Embed Size (px)
Citation preview
Strategic75%
Financial25%3
2 3
6
3 4
3
-
2
4
6
8
Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA6/6/2018 Rawlings Sporting Goods Co., Inc. MLB Advanced Media LP; The Seidler
Co. LLC; Shareholders
Outdoor Products 395.00 1.20x -
6/1/2018 Top Shelf Beverages Molson Coors Brewing Natural & Organic Foods - - -
5/29/2018 US Fitness Holdings LLC HRS Management LLC; Delos Capital
LLC; Shareholders
Health & Fitness - - -
5/29/2018 Inner Strength, Inc. Great Hill Partners LP; YogaWorks, Inc. Health & Fitness - - -
5/25/2018 Bare Foods Co. PepsiCo, Inc. Natural & Organic Foods 200.00 - -
5/18/2018 New Milani Group, Inc. Gryphon Investors, Inc.; Shareholders Personal Care - - -
5/18/2018 Bandon Holdings LLC (United States) Fireman Capital Partners LLC Health & Fitness - - -
5/7/2018 FDC Vitamins LLC DVSM LLC; Arizona Nutritional
Supplements LLC
Vitamins, Minerals, &
Supplements
15.00 - -
4/30/2018 DS Healthcare Group, Inc. Medilogistics Corp. Personal Care 1.99 0.15x -
4/26/2018 Old Orchard Brands LLC Lassonde Industries, Inc. Natural & Organic Foods 156.00 1.51x 9.87x
4/21/2018 Safe Fit LLC Global Glove & Safety Manufacturing,
Inc.
Activewear 17.50 2.47x -
4/19/2018 WalkMyMind, Inc. Global Affiliates, Inc. Lifestyle Companies - - -
Financial Buyer Inv. Date Select Corporate Acquisitions
5/18/2018 ▪ New Milani Group, Inc.
3/12/2018 ▪ Matrixx Initiatives, Inc.
10/27/2014 ▪ C.B. Fleet Company, Inc.
3/28/2018 ▪ Inter Valley Pool Supply, Inc.
11/6/2017 ▪ Strike King Lure Co
9/8/2017 ▪ Hasa Inc
12/20/2016 ▪ Sweet Harvest Foods Co.
11/14/2016 ▪ Do Outdoors Inc
1/18/2018 ▪ J R Watkins LLC
12/12/2016 ▪ Halo Innovations
1/22/2016 ▪ Swanson Health Products, Inc.
12/14/2015 ▪ Captek Softgel International, Inc.
10/18/2016 ▪ HME Products
6/9/2016 ▪ Good Sportsman Marketing, L.L.C.
5/17/2016 ▪ InterVision Systems, LLC
5/10/2016 ▪ Systems, Inc.
1/11/2016 ▪ Drake Automotive Group, Inc.
6/27/2016 ▪ Drybar Holdings LLC
2/17/2016 ▪ Ultimate Fitness Group, LLC
6/9/2015 ▪ Naf Naf Grill, LLC
4/17/2015 ▪ Driven Brands
Huron Capital Partners
Roark Capital Group
Gryphon Investors
Peak Rock Capital
Swander Pace Capital
Strategic Buyer Inv. Date Select Corporate Acquisitions
12/14/2017 ▪ Schmidt's Deodorant Co. LLC
11/27/2017 ▪ Sundial Brands LLC
6/19/2017 ▪ Kingdom Animalia LLC (d.b.a. Hourglass Cosmetics)
5/15/2017 ▪ Quala (Personal Care and Home Brands)
4/20/2017 ▪ Kensington & Sons, LLC
7/20/2017 ▪ Lankhorst Taselaar BV
11/18/2016 ▪ Payne's Marine Supply, Inc.
8/31/2016 ▪ Indoor Cycling Group
7/5/2016 ▪ Thunder Jet Boats Inc.
1/20/2016 ▪ Cybex International Inc.
6/19/2017 ▪ Top Secret Nutrition LLC
10/5/2016 ▪ Tribravus Enterprises
10/5/2016 ▪ Prime Nutrition
4/28/2016 ▪ Gaspari Nutrition Inc.
8/18/2015 ▪ LG Sciences LLC
6/15/2017 ▪ Deciem, Inc.
