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Fairness Opinion Detail

Del Taco Restaurants, Inc. to Jack in the Box Inc.

Restaurants/Dec 2021/Piper Sandler

Deal Information

Target
Del Taco Restaurants, Inc.
Acquiror
Jack in the Box Inc.
Sector
Restaurants
Target Type
Public
Acquiror Type
Strategic
Advisors
Piper Sandler

Transaction Metrics

Enterprise Value
$573M
EV / LTM Sales
1.1x
EV / LTM EBITDA
11.0x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Piper Sandler

16 comps
-Firehouse Subs
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Restaurant Brands International----
-Papa Murphy's Holdings
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
MTY Food Group----
-Global Franchise Group
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Lion Capital, Serruya Private Equity----
-Bojangles'
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Durational Capital, The Jordan Company----
-Sonic Corp.
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Inspire Brands----
-Jamba
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
FOCUS Brands----
-Qdoba Restaurant Corporation
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Apollo Global Management----
-Checkers & Rally's Restaurants
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Oak Hill Capital Partners----
-Popeyes Louisiana Kitchen
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Restaurant Brands International----
-Kahala Brands
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
MTY Food Group----
-Einstein Noah Restaurant Group
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
JAB Holding Company----
-Portillo Restaurant Group
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Berkshire Partners----
-Caribou Coffee Company
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
JAB Holding Company----
-The Krystal Company
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Argonne Capital Group----
-Arby's Restaurant Group
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Roark Capital Group----
-CKE Restaurants
Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.
Apollo Global Management----
Mean---
Median---