Restaurants - Moss Adams Capital

Transcription

Restaurants
Market Monitor
Summer 2015
MOSS ADAMS CAPITAL LLC
Selected Moss Adams Capital Transactions
Services for the above provided by Moss Adams Capital, its affiliates, and/or its principals.
Restaurants
2
Contents
Industry Update
4
Public Stock Performance & Valuations
5
M&A Activity & Valuations
9
Moss Adams Overview
12
Contact Information
17
Restaurants
3
Minimum Wage Rises, Food Prices Drop
13 states have announced increases in minimum wage
levels effective within the next two years
•
Largest wage increases in HI ($7.75 to $10.10 by 1/1/18),
D.C. ($9.50 to $11.50 by 7/1/16), and MA ($8.00 to $11.00
by 1/1/17)
•
Announced Increases in Minimum Wage
$12.00
Effective 2017
Effective 2016
$11.00
Effective 2015
$10.00
$9.00
Obama administration pushing for an increase of the
federal minimum wage from $7.25 to $10.10 as well as an
increase of minimum wages for tipped workers from
$2.13 to $4.90
$8.00
$7.00
$6.00
CA
The FAO Food Price Index decreases by 0.9% in June
• The Dairy Price Index is down 4.1% in June, with prices on
milk powder products, cheese, and butter all declining
Down 12.4% in June, the Sugar Price Index had a
significant decline because of high sugar production in
India and Thailand, and also because of good harvesting
conditions
DE
D.C.
HI
MD
MA
MI
MN
NY
RI
VT
WV
Changes in Restaurant Input Costs
40%
30%
20%
YoY Change
•
CT
FAO Food Price Index
Meat Price Index
Dairy Price Index
Cereals Price Index
Oils Price Index
Sugar Price Index
10%
–
(10%)
(20%)
(30%)
(40%)
Month/Year
Source: United Nations Food and Agriculture Organization (FAO), National Conference of State Legislatures, Nation’s Restaurant News, Wall Street Journal, US Department of Labor
Restaurants
4
Restaurants Both Ahead and Behind the Overall Market
Over the past two years, fast food/quick service (16% growth) has lagged behind S&P 500 growth (28%), casual
dining (40%) has jumped ahead of S&P growth.
Indexed Stock Price Performance – 2 Years
50%
Fast Food/QSR
Casual Dining
40%
S&P 500
S&P 500 - 28%
30%
Casual Dining - 40%
20%
Fast Food/QSR - 16%
10%
–
(10%)
Note: The indices in the chart above are composed of the public companies included on slide 6 and 7.
Source: CapitalIQ.
Restaurants
5
Public Restaurant Company Multiples Reflect Anticipated Growth



The outlook for companies in the Restaurant indices is neutral, with both fast food and casual dining segments
slightly underperforming the S&P 500 in estimated EBITDA growth for the next year.
Multiples for fast food and casual dining restaurants currently trade at 14.6x and 11.9x EV/EBITDA.
Both restaurant segments are trading at EV/EBITDA multiples above the general public market, signaling strong
expectations of future growth.
Next 12 Months: Estimated Growth
Public Market Valuations
16.0x
Fast Food/QSR 14.6x
17.2%
S&P 500
14.0x
Casual Dining - 11.9x
6.9%
S&P 500 - 10.4x
12.0x
8.9%
EV/TTM EBITDA
17.0%
Casual Dining
Est. NTM EBITDA
Growth
Est. NTM Sales
Growth
10.0x
8.0x
Fast Food/QSR
S&P 500
Casual Dining
6.0x
12.1%
Fast Food/Quick Service
5.0%
–
5.0%
4.0x
10.0%
15.0%
20.0%
Note: The Restaurant indices are composed of the public companies included on slide 6 and 7; values may differ slightly due to market capitalization weighting
Source: CapitalIQ.
Restaurants
6
Quick Service/Fast Food
($ in millions, except where noted and per share amounts)
TTM Data
Share
52-Week
M arket
N et
Enterprise
Company Name
P rice
H igh
C ap
D ebt
Value
Enterprise Value - $10bn+
McDonald's Corp.
Yum! Brands, Inc.
Chipotle Mexican Grill, Inc.
$ 98.78
91.99
655.46
$ 101.09
$95.90
$727.97
Median
Enterprise Value - $1bn-$10bn
Dunkin' Brands Group, Inc.
Domino's Pizza, Inc.
The Wendy's Company
Panera Bread Company
Jack in the Box Inc.
Papa John's International Inc.
