Benzinga | Sep 2, 2021 03:50PM EDT

Brinker International Acquires 23 Franchised Chili's Restaurants

Today, Brinker International, Inc. (NYSE:EAT) completed the acquisition of 23 Chili's(r) Grill & Bar restaurants located in the Mid-Atlantic region from its 37-year franchisee, Chesapeake Foods, Inc. The transaction was funded with availability under Brinker's existing credit facility and is expected to be EPS and cash flow accretive in fiscal year 2022.

"This acquisition aligns with our overall growth strategy and belief in the company-owned model," said Joe Taylor, executive vice president and chief financial officer of Brinker. "We've always appreciated the decades of quality operating performance that Chesapeake Foods brought to the partnership. We're excited about the opportunity to invest in this team and further grow Chili's presence in the Mid-Atlantic region."