Tilman J. Fertitta announced today that Landry's, Inc. has signed a definitive agreement to acquire 100% of the Del Frisco's Double Eagle Steakhouses and the Del Frisco's Grilles from L Catterton for an undisclosed price.
Tilman J. Fertitta announced today that Landry’s, Inc. has signed a definitive agreement to acquire 100% of the Del Frisco’s Double Eagle Steakhouses and the Del Frisco’s Grilles from L Catterton for an undisclosed price.
L Catterton previously announced on June 24, 2019 the signing of a definitive agreement to acquire the publicly traded Del Frisco’s Restaurant Group, Inc. (NASDAQ:DFRG) in an all cash transaction valued at approximately $650 million, and closed its acquisition of the public company today. The sale to Landry’s is expected to close at the end of October and does not include the ownership of the bartaco and Barcelona Wine Bar brands, which will be retained by L Catterton.
Fertitta stated, “We have been following Del Frisco’s for many years and tried once previously to acquire the Company in 2012 before it went public. It is a storied high end steakhouse brand with roots set in Texas and iconic locations throughout the country. The Del Frisco’s Double Eagle located in midtown Manhattan is one of the highest grossing volume restaurants in the country and a New York City staple, while its sister brand, the Del Frisco’s Grille delights its customers at Rockefeller Center. The Boston Seaport Del Frisco’s Double Eagle is a Boston mainstay and is one of Boston’s most successful restaurants. The City of Brotherly Love also sports a tremendously popular Del Frisco’s Double Eagle in historic downtown Philadelphia. Not to be outdone, the Lone Star State is home to four Del Frisco’s Double Eagles, including both Dallas and Houston. Both the Double Eagle and the Grille are known for their high energy atmosphere, quality food and expansive wine selections. Del Frisco’s is a perfect complement to our existing high end steakhouse portfolio, which includes such notable concepts as Mastro’s, Morton’s, Vic and Anthony’s, Strip House and Brenner’s.”
Del Frisco’s is a leading operator in the high end steak dining segment with over 35 restaurants in over 13 states in the U.S. According to Mr. Fertitta, “We couldn’t be happier with the acquisition and are planning no changes to the operations.”
Jefferies LLC acted as lead financial advisor to Landry’s with Deutsche Bank Securities Inc. and North Point Advisors LLC also co-advising.