2021 Seale & Associates - Q1 - Seale & Associates
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Seale & Associates
Creative Solutions. Trusted Advice .
SUPERMARKETS
INDUSTRY
Q1
2021
VALUATION
UPDATE
INTRODUCTION
We are pleased to share our Supermarkets Industry Valuation Update for Q1 2021.
We at Seale & Associates are committed to provide process-driven solutions designed
to optimize value and achieve our clients’ strategic objectives on a range of
transactions including Mergers, Acquisitions, Divestitures and Carve-Outs, Business
Sales, Recapitalizations, and Joint Ventures, among other corporate finance and
strategy consulting services.
Over the course of 20 years we have been successfully serving clients all over the
world, and we are delighted to provide investment banking advisory services to our
Supermarkets clients that are looking to grow through acquisitions or optimize their
portfolio through strategic divestitures.
Seale has extensive experience advising companies in retail, including leading
wholesalers, retailers, drug stores, and other companies serving this sector. Similarly,
Seale has deep expertise in the broader consumer products sectors, having advised
leading multinationals, private equity firms and family owned businesses.
Team
Sergio García Alejandro Montemayor
Managing Director Vice President
O: +52 (55) 8000 7463 O: +52 (55) 8000 7463
M: +52 (55) 5454 3152 M: +52 (81) 1212 8004
sgarcia@sealeassociates.com amontemayor@sealeassociates.com
Sofía Félix
Armando Rios
Head of Business Development
Associate
O: +52 (55) 8000 7463
O: +52 (55) 8000 7463
M: +52 (55) 3489 1049
M: +52 (442) 459 1735
sfelix@sealeassociates.com
arios@sealeassociates.com
Washington, D.C. Mexico City Miami Monterrey
Supermarkets Industry
Q1 2021
Seale & Associates
Creative Solutions. Trusted Advice.
COMPARABLE PUBLIC COMPANIES – GLOBAL
Annual Average First Quarter
Market Enterprise EV/EBITDA Mar. 31, 2020
Revenue EBITDA
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Aeon Co., Ltd. JPN $25,214 $43,507 $80,673 5.4% 8.0x 8.4x 9.1x 0.6x
Almacenes Éxito S.A. COL $1,666 $2,152 $4,218 6.5% 7.4x 6.5x 6.7x 0.5x
Carrefour SA FRA $14,650 $30,355 $88,017 4.9% 7.3x 6.1x 6.2x 0.4x
Casey's General Stores, Inc. USA $7,988 $8,963 $7,128 10.9% 12.1x 11.3x 11.6x 1.3x
Dairy Farm Int. Holdings Limited HKG $5,831 $9,732 $10,269 3.5% 14.3x 7.7x 7.7x 0.9x
Grupo Chedraui, S.A.B. de C.V. MEX $1,508 $2,812 $7,142 6.4% 7.9x 6.9x 5.5x 0.4x
InRetail Perú Corp. PER $4,275 $6,332 $3,986 10.5% 12.5x 10.3x 12.6x 1.6x
J Sainsbury plc GBR $7,407 $15,933 $40,097 4.7% 6.0x 6.0x 5.3x 0.4x
Koninklijke Ahold Delhaize N.V. NLD $28,812 $42,247 $91,297 6.9% 7.9x 6.6x 5.8x 0.5x
Tesco PLC GBR $24,229 $43,501 $80,611 5.3% 8.7x 7.9x 6.7x 0.5x
The Kroger Co. USA $27,064 $45,938 $132,498 4.5% 6.7x 6.7x 6.7x 0.3x
Public Joint Stock Company Magnit RUS $6,894 $13,229 $20,852 7.6% 6.5x 7.1x 6.3x 0.6x
Morrisons GBR $6,035 $10,431 $24,137 4.5% 6.9x 6.7x 8.8x 0.4x
Organización Soriana, S.A.B. de C.V. MEX $1,749 $2,815 $7,488 7.9% 6.7x 5.9x 4.8x 0.4x
Shoprite Holdings Limited ZAF $5,868 $7,139 $10,991 6.7% 11.0x 8.2x 7.7x 0.7x
Sun Art Retail Group Limited HKG $7,804 $6,582 $14,626 7.4% 7.6x 9.4x 6.1x 0.5x
Wal-Mart de México, S.A.B. de C.V. MEX $55,077 $56,255 $34,273 10.3% 14.5x 13.7x 15.3x 1.6x
Walmart, Inc. USA $382,643 $435,210 $559,151 6.8% 10.9x 11.6x 10.5x 0.8x
Woolworths Group Limited AUS $39,314 $51,646 $51,679 6.9% 11.9x 11.9x 11.7x 1.0x
X5 Retail Group N.V. NLD $8,754 $19,443 $26,683 8.7% 7.3x 6.4x 6.0x 0.7x
Mean 9.1x 8.3x 8.1x 0.7x
Median 7.9x 7.4x 6.7x 0.5x
Supermarkets Industry
Q1 2021 Sources: Capital IQ, Mergermarket Seale & Associates
Creative Solutions. Trusted Advice.
