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Deal Detail

H.J. Heinz Company to 3G Capital and Berkshire Hathaway, 3G Capital Partners, L.P., Berkshire Hathaway and 3G Capital

Packaged FoodsCenter Store/Feb 2013
EV / LTM EBITDA
13.7x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Goldman Sachs

Comparable Transactions

Packaged Foods transactions announced in the five years to February 2013. 28 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Jan 2013SkippyHormel Foods Corporation$700M-10.7xStrategic
Jan 2013MorningstarSaputo-0.8x13.2xStrategic
Nov 2012Ralcorp Holdings, Inc.ConAgra Foods, Inc.--12.0xStrategic
Oct 2012Snack FactorySnyders Lance-3.4x-Strategic
Sep 2012Dole Food Company, Inc.’s Asia fresh & worldwide packaged foods businessesItochu Corporation$1.7B-9.0xStrategic
Jul 2012Bolthouse FarmsCampbell Soup Company$1.6B2.2x10.2xStrategic
Apr 2012Wyeth Nationals (Pfizer)Nestle S.A.--21.7xStrategic
Apr 2012Pfizer NutritionNestle S.A.--21.7xStrategic
Feb 2012Pringles (privately owned by The Procter & Gamble Company)Kellogg Company--9.0xStrategic
Jan 2012BrooksideHershey-1.9x-Strategic
Dec 2011Turners & Growers (72.5%)BayWa AG$226M-7.2xStrategic
Apr 2011Pringles (privately owned by The Procter & Gamble Company)*Diamond Foods, LLC--16.7xStrategic
Nov 2010Del Monte FoodsKKR, Vestar, Centerview--8.6xFinancial
Jun 2010American Italian Pasta CompanyRalcorp Holdings, Inc.--7.8xStrategic
May 2010Michael Foods GroupThe Goldman Sachs Group, Inc.--7.7xFinancial
Feb 2010France ChampignonBonduelle$139M-6.3xStrategic
Feb 2010Best Brands IncorporatedCSM N.V.--8.5xStrategic
Jan 2010Cadbury plcKraft Foods Group, Inc., Kraft Foods Inc.--13.0xStrategic
Jan 2010Pizza Business (privately owned by Kraft Foods Inc.)Nestlé USA, Inc.--12.5xStrategic
Dec 2009Sturm Foods, Inc.TreeHouse Foods, Inc.--7.5xStrategic
Nov 2009Birds Eye FoodsPinnacle Foods--9.5xStrategic
Sep 2009Bertin Ltda.JBS S.A.$5.2B-12.3xStrategic
Sep 2009Pilgrim's Pride CorporationJBS USA Holdings, Incorporated$2.8B-10.7xStrategic
Dec 2008Fresh Bread & Bakery Business of Weston Foods, Inc. (privately owned by Dunedin Holdings S.á.r.l.)Grupo Bimbo, S.A.B. de C.V.--9.8xStrategic
Jun 2008StarkistDongwon F&B Co., Ltd.--7.8xStrategic
Jun 2008Desarrollo Agroindustrial de Frutales S.A., Frutas de Exportacion S.A. and CaribanaFresh Del Monte Produce inc.$403M-8.1xStrategic
Jun 2008Vitacress SaladsRAR Group$105M-8.2xStrategic
Apr 2008WM. Wrigley Jr. CompanyMars, Incorporated$23.1B-18.5xStrategic
Mean2.1x11.1x
Median2.0x9.7x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionSOVO FOGoldman Sachs2023--13.7x--Open
-Registration FilingUTZ BofA MaterialsBofA2026$28.0B-13.4x--Open
-fairness opinionK FOGoldman Sachs2024$27.6B--13.4x-Open
-fairness opinionSOVO FOCenterview2023--13.7x-"post tax benefit basis"Open
-fairness opinionSOVO FOGoldman Sachs2023--13.7x--Open
-fairness opinionBUFF FOCenterview2018--13.5x--Open
-fairness opinionLNCE FOGoldman Sachs2018--13.9x--Open
-fairness opinionWWAV FOGoldman Sachs2016--13.7x--Open
-fairness opinionMJN FOGoldman Sachs2016--13.9x--Open