SpartanNash to C&S Wholesale Grocers

Deal Information

Target

SpartanNash

Acquiror

C&S Wholesale Grocers

Sector

Food Distribution

Target Type

Public

Acquiror Type

Strategic

Advisors

BofA

Enterprise Value

$1.8B

EV / LTM Sales

EV / LTM EBITDA

6.8x

EV / Fwd EBITDA

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

EV / LTM Adjusted EBITDA selected range: 5.5x - 7.3x

14 comps


Oct 2022	Albertsons Companies, Inc.	The Kroger Co.	$24.6B	-	5.4x	-
Apr 2019	Smart & Final Stores, Inc.	Apollo Global Management, LLC	$1.1B	-	6.1x	-
Jun 2017	Whole Foods Market, Inc.	Amazon.com, Inc.	$13.7B	-	10.2x	-
Oct 2016	MORAN FOODS, LLC (dba Save-A-Lot)	Onex Corporation	$1.4B	-	6.8x	-
Mar 2016	The Fresh Market, Inc.	Apollo Global Management, LLC	$1.4B	-	7.1x	-
Nov 2015	Roundy's, Inc.	The Kroger Co.	$800M	-	7.0x	-
Mar 2014	Safeway Inc.	Albertson's Holdings LLC	$9.0B	-	6.4x	-
Dec 2013	Arden Group, Inc.	TPG Partners, LLC	$394M	-	9.9x	-
Jul 2013	Harris Teeter Supermarkets, Inc.	The Kroger Co.	$2.5B	-	7.4x	-
Oct 2012	Smart & Final Holdings Corp.	Ares Management LLC	$975M	-	7.5x	-
Jul 2018	SUPERVALU INC.	United Natural Foods, Inc.	$3.0B	-	7.2x	-
Oct 2017	ASSOCIATED GROCERS OF FLORIDA, INC.	SUPERVALU INC.	$193M	-	9.7x	-
Apr 2017	Unified Grocers, Inc. Raw cell text printed as '1 1.1 x' — likely a typographical spacing artifact for 11.1x.	SUPERVALU INC.	$390M	-	11.1x	-
Jul 2013	Nash-Finch Company	Spartan Stores, Inc.	$782M	-	6.6x	-
	Mean			-	7.7x	-
	Median			-	7.2x	-

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

WACC: 8.25% – 9.25%
Terminal method: Exit multiple
Terminal assumption: 5.2x – 6.3x (Terminal year EBITDA)
Forecast basis: SpartanNash Forecasts – Management Case (excluding hypothetical future programmatic M&A)… more
SpartanNash Forecasts – Management Case (excluding hypothetical future programmatic M&A) and Management Case Including M&A (including impact of potential future hypothetical programmatic M&A)
Forecast period: April 20, 2025 through December 31, 2029

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
BofA	8.25% – 9.25%	Exit multiple	5.2x – 6.3x (Terminal year EBITDA)	SpartanNash Forecasts – Management Case (excluding hypothetical future programmatic M&A)… more SpartanNash Forecasts – Management Case (excluding hypothetical future programmatic M&A) and Management Case Including M&A (including impact of potential future hypothetical programmatic M&A)	April 20, 2025 through December 31, 2029	Open