Deal Detail

Bare Escentuals, Inc. to Shiseido Company, Limited

EV / LTM EBITDA

11.2x

EV / LTM Sales

3.4x

Enterprise Value

$1.7B

Primary Source

Goldman Sachs

Comparable Transactions

HHP/Pers Care transactions announced in the five years to January 2010. 1 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Oct 2007	Burt’s Bees, Inc.	The Clorox Company	-	-	22.2x	Strategic

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	BARE FO	Goldman Sachs	2010	$1.7B	3.4x	11.2x	-	Implied multiple to Bare Escentuals from Goldman Sachs' Selected Transactions Analysis 'Proposed Transaction' column (target's own FO-derived multiple, not a precedent comp).	Open