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Fairness Opinion Detail

DFRG FOOpen source

Del Frisco’s Restaurant Group, Inc. to L Catterton

Restaurants/Jun 2019/Piper Sandler

Deal Information

Target
Del Frisco’s Restaurant Group, Inc.
Acquiror
L Catterton
Sector
Restaurants
Target Type
Public
Acquiror Type
Financial
Advisors
Piper Sandler

Transaction Metrics

Enterprise Value
EV / LTM Sales
EV / LTM EBITDA
12.0x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Piper Sandler

25 comps
-Mar 2018Bravo Brio Restaurant Group
Before preop exp. and SBC; 6.6x after
Spice Private Equity$101M-6.1x-
Feb 2018Fogo de Chão
Before preop exp. and SBC; 10.2x after
Rhône Capital$558M-9.5x-
Nov 2017Buffalo Wild Wings
Before preop exp. and SBC; 10.8x after
Arby's Restaurant Group$2.3B-10.4x-
Oct 2017Ruby Tuesday
Before preop exp. and SBC; 5.0x after
NRD Capital Management$138M-4.5x-
Mar 2017Cheddar's Casual Café
EV/EBITDA before PO & SBC not meaningful (NA); 10.4x after PO & SBC
Darden Restaurants$810M---
May 2014TGI Fridays
Before preop exp. and SBC; 8.0x after
Sentinel Capital Partners, TriArtisan Capital Partners$800M-7.3x-
May 2014Red Lobster Seafood Co.
EV/EBITDA before PO & SBC not meaningful (NA); 5.6x after PO & SBC
Golden Gate Capital$613M---
Jan 2014CEC Entertainment
Before preop exp. and SBC; 7.8x after
Apollo Global Management$1.3B-7.4x-
Sep 2012J. Alexander's Corp.
Before preop exp. and SBC; 8.8x after
American Blue Ribbon Holdings$100M-8.5x-
Jul 2012Yard House USA
Before preop exp. and SBC; 19.0x after
Darden Restaurants$585M-14.9x-
May 2012Benihana
Before preop exp. and SBC; 9.2x after
Angelo, Gordon & Co.$290M-8.0x-
May 2012P.F. Chang's China Bistro
Before preop exp. and SBC; 8.3x after
Centerbridge Partners$1.1B-8.2x-
Feb 2012O'Charley's
Before preop exp. and SBC; 6.5x after
Fidelity National Financial$202M-6.1x-
Dec 2011Morton's Restaurant Group
Before preop exp. and SBC; 7.3x after
Landry's$182M-6.7x-
Nov 2011McCormick & Schmick's Seafood Restaurants
Before preop exp. and SBC; 6.9x after
Landry's$133M-6.8x-
May 2011California Pizza Kitchen
Before preop exp. and SBC; 7.7x after
Golden Gate Capital$455M-6.9x-
Nov 2010Bubba Gump Shrimp Co.
Before preop exp. and SBC; 6.5x after
Landry's$113M-6.5x-
Aug 2010Logan's Roadhouse
Before preop exp. and SBC; 7.9x after
Kelso & Company$577M-7.7x-
Jun 2010Landry's Restaurants
Before preop exp. and SBC; 7.6x after
Tilman J. Fertitta$1.3B-7.5x-
May 2010Dave & Buster's Holdings
Before preop exp. and SBC; 7.3x after
Oak Hill Capital Partners$570M-6.9x-
Aug 2007Yard House USA
Before preop exp. and SBC; 13.4x after
TSG Consumer Partners$161M-11.8x-
Aug 2007RARE Hospitality International
Before preop exp. and SBC; 10.4x after
Darden Restaurants$1.4B-9.1x-
Jul 2007Applebee's International
Before preop exp. and SBC; 10.0x after
IHOP Corp.$2.1B-9.0x-
May 2007OSI Restaurant Partners
Before preop exp. and SBC; 9.5x after
Bain Capital, Catterton Management Company$3.5B-8.1x-
May 2007Smith & Wollensky Restaurant Group
Before preop exp. and SBC; 12.5x after
Patina Restaurant Group$103M-12.1x-
Mean-8.3x-
Median-7.7x-

DCF Assumptions

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

Piper Sandler

Open
WACC
12.0% – 17.0%
Terminal method
Exit multiple
Terminal assumption
7.0x – 9.0x (FY2023E Adjusted EBITDA After Pre-Opening Costs and Share Based Compensation)
Forecast basis
Company Projections (Final Company Projections from June 2019)
Forecast period
second half of fiscal year 2019 (Q3–Q4 FY2019) through fiscal year 2023
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