AGTECH & SUSTAINABLE FOOD MARKET UPDATE - Q2 2021 - NOMURA GREENTECH
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AgTech & Sustainable Food
Market Update
Q2 2021
Precision Software & Innovative
Crop Science Sustainable Food
Agriculture Sensing Farming
© NomuraAgTech & Sustainable Food
News & Transactions
Corporate ■ AppHarvest, a controlled-environment agriculture platform, announced it has secured a
financing agreement with Equilibrium Capital for $91mm (Press Release)
Announcements
■ Artemis, an indoor farming analytics provider, released its annual State of Indoor
Farming report which predicts indoor growers adding approximately 544 acres to North
America’s indoor farming industry over the next 5 years (Press Release)
■ BASF Agriculture Solutions, the agriculture arm of the Germany-based chemical
Nomura Greentech’s
company, announced approval by merger control authorities for its joint venture with
Take:
Bosch to globally market and sell smart farming technologies (Press Release)
■ There is strong
momentum in the ■ Beyond Meat, a manufacturer of plant-based burgers and sausages, announced the
controlled- opening of its new production facility in China to accelerate localized production and
environment farming innovation in one of the fastest growing alternative protein markets (Press Release)
sector as institutional
investors seek more ■ Cargill is building a $200mm palm oil refinery in Indonesia to accelerate its efforts in
sustainable ways to developing a sustainable palm oil supply chain (Press Release)
invest in and scale ■ Eat Just, producer of plant-based food products that has sold the equivalent of 100mm
agriculture through eggs in 2021, is contemplating going public at a $3bn valuation (The Beet)
real assets
■ Enko, a crop health platform, announced a partnership with Bayer to apply a drug
discovery approach to develop diverse chemistries for crop protection (Press Release)
■ Equilibrium Capital, a sustainable finance funds manager, closed its second indoor
agriculture fund at $1bn+, well beyond its $500mm target (Press Release)
■ Impossible Foods, a plant-based food company, is preparing to go public within the
next 12 months via an IPO or a merger with an already-listed SPAC (Reuters)
■ Intelligent Growth Solutions, a U.K.-based vertical farming technology provider has
partnered with Madar Farms, which cultivates a variety of indoor crops with the objective
of enhancing food security in the Middle East (Zawya by Refinitiv)
■ Nutrien, a Canada-based fertilizer company, unveiled a portfolio approach to its 2021
North American carbon pilots to identify the best path to successfully scale its carbon
program while engaging a broad base of key industry partners (Press Release)
■ Oatly, a Sweden-based producer of alternative protein products, priced its initial public
offering at $17 per share, at the top of its indicated range, raising $1.4bn (Press Release)
■ Oatly, a Sweden-based maker of plant-based milk, is investing S$300mm alongside,
Yeo’s, a Singapore-based beverage firm, to build a new factory in the city-state as it sets
its sights on expanding into the growing Asia Pacific region’s market (Business Times)
■ Perfect Day, an alternative diary startup that ferments component dairy proteins such as
whey and casein from fungi, unveiled a new advisory board (Pres Release)
■ Shenandoah Growers, an indoor farming platform, announced the addition of a new
CEO and CFO bolstering its Executive Leadership team (Press Release)
■ Zymergen, a bio-manufacturing platform, provided a business update regarding issues
with its commercial product pipeline impacting revenue projections (Press Release)
COVID-19 Update ■ Tyson Foods announced a requirement for its team members at U.S. locations to be fully
vaccinated by October 1, 2021, subject to ongoing union discussions (Press Release)
Regulatory Update ■ CEA Food Safety Coalition launches the first-ever certification standard for indoor-grown
leafy greens backed by science-based criteria (Press Release)
■ Meatpackers are in the crosshairs of U.S. lawmakers as ranchers complain that beef
processors are abusing market power to gain out-sized margins (Bloomberg)
