Del Frisco's seeking to raise $100 million, sees opportunities to add restaurants
Del Frisco's Restaurant Group, LLC, filed to go public today, saying it expects to raise up to $100 million.
The company, based in Southlake, said it will use the proceeds to repay debt, sever a management agreement with an affiliate of its controlling shareholder, and for working capital and other general uses.
Del Frisco's said it has not yet been deternined how many shares will be offered, how many shares may be sold by the equityholder Lone Star Fund, or what the price range will be.
Del Frisco's said it currently operates 31 restaurants in 18 states under the Del Frisco's Double Eagle Steak House, Del Frisco's Grille, and Sullivan's Steakhouse names. The company recorded revenues of $186.4 million for the four quarters that ended Sept. 6, and had 3,227 employees as of that date.
The company said it sees opportunities to add three to five restaurants annually, including one Double Eagle Steak House and two to four of the other restaurants.
"Our operating model has proven successful across a wide variety of geographic and demographic markets since our establishment more than 30 years ago," the company said in a federal filing.
it so happens i am really good friends with the Del Frisco manager here in Orlando. Top notch steakhouse restaurant.
Posted by: Orlando Steakhouse | 02/28/2012 at 08:14 AM