Tumi Holdings, Inc. to Samsonite International

Luxury & Apparel/Mar 2016/Goldman Sachs

Deal Information

Target

Tumi Holdings, Inc.

Acquiror

Samsonite International

Sector

Luxury & Apparel

Target Type

Public

Acquiror Type

Strategic

Advisors

Goldman Sachs

Enterprise Value

EV / LTM Sales

EV / LTM EBITDA

13.8x

EV / Fwd EBITDA

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

EV/LTM EBITDA selected range: 10.0x - 16.0x

12 comps


Apr 2004	Vans, Inc.	VF Corporation	-	-	15.2x	-
Oct 2004	Tumi, Inc.	Doughty Hanson & Co.	-	-	11.9x	-
Nov 2004	Jimmy Choo PLC	Lion Capital LLP	-	-	13.5x	-
Feb 2007	Jimmy Choo PLC	TowerBrook Capital Partners, L.P.	-	-	13.7x	-
Apr 2007	Puma SE	PPR SA	-	-	12.2x	-
Oct 2007	Samsonite International S.A.	CVC Capital Partners	-	-	15.6x	-
Apr 2008	Hublot S.A.	LVMH Moët Hennessy Louis Vuitton SE	-	-	12.0x	-
May 2010	Stuart Weitzman Holdings, LLC	Jones Apparel Group, Inc.	-	-	8.0x	-
Oct 2010	Hermès International S.A. Date announced listed as October 2010/ December 2011 — two dates shown in the source table, likely reflecting initial stake acquisition and subsequent event.	LVMH Moët Hennessy Louis Vuitton SE	-	-	12.4x	-
Nov 2011	Brioni S.p.A.	PPR SA	-	-	19.4x	-
Jul 2012	Helly Hansen AS	Teachers Private Capital	-	-	14.1x	-
Sep 2014	R.G. Barry Corporation	Mill Road Capital Management LLC and The Blackstone Group L.P.	-	-	10.4x	-
	Mean			-	13.2x	-
	Median			-	12.9x	-

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

WACC: 9.0% – 11.0%
Terminal method: Both
Terminal assumption: Exit multiple 7.4x – 12.2x (terminal year EBITDA); Perpetuity growth 2.0% – 3.5%
Forecast basis: Management Forecasts
Forecast period: fiscal years 2016 through 2024

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	9.0% – 11.0%	Both	Exit multiple 7.4x – 12.2x (terminal year EBITDA); Perpetuity growth 2.0% – 3.5%	Management Forecasts	fiscal years 2016 through 2024	Open