Darden Restaurants, the owner of Olive Garden and LongHorn Steakhouse, is venturing into the Tex-Mex dining sector with its $605 million deal to acquire Chuy’s Holdings, a chain with 101 eateries.
Orlando, Florida-based Darden on Wednesday said it had struck a definitive agreement to purchase Chuy’s, which is headquartered in Austin, Texas, for $37.50 a share in an all-cash transaction. In a statement, Darden said that Chuy’s would complement a portfolio that includes not only Olive Garden and LongHorn Steakhouse but also Yard House, Ruth’s Chris Steak House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze.