Globrands Group Valuation Multiples

Created from the international operations of Altria in 2008, Philip Morris International sells cigarettes and reduced-risk products, including heat sticks, vapes, and oral nicotine offerings, primarily outside of the US. With the 2023 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches primarily in the US and Scandinavia, PMI is not only dominant in smokable products but also has the Iqos and Zyn brands, which respectively dominate heated tobacco and nicotine pouches in most markets.

The third-largest tobacco company by volume, British American Tobacco sold 465 billion cigarettes in 2025. Its leading brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans in cigarettes. Its ownership of the Camel, Natural American Spirit, and Newport brands are limited to the US. In next-generation products, the company has the Vuse brand in vaping, glo in heated tobacco, and Velo in modern oral tobacco. The company also owns a 22.9% stake in ITC limited, the largest Indian cigarette company.

Altria comprises Philip Morris USA, US Smokeless Tobacco, John Middleton, Horizon Innovations, and Helix Innovations. Through its tobacco subsidiaries, Altria maintains the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the US with 42% annual share in 2024. Beyond its core business, it holds an 8% interest in the world's largest brewer, Anheuser-Busch InBev and a 41% stake in cannabis manufacturer Cronos. It also acquired vaping company Njoy Holdings in 2023 and operates a joint venture with Japan Tobacco in the heated tobacco category for the US.

Parker Hannifin started out in 1917 as Parker Appliance, selling pneumatic brakes. Through the acquisition of branded components, the firm has expanded into aerospace engines, agricultural and construction machinery, freight and passenger vehicles, and industrial automation equipment. Within these larger systems, Parker sells a wide array of small, critical pieces such as hydraulic, electromechanical, climate control, and filtration components. Many of its products are designed to work together, resulting in a high rate of cross-selling.

McKesson is one of three leading pharmaceutical wholesalers in the US engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers. Along with Cencora and Cardinal Health, the three account for over 90% of the US pharmaceutical wholesale industry. Outside the US market, McKesson engages in pharmaceutical wholesale and distribution in Canada. Additionally, the company supplies medical-surgical products and equipment to healthcare facilities and provides a variety of technology solutions for pharmacies.

Japan Tobacco primarily sells cigarettes and reduced-risk products, organized in three clusters consisting of Asia (which includes its home market and countries in the Asia-Pacific), Western Europe, and EMA (which includes Eastern Europe, the Middle East, North Africa, Turkey, the Americas, and duty-free). Its leading cigarette brands include Winston (non-US), Camel (non-US), Mevius, and LD. Its reduced-risk brands include Logic in vaping, Ploom in heated tobacco, and Nordic Spirit in nicotine pouches, though these generate less than 5% of tobacco sales.

Cencora is one of three leading domestic pharmaceutical wholesalers. It sources and distributes branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospital networks, and healthcare providers. It and McKesson and Cardinal Health hold over 90% share of the US pharmaceutical wholesale industry. Cencora also provides commercialization services for manufacturers of pharmaceuticals and medical devices, global specialty drug logistics (World Courier), and animal health product distribution (MWI Animal Health). Cencora expanded its international presence in 2021 by purchasing Alliance Healthcare, one of the leading drug wholesalers in Europe.

Founded in 1927, W.W. Grainger originally distributed various motors via a mail-order catalogue. Over the course of the 20th century, the firm expanded into new industrial product categories and launched its first digital catalogue in 1995. Today, the company organizes itself into two segments focused on different customer bases. Its larger segment, high-touch solutions, offers a vast array of maintenance, repair, and operations, or MRO, supplies and bespoke inventory management services to larger businesses. Its smaller segment, endless assortment, operates two online platforms, Zoro and MonotaRO, that offer comprehensive catalogues of MRO supplies to smaller businesses. Grainger has operations throughout the world but primarily generates sales within the US.

Fastenal began as an industrial retailer, expanding its product portfolio from nuts and bolts to cutting tools, safety equipment, and janitorial supplies. It transitioned into a distributor by building out a dense network of branches close to its business customers. Once a customer becomes large enough, Fastenal installs vending machines and its own personnel on-site. Today, these on-site locations exceed Fastenal’s branch count and remain the firm’s main focus for expansion. Fastenal acts as a one-stop outsourcing partner for its industrial customers, offering value-added services along with a wide breadth of maintenance, repair, and operations supplies.

Cardinal Health is one of three leading pharmaceutical wholesalers in the US, engaged in sourcing and distributing of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospital networks, and healthcare providers. Cardinal, Cencora, and McKesson hold well over 90% of the US pharmaceutical wholesale industry. Cardinal Health also supplies medical-surgical products and equipment to healthcare facilities in North America, Europe, and Asia.

