At what enterprise value was SONIC DRIVE IN acquired in 2018?

During the acquisition of SONIC DRIVE IN by INSPIRE BRANDS in 2018, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of SONIC DRIVE IN when it was acquired by INSPIRE BRANDS?

The estimated EV/EBITDA multiple for SONIC DRIVE IN is in the range of 15x - 25x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was SONIC DRIVE IN acquired by INSPIRE BRANDS?

SONIC DRIVE IN was acquired by INSPIRE BRANDS in 2018.

What was the revenue of SONIC DRIVE IN at the time of the deal?

The revenue of SONIC DRIVE IN at the time of the deal is estimated to be in the range of 250M - 500M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of SONIC DRIVE IN during the acquisition?

SONIC DRIVE IN's EBITDA is estimated to be in the range of 100M - 200M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the SONIC DRIVE IN acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the SONIC DRIVE IN deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://inspirebrands.com/inspire-brands-completes-acquisition-sonic-corp/

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Home Database Retail & ConsumerSONIC DRIVE IN

12/2018

SONIC DRIVE IN acquired by INSPIRE BRANDS

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV 1b - 4b USD

Context

Inspire Brands completed the acquisition of Sonic Corp. on December 7, 2018. After closing, Sonic continued to operate as an independent brand under the Inspire umbrella, with Claudia San Pedro leading the brand and Cliff Hudson serving as senior advisor during the transition. The strategic rationale was straightforward: Sonic offered a highly distinctive and nationally recognized concept with a loyal customer base, strong systemwide sales and meaningful room for operational and geographic growth. Inspire saw value in Sonic's drive-in model, beverage innovation, breakfast traffic, and broad consumer appeal, all of which complemented its existing restaurant assets. The acquisition also fit Inspire's broader strategy of using centralized expertise in franchising, digital investment, and brand building to support large-scale restaurant concepts. At the time, the combined company became the fifth-largest restaurant group in the United States, with more than 8,300 restaurants and annual systemwide sales above $12 billion.

SONIC DRIVE IN, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Sonic Corp. is a U.S. drive-in fast-food chain founded in 1953 in Shawnee, Oklahoma, and headquartered in Oklahoma City, Oklahoma, United States. The company operates a drive-in format centered on made-to-order burgers, hot dogs, sandwiches, breakfast items, slushes, shakes, and sides, with carhop service delivered directly to parked vehicles. Sonic is known for its broad beverage innovation, extensive snack menu, and flexible daypart appeal. Most of Sonic's restaurants were franchised, supported by a network of company-owned stores and a strong national marketing platform. Sonic built its identity around convenience, customization, and a nostalgic drive-in experience that differentiated it from conventional quick-service restaurant chains.

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REFERENCES

Valuation range: EV 1b - 4b USD

Revenue range: 250M - 500M USD

EBITDA range: 100M - 200M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SONIC DRIVE IN by INSPIRE BRANDS are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: sonic drive in

Acquirer: inspire brands