Deal Detail

Santher - Fábrica de Papel Santa Therezinha S.A. to Daio Paper Corporation and Marubeni Corporation

EV / LTM EBITDA

12.8x

EV / LTM Sales

1.5x

Enterprise Value

$514M

Primary Source

Company Release

Comparable Transactions

HHP/Pers Care transactions announced in the five years to February 2020. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Dec 2019	Drybar Products LLC	Helen of Troy Limited	$255M	-	13.0x	Strategic
May 2019	Coppertone	Beiersdorf AG	$550M	2.6x	-	Strategic
May 2019	Avon Products, Inc.	Natura & Co Holding S.A.	-	-	9.5x	Strategic
Jan 2019	Elemis Ltd	L'Occitane International S.A.	$900M	6.4x	22.6x	Strategic
Jul 2017	Waterpik	Church & Dwight	$1.0B	3.8x	12.5x	Strategic
Jun 2016	Elizabeth Arden, Inc.	Revlon, Inc.	-	-	34.3x	Strategic
	Mean			4.3x	18.4x
	Median			3.8x	13.0x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Fairness Opinion / Source	Advisor	Source Year	Enterprise Value	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	press release	Press Release	-	2020	$514M	1.5x	12.8x	-	Joint acquisition by Daio and Marubeni	Open