Del Frisco Acquired by Houston Billionaire

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Landry’s, the billionaire-owned restaurant and entertainment company behind Bubba Gump Shrimp Co. and the Rainforest Cafe, announced Wednesday that it’s acquiring Del Frisco’s Double Eagle Steakhouses and Del Frisco’s Grilles from private equity firm L Catterton.

The purchase price was undisclosed, and the deal is expected to close at the end of October, according to the company. The sale does not include the popular bartaco and Barcelona Wine Bar brands, which L Catterton will retain.

Landry’s is owned by Texas billionaire Tilman Fertitta, who said in a statement that he previously tried to acquire Del Frisco’s in 2012, before the restaurant group went public. L Catterton had announced plans to acquire the Del Frisco’s group in June, and closed the acquisition Wednesday in a deal valued at about $650 million.

Fertitta, with a net worth that Forbes pegs at $4.9 billion, says he is planning no operational changes to the Del Frisco’s brand. Del Frisco’s boasts more than 35 restaurants in 13 states in the U.S., including four in Fertitta’s home state of Texas. The Del Frisco’s Double Eagle, located in midtown Manhattan, is one of the highest grossing volume restaurants in the country, Fertitta said.

Through Landry’s, Fertitta, 62, operates more than 500 high-end and casual dining establishments around the world. He also owns the Golden Nugget Casino chain and multiple hotels in Galveston and Houston, Texas.

In 2017, Fertitta bought the Houston Rockets for $2.2 billion, the highest price paid for an NBA franchise. The billionaire released his first book this month, “Shut Up And Listen!”, which details his experiences in the dining, hospitality, entertainment and gaming industries.

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Filed under Crave, Steven Doyle

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