Romano’s Macaroni Grill Buys Sullivan’s Steakhouse in $32M Deal
Del Frisco's Restaurant Group Inc. sold Sullivan's Steakhouse chain to Romano's Macaroni Grill in a $32 million deal.
Sullivan’s Steakhouse currently comprises 14 locations across 12 states.
The sale, which was completed Sept. 21, enhances Del Frisco’s financial condition “while enabling us to sharpen our focus on opportunities with the highest potential for strong returns,” said Norman Abdallah, CEO. These include executing our Emerging Brands integration and expanding our core concepts of Del Frisco’s Double Eagle Steakhouse, Barcelona Wine Bar and bartaco.”
Scott Smith, who had served as president of Sullivan's Steakhouse since January 2017, will remain with Del Frisco's and assume similar responsibilities for Del Frisco's Double Eagle Steakhouse. Ray Risley, who previously served in that same position, has resigned to pursue other interests.
During the quarter, Del Frisco's opened three new restaurants: Del Frisco's Double Eagle Steakhouse locations in Boston and Atlanta, and a bartaco (a concept that focuses on fresh street food in a coastal-inspired environment) in North Hills, N.C.
Based in Irving, Texas, Del Frisco's is a group of 71 restaurants in 18 states and Washington, D.C., including Barcelona Wine Bar and Del Frisco's Grille.