Deal Detail

Burger King NZ to Blackstone

EV / LTM EBITDA

8.2x

EV / LTM Sales

Enterprise Value

$123M

Primary Source

RBI NZ Offer

Comparable Transactions

Restaurants transactions announced in the five years to January 2010. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
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
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
	Mean			-	10.0x
	Median			-	9.1x

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	manual	RBI NZ Offer	Grant Samuel	2018	$123M	-	8.2x	-	75% tender offer (NZ$9.45)	Open