ON FILE

Fairness Opinions

Fairness opinions linked to their subject transactions, advisors, source filings, and selected EBITDA ranges.

A fairness opinion is the valuation analysis a bank delivers to a target's board before it signs. Because those analyses are filed with the merger proxy, they are the most detailed public record of how a deal was actually valued—which is why they sit at the centre of this database.

Fairness Opinions

Showing 69 of 69 opinions


UTZ FO	Jul 2026	Utz Brands, Inc.	Intersnack Group GmbH & Co. KG	Citi	10.4x - 12.4x	Packaged Foods	Strategic	Source
LEG FO	Apr 2026	Leggett & Platt, Incorporated	Somnigroup International Inc.	JPMorgan	5.0x - 9.0x	Home & Office Furnishings	Strategic	Source
UNF FO	Mar 2026	UniFirst Corporation	Cintas Corporation	Goldman Sachs, JPMorgan	11.7x - 14.2x	Services	Strategic	Source
FARM FO	Mar 2026	Farmer Brothers Company	Royal Cup, Inc.	North Point	-	Distribution	Strategic	Source
OLPX FO	Mar 2026	Olaplex	Henkel	JPMorgan	12.0x - 21.0x	HHP/Pers Care	Strategic	Source
EWCZ FO	Feb 2026	European Wax Center	General Atlantic	Moelis	8.0x - 10.0x	Fitness & Wellness	Financial	Source
MCW FO	Feb 2026	Mister Car Wash	Leonard Green Partners	BofA, Centerview	8.0x - 10.5x	General Retail	Financial	Source
STKL FO	Feb 2026	SunOpta	Refresco	Lazard, Scotia Capital	Lazard: 9.0x - 12.0x; Scotia Capital: 8.5x - 11.5x	Packaged Foods	Strategic	Source
CVGW FO	Jan 2026	Calavo Growers, Inc.	Mission Produce, Inc.	Jefferies	9.0x - 12.0x	Packaged Foods	Strategic	Source
THS FO	Nov 2025	TreeHouse Foods, Inc.	InvestIndustrial SA	Goldman Sachs	7.5x - 12.0x	Packaged Foods	Financial	Source
PBPB FO	Sep 2025	Potbelly Corp	Race Trac	Piper Sandler	-	Restaurants	Strategic	Source
SCS FO	Aug 2025	Steelcase Inc.	HNI Corporation	BofA, Goldman Sachs, JPMorgan	BofA: 7.3x - 12.8x; JPMorgan: 10.0x - 15.0x	Home & Office Furnishings	Strategic	Source
HBI FO	Aug 2025	HanesBrands	Gildan Activewear	Goldman Sachs	6.0x - 9.3x	Luxury & Apparel	Strategic	Source
WBA FO	Aug 2025	Walgreens Boots Alliance	Sycamore Partners	Centerview, Morgan Stanley	Morgan Stanley: 5.0x - 8.0x; Centerview: 5.5x - 7.5x	General Retail	Financial	Source
KLG FO	Jul 2025	WK Kellogg	Ferrero Group	Goldman Sachs, Morgan Stanley	Goldman Sachs: 8.4x - 12.5x; Morgan Stanley: 9.5x - 11.5x	Packaged Foods	Strategic	Source
SPTN FO	Jun 2025	SpartanNash	C&S Wholesale Grocers	BofA	5.5x - 7.3x	Food Distribution	Strategic	Source
SKX FO	May 2025	Skechers U.S.A., Inc.	3G Capital	Greenhill	8.0x - 11.0x	Luxury & Apparel	Financial	Source
FL FO	May 2025	Foot Locker	DICK'S Sporting Goods	Evercore	4.7x - 11.0x	General Retail	Strategic	Source
NAPA FO	Oct 2024	The Duckhorn Portfolio, Inc.	Butterfly Equity	JPMorgan	-	Beverages	Financial	Source
K FO	Aug 2024	Kellanova	Mars, Incorporated	Goldman Sachs, Lazard	Goldman Sachs: 12.1x - 21.5x; Lazard: 15.5x - 17.5x	Packaged Foods	Strategic	Source
CHUY FO	Jul 2024	Chuy's	Darden Restaurants, Inc.	Piper Sandler	-	Restaurants	Strategic	Source
HIBB FO	Apr 2024	Hibbett, Inc.	JD Sports Fashion PLC	Solomon Partners	4.9x - 6.6x	General Retail	Strategic	Source
