Olive Garden Owner , Buys Ruth’s Chris Steak House.
Darden Restaurants, which owns
Olive Garden, LongHorn Steakhouse and more, made the announcement on May 3.
Darden Restaurants, which owns
Olive Garden, LongHorn Steakhouse and more, made the announcement on May 3.
It will acquire Ruth's Hospitality Group for
$715 million in an all-cash transaction, CNBC reports. .
The steakhouse had $505.9 million
in revenue last year.
There are over 150 Ruth's Chris
locations around the world. .
The deal marks the first acquisition
for Darden Restaurants in six years.
In 2017, Darden bought
Cheddar's Scratch Kitchen for $780 million.
Darden is set to release its Q1 earnings
report before the bell on May 5.
Ruth's said it had 4.5% same-store
sales growth last quarter.
If all conditions are met,
the deal will close in June.
Ruth's Chris CEO Cheryl Henry will remain president of the chain while reporting to Darden CEO Rick Cardenas.