LongHorn Steakhouse Parent to Acquire Fellow Steak Chain

Darden Restaurants today announced that it has entered a definitive merger agreement to acquire Ruth’s Hospitality Group, owner and operator of Ruth’s Chris Steak House.

The transaction is valued at $715 million.

Darden—parent company of LongHorn Steakhouse, Yard House, Olive Garden, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s—says the addition of Ruth’s Chris complements its portfolio.

“Ruth’s Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests,” says Darden President and CEO Rick Cardenas in a release. “It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth’s Chris is a great complement to our portfolio of brands, and I’m pleased to welcome their nearly 5,000 team members to Darden.”

Cheryl Henry, president, CEO and chairperson of Ruth’s says the two brands’ strategies and philosophies are well-aligned. Henry will continue as president of Ruth’s Chris, reporting to Cardenas.

Ruth’s Chris, founded in 1965 in New Orleans, has 154 locations across the globe, including 80 company-owned or operated restaurants and 74 franchised restaurants.