Fiesta Restaurant Group to Authentic Restaurant Brands

Restaurants/Aug 2023/Houlihan

Deal Information

Target

Fiesta Restaurant Group

Acquiror

Authentic Restaurant Brands

Sector

Restaurants

Target Type

Public

Acquiror Type

Strategic

Advisors

Houlihan

Enterprise Value

$193M

EV / LTM Sales

EV / LTM EBITDA

8.3x

EV / Fwd EBITDA

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

14 comps


May 2023	Ruth's Hospitality Group, Inc.	Darden Restaurants, Inc.	-	-	8.9x	-
Aug 2022	BBQ Holdings, Inc.	MTY Franchising USA, Inc.	-	-	10.7x	-
Dec 2021	Del Taco Restaurants, Inc.	Jack in the Box Inc.	-	-	10.1x	-
Jul 2021	Taco Cabana, Inc.	Yadav Enterprises, Inc.	-	-	10.0x	-
Jan 2020	The Habit Restaurants, Inc.	Yum! Brands, Inc.	-	-	10.1x	-
Nov 2019	Diversified Restaurant Holdings, Inc.	ICV Partners IV, L.P.; ICV Partners, LLC	-	-	9.5x	-
Nov 2018	Bojangles', Inc.	The Jordan Company, L.P.; Durational Capital Management LP	-	-	10.9x	-
Mar 2018	Bravo Brio Restaurant Group, Inc. (nka: FoodFirst Global Restaurants, Inc.)	Spice Private Equity AG	-	-	5.6x	-
Dec 2017	Qdoba Restaurant Corporation	Apollo Global Management, LLC	-	-	5.3x	-
Nov 2017	Buffalo Wild Wings, Inc.	Arby's Restaurant Group, Inc.	-	-	11.1x	-
Nov 2017	Bento Inc.	YO! Sushi Group Ltd.	-	-	9.9x	-
Oct 2017	Ruby Tuesday, Inc.	NRD Capital Management, LLC; NRD Partners II, L.P.	-	-	7.4x	-
Mar 2017	Cheddar's, Inc	Darden Restaurants, Inc.	-	-	10.4x	-
Mar 2017	Checkers Drive-In Restaurants, Inc.	Oak Hill Capital Management, LLC	-	-	11.0x	-
	Mean			-	9.3x	-
	Median			-	10.1x	-

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
Houlihan	16.0% – 18.0%	Perpetuity growth	0.0% – 2.0%	Forecasted Financial Information	-	Open