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Date Target Buyer(s) SegmentAmount
($ in Mil)
TEV/
Rev
TEV/
EBITDA12/19/2017 Vitamin World, Inc. Feihe International, Inc. Vitamins, Minerals, &
Supplements
$28.00 - -
12/15/2017 Atrium Innovations Nestlé Vitamins, Minerals, &
Supplements
$2,300.00 - -
11/30/2017 NEST Fragrances LLC Eurazeo Brands Personal Care $70.00 - -
11/10/2017 ReVive Skincare LLC Tengram Capital Partners LLC Personal Care - - -
11/9/2017 Cambrooke Therapeutics, Inc. Ajinomoto North America, Inc. Lifestyle Companies $65.04 5.06x -
11/6/2017 Ironclad Performance Wear Corp. Brighton-Best International, Inc. Activewear $29.20 1.17x -
11/3/2017 Nutragenesis LLC Innophos Holdings, Inc. Vitamins, Minerals, &
Supplements
$28.00 - -
10/26/2017 Inventure Foods, Inc. UTZ Quality Foods LLC Natural & Organic Foods $137.76 0.93x -
10/12/2017 Uncle Dan's Ltd. Camping World Holdings, Inc. Outdoor Products - - -
10/10/2017 Colorado Trading & Clothing Co. (Active Fashion
Group
12 Retech Corp. Lifestyle Companies - - -
10/2/2017 PlayCore, Inc. Court Square Capital Partners Lifestyle Companies $1,000.00 - -
2 3 2
4 2
10
9
- 2 4 6 8
10 12
Strategic81%
Financial19%
Financial Buyer Inv. Date Select Corporate Acquisitions11/6/2017 ▪ Strike King Lure Co9/8/2017 ▪ Hasa Inc12/20/2016 ▪ Sweet Harvest Foods Co.11/14/2016 ▪ Do Outdoors Inc4/30/2015 ▪ Buck Bomb, Inc.
12/12/2016 ▪ Halo Innovations1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. 1/31/2014 ▪ Recochem, Inc.
10/18/2016 ▪ HME Products6/9/2016 ▪ Good Sportsman Marketing, L.L.C.5/17/2016 ▪ InterVision Systems, LLC5/10/2016 ▪ Systems, Inc.1/11/2016 ▪ Drake Automotive Group, Inc.
Earnest Bros. Logistics6/27/2016 ▪ Drybar Holdings LLC2/17/2016 ▪ Ultimate Fitness Group, LLC6/9/2015 ▪ Naf Naf Grill, LLC4/17/2015 ▪ Driven Brands
5/16/2016 ▪ SidelineSwap, LLC1/15/2016 ▪ Ample Foods Inc.11/5/2015 ▪ Clicky, Inc.7/31/2015 ▪ Pacifica Labs, Inc.1/27/2015 ▪ Remoov, Inc.
Huron Capital Partners
Roark Capital Group
500 Startups
Peak Rock Capital
Swander Pace Capital
Strategic Buyer Inv. Date Select Corporate Acquisitions12/14/2017 ▪ Schmidt's Deodorant Co. LLC11/27/2017 ▪ Sundial Brands LLC
6/19/2017 ▪ Kingdom Animalia LLC
4/20/2017 ▪ Kensington & Sons LLC12/16/2016 ▪ Living Proof, Inc.
7/20/2017 ▪ Lankhorst Taselaar BV11/18/2016 ▪ Payne's Marine Supply, Inc.
8/31/2016 ▪ Indoor Cycling Group
7/5/2016 ▪ Thunder Jet Boats Inc.1/20/2016 ▪ Cybex International Inc.
6/19/2017 ▪ Top Secret Nutrition LLC10/5/2016 ▪ Tribravus Enterprises 10/5/2016 ▪ Prime Nutrition4/28/2016 ▪ Gaspari Nutrition Inc. 8/18/2015 ▪ LG Sciences LLC
6/15/2017 ▪ Deciem, Inc.11/14/2016 ▪ Too Faced Cosmetics LLC10/21/2016 ▪ Becca, Inc.10/25/2015 ▪ Have & Be Co., Ltd.
12/19/2014 ▪ GlamGlow, Inc.
Unilever
Brunswick Corporation
Hi-Tech Pharmaceuticals
Estee Lauder Cos.
