Darden Acquires Ruth’s Hospitality In $715 Million Deal

Darden Restaurants is expanding its portfolio with the acquisition of the Ruth’s Chris Steak House parent Ruth’s Hospitality for $715 million. With 150 locations and revenue of $506 million, Ruth’s Chris will join Darden’s fine dining portfolio, which currently includes The Capital Grille and Eddie V’s. Ruth’s Chris CEO Cheryl Henry will continue with the group, reporting to Darden chief executive Rick Cardenas as president of Ruth’s Chris. The deal is expected to close in June. Darden, whose holdings also include Olive Garden and LongHorn Steakhouse among others, recently raised sales guidance for its full fiscal year ending in May to between $10.45 and $10.5 billion after posting a strong set of third-quarter numbers, with sales up 13% to $2.8 billion.—Daniel Marsteller

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