Brinker International Inc. said Thursday it completed the $180 million sale of its 162-unit On The Border Mexican Grill & Cantina to Golden Gate Capital, a private equity firm based in San Francisco.
Dallas-based Brinker said proceeds from the sale will be used to repurchase company shares, which Doug Brooks, president and chief executive of Brinker, said “emphasizes Brinker’s commitment to return value to shareholders.”
Brinker expects to generate fees for a year from “transitional support services” to its former Mexican casual-dining division.
Brinker owns and franchises more than 1,500 restaurants under the Chili’s Grill & Bar and Maggiano’s Little Italy brands. The company also retains a minority interest in Romano’s Macaroni Grill, the majority of which it sold to Golden Gate Capital in late 2008.
Contact Ron Ruggless at [email protected].
