostess Brands To Advance Strategy

90、And Expand Family Of Brands In Growing Categories,”PR Newswire,Nov.7,2023 https:/ 43.“Hostess Brands To Be Acquired By The J.M.Smucker Co.For Approximately$5.6 Billion,”Hostess Brands newsroom,Sep.11,2023 https:/ 44.“Happy Birthday:The 100-Year History Of The Hostess CupCake,”Bakery and Snacks,Gill

91、Hyslop,Feb.22,2019 https:/ 45.“Mars Completes Acquisition Of Nutritious Meal Company Kevins Natural Foods,”Mars newsroom,Aug.1,2023 https:/ 46.“Mars To Buy Healthy Food Maker Kevins Natural Foods,”Reuters,Anirban Sen and Abigail Summerville,Jul.5,2023 https:/ And Beverage Makers To Be More Careful A

92、nd Strategic With M&A In 2024,”Food Dive,Christopher Doering,Jan.2,2024 http:/ 720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2023 2H 2023|VOL 12|ISSUE 218ADDITIONAL REFERENCES(CONTINUED)48.“January 2

93、024 US Labor Market Update:Wage Growth Set To Keep Slowing,Though At An Uncertain Pace,”Hiring Lab by Indeed,Nick Bunker,Jan.17,2024 https:/www.hiringlab.org/2024/01/17/january-2024-us-labor-market-update/#:text=As%20recently%20as%20January%202022,from%200%25%20to%2010%25.49.“Latest Figures Show Rising Consumer Debt,”Marketplace.org,Mitchell Hartman,Jan.9,2024https:/www.marketplace.org/2024/01/09/consumer-credit-surge-debt-delinquencies/