LOUISVILLE, Ky. — Yum! Brands, Inc. and The Habit Restaurants, Inc. have entered into a definitive agreement that will see Yum! Brands acquire all issued and outstanding common shares of The Habit Burger Grill for $14 per share or approximately $375 million.
“We’ve emerged from our three-year transformation stronger and in a better position to accelerate the growth of our existing brands and leverage our scale to unlock value from strategic acquisitions,” says David Gibbs, Chief Executive Officer of Yum! Brands. “As a fast-casual concept with strong unit economics, The Habit Burger Grill is a fantastic addition to the Yum! family and has significant untapped growth potential in the U.S. and internationally.”
Founded in California in 1969, The Habit Burger Grill operates nearly 300 company-owned and franchised restaurants across the U.S. and in China and specializes in made-to-order chargrilled items. Popular offerings include charburgers, hand-filleted and marinated chargrilled chicken sandwiches, sushi-grade chargrilled ahi-tuna sandwiches, fresh salads and handmade frozen treats.
“Over the past few years, we’ve focused on becoming a total-access brand by growing our delivery business, expanding our online ordering and mobile channels and enhancing the in-store experience by introducing drive-thrus, kiosks and technology-centric solutions for operations,” says Russell Bendel, president and Chief Executive Officer of The Habit Burger Grill. “We’re proud these and other actions have made The Habit Burger Grill an attractive candidate for a transaction of this kind.”