1. Health & Nutrition Industry 2011 Census
Trends in Mergers and Acquisitions
Marco V. Galante, Principal
Marco V. Galante, Principal
J.H. Chapman Group, L.L.C.
J.H. Chapman Group, L.L.C.
773-693-4800
773-693-4800
mgalante@jhchapman.com
mgalante@jhchapman.com
©2012 J.H. Chapman Group, L.L.C.
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

2. Contents
Objective of Census . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Sub-Segment Analysis and Commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Healthy, natural, organic, functional foods and beverages . . . . . . . . . . . . . . . . . . 9
Health and nutrition ingredients suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Contract manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Branded nutritional supplements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
OTC and natural personal care products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Licensing and joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Retailers and distributors of these products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Conventional ingredients suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Recent Financings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
J.H. Chapman Group, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
J.H. Chapman Group, L.L.C. makes no representation as to the accuracy and completeness of the information provided.
The information in this presentation is obtained from various public sources.
In the listings of Acquirers and Targets, the columns are blank if amounts are unavailable.
Please do not reproduce it for third parties, but notify us of others who would like to receive it and we will contact them directly.
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3. Objective of Census
Provide for market participants a Census of M&A activity and
trends in the sub-segment of their industry, within the $5 million to
$100 million transaction value range.
Identify, where applicable, future trends that are likely to have an
influence on transaction activity and valuations.
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4. Executive Summary
M&A Transactions Licensing and joint ventures continued to grow,
with an increase of 26% over 2010. This trend is a
While the 2011 M&A transactions for the total food strong indicator of companies seeking alternative
industry sector eked a small increase of 7.6% over strategic options for growth.
2010, the “Food & Beverage Processor” category
declined by 21% (55 transactions in 2011 versus 77 Organic and Functional Food & Beverage
in 2010).
This category continues to be the largest M&A
The following information is a summary of M&A contributor accounting for 51% of the transactions.
activity in the health and nutrition sector, followed by This expanding area enjoyed an increase of 28%
statistical information for each identified segment. above 2010 and double the number of 2006
transactions.
Health and Nutrition
Health and Nutrition Ingredients Suppliers
Steady and growing M&A activity is reflective of
2011 in the Health and Nutrition Sector. Objectives As the second largest transaction contributor, this
were focused by acquirers on strategic transactions category was 39% higher than in 2010, achieving
supporting their growth and to augment their the highest number of transactions since 2006.
product and application offering.
Branded Nutritional Supplements
In the health and nutrition category, there were a
total of 109 transactions in 2011 (excluding Transactions in 2011 were flat with one transaction
less than that of 2010 and 2006.
licensing, joint ventures, financing, retail and
distribution), an increase of 20% over 2010 and a Licensing & Joint Ventures
substantial increase of 56% over the peak of 2006.
The organic/natural food and beverage sector was An increase of 26% to 53 transactions indicates that
the largest contributor with 51% of the total, companies seeking growth are pursuing other ways
followed by health and nutrition ingredients and means in addition to traditional M&A.
suppliers at 23%. 4
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5. Executive Summary (cont’d)
Financing recovered by year-end resulting in higher growth
than was expected for the year as a whole.
While the first half of 2011 experienced some
easing in the capital markets, this appeared to A significant factor against this backdrop is that
slow in the second half. At 38 financings, 2011 food manufacturers are facing considerable and
was 22% below that of 2010. increasing pressure from rising commodity prices,
which are making an impact on margins that are
Growth Prospects being squeezed as consumers continue to resist
Companiesandmarkets.com predicts that the price increases.
functional beverages market will experience the North American M&A Activity
highest growth at 8.8%, rising from $57 billion to
$87 billion over the five-year period. While buy and sell side activity of the first half of
Nutraceutical foods will be the second highest 2011 showed a steady pace of M&A activity in
growth at 8.4% – making it achieve an estimated both strategic and financial acquisitions across
$49 billion in five years time. various industries as compared to the preceding
six-month period, the second half ‘stalled’ in
Economic and Market Environment in 2011 comparison to 2010 levels.