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures. 1AgTech & Sustainable Food
Transactions Summary
Capital Raises
Amount
Date Company Raised ($mm) Disclosed Investors Company Description
BOND, Acre Venture Partners, Congruent Producer of alternative meat products utilizing
Jul. 29 Meati Foods $50
Ventures, Prelude Ventures, Tao Capital fungi and fermentation
Technology-enabled platform serving the
Jul. 28 Colvin $53 Capagro, Eurazeo
floriculture industry
Breakthrough Energy Ventures, Hillhouse
Capital Group, Footprint Coalition,
Jul. 22 Nobell Foods $75 AgFunder, a16z, Pear VC, New Crop Producer of plant-based cheese
Capital, Germin8 Ventures, Fifty Years,
Mission Bay Capital
Radical Ventures, Finistere Ventures,
Jul. 21 ClimateAi $12 Predictive weather analytics platform
Neotribe, AMECloud, ThirdStream Partners
Left Lane Capital, Insight Partners, Coatue
Jul. 20 Choco $100 Ingredients procurement platform
Management, Bessemer Venture Partners
SoftBank Vision Fund II, Blackstone
Strategic Partners, Balyasny Asset Alternative protein platform utilizing microbes that
Jul. 19 Nature's Fynd $350 Management, Hillhouse Investment, EDBI, originated in the geothermal springs of the
SK Inc, Hongkou Capital, Breakthrough Yellowstone National Park
Energy Ventures
DCVC, Temasek, Generation Investment
Management, G2 Venture Partners,
Rockefeller Capital Management,
Jul. 19 Pivot Bio $430 Producer of microbe-based biological inputs
Breakthrough Energy Ventures, Continental
Grain Company, Prelude Ventures, Bunge
Ventures, Tekfen Ventures
Supernova Invest, FMC Ventures, Sofinnova
Jul. 08 Microprep $10 Developer of peptide-based biological inputs
Partners, IRDI Capital Investissement
L Catterton, DisruptAD, BRF, Cargill, CJ
Jul. 07 Aleph Farms $50 Israel-based producer of cellular meat
CheilJedang, Thai Union
Yabeo Impact, Sony Innovation Fund, June
Jul. 06 Agrando $14 Germany-based digital agriculture marketplace
Fund, JLR Star
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures. 2AgTech & Sustainable Food
Transactions Summary
Capital Raises (cont.)
Amount
Date Company Raised ($mm) Disclosed Investors Company Description
SoftBank Vision Fund II, B. Riley, Chimera
Jul. 05 Kitopi $415 Investment, Dogus Group, Next Play Capital, UAE-based cloud kitchen
Nordstar
Czech Republic-based on-demand grocery
Jul. 01 Rohlik $119 Index Ventures, Partech, Quadrille Capital
delivery platform
Israel-based AI-driven technology platform that
Phoenix, BASF, Fortissimo Capital,
Jun. 22 Equinom $20 breeds and grows seeds with superior nutritional
Maverick Ventures Israel, Trendlines
qualities
Yara Growth Ventures, Chevron Technology
Precision agriculture platform reborn as a soil
Jun. 22 Boomitra $4 Ventures, Jerry Yang, Tom Steyer, Kat
carbon marketplace
Taylor
Nutreco, Olympic Investments, AXA IM Alts,
U.K.-based alternative protein platform utilizing
Jun. 20 ENOUGH $51 HAL Investments and Tailored Solutions,
fermentation from fungi
Scottish Enterprise, CPT Capital
Cambridge Capital, GLP, Next47, Pereg
Logistics management platform for grocery,
Jun. 18 Bringg $100 Ventures, Salesforce Ventures, Viola
foodservice and other industries
Growth, Shmuel Harlap
Ontario Teachers' Pension Plan Board,
BlackRock, AiiM Partners, Wittington
Ventures, Rethink Food, Rage Capital,
Jun. 16 Motif FoodWorks $226 Producer of alternative protein food products
Rellevant Partners, Breakthrough Energy
Ventures, CPT Capital, General Atlantic,
Louis Dreyfus Company, Viking Global
CDPQ, S2G Ventures, Akroyd LLC, KuE Digital platform offering integrated remote
Jun. 09 Sentera $25 Capital, Continental Grain Company, iSelect sensing, analytics and IoT solutions to
Fund, Middleland Capital agronomists
Seven Seven Six, Day One Ventures,
Jun. 08 SIMULATE $50 Imaginary Ventures, NOMO Ventures, Chris Manufacturer of plant-based chicken products
and Crystal Sacca
Fidelity, GIC, Chimera Investment, Baillie
Gifford, SoftBank Vision Fund, Canada India-based food delivery-app-turned logistics
May. 31 Delhivery $277
Pension Plan investment Board, Tiger platform
Global Management
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures. 3AgTech & Sustainable Food
Transactions Summary
Capital Raises (cont.)
