San Francisco — TSG Consumer Partners LLC has entered into an agreement for the sale of Yard House USA Inc., a rapidly growing chain of premium casual dining restaurants, to Darden Restaurants, Inc., for $585 million.
“The Yard House management team [has] built an innovative concept with unparalleled growth and restaurant performance metrics and a significant path for expansion,” says Pierre LeComte, managing director at TSG. “Our team worked with Yard House to rapidly expand the number and geographic footprint of their restaurants, which now span 13 states. We view Darden as the ideal steward for the business going forward.”
“Our successful partnership with TSG has been nothing short of extraordinary," says Harald Herrmann, CEO of Yard House. “We have been able to more than double in size while maintaining our high standards and our company culture. Our team is very grateful for TSG's mentorship and entrepreneurial spirit which allowed us to continue to shape and grow the fine company that Yard House is today.”
TSG Consumer Partners was advised by J.P. Morgan and Sidley Austin LLP. Darden Restaurants, Inc. was advised by Goldman, Sachs & Co. and Hunton & Williams LLP.
TSG Consumer Partners LLC is a leading investment firm with over $2.9 billion in equity capital under management, focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household and apparel and accessories sectors. For more information, visit www.tsgconsumer.com.
Darden Restaurants, Inc., the world's largest full-service restaurant company, owns and operates nearly 2,000 restaurants that generate $8 billion in annual sales. Headquartered in Orlando, Fla., Darden was named to the FORTUNE “100 Best Companies to Work For” list in 2012 for the second year in a row. Restaurant brands include Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze, Seasons 52 and Eddie V's. For more information, visit www.darden.com.
SOURCE: TSG Consumer Products LLC