Deal Hound Pet Report Q4 2017



8

7

7

7

6

5

4

4

3

2

2

2

1

1

1

-

-

-

Pet Food Pet Treats Retailers Hard Goods Co-Packers Animal Veterinary Pet Care Pet Tech

Health Services Services

Financial 54%

Strategic 46%

3

Date

Target

Buyer(s)

12/27/2017 PetVet Care Centers LLC

KKR & Co. L.P. (NYSE:KKR)

12/18/2017 SERG Solutions LLC

Henry Schein, Inc.

12/12/2017 The Kyjen Co. LLC (nka Outward Hound) J.W. Childs Associates LP

12/11/2017 Fuzzy Pet Health

Eniac Ventures

11/15/2017 PupBox, Inc.

Petco Animal Supplies, Inc.

11/14/2017 Pet Circle

Francisco Partners

11/13/2017 Animal Health Clinic of Baton Rouge LLC Opus Equity Partners LLC

11/2/2017 VetPronto-Mobile Veterinarians, Inc. Foundation Capital LLC

10/31/2017 FORPETS Co.,Ltd.

J-STAR Co. Ltd.

10/26/2017 Shadow Ventures LLC

Opus Equity Partners LLC

10/24/2017 Real Pet Food Co. Pty Ltd.

Temasek Capital Pte Ltd.

10/16/2017 Terang & Mortlake Veterinary Clinic

Apiam Animal Health Ltd.

8/1/2017 Novel Ingredient Services LLC

Innophos Holdings, Inc.

8/1/2017 Stratum Nutrition

ESM Technologies LLC

7/31/2017 i4C Innovations, Inc.

One Health Group LLC

Segment

Veterinary Services Pet Tech Hard Goods Veterinary Services Hard Goods Pet Food Veterinary Services Veterinary Services Pet Care Services Pet Care Services Pet Food Veterinary Services Pet Food Pet Food Veterinary Services

Amount ($ in Mil)

780.55 1.26 125.00 20.00

TEV/ Rev TEV/ EBITDA

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.73x

-

-

-

-

-

-

-

Strategic Buyer Radio Systems Corporation Bentley's Pet Stuff LLC

Innovetive Petcare, Inc.

Mars, Incorporated PetSmart, Inc. Petco Animal Supplies, Inc.

Financial Buyer Opus Equity Partners LLC (Destination Pet LLC)

The Halifax Group LLC (Animal Supply Co. LLC)

L Catterton The Riverside Company (Outward Hound) *Sold to JW Childs on 12/12/2017

Inv. Date

3/20/2017

5/31/2016 2/5/2013 12/1/2017

7/12/2017

7/12/2017 9/29/2016 9/29/2016 7/14/2016 5/4/2016 2/1/2017

9/8/2016 5/8/2016 8/19/2015 2/24/2015 1/9/2017

3/31/2016 10/9/2015 1/29/2015 4/18/2017

10/19/2016 11/15/2017 4/4/2017 8/12/2016

Select Corporate Acquisitions

Solvit Products The Piddle Place, LLC Pup-Pee Solutions USA LLC Natural Pet Market Pet Empawrium Pet Things Moochie & Co., Inc. Pet Food Zoom, Inc. Go Dog Go, Inc. ITS A PETS LIFE, Inc.

Sun Dog Cat Moon Veterinary Clinic Crossroads Pet Hospital of Carrolton and Chisolm Trail Vet Clinics of Lockhart Veterinary Referral Hospital of Hickory Chattanooga Emergency Pet Hospital (CEPH) Animal Emergency & Specialty Center, LLC

VCA, Inc. Whistle Labs, Inc. BluePearl Veterinary Partners LLC Snaptracs, Inc.

Chewy, Inc. DCl Ventures, Inc. PupBox, Inc. PetCoach, Inc. Petnet, Inc.

Inv. Date

11/13/2017 11/13/2017 10/26/2017 10/18/2017 10/16/2017 10/5/2017 10/4/2017 5/30/2017

4/18/2017 12/19/2016 3/30/2015 7/15/2013 11/7/2012 6/15/2017 4/25/2017 4/4/2017 9/30/2014 12/7/2016 10/15/2015 9/9/2015 1/13/2015

Select Corporate Acquisitions

Animal Health Clinic of Baton Rouge LLC The Petz Plaza LLC Shadow Ventures LLC Pet Health Center LLC Dog Days Westside LLC All Star Kennels LLC Snoutopia Lewisville LLC Destination Pet LLC

LADS Pet Supplies Holistic Pet Source, Inc Wilson Pet Supply Pet Food Wholesale, Inc. Lone Star Pet Supply, Inc.

