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Meridian Capital

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Consumer M&A Trends: Fall 2021

Published October 27, 2021

Home > M&A Trends > Consumer M&A Trends: Fall 2021

Key Insights

  • Spurred by the COVID-19 pandemic, 2020 and 2021 brought record levels of outdoor recreation participation.
  • M&A activity in the sector followed a similar trajectory with a flurry of activity in 2020 and H1 2021.
  • Outdoor and Active Lifestyle M&A markets are expected to slow in 2022 due to significant supply chain constraints and normalization in outdoor recreation participation.

Highlights

During the pandemic, many consumers have gravitated towards healthier lifestyles and increasingly ventured outside to recreate. M&A activity and subsector valuations experienced an unprecedented rally during the pandemic. Clothing, footwear, and outdoor gear EBITDA multiples climbed from pre- pandemic highs below 15x to nearly 30x in Q2 2021.

With so much activity and competition in the sector, investors have been forced to prioritize opportunities more than ever before. Companies that can prove fundamental and sustainable changes in their businesses, or in consumer behavior, are able to secure meaningful valuation premiums and get ‘credit’ for recent growth.

Activity and valuations have begun normalizing due to significant supply chain constraints which have plagued many businesses around the world throughout 2021, and continue to impact stock price growth for publicly traded companies. These constraints are expected to throttle growth as the outdoor industry continues to see robust demand.

View the Report

Outdoor and Active Lifestyle Market Insights

Everyone is Going Outside… But Will They Stay?

  • Based on the Outdoor Foundation’s 2021 Participation Report, 160.7 million Americans over the age of six participated in at least one outdoor activity, with running, jogging, and trail running being the most popular (63.8M participants), closely followed by hiking (57.8M), fishing (54.7M), and biking (52.7M):
    • Although there was a significant increase in year-over-year participant growth, the number of outings and overall intensity (times per week) has steadily declined from 2012 levels, as screen time continues to be a key competitor for outdoor recreation. 
    • A recent study by the Council to Advance Hunting and the Shooting Sports concluded that 2020 hunting license sales increased approximately 5% over 2019. 35 states saw an overall increase in the number of licenses sold in 2020 when compared to 2021.
  • During the pandemic, many consumers have gravitated towards healthier lifestyles and increasingly ventured outside to recreate. Although there was an increase in outdoor recreation, some participants do not expect to continue their new habits:
    • Based on a recent special report conducted by Naxion Research, approximately one-quarter of new outdoor recreation participants say they don’t want to continue their outdoor activities, with increased travel, reduced time, and family demands being the main reasons.
    • 46% of these participants said they are spending more time online, while 52% said they are spending more time watching TV than they were pre-pandemic.

Outdoor Industry Suffers Slowdown in Q3 2021

  • Significant supply chain constraints have plagued many business around the world throughout 2021 and continue to impact stock price growth for publicly-traded companies. These constraints are expected to throttle growth as the outdoor industry continues to see robust demand:
    • Companies within the OBJ Outdoor Index saw a 6% decline in aggregate share price from July to September, down from Q2 (14.9 percent) and Q1 (15.8 percent).
    • With the holidays coming up and optimism supply chains will improve over the next few quarters, many outdoor companies will have the opportunity to capitalize on the increased demand over the next 12-18 months.

Source: Outside Business Journal; Outdoor Industry Association; Council to Advance Hunting and the Shooting Sports; Naxion Research Consulting; Southwick; Public Company filings; Meridian Research 

1. OBJ Index includes: ADDYY, ANPDY, ELY, CWH, GOOS, CDNAF, CLAR, COLM, CODI, DECK, DKS, EEX, GRMN, GPRO, HELE, JOUT, NWL, SMSEY, THUPY, MTN, VFC, VSTO, WWW, YETI 

Outdoor and Active Lifestyle Middle Market M&A Activity and Trends

Chart of M&A Activity Fall 2021 US Outdoor and Active Lifestyle brands
Source: PitchBook Data, Company Press Releases, and Meridian Research
Public Market Valuations (EV/EBITDA)
Source: PitchBook Data, Company Press Releases, and Meridian Research

Commentary

  • Spurred by the COVID-19 pandemic, 2020 and 2021 brought record levels of outdoor recreation participation as travel and indoor restrictions pushed consumers outside to find new hobbies.
  • M&A activity in the sector followed a similar trajectory with a flurry of activity early in the pandemic, subsequently returning to more normalized levels in 2021. 
  • Subsector valuations have seen major separation since Q2 2020. Clothing, footwear, and outdoor gear EBITDA multiples climbed from pre-pandemic highs below 15x to nearly 30x in Q2 2021 before returning to slightly above 15x in Q3 2021. Wheel and watersports companies on the other hand saw enormous multiple growth in Q3-Q4 2020 but have since dropped below pre-pandemic levels in Q3 2021. 

