特种配料市场动态

September 2024 Houlihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank.No. 1GlobalM&A AdvisorLeading IndependentGlobal Advisory Firm2CORPORATE FINANCEFINANCIAL RESTRUCTURING2023 Global Distressed Debt &Bankruptcy Restructuring RankingsAdvisorSource: LSEG (formerly Refinitiv).No. 1Global Restructuring Advisor$14+ BillionRaised in Capital in 2023$3.5 TrillionOf Aggregate Transaction ValueCompleted2023 M&A Advisory RankingsAll Global TransactionsDealsAdvisor352HoulihanLokey1349Rothschild & Co2300Goldman Sachs & Co3300JP Morgan3253Morgan Stanley5Source: LSEG (formerly Refinitiv).Excludes accounting firms and brokers. FINANCIAL AND VALUATION ADVISORYFINANCIAL SPONSORS COVERAGE1999–2023 Global M&AFairness Advisory RankingsDealsAdvisor1,247HoulihanLokey11,035JP Morgan2977Duff & Phelps, A Kroll Business3884UBS4716Morgan Stanley5Source:LSEG (formerly Refinitiv).Announced or completed transactions.Deals73HoulihanLokey164PJT Partners Inc251Rothschild & Co337Lazard427Evercore Partners52023 Most Active Investment Banks toPrivate Equity–GloballyAdvisorSource:PitchBook. Excludes accounting firms and brokers.No. 1Global M&A Fairness OpinionAdvisor Over the Past 25 YearsNo. 1Global Private EquityM&A Advisor2,000+Annual Valuation Engagements1,300+Sponsors Covered Globally 29Senior officers dedicated tothe sponsor community in theAmericas and Europe.1,300+Sponsors covered, providingmarket insights and knowledgeof buyerbehavior.800+Companies sold to financialsponsors over the past five years.Fully Integrated FinancialSponsor Coverage Our clientsbenefit fromour local presenceand global reach.AMERICASAtlantaLos AngelesBaltimoreMiamiBostonMinneapolisCharlotteNew YorkChicagoSan FranciscoDallasSão PauloHoustonWashington, D.C.(1)As ofJune 30, 2024; excludes corporate MDs.(2)As of August30, 2024.(3)LTM ended June 30, 2024.36LocationsWorldwide~2,000Total FinancialProfessionals3 The DominantSpecialty Ingredients Advisor4Sellside AdvisorbySellsideAdvisorhasofSellsideAdvisorhasbySellsideAdvisorSellside AdvisorSellside AdvisorNaturalsFlavorCompoundingSellside AdvisorSellside AdvisoraofSellside AdvisoraSellside AdvisorSellside AdvisorPlacement AgentSellside AdvisorahasSellsideAdvisorBio-Processing TechnologiesSellside AdvisorSellside AdvisorFinancial AdvisorSellsideAdvisorTombstones included herein representtransactions closed from 2007 forward. Inclusions/ToppingsSellside AdvisorFunctiontoNutrition/Science-BackedBuysideAdvisoraSellside AdvisorSellside AdvisorSellside Advisor Houlihan Lokey has completed/signed seven specialty ingredients transactions in the past nine months.Industry-Leading Activity in The Past Nine Months5Past Nine Months’ Specialty Ingredients TransactionsSellside AdvisorSellsideAdvisorBuyside AdvisorFinancial AdvisorSellside AdvisorSellside Advisor Perspectives on Specialty Ingredients SectorTrendsSources: S&P Capital IQ, company filings.Note: LTM = last 12 months.(1)Taste segment index consists of Taste/Flavordivisions across five of the largest public specialty ingredients companies.(2)Public specialty ingredients stock index consists of 17 major public specialty ingredients companies.Accelerating Specialty Ingredients Growth During COVID-19 PandemicThe specialty ingredients sector has historically been characterized by consistent, strongrevenue growth driven by the underlying products providing critical sensory, functional, andnutritional benefits to customer end products at an attractive cost-in-use ratio. During theCOVID-19 pandemic (March 2020 to May 2023), specialty ingredients revenue growthaccelerated due to (i) COVID-19-related consumption dynamics and (ii) supply chaindisruptions that caused the retail channel to temporarily hold higher inventory levels toaddress the short-term supply chain challenges.The specialty ingredients sector delivered accelerated growth from2020to2022,followed by “mixed to weak” performance in 2023.~12% Jun-17 LTM–2020 CAGR~16% 2020–2022 CAGR(~4%) 2022–2023 YoY GrowthMajor Public Specialty Ingredients Companies’ Taste Segment Index(1)Historical LTM Revenue: 2017–2023($ in Billions)$14.9$16.3$16.4$17.2$19.1$21.3$21.7$22.4$23.8$26.2$27.8$29.9$29.96 “Mixed to Weak” Specialty Ingredients Performance in 2023In 2023, specialty ingredients volumes declined as (i) the normalization of COVID-19-induced supply chain dynamics caused retailers to “destock” their inventory supply and (ii)there was lower consumer demand coming out of 2022’s retailer price increases. With thisvolume decrease in effect, specialty ingredients companies saw a sharp slowdown in 2023revenues. As a result, public markets primarily shied away from investments in the specialtyingredients sector in 2023.Major Public Specialty IngredientsCompanies’ Taste Segment Index(1)Historical LTM Revenue: 2022–2023($ in Billions)Specialty Ingredients Companies’Trending Stock Prices Through 2023Public Specialty Ingredients IndexS&P 500(25%)(20%)(15%)(10%)(5%)0%5%10%15%