Triple-T Foods, Inc. (Add-on to Ainsworth Platform) JustFoodForDogs, LLC NatPets LLC (dba I and love and you) Ainsworth Pet Nutrition, Inc.

Dublin Dog Co. Petstages, Inc. Zoo Active Products AB Bionic Pet Products Inc.

20% 15% 10%

5% 0% -5% -10% -15% -20%

Pet Food & Treats

Retailers

Hard Goods

Animal Health

S&P 500

Company Name

Nestl? SA Colgate-Palmolive Co. The J. M. Smucker Co. Spectrum Brands Holdings, Inc. Blue Buffalo Pet Products, Inc. Central Garden & Pet Co. Freshpet Inc. Segment Average Segment Median

Symbol

NESN-CH CL-US SJM-US SPB-US

BUFF-US CENT-US FRPT-US

Market Cap ($ in Mil)

$ 267,623 66,253 14,112 6,477 6,403 1,907 661

Market Stats

Price ($)

Quarter Change

$ 85.99 75.45

124.24 112.40

32.79 38.92 18.95

3.3% 3.6% 18.4% 6.1% 15.7% 0.2% 21.1%

YTD % of 52 Change Week High

14.7% 15.3% -3.0% -8.1% 36.4% 17.6% 86.7%

95.8% 97.6% 86.5% 76.9% 99.1% 92.0% 92.4%

Operating Stats

Est. Revenue Growth

4.9% 5.2% 2.0% 5.0% 12.2% 2.9% 25.0% 8.2% 5.0%

EBITDA Margin

19.3% 28.3% 23.7% 16.4% 25.9% 5.2% 8.3% 18.1% 19.3%

LTM Multiples

TEV/ Rev

TEV/ Price/ EBITDA EPS

3.2x 4.7x 2.6x 2.0x 5.3x 1.2x 4.4x 3.3x 3.2x

16.3x 16.2x 11.7x 12.0x 21.9x 11.8x 71.1x 23.0x 16.2x

28.3x 29.1x 25.1x 22.4x 37.7x 25.6x NM 28.0x 27.0x

NTM Multiples

TEV/ NTM Revenue 3.0x 4.5x 2.6x 2.0x 4.8x 1.1x 3.5x 3.1x 3.0x

TEV/ NTM EBITDA 15.1x 15.5x 11.1x 10.2x 19.0x 11.1x 29.8x 16.0x 15.1x

Company Name

Tractor Supply Co. PetMed Express, Inc. Segment Average Segment Median

Symbol

TSCO-US PETS-US

Market Stats

Market Cap ($ in Mil)

Price ($)

Quarter Change

$

9,386 $ 74.75 18.1%

937

45.50 37.3%

Operating Stats

YTD Change

% of 52 Week High

Est. Revenue Growth

EBITDA Margin

-1.4% 95.5%

6.9%

11.0%

97.2% 89.4%

8.5%

19.1%

7.7x

15.1x

7.7x

15.1x

LTM Multiples

TEV/ Rev

TEV/ Price/ EBITDA EPS

1.4x

11.4x 22.2x

3.3x

18.1x 30.5x

2.3x

14.8x 26.4x

2.3x

14.8x 26.4x

NTM Multiples

TEV/

TEV/

NTM

NTM

Revenue EBITDA

1.3x

11.2x

3.0x

16.4x

2.2x

13.8x

2.2x

13.8x

Company Name

The Clorox Co. Church & Dwight Co., Inc. Spectrum Brands Holdings, Inc. Central Garden & Pet Co. Oil-Dri Corp. of America Jewett-Cameron Trading Co. Ltd. Boss Holdings, Inc. Segment Average Segment Median

Symbol

CLX-US CHD-US SPB-US CENT-US ODC-US JCTCF-US BSHI-US

Market Cap ($ in Mil)

$ 19,178 12,539 6,477 1,907 213 34 34

Market Stats

Price ($)

