Deal Detail

Applebee’s International to IHOP Corp.

EV / LTM EBITDA

9.0x

EV / LTM Sales

Enterprise Value

$2.1B

Primary Source

Piper Sandler

Comparable Transactions

Restaurants transactions announced in the five years to July 2007. 2 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2007	Smith & Wollensky Restaurant Group	Patina Restaurant Group	$103M	-	12.1x	Strategic
May 2007	OSI Restaurant Partners	Bain Capital Partners, Catterton Management	$3.5B	-	8.1x	Financial

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	DFRG FO	Piper Sandler	2019	$2.1B	-	9.0x	-	before preop & SBC	Open