Webcast: Hot Off the Grill! Restaurant Industry Deals – Developments in M&A and Capital Markets

October 28, 2015

​The restaurant industry has been especially active in the past few years.  There have been a large number of takeovers and capital markets transactions in the sector, many of which imply lofty valuations for the companies being acquired and going public.  In this dynamic environment, it is essential for market participants to understand the trends and developments shaping restaurant industry deal-making.

One of the industry’s leading investment bankers, Damon Chandik of Piper Jaffray & Co., along with leading restaurant accountant Mike Gottlieb of Ernst & Young LLP, join experienced Gibson Dunn lawyers Mike Flynn and Sean Sullivan for a timely and informative conversation offering an analysis of the latest developments in restaurant deals.

Topics discussed include:

  • The current state of the IPO market for the restaurant industry
  • Growth and development trends within the different restaurant segments
  • Recent developments in restaurant M&A, including valuation multiples
  • The benefits and drawbacks of a dual track strategy
  • Recent SEC disclosure focus areas and lease accounting changes for restaurants
  • The use of non-GAAP measures to evaluate restaurant performance
  • Market trends in risk factor disclosure
  • What to expect in the rest of 2015 and into 2016

View Slides [PDF]


Michael E. Flynn – Corporate partner in Gibson Dunn’s Orange County office, focusing his practice on corporate and securities law.  Has represented a number of restaurant industry clients in their M&A and capital markets transactions, including:  CKE Restaurants, Yard House Restaurants, The Habit Restaurants, Lazy Dog Restaurants, Eureka Restaurants, Islands Restaurants, Mimi’s Café Restaurants and King’s Seafood Company.  Named one of the Top 100 Attorneys in California by the Daily Journal and a “Super Lawyer” by Los Angeles Magazine since 2012.

Damon S. Chandik – Managing Director, Global Co-Head of the Consumer Group, and Head of Restaurant Investment Banking at Piper Jaffray & Co.  Focuses on providing investment banking and M&A advisory services to consumer companies.  Recent restaurant transactions include:  Del Taco (lead sellside advisor), The Habit (IPO left lead bookrunner), Portillo Restaurant Group (exclusive sellside advisor), Zoës Kitchen (IPO/Follow-on joint lead bookrunner), Dave & Buster’s (IPO joint lead bookrunner), TGI Friday’s (exclusive sellside advisor) and Noodles & Company (joint bookrunner/lead sellside advisor).  Named as one of the top 50 most influential people in the restaurant industry by Nation’s Restaurant News.

Michael B. Gottlieb – Assurance Partner and Global Leader of Ernst & Young LLP’s Restaurant Services practice and Certified Public Accountant in California.  Began career in restaurant industry as a restaurant operator and understands well the challenges unique to the industry.  Manages services for several restaurant clients and has advised dozens of companies in connection with initial public offerings and other strategic financial transactions.  Clients have included Applebee’s, Bloomin’ Brands (fka Outback Steakhouse), California Pizza Kitchen, Darden Restaurant Group, Del Taco, In-N-Out Burgers, Panda Restaurant Group and Shake Shack.

Sean Sullivan – Senior Associate in Gibson Dunn’s San Francisco office, focusing on capital markets transactions, mergers and acquisitions, and securities regulation.  Named a Rising Star of Northern California Securities and Corporate Finance lawyers by Super Lawyers magazine since 2013.  Serves as lead associate in transactions representing issuers and underwriters, has advised retail and consumer clients, works with clients in connection with strategic acquisitions, and represents investment banks in connection with delivery of fairness opinions.  Recent transactions include:  IPOs of Noodles & Company and The Habit Restaurants, acquisition of Duckhorn Wine Company, sale of Cytosport (maker of MuscleMilk), and transactions involving Restoration Hardware, Yard House Restaurants and Amazon.com.