OUR ADDED VALUE & M&A TRENDS
IN THE FOOD & BEVERAGE SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
MARCH 2023

2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market trends in the F&B sector 03
III. Our expertise, added-value & methodology in the F&B sector 12
IV. About GEREJE Corporate Finance 25
II. M&A trends in the F&B sector 07

MARKET TRENDS IN
THE F&B SECTOR
I

4
P R I V A T E & C O N F I D E N T I A L
5 839
7 526
8 638
11 980
-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
2020 2023 2025 2030
+7.5%
CAGR
F&B MARKET AND KEY TRENDS
Sources : Forward Fooding, The Beet, The Business Research Company, Innova Market Insights study
Plant-based alternatives segment is growing
§ CAGR of 13% (2022-2030) to reach $20bn by 2030 (vs. $7.4bn in 2022)
The rise of alternative proteins
§ $5bn raised in 2021 (+60% vs 2020)
Public awareness on the health effects
§ Plant-based alternative segment + 13% vs. retail food market +2%
§ Health and environmental issues continue to drive consumer choice
Global F&B industry market size (in $bn)
2020-2030
DigitalFoodLab projected €900m of investments in 2022 for French FoodTech companies (+43% vs.2020).
In the coming years the investments will be focused on 1) the plant-based alternatives, 2) omnichannel food, 3)
personalized food and 4) in Agtech, given that:

5
P R I V A T E & C O N F I D E N T I A L
MUTATION OF THE SECTOR 1/2 : DIGITALIZATION
Sources : Digital Silk, Just Search, Emergen Research
Acceleration of e-commerce
§ Global F&B e-commerce = CAGR of 22% (2022-2026)
Social Media & online reviews to increase
visibility & sales
§ F&B brands dominate Twitter with 32% share of tweets
§ 91% of users say that positive online reviews impact their choices
AI technologies and real-time analytics play
key roles
§ 45% CAGR (2021-2026): $3bn in 2020 vs. $30bn by 2026
6%
7%
10%
12.5%
17%
24%
0%
5%
10%
15%
20%
25%
Online Food
Delivery
Online Grocery
Service
OTT &
Convenience
Service
2021 2030
The weight of technology in the F&B
revenue market (2021 vs 2030)

6
P R I V A T E & C O N F I D E N T I A L Sources : Hungry Venture, Good Seed Ventures, Dealroom.co (Food Tech Report 2021), Malou, Forward Fooding, GEREJE Corporate Finance
124
239
0
50
100
150
200
250
2021 2027
Online food delivery market size worldwide
from 2021 to 2027 (in $bn)
+
1
1
%
C
A
G
R
MUTATION OF THE SECTOR 2/2 : FOOD DELIVERY
More consumers on apps
§ +25% of new users of online food delivery (2022 vs 2021)
More sellers on apps
§ Dark kitchens are growing +25% per year (since 2018)
§ Planning capacity for online deliveries has increased by 200% in 2021 (vs.
2019)
Food delivery growth is faster than onsite ordering
§ Since 2014, digital orders for food have been growing at X3 the rate of
onsite ordering
§ 67% of amounts raised by FrenchFood in 2021 went to food delivery
startups

M&A TRENDS IN THE
F&B SECTOR
II

8
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS
Company Size
§ The largest the company, the higher the multiple with key thresholds (10M revenue;
50M revenue; 100M revenue…)
Profitability
§ EBITDA margin compared to peers may be the most important comparison criteria
when the companies’ sizes are similar
Market position
§ A leading position within a local market improves a valuation multiple, on the other
hand, a mid-tier position will drive a lower valuation.
Within the same sector, valuation multiples vary according to the size, profitability, and market
positioning of the company

9
P R I V A T E & C O N F I D E N T I A L
TEV/EBITDA
Target
Buyers
Transaction
Value
€90m €10.8m €12m €80m €25m
Information
Hilton Food Group (UK): a
leading multi-protein producer
Foppen (NL): smoked salmon
producer
Ewalco (Sweden): Raw
ingredients supplier in food
and animal feed industry
Pastas Gallo (Spain): a pasta
products producer
Ta-tung (Spain): a pre-cooked
Asian food producer
Flagstone Foods (US): the
Snack Division of TreeHouse
Foods, a leading producer and
supplier of private label
packaged F&B
Capuzzo & Frubella (Italy):
fruits & vegetables processing
companies
Date Dec. 2021 Jun. 2021 Jul. 2020 Jul. 2019 Apr. 2019
Learn more here here here here here
9,0x
7,1x
6,0x
3,7x
5,6x
RECENT TRANSACTIONS
Source : Mergermarket, Fusacq, GCF Research Click on the logo to access the website

