M&A · Industrials · Retail-Eating Places
Authentic Restaurant Brands to acquire Fiesta Restaurant Group, Inc.
Announced Aug 7, 2023 · Closed Oct 30, 2023
Deal value$222MEV $188M
Premium16.8%To unaffected price
EV / Adj. EBITDA16.5x
ConsiderationAll cash$8.50 per share
Transaction
- Acquirer
- Authentic Restaurant Brands
- Target
- Fiesta Restaurant Group, Inc.
- Buyer type
- Strategic
- Offer price per share
- $8.50
- Enterprise value
- $188M
- Status
- Closed Oct 30, 2023
Deal protections
- Break fee (target pays)
- $8.5M · 3.8%
- Reverse fee (buyer pays)
- $14.0M · 6.3%
- Go-shop
- No-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Guggenheim, William Blair
- To the target
- Jefferies, Houlihan Lokey
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 16.8% vs. 47.1% sector median
- EV / Adj. EBITDA
- 16.5x vs. 11.1x sector median
- Break fee
- 3.8% vs. 2.8% sector median
Timeline
- AnnouncedAug 7, 2023
- Proxy filedSep 11, 2023
- Definitive proxySep 22, 2023
- Shareholder voteOct 24, 2023
- ClosedOct 30, 2023
Valuation · fairness opinions
Trading comparables$7.00$8.00
Trading comparables$7.03$8.38
Trading comparables$8.16$10.07
Precedent transactions$7.68$9.72
Discounted cash flow$8.17$9.84
Offer $8.50
Implied value per Fiesta Restaurant Group, Inc. share by analysis, from Houlihan Lokey · DCF discount rate 16%–18%.