Rheinmetall is an international defense group supplying military vehicles, weapons and ammunition, air-defense systems, digital military solutions and naval platforms. Following the classification of power systems as discontinued operations in December 2025, all continuing-operation sales are generated by defense activities. The group reports through five segments: vehicle systems; weapons and ammunition; air defense; digital systems; and naval systems. The portfolio spans combat, support and logistics vehicles; weapons, ammunition and propellants; ground-based air and drone defense; military communications, soldier systems, aviation and simulation; and military surface vessels, maintenance and autonomous maritime systems.

Sumitomo Corp. is a general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resource businesses such as energy and metals as well as nonresource businesses, both industrial ones like machinery and nonindustrial ones like food, media, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Sumitomo also participates in upstream production businesses and downstream distribution businesses.

Ferguson distributes plumbing and HVAC products to North American repair, maintenance, and improvement, new construction, and civil infrastructure markets. It serves over 1 million customers and sources products from 37,000 suppliers. Ferguson engages customers through approximately 1,700 North American branches, over the phone, online, and in residential showrooms. The firm sold its UK business in 2021 and is now solely focused on the North American market.

Sysco is the largest foodservice distributor in the US, with an 18% share of the $377 billion vertical. The firm sells and distributes over 500,000 food and nonfood products to about 730,000 customer locations, primarily serving restaurants, which represented 60% of fiscal 2025 sales. The balance of sales stems from healthcare facilities (8%), education and government clients (8%), travel and leisure customers (7%), and other smaller end markets (17%), like cafeterias. By segment, Sysco earns the bulk of its revenue from its US foodservice operations (70%), followed by its international footprint (18%), SYGMA, which focuses on quick-service logistics (10%), and other (2%). The pending Jetro Restaurant Depot deal stands to add $16 billion in sales upon close, expected in fiscal 2027.

ITC Ltd is an Indian conglomerate that predominantly operates in the consumer goods space, particularly cigarettes. The company operates in three main business segments: Fast Moving Consumer Goods; Paperboards, Paper, and Packaging; and Agri-Business. The company's total revenue comes from the Fast Moving Consumer Goods Business, which is dominated by cigarettes but also includes branded packaged foods, personal care products, and other categories. The company generates the vast majority of its revenue in India.

Imperial Brands is the world's fourth-largest international tobacco company (excluding China National Tobacco), with total fiscal 2025 volume of 187 billion cigarettes sold in more than 120 countries. Its largest and most important markets are the US (where it sits as the third-largest manufacturer, following its acquisition of the Winston and Blu brands), Germany, the UK, Spain, and Australia. The firm also holds a leading global position in the fine-cut tobacco and hand-rolling paper categories. It has a logistics platform in Western Europe, Altadis.

US Foods is a United States foodservice distributor that supplies fresh, frozen and dry foods together with non-food products used by commercial kitchens. Its customers include independent restaurants, restaurant chains, hospitals, nursing homes, hotels, educational institutions and government organisations. The business purchases products from suppliers and distributes them through a national network of warehouses and delivery operations. It offers national brands as well as its own private-label products and earns revenue from wholesale product sales. The group combines broadline distribution with specialist food businesses acquired in regional markets. Formerly called U.S. Foodservice, it adopted the US Foods name in 2011. Clayton, Dubilier & Rice and KKR acquired the business from Ahold in 2007. A proposed sale to Sysco was terminated in 2015, and the company subsequently returned to public ownership through an initial public offering in 2016.

Bunge Global SA is an agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the globe. The company segments include Soybean Processing and Refining; Softseed Processing and Refining; Other Oilseeds Processing and Refining; Grain Merchandising and Milling; and Corporate and Other. It generates maximum revenue from the Soybean Processing and Refining segment, which includes integrated business principally involved in the purchase, storage, transportation, processing, distribution, refining, marketing, and sale of soybeans and soybean related products, as well as biodiesel and fertilizer production and distribution. Geographically, the company operates in United States, Switzerland, Netherlands, and Rest of the World.

Genuine Parts sells aftermarket automotive parts (60% of sales) and industrial products (40% of sales) in the United States and internationally. The automotive segment primarily acts as a distributor to its network of 9,800 global retail locations, of which about two-thirds are independently owned and operated. We estimate Genuine serves around 6,000 retail locations in the US operating under the Napa Auto Parts brand, with about 80% of end-market sales derived from professional customers. Its industrial segment, primarily operating under the Motion name in the United States, is a leading distributor of bearings, power transmission, and other industrial products to more than 200,000 maintenance, repair, and original equipment manufacturer customers.

