RubinBrown Middle Market Food & Beverage Sector 2016 Update
Public Company Subsector Constituents: Ingredients 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 415.9 $
Market Cap.
Revenue (LTM) 141.7 $
EBITDA (LTM)
Revenue (NTM)
EBITDA (NTM)
Company Name
Alico Inc.
223.4 $
46.1 $ 10.3
n/a n/a
n/a 32.5% n/a 1.7% 9.6% 17.9% 5.3% 5.6% 8.5%
2.9x 3.5x 1.2x
9.0x
n/a n/a
Limoneira Company S&W Seed Company Arcadia Biosciences, Inc.
371.1 115.6
268.0
106.5
108.3 101.1
19.4
36.2x 21.5x
3.4x 1.1x
19.1x 13.5x
87.6 86.6
96.0
5.4
8.6
57.4
4.7
(17.2)
8.8
(8.0)
85.6% -363.3% -90.9% 12.1x
n/a 6.5x
n/a
Count
4
4
4
4
3
3
3
4
3
4
3
3
2
Minimum Maximum
$
57.4
$
86.6
$
4.7
(17.2) $
$
8.8
$
(8.0)
1.7% -363.3% -90.9%
1.2x
9.0x
1.1x 6.5x 3.7x 3.4x
13.5x 19.1x 16.3x 16.3x
415.9 240.0 243.3
268.0 166.4 155.5
141.7
46.1 11.1
108.3
19.4
85.6% 32.5% 17.9% 12.1x
36.2x 22.2x 21.5x
Mean
87.2
72.7
6.7 8.6
30.8% -78.9% -21.5% 5.3% 7.6% 8.5%
4.9x 3.2x
Median
101.3
7.8
101.1
Source: S&P Capital IQ Includes Agricultural Products Companies with LTM Revenue less than $1.0 billion.
S&P Capital IQ Screen Criteria M&A Transactions • Industries: Food Products and Beverages • Geographic Location: United States of America • M&A Closed Date: 1/1/2013 – 9/30/2016 Public Companies • Industries: Food Products and Beverages • Geographic Location: United States of America • Exchanges: Major US Exchanges • Total Revenue (LTM): Less than $1.0 billion
Contributors • Tim Farquhar, CFA, CPA – Partner Valuation and Mergers & Acquisition Services Groups • Ryan Meesey, CFA – Manager Valuation and Business Advisory Services Groups • Leslie Harrison – Analyst Valuation and Business Advisory Services Groups • Zachary Goers – Analyst Valuation and Business Advisory Services Groups
www.RubinBrown.com
Food & Beverage Industry Sector: 2016 Update
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