Deal Detail

Fresh Express to Performance Food Group

EV / LTM EBITDA

7.2x

EV / LTM Sales

Enterprise Value

$303M

Primary Source

Lazard

Comparable Transactions

Packaged Foods transactions announced in the five years to August 2001. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jan 2001	Ralston Purina Company	Nestle S.A.	-	-	15.7x	Strategic
Jan 2001	IBP, Inc.	Tyson Foods, Inc.	-	-	7.3x	Strategic
Dec 2000	Quaker Oats Company	PepsiCo Inc.	-	-	15.6x	Strategic
Jun 2000	Bestfoods Corporation	Unilever plc	-	-	14.3x	Strategic
	Mean			-	13.2x
	Median			-	14.9x

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	CQB FO	Lazard	2014	$303M	-	7.2x	-	Includes $10 million earn-out payment, estimated at announcement of the transaction.	Open