Del Frisco’s Restaurant Group announced Sept. 18 that it has signed a definitive agreement to sell Sullivan’s Steakhouse to Italian restaurant chain Romano’s Macaroni Grill for about $32 million. Irving, TX-based Del Frisco’s had said in March that it was pursuing strategic alternatives process for the 14-unit Sullivan’s Steakhouse.
Sullivan’s new owner operates 85 company-owned Macaroni Grill restaurants in 22 states, plus 23 franchise locations in the U.S. and seven other countries. Scott Smith, president of Sullivan’s Steakhouse since January 2017, will remain with Del Frisco’s and assume similar responsibilities for Del Frisco’s Double Eagle Steakhouse. Ray Risley, who previously served in that same position, has resigned to pursue other interests.
The net proceeds from the Sullivan’s sale, which is expected to close on or before Sept. 30, will be used to reduce Del Frisco’s debt. Del Frisco’s in May acquired Barteca Restaurant Group, operator of the Barcelona Wine Bar and Bartaco concepts, for $325 million in cash.