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Deal Detail
Fogo de Chão, Inc. to Rhone Capital, L.L.C.
EV / LTM EBITDA
10.2x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Piper Sandler
Comparable Transactions
Restaurants transactions announced in the five years to February 2018. 27 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Mean | - | 11.1x | ||||
| Median | - | 10.4x |
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 | - | - | 10.2x | - | - | Open | |
| - | fairness opinion | RUTH FO | Jefferies | 2023 | - | - | 10.6x | - | - | Open | |
| - | fairness opinion | BBQ FO | Kroll | 2022 | - | 1.8x | 9.5x | - | - | Open | |
| - | fairness opinion | DFRG FO | Piper Sandler | 2019 | $558M | - | 9.5x | - | Piper Sandler precedent table (DFRG DEFA14A supplement, filed 2019-08-26); before PO & SBC, 10.2x after | Open | |
| - | fairness opinion | DFRG FO | Piper Sandler | 2019 | $558M | - | 9.5x | - | before preop & SBC | Open | |
| - | fairness opinion | CHUY FO | Piper Sandler | - | - | - | 10.2x | - | - | Open |