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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.1H 2023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities

2、 Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.FOOD&BEVERAGE REPORT2H 2022 2H 2022|VOL 10|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 1H23:WHAT TO KNOW InIn thethe sprawlingsprawling FoodFood and

5、and BeverageBeverage space,space,subservientsubservient toto bothboth thethe whimswhims ofof consumerconsumer tastestastes andand governmentgovernment oversight,oversight,thethe onlyonly constantconstant is is changechange.TheThe BidenBiden administrationadministration andand federalfederal andand s

6、tatestate governmentsgovernments areare makingmaking somesome aggressiveaggressive moves,moves,fromfrom restrictingrestricting whowho cancan buybuy farmlandfarmland toto investigatinginvestigating pricingpricing inin foodfood processingprocessing andand distributiondistribution.LastLast yearsyears s

7、uccesssuccess maymay notnot bebe anan indicatorindicator ofof futurefuture gainsgains.WeveWeve seenseen thethe godfathergodfather ofof craftcraft beerbeer gogo bust,bust,anan artificialartificial sweetenersweetener wewe allall knowknow comecome underunder scrutiny,scrutiny,a a lunchtimelunchtime sta

8、ndbystandby putput onon thethe auctionauction block,block,andand robotsrobots replacingreplacing thethe pizzapizza guyguy.ItsIts anan excitingexciting fieldfield forfor thosethose withwith couragecourage andand visionvision.InIn FoodFood andand Beverage,Beverage,ExpectExpect thethe UnexpectedUnexpec

9、tedIf anything,the first half of 2023 was an“interesting”time for the food and beverage sector.Government investigations,federal intervention on deals,inflation,higher wages,backlash on tipping,labor issues,new scientific scrutiny,and divestitures(and government seizures)in Russia.1 Thats a lot for

10、any sector to handle,but Food and Beverage is a big category that affects everyone.We all eat.From craft beer to turmoil within one of the worlds largest fast food chains,Subway(more U.S.locations than McDonalds),there are a lot of moving parts.Taking a step back,Food and Beverage,like every sector,

11、is navigating macroeconomic trends outside of its control including inflation,rising interest rates that impact leveraged acquisitions,a tight labor market,the lingering concerns over a potential recession,and continued squabbling on Capitol Hill.2,3,4,5 Globally,food prices have continued to rise o

12、verall.We watched the ride eggs were on in 1H23,with prices rocketing higher to start the year,then sustaining a great fall as we hit mid-year.Restaurant prices have been hit particularly hard with price increases outstripping increases in the consumer price index.As requests for a“tip”are springing

13、 up in more industries,even for self service purchases,Americans in particular are suffering from tipping fatigue.This issue that may even find its way into restaurants as states and municipalities continue to raise minimum wages,including for tipped employees who currently depend on diners to pay p

14、art of their salary.6,7,8,9,10 While producers,distributors,and restaurants are navigating these shifting macro trends,they need to deal with evolving consumer demands and changing lifestyles.Customers appear to be looking for healthier foods with a level of sustainability,from the way their food is

15、 produced to how its packaged.No brand is safe.We were surprised to see one of the big names of craft beer,seemingly untouchable,fail.Anchor Steam beer,often called Americas oldest craft beer maker,was a victim of forces out of its control as post-pandemic workers moved out of San Francisco andBen L

16、uchowBen LuchowVice PresidentFood&Beverage TBen PaddorBen PaddorAnalyst Food&Beverage TEric BosveldEric BosveldSenior Advisor Food&Beverage TScott MitchellScott MitchellManaging DirectorFood&Beverage T1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securi

17、ties Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 2ongoing aluminum tariffs raised packaging costs.11,12 Buyers beware.There are opportunities as well as headwinds.Things the sector can control and things it cannot.FoodFood asas a a NationalNational Secu

18、ritySecurity Issue?Issue?WhyWhy NotNotOne area that may have unintended consequences is the potential application of the Committee on Foreign Investment in the United States(CFIUS)oversight rules to agricultural land.Traditionally,the federal government restricts foreign ownership of areas of nation