The US Economy That said, robust cash positions, strong balance
Regardless of investor positive sentiment or sheets and improved credit markets, coupled with
underlying financials, all it took was scary news mounting pressure for growth in a low internal
from Europe and/or Capitol Hill to send markets growth environment, are cited as strong indicators
into a funk! that more transactions will likely be announced
during the course of 2012. Equally, the appetite
Despite that volatility, growth in financial markets for M&A increases as companies are less likely to
exceeded expectations at the beginning of the feel inhibited by the volatile economy and the
year, then retreated in mid-year, but substantially political unrest in Washington DC, as evidenced
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6. Executive Summary (cont’d)
by the return of the large strategic acquirers. Also,
buyer-seller expectation gaps are narrowing and
valuations are stabilizing.
Raw Materials and Food Prices – Inflation
Pricing pressures and volatile commodity/input prices
are cited as the most significant growth barriers in the
next year, much more so than labor costs and lack of
customer demand.
Price levels in 2012 hinge significantly on several
macro-economic factors: supply-side risks, both
political and weather-related (US drought, La Nina
patterns), fuel prices, and the value of the US dollar, all
with considerable risks for price and volatility.
However, government agency forecasts for 2012 food
prices is that inflation is expected to "abate" while still
slightly above the historical average for the past two
decades. According to The Food Institute’s analysis of
government data, the all-food 2012 CPI is projected to
increase 2.5% to 3.5% over 2011.
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7. Sub-Segment Analysis and Commentary
Health & Nutrition focuses on those “sub-segments” at the intersection of the
giant healthcare, personal care and food industries.
Personal Care
Natural
Personal Care
Healthcare Nutritional
Supplements
Ingredients Suppliers
Functional
OTC
Foods
Natural and Food
Pharmaceuticals Organic Foods
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8. Sub-Segment Analysis and Commentary
Number of Transactions
Number of Transactions
Segment YE 2006 YE 2007 YE 2008 YE 2009 YE 2010 YE 2011
Healthy, Natural, Organic, Functional Foods and Beverages 25 22 24 30 43 55
Health and Nutrition Ingredients Suppliers 21 20 17 7 17 25
Contract Manufacturers 3 2 4 3 7 4
Branded Nutritional Supplements 14 12 14 7 14 13
OTC & Natural Personal Care Products 7 6 2 5 9 12
Total 70 62 61 52 90 109
Licensing and Joint Ventures NA NA 21 52 42 53
Retailers and Distribution 13 12 6 2 8 8
Financings 25 19 25 44 49 39
Conventional Ingredients Suppliers NA 48 28 28 12 22
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9. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Fresh Juice and fruit processing transaction activity continued in 2nd half of 2011
Lorton’s Fresh Squeezed Juices
Starbucks entered into the fresh juice category by acquiring Evolution Fresh for $30 million. Starbucks plans
to replace Pepsico’s Naked Juice products with Evolution juice in 2012 as well as open up juice bars to
compete directly with Jamba Juice. Follow-on acquisitions by Starbucks is expected in the coming years.
In an effort to expand their produce offering, Dole acquired the parent company of blueberry provider
SunnyRidge Farm Inc. SunnyRidge also sources and sells blackberries, strawberries and raspberries which
will complement Dole’s fresh and frozen berry operations that have so far focused on strawberries. Blueberries
and blackberries are some of the fastest growing items in the produce category.
SunOpta Inc. announced that its subsidiary SunOpta Global Organic Ingredients acquired Lorton's Fresh
Squeezed Juices, Inc., located in San Bernadino, California. With approximately $10 million in sales,
Lorton’s produces citrus based products in both industrial and packaged formats.
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10. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Corporate Strategic acquirers remain active
As part of their growth strategy, The Hain Celestial Group announced two more acquisitions outside the
USA. The company acquired Europe’s Best, a leading Canadian brand of natural frozen fruits and vegetables.
Europe's Best was previously a brand of Smucker Foods of Canada Corp., a subsidiary of The J.M. Smucker
Company. Hain also acquired the Daniels Group, a marketer and manufacturer of natural chilled foods in the
United Kingdom with three leading brands. This builds on Hain’s previous acquisitions in the UK (Linda
McCartney brand in 2006 and Daily Bread in 2008) to create a strong portfolio of natural and fresh brands in
the United Kingdom.
Smart Balance, a leading manufacturer of heart healthy spreads and oils, acquired gluten-free food
manufacturer, Glutino for $66.3 million. As the gluten-free market continues to grow, Smart Balance plans to
further build upon this momentum, offering new products and building upon its existing portfolio of products.
Farmer-owned cooperative, Sunsweet Growers Inc, announced their acquisition of Function Drinks. This
marks the first foray into functional beverages by Sunsweet which recently developed the New Ventures
Initiatives at Sunsweet.
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11. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
Sales Multiple of EBITDA Multiple of
2011 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Dec. Bella Petralla's Holdings Advanced Nutritional Solutions
Nov. Protenergy Natural Foods FoodSwing
Nov. ConAgra Foods Agro Tech Foods Limited
Kretschmer Wheat Germ Brand and
Nov. Brynwood Partners VI L.P. Manufacturing Facility from The Quaker
Oats Company
Nov. Hearthside Food Solutions Roskam Baking Co (granola business unit)
Nov. Starbucks Evolution Fresh 30.0
Oct. Richardson International Limited Innovative Foods Corporation
Oct. The Hain Celestial Group Daniels Group 230.0 280.0 0.8
Oct. The Hain Celestial Group Europe's Best brand
Oct. Big Red Inc. Thomas Kemper Soda Company
Oct. Dole SunnyRidge Farms
Sept. C.H. Robinson Timco Worldwide, Inc.
Golden Guernsey and La Vaca Bonita
Aug. OpenGate Capital Brands & Dairy Processing Plant (Dean
Foods)
Arlon Food and Agriculture
Aug. Kettle Cuisine
Investment
Aug. SunOpta Lorton's Fresh Squeezed Juices 2.5 10.0 0.3
Aug. Blount Fine Foods Neco Foods LLC
Aug. Bright Food Group Manassen Foods 516.0
Aug. Smart Balance Inc. Glutino Food Group 66.3 53.9 1.2
Aug. Groupe Danone Wockhardt Group (nutrition business) 354.7
Where available, data is being provided.
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This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

12. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
2011 Sales Multiple of EBITDA Multiple of
Acquirer Target Value
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
Aug. MidOcean Partners South Beach Diet brand
Aug. Sunsweet Growers Function Drinks
July Associated Seafoods Lossie Seafood
Natural Foods Holdings (Niman Ranch,
June LNK Partners Sioux-Preme trade brand and Prairie 68.0
Grove Farms)
June Yungevity Javalution Coffee Company
June Lassonde Industries Clement Pappas and Company 390.0 390.0 1.0 60.0 6.5
June Cell-nique Cherrybrook Kitchen
June TSG Consumer Partners Stumptown Coffee
June Sun Rype Naumes Concentrates Inc. 11.0
SunOpta's frozen fruit processing
June Cal Pacific Specialty Foods, LLC. 1.8
equipment
June General Mills Yoplait 1039.0
June Third Street Chai Cooper Tea
Pita King Bakery (Commercial Baking
May Kronos Foods
Assets)
May Calavo Growers Renaissance Food Group, LLC,
May Mariani Packing Company Urban Processing, LLC
SunOpta's frozen fruit assets in Rosarito,
May Fruvemex 3.2
Mexico
May Blue Gold Beverages Epic Nutrition
May Sara Lee Aidells Sausage Company 87.0
May Nestle W aters Sweet Tea Leaf
Where available, data is being provided.
