Darden Restaurants (NYSE:DRI) completes the acquisition of Cheddar's Scratch Kitchen for $780M from PE firms L Catterton and Oak Investment Partners.
The company says it funded the acquisition with the proceeds of a $500M offering of 3.850% senior notes due 2027 and cash on hand.
Cheddar's has 165 locations across 28 states.
Cheddar's joins Darden's portfolio of differentiated brands which also includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.
Source: Press Release