11/14/2016 ▪ Too Faced Cosmetics LLC
10/21/2016 ▪ Becca, Inc.
10/25/2015 ▪ Have & Be Co., Ltd.
12/19/2014 ▪ GlamGlow, Inc.
Unilever
Brunswick Corporation
Hi-Tech Pharmaceuticals
Estee Lauder Cos.
-15%
-10%
-5%
0%
5%
10%
15%
20%
Health & Fitness Lifestyle CompaniesActivewear Natural & Organic FoodsOutdoor Products Personal CareVitamins, Minerals, & Supplements S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Weight Watchers International, Inc. WTW 6,701$ 101.10$ 58.7% 128.3% 95.6% 19.9% 17.9% 6.0x 23.2x 36.1x 5.2x 17.3x
Planet Fitness, Inc. PLNT 3,852 43.94 16.3% 26.9% 93.9% 21.5% 39.6% 9.6x 23.6x NM 7.9x 19.4x
Medifast, Inc. MED 1,932 160.16 71.4% 129.4% 89.2% 35.3% 16.5% 5.5x 36.2x 57.4x 4.1x 25.1x
Fitbit, Inc. FIT 1,371 6.53 28.0% 14.4% 83.8% (6.0%) (28.7%) 0.6x NM NM 0.6x NM
Nutrisystem, Inc. NTRI 1,144 38.50 42.9% (26.8%) 56.7% 5.2% 2.8% 1.5x 11.7x 22.1x 1.5x 10.5x
Nautilus, Inc. NLS 478 15.70 16.7% 17.6% 81.6% 8.8% 11.4% 1.1x 8.3x 17.8x 1.0x 7.9x
Segment Average 39.0% 48.3% 83.5% 14.1% 9.9% 4.1x 20.6x 33.4x 3.4x 16.0xSegment Median 35.4% 22.2% 86.5% 14.3% 13.9% 3.5x 23.2x 29.1x 2.8x 17.3x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Garmin Ltd. GRMN 11,500$ 61.00$ 3.5% 2.4% 92.5% 3.2% 23.3% 3.3x 13.3x 19.7x 3.2x 13.1x
Vail Resorts, Inc. MTN 11,056 274.19 23.7% 29.0% 94.9% 12.4% 50.5% 6.1x 19.4x 28.4x 5.6x 17.1x
Polaris Industries Inc. PII 7,715 122.18 6.7% (1.5%) 88.8% 12.6% 9.4% 1.5x 13.8x 34.0x 1.4x 10.6x
Brunswick Corp. BC 5,620 64.48 8.6% 16.8% 93.1% 7.8% 13.2% 1.2x 9.2x 37.2x 1.2x 8.5x
Vista Outdoor, Inc. VSTO 890 15.49 (5.1%) 6.3% 61.8% (2.0%) 1.1% 0.8x 11.3x NM 0.7x 10.2x
GoPro, Inc. GPRO 722 6.44 34.4% (14.9%) 54.2% (1.6%) (22.9%) 0.8x NM NM 0.8x 45.8x
Clarus Corp. BDE 248 8.25 22.2% 5.1% 98.8% 15.4% 5.7% 1.4x 43.4x NM 1.2x 14.1x
Peak Resorts, Inc. SKIS 70 5.00 3.1% (7.4%) 86.6% 1.1% 38.4% 1.9x 9.5x NM 1.8x 8.5x
12.1% 4.5% 83.8% 6.1% 14.8% 2.1x 17.1x 29.8x 2.0x 16.0x7.6% 3.7% 90.6% 5.5% 11.3% 1.5x 13.3x 31.2x 1.3x 11.8x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
NIKE, Inc. NKE 102,205$ 79.68$ 19.9% 27.4% 98.4% 6.8% NM 3.5x 25.6x 68.1x 3.3x 21.7x
VF Corp. VFC 32,156 81.52 10.0% 10.2% 95.7% 13.2% 9.8% 2.8x 19.3x 46.0x 2.6x 16.5x
