Investment Banking & Securities Offered Through SDR Capital Markets ...

[Pages:14]Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC.

70

59

60

50

40

30

20

10

4

1

3

2

1

5

4

4

-

Financial 75%

Strategic 25%

Date

12/30/2020 12/18/2020 12/17/2020 12/16/2020 12/9/2020 11/18/2020 11/6/2020 11/5/2020 11/2/2020 10/1/2020 8/24/2020 7/27/2020 7/9/2020

Target

Bullymake DogVills BarkBox Holden2 Wedgewood Pharmacy WellPet Manna Pro Products Solid Gold Finding Rover Animal Pharmaceuticals Westminster Pet Home Barkly Pets Waggle

Buyer(s)

Manna Pro Products, The Carlyle Group Pawzitivity Pet Products Northern Star Acquisition Swedencare (STO: SECARE) Partners Group (SWX: PGHN) Clearlake Capital Group The Carlyle Group (NAS: CG) H&H Group (HKG: 01112) Petco Foundation Swedencare (STO: SECARE) AUA Private Equity Partners Metamorphosis Partners Waggle Nimble Pet App

Segment

Hard Goods Pet Tech Retailers Animal Health Animal Health Pet Food Animal Health Pet Food Pet Tech Animal Health Retailers Pet Tech Pet Tech

Amount ($ in Mil)

1,600.00 21.00 163.00 25.00 -

TEV/ Rev

4.3x 1.3x 3.0x 4.0x -

TEV/ EBITDA

8.1x 11.9x -

Strategic Buyer National Veterinary Associates

Swedencare BluePearl Operations

Financial Buyer Shore Capital Partners via Mission Veterinary Partners

Shore Capital Partners via Southern Veterinary Partners

Inv. Date

10/30/2020 9/10/2020 9/8/2020 7/31/2020 7/31/2020 7/24/2020 12/16/2020 10/1/2020 11/17/2020 8/26/2020 8/26/2020

Inv. Date

9/30/2020 9/30/2020 9/23/2020 9/9/2020 9/3/2020 9/2/2020 9/1/2020 8/27/2020 8/27/2020 8/26/2020 8/19/2020 8/12/2020 8/5/2020 8/5/2020 7/29/2020 7/22/2020 7/15/2020 7/15/2020 7/9/2020 10/6/2020 9/15/2020 8/25/2020 8/25/2020 8/18/2020 8/18/2020 8/11/2020 8/11/2020 8/5/2020 8/4/2020 7/28/2020 7/21/2020 7/21/2020 7/14/2020 7/14/2020 7/14/2020 7/1/2020

Select Corporate Acquisitions

PetWell Partners Mechanicsville Animal Hospital Oak Animal Hospital (California) East Brunswick Animal Hospital Star Valley Veterinary Clinic Palm City Animal Clinic

Holden2 Animal Pharmaceuticals

PetHospice Vet Imaging Partners Veterinary Cyberknife

Select Corporate Acquisitions

Stanley Veterinary Clinic Strong Veterinary Hospital Den Herder Veterinary Hospital Carroll Veterinary Clinic Eagle Creek Animal Clinic Veterinary Clinic of Myrtle Beach Odyssey Veterinary Care All Paws Animal Hospital Blue Cross Animal Hospital Shallowford Animal Hospital Springfield Veterinary Center Rochelle Veterinary Hospital Phoenixville Animal Hospital Wil-O-Paw Animal Hospital Avenue Animal Hospital Waukee-Clive Veterinary Clinic Cleveland Road Animal Hospital Westfield Veterinary Hospital Burnsville Parkway Animal Hospital

Double Oak Veterinary Medical Center North Durham Animal Hospital Englewood Animal Health Center Highway Veterinary Hospital Lakewood Veterinary Hospital Seventy First Animal Hospital Signal Hill Animal Clinic Southwood Animal Hospital Kentlands Veterinary Hospital Forest Lake Animal Clinic Walker Animal Hospital Barbour Lane Animal Hospital Chimney Lakes Animal Hospital Animal Amour Pet Care Center Eldorado Animal Hospital Southpaw Animal Health Dunwoody Animal Hospital

