Landry’s expands seafood empire with Mitchell’s acquisition
Landry’s Inc. has agreed to acquire Mitchell’s Fish Market and Mitchell’s/Cameron’s Steakhouse from Ruth’s Hospitality Group for USD 10 million (EUR 7.97 million).
The deal, which is expected to close in early 2015, includes 21 restaurant units in Ohio, Pennsylvania, Michigan, Indiana, Wisconsin and Florida. Ruth’s Chris bought the Mitchell’s brands from Cameron Mitchell Restaurant in 2008 for USD 92 million (EUR 73.39 million).
“While the Mitchell’s restaurants continue to be profitable and generate positive cash flows, the sale of these restaurants will enable us to direct all of our resources towards the continued growth and expansion of our flagship Ruth’s Chris Steak House brand,” said Michael P. O’Donnell, chairman, president and CEO of Ruth’s Hospitality Group. “We are confident that Mitchell’s will complement Landry’s existing seafood restaurant portfolio.”
North Point Advisors served as exclusive financial advisor to Ruth’s Hospitality Group.
Landry’s, Inc. and its affiliates are wholly owned by Fertitta Entertainment, Inc. which is a multinational, diversified restaurant, hospitality, gaming and entertainment company based in Houston, Texas. Landry’s operates more than 500 dining establishments around the world, including Landry’s Seafood, Bubba Gump Shrimp Co., Rainforest Cafe, Morton’s The Steakhouse, The Oceanaire, McCormick & Schmick’s Seafood, Chart House, Saltgrass Steak House, Claim Jumper and Mastro’s Restaurants. Fertitta Entertainment’s gaming division includes the Golden Nugget Hotel and Casino concept, with locations in Las Vegas and Laughlin, Nev.; Atlantic City, N.J.; and Biloxi, Miss.