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Darden Restaurant will get Chu Holdings The two companies have approximately US$605 million in cash joint announcement Wednesday.
Darden reportedly agreed to acquire all outstanding shares of Chuy’s for $37.50 per share Press release. The Tex-Mex restaurant chain joins Darden’s portfolio, which includes restaurants such as Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House.
“Based on our criteria for adding brands to Darden’s portfolio, we believe Chuy’s is a perfect fit to support our winning strategy,” Darden CEO Rick Cardenas said in a statement. “I “We are excited to welcome their 7,400 team members to Darden and diversify Darden’s portfolio into a new food and beverage category.”
Chuy’s had total revenue of more than $450 million in the most recent 12 months ended March 31, according to a news release. The company was founded in Austin, Texas, in 1982 and has 101 restaurants in 15 states.
Cardenas said in the release that Chuy’s brings strong performance and growth potential to Darden. “Together, we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex flavor to more people,” Chuy CEO Steven Hislop said in a statement. guests and community.
Darden expects the deal to close during the fiscal second quarter, according to the release.
