Multi-concept operator adds a seafood chain to its portfolio
Landry's Inc. has signed an agreement to purchase McCormick & Schmick's Seafood Restaurants (MSSR) Inc. in an all-cash deal for $8.75 per share. While this deal remains subject to customary closing procedures, Landry's plans to accelerate the growth of its new chain restaurant concept.
"Landry's size, strength and financial resources will positively accelerate the future for MSSR," said Tilman J. Fertitta, who owns 10.1 percent of MSSR stock, making him one of the company's largest shareholders. Fertitta also owns Landry's.
The culmination of this deal ends a courtship that began in April of this year when Fertitta and his wholly owned company offered to purchase all outstanding shares of MSSR. Although the MSSR board rejected the proposal, it nevertheless authorized a sale process and evaluation of other strategic alternatives.
McCormick & Schmick's operates more than 80 upscale seafood restaurants in 26 states and generates annual revenues of $300 million, according to a company press release.
Landry's is a multiconcept restaurant operator, which manages such brands as Landry's Seafood House, Rainforest Cafe, The Chart House, Bubba Gump Shrimp Co., Claim Jumper, Saltgrass Steak House, Vic & Anthony's, Grotto, and Willie G's.