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www.harriswilliams.com
Member FINRA/SIPC
Consumer and Retail Industry Update October 2013
October 2013
HW&Co. Advises SKLZ on its Growth Equity Investment from Steelpoint Capital Partners
Consumer and Retail
Industry Update
1 of 16
GROUP OVERVIEW
Harris Williams & Co. is a leading
advisor to the consumer market.
Our significant experience covers a
broad range of end markets,
industries, and business models.
This particular report focuses on
trends and metrics in the following
areas:
• Catalog & Direct Marketing
• Consumer Durables
• Consumer Electronics
• E-tailing
• Footwear, Apparel, &
Accessories
• Home Furnishings
• Household Goods
• Infant & Juvenile Products
• Jewelry, Gifts, & Collectibles
• Lawn, Garden, & Pet Products
and Services
• Leisure & Outdoor Products
• Personal Care Products
• Specialty and Mass Merchant
Retailing
CONTACTS
John Neuner | Managing Director
+1 (804) 915-0125
Ryan Budlong | Director
+1 (612) 359-2722
Brent Spiller | Director
+1 (804) 915-0183
Corey Benjamin | Vice President
+1 (804) 932-1342
Matt Conaty | Vice President
+1 (415) 217-3423
Chip Duggins | Vice President
+1 (804) 932-1340
www.harriswilliams.com
Harris Williams & Co. Consumer Deal Spotlight
HW&Co.’s Consumer Group remains very active in the branded consumer
products industry and is pleased to announce that SKLZ, a leading developer
and marketer of sports and athletic performance training products, has
received a growth equity investment from Steelpoint Capital Partners. The
majority of the proceeds from the transaction will support strategic initiatives
such as (i) continued development of SKLZ.com and the company’s
eCommerce efforts; (ii) new marketing initiatives; and (iii) continued product
development and commercialization. HW&Co. acted as the exclusive
advisor to SKLZ. The transaction closed on October 10, 2013.
“SKLZ has created a unique and powerful brand that defines the athletic training category. The company’s
category leadership and culture of innovation create exciting growth opportunities in hard goods as well as
instructional content and programming, player evaluation events, and training clinics,” said Glenn Gurtcheff, a
Managing Director at Harris Williams & Co. “We believe SKLZ has the potential to become a global sports
lifestyle brand.”
SKLZ is the category pioneer, market leader, and only company holistically addressing athletic and sport-
specific training through a unique offering of innovative products, instructional content, and programming that
that provide athletes with individualized training solutions. The company sells its products through a variety of
retail channels, including sports specialty, mass, and third-party eCommerce. SKLZ also delivers both products
and instructional content through SKLZ.com, which it believes can become the premier web destination for
athletic training. SKLZ was founded in 2002 and is headquartered in Carlsbad, CA.
Key Take-aways:
Category-Defining Brands – As a high-growth consumer brand with a distinct first-mover advantage in the
training category, SKLZ received broad interest from financial investors. Also of importance to investors were
the company’s proven product development process and extensive patent portfolio that supported the
sustainability of its market position.
Interest in Health and Wellness – Similar to our recent experience on Water Pik (oral health products), SKLZ
is representative of the heightened interest we are seeing in consumer brands with an orientation towards health
and wellness. Of particular interest to buyers in the consumer sector are assets that support an active lifestyle,
such as functional food & beverages, retail fitness concepts, and athletic equipment.
Creating Pull-Through Demand – Critical to the success of the SKLZ process was its ability to articulate a
clear strategy to drive consumer awareness and passion for the brand. The company was able to sustain
investor excitement by showcasing its new initiatives, which include: (i) a differentiated eCommerce
experience backed by a structured marketing effort; (ii) a robust pipeline of digital content with a plan for
commercialization; and (iii) ongoing engagement with consumers through events, clinics, and partnerships with
youth athletic leagues.
Building a Lifestyle Brand – In addition to its category leadership and strong growth trajectory, investors were
attracted to the company’s vision to transcend the training category and become a sports lifestyle brand.
Through our work with SKLZ and other niche consumer businesses, we are seeing a trend of financial sponsors
pursuing emerging brands in their early stages in hopes of finding the next lululemon or Under Armour.
October 2013
Department Chains
Apparel & Footwear Retail
Furniture & Furnishings Retailers
Discount Stores & Mass Merchants
Personal Care Products
S&P 500
Apparel & Footwear
Consumer & Retail Index
Catalog & Specialty Distribution
Home & Office Furniture & Furnishings
Recreational & Leisure Products
Specialty & Other Retail
Household Products
Internet Retail
(10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%
Equity Trading
Overview
Key Trading
Statistics
(detail begins
on page 6)
Public
Company
Sector
Performance
(12-month %
change in
stock price)
2 of 16
Change in Stock Price
3 mos. 12 mos. Revenue EBITDA Revenue EBITDA
Consumer Products
Apparel & Footwear 29 $2,048 1.8% 23.5% 1.49x 10.5x 1.39x 9.6x
Home & Office Furniture & Furnishings 10 1,345 (4.1%) 27.1% 0.94x 10.8x 0.88x 8.7x
Household Products 12 5,850 4.1% 36.1% 1.68x 11.2x 1.61x 10.1x
Personal Care Products 13 5,920 (0.3%) 19.7% 1.65x 10.1x 1.58x 9.2x
Recreational & Leisure Products 20 965 5.3% 34.1% 1.16x 9.4x 1.24x 9.6x
Retail
Apparel & Footwear Retail 40 1,283 (6.3%) 9.9% 0.65x 7.3x 0.64x 6.8x
Catalog & Specialty Distribution 7 383 (2.5%) 25.6% 0.40x 10.0x 0.37x 8.7x
Department Chains 9 6,470 (8.2%) (1.9%) 0.63x 5.8x 0.62x 5.8x
Discount Stores & Mass Merchants 11 8,297 1.2% 16.0% 0.72x 8.5x 0.70x 8.1x
Furniture & Furnishings Retailers 12 1,586 (8.9%) 14.0% 0.97x 8.1x 0.92x 7.7x
Internet Retail 13 1,182 4.2% 58.2% 1.46x 18.1x 1.36x 13.7x
Specialty & Other Retail 28 2,055 4.2% 34.5% 0.78x 9.8x 0.74x 8.9x
Consumer Products 84 $2,048 1.8% 27.1% 1.49x 10.5x 1.39x 9.6x
Retail 120 $1,586 (2.5%) 16.0% 0.72x 8.5x 0.70x 8.1x
Consumer & Retail Index 204 $1,817 0.5% 24.6% 0.95x 9.9x 0.90x 8.8x
SectorNumber of
Companies
Median
Enterprise
Value ($mm)
Median TEV/
Forward Mulitples
Median TEV/
LTM Multiples
October 2013
50
75
100
125
150
175
200
225
250
Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13
Ind
ex
Dow Jones Retail Index Dow Jones U.S. Consumer Goods Index S&P 500 Index
87.3%
95.3%
123.3%
Close Date Filing Date Issuer Ticker
Transaction
Type
Gross Proceeds
($mm) Use of Funds
10/10/13 10/10/13 Bauer Performance Sports Ltd BAU Follow-On $64.3 General Corp. Purp.
10/08/13 10/08/13 zulily inc ZU IPO 100.0 General Corp. Purp.
10/08/13 09/16/13 Restoration Hardware Hldg Inc RH Follow-On 245.1 General Corp. Purp.
10/01/13 09/08/13 Burlington Stores Inc BURL IPO 260.7 General Corp. Purp.
09/30/13 09/30/13 The Container Store Group Inc TCS IPO 200.0 General Corp. Purp.
09/26/13 09/24/13 JC Penney Co Inc JCP Follow-On 810.6 General Corp. Purp. /
Working Capital
09/24/13 09/24/13 Apparel Holding Corp VNCE IPO 200.0 General Corp. Purp.
09/19/13 09/19/13 KAR Auction Services Inc KAR Follow-On 377.4 General Corp. Purp.
09/17/13 09/17/13 Five Below Inc FIVE Follow-On 333.7 General Corp. Purp.
09/13/13 09/12/13 Everyware Global Inc EVRYU Follow-On 20.1 General Corp. Purp.
09/04/13 09/04/13 Jarden Corp JAH Follow-On 705.0 Working Capital /
Acquisitions
08/26/13 08/26/13 JC Penney Co Inc JCP Follow-On 504.1 General Corp. Purp.
08/20/13 08/20/13 Hudsons Bay Co HBC Follow-On 265.0 Acquisitions
08/07/13 08/06/13 KAR Auction Services Inc KAR Follow-On 431.3 General Corp. Purp.
Recent Equity
Offerings
Equity Markets
Overview
Consumer
and Retail
Industry Stock
Performance
3 of 16
October 2013
9.8x
9.4x
9.8x
10.8x
11.2x10.9x
11.2x 11.3x11.5x
11.8x
12.4x12.6x
9.2x
8.8x8.5x 8.6x
9.1x
12.3x
10.7x
11.1x
11.7x
12.2x
13.0x 13.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
Med
ian
Tra
din
g M
ult
iple
s
Consumer Products Retail
Aggregate Number Transaction Multiples
Value ($bn) of Deals EV / Revenue EV / EBITDA
$31.8 360 1.01x 10.3x
Announced Target Buyer
10/17/2013 Gerber Childrenswear, LLC Providence Apparel, LLC
10/16/2013 NJoy Baby S.L. Baby Jogger, LLC
10/15/2013 Mac-Gray Corp. (NYSE:TUC) CSC ServiceWorks, Inc
10/10/2013 Pro Performance Sports, LLC Steelpoint Capital Partners, LP
10/9/2013 JewelPop Inc. Lynx Equity Limited
10/7/2013 Juicy Couture, Inc. Authentic Brands Group LLC
10/7/2013 Escort Inc. Monomoy Capital Partners
10/3/2013 Mid-Atlantic Convenience Stores Sunoco, Inc.
10/3/2013 Project Horizon, Inc. Bruckmann, Rosser, Sherrill & Co. L.L.C.
10/2/2013 G.H. Bass & Company AM Retail Group, Inc.
