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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