Beverage Industry Market Update - Cascadia Capital
Beverage Industry Market UpdateAugust 2019
Cascadia Capital Beverage ExpertiseCascadia Capital has over 15 dedicated investment banking professionals with greater than 100 years of collective consumer & retail investmentbanking experience. We have completed more than 75 transactions since the beginning of 2010, in excess of 2.5 billion of enterprise value,including 25 capital markets transactions and 50 M&A advisory assignments. Our team has a deep understanding of the underlying consumer trendsdriving disruptive change in our core sectors of focus. We are in constant dialog with active strategic and financial counterparties in the consumerand retail sectors, providing us with the ability to best position our clients for an optimal outcome.In March 2018, Cascadia Capital announced a partnership with First Beverage Financial, the investment banking division of First Beverage Group. Theacquisition expanded Cascadia’s food & beverage expertise, with a proven and highly-specialized team with a deep focus across the beveragelandscape, including the market’s leading M&A franchise in craft beer.Recently Closed Beverage Industry Transactionshas completed a SeriesA growth equityinvestmenthas beenrecapitalized byJuly 2019April 2019has been acquired byAugust 20161
Table of ContentsI.II.III.IV.Market OverviewTransaction HighlightsPublic ComparablesAppendixi. Cascadia Capital Overview2
I. Market Overview3
Beverage Alcohol Volumes Decline,but Sales Dollars IncreaseWhile global volumes for beverage alcohol have declined recently due to increased attention to health andwellness, and the legalization of cannabis, sales dollars have remained strong as premiumization trends continueCraft BeerSpirits Similar to 2017, approximately 1/3 of 190 regional craft breweries declinedin 2018, including 27 of the top 50 and44 of the top 100 The craft segment continues to rely onthe “long-tail” for growth, with thebottom 50% of top 100 brewersaccounting for a CAGR of 11.1% in thepast four years The breathless pace of craft brewerdeals slowed beginning in 2017 withdeals down from previous highs,especially within regional brewersWine“Better for You” Spirits dollar and volume sales continueto grow, driven by strong millennialconsumption trends, growing “craftcocktail” culture, and increased focus oninnovative flavors Wine was down -1.6% in volume sales in2018, while consumers are drinking lesswine, but increasingly drinking higherquality, increasing overall wine dollarsales value Craft spirits growth is outpacing totalbeverage alcohol as well as craft beer in2019, and it’s at the highest growth ratein the past four years, up 12% to 2billion in the 52 weeks through May 19in all IRI-measured channels The trend of premiumization continuedin 2018; the “Premium” segment(defined as bottles priced between 15and 25) of retail wine sales had thehighest growth over the past year Wine and spirits are continuing to takemarket share from beer, in part drivenby millennial consumption trends Highest growth is in premium and superpremium categories across whiskeys,rum, tequila / mezcal, brandy, and gin2008 – 2018 Share of Adult Beverages by Category The paradigm shift towards healthyliving and exercise, has recentlytranslated to a focus on decreasingalcohol consumption This trend has led to dramatic changesin the market with beer companieslaunching low-carb, hard seltzers, hardkombuchas, and non-alcoholalternatives YTD June 2019: over half of the top 25“better for you” growth brands (14 ofthe top 25) are represented by either aHard Seltzer or a Low Calorie, Low Carb,Low ABV BeerU.S. Alcohol Volume Change its2014ASources: IWSR 2018 U.S. Beverage Alcohol Review, Nielsen Unified 2018 Review.2015A2016A2017A2018A2019E2020E4
