Darden Restaurants completes acquisition of Yard House USA
Darden Restaurants has completed the acquisition of Yard House USA for USD585m in an all-cash transaction from private equity firm TSG Consumer Partners, management and investors.
This follows the agreement that was announced on 12 July 2012. The total transaction price includes approximately USD30m of cash tax benefits that are expected to be realised by Darden in fiscal 2013 and fiscal 2014.
With the acquisition now complete, Yard House joins Darden's Specialty Restaurant Group, which also includes The Capital Grille, Bahama Breeze, Seasons 52 and Eddie V's.
Yard House, which launched its first restaurant in 1996, offers contemporary American cuisine with chef-inspired recipes and ethnic flavours along with a wide range of draft beers and other beverages. The brand has grown to 40 restaurants across 13 states.
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