Brinker International Announces Completion of Romano's Macaroni Grill(R) Sale
19 Dicembre 2008 - 2:00PM
PR Newswire (US)
DALLAS, Dec. 19 /PRNewswire-FirstCall/ -- Yesterday, Brinker
International, Inc. (NYSE:EAT) and Mac Acquisition LLC, an
affiliate of San Francisco-based Golden Gate Capital, closed the
previously announced transaction for the sale of a majority
interest in Romano's Macaroni Grill. "We greatly appreciate the
hard work, patience and tenacity our respective teams exhibited to
finalize this complex transaction," said Chuck Sonsteby, Chief
Financial Officer of Brinker International. "The ability to
complete the transaction in the midst of the current economic
environment speaks to the long-term prospects for the brand as part
of the Golden Gate family." With the closing complete, Golden Gate
Capital and its affiliates own 80.1 percent of Mac Acquisition LLC
while Brinker affiliates hold a 19.9 percent ownership interest.
The transaction purchase price totaled approximately $88 million.
Cash proceeds from the sale of approximately $130 - 135 million
will be used to pay down outstanding bank debt. The company's bank
agreement financial covenants for the first quarter of FY '09 are
available online at http://www.brinker.com/ under the Investor
section. Pre-tax charges in the range of $35 - 40 million related
to this transaction will be reflected in the second quarter
financials. As part of the transaction, Brinker will continue to
provide transition services for a minimum of one year and Romano's
Macaroni Grill restaurants will continue to participate in
Brinker's gift card program. Additionally, Doug Brooks, Chairman
and Chief Executive Officer of Brinker International, will serve on
the Board of Directors of Mac Acquisition LLC. 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 1,700 restaurants in 25
countries and employs more than 100,000. Brinker restaurant brands
include Chili's(R) Grill & Bar, On The Border Mexican Grill
& Cantina(R) and Maggiano's Little Italy(R). 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. For more
information, please visit http://www.macaronigrill.com/.
DATASOURCE: Brinker International, Inc. CONTACT: Media Relations,
1-800-775-7290, or investors, Marie Perry, +1-972-770-1276, both of
Brinker International, Inc.; or Joelle Kenealey of Coltrin &
Associates, +1-650-373-2005, for Brinker International, Inc. Web
Site: http://www.brinker.com/ http://www.macaronigrill.com/
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