Premiumization is Driving Sales:At the Store and in the MarketplaceDespite flat-to-down per capita consumption, consumers’ tastes are moving towards higher priced beveragesDecreasing per capita consumption – driven by greater focuson wellness – has disproportionately rewarded premium andultra premium beverages across categories While beer as a category grew only 0.7% in 2018, imports grew ata brisk 5.8% and domestic super premiums tacked up animpressive 14.2%ꟷ Beer dollar sales are up, while volumes are flat to down Share of U.S. Wine Sales by Price2%98%96%1985Spirits, growing at an anemic 1.3%, is being propped up entirelyby Premium ( 4.4%) and Ultra ( 5.1%) categories, while Value(-4.5%) and Mid (-3.5%) have steadily declined1995Below Premium13%21%26%87%79%74%200520152020Premium and AboveU.S. Spirits Volume by Price PointWine is reaching the apex of a macro trend of premiumizationdriven by Baby Boomers’ taste for premium wine8%10%18%ꟷ Between 2014 and the present, wines priced below 11 perbottle have seen their dollar growth rates fall off, whilehigher priced bottles have posted 8-10% growth22%36%ꟷ Total cases shipped has fallen from a 2017 peak of 164mm tobelow 162mm by the end of 2018, and at a rate that appearsto be acceleratingSources: LEK Consulting, Nielsen, Silicon Valley Bank.4%Value35%38%33%20122017PremiumHigh-End PremiumSuper Premium5
Non-Alcoholic Beverages ContinueSteady Growth TrajectoryTraditional soda sales decline, while a health-conscious consumer base fuels low-sugar and sparkling water growthBottled water, energy beverages, and ready-to-drink coffee have been key recent drivers of non-alcoholic beverage growth, with trendssoftening in late 2016 through mid 2017, but recovering and remaining solid through 1Q19.Following the trend against high sugar content, carbonated soft drink sales have continued to fall in recent periods, with a -1.6% CAGR in dollar salesfrom 2012-2017.Sparkling water remains one of the fastest growing non-alcoholic beverage segments. The increasingly popular drink has reached a market sizeof 2.8B in 2018, after growing at an 11.7% CAGR from 2014-2018.Popular sparkling water brand LaCroix has faced media probes and lawsuits regarding its ‘all-natural’ claims and concerns over undisclosedingredients. Owner of the LaCroix Brand, National Beverage Corp., has faced over 100M in class action lawsuits claiming that the beveragecontains synthetic and potentially harmful ingredients, including linalool which is known to be used in pesticides.Kombucha is seeing slowing growth through conventional outlets, as the segment reaches maturation. Having grown 22% in 2018, natural channeldollar sales grew only 5% YTD in 2019. Growth in specialty gourmet retailers also decelerated, dropping from 18% in 2018 to just 6% YTD in 2019.Cold brew coffee is experiencing tremendous growth as consumers continue their migration away from sodas and unhealthy soft drinks.Non-Alcoholic Beverage Sales Growth (Y-o-Y)Non-Alc Sales Growth (Memorial Day 2018 vs. %1.8%2.2%0.1%1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19Sources: Beverage Marketing Corporation, Nielsen, Fortune, SPINS data.Total NonAlcoholicCoca-ColaPepsiCoKeurig Dr.PepperMemorial Day 2018MonsterMemorial Day 2019Red BullNestle6
Growth Investment Activity Remains StrongNon-control investments continue to be a viable source of capital for growth and innovation, provided byinstitutional equity investors, family offices and increasingly by large strategic venture groupsSelect Strategic Venture Groups While growth equity and family office investors remain activeacross both alcohol and non-alcohol, major strategics like ABI,Diageo, Pernod and Constellation are increasingly utilizing inhouse venture arms to invest in emerging brands and newcategories outside their core beverage segmentsꟷZX VenturesParent: ABInBevInvestments: BABE Rose, HiBallEnergy, Kombrewcha, Owl’s Brew,Cutwater Spirits, Master of Malt(UK), Atom Group (UK)TAPVenturesParent: MillerCoorsInvestments: Clearly Kombucha,Bhakti ChaiVenturing and Emerging BrandsParent: Constellation BrandsInvestments: Crafthouse, Nelson’sGreen Brier Distillery, El Silencio, AustinCocktails, Copper & Kings, MontanyaParent: Coca-ColaInvestments: Honest, Zico, Huberts,Fairlife, Hansen’s, Peace Tea, Suja,Blue Sky, Core Power, Blue Sky, TumE Yummies, Health-Ade, Topo ChicoDistill VenturesNew Brand VenturesParent: DiageoInvestments: Seedlip, WestwardWhiskey, Starward Whisky, StauningWhiskey, House SpiritsParent: Pernod RicardInvestments: Rabbit Hole Whiskey,Aberlour, Plymouth Gin, SmoothAmbler, Firestone & RobertsonConstellation Ventures2018 saw 1.45B of food and beverage investment in theU.S., of which over 600M was beverage investments incategories such as cold brew coffee, functional beverages,alcohol, and protein drinksTAP VenturesSelect Beverage InvestmentsApril 2019July 2019( in millions)Capital InvestedDeal Count(2)(2) 775191712178 224 1192018 Q12018 Q2(1)2018 Q3 191 502018 Q4Sources: IBISWorld, IWSR 2018 U.S. Beverage Alcohol Review.(1) Excludes Heineken / CR Beer 3.1B Partnership Investment.(2) Cascadia Capital represented both Kikoko and Winc in their respective growth equity financings.Has Received a GrowthEquity Investment fromHas Received a Series AGrowth Equity InvestmentUndisclosedInvestors2019 Q17
Consumers Flock to Low-Alc / No-Alcand CBD BeveragesMillennials are infamous for their love of craft beer and cocktails, but new research shows that 2/3 intend to reducethe amount they drink and alcohol suppliers across the industry are taking noteTaking a cue from the explosion of interest in Health & Wellnessaligned products, alcohol suppliers are putting resources behind‘better-for-you’ options % Indicating Strong / Moderate Effort to ReduceAlcohol Consumption66%Existing brands are being repositioned with healthier alternatives; forexample, Corona Premier, Heineken 0.0, Dogfish Head Slightly MightyLo-Cal IPAEarly leaders in the race for ‘Better-for-You’Sources: Nielsen, Artisan Spirits, Wine Intelligence Global SOLA Wine Report.(1) Wells Fargo Beer Insight Seminar.44%52%46%48%WineSpirits36%25%New categories, including seltzers, gluten-free beers, craft ciders, andhard kombuchas have grown explosively; seltzer category leaderWhite Claw booked 350% growth YTD at only 3.6% householdpenetration (1)Some categories are better suited to this trend than others –consumers find the quality and taste of low-alcohol wine inferior, andhigh-calorie craft brews have seen a fall-off from the boom of 2014201654%47%RegularDrinkers21-3445-4445-54By Age55-6465 BeerBy BeverageIn tandem with a renewed focus on healthier options for drinkers,there has been an effort to develop products mimicking the tasteand experiential profile of beers, wines, and spirits with low or noalcohol, as well as hemp-based CBD Scotch Producer White & Mackay is launching a 21.5 ABV “Light Spirit” Heineken invested 50 million in developing new Heineken 0.0 beer Popular hemp-CBD brands VYBES and Recess launched non-alc CBDbeverages in key metro markets such as Los Angeles and New York Seedlip has received attention, and an investment from Diageo, forproviding a line of blended herbal drinks as a spirits replacement Province Brands of Canada is developing a line of beers brewed fromthe stalks and stems of cannabis plants AriZona Iced Tea announced a partnership with Dixie Brands8
Craft Beer Continues to Evolve,Long Tail Grows LargerThe breathless pace of craft brewer deals in 2014 – 2016 has slowed, with both overall industry volume andnumber of transactions growing at a reduced rate Despite the decline in growth within the craft beer industry, the long tail, comprisedof thousands of craft brewers, is strong and continues to increase at an outpacedgrowth rate relative to the craft beer market as a wholeSimilar to 2017, approximately 1/3 of 190 regional craft breweries declined in 2018,including 27 of the top 50 and 44 of the top 100Of the 25 largest crafts (not BA defined) shown to the right, in 2018 only 3independents were growing and not a single independent was up more than 3.5%;five of the eight are in decline Brewers that have partnered are growing: Founders, Firestone, Elysian, Golden Road Although regional brewers have been flat to slightly up over the last two years, this isin part attributable to the number of new brewers coming online; 30 broke 15,000barrels for the first time in 2018Volume Growth by Brewery TierChange in Barrels by BrewerShipment