Wesco can be traced back to the late 1800s but was officially founded in 1922, acting as the distribution arm of Westinghouse Electric. Throughout the 1900s, Wesco entered and subsequently exited the consumer electronics, transit, bottling, and nuclear plant distribution markets. It was sold to a private equity firm in 1994 and then went public in 1999, and numerous acquisitions have since been made to fill the gaps in Wesco’s geographical and product coverage. Today, the firm primarily distributes electrical, networking, security, and utility equipment used in the construction and repair of structures such as offices, data centers, power transmission lines, and manufacturing plants. Wesco has operations around the globe but generates the majority of its revenue in the United States.

KT&G Corp manufactures and sells tobacco products in South Korea. Its flagship cigarette brand is Esse. Other brands include This, The One, Bohem, and Raison. The company has four reportable divisions: Tobacco Business, Ginseng Business, Real Estate Business, and Other Business divisions. The Tobacco division handles tobacco manufacturing and sales, the Ginseng division focuses on manufacturing and sales of red ginseng products, the Real Estate division engages in real estate sales and rental activities, and the Other Business division includes manufacturing and sales of pharmaceuticals and cosmetics. It generates the majority of its revenue from the Tobacco Business.

Performance Food Group Co , markets and distributes national and company-branded food and food-related products. The company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products, health and beauty care products and other items to vending distributors, box retailers, theaters, convenience stores, drug stores, grocery stores, travel providers, and hospitality providers. The company has three reportable segments: Foodservice, Vistar, and Convenience.

Diploma PLC is a group of businesses supplying specialised technical products and services to various industries. The Group is organized into three main reportable business sectors: Controls, Seals and Life Sciences. The company offers consumables, instrumentation, and related services to the healthcare and environmental industries; seals, gaskets, filters, cylinders, components, and kits for heavy mobile machinery and industrial equipment; and specialized wiring, connectors, fasteners, and control devices for various applications. It operates in segments such as Wire & Cable (UK), Industrial Automation, Specialty Adhesives, Windy City Wire, Interconnect and Specialty Fasteners. The company operates in UK, USA, Rest of Europe, and Rest of World.

Jeronimo Martins SGPS SA operates in food distribution, agribusiness, and other businesses. The food distribution business is the group's main activity, which consists of retail and wholesale operations under the brand's Pingo Doce and Recheio in Portugal, Poland, and Colombia. The group segments. Portugal Retail: comprises the business unit of JMR (Pingo Doce supermarkets), Portugal Cash & Carry: includes the wholesale business unit Recheio, Poland Retail: the business unit which operates under the Biedronka banner, Colombia Retail: the business unit which operates under Ara banner, Poland Health and Beauty: includes the Hebe banner business unit which operates in Poland, & Others, eliminations and adjustments. The majority of revenue is derived from the Poland retail segment.

Applied Industrial Technologies Inc value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies and related maintenance supplies. It focus on industrial bearings, power transmission products, fluid power components and systems, specialty flow control, and factory automation solutions, as well as general maintenance products. Its customers use its products and services for both Maintenance, Repair, and Operations, Original Equipment Manufacturing, and new system install applications across a variety of end markets mainly in North America, as well as Australia, New Zealand, and Singapore. It segments are Service Center and Engineered Solutions. Majority of revenue is from Service Center. Majority of sales is from USA.

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The larger segment by revenue, Equipment Group supplies and rents mobile and stationary machines used in road building, mining, aggregates, public infrastructure, residential construction, power generation, agriculture, forestry, truck engines, industrial, demolition, and waste management. CIMCO offers solutions for the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems. The company operates majorly in Canada and derives a smaller portion of sales from the United States of America and other regions.

Watsco is the largest HVAC and refrigeration products distributor in North America with approximately 13% market share. The company primarily operates in the United States (90% of revenue) with significant exposure in the Sunbelt states. Watsco also has operations in Canada, Latin America, and the Caribbean. The company's customer base comprises more than 120,000 dealers and contractors serving the replacement and new-construction HVAC/R markets for residential and light-commercial applications. As much as 20% of residential HVAC units are distributed through Watsco in any given year. Revenue is approximately 75%-80% residential HVAC and 20%-25% commercial, with relatively small exposure to more complex “applied” solutions.

Bunzl is a worldwide distributor of nonfood consumables, including disposable cutlery, cleaning products, and personal protective equipment. The company's geographical segments include North America, continental Europe, the UK and Ireland, and the rest of the world, with North America generating the highest revenues. Bunzl supplies to a broad range of sectors, with the largest being food service and grocery. Its customers include firms such as Sodexo, Walmart, Domino’s Pizza, Hilton, and the UK's National Health Service.

