Piper Jaffray acted as exclusive financial advisor to Del Frisco’s and its Board of Directors and Kirkland & Ellis LLP acted as legal advisor. Gibson, Dunn & Crutcher LLP acted as legal advisor to Mac Acquisition, LLC.
Del Frisco’s Restaurant Group, Inc. (NASDAQ: DFRG) has signed a definitive agreement to sell Sullivan’s Steakhouse to Romano’s Macaroni Grill for gross proceeds of approximately $32 million. The net proceeds, which have not yet been finalized, will be used to reduce the Company’s outstanding indebtedness.
The divestiture of Sullivan’s Steakhouse represents the culmination of a strategic alternatives process for the brand that was first announced in March 2018. Sullivan’s Steakhouse currently comprises 14 locations across 12 states.
Scott Smith, who had served as President of Sullivan’s Steakhouse since January 2017, will remain with Del Frisco’s and assume similar responsibilities for Del Frisco’s Double Eagle Steakhouse. Ray Risley, who previously served in that same position, has resigned to pursue other interests.
The Kirkland team was led by put corporate partners Jeremy Veit (Picture), Joshua Zachariah and associate Natalie Logan.
Law Firms: Kirkland & Ellis;
Clients: Del Frisco’s Restaurant Group, Inc. ;