11.0x 10.3x
8.9x 8.4x
10.7x 10.0x
9.4x
0.00x
0.25x
0.50x
0.75x
1.00x
1.25x
1.50x
1.75x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2007 2008 2009 2010 2011 2012 2013 YTD
EV
/ LT
M S
ale
s Mu
ltiple_
_EV
/ L
TM
EB
ITD
A M
ult
iple
__
EV / LTM EBITDA EV / LTM Sales
$79.7
$22.1 $28.6 $29.7
$40.3 $38.3
$20.1
0
50
100
150
200
250
300
350
400
450
$0
$20
$40
$60
$80
$100
$120
2007 2008 2009 2010 2011 2012 2013 YTD
Nu
mb
er o
f Tra
nsa
ctio
ns_
_Ag
greg
ate
Tra
nsa
cti
on
Valu
e($
in
bil
lio
ns)
Aggregate Deal Value # of Deals
81
73
97
111
72
31
37
53
73
60
53 5459
71
48
28
59
53
76
39
0
20
40
60
80
100
120
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD
Nu
mb
er o
f In
ves
tmen
ts'
Number of Investments Number of Exits
6156 56 55
63
47
63 66
98
127
77
57
77
1013 13 12
10
18
1420
23
16
13
14
25
0
20
40
60
80
100
120
140
160
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
Nu
mb
er o
fTra
nsa
cti
on
s__
PEG Acquirer Strategic Acquirer
Announced Consumer Transactions Median Consumer Transaction Multiples
Consumer Private Equity Investments and Exits Median LTM Trading Multiples
Last 10 Deals Announced Quarterly Consumer M&A Activity
LTM Deal Statistics
Note: Transactions based on publicly available information
M&A
Overview
Announced
Consumer
and Retail
M&A
Consumer and
Retail M&A
Trends
Median LTM
Trading
Multiples and
Announced
Private Equity
M&A Activity
4 of 16
October 2013
0.0x
2.0x
4.0x
6.0x
8.0x
Debt/EBITDA Senior
Debt/EBITDA
EBITDA/Cash
Interest
EBITDA -
Capex/Cash Interest
EB
ITD
A M
ult
iple
2008 2009 2010 2011 2012 2013
L + 0
L + 200
L + 400
L + 600
L + 800
L + 1000
L + 1200
3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13
Av
era
ge S
prea
d O
ver L
IBO
R
N/A
L + 0
L + 100
L + 200
L + 300
L + 400
L + 500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD2013
Av
era
ge
Sp
read
Ov
er
LIB
OR
__
Revolving Credit / Term Loan A Weighted-Average Institutional
$0
$2
$4
$6
$8
$10
$12
3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13
Lo
an
Vo
lum
e b
y Q
ua
rte
r (
$ i
n b
illi
on
s)_
__
Pro Rata Institutional
Key Retail
Credit Statistics
Recent
Consumer and
Retail Debt
Offerings
Average Secondary Spread
Average Spread on Retail Loans
Credit Statistics
Quarterly Retail Loan Volume
Debt Market
Overview
5 of 16
Date Effective Borrower Name Description Deal Amount Type Rating Spread
10/16/13 Neiman Marcus Group Inc Department stores $800,000,000 Revolver/Line >= 1 Yr. N/A / Caa2 N/A
10/16/13 Neiman Marcus Group Inc Department stores 2,950,000,000 Term Loan B N/A / Caa2 N/A
10/11/13 Plano Molding Co Outdoor products 210,000,000 Term Loan N/A / NR 450
10/11/13 Plano Molding Co Outdoor products 22,500,000 Delay Draw Term Loan N/A / NR 450
10/11/13 Plano Molding Co Outdoor products 40,000,000 Revolver/Line >= 1 Yr. N/A / NR 450
10/10/13 Joe's Jeans Inc Women's and men's clothing 60,000,000 Term Loan N/A / NR N/A
10/10/13 Joe's Jeans Inc Women's and men's clothing 50,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
10/09/13 El Pollo Loco Quick service restaurants 100,000,000 Term Loan N/A / NR 850
10/09/13 El Pollo Loco Quick service restaurants 190,000,000 Term Loan B N/A / NR 425
10/09/13 El Pollo Loco Quick service restaurants 15,000,000 Revolver/Line >= 1 Yr. N/A / NR 450
10/08/13 Britax Childcare Ltd Infant & juvenile products 280,000,000 Term Loan B N/A / NR 375
10/08/13 Britax Childcare Ltd Infant & juvenile products EUR 50,000,000 Term Loan B N/A / NR 400
10/08/13 Britax Childcare Ltd Infant & juvenile products AUD 25,000,000 Term Loan B N/A / NR 425
10/08/13 Britax Childcare Ltd Infant & juvenile products EUR 40,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
10/07/13 Hudson's Bay Co Department stores 2,000,000,000 Term Loan B N/A / NR 375
10/07/13 Hudson's Bay Co Department stores 300,000,000 Term Loan N/A / NR 725
10/07/13 rue21 Inc Women's and men's clothing 538,500,000 Term Loan B N/A / NR 462.5
10/07/13 rue21 Inc Women's and men's clothing 150,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A
10/04/13 99 Cents Only Stores Discount store chain 100,000,000 Term Loan B N/A / NR 350
10/04/13 99 Cents Only Stores Discount store chain 513,800,000 Term Loan B N/A / NR 350
09/30/13 Southern Wine & Spirits Wine and distilled beverages 1,000,000,000 Term Loan A N/A / NR 175
09/30/13 Southern Wine & Spirits Wine and distilled beverages 1,650,000,000 Revolver/Line >= 1 Yr. N/A / NR 175
Consumer and Retail
Industry Update
October 2013
6 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Consumer Products
Apparel & Footwear
Carter's, Inc. CRI $73.31 94.2% $4,343 $186 $312 $4,217 $2,467 $353 8.7% 14.5% 41.5% 14.3% 26.5x 1.71x 12.0x 1.53x 10.8x
Cherokee Inc. CHKE 13.21 86.8% 111 15 3 123 28 13 9.5% (3.4%) NM 45.7% 16.9x 4.36x 9.5x 4.21x NA
Coach, Inc. COH 53.63 86.6% 15,070 1 1,135 13,936 5,075 1,732 6.6% 12.1% 73.0% 34.1% 14.9x 2.75x 8.0x 2.61x 7.9x
Columbia Sportswear Company COLM 61.54 92.3% 2,118 0 431 1,687 1,675 184 (2.4%) 8.4% 43.2% 11.0% 20.3x 1.01x 9.2x 1.00x 10.1x
Crocs, Inc. CROX 13.33 74.3% 1,221 10 289 942 1,196 170 10.6% 19.1% 53.0% 14.2% 11.6x 0.79x 5.5x 0.75x 5.5x
Deckers Outdoor Corp. DECK 60.40 87.7% 2,083 26 49 2,060 1,428 204 (0.8%) 18.0% 44.7% 14.3% 18.7x 1.44x 10.1x 1.31x 8.7x
Delta Apparel Inc. DLA 16.44 91.5% 129 98 1 227 491 22 0.1% 4.9% 22.3% 4.5% 16.5x 0.46x 10.4x 0.45x NA
G-III Apparel Group, Ltd. GIII 52.93 92.9% 1,080 142 16 1,205 1,496 124 16.4% 18.4% 33.4% 8.3% 18.4x 0.81x 9.7x 0.69x 8.8x
DMG Mori Seiki Aktiengesellschaft GIL 22.00 96.0% 1,695 33 157 1,570 2,108 167 14.3% 23.7% 45.1% 7.9% 16.9x 0.74x 9.4x 0.73x 7.6x
Hanesbrands Inc. HBI 60.51 92.2% 5,991 1,575 82 7,484 4,517 671 1.7% 3.7% 34.6% 14.9% 17.9x 1.66x 11.1x 1.54x 10.7x
Iconix Brand Group, Inc. ICON 31.92 92.2% 1,731 1,441 393 2,778 392 246 5.8% 12.8% NM 62.8% 17.5x 7.09x 11.3x 6.30x 9.7x
The Jones Group Inc. JNY 14.74 82.9% 1,176 952 81 2,048 3,862 222 3.6% 4.5% 35.0% 5.7% NM 0.53x 9.2x 0.53x 7.7x
Fifth & Pacific Companies, Inc. FNP 25.75 96.0% 3,159 490 9 3,639 1,605 57 8.3% (10.5%) 55.6% 3.6% NM 2.27x NM 1.94x 20.7x
Nike, Inc. NKE 73.71 97.0% 65,569 1,375 5,578 61,366 25,810 4,029 7.9% 10.0% 43.9% 15.6% 26.0x 2.38x 15.2x 2.18x 14.3x
Oxford Industries Inc. OXM 68.19 96.3% 1,119 125 10 1,234 887 106 9.8% 14.4% 55.1% 11.9% 31.0x 1.39x 11.7x 1.27x 9.8x
Perry Ellis International Inc. PERY 18.42 82.7% 276 174 59 391 969 55 1.7% 8.6% 32.8% 5.7% 17.7x 0.40x 7.1x 0.39x 6.0x
PVH Corp. PVH 119.13 88.3% 9,718 4,284 629 13,372 7,154 1,132 20.2% 33.1% 52.5% 15.8% 44.9x 1.87x 11.8x 1.58x 10.3x
