EX-99.2
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EXHIBIT 99.2
Investor Presentation December 23, 2013
TRANSACTION HIGHLIGHTS Purchase Price & Valuation: - Total purchase price of $48 million in cash on a cash free/debt free basis - Represents 2.8x trailing sales; 2.4x with $8M tax benefit - Estimated Debt/adj. EBITDA = 3.9x Key Financial Statistics: - For 2013, EVOL expected to report $17.0M in net sales and break - even EBITDA - For 2014, BDBD estimates EVOL will generate $25M in net sales and approximately $1.5M in EBITDA - Estimated to be $0.02 dilutive to 2014 GAAP EPS - Expects EVOL to be accretive in 2015 2
INVESTMENT RATIONALE x Attractive, high growth industry x Up - and - coming natural/organic brand reinventing frozen x Complementary to strategy of building a health & wellness platform x Significant untapped growth opportunities in distribution and product offerings x Fits into Boulder Brands' core competencies of R&D, marketing & sales. x Accretive to Boulder Brands earnings in 2015 3 Aligned With Health & Wellness Strong Brand Equity With Defensible Position Superior Growth & Financial Profile
------------------------------------------------------------------------- Fueling Growth ------------------------------ ----------- -------------------------------- Innovation + Channels + Brands HEART HEALTH GLUTEN - FREE DIET PLANT - BASED PURE & SIMPLE PLANT - BASED DIET PURE & SIMPLE A NEW PLATFORM FOR BOULDER BRANDS DIABETES 4
2013 TOP HEALTH & WELLNESS CLAIMS Boulder Brands Aligns With ALL Top 10 Fastest Growing H&W Claims Top 10 Nielsen H&W Claims YTD '13 $ Growth Boulder Brands Presence 1 LOW GLYCEMIC +41% LEVEL Life 2 GMO - FREE +24% Earth Balance 3 HORMONE/ANTIBIOTIC FREE +13% Smart Balance/EVOL 4 ORGANIC +13% Smart Balance/ Earth Balance/EVOL 5 GLUTEN - FREE +11% Udi's/Glutino/EVOL 6 OIL FREE/ABSENCE OF SPEC. OIL +11% Earth Balance 7 LACTOSE FREE +9% Earth Balance 8 PROTEIN +8% LEVEL Life/EVOL 9 PLANT STEROLS +7% Smart Balance 10 ANTIOXIDANTS +5% LEVEL Life 5 Source: Nielsen, data through July 2013 This Presentation and the information contained herein are confidential
CONVENTIONAL FROZEN LANDSCAPE • Consumer disconnect with current brands and product offerings in conventional frozen, particularly among millennials and gatekeepers • Lack of healthier options and clean ingredient labels are driving the conventional frozen food set into decline • Major retailers see natural frozen as an opportunity to reinvigorate the category and drive growth • Currently, "natural" brands are only 8.4% of the conventional frozen meal category "Frozen - food penetration rates are down across all age groups, with the highest losses among 35 to 44 year olds. There are significant concerns with the nutritional value and a general feeling that frozen foods are not as good as fresh. The concerns were often linked to the frozen - entrée category." *Natural as coded by Nielsen 6
COMPANY OVERVIEW • Founded in 2002 • USDA Production facility in Boulder, CO • Currently has 29 unique items - 17 Burritos, 8 Bowls and 4 Quesadillas - 5 Club Offerings • 70% sales growth rate estimate for 2013 $- $500 $1,000 $1,500 $2,000 $2,500 10/31/09 01/23/10 04/17/10 07/10/10 10/02/10 12/25/10 03/19/11 06/11/11 09/03/11 11/26/11 02/18/12 05/12/12 08/04/12 09/29/12 01/19/13 04/13/13 07/06/13 09/28/13 Thousands EVOL Sales Growth XAOC Burrito Bowls Quesadilla 7
