cons_ma120103[1] - U.S. Bancorp Piper Jaffray Consumer...

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U.S. Bancorp Piper Jaffray David Jacquin - Managing Director, Group Head, 415-277-1505, djacquin@pjc.com Scott LaRue - Managing Director, 650-838-1407, scott.larue@pjc.cm Tom Halverson - Principal, 612-303-6371, thalverson@pjc.com John Twichell - Vice President 415-277-1533, jtwichell@pjc.com John Barrymore - Vice President, 415-277-1501, john.barrymore@pjc.com Robert Arnold - Associate, 415-277-1548, robert.arnold@pjc.com 5.7x 11.0x 10.8x 15.6x 15.0x 4.3x 6.6x 6.2x 9.4x 8.8x 3.0x 5.0x 7.0x 9.0x 11.0x 13.0x 15.0x 17.0x < $25 $25 - $100 $100 - $250 $250 - $1,000 >$1,000 Transaction Size EBIT EBITDA December 1, 2003 (Approximate valuations, $ in mil ions) Date Equity Enterprise LTM EV / LTM Announced Effective Target Acquiror Value Value EBITDA EBITDA Universe Comments 12/01/03 12/1/03 Huffy Corp.'s Volant ski unit Amer Group Plc NA NA NA NA 11/26/03 Pending AMF Bowling Worldwide Code Hennessy & Simmons (1) $259.1 $632.9 $120.4 5.3x 11/24/03 Pending Koo Koo Roo Inc. Fuddruckers Inc. $5.1 $5.1 NA NA Restaurant Fuddruckers to buy restaurant operator Koo Koo Roo out of bankruptcy (1) Based on offer price of $25.00, a share count of 10.38 mil ion shares (ful y diluted) and net debt of $ 373.8 mil ion (per most recent SEC filings) Recent High Yield Debt and Convertible Securities Issued by Consumer Companies Announced Issued Company Issue Description Coupon Maturity Business Description 11/25/03 Not Priced General Nutrition Centers $215.0 mm HY notes (144a) B3 / B- 8.50% 2010 Leading vitamin and nutritional supplement retail chain 11/25/03 Not Priced Jostens Holding Corp $247.2 mm HY notes (144a) Caa2 / B- 10.25% 2013 Leading U.S. company in the school ring and yearbook market 11/20/03 Not Priced Pinnacle Foods Holding $200.0 mm HY notes (144a) B3 / B 8.25% 2013 Branded food products maker of Vlasic pickles and Swanson frozen dinners 11/06/03 11/20/03 Michael Foods $150.0 mm HY notes (144a) B3 / B- 8.00% 2013 Leading U.S. producer of egg products (frozen, pre-cooked, dried) 10/30/03 11/04/03 O'Charleys Inc $125.0 mm HY notes (144a) Ba3 / B 9.00% 2013 Operator of restaurants under the names O'Charley's, Stoney River Legendary Steaks, Ninety Nine 10/02/03 10/08/03 Scotts Company $200.0 mm HY notes (144a) Ba3 / B+ 6.63% 2013 World's leading supplier and marketer of consumer products for do-it-yourself lawn and garden care Source: Bloomberg, Public Press November 26, 2003 - Code Hennessy & Simmons LLC to acquire AMF Bowling Worldwide, Inc. AMF Bowling Worldwide, Inc. ("AMF"), the worlds largest owner and operator of bowling centers, and Code Hennessy & Simmons LLC ("CHS"), a Chicago-based private
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This note was uploaded on 11/05/2011 for the course ACCOUNTING 101 taught by Professor Online during the Spring '11 term at Colorado Technical University.

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cons_ma120103[1] - U.S. Bancorp Piper Jaffray Consumer...

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