American steakhouse chain Del Frisco’s Restaurant Group has signed a definitive agreement to buy US-based Barteca Restaurant Group for $325m.
Barteca Restaurant Group operates two restaurant brands, Barcelona Wine Bar and bartaco, with 31 locations across ten states and Washington D.C.
Barcelona is a Spanish restaurant concept currently operating 15 restaurants and serving a selection of tapas and specialties from Spain and the Mediterranean, along with 400 Spanish and South American wines.
Bartaco currently operates 16 restaurants offering upscale street food, a range of flavours from the Mediterranean and Asia, along with cocktails crafted from artisanal spirits and freshly-squeezed juices.
Del Frisco’s estimates the market potential for 50 to 100 Barcelona Wine Bar’s and 200 to 300 bartaco restaurants domestically.
Del Frisco’s Restaurant Group chief executive officer Norman Abdallah said: “We believe Barteca’s innovative and best in class concepts are highly complementary and will provide Del Frisco’s portfolio with significant growth and development opportunities.
“They will provide opportunities to enable us to capture market share in the experiential dining segments, while mitigating the risk of seasonality and economic downturns to our current restaurant portfolio.”
The transaction, scheduled to be complete by the end of Del Frisco’s second quarter, has received approval from its board of directors. However, it is subject to US antitrust clearance and other customary closing conditions.
Following the acquisition, Barteca chief executive officer Jeff Carcara will continue to lead the business, and reports to Abdallah.