lululemon athletica, Inc. LULU 15,720 124.85 40.1% 58.9% 96.2% 16.2% 20.2% 5.7x 24.4x 56.2x 5.0x 20.4x
Under Armour, Inc. UA 8,907 21.08 46.9% 58.3% 92.9% 5.5% 4.8% 2.1x 31.9x NM 2.0x 27.7x
Foot Locker, Inc. FL 6,155 52.65 15.6% 12.3% 88.6% 0.3% 13.9% 0.7x 5.7x 23.4x 0.7x 5.9x
Gildan Activewear, Inc. GIL-CA 6,025 28.15 (0.5%) (8.8%) 82.2% 9.4% 19.0% 2.5x 12.0x 17.9x 2.4x 10.9x
Deckers Outdoor Corp. DECK 3,437 112.89 25.4% 40.7% 91.8% 2.1% 8.6% 1.6x 10.7x 31.5x 1.6x 10.6x
Wolverine World Wide, Inc. WWW 3,295 34.77 20.3% 9.1% 94.2% 0.9% 13.5% 1.6x 17.1x NM 1.6x 11.8x
Sequential Brands Group, Inc. SQBG 125 1.97 (5.5%) 10.7% 48.3% 8.8% 55.0% 4.8x 8.3x NM 4.4x 7.6x
Iconix Brand Group, Inc. ICON 39 0.58 (47.4%) (54.8%) 8.3% (9.0%) 46.6% 3.5x 7.0x NM 3.8x 7.6x
Cherokee, Inc. CHKE 8 0.56 (57.1%) (70.7%) 7.2% (4.6%) 21.2% 1.4x NM NM 1.9x 5.1x
6.2% 8.5% 73.1% 4.5% 21.3% 2.7x 16.2x 40.5x 2.7x 13.2x15.6% 10.7% 91.8% 5.5% 16.5% 2.5x 14.6x 38.8x 2.4x 10.9x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Pinnacle Foods, Inc. PF 7,754$ 65.06$ 20.3% 9.4% 92.3% 0.7% 18.3% 3.3x 15.4x 13.7x 3.3x 14.5x
Darling Ingredients, Inc. DAR 3,273 19.88 14.9% 9.7% 97.6% (1.1%) 12.6% 1.4x 11.4x 15.2x 1.4x 10.8x
Hain Celestial Group, Inc. HAIN 3,230 29.80 (7.1%) (29.7%) 65.3% (12.8%) 8.2% 1.4x 17.4x 38.7x 1.5x 13.2x
United Natural Foods, Inc. UNFI 2,153 42.66 (0.7%) (13.4%) 81.0% 9.9% 3.9% 0.3x 7.7x 12.7x 0.2x 7.3x
6.9% (6.0%) 84.1% (0.8%) 10.8% 1.6x 13.0x 20.1x 1.6x 11.5x7.1% (2.0%) 86.6% (0.2%) 10.4% 1.4x 13.4x 14.5x 1.4x 12.0x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Unilever Plc ULVR-GB 66,879$ 55.34$ 6.0% 1.6% 91.9% (2.1%) 18.4% 2.9x 13.8x 22.7x 3.0x 14.1x
Estee Lauder Cos., Inc. EL 31,961 142.69 (4.7%) 12.1% 89.9% 10.5% 22.3% 4.0x 18.4x 46.6x 3.7x 17.7x
Ulta Beauty, Inc. ULTA 14,050 233.46 14.3% 4.4% 80.5% 15.1% 18.0% 2.2x 12.7x 24.3x 2.0x 11.4x
Coty, Inc. COTY 10,583 14.10 (23.0%) (29.1%) 65.0% 1.5% 14.9% 2.0x 14.9x NM 2.0x 11.9x
Nu Skin Enterprises, Inc. NUS 4,348 78.19 6.1% 14.6% 93.1% 8.7% 12.6% 1.8x 12.4x 31.4x 1.7x 11.0x
USANA Health Sciences, Inc. USNA 2,788 115.30 34.2% 55.7% 95.2% 8.2% 16.3% 2.3x 15.8x 40.3x 2.2x 14.7x
Sally Beauty Holdings, Inc. SBH 1,957 16.03 (2.6%) (14.6%) 75.0% (0.0%) 14.8% 0.9x 6.2x 8.4x 1.0x 6.6x
