M&A Deal Summary

Golden Gate Capital Acquires Romano s Macaroni Grill

On December 19, 2008, private equity firm Golden Gate Capital acquired restaurant Romano s Macaroni Grill from Brinker International for 132M USD

Acquisition Highlights
  • This is Golden Gate Capital’s 1st transaction in the Restaurants sector.
  • This is Golden Gate Capital’s 19th largest (disclosed) transaction.
  • This is Golden Gate Capital’s 39th transaction in the United States.
  • This is Golden Gate Capital’s 3rd transaction in Texas.
Investment Fate
  • Romano s Macaroni Grill was sold to a publicly-traded strategic buyer in 2013 for 55M USD.
  • Romano s Macaroni Grill was divested to a consortium of strategic buyers in 2015 for 8M USD.

M&A Deal Summary
Date 2008-12-19
Target Romano s Macaroni Grill
Sector Restaurants
Buyer(s) Golden Gate Capital
Sellers(s) Brinker International
Deal Type Divestiture
Deal Value 132M USD

Target

Romano s Macaroni Grill

Houston, Texas, United States
Romano's Macaroni Grill is a casual Italian restaurant with more than 220 locations worldwide. Working in open kitchens, Macaroni Grill chefs prepare Italian classics such as Chicken Scaloppini and signature items such as Penne Rustica, as well as grilled specialties, fresh seafood, crisp salads, brick oven pizzas and numerous pasta dishes. The menu is complemented by one of the most extensive wine lists in casual dining, including house wine poured on the honor system.

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Buyer(S) 1

Buyer

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.

DEAL STATS #
Overall 45 of 112
Sector (Restaurants) 1 of 5
Type (Divestiture) 7 of 15
State (Texas) 3 of 9
Country (United States) 39 of 100
Year (2008) 5 of 5
Size (of disclosed) 19 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-26 U.S. Silica

Frederick, Maryland, United States

U.S. Silica Company is the major producer of industrial sand in North America with 22% market share in most of its local markets. The company supplies well-diversified, growing end markets including glass, building products, fillers/extenders, foundry, chemicals, oil and gas, matrix materials and ceramics.

Buy $337M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-04 Massif Holdings

Ashland, Oregon, United States

Massif Holdings LLC is a supplier of protective apparel to the U.S. Military and other professionals who work in extreme environments. Massif's products include technical combat apparel, flame resistant soft shell apparel, and extreme weather layering systems.

Buy -

Seller(S) 1

SELLER

Brinker International

Dallas, Texas, United States
Category Company
Founded 1975
Sector Restaurants
Employees64,323
Revenue 4.1B USD (2023)
DESCRIPTION
Entrance to Brinker's corporate headquarters in Dallas, Texas.
Entrance to Brinker's corporate headquarters in Dallas, Texas.

Brinker International is a casual dining restaurant company. Brinker owns, develops, operates, and franchises full-service casual dining restaurants under the Chilis Grill & Bar and Maggianos Little Italy brands primarily in the United States. Brinker International was founded in 1983 and is based in Dallas, Texas.

DEAL STATS #
Overall 1 of 2
Sector (Restaurants) 1 of 2
Type (Divestiture) 1 of 2
State (Texas) 1 of 2
Country (United States) 1 of 2
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-23 Waterloo Restaurant Ventures

Vancouver, Washington, United States

Waterloo is the only US franchisee of Romano's Macaroni Grill from Brinker International, a premier Italian casual dining concept. The Company has the exclusive rights to develop the brand in the Pacific Northwest. Waterloo plans to open 18 locations throughout Washington, Oregon and Idaho over the next five years. Romano's Macaroni Grill has a proven record of strong operational performance and widespread consumer acceptance in the casual dining segment as well as a strong support infrastructure from Brinker which has been implemented across a number of concepts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 On The Border Mexican Grill & Cantina

Irving, Texas, United States

On The Border is the largest full-service Mexican restaurant brand in the country, offering a wide variety of Mexican favorites, with a focus on fresh, signature and value-oriented dishes, complemented by a full offering of alcoholic and non-alcoholic beverages. On The Border currently owns and operates 121 units across the U.S. The brand also franchises 36 units across the U.S., Puerto Rico, Saudi Arabia, and South Korea. On The Border Mexican Grill & Cantina was founded in 1982 and is based in Irving, Texas.

Sell -
Mergr

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