Ruth’s Hospitality Group, Inc. announced that it has completed the previously announced acquisition of six restaurants in Hawaii from longtime franchise partner, Desert Island Restaurants, for approximately $35 million in cash. The acquisition includes six restaurants, including a new location opened in early November on the island of Kauai, as well as area development rights for the balance of the state. The acquisition has been funded with debt through the Company’s senior credit facility.
Mike O’Donnell, chairman and chief executive officer of Ruth’s Hospitality Group, stated, “We believe the acquisition of our Hawaiian franchise locations presents a significant opportunity for us. Since 1994, Randy Schoch and the local teams have built an award-wining group of restaurants leveraging our founder Ruth Fertel’s successful recipe: sizzling prime steaks and legendary hospitality, together with the aloha spirit of Hawaii. I’m pleased to officially welcome these impressive restaurants and their outstanding teams into the Ruth’s Hospitality Group family. We are proud of their achievements and we are committed to supporting their success. Randy will maintain a leadership relationship with RHGI and together we will work to ensure a seamless transition for team members and guests.” – Source: Ruth’s Hospitality Group.