10
P R I V A T E & C O N F I D E N T I A L
TEV/EBITDA
Target
Buyers
Transaction
Value
$150m €190m €80m $30m €500m €40m
Information
Enoitalia (IT): a global
leader of Italian wine
Natra (ES): chocolate
manufacturer
La Galvanina (IT): mineral
water and organic drinks
company
Purple Carrot (US): a
plant-based meal delivery
provider
Grupo Iberconsa (ES): an
Argentine red shrimp and
frozen hake business
Lily O’Brien’s (Ireland):
chocolate manufacturer
Date June 2021 July 2019 June 2019 May 2019 March 2019 January 2018
Learn more here here here here here here
8,9x
5,5x
8,0x 8,0x
5,3x 5,7x
RECENT TRANSACTIONS
Source : Mergermarket, Fusacq, GCF Research Click on the logo to access the website

11
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS
Date Buyers Target
Transaction
Value
Information
Learn
More
Apr.
2022
-
Herbarom (FR): essential oils and food
supplements specialist
Rodael (FR): pharmaceutical laboratory
here
Apr.
2022
€26.5m
Umiami (FR): producer of 100% vegetable-based
poultry fillets
here
Apr.
2022
€3.5m
Hubcycle (FR): transforms today's waste into
tomorrow's food
here
Jan.
2022
€130m Deliverect (FR) : online order management here
Dec.
2021
€25m
La belle vie (FR): foodtech start-up in home
delivery delicatessen
here
Source Mergermarket, Fusacq, GCF Research, MBA Capital Click on the logo to access the website

OUR EXPERTISE &
ADDED-VALUE
III

13
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE 1/2
We have a solid track record in the F&B industry. We have a direct access to > 530
companies in this specific sector in Europe, Asia, and internationally
1. Our Expertise & Experience in the F&B sector
Our multicultural teams with our own offices in Europe and in Asia (Paris, Singapore,
Geneva, Lyon, Nantes, Vienna, Lisbon, Munich), and our partners in the Middle East,
Africa and the US
2. Our International presence
Entrepreneurs close to Entrepreneurs = reactivity & adaptability
3. Our “entrepreneurial” culture
Privileged access to > 600 investors (Cap development funds, VC, debt funds, Family
Offices), with a specific interest in the F&B industry
4. Our Privileged access to Strategic & Financial Investors

14
P R I V A T E & C O N F I D E N T I A L
We prefer to act over the long term as partners alongside business leaders
5. Advisor & Partner
With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021 in
the Advisory Fusacq ranking – Corporate banking fundraising rankings in France
6. Our Track-Record
Our expertise in structuring complex operations : Earn-Out, Management Buy-Out, Owner
Buy-Out, Joint Venture…
7. Our Expertise in complex structuring
We work with no conflict of interests and ensure confidentiality & discretion
8. Our independence
OUR EXPERTISE & ADDED VALUE 2/2

15
P R I V A T E & C O N F I D E N T I A L
Small Cap companies
~120 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Mid Cap companies
~300 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
● ● ●
OUR DIRECT ACCESS TO STRATEGIC PLAYERS

16
P R I V A T E & C O N F I D E N T I A L
Financial Investors
~700 investors (PE, VC, CVC, Family Offices, etc.)
with a specific interest in the sector - listed in our
proprietary data base
OUR DIRECT ACCESS TO POTENTIAL INVESTORS
B VALUE
INVEST
Strategic investors
~100 strategic investors - listed in our proprietary
data base
● ● ●
FOOD
INVEST

17
P R I V A T E & C O N F I D E N T I A L 17
Fabrice LOMBARDO
Founder & CEO of GEREJE Corporate Finance
Expertise at the international level, in Europe, Asia (especially ASEAN), Middle East & Africa, in
GEREJE’s 8 key sectors
Education:
BBA at Oxford Brookes Université, Grenoble Business School, Executive MBA at ESSEC, SFAF
Certified
Key Points:
● + 12 years in Business Dev. (multinationals) ● Creation of GEREJE: 2008 ● +100 deals closed
OUR EXPERTISE IN THE F&B SECTOR 1/2
EXPERIENCE & EXPERTISE
Ø + 15 years in M&A consulting for SMID & Large Caps
Ø Buy-Side Mandate & Sell-Side Mandate
Ø Fundraisings (Equity / Debt)
Ø Valuation & Structuring
Ø Speaker & Lecturer at ESSEC Paris, EGE, EDC Paris BS
Ø Specific expertise in F&B
§ Alain Milliat, DANONE, LACTALIS, Château d’Esclans,
KATRINA Group, etc.

