Multi-concept operator Landry’s Restaurants has acquired Bubba Gump Shrimp Co., a casual dining seafood chain. Bubba Gump Shrimp Co. has 32 restaurants primarily in tourist-oriented locations, including several international cities. The deal was valued at $120 million, according to published reports.
Bubba Gump Shrimp Co. generated approximately $200 million in system-wide sales in 2009, with an average of $7.2 million in revenue per domestic unit, according to a Landry’s release.
Other Landry’s concepts include Rainforest Cafe, Saltgrass Steak House, Landry’s Seafood House, Charley’s Crab, The Chart House, Vic & Anthony’s, Brenner’s Steakhouse, Grotto, LaGriglia, Pesce, Willie G’s and Oceanaire.
This is the second major acquisition for Landry’s, which purchased Claim Jumper Restaurants and its more than 40 locations last month. Just prior to the Claim Jumper transaction, Landry’s shareholders approved a merger agreement with a company wholly-owned by Tilman J. Fertitta, Chairman, the multi-concept operator’s chief executive officer and president. The deal took Landry’s private.