CONTACT: Brinker International
Stacey Sullivan, Media Relations
(800) 775-7290
Marie Perry, Investor Relations
(972) 770-1276
Golden Gate Capital:
David Olsen
Coltrin & Associates
(212) 221-1616
Brinker International Completes Sale of On The Border Mexican Grill & Cantina Brand(R)
DALLAS, July 1, 2010 - Brinker International, Inc. (NYSE: EAT) and OTB
Acquisition LLC, an affiliate of San Francisco-based Golden Gate Capital, closed
the previously announced sale of On The Border Mexican Grill & Cantina. Gross
proceeds for the transaction total $180 million, which will be adjusted for deal
costs and customary closing fees.
Brinker expects to record a gain on the transaction and will generate additional
fees from transitional support services provided to On The Border for up to one
year. Proceeds from the sale will be used to repurchase shares.
"The closing of the On The Border transaction marks another achievement in our
long-term plan as discussed at our investor conference and emphasizes Brinker's
commitment to return value to shareholders," said Doug Brooks, President and CEO
of Brinker International.
ABOUT BRINKER INTERNATIONAL
Brinker International, Inc. (NYSE: EAT), is one of the world's leading casual
dining restaurant companies, serving more than one million guests daily. Founded
in 1975 and based in Dallas, Texas, Brinker owns or franchises more than 1,500
restaurants in 29 countries and two territories, and employs more than 100,000.
Brinker's whol ly-owned restaurant brands include Chili's(R) Grill & Bar and
Maggiano's Little Italy(R). Brinker also holds a minority investment in Romano's
Macaroni Grill(R). For more information, visit www.brinker.com.
ABOUT ON THE BORDER MEXICAN GRILL & CANTINA
On The Border is a full-service, casual dining Mexican restaurant brand with 162
restaurants. The menu offers a wide variety of Mexican favorites, with a focus
on fresh, signature and value-oriented Mexican items. The menu includes fresh
new salads like the Citrus Chipotle Chicken Salad; a new, signature OTB Fresh
Grill; a Fajita Grill with new, customizable, top-quality fajitas; and a
refreshed OTB Taco Stand introducing indulgent items like Taco Melts and fresh
classics like Grilled Mahi Mahi Tacos. The menu is complemented by a full
offering of beverages like the Perfect Patron margarita, the fresh, Shaken
Margarita and the new Sangria. On The Border offers full bar service,
in-restaurant dining and signature patio dining in all locations. On The Border
also offers the convenience of a To-Go menu and To-Go entrance to expedite
take-out service. In addition to To-Go, On The Border offers catering service,
from simple drop-off delivery to full-service event planning. For more
information, visit www.ontheborder.com.
ABOUT GOLDEN GATE CAPITAL
Golden Gate Capital is a San Francisco-based private equity investment firm with
approximately $8 billion of assets under management. Golden Gate is dedicated to
partnering with world class management teams and targets investments in
situations where there is a demonstrable opportunity to significantly enhance a
company's value. The principals of Golden Gate Capital have a long and
successful history of investing across a wide range of industries and
transaction types. For more information, visit www.goldengatecap.com.
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