January, 2017.

For announced transactions, restaurant multiples saw a modest decrease from 10.1x EBITDA and 1.03x revenue in 2015 to 9.6x EBITDA and 0.9x revenue in 2016.

Recent notable publicly announced M&A transactions:

– Peakstone advises PepperJax Grill on sale of company to TA Associates for an undisclosed amount.

– Cortland Capital Market Services LLC entered in an agreement to acquire Garden Fresh Restaurant Corp. for approximately $98 million.

– REINS international Inc. agreed to acquire Reins International (USA) Co Ltd for approximately $87 million.

– BDT Capital Partners made a significant investment in Lou Malnati’s for an undisclosed sum. The deal is expected to close in early October.

– Roark Capital Group acquired majority stake in Jimmy John’s Franchise, LLC for an undisclosed amount.

– The Arlon Group acquired Cicis for an undisclosed amount.

– CenterOak Partners LLC acquired an unknown majority stake in Wetzel’s Pretzels, LLC for an undisclosed amount.

– Cotton Parent, Inc. entered into a definitive agreement to acquire Krispy Kreme Doughnuts, Inc. for approximately $1.3 billion.

December, 2016.

For year-to-date 2016, total announced transactions of 357 deals are exceeding 2015 record levels. There were 351 transactions during 2015.

For announced transactions, Food and Beverage (“F&B”) multiples saw a modest decrease from 13.4x Enterprise Value to EBITDA to 11.0x.

Many F&B categories continue to outperform the S&P 500.

Notable publicly announced recent M&A transactions:

– Peakstone advises PepperJax Grill on sale of company to TA Associates for an undisclosed amount.

– Peakstone advises Clearbrook Farms on sale of company to Glencoe for an undisclosed amount.

– B&G Foods, Inc. acquired Victoria Fine Foods Holding Company and Victoria Fine Foods, Inc. for approximately $70 million.

– Pilgrim’s Pride Corporation acquired GNP Company for approximately $350 million.

– Mott’s, LLP acquired BAI Brands LLC for approximately $1.7 billion.

– Onex Corporation acquired Moran Foods, LLC from Supervalu, Inc. for approximately $1.4 billion.

– ConAgra Foods acquired Frontera Foods including the Frontera, Red Fork and Salpica brands from the Frontera Hospitality Group for an undisclosed amount.

– B&G Foods North America Inc. acquired ACH Food Companies, Inc., Spices and Seasonings Business for approximately $365 million.

December, 2016.

For year-to-date 2016, total announced transactions of 52 deals are on pace with 2015 record levels. There were 55 transactions during 2015.

For year-to-date 2016, strategic buyers accounted for 96% of Automotive M&A transactions. During 2015, strategic buyers accounted for 93% of the transactions.

For announced transactions, Automotive multiples saw a modest decrease from 12.3x to 10.5x Enterprise Value to EBITDA in 2015 and 2016, respectively.

Many Automotive categories continue to outperform the S&P 500.

Select recent notable publicly announced M&A transactions:

– American Axle & Manufacturing Holdings Inc. entered into a definitive agreement to acquire Metaldyne Performance Group Inc. for approximately $1.5 billion.

– Polaris Industries Inc. entered into an agreement to acquire Transamerican Auto Parts Company, LLC for approximately $670 million.

– Octavius Corporation entered into a definitive agreement to acquire Grand Design RV from Summit Partners LLP and others for approximately $500 million.

– General Motors Company agreed to acquire Cruise Automation, Inc. from Signia Venture Partners, Spark Capital Partners, LLC, Felicis Ventures and others for approximately $600 million.

– Ningbo Joyson Electronic Corp. entered into a definitive agreement to acquire Key Safety Systems, Inc. from funds managed by FountainVest Partners, Canada Pension Plan Investment Board and Crestview Partners, L.P. for approximately $920 million.

November, 2016.

Packaging M&A continues to see strong activity. Year-to-date 2016 transaction volume of 50 deals is just below pace of 2015 levels.

