Darden buys Ruth’s Chris Steak House for about $715M

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

The Ruth’s Chris Steak House chain is being acquired by Darden Restaurants for about $715 million.

The original Chris Steak House was opened on New Orlean’s Broad Street in 1927, and it was acquired by Ruth Fertel in 1965. The company has 154 locations worldwide, including 80 company-owned or -operated restaurants and 74 franchised restaurants.

Indianapolis is home to two Ruth’s Chris locations—downtown at 45 S. Illinois St. and on the north side at 2727 E. 86th St.

The company, now based in Winter Park, Florida, suffered as most restaurants did during the pandemic, closing 23 restaurants in early 2020, furloughing workers and announcing that executives were taking less pay.

Shares of Ruth’s Hospitality Group Inc., which owns the restaurants, recovered within a year of the outbreak. Shares were halted before the market opened and jumped more than 30% at the opening bell.

Darden, also based in Florida, is acquiring all outstanding shares of Ruth’s for $21.50 per share, a 34% premium.

“Ruth’s Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests,” said Darden CEO Rick Cardenas said in a prepared statement Wednesday.

Darden Restaurants Inc. owns Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.

Darden shares were flat Wednesday.

The deal, which was unanimously approved by both companies’ boards, is expected to close next month.

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

5 thoughts on “Darden buys Ruth’s Chris Steak House for about $715M

  1. lol, The local ones are owed by a guy who lives in Montana most of time but claims to be a “local franchisee” They have really gone downhill over the last few years.

    1. Joe – I stopped going to Ruth’s Chris before Covid – not worth the $$. Prime 47 in Carmel is 100 times better

  2. It’s been a while since we have eaten at one, the last meal was horrible and we never went back. St Elmo’s or Tony’s or make the trip to Cincinnati for Jeff Ruby’s!

    1. I used to love Ruth’s Chris, but it’s been years since I went. Can’t imagine that Darden will enhance the experience. I used to live in Cincinnati and can attest that Jeff Ruby’s is worth the drive.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In