With so much activity in the sector, investors have been forced to prioritize opportunities more than ever before. Companies that can prove fundamental and sustainable changes in their businesses, or in consumer behavior, are able to secure meaningful valuation premiums and get ‘credit’ for recent growth.

Recent Transaction Spotlights

Vista Outdoor (NYSE:VSTO) Acquires Foresight Sports

Announced September 10th, 2021

  • In Q2 2021, Vista Outdoor announced its acquisition of Foresight Sports. Vista owns a broad collection of well-established consumer brands across outdoor and shooting sports including Camelbak, Camp Chef, Bushnell, Bell, Giro, Blackhawk, Federal, and Remington.  
  • Foresight Sports is an award-winning, San Diego-based manufacturer of technology-centric golf analytics, data collection, and performance products including swing monitors, simulators, smart club carts, and more. 
  • The acquisition significantly strengthens VSTO’s presence and market leadership in the growing golf technology market, bringing Foresight and Bushnell Golf (range finders) together.
  • Transaction value was $474 million with up to $25 million in additional contingent proceeds based on performance targets.

Pon Holdings Acquires Dorel Sports from Dorel (TSE: DII.B)

Announced October 11th, 2021

  • Netherlands-based Pon Holdings, a collection of renowned cycling brands including Cervelo, Gazelle, and Santa Cruz, has announced its acquisition of Dorel Sports, the cycling division of Canada-based Dorel.
  • Dorel Sports is a collection of powerhouse bicycle brands such as Cannondale, GT, Schwinn, and Brazil-based Caloi.
  • The combination will create a global leader across urban, sport/racing, MTB, and electric bicycle brands with combined revenue of nearly $3.0B.
  • Transaction value was announced at $810M.

Source: Company Press Releases, Meridian Research, Pitchbook, Dorel IR presentation 

Public Company Valuations

Clothing and Footwear

Clothing and FootwearMarket CapEVLTM RevLTM EBITDALTM EBITDA %EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Nike, Inc.$259,250$258,345$46,192$8,05417.4%1.6x5.6x32.1x34.2%
Adidas AG63,38464,73326,0544,14115.9%1.7x2.5x15.6x7.3%
Lululemon Athletica, Inc.58,42658,0505,5241,35224.5%0.6x10.5x42.9x31.3%
VF Corp.28,37633,85710,3571,35413.1%5.1x3.3x25.0x5.7%
Moncler S.p.A.18,96819,5651,97783442.2%1.3x9.9x23.5x71.1%
Puma SE17,82218,1437,44093912.6%1.3x2.4x19.3x33.6%
Deckers Outdoor Corporation10,4509,7252,76761622.3%0.4x3.5x15.8x51.0%
Under Armour Inc.9,3589,7165,44661711.3%2.8x1.8x15.7x61.9%
Crocs Inc.9,1449,7125,29059311.2%6.0x1.8x16.4x67.4%
Ralph Lauren9,0779,5292,13861928.9%1.4x4.5x15.4x186.0%
SKECHERS USA Inc7,1877,8115,71266411.6%2.3x1.4x11.8x38.0%
Columbia Sportswear Company6,6366,2312,80937513.4%1.1x2.2x16.6x7.4%
Airwair International Limited5,0925,4401,00918918.7%2.7x5.4x28.8x(17.5%)
ASICS Japan Co., Ltd4,6054,9923,6752617.1%4.0x1.4x19.1x86.7%
Canada Goose, Inc.4,2084,477727n/an/an/a6.2xn/a17.7%
Wolverine Worldwide Inc.2,7133,2542,145(16)(0.8%)-53.7x1.5xnm23.0%
Kathmandu Holdings Ltd80897854811520.9%3.2x1.8x8.5x41.8%
Duluth Holdings Inc.4856466747811.6%2.3x1.0x8.2x(6.2%)
Rocky Brands, Inc.3895703854210.8%4.6x1.5x13.7x110.8%
Superdry PLC325648732324.4%11.8x0.9x20.3x88.9%
Median$8,132$8,670$2,788$61613.1%2.3x2.3x16.5x36.1%
Average$25,835$26,321$6,580$1,09815.6%0.0x3.4x19.4x47.0%
As of October 2021. Source: PitchBook Data, Company Press Releases, Meridian Research

