Make that two deals for restaurant mogul Tilman Fertitta.
The billionaire’s Landry’s LLC, which operates north of 600 units across 60-plus brands, had its $37.2 million bid for Restaurants Unlimited approved in federal bankruptcy court Wednesday.
Landry’s entered the sole bid for the struggling multi-concept operator in late August in the U.S. Bankruptcy Court for the District of Delaware.
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Landry’s also announced September 25 it was acquiring Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille for an undisclosed consideration. The concepts were dealt in conjunction with L Catterton’s $650 closing of Del Frisco’s Restaurant Group. The private-equity firm kept bartaco and Barcelona Wine Bar, and said it will run the brands as separate businesses.
Restaurants Unlimited includes Clinkerdagger, Cutters Crabhouse, Fondi Pizzeria, Henry’s Tavern, Horatio’s; Kincaid’s, Maggie Bluffs, Manzana, Newport Seafood Grill, Palisade, Palomino, Portland City Grill, Portland Seafood Company, Scott’s Bar & Grill, Simon & Seafort’s, Skate’s on the Bay, Stanford’s, and Stanley & Seafort’s.
When the 1968-founded company, sold 12 years ago to Sun Capital Partners, filed for bankruptcy protection in early July, it closed six locations to bring its total to 35 restaurants. Fertitta’s “stalking horse” bid came the following month.
Restaurants Unlimited’s lead petition noted between 200–1,000 creditors, estimated assets between $50 million and $100 million, and estimated liabilities between $50 million and $100 million. It reported $39 million in secured debt.
The company had been looking for a buyer since the fall of 2016 when it engaged investment bankers, but was unable to find a suitor.
