Wall Street's Favorite Steakhouse Has a New Owner

(Bloomberg) -- Tilman Fertitta, the billionaire owner of Landry’s Inc., agreed to buy Del Frisco’s Double Eagle Steakhouses and Del Frisco’s Grilles from a private equity firm.

The deal was announced the same day that buyout firm L Catterton completed its acquisition of Del Frisco’s Restaurant Group Inc. for about $650 million, according to a Landry’s statement Wednesday. Terms for Landry’s deal weren’t disclosed. L Catterton will retain ownership of the bartaco and Barcelona Wine Bar brands.

Wall Street's Favorite Steakhouse Has a New Owner

Landry’s tried to acquire the company in 2012 and has been tracking it for “many years,” Fertitta said in the statement. Del Frisco’s operates more than 35 restaurants, including the Del Frisco’s Double Eagle in Midtown Manhattan that’s a favorite for Wall Street. It also has locations in cities including Boston, Philadelphia, Dallas and Houston.

In addition to Landry’s, Fertitta is the chairman and chief executive officer of Fertitta Entertainment, which operates the Golden Nugget Casinos, and also owns the NBA’s Houston Rockets. He’s worth $3.9 billion, according to the Bloomberg Billionaires Index.

Jefferies LLC was Landry’s lead financial adviser, along with Deutsche Bank Securities and North Point Advisors, according to the statement.

©2019 Bloomberg L.P.

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