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Deal Detail

DAOU Vineyards to Treasury Wine Estates Ltd

BeveragesAlcoholic/Oct 2023
EV / LTM EBITDA
12.8x
EV / LTM Sales
-
Enterprise Value
$900M
Primary Source
Company Release

Comparable Transactions

Beverages transactions announced in the five years to October 2023. 8 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Nov 2022Barbanera and FossaltoItalian Wine Brands S.p.A.$45M1.1x8.0xStrategic
Apr 2022Westrock Coffee CompanyRiverview Acquisition Corp--14.5xFinancial
Nov 2021Frank Family VineyardsTreasury Wine Estates Limited$315M5.8x13.2xStrategic
Jun 2021Enoitalia S.p.A.Italian Wine Brands S.p.A.$181M0.8x8.9xStrategic
Oct 2020Coca-Cola Amatil LimitedCoca-Cola European Partners plc$7.9B2.2x12.2xStrategic
Jan 2020Primo WaterCott Corporation--15.6xStrategic
Nov 2019Craft Brew Alliance, Inc.Anheuser-Busch InBev SA/NV$360M-21.9xStrategic
Jan 2019Fuller, Smith & Turner P.L.C. Beer BusinessAsahi Group Holdings, Ltd.--23.6xStrategic
Mean2.5x14.7x
Median1.7x13.8x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primarypress releasePress Release-2023$900M-12.8x-Upfront Consideration of US$900m, plus an additional earn-out of up US$100m payable in the event that certain revenue targets for CY25-27. Indicative NPV of cash tax benefits of ~US$100m. Implied EV/CY23e EBITDA multiple of 12.8x, and 8.9x when including NPV of the tax benefits and pro-forma cost synergies of US$20m (in each case excluding earn-out).Open