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Darden to buy Eddie V's for $59M

The two new concepts will be part of the Darden Specialty Restaurant Group

Darden Restaurants, Inc. (NYSE:DRI) has reached an agreement to purchase Eddie V's Restaurants, Inc. for $59 million in cash. The deal is expected to close by the end of the calendar year.

The deal will add a pair of new concepts to the Darden Specialty Restaurant Group: Eddie V's Prime Seafood and Wildfish Seafood Grille. Eddie V's Roaring Fork concept, which has four locations, is not part of the transaction. Eddie V's owns and operates eight Eddie V's restaurants and three Wildfish restaurants. Other concepts in Darden's Specialty Restaurant Group include The Capital Grille, Bahama Breeze and Seasons 52.

Jim VanDercook, president and CEO of Eddie V's, will make the transition to Darden, becoming president of Eddie V's and Wildfish. Guy Villavaso and Larry Foles, Eddie V's founders, have agreed to provide consulting services for two years.