Deal Detail

Adams Confectionary Business of Pfizer Inc. to Cadbury Schweppes plc

EV / LTM EBITDA

12.8x

EV / LTM Sales

Enterprise Value

$3.8B

Primary Source

Fairness Opinion

Comparable Transactions

Packaged Foods transactions announced in the five years to December 2002. 11 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Dec 2002	Dole Food Company	David H. Murdock	$2.3B	-	6.2x	Financial
Aug 2002	Chef America, Inc.	Nestlé S.A.	$2.6B	-	14.5x	Strategic
Aug 2001	Fresh Express	Performance Food Group	$303M	-	7.2x	Strategic
Jan 2001	Ralston Purina Company	Nestle S.A.	-	-	15.7x	Strategic
Jan 2001	IBP, Inc.	Tyson Foods, Inc.	-	-	7.3x	Strategic
Dec 2000	Quaker Oats Company	PepsiCo Inc.	-	-	15.6x	Strategic
Oct 2000	Keebler Foods Company	Kellogg Company	-	1.6x	11.1x	Strategic
Jul 2000	Pillsbury (Diageo plc)	General Mills, Inc.	-	1.7x	11.0x	Strategic
Jun 2000	Bestfoods Corporation	Unilever plc	-	-	14.3x	Strategic
Jun 2000	International Home Foods	ConAgra Foods, Inc.	$2.9B	-	8.5x	Strategic
Jun 2000	Nabisco Holdings Corp.	Philip Morris Companies Inc.	-	2.1x	13.2x	Strategic
	Mean			1.8x	11.3x
	Median			1.7x	11.1x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	Fairness Opinion	HNZ FO	Moelis	2013	$3.8B	-	12.8x	-	-	Open