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ONE of the biggest deals in the history of the US seafood restaurant business has just been struck.
Tilman Fertitta, the owner of Landry's Inc, has agreed to buy the rival seafood dining chain McCormick & Schmick's for a sum totalling just over US $131 million. With well over 100 combined outlets across the United States, the deal will create the largest seafood restaurant business anywhere and it ends an eight-month long quest by Mr Fertitta for McCormick.
He made his first bid valued at around $137million back in April this year, but it was eventually rejected and the whole thing seemed to go cold after that. Mr Fertitta's offer of $8.75 a share is almost 30 per cent higher than McCormick & Schmick's closing price at the start of the week. Mr Fertitta said he had been a fan of McCormick & Schmick's for a long time.
McCormick & Schmick's is one of those fairy tale American business stories which began in the 1970s. Since teaming up Bill McCormick and Doug Schmick have established more than 80 restaurants throughout the country under 11 different brands. The two men, very different yet surprisingly compatible, have established themselves as passionate entrepreneurs with one collective vision, to run the nation's premier family of seafood restaurants.
It is a broadly similar story with Landry's. The first restaurant opened in the town of Katy, Texas in 1980 and has continued to grow from coast-to-coast specialising in seafood, but offering a wide range of non-fish dishes as well. The chains include popular names such as operator of Landry's Seafood House, Willie G's Seafood & Steak House, The Crab House and more, has continued to rise above the tide with its winning recipe for success - good, fresh seafood, excellent service and great locations.
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