Cleary Gottlieb is representing Goldman Sachs as financial advisor to Darden Restaurants, in connection with the $2.1 billion cash sale of Red Lobster, the world’s largest casual dining seafood restaurant company, to Golden Gate Capital. Golden Gate Capital obtained committed debt financing from Deutsche Bank, Jefferies and GE Capital, and executed a separate $1.5 billion sale-leaseback agreement with American Realty Capital Properties, the proceeds of which will be used to support the financing of Golden Gate Capital’s purchase of Red Lobster. The transaction was announced on May 15, 2014. Darden is concurrently the subject of a proxy solicitation by Starboard Value relating to a non-binding proposal against any separation or spin-off of Red Lobster by Darden.
Darden is the world’s largest full-service restaurant company.
Golden Gate Capital is a San Francisco-based private equity investment firm.
