HOUSTON – (Realty News Report) – Tilman J. Fertitta, a Houston businessman, has announced that Landry’s, Inc. has reached an agreement to acquire Del Frisco’s Double Eagle Steakhouses and Del Frisco’s Grille, a group that comprises 35 restaurants across 13 states.
The seller is L Catterton, a leading global private equity firm focused on consumer brands. The purchase price was not officially disclosed, though industry estimates placed the value at more than $300 million.
Del Frisco’s operates in the upscale steakhouse segment and maintains more than 35 locations across some 13 states in the U.S. The brand includes four Texas restaurants, with sites in both Houston and Dallas.
“We have followed Del Frisco’s for years and previously pursued an acquisition in 2012 before the company went public,” Fertitta said. “It is a distinguished high-end steakhouse brand with Texas roots and iconic locations nationwide. Del Frisco’s complements our current premium steakhouse portfolio, which already includes notable names such as Mastro’s, Morton’s, Vic & Anthony’s, Strip House and Brenner’s.”
The transaction is expected to close at the end of October. The sale does not include the bartaco and Barcelona Wine Bar concepts, which will remain under L Catterton’s ownership.
Landry’s, Inc., based in Houston and wholly owned by Fertitta, is a diversified multinational company operating in restaurants, hospitality, gaming and entertainment.
The company’s restaurant holdings span full-service and casual dining brands, including Willie G’s, McCormick & Schmick’s, Landry’s Seafood, Bubba Gump Shrimp Co., Rainforest Cafe, Mitchell’s Fish Market, Saltgrass Steak House, and BR Guest concepts such as Dos Caminos and Bill’s Bar & Burger.
Landry’s gaming division features the Golden Nugget Hotel and Casino properties, located in Las Vegas and Laughlin, Nevada; Atlantic City, New Jersey; Biloxi, Mississippi; and Lake Charles, Louisiana. Its entertainment assets include venues like the Galveston Island Historic Pleasure Pier, Kemah Boardwalk and associated aquarium restaurants.
Hospitality holdings include the San Luis Resort, Spa & Conference Center on Galveston Island and the Post Oak Hotel near Loop 610 in Houston.
Sept. 25, 2019 Realty News Report Copyright 2019
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