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

Enterprise Value

$975M

EV / LTM Sales

1.9x

EV / LTM EBITDA

14.6x

EV / Fwd EBITDA

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

19 comps

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

WACC: 8.0% – 10.0%
Terminal method: Exit multiple
Terminal assumption: 8.0x – 12.0x (FY2020 EBITDA)
Forecast basis: Forecasts as modified by the Sensitivities (management Forecasts with average revenue gro… more
Forecasts as modified by the Sensitivities (management Forecasts with average revenue growth rates of 4.0%–8.0% and average EBITDA margins of 15.0%–17.0% for 2016–2020)
Forecast period: fiscal years ending December 31, 2016 through December 31, 2020

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
William Blair	8.0% – 10.0%	Exit multiple	8.0x – 12.0x (FY2020 EBITDA)	Forecasts as modified by the Sensitivities (management Forecasts with average revenue gro… more Forecasts as modified by the Sensitivities (management Forecasts with average revenue growth rates of 4.0%–8.0% and average EBITDA margins of 15.0%–17.0% for 2016–2020)	fiscal years ending December 31, 2016 through December 31, 2020	Open