Case study materials. Connaught Foods Group Limited
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1 Case study materials Connaught Foods Group Limited Company overview Connaught Foods Group Limited (Connaught Food or the Group), headquartered in Galway, produces and distributes a range foods across Ireland and the UK. Connaught Foods was founded in 1995 by William Joyce, after he completed a PhD in Food Science in NUI, Galway. Connaught Foods sells to the major Irish retailers, including Musgraves, Dunnes Stores and Tesco, as well as to Asda and Morrisons in the UK. The Group currently operates in Ireland and the UK, however, it intends to expand core operations to the US market. Its main products are: - Connemara Catch - Athenry Park Chicken - Ballybrit Better Butter - Salthill Sausages The Group now employs 120 people and has an annual turnover of circa 70 million and was classified as one to watch by the Sunday Times business supplement. Key capabilities Supply Chain - Comprehensive testing programme to ensure superior quality - Direct relationships with key suppliers - Traceability: full supply chain management Product processing and packing capability - Depth of technical expertise in the handling and processing of products - Experience and skillset maintains consistently high quality products Marketing and brand building capabilities - Detailed understanding of core numbers - Household brand name in Ireland and has growing UK presence and market share - No private label offering, which maintains the quality of the product Relationships with retailers - Strong relationships with all Irish and UK majors - No customers losses within the last six years; new contract have been won through quality product service and delivery (eg Asda) - Irish and UK retailers pricing is resulting in downward pressure on margins Governance The board of directors is made up of: - William Joyce, Managing Director. - Noreen Joyce, his wife, who is not employed in the company but acts as a non-executive director. - Stephen Caroll, is a member of the board. Stephen is a life-long friend of William.
2 - Finbarr Murphy, a Financial Director and qualified solicitor. - James O Toole, Operations Director and Smurfit Graduate with an MBA specialising in Operations. The board is scheduled to meet up on a quarterly basis, however, in the past year it only has only met twice as William Joyce was extremely busy on both occasions. We understand no board pack is presented to the board by senior management. Overview of the Group revenue streams Connemara Catch - This has been the Group's core product, and accounts for 60% of Group revenue. It was this product which William Joyce initially launched Connaught Foods in It has grown quickly to become Ireland s number one selling frozen fish. Athenry Park Chicken - This product was William Joyce s second product, launched in Despite initial success, it has struggled to gain a foothold beyond Ireland and accounts for 10% of Group revenue Ballybrit Better Butter - William Joyce acquired Ballybrit Better Butter in 2006 for 8 million. Since then, Ballybrit Better Butter has been introduced to the UK 25% of Group revenue. Salthill Sausages - Salthill Sausages were acquired in May This product is little more niche, as it prides itself on using only organic ingredients. In hindsight, William feels that he overpaid for the product at 4 million, when the company only had revenues of 12 million per annum, as credit was easily available and be wanted to expand into the organic food market. Other Two years ago there was a chicken meat scandal in Ireland when it was discovered that a large retailer was using rabbit meat instead of chicken meat. This had a negative impact on turnover and profit across the industry and on Connaught, although Connaught Foods subsequently put in place a state-of-the-art product traceability mechanism. Debtor terms are: - 90 days for long-standing relationships (i.e. Dunnes and Supervalu) to 90 days for new customers, although where the company deals with large supermarket chains, it is happy to give 60 days. - In a number of cases these terms are stretched. Growth strategy The Group s strategy is to grow via organic means and also through acquisitions. It prides itself on being at the forefront of scientific and technological developments within the food industry. Until now, Connaught Foods has financed its acquisitions via cash reserves. Group borrowings have predominately related to property acquisitions as William Joyce does not believe in leasing an asset when you can own it. Following a board meeting, it has been decided that the Group is going to seek finance to fund the Connaught Foods expansion. They wish to enter the lucrative US market and have set out projections for current operations in Appendix B and an overview of potential acquisition targets in Appendix C. The board have decided that they are willing to discuss their options with Private Equity providers having heard of success stories such as Lily O Brien s and Fintrax.
