Central Florida Business!

Ruth's Chris Buying Mitchell's for $94M

By Bob Howard

HEATHROW, FL-Ruth's Chris Steak House chain has struck a deal to buy Columbus, OH-based Mitchell's Fish Market for $94 million, announcing the acquisition Tuesday on the same day that the Heathrow-based chain reported financial results for the third quarter. The 114-restaurant Ruth's Chris chain will gain 33 new locations with the acquisition of Mitchell's, which operates its restaurants under nine formats.

The two restaurant chains expect the acquisition, which will be funded through the Ruth's Chris line of credit, to close in the first quarter of 2008. Craig S. Miller, chairman of the board, president and CEO of Ruth's Chris says that the deal illustrates that the steak house chain is “open to innovative concepts that are compatible with our own” in addition to expanding the Ruth's Chris brand.