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Fairness Opinion Detail

KLG FOOpen source

WK Kellogg to Ferrero Group

Packaged Foods/Jul 2025/Goldman Sachs, Morgan Stanley

Deal Information

Target
WK Kellogg
Acquiror
Ferrero Group
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs, Morgan Stanley

Transaction Metrics

Enterprise Value
$2.9B
EV / LTM Sales
EV / LTM EBITDA
10.3x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Goldman Sachs

EV/LTM EBITDA selected range: 8.4x - 12.5x

5 comps
Jul 2016Hostess Brands L.L.C.Gores Group Holdings--12.1x-
Apr 2017Weetabix Food Co.Post Holdings Inc.--11.0x-
Apr 2019Keebler and certain other brandsFerrero Group--9.3x-
Feb 2021PlantersHormel Foods Corporation--12.5x-
Sep 2024Yoplait and certain other brandsLactalis--8.4x-
Mean-10.7x-
Median-11.0x-

Advisor: Morgan Stanley

AV/LTM EBITDA selected range: 9.5x - 11.5x

6 comps
Jan 2013SkippyHormel Foods Corporation--10.7x-
Apr 2017Weetabix Food Co.Post Holdings Inc.--11.0x-
Apr 2019Keebler and certain other brandsFerrero Group--9.3x-
Dec 2023Shearers FoodsClayton Dubilier & Rice--10.0x-
Sep 2024Yoplait and certain other brandsLactalis--8.4x-
Jan 2025Sauer Brands Inc.Advent International--11.0x-
Mean-10.1x-
Median-10.3x-