Schiff Nutrition International, Inc. to Reckitt Benckiser Group plc

Consumer Health/Nov 2012/Houlihan

Deal Information

Target

Schiff Nutrition International, Inc.

Acquiror

Reckitt Benckiser Group plc

Sector

Target Type

Public

Acquiror Type

Strategic

Advisors

Houlihan

Enterprise Value

EV / LTM Sales

EV / LTM EBITDA

26.2x

EV / Fwd EBITDA

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

TV / LTM Adj. EBITDA selected range: 9.0x - 13.0x

19 comps


Aug 2012	Avid Health Inc.	Church & Dwight Co. Inc.	-	-	11.2x	-
Apr 2012	Airborne Inc.	Schiff Nutrition International, Inc.	-	-	12.5x	-
Jan 2011	Bio-Engineered Supplements & Nutrition	Glanbia PLC	-	-	8.3x	-
Jan 2011	Seroyal International Inc.	Atrium Biotech Investments (subsidiary of Atrium Innovations)	-	-	7.5x	-
Jul 2010	NBTY Inc.	The Carlyle Group	-	-	7.7x	-
Jan 2010	Amerifit Brands, Inc.	Martek Biosciences Corp., Subsidiary of Royal DSM N.V.	-	-	8.9x	-
Sep 2009	Garden of Life Inc.	Atrium Innovations Inc.	-	-	11.2x	-
Aug 2008	Optimum Nutrition Inc. NA means not available.	Glanbia PLC	-	-	-	-
Feb 2007	GNC Corporation	Ares Management LLC and Ontario Teachers Pension	-	-	10.9x	-
Feb 2006	Vitaquest International LLC	CK Life Sciences International	-	-	11.2x	-
Sep 2006	Seltzer Ingredients Inc. NA means not available.	Glanbia PLC	-	-	-	-
Jun 2005	Solgar Inc. NA means not available.	NBTY Inc.	-	-	-	-
Jul 2004	Roche Consumer Health	Bayer AG	-	-	12.0x	-
Apr 2004	Shaklee’s Worldwide Business	Ripplewood Holdings LLC and Activated Holdings LLC	-	-	8.0x	-
Oct 2003	GNC Corp.	Apollo Management LLC	-	-	8.1x	-
Jun 2003	Rexall Sundown Inc. NA means not available.	NBTY Inc.	-	-	-	-
Aug 2002	Nellson Nutraceutical	Fremont Partners	-	-	9.5x	-
Sep 2002	Roche’s Vitamins	DSM N.V.	-	-	5.9x	-
Apr 2002	Herbalife International Inc.	Herbalife Ltd. Backed by Whitney & Co. and Golden Gate Capital	-	-	5.0x	-
	Mean			-	9.2x	-
	Median			-	8.9x	-

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
Houlihan	7.0% – 9.0%	Exit multiple	10.5x – 11.5x (fiscal 2017 EBITDA)	-	through 2017-05-31 (management estimates)	Open