Sonic Corp.
Popeyes Louisiana Kitchen, Inc.
55.73
118.79
10.46
180.50
92.89
78.24
29.39
60.38
19.39
10.94
34.10
EB IT D A
M argin
Sales
EB IT D A
TTM
TTM
NTM
NTM
Sales
EB IT D A
Sales
EB IT D A
$ 26,700
13,177
4,293
$ 9,311
2,709
898
34.9%
20.6%
20.9%
-6.5%
8.2%
14.2%
-3.7%
NA
17.1%
4.0x
3.2x
4.5x
11.5x
15.7x
NM
4.3x
3.0x
4.0x
12.3x
14.2x
19.1x
$ 2,712
$ 42,489
$ 13,177
$ 2,709
20.9%
8.2%
6.7%
4.0x
13.6x
4.0x
14.2x
5,363
6,556
3,218
4,820
3,472
3,113
1,526
1,398
2,169
1,452
1,254
(102)
594
207
430
104
7,532
8,009
4,472
4,718
4,066
3,320
1,956
1,501
763
2,042
2,004
2,572
1,520
1,629
595
245
380
387
394
393
282
164
158
79
49.8%
19.0%
19.6%
15.3%
18.5%
10.1%
26.6%
32.4%
5.1%
8.0%
(17.8%)
5.3%
3.8%
4.3%
5.0%
12.7%
8.9%
14.1%
-1.4%
3.6%
5.7%
NA
9.1%
11.8%
NM
3.9x
2.2x
1.8x
2.7x
2.0x
3.3x
NM
19.8x
NM
11.4x
12.0x
14.4x
NM
12.4x
18.9x
NM
3.6x
2.7x
1.7x
2.6x
2.0x
3.1x
NM
18.3x
18.6x
11.5x
11.8x
14.1x
18.6x
11.9x
17.6x
$ 3,345
$ 512
$ 4,269
$ 1,574
$ 331
19.3%
5.1%
8.9%
2.5x
13.4x
2.6x
15.9x
1,241
388
156
(48)
135
71
1,193
524
227
501
734
99
64
38
21
12.8%
5.1%
21.4%
9.6%
13.2%
5.3%
26.9%
40.8%
NA
2.4x
0.7x
2.3x
18.5x
13.9x
10.7x
2.2x
0.6x
2.2x
14.9x
10.3x
NA
$ 815
$ 44
$ 858
$ 618
$ 51
9.0%
11.4%
33.8%
1.5x
16.2x
1.4x
12.6x
$ 13,290
$ 3,345
$ 1,482
$ 319
$ 14,772
$ 4,269
$ 4,062
$ 1,574
$ 1,091
$ 331
21.9%
20.1%
5.0%
5.3%
12.1%
9.1%
2.8x
2.5x
14.5x
13.9x
2.7x
2.6x
14.8x
14.2x
22.32
10.98
85.99
Median
Group Average
Group Median
$ 12,657 $ 107,339
2,712
42,489
(891)
19,459
EB IT D A
Sales
EV Multiple
$ 39,777
56.61
119.73
11.71
188.24
99.99
79.40
36.73
66.49
Median
Enterprise Value - Under $1bn
Krispy Kreme Doughnuts, Inc.
Carrols Restaurant Group, Inc.
Nathan's Famous Inc.
$ 94,682
39,777
20,350
NTM Est. Growth
Note: Not meaningful (NM) if EV/Sales is greater than 5x, or EV/EBITDA is greater than 20x. NA if denominator is 0, for
percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts.
Source: CapitalIQ, company filings and Moss Adams Capital research.
Restaurants
7
Casual Dining
($ in millions, except where noted and per share amounts)
TTM Data
S ha re
5 2 - We e k
M a rk e t
N et
E nt e rpris e
Company Name
P ric e
H igh
C ap
D e bt
V a lue
Enterprise Value - $1bn+
Darden Restaurants, Inc.
Brinker International, Inc.
Buffalo Wild Wings Inc.
DineEquity, Inc.
Cracker Barrel Old Country Store, Inc.
The Cheesecake Factory Incorporated
Texas Roadhouse, Inc.
Bob Evans Farms, Inc.
Fiesta Restaurant Group, Inc.
Red Robin Gourmet Burgers Inc.
