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Fast Growing Restaurant Company Adds Upscale Contemporary American Steakhouse to Portfolio
Dividend Restaurant Group, in conjunction with Raven & Company, the Company’s strategic capital provider, announced today the acquisition of Eddie Merlot’s, a 13-unit upscale contemporary American steakhouse. The news follows Dividend Restaurant Group’s acquisition of Sullivan’s Steakhouse from Del Frisco’s for $32 million in 2018 and is indicative of the company’s focus on growth opportunities. Terms of the deal to acquire Eddie Merlot’s were not disclosed.
“This is a tremendous time for our company as we continue to execute on our vision to scale the business,” Dividend’s CEO and President Nishant Machado says. “We are focused on building a portfolio of unique brands that have strong guest loyalty and have the ability to grow into new markets. Eddie Merlot’s meets these criteria and makes for a fitting and strategic addition to our portfolio.”
Eddie Merlot’s is known for sourcing the highest quality ingredients for menu items. Founded in 2001 by experienced restaurateur and franchise owner Bill Humphries, Eddie Merlot’s has locations across the United States in Colorado, Illinois, Indiana, Massachusetts, Michigan, Ohio, Pennsylvania and Virginia. The restaurant’s steaks are hand cut in-house, hormone, antibiotic, and steroid-free, and aged for a minimum of 21 days to an unparalleled standard of tenderness and flavor. The from scratch kitchen creates everything fresh from dressings and sauces to appetizers, sides and desserts.
Dividend Restaurant Group currently owns restaurants across the United States and internationally in major and secondary markets. Offering consumers complementary dining options with a special focus in steakhouses has differentiated and positioned the company for success. In addition to growth through M&A, Dividend Restaurant Group has begun to expand its Sullivan’s brand into new markets with two new openings scheduled for the first half of 2022.
Machado continued: “We see a lot of opportunity with Eddie Merlot’s to nurture its great reputation for exceptional service, and ultimately build even more guest loyalty and revenue. Bill built a beloved restaurant brand and we’re proud to serve as its steward into the future.”
About Dividend Restaurant Group
Dividend Restaurant Group (DRG) was built on the core belief that the foundation of a company is defined by the character of the team, the versatility of its systems and the discipline of its actions. DRG is a guest first and team focused organization that has a successful track record of revitalizing iconic brands and driving value for all stakeholders. Housed in Lower Downtown Denver, DRG brings together some of the country’s best-known brands, leveraging an industry-leading platform with a clear vision for continued growth. Its driving mantra is “we pay ‘dividends’ to every stakeholder of our business; our guests, our team members, our vendors and our financial partners, all in different but meaningful ways.”
About Raven & Company
Institutional Investment Management and Platform Ownership
Raven is a proven institutional investor with a distinct focus on credit, private equity, real estate and related growth equity. Founded in 2008, Raven has deployed billions of dollars of capital across multiple investment funds and affiliated vehicles. Through its established Registered Investment Advisor (RIA) and managed operating platforms, Raven is a valued partner and formidable presence in selected strategic industries. Raven focuses on deep value as well as growth opportunities, bonded to a pristine reputation and integrity which propels its team and partners to great success.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005706/en/
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