Amount
Date Company Raised ($mm) Disclosed Investors Company Description
Mirae Asset, Arkam Ventures, Better
India-based fintech platform improving access to
Capital, Blume Ventures, Nabventures,
May. 30 Jai Kisan $30 credit for smallholder farmers, suppliers and
Prophetic Ventures, Syngenta Group
service providers
Ventures
Robotic platform that automates the process of
May. 26 TerraClear $25 Madrone Venture Group
removing rocks of all sizes from farmers' fields
Fidelity Management & Research, Amplo,
Gaingels, GV, General Catalyst, GGV
Capital, Temasek, Groupe Artemis, Formula
May. 25 Bowery $300 One driver Lewis Hamilton, basketball player Controlled environment agriculture platform
Chris Paul, actor Natalie Portman, singer-
songwriter Justin Timberlake, chef Jose
Andres
Flagship Pioneering, Stage 1 Ventures,
Agriculture biotech platform focusing on tackling
May. 25 Invaio Sciences $89 Bluwave Capital, Alexandria Venture
crop health challenges
Investments
Collaborative Fund, AgFunder, BOPU,
BoxGroup, Decent Capital, Embark
Developer of more sustainable nitrogen fertilizers
May. 25 Kula Bio $10 Ventures, iSelect Fund, Lowercarbon
for crops
Capital, Pillar VC, Grantham Foundation's
Neglected Climate Opportunities Fund
G2VP, the World Bank's International
Finance Corporation (IFC), Inter-American
Fintech and digital marketplace agriculture
May. 21 ProducePay $43 Development Bank's IDB Invest, Anterra
platform
Capital, CoVenture, Astanor Ventures,
IGNIA, Finistere Ventures
MDI Ventures, AddVentures, UOB Venture
Management, BRI Ventures, Flourish
May. 21 TaniHub $66 Indonesia-based digital agriculture marketplace
Ventures, Intudo Ventures, Openspace
Ventures, Tenaya Capital, Vertex Ventures
Thursday Ventures, Creative Ventures,
May. 21 Picnic $16 Pizza assembly startup
Flying Fish Partners, Vulcan Capital
Astera Institute, Evans Properties,
Trustbridge Partners, Jeremy & Hannelore
Grantham Environmental Trust, SoBe, Blue Platform that works with farmers to plant
May. 20 Terviva $54 Buffalo Pet Food co-founder Ron Edwards, pongamia trees on idle agricultural land that is
Social Finance chair Brace Young and difficult to farm due to poor soil or water stress
Landis Becker Young and Brace Young,
others
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures. 4AgTech & Sustainable Food
Transactions Summary
Capital Raises (cont.)
Amount
Date Company Raised ($mm) Disclosed Investors Company Description
UBS O'Connor, Graphene Ventures, K3 Cellular agriculture division of alternative protein
May. 19 GOOD Meat $170
Ventures platform, Eat Just
Ibex Investors, ProDelta, Future Foodways,
Producer of mycorrhizal inoculants for commercial
May. 13 Groundwork BioAg $11 MoreVC, Middleland Capital, Axess
agriculture
Ventures, BPD Agri
Ahren Innovation Capital, Accomplice,
Transformational Healthcare Venture
May. 11 Zoe $20 Personalized nutrition platform
Capital, Daphni, American football stars Eli
Manning and Ostadimma Umenyiora
Eileses Capital, BluePointe Ventures,
AgFunder, True Blue Partner, Dheeraj
Pandey (founder and ex-CEO of Nutanix), Technology-based freight platform that aims to
May. 06 Hwy Haul $10 Girish Mathrubootham (founder and CEO of modernize the supply chain, connecting shippers
Freshworks), Rajiv Batra (founder of Palo directly to carriers
Alto Networks), Vivek Mehra (partner
emeritus at August Capital)
Tyche Partners, Grantham Environmental
Trust subsidiary Neglected Climate Platform offering GPS-enabled wearable collars to
Apr. 28 Vence $12
Opportunities, Eniac Ventures, Trailhead facilitate rotational grazing
Capital
Temasek, CITIC, Bits x Bites, BASF,
Continental Grain Company, Suzhou Oriza China-based drone-maker with use cases across
Apr. 26 EAVision $30
Holdings, Zhidao Capital, Songshan Capital, farm management and industrial-scale operations
Yongxin Oriental
Continental Grain Company, Lewis & Clark
Apr. 20 Bushel $47 AgriFood, Germin8 Ventures, Cargill, Grain trading platform
Scoular, Consolidated Grain and Barge Co.