-15%
-10%
-5%
0%
5%
10%
15%
20%
Health & Fitness Lifestyle CompaniesActivewear Natural & Organic FoodsOutdoor Products Personal CareVitamins, Minerals, & Supplements S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Planet Fitness, Inc. PLNT 2,971$ 34.63$ 28.4% 72.3% 98.9% 14.6% 43.2% 8.6x 20.5x 49.5x 7.5x 16.8x
Weight Watchers International, Inc. WTW 2,857 44.28 1.7% 286.7% 81.3% 10.2% 32.8% 3.6x 13.9x 26.4x 3.4x 12.2x
Nutrisystem, Inc. NTRI 1,580 52.60 -5.9% 51.8% 77.4% 17.2% 15.9% 2.2x 15.7x 28.7x 1.9x 12.3x
Fitbit, Inc. FIT 1,173 5.71 -18.0% -22.0% 68.0% 9.5% (2.6%) 0.5x NM (3.5x) 0.4x NM
Medifast, Inc. MED 833 69.81 17.6% 67.7% 93.4% 15.6% 14.7% 2.6x 17.9x 34.4x 2.3x 13.3x
Nautilus, Inc. NLS 410 13.35 -21.0% -27.8% 67.4% 8.3% 17.3% 1.0x 6.7x 14.2x 0.9x 6.4x
Segment Average $1,637 0.5% 71.4% 81.1% 12.6% 20.2% 3.1x 15.0x 25.0x 2.7x 12.2xSegment Median $1,377 (2.1%) 59.7% 79.4% 12.4% 16.6% 2.4x 15.7x 27.6x 2.1x 12.3x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Garmin Ltd. GRMN 11,169$ 59.57$ 10.4% 22.9% 94.3% 1.7% 25.7% 3.3x 13.6x 16.2x 3.2x 13.2x
Vail Resorts, Inc. MTN 8,585 212.47 -6.9% 31.7% 89.4% 8.9% (24.9%) 5.1x 16.9x 34.2x 4.7x 14.4x
Polaris Industries Inc. PII 7,755 123.99 18.5% 50.5% 92.1% 7.3% 10.5% 1.6x 16.9x 39.0x 1.6x 11.4x
Brunswick Corp. BC 4,842 55.22 -1.3% 1.2% 86.5% 6.7% 13.3% 1.0x 8.1x 17.7x 1.0x 7.2x
Vista Outdoor, Inc. VSTO 835 14.57 -36.5% -60.5% 36.9% (5.2%) 8.2% 0.8x 7.8x (1.8x) 0.8x 8.4x
GoPro, Inc. GPRO 827 7.57 -31.2% -13.1% 63.7% 2.2% 6.4% 0.7x NM (4.3x) 0.7x 7.9x
Clarus Corp. BDE 236 7.85 4.7% 46.7% 98.1% 24.8% 5.7% 1.6x NM (29.4x) 1.3x 13.7x
Peak Resorts, Inc. SKIS 76 5.40 24.1% -2.7% 87.1% 7.5% (97.6%) 2.1x 11.0x (37.7x) 2.0x 8.9x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
NIKE, Inc. NKE 82,188$ 62.55$ 20.6% 23.1% 96.0% 7.1% NM 2.9x 19.7x 27.1x 2.7x 18.0x
VF Corp. VFC 29,241 74.00 16.4% 38.7% 98.3% 6.4% 18.0% 2.7x 18.2x 30.8x 2.5x 15.8x
lululemon athletica, inc. LULU 9,871 78.59 26.2% 20.9% 98.1% 14.3% 21.8% 4.0x 18.6x 39.1x 3.5x 15.2x
Gildan Activewear, Inc. GIL-CA 7,112 32.41 4.2% 19.1% 99.2% 2.5% 23.4% 2.8x 12.8x 19.3x 2.8x 12.7x
Foot Locker, Inc. FL 5,682 46.88 33.1% -33.9% 60.2% 0.4% 11.3% 0.6x 4.9x 11.8x 0.7x 5.6x
Under Armour, Inc. UA 5,595 13.32 -11.3% -47.1% 48.2% 4.9% 13.7% 1.5x 14.3x 41.6x 1.4x 20.1x
Wolverine World Wide, Inc. WWW 3,050 31.88 10.5% 45.2% 99.5% (9.0%) 11.9% 1.4x 12.5x 53.1x 1.5x 11.1x
Deckers Outdoor Corp. DECK 2,565 80.25 17.3% 44.9% 99.1% 1.1% 17.0% 1.4x 10.3x NM 1.4x 9.7x
Sequential Brands Group, Inc. SQBG 112 1.78 -40.5% -62.0% 34.2% 6.5% 61.7% 4.8x 8.7x (4.8x) 4.5x 8.1x
Iconix Brand Group, Inc. ICON 74 1.29 -77.3% -86.2% 11.9% (38.6%) 64.1% 3.1x 5.4x (0.1x) 3.8x 7.7x
Cherokee, Inc. CHKE 27 1.90 -30.9% -81.9% 17.0% (28.9%) 8.3% 1.3x 12.3x (1.0x) 1.9x 9.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Pinnacle Foods, Inc. PF 7,065$ 59.47$ 4.0% 11.3% 89.2% 1.7% 21.6% 3.2x 14.8x 39.9x 3.1x 13.5x
Hain Celestial Group, Inc. HAIN 4,400 42.39 3.0% 8.6% 92.9% 5.6% 7.4% 1.7x 20.7x 55.8x 1.7x 13.9x