TAST FO	Jan 2024	Carrols Restaurant Group	Restaurant Brands International	Jefferies	-	Restaurants	Strategic	Source
TWNK FO	Sep 2023	Hostess Brands	JM Smucker	Morgan Stanley	16.0x - 20.0x	Packaged Foods	Strategic	Source
CPRI FO	Aug 2023	Capri Holdings	Tapestry	Barclays	-	Luxury & Apparel	Strategic	Source
FRGI FO	Aug 2023	Fiesta Restaurant Group	Authentic Restaurant Brands	Houlihan	-	Restaurants	Strategic	Source
SOVO FO	Aug 2023	Sovos Brands	Campbell Soup	Centerview, Goldman Sachs	Centerview: 16.0x - 21.0x; Goldman Sachs: 13.7x - 25.0x	Packaged Foods	Strategic	Source
THRN FO	Aug 2023	Thorne Healthtech, Inc.	L Catterton	Canaccord Genuity	10.4x - 17.0x	Consumer Health	Financial	Source
FRG FO	May 2023	Franchise Group, Inc.	Management-led buyout (B. Riley Financial)	Jefferies	6.8x - 8.5x	General Retail	Financial	Source
RUTH FO	May 2023	Ruth’s Hospitality Group, Inc.	Darden Restaurants, Inc.	Jefferies	8.0x - 11.0x	Restaurants	Strategic	Source
KBAL FO	Mar 2023	Kimball International, Inc.	HNI Corporation	JPMorgan	-	Home & Office Furnishings	Strategic	Source
TA FO	Feb 2023	TravelCenters of America Inc.	BP Products North America Inc.	Citi	3.7x - 6.0x	Fuel & Convenience Stores	Strategic	Source
TACO FO	Dec 2021	Del Taco Restaurants, Inc.	Jack in the Box Inc.	Piper Sandler	-	Restaurants	Strategic	Source
CORE FO	May 2021	Core-Mark Holding Company, Inc.	Performance Food Group	Barclays	-	Food Distribution	Strategic	Source
KNL FO	Apr 2021	Knoll, Inc.	Herman Miller, Inc.	BofA, Goldman Sachs	BofA: 10.5x - 15.0x; Goldman Sachs: 11.5x - 15.6x	Home & Office Furnishings	Strategic	Source
MIK FO	Mar 2021	The Michaels Companies Inc.	Apollo Global Management	UBS	5.0x - 7.0x	General Retail	Financial	Source
ZAGG FO	Dec 2020	ZAGG Inc	Evercel, Inc.	BofA	9.4x - 11.4x	Consumer Electronics	Financial	Source
DNKN FO	Oct 2020	Dunkin' Brands Group, Inc.	Inspire Brands (Roark Capital)	BofA	16.0x - 21.0x	Restaurants	Financial	Source
TIF FO	Oct 2020	Tiffany & Co.	LVMH	Centerview, Goldman Sachs	Centerview: 15.0x - 20.0x; Goldman Sachs: 12.0x - 20.6x	Luxury & Apparel	Strategic	Source
HABT FO	Jan 2020	The Habit Restaurants, Inc.	Yum! Brands, Inc.	Piper Sandler	-	Restaurants	Strategic	Source
FREE FO	Dec 2019	Whole Earth Brands (Merisant Co. and MAFCO Worldwide)	Act II Global Acquisition Corp.	Citi, Jefferies	Citi: 8.0x - 10.0x; Jefferies: 7.8x - 9.9x	Packaged Foods	Financial	Source
BREW FO	Nov 2019	Craft Brew Alliance, Inc.	Anheuser-Busch InBev SA/NV	Goldman Sachs	8.8x - 31.5x	Beverages	Strategic	Source
BKS FO	Jun 2019	Barnes & Noble Inc.	Elliott Management Advisors	Evercore, Guggenheim	3.5x - 5.5x	General Retail	Financial	Source
DFRG FO	Jun 2019	Del Frisco’s Restaurant Group, Inc.	L Catterton	Piper Sandler	-	Restaurants	Financial	Source
NTRI FO	Dec 2018	Nutrisystem, Inc.	Tivity Health, Inc.	Evercore	11.0x - 13.0x	Consumer Health	Strategic	Source
SODA FO	Aug 2018	SodaStream Ltd.	PepsiCo, Inc.	Perella Weinberg	18.1x - 25.5x	Beverages	Strategic	Source
