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Fairness Opinion Detail

WWAV FOOpen source

The WhiteWave Foods Company to DANONE S.A.

Packaged Foods/Jul 2016/Goldman Sachs

Deal Information

Target
The WhiteWave Foods Company
Acquiror
DANONE S.A.
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
EV / LTM Sales
EV / LTM EBITDA
23.4x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Goldman Sachs

EV/LTM Adjusted EBITDA selected range: 12.1x - 23.7x

24 comps
Dec 2015Keurig Green Mountain, Inc.JAB Holdings Company--13.3x-
Aug 2015SABMiller PlcAnheuser-Busch InBev NV--16.3x-
Mar 2015Kraft Foods Group, Inc.H.J. Heinz Company--12.5x-
Feb 2015Big Heart Pet BrandsJ.M. Smucker Company--12.9x-
May 2014The Hillshire Brands Company
(1) Represents premium to undisturbed share price of Hillshire based on Tyson's final offer of $63.00 per share on June 9, 2014. The final offer was following offers of (i) $45.00 by Pilgrim's Pride on May 27, 2014 (22% premium), (ii) $50.00 by Tyson on May 29, 2014 (35% premium) and (iii) $55.00 by Pilgrim's Pride on June 3, 2014 (49% premium). Premium to undisturbed share price based on the $36.95 closing price per share of Hillshire's common stock on May 9, 2014, one trading day prior to the announcement of Hillshire's intent to purchase Pinnacle Foods.
Tyson Foods, Inc.--16.7x-
May 2014D.E. Master Blenders 1753 B.V.Joh. A. Benckiser--18.2x-
Feb 2013H.J. Heinz Company3G Capital / Berkshire Hathaway Inc.--13.7x-
Nov 2012Ralcorp Holdings, Inc.ConAgra Foods, Inc.--12.1x-
Apr 2012Pfizer NutritionNestle S.A.--23.7x-
Dec 2010Wimm-Bill-Dann Dairy and Juicy CompanyPepsiCo, Inc.--16.2x-
Aug 2009Cadbury PlcKraft Foods Group, Inc.--13.0x-
Jun 2008Anheuser-Busch Companies, Inc.InBev S.A.--12.5x-
Apr 2008Wm. Wrigley Jr. CompanyMars, Incorporated--19.3x-
Jul 2007Danone BiscuitsKraft Foods Group, Inc.--14.5x-
Jul 2007Numico NVGroup Danone S.A.--21.3x-
Apr 2007Gerber
(2) Represents Gerber enterprise value / 2006A EBIT based on Nestle investor presentation.
Nestle S.A.----
Jun 2016AdeSCoca-Cola Company----
Nov 2015Ballast Point Brewing & SpiritsConstellation Brands--16.8x-
Jun 2015VegaThe WhiteWave Foods Company--30.5x-
May 2015Applegate Farms, LLCHormel Foods Corporation--15.0x-
Aug 2014Annie's Inc.General Mills Inc.--38.6x-
Jun 2014CytoSport Holdings, Inc.Hormel Foods Corporation--15.0x-
Jun 2009AlproDean Foods Company--14.5x-
May 2007VitaminwaterCoca-Cola Company--19.7x-
Mean-17.6x-
Median-15.6x-