Report Outline. Finance & Valuations 2015
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1 Industry Data Report Finance & Valuations 2015 RR s Finance & Valuation IDR is based on survey responses (equally weighted) from 44 finance companies including traditional cash flow franchise lenders, sale leaseback companies, SBA lenders, equipment finance companies and financial consultants/advisors. Report highlights: (1) 2014 restaurant originations were in-line with the strong performance of the previous 2 years; (2) 2015 originations are expected to increase at a more significant pace as a result of heightened competition among lenders and new refranchising opportunities; (3) borrowing rates continue to decline due to narrower loan spreads (which may be slightly off-set by the prospect of higher interest rates later in the year); (4) EBITDA valuation multiples for large chains continue their modest, but steady improvement with premiums paid for larger deals; (5) the disparity between private and public company valuations remains near its recent peak; and (6) cap rates reached new lows. Table of Contents Page Financing Restaurant Finance Overview 2 Origination Volume & Portfolio Size 3 Estimated Franchisee Financing Needs 4 Key Rates 5 Equity Requirements 6 Leverage Ratios 7 Loan & Amortization Terms 8 Valuations 2H:14 Valuation Update 9 EBITDA Multiples by Chain 10 Factors Impacting Valuations 11 Public Company Valuations Real Estate Cap Rates 14 Valuation Methodology 15 Survey Participants & Contact Listing Survey Participants & Roster Changes 16 Key Finance & Valuation Contacts RR Overview 19 Copyright: This Restaurant Research LLC document is copyrighted material. Due to the No Electronic Theft (NET) Act of 1997, electronic forwarding or other forms of redistribution, without the express permission of Restaurant Research LLC, are violations of law and could be subject to fines of up to $250,000 and up to five years of imprisonment, even when no financial gain or commercial advantage accrues to the forwarder/re-distributor. Copyright 2015 Restaurant Research LLC. All rights reserved.
2 IDR: Finance & Valuations Source: RR Estimates Page 2
3 Origination Volumes & Portfolio Size IDR: Finance & Valuations Source: RR Estimates Page 3
4 IDR: Finance & Valuations Source: RR Estimates Page 4
5 Key Rates IDR: Finance & Valuations Source: RR Estimates Page 5
6 Equity Requirements IDR: Finance & Valuations Source: RR Estimates Page 6
7 Leverage Ratios IDR: Finance & Valuations Source: RR Estimates Page 7
8 Loan & Amortization Terms IDR: Finance & Valuations Source: RR Estimates Page 8
9 Estimated Franchisee Unit Level Valuations IDR: Finance & Valuations Source: RR Estimates Page 9
10 IDR: Finance & Valuations Source: RR Estimates Page 10
11 Source: Restaurant Research LLC January 2015 Valuation Survey Availability of Capital Financing Terms Unit Level Economics Availability of Units for Sale Summary of Valuation Comments Survey Participant Contact Information Firm Contact Main Number Advanced Restaurant Sales, LLC Greenwood Advisors, LLC Hopkins Appraisal Services, Inc. EPK National Restaurant Appraisal National Franchise Sales National Restaurant Brokers, Inc. Praetorian Group IDR: Finance & Valuations Source: RR Estimates Page 11
12 Public Company Valuations (EV/EBITDA) IDR: Finance & Valuations Source: RR Estimates Page 12
13 IDR: Finance & Valuations Source: RR Estimates Page 13
14 Marcus & Millichap Real Estate Cap Rates About the Contributing Firm: The Nisbet Group is a member of the National Retail Group of Marcus & Millichap which specializes in representing institutional and private companies in the disposition of multi-tenant and single tenant retail properties. For more information please contact Hank Wolfer of The Nisbet Group at (206) IDR: Finance & Valuations Source: RR Estimates Page 14
15 Valuation Methodology (1) Business Value is determined by using an appropriate multiple of adjusted EBITDA Some typical EBITDA adjustments include: (2) Real Estate Value (land and building) is determined by: Example - Fee Restaurant Property Business Value Real Estate Value Sales Adjusted EBITDAR Implied Rent Adjusted EBITDA Multiple Business Value Implied Rent/sales Implied Rental Income Cap Rate Real Estate Value Total Value IDR: Finance & Valuations Source: RR Estimates Page 15
16 Industry Player Roster Changes Entrants/Expansion Exits/Contraction M&A/Partnerships IDR: Finance & Valuations Source: RR Estimates Page 16
17 Company Contact Phone # Amegy Bank ApplePie Capital Atlantic Capital Bank Bank of America Merrill Lynch Bankers One Capital BBVA Compass BMO Harris Bank Cadence Bank, N.A. Capital One Citizens Bank Restaurant Finance City National Bank Direct Capital Corporation Element Financial EverBank Fidelity Cooperative Bank Fifth Third Bank Restaurant and Beverage Finance Group First Franchise Capital Corporation FirstMerit Bank NFA Restaurant Finance Pacific Premier Franchise Capital Pinnacle Commercial Capital PNC Bank, N.A. Regions Restaurant Banking Group Signature Financial TCF Franchise Finance TD Bank, NA The Huntington National Bank United Capital Business Lending Vendor Alliance Capital, Inc. Webster Bank, N.A. Restaurant Research Franchise Finance Contacts Regional Focus Industries Served Type of Financing Typical Deal size Development Real Restaurant C&G Other Retail Estate Equipment Enterprise SBA Sale- Leaseback Mezz Financing Min Max Avg Yrs. In Business Finance Companies Minimum Requirements Units Owned
18 Company Contact Phone # Wells Fargo Bank - Restaurant Finance Group Western Alliance Bank Western Equipment Finance Wintrust Franchise Services Stan Johnson Company The Nisbet Group of Marcus & Millichap Auspex Capital, LLC Capital Growth Advisors, LLC Peak Franchise Capital LLC Trinity Capital, LLC Advanced Restaurant Sales, LLC Greenwood Advisors, LLC Hopkins Appraisal Services, Inc. National Franchise Sales National Restaurant Appraisal National Restaurant Brokers, Inc. Praetorian Group Restaurant Research Franchise Finance Contacts Regional Focus Industries Served Type of Financing Typical Deal size Development Real Restaurant C&G Other Retail Estate Equipment Enterprise SBA Sale- Leaseback Mezz Financing Min Max Avg Yrs. In Business Sale Leaseback Companies Financial Consultants & Advisors Valuation Experts/Brokers Minimum Requirements Units Owned
19 Visit or contact us at (203) or to: Ask us about custom research projects Sign-up for free RR Thermometer publication Copyright: This Restaurant Research LLC document is copyrighted material. Copyright 2015 Restaurant Research LLC. All rights reserved. Disclosure: Restaurant Research LLC often sells report subscriptions to concepts under our coverage. Disclaimer of Liability: Although the information in this report has been obtained from sources Restaurant Research LLC believes to be reliable, RR does not guarantee its accuracy. The views expressed herein are subject to change without notice and in no case can be considered as an offer or solicitation with regard to the purchase or sales of any securities. Restaurant Research s analyses and opinions are not a guarantee of the future performance of any company or individual franchisee. RR disclaims all liability for any misstatements or omissions that occur in the publication of this report. In making this report available, no client, advisory, fiduciary or professional relationship is implied or established. This report is intended to provide an overview of the restaurant industry, but cannot be used as a substitute for independent investigations and sound business judgment.
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