Wikipedia

User:Jeffery Gentry/sandbox/Del Frisco's Restaurant Group

< User:Jeffery Gentry‎ | sandbox
Del Frisco's Restaurant Group, Inc.
Company typePublic
Nasdaq: DFRG
Russell 2000 Component
ISINUS2450771025
IndustryRestaurant
Founded1981
Headquarters2900 Ranch Trail, Irving, Texas 75063
Number of locations
71[1]
Area served
United States
Key people
Norman Abdullah (CEO)[2]
Jeff Carcara (CEO, Del Frisco's Emerging Brands)
BrandsDel Frisco's Double Eagle Steakhouse
Del Frisco's Grille
Barcelona Wine Bar
bartaco
ServicesContemporary upscale restaurants
RevenueIncrease US$361.431 million (fiscal 2017)[2]
Decrease -US$22.169 million (fiscal 2017)[2]
Decrease -US$11.457 million (fiscal 2017)[2]
Total assetsDecrease US$326.787 million (fiscal 2017)[2]
Total equityDecrease US$189.087 million (fiscal 2017)[2]
Number of employees
~4,890 at December 26, 2017[2]
SubsidiariesDel Frisco's Emerging Brands
Websitedfrg.com

Del Frisco's Restaurant Group (Nasdaq: DFRG) is an American multi-brand operator of contemporary upscale restaurants with steakhouse roots. The first Del Frisco's restaurant opened in 1981,[3] the Del Frisco's Restaurant Group was formed in 1993,[4] and became a public company in 2012.[5] Del Frisco's Restaurant Group (DFRG) currently operates Del Frisco's Double Eagle Steakhouse, Del Frisco's Grille, Barcelona Wine Bar, and bartaco with over 84 locations across the United States as of July 2018.[6] The corporate offices are located in Irving, Texas and, for Del Frisco's Emerging Brands, in South Norwalk, Connecticut.

Del Frisco's Double Eagle Steakhouse, introduced in Dallas, Texas in 1995, is the traditional upscale steakhouse flagship brand featuring steak, chops, seafood, and extensive wine lists in urban settings targeting "destination diners". Del Frisco's Grille targets a broader urban and affluent neighborhood clientele with smaller restaurants, more diverse menus, and less expensive entrée options. The Barteca Restaurant Group, acquired in 2018, operates Barcelona Wine Bar and bartaco. Barcelona Wine Bar serves tapas specialties from Spain and the Mediterranean accompanied by an award-winning wine list.[7] bartaco is a laid back street food concept based on the beach culture of Uruguay, Brazil, and southern California.[8]

History

edit

Timeline

edit

Growth

edit

Del Frisco's Restaurant Group consisted of a single Del Frisco's Double Eagle Steakhouse in Dallas, Texas when acquired by Lone Star Steakhouse and Saloon, Inc. in 1995 for US$23 million. A second location in Fort Worth, Texas opened in 1996 in a historically significant 1890 building that originally housed a bathhouse near the Fort Worth Stockyards. The company opened the first Sullivan's Steakhouse in Austin, Texas in the same year, creating a more contemporary steakhouse concept featuring live music, an open kitchen, and a lower price point.

Against a backdrop of corporate power struggle at Lone Star Steakhouse & Saloon [15], Del Frisco's Double Eagle Steakhouse expanded into Denver, New York City, and Las Vegas by the end of 2000. After Lone Star Steakhouse & Saloon was purchased by Lone Star Funds in 2006, growth continued with additional Del Frisco's Double Eagle Steakhouse locations opened in Charlotte, Houston, Philadelphia, and Boston between 2007 and 2011. Taking advantage of the Del Frisco's brand, Del Frisco's Grille was introduced in 2011, featuring a smaller size, lower build out cost, and more diverse menu. The first Del Frisco's Grille opened at Rockefeller Center in New York, New York in August 2011, followed by three more in Dallas, Phoenix, and Washington, DC by mid-2012 prior to the IPO.