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This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

13. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
2011 Acquirer Target Value
Sales Multiple of EBITDA Multiple of
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
April Nestle Yinlu Foods Group of China
April Lidestri Food & Beverage M.H. Zeigler’s & Sons, LLC
April Orkla Brands Rasoi Magic Foods
March Cargill Sweekar
March Beam Global Skinnygirl Spirits Brand
Premier Foods plc (Quorn and Cauldron
March Exponent Private Equity 331.9
brands)
March Bazooka Candy Sharkies Organic Fruit Chews
March Coca Cola Honest Tea
March Heinz Coniexpress S.A. Industrias Alimenticias 2720.0
Feb. Evolv Health XOW ii
Feb. Raisio Big Bear Group 130.2 89.0 1.5 18.6 7.0
Feb. Hain Celestial Group GG UniqueFiber AS 2.0
Feb. Hain Celestial Group Danival SAS 10.0
Jan. Smart Balance Bestlife Brand
Dean Foods’ customer-brand yogurt
Jan. Schreiber Foods
business
Jan. Thomas H. Lee Partners Acosta Sales and Marketing
Jan. Lea Nature Ekibio
Where available, data is being provided.
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14. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
Sales Multiple of EBITDA Multiple of
2010 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Western European Sunny Delight juice
Dec. Orangina Schweppes
drink
Dec. Cellnique Hibix Corporation
Dec. Meyer Natural Foods Dakota Beef
Dec. High Road Capital Partners Panos Brands 22.0
Dec. Yoplait Liberté 175.0
Dec. New Image Group Somnaceutics
Nov. General Mills Mountain High Yoghurt
Nov. W eston Foods Ace Bakery 110.0
Nov. Danone YoCream International 103.0
Nov. Umami Sustainable Seafood Baja Aqua Farms
Sept. Lactalis Ebro's dairy business
Aug. Emmi Cypress Grove Chèvre 10.0
Aug. Usana Health Sciences BabyCare Limited 62.7 15.0 4.2
Aug. Cott Corporation Cliffstar 569.0 100.0 5.7
Aug. Lactalis Rachel's Yogurt
Aug. Lion Capital Picard Surgele 1970.0 1440.0 1.4
Aug. Nestle Vitaflo 42.0
Aug. SAIF Partners Huiyuan Juice
Aug. Danone Proviva 50.0
July Gertrude Hawk Chocolates Drew's All Natural
July The Hain Celestial Group 3 Greek Gods 10.0
June Heart Health Blue Gold Beverages
Where available, data is being provided.
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15. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
2010 Sales Multiple of EBITDA Multiple of
Acquirer Target Value
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
June Darwin Private Equity Plum Baby 15.0 22.0 0.7
June Danone Unimilk
June Hain Celestial Group Churchill Food Products Ltd.
May Hearthside Food Solutions Golden Temple (Cereal Division)
May Coffee Holding Co. Inc. Organic Products Trading Company
May Hain Celestial Group W orld Gourmet
May Empire Kosher Kosher Valley
April E&A Industries Udi's Healthy Foods
April Coca Cola Innocent
April China Haisheng Juice Holdings Yitian Group
April Sweet Tea Leaf Tradewinds Beverage
March Mach One W hite Hat Brands
March T reeHouse Foods Sturm Foods 660.0 340.0 1.9
March Fresh Harvest Products, Inc. AC La Rocco Pizza 1.5
Feb. Kore Go All In
Feb. North Castle Partners Flatout, Inc.
Feb. Raisio Glisten 29.7
Feb. Diamond Foods Kettle Foods 615.0 250.0 2.5
Jan. Malt-O-Meal Farina Mills Brand
Jan. Shashi Foods MJ's Fine Foods
Specialty Foods India's healthcare nutrition
Jan. Nestle India 6.3
business
Where available, data is b eing provided.
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16. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
Sales Multiple of EBITDA Multiple of
2009 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Dec. DS Waters Owaters LLC
Dec. Attune Foods Uncle Sam and Erewhon brands
Dec. Danone Danone Clover
Nov. Brynwood Partners VI L.P. Balance Bar Company (from Kraft Foods)
Oct. Hain Celestial Group Infinitea Kombucha
Oct. Food Collective Helen's Kitchen and Organic Bistro
Sept. Pulmuone Monterey Gourmet Foods
Sept. Full Motion Beverage Performaxx Brands, Inc (Energize Brand)
Aug. Full Motion Beverage Mojava
Aug. AMI Brands Embodi
Aug. Pepsico Amacoco
Aug. Foster Farms Dairy Humboldt Creamery
July Skinny Nutritional Corp. "Skinny" Trademarks
July Pegasus Capital Advisors Hain Pure Protein
June Fresh Harvest Products Organic Chef
June Renaissance Food Group Really Cool Food Company
June Beverages Holdings LLC Bossa Nova
June Dean Foods Alpro 458.0 366.0 1.3
June Dinewise Home Bistro
June Nutrition Solutions (Atkins) Bora Bora
April Swander Pace Applegate Farms
Where available, data is being provided.
