Tex-Mex News
Tex-Mex chain Chuy's gets acquired by Olive Garden owner
![Chuy's is a Hatch pioneer.](https://sanantonio.culturemap.com/media-library/chuy-s-is-a-hatch-pioneer.jpg?id=27385693&width=2000&height=1500&quality=65&coordinates=0%2C0%2C0%2C0)
Chuy's enchiladas with rice and refried beans.
The Lone Star State's beloved Tex-Mex restaurant chain Chuy's has a new owner: According to a release, the chain has been acquired by Darden Restaurants, Inc., the Florida-based hospitality company that also owns Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's, and Bahama Breeze.
The two companies have entered into a definitive agreement in which Darden will acquire all of the outstanding shares of Chuy's for $37.50 per share, in an all-cash transaction with a value of approximately $605 million.
Founded in Austin in 1982, Chuy's is known for its authentic, Tex-Mex food served in a fun, eclectic, irreverent atmosphere, with each location boasting its own unique, non-chain feel — expressed so cleverly by Chuy's motto: "If you've seen one Chuy's, you've seen one Chuy's!" They currently have 101 locations in 15 states including four locations in San Antonio. There's also one in New Braunfels and one in San Marcos.
Their dishes feature irreverent names like their Big As Yo' Face Burritos and their signature Chicka-Chicka-Boom-Boom Enchiladas. The chain is also well known for its early embrace of Hatch chiles, hosting an annual "Hatch Green Chile Festival" every year during the season, showcasing a menu with special Hatch chile dishes.
Darden president and CEO Rick Cardenas says in a statement that Chuy's is "an excellent fit" for the company, while Chuy's chairman/CEO/president Steven Hislop says they're excited to join the Darden family.
"Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures," Cardenas says. "Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities."
Chuy's board of directors unanimously approved the merger agreement which includes a 30-day "go-shop" period that will allow Chuy's to solicit alternative proposals from interested parties.