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Fairness Opinion Detail

EWCZ FOOpen source

European Wax Center to General Atlantic

General Retail/Feb 2026/Moelis

Deal Information

Target
European Wax Center
Acquiror
General Atlantic
Sector
General Retail
Target Type
Public
Acquiror Type
Financial
Advisors
Moelis

Transaction Metrics

Enterprise Value
$641M
EV / LTM Sales
3.1x
EV / LTM EBITDA
8.8x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Moelis

TEV / LTM EBITDA selected range: 8.0x - 10.0x

22 comps
Nov 2025Denny's CorporationTriArtisan Capital Advisors LLC$620M-8.0x-
Oct 2025Del Taco Holdings, Inc.
(1) Del Taco 3Q25 LTM Adjusted EBITDA reflects the average of equity research estimates.
Yadav Enterprises Inc.$115M-5.9x-
Dec 2021Del Taco Restaurants, Inc.Jack in the Box Inc.$575M-9.4x-
Apr 2019Papa Murphy's Holdings, Inc.MTY Food Group Inc.$190M-8.5x-
Nov 2018Bojangles', Inc.Durational Capital Management LP and The Jordan Company, L.P.$754M-10.3x-
Aug 2018Jamba, Inc.Focus Brands Inc.$198M-13.5x-
Mar 2017Checkers Drive-In Restaurants, Inc.Oak Hill Capital Partners$525M-11.0x-
May 2016Kahala Brands Ltd.MTY Food Group Inc.$300M-10.1x-
Jul 2025Space NK LimitedUlta Beauty, Inc.$407M---
Sep 2024solidcoreL Catterton$650M-13.0x-
Sep 2024Blink Fitness
(2) Blink Fitness Adjusted EBITDA reflects run-rate Adjusted EBITDA as reported.
Pure Gym$121M-10.7x-
Jun 2023SEV LaserLevine Leichtman Capital Partners$260M-20.0x-
Dec 2019Fitness WorldPure Gym Ltd.$459M-7.2x-
Nov 2017Pure Gym LtdLeonard Green & Partners, L.P.$785M-8.4x-
Feb 2016Forefront DermatologyOMERS$450M-15.0x-
Oct 2025Clever FitBasic-Fit NV$204M-13.6x-
Sep 2025Freddy's LLCRhône Group L.L.C.$700M-12.7x-
Apr 2025Crunch Holdings, LLCLeonard Green & Partners L.P.$1.5B-15.0x-
Mar 2025Dave's Hot ChickenRoark Capital Group$1.0B---
Aug 2022BBQ Holdings, Inc.MTY Franchising USA, Inc.$205M-10.1x-
Nov 2021Firehouse Restaurant Group Inc.Restaurant Brands International$1.0B-20.0x-
May 2016Krispy Kreme Doughnuts Inc.JAB Holding Co.$1.4B-18.3x-
Mean-12.0x-
Median-10.8x-

DCF Assumptions

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

Moelis

4 DCF scenarios
Open
WACC
9.25% – 12.0%
Terminal method
Exit multiple
Terminal assumption
6.5x – 8.5x (Terminal year EBITDA (50% Achievability Case))
Forecast basis
50% Achievability Case
Forecast period
fiscal years 2026 through 2030
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