Landry's buys upscale steak, seafood chain
Houston-based Landry's purchased the 10-unit steak and seafood chain Mastro's Restaurants, based in…
Houston-based Landry's purchased the 10-unit steak and seafood chain Mastro's Restaurants, based in Woodland Hills, Calif. The chain's two main concepts are Mastro's Steakhouse and Mastro's Ocean Club.
"Each of their 10 restaurants take in about $13 million a year annually," Landry's chairman and CEO Tilman Fertitta said.
Fertitta declined to say how much he paid for the restaurants because the private equity firms involved in the May 24 transaction wanted to keep the price private.
10 locations
Majority interest in the company, before the Landry's purchase, was held by private equity firms Kinderhook Industries and Soros Strategic Partners. Members of the founding Mastro family also had a stake.
The flagship Mastro's Steakhouse is one of the busiest restaurants in Beverly Hills, Fertitta said. The steakhouses have an average ticket of about $135, among the highest in the U.S., according to the trade publication Nation's Restaurant News. There are five Mastro's sites in California, three in Arizona, one in Chicago and one in Las Vegas.
Extensive holdings
Fertitta said he plans to open three more in the next 13 to 15 months.
Mastro's chairman and CEO, Mark Levy, has joined Landry's and will run Mastro's day-to-day operations, Fertitta said.
Landry's owns three Golden Nugget Hotel & Casinos, the Galveston Isle Historic Pleasure Pier, Kemah Boardwalk, McCormick & Schmick's, Saltgrass Steakhouse, Landry's Seafood House, Morton's The Steakhouse, Vic & Anthony's, and many other dining, hospitality and entertainment concepts.
