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Darden Acquires Cheddar's Scratch Kitchen

Darden Restaurants, Inc. will acquire Cheddar's Scratch Kitchen for $780 million in an all-cash transaction from its stockholders, including private equity firms L Catterton and Oak Investment Partners.

Ian Baines, CEO of Cheddar's, will remain president of the brand and report to Gene Lee, Darden president and CEO.

Cheddars was founded in 1979 in Arlington, Texas. It has 165 locations, including 140 owned and 25 franchised, across 28 states and average annual restaurant volumes of $4.4 million.