M&A · Industrials · Retail-Eating Places
MTY Food Group Inc. to acquire BBQ Holdings, Inc.
Announced Aug 9, 2022 · Closed Sep 28, 2022
Deal value$200MEV $164M
Premium—To unaffected price
EV / Adj. EBITDA9.1x0.7x EV / Revenue
ConsiderationAll cash$17.25 per share
Transaction
- Acquirer
- MTY Food Group Inc. (MTY)
- Target
- BBQ Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $17.25
- Enterprise value
- $164M
- Status
- Closed Sep 28, 2022
Deal protections
- Break fee (target pays)
- $7.8M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- National Bank Financial
- To the target
- Kroll
Sector context · Industrials
- Comparable deals
- 76 in the prior 24 months
- Premium
- Sector median 47.4%
- EV / Adj. EBITDA
- 9.1x vs. 10.9x sector median
- Break fee
- 3.9% vs. 2.7% sector median
Timeline
- AnnouncedAug 9, 2022
- Tender offerAug 9, 2022
- ClosedSep 27, 2022
Valuation · fairness opinions
Trading comparables$13.48$16.77
Offer $17.25
Implied value per BBQ Holdings, Inc. share by analysis.