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Deal Detail
H.J. Heinz Company to 3G Capital and Berkshire Hathaway
EV / LTM EBITDA
13.7x
EV / LTM Sales
2.4x
Enterprise Value
$27.7B
Primary Source
Regulatory Filing
Comparable Transactions
Packaged Foods transactions announced in the five years to February 2013. 35 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Jan 2013 | Skippy | Hormel Foods Corporation | $700M | - | 10.7x | Strategic |
| Jan 2013 | Morningstar | Saputo | - | 0.8x | 13.2x | Strategic |
| Nov 2012 | Ralcorp Holdings, Inc. | ConAgra Foods, Inc. | $6.8B | 1.6x | 12.1x | Strategic |
| Oct 2012 | Snack Factory | Snyders Lance | - | 3.4x | - | Strategic |
| Sep 2012 | Dole Food Company, Inc.’s Asia fresh & worldwide packaged foods businesses | Itochu Corporation | $1.7B | - | 9.0x | Strategic |
| Jul 2012 | Bolthouse Farms | Campbell Soup Company | $1.6B | 2.2x | 10.2x | Strategic |
| Apr 2012 | Pfizer Nutrition | Nestle S.A. | - | - | 21.7x | Strategic |
| Feb 2012 | Pringles (privately owned by The Procter & Gamble Company) | Kellogg Company | - | - | 9.0x | Strategic |
| Jan 2012 | Brookside | Hershey | - | 1.9x | - | Strategic |
| Dec 2011 | Turners & Growers (72.5%) | BayWa AG | $226M | - | 7.2x | Strategic |
| Aug 2011 | Sara Lee Corp.’s North American Refrigerated Dough Business | Ralcorp | - | 1.8x | 7.1x | Strategic |
| Apr 2011 | Pringles (privately owned by The Procter & Gamble Company)* | Diamond Foods, LLC | - | - | 16.7x | Strategic |
| Nov 2010 | Sara Lee Corp.’s North American Fresh Bakery Business | Grupo Bimbo S.A.B. de C.V. | - | 0.4x | 9.1x | Strategic |
| Nov 2010 | Del Monte Foods | KKR, Vestar, Centerview | - | - | 8.6x | Financial |
| Sep 2010 | S.T. Specialty Foods, Inc. | TreeHouse Foods, Inc. | - | 1.9x | 8.2x | Strategic |
| Jul 2010 | Unilever’s Italian Findus Business | Birds Eye Iglo | - | - | 10.0x | Strategic |
| Jun 2010 | American Italian Pasta Company | Ralcorp Holdings, Inc. | - | - | 7.8x | Strategic |
| Jun 2010 | Fresh Start Bakeries (FSB Global Holdings, Inc.) | Aryzta AG | - | 1.0x | 8.1x | Strategic |
| May 2010 | Michael Foods Group | The Goldman Sachs Group, Inc. | - | - | 7.7x | Financial |
| Mar 2010 | Dakota Growers Pasta Company, Inc. | Viterra Inc. | - | 0.9x | 5.7x | Strategic |
| Feb 2010 | Kettle Foods | Diamond Foods, Inc. | - | - | 11.6x | Strategic |
| Feb 2010 | France Champignon | Bonduelle | $139M | - | 6.3x | Strategic |
| Feb 2010 | Best Brands Incorporated | CSM N.V. | - | - | 8.5x | Strategic |
| Jan 2010 | Cadbury plc | Kraft Foods Group, Inc., Kraft Foods Inc. | - | - | 13.0x | Strategic |
| Jan 2010 | Pizza Business (privately owned by Kraft Foods Inc.) | Nestlé USA, Inc. | - | - | 12.5x | Strategic |
| Dec 2009 | Sturm Foods, Inc. | TreeHouse Foods, Inc. | - | - | 7.5x | Strategic |
| Nov 2009 | Birds Eye Foods | Pinnacle Foods | - | - | 9.5x | Strategic |
| Sep 2009 | Bertin Ltda. | JBS S.A. | $5.2B | - | 12.3x | Strategic |
| Sep 2009 | Pilgrim's Pride Corporation | JBS USA Holdings, Incorporated | $2.8B | - | 10.7x | Strategic |
| Dec 2008 | Fresh Bread & Bakery Business of Weston Foods, Inc. (privately owned by Dunedin Holdings S.á.r.l.) | Grupo Bimbo, S.A.B. de C.V. | - | - | 9.8x | Strategic |
| Jul 2008 | Bertolli (Unilever Plc) | SOS Corporacion Alimentaria S.A. | - | 1.7x | 10.5x | Strategic |
| Jun 2008 | Starkist | Dongwon F&B Co., Ltd. | - | - | 7.8x | Strategic |
| Jun 2008 | Desarrollo Agroindustrial de Frutales S.A., Frutas de Exportacion S.A. and Caribana | Fresh Del Monte Produce inc. | $403M | - | 8.1x | Strategic |
| Jun 2008 | Vitacress Salads | RAR Group | $105M | - | 8.2x | Strategic |
| Apr 2008 | WM. Wrigley Jr. Company | Mars, Incorporated | $23.1B | - | 18.5x | Strategic |
| Mean | 1.6x | 10.2x | ||||
| Median | 1.7x | 9.1x |
All Observations
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 | Regulatory Filing | Merger Proxy (DEFM14A) | Centerview | 2013 | $27.7B | 2.4x | 13.7x | 12.6x | - | Open | |
| - | Regulatory Filing | UTZ BofA Materials | BofA | 2026 | $28.0B | - | 13.4x | - | - | Open | |
| - | Fairness Opinion | K FO | Goldman Sachs | 2024 | $27.6B | - | - | 13.4x | - | Open | |
| - | Fairness Opinion | SOVO FO | Centerview | 2023 | - | - | 13.7x | - | "post tax benefit basis" | Open | |
| - | Fairness Opinion | SOVO FO | Goldman Sachs | 2023 | - | - | 13.7x | - | - | Open | |
| - | Fairness Opinion | LNCE FO | Goldman Sachs | 2018 | - | - | 13.9x | - | - | Open | |
| - | Fairness Opinion | BUFF FO | Centerview | 2018 | - | - | 13.5x | - | - | Open | |
| - | Fairness Opinion | PF FO | Credit Suisse | 2018 | - | - | 13.4x | - | - | Open | |
| - | Fairness Opinion | PF FO | Evercore | 2018 | - | - | 13.6x | - | - | Open | |
| - | Fairness Opinion | WWAV FO | Goldman Sachs | 2016 | - | - | 13.7x | - | - | Open | |
| - | Fairness Opinion | MJN FO | Goldman Sachs | 2016 | - | - | 13.9x | - | - | Open | |
| - | Fairness Opinion | KRFT FO | Centerview | 2015 | - | 2.4x | 13.9x | - | - | Open | |
| - | Fairness Opinion | HSH FO | Goldman Sachs | 2014 | $27.7B | - | 13.7x | - | - | Open | |
| - | Fairness Opinion | HSH FO | Centerview | 2014 | - | - | 13.7x | - | - | Open | |
| - | Fairness Opinion | HNZ FO | Moelis | 2013 | - | - | 13.7x | - | - | Open |