Consumer & Retail M&A Flash Report for 2 nd Quarter Deal Advisory
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1 Consumer & Retail M&A Flash Report for 2 nd Quarter 217 Deal Advisory
2 Executive Summary Consumer & Retail Deal Activity at a Glance Deal Value Deal Volume US deal value from 2Q 216 to 2Q 217 US deal value from 1Q 217 to 2Q % 66% US deal volume from 2Q 216 to 2Q 217 2% 3% US deal volume from 1Q 217 to 2Q 217 2% 98% Largest US Transaction Closed in the Quarter US$4.3 bn acquisition of AdvancePierre Foods Holdings by Tyson Foods in Apr 217 US Valuation EBITDA Multiple H17 Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 2
3 Executive Summary M&A Outlook US Consumer Confidence (1) US Consumer Sentiment (2) US Index of Consumer Expectations (2) Down 6.7 points from Mar 217 Down by points from 83.9 Mar 217 Down by 2.6 points from Mar 217 The US economy is expected to recover in Q2 217, after a weak GDP growth of 1.4% in Q1 217, on account of improvement in consumer spending and increase in employment and disposable incomes - However, weak retail sales and consumer prices, especially in June 217, may restrict GDP growth to % in Q2 217 Consumer confidence and consumer sentiment declined in Q2 217, signaling people s lack of trust in the Trump administration for implementation of policies pertaining to tax, infrastructure development and deregulations - However, consumers are upbeat about the long-term economic growth prospects anticipating an increase in income levels, employment, and business activity Europe recorded economic recovery for 16 consecutive quarters and is expected to continue to grow at a steady pace in However, Europe elections and Brexit negotiations are to be monitored to assess any downside risk Economic growth in emerging markets looks promising for the rest of 217 and is expected to be led by Asia, however restrained by geopolitical concerns Although M&A fundamentals in H1 217 remained weak at a global level as compared to H1 216, a recovery is expected going forward owing to increased clarity on Trump s administration policies in the US, continued economic recovery in the Eurozone, and firmer China in the Asia - This would be further augmented by companies diversifying through M&A as a key growth strategy Source: 1) The Conference Board, Carol Courter, (Apr-Jun 217); 2) Univ. of Michigan Surveys of Consumers, Richard Curtin, (Jul 217); 3) U.S. Consumer Confidence Eases on Economic, Jobs Expectations, Bloomberg, (May 217); 4) Retail, CPG Shakeup Has Led to the Hottest M&A Activity in 1 Years, emarketer Retail, (Apr 217); ) Emerging Markets Quarterly, Credit Suisse, (Jun 217); 6) Economic Snapshot for the Euro Area, FocusEconomics, (Jun 217) 217 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 3
4 Consumer & Retail: Deal Overview Deal mix by region (28-2Q 217) Americas EMEA Asia Pacific Volume of deals by region (2Q 217) Value of deals by region (2Q 217) USA 6% in Americas deal volume from Q1 217 to Q2 217 Canada USA 3% China in ASPAC deal volume from Q1 217 to Q2 217 Americas 34% ASPAC 23% Americas 38% ASPAC 11% 7% in EMEA deal volume from Q1 217 to Q2 217 EMEA 43% EMEA 1% Volume of deals by region (28-2Q 217) 12 Deal volume Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul 217 ASPAC EMEA Americas 217 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 4
5 Consumer & Retail: Deal Overview Global deals as of 2Q 217 (completed deals) Volume of deals Global 2% over 2Q 216 4% over 1Q 217 Deal volume Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Value of deals Global 31% over 2Q % over 1Q 217 Deal value (US$ bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International
6 Consumer & Retail: Deal Overview US deals as of 2Q 217 (completed deals) Volume of deals US 2% over 2Q 216 2% over 1Q 217 Deal volume Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Value of deals US 6 38% over 2Q % over 1Q 217 Deal value (US$ bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 6