19、al security concern such as mineral operations,resources,and technology.Recall last years ban on phone tech from the Chinese firm Huawei amid security concerns.Now there is new scrutiny of foreign investment in American agricultural lands.13,14 There is proposed legislation in Washington to limit or

20、 review acquisitions of farmland by foreign entities.Dealmakers are being warned to tread lightly in areas that may affect onshore food production and land deals,especially when agricultural land is located near U.S.military installations or operations.Last year,Congressman Ralph Norman(R-S.C.)penne

21、d a blog post spotlighting the issue of Chinese nationals owning 192,000 acres of farmland in the U.S.which is“under the total and absolute control of the communist Chinese government.”He noted some 35 million acres of agricultural land are owned by investors from other countries,including Canada an

22、d Germany.But this appears to have bipartisan interest as President Joe Biden and his administration are also calling for scrutiny of foreign farmland ownership.National Public Radio(NPR)in June estimated Chinese entities control about 380,000 acres,including a 2021 purchase of North Dakota land nea

23、r an Air Force base.The appearance of a Chinese“spy balloon”over the Dakotas agricultural powerhouses this year has alarmed those who were already concerned and is getting attention at the highest levels of American governance.At the state level,the Dakotas are reviewing their policies.In May,Florid

24、a Gov.Ron DeSantis signed a law that specifically prohibits foreign ownership of agricultural land,but that law is being challenged in court.14,15,16,17,18,19 Is this just politics?It doesnt matter.Money and commerce dont have an opinion.What matters is how restricting who can buy agricultural land

25、affects who controls food and what prices are set for those who package,distribute,and serve it.Its interesting to note popular conspiracy theory target,billionaire Bill Gates,owns about 270,000 acres of farmland across 18 states.Another household name,cable TV magnate Ted Turner,owns about 2 millio

26、n acres of ranch land.Agricultural land is apparently a good investment for billionaires.20,21SoSo WhoWho SaysSays WhatWhat WeWe PayPay forfor Food?Food?Its also worth watching who is setting the price of the food we buy,whether at the retail level or at a restaurant.The U.S.Department of Agricultur

27、e and the Biden administration recently announced a partnership with 31 state attorney generals to combat what a senior official called“price gouging”.Not only the producing and processing of meat and poultry,but also at the grocery store.Words such as“antitrust”and“consumer protection”are being tos

28、sed around.22,23The meat packing industry is pretty well consolidated.The four biggest meatpackers,JBS USA Holdings Inc.,Tyson Foods Inc.,Cargill Inc.and National Beef Packing Co.control about 85%of beef processing in the U.S.This consolidation is potentially bad for consumers and ranchers are unhap

29、py.At the end of last year,the federal government distributed hundreds of millions of dollars in grants and loans to foster competition in the poultry and meat processing industry.24,25 As always,government actions have consequences,and savvy investors should be looking around the corner.In June,the

30、 USDA approved the production and sale of“lab-grown”chicken chicken meat grown in a factory from actual chicken cells.Chicken without the coop.The question is,if the feds are successful,uncover and break up some secret cabal in meat packing,create more competition,and lower prices,will consumers sti

31、ll care about the fledgling lab-grown sector?26 The Food and Beverage sector continues to serve up surprises.To start the second half of the year,a World Health Organization committee declared one of the worlds most popular sugar substitutes,aspartame,a potential cause of31H 2023|VOL 11|ISSUE 1720.2

32、21.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 2cancer.Youll find it in everything from Diet Coke and Snapple to chewing gum.Earlier in the year,a researcher at the Cleveland Clin

33、ic issued a paper finding another sugar replacement,erythritol,used in the popular sugar substitute stevia,has been linked to blood clots,strokes,and heart attacks.Never a dull moment in Food and Beverage.27,28,29 MixingMixing UpUp thethe IngredientsIngredients:MergersMergers&AcquisitionsAcquisition

34、s International Flavors&Fragrances(IFF)in February continued divesting non-core assets to cut expenses and refine its focus while shedding debt and cutting expenses by selling off its Flavor Specialty Ingredients business which makes aromas for the flavor market with manufacturing centers in the U.K

