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Fairness Opinion Detail

NTRI FOOpen source

Nutrisystem, Inc. to Tivity Health, Inc.

Consumer Health/Dec 2018/Evercore

Deal Information

Target
Nutrisystem, Inc.
Acquiror
Tivity Health, Inc.
Sector
Consumer Health
Target Type
Public
Acquiror Type
Strategic
Advisors
Evercore

Transaction Metrics

Enterprise Value
$1.3B
EV / LTM Sales
EV / LTM EBITDA
12.6x
EV / Fwd EBITDA
11.1x

Advisor Transaction Comparables

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

Advisor: Evercore

TEV/LTM Adjusted EBITDA selected range: 11.0x - 13.0x

20 comps
Nov 2018PhD Nutrition LtdScience in Sport plc--11.4x-
Oct 2018SlimfastGlanbia plc--14.6x-
Feb 2018GNC Holdings, Inc.Harbin Pharmaceutical Group Co., Ltd.--7.3x-
May 2017Nutraceutical International CorporationHGGC, LLC--9.2x-
Apr 2017Atkins Nutritionals Holdings, Inc.Conyers Park Acquisition Corp.--12.4x-
Dec 2016Biogran S.L.Koninklijke Wessanen N.V.--12.3x-
Aug 2016Vitaco Holdings LimitedInvestors Group Inc.--14.7x-
Jun 2014CytoSport, Inc.Hormel Foods Corporation--15.0x-
Jun 2014Healthy Directions, LLCHelen of Troy Limited--8.0x-
Jan 2014Jamieson Laboratories Ltd.CCMP Capital Advisors, LP--10.0x-
Dec 2013Dymatize Enterprises, LLCPost Holdings, Inc.--13.0x-
Aug 2013Premier Nutrition CorporationPost Holdings, Inc.--11.3x-
Nov 2012Schiff Nutrition International, Inc.Reckitt Benckiser Group plc--35.5x-
Aug 2012Avid Health, Inc.Church & Dwight Co., Inc.--11.2x-
Apr 2012Airborne, Inc.Schiff Nutrition International, Inc.--12.5x-
Jun 2011Myprotein.comThe Hut Group--9.7x-
Jan 2011Bio-Engineered Supplements and NutritionGlanbia plc--8.3x-
Dec 2010Martek Biosciences CorporationRoyal DSM N.V.--8.8x-
Dec 2010Maxinutrition Group Holdings LimitedGlaxoSmithKline plc--20.0x-
Jul 2010NBTY, Inc.The Carlyle Group L.P.--8.1x-
Mean-12.7x-
Median-11.4x-

DCF Assumptions

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

Evercore

Open
WACC
9.5% – 10.5%
Terminal method
Unspecified
Terminal assumption
-
Forecast basis
-
Forecast period
-
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