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Deal Detail
Crisco (from J.M. Smucker Co.) to B&G Foods, Inc.
EV / LTM EBITDA
7.9x
EV / LTM Sales
2.0x
Enterprise Value
$550M
Primary Source
Jefferies
Comparable Transactions
Packaged Foods transactions announced in the five years to October 2020. 35 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Aug 2020 | Birch Benders, LLC | Sovos Brands, Inc. | $146M | 2.5x | - | Strategic |
| Jun 2020 | Utz Brands | Collier Creek Holdings | $1.6B | - | 13.0x | – |
| Dec 2019 | Whole Earth Brands (Merisant Co. and MAFCO Worldwide) | Act II Global Acquisition Corp. | $575M | - | 9.1x | Financial |
| Dec 2019 | Merisant Co. / MAFCO Worldwide LLC (Whole Earth Brands, Inc.) | Act II Global Acquisition Corp. | $516M | 1.9x | 8.2x | Financial |
| Apr 2019 | Keebler and certain other brands | Ferrero Group | - | - | 9.3x | Strategic |
| Apr 2019 | Kellogg Company (cookies) | The Ferrero Group | - | - | 9.0x | Strategic |
| Apr 2019 | Keebler | The Ferrero Group | $1.3B | - | 9.0x | Strategic |
| Oct 2018 | Greencore Group's US Business | Hearthside Food Solutions LLC | - | - | 14.2x | Strategic |
| Sep 2018 | Pirate Brands | Hershey | $420M | 4.6x | - | Strategic |
| Aug 2018 | Keystone Foods LLC | Tyson Foods, Inc. | $2.2B | - | 10.2x | Strategic |
| Jun 2018 | Pinnacle Foods Inc. | Conagra Brands, Inc. | - | - | 16.1x | Strategic |
| Apr 2018 | National Beef Packing Company, LLC | Marfrig S.A. | $2.3B | - | 4.4x | Strategic |
| Feb 2018 | Blue Buffalo Pet Products, Inc. | General Mills, Inc. | $8.0B | 6.3x | 25.5x | Strategic |
| Jan 2018 | Nestlé's US confectionary business | Ferrero Group | - | - | 16.0x | Strategic |
| Dec 2017 | Snyder's-Lance, Inc. | Campbell Soup Company | - | - | 20.9x | Strategic |
| Dec 2017 | Amplify Snack Brands, Inc. | The Hershey Co. | - | - | 18.8x | Strategic |
| Dec 2017 | Unilever Spreads Business | KKR | $8.0B | - | 10.0x | Financial |
| Sep 2017 | Moy Park Holdings (Europe) Ltd. | Pilgrim's Pride Corporation | $1.3B | 0.7x | 9.7x | Strategic |
| Sep 2017 | Bob Evans Farms, Inc. | Post Holdings, Inc. | - | - | 16.5x | Strategic |
| Aug 2017 | Fontanini Italian Meats & Sausages | Hormel Foods Corporation | $425M | 1.8x | - | Strategic |
| Jul 2017 | Reckitt Benckiser Foods Division (privately owned by Reckitt Benckiser Group plc) | McCormick & Company, Incorporated | - | - | 20.0x | Strategic |
| Jul 2017 | East Balt Bakeries Company | Grupo Bimbo S.A.B. de C.V. | - | - | 9.3x | Strategic |
| Jul 2017 | Frank's RedHot | McCormick & Company Inc. | - | - | 20.0x | Strategic |
| May 2017 | Rubicon Resources, LLC | High Liner Foods Incorporated | $107M | 0.5x | 6.7x | Strategic |
| Apr 2017 | Weetabix Food Co. | Post Holdings, Inc. | - | - | 11.0x | Strategic |
| Apr 2017 | AdvancePierre Foods Holdings, Inc. | Tyson Foods, Inc. | - | - | 13.9x | Strategic |
| Feb 2017 | Mead Johnson Nutrition Company | Reckitt Benckiser Group plc | $17.9B | - | 17.4x | Strategic |
| Dec 2016 | Biogran S.L. | Koninklijke Wessanen N.V. | - | - | 12.3x | Strategic |
| Dec 2016 | Fyffes plc | Sumitomo Corporation | - | - | 10.8x | Strategic |
| Nov 2016 | Peacock Foods, LLC | Greencore Group plc | - | - | 10.4x | Strategic |
| Jul 2016 | Hostess Brands | Gores Group Holdingds, The Gores Group | $2.3B | - | 12.1x | Strategic |
| Jul 2016 | The WhiteWave Foods Company | DANONE S.A. | - | - | 23.4x | Strategic |
| Nov 2015 | Boulder Brands, Inc. | Pinnacle Foods Inc. | $975M | 1.9x | 14.6x | Strategic |
| Nov 2015 | Ralcorp Holdings, Inc. (privately owned by Conagra Foods, Inc.) | Treehouse Foods, Inc. | - | - | 9.0x | Strategic |
| Nov 2015 | ConAgra Foods' Private Brands (Ralcorp) | TreeHouse Foods, Inc. | - | - | 9.0x | Strategic |
| Mean | 2.5x | 13.1x | ||||
| Median | 1.9x | 11.6x |
All Observations
Source-specific multiples and notes for this transaction.