Olive Garden parent Darden to add Ruth's Chris steakhouse in $715M deal

Gary T. Mills, Florida Times-Union
·2 min read
Fine dining steakhouse Ruth's Chris is known for its USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and wine list.
Fine dining steakhouse Ruth's Chris is known for its USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and wine list.

Darden Restaurants, the parent company of Olive Garden and LongHorn Steakhouse is adding another household name to its portfolio of popular restaurants: Ruth’s Chris.

The Orlando-based company announced Wednesday its plans to acquire all of the outstanding shares of Winter Park, Florida-based Ruth’s Hospitality Group for $21.50 per share in a deal worth approximately $715 million.

Founded in 1965 in New Orleans by Ruth Fertel, Ruth’s Chris has 154 locations around the world, including two in the Jacksonville area: at 1201 Riverplace Blvd. inside the Crown Plaza Hotel on Jacksonville’s Southbank and 814 A1A N., Suite 103 in Ponte Vedra Beach.

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The fine-dining steakhouse is known for its signature USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and wine list.

"We are excited about the opportunity to join the Darden family,” said Cheryl Henry, President, CEO and Chairperson of Ruth's in a news release announcing the acquisition. “Our strategy and operating philosophy aligns well with Darden, and we have a strong cultural fit that should ensure a smooth transition."

For Darden, the deal brings another iconic American restaurant brand under its umbrella that includes Olive Garden and LongHorn Steakhouse, which have multiple locations across Northeast Florida, plus Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52 and Bahama Breeze, which all operate in and around the St. Johns Town Center. The company also operates Yard House and Eddie V’s, the latter seeking to open its first restaurant in the Jacksonville area, the Jacksonville Daily Record recently reported.

"Ruth's Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests," said Darden President and CEO Rick Cardenas in a news release. "It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth's Chris is a great complement to our portfolio of brands, and I'm pleased to welcome their nearly 5,000 team members to Darden."

The deal is expected to close in June, the companies said.

This article originally appeared on Florida Times-Union: Olive Garden parent Darden Restaurants buying Ruth's Chris steakhouse