Deal Detail

Folgers (privately owned by The Procter & Gamble Company) to The J.M. Smucker Company

EV / LTM EBITDA

9.4x

EV / LTM Sales

Enterprise Value

Primary Source

Goldman Sachs

Comparable Transactions

Beverages transactions announced in the five years to June 2008. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jan 2008	Scottish & Newcastle Limited Assets	Heineken N.V.	-	-	12.9x	Strategic
Jan 2008	Scottish & Newcastle Limited / Baltic Beverages Holding AB	Carlsberg A/S	-	-	12.2x	Strategic
Nov 2007	Royal Grolsch N.V.	SABMiller plc	-	-	14.4x	Strategic
May 2007	Vitaminwater	Coca-Cola Company	-	-	19.7x	Strategic
May 2007	Van Houtte	Littlejohn Fund III, Fonds de Solidarite	-	-	8.1x	Financial
	Mean			-	13.5x
	Median			-	12.9x

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	LNCE FO	Goldman Sachs	2018	-	-	9.4x	-	-	Open