Igor Golovniov | Getty ImagesDarden Eating places will achieve Chuy’s Holdings for roughly $605 million in money, the corporations introduced collectively on Wednesday.Darden agreed to obtain all remarkable stocks of Chuy’s at $37.50 consistent with percentage, consistent with a press liberate. The Tex-Mex eating place chain joins Darden’s portfolio that incorporates eating places akin to Olive Lawn, LongHorn Steakhouse and Ruth’s Chris Steak Area. “In line with our standards for including a emblem to the Darden portfolio, we imagine Chuy’s is a superb are compatible that helps our profitable technique,” Darden CEO Rick Cardenas mentioned in a commentary. “I’m excited to welcome their 7,400 staff contributors to Darden and diversify the Darden portfolio into a brand new eating class.”Chuy’s generated general revenues of over $450 million in its newest 365 days finishing March 31, consistent with the discharge. The corporate, based in Austin, Texas in 1982, has 101 eating places in 15 states.Cardenas mentioned within the press liberate that Chuy’s has robust efficiency and expansion doable for Darden. “In combination we will be able to boost up our trade targets and convey our unique, made-from-scratch Tex-Mex to extra visitors and communities,” Chuy’s CEO Steven Hislop mentioned in a commentary.Darden expects the transaction to be finished of their fiscal 2nd quarter, consistent with the discharge.
