EX-99.C.7 10 g68923a1ex99-c_7.txt LISTS OF COMPARABLE COMPANIES AND TRANSACTIONS 1 EXHIBIT (c)(7) PIERRE FOODS, INC. COMPARABLE COMPANIES -- CONSIDERED -------------------------------------------------------------------------------- Company Ticker -------------------------------------------------------------------------------- Cagles Inc. CGLA Pilgrim's Pride Corp. CHX Rica Foods Inc. RCF Conagra Foods Inc. CAG Farmland Industries Inc. FMLD Hormel Foods Corp. HRL IBP Inc. IBP Seaboard Corp. SEB Smithfield Foods Inc. SFD Thorn Apple Valley Inc. TAVI Bridgford Foods Corp. BRID Cattlemans Inc. CTLO Provena Foods Inc. PZA Rymer Foods Inc. RFDS Smithfield Companies Inc. HAMS BAB Inc. BABB Creative Bakeries Inc. CBAK Earthgrains Co. EGR Flowers Industries Inc. FLO Interstate Bakeries Corp. IBC Paramark Enterprises Inc. TJCI Piemonte Foods Inc. PIFI Tasty Baking Co. TBC Uncle Bs Bakery Inc. UNCB Unique Bagel Co. Inc. CDHI Vitafort International Corp. VRFT Tyson Foods Inc. TSN Sanderson Farms Inc. SAFM 2 PIERRE FOODS, INC. MARKET TRANSACTIONS -- CONSIDERED
---------------------------------------------------------------------------------------------------------------------------------- Food Processing Transactions Closed 1/1/98 to 3/1/01 Est. Net Revenues of Earnings Acquired Value of Price/Rev of Acquired Date Acquirer Acquired Company (Millions) Deal Ratio (Millions) ---------------------------------------------------------------------------------------------------------------------------------- Mergerstat Data 6/1/98 Windy Hill Pet Food Co. Deep Run Packing Co. 30.9 0.530 2.47 3/4/98 Suiza Foods Corp. Land O Sun Dairies LLC 464.0 0.480 6/22/99 Suiza Foods Corp. Broughton Foods Col. 123.3 0.970 0.38 10/13/99 Sparta Foods Inc. Food Products Corp. 9.3 0.960 0.46 5/7/99 Smithfield Foods Inc. Carrolls Foods Inc. 347.9 0.310 -55.25 4/6/99 Scope Industries Darling International Inc. 44.6 0.490 -18.07 9/24/98 Pro-Fac Cooperative Inc. Dean Foods Co. 553 0.72 6/8/00 Poore Brothers Inc. Boulder Natural Foods Inc. 2.3 1 1/28/01 Pilgrims Pride Corp. WLR Foods Inc. 832.73 0.28 -1.28 10/7/99 Organic Food Products Inc. Spectrum Naturals Inc. 24.68 0.53 10/7/99 Organic Food Products Inc. Organic Ingredients Inc. 5.2 0.0 5/3/00 Odwalla Inc. Fresh Samantha Inc. 32.2 0.720 -6.58 1/28/99 New World Pasta LLC Hershey Foods Corp. US Pasta Business 400.0 1.13 1/14/99 Natrol Inc. Sahara Natural Foods Inc. 6.1 4.910 0.37 10/10/99 Nabisco Holdings Corp. Prelab Nutrition Inc. 733.3 0.7 -182.4 11/19/99 Mrs. Fields Original Cookies Inc. Favorite Brands International Inc. 4.9 1.180 -0.18 11/29/99 Kellogg Co. Worthington Foods Inc. 154.9 1.980 7.24 6/29/00 Kellogg Co. Kashi Co. 25.0 1.320 9/25/98 Keebler Foods Co. President International Trade and Investment -- President International, Inc. 441.1 0.2 7.0 4/14/98 International Home Foods Inc. Grist Mill Co. 108.2 1.000 4.47 11/2/98 Imperial Holly Corp. Diamond Crystal Specialty Foods Inc. 125.9 0.910 8/25/99 IBP Inc. Thorn Apple Valley, Inc. 465.5 0.3 -29.7 2/7/00 IBP Inc. Corporate Brand Foods America 800.0 0.270 12/15/00 Hershey Foods Corp. Nabisco Holdings Corp. -- Mint and Gum Business 270.0 0.5 5/30/00 Hain Food Group, Inc. Celestial Seasonings Inc. 112.9 2.910 3.42 7/31/98 ConAgra Inc. GoodMark Foods Inc. 165.3 1.340 8.11 1/3/00 ConAgra Inc. Seabord Corp. -- Seabord Farms 480.0 0.750 8/24/00 ConAgra Inc. International Home Foods Inc. 2191.6 0.740 97.43 6/1/98 Broughton Foods