Ralph Lauren Corporation RL 158.73 82.7% 14,362 271 1,351 13,282 7,005 1,368 1.1% 11.1% 59.5% 19.5% 20.7x 1.90x 9.7x 1.77x 8.9x
Quiksilver Inc. ZQK 7.04 86.5% 1,184 1,259 62 2,381 1,944 127 (2.7%) 1.1% 48.1% 6.5% NM 1.22x 18.7x 1.24x 14.1x
Rocky Brands, Inc. RCKY 18.71 95.6% 141 31 3 169 244 22 4.7% 0.6% 35.2% 9.2% 13.7x 0.69x 7.5x 0.64x 7.1x
Skechers USA Inc. SKX 28.88 91.5% 1,464 136 333 1,267 1,712 101 19.1% (1.5%) 43.7% 5.9% NM 0.74x 12.5x 0.66x 7.4x
Steven Madden, Ltd. SHOO 34.60 91.7% 2,393 0 190 2,203 1,249 206 8.8% 29.9% 37.5% 16.5% 18.7x 1.76x 10.7x 1.61x 9.4x
Summer Infant, Inc. SUMR 2.61 70.0% 47 52 4 96 235 9 (3.3%) 10.6% 31.4% 3.8% NM 0.41x 10.8x 0.41x 6.3x
Tumi Holdings, Inc. TUMI 20.55 78.3% 1,395 23 26 1,392 434 95 20.1% NA 57.3% 21.9% 28.6x 3.21x 14.7x 2.75x 12.7x
Under Armour, Inc. UA 80.56 94.4% 8,498 55 224 8,330 2,007 264 23.7% 29.4% 48.4% 13.2% NM 4.15x 31.5x 3.37x 24.5x
V.F. Corporation VFC 196.07 95.7% 21,552 1,877 320 23,109 11,014 1,821 6.3% 14.4% 47.6% 16.5% 20.3x 2.10x 12.7x 1.94x 11.7x
Vera Bradley, Inc. VRA 20.45 66.0% 830 0 9 821 549 120 10.8% 19.4% 57.3% 21.8% 12.5x 1.49x 6.8x 1.51x 7.4x
Weyco Group Inc. WEYS 27.74 93.0% 300 20 14 306 296 31 4.0% 9.4% 39.3% 10.4% 17.1x 1.03x 10.0x 0.98x NA
Wolverine World Wide Inc. WWW 59.03 96.8% 2,964 1,142 148 3,958 2,603 299 86.6% 30.3% 39.8% 11.5% 29.8x 1.52x 13.3x 1.39x 11.9x
Mean 88.7% $5,921 $545 $411 $6,055 $3,119 $481 10.4% 12.4% 44.8% 15.4% 20.7x 1.79x 11.4x 1.63x 10.4x
Median 91.7% $1,695 $125 $82 $2,048 $1,605 $170 7.9% 11.6% 43.9% 13.2% 18.4x 1.49x 10.5x 1.39x 9.6x
EV / LTM EV / 2013ERevenue Growth LTM MarginsLast Twelve Months (LTM)
Consumer and Retail
Industry Update
October 2013
7 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Home & Office Furniture & Furnishings
Herman Miller Inc. MLHR $29.00 95.8% $1,700 $250 $121 $1,829 $1,793 $161 4.5% 9.2% 35.0% 9.0% 25.2x 1.02x 11.4x 0.95x 8.7x
HNI Corp. HNI 35.83 88.0% 1,626 159 44 1,741 2,046 146 3.5% 8.0% 34.6% 7.1% 30.9x 0.85x 11.9x 0.81x 10.3x
Hooker Furniture Corp. HOFT 15.38 84.0% 165 0 29 136 228 17 8.4% 2.8% 25.2% 7.3% 17.1x 0.60x 8.1x 0.56x 8.0x
Kimball International, Inc. KBAL.B 10.78 82.3% 323 0 104 219 1,203 54 5.3% 2.3% 18.6% 4.5% 22.1x 0.18x 4.0x 0.17x NA
Knoll, Inc. KNL 16.60 88.8% 779 183 14 948 882 84 2.5% 5.4% 32.7% 9.6% 20.8x 1.08x 11.2x 1.03x 8.8x
Leggett & Platt, Incorporated LEG 29.18 85.1% 4,144 976 280 4,839 3,734 464 1.7% 4.5% 20.6% 12.4% 16.8x 1.30x 10.4x 1.26x 9.6x
Libbey Inc. LBY 23.46 90.2% 498 432 11 919 825 138 0.4% 2.2% 24.3% 16.7% 15.7x 1.11x 6.7x 1.10x 6.8x
Steelcase Inc. SCS 15.77 93.4% 1,954 288 171 2,070 2,873 219 1.5% 7.6% 31.4% 7.6% NM 0.72x 9.5x 0.68x 7.5x
Tempur Sealy International Inc. TPX 39.84 78.1% 2,408 1,944 101 4,251 1,740 281 18.9% 20.8% 45.1% 16.2% NM 2.44x 15.1x 1.54x 9.7x
The Dixie Group, Inc. DXYN 10.65 88.4% 135 95 0 230 296 16 12.0% 11.6% 25.2% 5.3% NM 0.78x 14.6x 0.70x NA
Mean 87.4% $1,373 $433 $87 $1,718 $1,562 $158 5.9% 7.4% 29.3% 9.6% 21.2x 1.01x 10.3x 0.88x 8.7x
Median 88.2% $1,203 $217 $73 $1,345 $1,471 $142 4.0% 6.5% 28.3% 8.3% 20.8x 0.94x 10.8x 0.88x 8.7x
Household Products
Central Garden & Pet Company CENT $7.67 65.7% $363 $510 $38 $834 $1,682 $95 0.1% 3.0% 29.0% 5.7% 35.8x 0.50x 8.8x 0.48x 7.2x
Helen of Troy Limited HELE 45.28 95.3% 1,451 231 10 1,672 1,325 183 8.5% 25.1% 39.5% 13.8% 13.8x 1.26x 9.1x 1.25x 8.5x
iRobot Corporation IRBT 34.43 83.7% 987 0 153 834 464 49 0.7% 7.5% 43.2% 10.6% 40.6x 1.80x 16.9x 1.60x 13.6x
Jarden Corp. JAH 47.83 93.6% 6,080 3,927 788 9,219 6,865 777 2.6% 7.8% 28.8% 11.3% 29.0x 1.34x 11.9x 1.18x 9.0x
Newell Rubbermaid Inc. NWL 27.34 93.9% 7,874 2,114 154 9,833 5,942 918 3.9% 1.9% 37.8% 15.4% 21.7x 1.65x 10.7x 1.69x 10.3x
Prestige Brands Holdings, Inc. PBH 31.05 86.3% 1,589 953 19 2,523 620 218 25.7% 28.0% 56.0% 35.3% 23.0x 4.07x 11.6x 3.90x 11.1x
Snap-on Inc. SNA 98.25 96.4% 5,715 979 183 6,511 3,055 633 (0.7%) 5.7% 48.3% 20.7% 17.6x 2.13x 10.3x 2.06x 9.3x
Stanley Black & Decker, Inc. SWK 89.51 96.5% 14,329 4,617 469 18,476 10,797 1,634 12.1% 15.7% 36.1% 15.1% 25.3x 1.71x 11.3x 1.62x 11.5x
The Clorox Company CLX 83.80 93.0% 10,810 2,372 299 12,883 5,623 1,157 2.8% 2.4% 42.9% 20.6% 19.9x 2.29x 11.1x 2.24x 10.6x
Toro Co. TTC 55.85 97.2% 3,192 224 161 3,255 1,998 280 0.5% 6.8% 35.5% 14.0% 22.8x 1.63x 11.6x 1.52x 9.8x
Tupperware Brands Corporation TUP 86.97 93.6% 4,497 803 112 5,188 2,657 459 3.9% 5.5% 66.7% 17.3% 19.9x 1.95x 11.3x 1.87x 10.6x
Whirlpool Corp. WHR 132.05 87.0% 10,467 2,451 670 12,248 18,281 1,707 (0.6%) 0.2% 16.4% 9.3% 16.6x 0.67x 7.2x 0.64x 6.1x
Mean 90.2% $5,613 $1,598 $255 $6,956 $4,942 $676 5.0% 9.1% 40.0% 15.8% 23.8x 1.75x 11.0x 1.67x 9.8x
Median 93.6% $5,106 $966 $158 $5,850 $2,856 $546 2.7% 6.2% 38.6% 14.6% 22.2x 1.68x 11.2x 1.61x 10.1x
Personal Care Products
All for One Steeb AG XTRA:A1OS $16.79 96.2% $82 $38 $28 $91 $179 $16 34.3% 38.3% 22.2% 8.7% 21.4x 0.51x 5.8x 0.50x 5.7x
Avon Products Inc. AVP 20.52 83.0% 8,899 3,251 1,009 11,140 11,427 1,518 4.8% 2.5% 61.4% 13.3% NM 0.97x 7.3x 1.08x 9.7x
Elizabeth Arden, Inc. RDEN 38.01 76.4% 1,125 338 62 1,401 1,345 157 8.6% 6.8% 49.9% 11.7% 28.9x 1.04x 8.9x 1.01x 8.7x
The Estée Lauder Companies Inc. EL 70.50 97.0% 27,312 1,344 1,496 27,161 10,182 1,897 4.8% 9.3% 80.1% 18.6% 27.9x 2.67x 14.3x 2.51x 13.1x
Herbalife Ltd. HLF 63.92 85.3% 6,588 963 850 6,701 4,419 762 17.0% 20.3% 47.6% 17.2% 14.4x 1.52x 8.8x 1.33x 7.9x
Kimberly-Clark Corporation KMB 96.55 90.6% 36,983 7,238 1,160 43,061 21,138 4,273 0.3% 2.6% 34.4% 20.2% 21.1x 2.04x 10.1x 2.02x 10.3x
Medifast Inc. MED 26.03 78.2% 361 1 78 284 367 50 11.9% 18.5% 75.3% 13.6% 16.3x 0.77x 5.7x 0.73x 5.6x
Nu Skin Enterprises Inc. NUS 99.57 96.4% 5,841 198 411 5,628 2,347 401 18.6% 17.0% 83.7% 17.1% 25.7x 2.40x 14.1x 1.79x 10.3x
The Procter & Gamble Company PG 77.60 94.0% 212,496 31,543 5,947 238,092 84,167 18,727 0.6% 2.8% 50.0% 22.2% 20.6x 2.83x 12.7x 2.78x 11.9x
Revlon, Inc. REV 28.08 95.8% 1,470 1,282 141 2,610 1,420 245 2.6% 2.9% 64.3% 17.2% 31.1x 1.84x 10.7x 1.86x 9.2x
Sally Beauty Holdings Inc. SBH 25.53 80.1% 4,282 1,691 53 5,920 3,598 580 3.5% 8.2% 49.6% 16.1% 17.9x 1.65x 10.2x 1.58x 9.2x
Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 117.85 92.8% 7,533 0 286 7,247 2,448 402 25.5% 22.8% 35.2% 16.4% 42.9x 2.96x 18.0x 2.46x 14.4x
USANA Health Sciences Inc. USNA 85.45 95.2% 1,178 0 96 1,082 692 124 14.5% 13.5% 82.3% 18.0% 16.2x 1.56x 8.7x 1.45x 8.9x
Mean 89.3% $24,165 $3,683 $894 $26,955 $11,056 $2,242 11.3% 12.7% 56.6% 16.2% 23.7x 1.75x 10.4x 1.62x 9.6x
Median 92.8% $5,841 $963 $286 $5,920 $2,448 $402 8.6% 9.3% 50.0% 17.1% 21.2x 1.65x 10.1x 1.58x 9.2x
Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2013ERevenue Growth
Consumer and Retail
Industry Update
October 2013
8 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Recreational & Leisure Products
Arctic Cat Inc. ACAT $59.49 97.6% $800 $0 $49 $752 $681 $78 9.6% 15.3% 23.1% 11.5% 19.2x 1.10x 9.6x 0.98x 8.8x
Black Diamond, Inc. BDE 14.32 96.1% 457 37 2 492 187 6 19.6% NA 39.1% 3.5% NM 2.62x NM 2.15x 38.7x
Brunswick Corporation BC 42.11 94.0% 3,813 472 330 3,955 3,798 413 5.5% 6.1% 25.9% 10.9% 29.8x 1.04x 9.6x 0.98x 8.7x
Callaway Golf Co. ELY 7.46 98.4% 531 146 30 647 805 (37) (9.9%) (6.4%) 34.9% NM NM 0.80x NM 0.76x 17.6x
Columbia Sportswear Company COLM 61.54 92.3% 2,118 0 431 1,687 1,675 184 (2.4%) 8.4% 43.2% 11.0% 20.3x 1.01x 9.2x 1.00x 10.1x
Escalade Inc. ESCA 8.22 92.6% 111 23 4 130 154 18 11.5% 9.8% 31.3% 11.7% NM 0.85x 7.2x NA NA
Harley-Davidson, Inc. HOG 65.23 98.0% 14,638 5,536 1,069 19,106 5,787 1,288 0.8% 7.5% 38.7% 22.3% 21.2x 3.30x 14.8x 3.48x 13.1x
Hasbro Inc. HAS 45.99 92.4% 5,966 1,585 1,046 6,505 4,059 753 (2.6%) (0.0%) 51.1% 18.6% 19.1x 1.60x 8.6x 1.57x 8.4x
JAKKS Pacific, Inc. JAKK 4.79 34.9% 105 96 70 131 632 (31) (8.7%) (5.6%) 24.8% NM NM 0.21x NM 0.21x 6.5x
Johnson Outdoors Inc. JOUT 26.53 97.2% 263 17 42 238 424 37 2.2% 4.4% 40.5% 8.7% 13.7x 0.56x 6.5x 0.54x NA
LeapFrog Enterprises Inc. LF 8.91 74.6% 609 0 181 428 604 82 19.7% 14.2% 41.6% 13.7% 6.3x 0.71x 5.2x 0.67x 4.7x
Life Time Fitness Inc. LTM 51.25 90.0% 2,119 735 13 2,841 1,169 343 8.9% 10.4% 45.5% 29.4% 18.2x 2.43x 8.3x 2.24x 7.7x
Marine Products Corp. MPX 9.62 97.3% 367 0 8 358 159 9 25.8% 29.0% 17.2% 5.4% NM 2.25x NM 1.92x NA
Mattel, Inc. MAT 41.55 85.7% 14,316 1,728 407 15,638 6,628 1,418 4.9% 5.2% 53.6% 21.4% 19.2x 2.36x 11.0x 2.26x 10.4x
Nautilus Inc. NLS 7.51 76.1% 234 0 28 205 199 16 5.5% 5.0% 49.4% 7.9% 5.2x 1.03x 13.1x 0.92x 9.6x
Polaris Industries, Inc. PII 130.10 96.1% 8,958 108 218 8,848 3,411 581 14.9% 25.7% 30.0% 17.0% 28.2x 2.59x 15.2x 2.20x 12.7x
Pool Corp. POOL 54.82 93.1% 2,556 260 24 2,792 2,046 176 6.7% 8.5% 28.6% 8.6% 27.1x 1.36x 15.9x 1.26x 13.6x
Quiksilver Inc. ZQK 7.04 86.5% 1,184 1,259 62 2,381 1,944 127 (2.7%) 1.1% 48.1% 6.5% NM 1.22x 18.7x 1.24x 14.1x
Smith & Wesson Holding Corporation SWHC 11.12 83.1% 697 104 143 658 623 168 36.4% 17.7% 38.7% 27.0% 8.4x 1.06x 3.9x 1.07x 4.3x
Sturm, Ruger & Co. Inc. RGR 64.25 94.5% 1,243 0 65 1,178 595 163 46.8% 30.5% 37.5% 27.3% 14.3x 1.98x 7.2x 1.95x 7.7x
Mean 88.5% $3,054 $605 $211 $3,448 $1,779 $290 9.6% 9.8% 37.1% 14.6% 17.9x 1.50x 10.3x 1.44x 11.6x
Median 92.8% $992 $100 $64 $965 $743 $145 6.1% 8.4% 38.7% 11.6% 19.1x 1.16x 9.4x 1.24x 9.6x
EV / 2013ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM
Consumer and Retail
Industry Update
October 2013
9 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Retail
Apparel & Footwear Retail
Abercrombie & Fitch Co. ANF $34.26 62.0% $2,617 $204 $335 $2,486 $4,423 $619 3.4% 12.3% 64.2% 14.0% 11.5x 0.56x 4.0x 0.57x 5.0x
Aéropostale, Inc. ARO 8.95 52.3% 702 0 100 602 2,310 86 (3.2%) (0.3%) 30.9% 3.7% NM 0.26x 7.0x 0.28x 2459.8x
American Apparel, Inc. APP 1.15 47.9% 127 247 7 367 635 25 9.5% 4.1% 52.7% 3.9% NM 0.58x 14.6x 0.54x 6.5x
American Eagle Outfitters, Inc. AEO 13.46 58.9% 2,594 0 405 2,189 3,434 508 4.2% 4.7% 39.3% 14.8% 12.6x 0.64x 4.3x 0.64x 5.3x
ANN INC. ANN 34.01 91.7% 1,559 0 107 1,452 2,433 266 6.4% 8.8% 58.3% 10.9% 16.4x 0.60x 5.5x 0.56x 5.0x
Ascena Retail Group Inc. ASNA 19.44 90.9% 3,102 136 189 3,049 4,715 502 40.6% 25.7% 56.6% 10.6% 20.8x 0.65x 6.1x 0.62x 5.7x
Bebe Stores, Inc. BEBE 5.86 94.1% 463 0 126 337 485 (18) (8.7%) 0.3% 32.7% NM NM 0.70x NM 0.72x NM
Brown Shoe Co. Inc. BWS 21.89 88.3% 946 222 53 1,114 2,645 149 5.6% 3.7% 39.5% 5.6% 23.5x 0.42x 7.5x 0.43x 6.5x
The Buckle, Inc. BKE 47.64 82.6% 2,273 0 129 2,144 1,147 296 5.3% 8.1% 50.0% 25.8% 13.7x 1.87x 7.2x 1.83x 7.1x
Body Central Corp. BODY 5.18 38.7% 86 0 39 47 305 11 (1.4%) 12.0% 39.9% 3.5% NM 0.16x 4.4x 0.15x 7.3x
Cabela's Incorporated CAB 60.87 83.9% 4,296 2,538 63 6,771 3,421 424 17.4% 9.2% 43.0% 12.4% 21.6x 1.98x 16.0x 1.79x 14.1x
Destination XL Group, Inc. DXLG 6.63 93.9% 322 12 5 329 395 21 (0.3%) 0.3% 46.5% 5.3% NM 0.83x 15.8x 0.78x 13.0x
The Cato Corporation CATO 28.35 93.1% 829 0 246 583 936 110 0.6% 0.9% 37.7% 11.8% 14.9x 0.62x 5.3x 0.61x 5.5x
Chico's FAS Inc. CHS 16.23 81.4% 2,592 0 302 2,290 2,609 384 8.7% 12.6% 55.7% 14.7% 16.1x 0.88x 6.0x 0.82x 5.6x
Christopher & Banks Corporation CBK 6.16 77.8% 224 0 42 182 446 16 0.5% (0.8%) 33.2% 3.7% NM 0.41x 11.2x 0.41x 8.1x
Citi Trends, Inc. CTRN 15.98 87.8% 235 0 77 158 644 18 (1.1%) 2.0% 35.0% 2.8% NM 0.25x 8.8x 0.24x 5.7x
Coldwater Creek Inc. CWTR 0.94 16.1% 29 83 17 95 714 (20) (4.2%) (12.9%) 31.5% NM NM 0.13x NM 0.14x NM
Destination Maternity Corporation DEST 30.62 93.4% 415 0 31 384 540 52 (0.4%) 0.6% 54.2% 9.7% 17.6x 0.71x 7.3x 0.70x NA
DSW Inc. DSW 84.00 94.7% 3,806 0 269 3,537 2,350 312 11.1% 11.1% 38.5% 13.3% 25.4x 1.50x 11.3x 1.40x 9.9x
Express Inc. EXPR 21.95 90.4% 1,951 199 234 1,915 2,192 305 3.8% 6.7% 42.2% 13.9% 14.5x 0.87x 6.3x 0.84x 5.8x
Finish Line Inc. FINL 23.96 95.5% 1,177 0 204 973 1,526 144 5.8% 8.4% 39.0% 9.5% 18.6x 0.64x 6.7x 0.56x 5.8x
Foot Locker, Inc. FL 32.83 86.7% 4,875 141 836 4,180 6,329 776 8.4% 8.8% 43.8% 12.3% 12.5x 0.66x 5.4x 0.63x 5.0x
The Gap, Inc. GPS 36.79 79.0% 17,199 1,247 1,925 16,521 16,186 2,722 8.4% 3.8% 40.0% 16.8% 13.7x 1.02x 6.1x 1.00x 6.1x
Genesco Inc. GCO 67.20 88.6% 1,603 73 46 1,630 2,627 233 5.8% 17.2% 49.5% 8.9% 16.3x 0.62x 7.0x 0.59x 5.7x
Guess? Inc. GES 29.34 85.4% 2,491 11 349 2,153 2,632 362 (0.1%) 4.9% 39.0% 13.8% 16.5x 0.82x 5.9x 0.83x 6.5x
Jos. A Bank Clothiers Inc. JOSB 49.04 98.0% 1,373 0 333 1,039 1,016 133 (0.1%) 8.0% 57.8% 13.1% 21.7x 1.02x 7.8x 1.00x 6.8x
L Brands, Inc. LTD 56.55 91.0% 16,395 4,518 551 20,362 10,690 2,181 4.4% 5.8% 47.6% 20.4% 21.7x 1.90x 9.3x 1.81x 9.1x
Lululemon Athletica Inc. LULU 74.66 90.5% 10,829 0 610 10,218 1,492 443 27.5% 38.3% 55.2% 29.7% 39.3x 6.85x 23.1x 5.70x 20.0x
The Men's Wearhouse, Inc. MW 45.32 96.4% 2,166 0 32 2,134 2,503 285 4.5% 9.1% 44.8% 11.4% 19.6x 0.85x 7.5x 0.84x 7.2x
New York & Company Inc. NWY 5.16 75.1% 329 0 59 269 962 42 1.9% (1.5%) 38.0% 4.4% NM 0.28x 6.4x 0.28x 5.8x
Pacific Sunwear of California Inc. PSUN 2.88 62.7% 197 80 27 251 829 13 8.4% (5.1%) 42.3% 1.6% NM 0.30x NM 0.31x 14.7x
Ross Stores Inc. ROST 72.49 97.2% 15,707 150 551 15,307 10,115 1,555 10.6% 10.1% 28.2% 15.4% 19.3x 1.51x 9.8x 1.43x 9.3x
Shoe Carnival Inc. SCVL 26.52 96.8% 543 0 38 506 899 69 12.0% 7.8% 29.8% 7.7% 18.0x 0.56x 7.3x 0.53x 7.0x
