M&A · Industrials · Retail-Eating Places
Restaurant Brands International Inc. to acquire Carrols Restaurant Group, Inc.
Announced Jan 16, 2024 · Closed May 16, 2024
Deal value$1.00BEV $1.00B
Premium13.4%To unaffected price
EV / Adj. EBITDA6.9x
ConsiderationAll cash$9.55 per share
Transaction
- Acquirer
- Restaurant Brands International Inc. (QSR)
- Target
- Carrols Restaurant Group, Inc.
- Buyer type
- Strategic
- Offer price per share
- $9.55
- Enterprise value
- $1.00B
- Status
- Closed May 16, 2024
Deal protections
- Break fee (target pays)
- $19.0M · 1.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- JPMorgan
- To the target
- Jefferies
- Jefferies fee
- $1.0M
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 13.4% vs. 47.1% sector median
- EV / Adj. EBITDA
- 6.9x vs. 10.8x sector median
- Break fee
- 1.9% vs. 2.8% sector median
Timeline
- AnnouncedJan 16, 2024
- Proxy filedMar 4, 2024
- Definitive proxyApr 12, 2024
- Shareholder voteMay 15, 2024
- ClosedMay 16, 2024
Valuation · fairness opinions
Trading comparables$7.80$10.00
Trading comparables$8.35$10.70
Discounted cash flow$6.10$10.35
Trading comparables$7.90$10.10
Trading comparables$8.45$10.80
Offer $9.55
Implied value per Carrols Restaurant Group, Inc. share by analysis, from Jefferies.