Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 173

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 173
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 holders of Shares on a post-Transactions basis of approximately 23.9% under the terms of the Transactions. Transaction Analysis 2024P Trading Multiples-Based Has/Gets Analysis Moelis performed a trading multiples-based has/gets analysis to calculate value accretion/dilution to Vireo implied by the Transactions. This trading multiples-based has/gets analysis compared (i) the standalone implied equity value of Vireo at (A) the current TEV/EBITDA multiple of 6.1x and (B) at a TEV/EBITDA multiple of 6.0x (each, the “has”) with (ii) the implied aggregate value of the pro formaequity in the combined company that will be owned by the pre-Transactions holders of Shares after giving effect to the Transactions, assuming a pro formaVireo ownership percentage of 23.9% (the “gets”). To calculate the pro formaequity value of Vireo after giving effect to the Transactions, Moelis utilized (i) the standalone TEV of Vireo of $147 million as of December 16, 2024 and the standalone TEV of Vireo based on a 6.0x TEV/EBITDA multiple, being $145 million; (ii) an implied TEV of the combined company based on a 6.0x TEV/EBITDA multiple, being $567 million; (iii) estimated run-rate cost synergies; (iv) estimated EBITDA losses relating to New York operations of the combined entity; (v) New York operations capital expenditures by the combined company; (vi) expected transaction costs; and less (vii) adjustments to move from TEV to equity value as referenced in the definition of “TEV” above, each as provided by Vireo management. The following table summarizes the results of the multiples-based has/gets analysis for CY2024P:

| ($ in million)                |     |       Current 
 (in millions) |     |          6.0x 
    TEV/EBITDA 
      Multiple 
 (in millions) |
| Standalone Vireo Equity Value |     |           $58 |     |           $56 |
| Pro Forma Vireo Equity Value  |     |           $86 |     |           $86 |
| Increase (%)                  |     |         47.4% |     |         51.7