Darling Ingredients, Inc. DAR 2,986 18.13 3.5% 40.4% 97.2% 3.0% 11.8% 1.3x 10.8x 46.5x 1.3x 10.0x
United Natural Foods, Inc. UNFI 2,483 49.27 18.5% 3.2% 93.5% 7.5% 3.2% 0.3x 9.1x 19.1x 0.3x 8.4x
Amplify Snack Brands, Inc. BETR 922 12.01 69.4% 36.3% 98.8% 5.7% 20.6% 4.0x 18.5x NM 3.8x 17.1x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Unilever Plc ULVR-GB 68,755$ 55.81$ -4.5% 25.3% 92.6% 3.3% 19.1% 2.8x 14.7x 25.0x 2.7x 12.9x
Estee Lauder Cos., Inc. EL 28,485 127.24 18.0% 66.3% 97.6% 10.7% 22.6% 4.0x 18.8x 34.4x 3.7x 17.7x
Coty, Inc. COTY 14,907 19.89 20.3% 8.6% 95.3% 4.1% 12.6% 2.5x 20.1x (28.8x) 2.4x 14.9x
Ulta Beauty, Inc. ULTA 13,641 223.66 -1.1% -12.3% 71.0% 20.3% 16.7% 2.4x 13.5x 28.6x 2.1x 11.3x
Nu Skin Enterprises, Inc. NUS 3,592 68.23 11.0% 42.8% 97.1% 9.1% 14.5% 1.7x 11.9x 24.9x 1.6x 11.2x
Sally Beauty Holdings, Inc. SBH 2,383 18.76 -4.2% -29.0% 69.5% 0.1% 15.4% 1.1x 6.8x 12.0x 1.1x 7.4x
USANA Health Sciences, Inc. USNA 1,777 74.05 28.3% 21.0% 97.2% 6.3% 13.6% 1.5x 11.0x 20.5x 1.5x 10.1x
Inter Parfums, Inc. IPAR 1,355 43.45 5.3% 32.7% 92.8% 7.2% 21.2% 2.3x 14.7x 32.9x 2.2x 14.2x
Revlon, Inc. REV 1,147 21.80 -11.2% -25.2% 59.2% (2.5%) 2.0% 1.5x 16.1x (8.0x) 1.5x 13.9x
Avon Products, Inc. AVP 946 2.15 -7.7% -57.3% 35.7% 2.1% 8.4% 0.5x 6.1x (9.0x) 0.5x 5.7x
Natural Health Trends Corp. NHTC 172 15.19 -36.4% -38.9% 50.2% NM 21.6% 0.2x 0.8x 3.6x NM NM
United-Guardian, Inc. UG 85 18.50 -5.1% 19.4% 86.7% NM 47.8% 5.7x 14.6x 23.7x NM NM
LifeVantage Corp. LFVN 68 4.76 12.8% -41.6% 57.1% NM 3.6% 0.3x 21.2x 52.9x NM NM
CCA Industries, Inc. CAW 19 3.15 -6.0% 21.2% 82.7% NM NM 1.2x 7.5x NM NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Herbalife Ltd. HLF 5,905$ 67.72$ -0.2% 40.7% 85.0% 7.2% 13.4% 1.5x 9.9x 15.4x 1.3x 8.4x
Medifast, Inc. MED 833 69.81 17.6% 67.7% 93.4% 15.6% 14.7% 2.6x 17.9x 34.4x 2.3x 13.3x
GNC Holdings, Inc. GNC 255 3.69 -58.3% -66.6% 31.3% (1.9%) 9.6% 0.7x 6.8x (0.7x) 0.7x 6.9x
Nature's Sunshine Products, Inc. NATR 218 11.55 13.8% -23.0% 75.5% NM 5.2% 0.6x 19.0x NM NM NM
Vitamin Shoppe, Inc. VSI 105 4.40 -17.8% -81.5% 17.7% (5.2%) 1.9% 0.2x 3.7x (0.4x) 0.2x 4.4x
LifeVantage Corp. LFVN 68 4.76 12.8% -41.6% 57.1% NM 3.6% 0.3x 21.2x 52.9x NM NM
Mannatech, Inc. MTEX 41 15.00 3.4% -26.1% 72.3% NM 3.6% 0.0x 1.4x 52.5x NM NM
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Brunswick Corp. BC 4,842$ 55.22$ -1.3% 1.2% 86.5% 6.7% 13.3% 1.0x 8.1x 17.7x 1.0x 7.2x
Callaway Golf Co. ELY 1,317 13.93 -3.5% 27.1% 89.1% 8.5% 5.7% 1.3x 12.1x 7.3x 1.2x 12.1x
Sturm, Ruger & Co., Inc. RGR 973 55.85 8.0% 6.0% 81.2% 4.3% 19.7% 1.6x 7.1x 16.3x 1.6x 6.2x
Vista Outdoor, Inc. VSTO 835 14.57 -36.5% -60.5% 36.9% (5.2%) 8.2% 0.8x 7.8x (1.8x) 0.8x 8.4x
Johnson Outdoors, Inc. JOUT 546 62.09 -15.3% 56.4% 81.5% 4.3% 3.6% 1.0x 8.7x 17.7x 1.0x 8.2x
Escalade, Inc. ESCA 177 12.30 -9.6% -6.8% 85.6% 6.8% 12.2% 1.2x 9.4x 17.5x 1.1x 9.1x
Market Stats Operating Stats LTM Multiples NTM Multiples
