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Deal Detail

Burger King Holdings, Inc. to 3G Capital

RestaurantsLimited-Service/Sep 2010
EV / LTM EBITDA
9.0x
EV / LTM Sales
1.6x
Enterprise Value
$4.0B
Primary Source
Regulatory Filing

Comparable Transactions

Restaurants transactions announced in the five years to September 2010. 23 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Aug 2010Logan’s RoadhouseKelso & Company$577M-7.7xFinancial
Jun 2010Landry’s RestaurantsTilman J. Fertitta$1.3B-7.5xFinancial
May 2010Dave & Buster’s HoldingsOak Hill Capital Partners$570M-6.9xFinancial
Apr 2010CKE RestaurantsApollo Global Management$1.0B-6.5xFinancial
Jan 2010Burger King NZBlackstone$123M-8.2xFinancial
Jun 2009Church’s ChickenFriedman Fleischer & Lowe--7.7xFinancial
Aug 2008Romano’s Macaroni GrillGolden Gate Capital--3.0xFinancial
Jun 2008Landry’s Restaurants, Inc.Tilman J. Fertitta$1.2B-6.7xFinancial
Apr 2008Wendy’s International, Inc.Triarc Companies, Inc.--9.1xStrategic
Dec 2007Smokey Bones Barbeque and Grill (Darden)Sun Capital Partners (Barbeque Integrated, Inc.)--4.3xFinancial
Aug 2007RARE Hospitality InternationalDarden Restaurants$1.4B-9.1xStrategic
Aug 2007Yard House USATSG Consumer Partners$161M-11.8xFinancial
Jul 2007Applebee’s InternationalIHOP Corp.$2.1B-9.0xStrategic
May 2007Smith & Wollensky Restaurant GroupPatina Restaurant Group$103M-12.1xStrategic
May 2007OSI Restaurant PartnersBain Capital Partners, Catterton Management$3.5B-8.1xFinancial
Dec 2006Caffe Nero Group PLCRome Bidco (Paladin Partners and Saratoga)--15.1xFinancial
Oct 2006Logan’s RoadhouseBlack Canyon and BRS--6.8xFinancial
Oct 2006Quick Restaurant NVCDC Capital Investissement--10.0xFinancial
Jul 2006Ryan’s Restaurant Group, Inc.Buffets, Inc.--10.9xStrategic
Mar 2006NPC International, Inc.Merrill Lynch Global Private Equity, Inc.$615M-6.7xFinancial
Feb 2006Tele Pizza SAFoodco Pastries--15.4xFinancial
Dec 2005Dunkin Brands Inc.Carlyle Group, Bain Capital, THL Partners--12.9xFinancial
Sep 2005El Pollo Loco, Inc.Trimaran Capital Partners, Inc.--12.5xFinancial
Mean-9.0x
Median-8.2x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
PrimaryRegulatory FilingTender Offer (SC 14D9)Morgan Stanley2010$4.0B1.6x9.0x8.6x-Open
-Fairness OpinionBWLD FOGoldman Sachs2018--9.0x--Open
-Fairness OpinionKKD FOWells Fargo Securities2016--8.9x--Open
-Fairness OpinionBKC FOGoldman Sachs2010--9.0x9.0xProposed transaction (Goldman Sachs, USD 24.00 offer price): 9.0x LTM, 9.0x CY2010E and 8.7x CY2011E EV / EBITDA.Open