Zoe’s Kitchen, Inc. to Cava Group, Inc.

Deal Information

Target

Zoe’s Kitchen, Inc.

Acquiror

Cava Group, Inc.

Sector

Target Type

Public

Acquiror Type

Strategic

Advisors

Piper Sandler

Enterprise Value

$298M

EV / LTM Sales

EV / LTM EBITDA

16.3x

EV / Fwd EBITDA

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

16 comps


-	Jamba	FOCUS Brands	-	-	15.1x	-
-	Fogo de Chão	Rhône Capital	-	-	10.2x	-
-	Qdoba Restaurant Corporation	Apollo Global Management	-	-	5.3x	-
-	Buffalo Wild Wings	Arby’s Restaurant Group	-	-	10.8x	-
-	Cafe Rio Mexican Grill	Freeman Spogli & Co.	-	-	13.2x	-
-	Panera Bread Company	JAB Holding Company	-	-	18.2x	-
-	Checkers & Rally’s Restaurants	Oak Hill Capital Partners	-	-	11.0x	-
-	Popeyes Louisiana Kitchen	Restaurant Brands International	-	-	20.9x	-
-	Kahala Brands	MTY Food Group	-	-	10.5x	-
-	Krispy Kreme Doughnuts	JAB Holding Company	-	-	16.9x	-
-	Del Taco Holdings	Levy Acquisition Corp.	-	-	8.2x	-
-	Einstein Noah Restaurant Group	JAB Holding Company	-	-	10.1x	-
-	Tim Hortons	Burger King Worldwide	-	-	16.1x	-
-	Portillo Restaurant Group	Berkshire Partners	-	-	13.3x	-
-	CEC Entertainment	Apollo Global Management	-	-	7.8x	-
-	Caribou Coffee Company	JAB Holding Company	-	-	11.4x	-
	Mean			-	12.4x	-
	Median			-	11.2x	-

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

WACC: 9.2% – 14.2%
Terminal method: Exit multiple
Terminal assumption: 9.9x – 12.4x (fiscal 2022 Adjusted EBITDA)
Forecast basis: -
Forecast period: 2H fiscal 2018 to fiscal 2022 (Company Projections), discounted to 2018-07-09

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Piper Sandler	9.2% – 14.2%	Exit multiple	9.9x – 12.4x (fiscal 2022 Adjusted EBITDA)	-	2H fiscal 2018 to fiscal 2022 (Company Projections), discounted to 2018-07-09	Open