Quarter Change

$ 148.74 50.17

112.40 38.92 41.50 15.18 16.25

12.8% 3.6% 6.1% 0.2% -15.2% 9.0% 13.2%

YTD % of 52 Change Week High

23.9% 13.5% -8.1% 17.6% 8.6% 17.6% 24.8%

98.9% 92.6% 76.9% 92.0% 81.7% 84.8% 78.1%

Operating Stats

Est. Revenue Growth

EBITDA Margin

3.4%

22.9%

10.7%

20.5%

5.0%

16.4%

2.9%

5.2%

NM

10.7%

NM

NM

NM

5.8%

5.5%

13.6%

4.2%

13.5%

LTM Multiples

TEV/ Rev

TEV/ Price/ EBITDA EPS

3.5x 4.0x 2.0x 1.2x 1.0x 0.6x 0.3x 1.8x 1.2x

16.0x 18.1x 12.0x 11.8x 9.1x 5.9x 5.3x 11.2x 11.8x

27.4x 28.8x 22.4x 25.6x 25.9x 12.6x 12.0x 22.1x 25.6x

NTM Multiples

TEV/

TEV/

NTM

NTM

Revenue EBITDA

3.4x

15.6x

3.7x

15.2x

2.0x

10.2x

1.1x

11.1x

NM

NM

NM

NM

NM

NM

2.6x

13.0x

2.7x

13.1x

Company Name

Merck & Co., Inc. Sanofi Eli Lilly & Co. Zoetis, Inc. Henry Schein, Inc. IDEXX Laboratories, Inc. Akorn, Inc. Neogen Corp. Trupanion, Inc. Phibro Animal Health Corp. Heska Corp. PetIQ, Inc. Aratana Therapeutics, Inc. RiceBran Technologies Sonoma Pharmaceuticals, Inc. Jaguar Health, Inc. Segment Average Segment Median

Symbol

MRK-US SAN-FR LLY-US ZTS-US HSIC-US IDXX-US AKRX-US NEOG-US TRUP-US PAHC-US HSKA-US PETQ PETX-US RIBT-US SNOA-US JAGX-US

Market Cap ($ in Mil)

$ 153,908 108,980 92,998 35,104 10,968 13,639 4,031 3,176 879 656 581 289 226 25 24 7

Market Stats

Price ($)

Quarter Change

$ 56.27 86.28 84.46 72.04 69.88

156.38 32.23 61.66 29.27 33.50 80.21 21.84 5.26 1.48 5.45 0.14

-12.1% -14.5% -1.3% 13.0% -14.8% 0.6% -2.9% 6.1% 10.8% -9.6% -8.9% -19.4% -14.2% 13.9% 4.4% -30.1%

YTD % of 52 Change Week High

-4.4% -6.6% 14.8% 34.6% -7.9% 33.4% 47.6% 24.6% 88.6% 14.3% 12.0% NM -26.7% 43.7% 8.1% -80.5%

84.2% 84.5% 94.8% 97.9% 74.7% 90.4% 94.8% 95.7% 88.7% 83.2% 69.7% 77.4% 61.0% 95.5% 66.1% 9.2%

Operating Stats

Est. Revenue Growth

3.3% 2.3% 3.3% 9.4% 7.5% 13.1% (9.3%) NM 30.6% 3.8% 14.5% NM 135.4% (63.7%) 19.7% 453.2% 44.5% 8.5%

EBITDA Margin

14.3% 27.2% 28.1% 38.9% 8.3% 24.1% 19.1%

NM 2.5% 15.4% 12.0% 4.7% (127.5%) (34.8%) (63.0%) (206.3%) (15.8%) 12.0%

LTM Multiples

TEV/ Rev

TEV/ Price/ EBITDA EPS

4.3x 2.8x 4.4x 7.6x 1.1x 7.6x 4.8x 8.0x 3.6x 2.1x 4.3x 1.2x 12.5x 0.6x 0.9x 8.4x 4.6x 4.3x

12.8x 9.9x 16.1x 21.6x 12.8x 30.1x 15.5x 36.5x 634.9x 13.7x 30.7x NM NM NM NM NM 75.9x 16.1x

54.1x 21.0x 40.2x 37.9x 20.1x 50.8x 54.1x NM NM 19.8x 42.0x NM NM NM NM NM 37.8x 40.2x

NTM Multiples

TEV/ NTM Revenue 4.1x 2.7x 4.1x 7.0x 1.0x 6.9x

TEV/ NTM EBITDA 10.8x 8.6x 13.5x 17.7x 11.8x 26.1x

5.3x 7.0x 3.1x 2.0x 4.0x 0.9x 5.2x 0.6x 0.8x 1.6x 3.5x 3.5x

21.3x 30.8x 95.7x 12.6x 21.4x 9.3x NM NM NM NM 23.3x 15.6x

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