Back to database
Deal Detail
Potbelly Corp to Race Trac
EV / LTM EBITDA
21.5x
EV / LTM Sales
1.3x
Enterprise Value
$594M
Primary Source
Piper Sandler
Comparable Transactions
Restaurants transactions announced in the five years to September 2025. 20 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Sep 2025 | Freddy's | Rhone | $700M | - | 12.7x | Financial |
| Mar 2025 | Dave's Hot Chicken | Roark Capital | $1.0B | 1.6x | - | Financial |
| Jan 2025 | Jersey Mike's Subs Inc. | Blackstone | $6.3B | 9.6x | 24.0x | Financial |
| Jul 2024 | Chuy's | Darden Restaurants, Inc. | $605M | 1.3x | 10.8x | Strategic |
| Apr 2024 | TGI Fridays | Hostmore | - | - | 5.4x | Strategic |
| Mar 2024 | Safflower Holdings | The ONE Hospitality Group | - | - | 5.8x | Strategic |
| Jan 2024 | Carrols Restaurant Group | Restaurant Brands International | $1.0B | - | 7.1x | Strategic |
| Aug 2023 | Fiesta Restaurant Group | Authentic Restaurant Brands | $193M | - | 8.3x | Strategic |
| May 2023 | Ruth’s Hospitality Group, Inc. | Darden Restaurants, Inc. | - | - | 9.4x | Strategic |
| Aug 2022 | Domino's Pizza businesses in Malaysia, Singapore and Cambodia | Domino's Pizza Enterprises Ltd | $147M | - | 10.1x | Strategic |
| Aug 2022 | BBQ Holdings (Famous Dave's) | MTY Food Group Inc., MTY Franchising USA, Inc. | $205M | 0.8x | 10.1x | Strategic |
| May 2022 | Keke’s Breakfast Café | Denny’s Corporation | - | - | 12.0x | Strategic |
| Apr 2022 | Main Event | Dave & Buster’s Entertainment, Inc. | - | - | 9.3x | Strategic |
| Dec 2021 | Del Taco Restaurants, Inc. | Jack in the Box Inc. | $573M | 1.1x | 11.0x | Strategic |
| Nov 2021 | Firehouse Restaurant Group | Restaurant Brands International | $1.0B | - | 20.0x | Strategic |
| Sep 2021 | Twin Peaks | FAT Brands | - | - | 10.0x | Strategic |
| Jul 2021 | Taco Cabana, Inc. | Yadav Enterprises, Inc. | - | - | 10.0x | Strategic |
| Jul 2021 | J. Alexander’s Holdings, Inc. | SPB Hospitality LLC | - | - | 8.7x | Strategic |
| Jun 2021 | New York Pizza | Orkla ASA | $173M | 2.7x | 11.4x | Strategic |
| Oct 2020 | Dunkin' Brands Group, Inc. | Inspire Brands (Roark Capital) | $11.6B | - | 25.3x | Financial |
| Mean | 2.9x | 11.7x | ||||
| Median | 1.5x | 10.1x |
All Observations
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 | PBPB FO | Piper Sandler | 2025 | $594M | 1.3x | 21.5x | 20.4x | For purposes of its analyses, Piper Sandler calculated (i) the Company’s equity value implied by the Merger Consideration to be approximately $565.7 million, based on approximately 33.0 million shares of Company common stock and common stock equivalents estimated to be outstanding as of September 8, 2025 as provided by Company management, consisting of in-the-money options (calculated using the treasury stock method), in-the-money warrants (calculated using the treasury stock method), restricted stock units, and performance stock units, and (ii) the Company’s enterprise value (for the purposes of this analysis, implied enterprise value equates to implied equity value less cash and cash equivalents of $16.2 million and plus non-controlling interest of ($0.3) million as of June 29, 2025 (the end of the Company’s second fiscal quarter of fiscal year 2025), referred to as “EV,” to be approximately $549.3 million. The EV implies a 19.9x multiple relative to the LTM Q2 2025 adjusted EBITDA as set forth in the Updated Projections. | Open |