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

Enterprise Value

$1.7B

EV / LTM Sales

3.4x

EV / LTM EBITDA

11.2x

EV / Fwd EBITDA

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

16 comps


-	-	Chattem, Inc.	Sanofi-Aventis	-	-	-	-
-	-	TheFaceShop Korea Co., Ltd.	LG Household & Health Care Ltd.	-	-	-	-
-	-	Sara Lee Corporation Body Care Division	Unilever N.V.	-	-	-	-
-	-	TIGI International Ltd. Professional Hair Products Business	Unilever PLC	-	-	-	-
-	-	Del Pharmaceuticals, Inc. (Orajel)	Church & Dwight Co., Inc.	-	-	-	-
-	-	Yves Saint Laurent Beaute Holding	L'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 PLC	L'Oreal SA	-	-	-	-
-	-	Molton Brown Ltd.	Kao Corporation	-	-	-	-
-	-	Advanced Research Laboratories Inc.	Henkel AG & Co.	-	-	-	-
-	-	The Dial Corporation	Henkel AG & Co.	-	-	-	-
-	-	Wella AG	The Procter & Gamble Company	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	10.6% – 14.6%	Perpetuity growth	3.0% – 6.0%	the Forecasts (Management Forecasts)	fiscal years 2010 through 2012	Open