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Deal Detail

Tim Hortons to Burger King Worldwide

RestaurantsLimited-Service/Aug 2014
EV / LTM EBITDA
14.8x
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Morgan Stanley

Comparable Transactions

Restaurants transactions announced in the five years to August 2014. 28 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Aug 2014Portillo's Restaurant Group, Inc.Berkshire Partners$875M-13.3xFinancial
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
Feb 2012O’Charley’sFidelity National Financial--6.5xStrategic
Jan 2012KFC MalaysiaCVC Capital$1.0B-9.6xFinancial
Dec 2011Morton’s Restaurant GroupLandry’s$182M-6.7xStrategic
Nov 2011McCormick & Schmick’s Seafood RestaurantsLandry’s$133M-6.8xStrategic
Jun 2011Arby’s Restaurant GroupRoark Capital Group$339M-6.4xFinancial
May 2011California Pizza KitchenGolden Gate Capital$455M-6.9xFinancial
Dec 2010Noodles & CompanyCatterton Partners$265M-10.4xFinancial
Nov 2010Bubba Gump Shrimp Co.Landry’s$113M-6.5xStrategic
Aug 2010Logan’s RoadhouseKelso & Company$577M-7.7xFinancial
Jun 2010Landry’s RestaurantsTilman J. Fertitta$1.3B-7.5xFinancial
May 2010Dave & Buster’s HoldingsOak Hill Capital Partners$570M-6.9xFinancial
Apr 2010CKE RestaurantsApollo Global Management$1.0B-6.5xFinancial
Jan 2010Burger King NZBlackstone$123M-8.2xFinancial
Mean-9.2x
Median-7.8x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionPNRA FOMorgan Stanley2017--14.8x--Open
-fairness opinionDNKN FOBofA2020--15.8x14.9x-Open