Analysis of recent transactions in Packaged Food & Meat Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. page A L P S V E N T U R E P A R T N E R S 1
PACKAGED!
FOOD!
M & A TEARSHEET 2019
This report is intended solely for informational purposes
and is not intended to be and should not be used by any
other person or entity. No other person or entity is
entitled to rely, in any manner or for any purpose, on
this report.

2. page A L P S V E N T U R E P A R T N E R S 2
Merger & Acquisition Summary – Packaged Food & Meats
Valuation Summary
Total Deal Value ($mm) 255,029
Average Deal Value ($mm) 427
Average TEV/Revenue 1.7x
Average TEV/EBITDA 13.0x
Average Day Prior Premium (%) 11%
Average Week Prior Premium (%) 13%
Average Month Prior Premium (%) 15%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2013 – March 25, 2019
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Transaction Ranges
Greater than $1 billion 35
$500 - $999.9 mm 38
$100 - $499.9 mm 125
Less than $100 mm 399

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trend
*Source – CapitalIQ, AlpsVP Analysis
1.5x 1.6x 1.7x 1.9x 2.0x 1.8x
14.2x
11.4x
12.7x
13.3x 12.9x
15.1x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2014 2015 2016 2017 2018 2019
Transaction Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year
Average TEV/Revenue 1.5x 1.6x 1.7x 1.9x 2.0x 1.8x 1.7x
Average TEV/EBITDA 14.2x 11.4x 12.7x 13.3x 12.9x 15.1x 12.9x
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4. page A L P S V E N T U R E P A R T N E R S 4
Transaction Numbers - Trend
*Source – CapitalIQ, AlpsVP Analysis
23 22 22
32
23
3
87
97
69
84
55
7
-
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 2019 5 Year
Average Deal Value $287.6 $637.7 $188.1 $457.5 $560.4 $244.0 $426.3
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions
Asia Pacific – 10.0% Americas – 71.8% Europe/MENA/Africa – 18.2%
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Region / Transactions Number Total Value Average Size
Asia Pacific 232 $25,402 $109
Europe/MENA/Africa 200 $46,408 $232
Americas 165 $183,220 $1,110

6. page A L P S V E N T U R E P A R T N E R S 6
Investment Focus
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Geographic
Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
Size (USD mn)
United States 94 1.9x $1,817.7
China 61 3.1x $94.4
United Kingdom 36 1.2x $504.3
Australia 31 1.9x $192.0
Canada 27 2.1x $137.3
India 17 1.3x $135.8
Brazil 16 1.3x $220.2
South Korea 16 0.7x $61.5
Vietnam 16 1.6x $97.2
Norway 16 1.9x $383.1
Spain 15 1.3x $126.2
Italy 14 1.2x $132.5
Poland 14 0.7x $20.1
Netherlands 13 1.6x $377.5
Japan 13 0.6x $97.4
Others 198 1.6x $130.8
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target Deal Value ($mm)
Kraft Foods Group, Inc. $55,032
Mead Johnson Nutrition Company $19,668
The WhiteWave Foods Company $12,511
Pinnacle Foods Inc. $10,987
The Hillshire Brands Company $8,965
Blue Buffalo Pet Products, Inc. $8,326
Upfield Foods $8,032
Snyder's-Lance, Inc. $6,136
Blue Acquisition Group, Inc. $5,769
AdvancePierre Foods Holdings, Inc. $4,464
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/4)
[1] Source: Frozen Food Production in US published by IBISWorld, Dec 2018
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US Frozen Food Production1
The Frozen Food Production industry slightly contracted over the five years to 2018, as demand for industry goods
slightly declined. Rising disposable income has enabled consumers to trade up to newer, healthier and premium
varieties of goods that command higher retail prices. Nevertheless, with more money to spend, some consumers opted
for fresh produce over frozen varieties, stifling growth. Growing health concerns also caused many consumers to
purchase fewer frozen foods, which are often perceived to be less healthy than fresher meals, despite new studies
indicating otherwise. Operators responded by introducing products with healthier, more nutritious ingredients. Overall,
industry revenue is anticipated to decrease at an annualized rate of 0.2% to $33.3 billion over the five years to 2018.
This growth includes a projected rise of 0.1% in 2018.
28.1%
27.8%
24.2%
10.2%
9.7%
Frozen pizza Frozen vegetables
Frozen prepared foods and entrees Frozen fruit and juice concentrates
Others
Frozen food products contend with adverse conditions from
public perceptions. Industry operators have invested in
significant research and development over the past five years
to reformulate products with less preservatives and more
added nutrients from super foods (e.g. spinach, kale and
quinoa). Producers can charge more for these premium
products, boosting industry revenue. These additional costs
resulted in the industry’s average profit margin declining during
the five-year period to 4.8% in 2018. Over the five years to
2023, manufacturers will continue to develop new products that
appeal to health- conscious consumers and continue to invest
in marketing campaigns to boost the image of frozen foods. As
more Americans return to work and have less time to prepare
meals from scratch, they will opt for the convenience of frozen
meals. However, these gains will be offset by several factors.
Consumers are expected to purchase more fresh food or dine
out more frequently as disposable income levels continue to
rise. Ultimately, revenue is expected to grow at an annualized
rate of 1.0% to $35.1 billion over the five years to 2023.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/4)
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US Frozen Food Production1
The Frozen Food Production industry is expected to grow over the five years to 2023, as rising disposable income levels
enable consumers to trade up to premium varieties of frozen foods. Technological developments in freezing, packaging
and sorting, combined with aggressive marketing for new products, will be imperative for industry participants to
maintain market share. Consumers’ growing demand for nutritious food and convenience is expected to drive product
innovation. More specifically, manufacturers will focus on offering a greater variety of attractive prepared meals,
including skillet and oven meal kits, restaurant-quality pizza, ethnic dishes and handheld appetizers and snacks. As a
result, IBISWorld forecasts industry revenue will increase at an annualized rate of 1.0% to $35.1 billion over the five
years to 2023.
33.9 33.0 33.3 33.3 33.7 34.1 34.4 34.7 35.1
-0.4%
-2.7%
1.0%
0.1%
1.2%
1.1%
0.9% 1.0%
1.1%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
32
32
33
33
34
34
35
35
36
2015 2016 2017 2018 2019 2020 2021 2022 2023
FrozenFoodProductioninUSRevenue($B)
Market Size ($B) Growth (%age)
[1] Source: Frozen Food Production in US published by IBISWorld, Dec 2018

11. page A L P S V E N T U R E P A R T N E R S 11
Industry Outlook (3/4)
[1] Source: Snack Food Production in US published by IBISWorld, Feb 2019
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US Snack Food Production1
The Snack Food Production industry, which creates goods such as potato and corn chips, pretzels, roasted and salted
nuts, peanut butter, popcorn and other similar snacks, benefited from increased demand over the five years to 2019. As
the economy has continued to strengthen, discretionary income levels have climbed. In turn, renewed consumer
spending has boosted sales of potato and tortilla chips, along with nuts and seeds. Moreover, the emergence of
artisanal goods, which are made with a higher degree of craftsmanship and command higher prices, has served to
boost revenue. Overall, industry revenue is expected to increase at an annualized rate of 1.4% over the five years to
2019 to reach $42.0 billion in 2019.
32.2%
23.5%
18.8%
25.5%
Nuts and seeds Potato Chips Tortilla and corn chips Other Chips
Furthermore, shifting food consumption trends have affected
the strategies of snack food producers during the period.
Specifically, growing health concerns about eating foods high
in sodium, fat and sugar have made some consumers wary of
consuming traditional snacks. While this has limited some
industry revenue expansion, it has also developed a niche
market in the industry. Producers have introduced new
varieties of existing products, such as reduced-fat and
reduced-sodium brand extensions, as well as new gluten-free
and organic products driving an estimated 1.5% growth in
revenue in 2019. Demand for nuts and seeds has also grown,
as consumers have increasingly opted for trail mix. However,
while new premium products helped boost revenue, the
resulting enhanced operational costs has limited margins
throughout the period.

12. page A L P S V E N T U R E P A R T N E R S 12
Industry Outlook (4/4)
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US Snack Food Production1
The industry’s future is promising as well, with improving economic conditions expected to further lift demand for snacks.
Projected increases in per capita disposable income will enable more consumers to trade up to premium brands,
helping drive revenue growth. As consumers continue demanding healthy versions of existing snacks, operators will
introduce a wider variety of products. The array of nontraditional ingredients currently used for snack production, such
as taro root and butternut squash, indicates creativity will also be a key factor in future successes. Profit is expected to
remain stable, enticing new companies to enter the industry with innovative new concepts. However, this appetite for
exotic and ethnic flavors will also drive imports of foreign snacks, threatening the domestic snack industry. Overall,
industry revenue is anticipated to grow at an annualized rate of 1.0% to $43.7 billion over the five years to 2023.
39.8 40.4 41.0 41.4 42.0 42.5 42.9 43.4 43.7
1.6%
1.7%
1.3%
0.9%
1.5%
1.1%
1.1%
1.0%
0.8%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
37
38
39
40
41
42
43
44
45
2015 2016 2017 2018 2019 2020 2021 2022 2023
SnackFoodProductioninUSRevenue($B)
Market Size ($B) Growth (%age)
[1] Source: Snack Food Production in US published by IBISWorld, Feb 2019

13. page A L P S V E N T U R E P A R T N E R S 13
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14. page A L P S V E N T U R E P A R T N E R S 14
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