WINTER PARK, Fla.--(BUSINESS WIRE)--Dec. 12, 2017--
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 –
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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Source: Ruth’s Hospitality Group, Inc.
For Ruth’s Hospitality Group, Inc.
Fitzhugh Taylor, 203-682-8261