1 Precedent Transaction Valuation Summary Sources: Factset, Capital IQ, SEC Filings, Company Press Releases, as of 5/9/08. (1) Based on Management provided financials. (2) Implied equity value per share based on 16.5 million total diluted shares. Exhibit (c)(2) ($ in millions except per share data) Revenue EBITDA Revenue EBITDA Precedent Transaction Stripped Mean Multiples 1.0x 11.5x 1.0x 11.5x UNITY Financial Data (1) $424.0 $70.2 $441.8 $66.5 Implied Enterprise Values: $437.5 $810.6 $455.8 $767.5 Plus: Cash (3/31/08) $17.6 Less: Debt (3/31/08) $28.0 Implied Equity Values: $427.1 $800.1 $445.4 $757.1 Implied Equity Value Per Share (2) : $25.95 $48.61 $27.06 $46.00 2008E Direct Seller & Supplement Precedent Acquisitions LTM Ended 3/31/08 |
2 Precedent Transaction Analysis – Direct Seller & Supplement Group Sources: Factset, Capital IQ, Merger Market, SEC Filings, Company Press Releases. *Transaction value used in place of implied enterprise value. Announcement Implied Enterprise Enterprise Value / LTM Date Target Acquirer Value Revenue EBITDA $M x x 12/28/2007 Natrol, Inc. Plethico Pharmaceuticals Limited $73.3 1.0x NMF 12/21/2007 Bodybuilding.com Liberty Media Interactive $139.9 1.6x NA 12/13/2007 Maximuscle Ltd. Darwin Private Equity LLP $153.1* NA NA 06/04/2007 Arkopharma SA Rombi Family $702.1 2.4x 22.1x 02/08/2007 GNC Ares Asset Management, Teachers Private Capital $1650.2* 1.1x 12.9x 01/19/2007 AquaCap Pharmaceuticals Atrium Innovations $22.0* 1.5x 5.5x 12/22/2006 CPAC, Inc. Buckingham Capital Partners $53.7 0.5x 14.2x 11/08/2006 Neways, Inc. Golden Gate Capital NA 0.7x 4.4x 09/11/2006 Douglas Labs Atrium Innovations $4.0* 0.8x NA 07/19/2006 Excelligence Learning Corp. Thomas Cressey Bravo $124.0 0.9x 14.7x 05/04/2006 The Sportsman's Guide Redcats USA, Inc. $219.0 0.7x 11.1x 02/06/2006 VitaQuest Intl. Ck Life Sciences $166.0* 1.2x 5.4x 12/08/2005 Douglas Laboratories (HVL) Atrium Innovations $87.0* 1.3x 6.2x 11/28/2005 Nutrition and Sante ABN Amro Capital France, L Capital Management $247.3* 0.8x NA 11/14/2005 National Business Furniture K+ K America Corporation $82.0* 0.7x 18.0x 07/08/2005 GT Brands LLC Gaiam Inc. $112.2 0.8x 24.9x 06/06/2005 Solgar NBTY $115.0* 1.1x NA 05/19/2005 Crosstown Traders, Inc. Charming Shoppes, Inc $371.9 0.8x 13.3x 04/15/2004 Leiner Health Products Golden Gate Capital $840.2 1.3x 10.0x 03/03/2004 Pure Encapsulations Atrium Innovations $38.0* 1.9x 5.4x 03/30/2004 Jafra SA Vorwerk & Co. $519.7 1.4x 11.3x 06/10/2003 Rexall Sundown NBTY $250.0* 0.6x NA 03/10/2003 Miles Kimball Blyth $65.0* 0.5x NA Mean: 1.1x 12.0x Median: 0.9x 11.3x Stripped Mean: 1.0x 11.5x |