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Darden Restaurants Acquires Ruth’s Hospitality Group

 05/04/2023

In a May 3rd announcement, Darden Restaurants announced an all-cash acquisition of Ruth’s Hospitality Group, the parent company of Ruth’s Chris Steakhouse.  The transaction is valued at $715 million, representing a 34 percent premium equivalent to a share price of $21.50, up from the May 2nd closing of $16.00 per share.

 

Darden Restaurants operates the Olive Garden and the Longhorn Steakhouse as casual dining destinations.  The acquisition represents an extension into fine dining, complementing the existing Capital Grille and Eddie V’s brands.

 

The Ruth’s Hospitality Group includes 150 locations and posted revenue of $506 million in 2022.  Post-COVID, Ruth’s Chris restaurants reported a 5.0 percent growth in same-store sales.

 

Ruth’s Hospitality Group has been publicly traded since 2005 and has a market value of $525 million.