Darden Restaurants, Inc. (DRI) said Wednesday that it has reached a definitive agreement with Eddie V's Restaurants, Inc., whereby Darden has agreed to buy the Eddie V's Prime Seafood and Wildfish Seafood Grille restaurant brands, and all related assets for $59 million, in an all cash deal.
The brands will become part of Darden's Specialty Restaurant Group. Darden expects to complete the deal by the end of the calendar year.
Eddie V's currently owns and operates eight Eddie V's restaurants, three Wildfish restaurants and four Roaring Fork restaurants. The Roaring Fork brand is not part of the deal.
Including acquisition-related costs and projected operating results at Eddie V's and Wildfish, the deal is expected to be neutral to Darden's diluted net earnings per share for the company's 2012 fiscal year.
Eddie V's talented team of leaders, who lead both brands, will join Darden and continue leading the day-to-day operation of the brands. Jim VanDercook, President and CEO of Eddie V's, will become President of Eddie V's and Wildfish, and report to Gene Lee, President of Darden's Specialty Restaurant Group.
Guy Villavaso and Larry Foles, Eddie V's founders, have agreed to provide consulting services for two years.
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