SUPERMARKETS – Q1 GLOBAL TRANSACTIONS
Date Target Country Description Seller Buyer Additional Notes
Owns and operates
Mar-21 Supratuc2020, S.L. SPA supermarkets in Catalonia and EP Corporate Group, a.s. Acquired a 50% stake
the Balearic Islands
Owns and operates three
Mar-21 Repetto & Cia SRL URU Repetto & Cia SRL -
supermarkets in Canelones
Operates as a food retail Acquired for US$1,949.6 million. EV/EBITDA
Mar-21 Grupo Big Brasil S.A. BRA
company in Brazil 14.9x. EV/Revenue 0.4x.
Longo Brothers Fruit Markets Owns and operates a chain of Acquired a 51% stake for US$286.5 million.
Mar-21 CAN
Inc. grocery stores EV/Revenue 0.6x
Arhelan Sp Z O O Spolka Owns and operates supermarket
Mar-21 POL Acquired a 49% stake
Komandytowa retail chains
Engages in the retail and
Three stores and two gas
wholesale of fast-moving
Mar-21 stations from Makro SLO Acquired a 88% stake
consumer goods primarily in
Atacadista S.A.
Slovenia and Serbia
Operates a chain of
Feb-21 Gelson's Markets, Inc. USA -
supermarkets in California
Chinese International Owns and operates retail Chinese International Commodity
Feb-21 SIN Preferred Mart Pte. Ltd. -
Commodity City Pte. Ltd. supermarkets City Pte. Ltd.
Owns and operates grocery
Feb-21 Padow's Hams and Deli Inc. USA ND -
retails
Operates supermarkets in
Feb-21 Tops Markets, LLC USA Western and Northeastern New Acquired for US$41.9 million. EV/EBITDA 6.7x.
York and Massachusetts
Operates department stores in
Feb-21 Market Basket, Inc. USA -
New England
Operates stores in various
Acquired for US$20,000 million. EV/EBITDA 6.7x.
Jan-21 Carrefour SA FRA formats and channels in France,
EV/Revenue 0.4x.
Spain, Italy and Belgium
Owns and operates convenience
Jan-21 Be Honest LTDA BRA stores in residential Multi Formato Distribuidora S/A Acquired a 33% stake
condominiums and companies
ND: Not Disclosed
Supermarkets Industry
Q1 2021 Sources: Capital IQ, Mergermarket, Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE GLOBAL ENGAGEMENTS
has sold has sold
to has acquired has acquired has acquired has been acquired by
to
GE Power and
Systems JBI Holding SAS
Grupo Educativo
IEJV
has partnered with acquired
has acquired has acquired
The Zinc Recycling
has been acquired by
Business
of
a subsidiary of has been acquired by
a subsidiary of
has sold the North has sold
American
has been guarding business of has been acquired by and
has sold recapitalized by has acquires
to
A division of Carrier Commercial Refrigeration, Inc.
to
to
and
intelectiva ®
acquired
sold acquired Holding company of
Cosmocel Química
sold its concrete pumping
to
business to
has been acquired by acquired a majority stake
KFC Costa Rica dealerships from in
a business unit of from
sold
Its sanitaryware
acquired businesses
merged its
Grupo Galaz, S.A de C.V. has been acquired by beverage division
has been acquired by Workshop and store in
Mexico City from with and
has been acquired by
to
Washington, D.C. | Miami | Mexico City | Monterrey
Contact Information
Seale & Associates James A. Seale
President
jseale@sealeassociates.com
Creative Solutions. Trusted Advice.
Brett M. Carmel
Since 1999, Seale & Associates has been the trusted advisor Senior Managing Director
bcarmel@sealeassociates.com
to respected public and private companies from around the
Felipe Bueno Viesca
world. Seale is a global investment bank with extensive Senior Director
fbueno@sealeassociates.com
experience in mergers and acquisitions (M&A), corporate
Sergio Garcia del Bosque
finance advisory, and enterprise level strategy consulting with Managing Director
sgarcia@sealeassociates.com
a track record of success in a diverse range of industries. Our
Carlos Hernandez
experienced team of professionals are committed to serving Managing Director
chernandez@sealeassociates.com
clients with excellence and integrity, while offering innovative
Alejandro Montemayor
ideas and solutions to address complex transactions. Vice President
amontemayor@sealeassociates.com
Armando Rios
Associate
ADVISOR TO LEADING COMPANIES WORLDWIDE arios@sealeassociates.com
Carlos Bonilla
Analyst
cbonilla@sealeassociates.com
Fernanda Esparza
Analyst
fesparza@sealeassociates.com
Sofia Felix
Business Development
sfelix@sealeassociates.com
Miguel Leal
Business Development
mleal@sealeassociates.com
Andre de Lachica
Junior Analyst
adelachica@sealeassociates.com
Andre Leroy
Junior Analyst
CONTACT INFORMATION lleroy@sealeassociates.com
Daniela Verdugo
Junior Analyst
dverdugo@sealeassociates.com
Headquarters
901 N. Glebe Road Jose Pablo Arronte
Junior Analyst
5th Floor jarronte@sealeassociates.com
Arlington, Virginia
Regina Labardini
+1 (703) 294 6770 Junior Analyst
rlabardini@sealeassociates.com
Please contact us if you would like further information about M&A trends and/or
specific transaction multiples for your industry
Washington, D.C. | Miami | Mexico City | Monterrey For additional information, please visit
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