18
P R I V A T E & C O N F I D E N T I A L 18
OUR EXPERTISE IN THE F&B SECTOR 2/2
Olivier JOB
Senior Advisor at GEREJE Corporate Finance, Lyon
Expertise in the luxury/F&B/tourism industry, in France and internationally
Key Points:
● + 30 years of experience in luxury industry
● + 15 partnerships created
● Founder of LUXURY.CX
EXPERIENCE & EXPERTISE
Ø Creation of partnerships in the F&B & Luxury industry
Ø Franchises, Licences, Transfer of companies’ know-how
Ø Fundraisings
Ø Business Development
Ø Event/Brand Management
Ø Marketing Strategy
Ø Consultant in F&B
§ Wine & Business Club, Escoffier Ritz Paris, Le Cordon
Bleu, The Bubble Lounge Champagne, Sopexa, etc.

19
P R I V A T E & C O N F I D E N T I A L
OUR TRACK RECORD IN THE F&B SECTOR

20
P R I V A T E & C O N F I D E N T I A L
OUR BUY-SIDE METHODOLOGY
Option: Preparation of a "Long-List" of
potential targets in the targeted sector
and geographical area and ranking them
in order of interest and according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Meeting between GEREJE and the client
to select a short list of targets to be
approached in phase 2
Assist our client in the final Due
Diligence
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations with the target(s)
until closing.
Assist in the drafting & proof-reading of
final contracts.
Drafting & negotiation of a Letter of
Intent (LOI)
Management of client’s questions &
requests (Q&A)
Optimize the negotiations with the
target
Advise on the best structuring (equity /
debt / mix) in the interest of the
shareholders
Option : Preparation of a strategic and
financial note (detailed profile of the
target) for the client
Signing of the Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA).
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – 1 to 3 months
Market Screening & Preliminary
Approach
Phase 2 – 4 to 9 months
Maximization of Negotiations –
Signing of LOI
Phase 3 – 2 to 4 months
Final DD – Offer – Optimization of the
Closing

21
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE clear & ambitious strategies for yourself & the
potential target
1
2
BE PROACTIVE: approach actionable and specific targets
à value creation
3
TIME is the essence: giving rhythm by respecting a
structured process
4
COMMUNICATION: take the time to explain every step
until the closing
1
2
3
4

22
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
OPTIMIZE the structuring to align the interests regarding
valuation
5
THINK about the forward value by working on a joint
business model
6
ANTICIPATE tax and legal issues (shareholders' agreement)
7
ANTICIPATE the cultural differences (cross border)
8

23
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL SIDE PROCESS
Phase 1 – 1 to 2 months
Preparation phase
Financial analysis (past results and
business plan)
Structuration (equity/debt/mix)
Electronic dataroom (docsend)
Blind Teaser on our online platform
In order to optimize the process, it is essential to prepare the project seriously, explain the use of the
funds and demonstrate the positive impact on turnover and margins
Phase 2 – 2 to 6 months
Selection, teasing and approach of
investors
Maximization (digital) of the investor
approach process (electronic NDA)
Checking of candidates’ seriousness
and motivation
Management & Optimization of
negotiations
Optimization of different structuring
options for the deal
Phase 3 – 1 to 2 months
Closing optimization
Optimization of the Due Diligence
process
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations until closing.
Advise on the different structuring
schemes including earn out
Analysis and validation of the final
offer
Prepare a Strategic & Financial Note for
investors
Negotiation and signature of the Letter
of Intent (LOI)
Transition to phase 2 after mutual
consent

24
P R I V A T E & C O N F I D E N T I A L
DIFFERENT TYPE OF INVESTORS
Strategic and financial investors have different investment criteria and objectives involving different sales
strategies and structuring scenarios themselves
• Strategic investors are often competitors, suppliers or customers of the target.
• Their objective is to identify companies whose products or services can be integrated in synergy with their
existing portfolio or gain market share, in order to create long-term value for their shareholders.
• The main driver of the acquisition is strategic (vs. rapid return on investment). These buyers may also be
unconnected to the target and seek to expand in its market to diversify their revenue sources.
Strategic
investors
• Financial investors/buyers include private equity firms, hedge funds, family offices ...
• These players make investments in companies and achieve a return on investment within 5-7 years with a
sale or IPO.
• Some Family Offices have an unlimited time horizon and can invest large sums of money to support the
growth of the business at all stages of its development.
Financial
investors
These buyers have fundamentally different objectives, so the way they will approach
the activities of the targets in an M&A process will differ considerably.

ABOUT GEREJE
CORPORATE FINANCE
IV

26
P R I V A T E & C O N F I D E N T I A L
THE “GEREJE” PHILOSOPHY
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as
well as our working philosophy.

