Landry's to Buy Del Frisco's
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, a private equity firm, 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. 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. ... 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 an operator in the high end steak dining segment with over 35 restaurants in over 13 states in the U.S. According to Fertitta, "We couldn't be happier with the acquisition and are planning no changes to the operations."