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Deal Detail
Chuy's to Darden Restaurants, Inc.
EV / LTM EBITDA
10.8x
EV / LTM Sales
1.3x
Enterprise Value
$605M
Primary Source
Piper Sandler
Comparable Transactions
Restaurants transactions announced in the five years to July 2024. 19 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Apr 2024 | TGI Fridays | Hostmore | - | - | 5.4x | Strategic |
| Mar 2024 | Safflower Holdings | The ONE Hospitality Group | - | - | 5.8x | Strategic |
| Jan 2024 | Carrols Restaurant Group | Restaurant Brands International | $1.0B | - | 7.1x | Strategic |
| Aug 2023 | Fiesta Restaurant Group | Authentic Restaurant Brands | $193M | - | 8.3x | Strategic |
| May 2023 | Ruth’s Hospitality Group, Inc. | Darden Restaurants, Inc. | - | - | 9.4x | Strategic |
| Aug 2022 | Domino's Pizza businesses in Malaysia, Singapore and Cambodia | Domino's Pizza Enterprises Ltd | $147M | - | 10.1x | Strategic |
| Aug 2022 | BBQ Holdings (Famous Dave's) | MTY Food Group Inc., MTY Franchising USA, Inc. | $205M | 0.8x | 10.1x | Strategic |
| May 2022 | Keke’s Breakfast Café | Denny’s Corporation | - | - | 12.0x | Strategic |
| Apr 2022 | Main Event | Dave & Buster’s Entertainment, Inc. | - | - | 9.3x | Strategic |
| Dec 2021 | Del Taco Restaurants, Inc. | Jack in the Box Inc. | $573M | 1.1x | 11.0x | Strategic |
| Nov 2021 | Firehouse Restaurant Group | Restaurant Brands International | $1.0B | - | 20.0x | Strategic |
| Sep 2021 | Twin Peaks | FAT Brands | - | - | 10.0x | Strategic |
| Jul 2021 | Taco Cabana, Inc. | Yadav Enterprises, Inc. | - | - | 10.0x | Strategic |
| Jul 2021 | J. Alexander’s Holdings, Inc. | SPB Hospitality LLC | - | - | 8.7x | Strategic |
| Jun 2021 | New York Pizza | Orkla ASA | $173M | 2.7x | 11.4x | Strategic |
| Oct 2020 | Dunkin' Brands Group, Inc. | Inspire Brands (Roark Capital) | $11.6B | - | 25.3x | Financial |
| Jan 2020 | The Habit Restaurants, Inc. | Yum! Brands, Inc. | $385M | - | 11.8x | Strategic |
| Nov 2019 | Patton Wings, Inc. | ICV Partners, LLC | - | 1.1x | 10.3x | Strategic |
| Nov 2019 | Diversified Restaurant Holdings, Inc. | ICV Partners IV, L.P.; ICV Partners, LLC | - | - | 9.5x | Strategic |
| Mean | 1.4x | 10.8x | ||||
| Median | 1.1x | 10.0x |
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 | CHUY FO | Piper Sandler | 2024 | $605M | 1.3x | 10.8x | 10.9x | For purposes of its analyses, Piper calculated (i) the company’s equity value implied by the merger consideration to be approximately $659.4 million, based on approximately 17.6 million shares of common stock and common stock equivalents estimated to be outstanding as of June 30, 2024 (the end of the company’s second fiscal quarter of fiscal year 2024), as provided by company management, consisting of in-the-money options (calculated using the treasury stock method), and restricted stock units, and (ii) the company’s enterprise value (for the purposes of this analysis, implied enterprise value equates to implied equity value, plus total debt, finance lease obligations, preferred equity, and noncontrolling interests of $0.0 million as of June 30, 2024, less cash and cash equivalents of $54.5 million as of June 30, 2024 (the end of the company’s second fiscal quarter of fiscal year 2024), referred to as “EV,”) to be approximately $605.0 million. The EV implies a 10.8x multiple relative to the last twelve months (“LTM”) Q2 2024 adjusted EBITDA (based on preliminary actual second fiscal quarter 2024 results and adjusted to exclude the 53rd fiscal week of fiscal year 2023’s contribution of approximately $2.3 million), a 10.9x multiple relative to the company’s projected 2024E Updated adjusted EBITDA, and a 9.4x multiple relative to the company’s projected 2025E adjusted EBITDA. | Open |