Deal Detail

PizzaExpress PLC to Investor Group

EV / LTM EBITDA

6.2x

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Restaurants transactions announced in the five years to May 2003. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2002	Fresh Enterprises Inc. (Baja Fresh)	Wendy’s International Inc.	-	-	16.3x	Strategic
Jun 2000	Buffets Holdings, Inc.	Caxton-Iseman Capital, Inc.	$575M	-	5.0x	Financial
Jan 1999	Sbarro, Inc.	Sbarro Family	$585M	-	7.4x	Financial
Sep 1998	Domino’s Pizza, Inc.	Bain Capital, Inc.	$1.1B	-	8.2x	Financial
	Mean			-	9.2x
	Median			-	7.8x

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	-	-	6.2x	-	-	Open