Darden Restaurants unloaded the underperforming Red Lobster chain on Friday to investment firm Golden Gate Capital for $2.1 billion.
Best known for Olive Garden these days, Darden is planning to use the proceeds of $1.6 billion after tax and transaction costs, towards paying down debt and buying back shares. At Golden Gate, Red Lobster will join the San Francisco-based firm's other restaurant properties, California Pizza Kitchen and On the Border.
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Golden Gate has its work cut out for it with Red Lobster, which has been losing popularity in recent years as consumers flock to cheaper fast casual alternatives like Chipotle and Panera. Still, the company is getting some assets too, including a nationally recognized name (though one that's often ridiculed) and 800 locations.
Here's what else Golden Gate could have gotten for its money at Red Lobster: