Finance & Valuations Report Outline
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1 Industry Data Report Finance & Valuations 2016 RR s Finance & Valuation IDR is based on survey responses (equally weighted) from 43 finance companies including traditional cash flow franchise lenders, sale leaseback companies, SBA lenders, equipment finance companies and financial consultants/advisors. Report highlights: (1) 2015 restaurant originations reached an all-time high and surpassed initial year expectations; (2) flat 2016 origination prospects reflect GE Capital s uncertain future; (3) borrowing rates continue to decline due to narrower loan spreads and still low index rates; (4) EBITDA valuation multiples for large chains continue their steady improvement, but may be peaking; (5) the disparity between private and public company valuations narrowed to 2012 levels; 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:15 Valuation Update 9 EBITDA Multiples by Chain 10 Franchisee EBITDA Multiple Estimates 11 Factors Impacting Valuations 12 Public Company Valuations Real Estate Cap Rates 15 Valuation Methodology 16 Survey Participants & Contact Listing Survey Participants & Roster Changes 17 Key Finance & Valuation Contacts 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 2016 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 Underwriting 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 RR s franchisee unit level business valuations (post G&A EBITDA multiple) are based on estimates provided by 7 leading appraisal firms (responsible for approximately 2,800 store valuations over the last 6 months across 44 national chains). Multiples are generally indicative to deal sizes below $500k in EBITDA. IDR: Finance & Valuations Source: RR Estimates Page 9
10 IDR: Finance & Valuations Source: RR Estimates Page 10
11 IDR: Finance & Valuations Source: RR Estimates Page 11
12 Source: Restaurant Research LLC January 2016 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 EPK National Restaurant Appraisal FranBizNetwork Hopkins Appraisal Services, Inc. National Franchise Sales National Restaurant Brokers, Inc. Praetorian Group IDR: Finance & Valuations Source: RR Estimates Page 12
13 Public Company Valuations (EV/EBITDA) IDR: Finance & Valuations Source: RR Estimates Page 13
14 IDR: Finance & Valuations Source: RR Estimates Page 14
15 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 15
16 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 16
17 Industry Player Roster Changes Entrants/Expansion Exits/Contraction M&A/Partnerships (1) IDR: Finance & Valuations Source: RR Estimates Page 17
18 Company Contact Phone # Amegy Bank Terry Morales (713) Texas & Gulf Coast X X X X X X Yes $5M $20M 5 10 ApplePie Capital John Neff (415) USA X X X X $100k $2.5M $400k Ascentium Capital Angela Anderson (281) USA & Canada X X X Yes $5k $1.5M $100k 3 2 Atlantic Capital Bank Mike Smith (404) USA X Auto Parts X X X X Yes $150k $15M $750k 0 0 Bank of America Merrill Lynch Shawn Janko (404) USA X X X $10M+ 5 6 Bankers One Capital Reginald Heard (203) USA X X X X X X Yes $10k $10M $750k 0 0 BBVA Compass James Short (602) USA X Branded Beverage X X X X Yes $3M $50M $20M 5 10 BMO Harris Bank Rick Thompson (949) USA X X X X $10M N/a $15M Bridge Funding Group (United Capital) Bill Wildman (800) USA X Fitness, Auto Aftermarket Yrs. In Business X X X Yes $500k $20M $3M 3 3 Cadence Bank Dan Holland (770) USA X X X X X Yes $5M $30M $17M 5 10 Capital One, National Association Nancy McIver (732) USA X X X X X X $10M $50M $30M 8 20 CIT Franchise Finance Douglas McKenzie (416) USA X Yes $1M $50M 3 Citizens Bank Restaurant Finance Armando Pedroza (949) USA X X Sports Finance X X X X Yes $1M $500M $15M 5 5 City National Bank David Sandoval (213) USA X X X X $2M $50M $10M 5 3 Direct Capital Eric Renaud (603) USA X X Hotel, Fitness X X X $2k $20M $110k 3 2 Franchise Group