Deal Detail

Supervalu (five retail grocery banners) to Cerberus Capital Management L.P.

EV / LTM EBITDA

4.0x

EV / LTM Sales

Enterprise Value

Primary Source

Evercore

Comparable Transactions

Grocery Retail transactions announced in the five years to January 2013. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Oct 2012	Smart & Final Holdings Corp.	Ares Management, Ares Management LLC	$975M	-	7.5x	Financial
Dec 2011	Winn-Dixie Stores, Inc.	Lone Star Funds	-	-	5.4x	Financial
Jun 2011	BJ's Wholesale Club, Inc.	CVC Capital Partners, Leonard Green & Partners LP, Leonard Green & Partners, L.P. and CVC Capital Partners, Leonard Green, CVC	-	-	6.8x	Financial
	Mean			-	6.6x
	Median			-	6.8x

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	WFM FO	Evercore	2017	-	-	4.0x	-	-	Open
	-	fairness opinion	FDO FO	Morgan Stanley	2014	-	-	4.7x	-	-	Open