L Catterton to Pay $650M for Del Frisco’s Restaurant Group

Del Frisco’s Restaurant Group Inc. entered into a definitive agreement with private equity firm L Catterton to be acquired for $650 million. The transaction is expected to close in Q4 2019.

The Irving, TX-headquartered Del Frisco’s owns and operates brands including Del Frisco’s Grille, Del Frisco’s Double Eagle Steakhouse, bartaco and Barcelona Wine Bar.  L Catterton, based in Greenwich, CT, plans to run the bartaco and wine bar businesses separately from the steakhouse brands.

“The Board has been evaluating several strategic and financial alternative options since December 2018. This transaction offers immediate liquidity at a significant premium for our stockholders while providing the best path forward for our Del Frisco’s brands, our employees, and loyal guests,” said Del Frisco’s Ian R. Carter.

L Catterton has invested in restaurant concepts such as Bloomin’ Brands Inc., Cheddar’s Scratch Kitchen, Crystal Jade, Culinary Concepts by Jean-Georges, P.F. Chang’s and Uncle Julio’s.

Pictured: Del Frisco’s Double-Eagle Steakhouse, Fort Worth

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