Auto Care & Element Financial Bernard Lajeunesse (267) USA X X X Yes $500k $15M $3.5M 3 3 Healthcare EverBank Joseph Eichler (904) USA X X X X Yes $3M $20M $10M 5 10 Fidelity Cooperative Bank First Franchise Capital Corporation Sally Buffum (508) Northeast X X X X X X Yes $10M $1M 3 3 Richard Riecker (201) USA X X X X $200k $20M $1.5M 3 5 First Tennessee Bank Joe Evangelisti (901) X X X Yes $10M 30 FranFund\Mount Pleasant Capital Huntington National Bank Bob Rodi (877) USA X Other Retail X X X Yes $50k $5M $450k 0 0 John Luehmann (614) M & T Bank Karen Schonfeld (410) Restaurant Research Franchise Finance Contacts Regional Focus Midwest/ North East/ Mid Atlantic Northeast, Mid- Atlantic, Florida Industries Served Type of Financing Typical Deal size Development Real Restaurant C&G Other Retail Estate Equipment Enterprise SBA Sale- Financing Min Max Avg Leaseback Finance Companies X X X X X Yes $1M $40M $10M 3 5 X X X X X X Yes Minimum Requirements Manufacturers Bank Ed James (213) USA X X X X X X $25k $20M $1M 2 1 Marlin Franchise Hospitality & Chris Holland (856) USA X Finance Group Automotive X X Yes $5k $1M $100k 0 1 Pacific Premier Franchise Capital Sharon Soltero (402) USA X X X X X $500k $25M $1.1M 3 3 PNC Bank Dale Mancuso (312) X X X X X Yes $100k $15M $1.25M Regions Restaurant Banking Group Robert Daniel (404) USA X X X X Yes $10M $75M $25M Signature Financial John Black (817) USA X X X X Yes $1M $25M $5M 5 5 Units Owned
19 Company Contact Phone # Susquehanna Commercial Finance Restaurant Research Franchise Finance Contacts Regional Focus Brian Colburn (443) USA X Industries Served Type of Financing Typical Deal size Development Real Restaurant C&G Other Retail Estate Equipment Enterprise SBA Sale- Financing Min Max Avg Leaseback Hair Care, Fitness Minimum Requirements Yrs. In Business X Yes $10k $5M $300k 2 2 TCF Franchise Finance Bill Johnson (952) USA X Auto & Fitness X X X No $250k $20M $1M 3 3 TD Bank Brian Frank (203) Eastern Coast X X X X X Yes $500k $25M $7.5M 10 5 Units Owned Vendor Alliance Capital, Inc. Wells Fargo Bank - Restaurant Finance Group Jim Pinho (978) USA X X X X $150k $10M $1.25M 2 2 Quinn Hall/ Steve Leon (770) (760) USA & Canada X X X X X X X No $1M $20M 3 5 Western Alliance Bank Rob Gramhill (602) Western USA X X X X X X X Yes $25M $5M 2 Wintrust Franchise Services The Nisbet Group of Marcus & Millichap Sandra McCraren (847) USA X Fitness X X X X $25M $3M 3 Centers Sale Leaseback Companies Hank Wolfer (206) USA X X X N/a $500k $5M $1M Auspex Capital, LLC Shriram Chokshi (562) USA X X Capital Growth Advisors, LLC FocalPoint Partners LLC Franchise Capital Advisors Pacific Management Consulting Group Peak Franchise Capital LLC Philip McDonough (203) USA X Rod Guinn (505) USA X Fitness Centers Ryan Kress (480) USA X X X John Gordon (858) USA X Michael Elliott (972) USA X Trinity Capital, LLC Kevin Burke (310) Advanced Restaurant Sales EPK National Restaurant Appraisal Robert Hunziker (678) Ext. 1 Ed Karabedian (407) FranBizNetwork Emily Burns (925) Hopkins Appraisal Services, Inc. National Franchise Sales National Restaurant Brokers, Inc. Praetorian Group Brock Rule (816) Alan Gallup (949) Dejan Vojnovic (888) Manny Armesto (888) Ext. 226 USA & Select International X X X Financial Advisors Valuation Experts/Brokers $1M EBITDA $5M EBITDA $500k EBITDA $2M EBITDA $2M EBITDA $5M Sales $3M Sales $1M Sales $15M Sales $5M Sales $50M Sales 3 to to 5 2 to
20 Visit or contact us at (203) or to: Sign-up for free RR Thermometer newsletter Ask us about custom research projects Inquire about RR Thermometer marketing opportunities Copyright: This Restaurant Research LLC document is copyrighted material. Copyright 2016 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.
Report Outline. Finance & Valuations 2015
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,
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