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Home / Business / Del Frisco's Restaurant Group sells for $ 650 million to private equity firm | Mergers and acquisitions

Del Frisco's Restaurant Group sells for $ 650 million to private equity firm | Mergers and acquisitions



Irving steakhouse chain co-founded by "Queen of Steaks" Dee Lincoln has been sold for $ 650 million to a private equity firm in Connecticut, which heavily invests in restaurant brands. Cash Deal Monday with L Catterton, the company that has invested in other restaurant brands like Cheddar's Scratch Kitchen, Uncle Julios and PFChangs. L Catterton pays $ 8 per share – a 22% premium over the December share price when Del Frisco began reviewing a sale. I am confident that with his extensive operational expertise in the restaurant industry, L Catterton will be a great long-term partner, "said Norman Abdallah, CEO of Del Frisco.

Del Frisco Restaurant Group operates 73 restaurants in 1

6 states Eagle by Del Frisco and Grille by Del Frisco, as well as the Hispanic restaurants Bartaco and Barcelona Wine Bar.

The chain's roots go back to Del Frisco's New Orleans Steakhouse, where Dee Lincoln started in 1982. In the early 1980s added a location in the Dallas area and the chain grew from there.Lincoln left in 2009 on their own and now operates Dee Lincoln Prime at The Star in Frisco.

Del Frisco's started a possible one in December A few months earlier, the chain sold the $ 32 million Sullivan Steakhouse chain to Romanos Macaroni Grill. [19659002] In December, activist investors in Del Frisco's Restaurant Group described the public company's performance as "miserable" and urged them to pursue potential buyers in a letter filed with the Securities and Exchange Commission.


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