Darden Restaurants to Acquire Cheddar's Scratch Kitchen
$780 million acquisition to be in cash from stockholders
Darden Restaurants, Inc. announced that it has agreed to acquire Cheddar's Scratch Kitchen (Cheddar's) for $780 million in an all-cash transaction from its stockholders including private equity firms L Catterton and Oak Investment Partners. Cheddar's will add to Darden's portfolio of differentiated brands which currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.
Cheddar's was founded in 1979 in Arlington, Texas and features high-quality, made-from-scratch food at compelling prices in a polished yet warm atmosphere. Today, Cheddar's has 165 locations, including 140 owned and 25 franchised, across 28 states with significant growth opportunities in new and existing markets and average annual restaurant volumes of $4.4 million.