Brinker International, the owner of the Chili’s Grill & Bar chain, has agreed to sell a majority stake in its Romano’s Macaroni Grill to a private equity firm for $131.5m (£70.5m).
As part of the deal, Brinker will dispose of most of its stake to Mac Acquisition, an affiliate of Golden Gate Capital and will pay $6m to retain a 19.9% interest in the brand.
In a statement, Doug Brooks, the chief executive of Brinker, said: “Brinker International will retain a minority ownership position in order to both maximize the value to Brinker's shareholders and contribute to the success of Macaroni Grill as a stand-alone entity.”
Under the agreement, which is expected to be completed by the end of the year, Brinker will have representation on the board of the new company and will provide corporate support services for a year.
The company reported a 5.7% fall in same-store sales at Macaroni Grill during the last quarter, while sales at Chili’s rose 3.4%.
Brinker, which is one of the biggest restaurant operators in the US, also owns Maggiano’s Little Italy and On The Border Mexican Grill & Cantina brands, as well as operating several Chili’s sites in the UK.