$ 72.34
58.65
170.69
98.99
160.42
54.66
38.38
51.14
49.74
91.66
$ 73.40
63.40
195.83
114.23
162.33
55.48
38.59
60.15
69.00
92.78
$ 9,100
3,586
3,242
1,886
3,843
2,566
2,687
1,133
1,317
1,295
$ 931
873
(114)
1,319
208
62
(47)
445
69
122
$ 10,031
4,458
3,129
3,204
4,051
2,628
2,640
1,577
1,386
1,417
$ 6,764
2,994
1,589
664
2,816
2,013
1,645
1,349
630
1,201
$ 2,626
$ 165
$ 2,884
1,297
918
1,013
399
423
810
13
186
154
190
(7)
(1)
$ 864
Median
Enterprise Value - $500mm+
BJ's Restaurants, Inc.
Biglari Holdings Inc.
Denny's Corporation
Ruby Tuesday, Inc.
Del Frisco's Restaurant Group, Inc.
Zoe's Kitchen, Inc.
49.47
444.29
12.01
6.43
17.91
41.96
55.44
459.43
12.14
8.57
26.20
42.92
Median
Enterprise Value - Under $500mm
Chuy's Holdings, Inc.
Ruth's Hospitality Group Inc.
Famous Dave's of America Inc.
Kona Grill Inc.
Luby's, Inc.
Frisch's Restaurants, Inc.
Ark Restaurants Corp.
28.32
16.60
18.09
20.78
5.05
33.70
24.49
32.46
16.67
34.72
28.66
5.93
35.14
27.07
Median
Group Average
Group Median
NTM Est. Growth
E B IT D A
S a le s
E B IT D A
$
M a rgin
S a le s
E B IT D A
EV Multiple
TTM
TTM
NTM
NTM
S a le s
E B IT D A
S a le s
E B IT D A
749
450
244
255
318
237
201
121
87
131
11.1%
15.0%
15.3%
38.4%
11.3%
11.8%
12.2%
8.9%
13.8%
10.9%
2.3%
3.9%
18.3%
2.4%
4.0%
7.0%
11.8%
1.3%
14.1%
9.8%
24.6%
8.4%
22.3%
9.6%
6.2%
8.0%
14.7%
30.7%
21.1%
13.3%
1.5x
1.5x
2.0x
4.8x
1.4x
1.3x
1.6x
1.2x
2.2x
1.2x
13.4x
9.9x
12.8x
12.6x
12.8x
11.1x
13.1x
13.1x
16.0x
10.8x
1.4x
1.4x
1.7x
4.7x
1.4x
1.2x
1.4x
1.2x
1.9x
1.1x
7.2x
6.5x
5.6x
2.4x
8.6x
8.0x
7.5x
8.6x
6.2x
8.3x
$ 1,617
$ 240
12.0%
5.5%
14.0%
1.5x
12.8x
1.4x
7.4x
1,310
1,103
1,167
589
416
809
865
916
481
1,137
310
188
102
49
85
85
43
15
11.8%
5.4%
17.6%
7.5%
14.0%
8.0%
9.8%
NA
1.9%
(0.0%)
15.0%
25.5%
15.3%
NA
9.9%
-17.2%
15.5%
28.6%
1.5x
1.2x
2.4x
0.5x
1.3x
4.3x
12.9x
NM
13.8x
6.9x
9.6x
NM
1.4x
NA
2.4x
0.5x
1.2x
3.4x
7.7x
NA
5.4x
16.5x
6.4x
10.2x
$ 83
$ 956
$ 673
$ 67
9.9%
9.8%
15.3%
1.4x
11.2x
1.4x
7.7x
467
580
127
234
144
173
83
2
(0)
16
(32)
46
(2)
0
468
579
143
202
191
171
83
256
353
146
124
396
215
141
28
55
14
7
16
24
12
10.8%
15.6%
9.9%
6.0%
4.0%
10.9%
8.2%
15.0%
7.6%
-3.1%
22.9%
1.9%
NA
NA
19.2%
5.1%
1.8%
84.9%
NA
NA
NA
1.8x
1.6x
1.0x
1.6x
0.5x
0.8x
0.6x
16.9x
10.5x
9.9x
NM
12.0x
7.2x
7.2x
1.6x
1.5x
1.0x
1.3x
0.5x
NA
NA
8.1x
6.3x
10.7x
10.1x
NA
NA
NA
$ 173
$ 0
$ 191
$ 215
$ 16
9.9%
7.6%
12.1%
1.0x
10.2x
1.3x
9.1x
$ 1,623
$ 1,013
$ 193
$ 46
$ 1,815
$ 1,167
$ 1,182
$ 664
$ 145
$ 85
12.1%
11.1%
8.6%
7.3%
17.0%
14.7%
1.6x
1.5x
11.6x
12.3x
1.6x
1.4x
7.9x
7.7x
Note: Not meaningful (NM) if EV/Sales is greater than 5x, or EV/EBITDA is greater than 20x. NA if denominator is 0, for
percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts.
