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Deal Detail

Del Taco Restaurants, Inc. to Jack in the Box Inc.

Restaurants/Dec 2021
EV / LTM EBITDA
11.0x
EV / LTM Sales
1.1x
Enterprise Value
$573M
Primary Source
Piper Sandler

All Observations

Source-specific multiples and notes for this transaction.

Primary?Source TypeFairness Opinion / SourceAdvisorSource YearEnterprise ValueEV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionTACO FOPiper Sandler2022$573M1.1x11.0x-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 EBITDAOpen
-fairness opinionEWCZ FOMoelis2026$575M1.1x9.4x--Open
-fairness opinionPBPB FOPiper Sandler2025$573M-11.0x--Open
-fairness opinionFRGI FOHoulihan2023--10.1x--Open
-fairness opinionBBQ FOKroll2022-1.6x16.7x--Open