Deal Detail

Oriental Trading Company, Inc. to Berkshire Hathaway Inc.

EV / LTM EBITDA

7.1x

EV / LTM Sales

Enterprise Value

$500M

Primary Source

Goldman Sachs

Comparable Transactions

General Retail transactions announced in the five years to November 2012. 11 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Nov 2012	The Brick Ltd.	Leon's Furniture Limited	$800M	-	7.1x	Strategic
Jun 2012	Alliance Boots GmbH	Walgreen Company	$30.8B	-	12.1x	Strategic
May 2012	Cost Plus Inc.	Bed Bath & Beyond Inc.	$700M	-	12.7x	Strategic
May 2012	Charming Shoppes, Inc.	Ascena Retail Group	$800M	-	9.9x	Strategic
Feb 2012	Pep Boys	The Gores Group	$1.0B	-	6.1x	Strategic
Oct 2011	99 Cents Only Stores	Ares Management, Ares Management LLC and the Canada Pension Plan Investment Board	-	-	9.0x	Financial
Dec 2010	Jo-Ann Stores, Inc.	Leonard Green, Leonard Green & Partners, L.P.	$1.5B	-	7.3x	Financial
Nov 2010	J.Crew Group, Inc.	Leonard Green, TPG	$2.7B	-	8.6x	Financial
Feb 2010	Duane Reade, Inc.	Walgreen Company	$1.1B	-	11.4x	Strategic
Aug 2009	Barnes & Noble College Booksellers	Barnes & Noble, Inc.	-	-	5.2x	Strategic
Apr 2008	CSK Auto	O'Reilly Automotive	$1.0B	-	8.8x	Strategic
	Mean			-	8.9x
	Median			-	8.8x

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	HSN FO	Goldman Sachs	2017	$500M	-	7.1x	-	https://www.sec.gov/Archives/edgar/data/1434729/000110465917063169/a17-17148_8ex99dc17.htm#Exhibitc17CONFIDENTIALBoardofDir_125353	Open