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Fairness Opinion Detail
PBPB FOOpen source
Potbelly Corp to Race Trac
Deal Information
Target
Potbelly Corp
Acquiror
Race Trac
Sector
Restaurants
Target Type
Public
Acquiror Type
Strategic
Advisors
Piper Sandler
Transaction Metrics
Enterprise Value
$594M
EV / LTM Sales
1.3x
EV / LTM EBITDA
21.5x
EV / Fwd EBITDA
20.4x
Advisor Transaction Comparables
Comparable transactions cited by the advisor, excluding the subject transaction.
Advisor: Piper Sandler
18 comps
| Aug 2025 | Philz Coffee (2) Represents proprietary multiple. (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Freeman Spogli & Co. | $145M | - | - | - |
| Aug 2023 | Fiesta Restaurant Group (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Authentic Restaurant Brands | $193M | - | 8.3x | - |
| Dec 2021 | Del Taco Restaurants (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Jack in the Box | $573M | - | 11.0x | - |
| Nov 2021 | Firehouse Restaurant Group (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Restaurant Brands International | $1.0B | - | 20.0x | - |
| Jan 2020 | The Habit Restaurants (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Yum! Brands | $385M | - | 11.8x | - |
| Apr 2019 | Papa Murphy's Holdings (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | MTY Food Group | $186M | - | 8.4x | - |
| Nov 2018 | Global Franchise Group (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Lion Capital, Serruya Private Equity | $400M | - | 8.6x | - |
| Nov 2018 | Bojangles' (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Durational Capital, The Jordan Company | $754M | - | 11.1x | - |
| Sep 2018 | Sonic Corp. (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Inspire Brands | $2.3B | - | 16.1x | - |
| Aug 2018 | Zoe's Kitchen (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | CAVA Group | $298M | - | 16.3x | - |
| Aug 2018 | Jamba (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | FOCUS Brands | $203M | - | 15.1x | - |
| Dec 2017 | Qdoba Restaurant Corporation (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Apollo Global Management | $305M | - | 5.3x | - |
| Sep 2017 | Cafe Rio Mexican Grill (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Freeman Spogli & Co. | $280M | - | 13.2x | - |
| Mar 2017 | Checkers & Rally's Restaurants (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Oak Hill Capital Partners | $525M | - | 11.0x | - |
| Feb 2017 | Popeyes Louisiana Kitchen (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Restaurant Brands International | $1.8B | - | 20.9x | - |
| May 2016 | Kahala Brands (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | MTY Food Group | $327M | - | 10.5x | - |
| May 2016 | Krispy Kreme Doughnuts (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | JAB Holding Company | $1.3B | - | 16.9x | - |
| Mar 2015 | Del Taco Holdings (1) Represents EBITDA adjusted for disclosed non-recurring items and burdened for stock based compensation. | Levy Acquisition Corp. | $500M | - | 8.2x | - |
| Mean | - | 12.5x | - | |||
| Median | - | 11.1x | - |