Deal Detail

Linens n Things to Apollo Management

EV / LTM EBITDA

8.8x

EV / LTM Sales

Enterprise Value

$1.3B

Primary Source

Fairness Opinion

Comparable Transactions

General Retail transactions announced in the five years to November 2005. 10 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Oct 2005	Northern Department Stores	Bon-Ton Stores	$1.1B	-	6.7x	Strategic
May 2005	Neiman Marcus	TPG, Warburg Pincus	$5.2B	-	10.3x	Financial
Apr 2005	Electronics Boutique Holdings Corp.	GameStop Corp.	-	-	10.7x	Strategic
Mar 2005	Toys “R” Us	Private equity consortium	$6.2B	-	9.4x	Financial
Feb 2005	May Department Stores	Federated Department Stores	$17.0B	-	8.6x	Strategic
Nov 2004	Sears	Kmart	$14.8B	-	7.3x	Strategic
Nov 2004	Barneys New York	Jones Apparel Group	$400M	-	8.6x	Strategic
Jul 2004	Mervyn's	Cerberus Capital	$1.6B	-	6.2x	Financial
Jun 2004	Marshall Field's	May Department Stores	$3.2B	-	13.5x	Strategic
Oct 2003	GNC Corp.	Apollo Management LLC	-	-	8.1x	Financial
	Mean			-	8.9x
	Median			-	8.6x

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	JCG FO	Perella Weinberg	2011	$1.3B	-	8.8x	-	-	Open