Source: CapitalIQ, company filings and Moss Adams Capital research.
Restaurants
8
Recent Restaurant Transactions
$ millions
Enterprise
EV Multiple
TTM
TTM
Date
Status
Acquirer/Investor
T arget
T arget Description
Value
Revenue
EBIT DA
06/25/15
Closed
Brinker International, Inc.
Pepper Dining, Inc.
Operates Chili's Grill & Bar restaurants.
$106.5
-
-
05/21/15
Announced
NRD Partners I, L.P.; NRD Capital M anagament, LLC
Frisch's Restaurants, Inc.
Full service, family-style restaurants.
$172.8
0.8x
7.3x
04/24/15
Closed
Good Times Restaurant Inc.
Bad Daddy's International, LLC
Burger bar restaurant chains.
$21.0
-
-
04/22/15
Closed
Centre Lane Parnters, LLC
Saladwords, LLC
Chain of salad restaurants.
$15.5
-
-
03/19/15
Announced
Private Investor
Midtown BBQ & Brew
Barbecue restaurant and bar.
$0.8
-
-
Phoenix Investors, LLC
Hamburger Mary's International, LLC
Franchises restaurants.
$0.6
-
-
03/10/15
03/11/15
Closed
Levy Acquisition Corp. (nka:Del Taco Restaurants, Inc.)
Del Taco Holdings, Inc.
Mexican and seafood quickservice.
$500.0
-
-
09/18/14
Effective
Dixie Foods International, Inc. (nka:Preferred Restaurant
Brands, Inc.)
Pj Fresno Enterprise Inc., Two Existing Papa John's Franchise in Fresno, CA
Papa John's is a pizza restaurant chain.
$0.3
0.3x
-
09/18/14
Closed
Carrols Restaurant Group, Inc.
30 Burger King Restaurants in North Carolina
Fast food burger restaurants.
$20.0
-
-
8/21/2014
Closed
Global Franchise Group, LLC
HDOS Enterprises
Fast food restaurants.
$12.20
-
-
8/6/2014 Announced
CM7 Capital Partners, LLC
S.B. Restaurant Co. Inc.
Restaurants in the US.
$12.10
-
-
6/30/2014
Closed
Cardiff International Inc.
Romeo's NY Pizza
Pizzerias.
$1.0
6/20/2014
Cancelled
Cerberus Business Finance, LLC
S.B. Restaurant Co. Inc.
Restaurants in the US.
12.0
-
-
6/11/2014
Closed
NPC Quality Burgers, Inc.
56 Wendy's Restaurants
$57
0.7x
-
-
Source: CapitalIQ, news releases, Moss Adams Capital research.
Restaurants
9
Recent Restaurant Transactions - Continued
$ millions
Enterprise
EV Multiple
TTM
TTM
Date
Status
Acquirer/Investor
T arget
T arget Description
Value
Revenue
EBIT DA
5/27/2014
Closed
Noodles & Company
Sagamore Dining Partners, LLC
Restaurants with noodle and pasta dishes.
$13.40
-
-
5/27/2014
Cancelled
MUY Pizza Minnesota, LLC
Sky Ventures LLC; 6 Pizza Hut Locations
Pizza restaurants.
$1
-
-
5/15/2014
Closed
Golden Gate Capital
Red Lobster Seafood Co., LLC
Casual dining seafood restaurants.
2,113
0.8x
9.2x
4/30/2014
Closed
Red Robin Gourmet Burgers Inc.
Mach Robin, LLC, and Red Robin Restaurants of Canada Ltd.
32 Red Robin franchised restaurants.
$40
-
-
4/29/2014
Closed
Westgate Resorts, Ltd.
Cocoa Beach Pier
A beach destination for families.
$3
-
-
4/11/2014
Closed
JAHA Chicken, Inc.
14 KFC Stores in Palm Beach County
$9
-
-
3/30/2014
Closed
Apex Restaurant Management, Inc
Morgan's Foods Inc.
Operates restuarants under franchsie.
$49.9
0.6x
7.7x
3/18/2014
Effective
Williston Holding Company, Inc.
Mexican Restaurants Inc.
Full service, Mexican-themed restaurants.
16.8
0.3x
4.9x
3/13/2014
Closed
Chatham Credit Management III, LLC
Furr's Restaurant Group, Inc.
