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Fairness Opinion Detail

FRGI FOOpen source

Fiesta Restaurant Group to Authentic Restaurant Brands

Restaurants/Aug 2023/Houlihan

Deal Information

Target
Fiesta Restaurant Group
Acquiror
Authentic Restaurant Brands
Sector
Restaurants
Target Type
Public
Acquiror Type
Strategic
Advisors
Houlihan

Transaction Metrics

Enterprise Value
$193M
EV / LTM Sales
EV / LTM EBITDA
8.3x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Houlihan

14 comps
May 2023Ruth's Hospitality Group, Inc.Darden Restaurants, Inc.--8.9x-
Aug 2022BBQ Holdings, Inc.MTY Franchising USA, Inc.--10.7x-
Dec 2021Del Taco Restaurants, Inc.Jack in the Box Inc.--10.1x-
Jul 2021Taco Cabana, Inc.Yadav Enterprises, Inc.--10.0x-
Jan 2020The Habit Restaurants, Inc.Yum! Brands, Inc.--10.1x-
Nov 2019Diversified Restaurant Holdings, Inc.ICV Partners IV, L.P.; ICV Partners, LLC--9.5x-
Nov 2018Bojangles', Inc.The Jordan Company, L.P.; Durational Capital Management LP--10.9x-
Mar 2018Bravo Brio Restaurant Group, Inc. (nka: FoodFirst Global Restaurants, Inc.)Spice Private Equity AG--5.6x-
Dec 2017Qdoba Restaurant CorporationApollo Global Management, LLC--5.3x-
Nov 2017Buffalo Wild Wings, Inc.Arby's Restaurant Group, Inc.--11.1x-
Nov 2017Bento Inc.YO! Sushi Group Ltd.--9.9x-
Oct 2017Ruby Tuesday, Inc.NRD Capital Management, LLC; NRD Partners II, L.P.--7.4x-
Mar 2017Cheddar's, IncDarden Restaurants, Inc.--10.4x-
Mar 2017Checkers Drive-In Restaurants, Inc.Oak Hill Capital Management, LLC--11.0x-
Mean-9.3x-
Median-10.1x-