Pirate Brands business (Pirate’s Booty, Smart Puffs and Original Tings) acquired by The Hershey Company

Basis

• USD 420m 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 4.79x, calculated from USD 420m value and USD 87.7m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The $420 million cash purchase price is treated as estimated EV under FCR-211; it is an asset purchase price subject to closing and post-closing inventory adjustments, and no separate EV bridge is reported. B&G Foods’ unaudited pro forma filing reports $87.705 million of Pirate Brands net sales for FY 2017 and $46.202 million for the two quarters ended June 30, 2018. The FY 2017 price-to-sales ratio is approximately 4.79x by arithmetic, not a reported multiple. The two-quarter figure is not annualized. No EBITDA is established. The approximately $360 million net-of-tax-benefits amount is not gross consideration. 420000000 / 87705000 = approximately 4.79x. B&G Foods’ unaudited pro forma statement reports $87.705 million of Pirate Brands net sales eliminated for FY 2017; it also reports $46.202 million for the two quarters ended June 30, 2018, not annualized.