7 Consumer & Retail: Global Deal Overview Completed deals by sub-sector as of 2Q 217 Food & Drinks sub-sector witnessed the highest number of deals in 2Q 217, with majority of the deals valued under US$1 mn Volume of deals by sub-sector Global (2Q 217) Value of deals by sub-sector Global (2Q 217) Retail sub-sector witnessed the sharpest q-o-q decline (by 67%) in deal value despite an 8% q-o-q increase in the deal volume in 2Q 217 Consumer Goods sub-sector remained the strongest in terms of deal value. The highest value (US$1.3 bn (a) ) deal recorded was the acquisition of France-based luxury brand Christian Dior by French conglomerate LVMH in Apr 217 Retail 4% Consumer Goods 14% Food & Drinks 46% Retail 12% Consumer Goods 2% Food & Drinks 36% Volume of deals by sub-sector Global (28-2Q 217) 12 Deal volume Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Food & Drinks Consumer Goods Retail Note: a) Various Google articles suggest the deal value to be US$13.1 bn Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 7
8 Consumer & Retail: US Deal Overview Completed deals by sub-sector as of 2Q 217 Food & Drinks was the strongest sub-sector in terms of deal value. The highest value (US$4.3 bn) deal recorded was the acquisition of Ohio-based AdvancePierre Foods Holdings by Arkansas-based Tyson Foods in Apr 217 Retail sub-sector recorded the largest number of deals; however, witnessed the sharpest q-o-q decline (by 81%) in deal value despite an 8% q-o-q increase in the deal volume in 2Q 217 Consumer goods sub-sector remained slow in terms of both deal value and volume. The highest value deal (US$2.4 bn) recorded was the acquisition of Kate Spade & Co by Coach in May 217 Volume of deals by sub-sector US (2Q 217) Retail 49% Food & Drinks 37% Consumer Goods 14% Value of deals by sub-sector US (2Q 217) Retail 12% Consumer Goods 26% Food & Drinks 62% Volume of deals by sub-sector US (28-2Q 217) 2 Deal volume Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Food & Drinks Consumer Goods Retail Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 8
9 Consumer & Retail: Deal Overview Ten-year US deal multiples Consumer & Retail Average EV / EBITDA multiple 2 Retail Average EV / EBITDA multiple (a) H Consumer goods Average EV / EBITDA multiple (b) 2 Food & Drink Average EV / EBITDA multiple H H17 Note: a) The average deal multiple for 2Q17 is not added for the retail sub-sector as it indicates only data point;b) No deal multiples were available under the consumer goods sub-sector in 214 Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 9
10 Consumer & Retail: Deal Overview Top US deals for 2Q 217 Date Acquirer Target Key Announced Deals (a) over 2Q 217 Deal Value (US$ mn) Sub-sector EV:EBITDA EV:EBIT EV:Sales Apr-17 Tyson Foods AdvancePierre Foods Holding 4,264.4 Food & Drink May-17 Coach Kate Spade & Co 2,38. Consumer Goods Apr-17 Conyers Park Acquisition Corp Atkins Nutritionals 73.1 Food & Drink NA NA 28. May-17 Lowe's Cos Maintenance Supply 12. Retail NA NA NA Apr-17 SuperValu Unified Grocers 39. Food & Drink NA NA NA May-17 Core-Mark Holding Farner-Bocken Co 174. Food & Drink NA NA NA May-17 LAG Holding Karoun Dairies 13. Food & Drink NA NA NA May-17 High Liner Foods Rubicon Resources LLC 17. Food & Drink NA NA 6.1 Apr-17 Samsonite LLC ebags 1. Retail NA NA NA Apr-17 Sports Direct Intl Eastern Outfitters-Stores() 11. Retail NA NA NA Jun-17 Nestle USA Freshly 77. Retail NA NA NA Jun-17 Pacific Ethanol Illinois Corn Processing LLC 76.7 Food & Drink NA NA NA Jun-17 BBX Capital Corp IT'SUGAR LLC 7. Retail NA NA NA Jun-17 Great Hill Partners LP The RealReal. Retail NA NA NA Apr-17 Main Post Partners KUIU. Consumer Goods NA NA 4. Note: a) Key deals mentioned on the basis of the deal value Source: KPMG Analysis; ThomsonOne Deals; all accessed Jul KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International 1
11 kpmg.com/socialmedia kpmg.com/app The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 217 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International The KPMG name and logo are registered trademarks or trademarks of KPMG International.
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