Deal Detail

Smart Foodservice Warehouse Stores to US Foods

EV / LTM EBITDA

11.4x

EV / LTM Sales

Enterprise Value

$970M

Primary Source

Barclays

Comparable Transactions

Food Distribution transactions announced in the five years to March 2020. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jul 2019	Reinhart FoodService, L.L.C.	Performance Food Group	$2.0B	-	12.1x	Strategic
Jul 2018	Services Group of America	US Foods	$1.8B	-	14.6x	Strategic
Oct 2017	Associated Grocers of Florida, Inc.	Supervalu Inc.	$193M	-	9.7x	Strategic
Aug 2017	TriMark USA	Centerbridge Partners, L.P.	$1.4B	-	10.8x	Financial
Apr 2017	Unified Grocers, Inc.	Supervalu Inc.	$390M	-	11.1x	Strategic
Feb 2016	Brakes Group	Sysco Corporation	$3.1B	-	11.9x	Strategic
	Mean			-	11.7x
	Median			-	11.5x

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	CORE FO	Barclays	2021	$970M	-	11.4x	-	Cash & Carry to HORECA	Open