Viking Global Investors, 40 North, Standard
Industries, AiiM Partners, Senator
Apr. 15 Atlast $40 Alternative protein platform
Investment Group, Stray Dog Capital,
Footprint Coalition
Pontifax AgTech, Temasek, S2G Ventures,
Pangaea Ventures, Rhapsody Venture
Food waste reduction platform that extends the
Apr. 13 Hazel Technologies $70 Partners, Asahi Kasai Ventures, Jordan Park
shelf life of agricultural produce
Group, Jeremy & Hennelore Grantham
Environmental Trust
Lewis & Clark AgriFood, Root Ventures,
Spero Ventures, Ceres Partners, Colorado
Apr. 08 Tortuga AgTech $20 Harvest automation startup
Impact Fund, AME Cloud Ventures, Morado
Ventures, Grit Ventures, Remus Capital
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures. 5AgTech & Sustainable Food
Transactions Summary
Capital Raises (cont.)
Amount
Date Company Raised ($mm) Disclosed Investors Company Description
Singapore-based retail technology platform
SoftBank Vision Fund II, BlackRock,
Apr. 08 Trax $640 deploying a combination of technologies to
OMERS, Innovation Growth Ventures
optimize retail operations
Supernova Invest, Evolem Start, Holnest,
Apr. 07 Smartway $12 France-based food waste reduction platform
IDIA Capital Investissement, UNEXO
Goldman Sachs, Falcon Edge Capital,
Amansa Capital, Think Investments,
Apr. 06 Swiggy $800 India-based food delivery application
Carmignac, Qatar Investment Authority,
GIC, Accel, Prosus Ventures
Startup offering cover crops that can double as
Apr. 01 CoverCress $8 Bunge Ventures, REG Ventures
cash crops
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures. 6AgTech & Sustainable Food
Transactions Summary
M&A
Transaction Value EV / EV /
Date Target Acquiror ($mm) Revenue EBITDA Target Description
Provider of precision agriculture technology
Jun. 21 Raven Industries CNH Industrial $2,100 6.0x 57.3x
solutions
Farm management application aimed at row
Jun. 16 FarmLogs Bushel ND ND ND
crop operations
May. 13 Prospera Valmont $300 ND ND Israel-based crop analytics platform
May. 12 ImpactVision ApeelSciences ND ND ND Hyperspectral imaging startup
May. 05 Vivera JBS $409 ND ND Netherlands-based plant-based protein brand
Argentina-based agrometeorological
Apr. 15 BoosterAgro Agrosmart ND ND ND
application
Netherlands-based producer of mealworms for
Apr. 13 Protifarm Ynsect ND ND ND
human food applications
Apr. 08 Root AI AppHarvest $60 ND ND Indoor farming robotics platform
1
Announced SPAC Mergers
SPAC Transaction Implied EV / EV /
2
Date Company Sponsor Value ($mm) EV ($mm) 2023 Revenue 2023 EBITDA Company Description
Leo Holdings
Jun. 23 Local Bounti $400 $757 8.9x NM Controlled environment agriculture platform
III Corp
Soaring
Eagle Synthetic biology platform founded by a group of MIT alumni
May. 12 Gingko Bioworks $2,500 $15,164 44.5x NM
Acquisition in 2008
Corp
Star Peak Developer of gene-edited and selectively bred versions of
May. 10 Benson Hill $628 $1,351 5.4x NM
Corp II crop used in alternative protein and animal feed production
Note: Companies are U.S.-based unless indicated.
Source: FactSet, PitchBook, Public Disclosures.
1. Upon closing of the transaction, the target companies will become publicly listed. Date indicates date of merger announcement.
