1、Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.DateDateTargetTargetBuyer(s)Buyer(s)SegmentSegmentAmountAmount($in Mil)($in Mil)TEV/TEV/RevRevTEV/TEV/EBITDAEBITDA1 2/26/2022Tata Harper SkincareAmorepacific Group Personal Care1 28.50-1 2/6/2022Eurofragance(New

2、Jersey)Ares Capital Corporation BDC,Ares Management,OnScent,The Riverside CompanyPersonal Care-1 1/1 7/2022Stony Creek Swim CenterEagle Private Capital,Emler Swim School,Morgan Stanley Capital Partners,Palatine Capital Partners,Sage Venture PartnersHealth&Fitness-1 0/24/2022Weber-Stephen Products(NY

3、S:WEBR)BDT&CompanyOutdoor Products3,700.002.33-1 0/1 4/2022Skinbetter ScienceLOral USAPersonal Care-1 0/1 2/2022CR Fitness HoldingsMontana Capital Partners,North Castle Partners,TPG Health&Fitness-9/7/2022Outside InteractiveKinomapLifestyle Companies-9/6/2022Hero CosmeticsChurch&Dwight Company Perso

4、nal Care630.002.747.008/23/2022Simms Fishing ProductsVista Outdoor Outdoor Products1 92.501.75-8/1/2022Clif Bar&CompanyMondelez International Natural&Organic Foods2,900.00-7/27/2022Milk MakeupObagiPersonal Care1,200.00-7/20/2022Score SportsAbrdn,Brand Velocity Group,Bridge Venture Partners,Kayne And

5、erson BDC,Martinson Ventures,Ocean Avenue Capital PartnersActivewear-If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Pleas

6、e Call Our Offices at 720.221.9220.12 11 6 15 12 39 17 -5 10 15 20 25 30 35 40 45Strategic62%Financial38%Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAPlanet FitnessPLNT6,573$

7、78.80$36.7%(1 3.0%)81.0%26.8%35.6%NMNMNM8.0 x1 9.8xMedifast(Maryland)MED1,260 1 1 5.35 6.5%(44.9%)52.0%(2.4%)1 2.8%0.7x5.9x8.7x0.8xNMWWWW272 3.86 (1.8%)(76.1%)22.1%(1 3.8%)(1 2.7%)1.5xNMNM1.7x9.0 xF.I.T GroupFIT51 0.1 5 (36.5%)(77.1%)21.6%NM22.8%0.4x1.8x1 4.9xNMNMNautilusNLS49 1.53 (6.1%)(75.0%)23.4

8、%(1 1.0%)(25.7%)0.3xNMNM0.3xNMSegment Average(0.3%)(57.2%)40.0%(0.1%)6.6%0.7x3.8x11.8x2.7x14.4xSegment M edian(1.8%)(75.0%)23.4%(6.7%)12.8%0.6x3.8x11.8x1.2x14.4xM arket StatsOperating Stats LTM M ultiples NTM M ultiples-70%-60%-50%-40%-30%-20%-10%0%10%Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22

9、Aug-22Sep-22Oct-22Nov-22Dec-22Health&FitnessLifestyle CompaniesActivewearNatural&Organic FoodsOutdoor ProductsPersonal CareVitamins,Minerals,&SupplementsS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/

10、EPSTEV/NTM RevenueTEV/NTM EBITDAGarminGRMN1 7,689$92.29$1 4.9%(32.2%)66.8%3.5%23.7%3.3x1 3.9x1 8.5x3.2x1 1.8xVail ResortsMTN9,61 2 238.35 1 0.5%(27.3%)72.4%1 2.6%32.6%4.5x1 3.7x27.8x4.0 x1 2.7xPolaris(US)PII5,854 1 01.00 5.6%(8.1%)79.3%(4.1%)1 0.3%0.9x8.6x1 2.5x0.9x7.3xBrunswick(US)BC5,226 72.08 1 0

