DALLAS, March 25 /PRNewswire-FirstCall/ -- Brinker
International, Inc. (NYSE: EAT) has entered into a purchase
agreement with OTB Acquisition LLC, an affiliate of Golden Gate
Capital, to sell its On The Border Mexican Grill & Cantina
brand. Terms of the transaction were not disclosed.
Brinker expects the transaction to close by the end of fiscal
2010, subject to the completion of customary closing procedures.
Brinker anticipates recording a gain upon completion of the
transaction.
Brinker has agreed to provide transitional corporate support
services to On The Border through the end of fiscal 2011, which
will generate additional fees to offset the internal cost of
providing the services. Moelis & Company LLC, is acting as
Brinker's exclusive financial advisor in connection with this
transaction.
"On The Border is well positioned to build on its current
success and we are confident it will be a great addition to the
Golden Gate portfolio," said Doug
Brooks, Chairman and Chief Executive Officer of Brinker
International. "This decision enhances long term value for
our shareholders and we believe that On The Border will continue to
thrive under new ownership."
"On The Border is a strong leader in Mexican Casual Dining,"
said Joshua Olshansky, a Managing
Director at Golden Gate Capital. "We are enthusiastic about the
Company's significant growth opportunities and we are very pleased
to partner with the On The Border team to continue the success of
the brand."
Golden Gate Capital is a San
Francisco-based private equity firm. Over the last five
years, Golden Gate has completed over 20 acquisitions in the
specialty retail and restaurant sectors with combined annual
revenue in excess of $4 billion,
including such well known brands as Romano's Macaroni Grill,
Express, Eddie Bauer, and
J.Jill.
About Brinker International
Brinker, International Inc. is one of the world's leading casual
dining restaurant companies. Founded in 1975 and based in
Dallas, Texas, Brinker currently
owns, operates, or franchises 1704 restaurants under the names
Chili's® Grill & Bar (1,499 restaurants), On The Border Mexican
Grill & Cantina® (160 restaurants) and Maggiano's Little Italy®
(45 restaurants). Brinker also holds a minority investment in
Romano's Macaroni Grill®.
About On The Border Grill & Cantina
On The Border is a full-service, casual dining Mexican
restaurant brand with 160 restaurants. The menu offers a wide
variety of Mexican favorites, with a focus on fresh, signature and
value-oriented Mexican items. The menu includes fresh new
salads like the Citrus Chipotle Chicken Salad; a new, signature OTB
Fresh Grill; a Fajita Grill with new, customizable, top-quality
fajitas; and a refreshed OTB Taco Stand introducing indulgent items
like Taco Melts and fresh classics like Grilled Mahi Mahi Tacos.
The menu is complemented by a full offering of beverages like
the Perfect Patron margarita, the fresh, Shaken Margarita and the
new Sangria. On The Border offers full bar service, in-restaurant
dining and signature patio dining in all locations. On The
Border also offers the convenience of a To-Go menu and To-Go
entrance to expedite take-out service. In addition to To-Go,
On The Border offers catering service, from simple drop-off
delivery to full-service event planning. For more information,
visit http://www.ontheborder.com.
About Golden Gate Capital
Golden Gate Capital is a San
Francisco-based private equity investment firm with
approximately $8 billion of assets
under management. Golden Gate is dedicated to partnering with world
class management teams and targets investments in situations where
there is a demonstrable opportunity to significantly enhance a
company's value. The principals of Golden Gate Capital have a long
and successful history of investing across a wide range of
industries and transaction types. For more information, visit
http://www.goldengatecap.com.
FOR
ADDITIONAL INFORMATION, CONTACT:
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STACEY
SULLIVAN
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BRINKER
MEDIA RELATIONS
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(800)
775-7290
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MARIE
PERRY
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BRINKER
INVESTOR RELATIONS
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(972)
770-1276
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DAVID
OLSEN
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COLTRIN
& ASSOCIATES
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(212)
221-1616
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FOR GOLDEN GATE
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SOURCE Brinker International, Inc.