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Court OKs Landry’s $37.2M bid for Restaurants Unlimited

Houston-based company was sole bidder for Palomino parent

A federal bankruptcy court on Wednesday approved Landry’s LLC’s $37.2 million bid for RUI Holding Corp., parent to such casual-dining brands as Palomino and a variety of other concepts.

Houston-based Landry’s, which owns more than 600 properties under more than 60 brands, had made the sole bid for Restaurants Unlimited and affiliates in late August in US. Bankruptcy Court for the District of Delaware. RUI Holding Corp. had filed for Chapter 11 bankrupty protection on July 8.

RUI Holding and its affiliates own more than 30 restaurants under the brands: Clinkerdagger; Cutters Crabhouse; Fondi Pizzeria; Henry’s Tavern; Horatio’s; Kincaid’s Maggie Bluffs; Manzana; Newport Seafood Grill; Palisade; Palomino; Portland City Grill; Portland Seafood Co.; Scott’s Bar and Grill; Simon & Seafort’s; Skates on the Bay; and Stanford’s and Stanley & Seafort’s.

Landry’s earlier on Wednesday announced it was acquiring the Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille brands from private-equity firm L Catterton as part of that company’s $650 million acquisition of Irving, Texas-based Del Frisco’s Restaurant Group Inc..

Landry’s, owned by CEO Tilman Fertitta, operates such brands as Landry's Seafood, Chart House, Saltgrass Steak House, Bubba Gump Shrimp Co., Claim Jumper, Morton's The Steakhouse, McCormick & Schmick's, Mastro's Restaurants and Rainforest Café.

Restaurants Unlimited operates 35 fine-dining and polished casual restaurants in six states. Immediately before the its July 8 filing, Restaurants Unlimited closed six restaurants immediately before filing the bankruptcy petition: two Palomino locations, in Indianapolis and Bellevue, Wash.; Prime Rib & Chocolate Cake in Portland, Ore.; Henry’s Tavern in Plano, Texas; Stanford’s in Walnut Creek, Calif.; and Portland Seafood Co. in Tigard, Ore.

Four entities filed for bankruptcy: RUI Holding Corp., RU Corp., Restaurants Unlimited Inc. and Restaurants Unlimited Texas Inc., all 100% owned by Sun Capital subsidiary Sun RUI LLC, based in Boca Raton, Fla. RUI Holding Corp. said in filings that its assets and liabilities were both between $50 million and $100 million.

Contact Ron Ruggless at [email protected]

Follow him on Twitter: @RonRuggless

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