Private equity firm L Catterton will acquire Del Frisco’s Restaurant Group in an all-cash transaction valued at about $650 million. The Irving, TX-based restaurant operator, which includes Del Frisco’s Grille, Del Frisco’s Double Eagle Steakhouse, Bartaco and Barcelona Wine Bar, had announced it was exploring strategic alternatives back in December.
Del Frisco’s, founded in 1981, this past September agreed to sell Sullivan’s Steakhouse to Italian restaurant chain Romano’s Macaroni Grill for about $32 million. Del Frisco’s bought the Spanish wine bar Barcelona and Brazilian tacqueria-like concept Bartaco from Norwalk, CT-based parent company Barteca in May 2018 for $325 million in cash.
L Catterton said that after the Del Frisco’s transaction closes, it plans to run the Bartaco and Barcelona businesses separately from the steakhouse brands to nurture the unique attributes of the concepts. The firm has invested in several restaurants such as Bloomin’ Brands, P.F. Chang’s, Uncle Julio’s and others.