RubinBrown Middle Market Food & Beverage Sector 2016 Update

Public Company Subsector Constituents: Beverage Companies

$ in Millions

Fundamentals

Ratios

Multiples

Proj. Revenue Growth (NTM)

EBITDA Margin (LTM)

EBITDA Margin (NTM)

EV/ Revenue (LTM)

EV/ EBITDA (LTM)

EV/ Revenue (NTM)

EV/ EBITDA (NTM)

Enterprise Value 1,913.4 $

Market Cap.

Revenue (LTM) 736.5 $

EBITDA (LTM)

Revenue (NTM) 797.4 $

EBITDA (NTM)

Company Name

National Beverage Corp. The Boston Beer Company, Inc. MGP Ingredients Inc. Craft Brew Alliance, Inc. Primo Water Corporation

2,050.9 $

123.1 $

133.2 $

8.3% 16.7% 16.7% 1.7% 19.9% 19.0% 7.9% 15.3% 16.1% 10.2% 6.2% 11.0% 5.9% 14.0% 17.7% 21.7% 2.8% 5.8% 9.9% -1.3% 3.0% n/a 26.0% n/a n/a 10.8% n/a

2.6x 2.0x 2.2x 1.9x 2.5x 2.4x 1.4x 2.6x 0.5x

15.5x 10.0x 14.6x 31.0x 18.1x 85.8x

2.4x 2.0x 2.1x 1.7x 2.4x 2.0x

14.4x 10.3x 13.0x 15.8x 13.5x 34.1x 42.0x

1,882.1

1,909.2

941.9 319.1 205.4 132.0

187.4

957.7 344.3 226.3 139.8

182.1

716.4 394.0 334.5 157.0

676.6 362.2 315.8 140.1

49.0 12.7 18.5

55.3 24.9 24.8

Castle Brands Inc.

65.1 45.7 18.1 67.4

1.8

79.2 50.2

4.6 1.5

REEDS, Inc.

63.2 46.6 34.1 33.8 23.0

52.0 40.0 19.2 32.1

(0.6)

n/a 1.3x

4.7 7.3

n/a n/a n/a n/a n/a n/a n/a n/a

9.9x 4.7x

n/a n/a n/a n/a

Willamette Valley Vineyards Inc. Crystal Rock Holdings, Inc. Long Island Iced Tea Corp.

3.1

(5.0)

n/a -163.0% n/a 11.0x

n/a n/a n/a

Truett-Hurst, Inc.

6.9

25.8

0.6

n/a 2.5% n/a

0.9x

35.6x

n/a n/a

Count

11

11

11

11

7

7

7

11

7

11

9

7

7

Minimum Maximum

$

23.0

$

6.9

$

3.1

$

(5.0)

$

50.2

$

1.5

1.7% -163.0% 3.0%

0.5x

4.7x

1.3x 2.4x 2.0x 2.0x

10.3x 42.0x 20.4x 14.4x

1,913.4

2,050.9

941.9 232.7

187.4

957.7 370.7 226.3

182.1

21.7% 26.0% 19.0% 11.0x

85.8x 25.0x 15.5x

Mean

508.9 157.0

509.5 140.1

36.3

60.9 24.9

9.4% -4.6% 12.8% 8.3% 10.8% 16.1%

2.7x 2.2x

Median

67.4

7.3

Source: S&P Capital IQ Includes Beverage Companies with LTM Revenue less than $1.0 billion.

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Food & Beverage Industry Sector: 2016 Update

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