The parent company of Olive Garden has agreed to buy the Ruth’s Chris Steak House chain for approximately $715 million.
Darden Restaurants agreed to an all-cash transaction on Wednesday, which breaks down to $21.50 per share, to acquire Ruth’s Hospitality Group, The Wall Street Journal reported.
The deal puts the steakhouse under the umbrella of Darden Restaurants, which also owns The Capital Grille and Eddie V’s, according to the newspaper.
Olive Garden owner Darden Restaurants buys Ruth's Chris Steak House for $715 million https://t.co/MFNPbicPgP
— CNBC (@CNBC) May 3, 2023
Ruth’s Chris has 154 locations worldwide, CNBC reported. The chain generated $505.9 million in revenue in 2022, according to the news outlet.
The original Chris Steak House was opened on Broad Street in New Orleans in 1927, according to The Associated Press.
The acquisition of Ruth’s Chris is Darden Restaurants’ first purchase in six years, CNBC reported. The company bought Cheddar’s Scratch Kitchen for $780 million in 2017, according to the news outlet.
Ruth’s Hospitality Group is based in Winter Park, Florida, the AP reported.
The deal is expected to close in June, according to CNBC. Cheryl Henry, the CEO of Ruth’s, will remain as president of the company and will report to Darden CEO Rick Cardenas.