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17. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
2009 Sales Multiple of EBITDA Multiple of
Acquirer Target Value
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
BAZZA High-Energy Tea trademark from
March BYB Brands, Inc.
Cooper Tea Company
Feb. Andromeda Acquisition Corp. Galaxy Nutritional Foods, Inc. 6.8 24.8 0.3 1.2 5.7
Feb. Lifeway Foods Fresh Made Dairy 14.0 10.0 1.4
Feb. M&K Acquisitions Gleukos, Inc.
Feb. Nest Collective Plum Organics
Frucor Beverages Group Ltd (from Groupe
Feb. Suntory 775.0 270.0 2.9
Danone SA)
Jan. Otsuka Pharmaceuticals Nutrition & Santé
Jan. Hilco Equity Partners Niman Ranch 47.8
Jan. Tivall (a division of Osem Group) Foodtech International 20.0
Where available, data is being provided.
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18. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
Sales Multiple of EBITDA Multiple of
2008 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Oct. Osem Group Tribe Mediterranean Foods 57.0 32.0 1.8
Oct. Pepsico Spitz International Company
Sept. Green Mountain Coffee Roasters Tully's 40.0 30.4 1.3
Sept. Ian's Natural Foods Inc. Healthy Handfuls LLC
Aug. Aventura Equities Inc. Byers Food Inc.
Aug. Promax Nutrition Corp. Pure of Holland LLC
Aug. SunOpta Pure Nature Organics
July W essanen So Good 11.7
July Olympus Partners Ann's House of Nuts Inc.
July Campbell Soup Co. Country Gourmet Foods
June General Mills Humm Foods
June Meyer Natural Angus Coleman Natural Foods
May Pepsico V Water
April SunOpta Tradin Organics 120.0
April T he Hain Celestial Group Daily Bread, Ltd.
April T SG Consumer Partners MonaVie
March Nature's Products Inc. Champion Nutrition
March T he Hain Celestial Group MaraNatha and SunSpire Brands 40.0
Pilgrim's Pride Corporation (Turkey
March T he Hain Celestial Group
Operation)
Feb. Coca-Cola Honest Tea
Where available, data is b eing provided.
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19. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
2008 Sales Multiple of EBITDA Multiple of
Acquirer Target Value
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
Feb. Coca-Cola NutriJoy Inc.
Feb. Robertet Group Plantes Aromatiques du Diois
8th Continent (A General Mills and Dupont
Feb. Stremicks Heritage Foods
JV)
Jan. Meyer Natural Angus Laura's Lean Beef Co. 150.0
Where available, data is being provided.
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20. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
Sales Multiple of EBITDA Multiple of
2007 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
W holesome and Hearty Foods Company
Nov. Kellogg's
(Gardenburger brand)
Nov. Kellogg's Bear Naked 20.0
Oct. Amish Naturals Schlabach Amish Wholesale Bakery
Oct. Amish Naturals Prima Pasta
Oct. Clearlight Partners Apple and Eve
Zero Debt Bottling Corp. (a.k.a. 505
Aug. Creo Capital Partners
Southwestern)
Aug. T he Hain Celestial Group Plainville T urkey Farm 30.0
July ConAgra Alexia Foods 35.0
July Nestle Novartis Medical Nutrition 2500.0
Vialat (70% of its fresh dairy activity in
May Group DANONE
Chile)
May Clearly Canadian Beverage Corp. My Organic Baby 2.5
May Coca Cola Glaceau 4100.0 355.0 11.5
May T he Hain Celestial Group Tofu Business of WhiteWave Foods
March Integrated Biopharma BevSpec (Syzmo Brand)
Feb. Clearly Canadian Beverage Corp. DMR Food Corporation
Feb. Rich Products GLP Free Manufacturing
Susquehanna International Group
Feb. U.S. Mills
(SIG) Investments
Jan. Coca Cola Fuze Beverage
Jan. Catterton Partners CoolBrands Dairy, Inc.
