Deal Detail

SUPERVALU INC. to Cerberus-led investor consortium

EV / LTM EBITDA

4.9x

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Grocery Retail transactions announced in the five years to January 2013. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jan 2013	Supervalu (five retail grocery banners)	Cerberus Capital Management L.P.	-	-	4.0x	Financial
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.	Leonard Green, CVC	-	-	6.8x	Financial
Jul 2009	A&P Pathmark	Yucaipa	-	-	5.7x	Financial
Nov 2008	Whole Foods Market, Inc.	Leonard Green & Partners	-	-	6.8x	Financial
	Mean			-	6.0x
	Median			-	6.3x

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	HTSI FO	JPMorgan	2013	-	-	4.9x	-	-	Open
	-	Fairness Opinion	SWY FO	Goldman Sachs	2014	-	-	5.2x	-	-	Open