Deal Detail

Barbanera and Fossalto to Italian Wine Brands S.p.A.

EV / LTM EBITDA

8.0x

EV / LTM Sales

1.1x

Enterprise Value

$45M

Primary Source

Company Release

Comparable Transactions

Beverages transactions announced in the five years to November 2022. 9 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Apr 2022	Westrock Coffee Company	Riverview Acquisition Corp	-	-	14.5x	Financial
Nov 2021	Frank Family Vineyards	Treasury Wine Estates Limited	$315M	5.8x	13.2x	Strategic
Jun 2021	Enoitalia S.p.A.	Italian Wine Brands S.p.A.	$181M	0.8x	8.9x	Strategic
Oct 2020	Coca-Cola Amatil Limited	Coca-Cola European Partners plc	$7.9B	2.2x	12.2x	Strategic
Jan 2020	Primo Water	Cott Corporation	-	-	15.6x	Strategic
Nov 2019	Craft Brew Alliance, Inc.	Anheuser-Busch InBev SA/NV	$360M	-	21.9x	Strategic
Jan 2019	Fuller, Smith & Turner P.L.C. Beer Business	Asahi Group Holdings, Ltd.	-	-	23.6x	Strategic
Aug 2018	SodaStream Ltd.	PepsiCo, Inc.	$3.1B	-	25.3x	Strategic
Jan 2018	Dr Pepper Snapple Group, Inc.	Keurig Green Mountain, Inc.	-	-	16.0x	Strategic
	Mean			2.9x	16.8x
	Median			2.2x	15.6x

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	press release	Press Release	-	2022	$45M	1.1x	8.0x	-	Excludes earnout of €1m payable subject to an increase in average EBITDA for the two-year period 2022-2023 compared to 2021. EUR:USD FX spot rate of 1.03.	Open