2021 Seale & Associates - Q1
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Seale & Associates
Creative Solutions. Trusted Advice .
FARMING
INDUSTRY
Q1
2021
VALUATION
UPDATE
INTRODUCTION
We are pleased to share our Farming 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
Farming Industry clients that are looking to grow through acquisitions or optimize their
portfolio through strategic divestitures.
Seale has extensive experience advising farming companies, including producers and
distributors of avocado, sugar, banana, coffee, lime, orange, nuts, among others. We
also have experience working with companies from related industries, including food
packaging and processing, agrochemicals, fertilizers and irrigation systems. Some of
our clients across these industries include:
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
Farming Industry Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
COMPARABLE PUBLIC COMPANIES– GLOBAL
Annual Average First Quarter
Market Enterprise
Revenue EBITDA EV/EBITDA Mar. 31, 2021
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Archer-Daniels-
USA $31,835 $42,272 $68,278 4.9% 9.3x 9.4x 11.2x 0.7x
Midland Company
Bonduelle SCA FRA $803 $1,869 $3,491 6.8% 8.3x 7.1x 7.4x 0.6x
Camellia Plc GBR $259 $254 $358 4.3% 4.4x 6.4x 10.6x 0.6x
Calavo Growers, Inc. USA $1,374 $1,476 $1,007 5.4% NR 20.7x NR 1.5x
Corteva, Inc. USA $34,529 $32,607 $14,439 17.2% 16.6x 10.6x 12.5x 2.3x
Fresh Del Monte
CYM $1,357 $2,148 $4,173 5.0% 9.0x 7.2x 8.1x 0.5x
Produce Inc.
Gruma, S.A.B. de C.V. MEX $4,656 $5,747 $4,488 15.0% 8.7x 8.4x 8.0x 1.3x
Jamaica Producers
JAM $148 $272 $149 19.4% 9.9x 8.3x 9.1x 1.9x
Group Limited
Kernel Holding S.A. UKR $1,138 $2,223 $4,491 17.0% 5.6x 5.4x 3.0x 0.5x
KWS SAAT SE & Co.
GER $2,848 $3,562 $1,564 16.9% 12.4x 13.4x 12.6x 2.4x
KGaA
Ros Agro PLC CYP $1,635 $2,842 $2,150 23.7% 9.2x 7.8x 5.5x 1.3x
Sipef NV BEL $562 $741 $274 27.0% 12.3x 15.2x 10.6x 2.8x
SLC Agrícola S.A. BRA $1,481 $1,831 $596 29.0% 7.6x 9.4x 10.6x 3.3x
Terra Santa Agro S.A. BRA $154 $391 $174 27.8% 8.9x 16.1x 7.3x 2.4x
Wilmar SIN $25,434 $43,254 $50,527 6.3% 13.2x 12.9x 12.6x 0.9x
NR: Not Relevant Mean 9.7x 10.6x 9.2x 1.5x
Median 9.1x 9.4x 9.8x 1.3x
Farming Industry Sources: Capital IQ, Mergermarket Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
FARMING – Q1 GLOBAL TRANSACTIONS
Date Target Country Description Seller Buyer Additional Notes
Engages in the acquisition,
BrasilAgro - Companhia
exploration, and sale of rural
Mar-21 Brasileira de Propriedades BRA ND -
properties for agricultural
Agrícolas
activities
Engages in the cultivation of
Soldo OÜ; ABC Varade
Mar-21 Perevara AS EST cereals and legumes, oilseeds, Acquired a 66% stake
Haldamise OU
and fodder crops
Engages in producing,
Opotiki Packing And
Mar-21 NZL packaging, and supplying Seeka Eastern Star Limited Acquired for US$41.3 million
Coolstorage Ltd
kiwifruits
Operations of El Tejar Comprises soya, maize, and
Mar-21 BRA -
S.A.A.C.e.i. cotton production operations
Acquired a 77% stake for US$147.5 million.
Mar-21 EASY BIO,Inc. KOR Provides feed additives solutions EASY HOLDINGS Co., Ltd.
EV/EBITDA 7.2x. EV/Revenue 1.4x
Engages in the operation of
Agro Region Stockholm
Mar-21 SWE agricultural area and related Lobiu Sala AB Acquired a 75% stake
Holding AB
activities
Engages in producing, packing,
Mar-21 J&J Family of Farms, Inc. USA -
and distributing vegetables
Grows, processes, and markets
Decas Cranberry Products,
Mar-21 USA cranberries for retail, foodservice -
Inc.
and beverage sectors
Engages in the cultivation and
Feb-21 Turasu S de PR de RL MEX -
sale of blue weber agave plants
Engages in processing and
Feb-21 Wingara AG Limited AUS marketing agricultural products -
in Australia
Engages in industrial hemp
Pacific Hemp Company Pty
Feb-21 AUS cultivation and processing of Acquired for US$7.7 million
Ltd
hemp-based food
Grows, manufactures, and Acquired a minority stake for US$6.7 million.
Jan-21 Planet Green Holdings Corp. USA ND
distributes green tea in China EV/Revenue 8.7x
Engages in growing and
Jan-21 Slovenské farmárske, a. s. SVK Farma Invest, S. R. O. Acquired a 50% stake
producing agricultural products
Provides propagated plants in Langley Propagation and Floral
Jan-21 Bevo Farms Ltd CAN Acquired for US$19.3 million
North America Company Ltd.
ND: Not Disclosed
Farming Industry Sources: Capital IQ, Mergermarket Seale & Associates
Q1 2021 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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