L Catterton Partners closed its purchase of Del Frisco's Restaurant Group Inc. in an all-cash deal worth approximately $650 million.
The consumer-focused investor concurrently signed a deal to sell Del Frisco's Double Eagle Steakhouse and Del Frisco's Grille, two brands of the restaurant operator. Landry's Restaurants Inc., a Houston-based restaurant, hospitality, gaming and entertainment company, is buying the two brands for an undisclosed amount.
The deal with Landry's is slated to close at the end of October. L Catterton will retain ownership of Del Frisco's bartaco and Barcelona Wine Bar brands.
Jefferies LLC was lead financial adviser to Landry's, while Deutsche Bank Securities Inc. and North Point Advisors LLC were co-advisers.