27
P R I V A T E & C O N F I D E N T I A L
OUR WORLDWIDE REACH
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial
advisory services, composed of a multidisciplinary team based between Europe & Asia
Our Corporate Film
EUROPE
§ Paris
§ Lyon
§ Geneva
§ Nantes
§ Vienna
§ Lisbon
§ Munich
ASIA
§ Singapore
§ Hong-Kong
EUROPE
MOYEN-ORIENT
ASIE

28
P R I V A T E & C O N F I D E N T I A L
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Fabrice LOMBARDO
Founder & CEO
Antoine ALEMANY
Partner, Lisbon
Clarisse SUN
M&A Associate, Paris
Laurent GOBINET
Partner, Nantes
Hélène PEYRUSQUE
M&A Analyst, Paris
Hugo MONNET
M&A Vice President, Lyon
Servais MICOLOT
Partner, Geneva
Jeff CZELUSTA
M&A Director, Munich

29
P R I V A T E & C O N F I D E N T I A L
SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES
François LAURENT
Senior Advisor, Hong-Kong
Olivier JOB
Senior Advisor, Lyon
Jean de MORAS
Senior Advisor, Paris
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
Gregory LAM
M&A Vice President, Singapore
Bertrand LAM
Partner, Singapore

30
P R I V A T E & C O N F I D E N T I A L
Partial or Total Sell mandate
Managing and Optimizing a sell process, leveraging on
our structuring experience, valuation expertise &
international network to maximize the transaction price.
Using every financial tool to align the interests of all
parties.
OUR SERVICES
The quality of our services relies
in our 100% in-house team
enabling us to manage the
entire transaction process,
thereby ensuring efficiency,
confidentiality and tangible
results
Buy mandate / Acquisition / Joint Ventures
Optimizing external cross-borders expansion strategies.
Global Knowhow, Local Approach
Strategic Advisory – Business Consultancy
The experience and operational know-how of the senior
team allows us to optimize the development strategies of
companies and thus facilitate the management of
corporate finance issues (Fundraising or acquisition)
Fund raising mandate & IPO – Capital development
Structure a solid & realistic business plan in order to
maximize the valuation forward and raise the capital
needed (Equity, Debt, Convertible Shares).
Local Markets Approach and Implementation Assistance
for IPO to maximize forward value & optimize
Transaction Structuring

31
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized execution, enhanced
by a multidisciplinary team acting under one hat !
Execution
Excellence
Each assignment is managed by
one Team leader to optimize the process
We rely on our own proprietary
research
Our mandates are on an exclusivity basis
only, including fixed and success fee
Our mandates are tailor-made
We manage 100% of the Transaction
coordinating the process
We deliver regular reports to optimize
the momentum
Our digital platform allows us to have constant
access to all the necessary information

32
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logo to access the website.

33
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
Our solid network of partners in Europe and Asia enable us to get qualified, updated information in order to
accompany our clients and create value.
EUROPE
Access to +1,100 Family Offices
+150 banks & private bankers
+100 law firms
ASIA
Access to +700 Family Offices
+200 banks & private bankers
+150 law firms
Partnership signed with Business France (website) in 2021
Coverage of 110 countries, offering a direct access to
international investors

34
P R I V A T E & C O N F I D E N T I A L
TESTIMONIES
In this complicated economic
environment, the support and
involvement of the GEREJE teams
were key to the success of the
project.
Mr. François-
Denis POITRINAL
Founder & CEO
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
GEREJE supported us successfully &
diligently in structuring our
fundraising process so we can keep
control of our company, They did a
great job at finding the right
investors for our projects!
Mr. Francois
CHABANIAN
Founder & CEO
In this complicated economic context,
the support and involvement of the
GEREJE teams were key elements in
the success of the operation
Mr. Guillaume
RAGUET
CEO
*click on a logo to access the website

35
P R I V A T E & C O N F I D E N T I A L
Articles
Surveys
EHL Insights - Top 10 Trends in the F&B Industry
EY - Retour sur le secteur de l'alimentation et des boissons
Allens - M&A trends in the food and beverage sector
Common Thread - The Digital Future of Consumables in the Ecommerce World
Brandwatch - Trends in the F&B Industry for 2022
Emergen Research - Food Tech Market
Agritech and Foodtech towards new French unicorns
The trends of the food industry
Roadmap for innovation, digitalisation and investment
What are the major challenges of the food industry in 2023 ?
WTW - Global Food & Beverage Survey Report
TriStar - Food and Beverage Industry Overview
Comment nourrit-on le monde aujourd'hui?
KPMG - Covid-19 : Food & Beverage Sector Dynamics
Deloitte - Impact on food & beverage consumer products companies
Dealroom - The State of European Food Tech 2021

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