Brinker International Inc. will sell a majority stake in restaurant chain Romano's Macaroni Grill to an affiliate of private equity firm Golden Gate Capital for $131.5 million, Brinker said on Monday.
Brinker, which also owns the Chili's Grill & Bar chain, said it would retain a 20 percent interest in the brand. It expects the deal to close by year-end.
KeyBanc Capital Market Inc analyst Lynne Collier called the announcement "a slightly positive event" for the company.
"While we are encouraged that an agreement has finally been reached for the sale of Mac Grill, we believe that the final sale price was slightly lower than investors had expected," Collier said in a client note.