RubinBrown Food & Beverage Mid-Year Review 2014

Public Company Subsector Constituents: Ingredients Companies

Projected Revenue Growth (NTM)

EBITDA Margin (NTM)

EBITDA Margin (LTM)

EV/Revenue (LTM)

EV/EBITDA (LTM)

EV/Revenue (NTM)

EV/EBITDA (NTM)

EBITDA (NTM)

Revenue (NTM)

Enterprise Value Market Cap

Revenue (LTM)

Company Name

EBITDA (LTM)

Limoneira Company

383 8 $ 3 . 267.8 295.1 206.6 164.0

308 7 $ 3 . 285.9 275.8 151.8 140.8

$

94 9 9 .

$

12 7 1 . 86.0 21.8

13 4% 87 9 $ . 8 . 33.2% 261.7 23.1% 103.7 32.7% n/a 2.9% n/a 2.0% 55.7 2.0% 55.7 17.9% 127.3 18.2% 95.8 33.2% 261.7 $

7 4% n/a - . 1.1% 60.5 9.9% n/a n/a n/a n/a n/a 24.7% 2.8 24.7% 60.5 $ -7.4% 2.8 7.1% 31.7 5.5% 31.7

n/a 4 0x . 23.1% 1.0x n/a 3.1x n/a 8.6x n/a 0.5x

30 2x .

4 4x . 1.0x 2.8x n/a n/a 1.6x 4.4x 1.0x 2.5x 2.2x

n/a 4.4x n/a n/a n/a

Omega Protein Corporation

258.9

3.1x

Alico Inc.

94.4 23.9

13.6x 26.4x 18.2x

Griffin Land & Nurseries Inc.

7.8 9.0 0.9

MGP Ingredients Inc. S&W Seed Company

315.9

90.6

75.6

44.7

5.0% 2.0x 102.0x 23.1% 8.6x 102.0x

32.3x 32.3x 18.4x 18.4x 4.4x

Maximum Minimum

383.8 $

308.7 $

315.9 $

$

86.0

90.6

75.6

23.9

0.9

5.0% 0.5x 14.1% 3.2x 14.1% 2.6x

3.1x

Mean Median

234.6 237.2

206.4 213.8

138.8

23.0 10.9

32.2x 22.3x

94.6

$ in millions Source: Capit al IQ Includes Agricult ural Product s Companies wit h LTM Revenue less t han $1 billion.

Capital IQ Screen Criteria Used Throughout This Publication: 1. M&A Transactions: • Industries: Food Products and Beverages

• Geographic Location of Buyer and/or Target: United States of America • M&A Closed Date: 1/1/2012 – 6/30/2014 2. Public Companies: • Industries: Packaged Foods and Meats, Beverages, and Agricultural Products • Geographic Location: United States of America

• Total LTM Revenues: < $1.0 billion • Exchanges: Major US Exchanges

Food & Beverage Sector: 2014 Mid-Year Update

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