SNAPSHOT 8 Period Ending 12/31/13E Sales $17.0M TTM Sales Growth 70% Average Items at Conventional 2.6 Average Items at Natural 8.0 SKUs 29 SKUs Product Position antibiotic - free; hormone - free; no artificial flavors or preservatives Category Strength Burritos/Entrees Sales Channel Mix
BRAND POSITIONING • EVOL is bringing innovation to the frozen food category • Simple ingredients appeal to moms and the millennial generation who otherwise wouldn't be in the category 9
CONVENTIONAL GROWTH BY CATEGORY Handhelds • Handhelds account for 47% of conventional sales - 17 SKUs • Average ACV conventional - 23% Entrees • Entrees account for 53% of conventional sales - 8 SKUs • Average ACV conventional - 30% *Source Nielsen 12 wks ending 9.28.2013 10
11 ROADMAP WITH EVOL
"NEW AGE FROZEN" OPPORTUNITIES Frozen - 4 Door Set 12 • With EVOL acquisition Boulder Brands would add a premier 'pure & simple ' brand to the portfolio • Leverage Boulder Brands sales team for a Fast track EVOL build out on existing items • Convert EVOL gluten - free to Udi's • Launch EVOL pizza on Udi's pizza platform • Use EVOL platform to launch Udi's entrees • Gives Boulder Brands a two brand frozen strategy in Pizza and Meals • Allows BDBD to take a leadership position in the "new wave of frozen"
ACQUISITION CONCLUSION Fast - track to Udi's frozen entrees: - Platform and management expertise in frozen product development • Pizza, entrees, handheld Become category leader for new age frozen: - Similar to Udi's - EVOL has high level of engagement from retailers to revitalize frozen meals Gross margin improvement potential: - Current 30% gross margins - highly manual, batch production 13

EX - 99 . 2 6 v363713 _ ex99 - 2 . htm EXHIBIT 99 . 2 Investor Presentation December 23 , 2013 TRANSACTION HIGHLIGHTS Purchase Price & Valuation : - Total purchase price of $ 48 million in cash on a cash free / debt free basis - Represents 2 . 8x trailing sales ; 2 . 4x with $ 8M tax benefit - Estimated Debt / adj . EBITDA = 3 . 9x Key Financial Statistics : - For 2013 , EVOL expected to report $ 17.0M in net sales and break - even EBITDA - For 2014 , BDBD estimates EVOL will generate $ 25M in net sales and approximately $ 1.5M in EBITDA - Estimated to be $ 0 . 02 dilutive to 2014 GAAP EPS - Expects EVOL to be accretive in 2015 2 INVESTMENT RATIONALE x Attractive , high growth industry x Up - and - coming natural / organic brand reinventing frozen x Complementary to strategy of building a health & wellness platform x Significant untapped growth opportunities in distribution and product offerings x Fits into Boulder Brands ' core competencies of R & D , marketing & sales . x Accretive to Boulder Brands earnings in 2015 3 Aligned With Health & Wellness Strong Brand Equity With Defensible Position Superior Growth & Financial Profile ------------------------------------------------------------------------- Fueling Growth ------------------------------ ----------- -------------------------------- Innovation + Channels + Brands HEART HEALTH GLUTEN - FREE DIET PLANT - BASED PURE & SIMPLE PLANT - BASED DIET PURE & SIMPLE A NEW PLATFORM FOR BOULDER BRANDS DIABETES 4 2013 TOP HEALTH & WELLNESS CLAIMS Boulder Brands Aligns With ALL Top 10 Fastest Growing H & W Claims Top 10 Nielsen H & W Claims YTD ' 13 $ Growth Boulder Brands Presence 1 LOW GLYCEMIC + 41 % LEVEL Life 2 GMO - FREE + 24 % Earth Balance 3 HORMONE / ANTIBIOTIC FREE + 13 % Smart Balance / EVOL 4 ORGANIC + 13 % Smart Balance / Earth Balance / EVOL 5 GLUTEN - FREE + 11 % Udi 's / Glutino / EVOL 6 OIL FREE / ABSENCE OF SPEC . OIL + 11 % Earth Balance 7 LACTOSE FREE + 9 % Earth Balance 8 PROTEIN + 8 % LEVEL Life / EVOL 9 PLANT STEROLS + 7 % Smart Balance 10 ANTIOXIDANTS + 5 % LEVEL Life 5 Source : Nielsen , data through July 2013 This Presentation and the information contained herein are confidential CONVENTIONAL FROZEN LANDSCAPE • Consumer disconnect with current brands and product offerings in conventional frozen , particularly among millennials and gatekeepers • Lack of healthier options and clean ingredient labels are driving the conventional frozen food set into decline • Major retailers see natural frozen as an opportunity to reinvigorate the category and drive growth • Currently , " natural " brands are only 8 . 4 % of the conventional frozen meal category " Frozen - food penetration rates are down across all age groups , with the highest losses among 35 to 44 year olds . There are significant concerns with the nutritional value and a general feeling that frozen foods are not as good as fresh . The concerns were often linked to the frozen - entrée category . " * Natural as coded by Nielsen 6 COMPANY OVERVIEW • Founded in 2002 • USDA Production facility in Boulder , CO • Currently has 29 unique items - 17 Burritos , 8 Bowls and 4 Quesadillas - 5 Club Offerings • 70 % sales growth rate estimate for 2013 $ - $ 500 $ 1,000 $ 1,500 $ 2,000 $ 2,500 10 / 31 / 09 01 / 23 / 10 04 / 17 / 10 07 / 10 / 10 10 / 02 / 10 12 / 25 / 10 03 / 19 / 11 06 / 11 / 11 09 / 03 / 11 11 / 26 / 11 02 / 18 / 12 05 / 12 / 12 08 / 04 / 12 09 / 29 / 12 01 / 19 / 13 04 / 13 / 13 07 / 06 / 13 09 / 28 / 13 Thousands EVOL Sales Growth XAOC Burrito Bowls Quesadilla 7 SNAPSHOT 8 Period Ending 12 / 31 / 13 E Sales $ 17.0M TTM Sales Growth 70 % Average Items at Conventional 2 . 6 Average Items at Natural 8 . 0 SKUs 29 SKUs Product Position antibiotic - free ; hormone - free ; no artificial flavors or preservatives Category Strength Burritos / Entrees Sales Channel Mix BRAND POSITIONING • EVOL is bringing innovation to the frozen food category • Simple ingredients appeal to moms and the millennial generation who otherwise would n ' t be in the category 9 CONVENTIONAL GROWTH BY CATEGORY Handhelds • Handhelds account for 47 % of conventional sales - 17 SKUs • Average ACV conventional - 23 % Entrees • Entrees account for 53 % of conventional sales - 8 SKUs • Average ACV conventional - 30 % * Source Nielsen 12 wks ending 9 . 28 . 2013 10 11 ROADMAP WITH EVOL " NEW AGE FROZEN " OPPORTUNITIES Frozen - 4 Door Set 12 • With EVOL acquisition Boulder Brands would add a premier ' pure & simple ' brand to the portfolio • Leverage Boulder Brands sales team for a Fast track EVOL build out on existing items • Convert EVOL gluten - free to Udi 's • Launch EVOL pizza on Udi ' s pizza platform • Use EVOL platform to launch Udi 's entrees • Gives Boulder Brands a two brand frozen strategy in Pizza and Meals • Allows BDBD to take a leadership position in the " new wave of frozen " ACQUISITION CONCLUSION Fast - track to Udi 's frozen entrees : - Platform and management expertise in frozen product development • Pizza , entrees , handheld Become category leader for new age frozen : - Similar to Udi 's - EVOL has high level of engagement from retailers to revitalize frozen meals Gross margin improvement potential : - Current 30 % gross margins - highly manual , batch production 13