Deal Detail

TOPS Friendly Markets, LLC to Morgan Stanley Private Equity

EV / LTM EBITDA

EV / LTM Sales

Enterprise Value

Primary Source

Evercore

Comparable Transactions

Grocery Retail transactions announced in the five years to October 2007. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2007	Pathmark Stores Inc.	The Great Atlantic & Pacific Tea Company	-	-	10.0x	Strategic
Feb 2007	Smart & Final Inc.	Apollo Global Management, LLC	-	-	10.5x	Financial
Feb 2007	Wild Oats Marketplace	Whole Foods	-	-	15.3x	Strategic
Apr 2006	Marsh Supermarkets Inc.	Sun Capital Partners, Inc.	-	-	8.9x	Financial
Jan 2006	Albertsons Companies, Inc.	SuperValu Inc.	-	-	7.0x	Strategic
	Mean			-	10.3x
	Median			-	10.0x

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	-	-	-	-	-	Open