Volume(bbl s i n 000s )1. Boston Beer2. Sierra Nevada3. Lagunitas11.79.6 9.8 9.9 9.5 9.37.78.49.310.44.5 4.9 4.9 5.0 5.0Top 10 Brewers11 - 50 Brewers51 eineken9841,044606.1%643961853(108)(11.2%)607.6%5. Craft Brew AlliancePublic767757(10)(1.3%)(27)(3.4%)6. FoundersMahou 8. ShinerIndependent533526(7)(1.3%)(42)(7.4%)9. Bell'sIndependent46747691.9%22891.7%10. Firestone WalkerDuvel4054544912.1%303200.8%11. StoneVMG 19. MattIndependent198192(5)(2.7%)(19)(9.1%)20. HarpoonIndependent186185(1)(0.4%)(21)(10.0%)21. Oskar BluesCANarchy180165(15)(8.3%)4638.7%22. Golden RoadABI901607077.8%1461,018.3%23. BoulevardDuvel186160(26)(14.0%)(25)(13.5%)24. Cigar )3735.9%11,60511,633280.2%7. Goose Island12. Ballast Point13. Deschutes15. Dogfish HeadCAGR: (0.7)%16. SweetWater17. New Glarus18. Elysian25. VictoryKirin *Boston BeerTSG *Total2014Source: 2018 Brewers Association data.2015201620172018Change 2013-182017Independent4. New Belgium14. Brooklyn(mil bbls)Change 2017-18Ownership* Represents minority ownership stake9
The Direct to Consumer ModelIncreasingly Supports Beverage SalesU.S. online sales of non-alcohol and alcoholic beverage revenue forecasted to grow as an increasing number ofbrands look for alternatives to traditional distribution channels Online sales are poised for continued growth due to increasing proclivity to purchase food & beverages online, greater availability of limited allocationand innovative brands online (given consolidated distribution landscape), and states continuing to ease regulations allowing direct shipping of alcohol As Dirty Lemon and Daily Harvest have shown, more brands are choosing DtC models because it allows them to circumvent the costly and limitingrealities of traditional retail, while also forging direct relationships with customersꟷ Online grocery sales are expected to increase 10x more than in-store sales over the next five years, and comprise 8.0% of total grocery sales by 2022 Wine is the biggest online alcohol category (78% share), compared to spirits (13% share) and beer (9% share)ꟷ Wine DtC shipment growth is outpacing overall industry growth at over 10% Growth of the asset-light brewery taproom model focused on direct to consumer sales (“Own-Premise”) has disrupted traditional wholesale distributionroutes to market, while becoming more than 10% of the total craft beer industry volume and accounting for a significant portion of the growth withinthe craft beer industry Many non-alcohol brands are emerging with strong e-commerce presence at launch, before transitioning to wholesale distribution (LifeAID, Soylent,Dirty Lemon, 82 Labs)DtC Wine Shipment VolumeU.S. Food and Beverage E-Commerce Sales( in billions)(Cases in millions)5.86.3 38.165.03.53.03.29%8%9%2011201220134.0 32.634.3 19.8914%201417%9%2015VolumeSources: Brick Meets Click, eMarketer, IBISWorld, Statista.2016Growth15%2017 23.65 9%2018SalesGrowth10
II. Transaction Highlights11
Notable Alcohol TransactionsHeaven Hill Brands Acquires Constellation Brands’ Canadian Whiskey Portfolio Constellation’s Canadian Whiskey assets include brands such as Black Velvet,MacNaughton, McMasters, Golden Wedding, and OFC, along with their distilling andbottling operations The acquisition is part of a larger effort by Constellation to refocus their portfolio onpremium and super-premium brands, while divesting value brandsKey MetricsAnnounced Date:EV:EV / Revenue:EV / CAMP:Aug 2019 2664.0x8.5xPlatform Beer Co. Acquired by Anheuser-Busch InBev Platform is one of the fastest growing small-regional breweries in the country withtaprooms in Cleveland, Columbus, and Cincinnati, with plans to expand to Pittsburgh The acquisition represents ABI’s first U.S. craft acquisition in more than two years andthree weeks in advance of its deadline to make a qualifying offer on Craft Brew Alliance,potentially demonstrating a renewed interest in strong local and regional craft brandsKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Aug 2019NANANADogfish Head Brewing is Acquired by The Boston Beer Co. Dogfish Head is a leading national craft brewer specializing in IPAs