Deal Detail

On-The-Border Cafes, Inc. to Golden Gate Capital

EV / LTM EBITDA

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Restaurants transactions announced in the five years to March 2010. 19 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jan 2010	Burger King NZ	Blackstone	$123M	-	8.2x	Financial
Jun 2009	Church’s Chicken	Friedman Fleischer & Lowe	-	-	7.7x	Financial
Aug 2008	Romano’s Macaroni Grill	Golden Gate Capital	-	-	3.0x	Financial
Jun 2008	Landry’s Restaurants, Inc.	Tilman J. Fertitta	$1.2B	-	6.7x	Financial
Apr 2008	Wendy’s International, Inc.	Triarc Companies, Inc.	-	-	9.1x	Strategic
Dec 2007	Smokey Bones Barbeque and Grill (Darden)	Sun Capital Partners (Barbeque Integrated, Inc.)	-	-	4.3x	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
Dec 2006	Caffe Nero Group PLC	Rome Bidco (Paladin Partners and Saratoga)	-	-	15.1x	Financial
Oct 2006	Logan’s Roadhouse	Black Canyon and BRS	-	-	6.8x	Financial
Oct 2006	Quick Restaurant NV	CDC Capital Investissement	-	-	10.0x	Financial
Jul 2006	Ryan’s Restaurant Group, Inc.	Buffets, Inc.	-	-	10.9x	Strategic
Mar 2006	NPC International, Inc.	Merrill Lynch Global Private Equity, Inc.	$615M	-	6.7x	Financial
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
	Mean			-	9.4x
	Median			-	9.1x

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	Morgan Stanley	2010	-	-	-	-	-	Open