2. Transaction Value = SPAC cash in trust + PIPE proceeds. 7AgTech & Sustainable Food
Trading Comparables
Equity Enterprise
Price as of % of 52 Wk Value Value (1)
EV/EBITDA(2) EV/Revenue(3) Price/Earnings(4)
Company 7/30/21 High ($m) ($m) 2021E 2022E 2021E 2022E 2021E 2022E
Chemicals, Life Science & Large Crop
Bayer €50.29 86% $58,586 $101,981 7.9x 7.2x 2.0x 2.0x 8.3x 7.7x
Corteva Agriscience $42.78 86% $31,798 $30,537 11.9x 10.5x 2.0x 1.9x 20.9x 17.5x
FMC $106.95 87% $13,892 $17,174 13.0x 12.1x 3.4x 3.2x 15.8x 13.9x
Nufarm A$4.31 77% $1,206 $1,773 6.4x 6.0x 0.8x 0.8x 23.4x 16.7x
American Vanguard $16.51 74% $504 $655 11.8x 9.3x 1.3x 1.2x 23.3x 16.2x
AgroFresh Solutions $1.95 64% $100 $460 7.2x 7.6x 2.7x 2.6x NM NM
Mean 79% 9.7x 8.8x 2.0x 1.9x 18.3x 14.4x
Median 81% 9.8x 8.4x 2.0x 1.9x 20.9x 16.2x
Seeds & Commodities
Nutrien $59.40 91% $33,975 $43,664 7.0x 7.4x 1.8x 1.7x 12.1x 12.2x
Archer-Daniels-Midland $59.72 87% $33,802 $38,701 8.7x 9.0x 0.5x 0.5x 12.5x 13.0x
Bunge $77.63 85% $11,853 $19,515 8.5x 9.4x 0.4x 0.4x 8.8x 10.2x
Yara NOK 465.30 94% $13,517 $16,045 5.9x 6.2x 1.2x 1.2x 11.0x 12.4x
Mosaic $31.23 83% $11,970 $14,665 4.2x 4.6x 1.2x 1.3x 6.7x 7.9x
Olam S$1.32 74% $3,168 $12,299 11.6x 10.7x 0.4x 0.4x NM NM
KWS €70.90 89% $2,774 $3,503 11.9x 11.1x 2.2x 2.0x 19.7x 17.4x
Vilmorin €56.60 90% $1,538 $2,962 6.6x 6.2x 1.6x 1.6x 13.3x 11.4x
SunOpta C$13.14 63% $1,112 $1,395 19.2x 17.1x 1.7x 1.6x NM NM
Benson Hill $9.94 89% $1,996 $1,351 NM NM 10.6x 8.4x NM NM
Sakata Seed ¥3,580.00 87% $1,455 $1,291 11.4x 11.0x 2.1x 2.1x 17.2x 17.5x
Mean 85% 9.5x 9.3x 2.2x 1.9x 12.7x 12.8x
Median 87% 8.6x 9.2x 1.6x 1.6x 12.3x 12.3x
Industrial Biotechnology
Cosan $17.32 83% $3,978 $12,779 8.3x 6.8x 2.6x 2.1x NM NM
Darling Ingredients $69.07 87% $11,576 $12,128 9.4x 7.5x 2.6x 2.6x 16.8x 12.3x
Ingredion $87.81 90% $5,962 $7,903 8.5x 8.2x 1.2x 1.1x 13.3x 12.5x
Tate & Lyle £7.39 91% $4,831 $5,266 7.9x 7.7x 1.4x 1.3x 13.8x 14.4x
Amyris $14.58 64% $4,940 $5,154 NM NM 12.9x 13.2x NM NM
Renewable Energy Group $61.25 54% $2,975 $2,679 8.8x 9.5x 0.9x 0.9x 13.1x 16.4x
Green Plains $35.36 100% $2,057 $2,366 16.9x 11.2x 0.9x 0.9x NM 35.7x
MGP Ingredients $59.65 79% $1,307 $1,541 14.3x 13.4x 2.7x 2.4x 19.7x 20.1x
Benchmark Holdings £0.56 83% $517 $600 21.9x 13.2x 3.3x 2.8x NM 46.3x
Alto Ingredients $5.30 49% $381 $424 5.9x 4.3x 0.4x 0.4x 10.4x 5.2x
Mean 78% 11.3x 9.1x 2.9x 2.8x 14.5x 20.4x
Median 83% 8.8x 8.2x 2.0x 1.7x 13.5x 15.4x
Controlled Environmental Agriculture
AppHarvest $11.92 31% $1,238 $1,042 NM NM NM NM NM NM
Aerofarms $10.04 86% $1,241 $856 NM NM NM NM NM NM
Local Bounti $9.87 98% $1,096 $757 NM NM NM NM NM NM
Mean 72% NM NM NM NM NM NM
Median 86% NM NM NM NM NM NM
Other Agricultural Products
Wilmar S$4.35 78% $20,271 $37,622 11.1x 10.3x 0.7x 0.6x 12.8x 12.4x
Marubeni ¥925.90 91% $14,673 $18,744 5.9x 5.8x 0.3x 0.3x 5.9x 5.7x
CF Industries $47.25 85% $10,234 $16,033 7.2x 7.9x 2.8x 2.9x 10.8x 11.5x
Scotts Miracle-Gro $176.96 70% $10,158 $12,280 14.0x 14.1x 2.5x 2.5x 19.5x 19.8x
BayWa €38.65 92% $1,622 $7,265 11.9x 11.9x 0.3x 0.3x 26.3x 32.1x
Central Garden & Pet $48.29 81% $2,688 $3,499 10.6x 9.7x 1.1x 1.0x 17.2x 15.8x
Compass Minerals $68.56 96% $2,329 $3,450 11.7x 11.1x 2.9x 2.9x 30.1x 23.3x
Tata Chemicals ₹763.60 93% $2,614 $3,018 10.7x 8.6x 2.0x 1.7x 25.1x 16.5x
CVR Partners $64.51 96% $689 $1,294 18.1x 20.9x 4.3x 4.9x NM NM
Alico $37.81 100% $284 $389 14.4x 11.3x 3.5x 3.2x NM 23.1x
NWF Group £2.16 94% $148 $191 5.9x 6.2x 0.2x 0.2x 12.7x 12.0x
Mean 89% 11.0x 10.7x 1.9x 1.9x 17.8x 17.2x
Median 92% 11.1x 10.3x 2.0x 1.7x 17.2x 16.1x
Source: FactSet, SEC filings as of 7/30/2021. Values in U.S. Dollars. Share prices shown in local currencies.
1. Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
3. 2020 and 2021 Revenue Multiples exclude multiples over 15x. 8
4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.AgTech & Sustainable Food
Trading Comparables (cont.)
Equity Enterprise
Price as of % of 52 Wk Value Value (1)
EV/EBITDA(2) EV/Revenue(3) Price/Earnings(4)
Company 7/30/21 High ($m) ($m) 2021E 2022E 2021E 2022E 2021E 2022E
Equipment, Software & Services
Deere & Company $361.59 92% $113,973 $153,625 18.9x 16.9x 3.8x 3.5x 19.5x 16.9x
CNH Industrial $16.84 92% $22,919 $38,456 11.1x 9.9x 1.2x 1.1x 13.0x 11.7x
Kubota ¥2,277.50 84% $25,067 $32,211 11.0x 10.5x 1.7x 1.6x 15.4x 14.6x
Trimble $85.50 100% $21,734 $22,728 25.3x 23.2x 6.3x 5.8x 32.9x 29.6x
Mahindra & Mahindra ₹743.20 80% $11,130 $17,242 14.9x 14.9x 2.2x 2.2x 22.7x 17.1x
Toro $113.74 98% $12,386 $12,637 20.7x 19.0x 3.3x 3.1x 31.5x 27.9x
AGCO $132.11 84% $10,027 $10,774 8.2x 7.7x 0.9x 0.9x 13.8x 12.5x
Husqvarna SEK 120.50 93% $8,042 $8,106 9.2x 9.1x 1.6x 1.5x 18.2x 18.6x
Valmont $236.95 90% $5,087 $5,962 14.0x 12.4x 1.7x 1.6x 21.9x 19.2x
Raven Industries $58.25 98% $2,123 $2,114 NM 26.1x 5.1x 4.4x NM 44.3x
Alamo Group $146.77 89% $1,747 $1,989 11.8x 10.5x 1.5x 1.4x 19.6x 16.4x
Lindsay Corporation $160.69 92% $1,773 $1,772 21.1x 17.5x 3.0x 2.7x 36.8x 30.8x
Jain Irrigation ₹32.35 93% $224 $985 22.4x 24.4x 1.4x 1.5x NM NM
Origin Enterprises €3.44 83% $512 $753 8.1x 7.5x 0.4x 0.4x 8.9x 8.0x
Iteris $6.23 82% $270 $251 26.4x 15.7x 1.9x 1.7x NM 31.9x
Mean 90% 16.0x 15.0x 2.4x 2.2x 21.2x 21.4x
Median 92% 14.4x 14.9x 1.7x 1.6x 19.6x 17.8x
Food Service
Compass Group £15.21 92% $37,727 $41,198 17.1x 12.5x 1.5x 1.3x 42.5x 24.4x
Aramark $35.13 83% $9,042 $16,446 17.8x 10.8x 1.3x 1.0x NM 18.9x
Sodexo €71.90 83% $12,597 $16,014 10.1x 7.9x 0.7x 0.6x 26.9x 15.7x
Elior Group €5.78 76% $1,192 $2,421 13.0x 6.9x 0.5x 0.5x NM 15.8x
Mean 84% 14.5x 9.5x 1.0x 0.9x 34.7x 18.7x
Median 83% 15.0x 9.4x 1.0x 0.8x 34.7x 17.3x
Distribution
Sysco $74.20 86% $38,290 $47,138 15.3x 12.1x 0.8x 0.7x 33.0x 19.2x
Associated British Foods £20.07 80% $22,041 $25,378 9.2x 7.2x 1.2x 1.1x 22.7x 13.7x
US Foods $34.34 82% $7,727 $13,254 12.0x 9.3x 0.5x 0.4x 19.6x 13.2x
Performance Food Group $45.82 77% $6,062 $8,866 12.7x 10.6x 0.3x 0.3x 24.4x 17.2x
Metro Ag €10.93 95% $4,706 $8,788 6.2x 5.4x 0.3x 0.3x NM 19.8x
United Natural Foods $33.12 80% $2,005 $5,551 7.8x 8.0x 0.2x 0.2x 9.6x 9.6x
Core-Mark $43.04 91% $1,958 $2,558 11.7x 10.7x 0.1x 0.1x 21.2x 18.3x
Chefs' Warehouse $28.92 82% $1,072 $1,446 27.8x 14.6x 0.9x 0.8x NM 40.2x
Mean 84% 12.8x 9.7x 0.5x 0.5x 21.8x 18.9x
Median 82% 11.9x 10.0x 0.4x 0.4x 22.0x 17.8x
Source: FactSet, SEC filings as of 7/30/2021. Values in U.S. Dollars. Share prices shown in local currencies.
1. Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