and sours known fortheir continuous hopping process Acquired Delaware-based growth brand Dogfish Head in an effort to consolidate a craftbeer powerhouse and to offset declining beer sales and profits at Samuel Adams’ beerdivisionsKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:May 2019 300MM2.6x12.5xPortfolio of Constellation Brands’ Wine Assets is Acquired by E&J Gallo The portfolio, consisting of 30 brands and 6 wineries represents Constellation assetslocated in California, New York, and Washington, including Clos du Bois, Mark West,Arbor Mist and Cooks brands The divestiture of brands at or below 11.00 will allow Constellation to focus theirefforts on a more premium set of wines and spiritsKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Apr 2019 1.7BNNA6.5xAnheuser-Busch InBev Acquires Cutwater Spirits Rebranded in 2016, Cutwater Spirits is an award-winning maker of distilled spirits,mixers, and cocktails known for its high-quality ingredients, transparent packaging, andinnovative combinations based in Southern California This addition was ABI’s first U.S. acquisition in the spirits, mixers and canned cocktailmarket. ABI stated its intent to help expand distribution of the brand nationallyKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Feb 2019NANANASource: Capital IQ, Company press releases.12
Notable Non-Alcohol TransactionsCytosport is Acquired by Pepsico Cytosport is a California-based manufacturer of premium functional beverages, mostnotably non-dairy protein drink Muscle Milk Pepsi, who distributed Cytosport products prior to the deal, acquired the brand fromprotein-focused Hormel as part of a bid to bolster its sports-nutrition businessKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Feb 2019 465MM1.6xN/ACott Corporation acquires The Mountain Valley Spring Water CompanyKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Oct 2018 79MM1.6x8.0xKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Sep 2018 525M4.0xNAKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Aug 2018 3.2BN5.3x26.0xKey MetricsAnnounced Date:EV:EV / Revenue:EV / EBITDA:Aug 2018 5.0BN3.0x16.4x Mountain Valley Spring Water is a fast-growing American brand of spring water and isone of the most recognized home and office distribution brands in the United States Cott Corporation, a Canadian route-based distributor of beverages to offices and homes,acquired Mountain Valley to help build its water-solutions portfolioAcquisition of CORE Nutrition by Keurig Dr. Pepper CORE Nutrition sells premium and organic juices enhanced and flavored water known fortheir balanced levels of pH Keurig Dr. Pepper, which already managed 2/3 of CORE’s distribution, ensures the highgrowth brand will stay within the KDP systemPepsiCo acquires SodaStream SodaStream is a globally recognized manufacturer of consumer home carbonationproducts, allowing consumers to transform tap water into more than 100 flavors of soda Pepsi leadership cited both the opportunity to grow their water portfolio, along withallowing them to offer an array of sustainable, personalized in-home beverage solutionsCosta Coffee acquired by Coca Cola Costa, formerly owned by hospitality conglomerate Whitbread, is the largest coffeechain in the United Kingdom operating 3,800 stores and also selling branded coffees Coca Cola’s large international distribution network is equipped to further grow Costaoutside of the UK, and helps fill hot beverage white space in the soda maker’s portfolioSource: Capital IQ, Company press releases.13