Retailers – Outdoor and Active

Retailers – Outdoor and ActiveMarket CapEVLTM RevLTM EBITDALTM EBITDA %EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
JD Sports Fashion PLC$15,462$17,569$10,173$1,66416.4%2.1x1.7x10.6x53.2%
Canadian Tire Corporation, Limited9,05913,93312,5432,05716.4%2.9x1.1x6.8x39.2%
Sportsdirect.com Retail Limited4,5765,9564,86159112.2%2.9x1.2x10.1x78.7%
Academy Sports and Outdoors, Inc.3,9445,2706,31873611.7%2.6x0.8x7.2x206.9%
Boot Barn Holdings, Inc.2,9763,2091,05219818.9%1.4x3.1x16.2x211.8%
Hibbett Sports, Inc.1,1581,2351,63426816.4%1.0x0.8x4.6x93.7%
Zumiez Inc.1,0168931,15018315.9%1.6x0.8x4.9x39.9%
Sportsman’s Warehouse, Inc.7801,0911,5131419.3%2.2x0.7x7.7x26.8%
Big 5 Sporting Goods Corp.5587371,19414412.0%2.1x0.6x5.1x231.0%
XXL Sport & Vildmark AB4737791,13615813.9%2.3x0.7x4.9x(15.7%)
Median$2,067$2,222$1,574$23314.9%2.1x0.8x7.0x66.0%
Average$4,000$5,067$4,158$61414.3%2.1x1.2x7.8x96.6%
As of October 2021. Source: PitchBook Data, Company Press Releases, Meridian Research

Health, Fitness, and Wellness

Health, Fitness, and WellnessMarket CapEVLTM RevLTM EBITDALTM EBITDA %EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Peloton Interactive, Inc.$28,298$28,203$4,022($128)(3.2%)-11.9x7.0xnm(23.5%)
Herbalife International of America, Inc.5,3887,5785,98689515.0%3.4x1.3x8.5x(1.1%)
Technogym S.p.A2,3772,28667212919.2%0.0x3.4x17.7x69.4%
Medifast, Inc.2,3732,1971,27120516.1%0.1x1.7x10.7x35.0%
Nu Skin Enterprises Inc.2,0522,2142,83338713.6%1.4x0.8x5.7x(20.0%)
USANA Health Sciences, Inc.1,9961,7301,25421717.3%0.0x1.4x8.0x23.8%
Johnson Health Tech Co Ltd6301,0811,089867.9%5.9x1.0x12.6x(13.5%)
Midsona AB457598451429.2%3.9x1.3x14.4x(6.3%)
Nautilus, Inc.32428473514019.0%0.3x0.4x2.0x(56.0%)
Median$2,052$2,197$1,254$14015.0%0.3x1.3x9.6x(6.3%)
Average$4,877$5,130$2,035$21912.7%0.3x2.0x9.9x0.9%
As of October 2021. Source: PitchBook Data, Company Press Releases, Meridian Research

Wheel and Water Products

Wheel and Water ProductsMarket CapEVLTM RevLTM EBITDALTM EBITDA %EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Brunswick Corporation$7,073$7,427$5,382$97218.1%1.0x1.4x7.6x41.7%
Polaris Industries Inc.7,0448,2148,17995711.7%1.5x1.0x8.6x25.8%
Bombardier Recreational Products, Inc6,9918,4655,6481,21021.4%1.5x1.5x7.0x56.9%
Fox Factory, Inc.6,5176,6381,13222119.5%1.8x5.9x30.0x81.6%
Giant Manufacturing Co. Ltd.4,3794,6142,77338013.7%1.6x1.7x12.1x23.9%
Camping World Holdings, Inc.1,6634,0406,43277912.1%3.2x0.6x5.2x30.7%
Malibu Boats, LLC1,4141,52592717418.7%0.8x1.6x8.8x24.5%
Accell Group NV1,1491,3331,5721348.5%2.7x0.8x9.9x58.4%
Dorel Industries, Inc.6081,1502,9322107.1%2.9x0.4x5.5x65.6%
Marine Products4925465268716.5%1.1x1.0x6.3x21.7%
Median$3,021$4,327$2,852$30115.1%1.6x1.2x8.1x36.2%
Average$3,733$4,395$3,550$51214.7%1.8x1.6x10.1x43.1%
As of October 2021. Source: PitchBook Data, Company Press Releases, Meridian Research

