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Implied Per Share Equity Value Reference Ranges Based On:
|
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Per Share Price
|
| |||
|
CY2024E Adjusted EBITDA
$21.10 – $32.80
|
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CY2025E Adjusted EBITDA
$22.85 – $35.90
|
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$31.00
|
|
|
Announced
|
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Acquiror
|
| |
Target
|
|
| April 2023 | | |
•
Mars, Incorporated
|
| |
•
Heska Corporation
|
|
| February 2023 | | |
•
Post Holdings, Inc.
|
| |
•
The J.M. Smucker Company (select pet foods brands)
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|
| January 2023 | | |
•
PetIQ, Inc.
|
| |
•
Rocco & Roxie Supply Co, LLC
|
|
| May 2022 | | |
•
TPG Inc. and Clayton, Dubilier & Rice, LLC
|
| |
•
Covetrus, Inc.
|
|
| January 2022 | | |
•
SwedenCare AB
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| |
•
NaturVet
|
|
| December 2021 | | |
•
Vimian Group AB
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| |
•
GlobalOne Pet Products LLC
|
|
| September 2021 | | |
•
Platinum Equity, LLC
|
| |
•
PetMate
|
|
| August 2021 | | |
•
Health & Happiness (H&H) International Holdings Ltd.
|
| |
•
Zesty Paws LLC
|
|
| July 2021 | | |
•
Vestar Capital Partners LLC
|
| |
•
PetHonesty LLC
|
|
| May 2021 | | |
•
General Mills, Inc.
|
| |
•
Tyson Foods, Inc. (pet treats business)
|
|
| December 2020 | | |
•
Nexus Capital Management LP
|
| |
•
The J.M. Smucker Company (Natural Balance pet food business)
|
|
| November 2020 | | |
•
Health & Happiness (H&H) International Holdings Ltd.
|
| |
•
Solid Gold Pet, LLC
|
|
| May 2020 | | |
•
Clayton, Dubilier & Rice, LLC
|
| |
•
Radio Systems Corporation
|
|
| January 2020 | | |
•
PetIQ, Inc.
|
| |
•
Elanco Animal Health Incorporated (CapStar business)
|
|
| October 2019 | | |
•
Better Choice Company Inc.
|
| |
•
Halo, Purely for Pets, Inc.
|
|
| August 2019 | | |
•
Elanco Animal Health Incorporated
|
| |
•
Bayer Aktiengesellschaft (animal health business)
|
|
| May 2019 | | |
•
PetIQ, Inc.
|
| |
•
Perrigo Company plc (animal health business)
|
|
|
Implied Per Share
Equity Value Reference Range |
| |
Per Share Price
|
|
|
$21.55 – $44.25
|
| |
$31.00
|
|
|
Implied Per Share
Equity Value Reference Range |
| |
Per Share Price
|
|
|
$25.75 – $36.90
|
| |
$31.00
|
|
$ in millions
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |||||||||||||||
Total Net Sales
|
| | | $ | 1,015.0 | | | | | $ | 1,203.8 | | | | | $ | 1,417.4 | | | | | $ | 1,627.9 | | | | | $ | 1,800.5 | | |
Total Cost of Sales(1)
|
| | | $ | 766.2 | | | | | $ | 894.7 | | | | | $ | 1,043.0 | | | | | $ | 1,183.8 | | | | | $ | 1,304.7 | | |
Gross Profit
|
| | | $ | 248.7 | | | | | $ | 309.0 | | | | | $ | 374.4 | | | | | $ | 444.1 | | | | | $ | 495.8 | | |
Operating Expenses(1)
|
| | | $ | 172.1 | | | | | $ | 203.9 | | | | | $ | 223.6 | | | | | $ | 247.6 | | | | | $ | 268.9 | | |
EBITDA(2) | | | | $ | 76.6 | | | | | $ | 105.1 | | | | | $ | 150.9 | | | | | $ | 196.5 | | | | | $ | 226.8 | | |
Adjusted EBITDA(3)
|
| | | $ | 89.1 | | | | | $ | 117.1 | | | | | $ | 164.1 | | | | | $ | 211.1 | | | | | $ | 242.8 | | |
$ in millions
|
| |
2024E(4)
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| ||||||||||||||||||
Total Net Sales
|
| | | $ | 1,161.0 | | | | | $ | 1,233.6 | | | | | $ | 1,358.0 | | | | | $ | 1,465.8 | | | | | $ | 1,584.2 | | | | | $ | 1,697.4 | | |
Total Cost of Sales(1)
|
| | | $ | 868.4 | | | | | $ | 903.0 | | | | | $ | 983.4 | | | | | $ | 1,054.8 | | | | | $ | 1,132.2 | | | | | $ | 1,199.1 | | |
Gross Profit
|
| | | $ | 292.7 | | | | | $ | 330.6 | | | | | $ | 374.6 | | | | | $ | 411.0 | | | | | $ | 452.0 | | | | | $ | 498.4 | | |
Operating Expenses(1)
|
| | | $ | 189.7 | | | | | $ | 203.1 | | | | | $ | 229.9 | | | | | $ | 243.3 | | | | | $ | 260.0 | | | | | $ | 277.3 | | |
EBITDA(2) | | | | $ | 103.0 | | | | | $ | 127.5 | | | | | $ | 144.7 | | | | | $ | 167.8 | | | | | $ | 192.0 | | | | | $ | 221.0 | | |
Adjusted EBITDA(3)
|
| | | $ | 125.9 | | | | | $ | 140.5 | | | | | $ | 157.5 | | | | | $ | 181.7 | | | | | $ | 207.2 | | | | | $ | 237.5 | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Perquisites/
Benefits ($)(3) |
| |
Other
($)(4) |
| |
Total
($) |
| |||||||||||||||
McCord Christensen
|
| | | | 10,000,000 | | | | | | 15,848,135 | | | | | | 39,647 | | | | | | 1,633,905 | | | | | | 27,521,687 | | |
Zvi Glasman
|
