Landry's Inc. is flying a little higher today. Owner Tilman Fertitta announced on Wednesday, September 25, that he had acquired Del Frisco’s Double Eagle Steakhouses and the Del Frisco’s Grilles from L Catterton, the private equity firm that recently purchased the restaurants for $650 million; the firm will retain its interest in the bartaco and Barcelona Wine Bar brands. Terms of the deal were not disclosed.
Del Frisco's operates more than 35 restaurants in 13 states, including Double Eagles in both Houston and Dallas, and Del Frisco's Grilles in Dallas, Fort Worth, and The Woodlands. Its New York steakhouse in midtown Manhattan is one of the highest grossing volume restaurants in the country, according to a press release.
"We couldn’t be happier with the acquisition and are planning no changes to the operations,” Fertitta said in a statement.
Acquiring Del Frisco's continues Fertitta's signature as an operator and investor — buying distressed restaurant brands and increasing their revenue. Del Frisco's has been a publicly traded company, but a campaign by activist investor firm Engaged Capital prompted the company's board to seek the sale to L Catterton. At the time, the company had been struggling with declining same-store sales. Del Frisco's shuttered a number of restaurants, including the Upper Kirby location of Del Frisco's Grille.
Purchasing Del Frisco's gives Landry's another luxury steakhouse in its portfolio. In the Galleria area alone, the company operates three: Morton's, Del Frisco's, and Mastro's. In addition, the company also operates steakhouses under the Vic & Anthony's, Brenner's, and Strip House brands.
Fertitta is the sole owner of Fertitta Entertainment, Landry’s, the Golden Nugget Casinos and Hotels, and the NBA’s Houston Rockets. He is also familiar for his reality TV show, Billion Dollar Buyer, and his new book, Shut Up and Listen! Hard Business Truths That Will Help You Succeed.