11、.1%(28.4%)69.7%6.0%1 6.5%1.1 x6.7x8.6x1.0 x5.7xVista OutdoorVSTO1,379 24.37 0.2%(47.1%)46.3%(2.7%)21.9%0.9x3.9x3.2x0.9x5.1 xGoProGPRO777 4.98 1.0%(51.7%)44.8%(2.9%)8.9%0.5x5.9x1 0.6x0.5x6.5xClarus(Utah)CLAR290 7.84 (41.8%)(71.7%)26.7%(1.1%)1 1.1%1.0 x9.0 x1 1.5x1.0 x7.0 xSegment Average0.1%(38.1%)58

12、.0%1.6%17.9%1.7x8.8x13.2x1.6x8.0 xSegment M edian5.6%(32.2%)66.8%(1.1%)16.5%1.0 x8.6x11.5x1.0 x7.0 xM arket StatsOperating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EP

13、STEV/NTM RevenueTEV/NTM EBITDANikeNKE1 83,073$1 1 7.01 40.8%(29.8%)69.7%1 0.6%1 5.6%3.8x25.1 x33.1 x3.5x23.3xLululemon AthleticaLULU40,853 320.38 1 4.6%(1 8.2%)78.0%1 8.5%25.2%5.6x22.1 x35.2x4.7x1 8.4xV.F.VFC1 0,728 27.61 (7.7%)(62.3%)36.0%0.3%8.6%1.5x1 7.1 x25.6x1.5x1 2.1 xDeckers BrandsDECK1 0,564

14、 399.1 6 27.7%9.0%99.2%1 0.5%1 7.7%3.0 x1 7.1 x24.3x2.7xNMUnder ArmourUA4,31 1 8.92 49.7%(50.6%)47.8%3.6%5.8%0.9x1 4.9x29.7x0.8x1 0.4xFoot LockerFL3,527 37.79 21.4%(1 3.4%)79.7%(5.2%)9.8%0.7x7.5x8.5x0.8x8.3xWolverine World WideWWW861 1 0.93 (29.0%)(62.1%)36.7%3.5%1 0.1%0.9x8.9x5.6x0.9x9.6xSegment Av

15、erage16.8%(32.5%)63.9%6.0%13.3%2.3x16.1x23.1x2.1x13.7xSegment M edian21.4%(29.8%)69.7%3.6%10.1%1.5x17.1x25.6x1.5x11.3xM arket StatsOperating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/Rev

16、TEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAUnited Natural FoodsUNFI2,31 6$38.71$1 2.6%(21.1%)75.7%3.4%2.5%0.2x8.2x1 0.0 x0.2x7.0 xThe Hain Celestial GroupHAIN1,445 1 6.1 8 (4.1%)(62.0%)37.2%0.7%8.3%1.3x1 5.5x22.8x1.3x1 1.5xDel Monte PacificD03485 0.25 1 5.1%(1 6.8%)78.8%9.1%1 9.4%1.1 x5.8x9.2x1

17、.0 xNMSeneca FoodsSENEA464 60.95 20.8%27.1%88.7%NM7.1%0.6x7.8x1 0.9xNMNMSegment Average11.1%(18.2%)70.1%4.4%9.3%0.8x9.3x13.2x0.8x9.2xSegment M edian13.9%(18.9%)77.2%3.4%7.7%0.8x8.0 x10.5x1.0 x9.2xM arket StatsOperating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)

18、Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDABrunswick(US)BC5,226$72.08$1 0.1%(28.4%)69.7%6.0%1 6.5%1.1 x6.7x8.6x1.0 x5.7xVista OutdoorVSTO1,379 24.37 0.2%(47.1%)46.3%(2.7%)21.9%0.9x3.9x3.2x0.9x5.1 xSturm,Ruger&CompanyR

19、GR894 50.62 (0.3%)(25.6%)67.6%(1 2.7%)25.4%1.1 x4.4x8.4x1.3xNMJohnson OutdoorsJOUT674 66.1 2 28.9%(29.4%)68.4%0.7%9.7%0.8x8.3x1 5.1 x0.8xNMEscaladeESCA1 38 1 0.1 8 2.3%(35.5%)58.2%4.2%1 0.8%0.8x7.4x6.9x0.8xNMSegment Average8.2%(33.2%)62.0%(0.9%)16.9%0.9x6.1x8.4x1.0 x5.4xSegment M edian2.3%(29.4%)67.

