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

January, 2017.

For announced transactions, restaurant multiples saw a modest decrease from 10.1x EBITDA and 1.03x revenue in 2015 to 9.6x EBITDA and 0.9x revenue in 2016.

Recent notable publicly announced M&A transactions:

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

– 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. 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.

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

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