Chillin' out till it needs to be funded
Hat tip: The chron
Last month Landry’s purchase McCornmick and Schmick’s Seafood restaurants , not the franchise but the whole company with 130 locations, lock stock and barrel, for a little less than a million for each outlet. This month. the $2 bln food and entertainment group has bought the Chicago based “The Steakhouse” brand Mortons with an equal number of outlets, for less than $7 a share, still a 4% premium over market
The premium of 29% in the first case for the Seafood chain is the same 29% but the new Steakhouse brand in the portfolio, known as a premium dinner place in the Mid west is also present in Texas and will be introduing mid Western cuisinge to the Asian palette in China
Tilman Fetitta who himself took Landry’s private jsut a couple of years ago, probably sees himself filling the void left behind by failures of big ticket PE space in luxury, lifestyle and eating space.
Since taking Landry’s private in October of last year, Fertitta has also acquired the 40-unit Claim Jumper restaurant chain; the 32-
His purchase price does not seem to be stretching him with the Steakhouse, costing him $200 mln including possibly %$832 3mln in debt for Morton’s ( The owner of the Steakhouse)