Where available, data is b eing provided.
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21. Sub-Segment Analysis
Healthy, Natural, Organic, Functional Foods and Beverages
Trans.
2007 Sales Multiple of EBITDA Multiple of
Acquirer Target Value
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
Eskimo Pie, Chipwich brands, Real Fruit
Jan. Dreyer's Grand Ice Cream trademark and Eskimo Pie foodservice
business (Coolbrands)
Jan. Health Sciences Group Kalahari Tea
Jan. ICBS DNA Distribution (maker of GO-JI Plus)
Where available, data is b eing provided.
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22. Sub-Segment Analysis
Health and Nutrition Ingredient Suppliers
• Israeli based, Frutarom Industries announced their fifth acquisition of 2011, acquiring USA
based Flavor Systems International for $35.3 million. Flavor Systems most recently reported
revenue of approximately $18.4 million. With this acquisition, Frutarom intends to further build
its presence in North America, entering new markets such as flavored coffees and shakes as well as
savory flavors where it only has a presence in Europe. Just prior to this announcement, the
company acquired, Aromco for $25 million. Aromco is a UK-based flavors company serving
developing markets such as Eastern Europe, Africa and Asia. The company was founded in 1985
by Keith Brown and achieved $13 million in revenue in 2010.
• US based, CHS Inc, a leading cooperative owned by farmers, ranchers and co-ops, announced
their acquisition of Solbar, in a deal valued at approximately $133 million. CHS is a diversified
energy, grains and foods business and a Fortune 100 company while Solbar is headquartered in
Ashdod, Israel, and provides soy protein ingredients to manufacturers in the meat, vegetarian,
beverage, bars and crisps, confectionery, bakery and pharmaceutical manufacturing markets. Both
companies are publicly traded and CHS achieved sales of $25.3 billion in 2010.
©2012 J.H. Chapman Group, L.L.C.
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This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

23. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
Sales Multiple of EBITDA Multiple of
2011 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Nov. CHS Solbar 133.0
Nov. Innophos Holdings Kelatron Corporation 21.0
Oct. Naturex Burgundy Botanical Extracts 18.0
Oct. FMC Corporation South Pole Biogroup Ltda
A.M. Todd Group's Ingredients and Flavors
Oct. W ILD Flavors GmbH
Division
Sept. Synergy Flavors Sensus, LLC
Sept. Frutarom Flavor Systems International Inc. 18.4
Sept. W ILD Flavors GmbH A.M. Todd Ingredients/Flavors 100.0
Aug. Ashland Inc Specialty Products Inc. 3200.0
The C.F. Sauer Company (margarine
Aug. Bunge North America
assets)
Aug. Frutarom Aromco 25.0 13.0 1.9
Aug. ADM Elstar Oils S.A. of Poland
July AarhusKarlshamn (AAK) Golden Foods/Golden Brands 120.0
June Viterra Premier Pulses International
June Israel Chemicals Cosmocel Quimica
June Stepan Company Lipid Nutrition B.V.
May Royal DSM N.V. Vitatene S.A.U .
May Palsgaard Emulsion Holland
Where available, data is being provided.
©2012 J.H. Chapman Group, L.L.C.
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This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

24. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
2011 Acquirer Target Value
Sales Multiple of EBITDA Multiple of
(Cont'd) (US $M) Sales (US $M) EBITDA
(US $M)
April Evolva Abunda Nutrition
March Azelis S&D Group Limited
Feb. Nestle CM&D Pharma
Jan. HallStar BioChemica International
Jan. ICV Partners Stauber Performance Ingredients
Jan. Frutarom East Anglian Food Ingredients Ltd. 4.8 8.4 0.6
Jan. Dupont Danisco 6300.0
Where available, data is being provided.
©2012 J.H. Chapman Group, L.L.C.
