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Deal Detail
Cheddar's Scratch Kitchen to Darden Restaurants, Darden Restaurants, Inc.
EV / LTM EBITDA
10.4x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Houlihan
Comparable Transactions
Restaurants transactions announced in the five years to March 2017. 28 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Mar 2017 | Checkers Drive-In Restaurants, Inc. | Oak Hill Capital Management, LLC, Oak Hill Capital Partners | $525M | - | 11.0x | Financial |
| Feb 2017 | Popeye’s Louisiana Kitchen | Restaurant Brands International | $1.8B | - | 20.9x | Strategic |
| Jan 2017 | Bob Evans Restaurants | Golden Gate Capital | - | - | 6.5x | Financial |
| Oct 2016 | Pacific Island Restaurants | Restaurant Brands New Zealand | $105M | - | 7.6x | Strategic |
| Aug 2016 | 75% of Domino's Pizza Japan | Domino's Pizza Enterprises Ltd. | $273M | - | 10.4x | Strategic |
| Jul 2016 | 34.3% of AmRest Holdings | Finaccess | $1.7B | - | 13.5x | Strategic |
| May 2016 | Kahala Brands | MTY Food Group | $300M | - | 10.1x | Strategic |
| May 2016 | Krispy Kreme Doughnuts | JAB Holding Company | $1.4B | 2.6x | 18.3x | Strategic |
| Feb 2016 | Burger King Korea | Affinity PE | $171M | - | 11.4x | Financial |
| Jul 2015 | 31.7% of AmRest Holdings | Finaccess | $993M | - | 11.5x | Strategic |
| May 2015 | Frisch’s Restaurants, Inc. | NRD Partners I, L.P. | - | - | 6.3x | Financial |
| Mar 2015 | Del Taco Restaurants | Levy Acquisition Corp. | $500M | - | 8.2x | Strategic |
| Sep 2014 | Einstein Noah Restaurant Group | JAB Holding Company | $471M | - | 10.1x | Strategic |
| Aug 2014 | Portillo's Restaurant Group, Inc. | Berkshire Partners | $875M | - | 13.3x | Financial |
| Aug 2014 | Tim Hortons | Burger King Worldwide | - | - | 14.8x | Strategic |
| May 2014 | TGI Friday’s | Sentinel Capital Partners, Tri-Artisan Capital Partners | $800M | - | 7.3x | Financial |
| May 2014 | Red Lobster Seafood Co. | Golden Gate Capital | - | - | 5.6x | Financial |
| Jan 2014 | CEC Entertainment, Inc. | Apollo Global Management | - | - | 7.8x | Financial |
| Aug 2013 | KFC Indonesia | Dyviacom | $492M | - | 14.2x | Strategic |
| Dec 2012 | Caribou Coffee Company | BDT Capital, JAB Beech, JAB Holding Company | $307M | - | 11.4x | Financial |
| Nov 2012 | Pizza Hut Malaysia | CVC Capital | $956M | - | 7.0x | Financial |
| Nov 2012 | Teavana | Starbucks | - | - | 17.9x | Strategic |
| Sep 2012 | J. Alexander’s Corp. | American Blue Ribbon Holdings | $100M | - | 8.5x | Strategic |
| Jul 2012 | Peet’s Coffee & Tea | JAB Holding | - | - | 22.1x | Strategic |
| Jul 2012 | Yard House USA, Inc. | Darden Restaurants | - | - | 13.3x | Strategic |
| May 2012 | Fogo de Chao, Inc. | Thomas H. Lee Partners, L.P. | - | - | 8.7x | Financial |
| May 2012 | Benihana | Angelo, Gordon & Co. | - | - | 9.1x | Financial |
| May 2012 | P.F. Chang’s China Bistro | Centerbridge Partners | - | - | 8.3x | Financial |
| Mean | - | 11.3x | ||||
| Median | - | 10.3x |
All Observations
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 | FRGI FO | Houlihan | 2023 | - | - | 10.4x | - | - | Open | |
| - | fairness opinion | CHUY FO | Piper Sandler | 2024 | - | - | 10.4x | - | - | Open | |
| - | fairness opinion | RUTH FO | Jefferies | 2023 | - | - | 10.4x | - | Multiple net of $30 million of estimated tax benefits per the transaction press release. Pro forma for announced $20 million to $25 million of annualized pre-tax run rate synergies expected to be realized by fiscal 2019, implied pro forma multiple of 7.9x. | Open | |
| - | fairness opinion | DFRG FO | Piper Sandler | 2019 | $810M | - | 10.4x | - | - | Open |