Operates restaurants.
22.7
0.2x
8.4x
2/7/2014
Closed
Cerberus Capital Management, L.P.
The Silver Spoon Bakery
Restaurant.
129.8
1/15/2014
Closed
Apollo Global Management, LLC
CEC Entertainment
Family dining and entertainment centers.
1,308.9
1.6x
7.9x
1/16/2014
Closed
Store Master Funding V, LLC
307 West Middle Turnpike, LLC, Kentucky Fried Chicken
restaurant at 307 West Middle Turnpike
Kentucky Fried Chicken restaurant.
0.7
12/9/2013
Closed
American Realty Capital Properties, Inc.
Toms King RE (Ohio) LLC, Two Local Burger Kings
Two Burger King fast food restaurants.
2.1
12/2/2013
Closed
Chanticleer Holdings, Inc.
11 Wendy's Restaurants
Wedny's restaurants.
1.0
–
11/22/2013
Closed
Ark Restaurants Corp.
W and O, Inc.
Operates and owns a restaurant.
7.5
–
–
Source: CapitalIQ, news releases, Moss Adams Capital research.
Restaurants
10
Middle Market M&A Volume Rises; M&A Deal Values Higher
U.S. middle market M&A deal volumes in Q2 2015
increased 0.8% from Q1 2015. Deal volume increased by
3.6% during the first half of 2015 compared to the first
half of 2014.
•
•
EBITDA multiples of middle market transactions in Q2
2015 increased to 7.1x, representing a 14.1% increase
over Q1 2015.
•
Q2 2015 EBITDA margins of reportable transactions
dipped to 12.9%, below the five year average of 15.2%.
U.S. middle market M&A activity, measured by deal
values, increased 11.2% in Q2 2015 vs. Q1 2015.
•
U.S. MIDDLE MARKET M&A 1
5,000
Number
U.S. MIDDLE MARKET M&A VALUATIONS 2
$140
Value
3,080
2,953
$71 $72 $70
$56 $55
$80
$71
$66
2,500
2,000
$84 $83
3,134
$52
$56
$70
$65
$60
$55
$52
$50
$47
$44
$43
1,000
$20
500
0
Q1
Q2
Q3
2010
Q4
Q1
Q2
Q3
2011
Q4
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
2013
Q4
Q1
Q2
Q3
2014
Q4
Q1
Q2
6.8x 6.8x
6.9x
6.4x
$0
5.0 x
4.0 x
3.0 x
6.4x
6.0x
7.1x
7.0x
6.2x
35%
6.1x
6.2x
5.9x
30%
25%
4.8x
19.1%
17.0%
17.0%
16.7%
15.3%
14.6%
14.8%
13.7%
13.0%
12.4%
10.6%
16.9%
16.7%16.6%
15.3%
15.0%
15.0%
14.5%
14.2%
20%
17.2%
16.0%
12.9%
15%
2.0 x
10%
1.0 x
5%
0.0 x
2015
6.2x 6.2x
5.9x
6.0 x
$40
$32
6.7x
6.4x
2,984
2,927
2,855
3,319
7.2x
7.0x
6.7x
$105 $116
$100
40%
7.6x
7.0 x
$120
EBITDA Margin
Q1
Q2
Q3
2010
Q4
Q1
Q2
Q3
2011
Q4
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
2013
Q4
Q1
Q2
Q3
2014
Q4
Q1
Q2
0%
2015
1) Middle market M&A includes transactions with undisclosed values, and disclosed values where EV < $500 million.
2) Middle market M&A includes transactions with disclosed EBITDA, where EV < $500 million and EV/EBITDA < 10x. Note: transactions with disclosed EBITDA represent <5% of all transactions.
Source: CapitalIQ.