24
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

25. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
Sales Multiple of EBITDA Multiple of
2010 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Dec. DSM Martek 1087.0 450.0 2.4
Dec. Omega Protein Cyvex Nutrition
Sept. DSM Microbia
Sept. Solbar Green Planet Farms 7.8
Martek Biosciences' manufacturing plant in
Sept. Alltech 14.0
W inchester, KY
Aug. T rygg Pharma AS EPAX AS 91.0 51.2 1.8
July Marco Hi-Tech Reducol Assets (from Forbes Medi-tech)
June Novus International IQF Group
June BASF Cognis 3833.0 3215.0 1.2 450.0 8.5
May Viterra 21st Century Grain Processing 90.5
March Lallemand Health Ingredients Lal’Food
March H2 Equity Partners Kirin Agribio Company
Nutra Cea (Natural Glo, Satin Finish, and
March Manna Pro Products 0.7
Max-E-Glo Brands and Trademarks)
March Institut Rosell-Lallemand DSM (LAFTI range of probiotic strains)
NutraCea's cereal ingredient
Feb. Kerry Group 4.0
business
Albion Laboratories, Inc. (Animal Nutrition
Feb. Novus International
Division)
Jan. Kemin Industries Soda Feed Ingredients
Where available, data is b eing provided.
©2012 J.H. Chapman Group, L.L.C.
25
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

26. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
Sales Multiple of EBITDA Multiple of
2010 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Dec. DSM Martek 1087.0 450.0 2.4
Dec. Omega Protein Cyvex Nutrition
Sept. DSM Microbia
Sept. Solbar Green Planet Farms 7.8
Martek Biosciences' manufacturing plant in
Sept. Alltech 14.0
W inchester, KY
Aug. T rygg Pharma AS EPAX AS 91.0 51.2 1.8
July Marco Hi-Tech Reducol Assets (from Forbes Medi-tech)
June Novus International IQF Group
June BASF Cognis 3833.0 3215.0 1.2 450.0 8.5
May Viterra 21st Century Grain Processing 90.5
March Lallemand Health Ingredients Lal’Food
March H2 Equity Partners Kirin Agribio Company
Nutra Cea (Natural Glo, Satin Finish, and
March Manna Pro Products 0.7
Max-E-Glo Brands and Trademarks)
March Institut Rosell-Lallemand DSM (LAFTI range of probiotic strains)
NutraCea's cereal ingredient
Feb. Kerry Group 4.0
business
Albion Laboratories, Inc. (Animal Nutrition
Feb. Novus International
Division)
Jan. Kemin Industries Soda Feed Ingredients
Where available, data is b eing provided.
©2012 J.H. Chapman Group, L.L.C.
26
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

27. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
Sales Multiple of EBITDA Multiple of
2009 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Nov. Symrise (Germany) Futura Labs
Oct. Advitech Botaneco
Sept. Qualsec Vitamin Spice
Aug. Naturex Natraceutical
March Burgundy Botanical Cognis' botanicals extract business
Feb. Mach One Corporation Ceres Organic Harvest 8.0 20.0 0.4
Jan. Chr. Hansen Urex Biotech
Where available, data is b eing provided.
©2012 J.H. Chapman Group, L.L.C.
27
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

28. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
Sales Multiple of EBITDA Multiple of
2008 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Nov. Biorigin PTX Food Corp.
Oct. Danisco GraceLink Ltd. (Glucagel brand)
Sept. RFI Ingredients W ilsey and Sons
Qufu Shengwang Stevia Biology and
Sept. Sunwin International Neutraceuticals
Science Company
Aug. DSM Provexis (30% purchased) 2.0
Aug. Glanbia Optimum Nutrition 315.0 185.0 1.7
July Besins Healthcare S.A. Olympian Labs
July Dynova Laboratories SiCap Industries
July Rousselot PEPTAN
June All American Pharmaceutical Laurel Dairy
May Premium Ingredients International Bulk Pharmaceuticals Inc.
April Iranex Group Bio-Serae 11.0
March Cognis InterMed Discovery
March NutraCea Irgovel 14.0
Feb. Barentz Europe Vitablend Holding
Jan. Eurogerm Leag 5.8
Jan. Naturex Berkem's "Actifs Innovants" division 14.0 5.6 2.5
Where available, data is b eing provided.
