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Fairness Opinion Detail

LNCE FOOpen source

Snyder's-Lance, Inc. to Campbell Soup Company

Packaged Foods/Dec 2017/Goldman Sachs

Deal Information

Target
Snyder's-Lance, Inc.
Acquiror
Campbell Soup Company
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
EV / LTM Sales
EV / LTM EBITDA
20.9x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Goldman Sachs

EV/LTM EBITDA selected range: 12.9x - 18.4x

24 comps
Apr 2007Gerber Products (privately owned by Novartis AG)Nestlé--15.7x-
Jul 2007Global Biscuit Business (privately owned by DANONE S.A.)Kraft Foods Inc.--13.3x-
Apr 2008Wm. Wrigley Jr. CompanyMars, Incorporated--18.5x-
Jun 2008Folgers (privately owned by The Procter & Gamble Company)The J.M. Smucker Company--9.4x-
Dec 2008Fresh Bread & Bakery Business of Weston Foods, Inc. (privately owned by Dunedin Holdings S.á.r.l.)Grupo Bimbo, S.A.B. de C.V.--9.8x-
Aug 2009PepsiAmericas, Inc.PepsiCo., Inc.--8.9x-
Aug 2009The Pepsi Bottling Group, Inc.PepsiCo., Inc.--11.6x-
Jan 2010Pizza Business (privately owned by Kraft Foods Inc.)Nestlé USA, Inc.--12.5x-
Jan 2010Cadbury plcKraft Foods Inc.--13.0x-
Apr 2011Pringles (privately owned by The Procter & Gamble Company)
* Deal announced, but not completed.
Diamond Foods, LLC--16.7x-
Feb 2012Pringles (privately owned by The Procter & Gamble Company)Kellogg Company--9.0x-
Nov 2012Ralcorp Holdings, Inc.ConAgra Foods, Inc.--9.4x-
Feb 2013H.J. Heinz Company3G Capital/Berkshire Hathaway Inc.--13.9x-
Apr 2013D.E. Master Blenders 1753 N.V.Joh. A. Benckiser--18.2x-
May 2013Smithfield Foods, Inc.Shuanghui International Holdings Limited--8.2x-
Apr 2014MFI Holding Corporation (Michael Foods)Post Holdings, Inc.--9.3x-
May 2014Pinnacle Foods Inc.
* Deal announced, but not completed.
The Hillshire Brands Company--14.1x-
Jul 2014The Hillshire Brands CompanyTyson Foods, Inc.--16.7x-
Feb 2015Big Heart Pet BrandsThe J.M. Smucker Company--12.9x-
Mar 2015Kraft Foods Group, Inc.H.J. Heinz Company--12.5x-
Nov 2015Ralcorp Holdings, Inc. (privately owned by Conagra Foods, Inc.)Treehouse Foods, Inc.--9.0x-
Jul 2016The WhiteWave Foods CompanyDANONE S.A.--23.4x-
Apr 2017AdvancePierre Foods Holdings, Inc.Tyson Foods, Inc.--13.9x-
Jul 2017Reckitt Benckiser Foods Division (privately owned by Reckitt Benckiser Group plc)McCormick & Company, Incorporated--19.5x-
Mean-13.3x-
Median-12.9x-

DCF Assumptions

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

Goldman Sachs

Open
WACC
6.0% – 7.0%
Terminal method
Perpetuity growth
Terminal assumption
1.75% – 2.25%
Forecast basis
Company Forecasts
Forecast period
October 1, 2017 to December 31, 2020
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