Industry Update: Restaurant Industry Insight Spotlight on Fast Casual- October, 2017

October, 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:

– NRD Capital Management, LLC acquired Ruby Tuesday, Inc. for approximately $360 million.

– L Catterton acquired Uncle Julio’s Corporation for an undisclosed sum.

– FAT Brands Inc. acquired Homestyle Dining, LLC for approximately $10 million

– 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


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