3. 2020 and 2021 Revenue Multiples exclude multiples over 15x. 9
4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.AgTech & Sustainable Food
Trading Comparables (cont.)
Equity Enterprise
Price as of % of 52 Wk Value Value (1)
EV/EBITDA(2) EV/Revenue(3) Price/Earnings(4)
Company 7/30/21 High ($m) ($m) 2021E 2022E 2021E 2022E 2021E 2022E
Consumer Packaged Foods
LVMH €673.90 98% $402,776 $436,957 18.1x 16.9x 6.0x 5.4x 32.4x 29.3x
Nestle CHF 114.80 99% $355,211 $383,212 18.8x 17.8x 4.0x 3.9x 25.9x 24.0x
Coca-Cola $57.03 100% $247,396 $259,897 20.7x 19.1x 6.9x 6.5x 25.3x 23.4x
PepsiCo $156.95 99% $217,847 $251,693 17.4x 16.3x 3.3x 3.1x 25.2x 23.4x
Unilever £41.51 85% $151,625 $177,792 13.1x 12.5x 2.9x 2.8x 19.5x 18.4x
Mondelez International $63.26 97% $89,576 $101,602 17.0x 15.9x 3.5x 3.4x 21.7x 20.1x
Kraft Heinz $38.47 86% $47,087 $68,446 11.1x 11.7x 2.7x 2.9x 14.4x 14.7x
Danone €62.06 100% $47,885 $60,248 11.7x 11.0x 2.1x 2.1x 18.9x 17.1x
Monster $94.32 96% $50,514 $47,985 25.0x 22.3x 8.9x 8.1x 35.6x 31.3x
General Mills $58.86 90% $36,346 $47,817 12.9x 13.0x 2.7x 2.7x 15.7x 15.4x
Tyson Foods $71.46 89% $25,654 $34,525 6.9x 7.2x 0.7x 0.7x 9.7x 10.3x
Kellogg $63.36 89% $21,732 $29,702 13.0x 12.8x 2.1x 2.1x 15.5x 15.0x
McCormick & Company $84.17 80% $22,726 $27,718 21.0x 20.2x 4.4x 4.3x 27.7x 26.3x
Hormel Foods $46.38 88% $25,395 $24,639 17.3x 15.4x 2.3x 2.3x 26.1x 23.2x
Conagra Brands $33.49 86% $16,166 $24,555 10.5x 10.9x 2.2x 2.2x 13.1x 12.8x
J.M. Smucker $131.11 94% $14,278 $18,853 11.1x 11.2x 2.4x 2.4x 15.4x 14.4x
Campbell Soup $43.72 82% $13,335 $18,564 10.9x 10.9x 2.2x 2.2x 15.0x 14.8x
Post Holdings $102.34 87% $6,519 $13,146 11.1x 10.2x 2.1x 1.9x 29.6x 19.1x
Beyond Meat $122.70 63% $7,745 $7,879 NM NM 14.5x 9.6x NM NM
Lancaster Colony Corporation $197.87 99% $5,447 $5,253 21.4x 19.1x 3.5x 3.4x 32.3x 30.3x
TreeHouse Foods $44.40 81% $2,486 $4,533 9.6x 9.4x 1.0x 1.0x 19.8x 17.0x
Hain Celestial $39.91 88% $4,055 $4,353 16.1x 14.7x 2.2x 2.2x 25.8x 22.2x
B&G Foods $28.72 70% $1,879 $4,206 11.4x 11.3x 2.1x 2.0x 14.7x 13.3x
ARYZTA CHF 1.21 93% $1,321 $3,117 14.6x 12.3x 1.7x 1.6x NM 26.0x
J&J Snack Foods $164.38 91% $3,154 $2,922 21.4x 17.1x 2.5x 2.4x 46.9x 34.6x
Mean 89% 15.1x 14.1x 3.6x 3.2x 22.9x 20.7x
Median 89% 13.8x 12.9x 2.5x 2.4x 21.7x 19.6x
Retail & Meal Delivery
Amazon $3,327.59 89% $1,710,381 $1,742,612 23.8x 19.0x 3.7x 3.1x NM 49.2x
Walmart $142.55 93% $403,274 $449,507 12.4x 12.2x 0.8x 0.8x 24.3x 22.7x
Costco $429.72 100% $190,850 $190,444 22.3x 20.6x 1.0x 0.9x 39.1x 36.0x
Target $261.05 100% $131,413 $138,842 13.0x 13.0x 1.4x 1.3x 21.5x 20.9x
Kroger $40.70 99% $30,932 $48,745 7.6x 7.6x 0.4x 0.4x 13.2x 13.2x
Ahold Delhaize €26.20 99% $32,118 $32,839 4.6x 4.6x 0.4x 0.4x 13.0x 12.9x
Tesco £2.33 75% $24,858 $41,254 7.1x 6.8x 0.5x 0.5x 13.4x 11.7x
