Capital Roundtable

Media Partners

Thomson Financial

The Deal
Capital IQ

Best Practices for Private Equity
& Hedge Fund Managers

Featuring 18 Expert Speakers

Thursday, March 3, 2005
Cornell Club
New York City

8:00 AM - 5:00 PM

Designed to Meet the Needs of Investors, Buyers, & Analysts at Buyout, Venture Capital, & Hedge Funds, as well as Investment Bankers, Attorneys, Accountants,
& Other Advisors Who Assist Them

Faculty | Schedule | Registration | Location | Audiotapes

The nation's $600 billion food industry has averaged over 500 M&A transactions a year for the past five years. Among the most active buyers are private equity firms. Their track records show notable successes -- as well as unfortunate failures.

In this special MasterClass, led by noted food industry specialist David Frost and produced by the Capital Roundtable™, the country's only educational organization focused exclusively on the private equity community, you'll learn from a faculty of 18 experts what successful firms are doing right, and what the failures have done wrong.

You'll get answers to such frequently asked questions as -- How important is it in food deals to buy right? What are current norms for valuations? How do experienced buyers value brands? Relatively speaking, is operating leverage as important as financial leverage in the food industry? And, what industry trends are important?

Natural and organic foods, ethnic foods, and diet foods are growing at twice the rate of other food categories as consumers search for healthier, more convenient, and better tasting foods. Restaurants and club stores are pioneering new brands and new convenience foods. Is it better to invest in growth-oriented new food-service brands moving into supermarkets, or instead in mature, under-managed corporate orphans? Are big food corporations buyers or sellers or both? What metrics do they use in selling or buying businesses? Is it possible for private equity firms to avoid auctions?

Wal-Mart is not only the world's largest retailer but also a leading retailer of food, targeting market shares of 30% or more in the food categories it handles. How do insiders evaluate customer concentration when Wal-Mart, Safeway, Kroger, or Sysco account for as much as 50% of sales in some cities?

What are the differences between companies and deals in the food industry, and those in other industries that private equity firms look at? Do firms that specialize exclusively in the food industry out-perform those that have a more generalist strategy? How do insiders define the food industry? Are agribusiness and distribution and even biotech companies part of the mix? What are the differences between domestic deals and cross-border and international deals? What opportunities do the experts see in investing in China and South America and Asia?

The Food Industry Master Class is designed to answer these questions and supply the following additional benefits:

  • Transaction trends by segment -- retailers, manufacturers, distributors and restaurants
  • Key industry and operating trends
  • Dealing with auctions and finding exclusive deal flow
  • Evaluating or recruiting management
  • Best practices and competing versus cooperating with other funds
  • Growing and exiting the deal
  • Key contacts and sources of industry information
  • Contacts with other equity investors and advisors

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Chaired By

  • David W. Frost, Managing Partner, Frost & Partners

Hosted By

  • Burt Alimansky, Managing Director, Alimansky Capital Group Inc.
    and Chairman, The Capital Roundtable


  • Daniel Almagor, One Equity Partners LLC
  • Alain Bankier, Managing Partner, Saveur Food Group LLC
  • Robert Berner, Managing Director, Ripplewood Holdings LLC
  • Maureen A. Brille, Vice President, A.T. Kearney Inc.
  • Mary L. Burke, Principal, Food Partners LLC
  • Kristin Daley, Principal, Kurt Salmon Associates
  • John K. Giannuzzi, Managing General Partner, Sherbrooke Capital LLC
  • Marc Goldberg, Senior Advisor, Wasserstein & Co. LP
  • Herman "Bing" Graffunder, Chief Executive Officer, Fairmont Foods
  • J. Robert Hall,  CEO, Ardale Enterprises LLC
  • Christopher B. Harned, Managing Director, Cypress Group LLC
  • Erica Kuhlmann, Managing Dir.--Food & Agribusiness, Harris Nesbitt Corp.
  • Mart Laius, Principal & Managing Director, Steven Goldsmith Group
  • Scott R. LaRue, Managing Director, Piper Jaffray & Co.
  • Joseph Rhodes, Partner, Charterhouse Group Inc.
  • David W. Schoeder, Principal, Food Partners LLC
  • R. Adam Smith, Managing Partner, Circle Peak Capital Management LLC
  • Gregory Stahl, Chief Executive Officer, Forkless Gourmet

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07:30 - 08:30
08:30 - 09:00
09:00 - 09:45
09:45 - 10:15
10:15 - 11:00
11:00 - 12:15
12:15 - 01:15
01:30 - 02:30

02:30 - 03:30

03:30 - 03:45
03:45 - 05:00


Registration, Networking, Continental Breakfast
Welcoming Remarks & Audience Introductions
First Keynote--How Industry Trends Will Affect Buyers & Sellers in 2005
Coffee & Networking Break
Second Keynote--Best Practices in Negotiating Food Deals in 2005
First Panel--From The Trenches--Views by Managers of Leading Funds
Luncheon & Networking
Second Panel--Deal Flow & Financing--Recommendations by Key Investment Bankers
Third Panel--Spinouts & Buyins--Working With Corporate Investors, Sellers, & Buyers
Coffee & Networking Break
Fourth Panel--Voices of Experience -- Operating Partners and CEOs Talk About Making The Deal Work


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Cornell Club of New York
6 East 44th Street
New York City

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