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A Yard House USA chain restaurant. (Photo: yardhouse)
Darden to buy restaurant chain
(UNITED STATES, 7/16/2012)
TSG Consumer Partners LLC (TSG) has entered into an agreement to sell the dining restaurant chain Yard House USA Inc to Darden Restaurants, Inc for USD 585 million.
The transaction is subject to certain closing conditions, including regulatory approval.
The purchase is expected to close by year's end, Darden informed, and the company plans to expand the chain to between 150-200 restaurants, Orlando Sentinel reports.
Yard House will become part of Darden's Specialty Restaurant Group, which includes The Capital Grille, Bahama Breeze, Seasons 52 and Eddie V's. It will help push that restaurant group to annual sales approaching USD 1 billion and help broaden its appeal with younger and higher-income consumers.
The chain is expected to generate USD 368 million in sales next year.
“We feel very fortunate to have had the opportunity to partner with Steele Platt, Harald Herrmann, Carlito Jocson and the other members of the Yard House management team,” said Managing Director at TSG Pierre LeComte. “They have built an innovative concept with unparalleled growth and restaurant performance metrics and a significant path for expansion.”
“Our successful partnership with TSG has been nothing short of extraordinary," said Yard House CEO Herrmann.
“TSG recognized our potential early on and their dedication, support and guidance to our team and our company have proven to be extremely valuable. We have been able to more than double in size while maintaining our high standards and our company culture. Our team is very grateful for TSG's mentorship and entrepreneurial spirit, which allowed us to continue to shape and grow the fine company that Yard House is today,” he added.
Hadley Mullin, managing director at TSG Consumer Partners, noted that TSG has a long and successful track record of investing in high-growth consumer brands. Its investment in Yard House in 2007 proved to be a terrific investment for the fund, as it has yielded remarkable performance since then.
TSG Consumer Partners was advised by JP Morgan and Sidley Austin LLP. Darden was advised by Goldman, Sachs & Co and Hunton & Williams LLP.
By Natalia Real
editorial@seafood.media
www.seafood.media
Information of the company:
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Address:
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1000 Darden Center Drive
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City:
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Orlando
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State/ZIP:
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Florida (32837-4032)
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Country:
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United States
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Phone:
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+1 407 245 4000
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Fax:
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+1 407 245 4989
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E-Mail:
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rclothier@darden.com
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More about: 
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