35、,Ohio,and China as well as distribution centers in Mexico,Brazil,and Hong Kong.The buyer,British private equity group Exponent,reportedly paid$220 million in an all-cash deal.Exponent has had success building acquired companies and turning them for a profit,including the 2011 acquisition of fermente

36、d meat company Quorn for$328 million and selling the company four years later at$825 million.IFF closed 2022 by selling off its Savor Solutions Group for$900 million to private equity group PAI Partners.IFF at the time announced it would be selling three divisions by the end of 2023.30,31 In April,B

37、oulder,Colorado-based NextFoods announced a merger of its probiotic GoodBelly with natural sports nutrition developer Cheribundi.Cheribundi markets tart cherry flavored products and concentrates,including an immunity blend and a sleep blend.The largest investor in the combined organization is Connec

38、ticut-based Emil Capital Partners(ECP),which has a history of investing in early-stage growth companies in consumer goods,tech,retail,and digital media.The merger is seen as an effort to drive efficiencies.32 In June,private label food maker TreeHouse Foods stuck to its plan of adding manufacturing

39、capacity with the$100 million purchase of a Texas coffee facility from Farmer Brothers Company.This plant adds roasting,grinding,flavoring,and blending capacity to TreeHouse.CEO Steve Oakland is focused on manufacturing capacity rather than developing new brands.The National Coffee Association repor

40、ts coffee consumption is at its highest level in 20 years,gaining traction with younger adults.Treehouses acquisition is seen as something of a trend as others have looked to purchase manufacturing capacity rather than undertake the lengthy process of building a new facility.Earlier in the year,Hers

41、hey announced it was buying two popcorn operations to increase capacity and flexibility for its SkinnyPop brand.33WhatWhat Next?Next?ConsumerConsumer Tastes,Tastes,Communism,Communism,andand Conspiracies?Conspiracies?We believe the Food and Beverage sector will continue to be attractive for investor

42、s and sellers.Someone is always out to develop the next best thing.Consumer tastes can change on a dime and acquisitions are still an efficient way to scale.Change can be profitable for both investors and startups with vision and foresight.There are things you cant predict.Companies for years had be

43、en investing in the Russian Food and Beverage market,then a war happened.Under pressure from investors,some companies made the choice last year to leave Russia,even after decades of work developing their brands and the choices came at a cost.Beer maker Heineken said it was going to lose about$400 mi

44、llion by leaving the Russian market.McDonalds said it was giving up as much as$1.4 billion by leaving.Burger King,Starbucks,and KFC bailed.But it can always get worse.To start 2H23,Russia simply took by decree a company owned by French yogurt maker Danone and a brewer owned by Carlsberg.Surprise.Pro

45、tect yourself at all times.34,35Deals continue getting done,especially in the consumer-packaged goods and beverages sector.Although as weve seen,the$8 billion a year U.S.craft beer market may be a bit oversaturated(more than 3,000 new entries in the past five years).Its not just in the U.S.,brewers

46、in other countries are struggling as well,maybe the trend is losing steam.6,36,37,38 Theres always room for changing tastes,including interest in new“superfoods”and healthy snacks.Automation and robotics are creating safer,cheaper ways to produce and package foods.How about a robot that mixes dough,

47、makes a pizza,cooks it,cuts it,and packages it,at a rate of 80 pizzas an hour with no humans involved?A wheeled,self-guided,autonomous robot cart that delivers that pizza across town?Yes,those are things now.Already on the ground.There are always opportunities for those in the M&A kitchen,mixing up

48、the next big deal.39,40,41,42 41H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 2DateTargetBuyer(s)SegmentDateTargetBuyer(s)SegmentAmount($in Mil)Amount($

49、in Mil)TEV/RevTEV/RevTEV/EBITDATEV/EBITDA6/30/2023Farmer Brothers Treehouse Foods Non-Alcohol100.00-6/22/2023Alaska Seafood CompanyTlingit HaidaCPG Foods-6/20/2023Heartland WafflesArbor InvestmentsCPG Foods-6/14/2023Ruths Hospitality GroupDarden Restaurants Restaurants493.081.0 x6.9x6/7/2023Taco Bel