160%

140%

120%

100%

80%

60%

40%

20%

0%

-20%

-40% Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Pet Food & Treats

Retailers

Hard Goods

Animal Health

S&P 500

C o mpany N ame

Nestl? Co lgate-P almo live The J.M . Smucker Co . Freshpet Spectrum B rands Central Garden & P et Segment A verage Segment M edian

Company Name

Chewy Tractor Supply Petmed Express Segment Average Segment Median

M arket Stats

S ym bo l M arket Cap P rice ($ ) ($ in M il)

SWX:NESN $ NYS:CL NYS:SJM

NA S:FRP T NYS:SP B NA S:CENT

343,689 73,297 13,189 5,770 3,403 2,022

$ 117.91 85.51 115.60 141.99 78.98 38.61

LTM Change

(1.4%) 11.0% (0.3%) 25.3% 34.7% (4.0%) 10 .9 % 5.3%

YTD Change

9.6% 24.2% 11.0% 140.3% 22.8% 24.3% 38.7% 23.5%

Operating Stats

% o f 52 Week High

95.5% 99.0% 92.0% 96.2% 99.7% 86.2% 94.8% 95.9%

Est. Revenue Gro wth

6.1% 5.2% (7.7%) 40.5% 5.1% 0.2% 8.2% 5 .1%

EB ITDA M argin

23.4% 26.6% 22.2% 8.5% 11.3% 9.2% 16 .9 % 16 .8 %

LT M M ultiples

TEV/ Rev

TEV/

P rice/

EB ITDA EP S

4.2x 4.9x 2.2x 18.9x 1.4x 0.8x 5.4x 3.2x

17.9x 18.6x 10.1x NM 12.1x 8.8x 13 .5 x 12 .1x

24.7x 27.3x 15.0x NM 42.2x 17.6x 25.3x 24.7x

N T M M ultiples

TEV/

TEV/

NTM

NTM

Revenue EB ITDA

3.9x 4.7x 2.4x NM 1.3x 0.8x 2.6x 2.4x

17.8x 17.1x 11.5x NM 8.8x 8.7x 12 .8 x 11.5 x

Market Stats

Symbol

Market Cap ($ in Mil)

Price ($)

LTM Change YTD Change

% of 52 Week High

NYS: CHWY $ NAS:TSCO NAS:PETS

37,093 $ 89.89

16,377 140.58

650

32.06

52.5% (1.0%) 5.0% 18.8% 5.0%

210.0% 50.4% 36.3% 98.9% 50.4%

81.9% 89.5% 74.8% 82.1% 81.9%

Operating Stats

Est. Revenue Growth

31.3% 9.8% 6.2% 15.7% 9.8%

EBITDA Margin

-2.2% 12.2% 13.0% 7.7% 12.2%

LTM Multiples

TEV/ Rev

5.7x 1.9x 1.8x 3.1x 1.9x

TEV/ EBITDA

NM 15.4x 13.6x 14.5x 14.5x

Price/ EPS

NM 21.8x 21.4x 21.6x 21.6x

NTM Multiples

TEV/ NTM Revenue

TEV/ NTM EBITDA

4.4x 1.7x 1.7x 2.6x 1.7x

NM 14.6x 12.2x 13.4x 13.4x

M arket Stats

C o mpany N ame

S ym bo l

M arket Cap ($ in M il)

P rice ($ )

LTM Change

YTD Change

The Clo ro x

NYS:CLX $

Church & Dwight Co mpany

NYS:CHD

Spectrum B rands

NYS:SP B

Central Garden & P et

NA S:CENT

Oil Dri Co rp Of A merica

NYS:ODC

Jewett Camero n Trading Co mpanyNA S:JCTCF

Segment A verage

Segment M edian

25,452 21,672 3,403 2,022

254 31

$ 201.92 87.23 78.98 38.61 34.08 8.79

(4.6%) (6.3%) 34.7% (4.0%) (7.0%) 12.3% 4.2% ( 4 .3 %)

