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Deal Detail

Amplify Snack Brands, Inc. to The Hershey Co.

Packaged FoodsSnacks & Sweets/Dec 2017
EV / LTM EBITDA
18.8x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Goldman Sachs

Comparable Transactions

Packaged Foods transactions announced in the five years to December 2017. 55 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Dec 2017Snyder's-Lance, Inc.Campbell Soup Company--20.9xStrategic
Dec 2017Unilever Spreads BusinessKKR$8.0B-10.0xFinancial
Sep 2017Moy Park Holdings (Europe) Ltd.Pilgrim's Pride Corporation$1.3B0.7x9.7xStrategic
Sep 2017Bob Evans Farms, Inc.Post Holdings, Inc.--16.5xStrategic
Aug 2017Fontanini Italian Meats & SausagesHormel Foods Corporation$425M1.8x-Strategic
Jul 2017Reckitt Benckiser Foods Division (privately owned by Reckitt Benckiser Group plc)McCormick & Company, Incorporated--20.0xStrategic
Jul 2017East Balt Bakeries CompanyGrupo Bimbo S.A.B. de C.V.--9.3xStrategic
Jul 2017Frank's RedHotMcCormick & Company Inc.--20.0xStrategic
May 2017Rubicon Resources, LLCHigh Liner Foods Incorporated$107M0.5x6.7xStrategic
Apr 2017Weetabix Food Co.Post Holdings, Inc.--11.0xStrategic
Apr 2017AdvancePierre Foods Holdings, Inc.Tyson Foods, Inc.--13.9xStrategic
Feb 2017Mead Johnson Nutrition CompanyReckitt Benckiser Group plc$17.9B-17.4xStrategic
Dec 2016Biogran S.L.Koninklijke Wessanen N.V.--12.3xStrategic
Dec 2016Fyffes plcSumitomo Corporation--10.8xStrategic
Nov 2016Peacock Foods, LLCGreencore Group plc--10.4xStrategic
Jul 2016Hostess BrandsGores Group Holdingds, The Gores Group$2.3B-12.1xStrategic
Jul 2016The WhiteWave Foods CompanyDANONE S.A.--23.4xStrategic
Nov 2015Boulder Brands, Inc.Pinnacle Foods Inc.$975M1.9x14.6xStrategic
Nov 2015Ralcorp Holdings, Inc. (privately owned by Conagra Foods, Inc.)Treehouse Foods, Inc.--9.0xStrategic
Nov 2015ConAgra Foods' Private Brands (Ralcorp)TreeHouse Foods, Inc.--9.0xStrategic
Oct 2015Diamond Foods, Inc.Snyder's-Lance, Inc.--15.8xStrategic
Aug 2015Wallaby Yogurt CompanyWhiteWave Foods-2.7x-Strategic
Jul 2015Sunrise Holdings, Inc.SunOpta, Inc.--11.5xStrategic
Jul 2015ApplegateHormel-2.3x-Strategic
Jul 2015Cargill Pork, LLCJBS USA, LLC$1.5B-6.8xStrategic
Jun 2015Moy Park Ltd.JBS S.A.$1.5B-7.9xStrategic
Jun 2015Garden FreshCampbell Soup-2.3x-Strategic
May 2015Applegate Farms, LLCHormel Foods Corporation--15.0xStrategic
Mar 2015Kraft Foods Group, Inc.H.J. Heinz Company, Heinz--15.2xStrategic
Feb 2015Big Heart Pet Brands, Inc.Smuckers, The J.M. Smucker Company-2.5x12.9xStrategic
Jan 2015MOM Brands CompanyPost Holdings, Inc.$1.2B-9.6xStrategic
Nov 2014P&M Quality Smallgoods Pty Ltd.JBS Australia Pty Ltd.$1.3B-9.7xStrategic
Nov 2014Gardein ProteinPinnacle Foods-2.8x-Strategic
Oct 2014Chiquita Brands International plcGrupo Cutrale / Safra Group--12.8xStrategic
Sep 2014Annie’s, Inc.General Mills, Inc.--38.7xStrategic
Jul 2014The Hillshire Brands CompanyTyson, Tyson Foods, Inc.--16.7xStrategic
Jun 2014Flagstone FoodsTreeHouse Foods, Inc.--11.5xStrategic
May 2014Pinnacle Foods Inc.*The Hillshire Brands Company--14.1xStrategic
May 2014Van’sHillshire-2.8x-Strategic
May 2014Ragu & Bertolli pasta sauce brand portfolioMizkan Group--15.8xStrategic
May 2014Conopco Inc.Mizkan Group--15.8xStrategic
Apr 2014Michael FoodsPost Holdings, Inc.--9.3xStrategic
Apr 2014MFI Holding Corporation (Michael Foods)Post Holdings, Inc.--9.3xStrategic
Dec 2013Campofrio Food Group S.A.Sigma Alimentos S.A. de CV and Smithfield Foods, Inc.$1.6B-8.4xStrategic
Dec 2013Earthbound FarmThe White Wave Foods Company$600M-8.0xStrategic
Dec 2013Natural SelectionWhiteWave Foods-1.1x10.0xStrategic
Nov 2013KindDaniel Lubetsky-3.7x15.3xFinancial
Oct 2013Del Monte Consumer ProductsDel Monte Pacific--9.4xStrategic
Sep 2013Dakota Growers Pasta CompanyPost Holdings, Inc.--8.4xStrategic
Aug 2013Dole Food CompanyDavid H. Murdock$1.5B-10.2xFinancial
Jun 2013Pirate BrandsB&G Foods-2.3x10.3xStrategic
May 2013Smithfield Foods, Inc.Shuanghui International Holdings Limited$7.1B0.5x9.3xStrategic
Feb 2013H.J. Heinz Company3G Capital and Berkshire Hathaway, 3G Capital Partners, L.P., Berkshire Hathaway and 3G Capital--13.7xFinancial
Jan 2013SkippyHormel Foods Corporation$700M-10.7xStrategic
Jan 2013MorningstarSaputo-0.8x13.2xStrategic
Mean1.9x12.9x
Median2.3x11.5x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionSOVO FOGoldman Sachs2023--18.8x--Open
-Registration FilingUTZ BofA MaterialsBofA2026$1.6B-18.8x--Open
-fairness opinionTWNK FOMorgan Stanley2023--18.8x--Open
-fairness opinionSOVO FOCenterview2023--18.8x-"post tax benefit basis"Open
-fairness opinionBUFF FOCenterview2018--19.7x--Open
-fairness opinionSODA FOPerella Weinberg2018--19.2x--Open
-fairness opinionBUFF FOJPMorgan2018--19.7x--Open