Restaurants
11
EBITDA Margin
Number of Transactions
3,500
4,210
4,176
4,095
4,054
3,997
Transaction Value ($bn)
3,986
3,852
3,681
3,682
3,622
3,539
3,453
4,000
1,500
4,092
EV/Trailing EBITDA Multiple
4,500
3,000
EV/EBITDA
8.0 x
4,608
4,410
Moss Adams at a Glance
Leadership through Experience and Results
Moss Adams Capital LLC
• Full-service investment
bank and strategic advisor
• Dedicated industry
specialists
• Advisory and execution
• Private equity
• Debt
• Mergers and acquisitions
• Restructuring
Long-Term Industry
Relationships
• All product types
• Major markets and metro
areas
• Public and private entities
• Full range of the capital
stock
Restaurants
Moss Adams LLP
• Fully integrated accounting,
tax,
and business advisory firm
• 100+ years old
• Dominant in western US
• Middle-market specialists
• Accounting, tax, and
transaction Experience
• Real estate accounting best
practices
• Senior, experienced tax
specialists
• Leverageable transaction
resources
International Presence
• Dominance in Western US
• 2,000 employees in 24 offices
• Presence on national/global
basis
• Praxity affiliates across US
and more than 90 countries
around globe
12
Expert Teams
Industry
Expertise &
Relationships
INDUSTRY KNOWLEDGE MATCHED
WITH AN EXPERIENCED TEAM
Industry
Specific
Accounting
• Senior Level Attention
• Commitment to our Clients
• Professional Excellence
• Objective & Independent Advice
Strategic
Planning &
Exit Advice
• Creating Value for Owners
Relevant Tax
Expertise
• Global Presence & Capabilities
Investment
Banking &
Transaction
Support
Restaurants
Premier accounting and financial
services advice for middle market
restaurant industry companies.
13
Moss Adams Capital Overview
Full Service Mid Market Investment Bank
Corporate Finance
Comprehensive Industry Coverage
 Capital Placement – Equity and Debt,
 Merger and acquisition advisory,
 Strategic alternatives assessment,
 Exclusive sales and divestitures,
Aerospace,
Defense &
Government
Services
Automotive &
Dealer Services
Business &
Marketing
Services
Consumer, Retail
& Apparel
Food, Beverage &
Agriculture
Healthcare
Services &
Products
Industrials / Niche
Manufacturing
Infrastructure &
Construction
Paper, Plastics, &
Packaging
Real Estate,
Lodging & Leisure
Technology,
Communications,
& Media
Transportation &
Logistics
 Strategic planning,
 Management buy-outs,
 Recapitalizations,
 Fairness opinions,
 Restructuring and special situations advisory.
Highlights and Accomplishments
 Completed over 250 transactions.
 Access to key decision-makers among institutional
investor universe.
 Coverage of relevant strategic partners.
 Average of 20 years of investment banking experience
among senior leaders.
Restaurants
14
Global Reach
Moss Adams is a founding member of Praxity, AISBL, a global alliance of independent accounting firms. In addition to its deep,
direct international relationships, Praxity provides access and trusted advisory expertise worldwide.
Europe
Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Hungary, Ireland, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway,
Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom ,
Ukraine
North America
United States, Canada
Asia
China, Indonesia, Japan, South Korea,
Malaysia, Singapore, Taiwan, Thailand,
Vietnam
Middle East and
Indian
Subcontinent
Latin America and
Caribbean
Argentina, Brazil, Cayman
islands, Chile, Colombia,
Mexico, Puerto Rico, Uruguay,
Venezuela
Restaurants
India, Israel, Lebanon,
Pakistan, United Arab
Emirates
Africa
Algeria, Angola, Benin, Botswana, Cameroon, Cape
Verde, Djibouti, Egypt, Ghana, Ivory Coast, Lesotho,
Madagascar, Mauritius, Morocco, Senegal, South
Africa, Tunisia, Zambia
15
Australasia
Australia, New Zealand
Global M&A Reach Through Local Relationships
Local, National and Global Reach
Our affiliation with CFxB consists of 150+ Corporate Finance Professionals across the U.S. and in over 25 countries.
more than 25 countries
Restaurants
16
Contact Us
Contributing Authors:
James Rothenberger
Vice President
(206) 302-6777
[email protected]
Richard Anderson
Managing Director
(949) 221-4006
[email protected]
Moss Adams Capital LLC
2040 Main Street
Suite 900
Irvine, CA 92614
999 Third Avenue
Suite 2800
Seattle, WA 98104
Wiley Kitchell
Managing Director
(206) 302-6780
[email protected]
Robert Miranda
Vice President
(949) 221-4021
[email protected]
Bradley Erhart
Associate
(949) 517-9452
[email protected]
Harman Wales
Managing Director
(206) 302-6770
[email protected]
Scott Porter
Vice President
(206) 306-6326
[email protected]
James Parr
Analyst
(949) 221- 4099
[email protected]
Tyler Dale
Vice President
(949) 221-4030
[email protected]
Andrew Suen
Vice president
(949) 517-9428
[email protected]
Restaurants
17

Restaurants - Moss Adams Capital

Transcription

Similar documents

First Quarter report January – March 2013 - HUGO BOSS