31.5% 24.0% 22.8% 24.3% (6.0%) 14.0% 18 .4 % 23.4%

Operating Stats

% o f 52 Week High

84.2% 88.1% 99.7% 86.2% 87.8% 75.4% 86.9% 87.0%

Est. Revenue Gro wth

2.8% 7.9% 5.1% 0.2% NM NM 4.0% 3.9%

EB ITDA M argin

24.4% 25.8% 11.3% 9.2% 13.2% 9.1% 15 .5 % 12 .3 %

LT M M ultiples

N T M M ultiples

TEV/ Rev

TEV/ EB ITDA

TEV/

TEV/

P rice/ EP S

NTM

NTM

Revenue EB ITDA

3.9x

16.1x

22.5x 3.8x

17.8x

4.8x

18.7x

28.2x 4.5x

18.5x

1.4x

12.1x

42.2x

1.3x

8.8x

0.8x

8.8x

17.6x

0.8x

8.7x

0.8x

6.4x

12.3x

NM

NM

0.6x

6.7x

11.4x

NM

NM

2 .1x

11.5 x 2 2 .4 x 2 .6 x 13 .4 x

1.1x

10 .5 x 2 0 .0 x 2 .6 x 13 .3 x

C o mpany N ame

M erck & Co . Eli Lilly Sano fi Zo etis Idexx Labo rato ries Henry Schein Trupanio n Neo gen Heska P etIQ P hibro A nimal Health Jaguar Health RiceB ran Techno lo gies So no ma P harmaceuticals Segment A verage Segment M edian

M arket Stats

S ym bo l M arket Cap P rice ($ ) ($ in M il)

NYS:M RK $ NYS:LLY P A R:SA N NYS:ZTS NA S:IDXX NA S:HSIC NA S:TRUP NA S:NEOG NA S:HSKA NA S:P ETQ NA S:P A HC NA S:JA GX NA S:RIB T NA S:SNOA

206,957 161,509 121,614 78,657 42,639

9,546 4,694 4,222 1,377 1,103

786 87 26 15

$ 81.80 168.84 96.80 165.50 499.87 66.86 119.71 79.30 145.65 38.45 19.42 0.82 0.61 7.26

LTM Change

0.2% 17.0% (3.2%) 0.9% 26.6% 15.4% 47.5% 0.6% 47.7% 18.4% 13.2% 168.9% 48.7% (14.2%) 27.7% 16 .2 %

YTD Change

(10.1%) 28.5% (3.6%) 25.0% 91.4% 0.2% 219.6% 21.5% 51.8% 53.5% (21.8%) 1.7% (58.5%) 66.5% 33.3% 23.3%

Operating Stats

% o f 52 Week High

88.8% 97.1% 88.2% 93.7% 99.2% 90.4% 96.0% 95.9% 96.2% 98.6% 66.1% 63.2% 40.7% 37.0% 82.2% 92.0%

Est. Revenue Gro wth

9.1% 18.3% 10.5% 8.5% 14.0% 12.8% 34.7% 7.2% 32.5% 20.0% 2.0% 318.5% 25.8% 69.9% 4 1.7 % 16 .1%

EB ITDA M argin

38.0% 34.7% 47.2% 40.8% 27.8% 7.7% 1.3% 20.5% 0.8% 0.8% 13.9% (333.3%) (42.5%) (12.4%) ( 11.1%) 10 .8 %

LT M M ultiples

N T M M ultiples

TEV/ Rev

TEV/ EB ITDA

P rice/

TEV/ NTM

TEV/ NTM

EP S Revenue EB ITDA

4.8x 7.5x 3.2x 12.7x 16.8x 1.2x 9.9x 8.8x 8.1x 1.9x 1.4x 12.2x 1.2x 0.6x 6.4x 6.2x

12.7x 21.7x 6.7x 31.1x 60.4x 15.4x NM 43.0x NM NM 9.9x NM NM NM 2 5 .1x 18 .6 x

18.1x 27.6x 9.9x 47.7x NM 16.4x NM NM NM NM 18.3x 0.2x NM NM 19 .8 x 18 .1x

4.4x 6.4x 2.9x 11.7x 14.7x 1.0x 7.4x 8.3x 6.1x 1.6x 1.4x 2.9x 0.9x 0.4x 5.0x 3.7x

10.5x 20.0x 9.1x 27.1x NM 12.2x NM NM NM 15.2x 10.5x NM 22.7x 1.6x 14 .3 x 12 .2 x

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