DALLAS, Dec. 14 /PRNewswire-FirstCall/ -- Brinker International, Inc. (NYSE:EAT) announced a new franchise and development agreement with franchisee Muy Mucho Group, L.P. Under terms of the agreement, Muy Mucho has acquired 21 existing Chili's® Grill & Bar restaurants in Kansas, Missouri and Nebraska.
At the end of the first quarter fiscal year 2010, domestic and international franchisees operated 40 percent of Brinker International's restaurants. In addition to the 21 existing Chili's restaurants that Muy Mucho has acquired, the franchise group has agreed to develop five to 10 new Chili's locations in the same region. Proceeds total $19 million, and Brinker expects to record a gain related to the transaction.
"The extensive industry experience and expertise held by the Muy Mucho team will ensure their success as they begin operations leadership and further brand development for Chili's in this region," said Don Reyburn, vice president of franchise development for Brinker International.
Based in Dallas, Texas, Muy Mucho is led by Mark Menking, a restaurant industry veteran and former president for the la Madeline® Bakery & Cafe restaurant brand; and Jeff Jones, a 24-year Chili's and Brinker veteran who will serve as the company's chief operating officer.
"We are excited to build on the strength of the Chili's team and market presence established in these North Central regions by Brinker International," said Menking, president and CEO of Muy Mucho.
Brinker International, Inc. (NYSE:EAT), 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 nearly 1,700 restaurants in 29 countries and two territories, and employs more than 125,000. Brinker restaurant brands include Chili's® Grill & Bar, On The Border Mexican Grill & Cantina® and Maggiano's Little Italy®. Brinker also holds a minority investment in Romano's Macaroni Grill®. The company was named one of FORTUNE Magazine's Most Admired Food Service Companies in 2009 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 http://www.brinker.com/.
DATASOURCE: Brinker International, Inc.
CONTACT: Media Relations of Brinker International, 1-800-775-7290
Web Site: http://www.brinker.com/
Historical Stock Chart
5 Years : From Aug 2010 to Aug 2015