20、6%0.7%16.5%0.9x6.7x8.4x0.9x5.4xM arket StatsOperating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAUnileverULVR1 27,648$50.41$1 3.7%(5.3%)

21、93.3%NMNM2.6x1 2.6x1 8.4x2.4x1 2.6xEste LauderEL88,529 248.1 1 1 4.9%(33.0%)66.3%3.1%21.0%5.4x25.9x41.3x5.3x22.8xULTA BeautyULTA23,867 469.07 1 6.9%1 3.8%97.0%7.4%1 8.7%2.6x1 4.1 x20.6x2.4x1 4.1 xCotyCOTY7,277 8.56 35.4%(1 8.5%)79.1%2.1%1 8.8%2.3x1 2.1 xNM2.2x1 2.1 xInter ParfumsIPAR3,077 96.52 27.9

22、%(9.7%)89.1%1 5.9%1 8.0%3.2x1 8.0 x30.0 x2.8xNMNu Skin EnterprisesNUS2,084 42.1 6 26.3%(1 6.9%)74.3%(6.2%)6.5%1.0 x1 4.7x54.8x1.0 x7.5xSally Beauty HoldingsSBH1,340 1 2.52 (0.6%)(32.2%)63.3%(2.4%)1 1.5%0.8x6.9x7.5x0.8x6.6xUSANA Health SciencesUSNA1,022 53.20 (5.1%)(47.4%)51.5%(7.5%)1 3.2%0.7x5.7x1 3

23、.4x0.8x6.2xUnited-GuardianUG48 1 0.44 (8.1%)(36.5%)40.0%NM28.9%3.0 x1 0.4x1 6.1 xNMNMLifevantageLFVN47 3.72 (0.8%)(41.1%)54.5%4.1%2.8%0.2x7.6xNM0.2x2.2xNatural Health TrendsNHTC39 3.43 (6.5%)(49.3%)42.9%NM1.7%NMNMNMNMNMRevlonREV23 3.97 (38.2%)(66.8%)33.2%NM(7.1%)0.3xNMNMNMNMSegment Average4.7%(30.5%

24、)62.5%1.9%11.3%1.6x11.2x23.7x1.5x8.1xSegment M edian(0.7%)(34.4%)58.9%2.1%12.3%1.0 x11.3x18.3x1.0 x7.1xM arket StatsOperating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice

25、/EPSTEV/NTM RevenueTEV/NTM EBITDAHerbalife International of AmericaHLF1,457$1 4.88$(25.2%)(63.6%)32.5%(9.1%)1 2.3%0.7x6.0 x4.8x0.8x6.9xMedifast(Maryland)MED1,260 1 1 5.35 6.5%(44.9%)52.0%(2.4%)1 2.8%0.7x5.9x8.7x0.8xNMNatures Sunshine ProductsNATR1 59 8.32 1.0%(55.0%)43.2%(3.8%)6.2%0.3x4.7x1 5.4x0.3x

26、8.2xLifevantageLFVN47 3.72 (0.8%)(41.1%)54.5%4.1%2.8%0.2x7.6xNM0.2x2.2xMannatechMTEX33 1 7.90 (1 3.9%)(53.3%)44.9%NM3.6%0.2x4.8x8.0 xNMNMSegment Average(6.5%)(51.6%)45.4%(2.8%)7.5%0.4x5.8x9.2x0.5x5.8xSegment M edian(0.8%)(53.3%)44.9%(3.1%)6.2%0.3x5.9x8.3x0.5x6.9xM arket StatsOperating Stats LTM M ul