Co. Key Equity Capital -- Londons Farm Dairy Inc. 56.4 0.180 -0.52 1/12/98 Authentic Specialty Foods Inc. Tortilla King Inc. 9.0 0.900 4/6/99 Aurora Foods Inc. Sea Coast Foods Inc. 57.0 0.880 11/1/99 Aurora Foods Inc. Kellogg Co. -- Lenders Bagel Business 181.9 1.510 -5.18 3/18/99 Smithfield Foods Inc. Animex SA -- 66.6% Produces Hotdogs 165.6 43.0 0.260 Done Deals Data 3/20/98 Atlantic Premium Brands, Ltd. JC Potter Sausage Company, et. Al and Ms. Donnis Potter 26.4 13.0 0.400 2.20 1/5/00 Smithfield Foods Inc. Murphy Farms, Inc. 454.0 396.0 0.900 -45.00
---------------------------------------------------------------------------------------------------------------------------------- Food Processing Transactions Closed 1/1/98 to 3/1/01 Date Acquirer Acquired Company Price/Earnings TIC to EBITDA TIC to EBIT ---------------------------------------------------------------------------------------------------------------------------------- Mergerstat Data 6/1/98 Windy Hill Pet Food Co. Deep Run Packing Co. 6.64 5.4 0.07 3/4/98 Suiza Foods Corp. Land O Sun Dairies LLC 6/22/99 Suiza Foods Corp. Broughton Foods Col. 312.57 27.0 39.93 10/13/99 Sparta Foods Inc. Food Products Corp. 19.35 8.5 12.56 5/7/99 Smithfield Foods Inc. Carrolls Foods Inc. -1.94 -19.8 (10.33) 4/6/99 Scope Industries Darling International Inc. -1.22 -1.6 (1.21) 9/24/98 Pro-Fac Cooperative Inc. Dean Foods Co. 6/8/00 Poore Brothers Inc. Boulder Natural Foods Inc. 1/28/01 Pilgrims Pride Corp. WLR Foods Inc. -180.29 10/7/99 Organic Food Products Inc. Spectrum Naturals Inc. 2.95 3.73 10/7/99 Organic Food Products Inc. Organic Ingredients Inc. 11.7 15.31 5/3/00 Odwalla Inc. Fresh Samantha Inc. -5.07 -6.4 (5.21) 1/28/99 New World Pasta LLC Hershey Foods Corp. US Pasta Business 1/14/99 Natrol Inc. Sahara Natural Foods Inc. 81.07 35.6 37.79 10/10/99 Nabisco Holdings Corp. Prelab Nutrition Inc. -2.6 -28.7 (13.25) 11/19/99 Mrs. Fields Original Cookies Inc. Favorite Brands International Inc. -32.25 9.1 234.67 11/29/99 Kellogg Co. Worthington Foods Inc. 42.43 17.3 25.32 6/29/00 Kellogg Co. Kashi Co. 9/25/98 Keebler Foods Co. President International Trade and Investment -- President International, Inc. 10.7 9.6 15.42 4/14/98 International Home Foods Inc. Grist Mill Co. 24.25 8.6 15.11 11/2/98 Imperial Holly Corp. Diamond Crystal Specialty Foods Inc. 8/25/99 IBP Inc. Thorn Apple Valley, Inc. -3.9 25.7 (13.08) 2/7/00 IBP Inc. Corporate Brand Foods America 12/15/00 Hershey Foods Corp. Nabisco Holdings Corp. -- Mint and Gum Business 5/30/00 Hain Food Group, Inc. Celestial Seasonings Inc. 96.11 38.6 63.58 7/31/98 ConAgra Inc. GoodMark Foods Inc. 27.36 12.0 16.61 1/3/00 ConAgra Inc. Seabord Corp. -- Seabord Farms 8/24/00 ConAgra Inc. International Home Foods Inc. 16.58 8.7 10.00 6/1/98 Broughton Foods Co. Key Equity Capital -- Londons Farm Dairy Inc. -19.77 15.1 284.29 1/12/98 Authentic Specialty Foods Inc. Tortilla King Inc. 4/6/99 Aurora Foods Inc. Sea Coast Foods Inc. 11/1/99 Aurora Foods Inc. Kellogg Co. -- Lenders Bagel Business -53.05 33.21 3/18/99 Smithfield Foods Inc. Animex SA -- 66.6% Produces Hotdogs 17.00 Done Deals Data 3/20/98 Atlantic Premium Brands, Ltd. JC Potter Sausage Company, et. Al and Ms. Donnis Potter 4.40 4.2 1/5/00 Smithfield Foods Inc. Murphy Farms, Inc. -----------------------------------------------------------------------------------------------------------------------------------
Source: Mergerstat Review and Done Deals