3 US opportunity Finbarr and John, with the aid of a US based corporate finance firm, Oaktree Fern LLC (Oaktree Fern), have identified three potential US firms for acquisition or partnership. Oaktree Fern have also been commissioned to report on the market opportunity in the East Coast of the US and early indications are that the Group s product range would be well received by US customers. Appendix C sets out summary financial and other information in relation to the three potential US targets located on its East Coast. Potential post transaction synergies such as distribution and central management have not been estimated at this point for each of the three potential acquisition targets. Group exercise Part A The Group is seeking finance to fund its expansion; you are required to set out the contents of a pitch document which would be presented to a private equity firm detailing: Existing capital structure Level of finance required Uses of finance raised and ability to repay Suggest exit for private equity firm SWOT (strengths, weaknesses, opportunities and threats) analysis of the existing Group Existing management and governance structure Part B Provide 5 key recommendations that you would make to the Board of the Group to enhance its attractiveness to funding providers. Part C For the three potential acquisition targets consider: Consider what transaction structure is appropriate ie acquisition, merger, joint venture. What finance sources of finance would be appropriate for the transaction and why Potential transaction risks for each target.
4 Appendix A DATE HISTORIC MILESTONES 1995 Connaught Food Group was founded by William Joyce in Galway. Signed first sales contract with Dunnes Stores to provide Connemara Catch to its stores in the Galway area Renewed contract with Dunnes Stores and expanded its product to include all of its stores nationwide Connemara Catch expanded its product to Supervalu 1998 William Joyce wins Entrepreneur of the Year The Group launched Athenry Park Chicken and signed a contract to supply to Supervalu and Dunnes Stores 2001 Connemara Catch is now Ireland s number one selling frozen fish product. Connaught Group entered the UK market, following a contract with Tesco 2004 Group appoints CFO, Harry O Brien, former Grant Thornton Audit Director Ballybrit Better Butter is acquired 2007 Salthill Sausages is acquired
5 Appendix B Connaught Food Group Profit and Loss 'm FY 2011A FY 2012A FY 2013A FY 2014P FY 2015P Rev enue Cost of sales (38) (42) (50) (55) (62) Gross profit Operating ex penses (15) (20) (20) (16) (17) EBITDA Depreciation and amortisation (3) (2) (2) (3) (3) EBIT Tax ation (1) (1) (1) (1) (1) Interest (1) (1) (1) (2) (2) Net profit KPI's Gross margin 36.67% 37.31% 38.89% 34.52% 33.33% EBITDA % 11.67% 7.46% 11.11% 15.48% 15.05% EBIT % 6.67% 4.48% 8.33% 11.90% 11.83% Net proft % 3.33% 1.49% 5.56% 8.33% 8.60% Connaught Food Group Cash Flow 'm FY 2011A FY 2012A FY 2013A FY 2014P FY 2015P EBITDA Tax ation (1) (1) (1) (1) Interest paid (1) (1) (2) (2) EBIT Working Capital Movements Inv entories (3) (4) (1) (2) Trade receiv eables (1) (7) (3) (7) Trade pay ables Capital Expenditure Acquisition of plant and equipment (3) (3) (5) (5) Increase in Borrow ings Increase / Decrease in Cash 1 (2) 4 5 Opening Cash Closing Cash
6 Connaught Food Group Balance Sheet 'm FY 2011A FY 2012A FY 2013A FY 2014P FY 2015P Non Current Assets Property, plant and equipment Intangible assets Current assets Inv entories Trade receiv eables Cash and bank Current assets Total assets Equity and liabilities Current liabilities Trade pay ables Borrow ings and ov erdraft Tax liabilities Current liabilities Non-current liabilities Long-term loans Total liabilities Net assets Equity Share Capital Retained earnings Shareholders' equity
7 Appendix C Potential US Targets Boston New York Maple EC 'm * FoodsLLC Ambient Foods LLC Group LLC Financials Rev enue YoY revenue growth % 25.0% 10.0% 5.0% EBITDA Net tangible assets / liabilities 2.00 (2.00) Net debt (1.50) (7.40) (10.00) Annual capex Indicative valuation Est. equity / stock v alue Others matters Propety assets Leased Leased Leased and ow ned Ow nerships Founder managed NY partnership Priv ate equity backer Customers Niche clients Niche clients Major multiples Market presense Massachuettes focused New Jersey US East Coast Distribution Outsourced Outsourced State of the art in house platform * Translated to Euro using average rate for last 12 months Recent transactions in the sector has seen EV/EBITDA multiples of 4x to 7x being achieved.
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