Stage Stores Inc. SSI 19.85 67.1% 631 56 34 653 1,672 129 7.2% 5.1% 27.9% 7.7% 22.9x 0.39x 5.1x 0.38x 4.7x
Stein Mart Inc. SMRT 14.06 92.4% 623 0 48 574 1,255 71 5.9% 1.8% 28.3% 5.6% 21.7x 0.46x 8.1x 0.45x 7.1x
The Children’s Place Retail Stores, Inc. PLCE 51.93 83.4% 1,159 0 185 974 1,816 170 4.3% 2.4% 37.9% 9.3% 24.1x 0.54x 5.7x 0.53x 5.2x
Texas Industries Inc. TXI 54.07 71.8% 1,547 659 48 2,158 756 80 25.7% 7.4% 11.0% 10.5% NM 2.86x NM 2.30x 13.8x
The TJX Companies, Inc. TJX 55.63 96.3% 39,789 1,274 2,090 38,973 26,767 3,771 10.4% 8.0% 28.6% 14.1% 21.2x 1.46x 10.3x 1.38x 9.5x
Urban Outfitters Inc. URBN 35.89 79.8% 5,289 0 524 4,765 2,956 539 14.3% 11.6% 37.6% 18.2% 20.6x 1.61x 8.8x 1.45x 7.9x
Zumiez, Inc. ZUMZ 28.26 84.4% 855 2 95 762 711 98 17.9% 18.0% 36.4% 13.8% 21.4x 1.07x 7.8x 0.99x 7.2x
Mean 81.0% $3,849 $296 $284 $3,861 $3,263 $447 7.0% 7.0% 41.1% 11.2% 19.2x 1.00x 8.2x 0.93x 74.1x
Median 87.2% $1,460 $0 $116 $1,283 $1,744 $159 5.7% 7.0% 39.4% 11.1% 19.3x 0.65x 7.3x 0.64x 6.8x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Consumer and Retail
Industry Update
October 2013
10 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Catalog & Specialty Distribution
HSN, Inc. HSNI $52.30 80.5% $2,783 $247 $92 $2,938 $3,347 $293 6.1% 5.5% 36.2% 8.7% 20.0x 0.88x 10.0x 0.84x 8.4x
Insight Enterprises Inc. NSIT 19.46 87.5% 824 53 142 735 5,126 174 (4.6%) 4.8% 13.6% 3.4% 12.0x 0.14x 4.2x 0.14x 4.1x
Liberty Interactive Corporation LINT.A 25.47 93.4% 13,040 6,988 1,956 18,072 10,686 1,973 8.0% 3.8% 39.0% 18.5% 10.7x 1.69x 9.2x 1.71x 9.0x
Nutrisystem, Inc. NTRI 14.94 95.8% 418 0 35 383 347 15 (14.5%) (13.3%) 49.2% 4.2% NM 1.10x 26.3x 1.00x 9.5x
PC Connection, Inc. PCCC 16.28 92.2% 426 0 64 362 2,180 63 0.5% 7.6% 13.1% 2.9% 13.2x 0.17x 5.7x 0.16x 5.5x
Systemax Inc. SYX 9.24 78.6% 339 7 139 207 3,469 7 (4.7%) 0.5% 13.8% 0.2% NM 0.06x 31.4x 0.06x NA
ValueVision Media Inc. VVTV 4.84 76.3% 240 38 32 246 615 11 10.9% 5.4% 36.2% 1.8% NM 0.40x 22.1x 0.37x 23.8x
Mean 86.3% $2,581 $1,048 $351 $3,278 $3,681 $362 0.2% 2.0% 28.7% 5.7% 14.0x 0.63x 15.6x 0.61x 10.1x
Median 87.5% $426 $38 $92 $383 $3,347 $63 0.5% 4.8% 36.2% 3.4% 12.6x 0.40x 10.0x 0.37x 8.7x
Department Chains
Bon-Ton Stores Inc. BONT $10.41 45.9% $213 $904 $8 $1,109 $2,950 $183 0.3% (1.0%) 37.5% 6.2% NM 0.38x 6.1x 0.38x 6.0x
Dillard's Inc. DDS 76.65 80.8% 3,512 823 114 4,221 6,747 833 3.1% 3.0% 37.5% 12.3% 10.6x 0.63x 5.1x 0.62x 4.9x
J. C. Penney Company, Inc. JCP 7.17 26.7% 2,184 5,821 1,535 6,470 12,109 (1,227) (22.3%) (11.7%) 28.7% NM NM 0.53x NM 0.52x NM
Kohl's Corp. KSS 51.44 93.1% 11,172 4,587 592 15,167 19,320 2,741 2.5% 2.6% 36.4% 14.2% 12.6x 0.79x 5.5x 0.78x 5.5x
Macy's, Inc. M 42.48 83.7% 15,983 6,914 1,424 21,473 27,878 3,730 3.9% 4.8% 40.2% 13.4% 12.8x 0.77x 5.8x 0.76x 5.6x
Nordstrom Inc. JWN 56.94 89.9% 11,097 3,122 1,128 13,091 12,462 1,802 9.6% 10.6% 37.3% 14.5% 15.5x 1.05x 7.3x 1.03x 7.1x
Saks Incorporated SKS 16.02 91.5% 2,313 342 10 2,645 3,191 246 3.8% 5.7% 40.5% 7.7% NM 0.83x 10.8x 0.81x 10.5x
Sears Holdings Corporation SHLD 53.94 78.4% 5,743 3,742 671 8,814 38,440 (418) (5.4%) (4.4%) 25.5% NM NM 0.23x NM 0.24x 36.6x
Stage Stores Inc. SSI 19.85 67.1% 631 56 34 653 1,672 129 7.2% 5.1% 27.9% 7.7% 22.9x 0.39x 5.1x 0.38x 4.7x
Mean 73.0% $5,872 $2,923 $613 $8,182 $13,863 $891 0.3% 1.6% 34.6% 10.9% 14.9x 0.62x 6.5x 0.61x 10.1x
Median 80.8% $3,512 $3,122 $592 $6,470 $12,109 $246 3.1% 3.0% 37.3% 12.3% 12.8x 0.63x 5.8x 0.62x 5.8x
Discount Stores & Mass Merchants
Nordion Inc. NDN $8.70 94.1% $539 $42 $282 $299 $256 $49 4.9% 10.2% 55.3% 19.2% 3.8x 1.17x 6.1x 1.51x 6.1x
Big Lots Inc. BIG 35.84 91.4% 2,089 142 64 2,167 5,425 389 2.0% 3.6% 39.2% 7.2% 13.0x 0.40x 5.6x 0.39x 5.3x
Costco Wholesale Corporation COST 115.36 96.0% 50,376 4,998 6,124 49,250 105,156 3,921 6.1% 10.5% 12.6% 3.7% 25.4x 0.47x 12.6x 0.43x 11.0x
Dollar General Corporation DG 56.75 96.0% 18,365 2,875 170 21,070 16,801 2,023 7.5% 10.5% 31.3% 12.0% 19.6x 1.25x 10.4x 1.13x 9.5x
Dollar Tree, Inc. DLTR 58.48 98.0% 13,041 270 414 12,898 7,687 1,148 10.3% 11.6% 35.8% 14.9% 20.9x 1.68x 11.2x 1.55x 10.2x
Family Dollar Stores Inc. FDO 68.92 91.5% 7,926 516 145 8,297 10,391 922 11.4% 9.7% 34.2% 8.9% 18.2x 0.80x 9.0x 0.76x 8.5x
Gordmans Stores, Inc. GMAN 10.57 65.5% 204 0 44 160 621 35 6.0% 7.8% 42.0% 5.6% 12.6x 0.26x 4.6x 0.24x 4.8x
PriceSmart Inc. PSMT 99.48 94.6% 2,945 76 92 2,929 2,234 147 12.9% 18.9% 16.2% 6.6% 39.2x 1.31x 19.9x 1.16x 17.2x
Target Corp. TGT 62.93 85.6% 39,717 14,533 1,018 53,232 73,478 7,533 3.0% 3.3% 29.8% 10.3% 15.6x 0.72x 7.1x 0.70x 7.4x
Tuesday Morning Corporation TUES 14.48 92.0% 616 0 29 587 838 14 3.1% 0.4% 36.2% 1.7% NM 0.70x NM 0.68x NA
Wal-Mart Stores Inc. WMT 74.37 93.0% 242,108 57,227 9,032 290,303 473,002 36,650 2.7% 4.3% 24.9% 7.7% 14.7x 0.61x 7.9x 0.60x 7.8x
Mean 90.7% $34,357 $7,335 $1,583 $40,108 $63,263 $4,803 6.3% 8.3% 32.5% 8.9% 18.3x 0.85x 9.4x 0.83x 8.8x
Median 93.0% $7,926 $270 $170 $8,297 $7,687 $922 6.0% 9.7% 34.2% 7.7% 16.9x 0.72x 8.5x 0.70x 8.1x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
Consumer and Retail
Industry Update
October 2013
11 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Furniture & Furnishings Retailers
Aaron's, Inc. AAN $28.36 87.2% $2,155 $141 $254 $2,042 $2,245 $302 5.4% 7.6% 52.9% 13.5% 15.5x 0.91x 6.8x 0.87x 6.2x
Bed Bath & Beyond Inc. BBBY 76.21 96.6% 16,061 0 839 15,222 11,539 1,882 16.7% 11.7% 40.0% 16.3% 15.9x 1.32x 8.1x 1.28x 7.7x
Ethan Allen Interiors Inc. ETH 24.40 73.1% 705 131 88 749 729 78 (0.0%) 7.3% 54.6% 10.8% 23.3x 1.03x 9.5x 0.97x 7.8x
Haverty Furniture Companies Inc. HVT 24.28 87.2% 547 18 52 512 712 58 11.5% 5.0% 53.2% 8.2% 24.0x 0.72x 8.8x 0.68x 7.3x
Kirkland's Inc. KIRK 17.05 78.4% 294 0 63 231 458 39 5.3% 3.1% 38.3% 8.5% 21.3x 0.50x 5.9x 0.48x 5.4x
La-Z-Boy Incorporated LZB 21.88 89.6% 1,147 8 147 1,008 1,350 101 7.7% 4.6% 32.7% 7.5% 23.7x 0.75x 10.0x 0.70x 7.8x
Lifetime Brands, Inc. LCUT 14.95 91.4% 190 73 1 262 478 34 2.6% 4.9% 36.3% 7.0% 11.3x 0.55x 7.8x 0.50x NA
Pier 1 Imports, Inc. PIR 19.69 82.1% 2,053 10 125 1,938 1,767 244 11.2% 9.7% 59.2% 13.8% 18.3x 1.10x 7.9x 1.02x 7.0x
Rent-A-Center, Inc. RCII 36.66 89.8% 1,957 874 78 2,752 3,077 382 1.7% 4.0% 69.1% 12.4% 11.8x 0.89x 7.2x 0.84x 6.7x
Select Comfort Corporation SCSS 24.69 79.1% 1,373 0 139 1,234 950 128 5.1% 17.0% 63.3% 13.5% 15.8x 1.30x 9.6x 1.18x 9.0x
The Sherwin-Williams Company SHW 180.08 92.6% 18,491 1,685 741 19,435 9,706 1,215 4.8% 9.9% 44.7% 12.5% 28.5x 2.00x 16.0x 1.84x 12.4x
Williams-Sonoma Inc. WSM 52.15 84.7% 4,991 4 205 4,789 4,221 584 10.3% 8.4% 39.1% 13.8% 19.6x 1.13x 8.2x 1.08x 7.7x
