IRVING, Texas — Del Frisco’s Restaurant Group Inc. agreed to be acquired by Greenwich, Connecticut-based L Catterton. The private equity firm bought Del Frisco’s in an all-cash transaction valued at approximately $650 million.

Del Frisco’s stockholders will receive $8 per share after the board of directors unanimously approved the acquisition.

Del Frisco’s covers four leading brands across two business lines -- Del Frisco’s Grille and Del Frisco’s Double Eagle Steakhouse, and bartaco and Barcelona Wine Bar.

Once the transaction is finalized L Catterton plans to run Barcelona Wine Bar and bartaco as separate entities from the steakhouse brand of Del Frisco’s. Both restaurants were under Barteca Restaurant Group until Del Frisco’s acquired the company for $325 million in May 2018.

"In consultation with our outside advisors, the board has been evaluating several strategic and financial alternative options since December 2018,” said Ian R. Carter, board chairman, Del Frisco's Restaurant Group, in a statement. “This transaction offers immediate liquidity at a significant premium for our stockholders while providing the best path forward for our Del Frisco's brands, our employees and loyal guests.”

The transaction is expected to be completed by the fourth quarter of 2019, subject to the approval of Del Frisco’s stockholders.

L Catterton previously invested in restaurant concepts such as Bloomin' Brands Inc. (Outback Steakhouse, Fleming's Prime Steakhouse and Carrabba's Italian Grill), CÉ LA VI, Cheddar’s Scratch Kitchen, Crystal Jade, Culinary Concepts by Jean-Georges, P.F. Chang's, Uncle Julio’s and many more.