Lone Star Funds spun off Del Frisco's Restaurant Group in a 2012 IPO valued at US$75.40M, including 9 Del Frisco's Double Eagle Steakhouses, 4 Del Frisco's Grilles, and 19 Sullivan's Steakhouses.[5] As an independent, public company, growth accelerated in the coming years. Over the five-year period ending with 2017, Del Frisco's Double Eagle Steakhouse locations grew to 13, but most of the growth in both locations and revenue was due to expansion of Del Frisco's Grille to 24 locations. During the same period, Sullivan's Steakhouse locations dropped to 16. Del Frisco's Restaurant Group operated 53 locations across the three restaurant concepts at the end of 2017.[2] Market capitalization at the end of 2017 was US$327.84M.[16]

Recent Operations

edit

In June 2018, Del Frisco's Restaurant Group acquired Barteca Restaurant Group for US$325m cash, diversifying their portfolio beyond the traditional steakhouse platform with 15 Barcelona Wine Bar locations and 16 bartaco locations. While both groups have strong wine lists and target upscale clientele, visitors tend to be quite different. Seasonal swings in business are complementary, with Barteca strength in the spring and summer and Del Frisco's strength in autumn and winter.[8] In the following months, Del Frisco's Restaurant group took two significant cash raising actions intended to pay down debt related to the Barteca acquisition. First, Del Frisco's executed a secondary offering of 11,250,000 common shares to raise ~US$90m.[17] Second, the 14-unit Sullivan's Steakhouse was sold to Romano's Macaroni Grill for ~US$32m, simultaneously announcing the intention to explore opportunities to franchise Del Frisco's outside the United States[18].

Restaurants

edit

Restaurant Concepts

edit

Del Frisco's Restaurant Group operates restaurants based on four restaurant concepts.

The namesake Del Frisco's Double Eagle Steakhouse is the original upscale steakhouse introduced in 1995. It's defined by its menu, which includes USDA Prime grade, wet-aged steaks hand-cut at the time of order and a range of other high-quality offerings, including prime lamb, fresh seafood, and signature side dishes and desserts. It is also distinguished by its “swarming service,” whereby customers are served simultaneously by multiple servers. Each restaurant has a sommelier to guide diners through an extensive, award-winning wine list and bartenders specialize in hand-shaken martinis and crafted cocktails. Del Frisco’s restaurants target customers seeking a full-service, fine dining steakhouse experience. Locations feature décor and and architectural features with both contemporary and classic designs.[5]

Introduced in 2011, Del Frisco's Grille takes advantage of the positioning of the Del Frisco’s brand to provide greater potential for expansion due to its smaller size, lower build out cost, and more diverse menu. The Grille’s menu is designed to appeal more broadly to both business and casual diners and features a variety of Del Frisco’s prime aged steaks, top selling signature menu items, and a broad wine selection. Del Frisco's Grille also offers an assortment of relatively less expensive entrées. The concept is designed to appeal to wider range of customers seeking a less formal dining experience.[5]

Del Frisco's Emerging Brands, the former Barteca Restaurant Group, operates Barcelona Wine Bar and bartaco restaurants. Barcelona Wine Bar is an upscale casual concept serving tapas specialties from Spain and the Mediterranean accompanied by an award-winning wine list. Each local chef creates about a third of the menu and each location has a unique design to generate an independent vibe.[19] bartaco a laid-back approach with a upscale street food menu based on the beach culture of Brazil, Uruguay, and Southern California. The relaxed vibe is reinforced by woven basket chandeliers, whitewashed woods, bar tops crafted with reclaimed wood, bright blue-and-white-striped cushions, and other tranquil decor.

For over 20 years, Sullivan's Steakhouse co-existed under the same corporate umbrella[15] with Del Frisco's Double Eagle Steakhouse as a steakhouse experience at a more accessible price point, an open kitchen, live music, and a bar area designed to be a center for social gathering and entertainment.[5] Sullivan's Steakhouse was sold to Romano's Macaroni Grill in 2018 for ~US$32M.[14]

Recognition

edit

Del Frisco's Restaurant Group has been publicly recognized for their restaurants and business success:

Community Involvement

edit

The company is engaged in a number of efforts to help communities where they do business and veterans of the US military. DFRG donated 20% of sales from all 53 Del Frisco's Double Eagle Steakhouse, Del Frisco's Grille, and Sullivan's Steakhouse for a five-day period in 2017, totaling $805,000 for the Houston Food Bank to aid in Hurricane Harvey relief efforts.[22] Employees affected by the hurricane received addition relief through the DRFG FEED Employee Support Fund, through which employees make donations to help fellow employees, and these donation were matched 100% by the company.[23] Since 2013, the company has sponsored the Del Frisco's 5K in Southlake, Texas and Dallas, Texas benefiting CitySquare, an organization that provides services to Dallas residents living in poverty.[24] Starting in 2018, DFRG entered into a partnership to serve coffee from Roasters Cup O’ Joe, a company founded to help end homelessness and chronic unemployment in the US military veteran community.[25]

