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Fairness Opinion Detail

HABT FOOpen source

The Habit Restaurants, Inc. to Yum! Brands, Inc.

Restaurants/Jan 2020/Piper Sandler

Deal Information

Target
The Habit Restaurants, Inc.
Acquiror
Yum! Brands, Inc.
Sector
Restaurants
Target Type
Public
Acquiror Type
Strategic
Advisors
Piper Sandler

Transaction Metrics

Enterprise Value
$385M
EV / LTM Sales
EV / LTM EBITDA
11.8x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Piper Sandler

19 comps
Apr 2019Papa Murphys HoldingsMTY Food Group$186M-8.4x-
Nov 2018Global Franchise GroupLion Capital, Serruya Private Equity$400M-8.6x-
Nov 2018BojanglesDurational Capital, The Jordan Company$754M-11.1x-
Aug 2018Zoes KitchenCAVA Group$298M-16.3x-
Aug 2018JambaFOCUS Brands$203M-15.1x-
Dec 2017Qdoba Restaurant CorporationApollo Global Management$305M-5.3x-
Sep 2017Cafe Rio Mexican GrillFreeman Spogli & Co.$280M-13.2x-
Mar 2017Checkers & Rallys RestaurantsOak Hill Capital Partners$525M-11.0x-
Feb 2017Popeyes Louisiana KitchenRestaurant Brands International$1.8B-20.9x-
May 2016Kahala BrandsMTY Food Group$327M-10.5x-
May 2016Krispy Kreme DoughnutsJAB Holding Company$1.3B-16.9x-
Mar 2015Del Taco HoldingsLevy Acquisition Corp.$500M-8.2x-
Sep 2014Einstein Noah Restaurant GroupJAB Holding Company$471M-10.1x-
Aug 2014Portillo Restaurant GroupBerkshire Partners$875M-13.3x-
Dec 2012Caribou Coffee CompanyJAB Holding Company$307M-11.4x-
Mar 2012The Krystal CompanyArgonne Capital Group$120M-5.7x-
Jun 2011Arbys Restaurant GroupRoark Capital Group$339M-6.4x-
Dec 2010Noodles & CompanyCatterton Partners$265M-10.4x-
Apr 2010CKE RestaurantsApollo Global Management$1.0B-6.5x-
Mean-11.0x-
Median-10.5x-