Mean 86.0% $4,164 $245 $228 $4,181 $3,103 $421 6.9% 7.8% 48.6% 11.5% 19.1x 1.02x 8.8x 0.95x 7.7x
Median 87.2% $1,665 $14 $132 $1,586 $1,558 $186 5.3% 7.5% 48.8% 12.5% 18.9x 0.97x 8.1x 0.92x 7.7x
Internet Retail
1-800-Flowers.com Inc. FLWS $5.15 71.8% $328 $0 $0 $328 $735 $45 4.0% 4.0% 41.5% 6.1% 22.1x 0.45x 7.4x 0.42x 6.4x
Amazon.com Inc. AMZN 306.40 92.3% 139,989 3,042 7,463 135,568 66,848 2,924 23.0% 32.6% 26.0% 4.4% NM 2.03x 46.4x 1.66x 23.2x
Blue Nile Inc. NILE 36.79 85.6% 457 1 47 411 431 15 19.3% 10.4% 18.6% 3.6% NM 0.95x 26.5x 0.86x 16.5x
eBay Inc. EBAY 53.97 93.0% 69,866 4,531 10,271 64,126 15,510 4,604 15.2% 19.8% 69.0% 29.7% 24.9x 4.13x 13.9x 3.60x 10.6x
IAC/InterActiveCorp IACI 54.52 96.5% 4,524 580 687 4,417 3,021 479 24.1% 27.8% 64.9% 15.9% 24.2x 1.46x 9.2x 1.31x 6.4x
Netflix, Inc. NFLX 321.69 95.6% 18,955 500 1,080 18,375 3,944 172 14.1% 28.0% 28.0% 4.4% NM 4.66x NM 3.87x 43.7x
Orbitz Worldwide, Inc. OWW 8.84 66.7% 954 450 223 1,182 817 110 6.0% 3.3% 80.8% 13.5% NM 1.45x 10.7x 1.36x 8.1x
Overstock.com Inc. OSTK 29.41 82.6% 698 0 85 614 1,249 37 16.6% 5.5% 19.0% 3.0% 26.8x 0.49x 16.4x 0.46x 13.7x
PetMed Express, Inc. PETS 16.48 92.8% 317 0 50 267 233 29 (0.2%) (0.3%) 33.8% 12.6% 18.7x 1.14x 9.1x 1.10x 8.9x
priceline.com Incorporated PCLN 1,021.51 95.0% 52,609 2,295 5,945 48,959 5,879 2,104 22.3% 30.8% 80.5% 35.8% 34.5x 8.33x 23.3x 6.59x 17.2x
Shutterfly, Inc. SFLY 53.24 88.8% 2,009 238 366 1,881 700 83 32.0% 38.4% 53.2% 11.8% NM 2.69x 22.7x 2.26x 12.2x
Stamps.com Inc. STMP 44.59 95.1% 698 0 60 638 123 32 13.5% 13.6% 76.8% 26.3% 23.1x 5.17x 19.7x 4.62x 16.2x
U.S. Auto Parts Network, Inc. PRTS 1.66 50.8% 55 13 1 67 269 3 (16.9%) 10.0% 29.5% 1.0% NM 0.25x 25.6x 0.27x 22.8x
Mean 85.1% $22,420 $896 $2,021 $21,295 $7,674 $818 13.3% 17.2% 47.8% 12.9% 24.9x 2.55x 19.2x 2.18x 15.8x
Median 92.3% $954 $238 $223 $1,182 $817 $83 15.2% 13.6% 41.5% 11.8% 24.2x 1.46x 18.1x 1.36x 13.7x
LTM Margins EV / LTM EV / 2013ELast Twelve Months (LTM) Revenue Growth
Consumer and Retail
Industry Update
October 2013
12 of 16
Price at As a % of Market Cash & Enterprise LTM P/E
($ in millions, except per share data) Ticker 10/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA
Specialty & Other Retail
Barnes & Noble, Inc. BKS $13.28 56.0% $792 $209 $80 $921 $6,715 $20 (6.3%) 3.5% 24.3% 0.3% NM 0.14x NM 0.15x 5.1x
Best Buy Co., Inc. BBY 40.62 93.9% 13,872 1,678 1,910 13,640 48,152 1,889 13.8% (1.7%) 23.2% 3.9% NM 0.28x 7.2x 0.32x 6.0x
Big 5 Sporting Goods Corp. BGFV 16.29 65.2% 356 49 6 399 982 63 8.3% 2.6% 32.8% 6.4% 14.0x 0.41x 6.3x 0.39x 5.9x
Books-A-Million Inc. BAMM 2.46 76.4% 38 65 11 92 485 21 (1.6%) (1.0%) 29.1% 4.3% NM 0.19x 4.4x NA NA
Build-A-Bear Workshop Inc. BBW 7.04 93.9% 116 0 28 88 390 17 (0.8%) (0.1%) 40.8% 4.3% NM 0.23x 5.3x 0.23x 3.1x
Conns Inc. CONN 59.96 86.5% 2,155 335 4 2,486 978 130 19.1% 6.3% 47.3% 13.3% 31.3x 2.54x 19.2x 1.93x 11.3x
CVS Caremark Corporation CVS 59.06 94.7% 72,467 9,376 1,179 80,664 123,632 9,634 6.1% 8.1% 18.9% 7.8% 18.1x 0.65x 8.4x 0.63x 8.0x
Dick's Sporting Goods Inc. DKS 51.45 94.8% 6,457 15 135 6,337 5,983 679 8.6% 9.2% 31.5% 11.4% 20.1x 1.06x 9.3x 0.99x 8.6x
Fossil Group, Inc. FOSL 116.82 90.4% 6,597 341 313 6,624 3,019 603 11.8% 20.7% 56.6% 20.0% 19.9x 2.19x 11.0x 1.99x 10.3x
hhgregg, Inc. HGG 17.47 84.2% 541 0 23 518 2,510 94 (1.6%) 14.2% 28.9% 3.7% 20.3x 0.21x 5.5x 0.20x 5.4x
Hibbett Sports, Inc. HIBB 55.06 88.5% 1,431 3 81 1,352 847 134 9.3% 9.9% 36.5% 15.8% 20.1x 1.60x 10.1x 1.52x 10.0x
Lowe's Companies Inc. LOW 48.45 98.5% 50,959 9,062 1,274 58,747 51,919 5,601 2.0% 2.4% 34.4% 10.8% 24.4x 1.13x 10.5x 1.08x 9.7x
Lumber Liquidators Holdings, Inc. LL 106.46 92.1% 2,929 0 85 2,844 902 114 21.2% 14.7% 39.8% 12.7% NM 3.15x 24.8x 2.71x 19.3x
Marinemax Inc. HZO 14.25 95.9% 346 142 37 451 572 18 12.9% 2.4% 25.1% 3.2% 43.1x 0.79x 24.5x 0.70x 15.0x
Movado Group, Inc. MOV 43.70 96.2% 1,113 0 152 961 532 68 9.3% 13.5% 54.1% 12.7% 18.7x 1.81x 14.2x 1.60x 10.5x
Office Depot, Inc. ODP 5.01 82.1% 1,447 650 472 1,624 10,453 244 (6.6%) (4.1%) 30.5% 2.3% NM 0.16x 6.6x 0.16x 5.1x
PetSmart, Inc. PETM 72.00 93.1% 7,481 519 290 7,710 6,925 921 8.5% 8.1% 30.6% 13.3% 18.7x 1.11x 8.4x 1.08x 8.1x
RadioShack Corp. RSH 3.38 77.5% 337 713 432 618 4,189 (16) 0.2% (0.6%) 35.3% NM NM 0.15x NM 0.16x NM
Regis Corp. RGS 14.59 74.5% 822 175 200 796 2,019 112 (4.9%) (5.1%) 34.4% 5.5% NM 0.39x 7.1x 0.41x 7.2x
Rite Aid Corporation RAD 5.11 93.9% 4,682 6,052 144 10,589 25,264 1,399 (3.4%) (0.1%) 29.8% 5.5% 16.7x 0.42x 7.6x 0.42x 8.3x
Staples, Inc. SPLS 15.06 87.1% 9,947 1,965 1,187 10,725 24,050 1,932 (1.1%) (0.6%) 26.4% 8.0% NM 0.45x 5.6x 0.46x 5.9x
Steiner Leisure Ltd. STNR 58.36 95.3% 855 119 83 892 835 80 9.7% 14.7% 22.1% 9.6% 18.0x 1.07x 11.1x 1.00x 10.1x
The Home Depot, Inc. HD 75.18 92.2% 107,691 12,758 3,419 117,030 78,022 10,458 8.8% 5.1% 34.6% 13.4% 22.1x 1.50x 11.2x 1.46x 10.3x
Tiffany & Co. TIF 75.44 90.5% 9,652 964 490 10,127 3,910 906 5.2% 10.7% 57.0% 23.2% 23.2x 2.59x 11.2x 2.44x 10.4x
Tractor Supply Company TSCO 64.98 93.8% 9,072 1 56 9,018 4,893 560 8.0% 13.1% 33.5% 11.4% 32.3x 1.84x 16.1x 1.66x 14.0x
Vitamin Shoppe, Inc. VSI 44.18 67.0% 1,326 0 55 1,271 1,016 134 10.9% 12.5% 43.7% 13.2% 21.0x 1.25x 9.5x 1.10x 8.1x
Walgreen Co. WAG 56.30 94.6% 53,204 5,047 2,106 56,145 72,217 4,859 0.8% 2.3% 29.2% 6.7% 22.9x 0.78x 11.6x 0.74x 9.3x
Zale Corporation ZLC 15.46 90.1% 507 410 17 900 1,888 68 1.1% 5.3% 52.1% 3.6% NM 0.48x 13.2x 0.47x 11.6x
Mean 87.1% $13,114 $1,809 $510 $14,413 $17,261 $1,455 5.3% 5.9% 35.1% 9.1% 22.5x 1.02x 10.8x 0.96x 9.1x
Median 91.3% $1,801 $272 $139 $2,055 $3,464 $134 7.1% 5.2% 33.2% 8.0% 20.2x 0.78x 9.8x 0.74x 8.9x
Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E
October 2013
M&A
Detail
Recent North
American
Consumer
M&A
13 of 16
Private Equity
Announced Target Seller Buyer Involvement
10/17/2013 Gerber Childrenswear, LLC Sun Capital Partners, Inc. Providence Apparel, LLC P
10/16/2013 NJoy Baby S.L. - Baby Jogger, LLC P
10/15/2013 Mac-Gray Corp. (NYSE:TUC) - CSC ServiceWorks, Inc P
10/10/2013 Pro Performance Sports, LLC - Steelpoint Capital Partners, LP P
10/9/2013 JewelPop Inc. - Lynx Equity Limited P
10/7/2013 Juicy Couture, Inc. Fifth & Pacific Companies, Inc. (NYSE:FNP) Authentic Brands Group LLC P
10/7/2013 Escort Inc. Falconhead Capital, LLC Monomoy Capital Partners P
10/3/2013 Mid-Atlantic Convenience Stores Catterton Partners Corporation Sunoco, Inc. P
10/3/2013 Project Horizon, Inc. Gate Petroleum Company, Inc. Bruckmann, Rosser, Sherrill & Co. L.L.C. P
10/2/2013 G.H. Bass & Company PVH Retail Stores, Inc. AM Retail Group, Inc.
