April 24, 2017
Darden Restaurants Completes Acquisition Of Cheddar's Scratch Kitchen
Darden Restaurants, Inc. (NYSE:DRI) today announced that it has completed the acquisition of Cheddar's Scratch Kitchen (Cheddar's) for $780 million in an all-cash transaction from its stockholders including private equity firms L Catterton and Oak Investment Partners . This follows the agreement that was announced on March 27, 2017 . The transaction price is subject to customary post-closing adjustments. Darden also paid $10 million for certain Cheddar's transaction-related tax attributes and reimbursed its equityholders for pre-closing capital expenditures on new restaurants under development. Darden funded the acquisition with the proceeds of a $500 million offering of 3.850% senior notes due 2027, which were issued on April 18, 2017, together with cash on hand. With the acquisition now complete, Cheddar's joins Darden's portfolio of differentiated brands which also includes Olive Garden , LongHorn Steakhouse , Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's....
March 27, 2017
Darden Restaurants Agrees To Acquire Cheddar's Scratch Kitchen For $780 Million; Adds A Casual Dining Value Leader To Darden's Portfolio Of Differentiated Brands
Darden Restaurants, Inc. (NYSE: DRI) today announced that it has agreed to acquire Cheddar's Scratch Kitchen (Cheddar's) for $780 million in an all-cash transaction from its stockholders including private equity firms L Catterton and Oak Investment Partners . Cheddar's will add to Darden's portfolio of differentiated brands which currently includes Olive Garden , LongHorn Steakhouse , Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's. Cheddar's was founded in 1979 in Arlington, Texas and features high-quality, made-from-scratch food at compelling prices in a polished yet warm atmosphere. Today, Cheddar's has 165 locations, including 140 owned and 25 franchised, across 28 states with significant growth opportunities in new and existing markets and average annual restaurant volumes of $4.4 million. Transaction Highlights Darden has agreed to acquire Cheddar's for $780 million, subject to customary adjustments. Net of certain tax benefits estimated at approximately...
March 27, 2017
Darden Restaurants Reports Fiscal 2017 Third Quarter Results And Increases Earnings Outlook For The Full Fiscal Year
Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the third quarter ended February 26, 2017. Third Quarter 2017 Financial Highlights Versus Same Fiscal Quarter Last Year Total sales from continuing operations increased 1.7% to $1.88 billion Reported diluted net earnings per share from continuing operations increased 57.1% to $1.32 and increased 9.1% from last year's adjusted diluted net earnings per share* Same-restaurant sales increased 0.9% for the quarter
+1.4% for Olive Garden +0.9% for The Capital Grille
-1.0% for Yard House +0.2% for LongHorn Steakhouse
+4.7% for Eddie V's +0.8% for Seasons 52
+0.5% for Bahama Breeze * See the "Non-GAAP Information" below for more details "We continued to gain market share as we outperformed industry same-restaurant sales by a considerable margin again this quarter," said CEO Gene Lee . "Our teams remain incredibly focused on driving strong operating...