restaurant-news

Del Frisco's To Be Acquired By L Catterton For $650m

Posted: Jun 24, 2019



L Catterton has announced it will acquire Del Frisco’s Restaurant and in an all cash transaction valued at $650 million. Del Frisco’s stockholders will receive $8 per share, which is a 22% premium to the closing share price on Dec. 19, 2018. The stock spiked on May 20 amid rumor of potential bids.

The transaction is expected to be completed by the fourth quarter of 2019, subject to approval by Del Frisco’s stockholders.

Del Frisco’s comprises four brands across two business lines: Del Frisco’s Grille and Del Frisco’s Double Eagle Steakhouse in the steak and grill category, and bartaco and Barcelona Wine Bar in the upscale regionally-inspired cuisine category.

Once the transaction closes, L Catterton plans to run the bartaco and Barcelona Wine Bar businesses separately from the steakhouse brands.

“Over the last 30 years, L Catterton has invested in nearly 30 restaurant concepts globally to create a number of industry leaders,” said Andrew Taub, Managing Partner at L Catterton. “Del Frisco’s has four outstanding brands in two distinct and attractive categories – upscale regionally-inspired cuisine, and steak and grill. We’re excited to partner with the Company to harness the power of these brands by operating the upscale regionally-inspired brands separately from the steak and grill concepts."

Del Frisco’s shares were trading higher by 17.5% at $7.90 in Monday's pre-market session.

By Tanzeel Akhtar 
June 24, 2019
Source: Benzinga.com


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