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Deal Detail

Ruth’s Hospitality Group, Inc. to Darden Restaurants, Inc.

RestaurantsFull-Service/May 2023
EV / LTM EBITDA
9.4x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Piper Sandler

Comparable Transactions

Restaurants transactions announced in the five years to May 2023. 24 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Aug 2022Domino's Pizza businesses in Malaysia, Singapore and CambodiaDomino's Pizza Enterprises Ltd$147M-10.1xStrategic
Aug 2022BBQ Holdings (Famous Dave's)MTY Food Group Inc., MTY Franchising USA, Inc.$205M0.8x10.1xStrategic
May 2022Keke’s Breakfast CaféDenny’s Corporation--12.0xStrategic
Apr 2022Main EventDave & Buster’s Entertainment, Inc.--9.3xStrategic
Dec 2021Del Taco Restaurants, Inc.Jack in the Box Inc.$573M1.1x11.0xStrategic
Nov 2021Firehouse Restaurant GroupRestaurant Brands International$1.0B-20.0xStrategic
Sep 2021Twin PeaksFAT Brands--10.0xStrategic
Jul 2021Taco Cabana, Inc.Yadav Enterprises, Inc.--10.0xStrategic
Jul 2021J. Alexander’s Holdings, Inc.SPB Hospitality LLC--8.7xStrategic
Jun 2021New York PizzaOrkla ASA$173M2.7x11.4xStrategic
Oct 2020Dunkin' Brands Group, Inc.Inspire Brands (Roark Capital)$11.6B-25.3xFinancial
Jan 2020The Habit Restaurants, Inc.Yum! Brands, Inc.$385M-11.8xStrategic
Nov 2019Patton Wings, Inc.ICV Partners, LLC-1.1x10.3xStrategic
Nov 2019Diversified Restaurant Holdings, Inc.ICV Partners IV, L.P.; ICV Partners, LLC--9.5xStrategic
Jun 2019Del Frisco’s Restaurant Group, Inc.L Catterton--12.0xFinancial
Apr 2019Papa Murphy's Holdings, Inc.MTY Food Group$190M1.5x8.5xStrategic
Dec 2018Restaurant Brands New Zealand LimitedFinaccess Capital$918M-14.1xStrategic
Nov 2018Diversified Restaurant Holdings (Buffalio Wildwings Franchisee)ICV Partners, LLC--7.3xStrategic
Nov 2018Global Franchise GroupLion Capital, Serruya Private Equity$400M-8.6xFinancial
Nov 2018Bojangles’, Inc.Durational Capital, The Jordan Company, The Jordan Company, The Jordan Company, L.P.; Durational Capital Management LP$754M1.4x11.1xFinancial
Sep 2018Sonic Corp.Inspire Brands$2.3B-16.1xStrategic
Aug 2018Zoe’s Kitchen, Inc.Cava Group, Inc.$298M-16.3xStrategic
Aug 2018JambaFOCUS Brands$198M2.5x13.5xStrategic
Aug 2018Costa LimitedThe Coca Cola Company--16.4xStrategic
Mean1.6x12.2x
Median1.4x11.1x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionCHUY FOPiper Sandler2024--9.4x--Open
-fairness opinionFRGI FOHoulihan2023--8.9x--Open