Buffalo Wild Wings, Inc. to Arby’s Restaurant Group

Deal Information

Target

Buffalo Wild Wings, Inc.

Acquiror

Arby’s Restaurant Group

Sector

Target Type

Public

Acquiror Type

Strategic

Advisors

Goldman Sachs

Enterprise Value

$2.9B

EV / LTM Sales

1.4x

EV / LTM EBITDA

10.8x

EV / Fwd EBITDA

10.5x

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

EV / LTM EBITDA selected range: 8.0x - 11.0x

13 comps


	Apr 2017	Panera Bread Company	JAB Holdings B.V.	-	-	18.5x	-
U.S. casual dining (printed in italics)
	Mar 2017	Cheddar’s Restaurant Holding Corp. (1) Transaction EV before expected tax benefits.	Darden Restaurants, Inc.	-	-	10.8x	-
	Mar 2017	Checkers Drive-In Restaurants, Inc.	Oak Hill Capital Partners	-	-	11.0x	-
	Feb 2017	Popeye’s Louisiana Kitchen, Inc.	Restaurant Brands International Inc.	-	-	20.6x	-
	Mar 2015	Del Taco Restaurants, Inc.	Levy Acquisition Corp.	-	-	8.7x	-
U.S. casual dining (printed in italics)
	May 2014	Red Lobster	Golden Gate Capital	-	-	9.2x	-
	Feb 2014	CEC Entertainment, Inc.	Apollo Global Management, LLC	-	-	7.9x	-
	Jul 2012	Yard House USA, Inc. (2) LTM EBITDA as of December 2011. Transaction EV before expected tax benefits.	Darden Restaurants, Inc.	-	-	15.0x	-
	May 2012	P.F. Chang’s China Bistro, Inc.	Centerbridge Partners, L.P.	-	-	8.7x	-
	Nov 2011	NPC International, Inc.	Olympus Partners, L.P.	-	-	7.5x	-
	Sep 2010	Burger King Holdings, Inc.	3G Capital Partners, Ltd.	-	-	9.0x	-
	Jul 2010	CKE Restaurants, Inc.	Apollo Global Management, LLC	-	-	6.8x	-
U.S. casual dining (printed in italics)
	May 2010	Dave & Buster’s	Oak Hill Capital	-	-	7.3x	-
		Mean			-	10.8x	-
		Median			-	9.0x	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	7.5% – 8.5%	Perpetuity growth	2.5% – 3.5%	-	2017-09-24 to 2021-12-26 (projections)	Open