Darden Restaurants announced on July 17 that it’s buying the Tex-Mex chain Chuy’s. Orlando, FL-based Darden, which owns Olive Garden, The Capital Grill, LongHorn Steakhouse, Cheddars, Yard House and other casual dining brands, will pay about $605 million for Chuy’s in an all-cash transaction. The deal will help diversify the Darden portfolio into a new dining category, the company says.
Founded in 1982 in Austin, TX, Chuy’s operates 101 full-service restaurants in 15 states and has 7,400 employees. The brand specializes in authentic, made from scratch Tex-Mex inspired dishes, signature Margaritas and other cocktails served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, “unchained” look and feel, as expressed by Chuy’s motto “If you’ve seen one Chuy’s, you’ve seen one Chuy’s!”
In the latest 12 months ending March 31, 2024, Chuy’s generated total revenue over $450 million, and average annual restaurant volume of $4.5 million. The deal, unanimously approved by the boards of directors of both Darden and Chuy’s, is expected to close in Darden’s fiscal second quarter. Darden acquired Ruth’s Chris Steakhouse in May 2023.
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