Deal Detail

Benihana to Angelo, Gordon & Co.

EV / LTM EBITDA

9.1x

EV / LTM Sales

Enterprise Value

Primary Source

Morgan Stanley

Comparable Transactions

Restaurants transactions announced in the five years to May 2012. 19 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2012	Fogo de Chao, Inc.	Thomas H. Lee Partners, L.P.	-	-	8.7x	Financial
May 2012	P.F. Chang’s China Bistro	Centerbridge Partners	-	-	8.3x	Financial
Mar 2012	The Krystal Company	Argonne Capital Group	$120M	-	5.7x	Strategic
Feb 2012	O’Charley’s	Fidelity National Financial	-	-	6.5x	Strategic
Jan 2012	KFC Malaysia	CVC Capital	$1.0B	-	9.6x	Financial
Dec 2011	Morton’s Restaurant Group	Landry’s	$182M	-	6.7x	Strategic
Nov 2011	McCormick & Schmick’s Seafood Restaurants	Landry’s	$133M	-	6.8x	Strategic
Jun 2011	Arby’s Restaurant Group	Roark Capital Group	$339M	-	6.4x	Financial
May 2011	California Pizza Kitchen	Golden Gate Capital	$455M	-	6.9x	Financial
Dec 2010	Noodles & Company	Catterton Partners	$265M	-	10.4x	Financial
Nov 2010	Bubba Gump Shrimp Co.	Landry’s	$113M	-	6.5x	Strategic
Aug 2010	Logan’s Roadhouse	Kelso & Company	$577M	-	7.7x	Financial
Jun 2010	Landry’s Restaurants	Tilman J. Fertitta	$1.3B	-	7.5x	Financial
May 2010	Dave & Buster’s Holdings	Oak Hill Capital Partners	$570M	-	6.9x	Financial
Apr 2010	CKE Restaurants	Apollo Global Management	$1.0B	-	6.5x	Financial
Jan 2010	Burger King NZ	Blackstone	$123M	-	8.2x	Financial
Aug 2007	RARE Hospitality International	Darden Restaurants	$1.4B	-	9.1x	Strategic
Aug 2007	Yard House USA	TSG Consumer Partners	$161M	-	11.8x	Financial
Jul 2007	Applebee’s International	IHOP Corp.	$2.1B	-	9.0x	Strategic
	Mean			-	7.9x
	Median			-	7.5x

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	PNRA FO	Morgan Stanley	2017	-	-	9.1x	-	-	Open
	-	fairness opinion	DFRG FO	Piper Sandler	2019	$290M	-	8.0x	-	before preop & SBC	Open