Bollore SE is an infrastructure company domiciled in France. The company organizes itself into four segments: transportation and logistics, oil logistics, communication, and industry segment. The transportation and logistics segment offers freight forwarding and logistics services. The oil logistics segment distributes oil and fuel. The communication segment provides advertising, cinema, and telecommunications services. The industry segment is engaged in manufacturing polypropylene film for capacitors and packaging films. The firm generates majority of the revenue from the communications segment.

Rexel SA is a provider of electrical products and services to residential, nonresidential, and industrial markets. The product offering includes electrical equipment such as appliances and accessories, cables and routing, lighting, security and communication, home automation, climate control, and building management systems used in the construction, renovation, and maintenance of buildings and infrastructures. Clients include small and midsize installers, large installers and facility managers, commercial companies, and industrial customers. Rexel has three operating segments; Europe, North America, and Asia-Pacific, out of which a majority of its revenue is derived from Europe.

Arrow Electronics Inc. is a provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. It has one of the world's broadest portfolios of product offerings available from electronic components and enterprise computing solutions suppliers, coupled with a range of services, solutions, and software, the company helps industrial and commercial customers introduce products, reduce their time to market, and enhance their overall competitiveness. The company has two business segments, the global components business and the global enterprise computing solutions.

QXO Inc is the publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company aims to become the tech-enabled leader in the approximately $800 billion building products distribution industry and generate outsized value for shareholders. It is targeting nearly $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth.

Indutrade AB is an industrial group that develops, manufactures, and sells components, systems and services with technical content in selected niches through a vast range of subsidiaries. The group is active in business areas such as; Industrial & Engineering, Infrastructure & Construction, Life Science, Process, Energy & Water, and Technology & Systems Solutions.  The company offers products like valves, pipes and pipe systems, measurement technology, pumps, hydraulics and industrial equipment, and medical technology among others. The primary region of business for the group's subsidiaries is Europe.

Henry Schein Inc is a solutions company for healthcare professionals. It offers healthcare equipment, products, and services to office-based dental and medical practitioners, as well as alternative sites of care. The company's reportable segments are: Global Distribution and Value-Added Services, Global Specialty Products, and Global Technology. It generates maximum revenue from the Global Distribution and Value-Added Services segment, which includes distribution to the dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services. This segment also includes value-added services such as financial services, continuing education services, consulting, and other practice services.

Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand. The company sells and rents Caterpillar machinery to the mining, construction, petroleum, forestry, and power system application industries. Finning International further provides parts and services for equipment and engines to its customers via its owned distribution network and buys and sells used equipment domestically and internationally after reconditioning or rebuilding the machinery. The company operates in Canada, Chile, UK, Argentina and Others.

Bid Corp Ltd is a foodservice company. The company distributes chilled and frozen foods, fresh produce, meats, and nonfood products to operators around the globe. The company has various business segments, several of which it divides by geographic region. Its business segments include: Australasia, the United Kingdom, Europe, and Emerging Markets. The company generates the vast majority of its revenue from Europe.

Sodexo is one of the largest food service companies globally, operating in 45 countries with annual sales exceeding EUR 20 billion. Sodexo's model rests on operating on-premises catering facilities, rather than centralized industrial kitchens. Food services remain the largest business segment, contributing 66% of revenue in 2024. Sodexo has its own group purchasing organization, or GPO, Entegra, with annual purchasing of over EUR 37 billion. The company spun off its benefits and service business, Pluxee, and now focuses on food services and its second business, facilities-management services.

Addtech AB is a group of businesses offering high-tech products and solutions to customers in the manufacturing and infrastructure sectors. The Company operates through the Automation, Electrification, Energy, Industry, Process, and Safety segments, with the Industry segment generating the maximum revenue. The Industry business area includes the trend toward increased use of more sustainable fibre-based materials, ergonomic products for special vehicles, and energy-efficient drive systems. Geographically, the Company generates the maximum revenue from Sweden, with the remaining revenue generated from Denmark, Finland, Germany, Norway, the United Kingdom, the Rest of Europe, and other countries.

Andritz AG is a producer of high-technology industrial machinery and operates through four operating segments: ANDRITZ Pulp & Paper provides sustainable technology, automation, and service solutions for the production of all types of pulp, paper, and board; ANDRITZ Metals includes suppliers of technologies, plants, and digital solutions in metal forming, and also includes automation and software solutions, process know-how, and service; ANDRITZ Hydropower includes suppliers of electromechanical equipment and services for hydropower stations; and ANDRITZ Environment & Energy provides sustainable technologies for industries, including green hydrogen, carbon capture, solid/liquid separation, and renewable fuels. It generates the maximum of its revenue from the ANDRITZ Pulp & Paper segment.