©2012 J.H. Chapman Group, L.L.C.
28
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

29. Sub-Segment Analysis
Health and Nutrition Ingredients Suppliers
Trans.
Sales Multiple of EBITDA Multiple of
2007 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Dec. Chr. Hansen Medipharm
Dec. Natrol, Inc. Plethico Pharmaceuticals Limited 81.0
Dec. Naturex Chart Corporation
Nov. Frutarom RAD Technologies 4.1 1.5 2.7
Tat Nisasta (Galam and Tat Nisasta, a Turkish
starch, glucose and isoglucose manufacturer, have
Nov. Galam
formed a partnership to meet the increasing global
demand for fructose)
Oct. Galam Group Atomer S.L.
Oct. Novozymes Biocon's enzyme business 115.0 27.0 4.2
Pizzey's Milling (Omega 3 ingredient
Sept. Glanbia
business)
Sept. Natraceutical Cevena Bioproducts 2.8
July Avesthagen Renaissance Herbs
May Gadot Biochemical Industries Ltd. Pharmline Holding Inc. (85%) 37.0
May Lonza S.A.M. Electron Technologies
First Israeli Turnaround Enterprise
May Solbar (51% stake) 19.6
Fund
May Naturex HP Botanicals 3.0 3.8 0.8
MDB Twello BV (operates under the name
April Barentz Europe
Fa. L.I. Frank - Fa. Wed. W. Miedendorp)
Chinook Group Limited (certain choline
March Balchem Corporation
chloride business assets)
Tempo Canada (expansion of strategic
Feb. Lipid Nutrition
partnership)
Feb. Univar's Czech Ekozym
Jan. Naturex Hammer Pharma 13.0 10.1 1.3 1.2 11.2
Jan. Polifenoles Naturales National Bioscience Corp 29
©2012 J.H. Chapman Group, L.L.C.
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient withoutWhere available, data isChapman Group.
permission from the J.H. b eing provided.

30. Sub-Segment Analysis
Contract Manufacturers
• Omega Protein Corporation, an ingredients supplier and the nation's leading producer of Omega-
3 fish oil and specialty fish meal products, announced their acquisition of InCon Processing LLC,
a Batavia, Illinois based specialty toll processor that utilizes molecular distillation technology to
concentrate a variety of compound products, including Omega-3 fish oils. This acquisition further
develops Omega Protein’s vertical integration of their commercial fishery and human nutrition
distribution channels. The concentrated fish oils manufactured by InCon will be marketed and sold
under the Company's OmegaActivTM brand by Cyvex Nutrition, a subsidiary of Omega Protein
that the company acquired in December 2010.
©2012 J.H. Chapman Group, L.L.C.
30
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.

31. Sub-Segment Analysis
Contract Manufacturers
Trans.
Sales Multiple of EBITDA Multiple of
2011 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Sept. Omega Protein Corporation InCon Processing LLC
Kohlberg Kravis Roberts & Co L.P.
April Pfizer's Capsugel business 2375.0 750.0 3.2
(KKR)
April Gumlink A/S Tab Labs
Skyline Global Partners & Prairie
April Captek Softgel International
Capital
Trans.
Sales Multiple of EBITDA Multiple of
2010 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Nov. SunOpta Edner of Nevada 4.0 10.0 0.4
Nov. UAS Labs APN Labs
Aug. Danisco Research Solutions
July National Enzyme Company Sora Laboratories
April Pharmachem AmeriFill
April ConAgra Elan Nutrition
April Milk Specialties Global Protient’s Dairy Processing Facility
Trans.
Sales Multiple of EBITDA Multiple of
2009 Acquirer Target Value
(US $M) Sales (US $M) EBITDA
(US $M)
Aug. Herbalife Micelle Laboratories
April CapsCanada Two additional gelatin production facilities
March Milk Specialties Global Edan Naturals
Where available, data is being provided.
©2012 J.H. Chapman Group, L.L.C.
31
This document contains proprietary and confidential information of J.H. Chapman Group and may not be distributed or discussed beyond the original recipient without permission from the J.H. Chapman Group.