Harris Williams & Co. Consumer Update

Global Pet Products Market Update

These are three of the trends shaping M&A strategy in the global pet products sector, according to Harris Williams & Co. Consumer Group Managing Director Ryan Budlong and Director Will Bain:

1. Increased focus on premium products, including recent acquisitions at the high end of the market by two major consumer packaged goods companies. There has also been greater participation in the premium segment by private label companies.

2. Disintermediation and “the Amazon effect” are transforming the pet industry. With online sales growth growing rapidly, major players are refocusing their M&A strategies accordingly.

3. China-based buyers are increasingly active in the space, driven by rapid domestic growth in pet ownership.

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Public Markets Overview

Key Trading Statistics (Detail Begins On Page 5)1

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Public Company Sector Performance (12-month % Change In Stock Price)1

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Consumer And Retail Industry Stock Performance1

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Recent Equity Offerings1

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M&A Overview

Announced Consumer and Retail M&A1

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Consumer And Retail M&A Trends1

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Trading Multiples And Announced Private Equity M&A Activity1

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Public Comparables1

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M&A Transactions

Recent North American Consumer M&A1

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1) FactSet