Golden Gate Plans $132M Macaroni Grill Buy-Out

DALLAS-Brinker International Inc. and San Francisco-based Golden Gate Capital have inked a $131.5-million purchase agreement for majority interest in Romano’s Macaroni Grill. Brinker is retaining a 19.9% stake in the 212-restaurant brand.

The all-cash deal is to close by year’s end. Under the terms of the pact, $6 million will be contributed to Mac Acquisition LLC.

In this morning’s press release about the agreement, Dallas-based Brinker’s executive team estimated the sale will increase its cash tax benefit will generate a free cash-flow yield or 9% to 10% in fiscal year 2009. A one-time impairment charge of $42 million to $47 million will be recorded for FY 2008.