An Irving-based steakhouse chain helped to establish by “Ruler of Steaks” Dee Lincoln has been sold for $650 million to a Connecticut private value firm that puts vigorously in café brands.
Del Frisco’s Restaurant Group declared the all-money bargain Monday with L Catterton, the firm that is put resources into other eatery brands like Cheddar’s Scratch Kitchen, Uncle Julio’s and P.F.Chang’s. L Catterton will pay $8 an offer – a 22% premium over the stock cost in December when Del Frisco’s started investigating a deal.
“L Catterton brings a distinguished track record of fostering the growth and success of world class experiential brands. Together with their deep operational expertise in the restaurant industry, I am confident L Catterton will be a great long-term partner,” Del Frisco’s CEO Norman Abdallah said in a statement.
Del Frisco’s Restaurant Group works 73 cafés in 16 states under the Del Frisco’s Double Eagle and Del Frisco’s Grille brands, just as eateries Bartaco and Barcelona Wine Bar. L Catterton said said it plans to operate Bartaco and Barcelona Wine Bar separately from the steakhouse brands when the deal closes later this year.
The chain’s foundations follow to Del Frisco’s Steakhouse in New Orleans, where Dee Lincoln got her begin in 1982. A Dallas-region area was included the mid 1980s and the chain developed from that point. Lincoln went out without anyone else in 2009, and now works Dee Lincoln Prime at The Star in Frisco.
Del Frisco’s started investigating a conceivable deal in December. A couple of months sooner, the chain auctions off the Sullivan’s Steakhouse chain to Romano’s Macaroni Grill for $32 million.
In December, dissident speculators in Del Frisco’s Restaurant Group depicted the open organization’s exhibition as “appalling” and asked it to seek after potential purchasers in a letter documented with the Securities and Exchange Commission. The chain completed 2018 with $378 million in income, yet a $76 million total deficit.
L Catterton charges itself as the biggest and most experienced shopper centered private value bunch on the planet. With over $15 billion in value capital, the gathering has put resources into notorious café brands like Hopdoddy Burger Bar, Velvet Taco and Snap Kitchen. It’s likewise a financial specialist in Dallas clothing startup Mizzen+Main.
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