AUSTIN (Talk1370.com) -- An Austin original is set to join the same corporate family as Olive Garden, Longhorn Steakhouse, and Cheddar's Scratch Kitchen.
Darden Restaurants announced Wednesday that it reached an agreement with Austin-based Chuy's to acquire the Tex-Mex chain in an all-cash transaction valued at roughly $605 million.
Chuy's was founded in Austin in 1982, with its original location on Barton Springs Road. The company now operates 101 restaurants across 15 states, with total revenues of more than $450 million in the 12 months ending March 31, 2024.
"Chuy's is a differentiated brand within the full-service dining industry with strong performance and growth potential," said Darden President and CEO Rick Cardenas. "Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy's is an excellent fit that supports our winning strategy. I am excited to welcome their 7,400 team members to Darden and diversify the Darden portfolio into a new dining category."
"We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands," said Steven Hislop, chairman of Chuy's. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities."
Darden says it hopes to close the transaction in its fiscal second quarter, which falls in the latter half of this year.
