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Fairness Opinion Detail
CHUY FOOpen source
Chuy's to Darden Restaurants, Inc.
Deal Information
Target
Chuy's
Acquiror
Darden Restaurants, Inc.
Sector
Restaurants
Target Type
Public
Acquiror Type
Strategic
Advisors
Piper Sandler
Transaction Metrics
Enterprise Value
$605M
EV / LTM Sales
1.3x
EV / LTM EBITDA
10.8x
EV / Fwd EBITDA
10.9x
Advisor Transaction Comparables
Comparable transactions cited by the advisor, excluding the subject transaction.
Advisor: Piper Sandler
20 comps
| Apr 2024 | TGI Fridays (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Hostmore | - | - | 5.4x | - |
| Mar 2024 | Safflower Holdings (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | The ONE Hospitality Group | - | - | 5.8x | - |
| May 2023 | Ruth's Hospitality Group (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Darden Restaurants | - | - | 9.4x | - |
| Aug 2022 | BBQ Holdings (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | MTY Food Group | - | - | 10.5x | - |
| Apr 2022 | Main Event (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Dave & Buster's Entertainment | - | - | 9.3x | - |
| Sep 2021 | Twin Peaks (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | FAT Brands | - | - | 10.0x | - |
| Jul 2021 | J. Alexander's Holdings (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | SPB Hospitality | - | - | 8.7x | - |
| Sep 2019 | Del Frisco's Double Eagle & Del Frisco's Grille (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. * Represents proprietary multiple. | Landry's | - | - | - | - |
| Jun 2019 | Del Frisco's Restaurant Group (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | L Catterton | - | - | 18.8x | - |
| May 2018 | Barteca Restaurant Group (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Del Frisco's Restaurant Group | - | - | 18.0x | - |
| Mar 2018 | Bravo Brio Restaurant Group (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Spice Private Equity | - | - | 6.6x | - |
| Feb 2018 | Fogo de Chão (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Rhône Capital | - | - | 10.2x | - |
| Nov 2017 | Buffalo Wild Wings (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Arby's Restaurant Group | - | - | 10.8x | - |
| Oct 2017 | Ruby Tuesday (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | NRD Capital Management | - | - | 5.0x | - |
| Mar 2017 | Cheddar's Casual Café (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Darden Restaurants | - | - | 10.4x | - |
| Jan 2017 | Bob Evans Restaurants (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Golden Gate Capital | - | - | 6.5x | - |
| May 2015 | Frisch's Restaurants (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | NRD Capital Management | - | - | 6.3x | - |
| May 2014 | TGI Fridays (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Sentinel Capital Partners, Tri-Artisan Capital Partners | - | - | 8.0x | - |
| May 2014 | Red Lobster Seafood Co. (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Golden Gate Capital | - | - | 5.6x | - |
| Jan 2014 | CEC Entertainment (1) For transactions with significant real estate value where there was an associated sale-leaseback, enterprise value is adjusted to exclude sale-leaseback proceeds and EBITDA is burdened for pro forma rent where applicable. (2) Represents EBITDA adjusted for disclosed non-recurring items and burdened for pre-opening costs and stock based compensation. | Apollo Global Management | - | - | 7.8x | - |
| Mean | - | 9.1x | - | |||
| Median | - | 8.7x | - |