Houston businessman Tilman J. Fertitta announced 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 private equity firm that had acquired the chain in June. No price for the transaction was announced.
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 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.
Landry’s Inc., wholly owned by Tilman J. Fertitta, is a multinational, diversified restaurant, hospitality, gaming and entertainment company based in Houston. 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 San Luis Resort, Spa & Conference Center on Galveston Island and the Post Oak Hotel in Houston.
Fertitta also owns the Houston Rockets.