Orlando, FL-based Darden Eating places introduced Could 3 that it’ll purchase Ruth’s Hospitality Group, which operates the upscale eating chain Ruth’s Chris Steak Home. Darden can pay $21.50 per share for the entire excellent shares of Ruth’s in an all-cash transaction valued at about $715 million.
Cheryl Henry, president/CEO/chairperson of Ruth’s, will proceed to steer the model and can report back to Darden president/CEO. Darden’s restaurant portfolio at the moment contains Olive Backyard, LongHorn Steakhouse, Yard Home, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.
Ruth Fertel based Ruth’s Chris in 1965 in New Orleans. The chain now has 154 places across the globe, together with 80 company-owned or -operated eating places and 74 franchised eating places. The model is understood for its USDA Prime steaks served scorching on 500-degree plates, New Orleans-inspired sides and an award-winning wine record. Ruth’s Chris eating places generated systemwide gross sales exceeding $860 million, complete revenues over $500 million, and common annual restaurant volumes for company-owned or -operated places of $6.2 million in Ruth’s fiscal 12 months 2022.