Select Transactions( in millions, except per share data)DateTarget NameAcquiror NameTarget Business dEV /Revenue EBITDA08/12/2019Black VelvetHeaven Hill BrandsConstellation agreed to sell their Canadian Whiskey (including Black Velvet, MacNaughton,McMasters, Golden Wedding and OFC) and the associated distilling and bottling operationsMerger/AcquisitionSpirits 266.0NA4.0xNA08/07/2019Platform Beer CoABInBevAn innovative regional brewery headquartered in Cleveland, Ohio, Platform is known for matchingusing data nad analytics to guide its growing recipie list of over 600 brewsMerger/AcquisitionU.S. CraftNANANANA08/07/2019SeedlipDiageoA maker of premium-priced non-alcoholic gin subsitute, the acquistion of Seedlip follows a 20% staketaken by Diageo in 2016Merger/Acquisition Non-alcoholicNANANANA08/05/2019Firestone &RobertsonPernod Ricard SAThe Texas-based distiller of blended whiskey also comes with the company's Whiskey Ranch, adistillery outside Fort Worth consumers can book trips and 9Argo BreweryBavaria N.V.Argo Brewery, the first Georgian national beer brand, held the license to distribtue Royal Swinkel'sHollandia brand in country before the partnership was expanded to a 40% interestPrivate PlacementInt'l CraftNANANANA07/27/2019Inverroche DistilleryPernod Ricard SAInverroche, the largest South African artisinal gin brand, is known for incorporating indigenous plantfynbos in their range of WincCool Japan FundWinc’s offerings are a combination of both expert-curated draughts from other wineries, as well asexclusive, hand-crafted wines that span the white, red and rosé gamutPrivate PlacementWineNA 10.0NANA07/19/2019Carlton & UnitedBreweriesAsahiThe owner of prominent Australian beer brands such as Carlton Draught, Pure Blonde and VictorianBitter, serving about 40% of the Australian marketMerger/AcquisitionInt'l Craft 16.3NANA14.9x07/16/2019Health-AdeCoca-Cola Co.The Los Angeles-based brewer of Kombucha partnered with Coca-Cola to help expand the company'shealth-based beverage portfolioPrivate Placement Non-alcoholicNA 20.0NANA07/11/2019Jones SodaHeavenly RxHeavenly Rx, a portfolio company of SOL Global Investments, acquired a 25% stake in the company toenhance its existing beverage portfolioPrivate Placement Non-alcoholicNA 9.0NANA07/10/2019BodebocaPernod Ricard SABodeboca is a Spanish wine retailer in both phsyical stores and through an e-commerce platformMerger/AcquisitionWine 11.0NA1.0xNA06/28/2019Babe Rose(remaining majority)ZX VenturesThe social media influencer wine company received an investment from ZX Ventures, the venture arm Merger/Acquisitionof ABInBevWineNANANANA06/25/2019Bragg Live FoodProductsMerger/Acquisition Non-alcoholicNANANANA06/21/2019Project Juice,Beaming WellnessDragoneerBragg, a leader in the ready-to-drink apple cider vinegar category, was aquired by a consortiumInvestment, Swander interested in the health and wellness spacePaceCapitalHoldings, California-based juice bar chains Project Juice and Beaming Wellness announced last week they haveSuperfoodEquity38merged to create Superfood Holdings LLCMerger/Acquisition Non-alcoholicNANANANA06/14/2019Rabbit Hole SpiritsPernod Ricard SARabbit Hole Distillery has sold a majority stake to Pernod Ricard, a move that will allow the Kentuckywhiskey maker to expand its market e 86 CompanyBrown-FormanNew York-based company that distills and distributes spirits, most prominently Ford's GinMerger/AcquisitionSpiritsNANANANA06/06/2019Hart DairyAlium CapitalManagementHart Dairy is the largest single-source producer of 100% free-range, grass fed milk in AmericaPrivate Placement Non-alcoholicNA 10.0NANA06/03/2019Brands Within ReachNew Age BeverageBWR is a marketing, branding, and sales agency responsible managing distribution and licensing forbrands including NESTEA, Evian, illy, and VolvicMerger/Acquisition Non-alcoholic 6.5NA1.3xNA05/21/2019Kiju Organic BrandsZurban BeveragesSells organic juices and iced teas to retailers and restaurants across America and CanadaMerger/Acquisition Non-alcoholic 6.0NANANA05/17/2019ZolaCalivaProducer of plant-based beverages curated to hydrate the body and based in San FranciscoMerger/Acquisition Non-alcoholicNANANANASource: Capital IQ, Company press releases.14
