Snyder's-Lance, Inc. acquired by Campbell Soup Company

Basis

• USD 6.1bn 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 / EBITDA is 19.9x, calculated from USD 6.1bn value and USD 305m EBITDA.
• EBITDA and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• Enterprise value is reported as approximately $6.1 billion. The December 2017 transaction presentation reports 19.9x CY2017E adjusted EBITDA pre-synergies and 12.8x post-synergies; the latter is synergy-adjusted and is not a canonical multiple. It gives estimated CY2017 adjusted EBITDA of $305 million. At announcement, Snyder's-Lance reported approximately $2.2 billion net sales and approximately $193 million adjusted EBIT for the TTM ended September 30, 2017; this EBIT is not EBITDA. The presentation separately describes approximately $170 million of cost synergies targeted by FY2022. The 10-K reports actual FY2017 net revenue of $2,226,837,000 for the fiscal year ended December 30, 2017. These differing periods and measures are not interchangeable. EBITDA amount and multiple are issuer estimates/reports; no synergy-adjusted multiple used as canonical. TTM net sales and adjusted EBIT are reported at announcement; adjusted EBITDA amount and pre-synergy multiple are CY2017 estimates.