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Deal Detail
Schwan’s Co. to CJ CheilJedang Corp.
EV / LTM EBITDA
-
EV / LTM Sales
-
Enterprise Value
$1.8B
Primary Source
Citi
Comparable Transactions
Packaged Foods transactions announced in the five years to November 2018. 54 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Oct 2018 | Greencore Group's US Business | Hearthside Food Solutions LLC | - | - | 14.2x | Strategic |
| Sep 2018 | Pirate Brands | Hershey | $420M | 4.6x | - | Strategic |
| Aug 2018 | Keystone Foods LLC | Tyson Foods, Inc. | $2.2B | - | 10.2x | Strategic |
| Jun 2018 | Pinnacle Foods Inc. | Conagra Brands, Inc. | - | - | 16.1x | Strategic |
| Apr 2018 | National Beef Packing Company, LLC | Marfrig S.A. | $2.3B | - | 4.4x | Strategic |
| Feb 2018 | Blue Buffalo Pet Products, Inc. | General Mills, Inc. | $8.0B | 6.3x | 25.5x | Strategic |
| Jan 2018 | Nestlé's US confectionary business | Ferrero Group | - | - | 16.0x | Strategic |
| Dec 2017 | Snyder's-Lance, Inc. | Campbell Soup Company | - | - | 20.9x | Strategic |
| Dec 2017 | Amplify Snack Brands, Inc. | The Hershey Co. | - | - | 18.8x | Strategic |
| Dec 2017 | Unilever Spreads Business | KKR | $8.0B | - | 10.0x | Financial |
| Sep 2017 | Moy Park Holdings (Europe) Ltd. | Pilgrim's Pride Corporation | $1.3B | 0.7x | 9.7x | Strategic |
| Sep 2017 | Bob Evans Farms, Inc. | Post Holdings, Inc. | - | - | 16.5x | Strategic |
| Aug 2017 | Fontanini Italian Meats & Sausages | Hormel Foods Corporation | $425M | 1.8x | - | Strategic |
| Jul 2017 | Reckitt Benckiser Foods Division (privately owned by Reckitt Benckiser Group plc) | McCormick & Company, Incorporated | - | - | 20.0x | Strategic |
| Jul 2017 | East Balt Bakeries Company | Grupo Bimbo S.A.B. de C.V. | - | - | 9.3x | Strategic |
| Jul 2017 | Frank's RedHot | McCormick & Company Inc. | - | - | 20.0x | Strategic |
| May 2017 | Rubicon Resources, LLC | High Liner Foods Incorporated | $107M | 0.5x | 6.7x | Strategic |
| Apr 2017 | Weetabix Food Co. | Post Holdings, Inc. | - | - | 11.0x | Strategic |
| Apr 2017 | AdvancePierre Foods Holdings, Inc. | Tyson Foods, Inc. | - | - | 13.9x | Strategic |
| Feb 2017 | Mead Johnson Nutrition Company | Reckitt Benckiser Group plc | $17.9B | - | 17.4x | Strategic |
| Dec 2016 | Biogran S.L. | Koninklijke Wessanen N.V. | - | - | 12.3x | Strategic |
| Dec 2016 | Fyffes plc | Sumitomo Corporation | - | - | 10.8x | Strategic |
| Nov 2016 | Peacock Foods, LLC | Greencore Group plc | - | - | 10.4x | Strategic |
| Jul 2016 | Hostess Brands | Gores Group Holdingds, The Gores Group | $2.3B | - | 12.1x | Strategic |
| Jul 2016 | The WhiteWave Foods Company | DANONE S.A. | - | - | 23.4x | Strategic |
| Nov 2015 | Boulder Brands, Inc. | Pinnacle Foods Inc. | $975M | 1.9x | 14.6x | Strategic |
| Nov 2015 | Ralcorp Holdings, Inc. (privately owned by Conagra Foods, Inc.) | Treehouse Foods, Inc. | - | - | 9.0x | Strategic |
| Nov 2015 | ConAgra Foods' Private Brands (Ralcorp) | TreeHouse Foods, Inc. | - | - | 9.0x | Strategic |
| Oct 2015 | Diamond Foods, Inc. | Snyder's-Lance, Inc. | - | - | 15.8x | Strategic |
| Aug 2015 | Wallaby Yogurt Company | WhiteWave Foods | - | 2.7x | - | Strategic |
| Jul 2015 | Sunrise Holdings, Inc. | SunOpta, Inc. | - | - | 11.5x | Strategic |
| Jul 2015 | Applegate | Hormel | - | 2.3x | - | Strategic |
| Jul 2015 | Cargill Pork, LLC | JBS USA, LLC | $1.5B | - | 6.8x | Strategic |
| Jun 2015 | Moy Park Ltd. | JBS S.A. | $1.5B | - | 7.9x | Strategic |
| Jun 2015 | Garden Fresh | Campbell Soup | - | 2.3x | - | Strategic |
| May 2015 | Applegate Farms, LLC | Hormel Foods Corporation | - | - | 15.0x | Strategic |
| Mar 2015 | Kraft Foods Group, Inc. | H.J. Heinz Company, Heinz | - | - | 15.2x | Strategic |
| Feb 2015 | Big Heart Pet Brands, Inc. | Smuckers, The J.M. Smucker Company | - | 2.5x | 12.9x | Strategic |
| Jan 2015 | MOM Brands Company | Post Holdings, Inc. | $1.2B | - | 9.6x | Strategic |
| Nov 2014 | P&M Quality Smallgoods Pty Ltd. | JBS Australia Pty Ltd. | $1.3B | - | 9.7x | Strategic |
| Nov 2014 | Gardein Protein | Pinnacle Foods | - | 2.8x | - | Strategic |
| Oct 2014 | Chiquita Brands International plc | Grupo Cutrale / Safra Group | - | - | 12.8x | Strategic |
| Sep 2014 | Annie’s, Inc. | General Mills, Inc. | - | - | 38.7x | Strategic |
| Jul 2014 | The Hillshire Brands Company | Tyson, Tyson Foods, Inc. | - | - | 16.7x | Strategic |
| Jun 2014 | Flagstone Foods | TreeHouse Foods, Inc. | - | - | 11.5x | Strategic |
| May 2014 | Pinnacle Foods Inc.* | The Hillshire Brands Company | - | - | 14.1x | Strategic |
| May 2014 | Van’s | Hillshire | - | 2.8x | - | Strategic |
| May 2014 | Ragu & Bertolli pasta sauce brand portfolio | Mizkan Group | - | - | 15.8x | Strategic |
| May 2014 | Conopco Inc. | Mizkan Group | - | - | 15.8x | Strategic |
| Apr 2014 | Michael Foods | Post Holdings, Inc. | - | - | 9.3x | Strategic |
| Apr 2014 | MFI Holding Corporation (Michael Foods) | Post Holdings, Inc. | - | - | 9.3x | Strategic |
| Dec 2013 | Campofrio Food Group S.A. | Sigma Alimentos S.A. de CV and Smithfield Foods, Inc. | $1.6B | - | 8.4x | Strategic |
| Dec 2013 | Earthbound Farm | The White Wave Foods Company | $600M | - | 8.0x | Strategic |
| Dec 2013 | Natural Selection | WhiteWave Foods | - | 1.1x | 10.0x | Strategic |
| Mean | 2.5x | 13.6x | ||||
| Median | 2.3x | 12.3x |
All Observations
Source-specific multiples and notes for this transaction.