RubinBrown Middle Market Food & Beverage Sector 2016 Update

Table of Contents

Topic

Page

M&A Activity Overview Overall Transaction Activity……………………………………………………………………………………. 3 Valuation Levels……………………………………………………………………………………. 4 Buyer Landscape……………………………………………………………………………….………...………………. 5 2015-2016 Deal Spotlight……………………………………………………………………………………. 6 Most Acquisitive in 2015 and through September 2016……………………………………………………………………………………. 8 Middle Market Deals……………………………………………………………………………………. 9 U.S. Brewery Focus Beer Production and Consumer Preferences…………………………………………10 Brewery Composition in the U.S. ………………...…………………………………………….. 11 Alcoholic Beverage Transaction Activity………………………………………………………………………………….… 12 Economic Factors Long-term Indicators…………………………………………………………………………………….. 13 Current Indicators…………………………………………………………………………………….. 14 Producer Price Index by Sub-Industry……………………………………………………15 Commodity Pricing: Major Livestock, Dairy, and Eggs…………………………………………………………………………………. 16 Commodity Pricing: Major Field Crops…………………………………………………………………………………. 17

Public Equity Markets Food & Beverage Returns………………………………………………………………………………………………………………………………………………………… 18 Food & Beverage Valuation Multiples…………………………………………………………………………………11 19

Public Company Subsector Constituents…………...……………………………………………………………………… 20

Contact Information…………………………………………………………………………………. 21

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Food & Beverage Industry Sector: 2016 Update

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