Houston Rockets owner buys Del Frisco’s steakhouse chain

Houston billionaire Tilman Fertitta has acquired the Del Frisco’s steakhouse chain for an undisclosed price.

Fertitta, who owns the Houston Rockets and the Golden Nugget casinos, announced Wednesday that his restaurant empire Landry’s has agreed to acquire Del Frisco’s Double Eagle Steakhouses and Del Frisco’s Grilles from their private equity owner, L Catterton.

Houston-based Landry’s is expected to assume ownership of the high-end chain’s 35 restaurants at the end of October. Fertitta said he tried to buy Del Frisco’s in 2012 before it went public in August of that year.

“The Del Frisco’s Double Eagle located in midtown Manhattan is one of the highest grossing volume restaurants in the country and a New York City staple, while its sister brand, the Del Frisco’s Grille delights its customers at Rockefeller Center,” Fertitta said in a statement.

L Catterton, which in June announced its plans to acquire the publicly traded Del Frisco’s Restaurant Group for $650 million, also closed on its deal to take the steak empire private on Wednesday. It will keep the Bartaco and Barcelona Wine Bar brands it acquired in the Del Frisco’s deal.

The restaurants will join Landry’s global collection of 500 dining establishments, including high-end Morton’s The Steakhouse, Vic & Anthony’s and Strip House, as well as casual dining brands Landry’s Seafood, Bubba Gump Shrimp Co. and Rainforest Café.

For 2018, Del Frisco’s Restaurant Group recorded an adjusted loss of $49.9 million on revenue of $378.2 million.

Landry’s reported revenue of $4.2 billion last year on assets worth more than $5.8 billion.