M&A · Industrials · Retail-Eating Places
SPB Hospitality LLC to acquire J. Alexander's Holdings, Inc.
Announced Jul 2, 2021 · Closed Sep 30, 2021
Deal value$220MEV $210M
Premium14.0%To unaffected price
EV / Adj. EBITDA—1.1x EV / Revenue
ConsiderationAll cash$14.00 per share
Transaction
- Acquirer
- SPB Hospitality LLC
- Target
- J. Alexander's Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $14.00
- Enterprise value
- $210M
- Status
- Closed Sep 30, 2021
Deal protections
- Break fee (target pays)
- $7.8M · 3.5%
- Reverse fee (buyer pays)
- $10.0M · 4.5%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Piper Sandler
Sector context · Industrials
- Comparable deals
- 30 in the prior 24 months
- Premium
- 14.0% vs. 33.5% sector median
- EV / Adj. EBITDA
- Sector median 10.6x
- Break fee
- 3.5% vs. 2.5% sector median
Timeline
- AnnouncedJul 2, 2021
- Proxy filedAug 9, 2021
- Definitive proxyAug 23, 2021
- Shareholder voteSep 28, 2021
- ClosedSep 30, 2021