For the year-to-date 2016 period, strategic buyers accounted for 90% of the packaging M&A transactions with financial buyers making up the difference. During 2015, strategic buyers accounted for approximately 80% of the transactions.

Peakstone equally weighted packaging index continues to outperform the S&P 500.

Notable publicly announced 2016 transactions:

‒ Stone Canyon Industries acquired BWAY Parent Company for approximately $2.4 billion

‒ Berry Plastics Group acquired AEP Industries for approximately $769 million.

‒ Packaging Corporation of America acquired Tim-Bar Corporation for approximately $386 million.

‒ Amcor Rigid Plastics acquired Rigid Plastics Blow Molding Operations for approximately $280 million.

‒ Packaging Corporation of America acquired Columbus Container for approximately $100 million.

November, 2016.

Transportation and logistics M&A continues to see strong activity. YTD 2016 transaction volume of 99 exceeded 2015 levels. During 2015, there were 93 transactions.

For YTD 2016, strategic buyers accounted for 96% of the transportation and logistics M&A transactions with financial buyers making up the difference. During 2015, strategic buyers accounted for approximately 87% of the transactions.

For announced transactions, transportation and logistics multiples saw 9.4x EBITDA and 0.7x revenue in YTD 2016.

Peakstone equally weighted transportation and logistics index is slightly underperforming the S&P 500.

Notable publicly announced transactions:

‒General Logistics Systems acquired Golden State Overnight Delivery Service Inc. for approximately $90 million.
‒Menzies Aviation Inc. entered into a definitive agreement to acquire Aircraft Service International Group, Inc. for approximately $200 million.
‒Genesee & Wyoming Inc. entered into a definitive agreement to acquire Providence and Worcester Railroad Company for approximately $130 million.
‒Matson Logistics, Inc. acquired Span-Alaska Transportation, Inc. for approximately $200 million.

October, 2016.

E-Commerce M&A continues to see strong activity. YTD 2016 transaction volume of 327 exceeded 2015 levels.  During 2015, there were 320 transactions.

For Year-to-Date 2016, strategic buyers accounted for 87% of the e-commerce M&A transactions with financial buyers making up the difference.  During 2015, strategic buyers accounted for approximately 80% of the transactions.

For announced transactions, e-commerce multiples saw 9.3x EBITDA and 1.3x revenue in YTD 2016.

Peakstone equally weighted e-commerce index continues to outperform the S&P 500.

Notable publicly announced transactions:

– Tractor Supply Company acquired Petsense, Inc. for approximately $120 million.

– UniFirst Corp. acquired Arrow Uniform-Taylor LLC for approximately $120 million.

– LeftLane Sports, Inc. acquired Retail Innovation Group, Inc. for approximately $19 million.

– Hudson’s Bay Company entered into a definitive agreement to acquire Gilt Groupe Inc. for approximately $250 million.

October, 2016.

For year-to-date 2016, strategic buyers accounted for approximately 93% of industrial & manufacturing M&A transactions. During 2015, strategic buyers accounted for just over 90% of the transactions.

For closed transactions, industrial & manufacturing transaction multiples increased from 8.4x EBITDA and 1.3x revenue in 2014 to 10.5x EBITDA and 1.1x revenue in 2015

Notable publicly announced 2016 M&A transactions:

– Tesla Motors, Inc. made a proposal to acquire SolarCity Corporation for approximately $7.1 billion

– Cintas Corporation entered into a definitive agreement to acquire G&K Services, Inc. for approximately of $2.2 billion

– Teleperformance SE entered into a definitive agreement to acquire LanguageLine Solutions, Inc. for approximately $1.5 billion

– Konecranes Plc agreed to acquire Terex Corporation, Material Handling and Port Solutions business for approximately $1.3 billion

– Sovran Acquisition LP entered into a definitive agreement to acquire Lifestorage, LP for $1.3 billion

Notable IPO’s include Forterra, Green Plains Partners LP, Milacron Holdings, JELD-WEN Holdings, Inc. and Atkore International Group, Inc.