Deal Detail

Yard House USA, Inc. to Darden Restaurants

EV / LTM EBITDA

13.3x

EV / LTM Sales

Enterprise Value

Primary Source

Jefferies

Comparable Transactions

Restaurants transactions announced in the five years to July 2012. 20 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jul 2012	Peet’s Coffee & Tea	JAB Holding	-	-	22.1x	Strategic
May 2012	Fogo de Chao, Inc.	Thomas H. Lee Partners, L.P.	-	-	8.7x	Financial
May 2012	Benihana	Angelo, Gordon & Co.	-	-	9.1x	Financial
May 2012	P.F. Chang’s China Bistro	Centerbridge Partners	-	-	8.3x	Financial
Mar 2012	The Krystal Company	Argonne Capital Group	$120M	-	5.7x	Strategic
Feb 2012	O’Charley’s	Fidelity National Financial	-	-	6.5x	Strategic
Jan 2012	KFC Malaysia	CVC Capital	$1.0B	-	9.6x	Financial
Dec 2011	Morton’s Restaurant Group	Landry’s	$182M	-	6.7x	Strategic
Nov 2011	McCormick & Schmick’s Seafood Restaurants	Landry’s	$133M	-	6.8x	Strategic
Jun 2011	Arby’s Restaurant Group	Roark Capital Group	$339M	-	6.4x	Financial
May 2011	California Pizza Kitchen	Golden Gate Capital	$455M	-	6.9x	Financial
Dec 2010	Noodles & Company	Catterton Partners	$265M	-	10.4x	Financial
Nov 2010	Bubba Gump Shrimp Co.	Landry’s	$113M	-	6.5x	Strategic
Aug 2010	Logan’s Roadhouse	Kelso & Company	$577M	-	7.7x	Financial
Jun 2010	Landry’s Restaurants	Tilman J. Fertitta	$1.3B	-	7.5x	Financial
May 2010	Dave & Buster’s Holdings	Oak Hill Capital Partners	$570M	-	6.9x	Financial
Apr 2010	CKE Restaurants	Apollo Global Management	$1.0B	-	6.5x	Financial
Jan 2010	Burger King NZ	Blackstone	$123M	-	8.2x	Financial
Aug 2007	RARE Hospitality International	Darden Restaurants	$1.4B	-	9.1x	Strategic
Aug 2007	Yard House USA	TSG Consumer Partners	$161M	-	11.8x	Financial
	Mean			-	8.6x
	Median			-	7.6x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	RUTH FO	Jefferies	2023	-	-	13.3x	-	Represents multiple of annualized Yard House Fiscal 2013 EBITDA for Darden Restaurants, Inc.’s fiscal year ending May 2013 per investor presentation. Price implies 20.2x 2011 EBITDA multiple. No LTM information available.	Open
-	fairness opinion	DFRG FO	Piper Sandler	2019	$585M	-	14.9x	-	before preop & SBC	Open
-	fairness opinion	PNRA FO	Morgan Stanley	2017	-	-	15.0x	-	-	Open