10/2/2013 Nau, Inc. Horny Toad, Inc. BLACKYAK CO. LTD.
10/1/2013 Fitness Connection WestView Capital Partners LNK Partners P
10/1/2013 Furniture Brands International Inc. Furniture Brands International Inc. KPS Capital Partners, LP P
9/27/2013 Bureau of Trade Foundation Capital eBay Inc. (NasdaqGS:EBAY) P
9/25/2013 Organized SportsWear, LLC - CriticalPoint Capital, LLC P
9/25/2013 EvesAddiction.com - From You Flowers, LLC
9/25/2013 Roy Tailors Uniform Co. Inc. - Galls, LLC
9/23/2013 Paper Source, Inc. Brentwood Associates, Inc. Investcorp Bank B.S.C. P
9/22/2013 Just Sports - Jazz Basketball Investors, Inc.
9/20/2013 Delta Sports Products, LLC - Easton Technical Products, Inc.
9/19/2013 MITY Enterprises, Inc. Peterson Partners LP; Sorenson Capital Prospect Capital Corporation P
9/16/2013 The Baby Einstein Company, LLC The Walt Disney Company (NYSE:DIS) -
9/16/2013 Gem Shopping Network, Inc. - Sun Capital Partners, Inc. P
9/12/2013 Infinitoy, Inc., Zoob Infinitoy, Inc. POOF-Slinky, Inc. P
9/9/2013 Neiman Marcus Group LTD Inc. Warburg Pincus LLC; Leonard Green & Partners Ares Management LLC; Canada Pension Plan P
9/9/2013 Nutrasource LLC - HealthExperts.com
9/5/2013 Bushnell Inc. MidOcean Partners Alliant Techsystems Inc. (NYSE:ATK) P
9/3/2013 YCC Holdings LLC Madison Dearborn Partners, LLC Jarden Corp. (NYSE:JAH) P
9/2/2013 The Kyjen Company - The Riverside Company P
8/30/2013 Steele Fitness, Inc. - Snap Fitness, Inc.
8/28/2013 Lifeline International, Inc. - Pivotal 5, Inc.
8/26/2013 Salt Life Holdings, LLC - To The Game, LLC
8/19/2013 ShoeDazzle.com, Inc. Polaris Partners; Lightspeed Venture Partners JustFabulous, LLC P
8/19/2013 SFERRA Bros., Ltd. - Levine Leichtman Capital Partners P
8/13/2013 SPYDER Active SPORTS INC. Apax Partners LLP Authentic Brands Group LLC P
8/13/2013 ALCO Stores, Inc. (NasdaqGM:ALCS) - Everbright Development Overseas Ltd.
8/13/2013 Steinway Musical Instruments Inc. - Paulson & Co. Inc. P
8/9/2013 Newell Rubbermaid Inc., Home Improvement Business Newell Rubbermaid Inc. (NYSE:NWL) Nova Capital Management Limited P
8/6/2013 Dermstore Beauty Group Intelligent Beauty, Inc. Target Corp. (NYSE:TGT)
8/6/2013 Continental Laundry Systems Inc. - CSC ServiceWorks, Inc
8/5/2013 Southern Tide, Inc. - Brazos Private Equity Partners LLC P
8/5/2013 REVO Oakley, Inc. Sequential Brands Group, Inc.
8/2/2013 Gamo Outdoor, S.L. MCH Private Equity, S.L. Bruckmann, Rosser, Sherrill & Co. LLC P
8/2/2013 Dwell Home Furnishings, LLC Brand Sense Partners, LLC Wayfair LLC P
8/2/2013 Premier Nutrition, Inc. Joint Juice, Inc. Post Holdings, Inc. (NYSE:POST)
8/1/2013 AJM & Co., Inc. - Vertana Group LLC
8/1/2013 Monoprice, Inc. - Blucora, Inc. (NasdaqGS:BCOR)
7/31/2013 Yogitoes, LLC - Manduka, LLC
7/31/2013 Feminine Hygiene Business Johnson & Johnson Inc. Energizer Holdings Inc. (NYSE:ENR)
7/31/2013 eDressMe - Group USA, Inc.
7/30/2013 iGottaGuide, Inc. - GetYourGuide AG
7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management, LLC P
7/29/2013 Saks Incorporated (NYSE:SKS) - Hudson's Bay Company (TSX:HBC)
7/26/2013 Ace Fogdall Inc. - Camping World, Inc.
7/25/2013 HomeSav Inc. - Rebellion Media Group Corp.
7/25/2013 Granite Gear, Inc. - BRZZ Gear LLC
7/25/2013 Marathon Bar Corp. - Lipocine Inc. (OTCBB:MBAR.D)
7/24/2013 Kick Ass Shoes Ltd. - Mills Halifax
7/24/2013 Breckenridge - Heartland Recreational Vehicles, LLC
7/24/2013 Maidenform Brands, Inc. (NYSE:MFB) - Hanesbrands Inc. (NYSE:HBI)
7/23/2013 Blue Microphones, Inc. Transom Capital Group The Riverside Company P
7/23/2013 Sparkle Solutions L.P. - AIR-serv Group LLC
7/19/2013 Hickey-Freeman Co., Inc. W-Diamond Group Corporation Samuelsohn Limited
7/19/2013 Cornell Homes, LLC - Ryland Group Inc. (NYSE:RYL)
7/19/2013 Hopstop.com, Inc. Rhodium Apple Inc. (NasdaqGS:AAPL)
7/18/2013 JA Apparel Corp. J.W. Childs Associates, L.P. The Men's Wearhouse, Inc. (NYSE:MW) P
7/17/2013 Clear Memories, Inc. - NanoTech Entertainment, Inc. (OTCPK:NTEK)
7/17/2013 Mutual Drug, Inc. - CVS Pharmacy, Inc.
7/16/2013 Da Kine Hawaii, Inc. Billabong International Limited (ASX:BBG) Altamont Capital Partners P
7/16/2013 SHFL entertainment, Inc. (NasdaqGS:SHFL) - Bally Technologies, Inc. (NYSE:BYI)
7/15/2013 A.T. Cross Company, Cross Accessory Division Clarion Capital Partners, LLC A.T. Cross Company (NasdaqGM:ATX) P
7/15/2013 Hudson Clothing, LLC Webster Capital; Fireman Capital Partners Joe's Jeans Inc. (NasdaqCM:JOEZ) P
7/17/2013 Gigantic Parfums, LLC IZJD Corp. ID Perfumes, Inc.
7/11/2013 One Industries, Inc. - Transom Capital Group P
7/10/2013 GlucoBrands, LLC - Boulder Brands, Inc. (NasdaqGS:BDBD)
7/10/2013 Noelle, LLC, Noelle Brand Noelle, LLC Midwest - CBK, Inc.
October 2013
M&A
Detail
Recent North
American
Consumer
M&A
(continued)
14 of 16
Private Equity
Announced Target Seller Buyer Involvement
7/9/2013 Oreck Corporation - Royal Appliance Mfg. Co.
7/8/2013 Water Pik, Inc. EG Capital Group, LLC, The Carlyle Group MidOcean Partners, Vulcan Capital P
7/8/2013 RegiMEN LLC - Vestiage, Inc. (OTCPK:VEST)
7/5/2013 The Tranzonic Companies Linsalata Capital Partners; PNC Erieview Capital Silver Oak Services Partners, LLC P
7/4/2013 E. S. Kluft & Company, LLC - Vi-Spring Ltd.
7/3/2013 Boxee, Inc. General Catalyst Partners Samsung Electronics Co. Ltd. (KOSE:A005930)
7/3/2013 FreeWheel Mobility - Performance Mobility
7/3/2013 Amanti Art, LLC - Uniek, Inc.
7/2/2013 ATS Wheelchair Co., Inc. - Numotion
7/2/2013 Alex Maine LLC - Tru-Line LLC
8/1/2013 Fortune Swimwear, LLC - Coast Style Group, LLC
7/1/2013 Smart Workout Inc. - Fortitude Group, Inc. (OTCPK:FRTD)
7/1/2013 HPI Direct, Inc. - Superior Uniform Group Inc. (NasdaqGM:SGC)
7/1/2013 Penguin Brands, Inc. Assets Penguin Brands, Inc. Implus Corporation P
6/28/2013 Royal Auto Glass, Inc. - ABRA, Inc. P
6/27/2013 Mindware Holdings, Inc. - Oriental Trading Company, Inc. P
6/24/2013 Battlefield Collection Inc. - Alleson Athletic, Inc.
6/18/2013 Wally's Wine & Spirits - Southwest Wine & Spirits, LLC
6/17/2013 Orchard Supply Hardware Stores Orchard Supply Hardware Stores Corporation Lowe's Companies Inc.
6/14/2013 Portico Brand Group Portico Brand Group Hilco Consumer Capital P
6/14/2013 Kukdong Apparel Inc. - Kukdong Corp.
6/13/2013 The Bargain! Shop Holdings Inc. Genuity Capital Partners BlackRock Kelso Capital Corporation P
6/12/2013 Frazier Clothing Co., Inc. - Rousso Apparel Group Inc.
6/10/2013 Hi-E, Inc. - First Flight Bicycles, Inc.
6/6/2013 TT Design Labs LLC - Logitech International SA
6/5/2013 Enviro Water Solutions, Inc. - Trivest Partners, L.P. P
6/5/2013 Thorlabs Scientific Imaging - Thorlabs, Inc.
6/3/2013 WAI Skincare, Inc. - VizStar, Inc.
6/3/2013 Walls Industries, Inc. Audax Group, Inc. Williamson-Dickie Manufacturing Company P
6/3/2013 PWI Holdings, Inc. Harbert Private Equity KAR Auction Services, Inc. P
6/3/2013 Chelsea & Scott, Ltd. - Colony Brands, Inc.
