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Deal Detail
Del Taco Restaurants, Inc. to Jack in the Box Inc.
EV / LTM EBITDA
11.0x
EV / LTM Sales
1.1x
Enterprise Value
$573M
Primary Source
Piper Sandler
Comparable Transactions
Restaurants transactions announced in the five years to December 2021. 34 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| 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 |
| Jun 2019 | Del Frisco’s Restaurant Group, Inc. | L Catterton | - | - | 12.0x | Financial |
| Apr 2019 | Papa Murphy's Holdings, Inc. | MTY Food Group | $190M | 1.5x | 8.5x | Strategic |
| Dec 2018 | Restaurant Brands New Zealand Limited | Finaccess Capital | $918M | - | 14.1x | Strategic |
| Nov 2018 | Diversified Restaurant Holdings (Buffalio Wildwings Franchisee) | ICV Partners, LLC | - | - | 7.3x | Strategic |
| Nov 2018 | Global Franchise Group | Lion Capital, Serruya Private Equity | $400M | - | 8.6x | Financial |
| Nov 2018 | Bojangles’, Inc. | Durational Capital, The Jordan Company, The Jordan Company, The Jordan Company, L.P.; Durational Capital Management LP | $754M | 1.4x | 11.1x | Financial |
| Sep 2018 | Sonic Corp. | Inspire Brands | $2.3B | - | 16.1x | Strategic |
| Aug 2018 | Zoe’s Kitchen, Inc. | Cava Group, Inc. | $298M | - | 16.3x | Strategic |
| Aug 2018 | Jamba | FOCUS Brands | $198M | 2.5x | 13.5x | Strategic |
| Aug 2018 | Costa Limited | The Coca Cola Company | - | - | 16.4x | Strategic |
| May 2018 | Barteca Restaurant Group, LLC | Del Frisco’s Restaurant Group, Inc. | - | - | 18.0x | Strategic |
| May 2018 | Pret A Manger Ltd | JAB Holdings | - | - | 15.0x | Strategic |
| Mar 2018 | Bravo Brio Restaurant Group, Inc. (nka: FoodFirst Global Restaurants, Inc.) | Spice Private Equity | $101M | - | 6.1x | Financial |
| Feb 2018 | Fogo de Chão, Inc. | Rhone Capital, L.L.C. | - | - | 10.2x | Financial |
| Jan 2018 | Keg Restaurants Ltd. | Cara Operations Limited | - | 0.9x | 17.2x | Strategic |
| Dec 2017 | Qdoba Restaurant Corporation | Apollo Global Management | $305M | - | 5.3x | Financial |
| Nov 2017 | Bento Inc. | YO! Sushi Group Ltd. | - | - | 9.9x | Strategic |
| Nov 2017 | Buffalo Wild Wings, Inc. | Arby’s Restaurant Group, Inspire Brands (Arby’s Restaurant Group) | - | - | 10.8x | Strategic |
| Oct 2017 | Ruby Tuesday, Inc. | NRD Capital, NRD Capital Management | - | - | 5.0x | Financial |
| Sep 2017 | Cafe Rio Mexican Grill | Freeman Spogli & Co. | $280M | - | 13.2x | Financial |
| Apr 2017 | Panera Bread Company | JAB Holdings Company | - | - | 17.8x | Strategic |
| Mar 2017 | Cheddar's Scratch Kitchen | Darden Restaurants, Darden Restaurants, Inc. | - | - | 10.4x | Strategic |
| 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 |
| Mean | 1.7x | 12.3x | ||||
| Median | 1.4x | 11.1x |
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 | TACO FO | Piper Sandler | 2022 | $573M | 1.1x | 11.0x | - | Piper calculated (i) the Company’s equity value implied by the merger consideration to be approximately $472.5 million, based on approximately 37.8 million shares of Del Taco common stock and common stock equivalents estimated to be outstanding as of November 30, 2021 as provided by Company management, consisting of in-the-money options (calculated using the treasury stock method), restricted stock awards, 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 long-term debt of $106.6 million, plus finance lease obligations of $0.0 million, and less cash and cash equivalents of $6.5 million as of November 2, 2021, referred to as “EV,” to be approximately $572.6 million. The EV implies an 11.0x multiple relative to the estimated fiscal year 2021 adjusted EBITDA | Open | |
| - | fairness opinion | EWCZ FO | Moelis | 2026 | $575M | 1.1x | 9.4x | - | - | Open | |
| - | fairness opinion | PBPB FO | Piper Sandler | 2025 | $573M | - | 11.0x | - | - | Open | |
| - | fairness opinion | FRGI FO | Houlihan | 2023 | - | - | 10.1x | - | - | Open | |
| - | fairness opinion | BBQ FO | Kroll | 2022 | - | 1.6x | 16.7x | - | - | Open |