Yard House Sold to Darden RestaurantsThursday, July 12, 2012
Irvine-based Yard House USA Inc. has been sold to a Florida owner of several restaurant chains in a $585 million all-cash deal.
Orlando, Fla.-based Darden Restaurants Inc. announced its purchase of Yard House on Thursday from San Francisco private equity firm TSG Consumer Partners LLC.
TSG acquired a 70% stake in Yard House in 2007.
Yard House totals 39 restaurants in 13 states and is known for its classic-rock theme and a wide selection of draft beers.
Darden, with annual sales of $8 billion, operates Red Lobster, Olive Garden, LongHorn Steakhouse and other chains.
Yard House will join Darden’s Specialty Restaurant Group, which includes brands such as The Capital Grille and Bahama Breeze among others.
Yard House Chief Executive and President Harald Herrmann will stay with the company as Yard House president.
Yard House had annual sales of $212.9 million and 940 workers here, according to the most recent Business Journal list.