BUFF FO	Feb 2018	Blue Buffalo Pet Products, Inc.	General Mills, Inc.	Centerview, JPMorgan	Centerview: 17.5x - 24.5x; JPMorgan: 17.5x - 26.0x	Packaged Foods	Strategic	Source
LNCE FO	Dec 2017	Snyder's-Lance, Inc.	Campbell Soup Company	Goldman Sachs	12.9x - 18.4x	Packaged Foods	Strategic	Source
MYCC FO	Jul 2017	ClubCorp Holdings, Inc.	Apollo Global Management	Jefferies, Wells Fargo Securities	7.0x - 9.0x	Leisure	Financial	Source
RATE FO	Jul 2017	Bankrate, Inc.	Red Ventures	JPMorgan	7.5x - 11.5x	Internet/Ecom	Strategic	Source
HSN FO	Jul 2017	HSN	Liberty Interactive / QVC	Centerview, Goldman Sachs	8.0x - 10.0x	General Retail	Strategic	Source
SPLS FO	Jun 2017	Staples, Inc.	Sycamore Partners	Barclays, Morgan Stanley	5.0x - 7.0x	General Retail	Financial	Source
WFM FO	Jun 2017	Whole Foods Market, Inc.	Amazon.com, Inc.	Evercore	8.0x - 10.0x	Grocery Retail	Strategic	Source
WMAR FO	Jun 2017	West Marine	Monomoy Capital	Guggenheim	-	General Retail	Financial	Source
PNRA FO	Apr 2017	Panera Bread Company	JAB Holdings Company	Morgan Stanley	14.5x - 18.5x	Restaurants	Strategic	Source
MJN FO	Feb 2017	Mead Johnson Nutrition Company	Reckitt Benckiser Group plc	Goldman Sachs, Morgan Stanley	Morgan Stanley: 15.0x - 20.0x; Goldman Sachs: 15.5x - 20.7x	Packaged Foods	Strategic	Source
RAI FO	Jan 2017	Reynolds American	BAT	Goldman Sachs, JPMorgan, Lazard	Goldman Sachs: 10.9x - 16.0x; JPMorgan: 12.0x - 16.0x; Lazard: 12.0x - 15.0x	Tobacco	Strategic	Source
CST FO	Aug 2016	CST Brands, Inc.	Alimentation Couche-Tard Inc.	BofA	8.0x - 12.0x	Fuel & Convenience Stores	Strategic	Source
MFRM FO	Aug 2016	Mattress Firm Holding Corp.	Steinhoff International Holdings N.V.	Barclays	9.0x - 11.0x	Home & Office Furnishings	Strategic	Source
WWAV FO	Jul 2016	The WhiteWave Foods Company	DANONE S.A.	Goldman Sachs	12.1x - 23.7x	Packaged Foods	Strategic	Source
TUMI FO	Mar 2016	Tumi Holdings, Inc.	Samsonite International	Goldman Sachs	10.0x - 16.0x	Luxury & Apparel	Strategic	Source
BDBD FO	Nov 2015	Boulder Brands, Inc.	Pinnacle Foods Inc.	William Blair	-	Packaged Foods	Strategic	Source
LTM FO	Mar 2015	Life Time Fitness, Inc.	Leonard Green Partners	Guggenheim, Wells Fargo Securities	8.5x - 10.0x	Fitness & Wellness	Financial	Source
CQB FO	Oct 2014	Chiquita Brands International plc	Grupo Cutrale / Safra Group	Goldman Sachs, Lazard, Wells Fargo Securities	Wells Fargo Securities: 8.5x - 10.0x; Lazard: 7.0x - 9.0x	Packaged Foods	Strategic	Source
FDO FO	Jul 2014	Family Dollar Stores, Inc.	Dollar Tree	Morgan Stanley	9.0x - 11.0x	General Retail	Strategic	Source
LO FO	Jul 2014	Lorillard, Inc.	RAI	Barclays, Centerview	11.0x - 12.5x	Tobacco	Strategic	Source
SUSS FO	Apr 2014	Susser Holdings Corporation	Energy Transfer Partners, L.P.	BofA	7.5x - 9.0x	Fuel & Convenience Stores	Strategic	Source
ZZ FO	Sep 2012	Sealy Corporation	Tempur-Pedic International Inc.	Citi, Perella Weinberg	Citi: 7.5x - 9.5x; Perella Weinberg: 8.0x - 10.5x	Home & Office Furnishings	Strategic	Source
BARE FO	Jan 2010	Bare Escentuals, Inc.	Shiseido Company, Limited	Goldman Sachs	-	HHP/Pers Care	Strategic	Source