NEW YORK (AP) _ Brinker International Inc., the owner of the Chili's Grill & Bar chain, said Monday it will sell a majority stake in Romano's Macaroni Grill to a private equity firm.
Under the agreement, Brinker will sell most of its stake to Mac Acquisition LLC — a unit of San Francisco-based Golden Gate Capital — for $131.5 million in cash. Brinker will then turn over $6 million to Mac Acquisition in order to hold onto a 19.9 percent stake in the brand.
"Brinker International will retain a minority ownership position in order to both maximize the value to Brinker's shareholders and contribute to the success of Macaroni Grill as a stand-alone entity," Brinker Chief Executive Doug Brooks said in a statement.
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