M&A Deal Summary

Darden Restaurants Acquires Cheddar’s Casual Cafe

On March 27, 2017, Darden Restaurants, Inc. acquired restaurants company Cheddar’s Casual Cafe, Inc. from L Catterton Partners for 780M USD

Acquisition Highlights
  • This is Darden Restaurants’ 2nd transaction in the Restaurants sector.
  • This is Darden Restaurants’ 1st largest (disclosed) transaction.
  • This is Darden Restaurants’ 3rd transaction in the United States.
  • This is Darden Restaurants’ 1st transaction in Texas.

M&A Deal Summary

Date 2017-03-27
Target Cheddar’s Casual Cafe, Inc.
Sector Restaurants
Buyer(s) Darden Restaurants, Inc.
Sellers(s) L Catterton Partners
Deal Type Add-on Acquisition
Deal Value 780M USD
Advisor(s) Morgan Stanley (Financial)
DLA Piper (Legal)

Target

Cheddar’s Casual Cafe, Inc.

Irving, Texas, United States
website
Cheddar’s Casual Cafe, Inc. is a multi-concept casual dining restaurant company offers appetizers, salads, soups, burgers, sides, sandwiches, steaks, ribs, desserts, and entrees; and beverages, such as sweet tea vodkas, amaretto, lemonades, landslide martinis, spicy mango mojitos, margaritas, and fruit infused teas.

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Buyer(S) 1

Buyer

Darden Restaurants, Inc.

Orlando, Florida, United States

website


Category Company
Founded 1968
SectorRestaurants
Employees177,895
Revenue 7.8B USD (2020)
DESCRIPTION
Entrance to Darden's corporate headquarters in Orlando, Florida.
Entrance to Darden's corporate headquarters in Orlando, Florida.

Darden is a large full-service restaurant company that owns and operates more than 2,100 restaurants. Darden is recognized for a culture that rewards caring for and responding to people. Darden's restaurants includes Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V's and Yard House. Darden was formed in 1968 and is based in Orlando, Florida.


DEAL STATS #
Overall 3 of 3
Sector (Restaurants) 2 of 2
Type (Add-on Acquisition) 3 of 3
State (Texas) 1 of 1
Country (United States) 3 of 3
Year (2017) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-16 Red Lobster Hospitality LLC

Orlando, Florida, United States

Red Lobster is a seafood restaurant concept operating more than 700 restaurants across the U.S. and Canada and a growing international franchisee footprint. Red Lobster is focused on delivering freshly prepared, high-quality seafood dishes at reasonable prices including an extensive menu featuring fresh fish, shrimp, crab, lobster, scallops, and other seafood and non-seafood options. Headquartered in Orlando, Florida, the Red Lobster team comprises more than 58,000 associates.

Sell $2.1B

Seller(S) 1

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1989
PE ASSETS 15.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 41 of 70
Sector (Restaurants) 7 of 10
Type (Add-on Acquisition) 18 of 32
State (Texas) 4 of 5
Country (United States) 38 of 58
Year (2017) 1 of 6
Size (of disclosed) 3 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-27 TULA Life LLC

New York, New York, United States

TULA Life LLC is an innovative skincare brand, TULA empowers women to live healthier, balanced, and more beautiful lives by transforming their beauty regimen. Built on the understanding that the same ingredients that are good for your internal health are also great for your skin, TULA products use Probiotic Technology to deliver skin-nourishing benefits.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-30 Rhone

Syracuse, New York, United States

Rhone offers a full line of style-driven men's activewear made from premium, innovative fabrics with exceptional performance qualities. The Company's high-quality materials, which are sourced from around the world, create clothing with extremely comfortable fits and category-leading performance characteristics, including anti-odor and anti-microbial properties. Rhone recently continued its disruption of the activewear category with the launch of GoldFusion, a proprietary and revolutionary new technology that infuses gold particles into the brand's high-performance fabrics, resulting in garments that are softer, safer, faster-drying, longer-lasting and odor-neutralizing.

Buy -