Welcome to Extreme Investor Network, where we bring you the latest and most exclusive business news and insights to keep you ahead in the game. Today, we have some exciting news about a major acquisition in the restaurant industry.
Darden Restaurants, known for brands like Olive Garden and LongHorn Steakhouse, has announced its plans to acquire Chuy’s Holdings in a deal worth approximately $605 million in cash. This strategic move will add the popular Tex-Mex restaurant chain to Darden’s impressive portfolio, further strengthening its position in the market.
Chuy’s, founded in Austin, Texas in 1982, has grown to have 101 restaurants across 15 states and generated total revenues of over $450 million in the past 12 months. With a strong performance and growth potential, Chuy’s is seen as an excellent fit for Darden’s expansion strategy.
“We believe Chuy’s is an excellent fit that supports our winning strategy,” said Darden CEO Rick Cardenas. “I am excited to welcome their 7,400 team members to Darden and diversify our portfolio into a new dining category.”
The acquisition is expected to be completed in Darden’s fiscal second quarter, signaling a new chapter in the company’s growth journey. Stay tuned for more updates on this exciting development and other insightful news in the world of business.