HelloFresh €79.08 90% $17,245 $16,639 25.6x 21.6x 2.5x 2.1x 44.9x 39.7x
BJ's Wholesale Club $50.64 100% $7,022 $10,100 13.0x 12.4x 0.7x 0.6x 18.9x 17.3x
Sprouts Farmers Market $24.58 85% $2,896 $4,155 9.2x 8.9x 0.7x 0.6x 12.5x 11.8x
Blue Apron $4.40 37% $83 $98 NM 28.0x 0.2x 0.2x NM NM
Mean 88% 13.9x 14.1x 1.1x 1.0x 22.3x 23.5x
Median 93% 12.7x 12.4x 0.7x 0.6x 18.9x 19.1x
Source: FactSet, SEC filings as of 7/30/2021. Values in U.S. Dollars. Share prices shown in local currencies.
1. Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
3. 2020 and 2021 Revenue Multiples exclude multiples over 15x. 10
4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.Global Experts in Sustainable
Technology and Infrastructure
Nomura Greentech Offices
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Highly Experienced Senior Leadership Supported by a Global Team of Professionals
Jeff Derek Laurent PJ Michael Olav
McDermott Bentley Dallet Deschenes Horwitz Junttila
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Director, Director Director Director Director Director
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New York derek.bentley@nomura laurent.dallet@nomura pj.deschenes@nomura michael.horwitz@nomura olav.junttila@nomura
jeff.mcdermott@nomura greentech.com greentech.com greentech.com greentech.com greentech.com
greentech.com 20+ years of 15+ years of 15+ years of 20+ years of
20+ years of
30+ years of experience experience experience experience
experience
experience >35 completed >30 completed >30 completed >40 completed
>30 completed
>150 completed transactions transactions transactions transactions
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Energy software
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and services
of advisory business Energy storage Distributed energy Power infrastructure services
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Director Director Director Director Director
New York New York Zürich Zürich San Francisco
steve.megyery@nomura frank.nicklaus@nomura damien.sauer@nomura alex.stein@nomura duncan.williams@nomura
greentech.com greentech.com greentech.com greentech.com greentech.com
15+ years of 15+ years of 20+ years of 10+ years of 25+ years of experience
experience experience experience experience >40 completed
>30 completed >25 completed >50 completed >20 completed transactions
transactions transactions transactions transactions Environmental services
Head of Private Renewable energy Energy efficiency Energy transition Advanced
Placements assets Power infrastructure Industry 4.0 transportation
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Power infrastructure services value chain technology and AgTech
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