Del Frisco’s Restaurant Group, the Irving, Texas-based company known for its upscale steakhouses, announced it will be acquiring the Barteca Restaurant Group for $325million.
Announced Monday, the deal is expected to be complete by the end of the second quarter.
The Norwalk, Conn. based group, Barteca is parent to the Barcelona Wine Bar and Bartaco chains. The two chains currently operate a total of 31 locations across 10 states.
Barteca has been expanding its number of restaurants over the past 20 years and is expected to open 50 to 100 Barcelona restaurants and 200 to 300 Bartacos in the U.S.
With this addition, Del Frisco's is expected a unit growth of about 10 to 12 percent over the next five years for all of its restaurant brands.
Barcelona uses both local and seasonal ingredients in their selection of tapas, including a cuisine from Spain and the Mediterranean. They also have an award-winning wine list encompassing wines from Spain and South America.
Bartaco blends upscale street food with a coastal laid-back vibe. The menu is inspired by living a healthy, outdoors lifestyle, and includes flavors from the Mediterranean, Asia, and more. The chain offers an award-winning cocktail menu made from artisanal spirits and freshly squeezed juices.
“We believe Barteca’s innovative and ‘best-in-class’ concepts are highly complementary and will provide Del Frisco’s portfolio with significant growth and development opportunities. They will provide opportunities to enable us to capture market share in the experiential dining segments, while mitigating the risk of seasonality and economic downturns to our current restaurant portfolio,” said Norman Abdallah, Del Frisco’s CEO in a press release.
Target demographics of both Barcelona and Barteca are similar to those of Del Frisco Grill consumers. Guests are looking for a cultural dining experience, and to socialize over alcoholic beverages. Customers typically spend between $22 to $40 per person at these restaurants.
Barteca’s two chains expands Del Frisco’s restaurant portfolio to target more restaurant guests looking for Barcelona-inspired cuisine.
Read more about Del Frisco's acquisition at "CNBC."