50、l Balance Point Capital,Southpaw Restaurants-5/31/2023Lucky Strike EntertainmentBowlero Restaurants90.001.0 x8.2x5/3/2023Tao Group HospitalityMohari HospitalityRestaurants822.001.7x-3/31/2023Coffee HoldingBunker ConnectNon-Alcohol620.759.2x-2/16/2023International Flavors&Fragrances Exponent Private

51、EquityIngredients&Flavors220.002.2x-2/10/2023TofurkyMorinaga Nutritional FoodsNatural&Organic50.00-1/25/2023Zing!Healthy FoodsLand BettermentProduce-1/13/2023Seattles Best CoffeeNestl Non-Alcohol7150.00-5Sources:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions on

52、ly,and is not all-inclusive.Nevertheless,they are typically representative of the industry.TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY10 or more transactions5-9 transactions1-4 transactions0 transactionsCANADAIf You Are a Business Owner Looking for Additio

53、nal Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.1H 2023|VOL 11|ISSUE 1Strategic75%Financial25%46 20 54 7 14 12 15 11 14 38 14 -10

54、 20 30 40 50 60720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 26ACTIVE BUYERSSources:PitchBook Financial Data and Analytics;MergermarketFIRMSELECT SUBSIDIARY BRANDSMOST ACTIV

55、E STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMSELECT SUBSIDIARY BRANDS1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 2PUBLIC BASKE

56、T7ALCOHOLIC BEVERAGESFOOD&BEVERAGE SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsSources:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1-40%-30%-20%-10%0%10%20%30%40%50%60%70%Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23AlcoholNon-Al

57、coholCPG FoodsNatural&Organic FoodsDairyProteinsProduceIngredients&FlavorsCo-PackersRestaurantsDigitally NativeS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDADiageoDGE9

58、5,800$42.62$(4.8%)(3.1%)88.9%4.9%36.1%5.5x15.3x22.1x5.3x15.3xConstellation BrandsSTZ45,116 246.13 9.0%6.2%94.2%6.5%9.5%6.0 xNMNM5.6x15.2xBrown-FormanBF.B32,230 66.78 3.9%1.7%85.5%7.3%27.9%8.2x29.5x41.0 x7.7x23.8xMolson Coors Beverage CompanyTAP14,240 65.84 27.4%27.8%96.6%7.8%7.3%1.9x26.2xNM1.8x9.0 x

59、Boston Beer CoSAM3,784 308.44 (6.2%)(6.4%)73.0%0.6%7.8%1.8x23.1x63.3x1.8x14.1xMGP IngredientsMGPI2,339 106.28 9.9%(0.1%)84.5%7.6%20.1%3.2x16.1x23.1x3.0 x13.3xWillamette Valley VineyardsWVVI28 5.70 (5.8%)(4.5%)85.2%NM3.8%2.5xNMNMNMNMRoxas HoldingsROX23 0.01 2.7%8.5%57.6%NM(1.8%)0.7xNMNMNMNMSegment Av

60、erage4.5%3.8%83.2%5.8%13.8%3.7x22.1x37.4x4.2x15.1xSegment Median3.3%0.8%85.3%6.9%8.6%2.8x23.1x32.0 x4.1x14.6xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA

61、 and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 28PUBLIC BASKET(CONTINUED)NON-ALCOHOLIC BEVERAGESCPG FOODS(INCLUDING SNACKS)NATURAL&ORGANIC FOODSSources:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Throug

62、h SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 29PUBLIC BASKET(CONTINUED)DAIRYPROTEINSPRODUCE/AGRIBUSINESSINGREDIENTS&FLAVORSSources:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securi

63、ties Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 2CASUAL DINING10PUBLIC BASKET(CONTINUED)CO-PACKERSFINE DININGSources:PitchBook Financial Data and AnalyticsFAST CASUAL RESTAURANTS1H 2023|VOL 11|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)Quarte

64、r ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDARestaurant Brands InternationalQSR24,123$77.50$15.5%20.0%99.7%9.6%30.9%5.9x19.1x23.6x5.4x14.6xTexas RoadhouseTXRH7,523 112.28 3.9%23.5%96.2%14.6%11.2%1.9x17.1x26.9x1.7x14.2xBloomin

