Darden Restaurant Company will be acquiring Chuy's in a multi-million dollar deal, the two companies announced jointly on Wednesday. Darden Restaurant Company, owner of popular chains like Olive Garden, LongHorn Steakhouse and others, said the Tex-Mex eatery is an excellent fit to their portfolio which will support their "winning strategy."
According to a news release, Darden will acquire all of the outstanding shares of Chuy's for $37.50 per share, in an all-cash transaction valued at approximately $605 million.
As of July 16, 2024, Chuy's has 101 restaurants in 15 states. In the latest twelve months ending March 31, 2024, Chuy's generated total revenues over $450 million, and average annual restaurant volumes of $4.5 million, said a news release. It is Darden's first restaurant acquisition which focuses on Tex-Mex cuisine.
In a statement, Darden President and CEO Rick Cardenas referred to Chuy's as a "differentiated brand within the full-service dining industry with strong performance and growth potential."
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"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," said Chairman, CEO and President of Chuy's, Steven Hislop.
"Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities," he added.
What restaurants does Darden's Restaurant Company own?
According to its website, Darden's Restaurant Company operates over 1,900 restaurants across all 50 states. Darden's portfolio includes the following brands:
- Olive Garden
- LongHorn Steakhouse
- Yard House
- Ruth's Chris Steak House
- Cheddar's Scratch Kitchen
- The Capital Grille
- Seasons 52
- Eddie V's
- Bahama Breeze
How many Chuy's are there in Tennessee?
Chuy's has seven locations across Tennessee, three of which are located in Nashville. Locations include:
- Chattanooga
- 2271 Gunbarrel Rd., Chattanooga, TN, 37421
- Nashville
- 163B Opry Mills Drive, Nashville, TN 37214
- 1901 Broadway, Nashville, TN 37203
- 17 White Bridge Pike, Nashville, TN 37205
- Franklin
- 3061 Mallory Lane, Franklin, TN 37067
- Murfreesboro
- 801 Northwest Broad Street, Murfreesboro, TN 37129
- 100 Eastpark Drive, Brentwood, TN, 37027
Diana Leyva covers trending news and service journalism for The Tennessean. Contact her at Dleyva@gannett.com or follow her on X, the platform formerly known as Twitter, at @_leyvadiana
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