5/31/2013 Glass America, Inc. - Boyd Group Income Fund
5/30/2013 HONORA Inc. - Richline Group, Inc.
5/31/2013 Funko, LLC - Fundamental Capital, LLC
5/30/2013 Life Uniform Company, Inc. Sun Capital Partners, Inc. Scrubs & Beyond, LLC P
5/29/2013 E.E. Robbins, LLC - Robbins Brothers Jewelry, Inc.
5/28/2013 Associated Hygienic Products LLC DSG International Ltd. Domtar Corporation
5/28/2013 Alex Toys, Inc. - POOF-Slinky, Inc. P
5/23/2013 rue21, Inc. (NasdaqGS:RUE) - Apax Partners LLP P
5/23/2013 Bluefly Inc. Rho Capital Partners, Inc. Clearlake Capital Group, LLC P
5/22/2013 TreeFrog Developments, Inc. - Otter Products, LLC
5/21/2013 Silex Holdings, Inc. Equitas Group LLC RJD Green, Inc.
5/21/2013 Chia'sso Acquisition, LLC - Evofurniture, LLC
5/20/2013 European AutoBody, Inc. - Caliber Bodyworks, Inc. P
5/17/2013 WFM Enterprises LLC - Mister Car Wash, Inc. P
5/17/2013 SkyMall, Inc. Bookspan, Inc.; Najafi Companies Xhibit Corp. (OTCBB:XBTC)
5/15/2013 AIR-serv Group LLC Macquarie Capital Alliance Group Pamplona Capital Management LLP P
5/10/2013 Savage Sports Corporation Norwest Equity Partners Alliant Techsystems Inc. (NYSE:ATK) P
5/10/2013 True Religion Apparel, Inc. (NasdaqGS:TRLG) - TowerBrook Capital Partners L.P. P
5/10/2013 Precision Collision Auto Body Precision Collision Auto Body Inc. ABRA, Inc.
5/9/2013 Chefinesse, Inc. - Converge Global Inc. (OTCPK:CVRG)
5/9/2013 Milewise, Inc. Atlas Venture L.P. Yahoo! Inc. (NasdaqGS:YHOO)
5/9/2013 Baskin's Department Stores, Inc. Diamond State Ventures Boot Barn, Inc. P
5/8/2013 Highland Shoe Co. LLC - Justin Brands, Inc.
5/7/2013 Jaytex Of Canada Limited, Certain Assets Jaytex Of Canada Limited Tommy Bahama Group, Inc.
5/7/2013 eSkape Entertainment Center LLC - Brunswick Bowling & Billiards Corp.
5/1/2013 COIT Cleaning and Restoration of Sacramento - COIT Services, Inc.
5/1/2013 Imbrium Systems Inc. Monteco Ltd. Contech Engineered Solutions LLC
5/1/2013 L'Oreal USA, Inc., Cosmetics Plant in Ohio L'Oreal USA, Inc. Cosmax, Inc. (KOSE:A044820)
5/1/2013 Coinmach Service Corp. - Pamplona Capital Management LLP P
4/30/2013 Chamilia LLC Brentwood Associates, Inc. Daniel Swarovski Corporation AG P
4/24/2013 Hoigaard's, Inc. - SSI Ventures LLC
4/24/2013 Sew Unique Embroidery, Inc. - Van's Flags & Flagpoles
4/23/2013 Maharam Fabric Corporation - Herman Miller Inc. (NasdaqGS:MLHR)
4/23/2013 reuseit.com, LLC - 18F Virginia, Inc.
4/23/2013 Walt's Auto Care Centers, Inc. - Meineke Car Care Centers, Inc.
4/23/2013 Louisville Bedding Company, Inc. Louisville Bedding Company, Inc. Hollander Home Fashions, LLC
4/22/2013 Springs Window Fashions LLC Heartland Industrial Partners, L.P. Golden Gate Capital P
4/22/2013 Lebanon Valley Flowers and Gifts - U.S. Retail Flowers, Inc.
4/22/2013 Leisure Travel Alliance Central, Inc. IT Travel Group Leisure Travel Alliance, Inc.
4/19/2013 Waupaca Trucking, Inc. - Veriha Trucking, Inc.
4/19/2013 Glantz & Associates Architects, Inc. - McBride & Son Homes, Inc.
4/19/2013 Guardum Pharmaceuticals, LLC - Pharmsynthez (MICEX:LIFE)
4/18/2013 Fraenkel Company, Inc. - Symbol Mattress Of Wisconsin, Inc.
4/17/2013 TravelCorp International, LLC - Corporate Travel Management
4/17/2013 Tripology, Inc. RM Acquisition, LLC USA TODAY Travel Media Group
4/17/2013 Bob Carver, LLC - Emotiva Audio Corporation
October 2013
John Neuner IV Managing Director
+1 (804) 915-0125
Tim Alexander Managing Director
+1 (612) 359-2716
Glenn Gurtcheff Managing Director
+1 (612) 359-2702
Jeff Cleveland Director
+1 (612) 359-2703
Corey Benjamin Vice President
+1 (804) 932-1342
HW&Co.
Consumer
Team
Recent North
American
Consumer
M&A
(continued)
M&A
Detail
15 of 16
Brent Spiller Director
+1 (804) 915-0183
Brant Cash Vice President
+1 (612) 359-2709
Matt Conaty Vice President
+1 (415) 217-3423
Ryan Budlong Director
+1 (612) 359-2722
Red Norrie Managing Director
+44 20 7518 8906
Private Equity
Announced Target Seller Buyer Involvement
4/16/2013 Molenaar LLC Wilson Tool International, Inc. Fey Promotional Products Group
4/16/2013 WorldPass Travel Group, LLC - WorldStrides, LLC P
4/15/2013 Talon International, Inc. (OTCPK:TALN) - Comvest Partners P
4/15/2013 Planet Biopharmaceuticals, Inc. (OTCPK:PBPH) Perseus, L.L.C.; Aisling Capital Ares Life Sciences SA P
4/15/2013 HFH Collision, LLC - ABRA, Inc.
4/12/2013 POSTED PROPERTIES.COM LLC - AZ Bidder LLC
4/11/2013 Muscle Warfare, Inc. - Embark Holdings, Inc.
4/11/2013 Combat Sports Inc. - Bauer Performance Sports Ltd. P
4/9/2013 Carolina Silver, LLC - Noble Biomaterials, Inc.
4/8/2013 HomeCare Resources, LLC - Home Care Medical, Inc.
4/8/2013 Internet Retail Shops, LLC - Park Avenue Numismatics
4/8/2013 Value Drycleaners Of America - JPB Capital Partners P
4/5/2013 Brewer Brothers, Inc. - Jim's Garage, LLC
4/5/2013 Haskell Lumber, Inc., Building Supply Store Haskell Lumber, Inc. S.W. Collins Company, Inc.
4/5/2013 Advanced Technologies - Wireless Logic, Inc.
4/2/2013 gloProfessional, Inc. North Castle Partners, LLC Swander Pace Capital P
4/2/2013 Reamco Inc. - Great Day Improvements, LLC
4/1/2013 Auburn Tire Service Inc. - Sullivan Tire Co., Inc.
4/1/2013 VGFive - Bay Acquisition corp. (OTCPK:SLGI)
4/1/2013 Lady Jayne Ltd. - Punch Studio LLC
3/31/2013 EcoMom, Inc. CrossLink Capital, Inc. Green Cupboards, Inc. P
3/31/2013 Burton's Pharmacy, Inc. - Rite Aid Corporation (NYSE:RAD)
3/31/2013 MyEyeDr's McLean - MyEyeDr., Inc. P
3/30/2013 Forever Valuable Collectibles, Inc. - AEGEA, LLC
3/29/2013 Mitchell-Vance Laboratories LLC - Enaltus LLC
3/28/2013 Calvert Associates, Inc. - Apex Advertising Inc.
3/28/2013 The St. James Group of Companies - AutoCanada Inc. (TSX:ACQ)
3/28/2013 Whitecraft, Inc. - Forwoodco, LLC
3/26/2013 Greulich's Automotive Services Greulich's Automotive Inc. Service King Paint & Body, LLC
3/26/2013 Target Exterminating And AME Exterminating - Terminix Service, Inc.
3/26/2013 Cherrycom, Inc. Shasta Ventures; The Founders Fund Lyft
3/25/2013 Ashburn Hill Corp. - INVISTA S.à r.l.
3/25/2013 Mustang Survival Corp. - The Safariland Group P
3/24/2013 Advanced Air & Heat LLC - Pulte Capital Partners LLC P
3/22/2013 Big M, Inc. - YM Inc.
3/22/2013 Follett Corporation, Follett's Bookstore Follett Corporation JSM Development LLC
3/22/2013 Mr. Bar-B-Q, Inc. - Ferrellgas Partners LP (NYSE:FGP)
3/22/2013 Service Experts LLC Lennox Industries, Inc. American Capital, Ltd. P
3/20/2013 Thomas Cook North America Inc. Thomas Cook Group plc (LSE:TCG) Red Label Vacations Inc.
3/19/2013 Bunton Seed Co. - St. Matthews Feed & Seed, Inc.
3/18/2013 Self Testing Systems LLC - W.S. Darley & Co.
3/18/2013 eMusic.com, Inc. Dimensional Associates LLC Media Arc, Inc.
3/15/2013 AmerElite Solutions Inc. (OTCBB:AMRX) Ameritech International Corp. RegalWorks Media Inc.
3/14/2013 Pikes Peak Direct Marketing Inc. JH Partners LLC Target Corp. (NYSE:TGT) P
3/14/2013 Cooking.com, Inc. Clearstone Venture Partners Target Corp. (NYSE:TGT)
3/14/2013 International Absorbents Inc. Kinderhook Industries J. Rettenmaier & Söhne GmbH + Co. P
3/14/2013 General Pest Control, Inc. - Arrow Exterminators, Inc.
3/13/2013 Fast Tire, Inc. - Car-X Associates Corp.
3/12/2013 SEE USA LLC SEE USA LLC U.S. Venture, Inc.
3/7/2013 LiceXpress - LiceDoctors LLC
3/6/2013 Hot Topic Inc. (NasdaqGS:HOTT) Carlson Capital, L.P. Sycamore Partners P
3/6/2013 Zion Rootswear, LLC Hope Road Merchandising LLC Bravado International Group
3/6/2013 DLNY LLC - Jerry Leigh of California, Inc.
3/5/2013 Parker Boat Company - Marinemax Inc. (NYSE:HZO)
Chip Duggins Vice President
+1 (804) 932-1340
October 2013
Sources:
Capital IQ.
Thomson Financial.
S&P.
Reuters.
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Consumer and Retail
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