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Darden Eating places will purchase Chuy’s Holdings for roughly $605 million in money, the businesses introduced collectively on Wednesday.
Darden agreed to amass all excellent shares of Chuy’s at $37.50 per share, in response to a press launch. The Tex-Mex restaurant chain joins Darden’s portfolio that features eating places comparable to Olive Backyard, LongHorn Steakhouse and Ruth’s Chris Steak Home.
“Based mostly on our standards for including a model to the Darden portfolio, we imagine Chuy’s is a wonderful match that helps our successful technique,” Darden CEO Rick Cardenas stated in an announcement. “I’m excited to welcome their 7,400 workforce members to Darden and diversify the Darden portfolio into a brand new eating class.”
Chuy’s generated whole revenues of over $450 million in its newest 12 months ended March 31, in response to the discharge. The corporate, based in Austin, Texas, in 1982, has 101 eating places in 15 states.
Cardenas stated within the press launch that Chuy’s has sturdy efficiency and progress potential. “Collectively we’ll speed up our enterprise targets and produce our genuine, made-from-scratch Tex-Mex to extra visitors and communities,” Chuy’s CEO Steven Hislop stated in an announcement.
Darden expects the transaction to be accomplished of their fiscal second quarter, in response to the discharge.