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/EBITDAEBITDA11/7/2022Petabyte TechnologyChewy Pet Tech-11/4/2022VetlinkPROJonas Software,Constellation Softwar

2、ePet Tech-10/31/2022Crum&Forster Pet Insurance GroupIndependence Pet Group,JAB Holding CompanyPet Care Services1,400.00-9/28/2022PawZ Dog BootsMonolith Brands GroupAnimal Health-9/20/2022CovetrusClayton,Dubilier&Rice,Ischyros New York,TPG Pet Tech3,913.000.8x19.8x9/7/2022Ark NaturalsAlpine Investors

3、,Antelope PetsAnimal Health-9/1/2022At Home VeterinaryAEA Investors,AmeriVet Veterinary PartnersVeterinary Services-8/22/2022The Raw ConnectionHealthy Spot,Monogram Capital Partners,Venice BrandsRetailers-If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business O

4、wner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.3 3 3 1 12 42 7 4 -10 20 30 40 50Strategic29%Financial71%-40%-35%-30%-25%-20%-15%-10%-5%0%5%Dec-21Jan-22Feb-22Mar-22Apr-22May-22J

5、un-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Pet Food&TreatsRetailersHard GoodsAnimal HealthS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANestlNESN31 9,1 21$1 1 6.04$5.7%(1 6.

6、8%)81.5%8.4%1 6.4%3.8x23.1 x1 8.6x3.5x1 6.4xColgate-PalmoliveCL65,807 78.79 1 2.2%(7.7%)92.0%3.9%1 9.9%4.1 x20.9x34.4x4.0 x1 6.4xGeneral MillsGIS49,439 83.85 9.5%24.4%94.9%4.1%22.6%3.1 x1 3.9x1 7.5x3.0 x1 5.2xThe J.M.Smucker Co.SJM1 6,898 1 58.46 1 5.3%1 6.7%98.7%6.3%1 6.8%2.6x1 5.7x29.7x2.5x1 2.4xF

7、reshpetFRPT2,534 52.77 5.4%(44.6%)44.4%37.7%-4.5%4.3xNMNM3.1 xNMCentral Garden&PetCENT1,958 37.45 3.9%(28.8%)70.1%-0.4%1 0.1%0.9x9.4x1 3.4x1.0 xNMSegment Average8.6%(9.5%)80.3%10.0%13.5%3.2x16.6x22.7x2.8x15.1xSegment M edian7.6%(12.2%)86.8%5.2%16.6%3.5x15.7x18.6x3.1x15.8xM arket Stats Operating Stat

8、s LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDATractor SupplyTSCO24,851$224.97$21.0%(5.7%)93.1%1 1.7%1 2.5%2.1 x1 7.0 x24.5x1.9x1 4.9xChewyCHWY1 5,6

9、98 37.08 20.7%(37.1%)60.6%1 1.0%0.6%1.6xNMNM1.4xNMPetco Animal SuppliesWOOF2,521 9.48 (1 5.1%)(52.1%)41.7%4.3%6.4%0.9x1 4.3x28.7x0.9x9.4xPetzPETZ3547 1.1 9 (36.9%)(59.2%)27.8%39.8%1 6.0%1.4x8.9x45.0 x1.0 x6.0 xSegment Average(2.6%)(38.5%)55.8%16.7%8.9%1.5x13.4x32.7x1.3x10.1xSegment M edian2.8%(44.6%

10、)51.1%11.3%9.5%1.5x14.3x28.7x1.2x9.4xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAChurch&Dwight CompanyCHD1 9,658$80.6

11、1$1 2.8%(21.4%)76.6%5.3%22.6%4.1 x1 8.1 x27.0 x3.9x1 6.6xThe Clorox CompanyCLX1 7,31 5 1 40.33 9.3%(1 9.5%)75.1%2.0%1 2.2%2.9x23.7x42.9x2.8x1 8.2xSpectrum BrandsSPB2,485 60.92 56.1%(40.1%)58.4%1.8%3.5%1.7xNMNM1.7x1 6.1 xCentral Garden&PetCENT1,958 37.45 3.9%(28.8%)70.1%-0.4%1 0.1%0.9x9.4x1 3.4x1.0 x

12、NMOil Dri Corporation Of AmericaODC240 33.54 38.6%2.5%93.9%NM7.2%0.7x1 0.4x22.5xNMNMDogness(International)Co.DOGZ38 0.98 (1 6.2%)(88.3%)1 0.9%1 39.9%1 6.5%1.1 x6.8x9.8x0.5xNMSegment Average17.4%(32.6%)64.2%29.7%12.0%1.9x13.7x23.1x2.0 x17.0 xSegment M edian11.1%(25.1%)72.6%2.0%11.2%1.4x10.4x22.5x1.7x

13、16.6xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMerck&Co.MRK281,302$1 1 0.95$28.8%44.8%98.3%(1.4%)36.6%5.1 x1 3.9x1

14、8.4x5.2x1 2.3xZoetisZTS68,303 1 46.55 (1.2%)(39.9%)59.3%6.7%40.3%9.1 x22.5x33.5x8.5x1 9.6xIdexx LaboratoriesIDXX33,786 407.96 25.2%(38.0%)61.4%8.5%29.4%1 0.5x35.8x51.9x9.7x28.6xElanco Animal HealthELAN5,795 1 2.22 (1.5%)(56.9%)41.2%(4.2%)1 7.9%2.5x1 3.8xNM2.6x1 0.7xNeogenNEOG3,291 1 5.23 9.0%(66.5%)

15、31.9%76.6%1 2.9%5.5x42.9x44.8x3.1 x1 1.7xVirbacVIRP2,052 243.03 (7.4%)(49.4%)48.3%6.4%1 8.1%1.6x8.7x1 5.5x1.5x8.2xTrupanionTRUP1,943 47.53 (20.0%)(64.0%)35.2%29.0%(3.2%)2.1 xNMNM1.6xNMVetoquinolVETO1,1 09 93.37 1 8.7%(37.5%)56.8%NM23.0%1.7x7.4x1 4.9x1.7x7.6xHeskaHSKA673 62.1 6 (1 4.8%)(65.9%)33.5%6.

