Firehouse Restaurant Group Inc. (Firehouse Subs) acquired by Restaurant Brands International Inc.

Basis

• USD 1.0bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / EBITDA is 20x, calculated from USD 1.0bn value and USD 50.0m EBITDA.
• EBITDA and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• Reported EV is $1 billion, identified as total enterprise value in RBI’s transaction presentation. RBI’s annual filing separately reports approximately $1.033 billion total consideration, subject to post-closing adjustments; this is not substituted for the stated EV. Firehouse Subs was expected to generate roughly $50 million of 2021E adjusted EBITDA. The approximately 20x EV/EBITDA is approximate arithmetic, not a separately reported multiple. The approximately $1.1 billion 2021E system-wide sales figure is restaurant operating sales, not corporate revenue; franchise sales are not recorded as revenues. Approximate arithmetic: $1 billion reported EV divided by roughly $50 million of 2021E adjusted EBITDA. RBI estimated roughly $50 million of 2021E adjusted EBITDA. The 20x multiple is approximate arithmetic, not a separately reported exact multiple.