Del Frisco’s Restaurant Group has a new owner in Landry’s CEO and owner Tilman Fertitta, whose net worth is currently valued at $4.9 billion, according to “Forbes Magazine.” The franchise was briefly owned by the Connecticut-based private equity firm L Catterton, which oversees 96 brands including Velvet Taco, Uncle Julio’s and Hopdoddy Burger Bar. According to a company media release, the firm finalized its acquisition of Del Frisco’s $650 million shares before selling Del Frisco’s Double Eagle Steakhouse and Grille to Tilman on Wednesday. According to his company website, Tilman owns the Rainforest Café, Joe’s Crab Shack and Bubba Gump Shrimp Co. franchises through the Landry’s brand.
"We are confident that the separation of the business and the sale of the steak concepts to Landry's creates the best opportunity to unlock value in all of the company's restaurant brands," L Catterton managing partner Andrew Taub says in the release. "With more than 500 restaurants across the world, including a number of successful steak restaurants, Landry's leadership in hospitality and dining is widely established, making them an ideal owner of Del Frisco's steak business."
With 78 restaurants across 17 states, Del Frisco’s also owns concepts for the street taco joint bartaco and the tapas winery Barcelona Wine Bar, both of which hold 22 and 17 locations respectively across the nation. L Catterton will operate both of those brands as their separate entities while relinquishing the rest of the Del Frisco’s brand to Landry’s.
"We look forward to leveraging L Catterton's deep restaurant experience and operational capabilities to help bartaco and Barcelona Wine Bar reach their full potential,” Andrew says. “We are confident that running as separate businesses, these highly experiential and unique restaurant concepts will be best positioned for growth and expansion."
Besides managing over 600 restaurants, hotels and casinos across 35 states through Landry’s, Tilman is also the current owner of the Houston Rockets NBA team, buying them for $2.2 billion in 2017. Tilman currently serves as chairman of the board of regents for the University of Houston System.