Deal Detail

May Department Stores to Federated Department Stores

EV / LTM EBITDA

8.6x

EV / LTM Sales

Enterprise Value

$17.0B

Primary Source

Fairness Opinion

Comparable Transactions

General Retail transactions announced in the five years to February 2005. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Nov 2004	Sears	Kmart	$14.8B	-	7.3x	Strategic
Nov 2004	Barneys New York	Jones Apparel Group	$400M	-	8.6x	Strategic
Jul 2004	Mervyn's	Cerberus Capital	$1.6B	-	6.2x	Financial
Jun 2004	Marshall Field's	May Department Stores	$3.2B	-	13.5x	Strategic
Oct 2003	GNC Corp.	Apollo Management LLC	-	-	8.1x	Financial
	Mean			-	8.7x
	Median			-	8.1x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	Fairness Opinion	SKS FO	Goldman Sachs	2013	$17.0B	-	8.6x	-	-	Open
-	Fairness Opinion	BELKA FO	Goldman Sachs	2015	$17.0B	-	8.6x	-	-	Open
-	Fairness Opinion	JCG FO	Perella Weinberg	2011	$17.3B	-	8.9x	-	-	Open