DALLAS, Dec. 19 /PRNewswire-FirstCall/ -- Yesterday, Brinker
International, Inc. (NYSE: EAT) and Mac Acquisition LLC, an affiliate of San
Francisco-based Golden Gate Capital, closed the previously announced
transaction for the sale of a majority interest in Romano's Macaroni Grill.
"We greatly appreciate the hard work, patience and tenacity our respective
teams exhibited to finalize this complex transaction," said Chuck Sonsteby,
Chief Financial Officer of Brinker International. "The ability to complete the
transaction in the midst of the current economic environment speaks to the
long-term prospects for the brand as part of the Golden Gate family."
With the closing complete, Golden Gate Capital and its affiliates own 80.1
percent of Mac Acquisition LLC while Brinker affiliates hold a 19.9 percent
ownership interest. The transaction purchase price totaled approximately $88
million. Cash proceeds from the sale of approximately $130 - 135 million will
be used to pay down outstanding bank debt. The company's bank agreement
financial covenants for the first quarter of FY '09 are available online at
www.brinker.com under the Investor section. Pre-tax charges in the range of
$35 - 40 million related to this transaction will be reflected in the second
As part of the transaction, Brinker will continue to provide transition
services for a minimum of one year and Romano's Macaroni Grill restaurants
will continue to participate in Brinker's gift card program. Additionally,
Doug Brooks, Chairman and Chief Executive Officer of Brinker International,
will serve on the Board of Directors of Mac Acquisition LLC.
ABOUT BRINKER INTERNATIONAL
Brinker International, Inc. is one of the world's leading casual dining
restaurant companies, serving more than 1 million guests daily. Founded in
1975 and based in Dallas, Texas, Brinker owns or franchises more than 1,700
restaurants in 25 countries and employs more than 100,000. Brinker restaurant
brands include Chili's(R) Grill & Bar, On The Border Mexican Grill &
Cantina(R) and Maggiano's Little Italy(R). The company was named one of
FORTUNE Magazine's Most Admired Companies in 2006 and was honored by the
magazine as one of the Top 50 Employers for Minorities and the Top 50
Employers for Women. For more information, visit www.brinker.com.
ABOUT ROMANO'S MACARONI GRILL
Romano's Macaroni Grill is a leading casual Italian restaurant with more
than 220 locations worldwide. Working in open kitchens, Macaroni Grill chefs
prepare Italian classics like Chicken Scaloppine and signature items such as
Penne Rustica(R), as well as grilled specialties, fresh seafood, crisp salads,
brick oven pizzas and numerous pasta dishes. The menu is complemented by one
of the most extensive wine lists in casual dining, including house wine poured
on the honor system, where applicable. For more information, please visit
SOURCE Brinker International, Inc.
CONTACT: Media Relations
both of Brinker International, Inc.
Joelle Kenealey of
Coltrin & Associates, +1-650-373-2005
for Brinker International, Inc.
Web Site: http://www.brinker.com
Brinker International, Inc.; Mac Acquisition LLC
; Golden Gate Capital
Romano's Macaroni Grill
IN: RST FOD
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