Keurig Green Mountain, Inc. acquired by Acorn Holdings B.V. (JAB-led investor group)

Basis

• USD 14bn 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.
• Implied EV / revenue is 3.16x, calculated from USD 14bn value and USD 4.5bn revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The proxy reports an implied enterprise value of $14.3 billion and multiples of 12.9x fiscal 2015 and 13.8x projected fiscal 2016 EBITDA, before one-time charges/gains and stock-based compensation. The 10-K reports fiscal 2015 net sales of $4.520031 billion. The approximately $13.9 billion total equity value reported at announcement and $13.9 billion purchase consideration reported at closing are distinct from the proxy’s implied enterprise value. No EBITDA amount is populated because the cited sources report multiples, not a matching EBITDA denominator amount. USD14.3bn / USD4.520031bn = approximately3.164x Reported FY2015 net sales USD4.520031bn. Revenue multiple derived using USD14.3bn transaction enterprise value.