Deal Detail

Coca-Cola Amatil Limited to Coca-Cola European Partners plc

EV / LTM EBITDA

12.2x

EV / LTM Sales

2.2x

Enterprise Value

$7.9B

Primary Source

Scheme Booklet

Comparable Transactions

Beverages transactions announced in the five years to October 2020. 13 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
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
Oct 2017	Chicago Bar Company LLC	Kellogg Company	-	-	19.5x	Strategic
Oct 2017	Refresco Group N.V.	PAI Partners & British Columbia Investment Management Corporation	-	-	8.5x	Financial
Jul 2017	Cott Corporation's Bottling Business	Refresco Group N.V.	-	-	9.2x	Strategic
Dec 2016	Anheuser-Busch InBev SA/NV (CEE Brands)	Asahi Group Holdings, Ltd.	-	-	14.8x	Strategic
Aug 2016	S&D Coffee	Cott Corporation	-	-	7.0x	Strategic
Dec 2015	Keurig Green Mountain, Inc.	JAB Holding / Mondelez, JAB Holding Company	-	-	13.5x	Strategic
Nov 2015	Ballast Point Brewing & Spirits, Inc.	Constellation Brands	-	-	16.8x	Strategic
Nov 2015	MillerCoors LLC (58% stake)	Molson Coors Brewing Company	-	-	11.5x	Strategic
	Mean			-	15.6x
	Median			-	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	Registration Filing	Scheme Booklet	-	2021	$7.9B	2.2x	12.2x	-	Scheme Booklet EV of A$11,074m at final A$13.50 per share (incl. A$0.18 2H20 dividend), fully diluted, including pre-AASB16 net debt and other adjustments; 12.2x CY2019 pre-AASB16 underlying EBITDA. EV/sales on CY2019 trading revenue. USD:AUD FX 1.40	Open