Brinker International Announces Agreement to Sell Majority Interest in Romano's Macaroni Grill(R) to Golden Gate Capital
18 Agosto 2008 - 1:55PM
PR Newswire (US)
DALLAS, Aug. 18 /PRNewswire-FirstCall/ -- Brinker International,
Inc. (NYSE:EAT) announced today that it has entered into a purchase
agreement with Mac Acquisition LLC, an affiliate of Golden Gate
Capital, for the sale of a majority interest in Romano's Macaroni
Grill. Golden Gate Capital is a San Francisco-based private equity
firm. Per terms of the agreement, Brinker will receive $131.5
million in cash, of which $6 million will be contributed to Mac
Acquisition LLC. Brinker will retain a 19.9 percent continuing
ownership interest in the brand. The transaction is expected to
close by the end of the calendar year upon completion of customary
closing procedures. As a result of the transaction, Brinker's cash
from operations will increase due to the cash tax benefit related
to the sale producing a free cash flow yield for the company
ranging from nine to 10 percent for fiscal 2009. Also, the company
will record an additional impairment, net of taxes, ranging from
$42 to $47 million which will be reflected in the fiscal 2008 Form
10-K filing. "Golden Gate is well-known for partnering with
corporations to help grow established consumer and retail brands.
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," said Doug Brooks, Chairman and Chief Executive Officer of
Brinker International. As part of the sale transaction, Brinker has
entered into an agreement with the new entity to provide corporate
support services for a full year with a one year extension option
and will have representation on the Board of Directors of the new
entity. As previously noted due to the company's ongoing
involvement with the brand, accounting principles require that the
results of Macaroni Grill be classified in continuing operations;
therefore, the company's results for the full-year of fiscal 2008
and prior years reflect the inclusion of the brand. Upon closing of
the transaction, the company expects to account for its ownership
interest in Macaroni Grill on the equity method in its financial
statements. ABOUT BRINKER INTERNATIONAL Brinker International, Inc.
is one of the world's leading casual dining restaurant companies,
serving more than 1 million guests daily. Founded in 1975 and based
in Dallas, Texas, Brinker owns or franchises more than 1,800
restaurants in 24 countries and employs more than 120,000. Brinker
restaurant brands include Chili's Grill & Bar, Romano's
Macaroni Grill(R), On The Border Mexican Grill & Cantina(R) and
Maggiano's Little Italy. The company was named one of FORTUNE
Magazine's Most Admired Companies in 2006 and was honored by the
magazine as one of the Top 50 Employers for Minorities and the Top
50 Employers for Women. For more information visit
http://www.brinker.com/. ABOUT ROMANO'S MACARONI GRILL Romano's
Macaroni Grill is a leading casual Italian restaurant with more
than 220 locations worldwide. Working in open kitchens, Macaroni
Grill chefs prepare Italian classics like Chicken Scaloppine and
signature items such as Penne Rustica(R), as well as grilled
specialties, fresh seafood, crisp salads, brick oven pizzas and
numerous pasta dishes. The menu is complemented by one of the most
extensive wine lists in casual dining, including house wine poured
on the honor system, where applicable. Romano's Macaroni Grill is
the second-largest brand in the Brinker International (NYSE:EAT)
restaurant portfolio. Other Brinker restaurant brands include
Chili's Grill & Bar(R), Maggiano's Little Italy(R) and On The
Border Mexican Grill & Cantina(R). For more information, please
visit http://www.macaronigrill.com/. ABOUT GOLDEN GATE CAPITAL
Golden Gate Capital is a San Francisco-based private equity
investment firm with over $9.0 billion of assets under management
dedicated to investing in change-intensive opportunities. The
firm's charter is to partner with world-class management teams to
make equity investments in situations where there is a demonstrable
opportunity to significantly enhance a company's value. For more
information, visit http://www.goldengatecap.com/. DATASOURCE:
Brinker International, Inc. CONTACT: Media Relations,
1-800-775-7290, or Investor Relations, Marie Perry,
+1-972-770-1276, both of Brinker International; or Joelle Kenealey
of Coltrin & Associates, +1-650-373-2005, for Golden Gate Web
site: http://www.brinker.com/ http://www.goldengatecap.com/
http://www.macaronigrill.com/
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