Outdoor Gear and Gadgets

Outdoor Gear and GadgetsMarket CapEVLTM RevLTM EBITDALTM EBITDA %EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
ANTA Sports Products Ltd.$44,126$43,525$6,584$1,90629.0%1.3x6.6x22.8x44.8%
Garmin International, Inc.30,82928,9344,8601,46530.2%0.1x6.0x19.7x64.3%
Newell Brands Inc9,48614,92510,3851,11610.7%5.4x1.4x13.4x33.9%
YETI Coolers, LLC8,2218,1821,27629423.0%0.7x6.4x27.8x79.8%
Thule Group AB6,1346,1941,19029524.8%0.4x5.2x21.0x73.8%
Callaway Golf Company5,0977,2622,41556323.3%4.6x3.0x12.9x75.1%
Dometic Group AB (publ)4,6525,4242,36842518.0%4.5x2.3x12.8x33.3%
Acushnet Holdings Corp.3,6963,8282,10932615.5%1.1x1.8x11.7x47.1%
Vista Outdoor Inc2,4142,7812,40944518.5%1.3x1.2x6.2x90.7%
Fenix Outdoor International AG2,2162,2557029313.3%2.1x3.2x24.2x54.8%
Compass Group Management LLC1,9243,2381,84323312.6%4.2x1.8x13.9x72.7%
GoPro, Inc.1,3331,2971,092827.5%3.4x1.2x15.8x42.3%
Johnson Outdoors Inc.1,09088675013718.2%0.3x1.2x6.5x24.6%
Smith & Wesson Brands Inc1,0409091,10436533.1%0.1x0.8x2.5x23.9%
Clarus Corporation952972289269.0%1.0x3.4x37.3x65.9%
Rapala VMC Corporation4254783625816.0%1.6x1.3x8.3x241.8%
American Outdoor Brands, Inc.3232932874415.5%0.6x1.0x6.6x50.7%
Escalade, Inc.2653073124213.5%1.2x1.0x7.3x4.5%
Median$2,315$3,009$1,233$29517.0%1.3x1.8x13.1x52.7%
Average$6,901$7,316$2,241$44018.4%1.9x2.7x15.0x62.4%
As of October 2021. Source: PitchBook Data, Company Press Releases, Meridian Research

Specialty and Other

Specialty and OtherMarket CapEVLTM RevLTM EBITDALTM EBITDA %EBITDAEV/ LTM RevEV / LTM EBITDA52-Week Change
Vail Resorts, Inc.$14,211$16,278$1,910$52927.7%5.8x8.5x30.8x52.2%
Traeger Pellet Grills, LLC2,2522,68372711415.6%4.5x3.7x23.6x(12.9%)
Weber-Stephen Products, LLC9052,0752,0001959.7%6.8x1.0x10.7x4.4%
Fusheng Co., Ltd87690069710915.6%0.8x1.3x8.3x6.2%
Median$1,578$2,379$1,319$15415.6%5.1x2.5x17.1x5.3%
Average$4,561$5,484$1,334$23717.2%4.4x3.6x18.3x12.5%
As of October 2021. Source: PitchBook Data, Company Press Releases, Meridian Research

