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Industry Update: Restaurant Update: Spotlight on Fast Casual – September, 2016

September 2016.

For announced transactions, restaurant multiples saw a modest increase from 10.1x EBITDA and 0.86x revenue in 2014 to 10.1x EBITDA and 1.03x revenue in 2015.

Recent notable publicly announced M&A transactions:

– BDT Capital Partners made a significant investment in Lou Malnati’s for an undisclosed sum. The deal is expected to close in early October.

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

-The Arlon Group acquired Cicis for an undisclosed amount.

-CenterOak Partners LLC acquired an unknown majority stake in Wetzel’s Pretzels, LLC for an undisclosed amount.

-MTY Food Group Inc. entered into a definitive agreement to acquire Kahala Corp. for approximately $300 million.

-Cotton Parent, Inc. entered into a definitive agreement to acquire Krispy Kreme Doughnuts, Inc. for approximately $1.3 billion.

-Brinker International, Inc. entered into a definitive agreement to acquire Pepper Dining, Inc. for approximately $106 million.

-Peakstone advises PepperJax Grill on sale of company to TA Associates for an undisclosed amount.

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