Select Transactions (cont.)( in millions, except per share data)DateTarget NameAcquiror NameTarget Business dEV /Revenue EBITDA05/13/2019Wild Rose BrewingSleeman BreweriesWild Rose Brewery Ltd. provides beverages to pubs, restaurants, and liquor outlets serving customersthroughout CanadaMerger/AcquisitionInt'l CraftNANANANA05/09/2019Dogfish HeadBrewingBoston Beer Co. Inc.Dogfish Head Brewing is a leading independent producer of beers, specializing in IPAs and soursMerger/AcquisitionU.S. Craft 300.0NA2.5x12.5x05/06/2019Schlafly (The SaintLouis Brewery, Inc.)David SchlaflyThe St. Louis-based brewer was reacquired by the Schlafly family from PE firm Sage CapitalMerger/AcquisitionU.S. CraftNANANANA05/03/2019Iron Corral VineyardsHess Family WineEstates186 Acres in the Pope Valley planted primarily with Cabernet elson's Green BrierDistillery (majoritystake)WeyerbacherConstellation Brands, Constellation, previously invested in Nelson's through venture arm Constellation Ventures, made aInc.control investment in the Nashville-based distillerMerger/AcquisitionSpiritsNANANANA1518 Holdings LLCThe Philadelphia craft brewer sold a 55% equity stake to a consortium of investors as part of abankruptcy filingMerger/AcquisitionU.S. CraftNANANANA04/22/2019Brewing04/19/2019Calidad Beer(minority)Various InvestorsLA-based microbrewery raised capital for production, sales, and marketing from a group of over 20investorsPrivate PlacementU.S. CraftNA 2.5NANA04/17/2019Malfy GinPernod Ricard SAPernod acquiered Malfy from New York-based Biggar & Leith; it joins the company's other gin brandsincluding Beefeater, Plymouth and 19Bolthouse FarmsButterfly EquityBakersfield based company that sells fresh produce and beverages including juices, smoothies,protein plus, breakfast smoothies, and cafe drinksMerger/Acquisition Non-alcoholic 510.0NANANA04/05/2019Mezcal El SilencioConstellation Brands, Constellation Brands, Inc. acquired a minority stake in the parent company of Mezcal El Silencio, aInc.specially crafted, Los Angeles-based mezcal label and leader in the categoryPrivate PlacementSpiritsNA 20.0NANA04/04/2019Ninkasi BreweryLegacy BreweriesOregon-based brewer with a focus on ingredients from the Pacific NorthwestMerger/AcquisitionU.S. CraftNANANA8.0x04/03/2019Q MixersEurazeoBrooklyn-based mixer brand Q Mixers secured a 40 million investment from Eurazeo Brands, the CPG- Private Placement Non-alcoholicfocused arm of French investment company EurazeoNA 40.0NANA04/03/201930 Brands And 6WineriesConstellationAvery BrewingE&J GalloConstellation's California wineries and wine brands under an 11.00 price pointMerger/AcquisitionWine 1,700.0NANA6.5xMahou San MiguelThe brewery's range of craft beers include 30 different on tap beers served directly at an in-house taproom along with food delicacies.Merger/AcquisitionU.S. CraftNANANANAInt'l CraftNANANANA04/02/2019(additional 40%)03/30/2019Magic Rock Brewing(UK)Lion NathanThe British craft brewer focused on IPAs cited expansion plans, capital as the primary motivators inthe sale to Australian F&B giant LionMerger/Acquisition03/26/2019Teza Iced TeaLion NathanLion acqired the New Zealand tea brewer as part of a bid to grow its non-alcoholic segmentMerger/Acquisition Non-alcoholicNANANANA03/22/2019Four Pillars GinLion NathanFour Pillars, an Australian craft gin distillery was acquired in a deal structered to retain the threefounders as 019Alloy Wine WorksVintage Wine Estates Alloy, based in California, is a pioneer of canned wineMerger/AcquisitionWineNANANANA02/25/2019Gordon BierschBrewing CoVarious InvestorsThe San Jose-based brewery and restaurant group was acquired by a consortium led by foudner DanGordonPrivate PlacementU.S. BrewerNANANANA02/22/2019Merry EdwardsWineryChampagne LouisRoederer S.A.Known for its Russian River Valley Pinot Noir, the terms of the deal included 79 acres and theSebastopol tasting roomMerger/AcquisitionWineNANANANASource: Capital IQ, Company press releases.15
Select Transactions (cont.)( in millions, except per share data)DateTarget NameAcquiror NameTarget Business dEV /Revenue EBITDA02/21/2019Bright Cellars(minority stake)Revolution Ventures Milwaukee startup that helps wine lovers shop for and discover new wines, Bright Cellars closed a 8.5 million Series A round led by Revolution VenturesPrivate PlacementWineNA 8.5NANA02/20/2019Cutwater Spirits, LLCAnheuser-BuschInBevSan Diego Based company that sells and produces whiskey, vodka, gin, rum, liqueur, mixers, andcanned 19Cytosport (MuscleMilk)Pepsico, Inc.
