RB 16/2012 Agreement to sell assets of AmRest LLC to Apple American Group
06-06-2012

The Management of AmRest Holdings SE (“AmRest”, ”the Company”) announces the signing  on 7th June 2012 of a transaction (“the Transaction”) to sell the assets of AmRest LLC (“the Seller”), being 100% subsidiary of AmRest to Apple American Group II, LLC (“the Buyer”). The intention of both the Buyer and the Seller is to complete the Transaction on or before 24th September 2012 (“the Completion”).
As part of the Transaction, 98 out of 102 Applebee’s restaurants (“the Restaurants”) operated by the Seller will be sold for $100 million (“the Selling Price”). The Selling Price reflects a multiple of 6.5x  (“the Multiple”) EBITDA generated by the Restaurants in the 12 months ending 29th April 2012 of $15.1 million increased by the value of the inventory of $1.9 million. It was agreed that three out of four restaurants excluded from the Transaction will continue to be operated by the Seller, one restaurant will be closed.
The parties agreed that should  the EBITDA generated by the Restaurants in the 12 months ending 29th April 2012 be lower than $14.8 million or higher than $15.1 million, then the Selling Price will be adjusted to reflect the difference of the product of the Multiple and EBITDA increased by the value of inventory  and the Selling Price.
Completion is contingent upon the approval of AmRest’s Supervisory Board, approval by the Board of Applebee American Group, anti-trust clearance required under the HSR Act and landlords’ approvals.
AmRest acquired  the Restaurants from Grove Ownership Holding, LLC for $62.7 million in 2008 (“the Investment”). The Company expects that the return on the Investment will exceed the 20% IRR  target.
Legal act: Art. 56 Sec. 1 Point 2 Act on public offering and conditions of introducing financial instruments to the organized trading system and on public companies dated July 29th 2005

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