HOUSTON, Sept. 25, 2019 /PRNewswire/ -- 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, the largest and most global consumer-focused 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. (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.
ABOUT LANDRY'S, INC.
Landry's, Inc., wholly owned by Tilman
J. Fertitta, is a multinational, diversified restaurant,
hospitality, gaming and entertainment company based in Houston, Texas. The company operates more than
500 high-end and casual dining establishments around the world,
including well-known concepts such as Mastro's Restaurants,
Morton's The Steakhouse, a group of signature high end restaurants,
including Vic & Anthony's, Strip House, The Oceanaire, Chart
House, Willie G's McCormick & Schmick's and Brenner's Steak
House, plus casual dining brands including Landry's Seafood, Bubba
Gump Shrimp Co., Rainforest Cafe, Mitchell's Fish Market
Restaurants, and Saltgrass Steak House, along with popular New York
BR Guest Restaurants such as Dos Caminos and Bill's Bar &
Burger. Landry's gaming division includes the renowned Golden
Nugget Hotel and Casino concept, with locations in Las Vegas and Laughlin, Nev.; Atlantic City, N.J.; Biloxi, Miss.; and Lake Charles, La. Landry's entertainment and
hospitality divisions encompass popular destinations including the
Galveston Island Historic Pleasure Pier, Kemah Boardwalk, Aquarium
Restaurants and other exciting attractions, coupled with deluxe
accommodations throughout the Houston and Galveston area, including the luxurious San
Luis Resort, Spa & Conference Center on Galveston Island and
the Post Oak Hotel in Houston,
Texas.
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SOURCE Landry's, Inc.