27、tiples NTM M ultiples 51%47%54%42%8%10%10%11%41%43%36%47%41%39%42%42%13%9%11%9%46%52%47%49%41%35%36%37%8%8%9%5%51%57%55%58%39%47%39%36%8%6%7%10%54%47%54%55%0%20%40%60%80%100%Senior DebtSub DebtEquitySource:GF DataSource:GF DataNote:The most current source of GF Data is as of November 2022.MultiplesS

28、ource:PitchBook Financial Data and Analytics2019202120202022*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3005,3006,3002021 Q42022 Q12022 Q22022 Q32022 Q4Deals ClosedDeals ClosedCapital Invested6.1x5.9x6.1x6.6x6.9x6.8x7.0 x7.1x7.5x8.0 x8.3x8.8x9.3x8.6x9.0 x9.7x0.0 x2.0 x4.0 x6.0 x

29、8.0 x10.0 x12.0 x2019202020212022*$10-25mm$25-50mm$50-100mm$100-250mm1.“Health and Wellness Market(By Sector:Personal Care&Beauty&Anti-Aging,Nutrition&Weight Loss,Physical Activity,Wellness Tourism,Preventive&Personalized Medicine,Spa Economy,and Others),”Precision Research accessed Jan.15,2022 http

30、s:/ is Aqui-Hire,”Management Study Guide,accessed Jan.2023 https:/ The Labor Shortage Will Stick Around And Is Good News For Worker Pay,”Business Insider,Juliana Kaplan and Madison Hoff,Nov 17,2022 https:/ Puts Dent In M&A After White-Hot 2021,”S&P Global Market Intelligence,Apr.4,2022 https:/ Inter

31、est Rate Environment Weighs On US Bank M&A,”S&P Global Market Intelligence,Aug.25,2022 https:/ M&A Trends in Health Industries:2022 Mid-Year Update,”PWC,2022 https:/ Pharma Is Buying Your Favorite Supplement Brands:Heres What You Need To Know,”Next Health,Jul.11,2022 https:/www.next- Natural Health

32、News:Big Pharma Buying Up Supplement Companies,”Alliance for Natural Health,Nov.15,2022 https:/anh-usa.org/big-pharma-buying-up-supplement-companies/9.“How Connected Fitness Will Revolutionize the In-Person Gym Experience,”Ambiq,Charlene Wan,Jun.22,2022 https:/ Goes All-in on Omnichannel Fitness,”Fi

33、tt Insider,Feb.23,2022 https:/insider.fitt.co/equinox-goes-all-in-on-omnichannel-fitness/11.“In-Person Gyms To Make A Comeback As Only 15%Of US Exercisers Feel Digital Platforms Have Eliminated The Need For Gyms,”Cision/PR Newswire,Mar.23,2022 https:/ For The Fitness Consumer,”McKinsey&Company,Jun.2

34、1,2022 https:/ Active Cosmetics Market Outlook Report 2022:A$16.85 Billion Market by 2027-Customers Increasingly Choosing Natural and Organic Skin Care Products,”Globalnewswire,via Markets and Research,Dec.26,2022 https:/ Snaps Up Brazilian Health Foods Firm Puravida,”Just Food,Andy Coyne,May 24,202

35、2 https:/www.just- Health Science To Acquire Pronokal,Expanding Its Weight Management Portfolio,”N,Feb.7,2022 https:/ Wellness Inc.to Acquire Nutrawise Health&Beauty Corporation,Owner of Youtheory Brand,”Businesswire,June 1,2022 https:/ Capital Acquires Chris Hemsworths Centr and Inspire Fitness to Create Leading Personal Fitness,Nutrition and Wellness Platform,”Businesswire,Mar.31,2022 https:/ Consumer Partners Acquires Radiance Holdings,”Businesswire,Dec.19,2022 https:/ Dealmakers Will Find Opportunities,”PWC,Jan.2023 https:/ Valuation Multiples,”Finerva,Jun.30,2022 https:/