The Fresh Market, Inc. to Apollo Global Management, LLC

Grocery Retail/Mar 2016/JPMorgan

Deal Information

Target

The Fresh Market, Inc.

Acquiror

Apollo Global Management, LLC

Sector

Target Type

Public

Acquiror Type

Financial

Advisors

JPMorgan

Enterprise Value

$1.4B

EV / LTM Sales

EV / LTM EBITDA

7.1x

EV / Fwd EBITDA

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

FV / LTM EBITDA selected range: 7.0x - 9.0x

5 comps


Apr 2006	Marsh Supermarkets Inc.	Sun Capital Partners, Inc.	-	-	8.9x	-
Jan 2006	Albertsons Companies, Inc.	SuperValu Inc.	-	-	7.0x	-
Jul 2013	Harris Teeter Supermarkets, Inc.	The Kroger Company	-	-	7.9x	-
Jun 2015	Delhaize Group	Koninklijke Ahold N.V.	-	-	8.9x	-
Nov 2015	Roundy’s Supermarkets Inc.	The Kroger Company	-	-	7.1x	-
	Mean			-	8.0x	-
	Median			-	7.9x	-

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

WACC: 9.0% – 10.0%
Terminal method: Perpetuity growth
Terminal assumption: 1.5% – 2.5%
Forecast basis: four sets of management projections (November 17 Management Case and the three Additional… more
four sets of management projections (November 17 Management Case and the three Additional Scenario Information cases)
Forecast period: fiscal years 2016 (ended January 2017) through 2025 (ended January 2026)

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
JPMorgan	9.0% – 10.0%	Perpetuity growth	1.5% – 2.5%	four sets of management projections (November 17 Management Case and the three Additional… more four sets of management projections (November 17 Management Case and the three Additional Scenario Information cases)	fiscal years 2016 (ended January 2017) through 2025 (ended January 2026)	Open