Growing Tex-Mex chain Chuy’s eyes a serious expansion as it relocates to Orlando to join the Darden fleet, states a recent press release detailing major moves for the popular restaurant brand.
“Being part of Darden opens the door to accelerated growth, expanding Chuy’s footprint well beyond our current 101 locations. They will provide Chuy’s with the enhanced scale, strategic resources, and operational expertise needed to further enhance our offerings and customer experience,” stated CEO Steve Hislop in an email to Chuy’s employees.
“Darden Restaurants, Inc. jointly announced today that they have entered into a definitive agreement pursuant to which Darden will acquire all of the outstanding shares of Chuy’s for $37.50 per share, in an all-cash transaction with an enterprise value of approximately $605 million. Chuy’s will complement Darden’s portfolio of iconic brands, which currently includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze,” states an official press release.
“Founded in Austin, Texas, in 1982, Chuy’s owns and operates full-service restaurants serving a distinct menu of authentic, made-from-scratch Tex-Mex inspired dishes. Chuy’s highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, “unchained” look and feel, as expressed by Chuy’s motto “If you’ve seen one Chuy’s, you’ve seen one Chuy’s!” Chuy’s had 101 restaurants in 15 states as of July 16, 2024, and in the latest twelve months ending March 31, 2024 generated total revenues over $450 million, and average annual restaurant volumes of $4.5 million.”
“Chuy’s is a differentiated brand within the full-service dining industry with strong performance and growth potential,” said Darden President and CEO Rick Cardenas. “Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy’s is an excellent fit that supports our winning strategy. I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category.”
Steven Hislop, Chairman, CEO and President of Chuy’s, stated, “We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities.”
No new addresses have been announced.