65、 BrandsBLMN2,347 26.89 4.8%33.6%94.5%5.6%8.7%0.9x10.6x23.6x0.9x7.3xCracker Barrel Old Country StoreCBRL2,064 93.18 (18.0%)(1.6%)76.9%1.5%6.6%0.9x14.0 x22.0 x0.9x11.5xDave&BustersPLAY1,913 44.56 21.1%25.7%94.2%11.2%21.8%2.2x10.2x15.5x2.0 x8.2xThe Cheesecake FactoryCAKE1,776 34.58 (1.3%)9.1%83.8%7.6%4

66、.1%1.0 x25.2x36.4x1.0 x12.2xBrinker InternationalEAT1,621 36.60 (3.7%)14.7%86.9%5.4%7.3%0.9x12.6x18.5x0.9x9.5xDine Brands GlobalDIN909 58.03 (14.2%)(10.2%)70.4%(5.4%)24.0%2.7x11.3x11.1x2.9x9.5xBJs RestaurantsBJRI749 31.80 9.1%20.5%88.0%4.6%5.7%0.9x16.5xNM0.9x10.7xChuys HoldingsCHUY737 40.82 13.9%44.

67、2%94.6%11.6%12.6%1.7x13.5x32.1x1.5x12.6xDennysDENN690 12.32 10.4%33.8%93.9%2.2%21.2%2.3x10.9x13.8x2.3x11.5xCarrols Restaurant GroupTAST272 5.04 126.0%270.6%83.2%5.4%3.5%0.9x25.3xNM0.8x13.9xRed Robin Gourmet BurgersRRGB223 13.83 (3.4%)147.8%83.8%NM1.4%0.6xNMNMNMNMFiesta Restaurant GroupFRGI207 7.94 (

68、3.4%)8.0%85.6%7.6%1.1%0.9xNMNM0.8xNMSegment Average11.5%45.7%88.0%6.3%11.4%1.7x15.5x22.4x1.7x11.3xSegment Median4.4%22.0%87.4%5.6%8.0%1.0 x13.7x22.8x1.0 x11.5xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week Hig

69、hEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAStarbucksSBUX113,562$99.06$(4.9%)(0.1%)85.8%14.6%19.2%4.0 x20.6x32.2x3.5x16.9xChipotle Mexican GrillCMG59,015 2,139.00 25.2%54.2%99.8%16.2%18.1%6.9x37.9xNM5.9x30.1xShake ShackSHAK3,063 77.72 40.1%87.1%98.0%23.9%7.

70、5%3.7xNMNM3.0 x27.6xEl Pollo LocoLOCO316 8.77 (8.6%)(11.9%)67.5%4.4%10.4%1.2x11.4x13.5x1.1xNMPotbelly Sandwich WorksPBPB256 8.78 5.4%57.6%78.8%1.0%5.3%0.9x17.4x23.7x0.9x14.9xSegment Average11.5%37.4%86.0%12.0%12.1%3.3x21.8x23.1x2.9x22.4xSegment Median5.4%54.2%85.8%14.6%10.4%3.7x19.0 x23.7x3.0 x22.3x

71、Market Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 211PUBLIC BASKET(CONTINUED)FAST FOOD RESTAURANTSDIGITALLY NATIVESource

72、s:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 212U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U

73、.S.M&A ACTIVITYNote:The most current source of GF Data is as of May 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics1H 2023|VOL 11|ISSUE 147%

74、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 DebtEquity20222023*202120205.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0 x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x202

75、0202120222023 YTD$10-25mm$25-50mm$50-100mm$100-250mm$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B5001,5002,5003,5004,5002022 Q22022 Q32022 Q42023 Q12023 Q2Deals ClosedDeals ClosedCapital Invested720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member F

76、INRA and SIPC.FOOD&BEVERAGE REPORT2H 2022 2H 2022|VOL 10|ISSUE 2FOOD&BEVERAGE EXPERTISEOur experience,network and relationships have positioned us as thought leaders surrounding M&A and private placements in CPG and natural food and beverages.When the time comes to buy,sell or seek investments to gr

77、ow your business,lean on our expertise to guide a successful process.Our Food&Beverage industry investment banking expertise includes the following segments:We have been featured in many top food and beverage publications,including The Packer,Beverage World and Food Dive.13SDR SERVICE OFFERINGSTHOUG

78、HT 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-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTING Alcoholic Beverages Non-Alcoholic Beverages CPG Foods

79、Natural&Organic Foods Dairy Proteins Produce/Agribusiness Ingredients&Flavors Co-Packers Restaurants Ben LuchowBen LuchowVice PresidentFood&Beverage TEric BosveldEric BosveldSenior Advisor Food&Beverage TScott MitchellScott MitchellManaging DirectorFood&Beverage T1H 2023|VOL 11|ISSUE 1720.221.9220|S

80、DRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 214ADDITIONAL REFERENCES1.“Commissioners Corner:More Ways To Look At Wages And Inflation,”U.S.Bureau of Labor Statistics,Feb.13,2023 https:/w

81、ww.bls.gov/blog/2023/more-ways-to-look-at-wages-and-inflation.htm 2.“Subway Clamps Down On Franchisees As Fast-Food Giant Eyes$8B Sale:Sources,”New York Post,Josh Kosman,Feb.26,2023 https:/ Largest Fast Food Chains,”Food&Wine,staff,Jun.20,2023 https:/ 4.“Subway Is For Sale Who Wants To Be A Hero?”Wa

82、ll Street Journal,Spencer Jakab,Jun.6,2023 https:/ 5.“Midyear 2023 Outlook:Ten Considerations For The US Economy,”J.P Morgan,Ginger Chambless,Jul.14,2023 https:/ 6.“The Food And Beverage Mergers&Acquisitions Landscape:Trends To Watch,”Grocery Business,Michael Stevenson et al.,Mar.27,2023 https:/www.

83、grocerybusiness.ca/news/the-food-and-beverage-mergers-acquisitions-landscape-trends-to-watch 7.“Egg Prices Fall At Steepest Rate Since 1951,”Axios,Emily Peck,Jun.14,2023 https:/ 8.“Restaurant Prices Are Rising Faster Than Grocery Prices For The First Time Since Inflation Ran Hot,”CNBC,Amelia Lucas,A

84、pr.12,2023 https:/ 9.“Why Tipping Prompts Are Suddenly Everywhere,”Wall Street Journal,Rachel Wolfe,May 24,2023 https:/ 10.“Nineteen States And Localities Will Increase Their Minimum Wages This Summer,”Economic Policy Institute,Sebastian Martinez Hickey,Jun.30,2023 https:/www.epi.org/blog/eighteen-s

85、tates-and-localities-will-increase-their-minimum-wages-this-summer/11.“Food&Beverage M&A Recap,”Ernst&Young,Jan.2023 https:/ 12.“The Oldest Craft Brewery In The United States Is Shutting Down After 127 Years,”CNN Business,Jordan Valinsky,Jul.12,2023 https:/ 13.“US Bans Sale Of Huawei,ZTE Tech Amid S

86、ecurity Fears,”BBC,Nov.26,2022 https:/ 14.“CFIUS Says Chinese Investment In North Dakota Agricultural Land Is Outside Its Jurisdiction,”Holland&Knight,Antonia I.Tzinova et al.,Jan.24,2023 https:/ 15.“U.S.Farmland Controlled By The Chinese,”Rep.Ralph Norman,Aug.17,2022 https:/norman.house.gov/news/do

87、cumentsingle.aspx?DocumentID=1439 16.“CFIUS Under Biden Just Got Tougher,”Forbes,Harry G.Broadman,Sep.30,2022 https:/ 17.“China Owns 380,000 Acres Of Land In The U.S.Heres Where,”NPR,Ximena Bustillo and Connie Hanzhang Jin,Jun.26,2023 https:/www.npr.org/2023/06/26/1184053690/chinese-owned-farmland-u

88、nited-states18.“What We Know So Far About The Chinese Spy Balloon And The Other Objects The U.S.Shot Down,”CBS News,Caitlin Yilek,Jun.19,20231H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA an

