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Deal Detail
Global Franchise Group to Lion Capital, Serruya Private Equity
EV / LTM EBITDA
8.6x
EV / LTM Sales
-
Enterprise Value
$400M
Primary Source
Piper Sandler
Comparable Transactions
Restaurants transactions announced in the five years to November 2018. 36 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Nov 2018 | Diversified Restaurant Holdings (Buffalio Wildwings Franchisee) | ICV Partners, LLC | - | - | 7.3x | Strategic |
| 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 |
| 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 |
| Mean | 1.9x | 11.5x | ||||
| Median | 1.9x | 10.9x |
All Observations
Source-specific multiples and notes for this transaction.