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Fairness Opinion Detail

Bare Escentuals, Inc. to Shiseido Company, Limited

HHP/Pers Care/Jan 2010/Goldman Sachs

Deal Information

Target
Bare Escentuals, Inc.
Acquiror
Shiseido Company, Limited
Sector
HHP/Pers Care
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
$1.7B
EV / LTM Sales
3.4x
EV / LTM EBITDA
11.2x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Goldman Sachs

16 comps
-Chattem, Inc.Sanofi-Aventis----
-TheFaceShop Korea Co., Ltd.LG Household & Health Care Ltd.----
-Sara Lee Corporation Body Care DivisionUnilever N.V.----
-TIGI International Ltd. Professional Hair Products BusinessUnilever PLC----
-Del Pharmaceuticals, Inc. (Orajel)Church & Dwight Co., Inc.----
-Yves Saint Laurent Beaute HoldingL'Oreal SA----
-Burt's Bees, Inc.The Clorox Company----
-Playtex Products, Inc.Energizer Holdings, Inc.----
-Philosophy, Inc.Carlyle Partners IV, L.P.----
-Avalon Natural Products, Inc.The Hain Celestial Group, Inc.----
-Chattem, Inc. Brands (Act, Unisom, Cortizone, Kaopectate, and Balmex brands)Johnson & Johnson----
-The Body Shop International PLCL'Oreal SA----
-Molton Brown Ltd.Kao Corporation----
-Advanced Research Laboratories Inc.Henkel AG & Co.----
-The Dial CorporationHenkel AG & Co.----
-Wella AGThe Procter & Gamble Company----
Mean---
Median---