Precedent Transaction

Firehouse Subs to Restaurant Brands International

This transaction does not yet have a standalone deal record. The observations below come from fairness opinions that cited it as a comparable transaction.

Fairness Opinion Citations

1 source-specific observation.

Date	Fairness Opinion	Advisor	Sector	Enterprise Value	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Filing
-	TACO FO	Piper Sandler	Restaurants	-	-	-	-	Financial data based on publicly available research analysts' estimates, public filings and other publicly available information. Where applicable, pro forma for significant owned real estate by adjusting transaction enterprise values for sale-leaseback proceeds and adjusting target companies' EBITDA for incremental rent expense.	Open