Ruth’s Hospitality Group, Inc. Completes Acquisition of Hawaiian Restaurants from Longtime Franchise Partner
December 12 2017 - 3:30PM
Business Wire
Ruth’s Hospitality Group, Inc. (“RHGI”) (NASDAQ: RUTH) today
announced that it has completed the previously announced
acquisition of six restaurants in Hawaii from longtime franchise
partner, Desert Island Restaurants, for approximately $35 million
in cash. The acquisition includes six restaurants, including a new
location opened in early November on the island of Kauai, as well
as area development rights for the balance of the state. The
acquisition has been funded with debt through the Company’s senior
credit facility.
Mike O’Donnell, Chairman and Chief Executive Officer of Ruth’s
Hospitality Group, stated, “We believe the acquisition of our
Hawaiian franchise locations presents a significant opportunity for
us. Since 1994, Randy Schoch and the local teams have built an
award-wining group of restaurants leveraging our founder Ruth
Fertel’s successful recipe: sizzling prime steaks and legendary
hospitality, together with the aloha spirit of Hawaii. I’m pleased
to officially welcome these impressive restaurants and their
outstanding teams into the Ruth’s Hospitality Group family. We are
proud of their achievements and we are committed to supporting
their success. Randy will maintain a leadership relationship with
RHGI and together we will work to ensure a seamless transition for
team members and guests.”
About Ruth’s Hospitality Group, Inc.
Ruth's Hospitality Group, Inc., headquartered in Winter Park,
Florida, is the largest fine dining steakhouse company in the U.S.
as measured by the total number of Company-owned and
franchisee-owned restaurants, with over 150 Ruth’s Chris Steak
House locations worldwide specializing in USDA Prime grade steaks
served in Ruth’s Chris’ signature fashion – “sizzling.”
For information about our restaurants, to make reservations, or
to purchase gift cards, please visit www.RuthsChris.com. For more
information about Ruth’s Hospitality Group, Inc., please visit
www.rhgi.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171212006334/en/
For Ruth’s Hospitality Group, Inc.Fitzhugh Taylor,
203-682-8261ftaylor@icrinc.com
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