| | | | 1,143,459 | | | | | | 3,705,992 | | | | | | — | | | | | | 289,792 | | | | | | 5,139,242 | | |
Michael Smith
|
| | | | 764,400 | | | | | | 9,602,612 | | | | | | — | | | | | | 1,146,600 | | | | | | 11,513,612 | | |
John Pearson
|
| | | | 558,480 | | | | | | 3,138,192 | | | | | | — | | | | | | 837,720 | | | | | | 4,534,392 | | |
William Carter
|
| | | | — | | | | | | 1,789,537 | | | | | | — | | | | | | 675,000 | | | | | | 2,464,537 | | |
Name
|
| |
Shares
(#)(1) |
| |
Shares
($) |
| |
Options
(#)(2) |
| |
Options
($) |
| |
RSUs
(#)(3) |
| |
RSUs
($) |
| |
Total
($) |
| |||||||||||||||||||||
McCord Christensen
|
| | | | 259,702(4) | | | | | | 8,050,762 | | | | | | 379,021 | | | | | | 2,937,875 | | | | | | 335,643 | | | | | | 10,404,933 | | | | | | 21,393,570 | | |
Zvi Glasman
|
| | | | 25,800(5) | | | | | | 799,800 | | | | | | 36,513 | | | | | | 165,947 | | | | | | 92,927 | | | | | | 2,880,737 | | | | | | 3,846,484 | | |
Michael Smith
|
| | | | 97,808 | | | | | | 3,032,048 | | | | | | 85,034 | | | | | | 370,037 | | | | | | 269,468 | | | | | | 8,353,508 | | | | | | 11,755,593 | | |
John Pearson
|
| | | | 16,339 | | | | | | 506,509 | | | | | | — | | | | | | — | | | | | | 80,514 | | | | | | 2,495,934 | | | | | | 3,002,443 | | |
William Carter
|
| | | | 3,497 | | | | | | 108,407 | | | | | | — | | | | | | — | | | | | | 41,033 | | | | | | 1,272,023 | | | | | | 1,380,430 | | |
Mark First
|
| | | | 18,547(6) | | | | | | 574,957 | | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 127,193 | | | | | | 702,150 | | |
Allan Hall
|
| | | | 12,807 | | | | | | 397,017 | | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 127,193 | | | | | | 524,210 | | |
Scott Huff
|
| | | | 6,077 | | | | | | 188,387 | | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 127,193 | | | | | | 315,580 | | |
Kim Lefko
|
| | | | 14,822 | | | | | | 459,482 | | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 127,193 | | | | | | 586,675 | | |
Sheryl O’Loughlin
|
| | | | 14,822 | | | | | | 459,482 | | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 127,193 | | | | | | 586,675 | | |
Kenneth Walker
|
| | | | 13,363 | | | | | | 414,253 | | | | | | — | | | | | | — | | | | | | 4,103 | | | | | | 127,193 | | | | | | 541,446 | | |
| | |
Shares of Class A
Common Stock Beneficially Owned |
| |
Shares of Class B
Common Stock Beneficially Owned |
| |
Combined
Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BlackRock, Inc.(1)
|
| | | | 2,911,862 | | | | | | 9.8% | | | | | | — | | | | | | — | | | | | | 9.7% | | |
The Vanguard Group(2)
|
| | | | 2,147,759 | | | | | | 7.2% | | | | | | — | | | | | | — | | | | | | 7.2% | | |
Eos Funds(3)
|
| | | | 1,972,687 | | | | | | 6.6% | | | | | | — | | | | | | — | | | | | | 6.6% | | |
James Nathan Clarke(4)
|
| | | | 1,690,802 | | | | | | 5.7% | | | | | | — | | | | | | — | | | | | | 5.7% | | |
Glazer Capital, LLC(5)
|
| | | | 1,636,073 | | | | | | 5.5% | | | | | | — | | | | | | — | | | | | | 5.5% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
McCord Christensen(6)
|
| | | | 511,376 | | | | | | 1.7% | | | | | | 114,027 | | | | | | 49.2% | | | | | | 2.1% | | |
Zvi Glasman(7)
|
| | | | 44,056 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Mark First(3)(8)
|
| | | | 1,991,234 | | | | | | 6.7% | | | | | | — | | | | | | — | | | | | | 6.7% | | |
William Carter(9)
|
| | | | 3,497 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
John Pearson(10)
|
| | | | 16,339 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Michael Smith(11)
|
| | | | 179,336 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Allan Hall(8)
|
| | | | 12,807 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Scott Huff(8)
|
| | | | 6,077 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Kimberly Lefko(8)
|
| | | | 14,822 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Sheryl O’Loughlin(8)
|
| | | | 14,822 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Kenneth Walker(8)
|
| | | | 13,363 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
R. Michael Herrman(12)
|
| | | | 14,764 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Total Executive Officers and Directors as a Group (12 Persons)
|
| | | | 2,847,194 | | | | | | 9.4% | | | | | | 114,027 | | | | | | 49.2% | | | | | | 9.7% | | |
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Name
|
| |
Mailing Address
|
|
Kelsey D. Stevens | | | Davis Polk & Wardwell LLP | |
| | | 450 Lexington Avenue | |
| | | New York, New York 10017 | |
| | | |
Kelsey D. Stevens
Incorporator |
|