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Whole Earth Brands (Merisant Co. and MAFCO Worldwide) to Act II Global Acquisition Corp.

Packaged Foods/Dec 2019/Citi, Jefferies

Deal Information

Target
Whole Earth Brands (Merisant Co. and MAFCO Worldwide)
Acquiror
Act II Global Acquisition Corp.
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Financial
Advisors
Citi, Jefferies

Transaction Metrics

Enterprise Value
$575M
EV / LTM Sales
EV / LTM EBITDA
9.1x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Citi

Transaction Value / Forward EBITDA selected range: 8.0x - 10.0x

13 comps
Jul 2016Hostess BrandsThe Gores Group$2.3B--10.5x
Sep 2016ACH Food Companies, Inc. (spices business)B&G Foods, Inc.$365M--9.4x
Apr 2017Atkins Nutritionals Inc.Conyers Park Acquisition Corp.$856M--11.6x
Aug 2017Back to Nature Foods CompanyB&G Foods, Inc.$163M--9.6x
Dec 2017Unilever plc (spreads)
(1) Multiple based on EBITDA for the last twelve months prior to announcement of transaction.
KKR$8.0B-10.0x-
Nov 2018Schwan's Co.CJ CheilJedang Corp.$1.8B--8.0x
Apr 2019Kellogg Company (cookies)
(1) Multiple based on EBITDA for the last twelve months prior to announcement of transaction.
The Ferrero Group$1.3B-9.0x-
Dec 2019Voortman Cookies LimitedHostess Brands$320M--16.0x
Dec 2019Whole Earth Brands (Merisant Co. and MAFCO Worldwide)
(1) Multiple based on EBITDA for the last twelve months prior to announcement of transaction.
Act II Global Acquisition Corp.$575M-9.1x-
Nov 2020SwerveWhole Earth Brands, Inc.$80M--14.8x
Dec 2020Wholesome SweetenersWhole Earth Brands, Inc.$180M--7.8x
Nov 2021Unilever plc (tea)CVC Capital Partners$5.0B--12.0x
Aug 2022TreeHouse FoodsInvestindustrial$950M--13.6x
Mean-9.4x11.3x
Median-9.1x11.1x

Advisor: Jefferies

EV/LTM EBITDA selected range: 7.8x - 9.9x

16 comps
Oct 2023Orkla Food IngredientsRhone$1.4B---
Jan 2023Kerry Group plc
Enterprise value stated as € 500 million; USD equivalent not provided in source document.
Irca S.p.A.--12.2x-
Jan 2023Birch Benders (Sovos Brands, Inc.)Hometown Food Company$40M---
Oct 2022Denali IngredientsOrkla Food Ingredients$200M-13.9x-
Jun 2022Natra S.A.CapVest Partners LLP$503M---
May 2022General Mills, Inc. (Helper and Suddenly Salad)Eagle Family Foods Group (Kelso & Company)$610M---
Apr 2021Olde Thompson (Kainos Capital)Olam International (Olam Food Ingredients)$950M-11.5x-
Dec 2020Wholesome Sweeteners IncorporatedWhole Earth Brands, Inc.$180M-7.8x-
Nov 2020Swerve, L.L.C.Whole Earth Brands, Inc.$80M-14.8x-
Oct 2020Crisco (The J.M. Smucker Co.)B&G Foods, Inc.$550M-7.9x-
Aug 2020Birch Benders, LLCSovos Brands, Inc.$146M---
Apr 2020Pure Circle, Inc.Ingredion Inc.$317M---
Jan 2020Frulact S.A.
Enterprise value stated as € 128 million; USD equivalent not provided in source document.
Ardian----
Dec 2019Merisant Co. / MAFCO Worldwide LLC (Whole Earth Brands, Inc.)Act II Global Acquisition Corp.$516M-8.2x-
Jan 2019Natra S.A.Investindustrial VI L.P. (World Confectionary Group S.a r.l.)$215M-5.5x-
Sep 2018SIS '88 Pte. (ED&F Man Holdings)Mitsui Sugar Co. (Mitsui & Co.)$100M---
Mean-10.2x-
Median-9.8x-

DCF Assumptions

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

Citi

Open
WACC
12.5% – 14.5%
Terminal method
Exit multiple
Terminal assumption
6.5x – 8.5x (2028E EBITDA)
Forecast basis
Research consensus estimates as extrapolated based on discussions with Sababa
Forecast period
fiscal years ending December 31, 2024 through December 31, 2028

Jefferies

3 DCF scenarios
Open
WACC
10.5% – 12.0%
Terminal method
Perpetuity growth
Terminal assumption
2.0% – 3.0%
Forecast basis
February Projections
Forecast period
calendar years ending December 31, 2024 through December 31, 2028
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