Exhibit 99.1
LCatterton Completes Acquisition of Del Frisco’s Restaurant Group, Inc.
bartaco and Barcelona Wine Bar Restaurant Brands to Be Run as Separate Businesses Owned by L Catterton
L Catterton Enters Into Definitive Agreement to Sell Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille to Landry’s, Inc.
Irving, Texas and Greenwich, Conn. – September 25, 2019 –Del Frisco’s Restaurant Group, Inc. (the “Company” or “Del Frisco’s”) andLCatterton, the largest and most global consumer-focused private equity firm, today announced the completion of the transaction under whichL Catterton has acquired all of the outstanding shares of Del Frisco’s for approximately $650 million. As a result of the transaction’s close, Del Frisco’s stock will cease trading on the NASDAQ Global Select Market.
In conjunction with closing,LCatterton has entered into a definitive agreement to sell Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille assets to Landry’s, Inc. (“Landry’s”) for an undisclosed consideration. The transaction is subject to customary approvals and closing conditions. The remaining restaurant brands – bartaco and Barcelona Wine Bar – will operate as two separate businesses with distinct strategies and leadership teams underL Catterton’s ownership.
“We are confident that the separation of the business and the sale of the steak concepts to Landry’s creates the best opportunity to unlock value in all of the Company’s restaurant brands,” said Andrew Taub, Managing Partner atL Catterton. “With more than 500 restaurants across the world, including a number of successful steak restaurants, Landry’s leadership in hospitality and dining is widely established, making them an ideal owner of Del Frisco’s steak business.”
Mr. Taub added, “We look forward to leveragingL Catterton’s deep restaurant experience and operational capabilities to help bartaco and Barcelona Wine Bar reach their full potential. We are confident that running as separate businesses, these highly experiential and unique restaurant concepts will be best positioned for growth and expansion.”
bartaco
bartaco combines fresh, upscale street food with a coastal vibe in a relaxed environment. With 22 restaurants in Colorado, Connecticut, Florida, Georgia, Illinois, Massachusetts, New York, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, and Wisconsin, bartaco is recognized as a local neighborhood favorite for outdoor dining, date night, and the best tacos and margaritas by both national and regional outlets.
Barcelona Wine Bar
Barcelona Wine Bar is a warm and welcoming tapas bar inspired by the culture of Spain. Today, Barcelona Wine Bar has 17 locations in Colorado, Massachusetts, North Carolina, Tennessee, Pennsylvania, Virginia, and Washington, D.C., each with its own vibrant energy. The ever-changing menu focuses on clean flavors, seasonal ingredients, and specialties from Spain and the Mediterranean, paired with an award-winning selection of wines from Spain and South America.
Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille
For more than 37 years, the Del Frisco’s steak concepts have been committed to providing an experience like no other with chef-driven cuisine and exceptional hospitality. Landry’s, which operates more than 500high-end and casual dining establishments around the world, including well-known steak concepts Morton’s The Steakhouse, Mastro’s Restaurants and Strip House, is well-positioned to own the Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille restaurants and maintain their leadership position in the industry.
L Catterton was advised by Credit Suisse, Gibson, Dunn & Crutcher LLP, and PricewaterhouseCoopers.