89、d SIPC.2H 2022 2H 2022|VOL 10|ISSUE 215ADDITIONAL REFERENCES(CONTINUED)19.“Floridas New Foreign Ownership Law Is Facing Legal Challenge:Part One,”The National Agricultural Law Center,Jun.6,2023 https:/nationalaglawcenter.org/floridas-new-foreign-ownership-law-is-facing-legal-challenge-part-one/20.“F

90、armland Consolidation,Not Chinese Ownership,Is The Real National Security Threat,”Union of Concerned Scientists,Omanjana Goswami,Mar.2,2023 https:/blog.ucsusa.org/omanjana-goswami/farmland-consolidation-not-chinese-ownership-is-the-real-national-security-threat/21.“The Truth About Why Bill Gates Kee

91、ps Buying Up So Much Farmland,”Popular Mechanics,Darren Orf,Jan.18,2023 https:/ Join Forces To Fight Grocery Price Gouging,”Roll Call,Ellyn Ferguson,Jul.19,2023 https:/ Administration Wants To Crack Down On Grocery Price Gouging,”Supermarket News,Bill Wilson,Jul.20,2023 https:/ 24.“Cattle Ranchers T

92、ake Aim At Meatpackers Dominance,”Wall Street Journal,Patrick Thomas,Mar.21,2022 https:/ 25.“USDA Awards$223 Million To Expand Meat Processing Capacity,”Successful Farming,staff,Nov.2,2022 https:/ 26.“U.S.Approves The Sale Of Lab-Grown Chicken,”New York Times Linda Qui,Jun.21,2023 https:/ 27.“WHO De

93、clares Widley Used Sweetener Aspartame A Possible Cancer Cause,But Intake Guidelines Stay The Same,CNN Health,Jen Christensen,Jul.14,2023 https:/ 28.“Exclusive:WHOs Cancer Research Agency To Say Aspartame Sweetener A Possible Carcinogen,”Reuters,Jennifer Rigby and Richa Naidu,Jul.13,2023 https:/ Swe

94、etener Linked To Heart Attack And Stroke,”CNN Health,Sandee LaMotte,Feb.28,2023 https:/ 30.“IFF Sells Its Flavor Specialty Ingredients business For$220M,”Food Dive,Megan Poinski,Feb.23,2023 https:/ Sells Savory Solutions Group For$900M,”Food Dive,Megan Poinski,Dec.22,2022 https:/ Merges GoodBelly An

95、d Cheribundi,”Businesswire,Apr.5,2023 https:/ 33.“TreeHouse Foods Buys Coffee Operations From Farmer Brothers For$100M,”Food Dive,Christopher Doering,Jun.7,2023 https:/ Are Getting Out Of Russia,Sometimes At A Cost,”New York Times,staff,Oct.14,2022 https:/ 1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTU

96、RES.COMFOOD&BEVERAGE REPORTInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 10|ISSUE 216ADDITIONAL REFERENCES(CONTINUED)35.“Russia Seizes Control Over Carlsberg,Danone Despite Impending Sales,”Food Manufacturing,David Mantey and Eric

97、 Sorensen,Jul.18,2023 https:/ 36.“Mergers&Acquisitions,”Food Processing,accessed Jul.25,2023 https:/ 37.Craft Beer Production Industry In The U.S.,”IBISWorld,Jan.10,2023 https:/ In UK Breweries Going Bust Amid Thirst For Cheaper Craft Beers,”The Guardian,Jess Clark,Jun.4,2023 https:/ 39.“Trends To W

98、atch In 2023:Anticipated Developments And Innovations In The Food And Beverage Industry,”Food&Beverage Magazine,staff,accessed Jul.25,2023 https:/ 40.“Pazzi The Worlds First Autonomous Pizza Robot,”Artificial Intelligence+,Sanksshep Mahendra,Sept.18,2022 https:/ The Worlds First Autonomous Pizza Robot Works,”DW Food via YouTube,accessed Jul.25,2023 https:/ 42.“CoCo,”CoCoD,corporate web page,accessed Jul.25,2023 https:/ 2023|VOL 11|ISSUE 1