September, 2017

For announced transactions, Restaurant multiples saw a modest increase from 9.6x EBITDA in 2016 to 10.4x EBITDA in year-to-date 2017.

Select recent notable publicly announced M&A transactions:

– J. Alexander’s LLC acquired Ninety Nine Restaurant, Inc. for approximately $200 million.

– Kelly Companies of Southern California, LLC acquired Ignite Restaurant Group, Inc. for approximately $170 million.

– Rye Parent Corp. acquired Panera Bread Company for approximately $7.7 billion.

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

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

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