Core & Main is a leading specialty distributor with a focus on water, wastewater, storm drainage, and fire protection products. The company provides solutions to municipalities, private water companies, and professional contractors across municipal, nonresidential, and residential end markets. The company’s specialty products and services are used in the maintenance, repair, replacement, and construction of water and fire protection infrastructure.

Avnet Inc is an electronic component technology distributor and solutions provider serving customers across the Americas, EMEA, and Asia. It works with electronic component manufacturers in every electronic component segment and serves startups, mid-sized businesses, enterprise-level original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, and original design manufacturers (ODMs). Its segments are Electronic Components (EC) and Farnell, with EC generating maximum revenue. The EC operating group mainly supports high- and medium-volume customers and markets, and sells and distributes semiconductors, IP&E components (interconnect, passive, and electromechanical components), and other integrated and embedded components.

CITIC Metal is a Chinese publicly listed metals trading and investment company within the CITIC group. It sources, markets and distributes ferrous and non-ferrous raw materials including iron ore, steel products, copper, aluminium, niobium, chrome and manganese products. The company also provides dry-bulk shipping, supply-chain and related services for mining, smelting and industrial customers. Revenue comes from wholesale distribution, commodity sales and logistics or service income rather than consumer retail. CITIC Metal also makes strategic equity investments that secure long-term access to important mineral resources. In 2014 it joined MMG and CNIC Corporation in the consortium acquisition of the Las Bambas copper project in Peru. Its documented minority interest makes it a direct strategic buyer in that transaction and not merely a trading counterparty to the mine.

Reece is an Australian distributor of plumbing supplies and bathroom products, with businesses in Australia, New Zealand, and the United States. Reece Australia holds Australia’s largest range of individual plumbing stock-keeping units, supporting plumbing needs for general plumbing, bathrooms, kitchens, heating and air conditioning, irrigation, refrigeration, pools, commercial and government projects, and fire services.In the Australia and New Zealand markets, Reece’s trade, customers are mostly small to medium plumbing businesses working in the areas of residential repairs, renovations, or new home builds.The US business principally serves plumbers working on commercial and residential construction projects and has a network of almost 300 stores in the southern Sunbelt states.

MonotaRO Co is a Japanese e-commerce company selling industrial supply products.

Jardine Cycle & Carriage is a Singapore-listed regional investment holding company within the Jardine Matheson group. Founded in 1899, it owns strategic interests in automotive distribution, financial services, consumer goods, agribusiness and industrial companies across Southeast Asia. The group earns dividends, share of associate profits and operating income from controlled businesses. It serves regional consumers and enterprises through portfolio companies rather than offering an external retail investment fund. In November 2017 JC&C built a 10% Vinamilk position for approximately USD1.15 billion through market purchases and successful participation in SCIC's auction. The retained event isolates the 3.33% SCIC block, which Vietnamese government reporting says generated VND8.99 trillion of proceeds.

Founded in 1941, MSC Industrial Direct originally manufactured and sold cutting tools to metalworking shops in New York. Through a series of acquisitions and organic expansions, MSC has grown into an industrial distribution powerhouse with a focus on specialized metalworking products and services. The firm also distributes a wide breadth of maintenance, repair, and operations supplies. MSC primarily operates in North America, where it derives over 95% of its revenue.

Sojitz Corp is a Japanese business conglomerate. The group operates eight business segments: Automobile, Aviation/Social Infrastructure, Chemistry, Consumer Goods and Agribusiness, Energy and Healthcare, Metals, Resources and Recycling, Retail and Consumer Services, and Others.. It generates the majority of its revenue from the Chemistry segment which which covers organic and inorganic chemicals, functional and fine chemicals, industrial salts, natural healthcare products, rare earths, general-purpose and high-performance resins, eco-friendly resins, packaging materials, films and sheets, plastic molding machines, synthetic resin products, liquid crystals, optical products, electronic materials such as printed circuit boards, and textile raw materials.

Smoore International Holdings Ltd offers vaping technology solutions, including manufacturing vaping devices and vaping components for Heat-not-burn products. It operates in three segments namely research, design and manufacturing of closed-system electronic vaping products, heat-not-burn products, and components for atomization products for various tobacco companies, independent vaping and other corporate clients; research, design, manufacturing and sale of branded electronic vaping products and beauty atomization products for retail clients; and providing relevant research and development (R&D) services for customers based on atomization technology reserves. The company generates maximum revenue from Vaping devices and components, besides APV.