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Deal Detail

Popeye’s Louisiana Kitchen to Restaurant Brands International

RestaurantsLimited-Service/Feb 2017
EV / LTM EBITDA
20.9x
EV / LTM Sales
-
Enterprise Value
$1.8B
Primary Source
Piper Sandler

Comparable Transactions

Restaurants transactions announced in the five years to February 2017. 27 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Jan 2017Bob Evans RestaurantsGolden Gate Capital--6.5xFinancial
Oct 2016Pacific Island RestaurantsRestaurant Brands New Zealand$105M-7.6xStrategic
Aug 201675% of Domino's Pizza JapanDomino's Pizza Enterprises Ltd.$273M-10.4xStrategic
Jul 201634.3% of AmRest HoldingsFinaccess$1.7B-13.5xStrategic
May 2016Kahala BrandsMTY Food Group$300M-10.1xStrategic
May 2016Krispy Kreme DoughnutsJAB Holding Company$1.4B2.6x18.3xStrategic
Feb 2016Burger King KoreaAffinity PE$171M-11.4xFinancial
Jul 201531.7% of AmRest HoldingsFinaccess$993M-11.5xStrategic
May 2015Frisch’s Restaurants, Inc.NRD Partners I, L.P.--6.3xFinancial
Mar 2015Del Taco RestaurantsLevy Acquisition Corp.$500M-8.2xStrategic
Sep 2014Einstein Noah Restaurant GroupJAB Holding Company$471M-10.1xStrategic
Aug 2014Portillo's Restaurant Group, Inc.Berkshire Partners$875M-13.3xFinancial
Aug 2014Tim HortonsBurger King Worldwide--14.8xStrategic
May 2014TGI Friday’sSentinel Capital Partners, Tri-Artisan Capital Partners$800M-7.3xFinancial
May 2014Red Lobster Seafood Co.Golden Gate Capital--5.6xFinancial
Jan 2014CEC Entertainment, Inc.Apollo Global Management--7.8xFinancial
Aug 2013KFC IndonesiaDyviacom$492M-14.2xStrategic
Dec 2012Caribou Coffee CompanyBDT Capital, JAB Beech, JAB Holding Company$307M-11.4xFinancial
Nov 2012Pizza Hut MalaysiaCVC Capital$956M-7.0xFinancial
Nov 2012TeavanaStarbucks--17.9xStrategic
Sep 2012J. Alexander’s Corp.American Blue Ribbon Holdings$100M-8.5xStrategic
Jul 2012Peet’s Coffee & TeaJAB Holding--22.1xStrategic
Jul 2012Yard House USA, Inc.Darden Restaurants--13.3xStrategic
May 2012Fogo de Chao, Inc.Thomas H. Lee Partners, L.P.--8.7xFinancial
May 2012BenihanaAngelo, Gordon & Co.--9.1xFinancial
May 2012P.F. Chang’s China BistroCenterbridge Partners--8.3xFinancial
Mar 2012The Krystal CompanyArgonne Capital Group$120M-5.7xStrategic
Mean-10.7x
Median-10.1x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionTACO FOPiper Sandler2022$1.8B-20.9x-​Open
-fairness opinionDNKN FOBofA2020--20.6x19.0x-Open
-fairness opinionZOE FOPiper Sandler2018$1.8B-20.9x--Open
-fairness opinionPNRA FOMorgan Stanley2017--20.5x--Open