Texas billionaire Tilman Fertitta, who owns the Houston Rockets, Golden Nugget Casinos and restaurant group Landry's Inc., now owns Del Frisco's Double Eagle Steakhouse and Del Frisco's Grilles.
[Update on Nov. 4, 2019: The sale was completed Nov. 4, and Fertitta now operates 16 Del Frisco’s Double Eagle Steakhouses and 17 Del Frisco’s Grilles. The price was not disclosed.]
Landry’s acquired 100% of the restaurants from L Catterton, which has invested in dozens of brands, including Cholula Hot Sauce, Equinox, Hopdoddy Burger Bar and Peloton. L Catterton bought Del Frisco’s Restaurant Group just three months ago, in late June, for $650 million.
Del Frisco's is an Irving-based company founded by Dale Wamstad, who launched the first Del Frisco's steakhouse in 1981 in Louisville, Ky. Dee Lincoln, who is known in Dallas as the "queen of steaks," was a partner at the restaurant group for many years. The first Del Frisco's Double Eagle Steakhouse in Dallas opened in 1985 on Lemmon Avenue.
Landry's did not purchase Bartaco or Barcelona Wine Bar, two other Del Frisco's Restaurant Group brands.
Del Frisco's has deep roots in the Dallas steak scene, with three high-profile restaurants in North Texas today. The flagship company, Del Frisco's Double Eagle Steakhouse, has expanded to Atlanta, Boston, Denver, Las Vegas and more. There's one Del Frisco's in Houston, Fertitta's hometown.
Del Frisco's Grille is a more casual offshoot, with nearly twice as many restaurants across the country as the steakhouse has. There are four Del Frisco's Grilles in North Texas — in Dallas, Fort Worth, Southlake and Plano. A fifth Del Frisco's Grille in Texas is in The Woodlands.
Fertitta said in a statement that he's been watching Del Frisco's for years, and even tried to buy it in 2012. He calls the Del Frisco's Double Eagle Steakhouse in Manhattan "a New York City staple."
Del Frisco's Restaurant Group ended 2018 with a $76 million net loss and $378 million in revenue. It had been exploring a possible sale since December. It sold the Sullivan's Steakhouse chain in fall 2018 for $32 million.
With the acquisition of Del Frisco's, Fertitta's companies now own a fleet of steakhouses, including Vic & Anthony's, Morton's and Saltgrass.
Fertitta says his team is “planning no changes to the operations” of Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille.
Original story published at 12:59 p.m. on Sept. 25, 2019.
