Wall Street’s Favorite Steakhouse Once Again Has New Owners

Wall Street’s favorite steakhouse once again has new owners. 

The owner of Landy’s Inc., Tilman Fertitta, has agreed to buy Del Frisco’s Steakhouses and Del Frisco’s Grilles from a private equity firm, according to Bloomberg. 

According to a statement by Landry’s on Wednesday, the deal was consummated on the same day that buyout firm L Catterton closed its acquisition of Del Frisco’s Restaurant Group for roughly $650 million.

We reported the $8 per share in cash deal back in June. Leading up to the sale, activist investor Engaged Capital had taken a 9.9% stake in the company at under $7 per share and encouraged it to sell itself after its stock had plummeted from highs in the high $20 range in mid 2014 and early 2015.  

Del Frisco’s Restaurant agrees to be bought by private equity firm L Catterton for $8 per share in cash, or about $267 million.

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Terms for Landry’s deal were not disclosed and L Catterton will remain the owner of the bartaco and Barcelona Wine Bar brands, which are also part of the restaurant group.

According to the statement, Landry’s had been trying to acquire the company since 2012, with owner Fertitta “tracking it for many years”. Jefferies was the lead financial adviser on the deal, with help from Deutsche Bank and North Point Advisors. 

Del Frisco’s operates more than 35 restaurants, with locations like Midtown Manhattan, Boston, Philadelphia and Dallas.

Fertitta is also chairman and CEO of Fertitta Entertainment, which operates the Golden Nugget Casinos and owns the Houston Rockets. His worth, according to the Bloomberg Billionaires Index, is $3.9 billion.