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Fairness Opinion Detail

Boulder Brands, Inc. to Pinnacle Foods Inc.

Packaged Foods/Nov 2015/William Blair

Deal Information

Target
Boulder Brands, Inc.
Acquiror
Pinnacle Foods Inc.
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
William Blair

Transaction Metrics

Enterprise Value
$975M
EV / LTM Sales
1.9x
EV / LTM EBITDA
14.6x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: William Blair

19 comps
Aug 2015Wallaby Yogurt CompanyWhiteWave Foods-2.7x--
Aug 2015VegaWhiteWave Foods-5.5x--
Jul 2015ApplegateHormel-2.3x--
Jul 2015Kraft FoodHeinz-2.5x12.5x-
Jun 2015Garden FreshCampbell Soup-2.3x--
Mar 2015Big Heart Pet BrandsSmuckers-2.5x12.9x-
Nov 2014Gardein ProteinPinnacle Foods-2.8x--
Sep 2014AnniesGeneral Mills-3.9x36.2x-
Aug 2014HillshireTyson-2.2x16.6x-
Aug 2014CytosportHormel-1.1x--
May 2014VansHillshire-2.8x--
Dec 2013DymatizePost-2.0x14.6x-
Dec 2013Natural SelectionWhiteWave-1.1x10.0x-
Nov 2013KindDaniel Lubetsky-3.7x15.3x-
Jun 2013Pirate BrandsB&G-2.3x10.3x-
Jan 2013MorningstarSaputo-0.8x13.2x-
Oct 2012Snack FactorySnyders Lance-3.4x--
Aug 2012Bolthouse FarmsCampbell Soup-2.2x11.1x-
Jan 2012BrooksideHershey-1.9x--
Mean2.5x15.3x-
Median2.3x13.1x-