Chicago Bar Company LLC (RXBAR) acquired by Kellogg Company

Basis

• USD 600m enterprise value is a FundComb estimate. Public sources reviewed confirm the transaction, but do not independently disclose every valuation input.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 5x, calculated from USD 600m value and USD 120m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The announced $600 million purchase price is treated as estimated whole-company EV under FCR-211; no debt/cash bridge is disclosed. The announcement separately gives approximately $400 million net of tax benefits and states the price is subject to working-capital and net-debt adjustments. Approximately $120 million of 2017 net sales was an estimate; projected 2018 EBITDA multiple was 12–14x inclusive of tax benefits, with no EBITDA amount disclosed. Kellogg reported RXBAR net sales of $27 million and operating profit of $3 million for the post-acquisition reporting period in 2017, and $186 million net sales for 2018. These reported acquired-business figures are not full-year standalone results; operating profit is not EBITDA. The reported EBITDA multiple range is not converted to a scalar. Kellogg2017 Form10-K subsequently reported acquisition price USD596m, separate from original USD600m announced economics. The approximately 5.0x revenue multiple is $600 million / approximately $120 million 2017E net sales. The 2018 reported net sales figure is a separate acquired-business metric and is not used in that multiple. Approximately USD120m forecast2017 net sales; USD600m price / USD120m =5x, derived. FY2018 USD186m acquired-business revenue retained in notes, a distinct period.