September, 2018

For announced transactions, Restaurant multiples saw a modest increase from 9.6x EBITDA in 2016 to 10.8x EBITDA in 2017.

Select recent notable publicly announced M&A transactions:

– Cava Group, Inc. acquired Zoe’s Kitchen, Inc. (NYSE:ZOES) for approximately $250 million.

– Focus Brands Inc. acquired Jamba Inc. (Nasdaq:JMBA) for approximately $210 million.

– Del Frisco’s acquired Barteca for approximately $330 million.

– Spice Private Equity acquired Bravo Brio Restaurant Group for approximately $100 million.

– Rhone acquired Fogo de Chao for approximately $450 million.

– Apollo acquired Qdoba for approximately $305 million.

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