Landry’s Inc.’s Fertitta Acquires 100% Of Morton’s Restaurant GroupDecember 16, 2011
Landry’s Inc. CEO Tilman Fertitta has agreed to acquire 100% of Morton’s Restaurant Group, Inc. for $6.90 a share, valuing the deal at approximately $117 million. Fertitta, who already owns a 5% stake in the restaurant chain, formed two new Landry’s affiliates—Fertitta Morton’s Restaurants, Inc. and Fertitta Morton’s Acquisition, Inc.—in order to complete the transaction, which is expected to close in February. Fertitta plans to update the Morton’s brand with a “refreshed and modernized” look, as well as new food offerings.
A leading operator within the upscale steakhouse segment, Morton’s Steakhouse has more than 70 units in 26 states throughout the U.S., as well as in Canada, Puerto Rico, China, Singapore and Mexico. The Morton’s chain has annual revenues of $300 million, according to Landry’s.
Morton’s joins the existing Landry’s restaurant portfolio, which includes the McCormick & Schmick’s, Bubba Gump Shrimp Co. and Rainforest Café brands, among others. Landry’s, which is expected to generate $2 billion in revenues this year, also owns the Golden Nugget Hotel & Casino brand, which is currently expanding into the former Trump Marina Hotel Casino space in Atlantic City, New Jersey.
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