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Industry Update: Restaurant Update: Spotlight on Fast Casual – April, 2017

April, 2017

For announced transactions, restaurant multiples saw a modest increase from 0.9x revenue in 2016 to 1.3x revenue in year-to-date 2017.

Recent notable publicly announced M&A transactions:

– Peakstone advises PepperJax Grill on sale of company to TA Associates.

– JAB Holdings B.V. entered into an agreement to acquire Panera Bread Company for approximately $7 billion. The transaction is expected to close during the third quarter of 2017.

– Darden Restaurants, Inc. acquired Cheddar’s Casual Cafe, Inc. for approximately $780 million.

– Oak Hill Capital Partners acquired Checkers Drive-In Restaurants for approximately $525 million.

– Restaurant Brands International Inc. acquired Popeyes Louisiana Kitchen, Inc. for approximately $2 billion.

– Golden Gate Capital acquired Bob Evans Farms, LLC for approximately $565 million.

– Cortland Capital Market Services LLC entered in an agreement to acquire Garden Fresh Restaurant Corp. for approximately $98 million.

– REINS international Inc. agreed to acquire Reins International (USA) Co Ltd for approximately $87 million.

– BDT Capital Partners made a significant investment in Lou Malnati’s for an undisclosed sum.

– Roark Capital Group acquired majority stake in Jimmy John’s Franchise, LLC for an undisclosed amount