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12/16/2011

Morton's steakhouse chain acquired by restaurant veteran

New York City -- A Friday report by Reuters said that restaurant veteran Tilman Fertitta has added to his restaurant holdings by reaching a $117 million deal for Morton's Restaurant Group Inc., which operates high-end steakhouses nationwide.



Fertitta, who expanded his stake from in Morton’s from the 5% he already held, has outlined plans to modernize the struggling chain.



This latest deal marks Fertitta’s second acquisition in two months, as in November he acquired seafood chain McCormick & Schmick's.


The acquisitions add to Fertitta's existing restaurant properties such as Bubba Gump Shrimp and Vic & Anthony's. Fertitta holds these properties through Landry's Inc, which also runs the Atlantic City casino Golden Nugget.



Chicago-based Morton’s, which generated about $300 million in sales last year, had previously announced it was considering strategic alternatives. The deal with Fertitta is expected to close in early February, according to the report.