Brinker International acquired ERJ Dining (116 Chili's restaurants) for $96.0 million, a transaction announced in September 2019.
Brinker completed the acquisition of 116 Chili's Grill & Bar restaurants (generating ~$300M annualized revenue) from its 14-year franchisee ERJ Dining, primarily in the Midwest, funded from its credit facility and expected to be EPS and cash-flow accretive; total cash consideration was $96.0 million per the FY2020 10-K.
Brinker completed the acquisition of 116 Chili's Grill & Bar restaurants (generating ~$300M annualized revenue) from its 14-year franchisee ERJ Dining, primarily in the Midwest, funded from its credit facility and expected to be EPS and cash-flow accretive; total cash consideration was $96.0 million per the FY2020 10-K.
Total cash consideration of $96.0 million, including post-closing adjustments, was funded with borrowings from our existing credit facility. We accounted for this acquisition as a business combination.
Advisory firms were not disclosed for this transaction.