acquisition expanded Cascadia'sfood & beverage expertise, with a proven and highly-specialized team with a deep focus across the beverage landscape, including the market'sleading M&A franchise in craft beer. Recently Closed Beverage Industry Transactions has been acquired by August 2016 April 2019 has been recapitalized by has completed a .
4 CATALOG 2015-16 Cascadia College GENERAL INFORMATION 2015-16 SUMMER QUARTER 2015 ACADEMIC CALENDAR July 2-3 Independence Day/Cascadia Closed July 6 First Day of Summer Quarter Aug. 27 Last Day of Summer Quarter FALL QUARTER 2015 Sept. 7 Labor Day/Cascadia Closed Sept. 8 First Day of Pre-Fall Classes Sept. 14 Rosh Hashanah/No Classes
Beverage Marketing Corporation utilizes an integrated model for providing information, analysis and advice to beverage industry clients -3- Copyright 2016 Beverage Marketing Corp. Introducing The Beverage Packaging Data MODULE The latest addition to Beverage Marketing Corporation's DrinkTell Database with Market Forecasts!
Beverage Marketing Corporation utilizes an integrated model for providing information, analysis and advice to beverage industry clients -3- Copyright 2016 Beverage Marketing Corp. The Shifting Beverage Landscape Agenda I. Market Overview II. Key Trends III. Category Updates IV. Projections -4- Copyright 2016 Beverage Marketing Corp.
Water Use Benchmarking in the Beverage Industry Trends and Observations . Clean, high-quality water is the essential ingredient for all products of the beverage industry. For years, beverage companies have focused on water use avoidance and conservation to demonstrate one aspect of environmental stewardship. Since 2007, the Beverage Industry
and Rocky Mountain ranges. (iii) A third definition of Cascadia refers to an institutional or “traditional Cascadia” (Smith, ibidem), including the states of Washington, Oregon and province of British Columbia. (iv) Finally, an extensive conception of the Pacific
Food, Beverage and Agribusiness Industry Focus: Branded Food & Beverage, Food & Beverage Manufacturing Recent Transactions: 1. Market Overview 2. Premium Coffee is Driving Purchasing Behavior in Younger Consumers Sources: (1) National Coffee Association, (2) Adroit Market Research. 3
2 2021 BEVERAGE TRENDS DRIVING CHANGE CONTENTS 3 Dominant Trends in the Beverage Industry 4 Opportunities Abound for Beverage Suppliers 6 Consumers Looking for Sustainability 11 Beverage Functionality and Convenience 13 Health Consciousness is a Driver of Change 15 SKU Expansion for Most 17 COVID-19: The New Variable 22 Beverage Manufacturers' Machine Needs
Rough paths, invariance principles in the rough path topology, additive functionals of Markov pro-cesses, Kipnis–Varadhan theory, homogenization, random conductance model, random walks with random conductances. We gratefully acknowledge financial support by the DFG via Research Unit FOR2402 — Rough paths, SPDEs and related topics. The main part of the work of T.O. was carried out while he .