16、7%(1.2%)2.4xNMNM2.2x1 9.2xPhibro Animal HealthPAHC543 1 3.41 0.9%(34.3%)60.5%2.6%1 1.8%1.0 x8.5x1 1.7x1.0 x8.3xSwedencareSECARE466 2.94 (27.2%)(82.8%)1 6.9%29.9%1 8.9%4.2x26.0 x56.8x3.3x1 3.1 xPetIQPETQ267 9.22 33.6%(59.4%)36.3%5.6%1.1%0.7xNMNM0.7x6.5xSegment Average3.7%(45.8%)48.3%15.1%17.1%3.9x20.

17、0 x30.9x3.4x13.3xSegment M edian(0.1%)(53.2%)44.8%6.7%18.0%2.4x13.9x25.9x2.4x11.7xM arket Stats Operating Stats LTM M ultiples 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

18、 DebtSub DebtEquitySource:GF DataSource:GF DataNote:The most current source of GF Data is as of November 2022.MultiplesSource: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 C

19、losedDeals 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 x8.0 x10.0 x12.0 x2019202020212022*$10-25mm$25-50mm$50-100mm$100-250mm1.“The Water Wranglers of the West Are Struggling to Save the Colorado River,”The New Yorker,”Rachel Monroe,Dec

20、.23,2022 https:/ In Ukraine Drives Global Food Crisis,”World Food Programme,Jun.24,2022 https:/www.wfp.org/publications/war-ukraine-drives-global-food-crisis3.“Looking Ahead:The Pet Nutrition Industry Prepares For 2023,”Pet Food Processing,Kimberlie Clyma,Jan.3,2023 https:/ Powerful Pet Industry Sta

21、tistics 2022:Trends,Facts,And Market Projections,”Zippa,Abby McCain,Nov.9,2022 https:/ Stops Sale of Pet Food Due to Grossly Insanitary Conditions,”Dog Food Advisor,Mar.28,2022 https:/ Food Recalls:Is Your Brand on the List?”P,Dave Baker,Dec 8,2022 https:/ Top 5 Pet Product Trends to Follow in 2023,

22、”Pet Product News,Dec.20,2022 https:/ Carp Treats Good For Dogs,Environment,”PetfoodI,Tim Wall,accessed Jan.11,2023 https:/ in Alternative Proteins Grows in Pet Food,”PetfoodI,Lindsay Beaton,Dec.1,2022 https:/ Wont Be the Only Ones Eating Lab-Grown MeatOur Pets Will Too,”Smithsonian Magazine,Shelby

23、Vittekof Modern Farmer,Apr.22,2021 https:/ https:/ You Need to Know About Dog Foods Made with Crickets and Grubs,”Pet Product News,Lindsey Getz,Mar.1,2022 https:/ Feed Alternative Protein Market size to exceed$9Bn by 2032,”Global Market Insights,Nov.4,2022 https:/ agriculture company raises$2.5 mill

24、ion,”Pet Food Processing,Nicole Kerwin,Feb.11,2022 https:/ New Plant Will Reportedly Produce 9000 Metric Tons Of Crickets Every Year For Human And Pet Consumption,”Canadian Manufacturing,May 26,2022 https:/ Industry Trends,Growth&Statistics in 2022 and Beyond:Unleashing Your Ecommerce Pet Marketing

25、Strategies,”Common Thread,Reilly Roberts,”Jun.11,2022 https:/ Revenue 2019-2022|CHWY,”Macrotrends,https:/ Nutrition Demand Fuels More Than$2 Billion In Facility Investments,”Pet Food Processing,Nicole Kerwin,Jan.5,2022 https:/ Petcare to Acquire Champion Petfoods,Maker of ORIJEN and ACANA,”Cision/PR

26、 Newswire,Nov.1,2022 https:/ Petcare acquiring Champion Petfoods,”PetFoodI,Nov.11,2022 https:/ Inc.Buys Nashville-Based Pet Food Company Nomnomnow Inc.For Reported$1 Billion,Per Bloomberg,”Nashville Business Journal,Adam Sichko,Jan.19,2022 https:/ Labs Acquires Rovers Wellness,”Pet Business,Nov.9,20

27、22 https:/ Nutrition Agrees to Acquire F.L.Emmert-Strengthening Position in Growing Markets,”Cision/PR Newswire,Jun.30,2022 https:/ Jan.11,2023 https:/ Top Pet Products of 2022,”Pet Business,Dec.1,2022 https:/ Egg Prices Increase,Local Breakfast Spot Feels The Financial Strain,”KMGH TV Denver 7,Colette Bordelon,Jan.11,2023 https:/