Deal Detail

NPC International, Inc. to Merrill Lynch Global Private Equity, Inc.

EV / LTM EBITDA

6.7x

EV / LTM Sales

Enterprise Value

$615M

Primary Source

Fairness Opinion

Comparable Transactions

Restaurants transactions announced in the five years to March 2006. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Feb 2006	Tele Pizza SA	Foodco Pastries	-	-	15.4x	Financial
Dec 2005	Dunkin Brands Inc.	Carlyle Group, Bain Capital, THL Partners	-	-	12.9x	Financial
Sep 2005	El Pollo Loco, Inc.	Trimaran Capital Partners, Inc.	-	-	12.5x	Financial
May 2003	PizzaExpress PLC	Investor Group	-	-	6.2x	Financial
May 2002	Fresh Enterprises Inc. (Baja Fresh)	Wendy’s International Inc.	-	-	16.3x	Strategic
	Mean			-	12.7x
	Median			-	12.9x

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	BKC FO	Goldman Sachs	2010	$615M	-	6.7x	-	-	Open