References

edit
  1. ^ "Romano's Macaroni Grill Buys Sullivan's Steakhouse in $32M Deal". Hospitality Technology. 2018-09-24. Retrieved 2018-12-14.
  2. ^ a b c d e f g h i "Del Frisco's Restaurant Group - 2017 Annual Report" (PDF). Del Frisco's Restaurant Group. Retrieved September 19, 2018.
  3. ^ a b Karen Robinson-Jacobs (April 2010). "'Dee' Lincoln leaving Del Frisco's Double Eagle Steak House". Dallas Morning News. Retrieved 2018-10-01.
  4. ^ a b c Cheryl Hall (2014). "A cut above". Dallas Morning News. Retrieved 2018-10-17.
  5. ^ a b c d e f g "Del Frisco's Restaurant Group Final Prospectus". 2012-07-26. Retrieved 2018-10-01.
  6. ^ Ron Ruggless (2018-07-25). "Del Frisco's Names New Marketing Chief". Nation's Restaurant News. Retrieved 2018-10-17.
  7. ^ a b "Company Overview of Barteca Restaurant Group, LLC". Bloomberg. 2018-10-17. Retrieved 2018-10-17.
  8. ^ a b c Sarah Whitten. "Steakhouse Del Frisco's to acquire tapas restaurant owner Barteca for $325 million". MSNBC. Retrieved 2018-10-01.
  9. ^ Kyle Wagner (1997-10-09). "Doubling the steaks". Denver Westword. Retrieved 2018-10-01.
  10. ^ Orlando Hernandez (March–April 1999). "Del Frisco's Double Eagle Steak House, Denver". Cigar Aficionado. Retrieved 2018-10-01.{{cite web}}: CS1 maint: date format (link)
  11. ^ Barbara Gibbons (March 1995). "RESTAURANTS High Steaks". D Magazine. Retrieved 2018-10-01.
  12. ^ "Co-Founder Dee Lincoln Resigns From Nationally Renowned Del Frisco's Double Eagle Steak House". Restaurant News. 2010-04-17. Retrieved 2018-10-01.
  13. ^ a b c Kyle Wagner (1997-10-09). "Doubling the steaks". Denver Westword. Retrieved 2018-10-01.
  14. ^ a b Paul O'Donnell (2018-09-18). "Steakhouse Del Frisco's to acquire tapas restaurant owner Barteca for $325 million". Dallas Morning News. Retrieved 2018-10-01.
  15. ^ a b Grant, Tina, ed. (2003). International Directory of Company Histories. Vol. Volume 51. St. James Press. ISBN 1558624813. ISSN 1557-0126. {{cite book}}: |volume= has extra text (help)
  16. ^ "Del Frisco's Restaurant Group Inc Market Cap". YCharts. YCharts. Retrieved 2018-10-17.
  17. ^ "Del Frisco's Restaurant Group, Inc. Announces Pricing of Public Offering of Common Stock". MarketWatch. 2014-08-01. Retrieved 2018-10-17.
  18. ^ Brett Thorn (2014-09-18). "Del Frisco's to sell Sullivan's Steakhouse to Romano's Macaroni Grill". Nation's Restaurant News. Retrieved 2018-10-17.
  19. ^ a b "Future 50 - Barcelona Wine Bar & Restaurant". Restaurant Business. 2015. Retrieved 2018-10-17.
  20. ^ "#89 Del Frisco's Restaurant Group". Forbes. 2013. Retrieved 2018-10-17.
  21. ^ a b Gillian Sciaretta (2018-05-09). "Popular Wine and Dining Destinations Merge as Del Frisco's Restaurant Group Buys Barteca". Wine Spectator. Retrieved 2018-10-01.
  22. ^ Katherine Whaley (2017-08-31). "Houston restaurants help feed Harvey victims, first responders". ABC13. Retrieved 2018-10-02.
  23. ^ "Del Frisco's Restaurant Group Donates $805,000 to Harvey Relief". Fort Worth Business Press. 2017-09-11. Retrieved 2018-10-02.
  24. ^ Nada J. Ruddock and CitySquare Staff (2017-10-13). "Del Frisco's 5K Run for CitySquare 2017". NBC5. Retrieved 2018-10-02.
  25. ^ "Del Frisco's Restaurant Group to partner with Veteran Roasters Cup O' Joe". Fort Worth Business Press. 2018-05-09. Retrieved 2018-10-02.
edit
  • Official website
  • Business data for Del Frisco's Restaurant Group, Inc.:
Retrieved from "https://en.wikipedia.org/w/index.php?title=User:Jeffery_Gentry/sandbox/Del_Frisco%27s_Restaurant_Group&oldid=886463877"