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- 🌮 Darden Restaurants Inc. Acquires Tex-Mex Chain Chuy's for $605 Million
🌮 Darden Restaurants Inc. Acquires Tex-Mex Chain Chuy's for $605 Million
Darden Restaurants Inc. broadens its portfolio with the addition of Chuy's restaurant chain.
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ROLL UP A CHEWY…I MEAN CHUY
Darden Restaurants Inc. Acquires Tex-Mex Chain Chuy's for $605 Million(Read More)
Chuy’s
Darden Restaurants Inc. is excited to announce a new addition to its impressive portfolio. The company has agreed to acquire all outstanding shares of Chuy's for $37.50 per share, in an all-cash transaction valued at approximately $605 million. This acquisition marks Darden's entry into the Tex-Mex dining category.
Welcome Chuy's to the Darden Family
Chuy's, based in Austin, Texas, operates full-service restaurants serving made-from-scratch, Tex-Mex-inspired dishes. Known for their unique motto, "If you've seen one Chuy's, you've seen one Chuy's!", each location offers a distinct and unchained ambiance. As of July 16, 2024, Chuy's boasted 101 restaurants across 15 states, generating over $450 million in total revenues and average annual restaurant volumes of $4.5 million.
Transaction Details
The transaction has been unanimously approved by the boards of directors of both Darden and Chuy's and is expected to be completed in Darden's fiscal second quarter.
About Darden Restaurants Inc.
As of May 26, Darden operated 2,031 restaurants, including:
920 Olive Gardens
575 LongHorns
181 Cheddar’s Scratch Kitchens
88 Yard Houses
80 Ruth’s Chris Steak Houses
66 Capital Grills
44 Seasons 52s
43 Bahama Breezes
30 Eddie V’s
4 Capital Burgers
BofA Securities is serving as the financial advisor and Hunton Andrews Kurth LLP as the legal advisor to Darden. Piper Sandler is acting as the financial advisor and Winston & Strawn LLP as the legal advisor to Chuy's.
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