DALLAS, Sept. 5, 2019 /PRNewswire/ -- Today, Brinker
International, Inc. (NYSE: EAT), a leader in the casual dining
industry, completed the acquisition of 116 Chili's® Grill & Bar
restaurants from its 14-year franchisee, ERJ Dining. This follows
the announcement of the letter of intent made on July 10, 2019. The restaurants, primarily located
in the Midwest, generate approximately $300
million of annualized revenue. The transaction was funded
with availability under Brinker's existing credit facility and is
expected to be EPS and cash flow accretive in fiscal year
2020.
"This acquisition reinforces our strategy to invest in our brand
while generating additional earnings and cash flow for
shareholders," said Joe Taylor,
chief financial officer and executive vice president of Brinker.
"Our strong operational infrastructure brings additional support
and investment for the solid group of operators joining the Chili's
corporate family as part of this transaction."
ABOUT BRINKER
Brinker International, Inc. is one of the world's leading casual
dining restaurant companies. Based in Dallas, Texas, as of June 26, 2019, Brinker owned, operated, or
franchised 1,665 restaurants under the names Chili's Grill &
Bar (1,612 restaurants) and Maggiano's Little Italy (53
restaurants).
FORWARD LOOKING STATEMENTS
The statements contained in this release that are not historical
facts are forward-looking statements subject to risks and
uncertainties which could cause actual results to differ materially
from expectations. For more information, review the caption "Risk
Factors" in our fiscal 2019 Annual Report on Form 10-K and our
other filings with the Securities and Exchange Commission relating
to forward looking statements.
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SOURCE Brinker International, Inc.