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Deal Detail

Mattress Firm Holding Corp. to Steinhoff International Holdings N.V.

Home & Office Furnishings/Aug 2016

EV / LTM EBITDA

-

EV / LTM Sales

-

Enterprise Value

-

Primary Source

Barclays

Comparable Transactions

Home & Office Furnishings transactions announced in the five years to August 2016. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2016	Generation Brands Holdings, Inc.	AEA Investors LP	$525M	-	10.5x	Financial
Mar 2015	Norcraft Companies, Inc.	Fortune Brands Home & Security	-	-	11.5x	Strategic
Feb 2014	Poltrona Frau S.p.A	Haworth Inc.	$654M	-	15.1x	Strategic
Aug 2012	AOT Bedding Super Holdings, LLC (Serta/Simmons)	Advent International Corporation	$3.0B	-	11.4x	Financial
	Mean			-	12.1x
	Median			-	11.4x

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	MFRM FO	Barclays	2016	-	-	-	-	Opinion Recipient: Target Board. Advisor range is Barclays' applied EV/LTM EBITDA reference range on LTM EBITDA to 3 May 2016 (implied $34.90-$51.05/sh vs $64.00 consideration). Business Model: Retailer. EV DELIBERATELY NULL — the SC 14D-9 states no enterprise or transaction value; the reported ~$3.8bn is not substantiated by this filing. Only Barclays' DCF ($63.35-$80.90) contains the $64.00 price.	Open