abc7:
Ruth’s Chris Steak House, Inc. today announced that it has signed a definitive asset purchase agreement to acquire all of the operating assets and intellectual property of Columbus, OH based Mitchell’s Fish Market, operating under the names Mitchell’s Fish Market and Columbus Fish Market, and Cameron’s Steakhouse, operating under the names Cameron’s Steakhouse and Mitchell’s Steakhouse from Cameron Mitchell Restaurants, LLC (CMR) for approximately $94.0 million. The acquisition will be funded through the Company’s credit facility and is expected to close in the first quarter of 2008, subject to customary closing conditions. It is expected to be accretive to the Company’s shareholders in its first full year post-acquisition.
According to the Company’s management, the primary focus of the acquisition is Mitchell’s Fish Market, an award-winning, upscale, yet comfortable, seafood restaurant and bar recognized for its high quality food, contemporary dining atmosphere, and excellent service. Mitchell’s Fish Market’s commitment to fresh seafood is so paramount that all of its seafood is flown in daily. Although the menu changes frequently based on availability and season, it includes more than 80 seafood choices, including fish from every coastline within culinary reach. The current average check is $22 at lunch and $39 at dinner and there are currently 19 locations in the Midwest, Northeast, and Florida with new locations opening this month in Jacksonville, FL and in Stamford, CT in December. The combined run rate revenues for the acquired businesses are expected to be approximately $98 million.
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