Evercore Investment Banking Pitch Book
Appendix
Selected Precedent Transactions - Flavor and Fragrances
Date
Announced
1/9/11 Danisco A/S
7/7/08 Wealthy King Investments
10/14/07 Gewuerzmueller GmbH
6/5/07 Diana Ingredients
5/3/07 Danisco A/S Flavors Unit
Target
12/5/05 Continental Custom Ingredients
5/10/04 Manheimer, Flavurence, Laboratorios Krauss and Fructamine
3/11/04 Rhodia SA
1/18/02 Nestle SA Food Ingerdients Specialties
Source: SDC, Company Slings, CapitallQ
EVERCORE PARTNERS
21
Acquiror
DuPont Denmark
Huabao Int'l Holdings
Frutarom Industries Ltd
AXA Private Equity SA
Finmenich Co
Tate & Lyle PLC
Kerry Group PLC
Danisco A/S
Givaudan SA
TEV
$6,356
112
67
960
612
69
202
395
451
Mean
Median
Max
Min
TEV / LFQ
Revenue
2.4x
NA
1.0
2.8
2.2
1.2
1.5
1.5
1.9
Confidential
($ in millions)
1.8x
1.7
2.8
1.0
EBITDA
12.0x
ΝΑ
7.1
ΝΑ
ΝΑ
ΝΑ
11.3
10.2
ΝΑ
10.2x
10.8
12.0
7.1View entire presentation