Darden Sale of Red Lobster Pitch Deck
After acquiring the company in 1995, Darden Restaurants sold Red Lobster for $2.1 billion in 2014 to San Francisco-based PE firm, Golden Gate Capital. Darden Restaurants (NYSE:DRI) is a multi-brand restaurant operator with over 1800 locations, best known for owning Olive Garden. Darden sold Red Lobster at a 9x EBITDA multiple, after facing growing operational challenges.
Some shareholders (like Starboard LP) viewed this as a 'hurried, reactive' decision that could 'result in permanent destruction of shareholder value.' Starboard Value LP, which owned 5.5% of Darden at the time, was seeking a special shareholder meeting for a vote on its proposal to halt Darden's Red Lobster separation.
In order to finance the deal, Golden Gate sold off Red Lobster's real estate to another entity named American Realty Capital Properties (now called Vereit) and then immediately leased the restaurants back. Ten years later, in May 2024, Red Lobster filed for bankruptcy and closed several locations.
$2.1B • 2014 • Acquisition
About the Darden Sale of Red Lobster Pitch Deck
- Raised: $2.1B
- Year: 2014
- Stage: Acquisition
- Investors: PE - Golden Gate Capital
About Darden Sale of Red Lobster
Darden Restaurants (owner of Olive Garden) sold Red Lobster in 2014 for $2.1B to PE firm Golden Gate Capital.
- Industry: Food
- Tags: Food, Food & Beverage, F&B, Restaurants, Dining
- Business Model: B2B
- Customer Model: Other
- Website: https://redlobster.com/
- Legal Name: Darden Sale of Red Lobster
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