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Deal Detail

The Hillshire Brands Company to Tyson Foods, Inc.

Packaged FoodsProteins/Jul 2014
EV / LTM EBITDA
16.8x
EV / LTM Sales
2.2x
Enterprise Value
$8.7B
Primary Source
Regulatory Filing

Comparable Transactions

Packaged Foods transactions announced in the five years to July 2014. 46 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Jun 2014Flagstone FoodsTreeHouse Foods, Inc.--11.5xStrategic
May 2014Pinnacle Foods Inc.The Hillshire Brands Company--14.1xStrategic
May 2014Van’sHillshire-2.8x-Strategic
May 2014Ragu & Bertolli pasta sauce brand portfolioMizkan Group--15.8xStrategic
May 2014Conopco Inc.Mizkan Group--15.8xStrategic
Apr 2014Michael FoodsPost Holdings, Inc.--9.3xStrategic
Dec 2013Campofrio Food Group S.A.Sigma Alimentos S.A. de CV and Smithfield Foods, Inc.$1.6B-8.4xStrategic
Dec 2013Earthbound FarmThe White Wave Foods Company$600M-8.0xStrategic
Dec 2013Natural SelectionWhiteWave Foods-1.1x10.0xStrategic
Nov 2013KindDaniel Lubetsky-3.7x15.3xFinancial
Oct 2013Del Monte Consumer ProductsDel Monte Pacific--9.4xStrategic
Sep 2013Dakota Growers Pasta CompanyPost Holdings, Inc.--8.4xStrategic
Aug 2013Wish-BonePinnacle Foods Inc.--12.1xStrategic
Aug 2013Dole Food CompanyDavid H. Murdock$1.5B-10.2xFinancial
Jun 2013Pirate BrandsB&G Foods-2.3x10.3xStrategic
May 2013Smithfield Foods, Inc.Shuanghui International Holdings Limited$7.1B0.5x9.3xStrategic
Feb 2013H.J. Heinz Company3G Capital and Berkshire Hathaway$27.7B2.4x13.7xFinancial
Jan 2013SkippyHormel Foods Corporation$700M-10.7xStrategic
Jan 2013MorningstarSaputo-0.8x13.2xStrategic
Nov 2012Ralcorp Holdings, Inc.ConAgra Foods, Inc.$6.8B1.6x12.1xStrategic
Oct 2012Snack FactorySnyders Lance-3.4x-Strategic
Sep 2012Dole Food Company, Inc.’s Asia fresh & worldwide packaged foods businessesItochu Corporation$1.7B-9.0xStrategic
Jul 2012Bolthouse FarmsCampbell Soup Company$1.6B2.2x10.2xStrategic
Apr 2012Pfizer NutritionNestle S.A.--21.7xStrategic
Feb 2012Pringles (privately owned by The Procter & Gamble Company)Kellogg Company--9.0xStrategic
Jan 2012BrooksideHershey-1.9x-Strategic
Dec 2011Turners & Growers (72.5%)BayWa AG$226M-7.2xStrategic
Aug 2011Sara Lee Corp.’s North American Refrigerated Dough BusinessRalcorp-1.8x7.1xStrategic
Apr 2011Pringles (privately owned by The Procter & Gamble Company)*Diamond Foods, LLC--16.7xStrategic
Nov 2010Sara Lee Corp.’s North American Fresh Bakery BusinessGrupo Bimbo S.A.B. de C.V.-0.4x9.1xStrategic
Nov 2010Del Monte FoodsKKR, Vestar, Centerview--8.6xFinancial
Sep 2010S.T. Specialty Foods, Inc.TreeHouse Foods, Inc.-1.9x8.2xStrategic
Jul 2010Unilever’s Italian Findus BusinessBirds Eye Iglo--10.0xStrategic
Jun 2010American Italian Pasta CompanyRalcorp Holdings, Inc.--7.8xStrategic
Jun 2010Fresh Start Bakeries (FSB Global Holdings, Inc.)Aryzta AG-1.0x8.1xStrategic
May 2010Michael Foods GroupThe Goldman Sachs Group, Inc.--7.7xFinancial
Mar 2010Dakota Growers Pasta Company, Inc.Viterra Inc.-0.9x5.7xStrategic
Feb 2010Kettle FoodsDiamond Foods, Inc.--11.6xStrategic
Feb 2010France ChampignonBonduelle$139M-6.3xStrategic
Feb 2010Best Brands IncorporatedCSM N.V.--8.5xStrategic
Jan 2010Cadbury plcKraft Foods Group, Inc., Kraft Foods Inc.--13.0xStrategic
Jan 2010Pizza Business (privately owned by Kraft Foods Inc.)Nestlé USA, Inc.--12.5xStrategic
Dec 2009Sturm Foods, Inc.TreeHouse Foods, Inc.--7.5xStrategic
Nov 2009Birds Eye FoodsPinnacle Foods--9.5xStrategic
Sep 2009Bertin Ltda.JBS S.A.$5.2B-12.3xStrategic
Sep 2009Pilgrim's Pride CorporationJBS USA Holdings, Incorporated$2.8B-10.7xStrategic
Mean1.8x10.6x
Median1.9x10.0x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
PrimaryRegulatory FilingTender Offer (SC 14D9)Centerview2014$8.7B2.2x16.8x15.9x-Open
-Fairness OpinionK FOGoldman Sachs2024$8.6B--16.2x-Open
-Fairness OpinionK FOLazard2024--16.7x--Open
-Fairness OpinionSOVO FOGoldman Sachs2023--16.7x--Open
-Fairness OpinionSOVO FOCenterview2023--16.7x-"post tax benefit basis"Open
-Fairness OpinionTWNK FOMorgan Stanley2023--16.1x--Open
-Fairness OpinionPF FOCredit Suisse2018--16.7x--Open
-Fairness OpinionLNCE FOGoldman Sachs2018--16.7x--Open
-Fairness OpinionBUFF FOCenterview2018--16.8x--Open
-Fairness OpinionPF FOEvercore2018--16.7x--Open
-Fairness OpinionMJN FOMorgan Stanley2017--16.7x--Open
-Fairness OpinionWWAV FOGoldman Sachs2016--16.7x--Open
-Fairness OpinionMJN FOGoldman Sachs2016--16.7x--Open
-Fairness OpinionKRFT FOCenterview2015-2.1x16.7x--Open
-Fairness OpinionBDBD FOWilliam Blair2015-2.2x16.6x--Open
-Fairness OpinionHSH FOGoldman Sachs2014--16.8x--Open