Inter Parfums, Inc. IPAR 1,674 53.50 13.5% 23.1% 96.5% 12.9% 19.2% 2.6x 17.2x 37.9x 2.3x 15.4x
Revlon, Inc. REV 927 17.55 (14.8%) (19.5%) 62.9% (0.8%) (2.5%) 1.4x 18.5x NM 1.4x 12.8x
Avon Products, Inc. AVP 716 1.62 (43.0%) (24.7%) 41.6% 1.4% 6.0% 0.4x 4.8x 44.0x 0.4x 4.4x
Natural Health Trends Corp. NHTC 285 25.02 31.6% 64.7% 85.5% NM 19.4% 0.7x 3.4x 12.9x NM NM
LifeVantage Corp. LFVN 91 6.37 76.5% 33.8% 93.1% NM 5.1% 0.4x 9.3x 31.9x NM NM
United-Guardian, Inc. UG 88 19.15 7.7% 3.5% 89.8% NM 42.4% 5.7x 13.0x 20.6x NM NM
CCA Industries, Inc. CAW 19 2.90 (1.7%) (7.9%) 76.1% NM (5.5%) 1.3x 13.7x NM NM NM
7.2% 8.4% 81.1% 5.5% 14.4% 2.1x 12.4x 29.2x 2.0x 12.0x6.0% 3.9% 87.6% 4.9% 15.6% 1.9x 13.4x 31.4x 2.0x 12.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Herbalife Nutrition Ltd. HLF 8,870$ 53.72$ 10.2% 58.7% 94.7% 10.2% 14.6% 2.2x 14.4x 40.1x 1.8x 11.4x
Medifast, Inc. MED 1,932 160.16 71.4% 129.4% 89.2% 35.3% 16.5% 5.5x 36.2x 57.4x 4.1x 25.1x
GNC Holdings, Inc. GNC 295 3.52 (8.8%) (4.6%) 32.1% (3.3%) 9.6% 0.6x 6.2x NM 0.7x 7.7x
Nature's Sunshine Products, Inc. NATR 178 9.35 (15.0%) (19.0%) 67.8% NM 4.0% 0.4x 12.6x NM NM NM
Vitamin Shoppe, Inc. VSI 168 6.95 59.8% 58.0% 57.9% (4.9%) 5.8% 0.2x 4.8x NM 0.3x 7.2x
LifeVantage Corp. LFVN 91 6.37 76.5% 33.8% 93.1% NM 5.1% 0.4x 9.3x 31.9x NM NM
Mannatech, Inc. MTEX 56 20.50 30.6% 36.7% 91.5% NM (0.9%) 0.1x 3.2x NM NM NM
32.1% 41.8% 75.2% 9.3% 7.8% 1.4x 12.4x 43.1x 1.7x 12.9x30.6% 36.7% 89.2% 3.5% 5.8% 0.4x 9.3x 40.1x 1.2x 9.6x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Brunswick Corp. BC 5,620$ 64.48$ 8.6% 16.8% 93.1% 7.8% 13.2% 1.2x 9.2x 37.2x 1.2x 8.5x
Callaway Golf Co. ELY 1,791 18.97 16.0% 36.2% 91.1% 5.3% 23.2% 1.7x 12.8x 23.7x 1.7x 14.4x
Sturm, Ruger & Co., Inc. RGR 977 56.00 6.7% 0.3% 85.5% 13.7% 20.4% 1.8x 9.3x 22.3x 1.6x 6.7x
Vista Outdoor, Inc. VSTO 890 15.49 (5.1%) 6.3% 61.8% (2.0%) 1.1% 0.8x 11.3x NM 0.7x 10.2x
Johnson Outdoors, Inc. JOUT 743 84.53 36.3% 36.1% 93.8% 4.2% 17.6% 1.5x 11.2x 21.8x 1.4x 10.6x
Escalade, Inc. ESCA 203 14.10 2.9% 14.6% 92.5% 3.5% 8.2% 1.3x 12.2x 14.6x 1.2x 10.5x
10.9% 18.4% 86.3% 5.4% 13.9% 1.4x 11.0x 23.9x 1.3x 10.2x7.6% 15.7% 91.8% 4.8% 15.4% 1.4x 11.3x 22.3x 1.3x 10.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
