Golden Gate Capital has reached an agreement with Brinker International for the On the Border Mexican Grill & Cantina chain.
A Golden Gate affiliate called OTB Acquisitions LLC will take control of On the Border 's 160 restaurants in the U.S. and internationally. Brinker will continue to provide support services to On the Border through the end of fiscal 2011.
Brinker said that On the Border saw same store sales drop 4.7 percent in the second quarter, which ended Dec. 23, 2009. The deal is expected to close by the end of the fiscal year.
Brinker, based in Dallas, is the parent company to Chili's Bar & Grill.
Neither company disclosed the purchase price.
San Francisco-based Golden Gate Capital purchased Romano's Macaroni Grill from Brinker in December 2008. Other prominent brands in Golden Gate's portfolio include J. Jill, Eddie Bauer and Express.
News from our manufacturer's & re-posts from publications around the hotel and restaurant industry.