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Deal Detail

Landry’s Restaurants to Tilman J. Fertitta

RestaurantsFull-Service/Jun 2010

EV / LTM EBITDA

7.5x

EV / LTM Sales

-

Enterprise Value

$1.3B

Primary Source

Piper Sandler

Comparable Transactions

Restaurants transactions announced in the five years to June 2010. 8 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2010	Dave & Buster’s Holdings	Oak Hill Capital Partners	$570M	-	6.9x	Financial
Apr 2010	CKE Restaurants	Apollo Global Management	$1.0B	-	6.5x	Financial
Jan 2010	Burger King NZ	Blackstone	$123M	-	8.2x	Financial
Aug 2007	RARE Hospitality International	Darden Restaurants	$1.4B	-	9.1x	Strategic
Aug 2007	Yard House USA	TSG Consumer Partners	$161M	-	11.8x	Financial
Jul 2007	Applebee’s International	IHOP Corp.	$2.1B	-	9.0x	Strategic
May 2007	Smith & Wollensky Restaurant Group	Patina Restaurant Group	$103M	-	12.1x	Strategic
May 2007	OSI Restaurant Partners	Bain Capital Partners, Catterton Management	$3.5B	-	8.1x	Financial
	Mean			-	9.0x
	Median			-	8.6x

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	DFRG FO	Piper Sandler	2019	$1.3B	-	7.5x	-	before preop & SBC	Open