Florida's Darden Restaurant Company, owner of Olive Garden, LongHorn Steakhouse, Bahama Breeze, Ruth's Chris Steak House and more, may be adding some Tex-Mex to its lineup.
Darden and Chuy's announced Wednesday that Darden would be acquiring the other company in a multi-million dollar deal. In a release, Darden's President and CEO Rick Cardenas said "Chuy's is an excellent fit that supports our winning strategy."
The company would acquire all of the outstanding shares of Chuy's for $37.50 a share in an all-cash transaction worth about $605 million, the release said. At least three different class action firms are investigating the deal on behalf of current Chuy's stockholders.
Orlando-based Darden added Winter Park-based Ruth's Chris to its portfolio last May, joining Olive Garden, LongHorn Steakhouse, Bahama Breeze, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze, Yard House and Eddie V’s. The company originally owned the now-struggling Red Lobster but sold it in 2014.
What is Chuy’s?
Founded in Austin, Texas in 1982, Mike Young and John Zapp had "a vision of a fun and funky Tex-Mex restaurant that served authentic and fresh food in an atmosphere that appealed to everyone," according to the company website.
Since then Chuy's has grown to 101 full-service restaurants in 15 states, with revenues of over $450 million in the last 12 months ending March 2024, according to the release. The average Chuy's restaurant brought in $4.5 million in the same time period.
Each location is styled differently to match the local area, although they all keep the beloved hand-carved school of fish in the ceilings and Elvis shrine. "If you've seen one Chuy's, you've seen one Chuy's," the company says.
Chuy's is known for its hand-rolled tortillas, fresh-made salsa fresca, and homemade sauces that range from mild to spicy Hatch Green Chile. They serve tacos, fajitas, burritos, and many other Tex-Mex favorites. One of the most popular dishes is the "Chicka Chicka Boom Boom" enchiladas with the hot, cheese-based "Boom Boom" sauce. They also feature the Elvis Presley Memorial Combo of a ground-beef enchilada, a chicken enchilada, a cheese enchilada (all with different sauces), a crispy taco and chips dipped in queso.
Dishes are made from authentic recipes that originated from South Texas, New Mexico and small towns that pepper the Mexican border.
How many Chuy's locations are in Florida?
There are currently eight Chuy's in the Sunshine State.
A Chuy's opened in Tallahassee in 2016 but closed four years later, during the pandemic.
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