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Deal Detail
Kevin's Natural Foods to Mars, Incorporated
EV / LTM EBITDA
-
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Centerview
Comparable Transactions
Packaged Foods transactions announced in the five years to July 2023. 28 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Jan 2023 | Birch Benders (Sovos Brands, Inc.) | Hometown Food Company | $40M | 1.0x | - | Strategic |
| Dec 2022 | Bollo International Fruits | The Natural Fruit Company (Fremman and GPF Capital) | - | - | 10.0x | Strategic |
| Nov 2022 | AgroFresh Solutions, Inc. | Paine Schwartz Partners | - | - | 9.1x | Financial |
| Aug 2022 | TreeHouse's Meal Prep Business | Investindustrial | $950M | - | 13.6x | Financial |
| May 2022 | General Mills, Inc. (Helper and Suddenly Salad) | Eagle Family Foods Group (Kelso & Company) | $610M | 2.6x | - | Strategic |
| Nov 2021 | Dot's Pretzels | Hershey | - | - | 15.1x | Strategic |
| Aug 2021 | Sanderson Farms, Inc. | Cargill, Incorporated and Continental Grain Company | $4.3B | - | 6.9x | Strategic |
| Jun 2021 | Kerry Consumer Foods, Meats and Meals Business | Pilgrim’s Pride Corporation | $952M | 0.9x | 8.5x | Strategic |
| Apr 2021 | Dessert Holdings | Bain Capital | - | - | 13.0x | Financial |
| Apr 2021 | Olde Thompson | Olam Food Ingredients, Olam International (Olam Food Ingredients) | $950M | - | 11.5x | Strategic |
| Mar 2021 | Aryzta AG (North America) | Lindsay Goldberg | - | - | 13.6x | Financial |
| Feb 2021 | Dole Food Company, Inc. | Total Produce plc | - | - | 7.7x | Strategic |
| Feb 2021 | Planters | Hormel Foods Corporation | $3.4B | - | 12.5x | Strategic |
| Jan 2021 | C.J. Vitner Company (Certain Assets) | Utz Quality Foods | - | - | 5.9x | Strategic |
| Dec 2020 | Wholesome Sweeteners Incorporated | Whole Earth Brands, Inc. | $180M | 0.9x | 7.8x | Strategic |
| Nov 2020 | Cholula Hot Sauce | McCormick & Company Inc. | $800M | - | 25.0x | Strategic |
| Nov 2020 | Swerve, L.L.C. | Whole Earth Brands, Inc. | $80M | 2.2x | 14.8x | Strategic |
| Oct 2020 | Crisco (from J.M. Smucker Co.) | B&G Foods, Inc. | $550M | 2.0x | 7.9x | Strategic |
| Aug 2020 | Birch Benders, LLC | Sovos Brands, Inc. | $146M | 2.5x | - | Strategic |
| Jun 2020 | Utz Brands | Collier Creek Holdings | $1.6B | - | 13.0x | – |
| Dec 2019 | Whole Earth Brands (Merisant Co. and MAFCO Worldwide) | Act II Global Acquisition Corp. | $575M | - | 9.1x | Financial |
| Dec 2019 | Merisant Co. / MAFCO Worldwide LLC (Whole Earth Brands, Inc.) | Act II Global Acquisition Corp. | $516M | 1.9x | 8.2x | Financial |
| Apr 2019 | Keebler and certain other brands | Ferrero Group | - | - | 9.3x | Strategic |
| Apr 2019 | Kellogg Company (cookies) | The Ferrero Group | - | - | 9.0x | Strategic |
| Apr 2019 | Keebler | The Ferrero Group | $1.3B | - | 9.0x | Strategic |
| Oct 2018 | Greencore Group's US Business | Hearthside Food Solutions LLC | - | - | 14.2x | Strategic |
| Sep 2018 | Pirate Brands | Hershey | $420M | 4.6x | - | Strategic |
| Aug 2018 | Keystone Foods LLC | Tyson Foods, Inc. | $2.2B | - | 10.2x | Strategic |
| Mean | 2.1x | 11.0x | ||||
| Median | 2.0x | 9.7x |
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 | fairness opinion | SOVO FO | Centerview | 2023 | - | - | - | - | - | Open | |
| - | research | Xtalks news article | - | 2023 | - | - | - | - | Reported deal value of approx. $800m (EV vs equity basis not stated). EV/sales derived on FY2022 revenue of $140m and FY2023E revenue of $190m. | Open |