Houston Rockets owner, billionaire Tilman Fertitta to acquire Del Frisco’s steakhouses

Tilman Fertitta, owner of Landry's, Inc., and the Houston Rockets, poses for a portrait at the Post Oak Hotel at Uptown on Tuesday, May 28, 2019, in Houston. Tilman Fertitta, owner of Landry's, Inc., and the Houston Rockets, poses for a portrait at the Post Oak Hotel at Uptown on Tuesday, May 28, 2019, in Houston. Photo: Jon Shapley, Houston Chronicle / Staff Photographer Photo: Jon Shapley, Houston Chronicle / Staff Photographer Image 1 of / 21 Caption Close Houston Rockets owner, billionaire Tilman Fertitta to acquire Del Frisco’s steakhouses 1 / 21 Back to Gallery

Tilman Fertitta has inked a deal to acquire Southlake-based Del Frisco's steakhouse restaurants, further expanding his hospitality empire.

The Houston billionaire and Houston Rockets owner announced the deal on Wednesday, just hours after Connecticut-based private equity firm L Catterton closed on its previously announced acquisition of Del Frisco's Restaurant Group in an all-cash deal valued at around $650 million.

L Catterton will retain ownership of Del Frisco's Bartaco and Barcelona Wine Bar brands, but will sell Del Frisco's Double Eagle Steakhouses and Grilles to Fertitta for an undisclosed amount. The sale, which includes 35 Del Frisco's steakhouses nationally, is expected to close at the end of October.

"Del Frisco's is a perfect complement to our existing high-end steakhouse portfolio," Fertitta said in a statement, adding he plans to make no changes to Del Frisco's operations.

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Fertitta has long eyed Del Frisco's to add to his stable of steakhouses, which includes Mastro's, Morton's, Vic and Anthony's, Strip House and Brenner's. The chief executive of Landry's Inc. previously tried to acquire Del Frisco's steakhouses in 2012, shortly after the restaurant group went public and as Fertitta was wrapping up a buying spree that included Morton's and McCormick & Schmicks for $116.6 million and $131.6 million, respectively. However, Landry's ultimately did not acquire Del Frisco's at the time.

Del Frisco's Double Eagle Steakhouses and Grilles reported $56.6 million in earnings before interest, taxes, depreciation and amortization on revenues of $303.9 million during its 2018 fiscal year.

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The Del Frisco's Double Eagle Steakhouse in midtown Manhattan is one of the highest-grossing volume restaurants nationally. Houston has a Del Frisco's Double Eagle Steakhouse inside The Galleria mall and a Del Frisco's Grille in The Woodlands.

Fertitta, a Galveston native who turned one seafood restaurant in Katy into a multibillion-dollar hospitality empire, owns more than 500 high-end and casual restaurants, the Golden Nugget casinos, hotel-resorts and amusement parks, such as the Pleasure Pier in Galveston and the Kemah Boardwalk.

Landry's reported revenue of more than $4.2 billion in 2018, and had assets of more than $5.8 billion. Fertitta has a net worth of $4.9 billion, according to Forbes.

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