Morton's Steakhouse Acquired by Landry's
A Chicago-based group of high-end steakhouses with two locations in Boston has been acquired by a Houston-based company that operates a number of restaurant chains.
According to Nation's Restaurant News, the owner of Landry's Inc., has purchased the 77-unit Morton's Restaurant Group Inc., for a price of approximately $116.6 million. The article states that the board at Morton's unanimously approved the sale of the chain and are encouraging shareholders to agree to the tender offer. Landry's owner mentions that plans are in the works for Morton's plans to introduce new items on the menu, though no specifics have been given.
Morton's first started out in Chicago in 1978, eventually expanding to include locations in about half of the states in the country, with a few others being in Canada, Mexico, and Asia. Currently, locations of the steakhouse chain can be found in the Back Bay of Boston and in the Seaport District, with other New England locations being in Hartford, Ct, and Stamford, CT.
Landry's, which opened its first restaurant (Landry's Seafood House Restaurant in Kety, TX) in 1980, is the parent company of an array of restaurants and restaurant chains, including the Rainforest Cafe, Muer Seafood Restaurants, and The Bubba Gump Shrimp Company.
For more information on this story, please go to the Nation's Restaurant News link below.
Landry's to buy Morton’s for $116.6M