Select Consumer M&A Transactions

DateTargetBuyerDescriptionEVEV / LTM RevEV / LTM EBITDA
21-SepWSSFoot LockerRetailer of footwear and accessories$7501.8x–
21-SepEGO MovementTVS Motor CompanyDeveloper of an e-bike – equipped with IoT functionality$232.1x–
21-SepNorthcoreInternet Fusion GroupRetailer of surf accessories and clothing$61.8x10.1x
21-SepChubbies ShortsSolo StoveDesigner and supplier of men’s shorts–––
21-AugBarletta Pontoon BoatsWinnebago IndustriesManufacturer of pontoon boats$3201.5x12.1x
21-AugTrekittFrilufts Retail EuropéRetailer of outdoor equipment and clothing$12––
21-AugSeajacks InternationalScorpio BulkersProvider of lift boats$5002.2x4.0x
21-AugSimply HikeAstbury CollectionsRetailer of skiwear and clothing–––
21-AugSweaty BettyWolverine World WideManufacturer and retailer of women’s sportswear and activewear$4101.6x–
21-JulArcataMark LoughmillerCalifornia-based paddlesports apparel and gear brand–––
21-JulKlymitMacNeill Pride GroupManufacturer of outdoor camping products–––
21-JulTaylorMadeCentroid Investment PartnersManufacturer of golf equipment and accessories$1,700–12.8x
21-JulSWEATiFitOperator of online health and fitness platform$3003.0x–
21-JunMammut Sports GroupTelemos CapitalRetailer of outdoor clothing brand$2531.1x–
21-JunSuperfeetWestward PartnersWashington-based insole brand–––
21-JunRhino-RackClarusManufacturer of roof racks and accessories$1982.2x11.9x
21-MayMarine StoreNimbus GroupDealer of motor boats$210.6x5.6x
21-MayGCI OutdoorMacNeill Pride GroupManufacturer of outdoor and waterside rockers, chairs, tables and gears–––
21-AprStoke ParkRelianceOperator of a hotel and leisure estate$79––
21-AprKnee Deep LimitedStevia Nutra CorporationManufacturer and designer of insulated clothing–––
21-AprBike Evasion SportsM-WayOffers electric bikes, bicycles, bicycles parts and accessories–––
21-AprSandayaInfraViaOperator of campsites and other leisure facilities$517––
21-MarDUX WaterfowlMade By InfluenceManufacturer of apparel and accessories–––
21-MarTopgolf Entertainment GroupCallaway GolfOperator of sports entertainment company$2,000––
21-MarCanyon BicyclesGroupe Bruxelles LambertDesigner and manufacturer of bicycles and related products$8051.8x11.8x
21-FebShively Sporting GoodsBSN SportsProvides sports equipment and accessories–––
21-FebGunBroker.comAMMOProvides an online platform to find hunting accessories$2404.0x6.0x
21-JanMaverick Boat GroupMalibu BoatsManufacturers and designs center and dual console, flats, and bay boats$1501.3x–
20-DecSportsman’sGreat Outdoors GroupsOffers outdoor sporting goods including camping and fishing products$1,0830.9x–
20-OctTCX BootsDaineseManufacturer of motorcycle gear and accessories in Italy$160.7x6.9x
20-AprClubhouse Golfall4golfRetailer of golf-related equipment and accessories$721.9x–
20-AprMarucci SportsCompass DiversifiedManufacturer of sporting goods$200–13.3x
19-NovCiesse PiuminiMittelManufacturer of outerwear clothing$180.6x3.4x
19-OctRip Curl InternationalKathmandu HoldingsManufacturer of surfing wet-suits$3500.8x7.1x
19-SepPeak ResortsVail ResortsOperates ski resorts$2501.3x5.7x
19-SepFox International GroupLew’s FishingManufacturer and retailer of fishing equipment and supplies$1852.9x15.0x
19-JunMerlin EntertainmentsKIRKBIOperator of entertainment centers$6,047–12.0x
19-MayAway ResortsFreshstream Investment PartnersOperator of a chain of holiday resorts$1291.5x8.0x
Median$2451.6x9.0x
Average$5941.7x9.1x
Source: PitchBook Data, Company Press Releases, Meridian Research

 

Meridian Capital's Consumer Transaction Experience

*Note: Includes transactions completed by Meridian bankers while at previous firms

Meridian Capital’s Consumer Team

Chuck Wilke Photo
Chuck Wilke
Founder, Managing Director
Benton Sturt Photo
Benton Sturt
Director

Consumer M&A Reports

Consumer M&A Trends: Summer 2023

September 7, 2023

Consumer M&A Trends: Fall 2022

September 19, 2022

Consumer Products M&A Trends: Spring 2020

June 16, 2020

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