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Deal Detail

Kraft Foods Group, Inc. to H.J. Heinz Company, Heinz

Packaged FoodsCenter Store/Mar 2015
EV / LTM EBITDA
15.2x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Lazard

Comparable Transactions

Packaged Foods transactions announced in the five years to March 2015. 39 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Feb 2015Big Heart Pet Brands, Inc.Smuckers, The J.M. Smucker Company-2.5x12.9xStrategic
Jan 2015MOM Brands CompanyPost Holdings, Inc.$1.2B-9.6xStrategic
Nov 2014P&M Quality Smallgoods Pty Ltd.JBS Australia Pty Ltd.$1.3B-9.7xStrategic
Nov 2014Gardein ProteinPinnacle Foods-2.8x-Strategic
Oct 2014Chiquita Brands International plcGrupo Cutrale / Safra Group--12.8xStrategic
Sep 2014Annie’s, Inc.General Mills, Inc.--38.7xStrategic
Jul 2014The Hillshire Brands CompanyTyson, Tyson Foods, Inc.--16.7xStrategic
Jun 2014Flagstone FoodsTreeHouse Foods, Inc.--11.5xStrategic
May 2014Pinnacle Foods Inc.*The Hillshire Brands Company--14.1xStrategic
May 2014Van’sHillshire-2.8x-Strategic
May 2014Ragu & Bertolli pasta sauce brand portfolioMizkan Group--15.8xStrategic
May 2014Conopco Inc.Mizkan Group--15.8xStrategic
Apr 2014Michael FoodsPost Holdings, Inc.--9.3xStrategic
Apr 2014MFI Holding Corporation (Michael Foods)Post Holdings, Inc.--9.3xStrategic
Dec 2013Campofrio Food Group S.A.Sigma Alimentos S.A. de CV and Smithfield Foods, Inc.$1.6B-8.4xStrategic
Dec 2013Earthbound FarmThe White Wave Foods Company$600M-8.0xStrategic
Dec 2013Natural SelectionWhiteWave Foods-1.1x10.0xStrategic
Nov 2013KindDaniel Lubetsky-3.7x15.3xFinancial
Oct 2013Del Monte Consumer ProductsDel Monte Pacific--9.4xStrategic
Sep 2013Dakota Growers Pasta CompanyPost Holdings, Inc.--8.4xStrategic
Aug 2013Dole Food CompanyDavid H. Murdock$1.5B-10.2xFinancial
Jun 2013Pirate BrandsB&G Foods-2.3x10.3xStrategic
May 2013Smithfield Foods, Inc.Shuanghui International Holdings Limited$7.1B0.5x9.3xStrategic
Feb 2013H.J. Heinz Company3G Capital and Berkshire Hathaway, 3G Capital Partners, L.P., Berkshire Hathaway and 3G Capital--13.7xFinancial
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
Mean2.2x12.4x
Median2.3x10.2x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionK FOLazard2024--15.2x--Open
-fairness opinionK FOGoldman Sachs2024$55.3B--15.5x-Open
-fairness opinionSOVO FOGoldman Sachs2023--16.1x--Open
-fairness opinionSOVO FOCenterview2023--16.2x-"post tax benefit basis"Open
-fairness opinionLNCE FOGoldman Sachs2018--12.5x--Open
-fairness opinionMJN FOMorgan Stanley2017--12.5x--Open
-fairness opinionWWAV FOGoldman Sachs2016--12.5x--Open
-fairness opinionMJN FOGoldman Sachs2016--12.5x--Open
-fairness opinionBDBD FOWilliam Blair2015-2.5x12.5x--Open