Drunk Elephant Holdings, LLC acquired by Shiseido Americas Corporation

Basis

• USD 845m enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Metric period: FY2019 2019.
• The $845 million reported acquisition valuation is treated as estimated whole-company enterprise value under FCR-211; the cited sources provide no debt or cash bridge. Harvard Business School reports an 8.5x sales valuation but does not specify the sales period or denominator. Shiseido reported FY2019 global net sales of $120 million, a post-announcement brand metric, so no transaction multiple is calculated from it. Shiseido also reported 61% net-sales growth versus 2018 and 118% compound annual growth from 2016 to 2019, excluding the impact of ASC 606. No EBITDA amount is supported by the supplied source texts. Harvard Business School reports8.5x sales with unspecified period; retained in notes, not paired with FY2019 revenue. Shiseido annual report reports FY2019 global net sales of $120 million. Harvard Business School reports an 8.5x sales valuation without specifying the denominator period. The reported sales multiple is not calculated using FY2019 sales.