Darden Restaurants, Inc. will acquire Chuy's Holdings, Inc. for approximately $605 million, with Darden purchasing all of the outstanding shares of Chuy's for $37.50 per share in an all-cash transaction.
Chuy's will complement Darden's current portfolio of brands, which includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze.
Founded in Austin, Texas, in 1982, Chuy's owns and operates full-service restaurants serving a menu of authentic, made-from-scratch Tex-Mex-inspired dishes. Chuy's features an eclectic and irreverent atmosphere, with each location offering a unique, "unchained" look and feel, as expressed by Chuy's motto, "If you've seen one Chuy's, you've seen one Chuy's!"
Chuy's had 101 restaurants in 15 states as of July 16, 2024, and in the latest twelve months ending March 31, 2024, generated total revenues over $450 million, and average annual restaurant volumes of $4.5 million.
"Chuy's is a differentiated brand within the full-service dining industry with strong performance and growth potential," said Darden President and CEO Rick Cardenas. "Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy. I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category."
Steven Hislop, Chairman, CEO and President of Chuy's, stated, "We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities."
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