Darden Restaurants buying Eddie V’s seafood chain
October 17, 2011, 2:29 am
Orlando-based Darden Restaurants is buying Eddie V’s Prime Seafood and Wildfish Seafood Grille, two small Arizona-based chains, the companies said Wednesday. Darden, owner of Olive Garden, Red Lobster and LongHorn Steakhouse, will pay $59 million in an all-cash transaction that should be completed by the end of this year.
The privately held company owns eight Eddie V’s restaurants and three Wildfish restaurants in Texas, California and Arizona. In a news release, Darden said Eddie V’s is a “leading luxury seafood brand with strong consumer appeal, high average unit volumes and a strong return on invested capital.”
Jim VanDercook, president and CEO of Eddie V’s, will join Darden as president of the two brands. The chains will become part of Darden’s Specialty Restaurant Group, which includes Bahama Breeze, Seasons52 and Capital Grille.